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CCLEx concessionaire secures P19-B loan

THE private concessionaire for the Cebu-Cordova Link Expressway (CCLEx) has secured a P19-billion loan facility with six local banks, which will partially fund the construction of the bridge project in the Visayas.
Cebu Cordova Link Expressway Corp. (CCLEC) said in a statement it has inked a 15-year omnibus loan and security agreement with Rizal Commercial Banking Corp. (RCBC), Development Bank of the Philippines (DBP), Robinsons Bank Corp., Union Bank of the Philippines, Bank of the Philippine Islands (BPI), and Security Bank Corp.
“Construction completion of the (CCLEx) project is assured now that it has secured a P19-billion syndicated loan facility,” the unit of Metro Pacific Tollways Corp. (MPTC) said, noting the main foundation of the bridge is now nearing completion.
“All 21 piles of the main bridge’s Tower 2 have been completed while 17 out of 21 piles at the Tower 1 have been erected. These form part of the bridge’s main foundation,” the company said. “Piling works for the other project components such as the Cebu South Coastal Road on-ramp and viaduct are underway.”
The CCLEx is a P30-billion, 8.5-kilometer toll bridge that will link Mactan island to mainland Cebu.
The whole bridge is scheduled to open in 2021, by then it is hoped to benefit around 50,000 vehicles every day by decongesting the two existing bridges linking Mactan and Cebu.
MPTC is the tollways unit of the Metro Pacific Investments Corp. (MPIC), one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez

Berlinale unrolls green carpet for politically charged film festival

BERLIN — A mother fleeing her violent husband, a serial killer who preys on women, and famine in 1930s Ukraine are among the weighty social and political themes explored in films showcased at this year’s Berlin Film Festival.
Short on star power but strong on gender balance and political engagement, the 2019 Berlinale opens on Thursday evening with the premiere of Danish director Lone Scherfig’s The Kindness of Strangers.
The film, set in New York, is about Clara, played by Zoe Kazan, fleeing her violent policeman husband, and touches on themes of power and abuse that pervade much of the festival.
Other highlights include Brazilian director Wagner Moura’s Marighella, about writer Carlos Marighella’s death at the hands of Brazil’s former military dictatorship, and Polish director Agnieszka Holland’s Mr. Jones, about a Welsh journalist whose 1930s reports from the Soviet Union exposed the horror of famine in Ukraine.
Other hotly tipped films include German director Fatih Akin’s The Golden Glove, the psychologically grueling true story of a serial killer who preyed on women in Hamburg’s port district in the 1970s.
Though stars are present at this festival — including Juliette Binoche, chair of the prize jury — the lower-key feel is typical of Dieter Kosslick, outgoing director of the Berlinale, said Scott Roxborough, European bureau chief at The Hollywood Reporter.
WOMEN DIRECTORS
With the film industry still reeling from the “#MeToo” movement, when a series of prominent male figures were revealed as sexual predators and serial abusers of women, this Berlinale stands out for its depth of female representation, he said.
“Seven of the 17 films (competing for a prize), 41%, are female-directed, which isn’t quite 50% but it’s a lot better than any of the other big film festivals,” Mr. Roxborough said. “Venice last year had one female director.”
Around 400 films will be shown at this year’s Berlinale, of which 17 are competing for the Golden and Silver Bears.
The absence of star-power is also a reflection of the festival’s timing, since Venice’s spring and Cannes’s autumn slots are better for films seeking to target the Oscars, which remain the film industry’s ultimate prize.
The Academy Awards, or Oscars, ceremony usually takes place in late February or early March.
In another nod to contemporary issues this year, the festival will highlight the importance of protecting the environment by replacing the traditional red carpet for stars to walk down with a green one woven from recycled fishing nets. — Reuters

