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ABS-CBN licenses slate of movies from Sony Pictures Entertainment

Films to stream on Cinemo, iWantTFC, and ABS-CBN Entertainment’s YouTube channels

ABS-CBN is expanding its digital content offerings through a new licensing agreement with Sony Pictures Entertainment (SPE). The agreement will see premium movies from Sony’s library streaming on ABS-CBN’s YouTube channels — Cinemo, iWantTFC, and ABS-CBN Entertainment.

“ABS-CBN is thrilled to offer Sony Pictures Entertainment’s premium selection of classic award-winning movies for our Filipino audiences to enjoy,” ABS-CBN head of Digital Jamie Lopez was quoted as saying in a statement. “SPE is known for their years of expertise in producing hit and timeless movies that connect with viewers all over the world. This deal marks an exciting opportunity for us to provide new content and stories that our viewers will love.”

“ABS-CBN has long been recognized as a leader in the entertainment industry in the Philippines and we’re thrilled to be collaborating with them to bring our hit, classic films to Filipino audiences,” said VP of Southeast Asia Distribution for Sony Pictures Television, Eugene Lin, in the same statement.

Among the movies available to watch are comedy films About Last Night and Cops and Robbersons, horror films 13 Ghosts and The Evil Dead, and Academy Award winner Shampoo. Other films on the slate include Cadillac Records, Excess Baggage, Jane Austen Book Club, and Funny Lady.

These movies are available in the Philippines only and can be accessed on the YouTube channels of ABS-CBN Entertainment, Cinemo, and iWantTFC.

Entertainment News (09/10/24)

FEU Drum and Bugle concert set for September

AFTER YEARS of performing primarily in outdoor settings, the Far Eastern University (FEU) Drum and Bugle Corps will be making a return to the historic Auditorium of FEU Manila in their upcoming concert entitled From the Field to the Concert Hall on Sept. 28, 6 p.m. The concert will showcase their talents in playing brass and percussion instruments together with the artistic color guard dance drills in a classical and modern repertoire, led by their artistic director Kevin Castelo. Tickets are priced at P100 for the FEU Community, P200 for guests, and P300 for VIP seating.

Paolo Sandejas releases alt-pop single

FILIPINO singer-songwriter Paolo Sandejas has dropped his new single “all the time,” out now via Sony Music Entertainment. Stepping up his craft with a more subdued but sophisticated sonic direction, Mr. Sandejas’ guitar-pop track tackles adolescent love and drama. “I was in a writing flow the day I penned the track and let it pretty much write itself,” he said in a statement. Written and produced by Mr. Sandejas with constant collaborator Xergio Ramos, “all the time” will be just one track in a full-length debut album to be released this year. It is out now on all digital music streaming platforms.

Puregold CinePanalo’s 8 full-length film entries

THE eight finalists of the Puregold CinePanalo Film Festival 2025 have been revealed. Each earned a P3-million production grant. They are: Co-love by Jill Singson Urdaneta; Fleeting by Catsi Catalan; Food Delivery by Baby Ruth Villarama; Journeyman by Christian Paolo Lat and Dominic Lat; Olsen’s Day by JP Habac; Perlas sa Silangan by TM Malones; Sepak Takraw by Mes De Guzman; and Tagsibol by Tara Illenberger. The festival’s second edition is set for March next year.

Chinese global superstar Xin Liu releases new EP

AWARD-WINNING Chinese pop sensation and fashion icon Xin Liu has dropped a new EP, O, Vol. 1, on all digital streaming platforms. It features five tracks, including previously released singles “Reality” and “Walls,” which she premiered live at Coachella during the 88RISING FUTURES showcase in April. The EP blends genres like electro-pop, hip-hop, R&B, and pop ballads. It is out now on all digital music streaming platforms.

K Brosas, Freddie Webb star in new TV5 series

ON SEPT. 30, the prequel to the hit show Niña and Niño, titled Ang Himala ni Niño, will premiere on TV5. The story of siblings Niña and Niño will take viewers back to Niño’s past as he recalls his first encounters with miracles in the quaint rural town of Bukang Liwayway. The cast includes Zion Cruz portraying the young Niño, while veteran actors Freddie Webb and K Brosas will be starring as Lolo Mars and Ate Gege, respectively. Ang Himala ni Niño is set to air Mondays to Fridays starting Sept. 30, at 11:15 a.m., on TV5.

