BIZ BUZZ: After Sweden, Spain next?

Elevated tension in the West Philippine Sea has prompted large nations committed to protecting freedom of navigation to come calling on the Philippines, eager to forge partnerships in defense and security.

These nations, such as the United States, Japan,  South Korea, and most recently Sweden, are bringing their defense-related corporations along with them.

The Philippines’ commitment to spending on the modernization of the Armed Forces of the Philippines, especially in the face of continued provocation from China, has proven to be quite the lure.

READ: PH, Sweden sign MOU for defense materiel cooperation

Thus, Biz Buzz sources say that after Sweden, Spain is likewise looking to strengthen its defense and security partnership with the Philippines. Spanish companies have already begun talks to set up shop in the Philippines in partnership with local companies.

But Spain is offering an added sweetener: a fast track to dual citizenship because of the “special relationship” between the two countries.

In fact, an agreement between Spain and the Philippines is in the works, to streamline the process of acquiring dual citizenship.

BizBuzz sources say that this should make Spain more invested in the security of the Philippines compared to other countries since they will, in effect, be protecting their own citizens, too. —Tina Arceo Dumlao

Award-winning coin machines

The Bangko Sentral ng Pilipinas’ (BSP) Coin Deposit Machine (CoDM) project—which has processed P707 million worth of coins in its first eleven months—bagged the 2024 Excellence in Currency Technical Award from the International Association of Currency Affairs (IACA).

IACA cited the CoDM project as a “best new cash cycle innovation which improves efficiency, effectiveness, safety, environmental protection, resiliency, and security of the distribution and circulation of cash for improved access, acceptance, and authentication.”

READ: BSP launches coin deposit machines

IACA is a nonprofit independent member organization that promotes and encourages excellence in the cash cycle and provides a platform for knowledge sharing and collaboration for its members on matters of strategic importance.

So far, the BSP has deployed 25 CoDMs in partner retail establishments across the Greater Manila Area to encourage the public to deposit their idle coins in the machines and to promote efficient coin recirculation in the country. The coins can be credited to customers’ GCash or Maya e-wallet accounts or converted into shopping vouchers.

The BSP’s “Bawat Barya Mahalaga: CoDM Communication Campaign” also bagged the 2024 Silver Anvil Award for Public Relations Programs from the Public Relations Society of the Philippines, citing the campaign as an effective program to communicate products and services in the technology space to external audiences.
—Ian Nicolas P. Cigaral