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Toyota Philippines to roll out new model to perk up sales amid slow demand

TOYOTA Motor Philippines, (TMP) Corp. plans to roll out at least one more model within the year in an attempt to perk up sales as higher excise taxes continue to dampen domestic demand.
“With our new model Vios, we’re trying to catch up to reach the same [sales] level of last year. But still, we have to maybe accept, I think around closer to 10% down (in sales) for this year. But we’re trying to minimize that,” TMP President Satoru Suzuki told reporters, Wednesday night, during the company’s celebration of its 30th anniversary held in Taguig City.
TMP launched its fourth-generation Vios last July 20.
Mr. Suzuki said TMP’s total sales are expected to drop “near to 10%” this year. In the first half, TMP’s sales have already dropped 15% year-on-year.
Asked if another model will be launched after the Vios, Mr. Suzuki replied in the positive, saying there will be “at least one more” type to be introduced before the end of the year.
TMP slashed this year’s vehicle output by nearly 17% to 50,000 units from 2017’s record high 60,000 units, factoring in the effects of the higher excise taxes and soaring inflation.
“We expected first half maybe (there will be a) slowdown because of such negative reaction… But maybe latter half we expected market to catch up to the growing trend. But it still did not happen and continued to negative growth compared to last year,” Mr. Suzuki said.
He said rising inflation has compelled consumers to spend “a lot of money on the other very fundamental goods and services.”
“They cannot afford to buy a car at this moment. Some postpone or give up… Our market now, I think, I can say, is very bad,” Mr. Suzuki added.
However, this is expected to be temporary as consumers will see higher salaries that will encourage them to buy cars.
“The economy is growing so when businesses grow, there’s demand for vehicles for business use so that in itself is natural demand in a growing country, in a country with a young population… As you know cars is one of the first things they would like to own. That in itself is something to look forward to,” Alfred V. Ty, TMP vice chairman, said.
Mr. Ty noted the domestic demand for vehicles is still far from reaching its maximum point and is still lagging behind some ASEAN countries.
“Were only at $3,000 GDP (gross domestic product) so we’re just starting. You cannot say we have reached the peak [of motor demand] because our demand is only half of Indonesia and then Thailand is ahead of us by 30%. Vietnam is below us but growing fast. They’re following the trend of the Philippines in terms of growth,” he added.
TMP Senior Vice President for Marketin, Jose Maria Atienza said the firm is targeting to expand its dealership network to 70 this year. As of end-July, TMP has 67 dealers.
TMP is a joint venture between Ty-led conglomerate GT Capital Holdings, Inc. and Japan’s Toyota Motor Corp. —Janina C. Lim

DoLE to assist PLDT workers involved in contractualization

THE LABOR department said it will assist the 7,000 or so contractual workers of PLDT, Inc. (PLDT) through an “emergency employment program.”
“As a form of assistance from the Department of Labor and Employment (DoLE), we will provide them an emergency employment program,” Secretary Silvestre H. Bello III said in a briefing on Thursday.
He said these workers of PLDT will be provided assistance equivalent to 10 days’ work and the corresponding pay, alongside other forms of assistance, which he did not detail.
“It is not the right time to tell the public what actions the department will take but these actions will always be for the enforcement of our order and… meet the immediate needs of our workers,” Mr. Bello said.
He said legal action against PLDT is in the works, which “will take time to prepare.”
PLDT filed a manifestation on July 24 questioning the “validity” of the DoLE’s clarificatory order on its labor practices issued on July 11.
“We respect their decision on that. They have their lawyers and they give them all the legal assistance they can provide,” Mr. Bello said.
“But we have a DoLE procedure and that Clarificatory (Order) is very clear that the employees, referring to the 7,000+ workers, are regular employees of PLDT (and) not the service provider.”
PLDT has since filed a petition for Certiorari with the Court of Appeals.
Mr. Bello said that PLDT has not received a temporary restraining order, which means the clarificatory order remains in effect.
“They weren’t able to obtain a temporary restraining order so under the rules of procedure, our order has become executory,” he said.
PLDT was asked for comment but had not replied as of deadline time.
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. — Gillian M. Cortez

