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Smart Padala aims to launch int’l remittance service by Q1

PLDT, Inc.’s mobile remittance brand under PayMaya Philippines, Smart Padala, is targeting to launch international remittances by the first quarter of 2019, through a partnership with Western Union.
PayMaya Philippines Chief Operating Officer and Managing Director Paolo Azzola said during the briefing the company is in talks with Western Union to enable foreign money transfers through Smart Padala’s partner agents.
“We’re working with Western Union to potentially have the opportunity… at Smart Padala centers also. As you know, having 26,000 touchpoints, ensuring that all of them are complying with international regulations, all of them are well-funded because international transactions tend to be bigger, it’s a more complicated affair than a domestic basis. So it takes a little more time for us to actually roll it out, but we’re expecting in the future we’ll be partnering with Western Union and others,” he said.
Smart Padala channel head for domestic business Butch C. Conejos said Smart Padala transactions are all domestic at the moment. He noted a week-to-week spike in transactions implies Smart Padala’s common customers are daily wagers sending money from the city to the provinces.
“Actually we’re looking at first quarter next year to have it on international. Western Union pa lang [initially],” Mr. Conejos told reporters on Monday.
Smart Padala’s agent base has grown 73% to 26,000 as of November, from 15,000 as of end-December 2017, fueled by its efforts to expand in Visayas and Mindanao. Smart Padala is now present in 85% of municipalities in the country.
By next year, Smart Padala aims to grow its agent base by 10,000 more.
Ini-expand namin yung [We expanded our] reach in terms of manpower in Visayas and Mindanao… Ang ginawa namin [What we did was], on a certain area of a region for example Mindanao, nagdagdag kami ng mga tao in strategic locations [we added people in strategic locations]… So that alone spurred the growth,” Mr. Conejos said.
Of the 26,000 agents, Mr. Conejos said 70% are in Luzon and only 30% for both Visayas and Mindanao. But with the continued expansion in these regions, the numbers will likely go up next year.
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

The show must go on: Rico J.’s final concert repurposed into a tribute

LIKE THE total entertainer he was, death is not enough to stop Rico J. Puno.
The concert which he was supposed to perform in before his death on Oct. 30 will go on as scheduled — Nov. 23 at the Theatre at Solaire stage — though this time, as a celebration of his life and his songs.
“I know my Papa will say — the show must go on!” Tosca Puno, Mr. Puno’s daughter, was quoted as saying in a press release.
The concert, which was supposed to be the second of the “Music and Laughter” concert series titled Sana Tatlo ang Puso Ko, not has a subtitle: A Tribute Show for Rico J. Puno.
“I just love how the audience laugh and fall off their seats from our jokes. Only Rico and I can pull something that naughty and still appear respectable after the show,” singer and comedian Giselle Sanchez was quoted as saying in the press release.
“I am so happy that so many stars have agreed to join this musicale because this is exactly how Rico imagined it to be. He had so many ideas and was so excited about our concert and he told us this will be our biggest concert in 2018. Rico, we promise not to let you down. This will still be our biggest concert in 2018 and you are the biggest part of it. We love you, Corics,” she said, referring to Mr. Puno by his nickname.
The original show was supposed to be a concert/comedy show with Mr. Puno performing with seasoned singer/comedians Giselle Sanchez and Marissa Sanchez.
Now, as a tribute, the show will also feature performances by other OPM (Original Pilipino Music) greats — Marco Sison, Nonoy Zuniga, Nanette Inventor, and Eric Nicolas — with the special participation of Mr. Puno’s children: Tosca and Rox Puno.
“We expect that all who will participate in the tribute show will deliver a very nice interpretation of Rico’s songs. I will surely miss his performance as a total entertainer and his jokes,” Gerry Matias, Mr. Puno’s long-time musical director and who is also working on this show, said.
Mr. Puno, whose career spanned four decades, first caught the public’s attention in 1973 when he released his first single, “The Way We Were.”
He then went on to become a prolific concert artist, holding regular sold-out concerts in Quezon City’s Araneta Coliseum — the biggest performance venue at the time — and going on tours of the US.
He was also known for cracking tongue-in-cheek, often off-color, jokes which led him to be called the “Total Entertainer.”
Some of his hits include “May Bukas Pa,” “Macho Gwapito,” “The Way We Were,” and “Magkasuyo Buong Gabi,” among others.
Music and Laughter: A Show Tribute to Rico J. Puno will be held on Nov. 23, 8 p.m., at the Theatre in Solaire Resort and Casino, Parañaque City. Tickets, which range in price from P800 to P8,800, are available via TicketWorld (891-9999, www.ticketworld.com.ph). — ZBC

Sta. Lucia set to open Lakewood country club

STA. LUCIA Realty is set to open this weekend the country club for residents of The Villages at Lakewood City in Cabanatuan City, Nueva Ecija.
Touted as the biggest and most modern country club in the province, the Lakewood Country Club offers residents of Bel Air, Bellevue, and Belgrove villages a chance to enjoy sports and recreational activities.
A blessing ceremony for the country club will be held on Nov. 24, and attended by officials from Sta. Lucia Realty and its brand ambassador and actress Bea Alonzo. A Family Fun Day will be held on the same day, starting at 9:30 a.m.
“The opening of Lakewood Country Club is really an exclusive privilege for all residents of The Villages at Lakewood City. To be able to do all these recreational activities within a secure community and close to where you live is a luxury that can provide you an enhanced, and well balanced lifestyle. For someone as busy as me, having a Country Club like this in my community is definitely something I would look forward to,” Ms. Alonzo was quoted as saying in a statement.
The Lakewood Country Club has function rooms, a grand ballroom, a fully equipped gym and a covered basketball court, and landscaped parks.
Aside from the country club, The Lakewood City also offers an 18-hole championship golf course at the Lakewood Golf Club.
“The Villages at Lakewood City offers homes set amid nature’s splendor, replete with all the features and amenities that do not only provide a host of exclusive privileges and a highly conducive environment to raise families, but also create a premium, holistic lifestyle for all its residents,” the company said.
For those interested in checking out The Villages at Lakewood City, they can join the Family Fun Day for free on Nov. 24. Aside from Ms. Alonzo, Blackwater Elite basketball player Renz Palma, and UAAP basketball player Krusev Ferrer will also attend the event which will feature games, food, and music. Please call Royale Homes Marketing Corp. at (02) 584-1164 or at 0917-5458800 for details on how to attend the Family Fun Day.

Centro partners with Japanese firm to manufacture insulated sandwich panels

FILIPINO company Centro Manufacturing Corp. has signed a memorandum of understanding (MoU) with Nippon Fruehauf Japan to form a joint venture company that will build and sell in the Philippines insulated sandwich panels for temperature controlled vans or reefer vans.
In a statement, Centro said it had already bought a 10,000 square meter property in Cavite for the factory.
Under the MoU, the joint venture will include locally assembling ref van bodies using the insulated sandwich panels for any truck brand and model and for any brand of refrigeration system.
Nippon Fruehauf (NF) President Hiroyasu Hiruma and Centro President Raphael T. Juan signed the MoU in the presence of Trade Secretary Ramon M. Lopez, and Romulo V. Manlapig and Marissa Concepcion, head and deputy head of the Board of Investments’ project management office.
Mr. Juan said he expects to finish construction by the end of the first quarter next year, with commercial operations and sales to start by the second quarter.
“In the meantime, we will first order CKD (completely knocked down) kits from NF Thailand and parts from NF Japan to be able to serve the current demands for the new products,” he said.
Mr. Juan said an initial investment of P100 million will be used for the establishment of a plant in Maguyam, Cavite, the required production facilities, and the working capital.
He said the planned expansion and new products that would be developed would require an allocation of P500 million over the next five years.
Mr. Hiruma said Nippon Fruehauf chose to invest in the Philippines because of the strong economic growth, increasing consumer base, growing cold chain market, and booming logistics industry.
The insulated sandwich panels will be locally manufactured using Japanese materials, technology, process and quality standards, Mr. Hiruma said.
“We are in fact transferring to Centro a modern technology, the use of extruded polystyrene in lieu of the old injected polyurethane as insulating material. Because polystyrene has a lesser water absorption capacity, then it is more durable, will last longer and will be easier to maintain. It is common knowledge in Japan that polystyrene sandwich panels outlast polyurethane sandwich panels under similar operating conditions. Our studies indicate that its estimated useful life will definitely match the service life of the truck chassis on which it will be mounted,” he said.
Mr. Juan said the foreign investment inflow from NF bodes well for the government since aside from the additional value-added tax and income taxes, the joint venture would initially employ about 100 employees.
“This will also provide more job opportunities to both our upstream and downstream support industries and more business opportunities to SMEs (small and medium enterprises) that comprise the majority of our supplier base,” he said. — Victor V. Saulon

