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It happened one night

By Zsarlene B. Chua, Reporter
Movie Review
The Girl in the Orange Dress
Directed by Jay Abello
FILIPINOS love love stories, So it comes as no surprise that this year’s Metro Manila Film Festival had three romantic entries: Mary, Marry Me by Paul Soriano, One Great Love by Eric Quizon, and the focus of this review, The Girl in the Orange Dress by Jay Abello.
The title is a very intriguing — this writer immediately thought of the infamous “girl in the red dress” from Steven Spielberg’s Schindler’s List (1993). But unlike the war drama, The Girl in the Orange Dress (TGITOD) is a romantic comedy about a woman who, after a drunken night, wakes up in bed with the hottest male celebrity in the country, Rye del Rosario (Jericho Rosales).
This one-night stand then sets of a paparazzi manhunt on a nationwide scale.
Anna (Jessy Mendiola Tawile) reluctantly goes to a house party with her friends — one of them, Kakai (Maria Sophia “Ria” Atayde), is adamant about meeting Rye as she says the fates have willed it for them to meet and fall in love.
As fates would have it, it is Anna who ends up in Rye’s bed with almost no recollection of what happened while the entire country goes crazy trying to find out who is “the girl in the orange dress” who managed to capture the hottest bachelor ever.
The entire film takes place on one day which Anna and Rye spend trying to avoid the bloodhounds and Anna tries to hide the hook-up from her friends, especially Kakai who’s also the president of the Rye del Rosario fan club.
Immediately The Girl in the Orange Dress makes it clear that it wants to follow in the footsteps of uber-successful romcoms of yesteryear such as the 2014 MMFF’s breakout hit English Only, Please and 2017’s All of You, both of which were directed by Dan Villegas, and both of which starred Jennylyn Mercado and Derek Ramsey.
While the effort to become a cult classic is appreciated, this writer feels TGITOD ultimately falls short — the emotional yet charming scenes which are meant to show how imperfect people fall in love fall flat, likely because it is hard to believe that the two protagonists can fall in love in the span of a night and a day.
In all fairness though, the scenes with the friends at the end are suitably touching and feel real, unlike the almost-forced love story Anne and Rye are telling.
If you want a more grounded tearjerker, this writer recommends watching the short film Kasilyas by Leslie Ann Ramirez of Bulacan State University, which is shown before Orange Dress. The short film is about a janitor who raises his mute daughter inside a restroom cubicle. It destroyed me emotionally.
Anyway, I digress.
I have issues with the film’s storyline (it is completely shallow) and how blasé they treat rape jokes (there is an elevator sequence I find objectionable) and sexual harassment (a tango teacher who slaps Rye’s butt because “he’s cute”), the latter two were things I felt could have been cut out of the film entirely.
I also did have an issue with how overexposed the hotel is in the film — I didn’t think the name “AG New World Hotel” (the film was set in the New World Manila Bay Hotel in Manila) needed to be repeated a hundred times, especially since the film is only an hour and a half long.
Mr. Rosales basically plays himself, a handsome actor, while Ms. Mendiola is a doe-eyed ingenue who suddenly has hang-ups against famous people — a lot of the time her acting fell flat although she was pretty good in the tango sequence.
The film isn’t without its charms: Sheena Halili, who plays Anna’s ditzy friend Sasha, was the film’s biggest laugh factory; and the sudden escape/heist sequence was enjoyable.
And then there is the cinematography which had a lot of close-ups, and Ms. Mendiola’s wardrobe (all three pieces) was pretty. And I do want her orange dress, which, after spending an entire night on the floor of a hotel room, had nary a wrinkle.
So there, take a cue from the father who came with his family to watch the film whose reaction to it was a confused “I think I enjoyed it? I think I enjoyed it.” Watch The Girl in the Orange Dress knowing that you HAVE to enjoy the film because ticket prices aren’t cheap.
MTRCB Rating: PG