SB19’s Josh Cullen releases debut solo album

JOSH CULLEN, a member of SB19, has released his debut solo album Lost & Found, under Sony Music Entertainment. The nine-track release is pulled from the P-Pop singer-songwriter’s past traumas in life and how he recovers in resilience and hope. “This album explores themes of pain and suffering, redemption, and the strength of human resilience, inspired by my inner truth,” Mr. Cullen said in a statement. It is streaming now on all digital music platforms.

Orange & Lemons marks 25 years with concert

FILIPINO pop-rock band Orange & Lemons are staging a one-night concert to commemorate the 25 years of their musical journey. The hitmakers behind the generation-defining anthems “Hanggang Kailan,” “Heaven Knows (This Angel Has Flown)” and “Just A Splendid Love Song” will perform their greatest hits in a three-hour concert at the Metrotent Convention Center in Pasig City on Oct. 18, from 7 p.m. onwards. Dubbed Now & Then: Orange & Lemons 25th Anniversary Concert, the special show will be their longest set yet. Clem Castro, the lead vocalist and guitarist, said in a statement: “For this concert, we want to bring to the big stage and perform live, if not all, a majority of songs from our past four albums. The albums that defined different eras of our career in the music industry from the beginnings — the shot to commercial success, the psychedelic, and the cultural eras. Expect us to perform and tell our story for over three hours!” The concert is produced by Orange & Lemons and Lilystars Records, in cooperation with GNN Entertainment Productions. Tickets, priced from P2,000 to P3,500, are available at https://orangeandlemons.helixpay.ph.

NAIA overhaul about to start

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SAN MIGUEL-LED New NAIA Infrastructure Corp. (NNIC) will take over the operations and maintenance of the Philippines’ main airport starting Sept. 14, kicking off modernization efforts that include road improvements, terminal expansion, and new parking facilities to improve passenger experience and airport capacity.

“In a few days, NAIA (Ninoy Aquino International Airport) operations will be turned over to us to manage. We can begin the work of modernizing our airport. We know this is a big responsibility and there will be challenges, but we are committed to delivering on our promise,” SMC President and Chief Executive Officer Ramon S. Ang said at the Economic Journalists Association of the Philippines Aviation forum on Monday.

The NNIC is composed of San Miguel Corp. (SMC), one of the Philippines’ largest and most diversified conglomerates; RMM Asian Logistics, Inc., a logistics company involved in infrastructure projects; RLW Aviation Development, Inc., a Filipino firm specializing in aviation development; and Incheon International Airport Corp., the operator of South Korea’s main international airport.

The Manila International Airport Authority (MIAA) will continue to serve as the airport’s regulator.

Upon takeover, the group will begin the rehabilitation, upgrade, and expansion of the airport, according to NNIC General Manager Angelito A. Alvarez.

The upgrade and expansion of NAIA will take time, Mr. Ang said, adding that the company is committed to delivering improvements within the first six months.

Mr. Alvarez outlined the group’s plan for NAIA which is divided into three main aspects: the initial work which will happen in a four-year period; mandatory works which will take place within five years; and Civil Aviation Authority of the Philippines (CAAP) works taking place within six years.

The initial work for NAIA includes rehabilitating and enhancing existing facilities, with projects such as road improvements, terminal expansion, and new parking facilities.

SMC previously said that it would be spending between P3 billion and P5 billion on the construction of a new off-ramp from the NAIA Expressway to Terminal 3, while also considering the implementation of curb pricing at the airport.

The mandatory works for NAIA, as outlined in its concession agreement, also include safety and security upgrades and the installation of new systems like pre-departure sequencing and a lightning warning system.

“In terms of CAAP work, over the next six years, we will upgrade CAAP systems,” Mr. Alvarez said.

The planned CAAP upgrade aims to enhance air traffic control facilities, communication, navigation surveillance, and air traffic management systems.

“We will also be investing in training and documentation support for the traffic controllers. This is one of the problems that the government is facing because our air traffic controllers are being pirated in other countries,” Mr. Alvarez said.

