Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 10056

What to see this week

3 films to see on the week of January 11 – January 17, 2019

Ghost Wife


A THAI ghost story, the film follows Nards and Mac who are high school sweethearts. After Nards learns that she is pregnant, her mother persuades her to abort the child. Meanwhile, in order to keep him away from Nards. But Nards dies after the abortion, returning as a ghost who haunts the apartment complex she lived in. Directed by Mate Yimsomboon, the film stars Supawadee Kitisopaku, Chitipat Wattanasiripong, and Nattana Kuwongwattanaseree.
MTRCB Rating: R-13

Bumblebee


THIS LATEST film in the Transformers series is set in 1987, where Bumblebee finds refuge in a junkyard in a beach town in California. While searching for the perfect car, 18-year-old Charlie finds a yellow Volkswagen beetle and soon discovers that it is no ordinary VW beetle. Directed by Travis Knight, the film stars Hailee Steinfeld, John Cena, and Jorge Lendeborg, Jr. Empire’s James Dyer writes, “In the end, it’s not from [Michael] Bay but rather the movie’s other big-name producer that [Travis] Knight has drawn inspiration. Steven Spielberg’s DNA feels baked into Bumblebee, resulting in an ’80s movie not just in setting and aesthetic but also sensibility — a high-octane concept Transformed into an Amblin love letter. Knight has served up a gleeful romp with wit, warmth and a whole lot of heart. It’s taken six movies to get here, but we finally have a Transformers film that’s more than meets the eye.”
MTRCB Rating: PG

Boy Tokwa:Lodi ng Gapo


ANDY Morelos Woods goes to the Philippines to learn the truth about his grandfather Rodrigo Morelos, a.k.a. Boy Tokwa. And based on the stories told by Boy Tokwa’s friends, Andy leans about the Olongapo kid who becomes a con artist, marries a Naval officer, and who gets in trouble with the community. Directed by Tony Y. Reyes, the film stars Jose Manalo, Joey Marquez, Buboy Villar, Karel Marquez, Gian Sotto, and Allan Paule.
MTRCB Rating: PG

AC Health to boost expansion of FamilyDoc clinics

By Arra B. Francia, Reporter
THE health care unit of Ayala Corp. (AC) looks to end the year with more than 80 FamilyDoc clinics, as it continues to be on the lookout for partnerships to expand its existing facilities.
Ayala Healthcare Holdings, Inc. (AC Health) Chief Executive Officer Paolo Maximo F. Borromeo said the company is on track with its expansion plans, which involves putting up 1,000 Generika drugstores and 100 FamilyDoc clinics by 2020.
“We’re on track with our expansion plans. We’re very excited about where we are with Generika and with FamilyDoc, we have over 50 clinics now. And by (2019), we should have over 80 clinics. Our target is still 100, but that’s only here in Greater Manila Area,” Mr. Borromeo told BusinessWorld on the sidelines of the AC Health Leadership Summit in Makati last month.
AC Health holds a 50% stake in Generika Drugstore following its partnership with the Ferrer family in 2015, which owns the other half.
“We invested in Generika drugstore to help expand the reach of generic medicines, which provide Filipinos up to 80% savings versus branded equivalents,” AC President and Chief Operating Officer Fernando Zobel de Ayala said in a speech during the event.
“We also believe that Filipinos deserve quality, primary care, and as such, have been investing to expand our FamilyDoc clinics across more communities where access to basic health services have historically been limited.”
Asked if the company is planning to put up FamilyDoc clinics in the provinces, Mr. Borromeo said they have yet to draw up such plans.
“We haven’t thought of it yet. But if we do go outside of Metro Manila, our focus will be the big cities like Cebu, Davao, Iloilo, and in those cases, what I’d like to do is work with someone, with a local partner preferably that will give us large health care in those municipalities,” Mr. Borromeo explained.
PARTNERSHIPS
The AC Health executive noted that while they cannot disclose any agreements yet, they continue to look for partnership opportunities that will allow them to invest in existing hospitals, or to build new facilities from the ground up.
“Moving forward, we’re looking at investing in the hospital and specialty care space to complete the continuum of care for our patients. We believe this ecosystem view is important in delivering integrated quality, and affordable services,” Mr. Zobel said.
AC Health has been steadily expanding its portfolio. Last December, it acquired a 75% stake in Negros Grace Pharmacy, Inc., broadening its footprint in the Visayas.
The company is also investing in technologies that could potentially disrupt the health care industry in the future. For instance, the company acquired a minority stake in a home health app called Aide, which allows patients to book doctors, nurses, and other medical professionals to provide health care services at home. It also has investments in online pharmacy MedGrocer.
AC booked a net income attributable to the parent of P23.86 billion in the first nine months of 2018, 3% higher year-on-year, on the back of an 18% uptick in gross revenues to P201.68 billion.

Inflation-ravaged 2018 shakes faith in regional wage-setting

By Gillian M. Cortez
Reporter
FOR NEARLY three decades, wages in the Philippines were set by region, a practice which has been questioned after inflation averaged 5.2% in 2018, thereby eroding the spending power of workers faster than the system could keep up.
The Wage Rationalization Act or Republic Act 6727 was signed into law on June 9, 1989. It called for the Regional Tripartite Wages and Productivity Boards (RTWPB) to prescribe and establish the minimum wage rates in their respective regions. Covered by this law are minimum wage earners in the private sector only.
Nagkaisa Labor Coalition (Nagkaisa) Spokesperson Renato B. Magtubo said that wage orders of RTWPBs have not provided sufficient pay increases.
“It’s not enough because even if there are increases by regional wage boards, they are small, and there is still no concrete action behind the promise of a national minimum wage,” Mr. Magtubo said in a phone interview with BusinessWorld.
The Associated Labor Unions-Trade Union Congress of the Philippines (ALU-TUCP) believes the system “has not evolved with the times. It has become obsolete and irrelevant to the interest of (workers),” its Spokesperson Alan A. Tanjusay told BusinessWorld in an online message.
The Wage Rationalization Act also aims “to enhance employment generation in the countryside through industry dispersal; and to allow business and industry reasonable returns on investment, expansion and growth.” According to University of the Philippines School of Labor and Industrial Relations (SOLAIR) Associate Professor Melissa R. Serrano, the law failed to meet this objective.
“The reason why they decided to make it regional is to attract businesses to the regions… But that did not meet that particular objective and goal,” she said in an interview with BusinessWorld.
Employers Confederation of the Philippines (ECoP) Acting President Sergio R. Ortiz-Luis, Jr. said last month that removing the regional minimum wage will just scare investors away from provinces and concentrate them in urbanized areas. In Philippine Statistics Authority’s (PSA) latest available data on the regions’ share of GDP, NCR was accounted for the largest share in the Philippines’ economy with 36.4% for 2017.
National Wages and Productivity Commission Director Maria Criselda R. Sy said in an interview with BusinessWorld that the RTWPBs are still the appropriate authority for determining minimum wages appropriate to their regions. She said, “Decisions made on the appropriate minimum wage should be at the areas where the situation exists. The regions are in the best position to identify or determine the wages.” PSA reported that the inflation rate in NCR for December was 4.6% while the corresponding rate for areas outside NCR was 5.6%.
De la Salle University-College of Law Professor Domingo T. Añonuevo said in an e-mail to BusinessWorld that minimum wages should approximate a living wage, or an income sufficient to cover basic needs, since the current mechanism for raising wages “may not be expected to grant substantial minimum wage increases” when inflation reaches levels that effectively wipe out any gains.
Bukluran ng Manggagawang Pilipino Chair Leody de Guzman concurs that minimum wages should correspond to a living wage, telling BusinessWorld in an e-mail: “The cost of living should be the principal determinant of wages… Workers have to live decently in order to work productively.”
Ms. Sy said a living wage and minimum wages are often mistaken for one another, but what distinguishes them is that the minimum wage considers the capability of businesses to pay, since businesses have a say in setting them alongside their counterparts representing workers and government.
Senator Emmanuel Joel J. Villanueva believes the starting point for wage reform is to ensure that businesses pay the correct wages especially when workers are struggling to live within the minimum wage. In a mobile message to BusinessWorld, Mr. Vilanueva said: “By increasing the penalty, we hope to put more teeth into the law and induce employers to pay their workers what is rightfully due them.” Mr. Villanueva added with Senate Bill No. 1381 or “The Amendment to the Wage Rationalization Act,” establishments found violating the law will pay a penalty not less than P100,000 and moral damages of P30,000 for each worker involved. The bill is currently pending at committee level.
In a Jan. 6 statement, TUCP Party-list Representative Raymond C. Mendoza called on the administration to abolish the RTWPB system and replace it with a single tripartite board which will determine the national minimum wage. He is also behind House Bill 7805 or “The Living Wage Act of 2018” which will give a P320 increase in prevailing wages in all regions. Not too long before the bill was filed, the Makabayan bloc filed HB 7787 which seeks to implement a national minimum wage of P750.

