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Shakey’s Pizza Asia plans US subsidiary

LISTED Shakey’s Pizza Asia Ventures, Inc. (SPAVI) is eyeing an expansion into the United States with the planned incorporation of a new subsidiary.

In a regulatory filing on Monday, the company announced that its board had approved the incorporation of a fully owned subsidiary in the US, with its registration expected to be completed after 30 days.

“The incorporated entity will be the group’s platform in its expansion plans in the territory which will grow system-wide sales, revenues, and bottom line internationally via company-owned and franchised stores in the territory,” SPAVI said.

SPAVI said the new subsidiary will own and operate stores and franchises and will market the group’s products and brands.

The company did not provide further details on the new US subsidiary.

SPAVI’s brand portfolio consists of kiosk-based food brand Potato Corner, Peri-Peri Charcoal Chicken and Sauce Bar, Singaporean milk tea brand R&B Milk Tea, and artisanal brand Project Pie.

The company recently opened the 2,000th store of its Potato Corner brand, located in SM Cebu.

SPAVI acquired Potato Corner in 2022 to strengthen its brand portfolio. Potato Corner has a presence in 15 markets globally and has partnered with over 800 franchisees worldwide.

Potato Corner recently entered the Malaysian market and has been expanding its presence in China.

For the first half, SPAVI posted a 14% decline in its net income to P421 million from P489 million last year, citing inflationary challenges.

System-wide sales increased by 14% to P10.1 billion, while operating expenses surged by 36% to P960 million.

SPAVI has 2,351 networks and outlets across its brands as of the end of June.

On Monday, SPAVI shares fell by 0.43% or four centavos to P9.26 per share. — Revin Mikhael D. Ochave

Kris Kristofferson, influential singer-songwriter, 88

KRIS KRISTOFFERSON in a scene from the 1976 film A Star is Born.

KRIS KRISTOFFERSON, who became one of the most influential American singer-songwriters of his time with works such as “Me and Bobby McGee,” as well as becoming a successful actor, died Saturday at the age of 88, according to a family statement.

Mr. Kristofferson had been suffering from memory loss since he was in his ’70s. A family spokesperson said in a statement that Mr. Kristofferson died peacefully at his home in Maui, Hawaii, surrounded by family, but a cause of death was not listed.

Mr. Kristofferson was a Renaissance man — an athlete with a poet’s sensibilities, a former Army officer and helicopter pilot, a Rhodes scholar who took a job as a janitor in what turned out to be a brilliant career move.

Mr. Kristofferson first established himself in the music world as a songwriter in the country music capital of Nashville — writing hits such as the Grammy-winning “Help Me Make It Through the Night,” “For the Good Times,” and one-time girlfriend Janis Joplin’s plaintive No. 1 hit, “Me and Bobby McGee.”

In the early 1970s, he became well-known as a performer with a rumbling, unpolished baritone, as well as an in-demand actor, notably opposite Barbra Streisand in A Star is Born, one of the most popular films of 1976.

Mr. Kristofferson was born in Brownsville, Texas, on June 22, 1936, and moved frequently because his father was a general in the Air Force. After graduating from Pomona College in California, where he played football and rugby, Kristofferson attended Oxford University on a Rhodes scholarship and then fulfilled the family tradition by joining the Army.

He went through the Army’s elite Ranger School, learned to pilot helicopters and reached the rank of captain. In 1965 Mr. Kristofferson was offered a position teaching English — he was enthralled by the works of poet William Blake — at the US Military Academy in West Point, New York, but he turned it down in order to head to Nashville.

Mr. Kristofferson became a janitor at the Columbia Records studio because it would give him a chance to offer his songs to the big-name stars recording there. He also worked as a helicopter pilot ferrying workers between Louisiana oilfields and offshore drilling rigs.

During that time Mr. Kristofferson wrote some of his most memorable songs, including “Help Me Make It Through the Night,” which he said he penned atop an oil platform.

His most audacious song pitch came when he landed his helicopter on Johnny Cash’s lawn — although he denied Cash’s version of him climbing out of the cockpit with an audio tape in one hand and a beer in the other. Cash would later have a No. 1 hit with Mr. Kristofferson’s “Sunday Morning Comin’ Down” lament.

‘NOTHING LEFT TO LOSE’
Mr. Kristofferson’s best songs were filled with seekers, wastrels and broken souls trying to find love, redemption or relief from the hangover that life had given them. The broken-hearted narrator of “Bobby McGee,” a song Mr. Kristofferson said was inspired by the Federico Fellini film La Strada, summed it up with the line, “Freedom’s just another word for nothing left to lose.”

“Kris brought (country music) kind of from the dark ages up to the present-day time, made it acceptable and brought great lyrics — I mean, the best possible lyrics,” Willie Nelson, an early role model for Mr. Kristofferson, told CBS’s 60 Minutes in a 1999 interview. “Simple but profound.”