Kidman, Theron to star in film on harassment at Fox News

NEW YORK — Nicole Kidman and Charlize Theron are to lead an all-star cast in a new movie about former Fox News hosts Gretchen Carlson and Megyn Kelly, who spoke up about sexual harassment at the network before the #MeToo movement kicked off.
Kidman is to play Carlson, the Stanford and Oxford-educated former Miss America and prominent Fox News anchor who accused the late media mogul Roger Ailes of sexual harassment, the entertainment press reported.
“I hope the true story is depicted. The most important thing is that so many more women are now believed and have been given a voice,” Carlson tweeted Wednesday, linking to a Variety story that revealed Kidman’s role.
Variety said Theron would play Kelly, who shot to fame for clashing with Donald Trump during the 2016 presidential election campaign, and who now fronts a morning magazine show on rival network NBC.
Rising Australian star Margot Robbie is also in talks to join the cast, The Hollywood Reporter said. A spokeswoman for the production house confirmed that the film was about the women of Fox News and currently untitled.
Charles Randolph, who won an Oscar for 2015 The Big Short about the housing bubble that led to the 2008 financial crash, is also on board, reports said.
Ailes, who co-founded Fox News and helped redraw conservative American politics, was forced to resign in July 2016 in a blaze of sexual harassment allegations and lawsuit from Carlson.
He denied all the allegations and died less than a year later, in May 2017.
Under Ailes’ leadership, Fox became America’s most watched cable news channel, home to key conservative political commentators. He also advised Republican presidents from Richard Nixon to Ronald Reagan, and was close to Trump.
Carlson claimed she was sacked for refusing his advances.
The lawsuit opened the gates to a flood of allegations from women, including Kelly, who accused him of groping them or making unwanted advances — and sought to expose what they called a culture of misogyny at the network.
Ailes’ downfall pre-dated the #MeToo reckoning against sexual harassment that was sparked by sexual misconduct allegations against Hollywood titan Harvey Weinstein and seen a litany of powerful men lose their jobs. — AFP

SSS contributions likely rose close to 13% at end-June

THE SOCIAL Security System (SSS) said its contribution collections likely grew by double digits in the first semester.
“We are still ahead compared to last year, siguro (maybe) easily close to 13% in our collections,” SSS President and Chief Executive Officer Emmanuel F. Dooc told reporters on Tuesday.
However, Mr. Dooc noted the pension fund has yet to complete its midyear assessment on its performance.
If realized, collections would accelerate from the 7.64% growth logged in the first three months of the year where it raised a total of P42.57 billion.
It would also be faster than the 10.64% growth rate recorded in the first semester of 2017, when contributions reached P78.64 billion.
“We have been intensifying our collection efforts. I have been…going to the provinces to visit our delinquent employers and even arrest those who are a bit guilty,” said Mr. Dooc.
He added that the second package of the tax reform program could help the SSS shore up contributions.
“With more businesses, with more active small businesses with lower corporate income tax, our economy will grow. And will have more members capable of paying higher contributions. So that will help us achieve our mission of providing affordable universal and meaningful social security benefits,” Mr. Dooc said.
The government’s second tax reform package seeks to lower corporate income tax to 25% from the current 30%, and streamline fiscal incentives.
“This will help us because it will mean more business activities will attract investments.”
Mr. Dooc said the SSS is “hard-pressed” to raise revenues after it implemented the first P1,000 monthly pension hike last year, which has been pulling down its net income.
He said the SSS needs to raise P16 billion a month just to pay out benefits.
He said he is optimistic that the Senate could approve the amendments to the SSS charter this quarter so the bill could advance into the bicameral conference committee and eventually signed into law.
The amendment would allow SSS to raise members’ contribution rates and minimum salary credit to generate revenue, without necessary approval from President Rodrigo R. Duterte.
Moreover, the SSS official said the pension fund has about 36 million registered contributors as of the first half, but noted that it needs to widen its base.
“But based on NEDA (National Economic and Development Authority) numbers, our employee force should be between 42 to 43 million, so uncovered pa kami ng mga six to seven million since we’re still at 36 million, and only have 15 million actively paying,” Mr. Dooc said.
“So medyo…marami pa and we still have huge potential. Kaya lang marami doon kasi one time lang nagbayad. Yung iba nag-report then nawalan na naman ng trabaho,” he added. — Elijah Joseph C. Tubayan

Higher int’l sales boost Emperador net income

EMPERADOR, Inc. grew its attributable profit by 18% during the first six months of 2018, as higher sales in Asia and North America offset a softer performance in the domestic market.
In a statement issued Thursday, the listed firm said net income attributable to the parent reached P3.2 billion for the first semester of the year. Revenues climbed 8% to P19.5 billion, with the company noting that margins were also higher for the period.
“The strong performance comes from the strong growth of the international business amidst a soft domestic market. The premium Spanish brandy and Scotch whisky business continues to show robust growth led by Fundador brandy, The Dalmore and Jura single malt whiskies led by Asia and North America,” Emperador President Winston S. Co said in a statement.
The liquor manufacturer earlier said that 30% of its revenues came from the international business, while the domestic market accounted for 70%.
Emperador has several brands under its portfolio, including Fundador and Scotch whisky brands The Dalmore and Jura single malts.
This year, the company aims to grow the sales volume of its Fundador brand by 30 to 35% through the “aggressive promotion” of the brand internationally. To note, the brandy business accounted for bulk of the company’s revenues during the first quarter of the year.
“We believe Emperador Inc. is in a good position for accelerated growth in the years to come as we envision robust and stable international and domestic businesses in the long run,” Mr. Co said.
Emperador is part of tycoon Andrew L. Tan’s holding firm Alliance Global Group, Inc., which also has core investments in property through Megaworld Corp., gaming through Travellers International Hotel Group, Inc., and quick serviced restaurants through Golden Arches Development Corp., the local operator of the McDonald’s fast food chain.
Shares in Emperador rose by eight centavos or 1.1% to close at P7.35 each at the stock exchange on Thursday. — Arra B. Francia

Disney invests in bear market with Christopher Robin

LOS ANGELES — “Sometimes the smallest things take the most room in your heart,” a wise little bear once remarked — and Jim Cummings has put his heart and soul into playing Winnie the Pooh for three decades.
The 65-year-old American voice actor has been playing the Disney character based on the stories of English novelist A.A. Milne since The New Adventures of Winnie the Pooh in 1988.
After more than a dozen movies and various other television and video game appearances, Cummings plays Pooh and his bouncy feline friend Tigger in their first live-action outing, the upcoming Christopher Robin.
“These guys are extremely special. Everybody says, ‘Who’s your favorite? Who’s your all-time favorite?’ First of all, I don’t have ‘a’ favorite but, if I had two, it would be Pooh and Tigger,” Cummings said.
“They’re kind of in their own class, their own category. They’re on their own shelf and everybody else isn’t.”
Disney’s history with A.A. Milne’s characters dates back to 1966 when the studio released the animated short Winnie the Pooh and the Honey Tree, featuring the character Christopher Robin, based on the author’s son.
In the new live action adventure, the young boy who embarked on countless adventures in the Hundred Acre Wood with his band of spirited and lovable stuffed animals, has grown up and lost his way.
‘STEALTH CELEBRITY’
It is up to his childhood friends to venture into the world of humans and help Christopher Robin remember the loving and playful boy who is still inside.
Starring Ewan McGregor (Fargo) and Hayley Atwell (Agent Carter) as Christopher Robin and his wife Evelyn, Marc Forster’s version of the fuzzy, ursine joy bundle hits US theaters today.
Born and raised in Youngstown, Ohio, Cummings spent Saturday mornings as a child riveted to the television, mimicking his favorite cartoon characters and dreaming that one day he would voice them himself.
The recipient of two Daytime Emmy nominations for his television work, his many movie credits include Shrek, Who Framed Roger Rabbit — and most of the Disney animated movies you can think of.
Cummings has appeared in almost 400 roles — from family favorites like Sonic the Hedgehog, Captain Caveman, and the Tasmanian Devil to Marvel characters Iron Man, Ghost, and Thanos — but he enjoys relative anonymity.
“When I was a kid I wanted to be facially famous. I joke around and say, ‘Well anybody could win an Oscar or an Emmy if they use their face,’ Cummings laughs.
“But I don’t mind it. My friend calls me a stealth celebrity. So, okay — I’ll take it.”
‘TIMELESS QUALITY’
Asked how he accounts for his longevity, Cummings jokes that his secret is “blackmail — I just have the goods on everyone.” In reality he speaks of every role with passion.
“I’m as happy as I could be. The first job I got was Lionel the Lion in Dumbo’s Circus in 1985. And then the first movie I did was Who Framed Roger Rabbit another famous Disney movie,” Cummings said.
“I don’t have my shirt anymore but I’ve got the picture of me with my Mouseketeers shirt on. And I had my Zorro hat and I still have my Davy Crockett hat from the 1950s.”
A.A. Milne’s characters, who first appeared in print in 1926, owe their own staying power to the fact that they’ve never relied on being cutting-edge, says Cummings.
“They’re not really attached to a fad. It’s not like they’re Transformers,” he told AFP.
“If robots who turn into a lunchbox go out of style, Pooh and the gang will still be there.” — AFP
MTRC Rating: G

