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Moody’s flags rising political risk

By Melissa Luz T. Lopez
Senior Reporter
“POLITICAL POSITIONING” ahead of elections — as signaled by delayed approval of the proposed 2019 national budget and several tax reforms — could dampen Philippine growth prospects, Moody’s Investors Service said.
Despite this, the country’s credit rating will likely remain intact for now, said Moody’s senior credit officer Christian de Guzman.
“We had previously acknowledged that political risks — both geopolitical and domestic risks — in the Philippine have risen… ” Mr. De Guzman said in a webcast on Thursday.
“Rather than political infighting in the Philippines, what we see is a political calendar having an impact with regards to reform and the functioning of the government.”
Moody’s affirmed its “Baa2” rating — a notch above minimum investment grade — with a “stable” outlook for the Philippines in July last year, but flagged that domestic political developments, particularly a weak rule of law and control versus corruption, could weigh on investor appetite.
The legislative landscape has since evolved, with little room to get priority bills passed into law just months ahead of the May 13 midterm elections that will see 12 senators replaced and the 300 members of the House of Representatives seeking fresh terms.
“With elections on the way in May, there has been a lot of political positioning that has threatened the backtracking of important tax reforms that were effective at the beginning of last year, as the tax reforms are demonized as one of the main drivers of high inflation,” the Moody’s analyst said, referring to previous attempts to revoke Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion Act that is just the first of up to five such packages, as consumer prices surged.
Succeeding tax reforms proposed by the Department of Finance, including one that will cut corporate income tax rates and revamp fiscal incentives, appear unlikely to pass anytime soon.
Apparent political considerations have also kept Congress so far from approving the P3.575-trillion national budget for 2019, which Mr. De Guzman flagged as a potential growth dampener.
“One of the biggest offshoots of that is the inability of the Philippines to pass the budget on time. We will see when Congress reconvenes next week whether they can pass the budget, but the inability means there could be downside risks to public spending,” Mr. De Guzman said, adding that this could reverse progress made in addressing problems of underspending.
Budget Secretary Benjamin E. Diokno warned in November last year that failing to approve the budget on time will mean a delay in the rollout of new projects, since these will be left unfunded.
The Senate, which blames the House of Representatives for being about a month late in approving the proposed 2019 national budget, has vowed to approve the new spending plan by early next month. But then the Executive will run against the 45-day ban on public works ahead of the May 13 legislative and local elections.
The government usually front-loads public works projects in the first semester, as the rains and storms usually arrive in the second half.
The Duterte administration is counting on its aggressive infrastructure push to propel economic growth to 7-8% this year until 2022 — at a time when household spending has been easing due to rising costs — from a 6.3% average in 2010-2016.
The recent revived push for a shift to a federal government form has also been a curveball.
“However, none of these political developments pose a material risk in terms of the Philippines’ credit profile, which continues to be bolstered by a fairly healthy growth and a steady and improving fiscal profile on the back of revenue reform,” Mr. De Guzman added.
As of November last year, Moody’s saw Philippine economic growth clocking in at 6.2% this year from an estimated 6.3% in 2018, against 2017’s actual 6.7%.
The Philippines can also be expected to have a “moderate exposure” to the trade war between the United States and China, which is seen to dampen trade and growth prospects across Asia and the Pacific.

Philippine trade year-on-year performance (November 2018)

SOFTENING MERCHANDISE TRADE in November put an end to the country’s five straight months of export growth and pulled import growth down to single-digit level, the Philippine Statistics Authority (PSA) reported on Thursday. Read the full story.