Mr. Kristofferson recorded four albums with Rita Coolidge, the second of his three wives, in the 1970s and joined Nelson, Cash, and Waylon Jennings in the country music super group the Highwaymen in the 1980s and ’90s.

Mr. Kristofferson’s rugged good looks led to roles in movies such as Cisco Pike, Pat Garrett & Billy the Kid, The Sailor Who Fell from Grace with the Sea, Convoy, Heaven’s Gate, Lone Star, and Blade.

Mr. Kristofferson lived hard during his heyday. There was a long line of girlfriends and performances he could not remember because he was drunk. He gave up drinking — but not marijuana — when a doctor told him he was killing himself.

“It was fun,” Mr. Kristofferson told 60 Minutes. “It was the way that I thought an artist was supposed to live. I always agreed with Blake when he said that the road of excess leads to the palace of wisdom. … I think God protects fools and songwriters.”

After his initial stardom, Mr. Kristofferson took on causes such as the United Farm Workers and spoke out against US government involvement in Nicaragua and El Salvador in the 1980s.

Mr. Kristofferson began experiencing debilitating memory loss in his mid-70s and his performances suffered for it. Doctors told him it appeared to be the onset of Alzheimer’s disease or dementia, possibly brought on by blows to the head while boxing and playing football and rugby in his younger days.

But in 2016, his wife, Ms. Lisa, told Rolling Stone magazine that Mr. Kristofferson had been diagnosed with Lyme disease, which can cause memory problems, and that after treatment and stopping Alzheimer’s medication, his memory began to return partially.

Mr. Kristofferson kept active with a 2016 tour that included performances with Nelson and stops in Europe. That year he also marked his 80th birthday by releasing The Cedar Creek Sessions, an album featuring live versions of his best-known songs.

Mr. Kristofferson and his third wife, Ms. Lisa, whom he married in 1983, lived on the Hawaiian island of Maui for more than 30 years. He had eight children. — Reuters

Local gas focus seen to offset imported LNG prices

REUTERS

PRIORITIZING indigenous gas could help mitigate the rising prices of imported liquefied natural gas (LNG), the Senate committee on energy chairperson said on Monday.

In a statement, Sen. Pilar Juliana “Pia” S. Cayetano, the sponsor of Senate Bill 2793, also known as the Philippine Natural Gas Industry Development Act, recommended prioritizing indigenous gas.

Citing data from the natural gas market, she said that Malampaya gas costs $12.8 per million British thermal units (MMBtu), compared to LNG, which costs $15.3 per MMBtu, inclusive of all regasification and other costs to generate power.

Sen. Sherwin T. Gatchalian earlier flagged certain provisions of the proposed law, one of which prioritizes indigenous gas over imported LNG. He said that this is “problematic” as consumers will be “forced” to pay higher electricity prices whenever indigenous gas is more expensive.

Citing industry sources, he said that the cost of LNG is $10.5 per MMBtu, which corresponds to a levelized cost of energy rate of P7.07 per kilowatt-hour.

Ms. Cayetano renewed her call to her colleagues to “take a patriotic stand” in favor of local natural gas resources by passing the proposed law.

“Let’s take a stand. Prioritize indigenous (natural gas). Support indigenous. And buy indigenous,” she earlier said.

“It ensures a continuous and stable energy supply in the country, even or despite unpredictable events occurring in the global market.”

Ms. Cayetano said that SB 2793 will incentivize the full exploration and development of the Philippines’ indigenous natural gas resources to address concerns about energy security.

She said the proposed law is key to revitalizing indigenous gas exploration, “which has been nearly abandoned because of the absence of clear-cut policies.”

“From 150 wells in the 1970s, there have been no additional drilling efforts since 2019. Are we going to let this industry die? Are we going to be dependent on imported natural gas?” she said. — Sheldeen Joy Talavera

Maggie Smith, mistress of waspishness on stage and screen, 89

Maggie Smith in a scene from Downton Abbey.

LONDON — Dame Maggie Smith, who died on Friday aged 89, was a perfectionist who turned anxiety into an art form and was hailed as one of the great actors of stage and screen.

One of the few actors to win the treble of an Oscar (twice), Emmy (four times), and Tony, Ms. Smith moved effortlessly between performing Shakespeare and Oscar Wilde on stage to the Harry Potter movie franchise and the hit television series Downton Abbey.

But soul-searching about her art was anathema to the British actor, who jealously guarded her privacy and spurned the trappings of stardom.

“I wish I could just go into Harrods and order a personality,” she once said. “It would make life so much easier.”

Perhaps her concern about her perceived lack of personality was what spurred her to take on so many others.

Her first Academy Award nomination was for her turn playing Desdemona opposite Laurence Olivier’s Othello in 1965, before she won her first Oscar for her role as an Edinburgh schoolmistress in 1969’s The Prime of Miss Jean Brodie.