The best game in the series to date

By Anthony L. Cuaycong and Alexander O. Cuaycong
IT’S NOT HARD to understand why Nihon Falcom and NIS America have moved to port Ys VIII: Lacrimosa of Dana in the Nintendo Switch. Having seen the title generate positive reception upon its release on the PlayStation Vita in 2016, on the PS4 last year, and on the PC earlier this year, they understand its potential to reach a new set of gamers via the hybrid console. Their confidence is not unfounded, and not simply because they carry a lot of weight in the gaming industry. More importantly, their latest contribution to the Ys franchise has been praised as the best yet.
In Ys VIII, longtime series protagonist Adol Christin again takes center stage, shipwrecked and stranded on the cursed island of Seiren, from which no one comes home. The game has him teaming up with other castaways, building and securing a base to house them all, and ultimately uncovering the mystery that surrounds the island. And for players, it helps that their sense of discovery is heightened in no small measure by the game’s compelling tone.
On the Switch, Ys VIII’s soundtrack is clear and manages to set scenes superbly; from the soothing orchestral pieces to the more intense combat music, the auditory experience, whether via the built-in speakers or through an attached headset, evokes wonderment. Meanwhile, the visuals, while not spectacular even on a monitor with the console docked, are nonetheless eye-catching and set the stage competently all the same.
Which is well and good, because no matter the setting (from lush jungle villages to dark and forgotten dungeons), there’s always something new for players to find. And, needless to say, exploration is integral to progression much in the same way as in the series’ other titles. Players will run through dungeons, scavenge for supplies, rescue fellow survivors, and slowly develop their quaint little village. Keeping it safe is top priority, thus requiring them to continually defend the village.
Thankfully, Ys VIII’s combat system is on point; employing a rock-paper-scissors approach to fighting, it evolves from its seeming simplicity, underscoring the importance of developing multiple skills and special attacks. These, along with a fluid grasp of the controls, are integral to beating some of the tougher monsters and bosses. And, certainly, real-time fighting is made more intense by the availability of up to six characters with distinct skill sets.
Story-wise, Ys VIII boasts of one of the better ones in the series. Set up nicely by the underlying narrative of the island’s curse, the need to survive is given due prominence. In this regard, the Switch makes for an ideal platform. It provides an especially unique experience on the go. True, it suffers from technical issues on occasion; frame drops and slowdowns, especially when there is a lot of onscreen activity, become evident and stunt graphical rendering, and it’s nowhere near to approximating the splendor churned out on a gaming rig. On the flip-side, the compromises on vibrancy and detail in favor of smoothness are such that it retains its visual appeal while allowing for complete portability. And though the Vita version offers the same, it’s such a marked improvement that any comparison is rendered moot.
Overall, Ys VIII is arguably the best game in the series to date, and the Switch does well to introduce it to Nintendo-loyal gamers who don’t own the other media it has already been released in. The good news is that its development on the hybrid console continues; four patches have already been released to address translation, downloadable content, and gameplay issues that hitherto bugged other incarnations, particularly that for the PC. Parenthetically, it should prove just as enticing to those who have played it before; its engrossing storyline and adrenaline-laced combat are well suited for undocked gameplay. It doesn’t come cheap at $59.99, but its depth and content (especially with all the DLCs ever released available from the get-go), not to mention propensity to coax those who pick it up to play it to completion, ensure game time in the high two figures. It takes a long, long while to finish, but its engrossing gameplay makes the hours pass by quickly, and the rewards are well worth the effort.

