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Banks increase real property exposure as of March, but growth slows

BANKS handed out more real estate loans as of March, although growth eased from a year ago as the central bank tightened its watch on the sector.
Banks’ exposure to the real property sector reached P2.115 trillion in the first quarter, up 13.3% from a year ago, according to data from the Bangko Sentral ng Pilipinas (BSP).
The increase is slower than the 17% pickup recorded a year ago.
Broken down, property loans grew by 14.3% to reach P1.824 trillion in the first quarter. This softened from a 19.8% growth in lending recorded the previous year.
Commercial lending reached P1.201 trillion, 14% more than the P1.053 trillion lent a year ago.
Home loans increased by 15% to P623.549 billion from P542.132 billion the past year.
Of these outstanding loans, P30.662 billion are considered non-performing, or those left unpaid at least 30 days past due date. This accounted for a 1.68% of total debts, improving from the 1.93% ratio posted in March 2017.
Property loans took a 20.48% share of banks’ total loan portfolio as of March, down from 21.04% posted a year ago.
WATCHED CLOSELY
The BSP requires all banks to keep their real estate exposures to a maximum of 20% of total loans, as part of industry-wide risk management.
The central bank has been monitoring the property market closely in the aftermath of the 1997 and the 2008 global economic crises.
Home prices in the Philippines picked up by 2.1% in January-March, softer than the 5.7% climb of prices in the fourth quarter of 2017, according to latest available BSP data.
Banks’ investments in real estate reached P290.849 billion, rising 7.5% from P270.473 billion recorded as of March last year. Such growth accelerated from a 2.8% increase in property investments the prior year.
Placements in real estate debt notes grew 15.7% to P188.456 billion, while placements in property-related stocks slipped by 4.9% to P102.394 billion, data showed.
The BSP has tightened rules on banks’ real estate exposure as it sought to temper rapid credit growth, which some observers flagged as a possible sign of an overheating economy.
Circular 976 issued in October 2017 requires banks to report details of real estate loans covering mid- and high-end housing units, as well as socialized and low-cost housing within a month after the end of every quarter starting this year.
However, the central bank has pushed back report deadlines to the second semester of 2018 to allow lenders to make adjustments for their data submissions.
In April, the central bank also relaxed lending ceilings imposed on banks by allowing construction firms implementing major infrastructure projects to have a separate borrowing limit as they secure funding from banks and quasi-banks, as a way to support the “Build, Build, Build” infrastructure program of the Duterte administration. — Melissa Luz T. Lopez

A (nearly non-political) portrait of Davao


Textby Marifi S. Jara, Mindanao Bureau Chief
FORGET, for a moment, that Davao City is the hometown of President Rodrigo R. Duterte.
Ignore that the city has been touted by its former longtime mayor as “Exhibit A” for his kind of governance.
Now… think of nature — of flowers and fruits, of mountains and eagles; imagine gastronomic delights — fresh produce and the bounty from the sea, chocolates and cheeses, fusion dishes, comfort food, culinary sophistication; and envision a diverse people who pride themselves for collectively pushing to make Davao a more metropolitan district while keeping that small-town graciousness and feeling of community.
This portrait of Davao, detached from the constant political rumble, is at its liveliest come August when it celebrates the Kadayawan, among the country’s biggest festivals and one that is rooted in pre-colonial traditions.
Kadayawan’s forerunner, the Apo Duwaling Festival, derived its name from three of Mindanao’s — and Davao’s — distinctive markers: Mt. Apo, the durian fruit, and the waling-waling orchid.
Apo Duwaling had its origins in the thanksgiving rituals of indigenous communities which were later embraced by the sundry migrants from other parts of Mindanao, as well as the Visayas and Luzon.
The shift of Apo Duwaling to Kadayawan broadened the festivity to include everything madayaw, a local term that encompasses what is good, beautiful, and cherished by the people.
And while the Apo Duwaling was originally a post-Martial Law initiative of the government to promote Davao as a tourism and investment destination, the private sector in the past few years has been taking a bigger role in organizing the Kadayawan.
“We are proud to be Davaoeños, we are proud to showcase what we have here. We have so many opportunities to come together, especially in the tourism industry where we unite,” said Capt. Ronald C. Go, past president of the Davao City Chamber of Commerce and Industry, Inc. and last year’s co-chair of the Kadayawan organizing committee.
“If we tell a consistent story of what Davao is like, of what Davaoeños are like, then people will come and people will enjoy Davao City,” Mr. Go said during this year’s pre-Kadayawan party hosted by the Seda Abreeza hotel on July 25.
MICE SECTOR
Tourism stakeholders are giving a particular push for the meetings, incentives, conferences and exhibitions (MICE) segment, with facilities having grown steadily in the past six years.
“What’s now going for Davao is its range of accommodations in various categories for the vast number of MICE visitors,” said Kennedy V. Kapulong, Seda Abreeza Hotel’s general manager and chairman of the MICE Davao Executive Committee for four years.
Seda, the Ayala group’s hotel brand, opened its Davao branch within the Abreeza mixed-use complex in 2013. This was shortly after the nearby SMX Convention Center was launched in September 2012, providing the biggest MICE venue in the city.
“The (Ayala-Abreeza) mall opened (earlier) in 2011, that’s even way before (Mr.) Duterte became president, because Ayala Land already saw the potential of the city,” said Mr. Kapulong, a Luzon native who, after having worked in other hotels abroad, packed his bags five years ago for the Seda Abreeza posting.
Mr. Kapulong said the MICE committee is a public-private sector collaboration that aims to make sure that such events and gatherings get full support for other tourism-related requirements — from airport reception to transportation service, accommodations, dining, tours, and even shopping discounts.
“It’s a unique program… the whole city is organized to welcome delegates,” he said, citing that in the past three years, the number of major MICE events assisted by the committee has grown steadily, from only nine in 2015, to 13 in 2016, and 17 last year.
Daphne Jezelle G. Alojado, branch manager of the SMX Convention Center Davao, said they are looking at hosting up to 350 events by the end of this year, including regional and smaller-scale local occasions.
“Everyone would agree that having a president from Davao City is one factor of attracting guests to the city. Although, I must say even though we hadn’t got President Duterte at that time (the opening in 2012), there had been really interest for Davao City and it increased even more. He’s an added attraction to the city,” Ms. Alojado said.
Property consultancy firm PRIME Philippines, in a study released last week on the impact of the Mindanao-wide martial law on Davao City, also indicates a growth in the hotel sector after the initial shock in the first couple of months last year.
“We believe as consultants that ML (martial law) is healthy for Davao City because if there is no ML, the uncertainty will now be on security, which is a bigger problem… ML was the solution to prevent real estate values from dropping,” Prime Philippine founder and Chief Executive Officer Jet Yu told media in a briefing.
The PRIME report also projects a further boom in the hotel sector, pointing to the MICE promotion program.
“They come as tourists, then eventually they become investors, our economy grows, then we become truly a world-class destination,” Mr. Go said in a short speech at the party, where he also made a jesting reference to the President’s uncharacteristic and unexpectedly short, serious State of the Nation Address two days earlier.
Davao will forever be in political chronicles as the home of the country’s first president from Mindanao.
Mr. Duterte, for good and bad, has earned a permanent special spot in the local museum and has become an inescapable conversation piece with people visiting the city.
He is, for now, the city’s most famous child.
And perhaps, even long after he has taken a bow from the public stage, will be as synonymous to Davao as the beautiful waling-waling, the pungent durian, and the mighty Philippine eagle. — with a report from Maya M. Padillo