Manila Water-led group bags Nueva Ecija project

MANILA WATER Co., Inc. and its two consortium partners have been awarded a 25-year contract to develop the water district of San Jose City in Nueva Ecija, the Ayala-led listed company said on Wednesday.
Manila Water told the stock exchange that it had received the notice of award from the San Jose City Water District-Nueva Ecija (SJCWD) “for the implementation of the joint venture project for the design, construction, improvement, upgrade, rehabilitation, maintenance, operation, financing, expansion, and management of the water supply system and the provision of water and sanitation services.”
Its partners in the consortium are its wholly owned subsidiary Manila Water Philippine Ventures, Inc. (MWPV) and Tubig Pilipinas Group, Inc. (TPGI), a company whose founders also have development projects in the energy sector.
Manila Water estimated the project will entail a capital expenditure budget of over P1.399 billion over the 25-year period.
By the 25th year, the San Jose water project is estimated to have a billed volume of about 21 million liters per day.
Manila Water said upon the completion of the conditions precedent specified in the notice of award, the consortium partners and the water district would enter into a joint venture agreement that will grant them “as contractor to perform certain functions and as agent for the exercise of its right and powers, the sole right to develop, manage, operate, maintain, repair, refurbish and improve, expand and as appropriate, decommission, the facilities in the service area, including the right to bill and collect tariff for water and sanitation services supplied in the service area of SJCWD.”
The award follows Manila Water’s disclosure on Nov. 16 that MWPV and Tubig Pilipinas had agreed to form a joint venture company (JVC) to handle the water supply of Malasiqui, Pangasinan. MWPV and TPGI will own 50% and 50%, respectively, of the JVC’s outstanding capital stock.
Manila Water and its unit MWPV on Nov. 16 also announced the signing of a joint venture agreement with Ilagan City’s water district for a bulk water supply project, which includes water system expansion and septage management.
Manila Water also received on Nov. 27 the notice of award from the Lambunao Water District for a joint venture for the design, construction, rehabilitation, maintenance, operation, financing, expansion, and management of the Iloilo town’s water supply system.
It also received on the same day a similar notice from the municipality of Calinog in Iloilo province. — Victor V. Saulon

An all-star cast in a film on the same old things

By Zsarlene B. Chua, Reporter
Movie Review
Fantastica: The Prince, The Princess, and the Perya
Directed by Barry Gonzales
THIS year, Jose Marie “Vice Ganda” Viceral’s entry to the Metro Manila Film Festival (MMFF) might have avoided the overly obvious product placements of his previous outings, but the people behind the film still made sure their film, Fantastica, would suck in all that blockbuster moolah by stuffing in as many big stars and cameos as they could in the almost two hour-long film.
Fantastica, a fantasy family drama directed by Barry Gonzales stars Vice Ganda as Belat, the daughter of perya (carnival) owner and tightrope performer Fe, played by Jaclyn Jose.
The film’s backstory starts a few years earlier when the carnival Perya Wurtzbach (a play on the name of 2015 Miss Universe Pia Alonzo Wurtzbach), was a very successful venture, attracting thousands every night as the masses come to see Fe perform her death-defying tightrope routine. But a freak accident ends Fe’s performance days and Belat tries to take up the reins and run the carnival. Fifteen years later, the carnival is facing bankruptcy and is threatened by Gang Nam (Ryan Bang) and Dong Nam (Jose Sixto “Dingdong” Dantes III) who want to buy the carnival and create a concert ground in its place. Dong Nam was Belat’s childhood friend who has lived in South Korea since the accident.
While Belat stands her ground in the real world, she gets roped into Prince Pryce’s (Richard Guttierez) mission to free the land of Fantastica from the hands of the fairy godmother (Krysta Elise “Bela Padilla” Sullivan) who made the once-happy fantasy land into a desolate wasteland where its citizens are forced to smile all day long.
The Prince, Belat, her assorted brothers and friends — and for some reason, Dong Nam — decide to band together to find the three princesses: Maulani (Marydale “Maymay” Entrata), Ariella (Kisses Delavin) and Rapunselya (Loisa Andallo) who were banished to Belat’s world.
But here’s the catch, in order to get back to Fantastica, the characters need to collect 10,000 “claughters” (a portmanteau of claps and laughter) and the only way to do that is to open the carnival once more and create a “perfect” show to get those claps and laughter.
(Warning: mild spoilers ahead.)
The movie’s premise and sheer starpower guarantee the film will be a blockbuster, but if you’re expecting something new from Mr. Viceral’s yearly MMFF entry, you’re bound to be disappointed as it is more of the same: innuendos (which makes one question why it’s rated Parental Guidance) and his usual insult comedy.
The crowd of 20 people I watched it with — to be fair, I did watch it at 10:30 a.m. in Ortigas — were laughing at several scenes and were completely silent in others, especially during the jokes where Mr. Viceral pokes fun at the appearance of his co-stars.
It’s not all bad though, as the opening sequence by El Gamma Penumbra — the shadow dance group which won 2015’s Asia’s Got Talent — was decidedly inspired, and the spoofs of romantic films like Hows of Us were spot on and the jokes landed beautifully.
The best jokes were those that broke the fourth wall.
This is Mr. Gonzales’ debut film and it was a decent first film by a director who is very much aware of what kind of film it was meant to be.
Yes, the editing is choppy and sometimes the scene changes give you whiplash, but if there’s anything to take away from this film, it’s that the cast (the multitude of them) had good fun doing Fantastica and it shows: it’s a feel-good if mind-numbing film for people who want to shut down and get a few laughs here and there.
MTRCB Rating: PG

