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Recyclable Skywalker

Star Wars: The Rise of Skywalker
Directed by J.J. Abrams

FINALLY, the last installment of this third trilogy that George Lucas a long time ago in an era that feels far far away once cobbled together, from Flash Gordon serials, The Adventures of Robin Hood, World War 2 fighter plane footage (particularly The Dam Busters) and, most of all, Kurosawa’s The Hidden Fortress (with a brief callback to Yojimbo). The capstone to his grand edifice of a fantasy* franchise if you like.

Does the movie live up to all expectations?

I doubt if any film, no matter how well made, can live up to the expectations and/or hype; the producers did do the careful thing and re-hired J.J. Abrams — an expert at picking up worn-out franchises and giving them a shiny updated spin — to pick up this particularly wornout franchise, shine it, update it, give it a clever (but not too clever) spin, to stick a satisfying enough landing. Did it work? Well at $400 million on opening weekend, chances are it’s going to earn its money back, with change.

Is it a satisfying entertainment? I guess, if the nonstop barrage of swordfights, chases, quests, and intermittently amusing quips fired at you is your idea of a good time; personally I’d prefer to rewatch the live-action Dumbo remake — may not be any more sensibly assembled, but at least it has a fairly distinctive visual style.

Does it give us a satisfying conclusion? Haven’t liked a Star Wars movie since The Empire Strikes Back — well, Rogue One was at least made by a filmmaker — so I’m faintly satisfied that it’s concluded. Should have concluded some years ago. Should have stopped at Empire. Not really all that satisfied, come to think of it.

Of course Disney isn’t satisfied with leaving things be — hasn’t been even with its own back catalog. Another trilogy is planned in a few years — if I’m not rolling my eyes at the prospect that’s because Disney might actually hire someone good to do the next few pictures (yes, I’m that kind of masochist).

Of course I’m not holding my breath.

Palpatine is back, which is consistent with Abrams’ probably unintentional theme of recycling (good idea for the environment, not always good for films) — he’s the most memorable bad guy in the movies since Vader, and Vader has been reduced from the towering dark menace in Empire to the twitching emo neurotic crawling up volcanic slopes in Revenge of the Sith. A replacement was needed, so they hired Adam Driver to play a twitching emo neurotic Vader lite — and if that sounds funny, just remember the unstated unintended theme of this third trilogy, apparently, is recycling. We’re being consistent, is all.

And, yes, I’ve been told The Last Jedi broke new ground — in my book didn’t break new enough, just a few fairly clever twists here there, and a visual style that on occasion rose to the occasion. If they really wanted to break new ground they should have gone with original intentions and had David Lynch do Return of the Jedi. Scary? It’s Star Wars, they could have done anything and the folks would’ve eaten it up; the difference is I might have been eating with everyone else.

I figure the franchise’s fate was sealed when Lucas sold the whole shebang to Disney — you don’t look to that studio for creative ferment, only a smoothly calculated and pretty safe return on your investment. Lucas wasn’t thinking of sending his most famous creation in an interesting direction; he just wanted to make sure he was well provided for in his retirement. J.J. Abrams is careful to avoid the mistakes Lucas made — using real landscapes and locations where the latter used fanciful (and plainly weightless) CGI constructs, maybe carefully integrating said locations with sets and discreet CGI enhancements. It’s the only element of real interest in the movie, and maybe the only location of real interest is the Death Star crash site with its titanic waves — though didn’t that thing blow into a billion pieces at the end of the movie?

Otherwise — zilch. Nada. A chore to sit through, though at least the dialogue is passable (if not particularly witty) as opposed to Lucas’ grammatically and dramatically challenged idea of dialogue.

Maybe the only question I’m interested in answering right now is this: which is the less painful experience, listening to Lucas’ excruciating dialogue try take the franchise in a newish direction? Or listen to Abrams’ relatively more polished dialogue while he retreads ground we’ve gone over a few times, like well-flattened roadkill? Which is the less painful experience, the fairly well made retread or the awkwardly assembled new creation? Which would you pick, the root canal or the colonoscopy?

I know what I prefer — leaving it to the interested reader to guess. Not one of the best of the year.