DILG to meet with Ang Probinsyano producers over their differences on how the PNP is portrayed

THE Department of Interior and Local Government will meet with the producers of the prime time television show Ang Probinsyano this week to discuss their differences over the show’s portrayal of some of its characters.
“The producers of the show have approached us to discuss ways to resolve the issues raised by the Philippine National Police (PNP). As we said previously, we are always open to dialogue and we look forward to meeting with them soon,” said DILG Secretary Eduardo M. Año in a statement released on Monday, Nov. 18.
Last week, the DILG and the Philippine National Police expressed their dismay over the negative portrayal of police officers and other government officials in the prime time show of ABS-CBN.
The network immediately responded and assured the public that “elements of the show are purely fictitious.”
FPJ’s Ang Probinsyano is an action-drama television series based on a 1997 film of the same name which starred Fernando Poe, Jr.
The series, which has had over 800 episodes so far (it has been airing daily since 2015), follows police officer Ricardo “Cardo” Dalisay (played by Rodel “Coco Martin” Nacianceno) as he battles drug syndicates, terrorists, and now — on the series’ third story arc as a retired police officer and vigilante — the corrupt national government led by the president Lucas Cabrera (played by Eduardo “Edu” Manzano) whose henchmen include an equally corrupt police chief Alejandro Terante (played by Soliman Cruz).
CAN’T USE LOGO, UNIFORMS
DILG’s Mr. Año said: “We recognize that Ang Probinsiyano is a work of fiction and purely entertainment and we do not question their right to freely determine the script of their show but under the law there are limits to what you can do with the PNP name, logo, insignia, uniform, and materials.”
He added, “We do not wish to dictate on the producers the show’s plot or storyline nor do we want the show to be canceled. But we take issue with the use of PNP uniforms, insignia, etc. in a show that paints a grossly inaccurate picture of the entire police organization. If they wish to proceed with the show’s current plot, they are free to utilize a fictional law enforcement agency. That would be consistent with their claim that the show is completely a work of fiction, which unfortunately is not the case.”
Meanwhile, DILG Spokesperson Jonathan E. Malaya said: “Under Article 179 of the Revised Penal Code, it is prohibited for any person to publicly and improperly make use of insignia, uniforms or dress pertaining to an office not held by such person or to a class of persons of which he is not a member. This is reinforced by Executive Order No. 297 entitled an Order Regulating the Sale, Distribution and Use of PNP Uniforms, Insignias, and Other Accoutrements.”
Mr. Malaya also noted that the PNP and Movie and Television Review and Classification Board signed a Memorandum of Agreement in 2017 regarding the appropriate way of wearing police uniforms on television programs and movies.
“We are the first to admit that there are bad eggs in the police ranks which is why the DILG is serious in our internal cleansing program. Unfortunately, the show reinforces the stereotypes which the DILG has been tirelessly working to change. Such is unfair to the thousands of good and honest policemen who are laying their lives on the line just to serve the public,” said Mr. Malaya.
REACTIONS
A number of celebrities and government officials have reacted to the PNP-Probinsyano affair over the last few days. Interaksyon quoted Senator Grace Poe-Llamanzares — who is the daughter of Mr. Poe who starred in the original 1997 film — as saying, “How the people view the police is based on the actions of the real police they see on the streets and not on the acting of fictional cops they watch on screen.”
Meanwhile, Senator Panfilo Lacson, Sr., who served as chief of police from 1999 to 2001, criticized the series, calling it “unfair” to portray the police negatively. “I support the move of PNP chief [Director General Oscar Albayalde}… Don’t make the image of the PNP that bad because they are trying hard to lift the personnel’s morale and credibility,” he said in the vernacular during a press briefing on Nov. 15, according to The Philippine Star.
“First was Goyo [referring to the recent historical film on Gregorio “Goyo” del Pilar] and a politician. Now it’s a TV series and the PNP. Authorities want TV and film to show ‘better’ things about them… Hah,” actress Jasmine Curtis-Smith, who plays one of Coco Martin’s love interests in Ang Probinsyano, said on Twitter.
Director Kip Oebanda, who directed the Martial Law film Liway (2018), also took to Twitter to air his opinion: “DILG is trying to force Ang Probinsyano to make the police look good. Guys, the show’s title is Ang Probinsyano not Ang Propaganda. You know what’s ruining your image? Censorship,” he said in the vernacular.
In the same thread, Mr. Oebanda listed several PNP offences that he thinks are truly negatively affecting the image of the country’s police force, including President Rodrigo R. Duterte’s 2016 remark calling children killed in the ongoing drug was as “collateral damage”; killing a mayor in prison (Albuera Mayor Rolando Espinosa was killed in an alleged shootout in 2016 while he was incarcerated); and the rape of a minor in exchange for the freedom of her parents who were taken in as drug suspects.
“So obviously, this is the fault of Probinsyano,” Mr. Oebanda said sarcastically. — Vince C. Ferreras and Zsarlene B. Chua

Best developers honored at Lamudi awards

ONLINE property marketplace Lamudi recognized the year’s best real estate developers and projects at The Outlook 2018 Philippine Buyers’ Choice Property Awards.
At the gala dinner on Nov. 15, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo said the central bank does not see any signs of a property bubble in the country and expects strong demand for real estate projects to be sustained.
“We believe that there is no substantive evidence of asset price bubble in the Philippine property market nor is there overheating in the macroeconomy as increasing property prices and property demand are supported by favorable economic and market conditions. Our robust macroeconomic fundamentals serve as an anchor for the real estate industry,” he said in speech.
Ayala Land, Inc. bagged the Best Developer of the Year for Luzon award while Megaworld Corporation was named the Best Developer of the Year for Visayas and Mindanao.
The Best Boutique Developer for Visayas and Mindanao was King Properties, Inc., while Primehomes Real Estate Development, Inc. won for Luzon.
For the special awards, Solana Verde of Imperial Homes Corporation was named Best Green Project of the Year, while Miramonti Green Residences of Italpinas Development Corporation was named Best Innovation Project for 2018.
SM Prime Holdings, Inc. President Jeffrey Lim received the award for Personality of the Year.
Here’s the list of properties in Luzon that won awards:

Best Affordable Condo of the Year 2018
Sorrento Oasis of Filinvest, Inc. (Value for Money) and Ridgewood Towers Premier of C5 Mansions Development Corporation (Investment Opportunity)

Best Premium Condo of the Year 2018
Kai Garden Residences of DMCI Homes, Inc (Amenities) and Avida Towers Asten of Avida Land Corporation (Trust and Reputation of Developer)

Best Luxe Condo of the Year 2018
Grand Hyatt Manila Residences of Federeal Land, Inc. (Customer Service) and Copeton Baysuites of Anchor Land Holdings, Inc. (Location)

Best Affordable House of the Year 2018
Claremont of Filinvest Land, Inc.

Best Premium House of the Year 2018
Portofino Alabang of Brittany Corporation

Best Mixed-Use Development of the Year 2018
McKinley Hill of Megaworld Corporation (Amenities and Location) and SM Mall of Asia Complex of SM Prime Holdings, Inc (Investment Opportunity)

Here’s the list of winning properties for Visayas and Mindanao:

Best Affordable Condo of the Year 2018
Amaia Steps Mandaue of Amaia Land Corporation

Best Premium Condo of the Year 2018
Solinea of Alveo Land Corporation

Best House of the Year 2018
Casa Mira South of Cebu Landmasters, Inc.

Best Mixed-Use Development of the Year 2018
Iloilo Business Park of Megaworld Corporation

“The quality of the nominations this year just goes to show that the local property development market is thriving and evolving according to the changing needs of the market. Needless to say, we had a difficult but nonetheless remarkable job of sifting through the submissions as each was deserving of recognition in their own right,” said Bhavna Suresh, chief executive officer of Lamudi Philippines, in a statement.
Now on its second year, The Outlook 2018 is organized by Lamudi to give credit to the best real estate developers and projects in the past year that were chosen through a survey among 10,000 Filipino property seekers.
Lamudi is part of the Rocket Internet Group, an online venture builder. The property platform has over 100,000 listed properties ranging from luxury condominiums to warehouses from Quezon City to Zamboanga. — Vincent Mariel P. Galang

Cemex faces lawsuit over Naga landslide

CEMEX Holdings Philippines, Inc. (CHP) is facing an environmental class suit in relation to an affiliated firm’s quarry operations in Naga, Cebu, following a landslide that left at least 78 people dead last Sept. 20.
In a disclosure to the stock exchange on Monday, the listed cement manufacturer said it has received a summons order for the class suit, alongside APO Cement Corp. The defendants also include APO Land & Quarry Corporation (ALQC), Mines and Geosciences Bureau (MGB) Regional Office VII, City Government of Naga and Province of Cebu.
CHP’s subsidiary, APO Cement, sources its materials from ALQC, which in turn had been conducting quarrying activities in Naga City. Operations have since been suspended due to the landslide.
“The class suit seeks the restitution of damage of natural and human environment, application for the issuance of an Environment Protection Order against quarry operations in Cebu Island with the prayer for Temporary Protection Order, Writ of Continuing Mandamus for the determination of the carrying capacity of Cebu Island and rehabilitation and restoration of the damaged ecosystems,” CHP said.
Petitioners sought P4.33 billion in damages for the incident.
CHP said it has yet to assess the impact of the class suit on its operations. — Arra B. Francia

Dark, new ‘Fantastic Beasts’ movie grounded in real world

LOS ANGELES — Albus Dumbeldore is a young professor at Hogwarts School; the charismatic but evil Gellert Grindelwald is determined to manipulate the world for his own ends; and Newt Scamander, with his magical suitcase of strange creatures, is trying to stop him.
The wizarding world created by J.K. Rowling returned to the big screen last week with Fantastic Beasts: The Crimes of Grindelwald, and its dark themes are grounded firmly in the real world.
Set in 1927, some 70 years before Ms. Rowling’s best-selling Harry Potter books and movies, Fantastic Beasts: The Crimes of Grindelwald is the second in a spin-off movie series that explores the fight between good and evil, and between tolerance and acceptance.
“The thing that has always been extraordinary about Ms. (Rowling’s) work is people relate to aspects of it, whether it is specific character traits or vulnerabilities or a political climate,” said Eddie Redmayne, who plays Scamander.
“Yet she shrouds it in this world that is so magical and sort of wonderful that you don’t feel like you’re being hit by it until you start thinking about it afterwards,” the actor told Reuters Television.
Ms. Rowling has said that the rise of populist politics in modern times was on her mind when she began writing the screenplays for the first two movies, but she has not said if she had a specific person or country in mind.
The new film’s 1927 setting sees Grindelwald, played by Johnny Depp, address huge rallies that incite his followers to violence.
“One of the things that Grindelwald does so well is that he has an insane goal. But… he makes it sound so reasonable,” said Alison Sudol, who plays mind-reader Queenie Goldstein in the movie.
Zoe Kravitz, who plays Scamander’s love interest Leta Lestrange, said she thought the Grindelwald character could be modeled after any kind of person with seductive power.
Whatever the inspiration, Mr. Depp was a good choice to play him, Ms. Kravitz said.
“He is so charismatic and intelligent and I think he’s the perfect person to play a villain like this. He’s so kind of seductive in a way,” she said. — Reuters

DMCI Homes plans new condo in Pasay

AFTER the success of its two projects in Pasay City, DMCI Homes is planning to develop another residential condominium development called Aston Residences in the area.
In a statement, DMCI Homes said the single-tower resort-inspired development is located along Dominga St., a stone’s throw from its La Verti Residences project along Taft Avenue. The property developer said both La Verti and Fairway Terraces in Villamor Air Base have already been sold out.
“Pasay City has always been a sensible choice of address for urban dwellers looking for a convenient and dynamic lifestyle because of its strategic location near business centers,” DMCI Homes President Alfredo Austria said, noting the city’s access to main thoroughfares and the Ninoy Aquino International Airport.
Mr. Austria said the company expects Aston Residences to do well because of its proximity to business districts, entertainment hubs, and educational institutions.
Aston Residences will have DMCI Homes’ trademark generous open spaces and resort-inspired amenities such as pool complex, landscaped atriums, podium deck garden, outdoor fitness area, children’s play area, sky promenade, Sky Patios, and fitness gym.

BSP disqualifies Araneta from bank directorships

LBC Express Holdings, Inc. said on Monday a board director in one of its subsidiaries was temporarily disqualified by the Bangko Sentral ng Pilipinas (BSP) from becoming a director or official of any financial institution.
“(LBC Express Holdings) was advised by LBC Express, Inc. that its director, Santiago G. Araneta, received a letter from the BSP regarding the approval by the Monetary Board of a resolution temporarily disqualifying Mr. Araneta from becoming a director and/or officer in any BSP-supervised financial institution,” the company said in a disclosure to the stock exchange.
LBC Express said the disqualification was related to the closure of LBC Development Bank, Inc. (LBC Bank), where Mr. Araneta was a director.
“The involvement of Mr. Araneta, if any, in the closure and the acts that led to the same is currently being evaluated by the BSP. Pending completion of such evaluation, it appears that the BSP has imposed such temporary disqualification,” the listed company said.
In 2011, the BSP Monetary Board ordered the closure of LBC Bank, which affected some 33,191 accounts with an estimated total deposit worth P5.95 billion.
In 2016, the Philippine Deposit Insurance Corp. (PDIC) filed a complaint with the Department of Justice against LBC Express owners for estafa and violation of the PDIC Charter, which led the bank to lose P1.8 billion.
Parent company LBC Express Holdings reported a 71% increase in net income during the nine-month period to P1.265 billion, as revenues rose 27% to P9.658 billion. — Denise A. Valdez

Fantastic Beasts 2 charms with $62-M debut

LOS ANGELES — Fantastic Beasts: The Crimes of Grindelwald enchanted moviegoers with a debut of $62 million. While that’s slightly lower than the start of Fantastic Beasts and Where to Find Them, the first installment in the Harry Potter spin-off series, it was easily enough to dominate the weekend box office.
Warner Bros., the studio behind the wizarding series, sees Fantastic Beasts as more of an international play, where the follow-up has already earned $191 million. Stateside, Crimes of Grindelwald has battled the worst reviews yet for a Harry Potter entry. It currently holds a bleak 40% on Rotten Tomatoes and a B+ Cinemascore.
The Crimes of Grindelwald is the second entry in what Warner Bros. intends to be a five-film franchise and is part of the studio’s ongoing effort to wring more riches from the wizarding world popularized by author J.K. Rowling. It sparked controversy when Johnny Depp was cast as the infamous dark wizard Gellert Grindelwald. However, it didn’t seem to taint enthusiasm among Potterheads.
Theaters were able to entice more than just witches and wizards this weekend. New offerings, along with a number of holdovers, were able to draw muggles and crack the top five as comedy Instant Family and heist drama Widows each opened relatively on par with expectations.
For Paramount, Instant Family starring Mark Wahlberg and Rose Byrne, generated $14.7 million when it launched in 3,286 locations. The feel-good film that’s loosely based on a true story of a married couple who adopt three young children earned a promising A CinemaScore, as well as a 79% on Rotten Tomatoes. The studio is banking on a strong Thanksgiving showing to boost momentum and justify its $48 million price tag.
Fox and New Regency are distributing Widows, directed by Steve McQueen, which brought in a tepid $12.5 million from 2,805 venues. The movie cost $40 million to make and follows a group of women who arrange a caper in order to pay back a crime boss after their criminal husbands are killed on a job gone wrong. The ensemble cast includes Viola Davis, Michelle Rodriguez, Elizabeth Debicki, and Cynthia Erivo. Since its debut at the Toronto Film Festival, Widows has garnered rave reviews, especially for Davis’ performance.
Second place went to Universal’s The Grinch, which pocketed another $38 million to bring its domestic tally to $126 million. Bohemian Rhapsody, Fox’s Freddie Mercury biopic, also saw a strong outing in its third weekend and nabbed third place with $15 million. That takes its North American total to $127 million.
In limited release, Universal got a head start on Green Book as the awards-bait film picked up $313,000 from 25 venues for a per-screen average of $12,520. Viggo Mortensen and Mahershala Ali co-star in the comedic drama, which expands nationwide on Nov. 21. It won the people’s choice award at the Toronto Film Festival and has since generated an A+ Cinemascore and 83% Rotten Tomatoes average. Directed by Peter Farrelly and co-produced by Participant and DreamWorks, Green Book follows a bouncer who takes a job chauffeuring a famed black pianist in the segregation era. Mortensen has been the subject of controversy after he used the N-word during a panel discussion promoting the film (he was making a point about how far society had come in the decades since Jim Crow). He has since apologized. — Reuters

BoP deficit narrows in October

By Melissa Luz T. Lopez, Senior Reporter
THE PHILIPPINES saw continued dollar outflows in October, the Bangko Sentral ng Pilipinas (BSP) said, at a time of a weak peso and as the state settled more foreign debt.
The country’s balance of payments (BoP) position logged a $458-million deficit last month, albeit narrower than the $368-million gap last year and September’s $2.696-billion deficit which was the widest in four years.
The BoP measures the country’s transactions with the rest of the world at a given time. A deficit means more money fled the economy than what went in, while a surplus shows that more funds entered the Philippines.
The October deficit is the smallest seen since a $1.272-billion surplus in August.
The BSP attributed the second straight month in deficit to the government’s payments for external debts as well as net foreign currency withdrawals. The central bank’s interventions in the daily peso-dollar trading also contributed to the net outflows, it said in a statement yesterday.
The central bank taps its dollar reserves to temper sharp swings in the peso-dollar rate, as part of its “tactical intervention” to keep the currency competitive.
The local unit traded above P54 versus the dollar in early October, driving the monthly average weaker to P54.0086 versus the P51.3433 rate seen a year ago. The peso has since pared its losses going into November, with the unit back to the P52 to $1 level as of yesterday.
Gross international reserves totalled $74.71 billion in October, lower than the $74.939 billion level the previous month. The amount can cover up to 6.8 months’ worth of import duties, the central bank said.
On the other hand, a steady stream of income from the BSP’s offshore investments partly offset these money outflows.
Year-to-date, the BoP tally now stands at a $5.594 billion deficit, roughly triple the $1.735 billion shortfall recorded during the comparable 10-month period in 2017.
The figure is also well beyond the $1.5 billion deficit expected for the full year since the BSP’s review back in May.
In a statement, the central bank attributed the wider-than-expected deficit to a ballooning merchandise trade deficit due to a heavy importations of raw materials and capital goods seen to “support domestic economic expansion.”
Imports surged by 16.3% while exports slipped by 2.1% as of end-September, leaving the trade gap at $29.91 billion for the first nine months of 2018, according to preliminary data from the Philippine Statistics Authority.
Ruben Carlo O. Asuncion, chief economist at the Union Bank of the Philippines, said the sustained BoP deficit was “expected” and will likely persist.
“This investment-led strategy by the government will continue to put pressure on the BoP. This is also being complicated by external environment pressures,” Mr. Asuncion said when sought for comment.
“The last two months may continue to look the same as the first 10 months of 2018.”