Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 1105

On the PEB in London, the PhilHealth funds, and the US elections

Last week, from Oct. 29 to 30, the government economic team went to London for a series of investment roadshows and meetings, then another Philippine Economic Briefing (PEB) on Oct. 31. This was after they had been in Washington DC for a series of meetings with the multilaterals, credit agencies, and some big commercial banks there.

From the photos and press releases, the economic team members who were in London were Department of Finance (DoF) Secretary Ralph G. Recto, Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) Secretary Frederick Go, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan, Department of Energy (DoE) Secretary Raphael P.M. Lotilla, and Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco Dakila, Jr.

Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman, a member of the economic team was not with the group. I checked the DBM Facebook page — she had been at the Philippine International Convention Center where she a speaker at the International Conference on Women, Peace and Security (WPS) on the third and last day, Oct. 30.

The Philippines Open Government Partnership (PH-OGP), chaired by Ms. Pangandaman, convened many notable women leaders from the Philippines and abroad for a discussion on the theme, “Empowered Women, Lasting Peace: Advancing the Women, Peace, and Security Agenda Through Open Governance.”

Meanwhile, at the PEB, Mr. Recto highlighted that “British investors brought 585.74 million British pounds of investments to the Philippines as of the end of July…. 97 British companies currently operate in our economic zones…. The Philippines is booming and has all the makings of a tiger economy…. we are among the best performing economies in ASEAN, with GDP growth averaging 6.1% since President Ferdinand R. Marcos, Jr. took office.”

Going back to Europe, London in particular, is a good move by the economic team mainly because Europe is limping economically now, so many companies there are looking for other countries as good investment alternatives. Asia in general, and Philippines in particular, should be a good destination for them.

Consider the economic performance of several European and Asian economies over first to third quarter (Q1-Q3) this year compared to last year (see Table 1).

Also at the PEB, NEDA Secretary Balisacan discussed many big infrastructure projects under the Public-Private Partnership (PPP): 214 projects which are under implementation (15 are Infra Flagship Projects or IFPs) with total estimated project cost of P3.575 trillion. And 173 projects are in the pipeline (29 are IFPs) with a total estimated project cost of P3.174 trillion. So, a total of P6.749 trillion — that is huge.

Aside from the PPPs, there are also many foreign assisted projects (FAP), or foreign aid from the multilaterals and bilateral organizations, for infrastructure. Local counterpart funding is needed for these FAPs to be disbursed.

ON PHILHEALTH AGAIN
We need more money for these FAP counterpart funds and for other social service spending in the unappropriated expenditures. The Philippine Health Insurance Corp. (PhilHealth) has the money from excess remittances by the National Government (NG) to PhilHealth to subsidize millions of non-contributing indigents, senior citizens, other government-sponsored individuals and households.

I looked through some PhilHealth finance reports where I saw that the P89.9 billion in excess funds came from three years of accumulated remittances by the NG (see Table 2).

That item “NG premium for indirect contributors” would be better called “NG collections from gamblers and bettors, drinkers, smokers and vapers.” That money comes from remittances by the Philippine Amusement and Gaming Corp. (better known as PAGCOR), the Philippine Charity Sweepstakes Office or PCSO, and excise taxes on alcohol and tobacco products. That money does not come from those employed in the formal sector, nor from indigents, not from senior citizens (who are non-contributing), and not from other sponsored individuals.

There are fears that PhilHealth’s equity is turning negative. This is because of the P1 trillion+ provision for Insurance Contract Liabilities (ICLs). ICL is Present Value of Future Outflows (benefit payments plus administrative expenses) minus Present Value of Future Inflows (Premium collections plus interest earnings).

So ICLs are just estimates, not backed up by actual claims or contracts with hospitals and health professionals. It should not be considered as a big parameter or factor in the reallocation of excess funds for current actual needs.

The government, through the DoF, has the legal right, has the moral ascendancy, to take back those excess funds to fund additional big infrastructure and additional social services that will create more jobs and reduce the number of jobless, and reduce the number of indigents.

Healthcare is first and foremost a personal and parental responsibility, secondarily a government responsibility. People should pay for their own healthcare, even at a minimal amount, and not everything should depend on the government.