*(As for the debate on whether Star Wars is science fiction or fantasy — let’s not go there. Star Wars’ trappings, from spacecraft that corner and shriek like WW 2 fighters to swords made of laser light that stops at three feet are ridiculous beyond belief; there’s no science involved, and even less interest in exploring the consequences of this science, which is what quality SF is all about.)

Agencies gearing up for automation-driven workplace disruption

THE Department of Labor and Employment (DoLE) will be teaming up with the Department of Trade and Industry (DTI) and the Technical Education and Skills Development Authority (TESDA) to prepare industries and the labor force for the disruption brought about by automation.

In an interview with BusinessWorld, Acting Labor Assistant Secretary and Bureau of Local Employment (BLE) Director Dominique R. Tutay said that after signing a Memorandum of Understanding with the DTI and TESDA earlier this month, the agencies will begin moving to equip industries and workers for the so-called Fourth Industrial Revolution.

“We have had an initial meeting and we partnered with SkillsFuture Singapore to help us out with this initiative,” she told BusinessWorld. “This is to develop a road map for the Philippines in preparation for the Fourth Industrial Revolution.”

The initiative will focus on upskilling and reskilling employees in order to keep up with technology-driven disruption.

“It’s going to have plant-level training, that’s part of it. There’s going to be benchmarking of industries and a labor market intelligence component. So it’s identifying what skills are needed (for) the fourth industrial revolution in specific sectors,” Ms. Tutay said.

She added that the agencies are currently identifying priority sectors under the road map. Ms. Tutay added: “We will start engaging with them once the blueprint is already in place.” — Gillian M. Cortez

Aboitiz unit to supply power to Batangas electric cooperative

ABOITIZ Power Corp. has signed up the country’s largest electric cooperative to 3 megawatts (MW) of power supply, adding the Batangas distribution utility to the list of customers under its clean energy brand.

In a statement on Thursday, AboitizPower said it had closed its partnership with Batangas II Electric Cooperative, Inc. (Batelec II) on Dec. 18.

“The Cleanergy supply will be sourced from the Tiwi-MakBan geothermal power plants, which are being operated and managed by AboitizPower subsidiary AP Renewables, Inc. (APRI),” the listed company said, adding that the supply will be used by the electric cooperative for its local retail electricity supply (RES) customers.

Cleanergy is AboitizPower’s brand for clean and renewable energy with several hydroelectric, geothermal and solar power generation facilities.

APRI will also supply Batelec II with a 20-MW emergency power supply for a year, from Dec. 26, 2019 to Dec. 25, 2020. The agreement for the additional Cleanergy supply was signed on Dec. 23, 2019.

AboitizPower, the holding company for the Aboitizes’ investments in power generation, distribution, and retail electricity services, quoted Batelec II General Manager Octavious M. Mendoza as saying: “We’ve been in the business for over four decades, and this is the first time we have decided to venture into the open access business and activate our local retail electricity supplier.”

A local retail electricity supplier is a power distribution utility’s business segment that delivers power to customers whose consumption reached the threshold set by the regulator. These big power users or “contestable” customers are allowed to contract supply with a private RES or a local RES.

“To make a difference, we have decided to source renewable supply to serve our contestable customers. It’s such a bold move so we need a dependable partner to support us in this sustainability journey, and we trust AboitizPower can do just that,” Mr. Mendoza said.

AboitizPower described the partnership as “favorable” because APRI’s geothermal plants are in Batangas and the neighboring province of Laguna.

Juan Alejandro A. Aboitiz, AboitizPower first vice-president for energy trading and sales, said he was pleased that Cleanergy was chosen as partner of choice of Batelec II.

“It’s an honor for us to serve the growing number of customers who are pushing for a more sustainable energy source,” he said.

So far, AboitizPower and its partners has around 1,200 MW of Cleanergy capacity from its hydro, geothermal, and solar power plants that are spread nationwide to support the country’s rapidly growing demand for clean and renewable energy.

Apart from serving its contestable customers through its local retail electricity supply business, Batelec II also supplies electricity to its franchise area of more than 300,000 households across 15 municipalities and two cities in Batangas. — Victor V. Saulon

Term deposit yields inch higher as bids decline

TERM DEPOSIT yields were marginally higher on Thursday amid lower bids during the holiday season and following the release of official data which showed a wider budget deficit in November.