PRC signals reduced coursework requirement for professionals

THE Professional Regulation Commission (PRC) said that it may require less refresher coursework from professionals as the agency makes adjustments to implement the Continuing Professional Development (CPD) Law.
In an interview with BusinessWorld, PRC Chairman Teofilo S. Pilando Jr. said that commission is planning a transition period before fully implementing the CPD law to reduce the burden on professionals, and to allow for time to build up the PRC’s capabilities. During the transition, mandatory refresher credit requirements may be eased.
A prescribed volume of coursework is required of professionals seeking to renew their PRC registrations.
“Among the things we are proposing will be a transition period in the implementation of the law,” he said.
Mr. Pilando added, “Under the old Implementing Rules and Regulations, most of the professions require 45 credit units but during the transition period, we will require at most 15 units. We know it takes time to ideally implement this but at the same time, we cannot say 0 units.”
Last year, in a Senate hearing, Senators Antonio F. Trillanes IV, Ralph G. Recto, Juan Miguel F. Zubiri, and Aquilino L. Pimentel III noted the difficulty many professionals have experienced in complying with the 45-credit requirement and the lack of PRC facilities to host coursework in many parts of the country.
The PRC Chairman said that the commission needs to build its capacity before it can fully enforce the CPD Law.
“We are supposed to achieve standardization… and develop further alternative modes of compliance… We have to have the necessary materials and premises,” Mr. Pilando said.
On Monday, the PRC was summoned for consultations with the Senate on its proposed amendments to the rules for renewing professional licenses.
“(T)o cushion the supposed burden of implementation, from the start we already know that we need some adjustments… considering what the law is contemplating, we are amending the IRR, to make it less burdensome and at the same time still maintain the intent of the law,” he said.
Asked to estimate how long the transition period will be, Mr. Pilando said “It’s hard for us to give definitive period because it hinges on the type of support we are going to get.” — Gillian M. Cortez

PMFTC inks leaf supply deal with Universal

UNIVERSAL Corp. on Thursday said its subsidiary is increasing sales of leaf tobaccos in the Philippines as it signed a new leaf supply agreement with Philip Morris International Management SA (PMIMSA).
Under the new deal, PMFTC, Inc., an affiliate of PMIMSA, will buy processed grades of tobacco from Universal Leaf Philippines, Inc. (ULPI), starting with this year’s crop.
Previously, PMFTC bought leaf tobaccos produced by its own contracted grower base and process these using its own facility.
“The expansion of direct contracting by ULPI will provide procurement synergies and economies of scale that will promote efficient leaf utilization of tobaccos supplied to PMFTC and our other customers, and will support the competitiveness of Philippine tobaccos in the global leaf markets,” Universal Corporation Chairman, President and Chief Executive Officer George C. Freeman III said in a statement on Thursday.
“In addition, this new arrangement exemplifies our commitment to prioritize investments for the growth of our core tobacco business consistent with our capital allocation strategy,” Mr. Freeman added.
Universal Corporation, which is based in Richmond, Virginia, is a global supplier of tobacco leaf in more than 30 countries. It started its business in the Philippines in the 1960s.
PMFTC is the joint-venture company between Philip Morris Philippines Manufacturing, Inc. and Fortune Tobacco Corp. — R.J.N. Ignacio

Oscars to go hostless for only second time

LOS ANGELES — This year’s Oscar ceremony will go ahead without an official host for only the second time in its history, an ABC television executive said on Tuesday.
Speaking just three weeks before the highest honors in the movie industry are handed out, ABC entertainment president Karey Burke said the Feb. 24 event would forgo a host and “just have presenters host the Oscars.”
ABC, a unit of Walt Disney Co. televises the Oscars ceremony annually and is closely involved in planning the telecast.
Comedian Kevin Hart in December stepped down from hosting the Oscars after past homophobic tweets resurfaced. No replacement was announced but there had been no official statements on how the ceremony would proceed.
The Oscars ceremony has gone without a host only once before in its 91-year history, in 1989.
Ms. Burke said the decision was taken after what she called “the messiness” over the Mr. Hart withdrawal and an attempt to revive his chances.
“After that, it was pretty clear that we were going to stay the course and just have presenters host the Oscars. We all got on board with that idea pretty quickly,” Ms. Burke told reporters at the Television Critics Association meeting in the Los Angeles suburb of Pasadena.
She said the Academy of Motion Picture Arts and Sciences, which organizes the Oscars, had promised ABC last year to keep the telecast to three hours — about 30 minutes shorter than in recent years.
“So the producers, I think, decided wisely to not have a host and to go back to having the presenters and the movies being the stars,” Ms. Burke said.
The Oscars host traditionally opens the ceremony with a comedic monologue focusing on celebrities, the state of the movie industry, as well as cultural and political issues.
Ms. Burke said she would hear details from the show producers later this week but said there were plans for “a pretty exciting opening” to the telecast.
She added that speculation over the shape of the ceremony was an encouraging sign that the Oscars were still relevant. Audiences have dropped in recent years with the 2018 show attracting just 26.5 million viewers, the smallest number ever.
“I have found that the lack of clarity around the Oscars has kept the Oscars in the conversation and that the mystery has been really compelling. People really care,” she said.
Mexican drama Roma and British historical comedy The Favourite lead the Oscars nominations with 10 nods apiece.
Ms. Burke noted that three of the other best picture nominees — Disney’s Black Panther, Warner Bros.’ A Star is Born, and 21st Century Fox’ musical Bohemian Rhapsody — had each taken in more than $200 million at the North American box office alone.
“I think we are going to see a big turnout for this because these are big popular movies that have been nominated,” she said. — Reuters