THE US ELECTIONS
Meanwhile, the US Presidential and Congressional elections are being held tomorrow (Nov. 5 in the US, which is Nov. 6 in the Philippines). The US economy, the millions of new illegal immigrants, the ongoing US military involvement in many wars abroad (Ukraine, Israel, Syria, etc.) are among the key issues for the voters.

I checked the US’ total outstanding public debt and it is huge: As of Oct. 31, 2024, it comes up to $35.952 trillion. In comparison, on Oct. 31, 2023, it was $33.700 trillion; Oct. 31, 2022, $31.238 trillion; Oct. 29, 2021, $28.909 trillion; and Oct. 30, 2020, $27.135 trillion.

On Sept. 30 this year, it was $35.465 trillion; on Aug. 30, it was $35.256 trillion; and on July 31, $35.105 trillion. So, from October 2023 to October 2024, there was an increase in US public debt of $2.252 trillion or $6.17 billion/day. From September to October this year, there was an increase of $487 billion or $15.71 billion/day. From August to September, $209 billion or $6.97 billion/day. And from July to August, $151 billion or $5.03 billion/day.

So, last month, the last month before the US elections, the Biden-Harris administration was over-borrowing by $15.7 billion per day. Horrible fiscal irresponsibility.

 

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

PBB’s income surges to P768 million in 3rd quarter

PHILIPPINE Business Bank (PBB) saw its net income jump by 177.73% in the third quarter, driven mainly by trading gains.

The bank’s net earnings grew to P767.64 million in the third quarter from P276.4 million in the same period last year, its quarterly report disclosed to the stock exchange on Monday showed.

This brought its nine-month net profit to P1.8 billion, up by 57.09% from P1.146 billion in the same period last year.

This translated to an annualized return on equity of 12.7% and a return on assets of 1.5%.

“The bank’s financials showed remarkable performance and growth in the first nine months of 2024 earning P1.8-billion net income, an accomplishment that took PBB the full year to reach in 2023. This growth was driven by the ability to capitalize on the high-interest rate environment, effective cost management, and a 50% growth of fee-based income,” PBB Vice Chairman, President and Chief Executive Officer Rolando R. Avante said.

“As PBB moves into the fourth quarter of 2024, it will remain well-positioned for sustained growth and profitability. It remains steadfast in its commitment to its clients by offering products that cater to their needs. These will ensure that the bank is ready to face future challenges while continuing to deliver value to its stakeholders,” Mr. Avante said.

The bank’s net interest income inched up to P1.59 billion in the third quarter from P1.58 billion in the same period last year.

This came as its interest income went up by 14.09% to P2.65 billion, while interest expenses surged by 43.37% to P1.06 billion from P737.26 million.

Net interest margin was at 4.34% at end-September, down from 4.63% at end-2023.

PBB’s other income stood at P720.75 million in the third quarter, a turnaround from the P35.45-million loss seen in the same period last year, driven by trading gains.

Other expenses stood rose by 16.49% to P1.09 billion as it set aside more loan loss provisions and amid increased spending on compensation and taxes, among others.

This resulted in a cost-to-income ratio of 53.14% at end-September.

PBB’s total loans and receivables went up by 13.1% year on year to P120.6 billion as of September.

Its nonperforming loan ratio was at 5.87% at end-September, up from 5.7% last year.

On the funding side, deposits stood at P131.9 billion.

As a result, the bank’s loan-to-deposit ratio stood at 91.43%.

PBB’s total resources went up by 15.1% year on year to P161.32 billion as of September.

Equity stood at P19.71 billion. Its capital adequacy ratio was at 12.92%, while its minimum liquidity ratio stood at 24.55%.

PBB’s shares closed at P9.07 apiece on Monday, down by 13 centavos or 1.41% from Friday’s finish. — A.M.C. Sy

E-commerce seen altering tenancy mix in PHL malls

AYALA CENTER CEBU — AYALAMALLS.COM

THE RISE of e-commerce platforms is continuously transforming the retail landscape in the Philippines, altering the tenancy mix in malls, a real estate agency said.

“The online shopping movement has caused ripples in the retail market as brick-and-mortar stores adjust to smaller leasable areas,” Lean D. Cacatian, manager for consultancy at KMC Savills, said in an e-mailed reply to questions on Oct. 10.

Mr. Cacatian said this has been more apparent in apparel stores since more people are shifting toward buying their clothes and accessories online.

KMC said retail developments are using strategies like double-digit monthly sales (e.g., 1.1, 2.2, 3.3) and bank partnerships for discounts to boost foot traffic. It also noted transit-oriented developments to enhance community involvement and mall access.

Christopher A. Argamino, assistant manager for consultancy at KMC Savills, said the retail landscape has greatly improved since the pandemic.

He said key players are capitalizing on the growth opportunity by expanding their presence across all areas around the country.

“Leading mall developers (i.e., Ayala Malls and SM Retail) are maximizing their potential returns as they continue to renovate existing malls to accommodate prospective tenants,” he said.

Mall operator Ayala Malls has allocated P13 billion for the redevelopment of four of its malls: Glorietta, Greenbelt 2, TriNoma, and Ayala Center Cebu.

Expected changes include exterior and interior design improvements, lush greeneries and open space, as well as enhanced areas for convergence and retail spaces.

“In the past several years, much has changed for all of us — both during and before the pandemic. We’ve seen habits changes, preferences evolve, and priorities reset. With this, we feel it is an opportunity to usher in a new era for Ayala Malls — and a new experience for our customers,” Ayala Malls President Mariana Beatriz Zobel de Ayala said in a briefing in February.

Mr. Argamino said international brands that were not previously in the retail landscape — such as Love Bonito and Nitori — are leading tenant movements in local malls and expect the trend to continue.

This trend is due to the rising income levels of the population, making it profitable for more upscale brands to enter the country.

The average annual income of Filipino families increased by 15% to P353,230 in 2023 from P307,190 in 2021, as wages and quality of jobs improved, the Philippine Statistics Authority’s recent family income and expenditure survey data showed.

Overall, the retail scene may see more upscale brands entering as the country’s purchasing power improves, KMC Savills said.

Mr. Argamino also noted that tenants that encourage visitors to spend more time in malls have also seen an increase in popularity, particularly sports simulator rooms, children’s activity centers, and dance studios, aside from the typical cinemas and arcades.

He also noted that government satellite offices and various churches are occupying mall spaces. — Aubrey Rose A. Inosante

Maynilad expanding sewerage network in Parañaque

MAYNILAD Water Services, Inc. has invested P695 million to expand its sewerage network in Parañaque City, the company said on Monday.

The project involves the laying of sewer lines along portions of NIA Avenue, Radial Road, and Sucat Avenue, which will collect wastewater from over 35,000 residents of Barangays La Huerta and Santos Dionisio, the water concessionaire said in a statement.

Maynilad said the wastewater will be conveyed to its Parañaque Water Reclamation Facility for proper treatment before being safely discharged into the Kayboboy River, in compliance with environmental standards.

The project, which started in 2021, is slated for completion by the third quarter of 2025, according to Zmel Grabillo, Maynilad’s wastewater management head.

“Sewerage projects are highly complex and take time, as new sewer lines must be laid deeper than water pipelines — sometimes as deep as 14 meters below ground. This requires precise engineering and careful excavation,” Mr. Grabillo said.

The company serves Manila, except portions of San Andres and Sta. Ana. It also operates in Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon.

It also supplies the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta, and Rosario, all in Cavite province.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three 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 an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Squid Game 2 to be ‘more intriguing,’ the show’s creator promises

A scene from season two of Squid Game. — IMDB

LUCCA, Italy — Revenge will be in the air in the hotly anticipated second season of Squid Game, the TV show’s creator Hwang Dong-hyuk says, promising a bigger cast of characters and more absorbing challenges than the original.

Attending the first global promotional event for the new season in the Tuscan city of Lucca, Hwang told Reuters a third edition of the Korean drama was already in post-production, and hinted an English-language version may be in the offing too.

The first season of Squid Game became Netflix’s most watched series of all time when it was released in 2021.

Hwang went on to win an Emmy for outstanding directing for a drama series, while Lee Jung-jae scored a best actor in a drama Emmy Award. Both were the first Asians to take home those titles and the first for a non-English language series.

Given the huge viewing figures, the dystopian show was inevitably renewed and is due to hit the streaming service on Dec. 26, with the third and final installment set for rollout in 2025.

“In Season 2, Gi-hun (played by Lee), who survived Season 1, returns to the games, not to win this time around, but to put an end to these games,” said Hwang, the show’s writer, director, and producer.

“There is going to be a larger number of characters this time and more intriguing games that are all worthy of a lot of the viewers’ love and support,” he said.

The thriller series follows cash-strapped contestants who take part in deadly survival challenges featuring childhood games for a chance to win a fortune. The new season takes place three years after the events of the first and sees Lee’s character Seong Gi-hun returning to the life-or-death game with new participants.

Also attending the Lucca Comics & Games event, Lee told Reuters there was pressure to improve on the original, adding that his character, a former gambling addict, is a changed man.

“Gi-hun is a very different person in Season 2. This time around he wants revenge. He wants to catch the people behind the games and he wants to bring them to justice,” he said.

The Hollywood news site Deadline, reported this week that US director David Fincher, who made the 1999 hit Fight Club, was working on an English-language version of Squid Game for Netflix.

“I don’t think it’s official yet, so I cannot tell much about it. But, you know, I respect him as a filmmaker and creator,” Hwang said when asked about the report.

“So if he does it, you know, I’m looking forward to seeing it, watching it.” — Reuters

Restoring Filipino seafarers’ competitiveness for a sustainable maritime sector

WIKIPEDIA

The shipping industry is one of the most diverse and globalized sectors in the world due to its involvement in the international transportation of goods and products. Marine transportation is the most cost-efficient and sustainable way of moving large quantities of goods around the world. Our nation regularly supplies seafarers to meet the labor demands of merchant fleets worldwide.

According to the Department of Labor and Employment, the Philippines has long provided nearly one-third of the global maritime workforce. Filipino seafarers have been the top choice of foreign principals due to their well-established reputation and global recognition, which stem from their unique combination of diligence, adaptability, dependability, and fluency in the English language. Considering their hard work, dedication, and financial contribution, these Filipino sailors are among our nation’s greatest assets.

However, a combination of local and global events has resulted in a decreased demand for the services of Filipino seafarers. As a result, their competitive advantage is gradually diminishing. This situation seriously threatens the sustainability of Philippine manning agencies, the growth of our economy, and the well-being of the families who rely on our seafarers’ remittances.

How can we address the declining global labor market competitiveness of Filipino seafarers in the face of intense competition from other countries, an economic downturn, legal and political requirements, technological advancements driven by Industrial Revolution 4.0, and the aftermath of the COVID-19 pandemic?

One of the main obstacles contributing to their declining competitive advantage is their difficulty in keeping up with technological advancements. The maritime transport sector is adapting to the development of smart ship technology as the world moves toward higher levels of autonomy. “Autonomous technology for ships” refers to a software’s increased independence in making critical decisions within a maritime vessel, representing a significant technical advancement. For example, the Internet of Things (IoT) allows seafarers to remotely control their machines and equipment. Such technological advancements may lead to further job losses for seafarers.

Our seafarers must enhance their technological skills and knowledge to keep up with the rapidly evolving technological landscape in the maritime industry. Over the past few decades, there have been significant advancements in technology, particularly in the way seafarers are trained by various maritime institutions. For instance, several manning agencies have already invested in their maritime training facilities and hubs. Some training centers have even acquired their own shipping vessels to provide their cadets with more hands-on experience and firsthand exposure to working on a shipping vessel.

Despite innovations in shipbuilding and training methods, seafarers remain crucial as they are primarily responsible for operating and navigating these vessels. Finding the most effective way to educate and train seafarers is an ongoing responsibility that all major stakeholders must undertake to adapt to these changing times.

One of my recommendations to enhance the global competitiveness of Filipino seafarers is to establish a maritime training facility tailored to their needs. Manning agencies, trade unions, and other stakeholders in the maritime sector must form partnerships and collaborations. Manning agencies, most of which lack the resources needed to establish their own training facilities, could collaborate with each other or with other stakeholders and pool their resources to establish shared maritime training facilities, which would benefit all seafarers associated with these organizations.

Our seafarers’ maritime training is a long-term process that needs careful planning to align with global trends. This process requires significant effort and the harmonization of national legislation with international conventions. The government, manning agencies, maritime schools, training centers, and maritime trade unions should work together to ensure that Filipino seafarers understand the value of additional education and training in advancing their careers and remaining competitive in the international market. Each party has a responsibility to contribute to rekindling the global competitiveness of Filipino seafarers.

 

Dr. Rayan Dui is a full-time faculty member and chair of the Department of Marketing and Advertising at the Ramon V. Del Rosario College of Business, De La Salle University. With over 15 years of experience as a senior marketing consultant for a maritime training center, he has a keen interest in research related to the maritime sector. Through his research he aims to implement changes that will benefit the maritime training industry and ultimately, Filipino seafarers.

rayan.dui@dlsu.edu.ph

Wise gets access to InstaPay, boosting real-time transfers

REUTERS

GLOBAL cross-border payments platform Wise now has access to real-time electronic fund transfer service InstaPay and can now settle directly with the Bangko Sentral ng Pilipinas’ (BSP) gross payment system PhilPaSS Plus, it said on Monday, allowing for faster transactions.

With this, Wise now has six direct connections to domestic payments systems globally, it said in a statement.

“We realized, and especially for Wise as a global company, two of the main pillars that we would want to push in the Philippines would be — which are solved by InstaPay — speed and cost,” Wise Philippines Country Manager Areson I. Cuevas told BusinessWorld.

“In less than 20 seconds, the recipient in the Philippines should be able to get the payment. Before InstaPay, it wasn’t instant. But right now, especially if the transaction is covered by the InstaPay limit of P50,000, that’s going to be instant,” Mr. Cuevas said.

The direct connection to InstaPay will also help reduce their costs, he added.

“InstaPay has a low-cost model, but we still have to pay them, which means we can route payments to the Philippines at a much lower cost structure,” he said.

Partnering with InstaPay no longer requires Wise to partner with banks and will also let their customers send funds to other participants of the automated clearing house, he added.

“Right now that we are already sending payments by InstaPay, we no longer have to rely on a sponsor bank to sponsor our payments. We are doing it directly by PhilPaSS … which helps reduce the cost and make transactions faster,” Mr. Cuevas said.

“If you’re an InstaPay participant, it supports the BSP’s call to avoid bilateral agreements with banks to make repayments. So, it levels the playing field. So, it makes us level with other banks,” he said.

In May, Wise entered the Philippine market with the launch of its products Wise Account and Wise Prepaid Card.

Wise Philippines was able to settle its first InstaPay transaction in August via PhilPaSS Plus, Mr. Cuevas said.

They expect the direct InstaPay integration to boost demand for real-time transfers, he added.

Wise has an average transaction fee of 0.62%.

With transactions completed in less than a minute, Wise customers can withdraw or move their funds fast, the company said.

This will also allow them to quickly top up their Wise Account and Wise Card transactions via bank transfers or electronic wallets.

The total value of transactions done through InstaPay jumped by 44.8% to P5.14 trillion as of September from P3.55 trillion a year prior.

In terms of volume, InstaPay transactions stood at 974.4 million in the first nine months, soaring by 70.6% from 571.1 million the previous year.

PESONet and InstaPay are automated clearing houses launched in December 2015 under the BSP’s National Retail Payment System framework.

InstaPay is a real-time, low-value electronic fund transfer facility for transactions up to P50,000 and is mostly used for remittances and e-commerce. — A.M.C. Sy

Dusit Thani Mactan eyes Japanese tourist surge

100-METER infinity swimming pool at Dusit Thani Mactan Cebu Resort — DUSIT.COM

CEBU CITY — Dusit Thani Mactan Cebu Hotel, a luxury resort owned by Robinsons Hotels and Resorts, is optimistic about the resurgence of the Japanese market as a top source of tourists.

“We always know that Korea is our top market here in Cebu because it has the most number of direct flights coming from different parts of Korea. But as for Japan, before it used to be the second top market, pre-pandemic time,” Flordelis Ymbong, director of sales — leisure at Dusit Thani Mactan Cebu, told BusinessWorld on Oct. 26.

The Japanese market is now replaced with foreign visitors from Taiwan and Singapore.

Starting Oct. 28, a new flight from Japan will begin, with additional flights in December for the peak season, she said.

Philippine Airlines is set to launch its Cebu-Osaka flights on Dec. 22 with direct flights from Mactan to the Kansai region that will ramp up the tourism industry and local business in Cebu and the Visayas region.

“We had the Department of Tourism (DoT), Tourism Promotions Board B2B mega fam tour from Japan agents last Oct. 25. We had a B2B networking at NUSTAR,” Ms. Ymbong said. The networking event was attended by 76 travel agents from Japan, as well as the DoT in the Philippines and in Japan, particularly in Osaka.

Ms. Ymbong said the occupancy rate for the Dusit Mactan is slowly picking up but still not the same as the pre-pandemic time.

She said the luxury resort, located in the first five-star beachfront resort, is currently at a 75% occupancy rate while aiming to reach 80% in January next year.

“We want to diversify our market because it happened already during the pandemic. We are only relying on one particular market which is the Korean,” Ms. Ymbong said.

Dusit Thani is now looking to tap its existing Europe, India, Dubai, and Canada markets.

The hotel has 271 guest rooms and suites and a facility for meetings, incentives, conferences, and exhibitions that can take a maximum of up to 900 guests.

Dining options include Thai restaurant Benjarong, Tradewinds Café, The View lobby lounge, Sunset Bar — a sports bar, and The Deli.

Situated on the Punta Engaño Peninsula, the Dusit Thani Mactan Cebu is accessible from Mactan-Cebu International Airport, 11 kilometers by land and sea transport. — Aubrey Rose A. Inosante

8990 Holdings appoints Landers’ Gwen Lim as independent director

8990HOLDINGS.COM

LISTED 8990 Holdings, Inc. said its board has appointed Gwen Lourdes G. Lim as an independent director effective Monday.

Ms. Lim fills the vacancy caused by the resignation of Vittorio P. Lim, 8990 Holdings said in a stock exchange disclosure.

On Oct. 29, Mr. Lim officially vacated the role due to government requirements on the qualifications of independent directors.

Ms. Lim is currently the vice chairman of Southeastasia Retail, Inc. (SEARI), a role she has served since September 2022.

SEARI operates the membership retailer chain Landers Superstore.

She was previously the president of SEARI from February 2015 to August 2022.

8990 Holdings said Ms. Lim has more than 34 years of experience in the local retail industry, with previous positions in SM, Pricesmart Philippines, and S&R Membership Shopping.

For the first nine months, 8990 Holdings saw a 24% decline in its attributable net income to P4.71 billion from P6.2 billion in 2023.

The company’s revenue dropped by 8.4% to P15.68 billion from P17.12 billion last year.

On Monday, 8990 Holdings shares rose by 1.05% or nine centavos to P8.69 per share. — Revin Mikhael D. Ochave

Here reunites Tom Hanks and Robin Wright as younger selves

Tom Hanks and Robin Wright in a scene from Here. — IMDB

LOS ANGELES — In the film Here, Tom Hanks and Robin Wright had to remember what it was like to be in their 20s to portray de-aged versions of their characters.

“It was fun to do because we had to see playback immediately with this visual effect tool,” Wright said.

“Oh, my eyes are 19 and my smile is 19 years old. Now I know how to walk in the room and put my shoulders back and squeeze my arms into my ribs, because that’s how you move and you’re like, you know, it would help you re-remember what it felt like living in the body of a 20-year-old, right?” she added.

Similarly, Hanks had to adjust to acting like a younger version of himself for the film.

“I had to leap off that couch in a way one does when they are 22,” Hanks said, laughing.

Here, directed by Forrest Gump filmmaker Robert Zemeckis, reunites the leads of the Oscar-winning film for this American drama that explores a generational story about families and the special place they live.

Hanks plays Richard Young and Wright plays his character’s wife, Margaret Young.

The movie, distributed by Sony Pictures, arrives in North American theaters on Friday after making its debut during AFI Fest in October. — Reuters

Entertainment News (11/05/2024)

Warner Bros. Discovery to launch MAX in November

WARNER BROS. Discovery has announced that its streaming service Max will launch on Nov. 19 in Indonesia, Malaysia, the Philippines, Singapore, and Thailand, as well as Taiwan and Hong Kong. Max will carry blockbuster movies, series, reality shows, and more from brands like HBO, Harry Potter, the DC Universe, Cartoon Network, Max Originals, plus Hollywood movies and TV programs from Discovery, TLC, AFN, and Food Network. Subscribers can create up to five unique profiles, each customizable with favorite characters as avatars, receive content picks based on viewing habits and customize profiles for children, curated with age-appropriate content and parental controls.

 

BGC lights grand Christmas tree

BONIFACIO Global City (BGC) will be lighting its Grand Christmas Tree at the Fifth Avenue on Nov. 7 at 6:30 p.m. Alongside this is the launch of Southeast Asia’s first sky projection experience with Magic at the 5th. It will take place at the BGC High Street Central, BGC, Taguig. Special guest performances will also be revealed on the day itself.

 

Viva, MQuest sign content joint venture

VIVA Communications and MQuest Ventures have announced the signing of a joint venture agreement to produce high-quality entertainment content for Filipino audiences on free-to-air and other media platforms. Beginning 2025, the new joint venture will air several new entertainment shows across various timeslots on TV5’s grid, featuring some of the biggest stars in Philippine showbiz.

 

Wicked to premiere in November

ON Nov. 20, Universal Pictures is bringing the movie version of the hit musical Wicked to the Philippines. The musical fantasy stars Cynthia Erivo, Ariana Grande, Jeff Goldblum, Michelle Yeoh, Jonathan Bailey, and Peter Dinklage, with Jon M. Chu directing. It follows two witches of Oz, who meet as students at Shiz University: Elphaba (Erivo), who stands out because of her green skin, and Glinda (Grande), a popular and ambitious woman. They form an unlikely friendship and journey across the land of Oz, where the Wonderful Wizard of Oz (Goldblum) tests their friendship.

 

Jonathan Roumie of The Chosen comes to Manila

JONATHAN Roumie, the actor known for his portrayal of Jesus in the series The Chosen, is set to visit Manila for a fan screening on Nov. 22. The event will showcase the Christmas special Christmas with The Chosen: Holy Night, a retelling of the birth of Jesus, as seen through the eyes of Mary and Joseph.

 

Bullet Dumas, The Ridleys, Munimuni, Ena Mori and more to headline GNN Year-End Party

GABI NA NAMAN (GNN) Productions, an events and multimedia company, will be wrapping up 2024 with an party that celebrates a festive year in live music. Titled Gabi Na Naman Year-End Party, the annual mini music fest will take place at 123 Block in Mandaluyong City on Nov. 29, 5 p.m. onwards. OPM performers Shirebound (formerly known as Shirebound & Busking), Bullet Dumas, and Dicta License will be the headlining, along with indie favorites Ena Mori, Munimuni, The Ridleys, and DJ Jiggawho. The lineup will also feature newcomers Pinkmen, Ysanygo, (e)motion engine, Amateurish, and ALYSON. The show will be part of JDOS Playlist LIVE, a music initiative by Jack Daniel’s Philippines. Tickets are available via bit.ly/gnnyep24 for P600 (early bird price) and come with a free Jack Coke.

 

Linya-Linya Land returns with music, comedy, drag

The performance festival Linya-Linya Land returns on Nov. 30, 2 p.m. onwards, at 123 Block, Mandala Park in Mandaluyong City, with an extensive line-up of local talent. Filipino singer-songwriters, bands, and rappers Lola Amour, Over October, Unique Salonga, Cheats, Oh! Flamingo, KJah, Mhot, and Apoc will represent the music scene. Improvisational theater performers and stand-up comedians are also set to take the stage, including SPIT Manila; GB Labrador, James Caraan, Nonong Ballinan, Ryan Rems, and Muman Reyes of The KoolPals, and Comedy Manila’s Victor Anastacio and Issa Villaverde. Drag performance art will also be represented by Ru Paul’s Drag Race Philippines Season 3 superstar, Tita Baby. The event has partnered with non-profit organizations and communities like the Angat Buhay Foundation, AHA! Learning Center, The Learning Lab, and PANTAY. Tickets are available at P1,200 (early bird price) and P1,500 (regular admission) via bit.ly/linyalinyaland24.

 

Ogie Alcasid, BINI perform at Newport World Resorts

Returning to the Newport World Resorts is Ogie Alcasid, for another round of his fan-favorite sing-along concert dubbed OGIEOKE 2 Reimagined. This time, the King of OPM is sharing the mic with special guests BINI, JM Dela Cerna, and Marielle Montellano. These OPM artists will perform their greatest hits karaoke-style on Nov. 30 at the Newport Performing Arts Theater. It will feature a mix of classic OPM and new generation pop. Tickets, ranging from P1,500 to P8,000, are now available at all TicketWorld and SM Tickets outlets.

 

Viu Original series wins at Cannes TV Awards

THE VIU original series Secret Ingredient, a production that brought together characters from Indonesia, the Philippines, and South Korea, has received a Silver Dolphin trophy for Branded Content Videos and a Black Dolphin trophy for Best Cast/On-Camera Talent at the recently concluded Cannes Corporate Media & TV Awards 2024. The series also emerged as the National Winner of the Philippines for Best Branded Program and Best Original Production by a Streamer (Fiction) at this year’s Asian Academy Creative Awards.

 

Bianca Del Rio brings tour to Manila

Bianca Del Rio, the “Queen of Mean” and winner of RuPaul’s Drag Race Season 6, is bringing her Dead Inside tour to Manila. The show, presented by LA Comedy Live, will be at the New Frontier Theater in Cubao, Queon City, on Jan. 17, 2025, at 8 p.m. It will feature fresh material that aims to push boundaries. Tickets are now on sale, with VIP packages and meet-and-greet options available. Prices range from P3,202 to P10,672 via TicketNet.

 

Phantom Siita world tour in Manila

JAPANESE five-piece idol group Phantom Siita, known for their retro-horror concept produced by singer Ado, has announced their world tour, Moth to a flame. Set just six months after their debut, the group’s first tour will kick off in Taipei in January 2025, and span 15 cities. Promoted by AEG Presents Asia and Ovation Productions, the Moth to a flame stop in Manila will be held on Jan. 18, 2025, at the Samsung Hall, SM Aura, Taguig. Tickets will be available starting Nov. 8, 10 a.m., via SM Tickets.

 

Balota enters 3rd week

NOW on its third week, cinemagoers continue to patronize Balota, whose eye-opening story shines a light on the dedication of teachers and their role in safeguarding the public’s votes during elections. Marian Rivera released a statement thanking fans for their support. The majority of Balota’s audience is made up of teachers and students, and the film is now being used in the classroom as a springboard to discuss good citizenship, democracy, and elections. It is still available in cinemas nationwide.

 

STAYC releases new single

K-POP girl group STAYC, made up of Sumin, Sieun, ISA, Seeun, Yoon, and J, has returned with the release of their new digital single, “…ㅣ (Dot Dot Dot)”, their first autumn confessional song. It delves into the growth and vulnerability of young love, telling the story of a “failed crush.” It is their first release since their full-length album Metamorphic in July. The song is out now on all digital music streaming platforms.

 

Lolong will be back for Season 2

THE Philippines’ biggest primetime action-adventure series of 2022, Lolong, bannered by Ruru Madrid, will return to primetime television for a second season. Now titled Lolong: Bayani ng Bayan, it features Madrid, who will once again be joined by Shaira Diaz, Rochelle Pangilinan, Paul Salas, Mikoy Morales, Alma Concepcion, Maui Taylor, Jean Garcia, John Arcilla, Rocco Nacino, Martin del Rosario, Klea Pineda, and Tetchie Agbayani. The crocodile-themed action-adventure drama series will continue telling the story of the people of Tumahan and the mysterious Atubaws. Directing the series are King Mark Baco and Rommel Penesa. It will premiere in 2025.

Manufacturing Purchasing Managers’ Index (PMI) of select ASEAN economies, October 2024

PHILIPPINE manufacturing expanded for a 14th month in a row in October, but the pace of growth slowed month on month amid a softer rise in new orders and output, S&P Global said on Monday. Read the full story.

Manufacturing Purchasing Managers’ Index (PMI) of select ASEAN economies, October 2024

1...1,1041,1051,106...12,899Page 1,105 of 12,899
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube