Greener

The erratic movement of oil prices the last two weeks should convince us we need to reduce dependence on imported fossil fuels for our energy needs.

Renewable energy will not only bring price predictability. It is also good for the planet.

Fortunately, this country decided early on to transition to green energy. We have opened the field to investments and rode the crest of new technologies that bring down the cost of power.

Over the next couple of years, the Philippines could achieve 30 percent renewable energy (RE) status ahead of schedule. The Third Green Energy Auction (GEA 3) conducted by the Department of Energy assures this.

GEA 3 will unleash a massive 6,677.2 MW of electricity generated from hydroelectric power projects and geothermal power plants. This is sufficient to keep our power grids supplied and meet the needs of a growing economy into the medium term.

GEA 3 assures investors of government’s commitment to continue on with the energy transition. It encouraged an impressive stream of projects that will alter our nation’s energy mix in the decades to come.

Among the winning bidders in the DOE-administered auction are major players in pumped-storage and hydroelectric development. The most notable of these are: Olympia Violago Water and Power Inc. that was awarded the 600 MW Wawa Pumped-Storage Project in Rizal and the Ahunan Power Inc.’s 1,400 MW Pakil Pumped-Storage Project in Laguna.

In addition, Pan Pacific Renewable Power Philippines Corporation was awarded three hydroelectric projects in Apayao: the 150 MW Gened 1 and the 150 MW Gened 2 power plants along with the 2,000 MW Maton Pumped-Storage Hydropower Project.

Meanwhile, Coheco Badeo Corporation confirmed acceptance of the 500 MW Kibungan Pumped-Storage Hydropower Project in Benguet.

San Roque Hydropower Inc., an affiliate of the San Miguel Group, received awards for three pumped-storage projects: the 800 MW San Roque Lower East and the 800 MW San Roque West facilities in Itogon, Benguet, along with the 250 MW Aklan Pumped-Storage Project in Malay, Aklan.

The Energy Development Corporation (EDC), with its affiliate Bac-Man Geothermal Inc., secured two geothermal projects: the 5.645 MW Bago Binary Geothermal Power Plant Unit 1 in Bago City, Negros Occidental and the 21.573 MW Tanawon Geothermal Power Plant Unit 1 in Sorsogon City.

With the bid awards accepted by the respective bidders, a total capacity of 6,677.288 MW is expected to be delivered between 2025 and 2035. This massive volume of new power will be delivered without adding to the pollution that causes climate change. Apart from improving our energy mix, these projects will help insulate our economy from price shocks caused by geopolitical events beyond our control. The projects will likewise create future-proofed jobs for our people.

The biggest winner of GEA 3 is the Filipino consumer. The Department of Energy cannot be praised enough for this game-changing auction.

Smishing

The most pervasive cybersecurity threats facing the country are called “social engineering attacks” for a reason: they manipulate the victims by exploiting human psychology. The manipulated victims are led to divulging sensitive information.

In which case, the problem is more than just technical vulnerability that can be solved by software experts. It is a problem that exploits the public’s insufficient awareness of cybersecurity best practices. The solution lies in constantly raising public awareness of these best practices, especially as digitalization of financial services advances at blinding speed.

By far, the most common form of social engineering attacks in the country is “phishing.” Here, the attackers masquerade as legitimate institutions to deceive victims into providing sensitive personal information such as passwords or credit card details.

The most recent incidents involve impersonation of well-known banks, telcos and government agencies. They often fake urgent or emergency scenarios or issue fake notices about unpaid bills or mysterious refunds. “Phishing” tactics have evolved into “vishing” where criminals call the victims posing as, say, bank representatives, coercing them to reveal sensitive data. As online transactions and mobile banking become more prevalent, we should expect cybercriminals to become even more sophisticated.

Another increasing, more frequent social engineering method is “baiting.” Here scammers lure victims with attractive offers such as free mobile data, online shopping vouchers or fake job opportunities. They often push malware-laden downloads disguised as legitimate files or websites that harvest personal data.

There are also “quid pro quo attacks” where cybercriminals offer assistance for supposed “issues” with banking accounts or inaccessible services. Because they mimic genuine customer service interactions while preying on the public’s trust in recognized institutions, these techniques are becoming increasingly difficult to detect.

Finally, there is “smishing.” In this method, text-based scammers send links that need to be manually inputted to evade detection by authorities. This method is widely used to impersonate e-wallet services and delivery companies to trick victims into giving up sensitive information for use by the scammers.

Our financial institutions regularly keep their clients informed about the most recent scamming trends. Notwithstanding, and despite government efforts to curb such incidents, “smishing” continues to be a growing concern. Regulatory policies such as the SIM Registration Act continue to face enforcement challenges. Cybercriminals are relentless.

Recall how terrorist attacks decades ago forced us to accept tighter security measures at airports and malls. In the same manner, there is no substitute for greater vigilance against cybercriminals. They will always try to find gaps in security to exploit.