The Process

May 14, 2019 | 6:55 pm

It didn’t take long for the criticisms to rain on Sixers head coach Brett Brown. In fact, social media was flooded with second-guessing as soon as Game Seven of their semifinal-round series became history. Certainly, the heartbreak that Kawhi Leonard’s four-bounce prayer of a buzzer beater that sent them packing the other day served to rub salt on open wounds. Yet, if naysayers had any ground to stand on, it was precisely because the set-to had to be settled at the very last moment of the very last play. They forced the hosts to rely on inefficient isolation sets, and, still, they couldn’t get the job done, a reflection on lack of both planning and execution.

To be sure, Brown operates on a bum deal. He has had a moving target from the moment he was hired to mentor the Sixers in 2013. He endured seasons of losing under the Sam Hinkie dispensation, and then an understandably rough transition to a winning culture amid high expectations. Parenthetically, the uniqueness of their cornerstones hasn’t helped his cause any. Joel Embiid is a force, but prone to injury and perennially suffering from conditioning issues. Meanwhile, Ben Simmons possesses do-it-all skills — except, that is, for an outside shot that is so crucial in this day and age of pace and space.

Little wonder, then, that consistent competitiveness has remained elusive for Brown. He understood the stakes at the start of the season, and particularly after pickups Jimmy Butler and Tobias Harris shored up the Sixers’ starting unit alongside Embiid, Simmons, and JJ Redick. On the flipside, he struggled to find the right measures to get them humming as a collective, and not because he wasn’t up to the task. Not even the best of the best can get high-usage names to share a single ball for the good of the lot on the fly, and then deem the sacrifice ingrained enough to withstand pressure.

Nonetheless, disappointment continues to cast a pall on whatever strides the Sixers made through their abbreviated campaign. And because it has come with considerable blowback, the natural reaction from decision makers at the top is to point fingers. Coaches have been easy prey in such situations, but, for Brown, the good news is that his charges remain committed to him. Even as their elimination from the playoffs hurt, they believe he wasn’t the cause, and that firing him isn’t the answer. Whether or not those pulling the purse strings share the same sentiment is anybody’s guess.

In any case, Brown’s fate isn’t the only one up for discussion. If nothing else, the Sixers have the benefit of time to assess the fit of free-agents-to-be Butler, Harris, and Redick moving forward. And if they’re willing, they may also want to see if Embiid has a modicum of durability to lead them to success, and if Simmons is an appreciable fit for him. That they’re still bound to address these questions says more about why they lost in the final analysis. The Process may be far from a failure, but it has been exposed as flawed at best.

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Key provincial cities showing strong property sector growth

May 14, 2019 | 2:10 pm

By Mark Louis F. Ferrolino
Special Features Writer

GROWING interest from local and foreign investors, strengthened by the national government’s infrastructure push, is fueling the demand for residential and commercial properties in provincial cities.

Online property marketplace Lamudi said Pampanga, Cavite, Cebu, Iloilo, Bacolod and Davao registered a significant increase in leads, or the number of prospect buyers generated, on the platform.

Pampanga posted the highest jump in leads year-on-year with 873%, followed by Cavite and Cebu with 298% and 274% increase, respectively. There was also rising interest in Iloilo, Davao and Bacolod.

Lamudi Philippines Chief Executive Officer Bhavna Suresh said during a roundtable discussion in Makati last week that the 800% plus increase in leads in Pampanga signals discussions to figure out what’s happening in the province.

According to Joey Roi H. Bondoc, senior research manager of Colliers International Philippines, there is on-going expansion of office and retail developments in Clark, Pampanga. These projects have given rise to the demand for residential developments, especially condominiums, in the province, he said.

For Jose Fernando Camus, senior consultant of Bertaphil, Inc., Clark is developing rapidly.

“It’s probably the fastest-growing area now,” he said, noting that developments from office to residential segments are on roll, as triggered by the government’s infrastructure projects and relocation of some government agencies to the province, among others.