Her second was for her supporting role in the 1978 comedy California Suite, where she played alongside Michael Caine.

Other critically acclaimed roles included Lady Bracknell in Wilde’s The Importance of Being Earnest on the West End stage, a 92-year-old bitterly fighting senility in Edward Albee’s play Three Tall Women, and her part in the 2001 black comedy movie Gosford Park.

STAR OF HARRY POTTER AND DOWNTON ABBEY
In the 21st century, she was best-known as Professor McGonagall in all seven Harry Potter movies, and the Dowager Countess in the hit TV series and movie spin-offs of Downton Abbey, a role that seemed tailor-made for an actress known for purse-lipped asides and malicious cracks.

Margaret Natalie Smith was born on Dec. 28, 1934, in Essex, northeast of London. She moved to Oxford as a small child when her father, a pathologist, took a role at the university, and she began acting in the local theater at 17.

Her big break came in 1956 with New Faces on Broadway. Her 1958 part in the British crime movie Nowhere to Go earned her a BAFTA nomination.

The following years were to see a welter of acclaimed roles in movies (including Travels with my Aunt, A Room with a View, and The Secret Garden), on stage (Lettice and Lovage, Virginia), and on television (David Copperfield, My House in Umbria).

Critic Irving Wardle hailed a mouth that contracted from a wide, inviting smile to the “sucked-in venom of a stoat at bay” — something she put to good use in Downton Abbey.

For many viewers, her waspish turn in the smash-hit historical series that ran on television from 2010 to 2015 was the best reason to watch it, and it earned her multiple awards — although it did little for her desire for a private life.

“I led a perfectly normal life until Downton Abbey. I’m not kidding. I’d go to theaters, I’d go to galleries, things like that, on my own. And now I can’t and that’s awful,” she said at the BFI Radio Times festival in 2017.

Ms. Smith was known for being demanding on herself and others. Theater director Peter Hall, who worked closely with her for many years, said: “She nags herself into perfection.”

She had a tempestuous eight-year marriage to actor Robert Stephens, which ended while they were playing newly entangled divorcees in Noel Coward’s Private Lives. They had two sons — actors Toby Stephens and Chris Larkin.

Ms. Smith then married her teenage sweetheart, writer Beverley Cross, a rock of imperturbability for her until his death in 1998.

In 1990, Ms. Smith was knighted by Queen Elizabeth and became a Dame. — Reuters

Ochre Tower in Tagaytay to break ground in Oct.

HIGHLANDS Prime, Inc. (HPI), a subsidiary of SM Prime Holdings, Inc., has unveiled its Ochre Tower project within Tagaytay Highlands, a mountain resort and mixed-use development in Tagaytay, with completion scheduled for 2029.

Ochre Tower will break ground in October and be completed by 2029, the company said in a statement last week.

“Ochre is only one of five mid-rise residential buildings with five to nine floors comprising a composite design that is inspired by all things Tagaytay Highlands,” HPI said in a media release on Sept. 26.

Ochre units range from 46.12 to 97 square meters and provide spaces for both work and leisure, according to the company.

The unit price ranges from P10.9 million to P21.2 million, not including penthouse units.

The company said it envisions this low-density condominium development to promote open-air activities.

“Highlands Residences is confident that there will be strong interest in its Ochre Tower as Tagaytay Highlands remains committed to sustain its vision to be the exclusive leisure property of choice amid the demand for luxury mountain resort living,” it added. — Aubrey Rose A. Inosante

Entertainment News (10/01/24)


Junior Orchestra to perform at MiraNila

THE MiraNila Heritage House & Library is presenting the concert Strings of Gold: The Manila Symphony Orchestra Returns Triumphant from Europe on Oct. 1 at 6 p.m. It follows the orchestra’s triumph with a gold prize and Grand Prix in the 13th Bratislava International Youth Music in Slovakia back in July. In the same month, the group journeyed to Vienna and garnered the top prize at the 2024 Summa Cum Laude International Music Festival, besting 140 orchestras from 33 countries. The repertoire for the concert will include classical works for strings by Josef Suk, Antonio Vivaldi, and Antonín Dvořák, as well as popular classics by Andrea and Ennio Morricone, Harold Arlen, Ryan Cayabyab, Conrado del Rosario, BINI, and Benny Castillon, among others. Tickets are still available, costing P1,500 on a first-come-first-save basis. Reservations can be made via 0927-277-6335 (Robeen Manalo). Pre-concert snacks and post-concert dinners are available at Bizu MiraNila with a 5% discount for ticket holders on the day of the concert. MiraNila Heritage House & Library is located at 26 Mariposa St., Brgy. Bagong Lipunan, Crame, Quezon City.


And So It Begins is PHL’s entry to the Oscars

THE Film Academy of the Philippines (FAP), the country’s umbrella organization of various movie guilds, announced that it has selected And So It Begins as the Philippine entry to the International Feature Film Award category of the 97th Academy Awards. The film is a documentary on the people’s movement that was born out of the 2022 presidential elections. It presents the parallel journeys of presidential candidate and then Vice-President Leni Robredo, and Nobel Laureate and Rappler founder and journalist Maria Ressa. The story shows the struggle for freedom, truth and meaningful change, amid the rise of fake news and forces that threaten democracy. “After fielding an animated entry (Iti Mapukpukaw) for the first time last year, the Philippines is again making history as it sends a documentary to the Oscars,” FAP said in a statement. The film previously screened at the 2024 Sundance International Film Festival and opened in the Philippines on Aug. 21.


Billyrrom’s first album out now

GENRE-defying Japanese band Billyrrom, known for their unique sound dubbed “Tokyo Transition Soul,” which blends soul, funk, and rock, has dropped their first album. Titled WiND, the 11-track record includes previously released singles “DUNE,” “Windy You,” and “Once Upon a Night.” The band said in a statement: “Each sound and word that composes this album is filled with the thoughts, efforts, and creative exploration not only from the six of us but also from the many people who contributed to its production.” Billyrrom was recently chosen Japan’s representative for Fender Next 2024, an artist support program by the renowned guitar brand, which selected 25 promising talents out of 1,000 artists worldwide. WiND is available now on all digital music streaming services.


K-pop group SEVENTEEN to premiere concert film

ON OCT. 17, fans of K-pop icon SEVENTEEN will be able to watch their concert film SEVENTEEN TOUR ‘FOLLOW’ AGAIN on Disney+. Filmed at Seoul’s World Cup Stadium, the upcoming release features all 13 members of the popular group as they premiere their hit song “MAESTRO”, as well as unit performances of “Spell,” “LALALI,” and “Cheers to Youth” during a sunset-to-nighttime show. It drops on Oct. 17 on Disney+.


Japanese boy band Number_i releases debut album

RISING J-pop sensation Number_i has released their debut album No. I, featuring contemporary R&B single “ICE.” The 14-track album aims to offer a fresh take on the J-pop genre with fan favorites like the hit “GOAT,” the Sho Hirano-produced “BON,” and the recently released “INZM.” The band gained acclaim following their performance at 88rising’s Coachella stage back in April. Their debut album No. I is out now on all digital music streaming platforms.


Tom Hardy returns in Marvel’s Venom: The Last Dance

IN Venom: The Last Dance, Tom Hardy is returning as Venom, one of Marvel’s most complex characters, for the final film in the trilogy. In it, the actor plays both Eddie and Venom, who are on the run as they are hunted by both of their worlds. Venom: The Last Dance also stars Chiwetel Ejiofor, Juno Temple, Rhys Ifans, Peggy Lu, Alanna Ubach, and Stephen Graham. The film is directed by Kelly Marcel. It arrives in Philippine cinemas on Oct. 23, distributed by Columbia Pictures, the local office of Sony Pictures Releasing International.


KAIA drops new pop single

AS ONE of the most sonically adventurous P-pop groups in the Philippines, KAIA aims to push more boundaries with their new single, “Walang Biruan,” out now via Sony Music Entertainment. The bubblegum-pop track channels the playful side of young love. “The song is about telling someone how much you like them sweetly and honestly. It has a catchy tune and lighthearted vibe, making it easy to relate to and enjoy,” KAIA said in a statement. It was co-written and co-produced by eclectic boy band KINDRED’s Luis Montales and Kenneth Amores, who aided the five members of KAIA in bringing out their spontaneity. A music video by Jonathan Tal Placido of Toothless will soon be released.


Anime film The Colors Within set to arrive in the Philippines

FROM the mind of anime director Naoko Yamada comes The Colors Within, which arrives in the Philippines on Oct. 23. Ms. Yamada, known for the hit anime series K-On!, will be delivering another heartfelt musical journey with an original film. The Colors Within follows Totsuko, a high school student who has the ability to see the “colors” of other people, her favorite being that of her classmate, Kimi. Together, they form a band with the quiet Rui, leading to a story of friendship and music. The film opened to critical acclaim at the Annecy International Animation Film Festival in France, also winning a Golden Goblet Award for Best Animation at the Shanghai International Film Festival. The Colors Within will open in Philippine cinemas on Oct. 23.


A1 to serenade Manila in 2025 Valentine’s concert tour

FANS of the British-Norwegian boy band A1 have something to look forward to this coming Valentine’s season in 2025. The iconic pop group, known for their timeless hits and heartfelt performances, is returning to Manila for their Valentine’s Tour 2025 on Feb. 15, 2025, at the New Frontier Theater, Araneta Center, Quezon City. Following the success of their TWENTY FIVE concert tour in 2023, A1 members will once again take the stage to perform classic hits such as “Like a Rose,” “Everytime,” “Same Old Brand New You,” and “Caught in the Middle.” Tickets, with prices ranging from P3,000 to P5,750, are now on sale via the TicketNet website and physical outlets.