Philpop attracts more entries from Mindanao and Visayas

AFTER TAKING a break last year, the Philippine Popular Music Festival or Philpop is back for its 7th year and recently presented the 30 semifinalists of this year’s songwriting competition.
First held in 2012, Philpop was fashioned after the defunct Metro Manila Popular Music Festival or Metropop which was held annually from 1978 to 1985. The first Metropop festival saw composer Ryan Cayabyab and singer Hajji Alejandro taking the top prize for “Kay Ganda ng Ating Musika,” and saw the start of Freddie Aguilar’s career with “Anak,” alongside other Filipino music fixtures such as Celeste Legaspi and Anthony Castelo.
Following in the footsteps of its predecessor, Philpop has seen the rise of a new breed of singer/songwriters including Yumi Lacsamana and Thyro Alfaro who took home the grand prize in the 2013 contest with “Dati” and again in 2015 with “Triangulo.”
In 2016, “Di Na Muli,” a ballad composed by Jazz Nicolas and Wally Acoloca, won the top prize.
“The Philpop 2018 is not just a competition. It’s a festival of talents and learning opportunities. It is a platform where the more seasoned music artists are encouraged to teach the young what we know, not to force on them our own approaches, styles and tastes, but to help them take inspiration from our successes and learn from our mistakes,” said Mr. Cayabyab who functions as the competition’s coaching camp master and foundation board member in a press release.
“I always say that the next generation should be better than us for our country to move forward. Hence the best way to do this is to teach them everything we know at every instance,” he added.
Mr. Cayabyab reported that over 1,000 songs were submitted this year and that there was a marked increase in submissions from Visayas and Mindanao with some songs written in Hiligaynon, Bisaya, and other regional languages and dialects.
“[The] foundation’s pivot to change the format and competition timing was imperative to encourage more songwriters outside Luzon and the greater Metro Manila to join the festival,” said Philpop executive director Dinah Remolacio in the release.
She explained that the competition — now a biennial — will include boot camps which will arm “songwriters with knowledge and songwriting essentials that will push them to be confident to showcase their masterpieces, even those written in [their] local language.”
The top 30 entries will be whittled down further before the grand finals on Nov. 30 at Capitol Commons in Pasig City where only 10 finalists will be performing.
Philpop is an initiative of the MVP Group of Companies, Ortigas and Co., Mid-Atlantic Foundation for Asia Artists, Inc., and NYXSYS Philippines. BusinessWorld is under MediaQuest Holdings, Inc., a subsidiary of the PLDT Beneficial Trust Fund which is a part of the MVP Group of Companies. — Zsarlene B. Chua

Below are the top 30 finalists:

“AElOU,” by Kenneth John Pores (General Trias, Cavite); “Ako, Ako” by Jeriko Buenafe (Taguig, NCR); “Away Wa’y Buwagay” by Eamarie Gilayo and Jovit Leonerio (Davao City, Davao del Sur); “Bumbero” by Michael Llave (Quezon City. NCR); “Di Ko Man” by Ferdinand Aragon (Cebu City, Cebu); “Ikaw Ang Aking Pag-ibig”by Mark Jay Felipe (Guimba, Nueva Ecija); “Isang Gabing Pag-ibig”by Carlo Angelo David (Quezon City, NCR); “Kariton” by Philip Arvin Jarilla (Antipolo, Rizal); “Kelan Kaya?” by Sarah Bulahan (Mandaluyong City, NCR); “Kilabl” by Karlo Frederico Zabala (Valenzuela City, NCR);
Korde Kodigo” by Jeremy Sarmlento (Davao City, Davao del Sur); “Laon Ako” by Elmar Jan Boiano and Donei Transporto (Tigbauan, Hello); “LDR (Layong ‘Di Ramdam)” by Russ Narcies Cabico (Quezon City, NCR); “LGBT (Laging Ganito Ba Tayo?)” by Kyle Pulido (Davao City, Davao del Sur); “Lilipad” by Agatha Morallos and Melvin Joseph Morallos (Baguio City, Benguet); “Loco De Amor!” by Edgardo Miraflor, Jr. (Bacolod City, Negros Occidental); “Mahirap Magselos” by Paul Hildawa (Makati City, NCR); “Makisabay” by Carlo Angelo David (Cebu City, Cebu); “Malilimutan Din Kita” by Marvin Blue Corpuz (Koronadal, South Cotabato); “MMRA” by Oliver Nara (Valenzuela City, NCR);
Nanay Tatay” by Teodoro Festejo lll (Davao City, Davao del Sur); “Oka” by Michael Angelo Aplacador (Pateros, NCR); “Perfectly imperfect Human” by Barry Villacarillo (Lapu-Lapu City, Cebu); “Pilipit (Paano Sasabihing Mahal Kita)” by Sean Gabriel Cedro and John Ray Reodique (Antipolo City, Rizal); “Promise Sorry Note” by Michael Angelo Aplacador (Pateros, NCR); “Pwede” by Agatha Morallos and Melvin Joseph Morallos (Baguio City, Benguet); “Tama Na” by Michael Rodriguez and Jeanne Columbine Rodriguez (Makati City, NCR); “Unang Adlaw Nga Wala Ka” by Therese Marie Villarante and Henrick James Pestano (Talisay City, Cebu); “Utang” by Ignacio Dennis Roxas (Malolos, Bulacan); and, “Yun Tayo” by Donnalyn Onilongo (Angono, Rizal)

Water concessionaires seek to raise rates to fund P183-B capex

By Victor V. Saulon, Sub-editor
METRO MANILA’S two private water concessionaires plan to spend a combined P183.531 billion starting this year through 2022 for projects that will allow them to meet the requirements of their concession agreement, including service continuity and water security.
Manila Water Co., Inc. plans to spend P89.661 billion for the five-year period, while Maynilad Water Services, Inc. has earmarked P93.87 billion.
To fund the massive capital expenditure, Ayala-led Manila Water is seeking to raise water rates in the east zone concession by P8.30 per cubic meter (cu.m.), while Maynilad is looking to increase rates by P9.69 per cu.m. in the west zone concession.
On Aug. 1, the Metropolitan Waterworks and Sewerage System-Regulatory Office (MWSS-RO) posted the separate business plans of the two companies for the fifth regulatory period covering 2018 to 2022.
Included in the plans are the projected spending for the sixth regulatory period through 2037 when their concession agreement with the government ends. All business plans are pending approval by the MWSS regulatory office.
“We expect to release the indicative tariff during the next public consultations, which will be held at the end of the month or early September,” said MWSS Chief Regulator Patrick Lester N. Ty.
The major points that “will have the most effect on the tariff” are the capital expenditure projects of the concessionaires, Mr. Ty said in a text message.
In its business plan, Maynilad said with its opening cash position at negative P88.65 billion and provided that the government pays in full the company’s foregone revenues by Dec. 1, 2017, it computed a rebasing adjustment of P9.69 per cu.m. or 29.63% over the 2017 average basic charge of P32.70 per cu.m.
Had the MWSS and the regulatory office implemented the final award according to its terms, Maynilad said the average basic rate as of 2017 would have been P35.89 per cu.m., thus the adjustment for the fifth rebasing period would have been only P6.50 per cu.m. or an increase of only 18.11%.
For its part, Manila Water said that for it to accomplish its service obligation under its business plan, the company is proposing a rate convergence adjustment of 33.14% of the basic average tariff of P25.05 or P8.30 per cu.m.
With that rate, the Ayala-led company said residential customers consuming an average of 10 cu.m. per month will have a monthly water bill of P175, or roughly 1% of the average monthly household income.
Average residential customers consuming 30 cu.m. will have a monthly bill of P787 or an increase of P195 per month, the company said. It added that low-income customers will still enjoy 40% discount on their basic water charge, thus tempering the rate increase to only about P25 per month.
Manila Water said the proposed rate convergence adjustment for the 2018 rate rebasing period is driven largely by five factors, among which is the inclusion in the concession fee payments of the debt service for the New Centennial Water Source-Kaliwa Dam Project.
“Manila Water remains open to discussion with the MWSS-RO to review the existing tariff structure,” the company said.
Maynilad also included the Kaliwa dam project in its computation, saying that of the P30.384 billion concession fees for 2018 to 2037, up to 47% relates to proposed new water source. The company said the dam was initially among the projects to be funded by the concession fees, but the MWSS had informed the concessionaires that the national government would instead fund it, thus it was taken out from the business plan in 2012.
“But in 2016, the Concessionaires were informed by the MWSS that the national government would no longer fund the Kaliwa Dam Project and the same should therefore be reinstated in the Company’s 2018 Business Plan as among the projects to be funded by the Concession Fees,” Maynilad said.
In its 2018-2022 business plan, Manila Water placed its capital expenditure for service security at P10.085 billion, water security at P24.704 billion, service accessibility at P17.431 billion, and environmental sustainability at P37.441 billion.
The company placed its capital expenditure for 2023-2037 at P132.526 billion.
For Maynilad, spending for the five years to 2022 is broken down as 28% for water sources and treatment, 16% for operations support, 20% for non-revenue water management and service expansion, 33% for wastewater, and 3% for customer service and information. It has earmarked P242.157 billion for 2023-2037.

Rockin’ the orchestra

By Gideon Isidro
and Marybelle “Belle” Garcia
Concert Review
Rockestra 2018
Manila Symphony Orchestra
The Theatre at Solaire on July 29
ROCKESTRA 2018, performed at The Theatre at Solaire was a historic moment for the Manila Symphony Orchestra (MSO) as it was their first attempt to play a full concert dedicated to rock-classical fusion music.
The concert featured two artists: Noli Aurillo, considered by many critics as the Philippines’ premier acoustic guitar sessionist; and Silent Sanctuary, a five member OPM band whose cellist and violinist used to be members of the MSO. They also invited Aia De Leon, a founding member of the OPM band Imago, to sing a few songs. For the night of the performance, the orchestra was lead by the graceful hand of Professor Arturo Molina.
A RISING START
The MSO started off with The Planets Op. 32, I. Mars by Gustav Holst, which could be mistaken as a track from Star Wars. Being a work of rising volume, the atmosphere started off as weak. This may have been disappointment to some fans of rock who might like a bombastic entrance. Then the volume finally rose. The cellists executed a spine-tingling col legno (hitting the string with the wooden part of the bow) suggesting the sense of threat that the god of war brings. Once the highest point of the work was reached, the orchestra shifted gears and played AC/DC’s “Back in Black.” “Now this is where the power is!” I thought to myself.
This was when Aurillo entered stage to cheers from the audience. His upright posture made him look like an army captain, determined to lead his soldiers to victory. The anticipation was building…, he lifted his right hand. This is it! He’s going to do some rock riffs!
And Aurillo finally… uhm, he finally strummed the guitar and no sound was coming out. My companion, Belle, and I asked each other, “Do you hear anything? Is it just me?” Aurillo tried adjusting his guitar’s dial many times, but it didn’t seem to do anything.
It was disappointing to see that a very powerful rock song wasn’t brought to its full potential, but we decided to keep listening. We did find the experience enjoyable; the orchestra was able to bring the strings part to a good finish.
After the announcer formally introduced Aurillo, the orchestra started playing the Beatles’ “Strawberry Fields,” and finally there was actual sound coming from Aurillo’s guitar.
It was this song that made me realize the true potential of MSO’s Rockestra concept. Aurillo was able to bring out that rock flavor with his focused and meditative playing, while the orchestra was the power house that backed him up. The sound was overwhelmingly good; any emotions that the song wanted to convey were magnified. You could feel it with every percussion hit, every wind instrument blown, and every string instrument bowed.
Aurillo and the orchestra continued to play a few more songs. “Eleanor Rigby,” also by the Beatles, was performed with a jazzy style and a Middle-Eastern feel due to the minor scales used. The men of the orchestra sang a section of “Material Girl” by Madonna, their deep voices adding an element of surprise and variety to the concert. “Little Drummer Boy” was successfully pulled off, melding Christmas, rock, and classical music.
Finally, Aurillo and the MSO performed “We are the Champions,” which Belle and I agreed did not sound powerful enough, or “champion-ish” enough. It could even be described as ballad-like. But then again, some people might find the MSO’s interpretation beautiful in its own way.
A BEAUTIFUL BRIDGE
Aia De Leon came onstage in the middle of the two main sets and began singing “Sundo,” a song hailing back to her days in Imago. The orchestra sounded perfect with her smooth, clean voice. She seemed hesitant initially — perhaps she was trying to get a feel of the song or trying to manage her nervousness. She gained traction as she kept on singing, and she was able to pull off the fortes (the dramatic loud part of the song) which garnered her applause.
While Aurillo was tasked to play the heavier rock, Silent Sanctuary played their softer love songs. It is important to note that unlike the previous pieces in the concert, the band’s songs were originally intended to be performed with the backing of a cello and a violin, so the songs felt a little more organic.
They started with “Hiling,” whose intro is reminiscent of a Walt Disney movie. Sarkie Sarangay’s mellow, light voice entered gently, dreamy and romantic. The lyrics, the arrangement, and Sarangay’s voice fully complemented one another. A downside was that the orchestra sometime drowned out Sarangay’s voice. Other than that, the MSO supported Silent Sanctuary very well and provided a power and thickness to the strings which is not found in the band’s studio recordings.
Their third, “Sa’yo,” started with just vocals and the keyboards, and then one by one, the other instruments joined in, escalating fantastically. It’s a perfect song for any romantic fairy-tale movie.
BOMBASTIC FINALE
Aurillo returned for the final set while Silent Sanctuary’s violinist and cellist joined the orchestra.
The MSO played Mozart’s Symphony No. 40 crossed with Metallica’s “Enter Sandman.” It was a great concept, however technical difficulties struck again and Aurillo’s guitar was silent. You could see that Aurillo’s virtuoso hand moving swiftly across the fretboard and could only wish you could will the guitar to start working.
Heavy metal fans might disagree with MSO’s arrangement as there was no distortion for the guitar. You can’t have metal without distortion, right? But they did get the strong bass lines and excellent timing for the drums; my foot was stomping at every beat.
The final piece was Carmina Burana by Carl Orff crossed with AC/DC’s “Thunderstruck.” Personally, I felt both songs were inappropriate for a finale: they both start off weak then rise in volume as they continue. I feel that pieces like these are better placed in the middle of the concert when you want to build up excitement again. These preferences aside, the orchestra finished these works strongly.
A GOOD END
Despite its faults, Rockestra 2018 was enjoyable. In the moments when everything went right, I felt the excitement of a rock concert and the glorious power of an orchestra.
As a metal and heavy rock lover, I would give the show 3.5 out of 5 stars. There were too many technical issues that prevented the rock side of the show from being expressed, and, I found the show wasn’t “hard” rock enough. However, my classical music listener side appreciated the orchestra’s effort and would give it 4 out of 5 stars.
My companion, Belle, thought that her overall Rockestra 2018 experience was satisfactory. She appreciated that the MSO showed the contrast between rock and classical and attempted several times to mix the two genres. She said, “I give the MSO and all the artists a thumbs up for giving this experiment a chance.” She gave the show a 3.5 out 5 stars.
So, would it be worth it to watch the next Rockestra? As long as the MSO learns the lessons from this attempt, they would do great. Each musician did not lack in individual skill. The root of their problems was purely logistical; once they solve that, they will be able to give a truly world-shaking performance.

MPIC unit completes deal for 12% stake in Air21

THE logistics unit of Metro Pacific Investments Corp. (MPIC) has completed its acquisition of a 12% stake in logistics services provider Air21, in line with its goal to become the leading player in the sector within the next two years.
Metropac Movers, Inc. (MMI) President and Chief Executive Officer Marilyn V. Aquino said it has sealed the deal for a minority share in Air21 last July, adding the company has the option to further raise its ownership to as high as 100% in the future.
“12% is an entry point to understand the business more… Until we know the complexity of the business and the major challenges, then we can raise it… We have been granted certain rights to increase our stake. There is no cap,” Ms. Aquino told reporters during a media briefing organized by its parent in Makati City yesterday.
The acquisition is part of the infrastructure conglomerate’s goal to ramp up its investments in the logistics sector, in a bid to keep up with the rising e-commerce industry and need for more warehousing spaces in the country.
“The focus of this business is to provide our FMCG (fast-moving consumer goods) clients with first class transportation, warehousing, and other order fulfillment as we broaden our service offering to include cross docking and cold chain services,” MPIC said in a statement.
Ms. Aquino said MMI is boosting its warehousing capacity in the next two years. The company is currently in discussions with partners to build a six-hectare warehouse in Davao.
“We have a partner that owns a 10-hectare warehouse in Davao. When this six-hectare facility is finalized and agreed upon then we could have a strong presence in Davao,” Ms. Aquino said.
MMI recently announced that it is investing P8 billion to expand its warehousing spaces. This includes the acquisition of 200,000 square meters of land in Cavite, which will be converted into 141,000 sq.m of covered warehouse space. The company will further purchase 300,000 sq.m of land in Bulacan.
MPIC President and Chief Executive Officer Jose Ma. K. Lim noted the logistics unit’s strategy is to build warehouses as demanded by its clients. It takes the company around six months to finish a facility.
In addition to warehousing, MMI will also invest in the construction of cold storage facilities.
“We’re going to be discussing partnerships with several existing cold storage facility firms… (it takes) around two years to build cold storage facilities (located) in the north and south,” Ms. Aquino said.
The company, which started commercial operations two years ago, expects to be profitable by 2019. — Arra B. Francia