The Department of Transportation has already moved its offices to Clark, while the Department of Public Works and Highways is planning to relocate as well.

The government broke ground last year for the construction of the National Government Administrative Center (NGAC) in New Clark City.

Meanwhile, the growth of real estate sector in Cavite — aside from its proximity in Metro Manila — is also attributed to several infrastructure developments in the area.

Richard G. Tay, business unit head of the Commercial Business Group of Property Company of Friends, Inc. (ProFriends), said Cavite is now evolving to be “much more of Metro Manila.”

“With the infrastructure coming in… our colleagues in the industry have really looked at Cavite with a new mindset,” Mr. Tay said. “Fortunately, the private sector that has been coming in are working very closely with the government to really learn from the challenges of Metro Manila.”

The new passenger terminal at Mactan-Cebu International Airport, on the other hand, has attracted even more tourists to Cebu. This, according to Charles Ong, chief operating officer of Innoland Development Corp., has given rise to developments that complement it, such as resorts and hotels.

Mr. Ong noted demand for housing is also growing in Cebu.

“There’s a very big demand for housing, and housing [in Cebu] is actually divided into two segments: One is vertical, which is very present in the city; and there’s also a big demand on the house and lot projects,” Mr. Ong said during the roundtable discussion, noting that the traffic problem in the city drives demand for vertical developments.

For Iloilo and Bacolod, Mr. Bondoc said the projects of Megaworld Corp. and Ayala Land, Inc. are set to boost condominium stock in these cities.

He said that Iloilo and Bacolod, at present, have less than 2,000 condominium units. This is very low compared to Metro Manila’s condominium stock of about 111,000 units as of the end of 2018, he noted.

Meanwhile, Mr. Bondoc said that Colliers has saw significant increase in residential lot prices in Davao for the first three years of the Duterte administration.

Lamudi observed a similar trend. Ms. Suresh noted that the increase in price is surprising, but remains affordable for prospective investors and home seekers.

“We believe that even in the end of this administration, Davao will become a primary residential and office hub in the country,” Mr. Bondoc said.

Emmanuel A. Rapadas, chief financial officer of Torre Lorenzo Development Corp., said businessmen now have the motivation to invest in Pampanga, Cavite, Cebu, Iloilo, Bacolod and Davao because these provincial cities are now hosting economic activities, and the government is investing heavily on infrastructure.

Also, the projects being rolled out by the private developers have helped the real estate sector in these cities to grow, Mr. Bondoc said.

Swiss-Belhotel looks to expand in PHL provinces

May 14, 2019 | 2:09 pm

GLOBAL hospitality management chain Swiss-Belhotel International (SBI) is aggressively expanding in the Philippines, eyeing to manage six to eight properties in regional cities.

In a press briefing held in Makati City on May 3, James KC. Tam, executive vice president of the Swiss-Belhotel International, said the company is now looking at a resort and a condohotel with 600 rooms in Bataan, a 200-room hotel in Baguio City, and a hotel with 200-300 rooms in General Santos City.

“We are very aggressive. We are going to expand our group as much as the tourism of the Philippines. We are very bullish about it. SBI is committed to being a proponent of Philippine tourism,” Garry A. Garcia, general manager of Valero Grand Suites, said.

Valero Grand Suites is a 271-room hotel located in Makati City.

Another SBI property is the 171-room Swiss-Belhotel Blulane located in Sta. Cruz, Manila.

“We have a lot of businessmen who are looking to diversify… and they want to invest in hotels but they require a professional team to guide them and that when we come in,” Mr. Garcia added.

In the Philippines, hotel owners generally would want to have a four-star hotel.

Currently, the company is developing Swiss-Bel Resort and Villas in the Island Garden City of Samal, Northern Davao. This is in partnership with Luxury Lifestyle Leisure and Resorts Corp.

The eco-friendly project will have 190 rooms for the resort hotel, and 100 villa units. Groundbreaking is expected within one to two months.

“You will not see plastic within the property because we are going to use recyclable materials,” Mr. Tam said, adding the resort will use banana leaf instead of plates.

With the expansion, Mr. Tam said that the company hope to replicate the growth that it had in Indonesia.

“I think we started in Indonesia the first hotel 26 years ago, so now we have 70 projects in the whole Indonesia. I hope with that kind of experience, I hope we can shorten the development time… , maybe in 10 years time we can have 30 something hotels in the Philippines,” he said.

As part of the company’s service to its guests, SBI said it will be tying up with airlines and banks for its loyal guests.

It partnered with Philippine Airlines to allow Mabuhay Miles members to earn miles when they stay in 70 participating SBI properties in seven countries across Asia, Australasia, and the Middle East.

Swiss-Belhotel International has 14 brands ranging from 5-star to budget hotels and it currently manages over 145 hotels, resorts, and projects in Cambodia, China, Indonesia, Malaysia, the Philippines, Vietnam, Egypt, Saudi Arabia, Australia, and New Zealand, to name some. — Vincent Mariel P. Galang

Moody’s Analytics sees faster growth

May 14, 2019 | 12:32 am

By Reicelene Joy N. Ignacio
Reporter

PHILIPPINE gross domestic product (GDP) expansion should pick up this year despite disappointing first-quarter growth, Moody’s Analytics said over the weekend, citing a boost from continued monetary policy loosening that can be expected from the Bangko Sentral ng Pilipinas (BSP) as inflation eases further.

“GDP growth is forecast at 6.5% in 2019 after the 6.2% gain in 2018. We expect inflation will remain within the BSP’s 2-4% target range this year, a positive development that allows the central bank to further loosen monetary settings,” Katrina Ell, economist at Moody’s Analytics, said in an e-mail.

“Our expectation is the BSP continues loosening benchmark policy rates over 2019 with a cumulative 75-basis point (bp) reduction as our baseline scenario over the year,” Ms. Ell said in response to queries.

“We also expect cut to RRRs (reserve requirement ratio) over the year after 200 basis points (cuts) were delivered in 2018.”

Moody’s Analytics had said in a February report, titled: ASEAN Outlook: Slower Momentum, that it expected the Philippines “to remain one of Asia’s fastest-growing economies in 2019,” with GDP “expected to expand by more than six percent this year” on the back of spending related to the May 13 mid-term elections, easing inflation and still-“robust” state infrastructure spending despite the four-month delay in 2019 national budget enactment.

The BSP on Thursday last week partially dialled back its 175-bp cumulative interest rate hike last year that raised its benchmark overnight reverse repurchase (RRP) rate to a decade-high 4.75% hours after the Philippine Statistics Authority (PSA) reported first-quarter GDP growth at a four-year-low 5.6%, largely due to the impact of a delayed national budget, and two days after the PSA said inflation eased in April to a 16-month-low three percent.

BSP’s 25bp cut last Thursday left the RRP rate at 4.5%.

At the same time, the BSP left intact banks’ RRR — which central bank Governor Benjamin E. Diokno in March described as still “really high” at an already reduced 18% — but he said last week that this issue will be discussed in the Monetary Board’s weekly meeting on Thursday.

Economic managers have admitted that they are hard-pressed to catch up with their expenditure program after a four-month delay in enactment of the national budget — slashed by P95.3 billion to P3.662 trillion when President Rodrigo R. Duterte signed it into law in mid-April — which deprived the government of P1 billion in spending a day in that period.

Simmering trade tensions between the world’s two biggest economies — the United States and China — have weighed on Philippine merchandise exports, which fell for a fourth straight month in March and marked a 3.1% year-on-year drop last quarter.

That, plus a 4.7% year-to-date increase in imports of goods, made the trade gap widen to $9.801 billion last quarter from a $8.103-billion year-ago shortfall.

PSA also reported last week that manufacturing fell for a fourth straight month in March, fueling a 6.6% year-to-date drop versus 12.3% growth in 2018’s comparable three months.

“We expect exports and broader manufacturing will remain subdued in 2019. The still unresolved trade war is an additional downside risk,” Ms. Ell added.

How much economic boost does election spending deliver?

May 14, 2019 | 12:31 am

By Carmina Angelica V. Olano
Researcher

ELECTIONS are widely believed to have a growth-inducing effect on an economy.

But do the numbers support this notion?

From 2000 to 2018, the country’s gross domestic product (GDP) growth averaged 6.3% in the six election years in this period, according to BusinessWorld calculations from the Philippine Statistics Authority’s national accounts. That compares to the 5.3% average growth for the entire period and 4.9% in non-election years.

“Election campaign spending by political parties and candidates — through paraphernalia, media, meetings and sorties, and administrative expenses — inject billions of pesos to the economy which in turn create jobs in select industries and further spur domestic demand. These activities will likely increase household consumption” National Economic and Development Authority (NEDA) Undersecretary Rosemarie G. Edillon said in an e-mailed reply to BusinessWorld questions.

“Consumer expectations are also more upbeat during election years, which could indirectly spur domestic demand. In fact, previous Consumer Expectation Surveys published by the Bangko Sentral ng Pilipinas showed that consumer sentiment relatively improves during election periods (from first to second quarters of the year), partly due to their optimism on the election of new government officials.”

Consumer confidence is said to have a high correlation to overall economic growth, as its trajectory often follows economic expansion.

But while data lends credence to the association between economic growth and election spending, the question of how much exactly each component of the economy contributes to economic growth is less clear.

During the 2000-2018 period, household spending growth averaged 5.09%. Focusing on growth only in election years, the figure is roughly similar at 5.13%. Meanwhile, average growth in non-election years is around 5.07%.

On the other hand, government spending was faster during non-election years with average growth of 5.4%, compared to 4.2% in election years and five percent in both election and non-election years.

“Based on the patterns, government spending tends to increase a year before most election years as some incumbent officials (especially those running for re-elections) have the tendency to increase government spending on various projects, such as infrastructure, health care, education, and other social services especially those have the biggest positive impact on their constituents…” Rizal Commercial Banking Corp. economist Michael L. Ricafort explained in an e-mail.

Sun Life Financial economist Patrick M. Ella shared this view. “Note that government spending tends to spike in pre-election years… as they are constrained by [the] election ban…” he said in a separate e-mail, referring to the ban imposed by the Commission on Elections on new public works spending as well as hiring and transfer of government workers for 45 days prior to elections in May.

PRIVATE INVESTMENT LEADS
Surprisingly, it is neither household consumption nor government spending that registers the highest growth in election years.

Rather, it is growth in private investments.

Growth in private investments — represented in the national accounts as capital formation — averaged 17.6% in election years in 2000-2018. That was faster than the 4.8% average growth observed in non-election years and the 8.8% average in 2000-2018.

Capital formation includes investments in fixed capital — which includes construction and durable equipment, among others.

With the exception of election years 2004 and 2007, capital formation’s contribution to GDP growth tends to go up during election years and then dips a year after.

Notably, it also has the biggest contribution to growth among demand-side components as compared to non-election years during which household consumption was the biggest demand-side contributor to growth.

“The government tries to finish infrastructure projects it starts before the end of its term — and usually, that is the election year. Meanwhile, private sector companies try to cash in on higher consumer demand during the election period by making sure their productive capacities are at their peak during these years,” Department of Finance Undersecretary and chief economist Gil S. Beltran explained in a mobile phone message.

ING Bank N.V. senior economist Nicholas Antonio T. Mapa and Security Bank Corp. economist Robert Dan J. Roces share Mr. Beltran’s assessment.

“In more recent years, capital formation tends to grow or remain strong following an election year as infrastructure projects proceed where investments in construction and durable equipment expand. Its growth is even stronger in an election year as there is a construction ban preceding the polls, hence, stockpiling on equipment and material for post-election projects,” Mr. Roces explained in an e-mail.

For ING Bank’s Mr. Mapa, most election-year boosts come from accelerated consumption as well as a “buildup in capital formation usually in the first two quarters ahead of the polls in May.”

“This could make sense as outgoing officials look to finally finish their big projects before their term is up and maybe even look to gain some press if he or she is running for re-election or another elected position in the same district,” Mr. Mapa explained.

With the exception of election years 2001 and 2004, investments in construction grew by double-digit rates in subsequent election years: 11.3% in 2007, 17.5% in 2010, 10.3% in 2013 and 13.1% in 2016.

NEDA’s Ms. Edillon underscored that elections do not influence the budget for public infrastructure. “What is apparent… is the reduction in public infrastructure in the year immediately after a national election, except in 2005 because we had the same President [Gloria Macapagal-Arroyo] and… in 2017, because of the conscious decision to proceed with the existing fiscal program (which was crafted by the previous administration),” she said.

ING Bank’s Mr. Mapa gave a similar view, adding that the gross value added in construction drops usually in the year following elections “as a newly elected official will need to go through a learning curve before he or she can get big public construction projects out.”

“The cycle continues every three years until the next election,” Mr. Mapa said.

Union Bank of the Philippines, Inc. (UnionBank) Chief Economist Ruben Carlo O. Asuncion noted the pick up in public construction growth in years preceding elections due to “legal impediments.”

“Thus, this may be a reason why capital formation gets a bump during election years as well,” Mr. Asuncion explained in an e-mail.

MORE STUDY NEEDED
Despite these trends, economists cautioned that these variables indicate only correlation and not causal effect.

“[E]ye-balling the data gives a general notion that an election year typically encourages consumption, government spending, and formation of capital,” UnionBank’s Mr. Asuncion said, noting that there exists “some sort of correlation” among these indicators.

“It would be better to test it further with econometric tools.”

A tale of spending during election years, 2000-2018

May 14, 2019 | 12:31 am

ELECTIONS are widely believed to have a growth-inducing effect on an economy. Read the full story.

LANDBANK ‘still intent on buying’ PDSHC majority

May 14, 2019 | 12:30 am

LAND BANK of the Philippines (LANDBANK) is still keen on acquiring majority stake in Philippine Dealing System Holdings Corp. (PDSHC), operator of the country’s fixed-income bourse, and is updating its proposal.

“We are still intent on buying,” LANDBANK President and Chief Executive Officer Cecilia C. Borromeo said in an interview on the sidelines of 2019 Retail Banking Forum held on May 2 in Makati City. “We wrote those who replied to our first offer. We’re just updating the number.”

The state-owned bank plans to acquire the majority stake of the fixed-income bourse operator as part of a government push to further develop the capital markets. It had twice extended twice the deadline for interested parties to take up its offer to purchase remaining PDSHC shares to March 15 and Jan. 31 from an initial end-2018 target.

LANDBANK had initially priced PDSHC shares at P215 apiece or a total of P281.96 million.

MOVING TO UPDATE OFFER PRICE
The latest price is about 40% less than the P360-per-share offer initially approved by the LANDBANK board, taking into account the P600-million dividends the PDSHC issued in June that reduced its assets.

Ms. Borromeo added that LANDBANK will tap a “third-party entity” to “update the valuation of shares.”

LANDBANK sought to take over the fixed-income exchange after delays in the Philippine Stock Exchange’s (PSE) planned acquisition of PDSHC. PSE began these efforts in 2013.

The PSE had already secured a 72% ownership of PDSHC in early 2018, although its share purchase agreements with various stakeholders lapsed in March last year since it failed to obtain exemption from the Securities and Exchange Commission (SEC) to waive the 20% single-industry ownership limit.

Section 33.2 (c) of Republic Act No. 8799, or the Securities Regulation Code, caps bourse ownership by an industry at 20% and individual ownership at five percent.