Converge ICT eyes IPO in next 5 years

By Denise A. Valdez, Reporter
CONVERGE ICT Solutions, Inc. said it is looking to tap more sources of funding for its expansion plans, which includes an initial public offering (IPO) within the next five years.
Converge Chief Operating Officer Jesus C. Romero told BusinessWorld that Converge remains bullish on the telecommunications industry in the country.
“So far we’ve been making a profit every year. Kaya lang ngayon [But now], to really become a solid player, we do need to spend more money. That means also expanding our sources of funding,” he said on the sidelines of a company event at the Edsa Shangri-La hotel in Mandaluyong on Dec. 5.
At present, Mr. Romero said the fiber internet provider is getting most of its funds from vendor financing, supplier credit, some loans and equity.
“We plan to list because one, it’s an obligation, and also to unlock the value of the company. But probably not next year. We need to do a lot more work to make the company more attractive to investors,” he said, adding that he hopes the company’s IPO will be done in the next five years or less.
“I think right now we’re already attractive, but I think if we can continue to double every year, our value increases,” Mr. Romero said.
Last August, Converge chief executive officer Dennis Anthony H. Uy told reporters the company was hitting above P5 billion in revenues so far this year. He said last year’s revenue was above P2 billion.
Mr. Romero said revenues are driven by mostly enterprise customers, but residential customers provide the largest volume.
“You really have to watch your costs. Our 25 Mbps (megabits per second) plan is the best in the industry, it’s only P1,500. It’s not as if we’re making a lot of profit on that. We make profit when we have volume, and we provide a stable service,” he said.
Mr. Uy had said Converge has about 200,000 subscribers as of August, and the target is to reach 7 million in five years.
Mr. Romero said the subscriber base is set to double by the end of this year from last year, and the target for next year is to double the figure again.
Converge committed to a five-year, $1.8-billion investment for its nationwide rollout in August, partnering with South Korea’s KT Corp., US-based Tyco Electronics Subsea Communications LLC (TE SubCom) and local firm Fibernet Konstrukt Corp.