“We are eager to engage with NNIC and the government to address the potential adverse effects on travel demand and to ensure that the interests of both airlines and passengers are represented,” Air Carriers Association of the Philippines and Board of Airline Representatives said in a statement.

“I believe SMC has the competence and the capability to modernize NAIA and make it at par with other modern airports worldwide.  But that’s not easy and requires considerable investment over the medium and long term, which is a decision they have to make in time,” said Nigel Paul C. Villarete, senior adviser on public-private partnership (PPP) at the technical advisory group Libra Konsult, Inc.

For Rene S. Santiago, former president of the Transportation Science Society of the Philippines, SMC and its partners are expected to deliver on their commitments under the agreement with the government.

“However, I anticipate slow progress,” he added.

TRANSFERS, HIGHER FEES
SMC is also working on airline reassignment, which aims to improve passenger queues.

“We have engaged several consultants already for terminal reassignments. This is something that will surely happen,” Mr. Alvarez said.

He said the plan is to designate Terminal 1 for Philippine Airlines, Terminal 2 for domestic flights, Terminal 3 for all foreign airlines including Cebu Pacific and AirAsia Philippines’ international flights, and Terminal 4 for AirAsia Philippines’ domestic operations.

“We’re now currently in Terminal 3, that’s international. We will keep it. And then we are now currently in Terminal 2 for domestic, which we are moving to Terminal 4,” AirAsia Philippines President and Chief Executive Officer Ricardo P. Isla said.

Mr. Alvarez said the administrative order mandating the increase in passenger service change has been signed and will take a year to be fully effective.

He said the passenger service charge will be important to NNIC, as its 82.16% gross revenue share to the government excludes passenger service charge.

“These adjustments were determined by the government together with the Asian Development Bank and benchmarked against global standards. Long before the bidding for the NAIA PPP project even began, whoever won the bidding would have to implement this,” SMC’s Mr. Ang said.

To recall, the Department of Transportation said that the planned rate hike is within the approved parameters, terms, and conditions specified in the tender documents for the NAIA rehabilitation project.

Passenger service charges, also known as terminal fees, are imposed on departing passengers.

Currently, domestic travelers pay a passenger service charge of P200, while foreign travelers pay P550. These fees are expected to rise to P390 and P950, respectively.

Further, Transportation Secretary Jaime J. Bautista said previously that other planned increases will happen before yearend.

This means that landing and take-off fees levied on airlines will also increase by the end of the year.

Landing and take-off fees, on the other hand, are charges levied for airport facilities and services during aircraft landings and takeoffs. Both fees contribute to the total cost of airfares paid by passengers.

The upgrade of NAIA is expected to boost its capacity from the current 35 million passengers per annum to about 62 million passengers per annum.

For this year, Mr. Alvarez said the total passenger volume for NAIA is expected to be around 51 million for this year.

Data from CAB showed that air passenger volume increased by 25.6% to 29.52 million in the first semester from 23.5 million a year ago. Of this, 15.77 million were domestic passengers, while 13.75 were international passengers.

“Well, in terms of the 7.7 million tourist arrivals, as you know at the moment, there are quite a number of headwinds that we are experiencing,” Tourism Undersecretary Verna C. Buensuceso said.

She said the government is still hoping to achieve 7.7 million international visitors within the year despite headwinds like geopolitical tensions between countries through the modernization of the country’s main airport.

The government anticipates earning P900 billion from the NAIA landmark project, equating to P36 billion per year. This figure is 20 times larger than the P1.17 billion annually remitted by the MIAA over the 13 years through 2023, according to the Transportation department. — Ashley Erika O. Jose

TIFF 2024: Harbin brings out fans of Korean stars in Toronto

IMDB
IMDB

TORONTO — Scores of movie fans waited for hours outside the Toronto premier of Harbin on Sunday, hoping to catch a glimpse of Lee Dong-Wook and Hyun Bin, the Korean stars paired for the first time in this historical drama.

Their patience was rewarded with red carpet appearances by both actors, who are identified with the surge in popularity of Korean culture around the world.

“It is my first time here, and I am so thankful and so happy to see my fans here,” Mr. Lee said. It is also the first TIFF screening of a movie featuring the actor, who is perhaps best known for his breakout drama hit My Girl.