Congress ratifies bill waiving fees for first-time job-seekers

A MEASURE exempting graduates and out-of-school youth from fees charged for official documents was ratified by both chambers of Congress on Wednesday.
Senators ratified on Feb. 6 the bicameral conference committee report of Senate Bill No. 1629 and House of Representatives Bill No. 172 or the “First-time Jobseekers Assistance Act” which exempts qualified beneficiaries from fees charged for a number of pre-employment documents.
In the House of Representative, the report was also ratified on Feb. 6, according to a status report on the bill posted on the Congress website.
Senator Emmanuel Joel J. Villanueva said in a statement on Thursday, “This proposed law will be a big help for new graduates and first-time job seekers.
In the version of the bill agreed by both chambers, the government documents covered by the law include birth certificates, barangay clearances, police and National Bureau of Investigation (NBI) clearances, marriage certificates, transcripts of records; taxpayer ID, the unified multi-purpose ID (UMID), and medical certificates from public hospitals.
The exemptions are valid for one year after the date of graduation or date of dropping out of school.
The bill is now for transmission to the Office of the President for signing.
Mr. Villanueva said ““We are hopeful that the President will be supportive of our bill that will greatly benefit our young individuals as they enter our country’s workforce.” — Gillian M. Cortez

Tycoon asserts ownership of firms behind Okada Manila

EMBATTLED Japanese gaming tycoon Kazuo Okada maintains that he is still the rightful owner of the companies behind Okada Manila, despite a Tokyo ruling affirming the validity of a trust agreement that led to his ouster in the companies.
In a statement issued Thursday, Mr. Okada’s lawyers said the tycoon’s daughter Hiromi plans to appeal the Tokyo decision in the complaint filed against them by brother Tomohiro.
A Tokyo District Court in a decision last Jan. 25 confirmed the validity of a 30-year trust agreement between Hiromi and Tomohiro that gave the latter majority control of Okada Holdings Limited (OHL).
OHL owns 67.9% of Universal Entertainment Corp. (UEC), a Japanese listed firm that owns Tiger Resort Asia Limited (TRAL). In turn, TRAL owns Tiger Resort, Leisure, and Entertainment, Inc., the local unit which owns and operates Okada Manila located along the state-run Entertainment City in Parañaque.
The trust agreement was what led to Mr. Okada’s removal from the management of OHL, as well as from his directorship in TRAL and TRLEI.
Mr. Okada’s lawyers noted that the decision is not yet final and can be appealed.
“Until the decision becomes final, the fight is not yet over and Kazuo Okada remains in control of Universal Entertainment Corporation (UEC) as 99 percent owner of Okada Holdings Limited,” Mr. Okada’s party said in a statement.
Mr. Okada’s lawyers said that Hiromi testified against Tomohiro during the Tokyo case, claiming that he took advantage of her weak emotional state to get her to sign the share agreements concerning OHL.
Hiromi added that her brother failed to explain the contents of the documents, contrary to his claims.
“On that day (March 2, 2017), I was going overseas again the following day, so I was really tired. There was no explanation. In a few minutes I signed them and it was over,” Mr. Okada’s lawyers quoted Hiromi as saying.
Aside from the case in Tokyo, Mr. Okada and his daughter had also filed civil and criminal proceedings in Hong Kong to regain control of OHL. The tycoon also wants to secure fraud and financial crimes against those responsible for this allegedly illegal removal as the director of OHL, UEC, and TRAL in 2017.
Mr. Okada further criticized TRLEI’s plan to change Okada Manila’s name without his consent. The plan to change Okada Manila’s name comes after the company completed its acquisition of 66.67% of listed shell firm Asiabest Group International, Inc., paving the way for its backdoor entry to the stock exchange.
“As the rightful owner of Okada Holdings, how can they not consult him on matters regarding his company and his property…He was not consulted at all in that transaction and he will file cases against those responsible for the backdoor listing,” Mr. Okada’s lawyers said. — Arra B. Francia