Promising horror but…

By Michelle Anne P. Soliman, Reporter
Movie Review
Otlum
Directed by Joven M. Tan
A FOOLISH decision to submit to an oppressor defeats the purpose of proving one’s worth.
Fred (Buboy Villar) desperately wants to fit in with a group of cool kids at school — Allan (Jerome Ponce), Erwin (Vitto Marquez), Caloy (Danzel Fernandez), Dindo (Ricci Rivero), and Verna (Michelle Vito). The barkada, led by the arrogant Allan, decides to have Fred go through an initiation — staying in an abandoned orphanage overnight — to test if he is worthy to belong in their group.
The orphanage was shut down due to issues involving a priest (Pen Medina), now deceased, who headed its operations but who also molested the young orphans. Unable to escape from the priest, the young orphans committed suicide. The abandoned orphanage is rumored to be haunted by otlum (multo or ghost, spelled backward).
On the day of Fred’s initiation, he is terrified when the blue-gray soul of a little boy creepily interacts with him and is horrified by the jump scare appearance of the deceased priest’s ghost. The next morning, Fred is seen crying over what the group made him do and pledges to take his revenge.
When Fred goes missing for more than a day, the barkada return and search the orphanage; they find his body hanging from the ceiling with his belt around his neck.
Fred’s revenge takes effect through the ghost of the little boy who had terrified him. The ghost makes his presence known to the barkada through their gadgets such as headphones and a television, killing two of them.
Terrified, the remaining barkada members consult a paranormal expert (John Estrada) to help them put Fred’s soul to rest.
Fred’s desperation to belong is what makes his character relatable and is also his flaw. He may have yearned to have a group of friends, however, he let himself be continuously belittled and bullied by people who disrespect him. If he had not continued to pursue the group, he would not have cried and sought revenge.
As for the movie’s horror impact, I thought the story promising when I saw its trailer. After watching the film itself, I think that the jump scares and effects were well executed. Those who get paranoid after watching horror films may get uncomfortable visiting the bathroom — facing the mirror and fetching water from a large bucket — during the first evening post viewing. The same goes with sleeping alone in your room with the empty opposite side of the bed covered in a blanket. (You’ve been warned).
It was all doing well for me until the final scenes which felt rushed. Ending at about an hour and 20 minutes, I wished the movie could have prolonged the climatic fight sequence since it felt abrupt.
The final scene after a montage of the movie title and deceased characters suggests that souls with unfinished business continue to haunt the abandoned orphanage.
MTRCB Rating: PG

Thrift banks’ bad loans expand at end-October

SOURED DEBTS held by thrift banks continued to climb in October, latest central bank data showed, with reserves for possible losses enough to cover just half the amount.
Nonperforming loans (NPLs) reached P47.684 billion as of the month, picking up from September’s P47.095 billion and surging 15.9% from last year’s P41.159 billion, data from the Bangko Sentral ng Pilipinas (BSP) showed.
NPLs refer to debts left unpaid for at least 30 days past due date, which are viewed as risky assets given the slim chance for borrowers to actually pay their outstanding balances. In turn, this would spell losses for lenders.
The growth in NPLs outstripped the 6.1% increase in total credit lines, which amounted to P900.217 billion from P848.746 billion in October 2017.
NPLs took a higher share of 5.3% relative to the total loan portfolio, higher than the 4.85% level tallied the previous year.
Despite the bigger NPL stash, thrift lenders reduced their reserves for possible credit losses to P26.26 billion, which is 7.2% lower than the P28.287-billion allowance set aside last year. This can cover just 55.07% of the problem loans, significantly lower than the 68.73% ratio posted in October 2017.
Thrift banks mainly serve individual borrowers and small firms, which are deemed riskier markets compared to corporate clients.
Loan growth also climbed faster than total deposits, which posted a meager 2.1% climb to P961.548 billion. Still, this funded the entire loan book of the banks.
BSP Deputy Governor Chuchi G. Fonacier told members of the Chamber of Thrift Banks last month that the industry should “remain vigilant” for this declining loan quality, citing the need to strengthen measures against credit risks as lending activity remains upbeat.
Still, Ms. Fonacier said the ratio of bad loans “is far from being worrisome” so far.
The BSP said that market interest rates have “gradually risen” following the 175-basis-point increase in policy rates in 2018, but not at a rate that would drag bank lending activities. In particular, rising yields appear to have a “limited” impact on consumer lending, with the pace still robust despite some deceleration observed in the past few months.
Growth in retail loans eased to 14.6% in October from 18.2% the previous month, according to latest BSP data, due to slower increases in credit card and auto loans and a drop in salary-based general credit.
Fitch Ratings has flagged overheating risks in the economy due to rapid credit growth, although central bank officials have said that the pace remains “manageable” and supportive of increased economic activity. — Melissa Luz T. Lopez

Innovation needed to combat cyber attacks via gig economy

EDUCATION AND innovation are needed in staying ahead of cyber attackers in the emerging gig economy, said content delivery network (CDN) and cloud service provider Akamai Technologies, Inc.
“Gig economy actually breaks different kinds of boundaries…. Everything can be selected, can be bought can be launched with multiple vectors. So, this becomes a much, much more powerful and much, much more coordinated platform to be able to launch an attack,” Gerald I. Penaflor, country manager for the Philippines of Akamai, said in a phone interview.
Attacks through the gig economy can be done when an ecosystem of attackers earning through data stolen through credential stuffing run a bot to attack an entity to steal data or, in simpler terms, do an account takeover. Attackers can conduct transactions through their stolen resources and earn from it.
Through this, attackers become stronger because they can get all the resources to launch an attack and even pool resources from other attackers.
“You look at this as a community of attackers that are now using a platform of an e-commerce. In the past, attackers and hackers were, basically, a specialist of a particular attack… They are very deep in the things that they do. So what happens now, suddenly, they form like an e-commerce ecosystem,” he said.
“There is now an e-commerce platform, or an ecosystem platform, that allows attacker number 1 to buy…some attacks from attacker number 2, 3, 4, so he becomes much, much stronger… So, you call this a gig economy where you as an attacker will not only rely on the sources that you have, but you can now borrow or buy resources form other attackers in a platform,” he explained.
With the emergence of this system, Mr. Penaflor said individuals, most especially companies, need to keep ahead of these attackers, and this can only be done through innovation and education.
“There are many things we cannot control in this industry… What we can control is our ability to respond, our ability to scale, our research and development…for us to be able to keep way ahead of our adversaries,” he said.
“From our perspective, we are a firm believer of education… Akamai came from Massachusetts Institute of Technology, so the founders of this company are educators, so we are a firm believer of contributing to the market to further enhance the capability of them to be able to detect breaches like these by means of education, by means of certification trainings,” he explained.
Akamai is a CDN and cloud service provider based in Cambridge, Massachusetts and was incorporated in 1998. They provide services like Web Performance Solutions, Media Delivery Solutions, Cloud Security Solutions, Network Operator Solutions, and Services & Support Solutions. — VMPG

Co-working spaces seen to grow by 10% — Colliers report

FLEXIBLE WORKING spaces in the Philippines are seen to grow by 10% annually over the next three years, as micro, small, and medium enterprises (MSMEs), multinational companies, and outsourcing firms continue to expand, Colliers International said.
In a statement, Colliers International noted competition among flexible working spaces is expected to tighten in the next years.
“For the Philippine property market in 2019, flexibility will be the name of the game. The strong demand and evolving preference of tenants is giving rise to flexible workspaces,” the real estate consultancy firm said.
The continued public infrastructure push outside of Metro Manila will drive residential and office projects in these areas.
“Colliers sees infrastructure implementation dictating the strategies of developers in and outside Metro Manila. We see a more pronounced dispersal of office and residential developments outside of the country’s capital in 2019,” it noted.
Colliers is seeing aggressive land acquisition by property developers in Northern and Southern Luzon, particularly in Pampanga, Bulacan, Cavite, Laguna, and Batangas. The expansion of developers in these areas is driven by the rail, expressway, and toll road projects which will be completed between 2020 and 2022.
These include the MRT-LRT Common Station, Manila Bus Rapid Transit (BRT) 1, and Cavite-Laguna Expressway all ready by 2020, while Metro Rail Transit 7, Light Rail Transit 1 Extension, Clark Railway, and NLEX-SLEX Connector Road are targeted to be completed by 2021.
Specifically, Quezon City and North Luzon areas will strongly benefit from the completion of such railways.
“In 2019, Colliers recommends and expects more aggressive and strategic land banking by developers around the first three stations in Quezon City. This could even extend to key cities in Northern Luzon such as San Jose del Monte in Bulacan which is likely to benefit from the interconnection brought about by the MRT-7 due to be completed in 2021,” Colliers added.
For office space, Colliers said demand will be driven by the expansion of knowledge process outsourcing (KPO) companies, as well as Philippine offshore gaming operators (POGOs).
POGOs also are expected to continue expanding in Cebu, Laguna, and Clark, Pampanga due to high supply of office space and residential units in these areas, as well as proximity to airports.
By next year, Colliers said offshore gaming companies will have occupied 200,000 sq.m. to 300,000 sq.m. of office space.
In terms of residential condominiums, Manila Bay area is expected to see 6,000 new condominiums next year, while prices are seen to break the P300,000 per sq.m. mark as well.
Demand for luxury condominiums in Manila will remain strong, according to Colliers.
“This entices affluent locals and foreign investors to look for similar developments in Metro Manila. In fact, the pent-up demand encourages mid-income condominium developers to scale up and construct high-end projects in emerging business districts such as the Manila Bay Area,” Colliers added. — Vincent Mariel P. Galang

Movies outside the MMFF

IF THE Metro Manila Film Fest (MMFF) offerings leave you cold, as they do many, this year’s movie fans have choices beyond what they can find on cable or Netflix. Several of the smaller specialty theaters are showing films that are not included in the MMFF lineup.
One of these is Cinema Centenario which is holding the Maginhawa Film Festival — the kind of festival which doesn’t consider box office viability when deciding on what movie to include in the line-up and what is prize-worthy. Now on its second year, the festival showcases the best movies of the past year.
Cinema Centenario is screening films from 1:30 p.m. onwards daily, with a midnight screening on Dec. 28.
The films being shown are Ang Pangarap Kong Holdap, Aria, Liway, Gusto Kita with All My Hypothalamus, ML, Tanabata’s Wife, and Hintayan ng Langit.
In addition to the screenings, the theater will be holding Cine-Sabi, a series of lectures and workshops on filmmaking until Dec. 29.
Cinema Centenario is located at 2/F #95 Maginhawa St. Teachers Village east, Diliman, Quezon City. For screening schedules check its Facebook page. For inquiries on ticket reservations, text 0945-536-7054. Tickets are P200.
Another option for those who are not interested in Vice Ganda and Vic Sotto comedies is Cinema ’76 Film Society. The Anonas branch of the cinema (3/F Anonas LRT City Center, QC) will be screening the following films today which is the last screening day for the year: Sakaling Hindi Makarating, GOYO: Ang Batang Heneral, Bliss, ML, and Kung Paano Siya Nawala. The San Juan branch (160 Luna Mencias St., Brgy. Addition Hills, San Juan City) will be showing Buybust, Gusto Kita with All My Hypothalamus, Ang Kwento Nating Dalawa, Respeto, and Kung Paano Siya Nawala. For screening times, please check the Cinema ’76 Facebook page. Tickets are P180.

BoJ divided over effects of easy policy — minutes

TOKYO — Bank of Japan (BoJ) policy makers disagreed on the feasibility of allowing bond yields to move more flexibly around the central bank’s zero percent target, reflecting division within the board on how to address the growing dangers of prolonged easing, minutes of their October rate review showed on Wednesday.
The rift highlights the BoJ’s deepening dilemma. With inflation distant from its 2% target, it is forced to maintain a massive stimulus program despite the negative spillover such as the hit to financial institutions’ profits from years of near-zero interest rates.
One member said the central bank should not rule out options such as widening the range in which bond yields could move, or shortening the duration of the government bond yield that it targets from the current 10-year yield, the minutes showed.
“If the long-term rate target was maintained around zero percent for a long time, the positive effect of monetary easing on inflation expectations could diminish,” the member said.
Another member disagreed, however, saying that doing so when inflation remained low could undermine the BoJ’s credibility by casting doubt on its commitment to achieve its inflation target.
“Making the range of movement in long-term yields more flexible, as anticipated by some market participants, could be viewed as though the Bank’s commitment to achieving 2% inflation was compromised,” the member said.
The nine-member board agreed on the need to maintain monetary policy ultra-loose for the time being, while staying vigilant to the impact of prolonged stimulus on Japan’s banking system, according to the minutes.
At the Oct. 30-31 meeting, the BoJ kept policy steady and its Governor Haruhiko Kuroda ruled out a near-term rate hike in the face of risks from global trade disputes.
But the central bank also notched up its warning on financial vulnerabilities from three months ago, nodding to concerns within the board on the rising strain years of easy policy is inflicting on financial institutions. — Reuters