Philippine trade year-on-year performance (November 2018)

Exports drop, imports slow in November; trade gap grows

By Christine Joyce S. Castañeda
Senior Researcher
SOFTENING MERCHANDISE TRADE in November put an end to the country’s five straight months of export growth and pulled import growth down to single-digit level, the Philippine Statistics Authority (PSA) reported on Thursday.
Philippine trade year-on-year performance (November 2018)
Preliminary data from the PSA showed merchandise exports declining 0.3% to $5.569 billion in November, a reversal from growth rates of 5.5% in October and 14.2% in November 2017.
Meanwhile, import payments rose 6.8% year-on-year to $9.469 billion in November, easing from increases of 21.4% in October and 20.1% in November 2017.
These data brought the country’s trade deficit to $3.901 billion, wider than the $3.280-billion gap recorded a year ago.
The November turnout in exports capped five straight months of increases in 2018. Similarly, that month’s import growth figure ended seven consecutive months of double-digit increases in 2018.
To date, merchandise exports contracted by 0.9% to $62.767 billion against the two-percent target of the Development Budget Coordination Committee (DBCC) for full-year 2018.
On the other hand, import of goods grew 15.8% to $100.455 billion versus the DBCC’s nine percent projection for the year.
Cumulatively, the country’s trade balance posted a $37.687-billion deficit, much bigger than the $23.408-billion shortfall in 2017’s comparable eleven months.
Purchases of mineral fuels, lubricant and related materials (up 34.1% year on year to $1.207 billion); raw materials and intermediate goods (6.7% to $3.654 billion) and capital goods (4.9% to $3.016 billion) continued to grow in November.
On the other hand, imports of consumer goods declined 3.8% to $1.548 billion, weighing on total imports for the month.
Meanwhile, declines in outbound sales of mineral products (-34.4% to $244.902 million), petroleum products (-16.6% to $36.906 million) and forest products (-13.3% to $25.560 million) dragged the country’s overall export sector down despite growth in manufactured goods (one percent to $4.677 billion) and agro-based products (12.5% to $427.628 million).
In an e-mail, Nicholas Antonio T. Mapa, senior economist at ING Bank N.V. Manila, pointed to the contraction in imports of consumer goods, which dropped 3.8% in November to $1.548 billion from $1.608 billion in the same month in 2017.
“Imports posted the slowest pace of growth since March mainly because of base effects and as inbound shipments for cars posted a hefty drop of 28.1% as [the fourth quarter of 2017] saw a car buying spree ahead of the TRAIN law implementation,” the economist said, referring to Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion Act that cut personal income tax rates but imposed additional taxes for cars among other goods when the law took effect a year ago.
Electronic products, which make up more than half of the country’s exports, was down 1.6% in November year-on-year albeit registering a 4.6% growth to $34.872 billion year to date in 2018. Semiconductors, which accounted for a chunk of electronic products, likewise dipped by 2.5% to $2.364 billion.
“All other export sectors managed to post a 1.6% expansion, but this was not able to offset the slump in its mainstay electronics sector,” ING’s Mr. Mapa said.
Socioeconomic Planning Secretary Ernesto M. Pernia was quoted in a statement by the National Economic and Development Authority (NEDA) as saying that “[a] widening current account balance due to rising capital goods imports and anemic exports growth is a cause for concern.”
“The widening gap emphasizes the need to reform legislation to allow foreign investments in firms catering to the domestic market, in addition to expanding their exporting activities,” said Mr. Pernia, who heads NEDA as director-general.
OUTLOOK
Amid this “capital-intensive growth,” wide trade deficits “will likely be the norm in the medium term,” said ING’s Mr. Mapa.
Asked about the effect of November trade results on last quarter’s economic performance, Mr. Mapa said in a separate e-mail to BusinessWorld: “Although this will have less of a drag on the overall net exports account, the details point to weaker capital formation numbers as passenger cars and capital machinery saw either contraction or slower growth.”
“We see this as an additional drag on [fourth-quarter] 2018 growth with our forecast looking to slip below six percent,” he added.
“Exports will likely struggle again as we continue to have all our bets on the electronics sector, which could face a tough year should global demand slip.”
For Michael L. Ricafort, economist at the Rizal Commercial Banking Corp., exports could recover this year on the back of a lower base in 2018, adding that some Philippine exporters “could become alternative sources in the global supply chain brought about by the higher tariffs imposed on Chinese exports to the US and on US exports to China.”
However, Mr. Ricafort cautioned on “offsetting risk factors” like the prolonged US-China trade war and the partial US government shutdown that may lead to slower US and global economic growth.
Nevertheless, he noted that “there is still a good chance” of the country’s trade deficit to be narrower in the coming months after hitting record-high level in October last year.
The United States was the Philippines’ top export market in November with a 16% share at $893.20 million, followed by Japan’s 14.7% ($819.07 million) and Hong Kong’s 13.1% ($729.01 million).
On the other hand, China was the Philippines’ top source of imports with an 18.7% share ($1.766 billion), followed by Korea’s 10.9% ($1.03 billion) and Japan’s 9.5% ($903.28 million).

