Home Blog Page 10169

SM Prime to issue up to P20-B bonds

SM PRIME Holdings, Inc. (SMPH) is set to issue up to P20-billion worth of bonds, which were given the highest credit rating by the Philippine Rating Services Corp. (PhilRatings).

In a statement, PhilRatings said the Sy family-led property giant is planning to issue P15 billion worth of bonds, with an oversubscription option of up to P5 billion.

This is the initial tranche of SMPH’s three-year shelf registration debt securities program of up to P100 billion.

PhilRatings assigned a PRS Aaa credit rating to the bonds, which means these obligations are “of the highest quality with minimal credit risk.” The rating was also given a stable outlook, which means it is unlikely to change within the next 12 months.

“The issue rating reflects SMPH’s strong brand equity; its solid track record across a well-diversified portfolio; its sound financial profile, supported by strong recurring income; and the company’s highly-experienced board and management,” the local credit rating agency said.

SMPH, a subsidiary of SM Investments Corp. (SMIC), has four operating segments — malls, residential, commercial, and hotels and convention centers.

For the first nine months of 2019, SMPH reported a net income attributable to equity holders of the parent of P27.59 billion, 18% higher than the P23.43 billion a year ago.

This was on the back of a 14% rise in consolidated revenues to P85.03 billion during the nine-month period. Rental revenues jumped 8% to P44.91 billion “due to strong tenants’ sales, rental rate escalations, and expansion of leasable areas and temporary selling areas.”

As of end-September, the company had 73 malls with a gross floor area (GFA) of 8.5 million square meters (sq.m.) in the Philippines, and seven malls in China with a GFA of 1.3 million sq.m.

“Average daily pedestrian count for the (Philippine) malls was 4.2 million. Average mature mall occupancy rate was a high 97%, as of September 30, 2019. Overall same-mall sales growth in the first nine months of 2019 was 7%, year-on-year,” PhilRatings noted.

SMPH currently has 12 office buildings with a combined GFA of 662,000 sq.m., as well as eight hotels, four SMX Convention Centers and three Megatrade Halls.

“Recurring cash flows from SMPH’s expanding mall, office and hotel/convention center portfolios support its strong liquidity position and sound capital structure. Out of total rental revenue, 88% is contributed by malls, and the rest from offices, hotels, and convention centers,” PhilRatings said.

“Operating cash is expected to remain as SMPH’s primary funding source for growth-related capital expenditures, as completed rent-generating projects further contribute to the Group’s stable cash flows. Strong internal cash generation has allowed SMPH to keep its sound leverage position, with debt kept at very manageable levels,” it added.

Meanwhile, PhilRatings also kept the PRS Aaa credit rating and stable outlook on the company’s outstanding rated bonds worth P100 billion. — CRAG

The loneliness of a highbrow teenage songwriting robot

MEET YONA. She loves reading Margaret Atwood and articles about teenage life and sings about loneliness and relationships on her newly released track.

If this sounds a bit scripted, that’s because it is: Yona’s not human.

Yona has been created by London-based company Auxuman and trained using artificial intelligence, fed on music and literature, and learning from reactions to her music posted online.

Auxuman was co-founded by Ash Koosha, Isabella Winthrop and Negar Shaghaghi. It builds AI-based characters and licenses them for entertainment, branding or live performances. Along with Yona, Auxuman also created Mony, Zoya, Hexe and Gemini — each with their own individualities.

“The question for me always was how I can make a very intriguing, complete and complex piece of music only using a computer,” Koosha said in an interview.

Artificial intelligence is being used by the music industry to invent new tools and sounds or, in Auxuman’s case, entirely new musicians.

One of the first major projects was launched several years ago by Sony’s CSL Research Lab in Paris, which developed a system called FlowMachines that learns music styles from a large database of songs.

French composer Benoît Carré, who was working with the Sony researchers at the time, fed the machine 470 lead sheets of Jazz standards from 1930s up through the 1960s. The final result was his first AI-generated song, released in 2016: “The Ballad of the Shadow.”

Carré continues to work with researcher Francois Pachet, who’s since moved to Spotify Technology SA, where he leads its Creator Technology Research Lab. They created other AI tools which Carré has employed in his latest album titled American Folk Songs, released in October.

At Luxembourg-based Aiva Technologies, Chief Executive Officer Pierre Barreau taught an algorithm to learn patterns in music based on 30,000 scores by Johann Sebastian Bach, Ludwig van Beethoven, Wolfgang Amadeus Mozart, and others. Aiva’s program helps composers create new music for background use in movies and commercials, or for corporate branding at events.

Barreau and his team recently trained Aiva on compositions by the Czech composer Antonin Dvorak. The machine suggested a potential ending for an unfinished symphony by Dvorak, played for the first time by the Prague Philharmonic Orchestra in November.

Despite the advances, the music industry is still far away from being subsumed entirely by AI-generated songs, according to music critic Anthony Fantano, host of YouTube channel The Needle Drop.

Humans will always want to be able to play music as an outlet, Fantano said, and many still look to music as a way to relate to the hardships evoked by the artist.

“That cannot simply be recreated with an AI,” he said. — Bloomberg

Vista Land sets interest rates for retail bond offering

VISTA LAND & Lifescapes, Inc. (VLL) has set the interest rates for the fixed-rate retail bonds worth up to P10 billion that it is set to issue next month.

In a disclosure to the stock exchange, the Villar-led property developer said the interest rate for its fixed-rate retail bond is pegged at 5.6992% per annum. The bonds have a tenor of five years and six months, due June 2025.

The bonds will have a base size of P5 billion with an oversubscription option of up to P5 billion.

The base amount of P5 billion will be taken from the company’s remaining shelf registration approved by the Securities and Exchange Commission (SEC) on July 18, 2017. Any oversubscription of up to P5 billion will be issued from the P30-billion new shelf registration.

VLL said the bonds will be offered through the joint issue managers, joint lead underwriters and joint bookrunners — China Bank Capital Corp., PNB Capital and Investment Corp. and SB Capital Investment Corp. from Friday (Nov. 29) to Dec. 10.

The bonds are expected to be issued on Dec. 18.

Credit Rating and Investors Services Philippines, Inc. has given VLL its top credit rating of AAA. VLL’s retail bonds also received PRS Aaa rating from the Philippine Rating Services Corporation (PhilRatings).

In a statement issued last week, PhilRatings said it considered three factors in giving VLL the highest credit rating: the company’s diversified portfolio, its improving profitability and the favorable real estate industry outlook.

The listed firm, which is known for residential brands such as Camella and Camella Condominium (COHO), has been expanding its mass market mall portfolio.

PhilRatings cited VLL’s acquisition of Starmalls, Inc. in 2015, which it said helped diversify the company’s portfolio.

“VLL has built over 400,000 homes, 31 malls, 52 commercial centers and seven office buildings. As of September 30, 2019, the company’s projects were distributed in 147 cities and municipalities in 49 provinces throughout the Philippines,” PhilRatings said.

PhilRatings also took note of the 11.9% compound annual growth rate of VLL’s consolidated revenues since 2014. It said the company was able to maintain strong margins as its average gross profit margin stood at 59.8% over the past five years.

In the first nine months of 2019, VLL’s attributable net income increased 12% to P8.83 billion, as its consolidated revenues grew 9% to P34.36 billion.

The company also said it plans to raise up to P40 billion from the bond market to fund its residential and commercial projects. — CRAG

Actor Henry Cavill coming to Manila for The Witcher launch

NETFLIX has announced that actor Henry Cavill (Mission Impossible Fallout, Man of Steel), who stars as Geralt of Rivia in the upcoming Netflix Original Series The Witcher, is coming to the Philippines in December. Lauren Schmidt Hissrich, the series’ showrunner, will join Cavill to celebrate the launch of this epic adventure series.

Cavill will attend #TheWitcherInManila event on Dec. 12, 5 p.m. onwards, at Activity Center of the Ayala Malls Manila Bay in Parañaque City. Access to the event is on a first come, first served basis as there is limited space available. Fans can also immerse themselves in the world of The Witcher with a photo zone which will be open from Dec. 10-13, 11 a.m. to 9 p.m. Early birds at the venue on Dec. 12 can also get swag from the show, and the opportunity to watch the first episode of The Witcher.

Based on the best-selling fantasy series of books, The Witcher is the story of the intertwined destinies of three individuals in a vast world where humans, elves, witchers, gnomes, and monsters battle to survive and thrive, and where good and evil is not easily identified.

Netflix recently announced a second season pick up for The Witcher. The second season will begin production in London early in 2020, for a planned debut in 2021. The Witcher premieres on Netflix on Dec. 20.

CA upholds ruling on regular status of GMA Network talents

THE Court of Appeals (CA) affirmed its decision recognizing the regular status of 96 workers classified by GMA Network, Inc. as “talents.”

In a two-page resolution dated Nov. 25, the court’s former Special 14th Division denied the motion for reconsideration of the company and its CEO Felipe L. Gozon, saying the arguments raised were addressed in its decision issued in February.

“(W)e find the arguments set forth therein to be plain reiterations of those issues already deliberated and passed upon,” according to the resolution written by Associate Justice Zenaida T. Galapate-Laguilles.

“We thus find no compelling reason that warrants a modification much less a reversal of the assailed Decision dated February 20, 2019,” it added.

The appellate court in February upheld the decision of the National Labor Relations Commission (NLRC) in 2015 which ruled that members of Talents Association of GMA Network (TAG) are regular employees who are entitled to security of tenure and benefits.

In a statement, TAG said the court’s decision only confirms “that we are, indisputably, regular employees of GMA Network.”

“If GMA takes the option to appeal the decision to the Supreme Court, we will welcome the opportunity to present our case to the High Court, and hopefully carve out jurisprudence that can benefit not just media workers, but all contractual workers,” it said.

In the February decision the court rejected the claim of the network that there was no employee-employer relationship as talents “were merely engaged independent contractors” hired for their specialized skills and compensated with high talent fees.

The court, citing the Labor Code, ruled that talents are regular employees as they are part of the production crew, whose work is necessary to run GMA’s business.

“Truly, without their work, petitioner GMA would have nothing to air, hence the private respondents’ services in the former’s television program were unquestionably necessary,” according to the decision. “Needless to state, petitioner GMA’s goal was to ensure excellent delivery of its programs to the viewing public. This could not have been achieved had it not been for the skills of the private respondents,” it added.

The court also said the NLRC did not commit grave abuse of discretion in issuing its ruling.

It also said that the “talents” were controlled and supervised by GMA and the network has set standards for them to follow.

Associate Justices Mario V. Lopez and Gabriel T. Robeniol concurred in the decision.

Asked to comment, GMA declined, with its legal department not yet in possession of copy of the resolution. — Vann Marlo M. Villegas

Mindanao is now top market for Camella

DAVAO CITY — Mindanao is now the top market and revenue earner of Camella Communities, one of the real property units of Vista Land and Lifescapes, Inc. (VLL), a top official of the brand said Wednesday.

Camella Communities President Teresa P. Tumbaga said while Luzon has matured as a market, they have been expanding in the southern mainland, particularly in key cities that are ripe for residential developments.

“Mindanao really is a huge market,” said Ms. Tumbaga at the launching of Camella Toril in Davao City.

She said the Mindanao projects accounted for about 50% of Camella revenues last year when it started to overtake Luzon as the main market. The company also has projects in the Visayas.

Based on VLL’s 2018 annual report, Camella’s revenue was at P9.8 billion. In the second quarter this year, the subsidiary’s revenue was P7.2 billion.

Ms. Tumbaga said government infrastructure projects around Mindanao has boosted the real estate market. “(These projects in Mindanao) can really attract a lot of investors.”

Overseas Filipino workers comprise the most number of buyers at 65-70%, she said.

Camella currently has 36 projects in six Mindanao areas, with the biggest in Cagayan de Oro City with 12 at the Grand Europa complex.

In Davao City, the brand currently has five projects and another one is planned for launching within the next three months.

To complement the housing projects, Ms. Tumbaga said they are also discussing with the city government the development of an intermodal transport hub in the southern part.

City Planning and Development Office coordinator Ivan C. Cortez, who was at the launching event, said they welcome the plan as it will accelerate development in the Toril district.

“(Toril) is a second economic growth area,” said Mr. Cortez.

Camella is under VLL’s Communities Philippines, set up in 1991 for “low-cost and affordable residential properties outside the Mega Manila area.” — Carmelito Q. Francisco

Westpac shareholders call for more heads to roll over money laundering scandal

SYDNEY — Two of Australia’s top shareholder proxy advisers on Wednesday urged investors to vote out more directors of Westpac Banking Corp after a money-laundering scandal claimed the CEO and chairman of the country’s No.2 retail bank.

The campaign suggested efforts by Westpac to curtail outrage over a lawsuit accusing it of enabling 23 million payments in breach of money laundering laws, including between known child exploiters, have fallen short.

The country’s oldest bank holds its annual meeting on Dec. 12, and has already said the chairman of its risk and compliance committee, Ewen Crouch, will not seek re-election after the lawsuit from financial crime watchdog AUSTRAC last week.

Proxy adviser CGI Glass Lewis said it would also recommend shareholders vote against director Peter Marriott, a former chief financial officer of Australia and New Zealand Banking Group, as he had been on the board since 2013 when the payments at the centre of the scandal began.

“Due to the length of his tenure and his banking background … his accountability for these matters should be enforced (and) his re-election should not be supported,” CGI Glass Lewis said in a note reviewed by Reuters.

Another proxy adviser, Institutional Shareholder Services (ISS), said it recommended voting against Marriott and another Westpac director, Nerida Caesar, on the grounds that Caesar was also on the bank’s risk and compliance committee, according to the Australian Financial Review.

Marriott and Caesar were not immediately available to respond to Reuters requests for comment.

U.S.-born Chief Executive Brian Hartzer stepped down on Tuesday and Chairman Lindsay Maxsted said he would retire in early 2020, sooner than planned, only days after he had argued that change at the top would destabilise the bank.

Hartzer’s departure effective from Dec. 2 made Westpac the third of Australia’s four-biggest banks to lose its top executive in the past 18 months, following a series of scandals and a damaging public inquiry which found systemic industry misconduct.

If owners of more than a quarter of an Australian company’s shares vote against its executive pay plans at its AGM, as they did for Westpac in 2018, they can call for the entire board to be removed under Australia’s “two strike” law.

CGI Glass Lewis said it would not recommend voting against Westpac’s pay plans because the bank had already taken action over the latest allegations.

In the event of a second “strike”, CGI Glass Lewis said it would recommend voting against removing the board on the grounds that this was “an option of last resort”.

TROUBLE OVER THE TASMAN
Reserve Bank of New Zealand Governor Adrian Orr said he was “very concerned” about the AUSTRAC allegations against Westpac, which has a major presence in New Zealand, as he announced the central bank was ramping up its scrutiny of banks and insurers.

The RBNZ had contacted all banks to ask for assurance they were meeting regulatory requirements, and was working closely with Westpac’s New Zealand subsidiary on the issues that had arisen in Australia, Orr told a media conference.

“Our recent reviews of banks and life insurers, and the number of recent breaches in key regulatory requirements, reinforces the need for financial institutions to improve their behavior,” said RBNZ deputy governor Geoff Bascand in a statement accompanying the bank’s financial stability report.

Westpac shares closed down 0.2% on Wednesday, taking its total decline to 6.6% or A$6.2 billion ($4.2 billion) in market capitalization since the money-laundering lawsuit was announced.

The Australian newspaper reported Westpac had lost a bid to supply loans to a government home-deposit assistance scheme due to reputational risk.

Australia’s four biggest banks applied for two positions on a panel of lenders for the nationwide home-affordability scheme from Jan. 1, 2020, but Westpac now expected to be excluded, the newspaper reported citing unnamed Westpac sources.

Australia’s major retail banks make most of their profit from the home loans.

A Westpac spokesman declined to comment. — Reuters

Star Wars actor left his script under bed

BRITISH ACTOR John Boyega said on Wednesday that he left his copy of the closely-guarded script for the new Star Wars movie under his bed, and that it ended up for sale on eBay.

Boyega, who plays Stormtrooper turned resistance fighter Finn in Star Wars: The Rise of Skywalker, told US TV show Good Morning America that a cleaner had found the script and put it on the eBay auction site.

Director J.J. Abrams said earlier this week that the team behind the film spotted the eBay listing and was able to get it back before it was sold, meaning the secrets in the plot are still safe.

“I was moving apartments and I left the script under my bed. I was just like, you know what, I’ll leave it under my bed,” Boyega said on Wednesday. “When I wake up in the morning I’ll take it and move, but my boys came over and, you know, we started partying a little bit and then the script just, it just stayed there.

“Then a few weeks after a cleaner comes in, finds the script and then puts it on eBay for, like, 65 (British) pounds. So the person didn’t know the true value,” he added.

Scripts for Star Wars movies are among the most closely guarded in the film world. Many actors only get the parts of the script for their specific scenes and critics do not get to see the film in advance.

Boyega said that even he did not know the ending of the film, which concludes the Skywalker saga first brought to life in the 1977 original. — Reuters

McDonald’s signs senior, PWD hiring deal with Pasay City

GOLDEN ARCHES Development Corp. (McDonald’s Philippines) and the Pasay City government signed a Memorandum of Agreement (MoA) allowing senior citizens and persons with disabilities (PWDs) to work in the city’s branches of the fast-food chain.

McDonald’s Philippines President and CEO Kenneth Yang and Mayor Imelda Calixto-Rubiano signed the agreement.

Managing Director Margot B. Torres said that all 14 McDonald’s branches in Pasay City will now employ at least two senior citizens and one PWD in all stores.

“We are committed to be a partner of the communities championing fair and equal employment opportunities,” said in her speech at the signing of the MoA.

McDonald’s Philippines said in a statement that this would open employment to 50 more senior citizens and employees and they will receive “world class training as an order presenter, drink drawer, table manager or overall guest relations.”

Similar agreements have been signed with Pasig City and Manila, Adi Timbol-Hernandez, communications senior manager of McDonald’s Philippines said, adding that there will be more agreements with other cities.

“As we enter into these partnerships with these cities, other cities are also now taking interest and are approaching us also for the same partnership,” she told reporters on the sidelines of the MoA signing.

Ms. Timbol-Hernandez also said that the group is working together with the Public Employment Service Office in screening applicants.

Close to 100 senior citizens and PWDs have been hired since September when agreements were signed with Manila and Pasig City.

A job fair for 15,000 job openings was also held at the Cuneta Astrodome as part of Pasay City’s 156th Foundation Day celebration and the Department of Labor and Employment’s (DoLE) 86th anniversary.

DoLE said in a statement that a total of 100 establishments joined the job fair, from industries like wholesale, retail and trade, health, beauty and wellness, hotel and restaurant, among others. — Vann Marlo M. Villegas

Vivant unit takes control of solar energy firm

LISTED company Vivant Corp. said on Thursday that its unit in the energy sector had signed a deal to buy out its partner in a joint venture company with projects in solar energy development.

In a disclosure to the stock exchange, Vivant said it was informed by Vivant Energy Corp. of the deed of sale with assignment of subscription rights with ET Energy Pilipinas Holdings Corp.

“We took full control of the solar business because we want to provide total energy solutions to businesses that face the everyday challenge of managing their power-related costs,” said Emil Andre M. Garcia, Vivant Energy chief operating officer, in a statement.

The deal involves the sale of ET Energy’s 8,858,485 paid-up preferred shares and the assignment of its rights over the 9,141,516 subscribed but unpaid preferred shares in the joint venture ET-Vivant Solar Corp.

“We are currently working on a new brand that consolidates all of our business to business customer-facing energy solutions, one of which will be rooftop solar,” Mr. Garcia said.

Vivant Energy said the move contributes to its expanding renewables portfolio, which includes the Sabang Renewable Energy Corp. (SREC) that operates a hybrid power plant that combines solar panels, battery and diesel engines, and electricity distribution system.

The company holds Vivant’s investments in the energy sector, including its shares in power generation and distribution, and the retail electricity business.

SREC recently began providing renewable power in Brgy. Cabayugan, Puerto Princesa City as a qualified third-party authorized by the Department of Energy and the Energy Regulatory Commission.

Mark Habana, Vivant Energy vice-president for commercial affairs, said the move to rebrand the group is aimed at providing one brand for all its related businesses, which includes retail electricity supply.

In its disclosure, Vivant also said that Vivant Renewables Energy Corp. (VREC) had executed a deed of sale with assignment of subscription rights with ET Energy for the latter to sell to VREC the 984,276 paid-up common shares and to assign its rights over the 1,015,724 subscribed but unpaid common shares in ET-Vivant Solar.

“As a result of the transaction, Vivant Energy and VREC will collectively own 99.99% of ET-Vivant Solar,” it said. “The remaining shares are shares held by members of the Board of Directors.” — Victor V. Saulon

A superhero in a Chanel suit

By Joseph L. Garcia, Reporter

DVD Review
Jackie (2016)
Directed by Pablo Larraín

NOT ALL superheroes wear capes. Some of them wear Chanel suits.

Jackie (2016), a biographical film about US First Lady Jacqueline Kennedy (played by Natalie Portman) focuses on the days immediately after the assassination of her husband, US President John F. Kennedy (played by Caspar Phillipson) on Nov. 22, 1963. One week after the assassination, Jacqueline Kennedy gave an interview to Theodore H. White for Life magazine. Credited in the film as The Journalist, he is played by Billy Crudup as a composite of the Pulitzer Prize-winning historian, along with historians Arthur Schlesinger and William Manchester, who themselves interviewed the former First Lady. This interview serves as a framing device for Chilean director Pablo Larrain’s first English-language film, working with a script by Noah Oppenheim, and a score by Mica Levi.

There have been many films, books, television series about the assassinated president and his family, but many view his wife, Jackie, as merely a supporting character, or even a highly attractive human prop. This film places an almost intrusive focus on the woman who was beside him as he climbed to the presidency, and beside him, quite literally, when he died in the backseat of an open-top limousine.

I had the experience of seeing the film in Dallas, and driving on the very street where the movie’s defining crime was committed. The building where JFK’s assassin, Lee Harvey Oswald sat and waited for his victim has since been converted into a museum, while two X’s mark the spots on the road where the president was shot twice.

I use the word “superhero” in the first line of this essay to describe the film’s subject since I noted that the glamorous figure of Jackie was stripped bare in this film and given the “gritty reboot” treatment, similar to that of many superhero movies of the past decade. In gritty reboots, the superhero well may be an extraordinary figure, but he’s covered up first in a shroud of angsty mundanity, to be shed off through blood, sweat, tears, and incisive introspection, before finally coming to deserve to wear their superhero suits. The real Mrs. Kennedy’s couture, of course, could hardly be described as mundane, but in this movie, her superhero suit would be the pink Chanel outfit splashed with her husband’s blood, which both the real and reel Mrs. Kennedy refused to take off, daring their enemies (she really said this) to “Let them see what they’ve done.”

The interview, as a framing device, makes it so that the events of the previous days are laid out in a nonlinear fashion as in the feverish conversation of a woman dazed, confused, and in shock. In the span of an hour and 40 minutes, we are taken through Mrs. Kennedy’s televised White House tour, concerts, and dinners at the White House, the actual moment of assassination, and the theatrical funeral organized by Mrs. Kennedy. The funeral and the interview are of equal importance in the movie: seen as a supporting character in history, it’s revealed in these sequences that Mrs. Kennedy was the one responsible for building her husband’s image as a great man worthy of emulation — who’s a supporting character now?

This same conversation depicted in the film would later be remembered for cementing her and her husband’s status as heads of an American, modern-age Camelot, modeled after the legendary glittering court of King Arthur. The Broadway musical from which Mrs. Kennedy pulls these lines: “Don’t let it be forgot, that once there was a spot, for one brief, shining moment that was known as Camelot,” of course, makes several appearances in the film. One of the most unforgettable uses of the musical in the film was when Mrs. Kennedy tried on several outfits while intoxicated and in tears, while the song played in the background — grasping to remember her own part in that court. The film then makes for great sensorial pleasure: Mrs. Kennedy, as a patron of the arts, lived a life as curated as the artistic works she promoted. This is seen in the set design, which takes its cues from Mrs. Kennedy’s extensive renovation of the White House (still seen today), and the film’s costuming. The film was nominated for Best Costume Design at the 2017 Oscars, and won that award at the BAFTA.