Facebook said to develop stablecoin for WhatsApp

FACEBOOK INC. is working on making a cryptocurrency that will let users transfer money on its WhatsApp messaging app, focusing first on the remittances market in India, according to people familiar with the matter.
The company is developing a stablecoin — a type of digital currency pegged to the US dollar — to minimize volatility, said the people, who asked not to be identified discussing internal plans. Facebook is far from releasing the coin, because it’s still working on the strategy, including a plan for custody assets, or regular currencies that would be held to protect the value of the stablecoin, the people said.
Facebook has long been expected to make a move in financial services, after hiring former PayPal president David Marcus to run its Messenger app in 2014. In May, Marcus became the head of the company’s blockchain initiatives, which haven’t been discussed publicly in detail. Facebook has been on a hiring spree, and now has about 40 people in its blockchain group, according to employee titles on LinkedIn.
“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology,” a company spokesman said in a statement. “This new small team is exploring many different applications. We don’t have anything further to share.”
WhatsApp, the company’s encrypted mobile-messaging app, is popular in India, with more than 200 million users. The country also leads the world in remittances — people sent $69 billion home to India in 2017, the World Bank said this year.
The past year has seen a boom in crypto projects related to stablecoins. At one point, there were more than 120 ventures related to this theme, according to Stable.Report, a website that tracks stable tokens. The concept was created to create a digital coin that would be far easier to use on daily purchases because it would be more stable than currencies like Bitcoin.
The idea has proven tough to carry out in real life, with at least one high-profile project shuttered in recent weeks. A stablecoin known as Basis recently closed after eight months. The Hoboken, New Jersey-based company said there was no apparent way around being classified as a security as opposed to a currency, which could significantly reduce the number of potential buyers. The swift collapse came after Basis drew well-known backers like Andreessen Horowitz and Kevin Warsh, a former governor of the US Federal Reserve.
Perhaps the most high-profile stablecoin to date, Tether, has also been surrounded by controversy. While Tether’s creators say each of its tokens is backed by one US dollar, the company’s refusal to be audited has raised questions about whether that’s the case.
Facebook, which has 2.5 billion global users, more than $40 billion in annual revenue and greater experience navigating regulatory issues, may have a better chance of making a stablecoin that sticks. It would be the first large technology company to launch such a project. The company’s relationship with India has been fraught, mainly because some instances of fake news spread through Whats-App have led to violence there. Still, Facebook sees tremendous growth opportunity in the country. India has 480 million internet users, second only to China. That number is projected to grow to 737 million by 2022, according to Forrester Research Inc. — Bloomberg

Metro Pacific secures P24-billion loan for Cavite-Laguna expressway

A METRO PACIFIC group unit said it has completed the funding for the Cavite-Laguna Expressway (CALAX) project and is eyeing to start commercial operations of some segments in the Laguna section as early as July next year.
Metro Pacific Tollways Corp. (MPTC) Chief Financial Officer Christopher Daniel C. Lizo told reporters on Friday night the company had closed that day a P24.2-billion loan with six banks to finish the P35.43-billion CALAX project.
“(The funding is) for the whole Laguna and Cavite (segments). There are two tranches. One is for the construction and part of the concession. The second tranche is mostly for the concession… So (the funding) covers the project cost and the concession fees,” Mr. Lizo said.
He identified the six banks as BDO Unibank, Inc.; UnionBank of the Philippines, Inc.; Rizal Commercial Banking Corp. (RCBC); Bank of the Philippine Islands (BPI); Security Bank Corp., and Land Bank of the Philippines.
Mr. Lizo also said the first 10 kilometers of CALAX on the Laguna side is scheduled to open in July, a year earlier from schedule. He noted, however, the entrance from the Cavite side might see delays as it has not received substantial right of way from the Department of Public Works and Highways (DPWH) yet.
“Some sections ahead, some sections delayed. We’re opening Sections 6 to 8, which is from Mamplasan to Sta. Rosa, July. So that’s ahead of schedule… Cavite, admittedly delayed. Kulang pa ‘yung right of way [Right of way is still lacking],” he said when asked if the construction of CALAX is on schedule.
Based on the government’s concession agreement with MPTC unit MPCALA Holdings, Inc., the toll rate at CALAX will be P4.50 per kilometer, meaning the first three sections opening in July would have a toll fee of P45.
MPCALA Holdings President and General Manager Roberto V. Bontia said on Friday the Cavite side is targeted to start construction by first quarter next year.
“They will start hopefully first quarter of next year,” he said.
The entire 45.29-kilometer CALAX is targeted to open by July 2020. It will connect the Manila-Cavite Expressway (CAVITEx) to the South Luzon Expressway (SLEx) to reduce travel time from the two points to 45 minutes from one hour and 30 minutes.
MPTC is the tollways unit of Metro Pacific Investments Corp. (MPIC). MPIC is one of three key Philippine units of Hong-Kong based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez

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