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’Tis a pity she’s a whore

By Maria Carmen Aquino Sarmiento

Movie Review
Cuddle Weather
Written and directed by Rod Cabatana-Marmol

HERE’S THE TWIST: this romcom deals, not with the usual BPO agents, medical professionals, corporate drones, teacher-trainers, restaurant waitstaff, or OFWs — any of the jobs most upwardly mobile millennials inevitably gravitate to — but with sex industry workers, colloquially known as pokpok. For those in the upper tiers, compensation runs into the low five figures per hour, which is the usual call center agent’s or bank teller’s starting monthly salary. At their peak, the pokpok might become tax-free millionaires many times over — within the four short years that might have been spent getting a college degree — which is something that most college-degree holder retirees with decades of service never get to.

The male sex worker’s physical stamina is a limitation to his earning power, but the woman can always fake it. And after nine years in the industry, faking it is what the veteran Adela (Sue Ramirez) does best. As though shot through rose-colored lenses, the soft-focus opening sequences, show her as a human sushi platter, a dirty uncle’s jailbait pretend niece and a fuschia-haired cosplay cutie. The latter is how Ram (for Ramoncito, played by RK Bagatsing) first encounters her, in a cheap Burgosian motel in the sleazy heart of the hip Makati Poblacion district. He delightedly renames her “Senpai,” an anime or manga term for mentor.

Adela is an independent contractor in this day and age when social media have eliminated the sinister pimp or grasping mama-san. Her business name is Angels-for-Hire. She has more than one persona and name for every client’s taste. Ram is a newbie pokpok himself, whose hourly rate of P1,000 is just 10% of the friendly 50% off P10,000 which Adela charges their grumpy barangay captain (Niño Muhlach). The Kap knows all the practicing whores in his domain by name, and also in the Biblical sense. He gets a discount, and occasionally makes a show of rounding them up and throwing them into the city jail. Like the PG sex scenes, it’s all done in fun, without eliciting an erotic rise from those with normative sexual tastes.

The sugar coating is a little soured by Adela’s early whining that she has no choice but to practice the world’s oldest profession since she wasn’t born rich, nor had the benefits of higher education. Ram decides selling his body as his most viable recourse after an illegal recruiter gyps him. Incredibly, the worldly Adela agrees to perpetually perky Ram’s proposition that he move in with her so that she can mentor him, for a percentage of his callboy earnings and a nominal rent. In return, all she asks of him is that they share a chaste bed with a fat, well-worn bolster as a barrier in between them. It’s obviously a playful fantasy, and nostalgically entertaining in the manner of those pakipot “no-touch” love teams of half a century ago.

Bagatsing plays along as the harmless grinning dork, much like the Jack McBrayer character Kenneth Parcell, the eternally sweet though put-upon NBC page in the sitcom Thirty Rock. Despite his being the 180° opposite of a stud muffin, Ram, with his innocuously wholesome good looks, is surprisingly in-demand for threesomes and orgies amongst the wealthy, bored, long-married couples and desiccated, society matrons looking for new thrills. The only time he asserts his dignity is when Melba (Dexter Doria) and her amigas amuse themselves with trying to see how much vodka and pills he can chug-a-lug at a yacht party.

Much is made of Adela’s determination to legally change her name, although, as her favorite married john, a medical doctor at that, points out, this might cause legal complications as he has already registered the condominium she lives in under her original name. The poor girl doesn’t seem to realize how lucky she is. These plot points are baffling, and less than compelling. Adela’s estranged mother also gets on her case about the name-change. She is a street vendor who reads the English broadsheets, which is how she finds the announcement about her daughter’s legal change of name. One wonders what all the fuss is about since Adela is a bastard anyway, and it was her mother who got her started in the business where she’s prospering.

When Adela wasn’t earning as much, she did build her Nanay a narrow two-story concrete shanty, where she lives with her husband — not Adela’s Caucasian father, presumably one of the Poblacion’s tourist galis or white trash, and Adela’s younger half-siblings. These glimpses of the tawdrier, more painful side of sex work and its sad, complicated human consequences are discordant with the film’s general, feel-good, marshmallow flavor.

Now that she’s raking in the big bucks, Adela surreptitiously buys two trays of eggs every month from her mother’s humble stand. That’s around P350 worth of business that she throws her mother’s way every month, or approximately what she herself makes per minute with one of her clients. One wonders if Adela’s secrecy is out of shame that this is all she’s willing to spare for the mother who got her started in what was a family business in a sense, where she has undeniably done better than her mentor.

