Home Blog Page 10858

Remittance growth slows in April

REMITTANCES from overseas Filipino workers (OFWs) grew slower in April from the previous month due to a “cyclical” drop in expenses.

Cash remittances grew by 4% to $2.441 billion in April from the $2.3 billion posted in the same month last year, the Bangko Sentral ng Pilipinas (BSP) reported on Monday.

Despite the year-on-year climb, the growth in money sent home by Filipinos abroad in April was slower than the 6.6% surge seen in March, which was due to a low base from a year earlier when the Philippine government imposed an employment ban to Kuwait.

The central bank attributed April’s increase to the 2.2% growth in remittances from land-based workers to $1.8 billion. Money sent home by sea-based workers also rose 10.6% to $600 million during the month.

April’s haul brought the four-month cash remittances tally to $9.739 billion, 4.1% higher than the $9.353 billion recorded in the same period last year.

The central bank said bulk of the remittances came from United States, which had a 35.9% share in the January to April total. This was followed by Saudi Arabia, Singapore, United Arab Emirates, United Kingdom, Japan, Canada, Hong Kong, Qatar and Germany, which had a combined share of 78% of total cash remittances for first four months.

Meanwhile, personal remittances rose 3.7% to $2.713 billion in April from $2.616 billion in the same month in 2018.

In the first four months, personal remittances — a category that estimates the net earnings of all workers on contracts of less than one year and of all sea-based workers, as well as personal transfers by workers on longer contracts, migrants, and capital transfers from households overseas to their relatives in the Philippines — rose 3.7% year-on-year to $10.811 billion from $10.426 billion the previous year.

Robert Dan J. Roces, Security Bank Corp. chief economist, attributed the tepid growth in April remittances to slower spending during the month.

“We attribute this to the cyclical nature of our remittances. April months usually have lower values compared with previous months as the post-graduation expenses of most households are done,” Mr. Roces said in an e-mail.

“Having said that, the year-on-year growth is proof-positive that overseas Filipino remittance flows continue to be a main contributor to household consumption as it maintains growth at a healthy pace. The steady stream of dollars continue to fund the peso’s purchasing power and assures household consumption, and together with BPO (business process outsourcing) flows, helps augment the continuing struggles of our export sector,” Mr. Roces added.

Meanwhile, UnionBank of the Philippines, Inc. chief economist Ruben Carlo O. Asuncion said the growth was driven by “seasonal major needs” of OFW families.

“Note that some OFWs may have also timed their respective vacation from work to be with their families during the summer,” he said.

Michael L. Ricafort, head of the economics research division of Rizal Commercial Banking Corp., said the year-on-year growth on remittances is “still decent.”

“It’s slightly better. Because of the easing inflation, the dollar has been fairly stable… When inflation is high, they need to convert more,” Mr. Ricafort added.

Inflation accelerated in May following six consecutive months of slowdown, the Philippine Statistics Authority reported earlier this month.

Headline inflation stood at 3.2% last month, up from three percent in April but still slower than the 4.6% recorded in May 2018.

Year-to-date, inflation averaged at 3.6%, past the midpoint of the BSP’s 2-4% target range and still above the 2.9% forecast for the year.

The central bank sees cash remittances growing by three percent this year.

In 2018, remittances grew 3.1% to $28.943 billion from 2017’s $28.060 billion, a little past the BSP’s three-percent growth projection. — R.J.N. Ignacio

Overseas Filipinos’ cash remittances (April 2019)

Overseas Filipinos’ cash remittances (April 2019)

REMITTANCES from overseas Filipino workers (OFWs) grew slower in April from the previous month due to a “cyclical” drop in expenses. Read the full story.

Overseas Filipinos’ cash remittances (April 2019)

BSP likely to keep policy rates steady this week

THE Bangko Sentral ng Pilipinas (BSP) will likely keep benchmark rates steady at its review this week, with policy makers preferring to ensure that inflation maintains its downward trend, analysts said in a BusinessWorld poll.

Six out of 10 economists polled by BusinessWorld said the BSP is expected to leave rates untouched as its policy-making Monetary Board meets on Thursday, with the rest predicting another 25-basis-point (bp) reduction in benchmark yields.

Analysts’ expectations on monetary policy action

“I don’t see a rate cut for the BSP Monetary Board meeting this month. I think that the anticipated Fed rate cut gives them additional room to wait as markets price these data in,” Sun Life Financial economist Patrick M. Ella said in an e-mail.

Nicholas Antonio T. Mapa, senior economist at ING Bank NV-Manila Branch, said despite BSP Governor Benjamin E. Diokno’s recent rhetoric on further cuts to policy rates and banks’ reserve requirement ratios, the central bank will likely pause to see the effect of recent easing moves and remain data-dependent.

“(The BSP chief) has deemed rate cuts and monetary easing as ‘inevitable’ but he stuck to script by also promising that adjustments would be data-dependent and engineered by evidence. And although we agree that the May upside surprise will likely be a blip in the downward path for inflation, we expect BSP to take stock of the latest data and to also simultaneously gauge the impact of its recent double-barrelled easing (cut to RRP and reduction in RRR),” Mr. Mapa said.

“Governor Diokno has indicated that the BSP was ‘ready to use all appropriate measures needed’ to ensure that they would provide an environment conducive for economic growth but also stressed that price stability will be the primary focus. We believe that the BSP will pause at the June meeting to await further confirmation that inflation will return to its downward path which would further cement their short-term and medium-term inflation targets,” Mr. Mapa added.

Headline inflation stood at 3.2% last month, up from the three percent in April but still slower than the 4.6% recorded in May 2018. The print also fell within the BSP’s 2.8-3.6% inflation estimate range for that month.

Year-to-date, inflation averaged at 3.6%, past the midpoint of the central bank’s 2-4% target range and still above the 2.9% forecast for 2019.

Mr. Diokno earlier said the slight uptick in May inflation “does not constitute a trend,” adding that the central bank is confident that the rise in prices will slow in the third quarter due to base effects, declining world oil prices, and the appreciating peso.

The BSP cut benchmark yields by 25 bps at its May 9 meeting, bringing the interest rate on the central bank’s overnight reverse repurchase facility to 4.5% effective May 10. The rates on the overnight lending and deposit facilities were also reduced accordingly to 5% and 4%, respectively.

The central bank also reduced the RRR of lenders by a percentage point effective May 31 to 17% for universal and commercial banks, 7% for thrift banks, and 4% for rural and cooperative banks. The reserve ratios of big banks and thrift lenders will be cut by another 50 bps on June 28 and July 26 to settle at 16% and 6%, respectively.

WAITING FOR FED
Robert Dan J. Roces, Security Bank Corp. chief economist, said in an e-mail that the BSP will likely wait for clarity in the US central bank’s policy direction before continuing its easing path.

“The next cut will probably be either July or August…for another 25 bps. The reason is that the BSP, in its data-dependence stance, will want to consider the effects of the first cuts… They will likely ascertain the trajectory of inflation in the coming months prior to making another cut and likely take their cue as well with developments in the US FOMC (Federal Open Market Committee) meetings,” Mr. Roces said.

The US Federal Reserve’s policymaking FOMC is likely to stand pat on policy during its June 18-19 meeting but it still expected to trim its interest rates sometime this year.

Meanwhile, Michael L. Ricafort, Rizal Commercial Banking Corp.’s (RCBC) economics research division head, said he expects a 25-bp cut in policy rates on Thursday as “easing inflation and possibility of Fed rate cuts would justify future cuts in local currency rates now at 4.5%.”

Mr. Ricafort added that a sharp decline in global oil prices and a possible slowdown in global economic growth due to the lingering trade war between United States and China could also trigger a cut in local policy rates. — R.J.N. Ignacio

Analysts’ expectations on monetary policy action

THE Bangko Sentral ng Pilipinas (BSP) will likely keep benchmark rates steady at its review this week, with policy makers preferring to ensure that inflation maintains its downward trend, analysts said in a BusinessWorld poll. Read the full story.

Analysts’ expectations on monetary policy action

Water interruptions seen if Angat level further dips

ANGAT DAM is seen to hit the critical water level of 160 meters by this weekend, with east zone concessionaire Manila Water Company, Inc. (MWC) warning its customers of more service interruptions.

The National Water Resources Board (NWRB) said as of 6 a.m. on Monday, the water level at Angat Dam declined to 162.39 meters, 17.61 meters below the minimum operating level of 180 meters.

In a press briefing in Quezon City, NWRB Executive Director Sevillo D. David, Jr. said if there are no heavy rains soon, the water level at Angat Dam may fall to a new low.

“We are hoping na dumating ang pag-ulan at ‘di dumating sa ganung level. (We are hoping that rain will come and it won’t get to that level.) But we will see in the next couple of days until next week,” Mr. David said.

Water elevation at Angat Dam last dropped below the critical level of 160 meters on July 13, 2010 when it registered a low of 157.57 meters, as the El Niño phenomenon affected the country.

Kailangan natin ma-manage yung supply until such time na umabot yung pag-ulan talaga sa watershed (We need to manage the supply until such time that rain will come to the watershed,)” Mr. David said.

MWC President and Chief Executive Officer Ferdinand M. Dela Cruz said noted that its service will be affected as the Angat Dam’s level goes gown and water releases to concessionaires are reduced.

“There will be rotational interruptions, but it doesn’t mean na walang tubig (there is no water). We will try to make sure that the reservoirs are still filled up,” Mr. Dela Cruz said in a briefing in Mandaluyong on Monday.

For the east zone, MWC said water availability for at least eight hours at the ground floor is at 99.7%. Meanwhile, its 24-hour availability at least at the ground floor is at “a little over 90%” of its water service connections as of Sunday.

Mr. Dela Cruz said Angat Dam’s water level should be at 212-215 meters for it to comfortably service its customers.

The company has benefited from its supply augmentation efforts despite the lower levels at Angat Dam. This includes supply from its Cardona treatment plant which delivers almost 60 million liters per day (MLD), deep wells that provide 47 MLD, and cross border flows from west zone concessionaire Maynilad Water Services, Inc. at 20 MLD.

“We’ve been successful in augmenting the supply that we could control…so we’re about 107 MLD on the things we could control,” Mr. Dela Cruz said, adding that the Cardona plant will reach 100 MLD by August.

Mr. Dela Cruz said that while the Philippine Atmospheric, Geophysical and Astronomical Services Administration already declared the official start of the rainy season last week, water level at Angat Dam continues to go down since rains are not strong enough to bring it back to its normal level.

Mr. Dela Cruz however said that Angat Hydropower Corp. has assured them that even if the critical level is hit, they can continue operating until the dam hits 150 meters through a combination of low level outlet and bypass, which are other ways of drawing water from the dam.

“The caveat there, the lowest operating point we’ve done is 157. We’ve never crossed lower. This is new territory for us. What we’re saying is we’re happy that there is contingency — that’s still 10 meters,” Mr. Dela Cruz said.

NWRB’s Mr. David said the dam’s low level outlet, which was last used in July 2010, is now being tested. He said according to the tests, water quality coming from the low level outlet is “manageable.”

MWC said it will continue to monitor the volume and water quality when the dam reaches its critical level. — Arra B. Francia and Katrina T. Mina

Globe set to lease 150 common towers from two companies

TWO common tower providers are set to sign a memorandum of agreement (MoA) with the Department of Information and Communications Technology (DICT) after securing a deal with Globe Telecom, Inc. for the installation of passive telecommunications infrastructure.

ISOC Infrastructure, Inc., chaired by Megawide cofounder Michael C. Cosiquien, and Malaysia-based edotco Group Sdn. Bhd. signed a tripartite agreement with Globe yesterday, which signals the signing of an MoA with the DICT to receive assistance in getting permits for tower rollout.

“After this, I think within this week or maybe early next week, we’ll sign an MoA with ISOC and edotco,” DICT Acting Secretary Eliseo M. Rio, Jr. said in the signing program in Taguig City.

Globe will lease the 150 shareable cell sites that will be built by the two tower providers in the provinces of Cavite, Laguna, Batangas, Rizal and Quezon (Calabarzon).

“We will be able to deploy the (capital expenditure) that are saved from building passive infrastructure to active infrastructure,” Globe President and Chief Executive Officer Ernest L. Cu said.

The Malaysia-based tower provider, which signed a memorandum of understanding with the DICT in January for assistance in getting regulatory permits, said it will be working with ISOC for its planned operations in the Philippines.

“We are committed with basically creating a company which we will jointly invest in and work together in. We are very, very pleased that we will be able to work…with ISOC. I believe we’ve found the right partner,” edotco Group Chief Executive Officer Suresh Sidhu said.

He noted the two companies are set to make announcements “within the next month or two” on the details of the joint venture.

For ISOC, Mr. Cosiquien said the company is looking forward to working with edotco.

“Definitely we’ll be the local group here, and edotco, with their international experience and extensive experience in the tower business, that’s what they’ll bring to the table,” he said.

The two tower providers said they are also in discussions with other telecommunications firms for possible agreements similar to what was signed with Globe.

Aside from ISOC and edotco, 21 other tower companies have signed an MoU with the DICT to seek assistance in securing permits for rolling out cell sites.

Once these firms sign an agreement with the telcos for a specific number of towers, they will need to sign an MoA with the DICT to solidify the government’s help.

“Our MoA will be specific on the agreement, the contract or MoUs that the tower companies will get from the telcos,” Mr. Rio said.

“Basically the MoA will say that…we will now facilitate the giving of permits with the number of sites that are contained in the MoU,” he added. — Denise A. Valdez

K-Pop label YG’s founder resigns amid drugs and sex scandals

SEOUL — Yang Hyun-suk, founder of South Korea’s YG Entertainment which manages top K-pop performers, stepped down on Friday from his duties as chief producer, in the aftermath of drug and sex scandals involving his artists.

In March, a member of YG’s boyband Big Bang quit showbiz over sex bribery accusations, prompting police investigations and the resignation of four K-pop stars including him.

Allegations subsequently surfaced of a network of pop stars, businessmen, and cops having colluded and enabled tax evasion, bribery and prostitution, exposing the dark side of the glitzy industry.

“I have waited out in patience this situation in which shameless and humiliating words are being thoughtlessly spread as if it is the truth,” Mr. Yang, a former legendary K-pop star, said in a statement.

“But I don’t think I can hold it in any longer.”

Mr. Yang said he was stepping down to avoid further damage to the firm’s artists over the accusations. These involved prostitution mediation, tax evasion, and cover-up of a drug scandal, all of which he has denied.

YG’s top shareholder, Mr. Yang, founded the K-pop management firm in 1996. His brother Yang Min-suk, the agency’s chief executive, also stepped down, according to a regulatory filing.

Last Wednesday, the leader of another one of YG’s boy bands, iKON, also exited show business over media reports that he was attempting to buy illegal drugs. He publicly apologized for his act and quit the band.

YG Entertainment is one of the top K-Pop record labels behind groups BlackPink and Big Bang, but its shares have slumped for months, hit by the scandals.

Shares of YG Entertainment closed down 5.6% on Friday, falling for a third consecutive session, while its affiliate, YG Plus, lost nearly 6%. — Reuters

Megaworld to launch six more townships by 2020

By Arra B. Francia, Senior Reporter

MEGAWORLD Corp. is set to launch six more townships covering about 2,000 hectares of land by next year, as it expands its footprint to areas outside Metro Manila.

The listed property developer said it will unveil two to three more townships this year, after the introduction of its 24th estate called Highland City in Cainta, Rizal last March. The rest will be launched in 2020, for a total of 30 townships.

“We look to expand further, originally we went into townships in areas we considered second and third tier, but now we’re looking at areas that have a longer-term perspective,” Megaworld Chief Strategy Officer Kevin Andrew L. Tan told reporters after the company’s 25th listing anniversary listing in Taguig Monday.

Megaworld said five of the new townships will be located in Luzon, while one will be in Mindanao. Specific details on the locations were not disclosed.

“We’re seeing a lot of demand outside Metro Manila. That’s something we’re quite optimistic and encouraged about,” Mr. Tan said.

The land areas will come from the property firm’s new acquisitions over the last five years. The upcoming townships will bring its total land ownership and land holdings to more than 6,000 hectares.

The company is also incorporating smart technology into their townships, as Mr. Tan cited the importance of their developments’ digital transformation.

“We have now started to build what we call iTownships or smart townships starting with homes since last year, we put in a lot of smart technology in the homes that we are building and all of the common facilities as well,” Mr. Tan said.

Megaworld currently has 24 townships across the country, nine of which are in Metro Manila. Eight of these developments are in Luzon, six are in Visayas, while only one is in Mindanao.

