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Treasury opts for partial award of T-bills

By Karl Angelo N. Vidal, Reporter
THE GOVERNMENT made a partial award of the Treasury bills (T-bill) it auctioned off on Monday, with rates on the longer tenors rising amid persistent concerns over domestic inflation.
The Bureau of the Treasury (BTr) borrowed just P12.101 billion at its T-bills auction yesterday, falling short of the P15 billion it offered to investors.
Total tenders amounted to P28.2 billion, declining from the P30 billion recorded at last week’s offering.
Broken down, the government borrowed P4 billion as planned via the 91-day tenor yesterday as tenders by investors totalled P13.528 billion. The average rate dropped 1.7 basis points to 3.291% from the 3.308% logged in the previous auction.
Meanwhile, the Treasury made a partial award of the 182-day papers as it raised just P3.424 billion, falling short of the P5 billion the bureau intended to borrow. This, as the average yield climbed 14 basis points to 4.185% from last week’s 4.045%.
For the 364-day T-bills, the BTr likewise borrowed just P4.677 billion out of the P6 billion it wanted to raise. The average rate also picked up by 9.7 basis points to 4.767% from the 4.67% tallied in the previous offering.
At the secondary market prior to the auction, three-month and six-month papers were quoted at 3.6367% and 4.24%, respectively, while one-year securities fetched a 4.6893% yield.
At the close of the trading, all tenors rallied to finish the day with lower yields. The 91-day T-bill fetched 3.2675%, while the 182-day papers were quoted at 4.0282%. The 364-day papers also saw their yield drop slightly to 4.6548%.
National Treasurer Rosalia V. De Leon said the Treasury saw “a lot of demand” as investors still prefer to lock in their funds in the short-end of the curve.
“We still see that there’s a lot of demand, particularly they just want to stay on the short-end,” Ms. De Leon told reporters following the auction yesterday.
She added that the market was still concerned about domestic inflation, with the Bangko Sentral ng Pilipinas (BSP) expected to raise its benchmark rates anew after the sustained rise in prices.
“[Investors priced in] the persistent concerns on inflation and expectations of the BSP will again hike [again and] make the move this August.”
Earlier this month, data released by the Philippine Statistics Authority showed headline inflation accelerated to a fresh five-year high of 5.2% in June.
The inflation print last month picked up from the 4.6% figure logged in May and exceeded estimates from the BSP and the Department of Finance.
BSP Governor Nestor A. Espenilla, Jr. said the central bank will review its forecast inflation path as this will shape the strength and timing of its next monetary policy response to temper inflation expectations.
The BSP has already raised its rates twice this year, with borrowing costs now within a 3-4% range.
“All these are the persistent concerns of the market so they’re already putting some buffer in terms of the rates to make sure that they will be covered because of the rate hikes even for the short-end of the curve,” Ms. De Leon said.
She added banks and other financial institutions also priced in the inflation print in the US, which boosted expectations that the Federal Reserve will raise interest rates as well.
Meanwhile, a trader said the auction results were in line with expectations as the shortest tenor “traded sideways to lower.”
“For the pricing, we still saw demand for the 91-day [papers] given the total tenders amounting to P13 billion versus the P4 billion offer,” the trader said.
The Treasury is set to raise P300 billion from the domestic market this quarter through auctions of securities, offering P195 billion in T-bills and another P105 billion in Treasury bonds.
The government plans to borrow P888.23 billion this year from local and foreign sources to fund its budget deficit, which is capped at 3% of the country’s gross domestic product.

ABS-CBNmobile ends Globe network sharing

ABS-CBN Corp. has ended its network sharing with Globe Telecom, Inc. — ABSCBNMOBILE.COM

ABS-CBN Corp. has severed network sharing ties with Globe Telecom, Inc. for its ABS-CBNmobile brand after its five-year agreement expired.
In a disclosure to the stock exchange on Monday, ABS-CBN said the financial status of its mobile business was the reason for the decision.
“After a thorough assessment, ABS-CBN Convergence deemed its current mobile business model to be financially unsustainable. As a result, ABS-CBN Convergence and Globe reached an agreement not to renew their mobile network sharing agreement and to look at more profitable opportunities in the content business,” it said.
With the termination of the contract, the Lopez-led company said its prepaid, postpaid and Sky Mobi subscribers may keep availing their services “until the final date that will be approved by the National Telecommunications Commission.”
ABS-CBN Chief Finance Officer Aldrin M. Cerrado said in April the company has “contained” its losses from the ABS-CBNmobile business in 2017. During the first quarter, the company saw its interconnection costs down 64% to P49 million from P81 million in the same period last year.
ABS-CBN signed a network sharing agreement with Globe in May 2013 to receive capacity and coverage from the telecommunication giant’s cellular network. “The parties may also share assets such as servers, towers, and switches,” it said in a regulatory filing.
Despite the decision to discontinue ABS-CBNmobile, the two companies have agreed to keep connections for the TVplus boxes, Kapamilya Box Office and iWant TV offers of ABS-CBN.
“ABS-CBN and Globe are exploring new ways and synergies that complement their business models,” the company said.
Mr. Cerrado previously said the direction of ABS-CBN this year is to focus on its digital terrestrial television (DTT) business, broadband services through Sky Broadband, direct-to-home (DTH) business and international markets
In a statement in early July, ABS-CBN said it has sold five million digital boxes nationwide in May from when it was launched in 2015, inching closer to its goal of selling six million units by the end of the year.
ABS-CBN posted a 7% increase in attributable net income at P452.53 million during the first quarter. It was driven by lower gross expenses tempering the decline in advertising revenues.
Shares in ABS-CBN gained 55 centavos or 2.25% to close at P24.95 apiece on Monday. — Denise A. Valdez

Netflix topples HBO in Emmy nods, but Game of Thrones still rules

LOS ANGELES — HBO’s medieval fantasy series Game of Thrones led nominations for the Emmy Awards announced last week, but streaming service Netflix knocked HBO off its 17-year pedestal as the network with the most nods.
A slew of first time Emmy contenders included Sandra Oh as the first Asian lead comedy actress nominee for her role in quirky spy series Killing Eve, and Rachel Brosnahan’s 1950s housewife turned comedian in The Marvelous Mrs. Maisel.
Female-led shows and stories also did well as television continued to lead the way in reflecting social change, while the likes of Donald Glover, Tracee Ellis-Ross, Penelope Cruz, Antonio Banderas, Issa Rae, Regina King, and John Legend headed a racially diverse acting line-up.
Games of Thrones, a worldwide hit, got 22 nods, including for the top prize of best drama series. It was followed by NBC’s sketch show Saturday Night Live and HBO’s sci-fi series Westworld with 21 nominations each, and Hulu’s dystopian vision The Handmaid’s Tale with 20.
Just five years after the launch of its first original series, House of Cards, Netflix ended HBO’s 17-year streak as the most Emmy-nominated network.
Netflix gathered 112 nods for shows that ranged from supernatural drama Stranger Things and British royal show The Crown to female wrestling comedy GLOW, new Western drama Godless and reality makeover series Queer Eye.
HBO, which was recently acquired by wireless carrier AT&T Inc, had 108 nominations, and noted in a statement that it was the eighth year it had gathered 100 nominations or more. NBC shows earned 78 nods.
Netflix campaigned heavily for the Emmy, the highest honors in television, and says it has budgeted $8 billion for programing in 2018.
Stranger Things executive producer and director Shawn Levy said the streaming service was a joy to work with.
“They follow our lead and they don’t make us live inside a box either creatively or financially, and that is almost unheard of among networks and movie studios,” Levy told Reuters on Thursday.
The Emmy awards will be handed out in Los Angeles on Sept. 17 hosted by Saturday Night Live cast members Michael Che and Colin Jost.
Game of Thrones will compete for best drama with last year’s Emmy champion, Hulu’s The Handmaid’s Tale, which also won nods for actresses Elisabeth Moss, Alexis Bledel, Samira Wiley, Ann Dowd, and Yvonne Strahovski.
Bruce Miller, executive producer of The Handmaid’s Tale, acknowledged that the show’s vision of a theocracy where women are treated as property was hard to watch.
“You are basically writing a show about the way you pray that the world won’t go, and then it starts going that way. We sit around and pray for irrelevance,” Miller told Reuters.
Other best drama contenders include The Crown, NBC’s family drama This Is Us, Cold War spy series The Americans on FX, and Westworld.
Game of Thrones was out of the running in 2017 because the show aired later than usual.
In the comedy categories, hip-hop themed FX show Atlanta is up against Amazon’s The Marvelous Mrs. Maisel, ABC’s black-ish, GLOW, Curb Your Enthusiasm, quirky comedy Barry, tech comedy Silicon Valley, and Unbreakable Kimmy Schmidt.
FX’s true crime dramatization The Assassination of Gianni Versace led the limited series category with 18 nominations, including a best actor nod for Darren Criss who plays the killer of the gay Italian fashion designer.
Creator Ryan Murphy said it was a “heartbreaking story to tell, made more so by the fact that we continue as a culture to grapple with homophobia and shame and intolerance.” — Reuters