Former RCBC branch manager convicted for money laundering in Bangladesh central bank heist

By Vann Marlo M. Villegas
A MAKATI CITY court on Thursday convicted former Rizal Commercial Banking Corp. (RCBC) branch manager Maia Santos-Deguito of eight counts of money-laundering involving $81 million stolen from Bangladesh Bank’s account with the Federal Reserve Bank of New York in February 2016.
Judge Cesar O. Untalan of Makati City regional trial court Branch 149 ordered Ms. Deguito to pay fine totalling $109.5 million and sentenced her to imprisonment of four to seven years for each count.
At the same time, Ms. Deguito was acquitted of one charge due to double jeopardy as she was charged twice for allowing a transaction worth $14.31 million.
The case stemmed from illegal fund transfers from the account of Bangladesh Bank with the Federal Reserve Bank of New York to four accounts under fictitious names opened at RCBC’s Jupiter Street branch in Makati City. The funds were withdrawn and spent in casinos, where they disappeared. The government has been helping Bangladesh Bank trace the missing money, but so far only $15 million has been recovered from a junket operator.
In its 26-page decision, the court found that Ms. Deguito “facilitated these transactions to their full and complete implementation without any sign of hesitation.”
It also said that she must be “responsible and criminally liable” as she was the manager of RCBC Jupiter Street branch which processed the transactions.
“(H)er declaration in the open court that she has nothing to do with these transactions was a complete and comprehensive lie.”
Ms. Deguito’s legal counsel, Demetrio C. Custodio, Jr., said she will file a motion for reconsideration. “I should say that we have very good grounds to file a motion for reconsideration. We would like to point out here that this case will still follow a very long process. This is just a momentary setback in so far as Ms. Deguito is concerned,” he told reporters after the promulgation.
In a separate interview with ABS-CBN News Channel, Mr. Custodio said: “There should be more people who should be more liable for this, other than a very lowly bank officer who has nothing to do with operational matters.”
He also said the former UCPB branch manager will still enjoy provisional liberty until the decision attains finality in the Supreme Court since the bail she paid does not have expiration.
In a statement, RCBC spokesperson Thea T. Daep said: “The conviction of Maia Deguito is consistent with the bank’s position that it is the victim in this situation and that Ms. Deguito is a rogue employee.”
“There is another case being handled by DoJ against six other RCBC officials,” Asad Alam Siam, Bangladesh’s ambassador to the Philippines, said in a statement.
“We hope that this case could be expedited and could go to trial soon for a decision.”
RCBC was fined a record P1 billion by the Bangko Sentral ng Pilipinas in August 2016 for its failure to prevent movement of the stolen money through its system.
Sought for comment, the Anti-Money Laundering Council (AMLC) — which said that “to date, there have been eight individuals convicted of money laundering” so far — said in a statement that “(Ms.) Deguito’s conviction only helps the retrieval [of the rest of the stolen $81 million] by bolstering the civil forfeiture cases through which recovery efforts are coursed.” It explained that such cases are pending in regional trial courts against Kam Sin Wong, also known as Kim Wong, owner of Estern Leisure Hawaii Co. to which some of the missing funds were transferred by remittance agent Philrem Service Corp., as well as against Philrem owners Michael and Salud Bautista.
The court said that with Ms. Deguito’s 16 years in banking, she had knowledge of the requirements of the Anti-Money Laundering Act (AMLA) such as the minimum amount of P500,000 per transaction for reporting covered transactions.
“To disregard such mandate of the State, accused is putting herself in danger of committing crime: violation of the AMLA law, which she is now being criminally charged for nine counts. Thus, she has nothing to blame; but herself,” the decision read. — with Reuters and Melissa L. T. Lopez

