Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 11197

ASEAN manufacturing purchasing managers’ index, October

FACTORY ACTIVITY in the Philippines saw the biggest improvement in 10 months in October, keeping the country in the lead in Southeast Asia, according to the latest survey which IHS Markit conducted for Nikkei, Inc. that cited “a sharp rise in demand for manufactured goods.” Read the full story.

ASEAN manufacturing purchasing managers’ index, October

Oct. factory reading best in 10 months

By Elijah Joseph C. Tubayan
Reporter
FACTORY ACTIVITY in the Philippines saw the biggest improvement in 10 months in October, keeping the country in the lead in Southeast Asia, according to the latest survey which IHS Markit conducted for Nikkei, Inc. that cited “a sharp rise in demand for manufactured goods.”
The Nikkei Philippines Manufacturing Purchasing Managers’ Index (PMI) rose to 54 in October from 52 in September, reflecting “solid improvement in the health of the sector.”
The Philippines remained at the helm of the seven Association of Southeast Asian Nations (ASEAN) members tracked by IHS Markit’s regional survey for the second straight month. Vietnam and Indonesia followed with 53.9 and 50.5 readings, respectively, and were the only other two Southeast Asian economies that improved from September.
The Nikkei ASEAN Manufacturing Purchasing Managers’ Index slid to 49.8 last month from 50.5 in September. “The index reading was the lowest recorded in 15 months and marked the first time since December 2017 that the PMI has posted below the no-change 50.0 level,” the regional report read.
A PMI reading above 50 indicates improvement in business conditions from the preceding month, while a score below signals deterioration. The manufacturing PMI is composed of five sub-indices, with new orders having the largest weight at 30%, followed by output at 25%, employment with 20%, suppliers’ delivery times with 15% and stocks of purchases with 10%.
Nikkei said that the latest reading reflected robust overall demand despite a decline in exports and a steep increase in prices.
“Business conditions improved solidly at the start of the fourth quarter, with the latest PMI data signalling a sharp rise in demand for manufactured goods in the Philippines. Both output and new business rose at a faster pace in October, with many firms reporting an influx of orders,” the report read.
“Purchasing activity also increased substantially, while employment rose for the third month running,” it added, even as it noted that “delivery times lengthened, in part due to port congestion.”
“Inflationary pressures persisted, leading to the sharpest rise in output prices seen in the survey history.”
Respondents also blamed longer customs checks and storms for longer delivery times.
Moreover, the report said that firms “continued to bear the burden of strong cost inflationary pressures.”
About 22% of respondents said their firms raised prices as 35% saw higher input costs amid elevated prices for raw materials, increased excise taxes under Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion Act (TRAIN) that took effect in January and the weaker peso.
“Looking ahead, goods producers in the Philippines remained strongly positive about future output. Many firms attributed this to the current upturn in business, while others hoped for a further increase in new clients and products,” the report said.
“That said, the level of optimism was the second-weakest in the series history.”
David Owen, economist at IHS Markit said in the report that inflation may start to slow towards yearend. “The recent trend suggests that price pressures are unlikely to relent in the coming months,” he said.
Economists asked BusinessWorld expect prices of widely used goods to have gone up by 6.7% in October, steady from September which had marked nine straight months of ascent.
Rizal Commercial Banking Corporation economist Michael L. Ricafort said separately that firms may have front-loaded production ahead of planned tax increases in 2019 such as those for coal and tobacco. “The rising trend in inflation, as well as prospects of higher taxes under the TRAIN law scheduled in January 2019 may have prompted some manufacturers to frontload production before prices and/or taxes increase further,” he said in an e-mail when sought for comment.
He also attributed growing manufacturing activity to the government’s rising infrastructure spending as well as the continued expansion of the real estate sector.
“The continued pick up in local manufacturing activities may be attributed to sharp growth in the government’s infrastructure spending as well as the continued growth in real estate activities that both increased the demand for construction- and real estate-related manufacturing activities, sustained strong growth in foreign direct investments that require the establishment of production facilities and subsequently add to manufacturing/production activities,” he explained
“Increased government spending — especially on infrastructure, partly in preparation for the May 2019 elections and for mega infrastructure projects — could continue to support the pickup in allied/related manufacturing activities such as construction materials and other related products.”
ASEAN manufacturing purchasing managers’ index, October