Ys VIII: Lacrimosa of Dana 2

Video Game Review

Ys VIII: Lacrimosa of Dana
Nintendo Switch
THE GOOD

• Compelling story

• Enjoyable, fast-paced, and rewarding combat mechanics

• Great soundtrack with nice visuals

• Provides a fantastic experience

• Technical issues on the go offset by complete portability

THE BAD

• Hardware limitations when docked make it a second choice vis-a-vis the PS4

• Flow and pace can be stunted by side quests

• Can show frame drops due to busy screen in handheld mode

RATING: 9/10

Tokyo med school altered test scores to keep women out

TOKYO — A Tokyo medical school for years altered the admission test results of female applicants to keep the number of women in the student body low, a Japanese newspaper reported Thursday.
The Yomiuri Shimbun daily said the manipulation came to light while prosecutors were investigating a separate scandal in which the Tokyo Medical University is accused of illicitly admitting the son of an education ministry bureaucrat.
“Following the report this morning, we asked a law firm to launch an internal investigation into the reported issue,” Fumio Azuma, a spokesman for the university told AFP, adding that it hopes to announce the result of the probe later this month.
The law firm that will investigate the report already has an advisory contract with the university but its usual consulting lawyer will not be part of the investigating team, Azuma said.
The Yomiuri, citing unnamed sources, said the university began lowering the admission test scores of female applicants to its medical school in 2011, after the 2010 results showed an increasing number of women were winning places.
In 2010, around 40% of successful applicants were women, double the previous year.
After that, the university began trying to keep the percentage of women admitted each year to around 30% of the incoming class.
“Women often quit after graduating and becoming a doctor, when they get married and have a child,” one source told the Yomiuri, in justifying the blanket alterations of admission scores.
“There is a consensus inside the university that male doctors support the university hospital,” which often requires emergency duties and long shifts, the source told the daily.
The newspaper said the test scores of female applicants had been lowered across the board by administrators who applied a fixed coefficient to women’s results.
In 2018, the ratio of women accepted after the first round of tests was 14.5%, compared with 18.9% for men.
In the second and final test stage, just 2.9% of female applicants were admitted, compared with 8.8% of male applicants.
The newspaper did not give figures for the current gender breakdown of the school’s student body.
The university was reportedly already under investigation by the Tokyo District Prosecutor’s Office over claims the privately-run school wrongly admitted the son of an education ministry official.
Japanese women are highly educated in general but the country’s notoriously long work hours force many out of the workplace when they start families.
Prime Minister Shinzo Abe has made “womenomics” — or boosting women’s participation in the workplace and promoting women to senior positions — a priority, but the pace of progress has been slow. — AFP

Minnelli auction fetches superstar prices

LOS ANGELES — Liza Minnelli’s signature Cabaret bowler hat, boots, and halter top vest fetched $81,250 at a Los Angeles auction, while her hand-annotated shooting script for the 1972 movie sold for $15,000, organizers Profiles in History said on Wednesday.
The three-day “Love, Liza” auction in Los Angeles, coming from the vast personal collection of the actress and singer, raised more than $1.2 million, with some items selling for more than triple their pre-sale estimates.
The more than 1,700 lots included items belonging to Minnelli’s parents — actress Judy Garland and film director Vincente Minnelli — and hundreds of the singer’s hats, scarves and Halston designer outfits from the 1970s.
Garland’s blond Dorothy wig from The Wizard of Oz, which was later replaced by simply brown braids, went for $17,500 — 16 times the original estimate. Vincente Minnelli’s photo collection spanning his film career fetched $11,875.
Profiles in History declined to release information on the buyers.
Memorabilia from Cabaret, which brought Minnelli an Oscar for her performance as Berlin nightclub singer Sally Bowles and sent her career rocketing, attracted some of the fiercest bidding.
Her shooting script for the musical was estimated to fetch just $2,000 ahead of the sale, while her iconic boots and bowler hat costume had an estimate of $6,000.
Minnelli, 72, said earlier this year that she wanted to downsize her life and sell off the collection she had amassed over decades and kept in more than six locations.
“I woke up one day and thought, ‘Honey, you ain’t gonna wait till you’ve bought the farm and leave your life on someone else’s doorstep.’ So it was time to go there, and I have, and it feels good,” she is quoted as saying in the auction catalog.
Some of the proceeds of the sale will benefit the Great American Songbook Foundation which aims to preserve America’s musical legacy. — Reuters

Fed holds rates steady, on track for hike in Sept.