Robinsons Bank raises P1.78B from LTNCDs

ROBINSONS BANK Corp. raised P1.78 billion from the first tranche of its P5-billion long-term negotiable certificates of deposit (LTNCD) program, which it wants to use to support its loan growth.
At the ceremonial listing of the investment instruments on Monday at the Philippine Dealing System in Makati City, the Gokongwei-led lender said it raised P1.781 billion from the peso-denominated issue.
The notes will mature in 5.5 years and carry an interest rate of 4.875% to be paid quarterly until Jan. 16, 2024.
The issuance is the first tranche of Robinsons Bank’s P5-billion LTNCD program approved by the central bank.
“Our application is to issue a total of P5 billion which can be done in one to two tranches,” Robinsons Bank President and Chief Executive Officer Elfren Antonio S. Sarte told BusinessWorld in a previous interview.
“That flexibility allows us that if we don’t reach the [amount] that we are happy, we can offer [another tranche] within a year to complete the P5 billion.”
Like regular time deposits offered by banks, LTNCDs offer higher interest rates. However, LTNCDs cannot be pre-terminated but can be sold on the secondary market, making them “negotiable.”
Mr. Sarte said last month the proceeds of the fund-raising activity will be used to support the lender’s loan growth this year.
“As we project, our guidance will increase by about 30% in terms of assets. A lot of the asset growth will be coming from additional loans both in the commercial and consumer areas. That is really the reason why,” Mr. Sarte said.
“We’re ensuring that our leverage or liquidity coverage ratio will continue to be healthy so that we can continue to grow both lending out long with the LTNCD and the capital diffusion. That will strengthen our liquidity and funding sources.”
ING Bank N.V. (Manila branch) served as the sole arranger and bookrunner for the fund-raising activity. It joined Robinsons Bank as a selling agent.
Aside from this, the lender’s parent companies, JG Summit Holdings, Inc. and Robinsons Retail Holdings, Inc. is set to infuse P3 billion in fresh capital into the bank this month.
Robinsons Bank’s listing brings the total volume of outstanding listed securities to P893.01 billion, floated by 47 companies.
In June 2017, Robinsons Bank raised P4.182 billion from its first-ever LTNCDs, more than the initial P3 billion offer size, on the back of strong demand.
Apart from Robinsons Bank, UnionBank of the Philippines, Inc., BDO Unibank, Inc., Security Bank Corp., East West Banking Corp. and China Banking Corp. have also issued LTNCDs this year. — Karl Angelo N. Vidal

SEC approves equity restructuring bid of Vitarich

THE SECURITIES and Exchange Commission (SEC) has approved the equity restructuring of Vitarich Corp., which will allow the firm to wipe out its deficit and declare dividends to shareholders.
In a disclosure to the stock exchange on Monday, the listed agribusiness firm said the SEC has approved its application to decrease its authorized capital stock by reducing par value of 3.5 billion shares from P1 each to 38 centavos per share, resulting to an authorized capital stock of P1.33 billion.
Vitarich decided to pursue a quasi-reorganization last May 2017, with the details finalized only last April. Aside from eliminating its deficit, the equity restructuring will let the company declare dividends to shareholders out of its unrestricted retained earnings.
As of end-2017, Vitarich’s deficit stood at P2.289 billion, higher than the previous year’s P2.417 billion.
The company noted that the change in its par value will be reflected on the Philippine Stock Exchange’s trading system starting on July 23.
Vitarich graduated from a court-assisted corporate rehabilitation in 2016 after applying for the said program back in 2006 due to the effects of the Asian financial crisis and avian flu outbreak in 2003 on its finances.
The company was previously tagged as the country’s leading poultry and feed producer prior to the challenging business environment.
Incorporated in 1962, Vitarich’s primary products are feed, farm, and food, which are sold to several distributors, dealers, and end users nationwide.
Vitarich has programmed to spend P130 million in capital expenditures this year, while also planning to build a feed mill with a capacity of 20 tons per hour in Luzon.
Earnings of Vitarich went up by 8.7% to P51.7 million in the first three months of 2018, lifted by a 25% jump in revenues to P1.96 billion.
Shares in Vitarich slipped by two centavos or 0.81% to close at P2.44 each at the stock exchange on Monday. — Arra B. Francia

Hotel Transylvania books spot at top of US box office

LOS ANGELES — Sony’s Hotel Transylvania 3: Summer Vacation booked a stay at the top of the North American box office, taking $44.1 million in ticket sales, according to industry estimates Sunday.
The animated fantasy comedy, whose voice cast includes Adam Sandler and Selena Gomez, follows Count Dracula and his family as they get away from their hotel for their own vacation.
It swatted away last week’s number one, Ant-Man and the Wasp, in at second with takings of $28.8 million over the three-day weekend, according to industry tracker Exhibitor Relations.
The 20th release in Disney’s Marvel Cinematic Universe sees ex-con Scott Lang (Paul Rudd) languishing under house arrest in San Francisco after being caught, as his shrinkable superhero alter-ego, fighting some of the other Avengers in Captain America: Civil War (2016).
Struggling to balance home life and Ant-Man duties, he’s confronted by old flame Hope van Dyne (Evangeline Lilly), alias the Wasp, with an urgent new mission.
Third place went to Universal’s new release Skyscraper, with earnings of $25.5 million.
Packed with action, it sees Dwayne “The Rock” Johnson star as an ex-FBI agent who has to rescue his family from the newly built tallest skyscraper in the world, after terrorists set it ablaze.
In at fourth was Incredibles 2, dropping one place with takings of $16.2 million. After earning $28.4 million last week, it pushed past Pixar stablemate Finding Dory (2016) as the top-grossing animated film of all time in North America.
Disney’s Frozen still holds the global box office record for animated films.
Ranking fifth was Universal’s Jurassic World: Fallen Kingdom, taking $15.5 million.
The movie, which has raked in more than $1 billion globally, sees Chris Pratt and Bryce Dallas Howard struggle to contain dinosaurs rescued from a tropical Pacific island and sheltered temporarily at a California mansion.
Rounding out the top 10 were: The First Purge ($9.1 million); Sorry To Bother You ($4.3 million); Sicario: Day of the Soldado ($3.9 million); Uncle Drew ($3.2 million); Ocean’s 8 ($2.9 million). — AFP

Global companies at World Plaza

DAIICHI Properties’ World Plaza building in Bonifacio Global City is now home to several global companies.
“Daiichi Properties is honored that these companies chose us to be their corporate address. We take pride not just of our location and amenities but also of the efficient service that our teams provide. We would just like to reiterate to our tenants our commitment to be able to make their stay here at World Plaza as convenient and comfortable as possible,” Daiichi Properties Senior Vice-President Charmaine Uy said in a statement.
The 27-storey premium-grade office building features a double-glazed fully unitized curtain wall that maximizes natural lighting, a VRF air-conditioning system that ensures thermal comfort.
Daiichi Property Solutions provides world-class property management, with a team of managers dedicated to providing solutions to tenants’ concerns. It formed a new customer service team that is responsible for handling all tenant concerns.
“Our new customer service team are dedicated to respond fast, efficiently and more effectively to all requests coming from our tenants,” DPS General Manager Joel Cruz said.

‘More aggressive’ hike likely from BSP

BSP
THE BANGKO SENTRAL ng Pilipinas could hike rates by 50 basis points in one go to rein in inflation.

By Melissa Luz T. Lopez, Senior Reporter
THE CENTRAL BANK may respond with a more aggressive rate hike in the coming months to rein in rapid inflation, economists at the First Metro Investment Corp. (FMIC) said, against a backdrop of a “turbulent” but rapidly growing Philippine economy.
Bernardo M. Villegas, economics professor at the University of Asia & the Pacific, said the Bangko Sentral ng Pilipinas (BSP) may even opt to raise rates by 50 basis points (bp) in one go.
“We need more aggressive policy because countries all over the world are raising interest rates and we are behind the curve,” Mr. Villegas said during the FMIC midyear economic briefing yesterday at the Grand Hyatt Manila.
He noted that the next tightening move will definitely occur “within the third quarter,” saying he is convinced that the BSP will “correct their error” in six to eight months’ time.
The Monetary Board tightened rates by 25 bps each during their May and June meetings to rein in future inflation, as prices have steadily risen since January to breach the 2-4% target band. Inflation has averaged 4.3%, pulled up by June’s 5.2% print.
“It’s to minimize inflationary expectations… What’s important for monetary policy action is to prevent these second-round effects. People will think there’s going to be more inflation to come,” added UA&P professor Victor A. Abola.
“The real purpose of monetary policy implementation is to signal, that’s why it’s important to be ahead of the curve.”
Inflation will peak by August and settle lower during the last few months of the year, with the full-year average likely between 4.2-4.5%, the economists said.
FMIC senior vice president Christopher Ma. Carmelo Y. Salazar also noted that bond yields are also “pressured” to keep rising as market players expect two more rate hikes from both the BSP and the US Federal Reserve within 2018.
GROWTH INTACT
Mr. Villegas also pointed out that the Philippine economy is experiencing a lot of turbulence in the face of higher interest rates, rapidly-rising commodity prices, a weaker peso and rising world crude rates. Political noise — by way of continued killings, uncertainties on the vice president poll recount, the ouster of Chief Justice Ma Lourdes P.A. Sereno, and a planned charter change — are likewise “sending conflicting signals to investors.”
Despite these, economists still see a 7-7.5% economic expansion doable for 2018, which if realized would fall within the 7-8% goal set by the Duterte administration.
Growth will be fuelled by strong domestic demand, which will offset weak exports which has maintained a decline over the past few months. Mr. Abola added that manufacturing will remain the leading sector alongside construction, in light with the government’s “Build, Build, Build” infrastructure agenda.
To sustain this momentum, the state needs to keep up the “good work” on the infrastructure front and focus on good governance, said FMIC President Rabboni Francis B. Arjonillo.
For FMIC assistant vice president Cristina S. Ulang, an overhaul of the country’s tax system is a huge legacy for the Duterte administration. However, she added that improving logistics and decongesting ports would help improve the business climate and would also help reduce consumer prices.
FEDERALISM ‘DISASTER’
Plans to amend the 1987 Constitution are also seen as a major threat to the Philippines, Mr. Villegas said.
“I think it will be a disaster,” said Mr. Villegas, who was part of the 1986 Constitutional Commission who drafted the existing charter. It is not necessary and it is counterproductive… The completely arbitrary way they are putting provinces together for federal states doesn’t make any sense at all.”
“A lot of those so-called federal states are not ready — they don’t know how to spend money, and so on. I prefer the Local Government Code which precisely gives leeway to those who are competent to do their own thing. Those not ready should not be given the autonomy,” he added.
Instead of a changing the system of government, Mr. Villegas said Congress should prioritize the removal of “unreasonable” restrictions on foreign investments, as this is expected to boost appetite for local industries.
The Consultative Committee for the shift to a federal government has approved a draft constitution and submitted it to Malacañang last week.
UA&P’s Mr. Abola also rejected plans to cut short and overhaul the tax incentives for businesses and ecozone locators, saying that this would run counter to the Philippines’ pitch to global investors.
The Finance department has proposed a second tax reform package to Congress which cuts the corporate income tax rate gradually to 25% from 30% currently, but will be accompanied by the removal of fiscal perks being enjoyed by companies.

SPC Power turns over 153.1-megawatt Naga power plant complex to PSALM

By Victor V. Saulon, Sub-Editor
SPC POWER Corp. has turned over the 153.1-megawatt (MW) land-based power plant in Naga City, Cebu to the Power Sector Assets Liabilities Management, Inc. (PSALM), ending the legal tussle over the ownership of the asset.
In a disclosure on Monday, SPC said it had executed a joint turnover certificate with PSALM on July 13, 2018, resulting in the listed company turning over the Naga power plant complex to the agency in charge of privatizing the government’s power generation assets.
“Thus, SPC turned-over the Naga Power Plant to PSALM while PSALM returned the bid of SPC,” the company told the stock exchange.
It said the turnover is pursuant to the decision of the Supreme Court (SC) in Osmeña versus PSALM et al., declaring as null and void the asset purchase agreement and land lease agreement covering the complex, entered into by PSALM and SPC Power.
The move paves the way for Aboitiz Power Corp. to take hold of the complex after years of legal proceedings that ended in its favor.
Sought for comment, AboitizPower President and Chief Executive Officer Antonio R. Moraza said in a text message: “We have to go in and assess [the] condition of existing units and what we will do as future potential.”
He added that the rehabilitation of the power plant is the most likely “interim next step” for the company.
AboitizPower also told the stock exchange that the plant was physically turned over and accepted by TPVI on Monday. It said the power plant complex is composed of diesel and coal power plants.
“Our team has taken possession of the power plant complex and are now assessing the facility in preparation for maintenance and rehabilitation works. We are also conducting an inventory of the assets on site,” said Celso C. Caballero III, TPVI chief operating officer.
The case — Sergio Osmeña III vs. PSALM, Emmanuel R. Ledesma, Jr., SPC and Therma Power Visayas, Inc. (TPVI) — stemmed from the acquisition in 2009 by SPC of the power plant through a negotiated bid.
SPC also entered in the same year a land lease agreement with PSALM that included the company’s right to top the price of a winning bidder for the sale of any property in the vicinity of the leased assets.
PSALM later bid out the Naga plant located in the leased premises, with AboitizPower unit TPVI submitting the highest bid and receiving the notice of award on April 30, 2014. SPC told PSALM of its intent to exercise its right to top the winning bid, while asking that the land lease agreement be for a term of 25 years from closing date.
This led to Mr. Osmeña filing on June 16, 2014 a petition for certiorari and prohibition before the Supreme Court with prayer for the issuance of a temporary restraining order and/or writ of preliminary injunction to enjoin PSALM from making the award of the Naga plant to SPC. The respondents were Mr. Ledesma, PSALM’s head at that time, along with SPC and TPVI.
In his petition, Mr. Osmeña argued that the right to top should be invalidated as it defeats the purpose of a fair and transparent bidding for a state asset, and it discourages interested bidders because of the unfair advantage given to SPC.
Despite TPVI’s objection, PSALM awarded the contract to SPC on July 25, 2014. PSALM and SPC then executed an asset purchase agreement for the plant.
On Sept. 28, 2015, the SC declared in the case that the right to top and the asset purchase agreement executed in favor of SPC are null and void. The parties then filed various motions for reconsideration, which the High Court denied.
On Oct. 5, 2016, the SC issued a notice of judgment and resolution clarifying that the nullification of SPC’s right to top did not invalidate the entire bidding process. Thus, it ordered the reinstatement of the notice of award dated April 30, 2014 in favor of TPVI.
The court also annulled and set aside the asset purchase agreement and the land lease agreement executed between SPC and PSALM, and directed the government agency to execute with dispatch the same deals in favor of TPVI.
Subsequent motions for reconsideration from both SPC and PSALM were denied by the SC, which on Nov. 28, 2016 ruled with finality and ordered that no further pleadings, motions, letters, or other communications will be entertained in the case. The court also ordered the issuance of entry of judgment.
On Feb. 14, 2017, TPVI received a copy of the entry of judgment, which states that the Oct. 5, 2016 resolution of the SC became final and executory on Nov. 28, 2016.
In May this year, TPVI received the certificate of effectivity from PSALM initiating the purchase of the facility. The certificate implements the Sept. 28, 2015 SC decision, which upheld the April 30, 2014 award to the company.
Shares in SPC Power went up 0.56% to close at P5.38 each, while those of AboitizPower were down by 0.54% to P36.50 each.

TV’s Downton Abbey coming to the big screen

NEW YORK — It was the soapy period drama about the upstairs-downstairs lives and loves at an English country estate that enjoyed astonishing success on both sides of the Atlantic — and now it’s back. Downton Abbey the movie is in the works.
“We’re thrilled to announce that Downton Abbey is coming to the big screen,” the television series tweeted Friday. Film production begins this summer.
The six-season television series ran on Britain’s ITV from 2010 to 2015, and in the United States on PBS’ Masterpiece.
In the United States, it won three Golden Globes, 15 primetime Emmy Awards, and commanded a rave following, becoming the most nominated non-US television show in the history of the Emmys.
It followed the lives of the Crawley family, headed by the Earl of Grantham, and their servants as they navigate changing times from the Edwardian heyday of the British aristocracy, to World War I and the roaring 1920s.
The original principal cast, including Maggie Smith, Michelle Dockery, and Hugh Bonneville, are set to reprise their roles in the big-screen production, Hollywood entertainment news website Deadline reported.
Creator Julian Fellowes has written the screenplay and will co-produce, it added. Highclere Castle in England is expected to return as the family seat.
Downton Abbey became one of Britain’s biggest ever drama exports with an international audience of around 120 million.
The television series ended in 1926 with daughter Edith Crawley marrying and outranking the rest of the family, sister Mary expecting a second child, and butler and lady’s maid Bates and Anna welcoming their first.
New York-based company Focus Features has set production for the cinema release with British-based Carnival Films.
“It was our dream to bring the millions of global fans a movie and now, after getting many stars aligned, we are shortly to go into production,” said Gareth Neame, Carnival’s executive chairman.
“We’re thrilled to join this incredible group of filmmakers, actors and craftspeople, led by Julian Fellowes and Gareth Neame, in bringing back the world of Downton to the big screen,” said Focus chairman Peter Kujawski.
No plot twists have yet been revealed and no release date yet announced. — AFP

Trump Tower Manila offers luxury condo

TRUMP Tower at Century City is being touted as the best luxury condominium development in Metro Manila.
Century Properties Group, Inc. (CPG) said Trump Tower offers “New York-quality real estate,” with each unit offering generous cuts and floor-to-ceiling height.
Spectacular view of Metro Manila’s skyline can be enjoyed from Trump Tower’s upper floors, where a spa, fitness center, yoga studio, juice bar, sun deck and lap pool are located. It also has a grand lobby and amenity floors with a library, business center, lounge, and theater.
“Exclusive amenities are meticulously designed and impeccably furnished with European materials and designer furniture such as those from French luxury house Hermes. From the sleek architecture, flawless interiors, to the world class service, no detail is overlooked,” CPG said.

Themed enclaves at Tagaytay Highlands

MASTER-PLANNED community Tagaytay Highlands is known for its themed residential enclaves. One of these is Sycamore Heights, situated within the Tagaytay Midlands communities and bounded by views of Taal Lake and volcano. The homes in this section — set in lots ranging in size from 250 to 959 square meters — use both contemporary and traditional Asian design elements.
Sycamore Heights has a number of amenities including an infinity pool, pavilion, Bird Watch Park, and Central Park, among others.
Another master-planned community within Tagaytay Midlands is Katsura, which includes Yume, a residential enclave on three hectares of gently rolling terrain, with an elevation of 209 to 227 meters above sea level. From this vantage point, Yume has panoramic views of the community, the Taal Lake, and the Midlands golf course.
The Japanese-themed Yume has Japanese pocket gardens and open pavilions. Lots in the area range from 500 to 571 square meters.
Residents of both Sycamore Heights and Yume are given membership rights at The Country Club and access to recreational facilities that include swimming, tennis, bowling, and badminton.
Tagaytay Highlands, a mountain resort development of the SM Group in Tagaytay, is located in the highest elevations of the city.

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