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DTI’s Lopez backs separation pay for resigning employee

TRADE SECRETARY Ramon M. Lopez said he supports a separation pay provision in the proposed Security of Tenure (SoT) bill even in case of resignation, expanding the benefit to cover more forms of worker departure.

Mr. Lopez told BusinessWorld that employees who leave their companies regardless due to resignation should be entitled to such payments, saying they enhance worker security.

“We can consider giving automatic granting of separation pay,” he said.

Under the law, only certain forms of worker departure trigger the payment of separation benefits, including involuntarily dismissal or illegal retrenchment.

Resigning workers are not entitled to separation pay unless the payout is provided for in a collective bargaining agreement (CBA) or company policy. “In a way may security of tenure siya (a worker has security of tenure) ‘pag maganda ang separation pay (if he can look forward to separation pay),” he said.

Other provisions Mr. Lopez has proposed for the SoT include making pensions portable for workers who change jobs — Gillian M. Cortez

HBO Max to stream Big Bang

HBO Max, the upcoming streaming service from AT&T Inc.’s WarnerMedia, has secured exclusive five-year streaming rights in the United States to all 12 seasons of comedy hit The Big Bang Theory. Ranked as the No. 1 comedy on US television for the past seven years, the show has garnered an audience of some 20 million people. The rights for the show cost HBO Max between $500 million and $600 million, a source familiar with the matter told Reuters. All 279 episodes will be available on HBO Max when it launches in the spring of 2020, WarnerMedia said in a statement. Winning rights to hit shows has become expensive in a crowded streaming industry dominated by Netflix Inc., Hulu and Amazon.com’s Prime Video. Walt Disney Co. and Apple Inc. have also announced their own streaming services. Comcast Corp.’s NBCUniversal said on Tuesday it would name its upcoming streaming service “Peacock” and offer a broad slate of original content, including Dr. Death starring Emmy and Golden Globe winner Alec Baldwin. Peacock will also offer classic sitcoms The Office and Parks and Recreation and is scheduled to be launched in 2020, NBCUniversal said. The company owns traditional television network NBC, which features a peacock in its logo. Netflix Inc., poised to lose The Office to Peacock in 2021, said on Monday it had landed the global streaming rights for classic TV sitcom Seinfeld. The Office was the most-watched show on Netflix in the United States, followed by Friends, when measured by minutes streamed, according to Nielsen data for 2018. — Reuters

Seedwork Philippines eyes propagation of premium rice in Davao

DAVAO CITY — Seedwork Philippines is pushing for the propagation of its premium rice variety in the Davao Region as a way for local farmers to increase their incomes as the Mindanao Development Authority (MinDA) looks to export these varieties.

In a forum here Wednesday, Carlos Miguel L. Saplala, president of the Seedwork Philippines, said its premium rice variety US 88 is among those that can be marketed both locally and abroad as it commands better prices.

Mr. Saplala said he is confident this “is the right seed variety that our farmers in Mindanao need to bolster their yields.”

Aside from a farm trial in Nueva Ecija, the variety also underwent a trial in Hagonoy, Davao del Sur where the resulting yield was about 10 metric tons a hectare, way above the average rice production of four metric tons a hectare.

Its genetic potential is 14 metric tons per hectare, which can be achieved in optimal conditions, Mr. Saplala said.

If milled, the rice variety is of long grain quality, soft even if not hot and better tasting compared with some premium varieties, the official said.

In Mindoro, Mr. Saplala said the milled rice variety sells for about P2 higher than the average per-kilogram price.

Millers market it as specialty rice of hybrid variety as the US and its name stands for “Ubod ng Sarap.”

Mr. Saplala said the variety is tolerant to some rice diseases, including the Bacterial Leaf Blight, which usually reduces production.

In Tagum City Wednesday night, the company launched its “Ang Hari ng Ani” contest for farmers using US 88 to motivate them to adopt the variety. The contest will run between November and December.