BSP further eases FX transaction rules

THE CENTRAL BANK has announced fresh easing of foreign exchange (FX) transaction rules, which include simpler documentary requirements for investments involving currency trades.
The Bangko Sentral ng Pilipinas (BSP) unveiled new changes to rules covering inbound and outbound funds. The central bank explained in a statement that these are expected to improve access to foreign currency in the local banking system and make it easier for investors to bring in or take out their money.
Major changes include broader coverage of inbound investment transactions as well as derivative instruments, allowing registration of fund inflows beyond the prescriptive period, and allowing the sale of foreign currency “relating to investments.”
Rules on outbound investments are also being updated by lifting the need for BSP approval before parties can purchase foreign currency to invest overseas or repatriate foreign funds. Instead, investors need only inform the BSP prior to such transactions.
The BSP is also allowing financial firms to submit supporting documents to register foreign loans incurred by private firms without public sector guarantee, as well as registration of inbound flows and the sale of foreign currencies through electronic means. Banks usually require documents like printed dollar loan agreements for corporate buyers or travel papers for individual clients before they can buy foreign currency.
A one-year grace period is also being given to file applications to register investments, regardless of date of funding.
“The reforms intend to facilitate access to the banking system’s FX resources for legitimate transactions, and further streamline and simplify procedures and documentary requirements for FX transactions,” the BSP said. “The reforms will give the investors greater flexibility to manage their investments and cash flows.”
The central bank has been liberalizing its foreign exchange rules since 2007 as monetary authorities seek to improve the ease of doing business in the Philippines. Such changes are also meant to encourage the public to transact with banks rather than the informal market.
BSP Deputy Governor Chuchi G. Fonacier had said that the central bank may hold off further relaxation of these standards amid a highly-volatile FX market, and would instead prioritize reducing the paperwork required for currency transactions. — Melissa Luz T. Lopez

Nov. infrastructure spending, other capital outlays surge

By Elijah J. C. Tubayan
Reporter
NATIONAL GOVERNMENT disbursements on infrastructure and other capital outlays saw “solid numbers” in November, nearly reaching the full-year program.
In a statement on Thursday, the DBM said that spending on infrastructure and other capital outlays grew 43.6% year-on-year to P62.9-billion in November 2018 from P43.8 billion in the same month in 2017.
However, it was 33.3% lower than the P94.4 billion spent in October.
“Infrastructure and other capital outlays once again posted solid numbers as they hit P62.9 billion in November 2018 on the back of completed road infrastructure projects by the Department of Public Works and Highways (DPWH), repair and rehabilitation of school buildings and facilities of the Department of Education (DepEd) and State Universities and Colleges (SUCs), and acquisition of medical equipment of the Department of Health (DoH),” the DBM said.
This brought January-November 2018 infrastructure and other capital outlays to P728.1 billion, up 49.7% from P486.5 billion in 2017’s comparable 11 months.
That was equivalent to 93.9% of the P775.369-billion programmed for 2018.
The government needs to have spent at least P47.269 billion on infrastructure and other capital outlays last month in order to hit the full-year target.
Latest infrastructure and other capital outlay data are also equivalent to 23.53% of the P3.095-trillion overall disbursements that period, which grew 24.1% year-on-year.
“We are optimistic about the full-year 2018 spending outturn. Public spending remains robust as we’ve managed to channel more resources to the government’s priorities,” Budget Secretary Benjamin E. Diokno was quoted as saying.
The DBM said that the overall 2018 spending data will be released within the first quarter this year.
“We have an expansionary fiscal policy so we can upgrade our public infrastructure, as well as provide our people with quality and accessible healthcare, education, and poverty-reduction programs. With the pace of public spending, it is clear that the government is following through with its ambitious plans, especially ‘Build Build Build’,” said Mr. Diokno.
“The increase in infrastructure spending and additional capital outlay, as expected, is due to accelerated government spending brought about by the ‘Build, Build, Build’ projects by the government to hasten infrastructure facilities after the term of Pres[ident Rodrigo R.] Duterte,” Colegio de San Juan de Letran Graduate School Dean Emmanuel J. Lopez said in an e-mail when sought for comment.
“Although it may be inflationary in effect, the income and employment it will create can create economic growth in other areas of the economy,” Mr. Lopez added.