The SEC is authorized to exempt industries and individuals from this restriction to enable them to acquire more than the law permits, provided such control “will not negatively impact on the exchange’s ability to effectively operate in the public interest.”

In April, the PSE said it will have to issue about P5 billion worth of shares to bring down broker ownership to comply with the ownership limit.

PDSHC is 21% owned by the PSE, while LANDBANK owns 1.56% through Bankers Association of the Philippines. — Karl Angelo N. Vidal

MPTC plans to submit proposal for NLEx extension to Bataan

May 14, 2019 | 12:08 am

THE extension of the North Luzon Expressway (NLEx) to Bataan, also called Phase 3 of the north toll road project, is seen to move forward this year with the planned submission of a proposal to the Toll Regulatory Board (TRB).

Metro Pacific Tollways Corp. (MPTC) President Rodrigo E. Franco said the company wants to submit by second half the proposal to build more than 40 kilometers of toll road extending NLEx from San Fernando to Dinalupihan, Bataan.

“We’re studying it whether it’s timely na to pursue the construction of that project… We still have to submit a proposal to TRB. We’re hoping second half of the year, we will submit the proposal to TRB,” Mr. Franco told reporters last week.

The Phase 3 extension to Bataan is an inter-urban expressway that is part of the concession awarded to MPTC unit NLEX Corp. Mr. Franco said the project will cost “certainly more than P20 billion,” but the studies are still ongoing.

He added the company sees the project as timely, given the rapid increase in economic activities in Pampanga.

“You see that San Fernando, that Angeles area, it’s rich in urban streets eh. You may want to bypass that area already if you’re going to Bataan,” he said.

He added toll road projects outside Metro Manila are starting to gain bigger attention from MPTC as projects in the central city come with more issues because of the difficulty in constructing in crowded spaces.

“The tollways kasi, what you will notice is if it’s a project in Metro Manila, that involves a lot more complexity…. So typically, processes for Metro Manila projects take a little bit longer. So it really involves a lot more complication,” Mr. Franco said.

“We want to look at both inner city and also inter-urban. Even in NLEx, we have uncompleted segments that we want to pursue,” he added, pointing out the plans for NLEx Phase 3.

While the company intends to submit the proposal for NLEx Phase 3 by the second half, Mr. Franco said the construction may take more time.

“Right of way, as you know, needs to be acquired. So if you are talking about 40 kilometers, medyo mahaba ’yun [that’s quite long],” Mr. Franco said. “That’s why you need a long lead time for you to make the preparatory works before you can start construction of a project.”

MPTC is the tollways unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez

DoubleDragon-Alsons to invest P800M in Davao CentralHub project

May 14, 2019 | 12:07 am

DAVAO CITY — CentralHub Industry Centers, Inc. (CentralHub), a subsidiary of DoubleDragon Properties Corp., and homegrown Alsons Development and Investment Corp. (Alsons Dev) are investing P800 million for the planned industrial warehouse complex in the city.

The joint venture will develop a 6.2-hectare property in Lasang, located in the northern part of Davao City, about 17 kilometers from the Davao International Airport. The area is also adjacent to Panabo City, home of the Floirendo-owned Davao International Container Terminal.

“CentralHub-Davao will propel growth and improve competitiveness of local industries by reducing transport and logistics costs,” said Rosvida A. Dominguez, Alsons Dev executive vice-president.

“It will also create employment and business opportunities for the local community,” she added.

The project, based on an information sheet sent via e-mail over the weekend, is scheduled to start by 2021.

CentralHub is currently building three other projects, located in Cebu, Iloilo, and Tarlac.

Central Hub-Davao will offer 40,392 square meters of leasable space for warehousing, cold storage, commissaries, light manufacturing, and logistics distribution.

DoubleDragon and Alsons have earlier partnered for the CityMall-Northtown Center, a 1.5-hectare mall complex within two adjacent subdivision projects of Alsons Dev. — Carmelito Q. Francisco

A whole new version of ‘A Whole New World’

May 14, 2019 | 12:06 am

IN 1992, Filipino singer Lea Salonga, having just made a splash on Miss Saigon, got what many believed was a gig of a lifetime — a chance to sing what was sure to be a worldwide hit for a Disney animated movie. “A Whole New World” from Aladdin introduced her — or at least her voice — to a new generation of fans worldwide.

Ms. Salonga provided the singing voice for Princess Jasmine, while Brad Kane provided the singing voice for Aladdin in the animated film. The song by award-winning composer Alan Menken, garnered multiple awards, including a Grammy Award for Song of the Year and an Academy Award for Best Original Song. The film also won an Academy Award for Best Original Score.

Twenty-seven years later, Disney has come up with a live-action rendition of its ’90s classic Aladdin, which will be in theaters on May 22. Nostalgic viewers are sure to belt out a line or two from “A Whole New World.”

In the Philippines, Disney is passing on the legacy of Aladdin’s music to two of the country’s young vocal powerhouses, Morissette Amon and Darren Espanto, who worked together on a localized version of the song. At a special listening party with the media, the pair introduced guests to the new version via a live performance of the duet. Attendees also got a first glimpse of the music video. Ms. Amon and Mr. Espanto were dressed in the colors that Jasmine and Aladdin wore in the animated movie.

“Here at Disney Philippines, we collaborate with like-minded brands and individuals to deliver the best experiences to our Filipino fans in a locally relevant manner. Through our localization efforts, we continue to build connections with Filipino fans to bring them even closer to their favorite characters and stories, such as Aladdin,” said Veronica Cabalinan, Country Head of The Walt Disney Company Philippines. The song will be used to promote the movie locally.

Disney previously tapped a local artist Iñigo Pascual to do a version of the song “Remember Me” to promote the movie Coco.

The live-action remake of Aladdin will see Naomi Scott, who plays Princess Jasmine, and Mena Massoud, who plays Aladdin, singing “A Whole New World.” There is also an end-credits version of the song performed by Zayn Malik and Zhavia Ward, the single of which was released last week.

“I grew up with Disney, listening and singing along to the songs of so many of their movies,” said Mr. Espanto. “I never would have imagined that I would be given the opportunity to sing one of their most amazing classics. It’s truly a dream come true to work with a brand that has brought me so many happy childhood memories and now, to be a part of the childhood experiences of an entirely new generation.”

“The fact that the original version was sung by the legendary Lea Salonga, makes being chosen for this project truly an honor,” said Ms. Amon. “It is a once-in-a-lifetime opportunity. I wish our rendition of this beautiful song makes people happy.”

Both Ms. Amon and Mr. Espanto have worked with Ms. Salonga before via their respective stints on The Voice of the Philippines and The Voice Kids. “When given the chance, I would love to open up to her about the opportunity,” she said about Ms. Salonga. Apparently, to prepare for her role in singing the song, Ms. Amon watched videos of Ms. Salonga.

To be given the opportunity by Disney to sing the song and appear in a music video for “A Whole New World” would be like getting a taste, for a few moments, of what it’s like to be Disney royalty, Mr. Espanto said. “I mean, I guess this is the closest we could get. It’s really cool!”

Walt Disney Pictures’ Aladdin opens in Philippine theaters on May 22. The song featuring Mr. Espanto and Ms. Amon will be available on Spotify this month. — JLG

FPH allocates P30-B capex this year

May 14, 2019 | 12:06 am

FIRST Philippine Holdings, Inc. (FPH) will be spending about P30 billion in capital expenditures (capex) this year mainly to finance its power and property businesses.

“Our capex on a consolidated basis is over P30 billion, most of which is dedicated to First Gen (Corp.) and Rockwell (Land Corp.), some for the industrial park business, and then the construction business, and of course we mentioned the (Benpres) building,” FPH President and Chief Operating Officer Francis Giles B. Puno told reporters after the company’s annual shareholders’ meeting in Makati Friday.

This year’s planned capex is 36% higher than the P22 billion FPH programmed in 2018, with the increase due to higher investments in First Gen.

First Gen cornered P12 billion of the capex, bulk of which will go to its subsidiary Energy Development Corp. This gives the company some leeway to fund a geothermal-related project.

The listed power company is also scheduled to start the construction of its liquefied natural gas (LNG) terminal project this month. First Gen has partnered with Tokyo Gas Co., Ltd. for the project, although it expects to bring in more partners in the future. The $1-billion LNG terminal is seen to be completed within four years.

Listed property developer Rockwell Land will also get P12 billion for capex, steady from the P12.7 billion it spent in 2018.

Rockwell Land earlier said it will ramp up spending to increase its land bank until this year. The company targeted to acquire 284 hectares of land, in a bid to increase its land bank to account for about 12% of total assets, versus 3% by end-2017.

Mr. Puno said they will also fund the redevelopment of the Benpres Building in Ortigas Center, which has housed the Lopez Group of Companies for almost five decades. It is spending P8 billion for the project, spread out over the next four years.

FPH’s other business units include First Philippine Industrial Park, First Philippine Electric Corp. which handles manufacturing, and First Balfour, Inc., which handles the construction and energy services segment.

Meanwhile, Mr. Puno noted that their newly established education unit that offers senior high school programs is now on its second year

“The second year is important because that’s when they go through immersion with the locators so it’s still in its testing ground. But it’s looking quite successful because the locators want to be able to hire young talented Filipinos, well-trained,” Mr. Puno said.

The company also entered the health care business last year through a 68% stake in Asian Eye Institute, although Mr. Puno said there are no major investments for the business yet.

FPH said it will use internally generated cash to fund this year’s spending.

FPH’s net income attributable to the parent jumped 76% to P10.28 billion in 2018, against the previous year’s P5.86 billion. Gross revenues, meanwhile, grew 21% to P131.31 billion for the year. — Arra B. Francia

Firefalldown releases new single

May 14, 2019 | 12:05 am

PHILIPPINE “post-hardcore” Christian band Firefalldown released its first single in three years, “Kahulugan,” a song about finding meaning and truth.

Initially founded in 2007 in the United Kingdom, Firefalldown was originally a punk and funk group which “toured the UK relentlessly,” according to the group’s Facebook page, and independently released an EP in 2008, Commissioned, and a full album in 2012, These Wounds.

In 2013, the band’s frontman and main songwriter, Jon Blaylock, decided to come home and relocate the band to the Philippines.

“We slowed down quite a bit for a few years as I navigated my way through the transition from London to the Philippines but the dust has settled and Firefalldown has never been more of a force to be reckoned with,” Mr. Blaylock said in a release.

He described the band’s sound as something that has evolved into “rhythmic post-hardcore with pop leanings,” but he noted that the band’s vision remained the same: “I’m a follower of Christ before I am anything else, so my priority in all things is speaking and living biblical truth.”

The band’s influences include bands like Red Chili Peppers, Incubus, and Skindred though Mr. Blaylock said that he also listens to motown and jazz.

“The band is probably more overt about this than it has ever been,” he said.

During the press launch on April 30 at the Warner Music Philippines offices in Bonifacio Global City, Taguig, Mr. Blaylock noted that the band “exists primarily” to spread the word of God and in some ways they can be called a Christian band though he has qualms about using the term.

The group’s new single, which comes three years after its last album Halimaw, is all about “looking for meaning and the truth in all the wrong places.”

The band has gone through several lineup changes through the years but Mr. Blaylock said that his current members — Jedd Manjares on drums and Djimi Django on bass — are a “perfect fit.”

“I’ve really enjoyed being in a band with these guys. There’s a real excitement and chemistry and being on the same page,” he said.

The band is currently in the middle of its #Truther Tour which is bringing it to several locations nationwide including Naga and Laguna. — ZBC

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