Exclusive resort island, other economic driver projects soon to be launched
HOMEGROWN Smart Citi Teknologi (SCT), in partnership with Hong Kong-based companies Xtreme Business Enterprise (XBE) and Coinllectibles Inc., as well as Marvion, a subsidiary of Bonanza Goldfields Corp. headquartered in the United States, is set to launch next week a blockchain-enabled membership program for sustainable tourism, which will tap its planned development of an intelligent island in Palawan.
This initiative is among their three ambitious economic driver projects in the country dubbed “Powering Smart Cities,” which also include the creation of a Philippine stable coin and a local investment facility for the arts and heritage.
To materialize the luxury membership program, blockchain, artificial intelligence (AI) and ESG (environmental, social and governance) strategies will be adopted and implemented in the upcoming world-class high-tech business and leisure destination. It shall focus on promoting eco-friendly practices, including using biodegradable products and reducing energy consumption in this high-end smart resort island, which is designed as a mixed-use development with five global standard hotels, shopping malls, pavilions and villas, yacht and golf clubs, and a private airport.
“We will give a very good start for the Filipino people to experience the cheapest membership so that they will enjoy it,” SCT
President and Chief Executive Officer (CEO) Mario P. Marcos told reporters in a sideline interview during their media briefing at the Manila Hotel last May 23.
According to him, they will offer the membership to entrepreneurs and young professionals for P1 per unit of share. He said: “We are targeting immediate first membership of 1 million by within maybe more or less 15 days [after the launch].”
Another promising component project to debut early next month is the Philippine stable coin, which will be a game-changing initiative for the country’s financial sector to alleviate poverty and improve financial inclusion. It is aimed at providing the unbanked and underbanked populations, who often have limited access to financial services, a medium of exchange that is decentralized, borderless, fast and efficient, as well as stable and reliable.
To prevent it from any collapse that other digital assets like cryptocurrency have had experience in the past recent years, XBE Group CEO Julian So noted that it will be backed by solid assets, which can maintain its value. He explained: “This could be in the form of government bonds, or it could be in the form of cash deposits in very stable or very reputable banks. And that’s how we create a stable coin that can be used in the Philippines.”
For Joshua Chu, the Group chief risk officer at Coinllectibles, Marvion and XBE and senior consultant at Prosynergy, it can also be helpful for the overseas Filipino workers (OFWS) by way of savings on their remittances. According to him, 10 or more percent of their income go to the banking system just to transfer their money back home.
“Imagine, if you have peer-to-peer transactions that’s enabled, you’re no longer reliant on that. You automatically be bringing into the Philippines 10 percent or more additional spending power. And immediately, that means more jobs, and more [economic] stimulus,” he noted.
“This is also an add-on income for the banks. The banking system will drive this system to become more stronger because, of course, there will be many transactions that can be put in our country everyday,” added Marcos.
Citing that around $6 billion are being sent to the country annually by OFWS as remittance, so estimated that the 10 percent taken away by intermediary banks for the transfer of their money is equivalent to $600 million a year.
“This is a huge amount of money. Imagine just by simply implementing blockchain to a stable coin in a safe country, $600 million, I think, can be better used to help the country, the people, and the economy,” he pointed out.
Meanwhile, an auction house is set to be created in the country, which will be powered by the same technologies for the sustainable tourism membership project, so as to meet the needs of modern buyers and sellers. Local artworks and cultural heritage will be mainly auctioned here in eco-friendly and sustainable transaction manner to help preserve the future, appreciate and recognize the value of the assets being auctioned.
“The Philippine situation is so terrible. The recent pandemic destroyed the economy. After that, we have encountered other natural calamities like earthquakes and typhoons. And one formula to solve these problems is the scientific approach of integrating different technologies and expertise since nowadays, the peoples’ lives are really well-connected to their cellphones. Since we are now approaching the digitalization era, if we don’t have this capability to do it, we will be late and we cannot move forward,” Marcos said.
“In anticipation of the super integration of these projects, we will give the lead time to accept this stable coin as a secured membership or investments for the Filipino people,” he added.