Meanwhile, Mr. Tan said they are also waiting for the Securities and Exchange Commission (SEC) to come out with the final guidelines for the offering of real estate investment trusts (REITs) so they can participate in such products.

“We are carefully watching what the final IRR (implementing rules and regulations) will be,” Mr. Tan said, adding that they have the option to do a REIT on their offices, townships, or hotel developments.

Megaworld’s net income attributable to the parent grew by 16% to P3.8 billion in the first quarter of 2019, following a 15% increase in consolidated revenues to P14.9 billion.

The company earlier said that it will spend P65 billion in capital expenditures this year to support the property development in its townships.

Megaworld is part of tycoon Andrew L. Tan’s holding firm Alliance Global Group, Inc., which also has core interests in liquor, gaming, quick-service restaurants, and infrastructure development.

Shares in Megaworld slipped by a centavo or 0.17% to close at P5.97 each at the stock exchange on Monday.

Hollywood’s sequel factory churns out summer duds

MORE than a month into the summer movie season, one thing has become clear: Many of Hollywood’s sequels, reboots, and reimaginings are falling flat.

Some films have missed analysts’ forecasts by tens of millions of dollars. They include new releases — Walt Disney Co.’s Dark Phoenix and Universal Pictures’ The Secret Life of Pets 2. Though Paramount Pictures’ Rocketman topped studio forecasts, the Elton John biopic came in below outside estimates. Warner Bros.’ Godzilla sequel also missed industry projections.

Meanwhile, Sony’s Men in Black: International fell short of expectations this weekend when it opened with $28.5 million, “roughly half of what the previous installments in the sci-fi series earned during their first weekend in theaters,” a Reuters story said.

HOLLYWOOD’S HITS AND MISSES
So far, the shortfall hasn’t claimed any of the summer’s biggest tentpole films. And Eric Wold, an analyst at B. Riley FBR, still expects higher ticket sales through the balance of the year to deliver a record 2019. But the results also show that fans are getting pickier about the glut of sequels that Hollywood studios have force-fed movie moviegoers for years.

“Audiences are savvy enough to wait for the home market, especially with so many great streaming choices this summer,” said Jeff Bock, an analyst with Exhibitor Relations Co. “That’s something Hollywood will be contending against for years to come.”

Sequels and reboots need to be more compelling to draw in fans, Bock said. “Many of them aren’t upping the ante or raising the stakes significantly enough,” he said.

Hollywood studios have turned movie serials, now dubbed franchises, into an art form — with film series built around comic-book figures, action-hero revivals and classic cartoon characters. And no one has been more successful at this task than Disney.

SECOND PLACE
But even Disney’s biggest hits aren’t doing quite as well as predicted. The Marvel finale Avengers: Endgame racked up $2.73 billion in box-office sales globally and looked likely to dethrone Avatar as the top-grossing movie of all time. Now — following a drop-off in attendance — it will have to settle for second place.

“It looks like Avatar will hold onto the title,” Bock said, “unless Disney snaps their fingers and springs an alternate ending re-release in the near future.”

Bock cites a number of reasons for all of the misses. No one cared about the humans in Godzilla, he said, and The Secret Life of Pets 2 didn’t “bring anything new to the table.”

Missing estimates in a debut weekend doesn’t necessarily mean a feature won’t be profitable. Movies like Rocketman, with smaller production budgets, are expected to make money.

DARK PHOENIX
Dark Phoenix, an X-Men film, is emerging as one of the summer’s bigger duds. It suffered from production and story problems, along with muddled marketing that left audiences confused by the trailer, Bock said. The film cost about $200 million to make, plus tens of millions more to market, suggesting it will have trouble turning a profit.

So far, summer sales are up about 14%, according to Wold. That’s helped theater owners recover from a sharp decline earlier in the year. For 2019 to date, domestic sales through last weekend were down 6% from a year earlier, according to Comscore Inc.

“Sequels can obviously be successful — there wouldn’t be 20 of them this summer if Hollywood thought otherwise,” Bock said. “However, the ones that have opened below expectations were ill-conceived and/or flimsy films. In other words: lazy sequels.”

Wold said a successful summer season hinges on a few big releases still to come: The Lion King and Toy Story 4 from Disney, a Fast and Furious spin-off from Comcast Corp.’s Universal studio, and a new Spider-Man release from Sony Corp.

“You’ve got at least four titles through the remainder of the summer period which should do very well,” he said. — Bloomberg

Wilcon Depot aims to have 100 stores by 2025

Wilcon Libis Facade
WILCON Depot, Inc. grew its net income by 18% to P483.63 million in the first quarter of 2019. — COMPANY HANDOUT

WILCON DEPOT, Inc. targets to have 100 stores in its network by 2025 in a bid to expand to unserved markets in the country.

In a statement issued Monday, the listed home improvement and construction materials retailer said this will be the next phase of its expansion once it reaches its target of 65 branches by the end of 2020.

“Considering the pace of our new store openings since 2017, by 2025 we may already reach this target barring any major hurdles beyond our control. We are still in the process of completing our scoping for possible sites,” Wilcon Chairman Emeritus William T. Belo said in a statement.

The company has eight new depots in the pipeline this year, two of which have already been opened. This is in addition to the eight stores it opened in 2018 located in Naga, Tacloban, Puerto Princesa, and in the Calabarzon Region, for a total of 51 stores by end-2018.

All new stores to be opened this year are located outside Metro Manila.

Meanwhile, the company expects its net income to grow in the low “teens” this year on the back of a projected increase in the high “teens” for revenues. Its financial results will be affected by the high base recorded in 2018, as well as changes in accounting standards implemented this year.

Wilcon Chief Operating Officer Rosemarie B. Ong also added that the company’s second-quarter performance will be pulled down by the lower number of operating days this year.

“This year, the long Easter break fell in April while last year it was in March so a slowdown in our growth trajectory is to be expected this second quarter because of the combined effects of a high base and lesser number of operating days,” Ms. Ong said in a statement.

Wilcon realized a net income of P483.63 million in the first quarter of 2019, 18% higher year on year on the back of a 22% increase in gross revenues to P5.79 billion.

Shares in Wilcon rose by 0.12% or two centavos to close at P16.60 each at the stock exchange on Monday. — Arra B. Francia

Franco Zeffirelli, Italian film and opera director, 96

ROME — Franco Zeffirelli, who directed the world’s greatest opera singers and brought Shakespeare to the cinema-going masses, has died. He was 96.

In a statement, his foundation said he died in Rome on Saturday. “Ciao Maestro,” said the announcement.

Often appreciated more by the public than critics, Zeffirelli was the last of a generation of Italian film giants who came of age after World War Two, including Federico Fellini, Luchino Visconti, and Vittorio De Sica.

He directed more than two dozen films, working with stars including Elizabeth Taylor, Richard Burton, Laurence Olivier, Alec Guinness, Faye Dunaway, and Jon Voight.

“Franco Zeffirelli, one of the world’s greatest men of culture, passed away this morning,” Dario Nardella, the mayor of Zeffirelli’s home city of Florence, said in a Twitter post. “Goodbye dear Maestro, Florence will never forget you.”

Deputy Prime Minister Luigi Di Maio said Zeffirelli would “remain in the hearts and the history of this country.”

Zeffirelli’s opera productions for the stage included singers such as Maria Callas, Placido Domingo, Joan Sutherland, Luciano Pavarotti, Renata Scotto and Jose Carreras.

In a 2013 interview to mark his 90th birthday, he said the general public would remember him most for his 1968 film of Romeo and Juliet, the 1977 television mini-series Jesus of Nazareth, and Brother Sun, Sister Moon, his 1972 film tribute to St. Francis of Assisi.

Romeo and Juliet, one of several times Zeffirelli brought Shakespeare to the screen, was nominated for Best Picture and Best Director Oscars. His 1990 Hamlet starred Mel Gibson.

One of the high points of his opera career was a triumphant production of Verdi’s Aida at Milan’s La Scala in 2006, which won more than 15 minutes of applause on opening night.

However, Zeffirelli’s unconventional ventures into opera were often welcomed more abroad than at home, particularly in the United States, where he had more than a dozen top productions at the New York Metropolitan Opera.

In 1994 Zeffirelli, who directed several productions at London’s Covent Garden, was knighted by Queen Elizabeth II for his “valuable services to British performing arts.”

A homosexual and devout Catholic, he revealed in his 2006 autobiography that he had been seduced by a priest when he was a teenager. But he said it was not molestation because there was no violence.

Zeffirelli hated the term “gay,” saying it was “undignified.”

“How can you say that Michelangelo and Leonardo da Vinci were ‘gay’?” he asked Italy’s Corriere della Sera newspaper. “Being homosexual carries with it a great weight of responsibility and difficult social, human and cultural choices.”

MOZART-LOVING MOTHER
Zeffirelli was born in Florence on Feb. 12, 1923, to Alaide Garosi Cipriani, a seamstress, and Ottorino Corsi, a cloth salesman. Because they were married to other people, the law at the time meant he could not take either of their surnames and had to be registered by another one.

His mother, who loved Mozart, chose “Zeffiretti” after the Italian word for “little zephyrs” (breezes) in an aria in the Austrian composer’s Italian-language opera Idomeneo. But a transcription error by a city hall clerk made it forever “Zeffirelli.”

“Relatives and friends were horrified and very worried for the future which lay ahead of her,” he told a Catholic magazine in 2003. “Some advised her to have an abortion, but she refused. She believed that the child which was about to be born was a monument to her great love.”

His mother died of tuberculosis when he was six and he was raised by an aunt and at times by a group of eccentric ex-pat English women in Florence known as Gli Scorpioni (The Scorpions) for their biting wit.

Under their influence and tutelage, he learned to love English and Shakespeare, an experience that formed the basis of his 1999 film Tea With Mussolini, starring Joan Plowright, Judi Dench, Maggie Smith, and Cher.

“They taught me all the important things in life,” he told an interviewer in 1999. “These ladies helped me to understand my own city, my own culture and my own upbringing.”

In World War Two, Zeffirelli fought as a partisan before becoming an interpreter for the Scots Guards.

After the war, he studied architecture at the University of Florence and was drawn into theater and film, working initially as an assistant to Visconti, the director, for whom he designed the set for the first Italian production of Tennessee Williams’ A Streetcar Named Desire in 1949.

Away from the screen and the stage, Zeffirelli was often in the news for his outspoken views.

In 1993, he was criticized by the Vatican for saying there should be capital punishment for women who have abortions.

From 1994 to 2001 he served as a senator for former prime minister Silvio Berlusconi’s conservative Forza Italia party, hoping to inject culture into politics. He later said he regretted the decision.

Speaking in 2017 about his Christian faith, he told the Catholic newspaper Avvenire: “Faith is a gift, I am certain of that. I have it and I must hold on to it tightly. I know the past will never return but I am not saddened because I’ve had a full life, even though it began uphill.” — Reuters

Robinsons to install solar panels in 2 Iloilo malls

ROBINSONS Land Corp. (RLC) tapped solar panel provider Buskowitz Group to install rooftop solar panels in two of its shopping malls this year.

In a statement Monday, Buskowitz Group said it is expanding its agreement with the Gokongwei-led property developer with 4,300 panels scheduled to be put up starting this month.

“RLC started the operation of off-grid rooftop solar panels on malls back in 2014 and this year, Buskowitz Energy is set to install more than 4,300 solar panels on Robinsons Place Jaro (597.04 kilowattpeak) and Robinsons Place Pavia (1,102.28 kilowattpeak) a total of 1.7 MW (megawatts),” it said.

The installation of the solar panels will begin this June and is expected to be completed by September. The two Robinsons malls are both located in Iloilo.

“We believe that as a leading property development company with nationwide reach, we have a compelling role to play in realizing the Philippines’ collective aspiration that envisions every Filipino to have a strongly rooted, comfortable, and secure life,”

RLC President and Chief Executive Officer Frederick D. Go was quoted as saying.

For his part, Buskowitz Chief Executive Officer James Buskowitz said the project helps the company in increasing awareness for using solar panels as a means of using renewable energy.

“Next to schools, Filipinos spend a lot of time in malls, so having solar power on a mall is one fantastic way to educate and spread awareness on renewable energy; and to make mall-going a little less heavy on the environment,” he said.

RLC booked an attributable net income of P1.83 billion in the first quarter, a growth by 19% from the same period last year, driven by higher real estate sales and better hotel revenues. — Denise A. Valdez

ADVERTISEMENT
ADVERTISEMENT