Tenders for the central bank’s term deposit facility (TDF) amounted to P108.927 billion on Thursday, lower than the P130 billion on offer, according to data from the Bangko Sentral ng Pilipinas (BSP).

This week’s tenders also failed to beat the P165.274 billion in bids the BSP received last week for the P150 billion on the auction block.

Banks’ tenders for the seven-day term papers totaled P40 billion, failing to fill the P50 billion auctioned off by the central bank and also lower than the P73.831 billion in bids seen on Dec. 18 for the P60-billion offer.

Yields for the one-week term deposits ranged from 4.18% to 4.35%, a wider margin compared to last week’s 4.2-4.35%. This resulted in an average rate of 4.2776%, increasing by 0.72 basis point (bp) from last week’s 4.2724%.

Meanwhile, tenders for the 13-day deposits stood at P29.089 billion, lower than the P50 billion on offer and also down from the P41.519 billion worth of bids on Dec. 18.

Banks asked for returns from 4.3% to 4.4%, a thinner band compared to the 4.2% to 4.4099% range last week. The average rate for the two-week deposits was at 4.3337%, inching up by 0.49 bp from the 4.3288% logged last week.

On the other hand, tenders for the 27-day deposits came in at P39.838 billion, lower than the P40 billion offered by the central bank and also down from the P49.924 billion in bids seen last week.

The one-month papers fetched rates ranging 4.2850% to 4.4750%, a narrower band compared to the 4.27% to 4.4125% margin seen on Dec. 18. This resulted in an average rate of 4.3542%, inching up by 1.06 bp from last week’s 4.3436%.

Economists pointed out that the lower bids due to the holidays caused rates to go up.

“Substantial undersubscription afforded players scope to bid up rates across tenors. With business activity winding down, funds may have been parked previously in tenors crossing the year,” ING Bank NV-Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.

“BSP TDF auction yields were slightly higher lower bids due to the Christmas and New Year holidays, and some window-dressing activities that lead to some temporary premium in crossing-the-year/short-term funds as the accounting year-end draws closer,” Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. said in an e-mail.

“Wider budget deficit data amid faster growth in government spending for the month of November may have also partly caused the slight uptick in the latest BSP TDF auction yields,” he added.

On Monday, the Bureau of the Treasury (BTr) said the fiscal gap widened by 55.64% year on year to P60.9 billion in November from the P39.1-billion deficit posted a year ago.

Government spending jumped by 22.36% to P365.6 billion in November from P298.8 billion a year ago, marking its fastest pace of growth since a 39% hike recorded in September.

According to the BTr, the government’s plan to catch up with its spending program was evident in last month’s increase, which brought year-to-date state spending to P3.3 trillion, up 6.73% year on year. — Luz Wendy T. Noble

Island girls

By Carmen Aquino Sarmiento

MMFF Movie Review
Culion
Directed by Alvin Yapan

AT ANY TIME, not just during the Christmas season when Filipino audiences expect to be entertained, Culion would be a daring enterprise. First it is a period piece, and Filipinos notoriously lack a sense of history, whether ours or the world’s. The events portrayed span 1937 to 1941, which is why the prominence given to the obviously anachronistic Hollywood type sign in cast white concrete letters, spelling out “Culion” and its government insignia, on the side of a mountain, is perplexing. That sign was probably circa 2006 when Culion had its centenary. After so much effort devoted by the production design guys to attempting period authenticity, what with the kerosene lamps and the nearly uniform women cast members’ attire of earth-toned baro at camisa, couldn’t they have erased the damn thing through CGI?

The subject matter is visually disturbing, even upsetting: leprosy with all it terrible mutilations, suppurating sores and execrences galore, disfiguring some of the prettiest faces in the Philippine film industry. Culion was the largest leper colony in the world back then. Early on in the film, there is an attempt by the American administrator to draw a parallel between the situation of the Philippine Commonwealth which was trying to prove Filipinos’ capability for self-government and independence from American Colonial Rule, and the management of the Culion Leper Colony. Historical accounts show that Culion was actually doing quite well back then as a self-contained LGU. It even had women’s suffrage as early as 1908 — nearly 30 years before the Philippines National Assembly decided Filipino women nationwide might have the right to vote.