MMFF 2018 breaks box office record

THE 44th Metro Manila Film Festival drew to a successful close on Jan. 7, with the festival’s chairman announcing that they had not only surpassed last year’s gross but also recorded the highest ever take in the film festival’s history.
“Despite the incessant rain during the holiday season, we braved and survived the storms and have created new records,” Danilo Delapuz Lim, chairman of the Metro Manila Development Authority (MMDA), said in a statement posted on the film festival’s Facebook page on Jan. 8.
The same statement announced that over its two-week run from Dec. 25 to Jan. 7, the festival earned P1.060 billion, P10 million more than the 2015 record which saw Wenn V. Deramas’ Beauty and the Bestie and Jose Javier Reyes’ My Bebe Love contributing much of the box office sales.
The 2018 festival saw MMFF regulars Jose Marie “Vice Ganda” Viceral, Rodel “Coco Martin” Nacianceno, and Marvic “Vic” Sotto starring in the films which earned the biggest box office.
The top four MMFF films based on gross sales receipts, according to MMFF Spokesperson Noel Ferrer in an Instagram post on Feb. 10, were (in no particular order): Aurora by Yam Laranas, Fantastica by Barry Gonzales, Jack Em Popoy: The Puliscredibles by Michael Tuviera and Mary, Marry Me by RC delos Reyes.
Of the four top grossers, only the producers of Aurora revealed their movie’s box office take, saying in a post on Cinema Bravo’s Facebook page that the film earned P107 million.
The other entries in the festival were: The Girl in the Orange Dress by Jay Abello, One Great Love by Eric Quizon, Rainbow’s Sunset by Joel Lamangan and Otlum by Joven Tan.
“We are happy to announce that most of the film entries are still on extended run in cinemas nationwide. Everyone can still catch these films,” Mr. Lim said in his statement.
A cursory inspection of the Web site of SM Cinemas, arguably the biggest cinema operator in the country, showed that only Aurora, Fantastica, and Jack Em Popoy are showing in their cinemas.
This year, the MMFF will commence with its 45th run and Mr. Lim said in the statement that they want to “prepare for it early on.”
“We look forward to more significant and groundbreaking entries and activities that would further develop the audiences’ love for Filipino films, develop and discover new talents through the student short films and maximize exposure and linkages with international festivals,” he said. — Zsarlene B. Chua