WASHINGTON — The US Federal Reserve kept interest rates unchanged on Wednesday but characterized the economy as strong, keeping the central bank on track to increase borrowing costs in September.
The Fed said economic growth has been rising strongly and the job market has continued to strengthen while inflation has remained near the central bank’s 2% target since its last policy meeting in June, when it raised rates.
“Job gains have been strong, on average, in recent months, and the unemployment rate has stayed low. Household spending and business fixed investment have grown strongly,” the Fed said in a unanimous statement following the conclusion of its latest two-day policy meeting.
The Fed’s decision left its benchmark overnight lending rate in a range of 1.75% to 2.00%.
The Fed currently expects another two rate rises by the end of the year. Investors had all but ruled out a move at this week’s meeting, with their sights set on rate hikes next month and in December.
Federal funds futures implied traders are pricing in about a 91% chance of a rate rise in September and a 71% chance of an additional hike in December, according to CME Group’s FedWatch program.
Market reaction to the Fed decision was muted as it met expectations on where the central bank would push policy rates, with the dollar slightly stronger against a basket of currencies and US Treasury yields little changed.
Fed Chairman Jerome Powell recently said the economy is in a “really good place” and pledged to continue with gradual increases in borrowing costs in order to maintain the second-longest US economic expansion on record.
“This is consistent with what Powell told Congress: the economy is doing really well right now,” said Willie Delwiche, investment strategist at Baird.
The economy grew at a pace of 4.1% in the second quarter, its best showing in nearly four years, as consumers boosted spending and farmers rushed shipments of soybeans to China to beat retaliatory trade tariffs, US Commerce Department data showed on Friday.
Inflation is also perking up after six years of undershooting the Fed’s target. The central bank’s preferred measure of inflation — the personal consumption expenditures (PCE) price index excluding food and energy components — increased at a 2.0% pace in the second quarter.
The latest monthly figures released on Tuesday showed the core PCE in June was 1.9% higher than a year ago. That measure hit the central bank’s inflation target in March for the first time since December 2011.
US labor costs, viewed as one of the better gauges of how much slack is left in the market, also posted their largest annual gain since 2008 in the second quarter, the Labor Department said on Tuesday.
LIGHTS FLASH GREEN
US President Donald Trump, breaking with the White House’s traditional practice of not commenting on Fed policy, recently criticized policy makers for raising rates. The central bank acts independently when setting monetary policy.
Economic growth has been buoyed by the fiscal stimulus from the Trump administration’s tax cuts and spending. The unemployment rate, currently at 4.0%, is lower than the level seen sustainable by Fed policy makers.
But policy makers expect economic growth to slow next year as the fiscal stimulus fades, and they are keenly watching for signs of an acceleration in inflation that could push them to ramp up the pace of rate hikes to prevent the economy from overheating.
They also remain wary of the potential harm to the US economy of a protracted trade war between the United States and China which could push the cost of goods higher and hurt corporate investment. — Reuters

Philex Mining profit drops in 2nd quarter

PHILEX Mining Corp. saw a 13% drop in net income attributable to equity holders of the parent to P248.9 million in the second quarter due to lower metal output.
In a regulatory filing on Thursday, Philex said attributable net income in the first six months fell 23% to P551.7 million from P718.6 million during the same period last year. The company attributed this to lower revenues and wider foreign exchange losses this year.
Core net income in the second quarter went up 4% to P300.3 million compared with P289.3 million for the same period in 2017. For the first half, core net income fell by 13% to P646.3 million, “as a result largely of lower revenues, increased excise taxes, and higher non-cash production costs.”
During the second quarter, total operating revenues rose 3% at P2.274 billion, “as the effect of higher metal prices and foreign exchange rate outweighed the impact of lower metal production.” This brought total operating revenues for the first half to P4.646 billion, 2% lower than the P4.756 billion reported in 2017.
“As Padcal nears the end of its mine life, ore mined at the fringes registered lower grades,” Philex said.
The mining company said total ore milled from Padcal reached 2.19 million tons in the second quarter, up to two percent year-on-year. For the first six months, total ore milled hit 4.39 million tons, 6% higher year-on-year despite generating lower grade ores and producing less gold and copper.
Gold production in the second quarter dropped by 25% to 16,636 ounces, resulting in three percent lower revenues to P1.1 billion “despite higher average gold prices at $1,287 per ounce from $1,250 per ounce last year.”
Copper production during the April to June period fell by 2.33% to 7 million pounds. Despite the lower-than-expected output, copper revenues increased by 25% to P1.14 billion as average copper prices reached $3.12 per pound versus $2.58 per pound in 2017.
Philex Mining is one of the three local units of Hong Kong-based First Pacific Co. Ltd., the two other being PLDT, Inc. and Metro Pacific Investments Corp. Hastings Holdings, Inc. — a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc. — maintains interest in BusinessWorld through the Philippine Star Group, which it controls. — Anna Gabriela A. Mogato

What to see this week

5 films to see on the week of August 3-10, 2018
The Darkest Minds

The Darkest Minds

WHEN teenagers mysteriously start to develop powers, the government declares them a threat and they are detained. The powerful Ruby escapes the camp and joins a group of teens wage a resistance to change the system of the society they live in. Directed by Jennifer Yuh Nelson, it stars Amandla Stenberg, Mandy Moore, Bradley Whitford, Harris Dickinson, Patrick Gibson, and Skylan Brooks. Variety’s Peter Deburge writes, “Without watering down the action, Nelson soft-pedals the most disturbing ideas in such a way that young audiences won’t be overwhelmed with gloom, instead inviting them to identify with the film’s empowered female heroine as she struggles to overcome her crippling lack of self-confidence and embrace what makes her special.”
MTRCB Rating: PG
The Spy Who Dumped Me

The Spy Who Dumped Me

AUDREY and her best friend Morgan get involved in an international conspiracy when Audrey’s ex shows up at her apartment with a team of assassins. The friends go on the run around Europe, dodging assassins and a mysterious British agent. Directed by Susanna Fogel, the film stars Mila Kunis, Kate McKinnon, Justin Theroux, Gillian Anderson, and Hasan Minhaj. The Wrap’s Robert Abele writes, “The world as it exists definitely needs more movies with engaging women like Kunis and McKinnon showing the boys a thing or two about pals-in-peril laughs and thrills.”
MTRCB Rating: R-13
Still/Born

Still/Born

A MOTHER gives birth to twins, one of which is stillborn. The mother takes care of her remaining son, Adam, when a supernatural entity comes in the way and attempts to take him away. Directed by Brandon Christensen, the film stars Christie Burke, Jesse Moss, Rebecca Olson, Jenn Griffin, and Sheila McCarthy. The Hollywood Reporter’s Frank Sheck writes, “Tapping into elemental motherhood fears, not to mention the specter of post-partum depression, Still/Born works most effectively in its subtler, more enigmatic moments than when it indulges in familiar horror film conventions.”
MTRCB Rating: R-13
Teen Titans Go! To the Movies

Teen Titans Go! To the Movies

WHEN it seems like every major superhero is starring in movies except the Teen Titans, the group’s de facto leader Robin leads them to Hollywood in search of a movie director. But instead of a director, the group is led to a super villain who plans to take over the Earth. Directed by Aaron Horvath and Peter Rida Michail, the animated film features the voices of Scott Menville, Greg Cipes, Khary Payton, Tara Strong, and Hynden Walch. Entertainment Weekly’s Dana Schwartz writes, “Teen Titans Go! To the Movies, based on the breakout Cartoon Network series, wholly succeeds in creating a zany, colorful escapade that will thrill kids and — thanks to zingers toward other superhero movies and comic book in-jokes — does so without providing their parents ammo for emotional blackmail later in life.”
MTRCB Rating: PG
BuyBust

BuyBust

WHEN an anti-drug enforcement agency stages a massive drug bust in a slums of Manila, a special agent and her team find themselves trapped in the most dangerous parts of Manila. Directed by Erik Matti, the film stars Anne Curtis, Brandon Vera, Noni Buencamino, and Joross Gamboa.
MTRCB Rating: R-16

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