It turns out that Culion is not so much a historical drama as it is a chick flick along the lines of the screenwriter Ricky Lee’s previous collaborations with the director Marilou Diaz-Abaya, i.e., Moral (1982) and Brutal (1980). Here, the three major story lines revolve around: Anna (Iza Calzado), Ditas (Merryl Soriano) and Doris (Jasmine Curtis-Smith). Like the circle of life, the film opens and ends with Anna and the leprous fisherman Kanor (Joem Bascon) having coitus — it’s not love-making since Anna claims she has no feelings for Kanor. She has become an emotional leper as well, it seems, that is, until she has a baby. Selfishly, she wants to keep the child even though statistics from that period showed that an infant had a 50% chance of developing leprosy (then incurable) if it remained with its infected mother beyond earliest infancy.

Kanor leaves Culion on a doomed quest to reclaim their child from Welfareville in Manila. Of course, he fails, and is even beaten and robbed for his trouble. Instead of sympathizing, Anna abusively berates him for being useless. Towards the film’s end, when Japanese military forces have invaded Palawan, Anna excitedly urges Kanor to get it on with her again. It boggles the mind why she is convinced that the best time for a leper couple to have a baby is in the middle of a hostile invasion, when everyone else is fleeing — including most of the Culion medical staff. Historical records also show that over half of Culion’s population perished in the Second World War.

Since this is a period piece, certain bits of dialogue, such as the use of the term “long sleeves” by a pre-World War II provinciano are particularly jarring. Take the scene where Kanor’s fellow leprous fisherman are talking about how they get pen pals from all over Europe and the USA. They claim that revealing they have leprosy was an added come-on to those lonely ladies. There must have been some truly desperate women out there back then, who would even send them gifts of cash and rubber shoes. Rubber shoes were simply not a thing eight decades ago. Even cash might be a problem, since Culion had its own currency.

The Doris character is given to other-worldly visions, reminiscent of Elsa in Lee’s Himala (1982, directed by Ishmael Bernal). She has a crush on the lone Caucasian leper, an American soldier, who is brought to Culion aboard what looks like a two-story pleasure barge, with split bamboo awnings. Coast Guard cutters were used to transport the lepers back then. Ms. Curtis-Smith who is obviously a Caucasian mestiza (mixed-race) herself, wears a lot of bronzer for this role, to make her mooning and gushing over how white the American soldier leper is, more believable. She stalks him, as he has been hiding in the jungle like a Japanese straggler, to avoid his repatriation. She encounters him in a cave. He calls her “sexy.” That term is so not in keeping with the custom of that period (watch Key & Peele’s comedy sketch “Catcalling in the Olden Days”), that Doris’ surprised reaction is laughably authentic. Searching through American urban slang dictionaries showed that the term then was “ginchy,” which of course, would be meaningless to today’s audience.

Weirdly, the American soldier leper gets so aroused by Doris’s talking about her idolatrous love of the United States, a country which he never wants to see again, that he impulsively rapes her. The sexual assault is artsily rendered with black quivering shadows against the cave’s walls while Curtis-Smith screams in agony. Like Daniel Smith in the 2005 Subic Rape Case, this Commonwealth Era rapist is brought back to the States, albeit against his will, so he also got away with his crime. Doris meets a tragic end, while Smith’s alleged victim “Nicole” recanted and moved to the USA, where presumably, she now lives the American Dream.

Ditas was so depressed about her leprosy that she left her groom-to-be Greg (John Lloyd Cruz) standing at the altar — without even the courtesy of a letter explaining that she had been taken to Culion. Still he comes to see her, looking forlornly out-of-place among all those camisa de chino and baggy kundiman trousers. Greg might be a hipster with his light button-down polo shirt, summer slacks, and the mid-life crisis, tiny corkscrew ponytail peering from beneath his chic straw fedora. But hey, he’s JLC, with two initials in common with JC, so he can get away with it. One wonders how Ditas dressed back in the day when they were still dating. Initially, she had tried to kill herself, but eventually, she came around. Towards the film’s end, much of her nose has been eaten away by the disease. But with Doris gone, she decides to take her place as the community’s school teacher, resuming what had been her profession in the outside world. She has accepted her fate and is ready to live again. In today’s parlance, she has “moved on.” As Dostoevsky said, people can get used to anything, even losing one’s nose.

