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Rom-com Hypothalamus is big winner at FAMAS awards

DWEIN BALTAZAR’S romantic comedy Gusto Kita with All My Hypothalamus bagged the Filipino Academy for Movie Arts and Sciences (FAMAS) Awards’ top categories including Best Picture, Best Director, and Best Original Screenplay, beating Filipino auteur Lav Diaz’s rock opera Ang Panahon ng Halimaw for Best Picture and Best Director.

The awards nights was held on April 28 at the Meralco Theater in Pasig City.

The FAMAS Award is the oldest existing film industry award-giving body in the Philippines and one of the oldest in Asia having been established in 1952.

The award is given by FAMAS, an organization composed of writers and movie critics.

Mr. Diaz’s film won the Grand Jury Prize which he shared with Whammy Alcazaren’s Never Tear Us Apart a.k.a Fisting. Halimaw also won Best Sound while Fisting won Best Musical Score.

For the top acting awards, Nadine Lustre took home the Best Actress trophy for her work in Antoinette Jadaone’s romantic drama, Never Not Love You.

In her acceptance speech, Ms. Lustre revealed that there were many times when she wanted to not do the film because of her personal struggles.

“But even though I was at the lowest point of my life, I managed to do the film with flying colors,” she said.

Veteran actor Eddie Garcia shared the Best Actor trophy with Victor Neri. Mr. Garcia starred in Benedict Mique’s thriller ML and Mr. Neri starred in Keith Deligero’s A Short History of a Few Bad Things.

Anne Curtis-Smith was given the Fernando Poe, Jr. Memorial Award for her work in Erik Matti’s BuyBust. She is the first actress to be given the award. In her acceptance speech, she said she hopes there would be more films with “kick-ass female leads.” Ms. Curtis-Smith played a police officer conducting a drug bust in a Manila slum.

Three female directors and actresses were given the night’s Lifetime Achievement Award: actress/director Laurice Guillen, actress/producer Charo Santos-Concio, and posthumously, director Marilou Diaz-Abaya.

Below is the complete list of winners:

• Best Picture: Gusto Kita with All My Hypothalamus

• Grand Jury Prize: Ang Panahon ng Halimaw and Never Tear Us Apart a.k.a Fisting

• Special Grand Jury Prize Short Film: Balai

• Best Short Film: Siyudad sa Bulawan, directed by Jarell Serencio

• Best Documentary Film: All Grown Up, Wena Sanchez

• Best Director: Dwein Baltazar (Gusto Kita with All My Hypothalamus)

• Best Lead Actress: Nadine Lustre (Never Not Love You)

• Best Lead Actor: Eddie Garcia (ML) and Victor Neri (A Short History of a Few Bad Things)

• Best Supporting Actor: Joem Bascon (Double Twisting Double Back)

• Best Supporting Actress: Adrienne Vergara (Dog Days)

• Best Adapted Screenplay: Tanabata’s Wife by Charlson Ong, Choy Pangilinan, Mao Portus, and Juan Carlos Tarobal

• Best Original Screenplay: Gusto Kita with All My Hypothalamus by Dwein Baltazar

• Best Cinematography: Oda Sa Wala, Neil Daza

• Best Editing: Kung Paano Siya Nawala, Lawrence Ang and Pag-ukit sa Paniniwala, Hiyas Baldemor Bagabaldo

• Best Musical Score: Never Tear Us Apart a.k.a. Fisting by Erwin Romulo, Malek Lopez and Juan Miguel Sobrepeña

• Best Production Design: Oda sa Wala, Maolen Fadul

• Best Visual Effects: GOYO: Ang Batang Heneral, Blackburst, Inc.

• Best Sound: Ang Panahon ng Halimaw, Corine de San Jose

• Best Original Song: “Buhay Teatro” from Paglisan, music by Teresa Barrozo, lyrics by Christela Marquez, Aica Ganhinhin, Carl Papa, and Erika Estacio

• King of Comedy Dolphy Memorial Award: Maricel Soriano

• FPJ Memorial Award: Anne Curtis-Smith

• Lifetime Achievement Awardees: Marilou Diaz-Abaya, Laurice Guillen and Charo Santos-Concio

• German Moreno Memorial Youth Achievement Award: Maymay Entrata and Bianca Umali

• Dr. Jose R. Perez Memorial Award: Ali Sotto

• FAMAS President Award Atty. Vince Tañada Arturo Padua Memorial Award: Jobert Sucaldito — Zsarlene B. Chua

Robinsons Homes celebrates 25th year

ROBINSONS Land Corporation (RLC) continues to build more communities around the country under its Robinsons Homes brand, 25 years after its first community was developed in Antipolo.