Harbin is about the small but courageous resistance army which fought to free Korea from Japanese oppressive rule in the early 20th century. The struggle brings the freedom fighters to the city of Harbin in China’s frozen northeast, where they carry out a plan to assassinate Japan’s first prime minister.

Harbin is directed by Woo Min-ho, whose credits include The Man Standing Next, South Korea’s entry for Best International Feature Film at the 2021 Academy Awards. — Reuters

Meralco seeks to proceed with Atimonan power project

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MERALCO PowerGen Corp. (MGen) is seeking certification from the Department of Energy (DoE) to confirm that its Atimonan power project is exempt from the 2020 coal moratorium, allowing it to proceed with its proposed 1,200-megawatt (MW) coal-fired power plant.

“[The] project is on the committed list, so it’s outside of the moratorium. We’re trying to get a DoE certification to confirm… [and] to start discussions on the SIS (system impact study) and to look for an engineering study,” MGen President and Chief Executive Officer Emmanuel V. Rubio told reporters last week.

Atimonan One Energy, Inc. (A1E), a subsidiary of MGen, initially proposed to develop a 1,200-MW ultra-supercritical coal-fired power plant for the project site under the environmental compliance certificate issued in 2015.

The company previously dropped its plan and decided to repurpose the coal-fired power project to one that runs on gas.

Based on a project description document submitted to the Department of Environment and Natural Resources, A1E proposed to develop instead a 2,400-MW natural gas-fired combined cycle gas turbine and a liquefied natural gas terminal with floating storage unit.

Manila Electric Co. (Meralco) Chairman and Chief Executive Officer Manuel V. Pang-ilinan said that the project is currently “licensed, permitted, authorized to do a coal plant.”

“We don’t know yet whether we stay with coal or we switch it to natural gas,” Mr. Pangilinan said. “The inclination is to stay with coal. Because if it’s gas, we have to put up the terminal, the re-gas facility.”

In 2020, the DoE issued a moratorium on the development of new coal-fired power plants.

The government agency earlier clarified that the moratorium does not cover existing and operational coal-fired power generation facilities as well as any coal-fired power projects considered committed power projects.

Following a thorough review and verification by the Power Bureau, the DoE issues at the request of a project proponent a certification that a project is not covered by the moratorium.

Several proponents of coal-fired power projects have requested the DoE’s confirmation on non-coverage, and these were “ministerially issued” after verification, the DoE said.

“We believe that the project is part of the active project list as a coal plant. We just want to make sure that since there have been revisions in the past,” Mr. Rubio said in a Viber message.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

TIFF 2024: The Wild Robot depicts technology and nature coexisting

TORONTO — The Wild Robot, an animated science fiction story by DreamWorks, explores both the good and the bad sides of technology, its star Lupita Nyong’o said on Sunday at the feature’s world premiere in Toronto.

Adapted from Peter Brown’s series of books by the same name, the movie follows a shipwrecked robot that must adapt to survive after being stranded on a remote, uninhabited island.

“This movie explores both the sinister side of technology and the potential for technology to be on our side,” Ms. Nyong’o, the voice of the protagonist Roz, said on the red carpet at the Toronto International Film Festival screening.

Director Chris Sanders, who also wrote the screenplay, said that portraying technology was a key creative challenge, especially considering Brown’s books were written long before artificial intelligence became a dominant conversation.

“We’ll find a balance. I think any kind of new, emerging technology is at first very exciting. It can be a little bit frightening, but we will eventually figure it out,” said Mr. Sanders, whose directorial credits include Lilo & Stitch and How to Train Your Dragon in 2010.

An ensemble cast, including Pedro Pascal, Catherine O’Hara, Bill Nighy, and Kit Connor, give voice to the animals that Roz encounters on the island.

Ms. Nyong’o’s robot character learns to communicate with the animals and uses kindness as a tool for survival.

“The message at the heart of the story is that kindness is a superpower,” said Ms. Nyong’o, who this year also starred in A Quiet Place: Day One, an apocalyptic horror movie.

“Roz is a robot that never loses sight of her essence, which is to be of help to anybody. She’s still able to adapt and become more than what she was programmed to be.”

Mr. Sanders also mentioned that Brown’s focus on kindness wasn’t explicitly stated in the book but became a crucial element he wanted to “memorialize” on screen.

The film lands in theaters on Sept. 27. It will open on Oct. 9 in the Philippines. — Reuters

Del Monte Pacific sees US gains by 2026

LISTED Del Monte Pacific Ltd. (DMPL) expects its United States operations to improve in the next two years, its chief financial officer said.

The improvements and profitability of the company’s US operations, led by Del Monte Foods, Inc. (DMFI), are anticipated by fiscal year 2026, DMPL Chief Financial Officer Parag Sachdeva said during the company’s annual general meeting in Singapore on Aug. 30. The minutes of the meeting were disclosed to the local bourse on Monday.

He said the local unit, Del Monte Philippines, Inc. (DMPI), is expected to achieve double-digit growth for fiscal year 2025.

Despite the positive outlook, Mr. Sachdeva said that DMPL is expecting a net loss for fiscal year 2025 due to “high inventory levels and wastage-related costs.”

He also said that the company is already addressing these costs to improve profitability.

In July, DMPL said that it was focusing on selectively selling assets, injecting equity through partnerships, rightsizing its workforce, and reducing fixed costs to achieve a “reduced” net loss in 2025.

The company formed a task force to improve gross margins and cut costs, particularly in the US and across DMPL, starting in the second half of fiscal year 2025.

Some of DMPL’s cost-cutting initiatives include lowering inventory, minimizing waste and write-offs, cutting warehousing and distribution costs, consolidating manufacturing operations, enhancing planning through digitization, ensuring clear organizational accountability, and improving productivity for processed pineapple variety C74 over the next 12 to 24 months.

For the fiscal year ending April 2024, DMPL saw a $127.3-million net loss from a $16.9-million net income the previous year.

The company recorded a 30.4% decline in gross profit to $422.2 million due to inventory-related costs in its US operations and reduced pineapple supply in Asia.

DMPL has business interests in growing, processing, and selling packaged fruits, vegetables, and tomatoes, fresh pineapples, sauces, condiments, pasta, broth, and juices.

On Monday, DMPL stocks rose by 0.49% or two centavos to P4.12 per share. — Revin Mikhael D. Ochave

TIFF 2024: Amy Adams walks the red carpet after her run with the dogs in Nightbitch

TORONTO — Nightbitch, an amusing fable about motherhood and identity that premiered at the Toronto International Film Festival, has raised expectations for the movie come awards season, but its star Amy Adams is shrugging off the speculation.

Adapted from the bestselling novel by Rachel Yoder, the movie is a comeback performance for Ms. Adams, who is already a six-time Oscar nominee. She was last seen in Hillbilly Elegy, the 2020 film adaptation of a memoir by JD Vance, now the Republican candidate for US vice-president.

Nightbitch tells a feminist fantasy about regaining lost power and identity. Ms. Adams plays an artist-turned-suburban-housewife, named simply Mother. She loves her baby but can’t help but feel isolated and irrelevant in her new role.

Eventually, she notices a pack of neighborhood dogs gathering outside her house after dark. She notices changes within herself. Her sense of smell is heightened. Before long, she is out running through the night with her canine pals, rediscovering her identity and feelings of self-worth.

Asked if she hoped the movie was in line for an Academy Award, Ms. Adams told Reuters she was not focused on accolades. Instead, she said, she wanted every viewer to connect with the film in their own way.

“My experience of watching it with different people is this film tells one person’s story, but different people connect with it in different ways because each person’s journey is so unique to them,” she said on the red carpet on Saturday.

“Everyone’s catching glimpses of themselves in it through different aspects of the storytelling. And I’m really proud of that.”

Director Marielle Heller, whose credits include 2018’s Can You Forgive Me?, said she wanted to show through Nightbitch that movies made by women and for women can win commercial and critical acclaim.

“We are here to show that women also go to the movies and are more than half of the population and we are worthwhile and worth making movies for,” she said.

Ms. Heller said she was grateful that author Rachel Yoder allowed her to adapt the book by keeping the essence of the novel while departing from its internal, deeply emotional voice. That adaptation made the story more visually appealing on the big screen, the director said.

