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The developer listened

The Caligula Effect: Overdose
Playstation 4/Nintendo Switch
THE Caligula Effect received mixed reviews as it made its way to the Sony PlayStation Vita in June 2016 (and localized on the same platform about a year later), with not a few quarters expressing disappointment on its inability to live up to promise. In part, it suffered from an unfair comparison to iterations from the Persona series; the involvement of publisher Atlus and writer Tadashi Satomi in the intellectual properties gave rise to heightened expectations the new release wasn’t likely to meet. In larger measure, it was bogged down by the depth of its ambition; it put forth novel ideas that could not be executed fully in light of the inadequacies of its host hardware.
Creditably, developer Aquria took the reactions to heart and resolved to work off the feedback to come up with a bigger and better product, and on bigger and better consoles. The result is Caligula Effect: Overdose, just released out West on the PS4 and Nintendo Switch. As the title suggests, it’s an improved version of the original, presenting gamers with crucial choices from the get-go, additional characters, narrative tweaks that allow for alternate endings, and graphical enhancements otherwise unavailable on the constrained Vita.
Story-wise, The Caligula Effect: Overdose prudently retains the already-compelling approach of its source material, albeit with a vital twist. At the outset, gamers are afforded the freedom to provide the name and gender of their character, and the tweak, while seemingly subtle, ensures expeditious engagement and enhanced empathy. And as they go through the narrative which has them realize that Mobius is a Matrix-like made-up world created by the sentient vocaloid Mu, their heightened identification with their dramatis persona informs their decisions. Do they help other equally wisened protagonists in the Go-Home Club expose the dichotomy? Or do they act as a de facto double agent and perpetuate the status quo, leaving affected individuals stuck as high school students in an artificial representation of life?
The Caligula Effect: Overdose unveils the blue pill-red pill dilemma in compelling fashion. The Go-Home Club is composed of enlightened students determined to expose the truth and free the minds of unwitting victims (or, as the case may be, beneficiaries) of Mu’s creation. At the other end of the spectrum are Osinato Musicians, who compose songs for the latter to perform in order to keep Mobius’ inhabitants in a trance. Along the way, gamers are aided by Aria, a virtual doll, in their mission and in harnessing Catharsis Effects, which develop from tense situations and, in her absence, which could have turned their character into a Digihead. Instead, the emotional reactions become weapons that manifest in radical alterations to their character’s body.
Parenthetically, The Caligula Effect: Overdose boasts of a unique system triggered when members of the Go-Home Club do battle with the Osinato Musicians and brainwashed Digiheads en route to Mu. For every turn-based cycle, gamers can line up three courses of offensive or defensive action and then preview the timing of these courses via an Imaginary Chain. Period- and position-specific adjustments can be made to unleash effective combos, although the presence of mini bosses can stunt progression as initially envisioned. The flipside, to be sure, is that preparations take a while even for seemingly perfunctory combat. The math is clear: the Club’s party of four requires 12 choices per turn, even during random encounters.
As with other turn-based role-playing games, The Caligula Effect: Overdose compels gamers to go through no small measure of grinding to earn Stigma and skill points and get ahead. Thankfully, there’s an auto-battle option that can be turned to at any given instance, not to mention a more indicative map that allows for better location and level navigation. There is likewise the Causality Link, which, in a nod to the Persona franchise, enables the main character to develop social relationships with party members and over 500 non-playable characters. These, in turn, open up side quests aimed at solving personal problems and requiring quirky solutions.
In this regard, The Caligula Effect: Overdose shines in comparison to others in its genre. Even Osinato Musicians have Character Episodes that gamers can delve into, thereby enriching their appreciation of the overarching narrative. Heavy themes are tackled, in the process showing the marked differences between the lives of the protagonists and antagonists in Mobius and in the real world. They may be high school students in Mu’s structured handiwork, but, in truth, they actually live more complex, and complicated, lives. Where are they happier? And where are they truly better off?
In any case, The Caligula Effect: Overdose’s technical superiority vis-a-vis its predecessor is a plus. Gone are the frame drops that marred the presentation of The Caligula Effect on the Vita, as well as the soft tones and washed-out colors that then prevailed over the graphics. In their place are sharp outlines and distinct blends, and striking animation effects benefiting from its use of the Unreal engine. Notably, the soundtrack retains its appeal; original Japanese voices are backed up by music that draws the appropriate emotions for the moment. On the more powerful PS4 and Switch, though, their impact is pronounced.
In the final analysis, The Caligula Effect: Overdose makes good on its promise. It’s what the original was envisioned to be. In fact, it’s better, if nothing else proving that developers can, indeed, take criticism constructively and come up with improvements that lift up the overall experience. It’s still far from perfect; among other things, Casualty Links involve too many characters for gamers to keep up with, and the presentation of their backstories can come off as heavy-handed, particularly when stereotypes are promoted. Still, it’s a notch above the dregs that permeate the RPG landscape, offering notable features not found in supposed peers. Two thumbs up, and, whether at home on the PS4 or on the go with the Switch, well worth its $49.99 list price.
THE GOOD:
• Compelling narrative
• Unique gameplay characteristics
• Technically superior to predecessor
• Use of Unreal engine allowing for graphical improvements on more powerful platforms
THE BAD:
• Grinding required, and not always providing the desired rewards
• Can come off as heavy-handed
• Relationship-building component can prove too taxing for comfort
RATING: 8/10