Dark synth-pop singer Robyn back after 8 years

NEW YORK — Robyn, the Swedish singer whose dark yet danceable synth-pop has won her an avid fan base, returned Wednesday with a song off her first album in eight years.
“Missing U” is driven by a quick-paced and airy electronic keyboard with a tinge of melancholy over a retro synthesized bass, true to Robyn’s signature style of sad but energetic love songs.
The usually reclusive singer accompanied the track with a short documentary film in which she shows up at a long-running twice-a-year party in Brooklyn devoted to her music.
Robyn emerged in the early 1990s in Sweden as a child star and soon developed a niche cultural status rare to such seemingly mainstream pop singers, with her hits such as “Dancing On My Own” and “Show Me Love” in steady rotation at gay clubs and the singer preferring to work with underground DJs rather than major producers.
Robyn, who goes only by her first name, said that she spent much of the time since her last album, 2010’s Body Talk, traveling, going to a therapist and, in line with her song, dancing by herself.
Speaking to BBC Radio 1, Robyn said that she had finished recording her latest album and expected it to be released in 2018.
“I feel like what’s different about it, maybe, is that there is this sensuality and a softness to it that maybe wasn’t there before in the same way,” she said.
“And I think it came also from just shutting down for a while and hearing myself… going inside instead of outside,” she said.
Robyn, 39, has still performed periodically since her last album and wrote a song last year for the final season of the HBO series Girls. — AFP

Metro Pacific core profit jumps 10% in 1st half

By Arra B. Francia, Reporter
METRO PACIFIC Investments Corp. (MPIC) delivered a 10% growth in consolidated core profit during the first six months of 2018, fueled by the growth across its portfolio and increased investments in the power sector.
The infrastructure conglomerate said in a disclosure to the stock exchange on Thursday that consolidated core net income climbed to P8.6 billion from January to June, higher than the P7.8 billion it generated in the same period a year ago.
Systemwide revenues grew by nine percent to P200.3 billion, including revenues from power distribution unit Manila Electric Company (Meralco).
“This was basically driven by strong volume growth across the various operating units and the increased investment we have in the power sector… traffic has been strong in our domestic roads, we have contributions from overseas investments as well. And for Maynilad (Water Services, Inc.) we had both volume and tariff increases for inflation during the first half,” MPIC President and Chief Executive Officer Jose Ma. K. Lim said in a media briefing in Makati City on Thursday.
Meralco contributed 55% to MPIC’s net operating income, followed by toll roads at 21%, and water at 20%. The hospital group accounted for three percent, while the rail, logistics, and systems group accounted for one percent.
MPIC’s power business, through Meralco and Global Business Power Corp., increased its contribution to the parent by 10%. Meralco alone generated P150.5 billion in revenues, seven percent higher year-on-year on the back of higher energy sales and increased pass-through generation charges. Core net income accordingly grew by seven percent to P10.9 billion during the first half.
Global Power meanwhile increased its core profit by seven percent to P1.3 billion through its volume expansion.
Metro Pacific Tollways Corp. (MPTC) reported a 12% core profit increase to P2.1 billion. The toll roads operator benefited from the 57% increase in the number of systemwide vehicle entries to 924,364 on average per day, which was mainly due to the contribution of its recent investment in Indonesian firm PT Nusantara Infrastructure Tbk.
MPTC is the operator of the North Luzon Expressway, the Subic-Cavite-Tarlac Expressway, and the Cavite Expressway inside the Philippines. Overseas, it operates DMT in Bangkok, Thailand and CII B&R in Vietnam.
MPIC’s water business, which consists of Maynilad Water Services, Inc. and MetroPac Water Investments Corp., booked a P2.1 billion core profit for the period, with the former contributing bulk of the earnings. Volume of water sold in the west part of Metro Manila went up by three percent, mainly due to the higher temperatures experienced in the metro during summer time, leading to higher water usage.
Metro Pacific Hospital Holdings, Inc. saw a 12% increase in out-patient visits and 15% uptick in in-patient admissions, given its acquisition of Jesus Delgado Memorial Hospital in Quezon City and St. Elizabeth Hospital in General Santos City last year.
Meanwhile, its logistics firm MetroPac Movers, Inc. said it has yet to contribute to MPIC’s earnings during the period given that it is still pursuing several projects to expand its warehousing and distribution units.
MPIC spent P21.3 billion in capital expenditures during the first half of the year, excluding investments for acquisitions.
For the rest of 2018, MPIC continues to expect growth among its units. The company however noted the impact of the delay in tariff increases as well as right-of-way acquisition to its operations.
“Volume will remain strong. We need to work hard with the government to accelerate rights of way delivery so we can get construction started and funds deployed on our current tollways projects,” MPIC Chairman Manuel V. Pangilinan said in a statement.
“I remain optimistic that settlement will be reached at the end of the day. Uncertainty is felt by investors in our financial market and by counterparties unsure of such resolutions,” Mr. Pangilinan added.
MPIC is one of three key Philippine units of First Pacific, the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.
Shares in MPIC gained 3.09% or 15 centavos to close at P5 each at the stock exchange on Thursday.

More time needed for second list of labor violators — DoLE

THE LABOR department is seeking more time from President Rodrigo R. Duterte to complete its second list of companies allegedly involved in illegal contractualization.
In a briefing on Thursday, Department of Labor and Employment (DoLE) Secretary Silvestre H. Bello III said: “We’re expecting the president to give us another month to submit the additional list,” and added that inspections of company labor practices are ongoing.
The original deadline for the second list was mid-July.
Mr. Bello said in June that the DoLE will release a second list focusing on television networks and hospitals involved in labor-only contracting arrangements. Last month, DoLE said the Labor Inspection Auditors (LIAs) will also look into security agencies and companies in economic zones.
He added that after the LIAs file their reports, the information will need to be validated.
He noted that some of the companies that have been inspected and included in the list submitted a regularization program for their contractual workers before inspection.
“We have to find out if they really regularized (their workers),” Mr. Bello said, adding this represents additional work for the LIAs.
Mr. Bello said he expects the second list to “have the same number of non-compliant companies” as the first list, which was released in May.
On May 28, DoLE released a list of 3,377 companies alleged to be engaged in illegal labor practices. Of the total, 2,610 were “suspected” while 765 were “found” to have been engaged in labor-only contracting.
He added that it is possible the second list will be smaller because companies have concluded that the government is serious and that he expects some firms to “comply voluntarily without getting a compliance order from us.”
During the briefing, Mr. Bello said one company, a media network, hid its workers during inspections.
“We visited a network, and when the labor inspectors left, someone texted me to say that the workers were hidden away, which is why I ordered the inspector to return.’
He did not disclose the name of the network. — Gillian M. Cortez

Rapper Shanti Dope celebrates a successful 1st year in music

RAPPER Shanti Dope marks his first anniversary as an artist under Universal Records with an upcoming collaboration and a concert.
Growing up in Blumentritt, Manila, Sean Patrick Ramos was exposed to fliptop (rap battles) when he was only seven-years-old. “May kalaro ako na mahilig mag-Youtube tapos natuklasan niya yung fliptop. Sinabi niya sa akin. Hanggang sa sumikat ’yun sa lugar namin. Maraming mga batang nagba-battle rap tapos na-inspire din ako. (I had a playmate was into Youtube and discovered fliptop. He told me about it. Then it became popular in our area. There were many children who’d do rap battles and I got inspired too,” the 17-year-old rapper told BusinessWorld at a press conference last week at the Universal Tower in Quezon City.
Una, nilalaro ko lang siya hanggang sa ‘di ko alam na rap na pala yung ginagawa ko (At first, I just played with [the words] until I later realized that I was already doing rap),” he added.
Mr. Ramos decided on the name “Shanti” after discovering that it meant “peace” — a word he picked up from his father who practices Krishna Consciousness; and, according to the rapper, he added, “dope” at the end “para astig (because it was cool).”
The young rapper’s uncle, Lester “Klumcee” Vaño, who acts as his producer and co-manager, introduced him to multi-awarded rapper Gloc-9 and helped Mr. Ramos land a record deal at Universal Records in August 2017.
That same year, Shanti Dope released his self-titled EP followed by a second EP, Materyal. His hit song “Nadarang” garnered over 20 million views and streams after seven months on Spotify and five months on YouTube.
The rapper noted that those accomplishments have motivated him to create new material, “Mas ginanahan akong tapusin ’yung mga kailangan kong tapusin (I am more motivated to finish what needs to be finished),” he said.
Mr. Ramos described his writing process: he would sit with his uncle-producer who would help him come up with a song concept, then he would write the lyrics. The rapper’s themes mostly come from everyday experiences and stories he sees on the news.
Aside from music as a career, Mr. Ramos considers music as a stress reliever. “Nailalabas ko lahat ng gusto kong sabihin sa isang araw (I get to express all that I need to in one day),” he said.
Gumagawa lang ako ng bagay na magwawala ng atensyon ko ng sandali sa music hanggang sa ma-miss ko ulit siya, gagawa ulit ako ng bago (I will do things that momentarily take my attention away from music, until I miss it again and get back at creating new material),” Mr. Ramos said about coping with writer’s block.
As Gloc-9’s protégé, the young rapper recalled a piece of advice from the multi-awarded rapper: “Maraming naghahangad pero bilang lang ang napipili. Kaya hangga’t maaaring nakuha mo na yung pagkakataon, sulitin mo na (Many seek but few are chosen. For as long as you get the opportunity, make the most out of it).”
In celebration of his first year in the industry, Shanti’s upcoming projects include a new album, and an international collaboration with Krayzie Bone of Bone Thugs-N-Harmony and Mimi.
Shanti and Gloc-9 will also be special guests in the Ultimate Hiphop OG Bone Thugs-N-Harmony concert on Sept. 5 at the Mall of Asia Arena at Entertainment City in Parañaque.
The Shanti Dope and Materyal EPs are available on iTunes, Apple Music, Spotify, Deezer, and Amazon under Universal Records. Tickets for the Bone Thugs-N-Harmony concert are out now via SM Tickets. — Michelle Anne P. Soliman

Grab raises $2B to fight ride-hailing competition

SINGAPORE — Ride-hailing firm Grab said on Thursday it has raised $2 billion from investors to expand its offerings including electronic payments, food delivery and courier services as it fights fierce competition in the fast-growing sector.
Around half of the funds came from Japanese car giant Toyota, which announced last month it was pumping $1 billion into Grab, Southeast Asia’s dominant ride-share company.
Grab said a “significant portion” of the proceeds would go to developing operations in Indonesia, where it has partnered with local firm Ovo to offer what it said was the country’s most widely accepted mobile payments system.
The announcement comes after Grab’s regional rival, Indonesian ride-hailing app Go-Jek, said in May it was investing $500 million to expand into Vietnam, Thailand, Singapore and the Philippines.
Singapore-based Grab, which operates in eight countries, launched an on-demand grocery delivery service in Jakarta last month.
Southeast Asia’s ride-hailing market is expected to be worth $20 billion by 2025, according to research by Google and Singapore investment vehicle Temasek.
However, Grab’s agreement to buy US giant Uber’s Southeast Asian business this year has run into trouble, with Singapore’s anti-monopoly watchdog calling for changes to the deal and threatening to overturn it.
Grab last week disputed the watchdog’s finding that the buyout infringed competition rules, but vowed it would continue to cooperate with the ongoing review.
In return for selling its Southeast Asian ride-hailing and food operations, Uber received a 27.5% stake in Grab.
Since the merger, several new players, including India’s Jugnoo and Singapore-based Ryde, have entered the city-state’s ride-hailing market. — AFP

Japan’s labor crunch is reshaping how companies attract workers

TOKYO — Misaki Harada wants to quit her job as a receptionist at a restaurant management company in Tokyo and move into marketing for an apparel maker.
But the 24-year-old said she wanted more than just a bigger paycheck. Her next employer would need to improve her quality of life.
“If you ask me whether I prefer more money or more flexible working hours, I would choose more flexible working hours,” she said. “I want to get married soon and start a family. I want to make sure I have time to take care of my children.”
As Japan’s population dwindles, its companies are being forced to change how they attract job seekers like Harada from an ever-shrinking labor pool.
Nationwide, there are 1.62 jobs available for every job seeker, the strongest demand for labor in more than 44 years. The jobless rate is 2.4 percent, near a 25-year low, and real wages adjusted for inflation have fallen in five of the past six years.
Flexible working hours, personal benefits like day care and even rent assistance are now on the table alongside salary.
Such perks, common in the United States and Europe, are only just catching on Japan, which until recently relied on a culture of complete devotion to an employer in exchange for job security and steady pay increases.
Toyota, for instance, opened a 24-hour day care facility in April for shift workers at its plants near its headquarters in Toyota City.
“Japanese companies are becoming more flexible about when and where you work,” said Toshiaki Matsumoto, chief executive of HR Strategy, a human resources consultancy.
Some companies, like Jtekt Corp., the world’s biggest supplier of vehicle steering systems, are simply moving some of their operations away from competition.
Jtekt last year cut the ribbon on a new technology development center in Akita Prefecture, northern Japan, known more for its rice, sake and namesake dog breed than engineering. The facility, which will develop technology for self-driving cars, is far from other companies hiring into the industry.
So far the company, a key supplier of Toyota Motor Corp., has hired about 20 engineers and plans to roughly double its workforce by the end of the year.
“In larger cities, it’s difficult to get across the message that we are hiring because we’re competing with many companies for the same talent,” said Fukami Imai, the center’s representative director.
Denso Corp., another Toyota supplier, took the opposite route, moving part of its self-driving research program to Tokyo because it is a more attractive locale than its headquarters in gritty Nagoya.
“Some companies are offering free food or subsidizing rent so workers can shorten commuting time,” Matsumoto said. “Some companies even provide counseling and time off for couples trying to conceive.”
FORCED TO ADAPT
Japan’s working-age population peaked in 1995 at 87 million and is forecast to fall to 45 million by 2065. Businesses slow to respond to that demographic change have been hit hard.
Silicon Technology, a semiconductor material maker, is running one rural plant at half-capacity because it can’t hire enough workers. Toyobo Co. Ltd. said it needs to ramp up production of film used in flat-panel displays, but can’t fully staff the production line.
Keeping employees from quitting — and not just throwing money at the problem — is another crucial piece of the labor puzzle, experts say.
“My new employer paid me more money, but the working hours were awful,” said Daisuke Okamoto, 42, an accountant who left a job in advertising in April for a position at a consumer goods company. “At first, I had a lot of regret. Now the company has given me more flexible working hours and the freedom to occasionally work from home, so I feel better about the job.”
Daikisangyo, which assembles plane fuselages and wings for Boeing Co., was having trouble retaining new employees. Then it introduced a mentoring program that reduced turnover to zero, at least for now.
“It’s not just about the money anymore,” said Tsuyoshi Saso, a manager at Interworks, a nationwide recruitment site for jobs in manufacturing. “They also want to work in a positive work environment with good colleagues.”
Foreign workers can help fill some of the gaps, although they make up only about 2% of the current labor force, and companies hiring for “unskilled” positions like farm work must rely on trainees under an internship program that lasts up to five years.
The government has said it will create new categories for foreign workers with more limited skills, but will issue only a small number of such visas.
Mazda Motor Corp.’s suppliers, which typically operate independently, are cooperating to figure out the best way to use artificial intelligence and robots to remove human workers from the equation altogether.
“Our goal is to create unmanned production lines that can operate 24 hours a day, 365 days a year,” said Masato Uno, chairman of the Hiroshima Manufacturing Engineering Association, a consortium of Mazda suppliers and IT companies. “We expect this to address problems with productivity and labor shortages.” — Reuters