MTRCB Rating: PG

US activist investors post strong gains as needling companies pays off in 2019

BOSTON — Activist investors who are shaking up Corporate America with calls for operational fixes, refreshed boards and even sales of a company are delivering their best returns in six years with double-digit gains for 2019 after big losses in 2018.

The surge in returns is energizing experienced corporate agitators as well as newcomers and may force more companies into costly battles with shareholders over their corporate future next year, managers, lawyers and bankers said.

Through the end of November, activist managers on average returned 13.09%, according to data from Hedge Fund Research, which tracks various investment strategies’ returns. Fueled by high double-digit returns at funds run by William Ackman, Barry Rosenstein and Glenn Welling among others, activists are handily outperforming all other types of hedge funds where the average fund returned 8.5% this year, HFR data shows.

The gains illustrate a sharp recovery from 2018 when the average activist lost 10.4%, in part because a late-year stock market tumble erased gains at many funds.

Hedge funds run by activist investors are traditionally reserved for institutional investors and wealthy private clients.

To be sure, activists are benefiting from this year’s strong stock market gains where the Standard & Poor’s 500 index has climbed 28.5% so far. But many added spice with demands for changes or by watching earlier prodding pay off.

“Many of the initiatives that were advocated for by our managers resulted in improved performance,” said Gregg Hymowitz, chief executive officer of EnTrust Global, a large investor with activist managers.

Through the middle of December, Ackman’s Pershing Square Holdings portfolio gained 57%, lifted by investments including Chipotle Mexican Grill Inc, where Ackman helped install a new chief executive officer last year.

Douglas Braunstein’s Hudson Executive Capital gained 52% through the end of November, fueled by gains at Cardtronics Plc. which gave Braunstein a board seat last year.

Some investors returned with fresh demands directed at companies they had previously targeted. Glenn Welling’s Engaged Capital, which is up 30% through November, came back to nutrition and weight loss company Medifast Inc while Jana Partners took a second run at restaurant chain Bloomin’ Brands Inc, which may consider selling itself. Corvex Management is up nearly 20% through the end of November, months after its founder, Keith Meister, joined the board of MGM Resorts International.

Representatives of the funds declined to comment.

In the United States alone, activists targeted 464 companies this year through mid-December, roughly the same number as last year, data from Activist Insight shows.

Next year, activists may perform even better, investors and managers said, noting there are plenty of inefficiencies to repair at smaller companies.

While fresh money many not chase this year’s strong returns as investors worry that a recession will hit at some point, investors said they are willing to fund specific campaigns in so-called special purpose vehicles.

“Activists are value investors, which are starting to become more in favor,” said Ken Squire, who runs 13D Monitor and the 13D Activist Fund. “Over the past 15 years, activists went from being frowned upon to being accepted and now respected.” — Reuters

Sta. Lucia ventures into Davao hospitality sector

STA. LUCIA Land, Inc. (SLI) is venturing into the hospitality sector in Davao City, with the introduction of the SotoGrande Hotel brand.

In a statement, SLI President Exequiel D. Robles said the company has seen the potential of Mindanao, particularly Davao City, as a business and tourism hub.

“Given its numerous offerings, from its famed dive spots, farming resorts, to the numerous parks, not to mention its rich cultural heritage, it’s but natural for Davao to become a top-of-mind destination. This is also the reason why, after developing several communities and condominium projects in the city, we decided to venture in the hospitality sector through our SotoGrande Hotel brand,” he was quoted as saying in a statement.

Located in the heart of Davao Riverfront Corporate City Complex, SotoGrande Hotel Suites is a “perfect home option for vacationers and visitors who want to have access to quality and comfortable accommodations at a practical rate,” Mr. Robles said.

SotoGrande Hotel Suites is five minutes away from the Davao International Airport, and within walking distance of the Davao Crocodile Park, the Butterfly House and the Tribu K’ Mindanawan Cultural Village.