Speaking of awards, Ms. Portman was nominated for Best Actress for this role in the 89th Academy Awards, but lost to Emma Stone for her work in La La Land. Some would criticize Ms. Portman’s acting as stiffly theatrical, and that voice — that high, breathy, purring voice that she used in the film. But that’s the thing: that’s how people saw Jacqueline Kennedy. If anything, that accent just shows how much Ms. Portman was committed to her role, embodying the real Mrs. Kennedy’s speaking patterns that reflected her cosmopolitan upbringing in some of America’s best homes, her transatlantic travels, and her own theatricality. That part of Mrs. Kennedy didn’t always translate well, and left her open to misinterpretation: much like Ms. Portman’s acting in that film. In an acting masterwork, Ms. Portman, to this reporter’s interpretation, made someone too real, to her own detriment.

At a superficial glance, the movie is simply about a period in history as seen through the eyes of an oft-ignored player. However, Mr. Larrain’s vision and Mr. Oppenheim’s script provide many, many layers which might be intimated in one scene, but its imprimatur can last through the whole film. For example: it’s a movie about image-making, and the writing of history as it happens, but it’s also about private and public grief. It’s a feminist movie, showing Jackie using femininity as a weapon against the tough White House men, but then it’s also a movie about faith, fate, and destiny (seen in the conversations between Jackie and a Catholic priest, played by the late John Hurt in his last acting role). I can even squeeze in that it’s also an observation on journalism, and how much hold power has over truth: “I don’t smoke,” Mrs. Kennedy corrects the journalist’s proposed draft, while lighting a cigarette for herself.

If I’m comparing this biopic to a superhero movie, then I must justify why fashion icon Jacqueline Kennedy becomes a true superhero. She may not have shed blood, but she was splashed with it. Lady Jeanne Campbell, covering the funeral for The London Evening Standard said, “Jacqueline Kennedy has given the American people… one thing they have always lacked: Majesty.” Confronted by her own pain, she absorbed the shock and grief of a nation and reflected it back to them, showing an example of grace and stoicism in the face of uncertainty. That’s heroism.

Banks see economic growth at 6-7% within the next two years

THE BANKING INDUSTRY expects the economy to grow by 6-7% in the next two years, aligned with the government’s forecast, according to a survey by the Bangko Sentral ng Pilipinas (BSP).

A big chunk of the lenders that responded to the Banking Sector Outlook Survey (BSOS) for the first half are also positive that the industry will remain stable as most of them are optimistic of a double-digit growth in their assets, loans, deposits, as well as net income.

“Banks maintain their optimism on the country’s economic prospect amid global uncertainties and market volatilities during the first semester of 2019 as 83.5% of the BSOS respondents projected that the gross domestic product (GDP) shall grow between six to seven percent within the next two years,” according to the BSP report published on its website on Thursday.

Meanwhile, 73.5% of bank respondents expect double-digit growth in their assets. This is lower compared to the 80% of them that projected a double-digit growth in the first half of 2018.

Despite some banks becoming less positive in terms of a double-digit growth forecast, lenders are bullish on better return on equity (RoE). The survey found that only 13.8% expect an RoE of less than 5% compared to the 20.6% that expected the same in the same comparable period a year ago.

The survey results also showed that lenders are becoming more alarmed about their non-performing loan (NPL) ratios as 66.7% of respondents expect NPL to climb from only 54.4% in the first half of 2018.

“The sluggish global growth, coupled with trade tensions among the world’s biggest economies, may adversely impact the domestic manufacturing sector which exports a significant portion of its output. This, in turn, may have led to the banks’ forecast of an uptick in the NPL ratios,” the report said.

Aside from this, majority of banks also said corporate and retail banking continue to be their biggest priority. This is followed by payment services.

In terms of strategic priorities, lenders mentioned that their top two are to grow their bank and to optimize the available technology.

“In particular, most of the banks planning or already employing technology in their operations find its most important application in areas of data security and privacy, know your customer (KYC) procedures and loan scoring. Moreover, most of the respondent banks revealed preparedness in managing cybersecurity risks,” the report said.

The survey respondents include all universal banks and thrift banks, as well as the top 20 rural lenders in terms of total loan portfolio. — LWTN

ADVERTISEMENT
ADVERTISEMENT