Employers cautious on, labor slams P25 NCR wage hike

METRO MANILA’s private sector minimum wage earners can expect a P25 hike in their daily pay within the month, after the Labor department formally announced the increase on Monday.
And while the wage hike had already been factored into the central bank’s updated forecast annual inflation averages for this year up to 2020, leaders of some business groups said enterprises will likely have to pass on the higher labor cost to customers through increased prices, lay off some employees and see their competitiveness erode, while a leader of a major labor group said the “unfair” and “unjust” amount will force it to seek another wage hike by January.
The latest increase, which will take effect 15 calendar days from publication in a newspaper, will take the National Capital Region’s (NCR) daily minimum wage to P500-537. “Last Oct. 30, the NCR regional board approved a P25 basic wage increase and integration of its existing P10 CoLA [Cost of Living Allowance to make the new basic wage levels of P475-512]. Upon effectivity of Wage Order No. NCR-22 the new minimum wage rates in Metro Manila shall be P500-537 across different sectors,” Labor Secretary Silvestre H. Bello III said in a press briefing in Manila.
Also announced in the same press briefing was a P12-20 daily minimum wage hike for MIMAROPA region, consisting of Occidental Mindoro, Oriental Mindoro, Marinduque, Romblon and Palawan in southern Luzon.
‘NOT REASONABLE BUT LIVABLE’
Saying the new floor wage levels were “hindi naman (not really) reasonable but it’s livable,” Employers Confederation of the Philippines Acting President Sergio R. Ortiz-Luis Jr. said in a phone interview: “Ang gagawin ng employers sa wage increase ay idadagdag sa presyo at babawasan ng tao (Employers will increase prices and reduce manpower).”
For Philippine Chamber of Commerce and Industry Chairman George T. Barcelon, “with the inflation now under control, with the P25 increase, that would be more than enough to cover (the effect of inflation)”. “Ang gusto natin ay maraming (We want to have many) foreign direct investments… [that] find our country attractive and competitive. As far as P25 (wage hike is concerned), I still think it’s a reasonable figure.”
John D. Forbes, senior adviser of The American Chamber of Commerce of the Philippines, Inc., said in a separate text that he was “concerned” that businesses in the Philippines “are not harmed by rising labor costs when they compete with imported goods and work to increase their exports.”
Bangko Sentral ng Pilipinas Deputy Governor Diwa C. Guinigundo said the latest wage hike in Metro Manila, which contributes more than a third to national production, had already been factored into latest inflation forecasts. “Given reports we received on the amount of the petitions in many regions, we decided to adjust our assumption from P18 to P25 daily minimum wage adjustment,” he said via text. “This is already reflected in our September forecasts of 5.2% for 2018, 4.3% for 2019 and 3.2% for 2020.”
Labor leaders, however, said the increase was insufficient.
Alan A. Tanjusay, spokesman of the Associated Labor Unions-Trade Union Congress of the Philippines that had asked for a P334 increase, said via text: “We are filing another wage hike petition, citing supervening conditions” that allow petitions to be filed even before the mandated one-year moratorium from the last wage hike will have lapsed.
“We are looking at December or first week of January 2019.”
Asked how much the new petition could amount to, Mr. Tanjusay replied: “It can be P334 or slightly higher.”
For Partido Manggagawa representative Renato B. Magtubo, “P25 is short by 30% to make up for the P35.84 erosion in wages due to the seven percent inflation in the NCR recorded in August this year.” He said in a press statement that “Partido Manggagawa’s own cost of living estimate for a family of five in Metro Manila is around P1,300 a day, more than double the new minimum wage of P537.” — Gillian M. Cortez