Odd couple

Green Book
Directed by Peter Farrelly
A FARRELLY movie up for the Oscars?
Green Book is Peter Farrelly going at it solo (his brother Bob didn’t join in for personal reasons), doing a period picture (for the first time) that has since earned serious Oscar talk (for the first time). It follows the reasonably true story of Don Shirley (Mahershala Ali) who’s doing a concert tour of the Midwest and segregated Deep South, and hires as chauffeur and bodyguard one “Tony Lip” Vallelonga (Viggo Mortensen), army veteran and nightclub bouncer, presently unemployed.
You’ve been here before: The Odd Couple, The Defiant Ones, Driving Miss Daisy — basically two people of different races, temperament, or social positions, forced to spend time with each other, in this case a car driving through rural America. This variation has two men, the white a lower-class slob, the black an upper-class snob, the white man behind the steering wheel. They go through stuff. They eat (a lot), and quarrel. They share a couple of laughs.
So how far does Mr. Farrelly get with fairly serious real-life drama? Pretty far, actually. Helps that Mr. Mortensen gets plenty of mileage from a broadly Brooklyn Italian accent (“You shouldna punched out da foreman.” “Well he shouldna woke me up.”) — for anyone who watches Scorsese films and Joe Pesci comedies, perfectly familiar territory from which to launch a long journey. He’s a bullshit artist, as he readily admits, to which Don asks: “You’re proud of that?” “It got me this job.”
Ali’s Don Shirley (you almost want to say in the back of your mind “shirty”) functions as an effective foil to Mr. Mortensen’s loud gregarious bluecollar joe, flinching at an offered piece of fried chicken (“I told you not to get grease on my blanket.” “Oooo I’m gonna get grease on my blanket!”), ordering Tony to back up the car to pick up discarded rubbish. It’s in the not-always-subtle details that the movie lives — Tony an unspoken racist (he tosses a drinking glass used by a black worker in his apartment), Don an understated elitist (when they first meet — in Don’s luxurious apartments above Carnegie Hall — Tony slouches on a couch while Don ascends to a throne), and how — predictably, but with some spin on old tropes — the two wear down each other’s rough edges smooth.
If Tony is the movie’s comic engine (with Don providing good accompaniment) Don’s narrative provides some of the dramatic heft, and arguably some of what we see that we haven’t seen before involves Don’s alienated sense of self — how his troubled relations with his brother distances him from his family, how his relative wealth and education distances him from much of the black community. He feels the need to reach out but on his terms, hence the concert tour.
How true is that portrait? The Shirley family denies this characterization of Don’s relationship with his family and with Tony. Mr. Farrelly concedes the former, though audio recordings from Don himself (used in Josef Astor’s documentary Lost Bohemia, about the artists living above the Hall) tend to support the latter assertion.
Putting all that aside (past a certain point accusations of historical distortion, as Shakespeare might agree, seem academic) does the movie — in itself, on its own terms — work? The Farrelly brothers aren’t known for their memorable camerawork or subdued storytelling but what they are known for is this gift for outrage comedy that can be put to remarkably deft use, can allow them license to say things most filmmakers would be condemned for saying (in the case of There’s Something About Mary, Kingpin [my favorite of their work], and Me, Myself, and Irene, how physical and mental disabilities don’t mark afflicted folk as separate from the rest of the world).
Maybe my biggest problem with Green Book is that the Farrellys, like this movie’s Don, scored their biggest successes (artistic if not commercial) on their terms, with grossout humor that celebrates the grotesque and the different — cut through the bullshit, get straight to the point. This — Peter without his brother Bob — is more like standard-issue Oscar bait, familiarly friendly fare meant to educate the already enlightened on the finer points of racism. The latter half of the picture is considerably more sombre, some of the lively electricity that informs earlier scenes channeled to a less jagged hum of indignation — Don has learned to appreciate his own community’s culture while Tony has decided to stand up against all the rampant discrimination: hooray and applause.
Come to think of it where else was this storyline supposed to go? Come to think further, the Farrellys usually flail about for an ending; you remember their work more for isolated moments than for well-structured storylines (no scene of Tony and Don sharing a hotel bed, Tony farting into his blanket, smothering Don with the reeking sheet, alas).
Does this movie deserve an Oscar nomination? I suppose — it’s middlebrow enough, wants to please everyone badly enough. But I like to think that for a while there, particularly during the picture’s first half, it was something a little more: ruder, cruder, less artistic with the bullshit.
MTRCB Rating:PG

GM’s incentive plan for Cruise chief points to IPO

DETROIT — General Motors Co on Wednesday outlined an incentive plan for the head of its self-driving car unit that points the way toward a possible initial public offering for the business.
The No. 1 U.S. automaker disclosed a long-term compensation plan that incentivizes Dan Ammann, chief executive of the Cruise unit, to develop the technology and commercial plans that could lead to the stock offering within 10 years, according GM’s annual 10K filing with the U.S. Securities and Exchange Commission.
Ammann, who stepped down as GM’s president and assumed the Cruise position at the start of the year, was awarded 16,914 restricted stock units for common shares of Cruise and stock options for 101,485 common shares of Cruise by the unit’s board on Monday.
The incentives are based on meeting certain targets, including “a change of control or initial public offering” that occurs prior to the 10-year anniversary of the stock grant, according to the SEC filing.
Ammann stands to make at least about $25 million based on the stock units, which have a value of $1,515 a share, according to the filing. However, his compensation could be much more lucrative if an eventual IPO drives the value of the stock options far above their strike price of $1,515 a share.
“Mr. Ammann’s compensation plan is consistent with CEO benchmarks from tech companies with similar market cap to Cruise and is heavily weighted toward the attainment of specific technology and commercial targets,” GM spokesman Tom Henderson said in a telephone interview.
Analysts have speculated that GM eventually will sell shares in Cruise or spin it off. Cruise, with more than 1,100 employees, is aiming to launch a robo-taxi service by the end of 2019.
GM Chief Executive Mary Barra told analysts on a conference call on Wednesday after the company reported stronger-than-expected earnings that the Detroit automaker was making “rapid progress” with the technology, and the company’s self-driving vehicle plans were “not squishy at all.”
“I think it’s in a strong position from funding,” she said. “I think it’s in a strong position as we continue to do the development.”
Cruise has a value of about $14.6 billion despite no significant revenue and a product not ready for commercial launch. Japanese technology investment fund SoftBank Group Corp and Japanese automaker Honda Motor Co invested a total of $5 billion for separate minority stakes in Cruise.
GM spent $700 million on Cruise last year and expects to spend another $1 billion on the unit this year, GM Chief Financial Officer Dhivya Suryadevara said on the earnings call.
Ammann joined GM in 2010 from Morgan Stanley, where he was an adviser to GM’s government-led bankruptcy restructuring in 2009. He became GM’s president in 2014. — Reuters

Co-working space operator to open 8 more hubs in PHL

By Vincent Mariel P. Galang, Reporter
MALAYSIA-BASED co-working space operator Common Ground is targeting to open at least 8 more hubs in the Philippines by the end of 2019.
“We want to go as aggressive as Malaysia… Hopefully this year we can open at least eight more venues,” Ana Lucia Aguila, expansion manager of Common Ground, said during the launch of its second hub located at IBP Tower in Ortigas Center, Pasig City on Feb. 7.
For the additional hubs, she said Common Ground is looking at locations in Ortigas, Alabang and Makati City. Ms. Aguila said there are plans to expand outside of Metro Manila, particularly in Cebu.
“It’s pretty much up to the market… Right now Malaysia is a little bit more established, but here in the Philippines, we are open to any new options, any suggestions, so if there is good demand in Cebu, why not,” she said.
“I think it’s always a vision to go outside Metro Manila because there are also many opportunities. There is Davao. There is even Iloilo… definitely its part of the vision,” Tina N. Fernando, head of operations for Common Ground Philippines, added during the launch.
The Ortigas hub is Common Ground’s second location after the one in Arthaland Century Pacific Tower, Bonifacio Global City. The hub at 8 Rockwell in Makati City is also expected to open soon.
With the aggressive expansion, Common Ground targets to have about 3,000 seats in the Philippines by end-2019. To compare, Common Ground currently has 12 locations or about 3,500 seats in Malaysia.
Common Ground is also planning to expand in Bangkok, Thailand this year.
“Philippines is the first country that we decided to… expand on, but this year, we are also opening [in] Thailand [in] Bangkok,” Ms. Aguila said.
ORTIGAS HUB
For the Ortigas hub, Common Ground and Ortigas & Company, the developer of the IBP Tower, entered into a joint venture for the co-working space.
“This is our second space. We love this space. When you look at the vibe and the energy of Common Ground in the KL (Kuala Lumpur) sites, we get the same feeling here in IBP Tower. This site is a partnership with the Ortigas real estate group, so we are very happy with the relationship we have with them,” Enrique Y. Gonzales, director for Common Ground Philippines, said during the launch.
The Ortigas hub has 70 square meters (sq.m.) of common space called the Grounds, where community events such as workshops and fitness events are held.
The 1,700 sq.m. Ortigas co-working space also has hot desks, fixed desks, private offices, meeting rooms, call booths, WiFi, printers, and café partner St. Louis.
Common Ground Ortigas is currently offering an early bird rate, which ranges from P7,000 to P16,000 per seat depending on the service that the occupier will avail, and will run for three months.
The hub is currently 40% occupied since its soft opening back in December.
For the soon-to-be launched 1,800 sq.m. hub in 8 Rockwell, it has already 30% occupancy.
“BGC opened November. It only took them three months to reach 70%, so we are expecting the same turnover for Ortigas,” Jamie Santiago, community manager, said during the launch.

What to see this week

6 films to see on the week of February 8 — February 14, 2019

Alita: Battle Angel

THE STORY follows Alita who awakens in the year 2536 with no memory of her past. A compassionate doctor helps her navigate her new life in Iron City. It is only when corrupt forces run after her that she begins to discover clues to her past. Directed by Robert Rodriguez, the film stars Rosa Salazar, Christoph Waltz, and Jennifer Connelly. Entertainment Weekly’s Darren Franich writes, “Calling this movie junk does a disservice to the authenticity of trash.” Rotten Tomatoes gives it a 59% rating.
MTRCB Rating: PG

Green Book

A BOUNCER from an Italian-American neighborhood is hired to drive a world-class black concert pianist on a concert tour from Manhattan to the Deep South. As they travel, they rely on The Green Book to ensure the places they go to are safe for African-Americans. Directed by Peter Farrelly, the film stars Viggo Mortensen, Mahershala Ali, Don Stark, and Linda Cardellini. Empire’s John Nugent writes, “There are legitimate concerns that Green Book settles for lazy tropes about white saviors, but the central humanistic message is important, necessary and correct, and the fact that what could be a stiff, awards-hungry ‘message movie’ is in fact a crowdpleasing slice of mainstream entertainment means that message can reach audiences in all corners.”
MTRCB Rating: PG

Headlock (a.k.a. Against the Clock)


A FORMER CIA operative becomes determined to seek the truth about what happened to her husband, a CIA agent who was seriously injured during a mission. Directed by Mark Polish, the film stars Justin Bartha, Andy Garcia, Dianna Agron, and Mark Polish. Noel Murray of the Los Angeles Times says, “[W]hile this movie is pretty incomprehensible, it’s at least memorable.”
MTRCB Rating: R-13

The Knight of Shadows: Between Yin and Yang

WITH a lawman protege and friendly monsters, a demon hunter tracks down beasts that travel to the human world. Directed by Vash Yan Jia, the movie stars Jackie Chan, Elane Zhong, Ethan Juan, and Lin Peng. Jasmine Lim of Singapore’s The New Paper writes, “Chan oozes an easy, effortless, impish charm, reminding us why he remains a firm family favorite.”
MTRCB Rating: PG

A Dog’s Way Home


A DOG who gets separated from her owner travels 400 miles to return to the safety and security of her home. Along the way, she makes new friends to whom she brings comfort and joy. Directed by Charles Martin Smith, the film stars Ashley Judd, Edward James Olmos, Alexandra Ship, Wes Studi, Barry Watson, and Chris Bauer. The film has gathered mixed reviews — its Rotten Tomatoes score is 58%. Tomris Laffly of RogerEbert.com called it “A good dog movie with its heart in the right place,” while TheWrap’s Yolanda Machado said it “is a joyless jaunt that offers an adorable canine star and not much else.”
MTRCB Rating: PG

Snow Flower (Yuki no Hana)


MIYUKI only has a year to live. After receiving her prognosis, she meets a kind stranger named Yusuke in the wintertime in Tokyo. When they meet again after six months, Yusuke is in need of financial assistance and Miyuki offers a deal — to be her boyfriend for a month in exchange for one million yen. Directed by Kojiro Hashimoto, the movie stars Hiroomi Tosaka and Ayami Nakajo.
MTRCB Rating: PG

Elise

BERT and Elise were childhood sweethearts. When they unexpectedly reunite after many years, Bert realizes that he is still in love with Elise. Directed by Joel Ferrer, the film stars Enchong Dee and Janine Gutierrez
MTRCB Rating: PG

Hanggang Kailan?

DONNIE and Kath go on a trip to celebrate their second anniversary. But when Kath overhears a phone call between Donnie and someone else, the trip they are currently enjoying might be their last. Directed by Bona Fajardo, the movie stars Louise delos Reyes and Xian Lim.
MTRCB Rating: R-13

BSP requires detailed reports on loan, deposit rates

By Melissa Luz T. Lopez, Senior Reporter
THE CENTRAL BANK will soon require lenders to submit more detailed reports on the interest rates they impose on loans and deposits, which is seen to boost transparency and enhance the regulator’s watch on the market.
The Bangko Sentral ng Pilipinas (BSP) will mandate banks to submit more specific data capturing the interest rates they levy on various loan and deposit products, as the central bank looks to capture “greater granularity” in order to enhance market monitoring.
Circular 1029 issued by Deputy Governor Chuchi G. Fonacier on Jan. 25 lists several changes to reporting templates as they now require universal and commercial banks to submit more detailed reports to the BSP’s Supervisory Data Center, such as the weekly data on the volume of transactions and weighted average interest rates on deposits received and loans granted with relevant details as to maturity, size and product category/type.
On top of this, lenders must also submit a monthly report on the weighted average interest rate on outstanding loans and deposits by product category or type. The reports specifically require banks to report the volume and interest rates charged for peso-denominated loans and receivables, peso deposits, and dollar deposits.
Currently, the BSP publishes quoted lending rates of commercial banks on the central bank web site.
The financial firms are given the whole month of February as the transition period, while all changes to the reporting templates must take effect by March 1.
“The information generated from said reports provide analytical support for policy decisions as well as assessment of interest rate risk exposure of the industry,” the central bank said in a statement, noting that the latest reforms will promote greater consumer protection and market transparency.
“These will provide consumers with more valuable information to compare costs and evaluate their needs based on the best loans and deposits products available to them.”
While the BSP’s Monetary Board sets the benchmark interest rates for the Philippine financial system, lenders set their own lending and deposit rates by adding a premium on top of the central bank’s key policy rates.

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