E-sports movie Friendly Fire to premiere in October

THE coming-of-age film Friendly Fire by director Mikhail Red will be making its premiere on Oct. 23. Starring Loisa Andalio as Hazel Sales, a female amateur gamer who plays the shooter game Project: Xandata, the film takes its characters on a journey of self-discovery. Discovered and recruited by Sonya Wilson (played by Coleen Garcia), Hazel soon joins the professional e-sports team dubbed Team Isla. The film also stars Yves Flores, Bob Jbeili, Harvey Bautista and Jan Silverio. Friendly Fire opens on Oct. 23 in cinemas nationwide.


StageDoor to host the Philippines’ first musical theater rave

GMG Productions’ StageDoor is set to host the Philippines’ first-ever Musical Theater Rave this October. The groundbreaking event brings musical theater fans together where Broadway meets the dance floor. “StageDoor is beyond excited to bring this unique experience to Manila. We’ve always aimed to create safe, inclusive spaces where fans can connect over their shared love for musical theater, and this night is the perfect way to do just that,” said Carlos Candal, GMG Productions’ CEO, in a statement. Featuring beats from DJ Daddy A, the event will play musical hits, from Broadway classics to Disney favorites. The event is open to people ages 16 and up. Attendees are encouraged to come dressed as their favorite musical theater characters and participate in the costume and lipsync contests for a chance to win prizes. It will be held on Oct. 26 at the Globe Auditorium, Maybank Performing Arts Theater, Bonifacio Global City. Tickets, priced at P1,500 (inclusive of two complimentary drinks), are available via TicketWorld.


Soundtrip Sessions features South Border, Ella May Saison

FOR an evening of soulful melodies, Soundtrip Sessions Vol. 3 will feature two iconic acts: Ella May Saison and South Border. It will be held at The Theater at Solaire on Nov. 9 at 8 p.m. Tickets are available via TicketWorld.

Klook targets European market in expansion strategy

WILFRED FAN

By Chloe Mari A. Hufana, Reporter

TRAVEL platform Klook is working to expand its global presence by investing in Europe, its chief commercial officer said.

In an interview in Singapore last week, Klook Chief Commercial Officer Wilfred Fan said that while the company is known for its strong presence in the Asia-Pacific (APAC) region, it aims to expand globally.

“We are looking west to Europe, investing and starting to build up our company. Hopefully, travelers in Asia will start to notice and use Klook,” he told BusinessWorld, noting that the region is the company’s “priority.”

With offices recently opened in major cities such as London, Amsterdam, Rome, and Zurich, the company is aiming to tap into the increasing demand for curated, experience-based travel across the continent.

“We want to have people on the ground, necessarily. I think at this point speed is the most important. They can also manage people remotely and that could happen,” he said. “We want to have people all over Europe in all the destinations.”

Following Europe, the company’s goal is to expand in North America. Currently, it has offerings in Los Angeles.

The company’s access to technology and resources allows for low-cost integration of new experiences, providing local operators with a global platform, Mr. Fan said.

“The cost for us to bring something on board on a platform and make it available to over 30 plus languages and currencies is so easy and it’s very scalable, relatively low cost for us to do because we already have all that access to the technology and the tools and the people around the world,” he said.

To be a Klook merchant, Mr. Fan said one must send an application online. It takes Klook’s team about two days to get back to an applicant.

“I think it goes to our Malaysia team to be the first screening team to look at them. Then they will assign it to the right manager on the ground in different countries,” he said.

“If it’s something that we feel excited about, someone will get on it right away, call them up. If it’s something that is not as exciting or we don’t understand as much, we will give them a response and say, ‘Could you fill out the rest of the information?’” he added.

He furthered that one of the firm’s strategies includes cultivating partnerships with large and small companies, which allows them to offer rare or unique activities that are not typically readily available.

“What we do is bring people from around the region to more cross-border travel and go explore much further, much deeper into the backyard of different countries and really feel like a local,” he said.

“Given the nature of being an online travel company, we are in the best position to help grow that business,” he added.

Klook is a Hong Kong-founded travel company launched in 2014. It specializes in Asia-Pacific experiences through its online application.

According to its website, users can choose from over half a million products and services in over 2,700 destinations.

Damosa Land, Inc. targets agribusiness tenants for AIE

REAL ESTATE developer Damosa Land, Inc. (DLI) hopes to attract agribusiness companies for its 14 hectares (has) of available land at the Anflo Industrial Estate (AIE) in Panabo City, aiming to boost agricultural development and economic growth in Davao del Norte, the company’s president said.

“There’s been significant progress in terms of the development of the industrial park,” Damosa Land, Inc. President Ricardo “Cary” Lagdameo said during a press conference last week.