When Adela, with her worried puppy-dog eyes, increasingly talks of retiring from the business, and sending herself to college, Ram who’s just beginning to get a taste of the big bucks himself and liking it, urges her to be pragmatic: they can go on working while they’re still able, even be a team. The torero of the euphemistically termed live shows of yesteryear were also said to often be married couples. It’s just a matter of maximizing their literally human capital. Keep it in the family, so to speak.

RedDoorz to open 4 properties in Davao in 2 months

DAVAO CITY — Hotel management start-up RedDoorz is eyeing to open four properties in Davao City in the next two months.

“We have four partners scheduled to open this September and October this year with locations within the city and along Lanang,” Stephanie Irma, RedDoorz country head, said during the launch event here on Thursday.

RedDoorz entered Davao City four months ago, but it was during Kadayawan festival that it really took off. In just two months, it opened 26 properties in Matina, Poblacion, and near the airport.

Ms. Irma said they consider a property’s proximity to the hospital, airport, and malls.

“These kinds of public demands where traffic is in and out. We are okay with any kind of location as long as the business model wherein hotel as a partner get our standards. We do not exactly really mind with a lot of location because we go even to the smaller cities like Tacloban which is very far,” she said.

Raenald P. De Jesus, country marketing manager of RedDoorz, said they have captured the market for “practical” travellers in Davao City. He described them as travellers who want to stay near a school or busy area.

Mr. De Jesus said that after Kadayawan and until now, the occupancy rate of its Davao properties has not fallen lower than 70 percent.

“The growth has been consistent. For example, the Kadayawan last month pero even now na hindi Kadayawan the occupancy rate has been consistent. We are always on the growth trajectory,” Mr. De Jesus said.

Tagged as the Southeast Asia’s largest and fastest-growing hotel management and booking platform, RedDoorz continues to expand across the Philippines by adding 5,000 additional room nights from now until the end of the year. — Maya M. Padillo

Dwell Lifestyle to open boutique hotel in 2021

DAVAO CITY — Dwell Lifestyle is investing about P100 million for a boutique hotel here to cater to the growing tourist market.

Stifanny Guira-Falconi, business development officer of Dwell Lifestyle, told BusinessWorld last week that her family is building a five-floor hotel with the first two floors to be opened in 2021.

“The concept, in terms of design, is more of modern yet minimalist,” Ms. Guira-Falconi said, noting that they want customers “to experience Dabawenyo feel of hospitality,” with the hotel set to offer a family-oriented vibe to clients.

Ms. Guira-Falconi said when the project was conceptualized, there was a proposal to have the property managed by another group, but they decided against this as it could “compromise the personal touch of the service that it will offer.”

On the funding for the hotel, Ms. Guira-Falconi, whose family also has restaurants and hair salons, said there will be a loan component in the planned P100-million investment.

The hotel, she added, will also have serviced apartments and commercial spaces where a second branch of the family’s restaurant Mossa Restaurant and Bakery will also be located. The first branch was opened in August in Damosa Land, Inc.’s compound in Lanang.

She added that the plan for the project is to target middle-income visitors who want to enjoy the city.

She said she hopes to open at least the first two floors of the hotel by its target date.

At present, the company is finalizing the permit for the project.

Ms. Guira-Falconi said they are targeting to start construction within the last quarter of the year.

Jose Raymond R. dela Paz of the Davao Tourism Association said the entry of new players in the hospitality industry is necessary because of the growing number of local and foreign visitors.

“We need more rooms to serve the growing market and that we in the industry also need to upgrade our offerings,” Mr. Dela Paz said. His family also owns hotels, a resort and restaurants in the city.

Based on the report of the City Tourism Operations Office, there were about 1.2 million visitors to the city in the first half of the year, 8.6% higher than the previous year. The city government’s target for the year is three million visitors.

Based on projections from property consultant Prime Philippines, the number of rooms in the city will grow by about 1,400 next year from about 8,000 at present. — Carmelito Q. Francisco

Gov’t partially awards T-bills on rate cut bets

THE GOVERNMENT made a partial award of the Treasury bills (T-bill) it auctioned off yesterday as investors shied away from the longest tenor, awaiting monetary policy decisions in the United States and at home.

The Bureau of the Treasury (BTr) on Monday raised just P12.983 billion out of the P15 billion it wanted to borrow via the T-bills even as it received bids totalling P35.1 billion, more than twice the program.

Broken down, the BTr awarded P4 billion as planned via the 91-day T-bills with tenders amounting to P11.9 billion. The papers fetched an average yield of 3.037%, 11.2 basis points (bp) lower than the 3.149% quoted at the Sept. 2 auction.