Debt watcher keeps PHL rating a notch above minimum investment grade

A KOREAN DEBT WATCHER kept its credit rating for the Philippines at above minimum investment grade, citing tax reform and infrastructure spending gains even as rising prices continue to bite.
NICE Investors Service maintained the Philippines’ rating at “BBB,” a notch higher than minimum investment grade, with a “stable” outlook. This comes after an upgrade announced in January 2016.
The rating applies to the country’s long-term foreign currency borrowings, while a “BBB+” rating is given to loans denominated in the local currency.
A higher credit rating improves the chances for a country to borrow cheaply from abroad, especially as the Philippines scrounges for funds to finance infrastructure projects.
NICE cited the country’s sustained economic momentum as a source of optimism. It expects Philippine growth to clock in at 6.3% this year, slower than the actual 6.7% climb in 2017 and the government’s 6.5-6.9% target. Economic growth averaged 6.3% last semester, while the third-quarter performance will be announced on Thursday. BusinessWorld’s poll among 15 economists yielded a 6.3% median estimate for July-September, which if realized will be faster than the second quarter’s six percent pace.
The slower growth estimate comes as NICE priced in the impact of lower exports, a series of interest rate hikes and base effects.
However, the government’s “Build, Build, Build” program is seen to propel expansion.
“Due to massive buildup in infrastructure, government consumption and fixed investment are expected to boost growth. Albeit somewhat expansionary fiscal policy in place, the fiscal deficit will remain at a sound level and tax reform will contribute to broadening tax revenue,” the credit rater said in its Oct. 30 report.
“Containing inflation expectations is key to sustaining stable growth trend of the Philippines.”
Inflation averaged five percent in the nine months to September, a percentage point above the government’s 2-4% target band for whole-year 2018. The debt watcher noted this was partly due to food supply concerns and surging world crude prices, together with the impact of higher fuel excise taxes and a weaker peso.
The decision of the Bangko Sentral ng Pilipinas (BSP) to hike policy rates by a cumulative 150 basis points in order to temper inflation expectations is seen as a positive move, with the debt watcher noting that the recent spike in consumer prices is unlikely to “undermine macroeconomic stability in the short term.”
At the same time, fiscal reforms are also expected to help spur overall economic activity and should enable the government to remain prudent despite a growing budget deficit.
“The policy direction of the Duterte administration… to increase government expenditure through expanding tax base is deemed appropriate, given the need for infrastructure investment,” the credit analysts explained.
“The government’s tax reform and infrastructure investment acceleration are already showing tangible effects in 2018.”
Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion Act, imposed, among others, additional duties on fuel, cigarettes, alcohol and sugary drinks starting Jan. 1.
This has helped the government rake in P2.112 trillion in total revenues as of end-September, 17% more than a year ago.
Still, NICE said it will keep an eye on the government’s revenue-raising capacity as well as the fate of succeeding tax reform packages, noting that these measures would tell whether the Philippines can remain stable at a time of increased state expenditures.
The debt watcher pointed out that the second tax reform package, which reduces the corporate income tax rate and simplifies the tax incentives system is “desirable.” However, it flagged that the planned removal of redundant perks could lead to a contraction in investments, dampen business sentiment and leave people jobless in the near term.
NICE said the Philippines can be expected to weather rising oil prices, higher global yields and an escalating trade war between the United States and China given ample dollar reserves, remittances and small foreign portfolio investments. — Melissa Luz T. Lopez

PHL firms face least risks from stronger dollar

By Melissa Luz T. Lopez, Senior Reporter
PHILIPPINE corporates have the least to worry about at a time of stronger dollar, S&P Global Ratings said as it pointed out that local firms have the lowest foreign debt compared to Southeast Asian peers.
In a report, the debt watcher said rated entities in various countries are exposed to varying degrees of volatility at a time of rising interest rates in the United States and sustained dollar strength. Still, the depreciation of emerging market currencies are considered “less severe” compared to previous crisis periods.
Borrowers from Turkey and Argentina are seeing the biggest pressure, but most companies from other emerging market economies “will be able to adjust” to developments in the global market, S&P said.
“The large majority of rated entities in other Southeast Asian countries either have limited foreign currency debt, conservative balance sheets, or are naturally hedged, especially in the commodities sector,” the credit rater said in the report.
While the peso, the Malaysian ringgit, Indonesian rupiah and Indian rupee stand as the most affected Asian currencies, it’s not all bad as far as the debt watcher is concerned.
“A significant portion of pre-existing current account deficits in India, Indonesia and the Philippines are financing large-scale infrastructure buildouts — generally seen as positive for future productivity and trade balances,” S&P said.
The peso is down by 6.13% year-to-date according to Reuters, but has been recovering over the past few weeks amid improved investor sentiment.
The current account, which measures fund flows drawn from goods and services trading, posted a $3.1 billion deficit as of end-June. Being in deficit is said to weigh down investor appetite towards the Philippines, and thus adds to external pressures towards emerging market currencies like the peso.
Zooming in on Southeast Asia, S&P said currency depreciation is likely to have a “more modest impact” now compared to previous episodes of financial stress. Instead, the impact will be felt for certain sectors.
“The main sectors affected are: transportation services, especially airlines, given that a high share of fuel aircraft leasing costs are denominated in US dollars; building materials (energy costs); and capital goods (input costs),” the debt watcher said, noting that outstanding debt for these industries stand for roughly 15% of outstanding loans for companies listed in 2018.
“Potential exposure appears highest in Indonesia, at about 25%, and lowest in the Philippines, where large diversified groups issue the bulk of debt,” it added.
S&P sees the US dollar to maintain its strength as the Federal Reserve is poised to raise rates anew. Still, some markets are seen insulated from such shocks as investors appear to be “discriminating,” as they judge countries based on economic fundamentals and policy frameworks rather than avoid these markets altogether.
In previous reports, the credit rater said the Philippines holds ample buffers to cushion the blow of rising interest rates, slower global growth and weaker currencies, and is unlikely to see contagion risks from Turkey and Argentina’s problems.

Falling in love with someone you can’t recognize — literally

A ROMANTIC drama about a man who has trouble remembering faces and a woman who has secrets of her own is at the crux of Joel Ruiz’s second full-length feature, Kung Paano Siya Nawala, which hits theaters nationwide starting Nov. 14.
“It took me four years to have this film done — I couldn’t find producers and funding,” Mr. Ruiz said during a press conference on Oct. 10 at High Grounds Café in Quezon City.
He explained that those four years of searching turned out to be a good thing because a year ago he met with TBA Studios which decided to produce his film.
Kung Paano Siya Nawala follows Mr. Ruiz’ first film, Baby Angelo, which was released in 2008. Aside from producing full-length and short films, Mr. Ruiz is also known for directing commercials including Jollibee’s “Kwentong Jollibee Valentine” series in 2017.
The ad series, which became an internet hit racking up millions of views and spawning several reaction videos worldwide, was indicative of Mr. Ruiz’s style. He describes himself as a “very emotional person and storyteller” and it’s something that will be front and center in his newest film.
“I’m really into emotions, love, and connections. Those are easy to harness with this movie because it’s all about emotions,” he said to reporters shortly after the press conference.
The film stars Juan Miguel “JM” de Guzman as Lio, a quiet and withdrawn young man who finds it difficult to connect with other people due to his face blindness, a cognitive disorder characterized by an inability to recognize faces. But Lio eventually finds himself opening up to the free spirited Shana, played by Rhian Ramos who has secrets of her own.
Both stars are also co-producers of the film, a first for both of them.
Mr. Ruiz admitted that his main character’s condition is a rare disorder and doesn’t have a reported case in the Philippines as of yet, so he based much of his characterization on existing research on the disorder and creative license.
He also noted that this isn’t the first film about face blindness but it is the first in the Philippines.
A cursory search turns up the Julien Magnat-directed Turkish thriller Faces in the Crowd (2011) which follows a woman with the same condition trying to escape a serial killer.
With his fresh take incorporating the disorder in a romantic drama, Mr. Ruiz described his film as a “hopeful tale of how people can still emerge victorious despite the many battles that love entails,” according to a press release.
He also noted that while many people might find a connection between his film and Peter Segal’s 2004 comedy 50 First Dates, starring Drew Barrymore and Adam Sandler, but said the two films are very different because, for one thing, his film is a romantic drama.
“When I read the script for the first time, I really wanted to do it. The story is beautiful and so is the character. It was challenging for me [to play]… There are a lot of parts in Lio’s life that I find similarities in my personal life… so I connect with [the character],” said Mr. De Guzman in the release.
Kung Paano Siya Nawala hits theaters nationwide on Nov. 14. — Zsarlene B. Chua

CIMP finalizing talks with refinery to sell its crude oil

By Victor V. Saulon, Sub-editor
CHINA International Mining Petroleum Co. Ltd. (CIMP), the local entity behind the country’s first onshore oil discovery, is planning to ramp up its extraction to 1,000 barrels daily as it finalizes talks with a local refinery to sell its crude oil.
“We want to export it out of Cebu going to a refinery,” said Edgar Benedict C. Cutiongco, CIMP assistant country manager, in a chance interview.
He declined to disclose the identity of the refinery, although there are only two oil companies in the country with a refinery — Petron Corp. and Pilipinas Shell Petroleum Corp.
Mr. Cutiongco said he was finalizing the sale and purchase agreement (SPA) with the refinery, with the signing of the contract triggering the increase of the project’s storage capacity.
CIMP, a company 51% owned by Hong Kong-listed Polyard Petroleum International Group Ltd., has invested $30.80 million in Service Contract (SC) 49 in the oil field up in the mountains of Alegria town in Cebu.
When the project was launched in May 2018, the company said it expected to drill at least three million barrels of oil in the next 19 years. It currently extracts 200 barrels a day. It caters to small industrial users near the area.
“Ang crude oil is very specific ‘yan. Hindi mo pwedeng i-derecho ‘yan sa barko. So ang target namin ngayon mga sugar mills kasi crude oil pa ito, so hindi pa refined (Crude oil is very specific. You cannot move it directly to a ship. So our target now are sugar mills because it’s still crude oil, and not yet refined.),” Mr. Cutiongco said.
“Once we sign that agreement we can [start] delivery to the refinery…. We’re looking initially at around 150 to 200 barrels per day,” he added.
Earlier this year, the Department of Energy said it was monitoring six exploration wells drilled by CIMP and its partners. The company acquired participating interest in SC 49 in southern Cebu and became its operator from July 1, 2009.
Skywealth Group Holdings Ltd. holds a 16% interest, with Phil-Mal Energy International, Inc. holding the rest.
Mr. Cutiongco said the company will to continue to serve its existing customers in Cebu even if it signs an SPA with the refinery.
“Pag na-establish na namin ‘yung route na ‘yun we can ramp it up (Once we have established that route, we can ramp it up). We were looking at about a 1,000 barrels per day in a matter of two to three years,” he said.
The Alegria oil field covers a land area of 197,000 hectares, with about 42,749 hectares allotted to the production area.
The community or the barangays that host the oil field stand to corner 14% of the “profit oil” of the project. Profit oil is the remaining gains from production after the participating partners have been compensated for their investments and operating expenses.
The law requires 60% of profit to go to the government, and 40% to the investors. The government share is divided as 60% for the national coffers, 18% for the municipality, 8% to the provincial government and the rest to the barangays.

How to solve the waste plastic problem one ‘ecobrick’ at a time

By Vincent Mariel P. Galang

A BULACAN-based company is using waste plastic laminates or sachets to produce “ecobricks,” which are touted as a solution to the solid waste problem and a “green” alternative to hollow blocks.
Green Antz Builders, Inc., a social enterprise in Plaridel, is producing ecobricks which are now being used by local government units, schools, and companies.
Green Antz founder and CEO Rommel B. Benig started the company in 2013 with the idea of using waste plastic laminates in making ecobricks.
With support from his former employer Nestle Philippines, Green Antz developed the ecobricks as “aesthetically superior, stronger, and cost-effective” than regular hollow blocks, and at the same time, addressing the solid waste management problem.
“While we are slowly making ‘yung mga structures na ‘to [these structures], we are making our green story together with Nestle,” Mr. Benig told BusinessWorld.
Unlike hollow blocks which are made through molding, the production of ecobricks uses compression. It also undergoes a propriety process, and its formulation uses a special construction additive that makes it stronger.
“Conventional thinking will tell us that cement and plastic do not adhere to each other, but because we are using a special construction additive, we are able to get a stronger product…. That is also key for us to replicate the same quality in different locations,” Mr. Benig added.
Mr. Benig said he wants to expand the business around the country through a social franchising model. This is similar to commercial franchising but does not involve any royalties.
“When we partner with a company, it sponsors the funding and together we identify a beneficiary which will manage the operation of a Green Antz Hub with Green Antz overseeing it,” he said.
WORKING WITH NESTLE
Having Nestle Philippines’ support has helped create awareness and demand for Green Antz’s products, especially among other companies.
“You have to create a demand for the product, and knowing that Nestle is bigger company than Green Antz… So, I can refer the products of Green Antz to other customers, other potential people who can get the products,” Jess G. Reyes, Nestle vice president for corporate affairs, told BusinessWorld.
Green Antz supplied ecobricks for a Nestle Philippines facility in Lipa City. Completed in 2015, the 100-square meter multi-purpose building used 3,500 ecobricks.
Aside from Nestle, Green Antz’s corporate partners include Aboitiz Power Corp., Republic Cement, Hope in a Bottle, Ayala Land Inc., Pilipinas Shell, and Ten Knots in El Nido.
COLLECTING SACHETS
At the same time, the company has teamed up with local government units, cooperatives, schools, and communities. Green Antz collects sachets and other plastic laminates which are then exchanged for ecobricks. With two and a half kilos of plastic sachets, you can get one ecobrick.
In Plaridel, the Culianin Elementary School was able to build a clock tower using ecobricks after turning over 1,250 kilos of plastics, a pathway from 2,500 kilos of plastics, and a school canteen from 5,000 kilos of waste.
Green Antz also collaborated with the municipality of Plaridel, which allows constituents to pay for services in the form of discarded plastic bottles, sachets and laminates. The plastic waste is then used to manufacture construction materials to build day care centers and classrooms in Plaridel.
The company has also started sending representatives to Marawi to teach communities about waste collection and ecobrick production.
“We want to be part of the Build, Build, Build campaign…. We want that idea kasi as we build, build, build, we clean, clean, clean,” Mr. Benig said.
Aside from ecobricks, Green Antz also produces eco-pavers or pervious pavers for pathways, and eco-casts or hollow block-size pre-cast for building fences.
Green Antz currently has ecobrick manufacturing hubs in Pulilan and Plaridel in Bulacan, Bacoor in Cavite, Teresa in Rizal, and Cebu. It also has partners in Batangas, in Catanduanes, Legaspi, Tabaco and Naga in the Bicol region, Vigan in Ilocos Sur, and El Nido in Palawan.
For next year, the company is looking at establishing 24-30 more ecobrick manufacturing hubs.
“We want to be present in every city, every municipality in the country, so that we replicate the model that we have started here in Bulacan. Empowering communities, building sustainable and environmentally responsible communities, and after building green colonies in the country, we want to be present outside the Philippines as well,” Mr. Benig said.

American Idol alum Jessica Sanchez performs in PHL


AMERICAN IDOL-alum Jessica Elizabeth Sanchez comes back to the Philippines for a one-night concert, bringing with her the hits that made her a finalist on the US singing show alongside songs that will showcase her vocal versatility.
The show will be on Nov. 10 at The Theatre at Solaire Resort and Casino in Parañaque City.
“These past years have been filled with traveling internationally for events, concerts, and recordings but I’ve also taken some time to step back and find myself as an artist,” Ms. Sanchez was quoted as saying in a press release.
At the age of 16, Ms. Sanchez mounted the American Idol stage where she belted songs like Whitney Houston’s “I Will Always Love You,” Jennifer Holliday’s “And I Am Telling You I’m Not Going” from Dreamgirls, and Aerosmith’s “I Don’t Wanna Miss A Thing.” Now a 23-year-old who has proven her vocal chops and has released an album (Me, You & the Music in 2013), she said that she is keen to show her maturity as an artist by singing songs beyond her American Idol catalog and these includes R&B songs and songs that would show her “edge and vibrancy,” according to the release.
“You know, [songs] where I can go with my voice,” she said at a video press conference on Oct. 20 at the Red Lantern restaurant in Solaire.
The Nov. 10 concert marks the second time Ms. Sanchez will perform in the Philippines for a concert this year. She was in the country in May to perform alongside Melanie “Kyla” Alvarez for the Jake Zyrus’ Music & Me concert.
“The Philippines is like my favorite stop,” Ms. Sanchez said, before adding that since she has a Filipino mother, she is fond of the country’s food, sights and the people who, aside from being happy in general, are “monsters [vocally].”
“[What I love about] Filipino artists is that they can all sing, like sing. It’s just so much fun because you can see everybody doing all this vocal gymnastics,” she said.
Her self-titled concert will also feature Filipino singer Martin Nievera with whom she performed in 2014 on the US special of the ABS-CBN musical-variety show ASAP. In the special, they sang “Ikaw,” a ballad popularized by Regine Velasquez-Alcasid in 1998.
“I performed with him on ASAP [Live in L.A.] a couple of years ago… I’m super excited to share the stage with him, to share the night with him. He’s super talented. I feel like our voices will really go well together. So I can’t wait for the audience to hear that and hopefully (for the audience) to enjoy the performance and the night, too,” she said.
And since she has sung Filipino songs before, Ms. Sanchez assured that the audience will hear more once she takes the stage on Nov. 10.
“I want them to have fun and get up, forget all [their] problems,” she said of her audience.
The concert of Jessica Sanchez with special guest Martin Nievera will be held on Nov. 10 at the Theatre at Solaire Resort and Casino, 1 Asean Ave., Entertainment City, Parañaque. Tickets are available at Ticketworld (www.ticketworld.com.ph) with prices ranging from P1,000 to P5,500. — Zsarlene B. Chua

PLDT to launch 5G cell site in Clark

PLDT, Inc., Smart Communications, Inc. and Ericsson will fire up the country’s first fifth generation (5G) cell site in Clark, Pampanga within the month.
The telecommunications giant, its wireless subsidiary Smart and technology partner Ericsson signed on Monday a memorandum of understanding (MoU) with Clark Development Corp. (CDC) to turn Clark Freeport Zone into the first Smart 5G City in the Philippines.
“We are happy to be working with CDC in building the city of the future… This will benefit not only Clark but the country as well by demonstrating that we are in step with the rest of the world in adopting advanced intelligent technologies,” PLDT-Smart Chairman Manuel V. Pangilinan said in the statement.
PLDT-Smart Chief Technology and Information Advisor Joachim Horn told reporters 5G is likely to benefit only enterprises for now, noting it may take two to three years before the 5G technology could be enjoyed by commercial users depending on the 5G-capability of routers and devices.
“It’s particularly interesting for enterprise customers. For enterprise customers, 5G offers a much higher flexibility. We can adjust the technology in a way that it’s tailor-made for the their use case,” he said.
Mr. Horn said talks with enterprises are expected to begin after the Smart 5G City is launched within the month.
“We will start to work with enterprises but the roll out would take some time… I think the major activities will be early next year. So this is a year of putting it to service, start the first couple of sites, show it to the partners and then start the discussions,” he said.
He noted there are 13 existing sites in Clark that are now 5G-ready, and Smart targets to increase it to 25 by mid-2019.
Smart said it presently has more than 2,000 5G-ready sites all over the country. It has more than 221,000 kilometers of fiber network, which will be the backbone for the 5G roll out.
“By piloting 5G in Clark, we are making this zone even more attractive to foreign investors. Through this pilot, we are putting the possibilities of 5G closer to industries, businesses and enterprises operating in the city,” PLDT Head of Enterprise Juan Victor Hernandez said in the statement.
For his part, CDC President Noel Manankil said they are thankful Clark was chosen to be the first 5G city in the country.
“This undertaking forms part of the vision to help create communities that are smart, technology- focused, something that would help keep our country in the right cadence into the future,” he was quoted as saying.
Smart has been testing 5G technology since 2016.
The company launched in August its 5G Technolab, a facility focusing on research and development, standardization, and testing of 5G wireless broadband technologies and services.
In August, Smart and Ericsson inked an MoU to launch the first 5G pilot network by the first half of 2019.
PLDT is spending as much as P58 billion this year for capital expenditures, a historic amount for the telco giant.
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. — D.A.Valdez

MyTown Auckland targets young professionals

By Bjorn Biel M. Beltran
Special Features Writer
THE RENTAL HOUSING brand of Philippines Urban Living Solutions, Inc. (PULS) further expanded its network of dormitories in Metro Manila with the opening of its 14th building to date — MyTown Auckland.
PULS Chief Executive Officer Mark Arellano Kooijman said since launching the MyTown Dormitories brand in 2012, the company has struck gold with its unique market strategy of providing affordable quality housing to young professionals working in Metro Manila’s crowded central business districts.
“After six years down the line, I would say we are definitely the first and largest branded rental housing providers in the Philippines,” he said in a recent press conference.
Mr. Kooijman pointed out that many of the country’s top property developers are focused on projects they intend to sell, skewing their prices towards the higher end of the market. Unable to afford the lofty prices in CBDs like Makati, Ortigas, and Bonifacio Global City, yet compelled to work there, young professionals are forced to spend time and money commuting day-to-day.
Surveying over 1200 respondents before launching MyTown, the company found that young professionals spend as much as P10,500 in monthly transportation alone. On top of the costs, they also spend an aggregate of three to nine full days per month on their daily commute, simply to get to work and earn an income. Given the rising prices of oil and worsening traffic conditions, Mr. Kooijman noted the costs could get much higher.
“Before we even built the first MyTown building, we made it a point as a first mover to get into the mind of our target public by asking them what they wanted and needed in a housing solution. As a result, we can now offer young professionals a co-living solution that is healthy for their work-life balance as well as their wallet,” he said.
“Our value proposition to our individual tenants is this: for less than the cost of your commute, you can live in MyTown, walk to work, play and learn, and make new friends,” Jelmer David Ikink, PULS group director, said.
As a testament to the company’s success, MyTown Dormitories claimed an average occupancy rate of 94%. It also noted that 98% of its outgoing tenants gave the company a positive rating.
“MyTown continues to answer a demand for the growing number of urban professionals who cannot afford high-end housing, but still aspire for a fulfilling lifestyle. We don’t see this as a trend, but a way of life that will become the norm in the future. We are looking forward to providing the country’s emerging young and vibrant professionals with housing that encourages community and a healthy lifestyle through our continued growth in the city and beyond,” Mr. Ikink said.
Named after the city of sails, the newly-launched MyTown Auckland houses 325 beds, bringing MyTown’s portfolio to over 3,300 beds by year end. It has a gym, canteen, open air cinema, and yoga area overlooking Manila Golf Club. It will also soon open a laundromat and supermarket on its ground floor.
MyTown Auckland is strategically located along Harvard Street in Makati, adjacent to BGC and approximately 1.5 kilometers away from Makati CBD.

Fox’s Freddie Mercury biopic is champion over Disney’s Nutcracker

A BIOPIC about rock ’n’ roll front man Freddie Mercury and the band Queen led the North American box office this weekend, scoring a rare win over a new Walt Disney Co. fairy tale that would normally be expected to dominate the competition.
The weekend’s major new releases made a clean sweep in the top three spots. Bohemian Rhapsody, from 20th Century Fox, collected $50 million from US and Canadian theaters in its debut, Comscore Inc. estimated in an e-mail Sunday. Disney’s The Nutcracker and the Four Realms garnered $20 million to land in second place, while the comedy Nobody’s Fool, from Viacom Inc.’s Paramount Pictures, was a step behind that with $14 million.
Critics were mixed on the Fox tribute to the British band, with some praising Rami Malek’s portrayal of Mercury, despite a distracting set of false teeth. That makes its win especially unique. Disney has successfully turned animated classics like Cinderella and Beauty and the Beast into live-action megahits. But its record with less-known titles isn’t so stellar. A Wrinkle in Time and Christopher Robin both struggled to attract fans this year.
Bohemian Rhapsody was forecast by analysts at Box Office Pro to open with sales of $40.7 million. The movie places Malek, who won an Emmy for his role in the TV series Bad Robot, at the center of the band’s story. It traces Queen’s meteoric rise and the creation of its biggest hits like “Bohemian Rhapsody.” Director Bryan Singer was replaced during production, though he retains his credit.
The film cost $52 million to make, before marketing costs, according to Box Office Mojo, suggesting a profitable run for the picture. According to RottenTomatoes.com, 61% of critics recommended the movie.
The better-than-expected opening “speaks to the universal appeal of Queen and their music,” said Chris Aronson, president of domestic distribution at Twentieth Century Fox. The audience was evenly split by gender and 43% of the audience was in the 18-34 age range, highlighting how the film appealed to people who weren’t Queen contemporaries. The movie also exceeded expectations for international sales, collecting $122.5 million globally.
Successes for the film division of 21st Century Fox Inc. will ultimately become wins for Disney. The Burbank, California-based entertainment giant is buying most of Fox’s entertainment assets in a $71 billion deal expected to close next year.
The metrics for Disney’s Nutcracker movie aren’t so favorable and it may face a slog to break even during its theatrical run. Reportedly made for more than $100 million, the film was expected to open with sales of about $19.5 million, according to Box Office Pro. Just a third of critics recommended the movie, according to RottenTomatoes.
Based on the classic E.T.A. Hoffmann tale, The Nutcracker features a star-studded cast including Morgan Freeman, Helen Mirren, and Keira Knightley. In the film, a young girl is transported to a magical world of gingerbread soldiers and an army of mice. They search for a special key that will unlock a priceless gift, traveling to the ominous fourth realm.
“We were looking for a stronger start, but it is a great family friendly option for moviegoers as we head into the holidays,” said Cathleen Taff, president of theatrical distribution at Disney.
With Nobody’s Fool, Paramount Pictures tapped into the rising popularity of comedian Tiffany Haddish in a feature written and the first R-rated comedy from Tyler Perry.
Haddish plays Tanya, an ex-con looking to get back on her feet with the help of her successful sister Danica, played by Tika Sumpter. She finds out Danica has been tricked into an online relationship and they go out to unmask her secret boyfriend. The $19 million movie was forecast to open fourth with sales of $14.4 million, according to Box Office Mojo. Just 20% of critics recommended the picture.
Rounding out the top five are holdovers A Star Is Born and Halloween. Bradley Cooper and Lady Gaga’s A Star Is Born pocketed another $11.1 million in its fifth outing, marking an impressive drop of just 21%. That brings its domestic tally to a huge $165 million. Universal and Blumhouse’s R-rated slasher Halloween earned $11 million for a North American total of $150 million. — Bloomberg/Reuters

1...11,19611,19711,198...13,685Page 11,197 of 13,685
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube