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PhilHealth’s dependence on the alcohol-tobacco tax, the Philippines Phillips curve

The use of the excess and idle funds of the Philippine Health Insurance Corp. or PhilHealth continue to be discussed in the country.

See these five recent reports in BusinessWorld: “DoF: Tapping GOCC funds keeps inflation from new taxes in check” (Sept. 5); “PhilHealth urged to increase benefits, suspend rate hike” (Sept. 8, a call by the Philippine Chamber of Commerce and Industry or PCCI); “Junk PhilHealth petition, SC told” (Sept. 8, a call by the Office of the Solicitor General); “PHL government urged to impose new taxes to fund health programs for poor” (Sept. 8, a call by the Action for Economic Reforms or AER); and “Patronage politics has caused the loss of health insurance coverage for millions of Filipinos” (Sept. 9, a “Yellow Pad” column by Juan Antonio Perez III).

Last week, in this column (“Sectoral parochialism vs fiscal realism, the case of the PhilHealth idle funds,” Sept. 5), I wrote that “the health sector has shown itself as being addicted to the gambling fund, the alcohol and tobacco tax fund, while at the same time lambasting alcohol and tobacco products. This is double talk and lacking intellectual honesty.”

Let us look at PhilHealth’s dependence on “sin tax” revenues. In 2021, total excise tax collection was P317.67 billion, of which 84% came from alcohol and tobacco taxes alone. In 2023, the total excise tax collection was P293 billion, of which 83% came from alcohol and tobacco taxes. A big portion of this goes to PhilHealth as the government’s subsidy for non-paying PhilHealth members like indigents and senior citizens.

Recently, tobacco tax revenues declined significantly, from P176 billion in 2021, to P160 billion in 2022, and only P135 billion in 2023. This is a direct result of higher tobacco tax rates, from P50/pack in 2021, to P55/pack in 2022, P60/pack in 2023, and P63/pack in 2024. Legal tobacco has become more expensive and illicit or smuggled tobacco has become more attractive with its retail price only around P45/pack vs legal tobacco’s cheapest at around P110/pack.

Alcohol tax revenue shows a consistent increase, mainly because it is more difficult, as it is bulkier, to produce and sell illicit or smuggled beer, gin, or brandy, than illicit tobacco.  I think actual tobacco tax revenues in 2024 will decline further to only around P120 billion. Why?

The actual excise tax collections (there is no breakdown by products) from January-July this year was only P167.48 billion, which is lower than the P174.68 billion collected in January-July 2023, which was in turn lower than the P180.46 billion collected in January-July 2022.

So, with the significant decline in tobacco tax and overall excise tax revenues in 2023, the projected budget for PhilHealth would decline from P100 billion in 2023 to P61 billion in 2024, and P74 billion in 2025 (see table).

Again, the Department of Finance (DoF) is correct in tapping the excess PhilHealth funds to finance certain projects under the unfunded appropriations. Not only because it avoids having to borrow anew and pay high interest payments, but also because it means the health sector from high dependence on alcohol and tobacco taxes while labeling the same as “sin, harmful, unhealthy” products.

The NGOs that double down on their lobbying for even higher tobacco tax rates are wrong and they seem to be the unintended big allies of the smugglers, terror organizations, and criminal gangs that are in the business of illicit tobacco. Because as legal tobacco becomes more expensive with higher taxes, cheap illegal tobacco becomes more attractive and more profitable for these criminal gangs and their protectors in government. The DoF’s tax revenue for each pack of illicit products sold on the market is zero.

Mr. Perez made several allegations against the DBM in his column, like “For 2025, DBM (the Department of Budget and Management) must explain why it has recommended a reduction of indirect contributors from 25,229,037 to 14,157,910.”

In a Facebook post by the DBM on Sept. 7, they said that the “DBM recommended the coverage of 21.1 million beneficiaries and it was Congress (that) reduced the recommended budget of [PhilHealth] in the FY 2024 GAA [General Appropriations Act] to P61.5 billion… The revised number of target beneficiaries of 10,626,874 (exclusive of PAMANA) came from the [PhilHealth] itself, not from DBM, given their reduced budget level in the FY 2024 GAA.”

So the claim that the DBM recommended 14.2 million beneficiaries was an error since the DBM actually recommended 21.1 million beneficiaries. See also this report in Philippine Star, “DBM debunks ‘fake news’ claiming 30 million Filipinos to lose PhilHealth coverage” (Sept. 8).