Ms. Yoder, who was also on the red carpet, said that she did not mind the departure from the text because Ms. Heller’s treatment made the book come alive visually. — Reuters

T-bill yields go down amid policy easing hopes

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THE GOVERNMENT upsized the volume of Treasury bills (T-bills) it awarded on Monday as yields went down on strong demand and expectations of more rate cuts by the Bangko Sentral ng Pilipinas (BSP) this year amid easing inflation.

The Bureau of the Treasury (BTr) raised P22.6 billion from the T-bills it auctioned off on Monday, higher than the planned P20 billion, as total bids reached P64.515 billion or more than thrice the amount on offer. This was also higher than the P53.105 billion in tenders recorded at the Sept. 2 auction.

Broken down, the BTr borrowed P6.5 billion as programmed from the 91-day T-bills as tenders for the tenor reached P22.7 billion. The three-month papers were quoted at an average rate of 5.84%, 10.7 basis points (bps) lower than 5.947% recorded last week, with the government only accepting bids with this yield.

Meanwhile, the government hiked its award of 182-day securities to P9.1 billion from the original P6.5-billion plan as bids for the tenor reached P21.51 billion. The average rate of the six-month T-bill stood at 5.98%, down by 2.2 bps from the 6.002% fetched last week, with the BTr only accepting tenders with this rate.

Lastly, the Treasury raised P7 billion as planned via the 364-day debt papers as demand for the tenor totaled P20.305 billion. The average rate of the one-year debt inched down by 1.1 bps to 6.029% from the 6.04% quoted last week, with accepted rates at 6.02% to 6.04%.

At the secondary market before the auction, the 91-, 182-, and 364-day T-bills were quoted at 5.9150%, 5.9879%, and 6.0734%, respectively, based on PHP Bloomberg Valuation Service (BVAL) Reference Rates data provided by the Treasury.

“The continual strong demand for short-tenored notes reflects increasing investor demand in securing high yielding returns ahead of further BSP rate cuts in the following months,” a trader said in an e-mail. “The lower awarded T-bill rates this week reflected lowered inflation expectations following the softer-than-expected August inflation rate.”

“Treasury bill average auction yields all slightly eased, similar to the slight weekly declines in the comparable short-term PHP BVAL yields after headline inflation eased to 3.3% in August,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort likewise said in a Viber message.

The BSP last month cut benchmark interest rates for the first time in almost four years amid an improving inflation and economic outlook, with its governor signaling at least one more reduction before the end of the year.

The Monetary Board on Aug. 15 reduced its policy rate by 25 bps to 6.25% from a 17-year high of 6.5%.

BSP Governor Eli M. Remolona, Jr. said they could cut rates by another 25 bps within the year. The Monetary Board’s last two policy-setting meetings this year are on Oct. 17 and Dec. 19.

Headline inflation eased to a seven-month low of 3.3% in August from 4.4% in July and 5.3% in the same month a year ago, the Philippine Statistics Authority reported on Thursday. This was within the BSP’s 3.2-4% forecast for the month and was well below the 3.7% median estimate in a BusinessWorld poll of 15 analysts.

In the first eight months, inflation averaged 3.6%, slightly above the BSP’s 3.4% baseline forecast but within its 2-4% annual target.

The slower-than-expected August print could justify further policy easing, analysts have said.

T-bill rates also declined amid “more dovish signals from most Fed officials recently would increase the odds of future Fed rate cuts, even the possibility of a larger 50-bp Fed rate cuts in the coming months to prevent the risk of recession,” Mr. Ricafort added.

Federal Reserve policy makers on Friday signaled they are ready to kick off a series of interest rate cuts at the US central bank’s meeting next week, noting a cooling in the labor market that could accelerate into something more dire in the absence of a policy shift, Reuters reported.

Their remarks were widely seen as endorsing a quarter-percentage-point reduction in the Fed’s policy rate, and leaving the door open to further and perhaps bigger moves should the job market continue to slow down.

Policy makers have kept the Fed’s benchmark borrowing rate in the current 5.25%-5.5% range since July 2023 after an aggressive rate-hiking campaign that began 18 months earlier in response to a surge in inflation.

“It is now appropriate to dial down the degree of restrictiveness in the stance of policy by reducing the target range for the federal funds rate,” New York Fed President John Williams said at a Council on Foreign Relations event.

Speaking at the University of Notre Dame, Fed Governor Christopher Waller went further, saying he could support back-to-back cuts, or bigger cuts, if the data suggests the need.

“I was a big advocate of front-loading rate hikes when inflation accelerated in 2022, and I will be an advocate of front-loading rate cuts if that is appropriate,” Mr. Waller said.

Chicago Fed President Austan Goolsbee, who has for months signaled he thinks rates need to come down, also said he wants to calibrate policy based on data as it comes in.

“I don’t think what happens at the next meeting alone is what’s the most important,” Mr. Goolsbee said in an interview with CNBC, adding that it would be critical for the Fed to understand the trend of the data over the next several policy meetings.

Data published earlier on Friday showed monthly job gains have averaged 116,000 in the June-August period, below what many economists estimate is needed to meet the job-growth needs of an expanding population.

All three policy makers noted progress on bringing inflation down, with Mr. Waller saying it is now on the “right path” to get to the Fed’s 2% goal.

Traders of futures that settle to the Fed’s policy rate are now pricing a 75% chance that the US central bank will start by cutting its policy rate by 25 bps.

They are pricing in a 4.25%-4.5% policy rate by the end of this year, a level that implies a bigger rate cut at one of the central bank’s last two meetings of the year.

On Tuesday, the BTr will offer P30 billion in reissued seven-year Treasury bonds (T-bonds) with a remaining life of four years and eight months.

The Treasury wants to raise P195 billion from the domestic market this month, or P80 billion through T-bills and P115 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.48 trillion or 5.6% of gross domestic product for this year. — A.M.C. Sy with Reuters

MBC Media Group to hold Annual Stockholders’ Meeting on Oct. 3

 

 

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The Philosophy of Passages: Harmonizing generational strengths for a sustainable future

FREEPIK

“The gap between the generations arises because the young person looks at the future, middle aged person looks at the present, and the old person looks at the past,” said Professor M.S. Rao. The theory offered by authors William Strauss and Neil Howe can partially explain why.

They introduced the concept of generational identities, suggesting that people born within a specific era were shaped by common historical events, societal attitudes, and values. These collective experiences led to shared beliefs and behaviors, giving rise to distinct identities shared by generational groups.

The world today is a complicated mess. We live in an era where knowledge abounds, and where technological advancements are fast and furious, and what used to be science fiction is now part of our routine and ordinary living. Yet it is when times are turbulent that we need a solid pillar to hang on to or risk being swept away and drown in nothingness, like an uprooted tree.  True, the circumstances where our ancestors lived are different from ours, and that is the reason why we must strengthen institutional and cultural memories so that our identities remain connected and become the shoulders we stand upon as civilization progresses.

These generational identities should be harnessed to combine the strengths of each, to make every generation better than the one that went before. We focus on the threads that connect rather than on the differences that divide. Inter-generational collaboration has the rich potential for building a more sustainable and inclusive future. Harmonizing the advantages every generation brings, blending the wisdom and experience of older generations with the innovation and technological savvy of younger ones, can help build more resilient organizations, communities, and societies.

What superpowers are brought to the table by these generations?

The Silent Generation’s (1928-1945) experience and resilience, rooted in the post-war era, and their values of discipline, loyalty, and responsibility can provide a stabilizing influence in today’s fast-paced world.

The Baby Boomers (1946-1964), who secured leadership roles, created established networks, and are used to arduous work, have the willingness to mentor younger generations, and can help bridge the gap between the old and new ways of thinking.

Generation X (1965-1980) are characterized by their adaptability, and that lessened the pain points of technological transitions, effectively bridging the analog and digital worlds. They can serve as role models who can balance traditional values with modern approaches.

The Generation Y or Millennials (1981-1996), who quickly became digital immigrants, are comfortable with technology, yet equally focused on work-life balance, and purpose-driven work. Their entrepreneurial spirit and social consciousness can drive innovation and social change.

The Generation Z or Gen Zs (1997-2012) are digital natives and strong advocates of diversity, activism, and their push for transparency, inclusivity, and sustainability. Their influence can now be felt on markets through new consumption patterns, and in organizations through their redefinition of workplace and influencing work conditions.