The company added it is collaborating with MinDA to produce premium rice for export.

Remus C. Morandante, Seedwork Philippines vice- president for sales and public affairs, said a top official of the company, Franklin Y. Aguda, was among those who joined former Agriculture Secretary Emmanuel F. Piñol during a visit to Papua New Guinea in a bid to export premium rice to the country.

“We are collaborating with MinDA (on propagating the variety either for local and export markets),” said Mr. Morandante.

He said there is demand for the variety among farmers in the Davao Region, particularly those in Davao del Norte and Compostela Valley.

“There were demands from the farmers…if it is not US 88, they better not be given (seeds),” he said.

He added that aside from the possibility of exporting the variety, the plan is to teach farmers of Papua New Guinea to propagate it.

“There are potential areas (in the country where they can grow rice),” Mr. Morandante added.

Meanwhile, in a related development, the Department of Agriculture (DA) will be distributing about two million bags of certified seeds under the Rice Competitiveness Enhancement Fund (RCEP) to rice farmers within the year, in a bid to increase yields by 2024.

The Agriculture department said in a statement that farmer beneficiaries listed in the Registry System for Basic Sectors in Agriculture (RSBA) will receive seeds for two consecutive cropping seasons until December 2020.

They will also be entitled to up to four bags of inbred seeds depending on farm size for the October to December planting season. Rice seed varieties include NSIC Rc 160, Rc 216, Rc 222, and two location-specific inbred varieties.

The seeds are equivalent to planting about one million hectares of rice land, which the DA expects will boost yields by up to six tons per hectare in high-yielding provinces by 2024.

“So far, we have identified 57 provinces based on the size of area harvested, yield level, cost of production, and share of irrigated area. These municipalities and cities must also have an annual area planted of more than 500-ha for dry season 2019-2020,” DA Secretary William D. Dar said in a statement.

The DA will also provide farmers with technical briefings on seed preparation and other interventions and technologies from the Philippine Rice Research Institute (PRRI) to achieve their yield targets.

The department tapped local government units to help it validate the farmer beneficiaries listed in the RSBA. The LGUs will further assist in seed delivery inspection and seed distributions.

The distribution of the better seeds is part of Republic Act No. 11203 or the Rice Tariffication Act. It states that the government should allot a P3-billion fund or 30% of the RCEP for the PRRI for the production and distribution of high-yielding rice over a six-year period. — Carmelito Q. Francisco and Arra B. Francia

Walmart found to have discriminated against female personnel

WALMART Inc. likely discriminated against 178 female workers by paying them less, denying them promotions or both, because of their gender, the US Equal Employment Opportunity Commission said in memos seen by Reuters.

The agency urged Walmart and the women who filed complaints to come to a “just resolution,” which could include a settlement and changes to Walmart’s employment practices, after finding “reasonable cause” to believe there was gender discrimination. The memos were issued in July and viewed by Reuters on Tuesday after they were first reported by the Wall Street Journal.

Bentonville, Arkansas-based Walmart is the world’s largest retailer and the largest private employer in the US with a workforce of 1.5 million.

Walmart told the EEOC it was willing to engage in a “conciliatory process,” though in most cases the agency’s reasonable cause findings were “vague and non-specific,” said Randy Hargrove, a Walmart spokesman.

The cases involved allegations that were more than 15 years old, he said, and were “not representative of the positive experiences millions of women have had working at Walmart.”

Joseph Sellers, a lawyer for the women, said there were at least 1,600 similar complaints pending at the EEOC, accusing Walmart of discriminating against women in pay and promotions between 1999 and 2011. About 150 lawsuits against Walmart, covering the same time period, were pending in federal courts across the country, he said.

In 2011, Walmart convinced the US Supreme Court not to let about 1.5 million female workers complaining about pay and promotions sue in a class action, with a majority of justices concluding the women had too little in common to sue as a group.