Deutsche Bank in talks with Commerzbank as turnaround fails

DEUTSCHE BANK AG, Europe’s once-dominant financial institution, threw in the towel on years of failed turnaround efforts and agreed to begin government-backed merger talks with Commerzbank AG.
By bowing to officials’ desire to forge a durable German lender with global reach out of two troubled firms, Deutsche Bank’s leaders are hardly putting their woes behind them: massive job cuts, political turbulence, a weakening European economy, US probes into its dealings with Donald Trump and a herculean integration — not to mention skeptical clients and investors — lie ahead if they reach a deal.
“I have consistently stressed that consolidation in the German and European banking sector is an important topic for us,” Deutsche Bank Chief Executive Officer Christian Sewing said in a letter to employees. “We have to assess how we want to play a part in shaping it.”
The companies confirmed the move to deeper discussions in statements on Sunday, capping months of speculation and behind-the-scenes talks with the Finance Ministry.
Both firms have struggled to restore revenue growth after deep cuts to their investment banking units. An economic slowdown that has pushed back expectations for higher interest rates has added urgency to the situation.
The Finance Ministry said in an emailed statement it “notes” the decision of the banks to start open-ended talks and that it’s in “regular contact” with all parties involved. Finance Minister Olaf Scholz and his deputy Joerg Kukies have been favoring a deal to ensure the country has a lender to support the export-driven economy, people familiar with the matter have said. The country still owns a large stake in Commerzbank after a bailout.
The trade union for bank employees opposes a merger “in view of the risk to tens of thousands of jobs,” Jan Duscheck, who sits on Deutsche Bank’s supervisory board as labor representative, said in an emailed statement. As many as 30,000 positions could be at risk in a merger, according to people familiar with the matter.
Shares of both lenders rose Monday, with Deutsche Bank gaining 2.9% at 9:04 a.m. in Frankfurt trading and Commerzbank adding 4.3%.
The banks agreed to start formal talks after the government signaled it wouldn’t stand in the way of necessary job and cost cuts, people familiar with the matter said. Deutsche Bank expects to spend the next month in negotiations, according to a person briefed on the talks.
A tie-up of the two 149-year-old firms would create Europe’s fourth-largest lender with assets of about €1.81 trillion ($2.05 trillion). The banks have a combined market value of about €25 billion, comparatively small because of the long slide in the shares. Both companies have lost more than 90% of their value from their peaks.
While it’s not clear how a merger would be structured, Deutsche Bank is the larger of the two and would probably be the acquirer. If a deal goes ahead, it may need to raise about €8 billion from shareholders or through sales of holdings such as its DWS Group asset management business, according to an estimate by Christian Koch, a DZ Bank analyst.
Allianz SE has shown interest in DWS and is exploring the possibility of combining it with its own asset management arm, according to people familiar with the matter. DWS, which was taken public a year ago, rose 6.9%.
“We will only pursue options that make economic sense, building on the progress we made in 2018,” Sewing said in his letter. “Our stated aim remains to be a global bank with a strong capital markets business — based on a leading position in our home market in Germany and in Europe, and with a global network.”
The two companies previously discussed a merger in the summer of 2016. Both Commerzbank CEO Martin Zielke and Sewing were part of those discussions, though Sewing was head of the retail division at the time. The talks fell apart and the lenders embarked on their respective restructurings.
BOLDER STEPS
Almost three years later, their turnaround plans are sputtering. Commerzbank has dropped most of its 2020 financial targets after cutting its revenue outlook. Within Deutsche Bank, doubts are growing that it will be able to reach its goals. Sewing, tapped a year ago as CEO with a mandate to accelerate restructuring efforts, has recently given up his resistance to pursuing bolder steps, people familiar with the matter have said.
Deutsche Bank in February reaffirmed its 2019 profitability target but also made clear that it would need to implement tougher measures if markets don’t play along and revenue continues to decline. January was a terrible month for the trading business though February has seen improving conditions, the people have said.
For Deutsche Bank, the urgency to address the situation is exacerbated by high funding costs and the risk of a credit rating cut. Chairman Paul Achleitner is said to see an expansion of Deutsche Bank’s retail deposit base — which Commerzbank would bring — as one way to lower funding costs.
The recent decision by the European Central Bank to push out the expected first interest rate increase has exacerbated the situation as both banks have said that they will struggle to meet their long-term profitability target in the current low interest rate environment.
2016 TALKS
The idea back during the banks’ talks in 2016 was to merge Commerzbank with a subsidiary of Deutsche Bank that would also contain its retail and some of its corporate banking operations, and then float that business on a stock exchange, a person involved in the talk has said. Deutsche Bank’s trading operations would have remained separate, perhaps with a view to selling or merging them with another bank at some point.
Proponents of a deal have said it will help the firms cut cost by eliminating branches and thousands of jobs, while pooling investment in information technology. Critics have said a merger would lock both companies into several more years of restructuring, with high execution risks, and doesn’t fix the real problems at Deutsche Bank’s securities unit. Several influential Deutsche Bank investors have said they’re wary of a merger as it will dilute their stakes at a low valuation.
If a deal goes ahead, the new bank will be “busy with itself for years to come,” said Stefan Mueller at DGWA, an investment advisory boutique based in Frankfurt. “We continue to prefer a big European solution to counter the dominance” of US banks. — Bloomberg