Generation Alpha (2013-present), who are born and are growing up in an entirely digital world, stand to benefit from the fruits of this inter-generational collaboration. Their collective strengths can develop the agility, creativity, and environmental consciousness for this upcoming generation. The collective experiences are shared memories that strengthen their roots and fortify their foundation and those coming next.

Today and in the future, the different generations shape market trends — from the Silent Generation’s brand loyalty to Gen Z’s preference for ethical consumption and instant gratification. They are the multi-generational workforce requiring a changed workplace dynamic and needing right-fit communication styles to foster a culture of inclusion. Companies need to leverage generational diversity, and factor this in product/service development to ensure they meet the needs of a wide demographic.

BUILDING A SUSTAINABLE FUTURE
Technology has the potential to bring these generations together, from digital literacy programs for older adults to inter-generational tech startups focused on solving global challenges. Older generations can impart wisdom so that the younger ones can enjoy the benefits of structured mentorship and in the process acquire fresh perspectives, manage learning curves, and use digital skills more effectively. All generations, in a constant state of collaboration, can drive sustainability initiatives, from policy advocacy by the more senior ones to grassroots activism led by younger groups.

They say that history repeats itself — or, as George Santayana aptly put it, “Those who cannot remember the past are condemned to repeat it.” The times we live in today are filled with astounding discoveries and the advancement of knowledge is rapid; but other than these physical manifestations, has the world really changed? Maybe because we tend to forget the past and are only concerned about the present.

The philosophy of passages that should have been taught from generation to generation are the value anchors that make for a just and humane society. While the world changes, the values are constant. Respect, integrity, honesty — these should be part of our core foundation because they will make individuals and society stable and unshaken despite turbulence and disruptions. They define our choices — knowing and showing respect means doing the right thing for individuals and institutions; having integrity will not allow one to benefit at the expense of others; and when there is honesty, one cannot be lured by the call of greed and corruption — and therefore, all three value anchors can enable the best outcomes.

Hierarchical authorities, while they provide stability and structure, are learning that to be effective, to get the results they want, they must learn to listen, be comfortable working with teams and individuals across multiple generations, and be more open to share power and use the benefits it brings to build a better world.

The 22nd International CEO Conference of the Management Association of the Philippines (MAP), which will tackle the challenges and opportunities in a multi-generational world with its theme “Business in Five Movements: Wisdom, Passion and Inspiration Across Five Generations,” will be held today, Sept. 10, from 8:30 a.m. to 5 p.m., at the Grand Ballroom of the Grand Hyatt Manila in BGC, Taguig City. For inquiries, contact the MAP Secretariat via map@map.org.ph.

 

Alma Rita R. Jimenez is the vice-chair of the MAP CEO Conference Committee, chair of the MAP Trade, Investments and Tourism Committee, president and CEO of Health Solutions Corp., and is a former undersecretary of the Department of Tourism.

map@map.org.ph

IDC Prime secures P630-M loan for CdO project

LISTED Italpinas Development Corp. (IDC) said its subsidiary IDC Prime, Inc. has secured a P630-M loan for a mixed-use project in Cagayan de Oro (CdO).

Sourced from the Bank of the Philippine Islands, the loan will be used for IDC Prime’s maiden project, Primavera City Phase III, also known as Citta Grande, IDC said in a regulatory filing on Monday.

“IDC agreed to act as surety for the loan. The loan documents and surety agreement were signed last Sept. 4, 2024,” the listed company said.

“The development loan is secured by a mortgage on the land on which Citta Grande will be constructed, and on the resulting improvements thereon,” it added.

Launched in December 2022, Citta Grande is the third phase of IDC’s Primavera City project. It is a green building project that will feature smart homes to improve daily living.

Primavera City is a mixed-use development that consists of dining and shopping destinations, offices, and residences. It is designed for completion in four stages.

The development features solar panels, 24/7 security surveillance, free Wi-Fi connection in selected areas, a sauna, a playground, a gym, a sky pool area, a sky garden, and a function hall.

IDC Prime is engaged in the design and development of green buildings for the open market.

IDC is a listed sustainable real estate developer. Some of the company’s projects include the 10-storey twin tower Primavera Residences condo complex in Cagayan de Oro and the Miramonti condo towers in Batangas.

On Monday, IDC shares declined by 0.72% or one centavo to P1.38 per share. — Revin Mikhael D. Ochave

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