Your Weekend Guide (January 11, 2019)

DOG show at The Big Dome

THE WINNERS of Best Veteran in Show in last year’s Philippine Circuit Show.

THE Smart Araneta Coliseum in Cubao, QC, hosts the Philippine Circuit Show 2019 from Jan. 10 to 13. Considered the biggest dog show in Asia, the Philippine Circuit, organized by the Philippine Canine Club Inc., is now on its 8th year and draws the best of the best among purebred dogs from the Philippines and other parts of the globe. Admission to the public is free. This year, 568 entries have been registered. They will compete in 12 shows across those four days. Up for grabs are titles such as Philippine Champion, Southeast Asian Champion, Asia Pacific Champion and FCI (Federation Cynologique Internationale) Champion.

Films on fashion


THE Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde (DLS-CSB) presents a selection of films about fashion on weekends this January. On Jan. 11 and 12, explore the life and career of British fashion Lee Alexander McQueen in the documentary McQueen. Screenings are at noon at The Loop, 12/F DLS-CSB Campus, and are free and open to the public. For inquiries and reservation, call 230-5100 local 3897 or e-mail at mcad@benilde.edu.ph.

Acoustic concert

CATCH acoustic duo Sherman Tupas and Natasia Cunanan in BOU Both of Us: Natasia & Sherman Love Life on Jan. 11, 8 p.m., at the Music Museum, Greenhills, San Juan. Directed by Calvin Neria, the show also features Katrina Velarde, Benj Manalo, and Angeline Quinto as special guests. For tickets, contact TicketWorld (www.ticketworld.com.ph, 891-9999).

Rep’s Rapunzel

REPERTORY’s Theater for Young Audiences presents Rapunzel: A Very Hairy Fairy Tale until Jan. 27 at Onstage Theater in Greenbelt 1, Makati. For tickets and schedules, contact TicketWorld (www.ticketworld.com.ph, 891-9999).

Shell stations start collecting higher fuel taxes — Energy dep’t

PILIPINAS Shell Petroleum Corp. has adjusted the prices of the petroleum products it is selling to reflect the implementation of the higher excise and value-added taxes under the Tax Reform for Acceleration and Inclusion, or TRAIN law.
In a press conference on Thursday, the Department of Energy (DoE) said its Oil Industry Management Bureau (OIMB) had received up to 444 reports from retail stations that have imposed the second tranche of the tax reform.
“There are 369 outlets from Petron Corp., 46 from Pilipinas Shell Petroleum Corp. and 29 from Flying V,” said Energy Undersecretary William Felix B. Fuentebella.
He said the bureau had sent two teams on Thursday to visit various retail outlets in Caloocan, Quezon City and Malabon to serve show-cause orders and to validate their documents on the imposition of excise tax and its corresponding additional value-added tax.
“We are ensuring that our consumers do not become subjects of profiteering. We are issuing show-cause orders to the concerned retail outlets for them to explain their implementation of the second tranche of excise taxes. In addition, we are also validating the prices of their fuel products to check whether they have already imposed the second wave of excise taxes,” Energy Secretary Alfonso G. Cusi was quoted as saying.
Under the second tranche of TRAIN, an additional excise tax of P2 will be imposed per liter of diesel and gasoline, and P1 per kilogram on household liquefied petroleum gas (LPG).
An additional 12% value-added tax will also be imposed, which totals to P2.24 for both diesel and gasoline, and P1.12 for LPG. The imposition of the taxes took effect on Jan. 1, 2019.
Rino E. Abad, director of OIMB, said the imposition of excise tax by retail outlets depends on the exhaustion of their existing 2018 inventories.
Only new inventories in 2019, directly imported or locally produced by refineries, are covered by the second tranche of excise tax, the DoE noted.
Mr. Rino said retail stations’ inventory levels vary, depending on the status of individual depots and retail outlets, and turnover for specific products such as diesel, gasoline, kerosene, and liquefied petroleum gas. — Victor V. Saulon

Metrobank expects ‘consistent’ growth

METROBANK sees steady growth on the back of the economy’s strength.

METROPOLITAN Bank & Trust Co. (Metrobank) expects its growth to be “consistent” this year compared with 2018 as it draws strength from the economy’s expansion.
Metrobank President Fabian S. Dee said on Thursday that the Ty-led lender’s growth for this year will be “consistent” given its size.
“We’ll be consistent [since] the bank our size, the baseline is already big. So in terms of percentage, it cannot be proportional anymore,” Mr. Dee told reporters on the sidelines of an event in Makati City.
Amid projections of a robust economy moving forward, Mr. Dee said Metrobank’s growth will track the country’s own expansion.
“Since it looks like the [gross domestic product] projections are quite healthy, we would expect similar results at the very least compared to 2018,” the official said.
According to latest data, the Philippine economy grew at its slowest pace in three years in the third quarter of 2018 at 6.1%, weighed down by tempered household spending amid elevated inflation.
Despite this, Socioeconomic Planning Secretary Ernesto M. Pernia said in November the economy’s ability to sustain at least six percent growth for the past 14 quarters “suggests that we are now on a higher growth trajectory.”
Meanwhile, the bank said it “should expect” its lending growth to likewise remain strong in 2019 from the previous year, even as price increases are seen to decelerate.
“So far, I think…the inflation trend is already tapering off. So we’ve seen the highest it could go already,” Mr. Dee said.
The official said the bank is also optimistic that more investors will park their funds in the local market, given that the bourse “has been surging.”
“We’re also optimistic [given that] recently, if you see our index, it has been surging… So we’re hoping this trend will continue, especially when people are seeing that developed markets may have reached their optimal levels already in terms of valuation,” the bank president added.
“Hopefully, portfolio managers will be diversifying their investments and we will get a fair share of that.”
Last month, Metrobank raised P18 billion from the reissuance of its two-year peso-denominated bond program, which carry a tenor of two years with a rate of 7% per annum.
It also raised some P8.68 billion in October from the first tranche of its P25-billion long-term negotiable certificates of deposit program. The notes will mature in 5.5 years to be paid quarterly and carry a 5.375% rate.
Metrobank posted a P5.7-billion net income in the third quarter, 55% higher than the P3.7 billion recorded in the same period in 2017, supported by the solid performance of its core business.
Shares in Metrobank stood at P81.90 apiece on Thursday, up 45 centavos or 0.55% from the previous close. — Karl Angelo N. Vidal

Professionals growing at over 5% annually

THE growth in the number of registered professionals exceeded 5% between 2010 and 2016, led by teachers, the largest contingent of workers required to pass board examinations, the labor department said.
According to the JobsFit 2022 Labor Market Information report of the Department of Labor and Employment (DoLE) and the Bureau of Local Employment (BLE), “From 2010 to 2016, the number of registered professionals increased by an average of 5.3% yearly,” the report said.
The number of registered professionals per year were as follows: 3.015 million in 2010; 3.182 million in 2011; 3.353 million in 2012; 3.529 million in 2013; 3.741 million in 2014; 3.920 million in 2015; and 4.122 million in 2016.
Of the 44 professions in 2016, new teachers accounted for the biggest share of passers of certification exams, followed by nurses (21%), midwives (4%) civil engineers (4%), Certified Public Accountants (4%), and criminologists (3%).
Also over the same period, JobsFit reported: “There was an evident increase in the numbers of professional customs brokers, electronic engineers, psychologists, psychometricians, radiologic technologists, real estate appraisers, real estate brokers, real estate consultants, and respiratory therapists.” — Gillian M. Cortez

Judd’s claim vs Weinstein dismissed

LOS ANGELES — A federal judge in Los Angeles on Wednesday dismissed actress Ashley Judd’s sexual harassment claim against movie producer Harvey Weinstein but said she could proceed with a defamation claim against him.
Ms. Judd had accused Mr. Weinstein of defaming her in 1998 after she refused what she said were his sexual advances a year earlier. In her lawsuit, filed in April 2018, the Double Jeopardy actress accused Mr. Weinstein of smearing her reputation by discouraging director Peter Jackson from casting her in his blockbuster movie franchise The Lord of the Rings. Ms. Judd, one of the first women in October 2017 to publicly accuse Mr. Weinstein of sexual misconduct, had accused the Hollywood movie mogul of sexual harassment in violation of a California law barring such conduct by a person in a “business, service or professional relationship” with another. In a footnote to his ruling, US District Judge Philip Gutierrez said he was not determining whether Ms. Judd was sexually harassed by Mr. Weinstein “in the colloquial sense of the term.” But Mr. Gutierrez said that Ms. Judd’s relationship as an actress with the film producer was not covered under the California statute she had sued under, nor under a 2019 amendment. Mr. Weinstein is to stand trial in May in New York on five charges, including rape, involving two other women. — Reuters

Victorias profit rises 74% in Q1

VICTORIAS Milling Company, Inc. (VMC) grew its attributable profit by 74% in its first quarter ending November 2018, driven by higher sugar prices even as volumes of sugar sold declined.
In a regulatory filing, VMC said net income attributable to the parent reached P81.53 million from September to November 2018, versus P46.75 million posted in the same period a year ago. The company’s fiscal year starts in September.
“This was mainly due to the increase in gross profit from high sugar prices during the quarter and the focus on selling products which have higher profit margin as compared to last year,” the company said.
Prices of sugar went up by a fifth or 20%, helping VMC offset the decline in volumes sold, which otherwise led to a 30% drop in revenues to P1.3 billion.
“The decline in revenue… was only due to change in the product mix as less refined sugar volume were sold but tolling volume tripled compared to the same period last year,” it said.
The lower revenues can also be attributed to the 66% decrease in alcohol revenues for the period.
Meanwhile, VMC benefited from the start of its ethanol operations, accounting for six percent of total revenues during the quarter.
VMC milled 0.9 million tons of cane for the first quarter of crop year 2018 to 2019, flat from the same period a year ago. About 30% of the canes came from district areas, while the rest were evenly taken from North, South, and Central Negros.
Raw sugar recovery dipped to 1.81 50-kilogram bag (LKG) per ton came milled, from 1.82 LKG in the same period last year. Total raw sugar production accordingly slumped by 5% to 1.6 million LKG.
Molasses production was steady at 39,000 metric tons, while refined sugar production fell to 1.2 million LKG.
The company noted that it secured a short-term loan worth P450 million during the quarter to finance its working capital requirements. It expects to repay the loan within the next quarter. Long-term debt meanwhile went down to P1.125 billion by end-November, after VMC paid quarterly amortization amounting to P375 million.
Incorporated in 1919, VMC’s core business is to engage in integrated raw and refined sugar manufacturing, with sugar plant facilities located in Victorias City, Negros Occidental. The company has also diversified to ethanol and potable alcohol production.
Its operating subsidiaries include Victorias Foods Corporation; Victorias Agricultural Land Corporation; Canetown Development Corporation; Victorias Green Energy Corp. and Victorias Golf and Country Club, Inc.
VMC’s market capitalization stood at P6.39 billion, based on its share price of P2.33 each last Jan. 2. — Arra B. Francia

Merger of Philippine Business Bank, ISBI likely to be completed by June

THE MERGER of Philippine Business Bank and Insular Savers Bank, Inc. will be completed in six months.

THE MERGER of Philippine Business Bank (PBB) and Insular Savers Bank, Inc. (A Rural Bank) (ISBI) is expected to be completed within six months following the central bank’s approval of the transaction.
In a disclosure to the local bourse on Thursday, the Yao-led bank said its acquisition of ISBI shall be completed before June 20, or six months after the central bank’s Monetary Board granted its approval on Dec. 20, 2018.
However, the acquisition is still subject to the approval of the Securities and Exchange Commission.
The merger of the two banks does not involve swap of shares and any issuance of PBB shares, as “100% of the outstanding capital stock of [ISBI] was acquired for the sole purpose of the merger.”
In a separate regulatory filing on Monday, the thrift bank said its board of directors approved the acquisition of all of ISBI’s outstanding shares for an agreed purchase price of P575 million.
PBB said its acquisition of ISBI will add approximately 10% to its bottom line.
“This transaction gives PBB an opportunity to further strengthen its consumer lending business while establishing a foothold in the microfinance market,” the bank said
PBB added that it will continue to offer ISBI’s existing products such as microfinance, second-hand auto loans as well as group salary loans.
According to its website, ISBI started operations on Feb. 14, 1997. It acquired Filipino Savers Bank in 2012 “to gain foothold in the salary loans business” that was offered to public school teachers. The bank currently operates 10 branches located in Metro Manila, Rizal, Bulacan, Pampanga, Laguna, Iloilo as well as Albay.
As of October 2018, ISBI’s net loans and receivables amounted to P1.25 billion, with shareholder’s equity at P667.2 million.
PBB posted a P262.09-million net income in the third quarter of 2018, up 162.1% from the previous year, boosted by the robust growth of its core businesses.
Shares in PBB closed at P12.02 apiece on Thursday, gaining four centavos or 0.33%. — K.A.N. Vidal

M. Night Shyamalan merges storylines in Glass

LONDON — M. Night Shyamalan, the director known for his film-ending twists, brought his latest offering to London on Wednesday, comic book thriller Glass — a tale merging two of his previous movies. Starring Bruce Willis, Samuel L. Jackson, and James McAvoy, Glass blends storylines from Shyamalan’s Unbreakable, which came out in 2000 and 2016’s Split. Mr. Willis and Mr. Jackson, who both starred in Unbreakable — about a train crash survivor who discovers he has a new superpower — were joined at the screening by Mr. McAvoy, who played Kevin Wendell Crumb, a man with multiple identities, in Split. In the new film, Mr. Willis reprises his role as security guard David Dunn as he chases one of Crumb’s frightful personalities. Jackson returns as the fragile Elijah Price, also known as Mr. Glass. “I always thought Elijah was unfinished business,” Mr. Jackson said. “Night promised that it was part of a trilogy… so, this is closure.” Mr. McAvoy revisits his role as well as his character’s multiple personalities. “I love acting so getting to do more of it is not a bad thing,” the Scottish actor said. “Playing one character in a movie can be tricky. You’ve got to do a lot of preparation, doing that 20 times… it was like cramming for an exam that you forgot was coming.” Glass also stars Anya Taylor-Joy, whose character Casey was kidnapped along with two classmates by Crumb in Split, as well as American Horror Story actress Sarah Paulson, who plays a psychiatrist treating the three main characters. — Reuters

ATI acquires new cranes for Batangas Port expansion

ASIAN Terminals, Inc. is ramping up its expansion of the Batangas Container Terminal. — ASIAN TERMINALS, INC.

ASIAN Terminals, Inc. (ATI) said on Thursday it is expanding the Batangas Container Terminal (BCT) with the deployment of additional modern equipment.
In a statement, the listed port operator said it added two new ship-to-shore (STS) cranes and four rubber-tired gantry (RTG) cranes from ZPMC Shanghai Zhenhua Heavy industries Co. Ltd. to boost BCT’s capacity.
“The new STS cranes can reach up to 16 container rows, lift two 20-foot containers simultaneously and handle loads of up to 70 tons. The RTGs, meanwhile, can stack up to six containers high,” it said.
ATI is also purchasing reach stackers, side loaders, internal transfer vehicles and chassis —cargo handling equipment that will improve the terminal’s efficiency.
“ATI’s expansion program in Batangas Port is in response to the growth of Calabarzon industries and in support of government’s efforts to decongest Metro Manila roads,” it said.
The expansion of BCT’s berth and yard space started in 2017, with ATI acquiring new cranes to boost its annual capacity to over 450,000 twenty foot equivalent units (TEUs).
The port operator handled almost 250,000 TEUs in BCT last year, an increase of more than 20% in volume from a year ago. It said this resulted to 125,000 less truck trips in Metro Manila by using the international gateway port in South Luzon. — Denise A. Valdez

1...10,05510,05610,057...12,801Page 10,056 of 12,801
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube