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ALI’s pocket urban development to help transform Novaliches

IT may be difficult to imagine an Ayala Land, Inc. (ALI) estate in the middle of Novaliches, Quezon City.

But the property giant is developing The Junction Place, an 11-hectare property (formerly the site of RubberWorld factory), into a “pocket urban development” that is expected to have a transformative effect on the very dense area.

Stephen S. Comia, senior division manager for ALI’s strategic landbank management group, said the Novaliches area has a population of about 400,000 or roughly 15% of Quezon City’s total population.

“We see there’s an opportunity to be part of a highly urbanized development in the area. There’s a lot of business communities, large working middle-class communities, hospitals and schools in the area… The area is very congested in terms of traffic… At 11 hectares, it’s really not large, but for us it’s enough to create a big impact,” he said during a press briefing in Makati City on Oct. 30.

Manuel A. Blas II, ALI strategic landbank management group vice president, said they expect that the impact of The Junction in the very crowded neighborhood would be significant.

“It’s so dense, you couldn’t see what could be transformed here. But that’s what we will be able to do… We can gentrify the neighborhood, and they can feel something changed when The Junction came,” Mr. Blas said.

Mr. Comia noted that The Junction Place represents a new estate product for ALI, as it is a relatively smaller estate in a populated urban location.

“This is a pocket urban development showcasing all the experience and learnings of Ayala Land as the pioneer in estate development. We’re creating a comfortable, safe, organized and refreshing new neighborhood that will connect people to other hubs in Quezon City and beyond,” he said.

The Junction Place is located between two very busy thoroughfares — Tandang Sora Avenue and Quirino Highway. ALI officials said they are addressing the traffic congestion in the area by building a spine road through the property. The Junction Place Boulevard is expected to be opened by 2020.

Also, the estate will have its own transport terminal that will connect to other parts of Quezon City and Metro Manila. It is also located near two planned stations of the Metro Manila Subway System — Quirino and Tandang Sora Stations.

ALI is ramping up the development of Phase 1 of The Junction Place, which will include a Waltermart Mall, retail strip, a residential project by Amaia Land, roads, public open spaces and the transit hub.

“Waltermart will be located on the side of Quirino. They will be constructing a mall with 5,000 sq.m. of leasable space. We partnered with them because it fits the market of the area… Construction is to start in December,” Mr. Comia said.

“We are developing our own community center in the heart of the estate. It will have green public spaces, retail, dining and service options, activity nodes for community events,” he added.

The Amaia Land residential project is expected to be launched within the year while the Waltermart Mall is targeted to open by 2021 and the retail strip by 2022.

ALI also envisions The Junction Place as a platform for homegrown, small and medium enterprises. It sold out seven commercial lots covering 8,000 square meters for P500 million. — Cathy Rose A. Garcia

Maynilad breaks ground on P10-B sewage treatment plant

MAYNILAD Water Services, Inc. on Monday has broken ground on a P10.5-billion sewage treatment plant that is set to become the company’s largest in terms of capacity as it will be able to treat about 205 million liters of wastewater per day.

The plant, called the CAMANA (Caloocan-Malabon-Navotas) Water Reclamation Facility, is expected to help clean the waterways flowing to Manila Bay while improving the sanitation conditions in three cities.

“The completion of our CAMANA treatment facility will increase Maynilad’s sewerage coverage to 47%, up from only 6% in 2006 before Maynilad was reprivatized,” said Maynilad President and Chief Executive Officer Ramoncito S. Fernandez in a statement.

The facility will treat wastewater generated by some 1.2 million Maynilad customers in south Caloocan, Malabon, and Navotas. It will be built on a 16-hectare lot along Dagat-dagatan Ave. Ext. in Brgy. Maypajo, Caloocan City.

“As in previous implementations of our wastewater projects, we ask for the support of the local government units and communities so that we can facilitate completion and mitigate the impact on traffic of our activities,” Mr. Fernandez said.

To catch wastewater from households and establishments in the covered cities, Maynilad will also lay about 85 kilometers of accompanying sewer lines leading to the treatment facility.

Maynilad said the CAMANA facility will use advanced Modified Ludzack Ettinger (MLE)-Conventional Activated Sludge technology to remove pollutants from wastewater before its discharge to the Maypajo creek, then to Manila Bay.

The sewage treatment plant is designed to comply with the stringent standards mandated by the Department of Environment and Natural Resources under the water quality guidelines and general effluent standards of 2016.

The company said the facility is part of its P200-billion wastewater investment plan from 2019 to 2037 that will involve the construction of 26 new STPs and the installation of about 425 kilometers of new sewer lines.

Along with the facility, Maynilad is also building other sewage treatment plants in Valenzuela, Las Piñas City, and Tunasan and Cupang in Muntinlupa.

Maynilad, the largest private water concessionaire in the Philippines in terms of customer base, operates and maintains 22 wastewater facilities with a combined treatment capacity of about 663,000 cubic meters of wastewater per day.

Maynilad and Manila Water Company earlier filed a motion for consideration on the Supreme Court decision to impose a P921- million fine on the two companies for failing to connect all existing sewage lines to the available sewerage system within five years from the effectivity of the Clean Water Act, or from May 6, 2004.

Maynilad serves the cities of Manila, except portions of San Andres and Sta. Ana. It also covers Quezon City west of San Juan River, West Avenue, EDSA, Congressional, Mindanao Avenue, the northern part starting from the districts of the Holy Spirit and Batasan Hills.

Down south, it serves Makati west of South Super Highway, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon all in Metro Manila; and the cities of Cavite, Bacoor and Imus, and the towns of Kawit, Noveleta and Rosario, all in Cavite province.

Metro Pacific Investments Corp. (MPIC) has a 52.8% stake in Maynilad. MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and Philippine Long Distance Telephone Co. (PLDT). Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld. — Victor V. Saulon

Instagram-worthy shopping mall opens in Makati

By Mark Louis F. Ferrolino
Special Features Writers

SHANG PROPERTIES, INC. (SPI) and Vivelya Development Co. Inc. officially opened the boutique mall, Assembly Grounds at The Rise, in Makati City.

The two-storey community mall is integrated with The Rise Makati, a 59-storey condominium development by SPI’s wholly-owned company, The Rise Development Company, Inc.

Cesar Jose C. Jesena, Tenant Management Division head of Shangri-la Plaza Corp., told BusinessWorld in an interview that Assembly Grounds not only caters to the residents of The Rise but also to young working professionals and students in the North Makati area.

“It’s a community mall. If you look around, you will also see people who work in the area,” he said.

The boutique mall features a mix of restaurants, cafes, services, and essential stores, carefully curated with urban lifestyle in mind.

“My team curated it to appeal to a younger market. We have brought in familiar names like the Starbucks Reserve, Zubuchon, Ramen Daisho, Pepper Lunch, Recipes, Tong Yang Shabu-Shabu Express, and Buffalo’s Wings N’ Things,” Mr. Jesena said.

Other establishments in the mall include Fiery Style Southwestern Flaming Grill, Mey Lin Express, Premier the Samgyupsal, Yuki Cafe, BreadTalk, 7-Eleven, and Yi Fang Taiwan Fruit Tea.

Casa Mia, Chatto Bites, Vinatrang Cuisine, Kuya’s, Mihimihi, Raging Bull + Burgers, Salad Bowl, and Spektral are also some of the food places that are coming soon to Assembly Grounds.

“It’s really a foodie haven, a foodie destination,” Mr. Jesena said. “More than 50% [of the establishments here] is F&B (Food & Beverage).”

Meanwhile, Assembly Grounds also houses establishments that offer beauty and wellness services, such as Nisce Skin Medispa, BOHO by Nail Tropics, Pink Parlour, /nook/ Salon, Lomi Imua Relaxation Hawaiian Spa, Tapout Fitness, and Sanbry Men’s Grooming House.

True Value, Daiso Japan, CURATE, BPI, Security Bank, and Besa’s Footwear and Bag Restoration can also be found in the mall.

Aside from the set of popular and unique brands located inside the mall, what makes Assembly Grounds different from other commercial developments in the area, according to Mr. Jesena, is its impressive interior design where every spot of the mall is worthy to be posted and shared in social media.

“Everything here is Instagram-worthy, even the comfort rooms,” he said.

Ely Buendia holds concert based on musical Ang Huling El Bimbo

MUSICIAN and former The Eraserheads frontman Ely Buendia is “trying his hand at something new” with a solo concert on Dec. 8 at the Newport Performing Arts Theater in Resorts World Manila (RWM), Pasay City.

Titled Ely Buendia: A Night at the Theater, the show “will reveal another side to his vast creative arsenal previously unwitnessed by fans,” according to a press release. The show will feature hits from his Eraserhead days “just how we remember it and then some.”

Best known as the frontman for numerous influential alternative bands in the country including Eraserheads, the four-piece that was likened to the Beatles in the 1990s, Mr. Buendia’s upcoming performance is said to have been born out of the recent success of RWM’s hit musical, Ang Huling El Bimbo, which uses Eraserheads songs, this year.

The show is RWM’s longest-running musical clocking at more than 100 performances. Songs in the show include the hits “Pare Ko,” the titular “Huling El Bimbo,” “Tindahan ni Aling Nena,” and “Ligaya.”

For the concert, Mr. Buendia will be joined by some of the musical’s cast members — Gian Magdangal, Oj Mariano, Jon Santos, Carla Guevara-Laforteza, Reb Atadero, Boo Gabunada, Topper Fabregas, and Tanya Manalang. The concert is directed by Ang Huling El Bimbo cast member Jamie Wilson and written by Dingdong Novenario.

“While the show’s concept and other highlights remain hush-hush at the moment, fans can expect Ely to bring in his A-game as the cast of Ang Huling El Bimbo reprise their characters from the musical for one more night of theater magic,” the release said.

Mr. Buendia is currently the frontman of the band Apartel and launched new songs this year — “Lutang” and “Pariwara” — with the band Itchyworms,

Tickets for A Night At The Theater are now available at the RWM Box Office on the ground floor of Newport Mall and all TicketWorld outlets. Ticket prices range from P1,800 to P7,500. — Zsarlene B. Chua

Manila Water 9-month earnings decline by 11%

MANILA Water Co., Inc. reported its net income fell 11% to P4.4 billion as of end-September, saying its performance is still dampened by the impact of the water supply shortage that hit its concession area in Metro Manila’s east zone early this year.

“Despite these challenges, continued efforts towards operating efficiency in the East Zone and the increased contribution of the domestic subsidiaries have made the business more resilient. As a result, core net income stood at P5.8 billion for the period, an improvement of over 10% from last year,” the Ayala-led listed company said.

Manila Water did not release figures for the third quarter.

The higher contribution of domestic businesses outside the east zone drove consolidated revenues to rise by 10% to P16.1 billion during the January to September period. The growth came despite the impact of the one-time bill waiver program during the water supply shortage early this year.

The rise in revenues, however, was outpaced by the rise in consolidated costs and expenses at 18% to P7 billion, which was driven by the penalty imposed by the Metropolitan Waterworks and Sewerage System (MWSS). Adding to expenses are the additional service recovery and operations augmentation costs in relation to the water supply shortage.

Without these one-off items, the increase in consolidated costs and expenses would be 6% to P5.8 billion, the company said.

Billed volume in the Manila concession dropped by 2% while the average consumption decreased by 4% as a direct result of the lack of available raw water supply for distribution.

The decline, along with the one-time bill waiver program, dampened top-line growth but core growth stayed resilient, Manila Water said. Nine-month revenues in Metro Manila’s east zone rose by 3% to P12.5 billion.

“For costs [and] expenses, the main contributors were direct costs, comprised of additional repairs and maintenance costs due to increased valving activities, increased overhead costs, as well as higher water treatment chemicals with the new water treatment facilities,” the listed company said.

Excluding one-time items brought about by the water supply shortage, direct costs were nearly flat at 1% to P1.5 billion, in line with the rise in billed volume.

Net income for the Manila concession fell by 17% to P4 billion, but without the one-time expense resulting from the water supply shortage, core profit improved by 2% to P5.3 billion.

Domestic operations under Manila Water Philippine Ventures, Inc. recorded a net income of P301 million, up 126% from a year ago, led by its division Estate Water, and subsidiaries Boracay Island Water Co. and LagunaAAA Water Corp.

International operations under Manila Water Asia Pacific Pte. Ltd. recorded an 8% increase in equity share in net income of associates to P552 million, largely due to the contribution of the Thailand business Eastern Water Resources Development and Management Public Co. Ltd., or East Water.

“Subsidiary operations in Vietnam posted lower income contribution for the period due to higher regulatory and operating costs, even as billed volume remained relatively stable,” the company said.

On Monday, shares in Manila Water went down by 0.94% to P19 each. — Victor V. Saulon

EastWest Bank income climbs as of Sept. on higher revenues

EAST WEST Banking Corp.’s (EastWest Bank) net earnings surged at end-September from higher revenues due to fees, improved margins, higher gains from trading activities, as well as lower credit costs.

In a disclosure to the bourse on Monday, the bank said it saw its net profit jump by 43% in the first nine months of the year to P4.6 billion.

The bank reported a return on equity of 14%, while its total assets increased by 15% to P387.3 billion.

“In the first half of the year, we faced a margin squeezed. Our asset yields went up by 73 basis points while our interest expenses doubled from the tight liquidity. Market liquidity had started to normalize in the third quarter and funding cost went lower. We are proud to see our consumer-led business model works,” EastWest Bank President and Deputy Chief Executive Officer Jesus Roberto S. Reyes was quoted in the statement.

As of writing, the bank has not disclosed third quarter figures.

As of September, EastWest Bank’s revenues inched up by 11% to P21 billion from the P18.9 billion it booked in the same period last year.

The lender’s net interest income also grew by P714 million to P15.2 billion during the first nine months, with earnings from fees and commissions increasing by 15% to P3.9 billion.

Gains from securities and foreign exchange trading stood at P1.4 billion during the nine-month period, which was P952.8 million higher from a year ago.

Likewise, the bank’s total loans went up by 13% to P261.5 billion, 73% of which were from consumer loans.

Meanwhile, it reported a 10% growth in total deposits to P291.6 billion, with current account, savings account deposits increasing by 16% year-on-year.

The bank’s operating expenses, excluding provisions for losses, also grew 11% to P12.3 billion due to “business-related expenses and intensified marketing acquisition campaigns to generate more loans and retail deposits”.

Its cost-to-income ratio was steady at 59%.

Provisions for losses declined by 15% year-on-year to P2.7 billion due to the bank’s “more seasoned consumer portfolio.”

EastWest Bank Chief Executive Officer Antonio C. Moncupa said the bank is still “on track to have the most profitable year” and will continue to grow and maintain its “position among the most profitable banks in the industry.”

Shares in EastWest Bank went up 50 centavos or 3.88% to P13.38 apiece on Monday. — Beatrice M. Laforga

Big Ass Fans’ Haiku offers stylish, energy-efficient solution to cooling homes

PHILIPPINE GeoGreen, Inc. is hoping to encourage more Filipinos to adopt a sustainable lifestyle by introducing energy-saving and green products to the market.

“(The company) is determined to help more Filipinos embrace a sustainable lifestyle, whether in their own homes or in their businesses. This is why we have brought in many innovative solutions to the country. Over the past ten years, we have helped thousands of Filipinos discover sustainable and cutting edge solutions, and we would like to make this widely available to all. Our goal is to get everyone to cut back their carbon footprint,” architect and Philippine GeoGreen CEO Liza Crespo was quoted as saying in a statement.

Since 2009, the company has been the leading distributor green building products such as Big Ass Fans in the country.

Big Ass Fans, a Kentucky-based company, manufactures ceiling fans, lights and controls for industrial, commercial and residential.

One of its products is the Haiku, a small ceiling fan which generates a cooling effect that is 80% more efficient than conventional ceiling fan motors. It has voice control and smart thermostat integration for indoors, as well as remote and mobile app controls. The Haiku also exceeds Energy Star-registered requirements for ceiling fans from 2012 to 2018.

“I never had fans for this house before the Haiku came out,” Ms. Crespo said during a press event at her condominium in Pasig City. She said the Haiku complemented the minimalist aesthetic of her condominium, which is why she had several Haiku ceiling fans installed.

Tony Yeong, managing director of Big Ass Fans, explained the Haiku’s function and benefits.

“[You have to] understand the product more and how it actually fits into your lifestyle and embark on the journey of getting the first one, and then you eventually see the benefits with some device like a fan that provides ventilation and displacement, you can do a lot for the environment and also for your lifestyle,” Mr. Yeong told BusinessWorld.

Mr. Yeong explained that a Haiku for homes is smaller and faster, compared to industrial and commercial fans.

“It is not displacing air in terms of the wingspan. It needs to be faster because it’s smaller. As the fans is bigger, it goes slower because it displaces air with the wingspan itself,” he said.

Big Ass Fans is now focusing on promoting the smart home platform, which is activated through the Google Home app.

Mr. Yeong said Southeast Asia as a growing market for the US-based company.

“You can see more and more people buying new homes and bringing in new technologies. So, we believe that Big Ass Fans has a potential to grow,” he said.

Ms. Crespo said in the Philippines, most of their customers are those who are renovating their homes.

“Fifty percent of [who we sell to] are renovations. We had to take out their old fans and install the Haiku,” Ms. Crespo said. “A lot of the clients that we have worked with for the past 10 years are repeat clients. So [I guess] that’s a testament to the service that we provide. We try to build relationships rather than just pushing products.” — Michelle Anne P. Soliman

In Imelda Marcos’ world, wealth takes a backseat to power

By James Tarmy, Bloomberg

Movie Review
The Kingmaker
Directed by Lauren Greenfield

TO AN international audience with a long memory, Imelda Marcos, former first lady of the Philippines from 1965 to 1986, is famous for the thousands of shoes that were seized when her husband Ferdinand was ousted from power. In global pop culture, her name became synonymous with excess and greed.

To people in the Philippines however, she’s the omnipresent matriarch of a family that began to try to claw back political power almost as soon as they lost it.

Marcos plays a starring role in those machinations in a new documentary, The Kingmaker, by Lauren Greenfield, which loosely follows Marcos and her son, former senator Ferdinand “Bongbong” Marcos, as he campaigns to become vice-president of the Philippines in 2016. (Bloomberg LP, the parent of Bloomberg News, provided financial support for the film.)

The documentary is something of a bait and switch — it starts out as a sort of “lives of the rich and famous”-style drama and slowly becomes a tutorial in what Greenfield strongly suggests is a multi decade campaign of unseemly and allegedly illegal activity carried out by the Marcos clan in an effort to regain political sovereignty.

From one angle, this is new ground for Greenfield, who’s devoted her career to chronicling Western excess. She’s documented rich Los Angeles teens and aging French aristocrats, and produced a mountain of books, exhibitions, and documentaries about various members of the upper class.

Greenfield is certainly not in awe of money — most of her work is heavily slanted toward the evils of consumer culture — but cold hard cash has always been at the root of her work.

The Marcos family, in contrast, is certainly preoccupied with money, but primarily — at least in Kingmaker — as a means of perpetuating its own influence and power. Greenfield might follow Marcos around her Manila apartment as she points out her Picassos, Fragonards, and, almost unbelievably, a Michelangelo, and the camera is happy to linger on Marcos’s jewels and dresses. But when money is actually spent on camera, it’s on activity likely to gain votes.

The Marcos family is deeply embedded in the country’s political firmament. Marcos’s daughter is a senator, and her grandson is a governor. Marcos herself is a four-term congresswoman. And so we watch Marcos driving through slums with stacks of crisp bills, handing them out wherever she goes. At stoplights, she’ll hand out bills; at church, she’ll slip cash to the priest; even in a cancer ward, her default is to push money into the hands of a bedridden child. But even though that money is a tool, it’s also, Kingmaker argues, at the core of the Marcos family’s political enterprise.

The Marcos family’s hidden wealth, of which about $4 billion has been recovered by successive Philippine governments, isn’t exactly a fringe concern. After a CNN debate between Bongbong and Robredo, someone at a press conference press asks Marcos, point blank, about his “hidden wealth — do you have it?”

For someone who’s presumably had a lifetime to figure out a compelling answer, Bongbong doesn’t do a great job at giving an explanation. “No, no. I don’t have it,” he says. “Everything of mine is very clear and uh…” trailing off until he’s asked another question.

His mother is a much better politician. She’s better at working a crowd, better at arguing for her children’s political relevance, and infinitely better at justifying her own excesses.

“When I became first lady, it became more demanding for me,” she explains. “If I’m going to the slum areas, I have to dress up and make myself more beautiful. Because the poor always look for a star in the dark of the night.”

Perhaps unconsciously, Marcos is echoing another clotheshorse, the late New York socialite and philanthropist Brooke Astor. In her 2007 obituary, Astor is quoted as saying: “If I go up to Harlem or down to Sixth Street, and I’m not dressed up or I’m not wearing my jewelry, then the people feel I’m talking down to them. People expect to see Mrs. Astor, not some dowdy old lady, and I don’t intend to disappoint them.”

Greenfield does her best to differentiate Marcos from the world’s benign, tiara-decked nonagenarians, though. Kingmaker foregrounds women who were allegedly detained and sexually assaulted after protesting the Marcos regime’s martial law, along with a series of Philippine citizens who allege that the Marcos government committed abuse and murder.

Marcos herself does most of Greenfield’s heavy lifting. She might have the money of a socialite, but she’s got the work ethic of a scrappy woman on the make. We see her, tireless, trudging through adoring crowds pressing the flesh, kissing babies, conferring with allies, and even singing at campaign rallies.

In fact, by the end of the film, having seen a parade of jewels, mansions, and art, one begins to wonder why that isn’t enough for the woman so notorious for avarice. During filming in 2016, she was already 87.

But what Greenfield shows throughout the film, as Marcos continues to hustle and claw at power as she approaches 90, is that the matriarch is not like the documentarian’s other subjects. Money may well be at the heart of her political aspirations — but it’s pure power that consumes her, body and soul. — Bloomberg

DoubleDragon seeks LEED Gold certification for Boracay hotel

DOUBLEDRAGON Properties Corp. is determined to secure a green certification for its hotel development in Boracay, as it tapped a sustainability consultant for its application for the Leadership in Energy and Environmental Design (LEED) Gold certification.

In a statement Monday, the listed property developer said its hotel arm Hotel of Asia, Inc. (HOA) has engaged Barone International to be a consultant for its LEED Gold certification application for Hotel 101 Resort Boracay.

“In this day and age when most modern buildings are built to have customary green features, DoubleDragon looks to go a step further… With its 1,001 hotel rooms it is poised to become the largest truly green hotel in the Philippines.” DoubleDragon Chairman Edgar “Injap” J. Sia II said in the statement.

The eco-friendly resort sits on a beachfront cove in Boracay Newcoast, which also incorporated green initiatives such as “the use of electric jeepneys, solar-powered streetlamps, flood-free drainage systems, implementation of its own waste segregation program and having its own Material Recovery Facility (MRF) for waste recycling, and having its own Sewage Treatment Plant (STP) that converts used water for irrigation and fire reserve.”

An LEED certification measures a building’s sustainability based on several categories such as water efficiency, energy & atmosphere, materials & resources, indoor environmental quality and innovation.

The U.S. Green Building Council, which developed LEED, said in its website such certification could result to instant recognition for a building, faster lease up rates, higher resale value and brand enhancement, among others.

Hotel 101 is DoubleDragon’s hotel brand which currently has branches in Pasay City, Taguig City and Davao City. Mr. Sia said the company is envisioning Hotel 101 to contribute significantly to the company’s recurring income.

Shares in DoubleDragon fell 0.05 point or 0.25% to P20 each on Monday. — Denise A. Valdez

BoJ debated whether to boost stimulus

BANK OF JAPAN policy makers discussed the possibility of additional easing measures. — REUTERS

TOKYO — Bank of Japan (BoJ) policy makers debated whether extra easing measures were needed to hit the central bank’s inflation target at its last policy meeting, a summary of opinions showed on Monday, as heightened risks threatened a fragile economic recovery.

Some in the BoJ’s nine-member board insisted on the need to communicate to markets the central bank would maintain loose monetary policy given the time need to accelerate inflation to its 2% price goal, the summary of the Oct. 30-31 meeting showed.

One of the members said additional easing measures would be needed “without hesitation” if momentum toward achieving the inflation target falters.

“In the current situation where risks are skewed to the downside, the Bank should continue to examine whether additional monetary easing will be necessary,” another board member was quoted as saying in the summary.

At the October meeting, the BoJ kept monetary policy steady but introduced new forward guidance to indicate more clearly its readiness to cut rates if needed, underscoring its concern over simmering overseas risks.

In its policy statement last month, the BoJ said it expected short- and long-term interest rates to stay at their present or lower levels given the possibility efforts toward achieving the elusive price target stall.

Board member Goushi Kataoka dissented on the decision to change forward guidance, saying such momentum had already been lost.

In the October meeting summary, some board members warned that long-term uncertainties remained high even as short-term risks temporarily eased on progress in US-China trade negotiations.

One board member said the BoJ needed to signal that its policy stance was now further tilted toward monetary accommodation and a “downward bias in the policy rates.”

However, another member said there had been no increase in risks that the inflation target would be not be met. The board members are not named in the summary.

Under its yield curve control policy, the BoJ pledges to guide short-term rates at -0.1% and the 10-year government bond yield around 0%. It also buys government bonds and risky assets to accelerate inflation to its price goal.

Japanese policy makers have been under pressure to offset the impact on the domestic economy from an overseas slowdown with a diminishing tool-kit, as soft global demand hurts the export-reliant economy.

Given heightened risks to the outlook, Prime Minister Shinzo Abe on Friday asked his cabinet to compile a package of stimulus measures to support the economy and build infrastructure to cope with natural disasters. — Reuters

DBP raises P18.125 billion from sustainability bonds

STATE-OWNED Development Bank of the Philippines (DBP) successfully raised P18.125 billion via sustainability bonds to finance eligible projects.

During the listing ceremony in Makati City on Monday, DBP President and CEO Emmanuel G. Herbosa said they raised P18.125 billion in the two-year Series A ASEAN sustainability bonds, which was three times more than the initial P5 billion target.

“This will further enable us to support and spearhead projects in line with the sustainability development goals and allow us to reach a wider network of stakeholders especially in the countryside,” Mr. Herbosa said in his speech.

The debt papers, which are due on 2021, carry a coupon of 4.25% to be paid quarterly, Jose Gabino de Leon Dimayuga, DBP executive vice president, said in a phone message yesterday.

The issuance was the first tranche of the bank’s three-year P50-billion bond program under its Sustainability Finance Framework.

Mr. Herbosa said the proceeds of the fund-raising activity will finance roads, bridges, airports, equipment for public and private hospitals, renewable energy for power plants, schools and provide more working capital for local businesses.

He added that this issue is the first listing of the bank in the Philippine Dealing and Exchange Corp., which will take them “one step closer” to its target of becoming a P1-trillion bank.

“We want to impart the value of nation-building to our investors, and hopefully through this transaction, inspire them to make even greater steps with us, paving the way for sustainable future in generations of Filipinos to come,” he added.

The transaction’s structuring advisor and issuer manager was the Standard Chartered Bank, which also worked with China Bank Capital Corp. as joint lead arrangers.

DBP’s net earnings went up by 12.3% year-on-year in the first six months of the year to P3.1 billion, boosted by lending growth.

The gross loan portfolio of the country’s eighth largest bank in terms of assets rose by a fifth to P368.33 billion in the first half. — Beatrice M. Laforga

Hungarian film fest sets sights outside Metro Manila

NOW IN its third year, the Hungarian Film Festival (HUFF) is expanding its reach to cities outside Metro Manila as it tries to “present the essence of Hungarian cinema to more and more Filipinos in Cebu and Davao,” according to a press release.

The festival, which opens on Nov. 13 at the Red Carpet Cinemas at Shangri-La Plaza Mall in Mandaluyong, presents five films.

The festival runs for a week in Metro Manila while viewers in Cebu and Davao will have monthly screenings of the festival films until December.

It is presented by the Hungarian Embassy to the Philippines and the Film Development Council of the Philippines.

Opening this year’s HUFF is Kincsem — Bet on Revenge (2017) by Gábor Herendi. The film is a historical adventure loosely based on the exploits of Kincsem, a world-famous racing horse of unparalleled speed. Set against the backdrop of 19th-century political turmoil in Hungary, the film is a tale of love, revenge, and sportsmanship.

The other films on view for the week are: Brazilok or Brazilians (2017) by Csaba M. Kiss and Gábor Rohonyi, a tale told with humor and tears about a gypsy football team; Genezis or Genesis (2018) by Árpád Bogdán, about boy who lives with his grandparents after an attack on his Roma village kills his mother.

“[The film is] a dramatic depiction of sin, catharsis, and rebirth with strong biblical roots, the story is told via the journeys of very different individuals from completely separate sections of society whose paths never cross but whose fates become intricately entwined as they twist through the shadow cast by a horrendous crime,” the release said of the film.

Moszkva tér or Moscow Square (2001) by Ferenc Török is a period piece set in April 1989 during the collapse of Communist regimes in Europe. Four friends spend their evenings hanging around the clock tower in Moscow Square, while all around them the old regime is teetering on the brink — everyone feels that something is about to happen. The question is whether they make it happen or just wait for whatever’s coming.

For younger audiences, the festival presents Tales from the Lakeside (2017) by Zsolt Pálfi. The animated feature film — dubbed in English — tells the story of a tiny hero who tries to save the lake he lives in.

Lakeside introduces a wonderful microcosm around a small lake, where inspiring creatures defend their quiet corner of the world,” the release said.

All films are screened for free and will have English subtitles except Lakeside which is dubbed in English. For more information and for the screening schedule, visit the Embassy of Hungary’s Facebook page. — ZBC