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Arthaland creates new subsidiary to handle new project

NICHE property developer Arthaland Corp. has set up a new subsidiary in preparation for a new project in the future.

In a disclosure to the stock exchange Friday, the listed company said it has incorporated Bhavana Properties, Inc. It has also subscribed to 24.999 million common shares in Bhavana, priced at P1 each.

“The wholly-owned subsidiary will be the vehicle used to acquire another property for an upcoming project the details of which will be disclosed as and when appropriate,” the company said.

The company raised P1 billion from the issuance of preferred shares last month, which it plans to use for land acquisitions and for ramping up operations in the future.

Arthaland earlier said it is in the final stages of acquiring two properties in Manila and Cebu, as part of efforts to grow its portfolio by five times in 2022. It targets to have 550,000 square meters of developed land under its network by then.

Arthaland recently started construction for its 8.1-hectare mixed use development in Binan, Laguna, its first township project. It will house 108 villas scheduled for completion in 2021.

The company remains on the lookout for more land acquisitions in the CALABARZON area and other key cities in the country in the future, in addition to the 50 hectares it currently has.

Arthaland’s net income attributable to the parent surged 185% to P201.8 million in the first quarter of 2019, while gross revenues also jumped 337% to P466.35 million.

Shares in Arthaland dropped 1.87% or two centavos to close at P1.05 each at the stock exchange on Friday. — Arra B. Francia

Lufthansa Technik PHL plans $40-M expansion

LUFTHANSA Technik Philippines (LTP) is planning to invest $40 million to expand its facility in Villamor Airbase in Pasay City, according to the Department of Trade and Industry (DTI).

In a statement on Friday, Trade Secretary Ramon Lopez said the department supports the expansion plans of the aircraft maintenance, repair and overhaul (MRO) company, saying this will help boost the Philippines’ efforts to become an aerospace and MRO hub in the region.

LTP is planning a 9,000-square meter (sq.m.) expansion in Villamor Airbase, where it currently operates on a 229,000-sq.m. lot and employs 3,200 people. The expansion project will create 300 more jobs. It is expected to be completed 13 months after the contract is awarded.

“The Philippines is positioning itself as the hub for aerospace manufacturing and aftermarket services in the Asia Pacific Region. We have the young, educated, and highly-trainable workforce that is a boon to investors. If we achieve this goal, we can increase our high-value exports and provide decent jobs to more Filipinos,” said Mr. Lopez, who met with LTP officials on July 9.

Elmar Lutter, president and chief executive officer of LTP, said the global MRO market is projected to grow by 4% to 5% annually, with one third coming from Asia Pacific. However, he warned the rising demand for MRO skilled workers may cause a labor shortage in the Philippines, as Filipinos are known as skilled aircraft mechanics.

LTP is a joint venture between MacroAsia Corp. and Germany-based Lufthansa Technik AG, and offers a wide range of MRO services. Aside from its site in Pasay, it also has operations in Cebu, Davao, Pampanga, Palawan, and Aklan. — Vincent Mariel P. Galang

Banks keep lending standards steady in Q2

MOST BANKS kept their lending criteria little changed in the second quarter, results of a central bank survey showed.

Lenders broadly maintained their credit standards for loans to both enterprises and households during the April-June period, according to the results of the Bangko Sentral ng Pilipinas’ (BSP) latest Senior Bank Loan Officers’ Survey.

This marks the 41st straight quarter that borrowing standards were kept “broadly unchanged.”

The central bank uses the quarterly survey to understand the lending decisions made by banks and monitor bank credit. The BSP said 45 of 66 banks — 42 universal and commercial banks and 24 thrift lenders — responded to the poll.

Most banks, or 82.1% of those surveyed, said they used the same standards for granting loans to businesses, higher than the 72.9% that said so in the first quarter of the year, based on the modal approach.

Under the diffusion index (DI) approach, more banks tightened their standards in assessing loans for corporate borrowers across all firm sizes, namely top corporations, large middle-market enterprises, small and medium firms and micro-enterprises.

A positive DI for credit standards means that more banks have tightened lending rules compared with those that eased. A negative DI indicates the opposite.

Meanwhile, 88% of the banks surveyed reported they used the same standards for deciding on personal loans in the second quarter, up from 73.3% in the previous period.

However, using the DI approach, banks said they were stricter in lending to individuals, particularly for auto and personal or salary loans.

The BSP attributed the overall net tightening for household credit to “stricter collateral requirements and loan covenants, shortened loan maturities and increased use of interest rate floors.”

Overall, most banks continued to see stable demand from both households and businesses, the survey results showed, a net increase in business and retail loan demand was recorded using the DI approach.

“The overall net increase in loan demand from firms was attributed by banks largely to their customers’ higher working capital requirements,” the BSP said. “Meanwhile, respondent banks attributed the overall net increase in household loan demand to higher household consumption, lower interest rates and banks’ more attractive financing terms.”

The central bank added that for the next quarter, majority of respondent banks anticipated maintaining their overall credit standards for business and household loans, based on the modal approach, while more respondent banks expect overall credit standard for business and household loans to tighten over the next three months, according to DI approach.

About 86.7% of banks also said that they kept borrowing requirements steady for commercial real estate loans during the said quarter, higher than the 82.6% booked in the January-March period of this year. DI-based results meanwhile suggested tighter credit standards for commercial real estate loans attributed largely to “favorable economic outlook and a perceived deterioration in the profile of borrowers.”.

“For housing loans extended to households, results based on the modal approach pointed to unchanged credit standards while DI-based results indicated a net tightening of credit standards for housing loans,” the BSP added. — Karl Angelo N. Vidal

Peso weakens on dovish Fed comments

THE PESO weakened against the dollar on Friday as the market positioned following dovish pronouncements from a US Federal Reserve official and ahead of the release of US data on consumer confidence.

The local unit ended the week at P51.04 versus the greenback, down seven centavos from its P50.97-per-dollar finish on Thursday.

The peso opened the session at P51 against the US currency, slipping to as low as P51.06. Meanwhile, its best showing stood at P50.92 versus the dollar.

Trading volume thinned to $1.095 billion from the $1.22 billion that switched hands the previous session.

A trader said the peso declined against the dollar on Friday, even as it strengthened in the morning session following greenback’s weakness overnight.

“The peso reached P50.92 intraday due to the dollar weakness following the pronouncement of Fed Williams,” the trader said in a phone interview Friday.

New York Fed President John Williams said in a speech on Thursday that the US central bank needs to take “preventative measures” while interest rates are down and economic growth is easing than “to wait for disaster to unfold.”

His comment strengthens the case for a half-a-percentage-point cut in interest rates during Fed’s policy meeting later this month.

“Due to his comments, the dollar was mostly weaker against all currencies. However, the market may have opted to reduce short position. The market was just being cautious,” the first trader said.

Another trader added that the peso declined due to “positioning ahead of the release of US consumer confidence report [Friday night].” — Karl Angelo N. Vidal

Local stocks extend gains ahead of SONA

By Arra B. Francia, Senior Reporter

LOCAL stocks extended gains on Friday ahead of the president’s State of the Nation Address (SONA) next week, as the local central bank noted lower inflation expectations until 2020.

The 30-member Philippine Stock Exchange index (PSEi) rose 015% or 12.02 points to close at 8,270.07. The broader all shares index likewise added 0.03% or 1.73 points to 5,010.71.

“2019 lower inflation and stronger peso forecast from our economic managers and rate cut expectations from the Fed lifted the local market today by 12.02 points to 8,270.07,” Philstocks Financial, Inc. said in a market note.

The Bangko Sentral ng Pilipinas (BSP) released on Friday its quarterly inflation report for the second quarter of 2019, where it noted that inflation had fallen to 3% from 3.8% in the first quarter.

“Analysts expect inflation to remain manageable and within the government’s target range, with risks to the inflation outlook likely to be broadly balanced,” according to the BSP’s report, based on its survey of inflation expectations from private sector economists as of June 2019.

Overseas, the New York Federal Reserve President John Williams hinted at an interest rate cut in the future, boosting investor sentiment in most international markets.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan also attributed the market’s uptick to the Federal Reserve’s comments.

“The pre-SONA mood, dovish Fed, gold spike and developments on the geopolitical front drove investors to slowly accumulate the market to end the week,” Mr. Limlingan said in a mobile phone message.

In Wall Street, the Dow Jones Industrial Average eked out gains of 0.01% or 3.12 points to 27,222.97. The S&P 500 index firmed up 0.36% or 10.69 points to 2,995.11, while the Nasdaq Composite index climbed 0.27% or 22.04 points to 8,207.24.

Asian markets rallied, with Japan’s Nikkei 225 surging 2% or 420.75 points to 21,466.99. The Hang Seng index jumped 1.15% or 325.98 points to 28,787.64, while the Shanghai Composite went up 0.79% or 23.02 points to 2,924.20.

Locally, four sectoral indices ended in positive territory, led by mining and oil which jumped 2.21% or 175.55 points to 8,126.27. Financials climbed 0.34% or 6.26 points to 1,877.28; property went up 0.25% or 11.21 points to 4,423.57, while holding firms increased 0.11% or 8.67 points to 7,942.92.

Meanwhile, industrial dropped 0.45% or 52.28 points to 11,704.70, and services slipped 0.02% or 0.41 points to 1,681.71.

Turnover improved to P6.74 billion after some 1.46 billion issues switched hands, higher than Thursday’s P5.60 billion.

Decliners outpaced advancers, 102 to 94, while 53 names were unchanged.

Net foreign buying inched up to P759.81 million, versus the previous session’s P540.72 million.

AOCP launches $50 million fund for fintech and digital securities ecosystem

As an estimated $80 trillion in global equities is being placed on the blockchain, Alpha Omega Capital Partners just launched their $50 million fund to build the digital securities ecosystem in Asia and the Middle East,

As a pick-and-shovel play, Alpha Omega is the first tokenized venture capital fund, focused on investing in companies that will enable the tokenization of global assets such as issuance platforms, digital securities exchanges, and liquidity pools.

As the number of firms in the technology industry continues to increase each day, so does the need for financing in order to scale their businesses. Smaller companies and individuals will usually have trouble approaching banks for loans due to their strict credit requirements and, thus we have seen more and more of these startups begin to explore Venture Capital (VC) as an alternative. These firms, in exchange for equity more often than not, help bolster companies that have the potential for high growth through funding and strategic advisory. The money that these VC firms possess is entrusted to them by a pool of accredited high net-worth investors called ‘Limited Partners’ with concise projections of returns and profit within a specific timeline, which can take up to 10 years for them to see any significant yield. The flip side of the coin is that as of late, there has been a steady decline of financing coming in to certain demographics due to a string of historically failed investments and early-stage firms transitioning into growth funds to support the capital needs of their respective portfolios.

This makes it difficult for potential Limited Partners to invest in newer funds, as the risk is even higher than before. Alpha Omega seeks to alleviate this problem by tokenizing their fund wherein investors are able to exit their position on a digital securities exchanges at anytime.

According to Managing GP Anderson Tan, now is the perfect time to invest, just as the foundations and groundwork for the ecosystem are being laid down. “Snail Mail became Email, Cash is slowly transitioning into Digital Money, and now Securities are becoming Digital Securities.”

“In a new ecosystem, exits happen faster and valuations are higher as seen previously in the cryptocurrency ecosystem with companies like Poloniex being acquired by Circle for $400 million,” he said. “The proper secondary market liquidity will come by 2020 onwards. By the end of 2021, there will be an estimated $10 trillion in digital securities.”

The Venture Capital firm is in partnership with recognizable names in the industry, such as:
● Jojo Flores (Plug N’ Play),
● Jay Fajardo (Launchgarage),
● David Siemer (WaveMaker Partners),
● Jonathan Nelson (Hackers/Founders and HACK Fund),
● John Lee (Blockchain Valley Ventures),
● Mohan Belani (e27),
● David Atkinson (Holochain),
● Miko Matsumura (Gumi Cryptos VC and Evercoin Exchange),
● Jamie Finn (Securitize and 22x Fund),
● Darren Marble (Issuance)
● and Early Boykins (Andra Capital) to name a few.

Alpha Omega will be opening to investors first among the team’s personal network, with an expected first close before the end of 2019.

DBCC cuts inflation, trade assumptions

STATE BUDGET PLANNERS on Thursday slashed inflation, trade and foreign exchange assumptions for this year, even as they kept overall economic growth targets intact.

The Development Budget Coordination Committee (DBCC) — which consists of the Department of Budget and Management, the Finance department, the National Economic and Development Authority, the Office of the President and the Bangko Sentral ng Pilipinas — in its 176th meeting slashed its inflation rate assumption for 2019 to 2.7-3.5% from 3-4% previously due to the slowing general increase in prices of widely used goods and services after last year’s successive multi-year highs.

At the same time, inflation assumptions for next year up to 2022, when President Rodrigo R. Duterte ends his six-year term, have been maintained at 2-4%.

It also revised the peso-dollar exchange rate assumption to a stronger P51-53 against the greenback for 2019, compared to P52-55 previously “projecting the possible appreciation of the peso with easing inflation pressures and positive market sentiment with the recent sovereign rating upgrade of the Philippines,” the DBCC said in a statement, referring to S&P Global Ratings’ April upgrade of the Philippines’ credit score to “BBB+” from “BBB” — two notches above minimum investment grade, a notch below “A” grade and the country’s best debt score so far.

Assumption for goods export growth was cut to two percent for this year from six percent previously “due to slower global growth” and maintained at six percent from 2020 to 2022.

Similarly, the assumption for goods import growth was reduced to seven percent for this year from nine percent previously, but kept at eight percent from 2020 to 2022.

Service export growth assumption was cut to nine percent for this year from 10% and set also at nine percent from 11% previously for 2020-2022, while service import growth was cut to three percent this year from five percent, to four percent for 2020 from six percent, and to five percent for 2021-2022 from seven percent previously.

The assumption for dollar price of Dubai crude oil — used as a benchmark for local fuel products — was maintained at $60-75 per barrel for 2019-2022.

At the same time, gross domestic growth targets were maintained at 6-7% for this year, at 6.5-7.5% in 2020 and at 7-8% in 2021-2022.

State budget planners also maintained projected revenues at P3.15 trillion for this year, equivalent to 16.4% of GDP, while disbursements are targeted at P3.77 trillion (down slightly from P3.78 trillion as of March projections), or 19.6% of GDP.

For next year, state revenues are projected to increase to P3.54 trillion (down from P3.676 trillion in the previous projection), equivalent to 16.7% of GDP, while disbursements are programmed at P4.21 trillion (down from P4.313 trillion), equivalent to 19.9% of GDP.

Given this fiscal picture, the budget deficit ceiling will be kept at equivalent to 3.2% of GDP this year, and slightly raised to that level from 2020 to 2022 from three percent as of March projections. — with Reicelene Joy N. Ignacio

ADB pares Philippine growth projection

THE ASIAN DEVELOPMENT BANK (ADB) has slashed its Philippine economic growth forecast for this year, citing impact of the four-month delay in 2019 national budget enactment and slowing export of goods and services — although the country will still be the region’s third-fastest growing economy behind Vietnam and China.

The Asian Development Outlook Supplement released on Thursday showed that the ADB’s projection for Philippine economic growth at 6.2% this year, compared to the previous forecast of 6.4% given in September 2018 that was maintained last April.

The reduced forecast matches the Philippines’ pace of economic growth last year and compares to a downgraded official 6-7% 2019 target adopted by state economic managers in March, down from 7-8% originally.

“Growth moderated in the Philippines from 6.3% year-on-year in Q4 of 2018 to 5.6% in Q1 of this year as the delayed passage of the national budget held back government spending. Public construction contracted by 8.6% while growth in government consumption eased from 12.6% year-on-year in Q4 of 2018 to 7.4% in Q1 of 2019,” the ADB said.

“Growth in exports of goods and services also slowed as a result of lackluster global trade and economic activity and the downturn in the electronics cycle. These effects were partly offset by higher household consumption and private investment,” it noted.

“As a consequence of these developments in Q1, the growth forecast is revised down to 6.2% for 2019, though maintained at 6.4% for 2020.”

President Rodrigo R. Duterte signed into law the P3.662-trillion 2019 national budget last Apr. 15 with nearly a third of the year over. Reenactment of the 2018 budget on Jan. 1 had prevented new projects from being funded until then.

Finance Secretary Carlos G. Dominguez III had said that the government will be hard-pressed to catch up with its P3.774-trillion spending program for this year, equivalent to 19.6% of gross domestic product (GDP) — of which infrastructure expenditures are programmed at P1 trillion, equivalent to 5.2% of GDP (with the national government accounting for P808.7 billion) — especially since the second semester is usually beset by heavy rains and storms that disrupt infrastructure work.

“Public investment is expected to rebound in the second half of 2019 following budget approval in April and to pick up next year as more infrastructure projects come on stream,” ADB said of the Philippines in its latest report, a prospect shared by Philippine monetary authorities, who believe that “catch-up fiscal spending is expected to buoy the growth momentum in 2019,” according to highlights of the June 20 policy review which the central bank published on Thursday.

ADB’s downgraded projection for the Philippines this year will still be the region’s third-fastest after Vietnam (6.8%) and China (6.3%), and will be faster than Southeast Asia’s 4.8% and the 5.7% penciled for “Developing Asia”, a group that consists of 45 of ADB’s 68 members (49 of which are from within Asia and the Pacific).

Inflation will be supportive of growth in the Philippines, which had seen successive multi-year-high rates culminating with a nine-year-high 6.7% in September and October. The overall price increase for goods and services has since been on a general downtrend, averaging 3.4% last semester against the central bank’s 2-4% target range for 2019 and 2018’s decade-high 5.2%.

“Slowing inflation, low unemployment, and steady remittances will continue to support household consumption,” read the report, which showed the Philippines’ inflation projection at three percent this year, down from 3.8% previously — “reflecting lower food prices” — and maintained at 3.5% in 2020 “with an expected pickup in global commodity prices.” — Reicelene Joy N. Ignacio

Hot money flows out in first half

FOREIGN portfolio investments swung to a net outflow last semester as June recorded the fourth straight month that more of such funds left the country, the Bangko Sentral ng Pilipinas (BSP) reported on Thursday.

These funds — also known as “hot money” for the ease by which they enter and leave the economy — saw a net outflow of $35.72 million last month, much less than the $516.12 million net outflows recorded in June 2018 as well as the $749.84 million that left the country last May, according to BSP data.

That brought the six-month tally to a $720.98-million net outflow, that reversed from the $322.87-million net inbound funds logged in 2018’s first half. Total outflows grew to $9.565 billion last semester from $8.314 billion a year ago, while total inflows edged up to $8.844 billion from $8.636 billion in the same comparative six-month periods.

The BSP projects $4 billion in how money net inflows for 2019.

Outflows totaled some $1.448 billion in June, a little more than the $1.427 billion that left a year ago although smaller than May’s $1.988-billion gross outflows. The United States got 69% of total outlfows.

That offset the $1.412 billion in foreign funds that entered the country in June that was nevertheless bigger than the year-ago $910.78-million gross inflows and May’s $1.238 billion. The United Kingdom, Malaysia, Singapore, the United States and Hong Kong were the top five investment sources, cumulatively accounting for 82.2% of total inflows last month.

About 73.6% of such investments went to securities listed on the Philippine Stock Exchange (PSE) — mainly in property companies, holding firms, banks, as well as food, beverage and tobacco companies — while the balance went to peso-denominated government securities.

Transactions in peso-denominated government securities yielded $104-million net inflows, while net outflows were noted for those involving PSE stocks ($139 million), as well as other peso-denominated debt instruments and other portfolio instruments (less than $1 million each).

The central bank attributed the month-on-month decline in net outflows to confidence inspired by the fourth straight month in May that overall inflation stayed within the central bank’s 2-4% target range after clocking in at successive multi-year highs last year, resumed US-China talks at the sidelines of the June 28-29 G20 meeting in Japan to settle their trade row and expected interest rate cuts of the US Federal Reserve.

Sought for comment, Rizal Commercial Banking Corp. economist Michael L. Ricafort said hot money flows improved in June after “sharp decline in the US/global bond yields amid more dovish signals” from the Fed that raised expectation of an interest rate cut to as early as its July meeting.

“No further escalations of tensions involving Iran also partly supported sentiment on the global and local financial markets,” Mr. Ricafort added. — Karl Angelo N. Vidal

Villar firm applies for P20.7-B IPO

By Arra B. Francia
Senior Reporter

THE PHILIPPINES’ richest man, Manuel B. Villar, Jr., is taking his home improvement chain public this year in a bid to raise up to P20.7 billion to finance its expansion.

In a preliminary prospectus posted on its Web site Wednesday, All Home Corp. said it will offer up to 1.125 billion shares priced at up to P16 each, consisting of 750 million primary shares held by the company and up to 375 million shares to be offered by a selling shareholder, All Value Holdings Corp.

The initial public offering (IPO) will also include up to 168.75 million shares as part of the over-allotment option.

Considering only the primary shares in the offer, All Home expects to net P11.46 billion from the IPO. The company said it will not receive proceeds from the sale of shares held by All Value Holdings.

Of projected net proceeds, All Home plans to use P6.858 billion for capital expenditure and initial working capital for store expansion.

It plans to disburse the funds from the fourth quarter of 2019 to the second quarter of 2020.

The company has 19 new stores lined up for this semester, in addition to 19 new stores in 2020.

It will also expand AllHome Alabang to boost its net selling space to about 12,340 square meters (sq.m.), from 5.845 sq.m. currently.

About P4.565 billion will be used for debt repayment by the fourth quarter of 2019, as the company has P4.603 billion in loans from several local banks.

The remaining P37 million will go to general corporate purposes.

On the other hand, All Value Holdings could net up to P5.635 billion from the sale of its shares in All Home, and up to P8.198 billion including the over-allotment option.

The company looks to finalize the IPO price on Sept. 16, then offer the shares to investors from Sept. 18 to 24 in time for listing at the Philippine Stock Exchange on Oct. 1 under the ticker “HOME.”

All Home engaged UBS AG, Singapore Branch as the offer’s sole global coordinator and joint book runner, while CLSA Limited and Credit Suisse (Singapore) Limited were tapped as joint book runners.

PNB Capital and Investment Corp. will act as local lead underwriter, while China Bank Capital Corp. will be a co-led local underwriter.

Incorporated in 2013, All Home has since established 25 stores with a net selling space of about 196,327 sq.m. Nineteen of these are in Mega Manila, three in Luzon and three in the Visayas and Mindanao.

It operates three formats, namely large mall-based store, large free-standing store and small specialty store.

All Home booked a net profit of P207.1 million in the first quarter of 2019, almost five times the P43.6 million it recorded in the same period a year ago. This came on the back of a 68% uptick in revenues to P2.38 billion in the same period.

If approved and should it proceed, All Home could be the first company to go public this year after drought in maiden offerings last semester. This comes amid a recovery in the benchmark PSE index, which is now trading at the 8,200 level.

“I think it is perfect timing for them to do this IPO. Market has started to go up. Villar stocks have very good performance which is a good sign for investors,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in a mobile phone message when sought for comment.

Mr. Mangun also noted that news of the firm’s IPO could be the reason why its competitor, Wilcon Depot, Inc., has dropped by a total of seven percent in the last four trading sessions to P15.70 on Thursday.

Philstocks Financial, Inc. Research Associate Japhet Louis O. Tantiangco also noted that the company’s IPO comes alongside the PSEi’s rally, which could boost its debut.

“The company has bright prospects. At the same time, we have a market that’s already trying to hold its ground in the bull territory,” Mr. Tantiangco said in a separate text message.

“Given these, I believe there will be appetite from investors if the IPO pushes through.”

Ten films for 15th Cinemalaya

A SURPRISING turn of events as a midwife applies to work abroad, a student’s act of theft turns into viral video, a robot’s friendship and adventure with a young boy, are among the diverse stories that will be told in this year’s Cinemalaya films.

Celebrating 15 years of independent Filipino movies, this year’s film festival will be held nationwide on Aug. 2 to 11.

Since 2005, the film festival has showcased over 1,000 works by independent filmmakers including short and full-length features, documentaries, and art films.

“[This year] political, environmental, social, technological upheavals find their way into the changing phase of independent films,” Cinemalaya President Laurice Guillen said in her speech at the film festival’s launch on July 8 at the Cultural Center of the Philippines.

The festival will open with Lav Diaz’s Ang Hupa (The Halt) on Aug. 2 and close with Kerwin Go’s Mina-Anud on Aug. 11.

As a way of bringing the films to a wider audience, Cinemalaya has partnered with the following micro cinemas to show the films: Cinema Centenario in Quezon City; Cinema ‘76 in Anonas, QC and San Juan; Black Maria in Mandaluyong, the CBRC-Dream Theater in Manila; and the FDCP Cinematheques in Manila, Iloilo, and Davao.

Aside from screenings at various venues in CCP and Metro Manila, the country’s biggest independent film festival will be simultaneously be held on Aug. 7 to 13 at selected Ayala Cinemas and Vista Malls in Pampanga; Naga and Legaspi in Bicol; Bacolod; Iloilo; and Davao.

Ten full-length movies will be shown during the festival. They are:

• Ani (The Harvest), directed by Kim Zuniga and Sandro Del Rosario. Set in Bicol in 2050, a 14-year-old orphan boy and a malfunctioning robot go on an adventure to search for magical grains that may cure the boy’s sick father.

• Belle Douleur (Beautiful Pain), directed by Joji V. Alonzo. Liz, a 45-year-old clinical psychologist and Josh, a young antique dealer have both recently suffered the loss of family members. When Liz decides to downsize and meets Josh, their loneliness draws them close.

• Children of the River, directed by Maricel Cabrera-Cariaga. Inspired by the 2017 Marawi siege, Elias and his three best friends promise to look out for each other even through difficult times.

• Edward, directed by Thop Nazareno. Edward is looking after his ailing father in the public hospital. Estranged from the rest of the family, he makes the hospital ward into his own playground. Then he meets Agnes, a young patient with whom he finds comfort.

• Fuccbois, directed by Eduardo Roy, Jr. Two beauty pageant contenders’ images and celebrity status online are threatened when an ex-lover exposes a secret on social media.

• Iska, directed by Theodore Boborol. Iska is a loving grandmother who looks after her 10-year-old autistic grandson despite being deemed an unfit guardian by the media and government.

• John Denver Trending, directed by Arden Rod Condez. An 8th grader’s life is threatened when a video of him stealing an iPad in school is uploaded online.

• Malamaya (The Color of Ash), directed by Danica Sta. Lucia and Leilani Cruz. Nora, a 50-year-old single artist, embarks in a May-December affair with a young photographer, failing to realize how the man has invaded her privacy, body, and art.

• Pandanggo sa Hukay, directed by Sheryl Rose M. Andes. The film explores the role and voice of women in society and follows a midwife who prepares for her application to work in Saudi Arabia when she finds herself in unfamiliar territory.

• Tabon, directed by Xian Lim. Ian returns with his wife and step-daughter to his hometown after the murder of his father, and seeks the help of a senior inspector to investigate the murder as three suspects have their own versions of the truth.

Aside from the full-length films, the festival will also show several short features, namely: Glenn Lowell Forneste Avera’s Disconnection Notice; Harold Lance Pialdal’s Gatilyo (Trigger); Julius Renomeron, Jr.’s Heist School; Norvin De Los Santos’ Hele ng Maharlika (Lullaby of the Free); Gilb Baldoza’s Kontrolado ni Girly ang Buhay N’ya (Girly is in Control of Her Life); Don Senoc’s Sa Among Agwat (In Between Spaces); Francis Guillermo’s Sa Gabing Tanging Liwanag ay Paniniwala (Belief as the Light in Darkness); Shaira Advincula’s Tembong (Connecting); Sheron Dayoc’s The Shoemaker; and, Josef Gacutan’s ‘Wag Mo ‘Kong Kausapin (Please Stop Talking).

OTHER REASONS TO WATCH
The Cinemalaya Film Festival will also be hosting the 31st edition of the Gawad Para sa Alternatibong Pelikula at Video which will screen and select films to compete in various categories. The selected participating entries will be shown on Aug. 3 to 5 at the CCP Dream Theater. The awarding rights for the competition is on Aug. 5, 7 p.m.

Cinemalaya is also introducing the Mini-Versity, a new component envisioned to spur interest about filmmaking among the youth. Interested participants may engage with industry practitioners from Aug. 2 to 11 at the CCP’s Silangan Hall.

Meanwhile, a selection of films will also be screened at the CCP as tribute to the late actor Eddie Garcia, actress Armida Siguion-Reyna, and production designer Cesar Hernandez.

The Cinemalaya Awards Night will be held on Aug. 11, 7 p.m. at the CCP Main Theater.

For more information on the festival, visit www.cinemalaya.org, www.culturalcenter.gov.ph, and the Cinemalaya Facebook page; or contact the CCP Film and Media Arts Division at 832-1125 local 1704 and 1712. Tickets and festival passes are available at the CCP Box Office (832-3704). — Michelle Anne P. Soliman

iflix partners with Viva on content, development deal

KUALA LUMPUR-based video-on-demand (VOD) service, iflix, has announced its partnership with Philippine media and entertainment company, Viva Communications Inc., which includes “a substantial” investment in the streaming service and plans to launch several films and series within the next three years, according to an iflix executive.

“[The Viva investment] includes co-producing 30 movies within three years and nine TV shows,” Sherwin dela Cruz, country manager of iflix Philippines, told BusinessWorld during the July 10 event at Common Ground in Bonifacio Global City, Taguig.

The partnership, which took three years of meetings to put together, is line with Viva’s direction of going regional.

“We’re happy because we’re bringing our content on the platform and we’re even happier we’re getting our stars exposed in an international platform… and hopefully some of them can break through,” Vincent G. del Rosario III, COO and President of Viva Communications Inc., said during his speech.

“Viva is now looking at expanding regionally and I think what better way to execute a dream is to enter a partnership with iflix,” he added.

The deal with iflix also includes Viva’s entire library which Mr. Dela Cruz pegged at 9,000 hours worth of content.

Mr. Dela Cruz said that the first film to be co-produced with Viva has a tentative December release date but that their plans for producing films are being adjusted to comply with the recent Film Development Council of the Philippines (FDCP) memorandum released in June that states that a film which has had a theatrical release will have to wait 150 days before being shown in other screening platforms.

The FDCP memorandum noted that the policy is to “maximize the movies’ revenue opportunity in local cinemas.”

“We were eyeing to release it sooner after the theatrical release,” Mr. Dela Cruz said before admitting that the new policy threw a spanner into their plans. He said that five months is too long as the audience may have already forgotten about the film before it drops in screening platforms.

“I’m not complaining about it. I understand the pros of the new policy but it does have its cons,” he said.

The first film off of the partnership is a comedy, though he said that they are planning to release films of various genres “every month or every 45 days” for three years.

Currently, the Philippines has 3.2 million monthly active iflix users, a number Mr. Dela Cruz said will be bolstered by the Viva library and the slew of original content to come as he noted that Filipinos are fans of local content.

iflix is currently available in 22 countries in Asia and North Africa including Morocco, the Sudan, Egypt, Southeast Asia, the Maldives, Kuwait, and Bahrain. In March this year, the company reported that it has more than 25 million subscribers on the service, 19 million of whom are monthly active users, according to a presentation made during the launch.

Last year, iflix launched a free tier where users can watch content without paying although it does include advertisements. — Zsarlene B. Chua

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