THE PHILIPPINES’ PHILLIPS CURVE
The Philippine Statistics Authority (PSA) last week released the inflation rate for August, and it was low at only 3.3%. Meanwhile, the unemployment rate for July increased to 4.7%.

One concept in Economics that relates to the jobs market and consumer prices is the Phillips Curve, developed by New Zealand economist William Phillips. It states that inflation and unemployment have an inverse relationship, that higher inflation is associated with lower unemployment and vice versa.

The curve itself is downward sloping. I plotted the Philippines’ inflation rate and unemployment rate from 1990-2023, or over 34 years. It seems that the inverse relationship between the two is confirmed in 24 out of the 34 years. The 10 years that were exceptions were 1991, 1998, and 2000 when both inflation and unemployment were going up, and 1992, 1993, 1999, 2006, 2007, 2015, and 2024 when both inflation and unemployment were going down (see the chart).

In cases where policies to produce low unemployment can lead to higher inflation, I would prefer to see this. So long as people have jobs, or they can shift from low-paying to higher-paying jobs, they can adjust to higher consumer prices.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

World Risk Index 2024: Philippines still the most at-risk country for 16th straight year

The Philippines is the most at-risk country globally for 16 straight years, the latest edition of the World Risk Index (WRI) by the Institute for International Law of Peace and Armed Conflict and Bündnis Entwicklung Hilft (Alliance Development Works) showed. The report covers 193 United Nations member states based on 100 primary indicators and new methodology procedures that link to a country’s exposure to natural disasters and societal capacity to respond. On a scale of 0 (very low risk) to 100 (very high risk), the Philippines’ score worsened to 46.91 from 46.86 a year earlier, the highest among 193 countries in the report. Based on the longitudinal dataset (updated annually), the country has held the most at-risk spot since 2009.

World Risk Index 2024: Philippines still the most at-risk country for 16<sup>th</sup> straight year

PAL relaunches Clark-Siargao flights

PHILIPPINE STAR/EDD GUMBAN

PHILIPPINE AIRLINES (PAL) is set to relaunch the operations of flights between Clark and Siargao as part of the company’s plan to expand its Clark hub, the flag carrier said.

“We are excited to be able to fly and welcome leisure travelers back to Siargao via Clark once again,” PAL Express President Rabbi Vincent L. Ang said in a statement on Monday.

PAL said it will start mounting its Clark-Siargao flights on Dec. 3, three times a week via the 86-seater De Havilland Dash 8-400 Next Generation aircraft to provide a direct service for passengers in Central Luzon, and Northern Luzon to Siargao.

“We are excited to be able to fly and welcome leisure travelers back to Siargao via Clark once again,” he said.

Luzon International Premiere Airport Development (LIPAD) Corp. said the launch of PAL’s new service from Clark to Siargao will enhance connectivity.

“Siargao enthusiasts can anticipate beginning their island getaway immediately upon arrival at Clark International Airport, where we practice stringent performance measures and monitoring to ensure fast airport processes and a seamless experience for all passengers,” LIPAD President and Chief Executive Officer Noel F. Manankil said.

LIPAD is the company that manages and operates Clark International Airport.

Currently, PAL offers flights from Clark to Cebu; Basco and Busuanga (Coron); and Caticlan (Boracay); while the airline offers flights to Siargao from Manila and Cebu. — Ashley Erika O. Jose

FNG’s Yume at Riverpark in Cavite seen completed by May 2026

YUME CLUBHOUSE LOUNGE

FEDERAL Land NRE Global, Inc. (FNG), a joint venture between local real estate developer Federal Land, Inc. and Japanese real estate firm Nomura Real Estate Development Co., said it has started construction on its residential project Yume at Riverpark in Cavite.

Yume is an 18-hectare horizontal residential project located within the 600-hectare Riverpark township in General Trias, Cavite.

FNG began construction after breaking ground on Aug. 27 and expects to complete the project by May 2026, William Thomas F. Mirasol, president and chief operating officer of Federal Land, the property arm of GT Capital Holdings, Inc., told BusinessWorld in an e-mail last week.

The price for a unit in Yume ranges from P15.9 million to P32 million, depending on the specific features and size of the unit.

It will have 296 lots spanning from 300 to 527 square meters (sq.m.).

“This landmark project marks FNG’s first venture into horizontal residential developments, combining the innovative design philosophies of Filipino and Japanese architects,” FNG said.

The company said Yume aims to be a Japanese-inspired neighborhood designed for families to start, grow, and thrive.

Its amenities include a clubhouse, lounge, function room, multipurpose hall, and wellness spa, which has a jacuzzi and sauna.

For outdoor amenities, residents will have access to a swimming pool, six pocket parks, kids’ central, outdoor fitness area that has jogging paths and a fitness station, multi-purpose court, open lawn, and a Japanese garden.

Mr. Mirasol said Riverpark is poised to be the “Next Gen City of the South” and is strategically located, ensuring convenience and ease for future residents and visitors alike.

“Not only is Yume at Riverpark a residential community that will have retail options, parks, sports areas, and even a school within the next-gen city, but it is also well-connected to Metro Manila thanks to major infrastructure projects such as the Daang-Hari Extension and Cavite-Laguna Expressway,” he said.

Residents will also have access to Muntinlupa-Cavite Expressway, Manila-Cavite Expressway, and Parañaque Integrated Terminal Exchange.

Central business districts such as Makati are 36 kilometers (about 22.37 miles [mi]) away from the property, Bonifacio Global City is 38 kilometers (about 23.61 mi), while Ortigas is 40 kilometers (about 24.85 mi).

Yume also has proximity to some essential facilities such as the Divine Grace Medical Center, The District Mall, SM Rosario, Vermosa Sports Hub, St. Francis of Assisi Parish, St. Edward School, and De La Salle Santiago Zobel Vermosa. — Aubrey Rose A. Inosante

TIFF 2024: Orlando Bloom pays the price for a shot at glory in The Cut

TIFF.NET

TORONTO — The Cut, which premiered at the Toronto International Film Festival last week, stars Orlando Bloom as an over-the-hill boxer with a dark past looking to make a comeback, but it is more a psychological thriller than a traditional sports story.

Made on a shoestring budget, The Cut focuses on the boxer’s inner battles. It is a deep dive into the tenacity of the human mind and its effect on the physical self.

Mr. Bloom plays a character named Boxer who must make some painful sacrifices to prepare for one last shot at fame and fortune in the ring. His foil is the maniac coach played by John Turturro who drives Boxer without pity, seeing the athlete as a pawn in his own quest for glory. The movie is punctuated by flashbacks to Boxer’s abusive childhood.

For Mr. Bloom, getting under the skin of his character was an obvious physical challenge, making him starve himself in order to achieve the drastic weight loss that the role demanded.

“It was a crazy regime to get down to that,” Mr. Bloom said on Friday, referring to his weight loss.

“I had underestimated how hard it is to make boxing work. There is a lot that goes into it, but I was grateful that I got to do it,” Mr. Bloom told the audience after the film’s screening.

The film also features Outlander star Caitriona Balfe as the Bloom character’s partner in a boxing gym.

Most of the film takes place in a hotel room, presenting a challenge to director Sean Ellis, whose credits include the crime drama Metro Manila (2013) and war movie Antropoid (2019).

“That was horrifying to me as I was thinking how can I make this look good,” he told the TIFF audience. “I had a zoom lens, and I had control over it all the time. And once we started shooting, I wanted to keep going at it.”

Mr. Turturro, whose extensive resume includes the 2023 television series Severance, said his character reminded him of his own experiences with overambitious and manipulative film directors who would go to any length to get what they wanted.

“I’ve worked with psychopathic directors in the ’80s, who were like possessive and they put you in dangerous situations,” he said. “This is a human thing that happens in life, and there is a bonding that happens.” — Reuters

BPI Wealth books P1 billion in AUMs for digital accounts

REUTERS

BANK of the Philippine Islands’ (BPI) wealth management arm BPI Wealth reached P1 billion in assets under management (AUM) for its digital accounts as of June, it said on Monday.

“Reaching P1 billion in AUM through digitally opened accounts is a strong validation that our digital initiatives are on the right path. It also signifies Filipinos’ readiness to adapt to technologies that allow them to take control of their financial futures through investments. Our commitment to sustainability through embracing digital solutions is resonating with our clients and driving growth for the business,” BPI Wealth President and Chief Executive Officer Maria Theresa D. Marcial said in a statement.

The accounts included are investments in unit investment trust funds and mutual funds, custody, and segregated portfolios opened and transacted online through e-Invest, BPI Wealth’s digital investment account opening platform.

BPI Wealth also recently launched a purely online end-to-end account opening process for its portfolio management accounts (PMA) as part of its digitalization push, it said.

Clients can open an investment portfolio and invest in various tenors of Treasury bills starting at P500,000. They only need one PMA to be able to invest in other available securities, such as preferred shares and corporate bonds.

“This new digital initiative exemplifies BPI’s commitment to providing clients with innovative and accessible financial solutions. We have a growing list of sophisticated investors who want a consolidated view of their assets in one account, which is the primary benefit of a PMA. Going fully digital now gives them the benefit of accessing this specialized investment vehicle at the comfort of their home, and at their fingertips,” Ms. Marcial said.

PMAs can be opened through e-Invest using Android and Apple devices or laptops and desktops.

Clients who open a PMA will also have a dedicated investment advisor who can provide personalized investment strategies suited for each client’s needs. — Aaron Michael C. Sy

20 years of celebrating peace

FREEPIK

September is National Peace Consciousness month in the Philippines, or simply, “Peace Month.” The goal is to make Filipinos aware on the importance of the peace process, and to make them commit to it.  This year marks the 20th year since this tradition started. What have we achieved thus far?

In peacemaking, we have signed a decent number of political settlements with armed rebel groups. The peace pact between the Philippine government and the Cordillera People’s Liberation Army (CPLA), a breakaway group of the Communist Party of the Philippines-New People’s Army (CPP-NPA)  was signed on Sept. 13, 1986 under the administration of President Corazon Aquino, and the closure agreement with the group (or the agreement that concludes the process) was signed on July 4, 2011 under the administration of President Benigno Aquino III.  The peace agreement with the Rebolusyonaryong Partido ng Manggagawa-Revolutionary Proletariat Army-Alex Boncayao Brigade (RPM-RPA-ABB), another break-away group of CPP-NPA, was signed on Dec. 6, 2000 under the administration of President Joseph Estrada.

The Tripoli Agreement between the Philippine Government, led by President Ferdinand Marcos, Sr. and the Moro National Liberation Front (MNLF) was signed in 1976, and the Final Peace Agreement, the closure pact with the same group, in 1996 under President Fidel Ramos. The Comprehensive Agreement on the Bangsamoro (CAB) between the Philippine government and the Moro Islamic Liberation Front (MILF) was signed in 2014, again under President Benigno Aquino III.

In peacekeeping, we have created several mechanisms, mostly under the umbrella of peace agreements, to manage and control the armed hostilities between state forces and armed rebel groups. The International Monitoring Team (IMT) led by military forces from Malaysia, Brunei, and Libya (joined later by Norway and Indonesia), was operationalized in October 2004. Working parallel with the IMT, the Coordinating Committee on the Cessation of Hostilities (CCCH) was created in 2016, and the Ad-Hoc Joint Action Group (AHJAG) in 2002. Both bodies are peopled by representatives of the Philippine government and the MILF. These three mechanisms were created to monitor the ceasefire between parties, and to manage the security, peace, and order of the communities affected by the armed hostilities between the state and non-state actors.

For both peacemaking and peace keeping, the main actors are state and non-state armed groups. The main agenda is to forge a political settlement and put an end to the armed hostilities, with the long-term goal of permanently removing the use of force and violence in politics. Peacebuilding, the third pillar of the peace process, is focused more on communities and key leaders.

Peacebuilding includes all the efforts of various groups — state and non-state actors — to create the conducive condition for peacemaking to move forward, and for peacekeeping to effectively manage the security situation. Peacebuilding is broader in scope and substance and targets the transformation of norms and values of people. And peacebuilding work requires time to build confidence and trust. Many small victories have been achieved because of the combined peacebuilding work, mostly under the radar efforts of various groups.

Some products of peacebuilding engagements are the following. In 2009, an armed group leader in Sulu decided to lay down his arms and help his community to improve its condition. He was able to convince the heads of families in his community to stop bringing out their firearms in public. A peace manifesto signing ceremony was held to show everyone in the community that they would abide by the agreement. In 2013, a commander in Lanao del Sur decided not to join the Zamboanga siege (fighting between government forces and MNLF forces) despite the prodding of his higher-ups in the organization; his group would voluntary turn-in their weapons two years later, in 2015, as a sign of commitment that they no longer wished to fight the government. The Cordillera People’s Liberation Front transformed itself into a civilian organization called the Cordillera Forum for Peace and Development (CFPD), totally shedding the “liberation army” nature of the group.

Indeed, the Philippines has achieved many milestones in the peace process. Many of the achievements are closely watched and even emulated in other settings with similar contexts. Despite the differences in politics, the thread that binds all the Philippine administrations is their unwavering commitment to the peace process. But there is still much more that needs to be done.

The way ahead is the question. Currently, the peace process is managed by the Office of the Presidential Adviser on Peace, Reconciliation, and Unity (OPAPRU), an office created by an Executive Order and which reports directly to the Office of the President. The office is meant to be a temporary creation and will cease to exist once all peace agreements are forged, all political commitments are delivered, all conflict-affected communities have improved their quality of life, and all ex-combatants have been re-civilianized. All these, obviously, are tall orders.

The peace process, to be deemed concluded, requires deep commitment from political leaders to carry on and sustain the gains of past administrations. It requires more resources to allow conflict-affected communities to catch-up with other communities in terms of development. It requires an effective strategy to secure the safety of ex-combatants against liquidation attempts by their former comrades for betraying the “revolution.” It requires a more nuanced approach to ensure that human rights are protected and promoted, especially in a highly politicized, ideologically fueled environment. It requires a delicate but deliberate approach to manage transitional justice, healing, and reconciliation of families and communities divided by armed conflict. It requires a comprehensive peace education program for the next generations — so that they learn from the past and avoid making the same mistakes again.

Instead of closing the peace process office in the future, the opposite is what is actually needed. We need to make the peace office a permanent fixture in the bureaucracy. We need a Department of Peace — a department that is created by legislation, with broader authority, resources, and mandate.

As we welcome the Peace Month, and as we celebrate the 20th anniversary of Proclamation 675, s. 2004, we must collectively reflect — how can we strengthen our peace? In my view, creating the Department of Peace is the first step. It is an investment for the future, and it is our contribution and solidarity to international peace.

 

Jennifer S. Oreta is an associate professor of the Department of Political Science, and the director of the Ricardo Leong Institute for Global and Area Studies of the Ateneo de Manila University.

joreta@ateneo.edu

PwC-MAP 2024 CEO Survey: CEOs optimistic about their industry prospects

MAJORITY of chief executive officers (CEOs) in the Philippines are confident that their organizations will see revenue growth in the next 12 months, despite geopolitical uncertainties, a survey showed. Read the full story.

PWC MAP 2024 CEO Survey: CEOs optimistic about their industry prospects

Globe taps First Gen for RE switch

BW FILE PHOTO

GLOBE Telecom, Inc. has partnered with Lopez-led energy company First Gen Corp. to power its 41 facilities with renewables.

“Globe and First Gen share the same vision of a decarbonized and regenerative future where sustainability is ingrained into the organization and operations,” First Gen Vice-President for Power Marketing Carlos Lorenzo Vega said in a media statement on Monday.

Globe said it is planning to expand its partnership with First Gen to increase the number of its facilities being powered by renewable energy (RE) to 70 from the current 29.

“First Gen, a key collaborator since 2020, is one of its partners in this endeavor,” Globe said.

The Ayala-led telecommunications company said it will continue its commitment to expand its use of green-energy as part of its goal to achieve net-zero emissions by 2050.

“At Globe, sustainability and risk management are core strategies for building business resilience. This partnership with First Gen is a testament to our dedication to these principles,” Globe’s Vice-President for Risk and Property Management Raymond Martin Aguilar said.

Globe has set a target to cut greenhouse gas emissions by 50% by 2030 and achieve net zero by 2050.

Net zero aims to reduce greenhouse gas emissions to as close to zero while also offsetting any remaining greenhouse gases in the atmosphere.

“To realize its net-zero ambition, Globe took the bold step of transitioning its sites to RE beginning in 2019

despite RE being limited and costlier than fossil fuels,” Globe said.

At the stock exchange on Monday, shares in the company closed P8, or 0.36% lower to end at P2,210 apiece. — Ashley Erika O. Jose

Damosa Land invests P2B in Agriya Gardens, eyes 2027 completion

DAMOSALAND.COM

DAVAO-BASED property developer Damosa Land, Inc. (DLI) is investing P2 billion in its green residential development Agriya Gardens, which is expected to be completed by August 2027.

Situated within the Agriya township in Panabo City, Davao del Norte, Agriya Gardens broke ground in August and will have a gross developable area of 123,303 square meters (sq.m.).

“The investment cost is P2 billion. A unit at Agriya Gardens ranges between P7.5 to P14 million,” DLI President Ricardo “Cary” F. Lagdameo told BusinessWorld via an e-mail statement on Monday.

The project offers 404 units with lots ranging from 150 to 234 sq.m.

It will also feature California Mission-Style Architecture, which blends international structure and design into the new property.

“Agriya Gardens exemplifies Damosa Land’s dedication to sustainable and innovative community development, serving as a model for eco-friendly spaces that blend modern amenities with nature,” Mr. Lagdameo said.

As we continue to lead sustainable real estate in Mindanao, our focus remains on creating projects that enhance local growth, promote green living, and build vibrant, resilient communities, he said.

Mr. Lagdameo also noted that its commitment to countryside development can be seen in its various projects across Davao Del Norte, where not only does it provide quality homes, but it also invests in industrial initiatives aimed at attracting foreign investment and generating employment.

Among the amenities of Agriya Gardens are a one-kilometer linear park, a detention pond, and solar streetlights. It also has parks, a playground, and open spaces, all designed with permeable pavers, providing inviting areas for relaxation and leisure.

Agro-industrial developer Damosa Land said community farms are also to watch out for in the development, where people are expected to integrate farming into their food preparation, encouraging them to eat fresh products that they, themselves, will plant and harvest.For additional investments in Davao del Norte, Damosa Land said it is on track to develop Harbor View Villa and TRYP Condotel on Samal Island, he said.

Meanwhile, land development work for the University of the Philippines Professional School for Agriculture and the Environment in Agriya has commenced as well. — Aubrey Rose A. Inosante

TIFF 2024: Elton John dazzles Toronto’s red carpet for new documentary

IMDB
IMDB

TORONTO — A bespectacled Elton John rolled down the red carpet at the Toronto International Film Festival in a purple golf cart adorned with stars, displaying a brand of showmanship befitting the world premiere of the documentary Elton John: Never Too Late.

Amplified by archival footage and photographs, the film is an intimate look at the singer-songwriter’s life and career through the lens of his Farewell Yellow Brick Road tour, which culminated with a 2022 performance at Dodger Stadium in Los Angeles.

The documentary’s co-directors — R.J. Cutler and David Furnish, a Toronto native and Mr. Elton’s husband — hope fans learn something new about a celebrated megastar who has sold millions of albums and packed arenas worldwide since the 1970s. Mr. Elton is one of a rarified group known as EGOT winners, having taken home an Emmy, Grammy, Oscar, and Tony award in his career.

“It’s exciting and terrifying,” Mr. Furnish told Reuters on Friday at the premiere when asked what it was like to do a documentary about your spouse. Mr. Furnish also served as producer of Rocketman, an Elton biopic released in 2019.

A revealing moment in Never Too Late that shocked Mr. Furnish was a conversation from 1976 when Mr. Elton shared that he hoped to start a family one day.

“In the early days of our relationship, he said he never wanted to have children,” Mr. Furnish said. “And then, of course, we have children, so that was like a really nice surprise.”

The British-born Sir Elton, who started life as Reginald Dwight, began his rise to stardom in 1967 when he answered an ad for Liberty Records and joined forces with lyricist Bernie Taupin.

The movie, a co-production of Disney+ and Rocket Pictures, has something for everyone, said Mr. Cutler, whose directorial credits include 2021’s Billie Eilish: The World’s a Little Blurry and Belushi in 2020.

“If you grew up with his music as I did, you’re going to recognize this era, this remarkable five-year period from 1970 to 1975, where Elton released 13 albums, seven of which went to number one on the charts,” Mr. Cutler said.

“If you’ve come to Elton’s music in recent years, you’re going to learn about that period in a way that you probably didn’t even imagine.”

The documentary will appear on Disney+ later this year.

Sir Elton, who was knighted by Queen Elizabeth II in 1998 for his contribution to music and charity, recently announced that he was recovering from a severe eye infection. On Friday, he declined to do red carpet interviews, but his husband assured Reuters that he was on the road to recovery. — Reuters

How PSEi member stocks performed — September 9, 2024

Here’s a quick glance at how PSEi stocks fared on Monday, September 9, 2024.