“What we are seeing here in AIE is that it’s really a growing community already,” he added.

The AIE is a 63-ha special economic zone accredited by the Philippine Economic Zone Authority (PEZA), including PEZA’s newly proclaimed 6.35 has of land.

“We have 14 hectares available for new factories,” Mr. Lagdameo said. “We were able to add close to seven hectares of additional land in AIE, which is why our total now is 63 hectares.”

“Hopefully, we can continue to grow that number. As long as the demand is there, we will continue to grow that. Any additional land that we acquire or use, especially for export products, needs proclamation by PEZA,” he added.

Currently, AIE houses 22 diverse locators representing six countries, with manufacturers from solar panels, packaging, modular cabinets, and cold storage.

The AIE, which generated 1,500 jobs, caters to industries such as agro-processing, packaging, warehousing storage, and manufacturing of construction materials, according to the company.

Construction of the 11,798-pallet capacity cold storage under GMAC is ongoing, with completion expected by the fourth quarter of 2025. Meanwhile, HEAD Sports’ factory was recently completed. — Maya M. Padillo

Training the next generation

FREEPIK

I remember my father asking me to check the whole family in for our flight to New York — I was only 18 years old.  He gave me the passports and tickets and told me to handle them. I survived. We often think we must always take the lead even in the most basic of tasks, but sometimes it is better to let the young ones take over and maybe make a few mistakes but learn the process anyway.

Today, children are exposed to buying flights online, talking to a chat bot on customer service, and just accepting the new way of checking in at airport kiosks, tagging your own luggage, and not getting any meals during the flight itself. (Oh, how I miss those days when service was key and probably cost half the price of an airline ticket. With slashed travel prices, they have slashed the service as well. Today’s consumer is unfazed by the quality of service rendered by providers because they did not experience luxe of yesteryears. How sad!)

More than just training them on travel procedures, we must train the young in critical thinking and thinking on your feet. So, we must throw them into situations that require fast thinking, and that needs a lot of judgment calls. This is not all learned in school, but in the school of life. You need to be sharpened by various hard situations and be responsible for your decisions. Not all decisions will be good, and that is a possibility one must accept. Good or bad, you made a decision.

This is why we need to train our next generation by letting them go. Let them decide, let them fall if they must — and then help them as they pick themselves up. Just like bicycles that have training wheels. We like to be in control, let’s face it. But sometimes that breeds indecisive children and scared junior staff who cannot decide because it might cost money or time and sometimes, both.

It must be a conscious effort for managers and CEOs to look for their successors. While corporate books insist on that, family corporations do not subscribe to such a move — so, the patriarch or matriarch rules until he or she croaks. For the sustainability of the business, or even an advocacy, we must learn to let go and the next in line must be willing to take over, slowly but surely.

I was just watching a feature on the Adani family of India where all the sons and nephews were asked to take on roles for every management process (Sales, Marketing, COO, etc.) and concurrently also take charge of a sector (airports, ports, etc.). No wonder they are still India’s richest family, with a fourth of India’s GDP in their hands. They also look at government priorities and dance their business to the current tunes of the administration. But clearly, they have thought of succession.

In advocacies or NGOs, we must also share our vision and just cause with our colleagues so that it does not remain stuck with the founder/s. We must encourage the younger members to rise up and be our leaders while we can still guide them to avoid mission drift or to avoid repeating past mistakes. Let us not think that we are the only ones who can do a special task of seeing a project through. Sometimes, it is good to say “let the chips fall where they may” and just leave it to the juniors in training.

Have you found your successor yet? Sometimes, we are the biggest hurdle — we refuse to let go and no candidate will be good enough for us. We are also a hurdle if we want to be in total control of the results all the time.

The way I think about it is this: you could just croak one day and life will go on. What steps can we take to better lose control with consent? Here are some suggestions:

1. Take them along to your meetings. Let them experience how you make decisions, given facts and conditions as discussed at the meetings.

2. Introduce them to your principals and associates. Give them their own name and title to empower them in dealing with others.

3. Let them decide on the minor stuff first, then the big decisions later. They can surely handle it their way even if it seems longer and less practical.

4. Find out what makes them happy. Talk to them about the future they want to see and what will make them happy. It may not be the same motivation as yours.

As we approach our golden years, we must make a conscious effort to train the next generation and let them lead or manage with their own style — but mindful of our corporate and family values. So, I cannot over-emphasize that value formation is key and that culture must be felt for it to be maintained and preserved. Corporate and family culture is the key to sustainability of any endeavor, business, or even in an advocacy or non-profit.

Be mindful that they start small and humble. In the case of family corporations, let them first learn at someone else’s company, not yours. Let them be humbled by working for others first, before becoming the Child Of Owner or COO. They should work elsewhere to also take back some lessons we cannot give them but that they can apply in our company.

In NGOs, let them think of their own pet project you will support. That will give them the confidence to see things through because they “own” the cause or project. Passing down a cause may not work well and may not stick well with the young.