Robinsons Homes East, the first project, was developed in 1994. Now, Robinsons Homes’ portfolio covers 35 subdivisions in 14 key cities and municipalities nationwide.

“We’ve certainly come a long way from developing the first project we had in Antipolo when we converted one of our farms into a thriving residential subdivision,” RLC president Frederick Go was quoted as saying.

Robinsons Homes are located in key areas of Laoag, Tarlac, Pampanga, Baliwag, Rizal, Lipa, Cavite, Puerto Princesa, Bacolod, Cebu, Davao, Cagayan de Oro, and General Santos.

To help Filipinos achieve their dream of owning a homes, Robinsons Homes offers spaces depending on one’s budget and vision. Happy Homes targets “early nesters,” while Springdale is a contemporary development for start-up families. Brighton offers more space for growing families, while Bloomfields is a community for families “who would like to elevate their lifestyle.”

“As we enter calendar year 2019, we mark our 25th year in the industry. Looking back from our early beginnings in the 1990s, Robinsons Homes has come a long way to establish itself as a reliable brand. From our first residential development in Antipolo, the Robinsons Homes East, to building 35 enduring addresses in key regions nationwide,” RLC Executive Vice President Faraday Go.

“This 2019, we must continue our mission to provide Filipino families with their dream homes,” he added.

Batangas Container Terminal increases its annual capacity with new berth

ASIAN Terminals, Inc. (ATI) inaugurated a new berth at the Batangas Container Terminal (BCT) Monday, which is eyed to increase its annual capacity and eventually help decongest ports in Manila.

Officials of the listed port operator and from the Department of Transportation (DoTr) and Department of Finance (DoF) led the opening of BCT’s Berth 2 yesterday, which it said will almost double BCT’s capacity to about 500,000 twenty foot equivalent units (TEUs) from the previous 350,000 TEUs.

“With this additional berth, the Batangas port complements the Port of Manila. This will spare Manila the curse of congestion experienced lately. This will provide a good alternative gateway to our rapidly expanding trade,” Finance Secretary Carlos G. Dominguez III said at the program in Batangas port.

“This will service domestic routes to the southern islands, as well as handle cargo to and from the regional hubs in Hong Kong, Singapore, Taiwan, Japan, Indonesia and our other global trading partners,” he added.

ATI earlier announced its capital expenditure this year is set at $300 million (about P15.6 billion), where more than P2.5 billion will be spent in expanding BCT.

The terminal currently has four quay cranes, eight rubber-tired gantry (RTG) cranes, four container stacking equipment and 26 internal transfer vehicles — all part of ATI’s continuing berth and yard space expansion that started in 2017.

“We have embarked on an aggressive journey to ensure the success and sustainability of Batangas Port. As part of the Philippine government’s Build, Build, Build program, we have extended Batangas Container Terminal’s quay length, increased yard space, doubled equipment in the berth and the yard, and effectively increased capacity to over half a million TEUs annually,” ATI Executive Vice-President William Wassaf Khoury Abreau said.

Officials from Dubai’s DP World, a strategic shareholder in ATI, said the company is bullish on the operations of the Batangas terminal.

“We are very happy with the way the government has been running this country and the way things are becoming very efficient. This is very important for us. This encourages us and gives us confidence to invest more,” DP World Chairman Sultan Ahmed bin Sulayem said.

ATI posted an attributable net income of P2.9 billion in 2018, up 16% due to record-high cargo volumes handled at its terminals in Manila and Batangas. The company recorded a throughput of almost 250,000 TEUs last year, up 26% from in 2017. — Denise A. Valdez

Gov’t partially awards T-bills to cap rates

THE GOVERNMENT made a partial award of the Treasury bills it auctioned off yesterday, rejecting some bids for the one-year papers to keep rates at level with yields at the secondary market.

The Bureau of the Treasury (BTr) borrowed P13.01 billion out of the programmed P15 billion at its T-bills auction Monday. Bids from market players reached P29.257 billion, nearly double the amount the Treasury intended to raise.

Broken down, the Treasury borrowed P4 billion as planned via the 92-day tenor yesterday as tenders reached P9.85 billion. The average rate declined 4.5 basis points (bp) to 5.563% from the 5.608% tallied in the previous auction.

The government also made a full award of the 183-day T-bills, accepting the programmed amount of P5 billion, with total offers amounting to P10.947 billion. The tenor’s average yield slipped 1.8 bps to 5.978% from the 5.996% fetched last week.

Meanwhile, for the 365-day T-bills, the government borrowed just P4.01 billion out of the P6 billion it wanted to raise, even with tenders totalling P8.46 billion. The average yield on the papers picked up 3.3 bps to 6.085% from the 6.052% quoted in the previous offer.

Based on the PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website, the three-month, six-month and one-year papers were quoted at 5.728%, 5.97%, and 6.133% yesterday, respectively.

The Treasury is set to settle the papers today, one day ahead of schedule, due to the May 1 non-working holiday.

Following the auction, Deputy Treasurer Erwin D. Sta. Ana said the BTr made a partial award of the T-bills to temper high rates.

“The committee just decided to keep the rates at secondary market levels. So we decided that for the one-year, we have to keep it at the current market levels,” Mr. Sta. Ana told reporters yesterday.

He added that the cost of funds for some banks prompted participants to offer bids above rates at the secondary market.

“I think there’s a little bit tightness in liquidity that is actually reported. Although, we think that given the turnout of the auction, there is still ample liquidity because of the two times bid-to-cover ratio.”

Sought for comment, a trader said the auction result was in line with market expectations.

“I think BTr is bent on upping the rates of the one-year to 6.1% level — that’s why they made a partial award on the one-year [papers],” the trader said in a phone interview.

The trader added that the Treasury has liberty to partially award the papers as it has raked in ample funds during previous offerings.

The government plans to borrow P315 billion from the domestic market this quarter, broken down into P195 billion in T-bills and P120 billion in Treasury bonds.

It is looking to borrow 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 the country’s gross domestic product. — Karl Angelo N. Vidal

International and local content creators in 5th YouTube fan fest

THE YouTube FanFest, which gathers international and local YouTube content creators to meet each other and their fans in real life, returns for a fifth year on May 26 at the Mall of Asia Arena in Pasay City.

“We’re thrilled to bring YouTube FanFest back to the Philippines!,” Marc Lefkowitz, Head of Creator & Artist Development, YouTube, Asia Pacific was quoted as saying in a press release. “What started with a simple tweet from the YouTube community in 2015 has turned into a movement. It’s amazing to see generations of local Filipino talent shine onstage alongside international creators. The energy, enthusiasm and excitement here is unbelievable, and it’s the reason why we love coming to the Philippines.”

Among the international content creators to be featured in the one-day event is Matt Stefanina, a Los Angeles-based dancer and choreographer who rose to fame for his dance videos. He currently has almost 10.5 million subscribers and his videos have been viewed 1.8 billion times.

Also joining the international slate is Philippine YouTube FanFest veteran Alex Wassabi, who has been participating in the event since 2016. He is known for his travel vlogs (video blogs), music videos, and challenges. He currently has more than 11 million subscribers and more than 4 billion views on his channel.

The event will also feature a slate of local content creators as YouTube noted in its press release that the “Filipino YouTube community is getting bigger and more exciting.”

“Today, the Philippines has over 750 channels that reached 100,000 subscribers, and more than 60 channels with more than one million subscribers. That is a jump from just 300 channels with 100,000 subscribers and 19 channels with more than one million subscribers last year,” said the release.

The local content creators who will be at the event include vloggers Ranz Kyle, Niana Guerrero, Pamela Swing, and Rei Gamar, beauty “influencers” Hannah Kathleen and ThatsBella, singer/dancers Ken San Jose and AC Bonifacio, “lifehacker” Brains techKnowlogy, and streetballer community Hype Streetball.

Aside from meeting the content creators, attendees can “also experience the daily life of a YouTube star” by participating in themed booths and studios which will allow them to create and upload YouTube videos.

For Mother’s Day, YouTube FanFest Philippines is also hosting an auxiliary event on May 17 and 18 called the YouTube FanFest Moms Edition at the Mall of Asia Music Hall where international and local “mom” content creators will conduct workshops, onstage interviews, and performances.

The fifth YouTube FanFest will be held on May 26 at the Mall of Asia Arena. Tickets will be available via SMTickets.com though YouTube creators will also be hosting event ticket and meet-and-greet giveaways on their social media channels. For more details, visit www.youtubefanfest.com/event/2019-ph. — ZBC

Greenfield launches 2nd Zadia tower

GREENFIELD Development Corp.’s subsidiary recently launched the second tower of its Zadia residential project in Sta. Rosa, Laguna.

In a statement, Equus Property Venture, Inc. said Zadia Tower 2, located within Greenfield City, was launched in response to the strong demand for the first tower. Zadia Tower 1 was sold out in “just a few months.”

“Zadia offers the first premier vertical community in Greenfield City, providing the best of both worlds for those looking for a quiet, nature-inspired lifestyle, but also yearns for the convenience of condominium living,” the company said.

Equus allocated 80% of Zadia’s 36,000 square meters (sq.m.) to open spaces, amenities, and roadways. It will also incorporate sustainable features within the project.

Zadia located near Paseo Outlets, Laguna Central and Arcadia, which feature restaurants, outlet stores and cafes.

Equus noted infrastructure projects are set to connect the master-planned Greenfield City to Tagaytay-Balibago road, making it more accessible. — Vincent Mariel P. Galang

Former SGV chairman Balangue passes away

DAVID L. BALANGUE, an accounting and auditing veteran and former Securities and Exchange Commission (SEC) commissioner, has passed away on April 29, Monday.

Former Finance Secretary Cesar Antonio V. Purisima made the announcement through a social media post yesterday, praising him for his work at auditing firm Sycip Gorres Velayo & Co. (SGV). Mr. Balangue was 67.

“Dave was an SGV lifer and was one of the most intelligent and hardest working colleague I worked with at SGV. He was humble, down to earth, funny and witty. He rose from very humble beginnings to the top of his profession. He was a very loyal friend,” Mr. Purisima said in a Facebook post.

Mr. Balangue served as SGV’s chairman from 2004 to 2009. His career at SGV spanned 38 years, having risen from the ranks since he entered the firm in 1982.

He was appointed SEC commissioner in 2012 by then President Benigno Simeon C. Aquino III.

Mr. Balangue was previously an independent director on the board of several companies, including Roxas Holdings, Inc., Phinma Energy Corp., Holcim Philippines, Inc., Manulife Financial Plans, Inc., and Philippine Bank of Communications. He resigned from the companies’ boards last February.

He was the past president of the Philippine Institute of CPAs, Management Association of the Philippines, Financial Executives Institute and The Manila Polo Club, Inc.

Mr. Balangue graduated magna cum laude with a Bachelor of Science in Commerce from the Manuel L. Quezon University in 1971. He also holds a Master in Management degree from the Graduate School of Management of Northwestern University in Illinois. He placed second highest in the 1972 Philippine CPA Board Examinations.

Mr. Balangue’s remains are in Chapel 8, Heritage Park in Taguig City. Viewing will be allowed until May 1, 3 p.m. — Arra B. Francia

China’s vicious banker fee war hits new low

CHINA’S INVESTMENT BANKERS are taking their price war to the fourth decimal place.

In the latest sign of intensifying competition among the country’s underwriters, GF Securities Co. this month offered to arrange a top-rated state-owned company’s bond sale for a 0.0001% fee, people familiar with the matter said. The bid was so low that China’s securities regulator issued an unprecedented rebuke of the brokerage for pricing its services at below cost.

The nation’s underwriters are adopting race-to-the-bottom strategies to boost their positions in league tables as the industry becomes increasingly crowded. The hope is that a higher ranking will open the door to more lucrative deals, but some market observers say the tactics are unsustainable. Several securities firms have been cutting pay and reducing staff as earnings come under pressure, while calls for industry consolidation are growing louder.

“Competition has become so intense,” said Chenghao Xu, deputy manager of the asset management department at Guolian Securities Co. in Shenzhen.

A Bloomberg Intelligence index of listed Chinese securities firms rose 0.1% as of 9:32 a.m. local time on Monday.

In an announcement dated April 19, the Guangdong branch of the China Securities Regulatory Commission (CSRC) asked GF Securities to rectify its underwriting practices and submit a written report to the regulator by May 30. It was the first time the CSRC has issued a public warning on fees to a single bond underwriter. GF Securities didn’t respond to an email seeking comment.

While Chinese debt issuance has soared in recent years, underwriting fee rates have shrunk as the number of competitors has increased.

The charge for selling corporate bonds in 2007 was typically upwards of 1% of the deal size, according to a banker responsible for debt sales at one of China’s biggest brokers. It dropped to an average 0.44% between October 2017 and March 2018, with more than 100 deals during that period paying 0.1% or less, according to a report by the Securities Association of China. In the US, underwriting fees averaged 0.6% for corporate bonds issued this year, data compiled by Bloomberg show.

The number of bond underwriters in China rose to 138 in 2018 from 102 in 2013, according to Bloomberg data.

“Vicious competition is having a negative impact on the entire bond underwriting industry,” said Yang Hao, an analyst at China Post Securities Co.

The trend is similar for equities and convertible bonds. Five of China’s biggest investment banks earned a combined 418,948 yuan ($62,261), or 0.001% of the deal size, for underwriting a private share placement for Huaxia Bank Co. in January. That was less than the 500,000 yuan Huaxia paid for disclosing the transaction in newspapers.

China National Nuclear Power Co., a state-owned power producer, said on April 10 that underwriters will earn a 0.03% fee for the company’s 7.8 billion yuan convertible-bond sale.

While analysts including David Yuan Wei of McKinsey & Co. have said that long-term consolidation in the securities industry could help ease pressure on fees, the environment may get worse before it gets better.

Recent rule changes have opened the way for foreign securities firms to enter China or, for those already there, bulk up their local presence. UBS Group AG, JPMorgan Chase & Co. and Nomura Holdings Inc. have all won regulatory approval for majority control of their local securities joint ventures, while DBS Group Holdings Ltd. has an application pending. — Bloomberg

Grab cracks down on ‘excessive’ cancellations

GRAB Philippines (MyTaxi.PH, Inc.) said it will start imposing penalties on passengers and drivers for excessive cancellations of booked rides.

In a statement Monday, the technology firm said it has started implementing the new policies such as user lockout and penalty fees on its mobile application, in order to reduce the number of ride cancellations.

Grab said users will be informed of the new rules starting Monday and will be on a “staggered rollout” until end of May.

“Our intention in implementing this new policy is to create a better ride-hailing ecosystem, where both passengers and drivers practice the responsible use of the Grab platform,” Grab Philippines President Brian P. Cu said in the statement.

For drivers, Grab will penalize those that wouldn’t be able to reach a “completion rate,” or the number of completed bookings vis-a-vis canceled rides and ignored jobs. They will also be temporarily locked out of the Grab app if they “excessively ignore or cancel booking requests.”

The same timeout feature will be rolled out for passengers, such that an account would be suspended for 24 hours if it is found to have canceled too many rides.

But if a driver is the one to cancel a ride, the passenger will be given 30 points in GrabRewards.

Grab will also implement a P50 fee for passengers that would cancel a ride five minutes after getting assigned a driver, and the same fee for not showing up at a pickup point. A GrabCar driver will wait five minutes before the fee will be applied, and three minutes for GrabShare. This cancellation fee, Grab said, will go directly to the driver. — Denise A. Valdez

Primark opens town center in Tacloban

PHILIPPINE Primark Properties Inc. (Primark) recently opened its 36th community mall in Caibaan, Tacloban City.

In a statement, the developer said the Caibaan Town Center, which has a floor area of 6,244 square meters (sq.m.), features SM Save More as its anchor tenant.

McDonald’s, Dunkin’ Donuts, Generika, Watson’s Pharmacy, Shawarma Shack, and Cebuana Lhuillier can be found at the town center, alongside homegrown brands such as Danny’s Delicacies, Siomai Chino, Cellcom, Fon Plus, Quality Breadshop, and El Torogi.

Primark, which is part of the LKY Group of Companies, is present in over 40 cities and urban centers around the country.

“The Town Center offers shopping convenience with the consumer needs of the communities it caters through well-designed facilities and provide venues for local entrepreneurs to grow their businesses,” the company said.

Brocka and Philippine electoral politics: Passions big and small

By Menchu Aquino Sarmiento

LINO BROCKA would have been 80 this April, if he hadn’t been killed in a car crash on May 21, 1991. He was only 52, and had directed around that many films too in the last two decades of his life, though his oeuvre also spanned TV and the legitimate stage, both as an actor and a director, and occasionally, even as a writer. His creative output is probably unequalled by any other Filipino artist in those fields. He was bluntly matter-of-fact about having to grind out five cinematic potboilers to subsidize each worthwhile passion project, such as Insiang (1976), the first Filipino film to be shown at the Cannes Directors Fortnight.

The recent mini-retrospective of his works, “Brocka and Philippine Electoral Politics,” focused on his smaller melodramas. The plots revolve around the struggles of ordinary folks at the hands of local warlord politicians. Most Filipinos experience politics at the LGU level, not at the state policy level. It is the town mayor, e.g., Eddie Garcia in Gumapang Ka sa Lusak (1990) and in Miguelito: Batang Rebelde (1985), or the congressman, Eric Quizon in Hahamakin Lahat (1990) who loom largest in their lives, like corrupt, grotesquely imperfect godlings.

Having a kept woman is still one of the accepted accoutrements for powerful men. Brocka sympathetically portrays her as a feckless and naïve soul, compelled by poverty rather than ruthless ambition, to sacrifice herself for her family’s sake. In his groundbreaking Tinimbang Ka Ngunit Kulang (1974), the town looney Kuala (Lolita Rodriguez) is driven to madness through a botched abortion, forced upon her by the mayor, her former lover, who subsequently abandons her.

The recurring theme of the simple lass turned pampam (prostitute) or kabit (mistress), was like an ever-fresh wound for Brocka, whose own young, widowed mother had to work as a bailarina (dancer for hire), then later became a local politician’s mistress in order to support her two sons. Brocka’s father, a modestly prosperous banca-builder (boat-builder), was nearly thrice his mother’s age. She was only 15, practically a child, when he took her from her Nueva Ecija barrio to become his second wife on a remote island in Bicol, where he was dabbled in local politics himself. Brocka often exposes such grotesque imbalances of power between men and women. Another great filmmaker, Ishmael Bernal was also the scion of a “second family.” Brocka’s and Bernal’s life circumstances as outsiders in so-called respectable society give their films a special affinity with social outcasts.

As above, so it is below. The political warlord’s legal wife and partner in these lesser conjugal dictatorships which are microcosms of the larger ruling order, wields her own power. Charo Santos-Concio gives an especially spot-on performance as the Imeldific Rowena, the mayor’s wife in Gumapang Ka sa Lusak. When she senses her husband is too attached to Rachel (Dina Bonnevie), Rowena threatens her with gang rape. In Babangon Ako at Dudurugin Kita, the ruthless Via (Hilda Koronel), unica hija (only daughter) of a political clan, has her married lover Alfred’s (Christopher De Leon) virtuous wife Salve (Sharon Cuneta) raped, so he can accuse her of adultery, then cast her aside. Thus, Via can have Alfred all to herself and make him her stand-in for her clan’s political ambitions. With the help of a big-time smuggler (Bembol Roco) who becomes her protector and lover, Salve is transformed. She grows as hardened as Via, and orders her bodyguards to rape Via in front of her husband. For a woman to use rape as a weapon against another woman is the ultimate act of monstrosity in Brocka’s melodramas.