Sellers, who represented Walmart workers in that case, said the memos issued in July involve women who worked at Walmart stores in over 30 states. That suggests a broad pattern of pay discrimination rather than isolated instances that could be attributed to local managers, Sellers said.

The EEOC did not immediately respond to a request for comment.

If Walmart cannot reach a settlement with the women, the EEOC could file a lawsuit against the company or authorize the women to bring their own. — Reuters

Ocasek died after surgery

LOS ANGELES — Cars front man Ric Ocasek died peacefully over the weekend while recovering from surgery at his family’s home in Manhattan, his wife, the actress and model Paulina Porizkova, said in an Instagram post on Monday. Porizkova, who announced in May 2018 that she and Ocasek had split after 28 years of marriage, did not elaborate on what kind of operation the 75-year-old rocker had undergone before his death on Sunday. But she said she and the couple’s two sons had been caring for him. “We, his family and friends, are completely and utterly devastated by his untimely and unexpected death and would appreciate the privacy to mourn in private.” New York Police have said they were called to Ocasek’s townhouse in Manhattan at about 4 p.m. EDT (2000 GMT) on Sunday by a family member who reported he was unresponsive. He was later pronounced dead at the scene. The cause of death will be determined by the city’s coroner.— Reuters

High notes for Passion

By Michelle Anne P. Soliman, Reporter

Theater Review
Passion
By James Lapine and Stephen Sondheim
Presented by Philippine Opera Company
Ongoing until Sept. 29
Carlos P. Romulo Auditorium, RCBC Plaza, Makati City

“What is the cost of a few words when a life hangs in the balance?” Doctor Tambourri, who is airing for the terminally ill Fosca, asks the young soldier Giorgio Bachetti in Stephen Sondheim’s one-act operetta, Passion.

The 1994 Tony Award winner for Best Musical is based on the 1981 Italian film Passione d’amore. Set in 1863 war-torn Italy, the story follows a handsome soldier Giorgio, who has an ongoing affair with his beautiful but married mistress Clara. While trying to keep his love affair going after being reassigned to a provincial outpost, Giorgio meets, and — after first finding her neediness repellent — learns to love the sickly spinster Fosca, his Colonel’s cousin.

Produced by the Philippine Opera Company (POC) in line with its 20th anniversary, Passion opened on Sept. 14 at the Carlos P. Romulo Auditorium, RCBC Plaza, Makati City.

A bit of a neophyte when it comes to Stephen Sondheim’s works, I entered the theater knowing only the synopsis of the story and no set expectations.

To a first time viewer, the music-driven story disturbingly presents a horror of a love story — a love affair alongside extreme one-sided romantic affection.

It is only after learning of Fosca’s history when it comes to marriage that Giorgio develops a feeling of guilt, then redeems himself by giving Fosca more attention than Clara. We see how women are treated in both relationships, and their different interpretations of what love is.

Director Robbie Guevara’s casting of the three lead actors — Jasmine Fritzgerald as Clara, Vien King as Giorgio, and Shiela Valderrama-Martinez as Fosca — was outstanding as the actors presented authentic chemistry in every scene.

Ms. Valderrama-Martinez was wonderful Fosca. Her diction was flawless; her execution of the character makes you uncomfortable but at the same time, one eventually understands her longing for love and compassion.

Mr. King gives a laudable performance in what is his first lead role as the naive Giorgio. Most of them in which Fosca directly admits her devotion to Giorgio makes you sympathize with his discomfort as someone who initially does not reciprocate.

All the leads, and the rest of the cast — Lorenz Martinez as Doctor Tambourri, Raul Montesa as Colonel Ricci, and Noel Rayos as Lieutenant Torasso — sang flawlessly.

The simplistic approach to the set and lighting design by Jason Paul Tecson and Shakira Villa Symes, respectively, makes the audience focus on the action onstage.

The costumes designed by Zenaida Gutierrez are commendable — intricate and well-researched, they stay true to the setting of the story. My companion, a fashion design graduate, commented that it was important, in spite of the nine quick costume changes, to have Clara wear petticoats which adds not only elegance but also accuracy to western fashion in the 19th century.

The operetta presents the viewer with an esoteric style of storytelling. Watch with a companion, family, or a group of friends. A discourse of varied viewpoints about the story awaits after leaving the theater.

For information, visit www.facebook.com/PhilippineOperaCompany/. For tickets and schedules, visit www.ticketworld.com.ph, or call 891-9999.

What it takes to have company

Theater Review
Company: A Musical Comedy
Music and lyrics by Stephen Sondheim
Book by George Furth
Presented by Upstart Productions
Ongoing until Sept. 22
Maybank Performing Arts Theater, BGC, Taguig City

It’s Robert’s (fondly called Bobby) 35th birthday! And his friends — five couples and three girlfriends — are waiting for him to show up at his surprise birthday party. He is the only bachelor among them. Will he wish to finally find the one? Or to stay content and happy as a bachelor? Is he really ready for commitment?

George Furth and Stephen Sondheim’s Tony award-winning Company: A Musical Comedy follows a New York bachelor who has yet to find a wife and settle down. The musical explores his relationships with his friends that show him the various dynamics of couples and married life.

Presented at the Maybank Theater at BGC, director Topper Fabregas chose to stage it as theater-in-the-round, a style which aims to make the audience feel closer to the actors and the action — however, in this case it felt detached. Set designer Joey Mendoza’s elevated rectangular platform makes it difficult for the audience to see the actors well, especially those seated in the front rows. If you plan to see the show, a seat in the balcony or the upper rows of the orchestra section would have a better view. I would have preferred the setup they had during the show’s press launch where the actors were scattered around and performed sans the platform. As an audience member, it made for a more intimate experience, as if the actors were talking to you as they sang.

OJ Mariano suits the role of the central character Bobby physically, along with his strong vocals.

Other commendable performances are of Cathy Azanza-Dy’s who plays Amy and her attention-grabbing performance of “Not Getting Married,” alongside James Uy (Paul) and Bianca Lopez’s choral vocal prowess. Menchu Lauchengco-Yulo owned the stage with her powerful take on “Ladies Who Lunch.”

It has been 49 years since the musical premiered on Broadway in 1970. The story presents that Bobby as a bachelor is celebrated despite the peer pressure he feels at being a constant third wheel when among his married friends. While the societal pressure towards marriage and commitment may remain relatable to some of the audience members who are in the same shoes as Bobby’s character, there are just as many today who do not conform to that conventional lifestyle. There are limitations on exploring how dated material, no matter how entertaining, may be updated to resonate with a new audience and times. — Michelle Anne P. Soliman

Tickets are available through TicketWorld (www.ticketworld.com.ph, 891-9999). For inquiries, contact Upstart Productions at 0917-811-6156 or upstartproductionsinc@gmail.com.

Megaworld to spend P1.5B for Lapu-Lapu City mall

MEGAWORLD CORP. is pouring P1.5 billion for the development of a new mall inside its Mactan Newtown estate in Lapu-Lapu City, Cebu.

In a statement issued Thursday, the listed property developer said it is set to build Mactan Newtown Beach Walk, which will cover 30,000 square meters (sq.m.) of gross floor area.

The two-storey mall will feature a 1.4-hectare man-made lagoon with a depth of up to 1.5 meters at the center, which Megaworld envisions can be used for future water sports activities such as jet skiing, wakeboarding, stand-up paddling, and boating.

The lagoon will be surrounded by a man-made shoreline, while also featuring floating boardwalks and a bridge that will connect both sides of the mall.

“Megaworld Lifestyle Malls is bringing a fresh, new concept of mall development in Cebu that recreates and innovates the beach lifestyle experience,” Megaworld Chief Strategy Officer Kevin Andrew L. Tan said in a statement.

“We take inspiration from some iconic coastline commercial developments in South California, where visitors can enjoy coffee, meet friends over lunch or dinner, watch a movie, or simply shop around in this laid-back beach atmosphere.”

Mactan Newtown Beach Walk will house four cinemas, a food hall, al fresco dining areas, travelers’ lounge, and a view deck that will give mallgoers a view of the sea and nearby islands.

Megaworld expects to complete the mall by 2021.

The company also plans to build a three-storey boutique hotel next to Mactan Newtown Beach Walk. To be operated under the Megaworld Hotels brand, it will offer 48 rooms with retail shops at the ground level.

The mall and hotel complex will allocate about 40% of its total area to green and open spaces, as part of Megaworld’s sustainability efforts. The mall alone will have solar roof panels, as well as an open layout scheme that will allow for passive cooling and natural lighting for most of its common areas.

“We will even have some untouched areas for bike trails, airsoft shooting, and tree-top activities. This part of the Mactan Newtown is abundantly surrounded with trees, and we want to keep them,” Mr. Tan said.

The project will rise inside Megaworld’s 28.8-hectare Mactan Newtown township, which will also house office towers, condominiums, leisure amenities, retail shops, and The Newtown School of Excellence.

Mactan Newtown currently has four office buildings dedicated to business process outsourcing companies, with about five to 10 more set to be launched by 2021. It also has nine residential condominiums, one hotel, and a beach facility.

Megaworld’s net income attributable to the parent climbed 16% to P8.3 billion in the first half of 2019, after revenues surged 20% to P16.8 billion.

Shares in Megaworld dropped 0.99% or five centavos to close at P5.01 each at the stock exchange on Thursday. — Arra B. Francia

UTC technology chief steps down

THE CHIEF technology officer of United Technologies Corp. (UTC), Paul Eremenko, has stepped down, just under two years after moving to the US conglomerate from Europe’s Airbus.

The company confirmed the move in response to a query from Reuters after a person familiar with the matter said Eremenko was leaving UTC, the world’s largest aerospace supplier and owner of jet engine maker Pratt & Whitney.

“Paul Eremenko has informed us of his intention to pursue opportunities outside the company,” UTC spokeswoman Michele Quintaglie said by email.

Eremenko notified the company on Tuesday and his departure is effective immediately, she said.

He could not be reached immediately for comment.

As CTO, Eremenko led UTC’s technology and engineering business, Quintaglie said. Nicolas Pujet, part of UTC’s strategy team, will be interim leader of technology and engineering as UTC prepares for a merger with defense giant Raytheon, expected to close next year.

Former Google executive Eremenko has taken a public role in efforts by aerospace groups to import radical thinking from Silicon Valley, as digital technology reshapes the industry.

At the Paris Airshow in June, Eremenko unveiled an initiative dubbed “Project 804” to build a hybrid-electric turboprop demonstrator aimed at saving 30% of fuel consumption.

Eremenko served as chief technology officer of Airbus between June 2016 and November 2017, when he quit to join UTC. — Reuters

Father knows best

Late Spring
Directed by Yasujiro Ozu
Available on the Criterion
Channel and the Criterion
collection, Amazon Prime

and iTunes

(Warning! Plot details explicitly discussed — if you haven’t seen the picture, go see it first!)

SEPTEMBER 19 marks 70 years since Yasujiro Ozu’s Late Spring (Banshun) was first released, in 1949. The film is the first entry in his “Noriko Trilogy” (quintessential Ozu muse Setsuko Hara playing single or widowed character named Noriko), and the first masterpiece of his late period (rigorous pared-down style, soft-spoken focus on domestic tensions).

The film is also more, I think — a graphic chart of Noriko’s smile as she playfully chides family friend Professor Onodera (Masao Mishima) for remarrying (“It seems distasteful.” “Distasteful?” “Filthy, even.” “Now I’m really in trouble!”); cheekily blows off her father Shukichi, played by fellow Ozu regular Chishu Ryu (“We’ll play a round” “Have you finished writing?” “Yes. Well — almost.” “No game then!”), casually flirts with her father’s assistant Hattori, played by Jun Usami (“I’d say you’re not the jealous type” “Oh but I am!” “You sure?” “As the saying goes when I slice pickled radish it comes out all strung together.”)

That unflappably bright smile starts to look beleaguered when her Aunt Masa (Haruko Sugimura) badgers her about marrying. “I can’t do that to father.” “Then you can never get married.” “I don’t care!”) The lines of her plump cheeks — so endearing when she makes a witty remark or sarcastic retort — deepen petulantly when she can’t deliver an appropriately funny comeback.

Richard Peña in the Criterion commentary notes that Noriko, having lived through World War 2, never had a proper childhood, that this willfully extended single status may be her chance to live out that childhood, serving as daughter, companion, and wife by way of recompense to her equally childlike if more reserved father. You see how she responds to her elders: when Aunt Masa or Shukichi want to talk about serous issues — basically what Noriko doesn’t want to talk about — they have to chase her down one hallway or another, up the stairs to the not-so-inviolate space of her room (complete with tea table and lowslung chairs), where she sits and glares into one corner (there’s a writing desk there and a nearby window — presumably her little spot where she can write letters or perhaps a diary). Your eyes can’t help but be drawn to that smile: often sunny, sometimes deceitful, in many ways sphinx-like, opaque. What’s she hiding? What’s she thinking? What does she really want?

And Shukichi? He sounds casually gruff trying to order Noriko around (“Where’s my tea?” “How about a towel?”) but Noriko sees right through him and serves him with a pleased air, like a mother indulging a spoiled child. Later when Noriko is more defiant — crossing a street at one point to avoid walking with him — Shukichi seems oddly nonchalant. There’s turning a blind eye to your beloved’s occasional flaws and then there’s putting on an elaborate show of not knowing what’s going on — Shukichi seems to be putting on such a show to the point of seeming negligent, callous even.

When Noriko gets married, Ozu prepares for the moment with appropriate fanfare: impatient kids loitering beside waiting rental cars reach in and blow the car horn; Hattori and Shukichi sit in the living room smoking, talking about the weather and Hattori’s recent honeymoon (typically the honeymoon itself gets a brief mention — they went to Yugawara, a hot spring town — before the two launch into what sounds like it’s going to be a lengthy discussion of available local transport). The housekeeper interrupts by walking into the shot and announcing Noriko ready (“Your daughter’s such a beautiful bride!”) — and the father may have a peek. Shukichi walks out; Ozu cuts to the base of the stairs and Aunt Masa rushing down to confirm (yes, she’s ready) and checking on the cars (they’re ready too). We finally see Noriko in profile, in full bridal regalia, sitting with head bowed; Shukichi punctuates the moment by rushing in (it’s her mini-living room with tea table and chairs removed) but our eyes are on the would-be bride. Cut to a frontal shot: she’s resplendent in an elaborate silk kakeshita caught round the waist with a wide brocaded maru obi tied in a tateya musubi (even in black and white the colors are a swirling riot of patterns around her slim form). Her head is bound up in a tsunokakushi, an elaborate bridal headdress meant to hide the horns that can grow out of a woman’s head, her hair a garden of kanzashi — wire butterfly and filigree blossom ornaments that tremble at her every nod.

Horns? In Japanese tradition, the woman turns into a demon when jealous (“when I slice pickled radish it comes out all strung together”); Noriko’s headdress is meant to hide the diabolical horns of selfishness and ego — to signify her willingness to be obedient to her husband, her voluntary lifelong submission to another man’s will.

All this, of course, rendered almost insignificant by Noriko’s expression. If as the saying goes “you’re never fully dressed without a smile,” the bride’s is a ghastly grimace, a startling rictus carefully pinned from one cheek to another to please her grinning dad. That it seems sincere — that she seems shyly serenely accepting of the fate about to fall on her head only adds to the horror.

As for Shukichi? Smiles and crinkled eyes. With his daughter literally dying before his eyes (the scene’s music sounding appropriately funereal) his casual poise seems perversely, even heroically, assumed.

No less so than Ozu’s. Famous for his tatami-level shots (the camera fixed at the height of a man sitting on a tatami mat, angled to look slightly up) his continuous use of direct address (the actor looking straight at the camera while talking) his elliptical editing (after fussing over Noriko’s marital status for most of the picture, Ozu leaves out both the actual ceremony and the impending groom [“He looks like that American. The man in that baseball movie.”]). I’ve read many elaborate theories but Ozu’s reason for arriving at this technique may be as simple as just wanting to tell a story. He uses 50 mm lenses because it’s generally considered the closest equivalent to the human eye; he uses the direct-address shots because this is how we address another person — looking straight into their eyes; and he uses tatami-level shots because that’s how the Japanese of his generation would conduct a normal conversation, sitting cross-legged on a mat. He, in short, has developed his visual style to achieve the effect of having invited you into his living room to sit and talk, perhaps listen to a story he has to tell.

As for the editing — I suspect it’s his way of keeping you on your toes. He wants you at ease and comfortable, but up to a specific point: you also have to follow what he has to say.

Late Spring starts out as sunlit bright and delicately wrought as a cherry blossom, all humorous vignettes and funny one-liners; when Aunt Masa, introduced as a comic figure, starts to loom over Noriko’s life — embodying the disapproving frown of Japanese society over her and Shukichi’s unorthodox living arrangement — the film darkens considerably, though the girl’s tantrums (impulsively leaving the house to go shopping, angrily cutting short a sleepover date with her best friend) help relieve the increasingly solemn tone here, there.

In a pivotal scene, Noriko and Shukichi watch a Noh play and Shukichi smiles at a woman. Noriko recognizes her — Mrs. Miwa (Kuniko Miyake), her father’s prospective bride. Ozu takes his cue from Noh tradition: a static almost frozen tableau where the slightest gesture suggest great import, in this case a stray look and smile that turns Noriko’s world upside down. Noriko has the fire and spirit to defy the world but when her father betrays her — when the one person she cares about seems to prefer or at least acknowledge another’s presence — she lowers her head. The static, almost frozen tableau suggests what’s within the young woman’s heart: total devastation, vast landscapes of frozen tundra and whistling unending wind. “When I slice pickled radish it comes out all strung together” — when Noriko sprouts horns she bows in acknowledgment of the sheer weight on her head.

What more to say? Not just Ozu’s masterpiece (though I love everything of his I’ve caught, so far this hits closest to home) but in my book one of the greatest films ever made.

BoP position remains in surplus

THE COUNTRY’S balance of payments (BoP) position yielded a surplus for a second straight month in August on foreign currency deposits from the government and income from the central bank’s offshore investments, the Bangko Sentral ng Pilipinas (BSP) reported on Thursday.

Data released by the central bank yesterday showed the BoP position — which shows the summary of the country’s economic transactions with the rest of the world for a given period — stood at a $493-million surplus in August. This is wider than July’ $248-million surfeit but narrower compared to the $1.272-billion surplus seen in the same month last year.

The central bank attributed the August surplus to inflows from the “national government’s (NG) net foreign currency deposits and BSP’s income from its investments abroad.”

“These inflows were offset partially, however, by outflows representing payments made by the NG on its foreign exchange obligations during the month in review,” the central bank said.

August’s figure brought the eight-month tally to a $5.529-billion surplus, a turnaround from the $2.44-billion BoP deficit booked in the same period last year.

“The surplus may be attributed partly to remittance inflows from overseas Filipinos during the first seven months of the year, and to net inflows of foreign direct investments and portfolio investments during the first half of the year,” the BSP said.

The central bank said the latest BoP position also reflects the final gross international reserve (GIR) level of $86.03 billion as of August 2019.

“At this level, the GIR represents a more than ample liquidity buffer and is equivalent to 7.5 months’ worth of imports of goods and payments of services and primary income. It is also equivalent to 5.5 times the country’s short-term external debt based on original maturity and four times based on residual maturity,” the BSP added.

Rizal Commercial Banking Corp. chief economist Michael L. Ricafort attributed the narrower BoP surplus in August from a year ago to volatility in local financial markets due to geopolitical concerns like the escalation of the US-China trade war and the protests in Hong Kong, the inversion of the US yield curve, and the ghost month, among others.

“This surplus position, after eight months so far, is positive for the peso and may strengthen the peso further amidst the volatility brought by the uncertainties from the recent geopolitical concerns and the protracted trade issues between the US and the PRC (People’s Republic of China),” UnionBank of the Philippines, Inc. chief economist Ruben Carlo O. Asuncion said.

The central bank expects the country to book a BoP surplus of $3.7 billion this year, a turnaround from the $2.306-billion deficit recorded in 2018. — L.W.T. Noble

PPG to finish SC 55 study by yearend

PHINMA PETROLEUM and Geothermal, Inc. (PPG) expects to complete in the next two months studies on an area off the Palawan shores for which the company holds a service contract that shows potential for gas exploration.

“We’re trying to complete the studies and hopefully within the year, within the next couple of months, and then on that basis, that will give us an idea of the potential target, the resource,” Eric T. Francia, PPG president and chief executive officer, told reporters.

He said the outcome of the studies would prompt the company whether it should start looking for “strategic” partners. He estimated the budget, should PPG proceed to drill, is around $30-$40 million.

Mr. Francia was referring to Service Contract (SC) 55, a deep-water block in the southwest Palawan Basin that covers an area of 9,880 square kilometers. PPG’s subsidiary Palawan55 Exploration & Production Corp. holds a 37.5% participating interest in the consortium behind SC 55. It is also the operator of the service contract.

PPG also has a 7.78% interest in SC 6 Block A in Northwest Palawan and 2.5% interest in SC 6 Block B also in Northwest Palawan. The three are the active areas being studied by the company.

Raymundo A. Reyes, Jr., PPG executive vice-president and chief operating officer, earlier told shareholders of the company that he was “excited” over the prospects of SC 55, which he said is the focus of its exploration efforts.

“Right now, [we’re doing] resource assessment. [The] quantitative interpretation of the previous seismic data is almost complete,” he told reporters. “We’re doing the phase one of drilling preparations.”

Mr. Reyes said the area is about 300 kilometers from the Malampaya gas field, which has 2.7 trillion cubic feet of gas and 100 million cubic feet of condensate. It is also near the cluster of four gas fields in offshore Sabah with reserves of over 4 trillion cubic feet.

SC 55 Block B is 200-300 kilometer south of Reed Bank, the area being disputed by the Philippines and China. Numerous petroleum prospects had been mapped by the former operators of the area, including PPG predecessor Trans-Asia Petroleum Corp., BHP Billiton Petroleum (Philippines) Corp., and Otto Energy (Philippines), Inc.

Palawan55’s partners in SC 55 are Century Red Pte. Ltd., an Australian company, and Pryce Gases, Inc., a unit of listed Pryce Corp.

“We already know that there is gas in Hawkeye,” Mr. Reyes said, referring to the exploratory well initially drilled by Otto Energy.

Mr. Francia said it was still too early to go ahead with talks to possible partners for SC 55 ahead of the resource assessment.

“At this point we’ll focus our resources first on SC 55 because the block itself has a lot of potential,” he said. “There are a good number of areas which haven’t been fully studied yet.” — Victor V. Saulon

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