The Treasury also borrowed P5 billion as programmed through the 182-day papers, with the tenor attracting bids worth P12.75 billion. The six-month securities fetched an average rate of 3.42%, a tad lower than the 3.429% seen in the previous offering.

Meanwhile, the government only raised P3.983 billion via the 364-day T-bills out of a P6-billion program and even as total bids reached P10.403 billion. The yield on the one-year tenor averaged at 3.666%, inching up 0.7 bp from the previous’ 3.659%.

Had the Treasury made a full award, the one-year securities would have fetched an average rate of 3.7%

At the secondary market, three- and six-month papers were quoted at 3.278% and 3.516%, respectively, while the one-year securities fetched a yield of 3.699%, based on the PHP Bloomberg Valuation Service Reference Rates.

National Treasurer Rosalia V. De Leon said Monday’s auction saw “very healthy” participation with the offer more than twice oversubscribed, with rate continuing to decline as the market awaits the Bangko Sentral ng Pilipinas’ (BSP) policy review next week, where it is expected to cut benchmark interest rates and big banks’ reserve requirement ratios (RRR) anew.

“The offers from our dealers, they are more than our offer amount. We also saw that in terms of rates, they’re even lower than the current secondary, except for the one-year. That’s why we also made a partial award. We don’t want that it (the rate) would also trend higher than the secondary (market),” Ms. De Leon told reporters.

“Of course, given the two [other] tenors, they are all going down following the pronouncements of [BSP] Governor [Benjamin E.] Diokno that there is also room for the Monetary Board to cut policy rates and also even the RRR,” Ms. De Leon added.

Mr. Diokno told reporters on Friday that the central bank’s plan to cut benchmark interest rates anew “won’t reach November.”

“Could be October or September,” Mr. Diokno said.

The BSP chief added that they are still studying whether they will announce and implement the planned cuts to policy rates and big banks’ RRR in one go or in different events.

The central bank’s Monetary Board holds policy-setting meetings every six weeks. Its remaining reviews for the year are scheduled on Sept. 26, Nov. 14 and Dec. 12.

The BSP has cut rates by a total of 50 bps this year — by 25 bps each last May 9 and Aug. 8 — to 4.25% for the overnight reverse repurchase rate, 4.75% for overnight lending and 3.75% for overnight deposit, partially dialing back the 175-bp cumulative hikes triggered last year by successive multi-year high inflation that peaked at a nine-year high.

Mr. Diokno earlier said the central bank is looking to cut policy rates by another 25 bps as well as slash big banks’ reserve ratios before the year ends.

He said the Monetary Board plans to “pre-announce” RRR moves on a quarterly basis to prepare the markets.

Currently, the RRR is at 16% for big banks and six percent for thrift banks following the phased 200-bp cut implemented after an off-cycle meeting last May. The reserve ratio of rural and cooperative lenders was also cut to four percent from five percent effective May 31.

Mr. Diokno has said he is committed to trim universal and commercial banks’ RRR to single digit before his term ends in 2023.

LIQUIDITY
Ms. De Leon said yesterday that the central bank’s expected RRR cut and the BTr’s redemption of around P12 billion worth of maturing securities will unleash additional liquidity into the market.

“In terms of additional liquidity that will be flushed into the system, if ever they cut the RRR again sometime in the fourth quarter, and of course we have a maturity — we have a redemption of about P12 billion — so that’s additional liquidity flow,” she added.

Robinsons Bank Corp. peso debt trader Kevin S. Palma said aside from the BSP policy decision, investors are also waiting for catalysts ahead of the Federal Open Market Committee’s two-day review this week.

“Demand for T-bills waned a bit as some investors chose to sit on the fence and wait for fresh catalysts such as the conclusion of the Federal Open Market Committee meeting on September 19, just a week ahead of the BSP’s Monetary Board meeting,” Mr. Palma said in a phone message.

With US-China trade tensions roiling markets, investors are counting on support for stocks coming from a Federal Reserve willing to keep cutting interest rates to help the US economy avoid a severe downturn.

A quarter-point rate reduction is widely expected when the Fed issues its next policy statement on Wednesday, which would be the central bank’s second such cut after lowering rates in July for the first time since 2008. That puts the greater focus on clues about how much further the Fed will go.

The central bank in July cited signs of a global slowdown, simmering US-China trade tensions and a desire to boost too-low inflation as it lowered borrowing costs.

Markets are pricing in a near 90% probability that the Fed will shave another quarter point from its current overnight lending rate of 2.00% to 2.25%, according to the CME Group’s FedWatch tool. There is a roughly 65% probability that the Fed makes at least one more quarter-point cut by the end of the year, according to FedWatch.

Meanwhile, Mr. Palma said investors might have also considered the recent attack on oil facilities of the world’s biggest oil exporter Saudi Arabia over the weekend, which shut down 5% of global supply.

“Compounding investors’ divergence in sentiment are the possibility of a trade truce coupled and the weekend attack in Saudi Arabian oil facilities,” he said.

The government is set to borrow P230 billion from the domestic market this quarter through T-bills and Treasury bonds.

It wants to raise P1.189 trillion this year from local and foreign sources to fund its budget deficit, which is expected to widen to as much as 3.2% of gross domestic product. — Beatrice M. Laforga with Reuters

Messing around

By Maria Carmen Aquino Sarmiento

Movie Review
OPEN
Directed by Andoy Ranay

ALL OF THE actors on-screen in this sophisticated millennial relationship melodrama where most of the dialogue is in Filipino English, are extraordinarily good-looking and upwardly mobile, starting with the leads Arci Muñoz as Romina or Rome, an advertising creative, and JC Santos as Ethan, her boyfriend who appears to be in logistics. It’s not clear exactly what he does, except that he just made General Manager and his hot lady superior Erika (Ina Raymundo) is very pleased with him. However, scene after scene of gorgeous twenty-somethings with perfectly made up and lighted features, costumed in well-put together outfits, sipping wine, clubbing, or even getting it on in their spacious townhouse units, may not be enough to hold one’s interest. The audience was disturbingly silent throughout most of OPEN, directed by Andoy Ranay, in a Makati cinema, one of 200 where this film is being screened as part of the National Film Development Board’s Pista ng Pelikulang Pilipino.

The plot revolves around the proverbial Seven Year Itch which in popular psychology refers to the time in a relationship when one or both of the partners gets restless and looks for his/her romantic or sexual thrills elsewhere. It is also the title of the classic 1955 Hollywood film by Billy Wilder, with that famous image of the blonde goddess Marilyn Monroe in a halter top and stilettos, standing with eyes shut and lips half-parted in orgasmic ecstasy, as her white dress blows upwards about her thighs.

In OPEN, it is a twice times seven-year itch as Ethan and Rome have been in a relationship for the last 14 years. They were high school sweethearts. Through it all, Ethan has never popped the question, although they have been living-in as we call it, and have even invested together in a condominium. He has already strayed at least once before, but Rome has forgiven him for that one instance of infidelity which she knew about. Such relationship transgressions are like cockroaches or mice: when you glimpse one in your kitchen, expect there to be scores or hundreds more hidden away out of sight. On the other hand, virtuous Rome claims that she has never been with another man except for Ethan.

At the film’s start, Rome is angling for Ethan to make a commitment to her greater than their co-owning pricey real estate. As Beyoncé sang, “If he likes it then he should put a ring on it.” Instead, he just laughs at her. She looks pained, which is the expression she has on throughout most of the film. When Ethan suggests that he and Rome also adopt an “open relationship,” just as their best friends have done, she agonizes but agrees, believing that this is the only way for them to save their relationship.

Rome does set the condition that all their “open” encounters must be of a purely sexual nature with absolute strangers. She doesn’t qualify though whether these new sex partners must remain strangers, and whether something like normal friendship might be allowed to develop should there conceivably be seconds or thirds in the near future. Neither seem especially concerned about the prospect of STDs or criminal behavior from a series of one-night stands. If satisfying one’s sexual needs were the sole purpose of having an open relationship, then hiring a vetted professional might be the more practical and straightforward course of action. It would probably be cheaper than having to spend for dinner while trying to hold a civilized conversation, or getting all gussied up to hit the clubs and compete with the herd.

Ethan goes for low-hanging fruit: his co-worker Erika, an older woman. Ina Raymundo has the cloyingly infantile voice of a daddy’s-dirty-little-girl, but her Erika has the impermeable hardness of a praying mantis. “I don’t like drama,” she makes it clear, before she grimly grabs Ethan, and pulls him towards her, the better to suck his little face. But regrettably, there is little humor in OPEN to lighten up all the personal human drama which doggedly wends its turbid way throughout.

Even when Rome uses her creative copywriter’s skills to weave a steamy story about how the stranger she picked up on her first “open” night had his way with her, Ethan’s supposed arousal as he listens to her is dully perfunctory and choreographed. The film is PG-13. Chemistry is not something one can command or switch on at will, and between them, these two gorgeous kids just ain’t got it. Neither do we feel invested in their emotional loss should their 14-year long relationship fall apart. Maybe that was already it’s natural lifespan, and now it is really time that they both move on. Hey, they’re both young, good-looking, with dream jobs, supportive friends and families — they’ll probably find someone else soon. The stakes are just not that high. To paraphrase Miley Cyrus in “Wrecking Ball”: “They clawed, they chained their hearts in vain, they jumped, never asking why…” But in the end, who really wants to know, or even cares? Pass the popcorn please.

Amaia Steps Altaraza targets Bulacan residents

AMAIA LAND Corp. has launched a mid-rise residential condominium in San Jose del Monte City, Bulacan.

In a statement, the economic housing unit of Ayala Land, Inc. said Amaia Steps Altaraza will rise on a 1.9-hectare property as part of a masterplanned urban community.

“With Bulacan keeping in step with property developments in Metro Manila, Amaia Steps Altaraza fulfills Ayala Land’s vision of building affordable homes for Bulacan residents who want to update their lifestyles,” the company said.

Amaia Steps Altaraza offers studio units (22–26 square meters), deluxe units (31–33 sq.m.), and premier units (39–42 sq.m.).

It is located along Quirino Highway corner Governor F. Halili Road in Brgy. Tungkong Mangga, San Jose del Monte City. The project is near schools, hospitals, retail establishments and malls, as well as the Metro Rail Transit-7 (MRT-7), which is expected to be operating by 2022.

Online lenders, fintechs to adopt code of ethics

FINTECHALLIANCE.PH has partnered with agencies to craft the code of ethics. — JCOMP — WWW.FREEPIK.COM

A CODE OF ethics for online lenders has been created to safeguard borrowers from abusive practices of financial technology (fintech) players such as shaming them in times of default and late payments and to foster transparency for both creditors and borrowers.

FinTechAlliance.ph, an organization of fintech and digital firms, partnered with regulators and government agencies such as the National Privacy Commission (NPC), Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC), the Anti-Money Laundering Council’s Secretariat, Bureau of Internal Revenue (BIR), Department of Trade and Industry (DTI) and the Insurance Commission to craft “an industry standard on consumer protection, governance, compliance, data privacy, security, and digital literacy.”

Under the initiative, online lenders that are alliance members will be required to fully disclose all costs for customers, including interest rates, processing fees, and fines for late payments, Angelito “Lito” M. Villanueva, chairman of FinTech Alliance and chief innovation and inclusion officer at Rizal Commercial Banking Corp., said during Monday’s launch event.

“‘TechnoEthics’ is a framework on the ethical utilization of emerging technologies, protecting consumers against the misuse and abuse of innovations, and adoption of common principles to guide players about new advances in technological development and application to benefit society,” Mr. Villanueva said.

Aside from the development of the code of ethics, Mr. Villanueva said they are asking regulators such as the NPC, SEC, and BSP to publish a list of legitimate online lenders adhering to the ethical guidelines on their websites.

“In a way, this is similar to what POEA (Philippine Overseas Employment Agency) when they provide a list of all legitimate recruitment agencies…to ensure that the agencies you are transacting are legal and legitimate,” he said.

According to FinTech Alliance, there have been several cases of “public shaming” of borrowers who default on their payments by web-based and mobile lending firms.

“Without looking and reading the ‘fine prints,’ online borrowers agree to the loan terms upon application including lender’ access to its contact list,” the group said in a statement.

The NPC has received over 5,000 harassment complaints filed by customers against online lenders.

Pia Bernadette Roman-Tayag, head of the Bangko Sentral ng Pilipinas’ Inclusive Finance Advocacy Staff, welcomed the development, saying this is “very much aligned” with the central bank’s policy to promote financial inclusion with “some basic tenets of consumer protection.”

Ms. Roman-Tayag said customers should be aware of the financial services they are accessing, especially lending rates.

“This is what we call product suitability so they don’t access products that maybe they cannot afford, or maybe they cannot…benefit from…. [They] also have to be able to compare across providers so that they can make their best decision,” she said during the briefing on Monday.

In addition, consumers should also know the institutions they transact with in case they need to complain against them, the BSP official said.

“If anything goes wrong, that (where to file complaint) is clear to them. Who they are customers of, especially in fintechs now, the provider could be different from the delivery channel, which could be different from the marketing provider. These are basic protection principles that we require our supervised institutions,” Ms. Roman-Tayag said.

NPC Commissioner Raymund E. Liboro also expressed support for the adoption of the code of ethics.

“Through this, we expect fintech companies to be more prudent and responsible in processing their clients’ personal data and succeed in achieving financial inclusivity for the country,” Mr. Liboro said.

There are over 124 fintech lenders operating in the country, of which 75 are mobile apps, 40 are web-based and five traditional brick-and-mortar players that have tech platforms. Among these lenders, only half are registered with regulators, the alliance said.

On Sept. 12, the SEC issued a cease and desist order against 19 online lending apps operated by unlicensed persons and entities after complaints for invasion of privacy and harassment, according to SEC Commissioner Kelvin Lester K. Lee.

“The order…covers Instant Pera, QuickPera, Lendmo Philippines, Binixo, CashBus, CashCat, Cashuttle, Crazy Loan, Flash Cash, Happy2Peso, Hatulong, MeLoan, MoneyTree Quick Loan, Pera Express, Pera4u, Peramart, PesoLending, QuickPeso, and Umbrella,” Mr. Lee said during the press conference. — L.W.T. Noble

After LSE’s sharp rebuff, HKEX begins investor charm offensive

LONDON — Hong Kong Exchanges and Clearing (HKEX) is embarking on a three-week charm offensive with London Stock Exchange (LSE) investors as the Asian trading house tries to salvage its proposed $39 billion takeover offer.

LSE’s board is refusing to engage with HKEX after emphatically rejecting its approach on Friday. The LSE described HKEX’s offer as fundamentally flawed, saying it would not meet its strategic objectives and came with a high risk of being blocked by regulators.

LSE has said it wants to stick with its plan of buying data and trading company Refinitiv for $27 billion.

But HKEX has vowed to press on, and has set up meetings with a series of LSE’s top investors over the next few weeks, according to two people familiar with the matter, raising the chances that it could make a hostile offer.

One top-25 investor told Reuters they had a meeting booked with HKEX later this month and that there could be a hostile approach. Others said they were keen to hear more rather than dismissing the deal immediately in favor of the Refinitiv tie-up.

“We would expect there to be some synergy (in the HKEX deal) both in terms of corporate overheads and technology,” said James Bevan, chief investment officer at CCLA. He added that while he was broadly supportive of the Refinitiv deal, he had some concerns about the data firm’s growth strategy.

HKEX has until Oct. 9 to make a firm offer or walk away.

HKEX declined to comment on the deal beyond its statement on Friday that it would continue to engage with LSE shareholders and that its offer was in their best interests.

LSE did not respond to a request for comment on Sunday.

A source close to HKEX said the Asian trading house was confident some LSE investors were interested in their offer and that it had a chance of success. They pointed out that around 15 of the top 20 LSE shareholders also had stakes in HKEX.

But the past decade has seen a series of attempts at cross-border exchange deals fail, thwarted by regulators and politicians even when both companies have favored the deal.

HKEX says it has had “constructive” initial discussions with regulators and policy makers. However, regulatory sources in Britain and Italy — where LSE owns Borsa Italiana — said they had yet to hold substantive talks with HKEX on the deal.

HKEX will be counting on its lead banker — Moelis’s Caroline Silver — to help it pull off what would be a major coup if it succeeds. — Reuters

Outrageous fortune

By Menchu Aquino Sarmiento

Movie Review
The Panti Sisters
Directed by Rodolfo “Jun” Robles Lana

THE ACCLAIMED writer and director Rodolfo “Jun” Robles Lana once again proves his versatility and attention to craftsmanship as a director. The naughty but nice script by Ivan Payawal, is full of the usual cultural allusions, which have trickled down from the cornucopia of kabaklaan (Filipino Gay Culture), to enrich Filipino popular culture as a whole: e.g., the Panti patriarch’s (John Arcilla) legal wife is Nora (Carmi Martin) and his déclassé mistress is Vilma (Rosanna Roces). Apart from the obvious funny of the family name Panti, the eldest son Gabriel or Gabbi’s (Paolo Ballesteros) drag name is Vukaka and his culinary specialty is kare-kareng kokak (literally frog curry, but the joke is simply in the childish alliteration). Arcilla plays it straight and insists that his effeminate sons address him always as “Don Emilio.” He is a willing foil to everyone else. It is his character who sets the premise from which the entire film’s plot loopily spools out.

Don Emilio is dying of testicular cancer and, like a fairy tale potentate, he demands that his three sons produce heirs within the year if they would be deserving of a share in his kingdom. Thus, these three luscious fruits of his loins whom he had so unceremoniously banished when they dared to out themselves, return to their ancestral home, not as princes but as flaming queens. It’s a familiarly irreverent take on the princes in the well-loved centuries-old Filipino corrido and zarzuela, those traditional forms which were staples of our early cinema, such as Siete Infantes de Lara (Manuel Conde, 1950) and the various versions of Ibong Adarna. The latter has been parodied as Ang Hiwaga ng Ibong Adarna (Pablo Santiago, 1972) which starred comic greats Babalu, Dolphy, and Panchito as the three princes.

There are no bumbling servants here, but the ever-present sidekick-BFFs are played with impeccable timing and charm by Via Antonio as Chiqui, the tomboy next door who’s been in love with Samuel (Christian Bables) since they were in the elementary grades, and Roxanne Barcelo as the free-spirited Joy. Jorass Gamboa as Zernan, Daniel’s (Martin del Rosario) live-in boyfriend, does a hilarious shower dance with a kitchen sink sprayer.

Everyone is having so much fun playing off each other, that one barely notices the more sobering realities in the plot which has as many twists and turns as a slinky. The Panti Sisters also brings up uncomfortable issues, foremost of which is homophobia, but there are also the patriarchy, violence against women, abortion and who owns women’s bodies. However, it never gets strident or preachy about it. Everything remains reassuringly PG-13.

Especially noteworthy are the different styles of each Panti sister: Daniel is the K-Pop cutie with a smile like cotton candy; Samuel is the 1980s proto-punk throwback, whose kink is role-playing Bella Swan of the Twilight franchise; the eldest, Gabriel, dresses up as a pageant queen, but when he’s not in drag, his Hawaiian printed shirts disturbingly channel Buhay Party List Congressman Lito Atienza — who does not exactly have a positive association with the LBGTQ+ community. But as RuPaul, who successfully brought drag into mainstream cable TV, declared: “Own who you are and celebrate it.” The Panti Sisters are definitely owning it.

Nasugbu seen to become a growth center

THE MUNICIPALITY of Nasugbu in Batangas is positioning itself as a tourist destination and competitive investment location, as the province is poised to benefit from the government’s massive “Build, Build, Build” infrastructure program.

“In the coming years, Batangas is seen to continue to play its significant part in the growth and development of the country. This positions the province at the threshold of being directly drawn into the circuit of various economic, social, and recreational activities,” Batangas Governor Hermilando I. Mandanas was quoted as saying during the Batangas Development Summit.

Among the key projects to benefit Batangas are the concreting of the General Aguinaldo–Magallanes–Nasugbu Road and the widening of the Bauan–Mabini Road.

Nasugbu, a first-class municipality, has steadily attracted tourists to its beach resorts and is now poised to become a growth center.

Property companies such as SM Prime and Roxaco Land Corp. have also developed both leisure and residential projects in Nasugbu. These include Club Punta Fuego, Peninsula de Punta Fuego, Terrazas de Punta Fuego and Pico de Loro in Hamilo Coast.

With the municipality becoming increasingly urbanized, the government has addressed the traffic problem by widening the Lemery–Taal Diversion Road. The planned Cavite–Batangas expressway will have a spur road to Tagaytay, terminating in Nasugbu.

“It will be an understatement to say Nasugbu, which has already proven its mettle as a tourist destination, is on the cusp of becoming a growth center — attracting investors, creating job opportunities, and encouraging new businesses of various capacities, all against a backdrop of beautiful rolling terrains and sparkling coastlines,” the statement read.

Australia’s property recovery remains in-house as rest of economy struggles

SYDNEY — When Michael Jiang scored a liquor license four years back, he had hoped it would help drive more sales at his struggling small grocery business in Sydney.

Fast forward to the present, and Jiang finds himself wrestling with new challenges as stingy consumers and price wars have done little to boost earnings in an economy growing at its slowest pace in a decade.

Moreover, even a welcome revival in the property market has only served to highlight a conundrum for policy makers as the ‘wealth effect’ of rising home prices has hardly been felt across the rest of the economy.

That has not only meant sales at businesses such as Jiang’s continue to run on a low boil, but it also raises the risk that already-high household debt could worsen without a broader recovery the central bank is trying to engineer with lower rates.

“The liquor business is kind of my silver lining,” Jiang said of the high-margin category from his corner shop in Pyrmont, an inner-city Sydney suburb.

“Without that I’d have closed down years ago,” he added, underscoring the persistent weakness in Australia’s economy even as it is set to enter a 29th straight year of recession-free growth. “People don’t want to spend. They are tightening their wallets to save for a house because interest rates are so low now.”

The Reserve Bank of Australia (RBA), which delivered back-to-back rate cuts in June and July, has its work cut out given the official cash rate is already at an all-time low of 1%.

That leaves it with limited room to stimulate growth though it is still in an enviable position compared to the likes of Japan and the euro zone where policy makers have been forced to adopt negative rates to juice their economies.

MORE STIMULUS
The RBA easings have boosted the housing market with mortgage approvals up 5% in July, the strongest in four years while auction activity in the biggest markets of Sydney and Melbourne has been solid after two years of tepid sales.

“It’s too early to say whether the boom times in housing will return but the potential is there,” said Miriam Sandkuhler, Melbourne-based CEO of Property Maven. “If we start getting high auction clearance rate against high volumes it’s a sign the market is moving swiftly again.”

Analysts and investors widely expect two more rate cuts by the RBA to 0.5% by early 2020 though there is growing doubt over how effective further easings would be when rates are already so low.

Economists overwhelmingly agree Australia’s ruling center-right coalition must embark on an expansionary fiscal program but Prime Minister Scott Morrison is wedded to the idea of delivering a surplus this year.

A return to surplus will be lost on many as activity outside of real estate is hardly encouraging — gross domestic product (GDP) growth has slowed to decade lows, retail spending is contracting, car sales collapsing and consumer and business confidence is falling.

Policy makers will also be concerned about the increasing number of Australian companies filing for bankruptcy. Government data showed the number of companies entering external administration jumped by a staggering 15% in the quarter-ended June from March. Just in July, that number surged to the highest since November 2015.

“It is concerning to see minimal impact from the government’s tax cuts and interest rate cuts,” said Sydney-based Diana Mousina, senior economist at AMP. “We think that more policy stimulus is necessary to lift Australian growth and inflation,” he said.

ASSET BUBBLE?
Growth in the A$1.9 trillion ($1.3 trillion) economy slowed sharply in the second-half of 2018, largely because Australia’s indebted households cut spending on everything from clothing and footwear to eating out.

That leaves policy makers walking a tight rope as any over-exuberance in the housing market could further push up the household debt to income ratio in Australia, which at 190% is already among the highest in the world.

An S&P Global Ratings research this month showed mortgage arrears jumped across the Australian residential mortgage-backed securities sector during the past 12 months. The deterioration was most pronounced for loans more than 90 days due.

With the corporate sector struggling and wages growth persistently weak, credit quality could come under further stress, S&P said. — Reuters

Start-ups seen grabbing $280 billion in banking payments revenues

LONDON — Banks are set to miss out on as much as $280 billion in revenue from their payments operations by 2025, as new start-ups muscle in and more of the business of sending money to individuals and companies becomes instant and free, according to a new report.

The global payments business, which covers anything from card payments to wiring money overseas, is dominated by banks and this year was worth around $1.5 trillion, professional services firm Accenture said in a report published on Monday.

That is expected to grow to $2 trillion globally by 2025 but banks are likely to lose out on $280 billion, or 15% of their global payments revenues, Accenture estimates.

Banks face rising competition from tech start-ups like Silicon Valley payment providers Stripe and Square, as well as technology platform PayPal, and the likes of London-based TransferWise that offer foreign exchange payments to retail and small business customers with lower fees.

More payments are becoming instant — removing the need for credit cards that earn banks revenue — and they will increasingly be made directly to the end merchant using new technology, Accenture said. More competition also means a squeeze on margins and accelerates the trend toward free payments.

“Rather than being at the forefront of the new wave of the booming payments market, banks are feeling the heat from new competition and seeing their margins squeezed,” said Gareth Wilson, head of Accenture’s global payments team.

“We face an inevitable world of instant, invisible and free payments, which spells trouble for banks that don’t want to be relegated to the plumbing of payments.”

Accenture said it had examined trends in how consumers pay and projected changes in the future behavior of payments providers, technology and regulation to arrive at its forecasts on the likely loss of revenue for banks.

It estimated that free payments would put 8% of banks’ payment revenue at risk. A further 3.9% is at risk from non-bank rivals offering “invisible payments”, while instant payments could take another 2.7% of revenues.

More than two-thirds of banking executives surveyed by Accenture agreed that payments were becoming free.

“The digital boom will mean banks have to fundamentally change the way they think about their revenue composition,” said Alan McIntyre, who leads Accenture’s banking practice.

“Channels that once made the banks billions of dollars will cease to exist,” McIntyre said, adding that lenders needed to build new digital business models, with “one-click payments the new norm.” — Reuters

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