Housing fair at Trinoma

REAL ESTATE online platform Lamudi is holding a series of housing fairs, starting this April.
In a statement, Lamudi said it is holding a housing fair at the activity center in Ayala Malls Trinoma, Quezon City from April 6 to 7.
Lamudi said the fair will provide a wide selection of property offerings from top industry players such as SM Development Corp., Taft Properties, and Robinsons Communities.
Seminars on buying homes and online real estate marketing will also be held during the fair.
“These housing fairs are important since these are where property developers, brokers, and buyers converge and find immediate value from each other,” Lamudi CEO Bhavna Suresh said in a statement.

Kpop Watch (03/19/19)

DREAMCATCHER, South Korea’s popular young metal group, will perform on March 24 at the SM North EDSA Skydome as part of its three-city Southeast Asian Nightmare City tour which also includes Jakarta and Singapore. Dreamcatcher was launched in 2017 with the single “Nightmare,” and went on to catch critics’ eyes. It was no. 3 on Billboard’s Best New K-Pop Acts in 2017. The group’s second album, You and I, was released in 2018 and landed 7th on Billboard’s World Album Charts. Dreamcatcher is composed of members JiU, SuA, Siyeon, Yoonhyeon, Handong and Gahyeon. Tickets, inclusive of charges, are priced at P6,455 for VIP with Hi-Touch and P3,230 for General Admission.

W Group to develop office, commercial spaces in Clark Global City

TAGUIG-BASED property developer W Group, Inc. is venturing to Clark Global City for its first project outside Metro Manila, upbeat on the business district’s growth prospects.
In a statement issued Monday, Global Gateway Development Corp. (GGDC) said it has signed a memorandum of agreement with W Group for the sublease of a 21,918-square meter (sq.m.) property in Clark Global City.
Under the deal, W Group will develop a combination of office and commercial spaces within Clark Global City. It also has the option to sublease an additional 14,065-sq.m. lot in the future.
“After completing our developments inside BGC, we realized it’s high time to venture to other areas especially when land is becoming scarce,” W Group President Norman Vincent L. Wee was quoted as saying in a statement.
W Group has previously been confined to projects inside Bonifacio Global City in Taguig. The company’s developments include office buildings W City Center, W Fifth Avenue, W Global Center, W High Street, and Citibank Plaza by WBGC, as well as residential condominium W Tower.
“We have bright prospects for Clark. We believe it is the next big metropolis and we are looking forward to bringing our expertise of building state-of-the-art office and commercial spaces that inspire creativity and productivity,” Mr. Wee added.
GGDC Chairman Dennis A. Uy noted that the W Group’s entry into Clark will further improve the office offerings within the business district.
“We believe it is strategic for both parties to form this agreement. Having W Group in CGC highly aligns with our vision of providing efficiency-conducive spaces for a new breed of professional workforce,” Mr. Uy said in a statement.
W Group joins the roster of locators that have recently signed with GGDC. GGDC recently signed an agreement with DataLand, Inc., the property unit of DDT Konstract, Inc., for the sublease of a 2.3-hectare property in the area. DataLand develops residential condominiums mainly in Metro Manila.
The company has also signed a sublease agreement with Suyen Corp., the firm behind homegrown clothing brand Bench, for an office building in the area.
SM Prime Holdings, Inc. has earlier signed a sublease agreement that will allow it to develop retail, office, and hotel projects, while Antonio-led Century Properties Group, Inc will be forming a joint venture with GGDC for an affordable housing project there.
GGDC holds the lease rights for Clark Global City until 2085, at which time it plans to develop top-grade office buildings, upscale retail outlets, academic centers, sports centers, an urban park, an integrated resort and casino, and modern support services and amenities.
GGDC is a wholly owned unit of Udenna Development Corp., the property arm of Mr. Uy’s Udenna Corp. The Udenna Group also has interests in petroleum and oil, logistics, infrastructure, education, and convenience stores, among others. — Arra B. Francia

Which Philippine regions import/export more?

Which Philippine regions import/export more?

How PSEi member stocks performed — March 18, 2019

Here’s a quick glance at how PSEi stocks fared on Monday, March 18, 2019.

 
Philippine Stock Exchange’s most active stocks by value turnover — March 18, 2019.

Key meetings set in Beijing to nail down infrastructure funding

OFFICIALS are set to meet with the Chinese government this week to discuss infrastructure projects under the Build, Build, Build program.
In a statement on Monday, the Department of Finance (DoF) said meetings between officials from China and the Philippines are scheduled this week in Beijing.
The Philippine delegation led by Executive Secretary Salvador C. Medialdea will meet officials of China’s Ministry of Commerce today to “firm up possible new agreements on infrastructure cooperation between the two countries.”
The delegation will also meet with Chinese Vice President Wang Qishan.
Meanwhile, other Philippine delegates are set to meet with officials of the Export-Import Bank of China, as well as China International Development Cooperation Agency, the office in charge of China’s foreign aid projects.
A Philippine Economic Briefing (PEB) will be conducted in Beijing on March 20 to discuss the country’s macroeconomic developments and opportunities with potential investors.
Last week, National Treasurer Rosalia V. De Leon said the PEB will be followed by non-deal roadshows in Nanjing, Fuzhou, Suzhou and Xiamen.
The DoF has not provided further details regarding the meetings, but Ms. De Leon, who will be in China for the PEB, said the “high-level” talks will be attended by government officials in charge of the Build, Build, Build program.
Officials are set to meet with their Chinese counterparts this week amid the water crisis and public opposition to the New Centennial Water Source-Kaliwa Dam Project.
On Friday, Finance Secretary Carlos G. Dominguez III rejected claims that high interest rates are attached to Chinese loans that will fund infrastructure projects under the Build, Build, Build program.
Mr. Dominguez said the Kaliwa Dam project is funded by a $211 million loan from China at an interest rate of 2% per annum. The loan obtained by the administration of former President Gloria M. Arroyo for the Angat Water Utilization and Aqueduct Improvement Project Phase II worth $116.6 million had a 3% interest rate
The loan accord for the Kaliwa Dam project was signed on Nov. 20. Kaliwa Dam is meant to be a medium-term water source for Metro Manila, complementing the current main source, Angat Dam, which supplies about 96% of the Philippine capital’s requirements. Kaliwa is expected to add 600 million liters per day (MLD) to augment the 4,000 MLD from Angat. — Karl Angelo N. Vidal

PPA still awaiting revised engineering plan for Chelsea’s Sasa Port proposal

THE Philippine Ports Authority (PPA) said it remains in discussions with Chelsea Logistics Corp. (CLC) for amendments to its proposal to develop, operate and maintain Davao’s Sasa Port before it can be granted original proponent status (OPS).
“Still in discussions with Chelsea as the proponent to thresh out certain adjustments on their proposed engineering design for the development,” Jay Daniel R. Santiago, PPA General Manager, told reporters in Manila on Friday.
“Until and unless they resolve that, the engineering concerns on their proposals, that’s the only time they can proceed for processing it for purposes of granting the original proponent status,” Mr. Santiago added.
Last year, CLC, controlled by Dennis A. Uy, submitted a P11.2 billion unsolicited bid to rehabilitate Sasa Port.
Mr. Santiago said that there is no timeline yet for granting OPS and proceeding with the project, as CLC needs to adjust the design based on the requirements of PPA’s engineering office.
“What we want to happen (is that) PPA has a long-term plan for the development of Davao ports… and we want to make sure that proposal will be compliant with the long term development plans,” Mr. Santiago said, noting that after the proposed concession period, the assets will be owned by the government.
“That’s why we are very critical (of) engineering design,” Mr. Santiago said.
On Monday, CLC closed at P5.95, down 1.65%.
CLC’s net income attributable to the parent fell 72% to P43.01 million in the first nine months of 2018, after a 61% gain in gross revenue to P3.69 billion during the same period. — Reicelene Joy N. Ignacio

US expects 2019 agricultural exports to PHL to grow 10%

AGRICULTURAL exports from the United States to the Philippines are expected to rise 10% to $3.2 billion in 2019, led by soybeans, soybean meal, wheat, dairy products, red meat and poultry, according to the US Department of Agriculture (USDA).
The USDA noted that US is the largest exporter of agricultural goods to the Philippines while the Philippines is the 11th largest global market for US agricultural products.
“The Philippines’ rapidly expanding food and beverage processing industry presents robust opportunities for US exporters of agricultural raw materials and high-value ingredients. About 65% of total US agricultural exports to the Philippines flow through the food and beverage processing industry,” the USDA said.
“While wheat, dairy products, meat, and poultry comprise the bulk of sales, other items such as tree nuts and other processed fruit and vegetables play an increasingly important role. There is a generally favorable view of US products which Philippine food and beverage processors exploit by highlighting US ingredients on product labels,” USDA added.
“Some US high-value agricultural exports to the Philippines face higher tariffs than competing products imported from ASEAN and ASEAN-FTA (Free Trade Area) member countries such as Australia, New Zealand, China and India. However, the Philippines’ participation in free trade agreements also provide a valuable path for US agricultural raw materials and ingredients to grow in tandem with Philippine exports and penetrate markets throughout the region,” USDA said.
Agricultural raw materials seen as most promising in the Philippines include poultry cuts, mechanically deboned meat, trimmings and beef offal, milk whey powder, cheese and other dairy products.
“The wide acceptance food processors and consumers have for US raw materials and ingredients is a tremendous advantage for US exporters seeking to develop a market in the Philippines,” according to USDA.
The USDA said earlier that wheat imports to the Philippines are expected to rise 8.62% to 6.3 million metric tons (MT) this year, due to strong demand for wheat products amid higher rice and corn prices.
Philippine Agriculture Secretary Emmanuel F. Piñol said that such expected growth “is an indication of a growing livestock and poultry industry.” — Reicelene Joy N. Ignacio

PAGASA expects El Niño to run until June

THE weather bureau, commonly known by its acronym PAGASA, said that El Niño is expected to last until June, suggesting a “slight delay” to the onset of the rains and further threatening the reliability of the water supply for Metro Manila.
“Our climate is now getting hotter and dryer due to the ongoing El Niño,” Flaviana D. Hilario, PAGASA deputy administrator for research and development, said in a news conference on Monday.
She added, “The air temperatures are now increasing as we approach the dry season and the impacts of El Niño are expected to become severe. PAGASA’s monitoring and forecast showed that El Niño will continue until June of 2019.”
PAGASA, or the Philippine Atmospheric, Geophysical, and Astronomical Services Administration, said that the impact of the approaching dry season will result to “a slight delay to the onset of rainy season.”
Ms. Hilario noted that 11 provinces in Luzon, Palawan and Mindanao are experiencing meteorological drought, when dry weather patterns dominate an area.
The provinces that are affected by drought are Ilocos Norte, Ilocos Sur, La Union, Occidental Mindoro, Oriental Mindoro, Palawan, Zamboanga del Sur, Zamboanga del Norte, Zamboanga Sibugay, Maguindanao, and Sulu.
Ms. Hilario said that rainfall in Mindanao has been drastically reduced by 60% and weather conditions may improve due to the rain brought by Tropical Depression “Chedeng” which is expected to make landfall on Tuesday in Davao Oriental. — Vince Angelo C. Ferreras

Opposition lays out economic agenda based on safety, rural investment

OPPOSITION candidates for the Senate on Monday laid out their economic programmes before business associations, focusing on the need to improve safety, the rule of law, institutions, and the capacity of local governments to accept investment.
On Monday, four candidates from the eight-member opposition slate known as Otso Diretso made their pitches to a joint meeting of the Makati Business Club (MBC), Management Association of the Philippines (MAP), Financial Executives Institute of the Philippines (FINEX), and the Philippine Chamber of Commerce and Industry (PCCI). The candidates present were Samira A. Gutoc, Florin T. Hilbay, Rep. Gary C. Alejano, and Jose Manuel I. Diokno.
When asked if any of the candidates were in favor of amending the foreign ownership restrictions in the 1987 Constitution, candidates said institutions need to be stronger before liberalizing ownership rules.
“There are two fundamental pre-requisites that we have to address. One is that we have to have strong constitutional law. Second is we have to have a justice system that is capable of enforcing the rules,” Mr. Diokno said, adding that he can only consider liberalization if the government can address these two issues.
MAP President Rizalina G. Mantaring said business groups are keen to find out the priorities of candidates for the May 13 elections, especially those initiatives that will affect business and the economy.
“As voters and as business organizations, it’s our responsibility to get to know the candidates and their positions that affect national development and economic progress. The business community has a specific interest in the coming elections,” she said.
Mr. Hilbay called for a greater focus on micro, small, and medium enterprises (MSMEs), saying that the government should strengthen these businesses which account for more than the 90% of Philippine companies. He also backed supporting rural banks to support MSMEs.
Mr. Alejano said policy needs to be more investment-friendly, which would benefit from improving the security situation.
“We need to have an atmosphere conducive for investment… Even business people are not safe… We have to strengthen our democratic institutions,” he said.
Mr. Alejano backed the dramatically decongestion of Metro Manila by decentralizing government and investment to the regions and developing capacity at LGUs.
“We have to provide economic opportunities outside Metro Manila. We need to (empower) local government units (LGUs) to come up with long-term development plans… I suggest we decongest Metro Manila. I proposed the transfer of the seat of government outside Metro Manila so we can spur development in the areas they will be transferred to,” he said.
Mr. Diokno said that while he does not favor a Federal government structure, “I believe in giving more power to LGUs.”
Ms. Gutoc said that private businesses must be allowed to expand and invest in other regions via a program of incentives for setting up businesses in less-developed areas.
“We need to create incentives for them to go to… provinces where there is a lot of talent,” she said.
Ms. Gutoc added that white-collar jobs are concentrated in Metro Manila and both government and businesses should focus on job creation elsewhere. She said the poorest regions stand to benefit, particularly the newly established Bangsamoro Autonomous Region in Muslim Mindanao.
On investing in BARMM, she said businesses should consider the region on the strength of guarantees provided by the Moro Islamic Liberation Front (MILF) on the safety of their investments.
“We have the MILF guarantee… they have sworn to protect these businesses and they will be the ones to champion these businesses so we need that kind of attitude and commitment,” she said. — Gillian M. Cortez

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