“We don’t want to do something. There are not any remedial works which might be necessary because we’ve performed our enterprise above board. So wala kaming kaillangang ayusin. Tuloy lang ang trabaho namin. Tuloy lang within the same fashion that we’ve been accomplishing in the past eight years due to the fact we have ensured that our commercial enterprise dealings when it comes to the franchise and the transmission enterprise are all in accordance with the applicable laws, guidelines, guidelines,” she delivered. LISTED semiconductor manufacturer Phoenix Semiconductor Philippines Corp. (PSPC) said on Friday it has obtained price of a energy subsidy refund amounting to P668.60 million, with a view to be reinvested for its Phase II enlargement venture in Clark Freeport.

The amount represents payment “for arrears from the electrical power reductions granted beneath Presidential Executive Order No. 856 that seeks to sell extra foreign investments in semiconductor and different energy-intensive industries,” the agency said in a disclosure to the Philippine Stock Exchange (PSE).

“Said amount covers the last part of the advanced payments made by means of PSPC for the era and transmission value of its electric powered consumptions during the 2011-2015 operations,” it introduced. An preliminary price of more than P401 million was made on April 2016, representing the element to begin with reimbursed via the countrywide authorities.

“The electricity subsidy incentive below EO 856 is in line with the Industry Competitiveness Fund (ICF) installed via EO 796 in guide of electricity-in depth industries that pour in widespread investments within the united states,” PSPC said.

PSPC aims to reinvest the amount in its Phase 2 enlargement mission which is underway, to multiply its semiconductor assembly production capacity to serve non-Samsung clients beginning within the remaining sector of 2017.

The fee changed into made via Clark Development Corporation, which administers the Clark Freeport Zone wherein PSPC’s production center is placed.

“We are committed in contributing to the vision of the Philippine government to make the country a leader inside the semiconductor enterprise,” PSPC President Byeongchun Lee said.

PSPC is being placed by using its discern organization, SFA Semicon Co. Ltd. (SSK), to grow to be the outsourced semiconductor assembly and test (OSAT) manufacturing hub of SFA Group in Asia.

“This is in line with the established great production functionality of the Company to serve the exacting requirements of worldwide leader Samsung which it plans to leverage to serve different global electronics corporations within the near destiny,” it said.

The enterprise’s phase 2 expansion is anticipated to be completed by means of September this year, producing approximately 1,000 engineering and production jobs.

Matibag is also pushing for Congress to legislate a everlasting government representative underneath the NGCP franchise.

“There is none. They aren’t monitoring the bidding technique. Out of this, we have quite a few movements. But there isn’t prohibition so to speak. TransCo is given the mandate to audit. That is unique. It is like we are simply setting the equal requirements primarily based at the concession agreement,” he said.

“I’m simply hoping that change is truely right here. And we say no to corruption, no longer handiest inside the authorities however additionally inside the personal zone,” he introduced.

The NGCP holds a 25-12 months franchise because it gained the agreement to preserve and operate the electricity grid in a bidding in 2007. The contract changed into presented in 2009.

“They have been not capable of without delay perform their operation and maintenance underneath the concession because they had to secure a franchise,” Matibag said.

NGCP spokesperson Cynthia D. Perez-Alabanza said that NGCP is not delaying the IPO since the enterprise is needed to go public within 10 years from 2009.

“We would make sure that we are in compliance with these provisions. It’s a requirement of the franchise,” Alabanza said.

“Let me just clarify this. In government groups, there are positions at the board which are ex-officio. Or via distinctive feature of your function in authorities, you get a seat on the board. For instance, the TransCo board, the ex-officio chairman is the secretary of the Department of Finance,” she stated.

“It doesn’t be counted if the secretary is an expert in strength so long as he’s the secretary of the Department of Finance, he automatically gets a seat at the board of TransCo and chairmanship,” she brought.

Alabanza mentioned the NGCP is not a government-managed enterprise. It’s a very private corporation and the legal guidelines of employer observe.

NGCP is a privately owned agency led by Henry Sy Jr.’s Monte Oro Grid Resources Corp. And Robert Coyiuto Jr. Calaca High Power Corp., with a 30 percentage stake every within the business enterprise. The State Grid Corporation of China holds a forty percentage stake in NGCP.

“What are the laws of a business enterprise? Meaning, that whoever that has inventory holdings receives a board seat. That is the makeup of our board, and we are not obliged by using the concession settlement nor EPIRA and within the franchise settlement to have government illustration in NGCP because we are a personal organisation,” Alabanza noted.

As a ways because the NGCP is concerned, it’s enterprise as usual, she said

“It is tough for present economic institutions to combine these forms of crypto currencies as information on the beginning of finances is very hard to envision,” he stated.

Financial establishments started out to take an interest in Bitcoin, and specifically in its blockchain era, as soon as the darknet marketplace called Silk Road became closed in 2013.

Silk Road facilitated Bitcoin transactions but turned into additionally platform for the sale of illegal drugs.

“Nobody has ever used Zcash for any type of crime as a long way as every person is aware of,” Wilcox said, even as conceding that “all technologies can be misused.”

Hacking risk
Wilcox stated he gave a presentation on Zcash to Canadian and US authorities in November and their attitude was “very pragmatic.”

Virtual currencies are not regulated by using any significant bank. In the United States, trading is authorized via character states which troubles license to exchanges, and to date there may be no law at the federal stage.

Unlike valuable bank-issued demoninations, virtual currencies can be “mined” through all of us with state-of-the-art software abilities to accumulate up the code.

Nevertheless, despite Zcash’s efforts to protect users, the forex itself can be prone to hacking or counterfeiting. In a June assault, hackers reportedly made off with 3.6 million devices of the cryptocurrency with a cost of $50 million.

Cryptography representative Peter Todd said in a November weblog that Zcash’s encryption will be susceptible, allowing hackers to crack the code.

“The danger right here is that an attacker can be able to create faux zk-Snark proofs by using breaking the crypto at once, even with out having access to the relied on setup backdoor,” he wrote.

Wilcox said Zerocoin Electric become alert to such dangers and can pay hackers to check the forex’s protection.

In general, Zerocoin Electric expects a maximum of 21 million Zcash devices could be mined, or produced, of which 10 percent will visit Zcash Electric shareholders, which includes founders, employees and traders. STATE-RUN National Transmission Corp. (TransCo), proprietor of the u . S .’s strength transmission property, wants a seat on the board of grid operator National Grid Corporation of the Philippines (NGCP).

“In years’ time, they need to go for an IPO. That is what the EPIRA regulation is saying. In that IPO we are able to take part so we will claim stocks,” TransCo President and CEO Melvin A. Matibag said.

Republic Act 9136 or the Electric Power Industry Reform Act of 2001 (EPIRA) requires NGCP to move public via an preliminary public offering (IPO).

NEW YORK: Zcash, the modern-day digital currency, has been a spoil fulfillment in view that its release seven months in the past, drawing in new customers with promises of unmatched privateness protection.

But the new virtual cash could face a difficult battle integrating into the broader monetary device.

After debuting on currency exchange structures in October, Zcash took off, hitting an alternate charge of $1,000 according to unit, putting it in league with the tons higher established Bitcoin, the digital currency pioneer created in 2009. While its fee has seeing that come right down to earth, Zcash is attracting the hobby of Russian, Chinese, Venezuelan and, as of May four, South African customers.

Brazilians now use Zcash to pay taxes and electricity bills and make purchases.

To make its mark inside the global of virtual currencies, Zcash boasts that it protects consumer privacy.

But due to that guarantee it does now not offer the transparency demanded by way of government who want to prevent those new gentle from being used in cash laundering, financing terrorism, evading taxes or fraud.

Untraceable transactions
Zcash was advanced by researchers at Johns Hopkins University and the Massachusetts Institute of Technology within the United States and Tel Aviv University and the Technion-Israel Institute of Technology in Israel. Only 5 of the six those who advanced the cryptography have been publicly diagnosed.

It is based totally on a technology dubbed zk-Snark, which allows untraceable transactions. The resulting records are encrypted however customers are free to pick out themselves.

Other cryptocurrencies which includes Dash and Monero provide a stage of privacy, however Zcash goes further, even obscuring the foundation of a fee.

This is the alternative of Bitcoin, which uses blockchain technology that publicly records transaction details such as the specific alphanumeric strings that become aware of buyers and dealers.

“You don’t divulge all of your communications or all of your transactions to random human beings at the net you slightly understand,” stated Zooko Wilcox, CEO of Zerocoin Electric Coin Company, which manages Zcash.

Virtual currencies are produced, or “mined,” via banks of computers solving complicated algorythms, an operation that can be highly-priced.

Wilcox told AFP he hoped the accelerated privateness safety could triumph over agencies’ reluctance to adopt Zcash as a straightforward alternative to traditional country-controlled currencies.

But Jonathan Levin, co-founder of Chainalysis, a start-up that allows banks and authorities hint the origins and locations of digital currency payments, doubts Zcash will find its area within the wider financial gadget.