In Brocka’s major works, the locus of evil is not merely in political warlords or their consorts, but hydra-headed, systemic, and metastatic. Orapronobis (1991), one of his last films, was a passionate but near-despairing excoriation of the continuation of the Marcos Martial Law horrors and abuses into the post-EDSA 1 aftermath, i.e., the government’s tacit support for the paramilitary groups which terrorized peasants; the warrantless raids and arrests; the abduction, torture and murder of suspected dissidents, even of peaceful NGO workers, catechists, and human rights advocates. Orapronobis was not commercially released in the Philippines during Brocka’s lifetime. The Movie and Television Review and Classification Board, then chaired by Manuel L. Morato, falsely claimed its opening sequence showing the killing of a priest and his assassin’s partaking of his spilled brains caused numerous overseas Filipino domestic helpers to lose their jobs because their employers thought Filipinos were cannibals, based on this single scene. The film also shows a rally led by the psychotic Kumander Contra (Bembol Roco), the administration’s running dog. One placard declares “Litsunin ang mga pari at madre” (Let us roast the priests and nuns on a spit). These resonate with the ongoing persecution and the recent murders of priests during this administration.

Brocka’s sense of justice and theater underlay the 1983 drama of Ninoy Aquino’s wake in Sto. Domingo Church, and his mile-long funeral cortege which captured the world’s imagination. Nonetheless, barely two years into the Corazon C. Aquino Administration, he was so disaffected that he resigned his membership in her Constitutional Commission. Brocka never sold out to the Marcoses throughout the Martial Law dictatorship, despite repeated attempts to entice him with lucrative projects and the grandiose prospects of the accursed Film Center. He saw through their bread-and-circuses ploys. He led his fellow artists in the battle against E.O. 868 which greatly expanded the powers of the Philippine Board of Censors, eventually co-founding the Concerned Artists of the Philippines. He also rejected his Urian award to show his low opinion of critics in general. His principles always came first.

Realizing that the little people suffer the most in any war, Brocka was not an advocate for change through violent means. But for the Marcoses, he made an exception. In the Christian Blackwood documentary Signed Lino Brocka, he frankly declared that he would have volunteered to be on the firing squad to execute the Marcoses, if history could only be altered. “The Filipinos were, even America, was too kind to them. They should have been killed.”

UnionBank net income declines in first quarter

UNIONBANK of the Philippines, Inc. booked lower net earnings.

UNIONBANK of the Philippines, Inc. tallied a lower net profit in the first quarter, even as its net interest earnings went up.

In a regulatory filing on Monday, the Aboitiz-led lender said it booked a P2.16-billion net income in the first three months of the year, down 26% from P2.93 billion recorded in the same quarter in 2018.

This translated to a return on equity of 9.6% and return on assets of 1.3%.

On a quarter-on-quarter basis, its net profit climbed 75% compared with its income in the October-December period.

The lender posted a lower bottom line year-on-year even as it booked higher net interest income at P4.66 billion in the January-March period, up 12.6% from P4.14 billion recorded in the same period in 2018.

Net loans and receivables were at P315 billion, up 7.5% from last year’s P293.14 billion, with retail loans accounting for more than a third of the bank’s lending book.

Deposits, on the other hand, declined 3.2% to settle at P425.6 billion in the first quarter from the P439.59 billion logged in a comparable year-ago period.

Other income also declined 16% year-on-year to P2.3 billion from P2.74 billion.

Operating expenses stood at P4.3 billion, up 23.6% from P3.48 billion recorded in the same period in 2018.

Overall, UnionBank’s assets grew 15.8% to P704.5 billion from the P608.44 billion recorded last year.

In a statement, UnionBank Treasurer and Chief Financial Officer Jose Emmanuel U. Hilado said yields are starting to catch up in the first three months of the year as assets reprice.

“With a more stable interest rate and lower inflation environment this year, we expect margins to improve towards the end of the year and recurring income to have an increased contribution to our bottom line,” Mr. Hilado said.

Edwin R. Bautista, UnionBank president and chief executive officer, added that the lender is confident it will be able to sustain the double-digit growth expansion of its lending business this year to mark its fifth year of above-industry loan growth.

He said the bank will continue its thrust towards digitalization, including setting up more concept branches called “The ARK,” rolling out more functionalities in its online and mobile platforms as well as deploying 100 cadets from the bank’s Blockchain Institute.

UnionBank shares closed at P60.55 apiece on Monday, gaining five centavos or 0.08% from its previous finish. — Karl Angelo N. Vidal