Also within the Davao Riverfront City Complex are the Rancho Palos Verdes Sports and Country Club and St. Paul College of Davao. Tourist destinations like the Eden Nature Park, Jack’s Ridge, GAP Farm and Zip City are also easily accessible.

“We’ve always believed in the need to provide guests the best experience whether their in our hotels for business or pure leisure. This is why every time we build our SotoGrande hotels, we make it a point to design and configure it with the comfort, safety and convenience of our guests in mind. This latest addition to our growing SotoGrande Hotel brand also serves as a testament to our commitment to help promote and further grow the country’s tourism industry,” Mr. Robles said.

SotoGrande Hotel Suites’ amenities include lap and kiddie pool, a jacuzzi area, poolside bar, spa, veranda or viewing deck, and gym among others.

Hotel guests can also access the Rancho Palos Verdes Sports and Country Club, considered the first fully-equipped sports and recreational hub in the city. It has an indoor basketball court, indoor tennis court, indoor badminton court, bowling alley, billiard hall, fine dining restaurant, swimming pool and gym.

“Sta. Lucia Land will remain committed to its promise of delivering only the best developments that individuals could enjoy and find value from… Our commitment doesn’t end with just building houses and communities as we will also help contribute in the evolving and growing tourism industry through our hotel and condotel offerings,” Mr. Robles said.

Utility payments, remittance transactions still done manually despite digital platforms

A TELLER counts US dollars inside a money exchanger in Manila. — PHILIPPINE STAR/EDD GUMBAN

UTILITY PAYMENTS and remittance transactions are still done manually by majority of Filipinos, according to a study by Better Than Cash Alliance which recommended an interoperable platform to streamline these inflows.

An estimate of only 4% of transactions are digital from the 120-130 million in remittances sent monthly from overseas or elsewhere domestically, according to the study entitled “The State of Digital Payments in the Philippines” published earlier this year. Four out of five remittance transactions are still made over-the-counter (OTC), according to the study.

“As a result, Filipinos continue to bear the high cost and the administrative burden of sending remittances through brick-and-mortar branches,” it said.

For utility payments, less than 5% of the estimated 65-75 million utility payment transactions monthly are done digitally.

Payers opt to do OTC transactions for bills payment as well, the study said.

“In fact, it is reported that the average utility bill payment ($10-$30) is so small that the cost of conveyance is often higher than the bill amount. The opportunity cost of transacting in cash combined with the regularity of utility payments builds a compelling case for prioritizing this use-case,” the report noted.

To address some pain points in remittance and utility payments, the study recommended that the country invest in platforms aside from automated clearing houses InstaPay and PESONet launched under the National Retail Payments System of the Bangko Sentral ng Pilipinas (BSP).

PESONet is an electronic fund transfer service that compiles all interbank fund transfer instructions, goes for a batch process, and credits the amount to the receiver by the end of the banking day.

Meanwhile, the InstaPay allows real time transfers worth P50,000 or less with different banks or service providers involved in a matter of seconds or minutes

“One solution is a common P2P (person to person) payment interface that is mobile-first and allows transfer of money from any account to any account,” the study said.

The report also cited a Software Development Kit that could be open source for any payment provider that wishes to utilize the white label interface within their own mobile ecosystem or app.

Another recommendation from the study is an interoperable platform which could link banks and quasi-banks when it comes to bill aggregation that could be conceptualized over the PESONet.

“Such platforms could potentially enable all actors…to offer and push for digital payment options in their businesses,” the study said.

The BSP wants 20% of all transactions to be done digitally by next year. It also eyes to make 30% of the transaction value coursed through e-payment facilities.

The report found that the volume of digital payment usage went up to comprise 10% of total transactions in 2018 from only making up 1% in 2013. Meanwhile, value of e-payment transactions also increased to comprise 20% of transactions last year from 8% in 2013. — L.W.T. Noble

More of the usual

VIC SOTTO teams up once again with some of his Eat Bulaga! co-hosts and director Michael Tuviera (who directed the 2018 Metro Manila Film Festival entry Jack, Em, Popoy: The Puliscredibles) for another action comedy — Mission Unstapabol: The Don Identity .

It is 1990. Brothers Don Robert Fortun (Vic Sotto) and Benjie Fortun (Jose Manalo) attend a presentation by Dr. Arthur (Tonton Guitierrez) of the “Pearl of the Orient,” believed to be a legendary pearl from the country’s pre-colonial period. Then Robert is suddenly framed by his brother of killing Dr. Arthur, and is sentenced to 20 years in prison. Dr. Arthur’s wife and daughter Claire witness his arrest.

After serving his sentence, Robert plots to take revenge on his traitorous brother who has in the intervening years risen through the ranks to be the CEO of a security company and “art patron.” When Benjie decides to donate the precious pearl to the Maharlika Museum, Don Robert seeks to clear his name. He embarks on an undercover mission and hires The Dons — Don Johnson (Jake Cuenca), Don Zulueta (Pokwang), and Don Kikong (Jelson Bay) — to help him. Later on, he seeks help from female hacker Donna Cruz (Maine Mendoza), who also happens to be Dr. Arthur’s daughter, now all grown up.

The action comedy covers a multitude of topics: theft, fake news, and cyber security; and character motivation: revenge, greed, and pride. Having seen Mr. Sotto’s movie in last year’s festival, I noted a similarity between them — both stories concern stopping and exposing the antagonist with protagonist going undercover, only this movie has less gun violence.

I think that young audiences may not be able to relate to the pop culture references used in this year’s outing which date back to the 1980s and ’90s such as the name Don Kikong, a play on the video game Donkey Kong, and actress and singer Donna Cruz and her song (and dance moves of) “Kapag Tumibok ang Puso” (1989).

As a reporter covering the arts beat, I quickly realized and was amused by the fact that the fictional Maharlika Museum — where most of the story’s action takes place — is made up of two separate locations. The outdoor scenes were shot at the Manila Central Post Office, while the indoor scenes where shot in a hallway at the San Agustin Museum.

The physical appearance of Ms. Mendoza’s character, the hacker Donna Cruz, reminded me of my favorite female book character, Lisbeth Salander (The Millennium Trilogy), with her smokey eyes, dark lipstick, all-black outfit, and motorcycle. Despite that, I still saw Ms. Mendoza as an actress playing a not-so convincingly challenging character.

If Messrs. Sotto and Tuviera work on another entry next year, I hope they explore other genres and a different plotline aside from undercover missions.

Overall, it’s a feel-good movie with nothing unexpected.

MTRCB Rating: PG

Credit Suisse admits spying on second executive

ZURICH — Credit Suisse on Monday admitted to snooping on another of the bank’s former executives, deepening a spying scandal at the Swiss group, which is already under investigation for putting its ex-wealth management chief under surveillance.

Switzerland’s second-largest bank blamed former chief operating officer Pierre-Olivier Bouee for hiring detectives in February to track former HR head Peter Goerke. They described a rogue operation in which all executives and directors, including Chief Executive Officer Tidjane Thiam, were kept in the dark about what was going on.

Credit Suisse had earlier blamed Bouee for a similar incident involving former wealth management boss Iqbal Khan and had also cleared Thiam of any role in it. At the time, Thiam characterized it as an “isolated incident.”

Reuters was not immediately able to reach Bouee and Goerke for comment.

“The observation of Peter Goerke, which has now been confirmed, is inexcusable,” Credit Suisse Chairman Urs Rohner said in a statement, adding there was “grave concern” that those responsible for ordering the surveillance had not mentioned it during an earlier probe regarding Khan.

“We are aware that the observation of Iqbal Khan and Peter Goerke have damaged the reputation of our bank,” Rohner said.

Goerke had no knowledge that he had been followed by private detectives until officials from the bank contacted him shortly before Swiss newspaper Neue Zürcher Zeitung made the matter public last Monday, a person familiar with his thinking said.

Goerke, who remains employed by the bank as an adviser, saw no grounds to pursue the matter criminally, the person said, and was in contact with senior officials at Credit Suisse.

Credit Suisse has been in the spotlight since September when Khan filed a criminal complaint in Zurich after a confrontation between him and one of the private detectives tailing him.

The bank launched an investigation and found it had bankrolled the surveillance.

An investigation by law firm Homburger into the spying on Khan — who now works for rival UBS — had found Bouee and a security boss under him were alone responsible for the order and found no evidence of other incidents.

Both resigned and Credit Suisse said on Monday that Bouee’s employment had now been terminated for cause, indicating his bonus and other potential compensation would likely be forfeited. Bouee was a long-time associate of Thiam and had followed him to Credit Suisse from Prudential.

Harris Associates, the bank’s third-largest investor, according to Refinitiv data, remained positive.

“We are extremely supportive of the CS executive management team — a team that we believe has greatly improved CS over the last four years,” David Herro, manager of the firm’s Oakmark International Fund, told Reuters.

Switzerland’s finance watchdog is looking into the bank’s surveillance activities and its corporate governance. There is also a criminal probe into the Khan affair.

A Credit Suisse spokesman said Credit Suisse and Homburger would continue their latest probe having determined that Bouee and others involved had not told the truth when asked about any other surveillance orders in September and had taken care not to leave any identifiable traces in the bank’s systems.

“Credit Suisse will look into any relevant indications if we receive information about alleged (surveillance),” he said.

Credit Suisse stock was down 0.4% at 1530 GMT while the European bank sector index .SX7P was off 0.7%. — Reuters

Grab to start rider refunds on Dec. 31

GRAB Philippines will start giving refunds, which start at P1, to select Grab passengers on Dec. 31 as ordered by the country’s competition watchdog.

In a statement, Grab Philippines said the total refund of P19.2 million is being distributed to select passengers in compliance with the Philippine Competition Commission (PCC) order.

The company said the total computed administrative penalty of P5.05 million will be “proportionately distributed to GrabCar riders who took GrabCar in Metro Manila from 10 Feb. to 10 May 2019.”

Another penalty of P14.15 million will be “proportionately distributed to GrabCar riders who took GrabCar in Metro Manila from 11 May to 10 Aug. 2019,” it added.

Grab Philippines said a total of 2.7 million passengers for the February to May period are eligible for disbursement. Around 2.8 million passengers for the May to August period may receive refunds.

“Select riders with total fares of every P1,200 from 10 Feb. until 10 May 2019, and of every P450 from 11 May until 10 August 2019 will be eligible for P1 to the GrabPay Wallet for each of the relevant periods,” it added.

The PCC had fined the company some P23.45 million for breaching its initial pricing commitments. The penalty includes a P5.05-million refund to Grab riders who used the service between February and May.

Last week, the PCC slapped Grab again with a new set of fines including P14.15 million for pricing deviations and P2 million for driver cancellations of 7.76% of rides, instead of the 5% ceiling.

Grab said that it continues to comply with the Land Transportation Franchising and Regulatory Board’s (LTFRB) fare matrix, which takes into consideration the time and distance travelled by the customer.

The PCC said Grab’s pricing commitment is separate and independent from the LTFRB fare matrix. — Arjay L. Balinbin

NYK Line’s MarCoPay gets license to operate

JAPANESE SHIPPING firm NYK Line’s e-money platform MarCoPay has secured a license to fully operate in time for its launch early next year, which it said will benefit over 200,000 Filipino seafarers.

On Thursday, MarCoPay, an app established by NYK Line and its local partner Transnational Diversified Group (TDG), announced that it has obtained a license from the Bangko Sentral ng Pilipinas (BSP) to operate as an e-money issuer.

“Now certified by BSP to operate in the rapidly growing fintech space….MarCoPay is well on its way to meet its target launch date early next year,” MarCoPay said in a statement on Thursday, adding that there are 1.6 million seafarers in the world of which 220,000 are from the Philippines.

MarCoPay had its soft launch last August and is currently operating a beta version. Back in August, MarCoPay said 70% of NYK Line’s seafarers are Filipinos. MarCoPay stands for “Maritime Community Pay.”

The app uses a QR code-based system which will help seafarers remit money to their loved ones. This will also help vessel masters give salaries of seafarers through e-money.

MarCoPay President and CEO Toshiaki Fujioka said, “An estimated $800 million of cash is present on all ships at any given time, which is prone to maritime dangers such as piracy, fraud, and theft. With MarCoPay helping vessel masters manage their money digitally, it will be much easier and safer for seafarers and vessel masters to handle their hard-earned salaries.” — GMC

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