Look for your successor and pass on the values, not the bad habits. Pass on the culture, not your personality.

(This article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines or MAP. )

 

Chit U. Juan is co-vice-chair of the Management Association of the Philippines’ Environment Committee. She is also the president of the Philippine Coffee Board, Inc. and Slow Food Manila (www.slowfood.com).

map@map.org.ph

pujuan29@gmail.com

T-bill yields continue to ease amid rate cut bets

RJ JOQUICO-UNSPLASH

By Aaron Michael C. Sy, Reporter

THE GOVERNMENT on Monday fully awarded Treasury bills (T-bills) as the market awaited further rate cuts by the Philippine central bank.

The Bureau of the Treasury (BTr) raised P20 billion as planned from the T-bills it auctioned off as total bids reached P76.445 billion, almost four times as much as the amount on offer, but lower than P93.257 billion in tenders last week.

The Treasury borrowed P6.5 billion via the 91-day T-bills as tenders for the tenor reached P24.37 billion. The three-month paper was quoted at an average rate of 5.196%, 18.4 basis points (bps) lower than last week. Bids were 5.15% to 5.248%.

The government also fully awarded P6.5 billion in 182-day securities, with bids reaching P26.245 billion. The average rate of the six-month debt was 5.005% to 5.48%, down by 47.5 bps from last week.

The Treasury likewise raised P7 billion via the 364-day debt as demand reached P25.83 billion. The average rate of the one-year debt fell by 9.6 bps to 5.487% from last week, with accepted rates at 5.4% to 5.525%.

At the secondary market before the auction, the 91-, 182- and 364-day T-bills were quoted at 5.2578%, 5.3818% and 5.5599%, based on PHP Bloomberg Valuation Service Reference Rates data from the Treasury.

Investors were aggressive in locking in yields on expectations of further rate cuts by the Bangko Sentral ng Pilipinas (BSP), a trader said in a text message.

T-bill yields continued declining after Finance Secretary Ralph G. Recto said he would support a bigger rate cut at the central bank’s October meeting, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message.

Mr. Recto, who is also a Monetary Board member, has said the board could afford to slash interest rates further and match the size of the US Federal Reserve’s 50-bp rate cut.

“The Fed reduced by 50 basis points. I think we can also do half a percent,” he told a news briefing last week.

Inflation likely eased to 2.5% in September, he said, the slowest in nearly four years, after rising by 3.3% in the previous month. Mr. Recto said it could settle at 3.4% this year, within the central bank’s 2% to 4% target.

Slowing inflation allowed the central bank to cut the benchmark rate by 25 bps to 6.25% in August, its first rate cut since November 2020, ahead of major central banks including the Fed.

On Tuesday, the Treasury will offer P15 billion in reissued seven-year T-bonds with a remaining life of four years and seven months.

The BTr plans to borrow P145 billion from the domestic market in October — P100 billion in T-bills and P45 billion in T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.48 trillion or 5.6% of economic output this year.

DMCI Holdings to conduct P1.94-B tender offer to acquire Cemex Philippines shares

DMCI Holdings, Inc., through the Consunji group’s private holding company Dacon Corp., will conduct a P1.94-billion mandatory tender offer to acquire the remaining 10.14% of cement producer Cemex Holdings Philippines, Inc. (CHP), which will remain listed. 

Dacon Corp.’s tender offer intends to acquire up to 1.37 billion publicly owned CHP common shares, equivalent to 10.14% ownership, at P1.42 apiece, the cement manufacturer disclosed on Monday. 

The tender offer period will be from the morning of Oct. 23 up to noon of Nov. 21.

The move is part of DMCI’s acquisition of CHP. Under the deal, Dacon has been appointed as the bidder for the mandatory tender offer to acquire the remaining 10.14% of the total issued and outstanding capital stock of CHP.

DMCI, Semirara Mining and Power Corp. (SMPC), and Dacon Corp. announced in April the acquisition of CHP for $305.6 million under a share purchase agreement to expand the conglomerate’s portfolio.

DMCI bought the entire share of Cemex Asia B.V. in Cemex Asian South East Corp. (CASEC), the majority owner of CHP with an 89.96% equity interest. DMCI will acquire a 56.75% stake in CASEC, Dacon will secure 32.12%, and SMPC will purchase the remaining 11.13%. 

Meanwhile, DMCI said in a separate disclosure that Dacon will sell a portion of its CHP shares in case the cement company’s public float falls below the 10% minimum threshold after the mandatory tender offer.

“We anticipate that the said sale of the CHP shares by Dacon Corp. would happen within six months after the acquisition of CASEC, which is expected to close by the end of November,” it said.

“DMCI intends to issue 10 million Class B Preferred Shares at P1,000 per share and a par value of P1 per share subject to the shareholders’ approval. This issuance is intended to raise P10 billion to finance DMCI’s acquisition of 56.75% interest in CASEC,” it added. 

Trading of CHP shares was temporarily suspended for one hour following the announcement of the tender offer.

On Monday, CHP stocks fell 8.82% or 15 centavos to P1.55 apiece while DMCI shares dropped 0.86% or ten centavos to P11.50 per share. — Revin Mikhael D. Ochave

TV comedies face hurdles as Hollywood cuts back

LUCILLE BALL and Vivian Vance in a scene from the 1950s TV comedy I Love Lucy.

LOS ANGELES — Looking for laughs? New gut-busting comedies are getting harder to find on today’s television.

After an explosion of shows in the “Peak TV” era, Hollywood studios are reducing the number of series they release. Comedy has taken a bigger hit than drama, industry data show, and producers say a range of challenges has hindered bringing new comedies to the screen.

“In comedy, the bar has never been higher to get things made,” Mike Farah, former CEO of Funny Or Die and now an independent producer, said at a recent Producers Guild of America conference.

Last year’s TV offerings thinned when Hollywood writers and actors went on strike. After production ramped back up, the number of drama series premieres in 2024 rose 25% from a year earlier while comedy premieres fell by 7%, according to data from research firm Luminate. Those numbers may change by the end of the year.

Comedies have been a mainstay of TV since its inception. The Honeymooners and I Love Lucy entertained audiences in the 1950s. Viewers in the 1980s and ’90s were glued to shows such as Seinfeld, Friends, and Cheers.

Earlier this year, Seinfeld creator Jerry Seinfeld lamented the state of television comedy.

“It used to be, you would get home at the end of the day and most people would say, ‘oh Cheers is on. MASH is on. Mary Tyler Moore is on. All in the Family is on,” Mr. Seinfeld told the New Yorker magazine. “You just expected, ‘there’ll be some funny stuff we can watch on TV tonight.’ Well, guess what? Where is it?”

Mr. Seinfeld attributed the change to “the extreme left and PC crap and people worrying so much about offending other people.”

DRAMAS SPEAK TO GLOBAL AUDIENCE
Hollywood writers, producers, agents, and analysts pointed to other factors.

Many cited the rise of social media app TikTok, where people can watch short videos for free to get their comedy fix.

Moreover, today’s streaming services cater to global audiences, and it is harder to turn a comedy into a worldwide hit.

“There’s a wider preference for dramas amongst cross-market audiences on the international level, as comedy tends to be more culturally specific to each region,” said Mark Hoebich, executive vice-president and head of film and TV at Luminate.

As Hollywood endures cutbacks in search of profits, comedy is seen as riskier than other genres, writers and producers said.

“It’s really easy to pitch a plot to somebody. It’s really easy to say ‘and then there’s a murder,’” said Guy Branum, a writer on Emmy-winning comedy Hacks. “But pitching the things that make comedy — tone and voice and character — it’s hard. You have to trust the people to know what they’re doing.”

And as cable television has lost viewers, media companies have cut investments in channels such as Comedy Central, a vital testing ground for new comedy.

Plus, the types of comedy on TV have changed. The FX series The Bear runs for 30 minutes — the traditional run time for a comedy — and has won Emmys in comedy categories. Many see the show, about family dysfunction and the stresses of operating a restaurant, as more of a drama.

“I think comedy is going through a little bit of an identity crisis,” said producer Warren Littlefield, who developed classic sitcoms such as Cheers, Seinfeld, and The Golden Girls while he worked as an executive at NBC.

The Bear comes along, and the audience, critics, everyone celebrates it,” Mr. Littlefield said. “Is it a pure comedy? I don’t know if it’s a pure comedy, but it’s damn good television, and I think that’s what that form, a half-hour form, is searching for.”

NETFLIX EXPANDS COMEDIC LINE-UP
Despite the industry-wide contraction, there are several comedy offerings on the TV schedule for this fall and next year.

Abbott Elementary, an Emmy nominee for best comedy, returns to ABC in October. NBC is touting St. Denis Medical, coming in November. CBS is promoting four comedies with the slogan “You’re Laughing at CBS.” Fox already has renewed its new animated comedy, Universal Basic Guys, for a second season.

Netflix, meanwhile, is bringing new shows from comedy luminaries such as A Man on the Inside starring Ted Danson, No Good Deed with Lisa Kudrow, and The Four Seasons featuring Tina Fey and Steve Carell. The streaming platform also offers a wide range of stand-up comedy specials.

Jean Smart, who just won her third Emmy for playing an ambitious stand-up comic on Hacks, said she believed audiences today were seeking darker comedies rather than more light-hearted ones, a change since she starred on Designing Women three decades ago.

“I do think people are craving comedy now more than ever,” Ms. Smart said. “I think people are feeling disheartened by the world a little bit, and who doesn’t want to laugh? It feels good.” — Reuters