Sweet as a spoonful of sugar

By Richard Roeper
Movie Review
Mary Poppins Returns
Directed by Rob Marshall
WARNING: Small spoonfuls of sugary spoilers ahead!
Now that’s what I call a fantastic follow-up of a pop-in.
A mere 54 years after Julie Andrews as Mary Poppins descended from the sky with her umbrella, working her magic with one downtrodden family onscreen in a movie destined to become a timeless Disney classic cherished by multiple generations of viewers worldwide, the practically perfect nanny has returned.
The good news: While it would be all but impossible to match one of the most beloved and acclaimed musicals of all time, Mary Poppins Returns is a sequel worthy of the name.
This is a wall-to-wall smile of a movie: big of heart and large in scale, lavishly staged, beautifully photographed and brimming with show-stopping musical numbers. Again, it would be folly to expect any of the individual numbers or the soundtrack as a whole to attain the lasting pop culture status of “A Spoonful of Sugar,” et al., but you’ll likely be humming the melodies of more than a few of the tunes from “Returns” as you exit the theater, and in the days and weeks to follow.
Of course, all the noble intentions, all the infectious musical numbers, all the clever call-backs in plot and character, all the potentially funny and exhilarating and heart-tugging adventures — all of that hinges on the casting. If we don’t love the new Mary Poppins, how are we to even consider falling for the movie itself?
Ah, but from the moment Emily Blunt lightly floats to the ground through the snarling winds of a ferocious storm, umbrella in hand of course, it’s difficult to imagine anyone else more suited to the role, more at home inhabiting the cheeky, strong-willed, delightfully adventurous, politely subversive and always loving Mary Poppins. She is sensational.
And there’s star power a-poppin’ in the supporting cast, from Lin Manuel-Miranda’s brightly shining and winning performance as Jack, the lamplighter with a heart of gold and the spirit of a hero who is our singing guide throughout the fantasy adventure; to Ben Whishaw and Emily Mortimer as the grown-up Banks siblings, who have nearly forgotten Mary Poppins’ lessons in the face of real-life troubles; to the “surprise” cameos from a couple of living legends in their 90s.
Mary Poppins Returns is set in London during the economic depression, aka the Great Slump of the 1930s, about a quarter-century after the events of the original film.
A year after the death of his wife, Michael Banks (Whishaw) remains a broken man, stumbling through everyday life in a haze, barely hanging on. To be sure, Michael is a devoted father to his children — Anabel (Pixie Davies), John (Nathanael Saleh), and little Georgie (Joel Dawson) — but without the help of the daffy but loving housekeeper Ellen (Julie Walters) and Michael’s selfless sister, Jane (Mortimer), he’d be lost.
In fact, even WITH their assistance, Michael is facing ruin. He’s on the verge of losing the family house on Cherry Tree Lane — the very house in which Michael and Jane grew up. Even worse, Michael is becoming increasingly impatient and distant with the children, and he’s in danger of forever losing sight of what really matters in this world.
That’s just about the time Mary Poppins re-appears and announces she’ll be taking on the role of the nanny for Michael’s children, because heaven knows they need some discipline and guidance (oh and maybe some heaping scoops of magic and wonder as well).
Poof! Just like that, a mundane thing like bath time for the grimy, grumbling kids turns into an exhilarating and surreal underwater and on-the-water thrill ride. (By the time it’s over, even the most cynical of the children is fully with Team Poppins.)
And in perhaps the most memorable adventure in the entire film, a crack in a ceramic bowl in the Banks’ home leads to Mary and Jack and the kids plunging into the world depicted in the etchings on that bowl. Costumed as if they’re animated characters but retaining their live-action forms, they interact WITH animated, talking animals, from a dog to a horse to a badger, in a prolonged sequence featuring an elaborate musical number and some genuinely harrowing escapades.
Great stuff, taking advantage of modern-day technology while remaining lovingly true to the visual spirit of the original.
Meryl Streep has a single-scene, comic-relief, almost exhaustively over-the-top appearance as Mary’s eccentric cousin Topsy. It’s reminiscent of one-offs in many a Broadway musical, and I’m not sure it was all that necessary, especially in a film that, with all its bright spots, does lag here and there over the two-hour, 10-minute running time.
David Warner is a hoot as the retired naval officer Admiral Boom, still living across the way from the Banks’ house. Colin Firth is a hiss-worthy villain as William Wilkins, the current president of the Fidelity Fiduciary Bank, who is essentially the Mr. Potter to Michael Banks’ George Bailey. I don’t think it’s much of a surprise anymore, given all the pre-film publicity, but I’ll issue a SPOILER ALERT one last time before noting the absolutely lovely and sweet and funny and touching cameos by Dick Van Dyke and Angela Lansbury.
What a gift it is to see the 93-year-old Van Dyke and Lansbury on the big screen again.
And what a magnificent and joy-inducing holiday present Mary Poppins Returns is for all of us. — Chicago Sun-Times/Andrews McMeel Syndication
Rating: Three stars and a half
MTRCB Rating: G

Tribute concert set in honor of new National Artist Ryan Cayabyab

SOME OF the best singers in the Philippines will pay tribute to newly minted National Artist for Music Raymundo “Ryan” Cayabyab on Jan. 18 at the Globe Auditorium of the Maybank Performing Arts Theater in Bonifacio Global City (BGC).
The concert titled, Ryan Ryan Musikwentuhan — a play on Mr. Cayabyab’s late night music show Ryan Ryan Musikahan which ran from 1988 to 1995 on ABS-CBN — will feature performances by Pilita Corrales, Regine Velasquez, Celeste Legaspi, Mitch Valdes, The CompanY with Beth Martin, the Ryan Cayabyab Singers, Ben & Ben, and Martin Nievera, among others.
“After our historical collab with [music festival] Pinoy Playlist (which was one of the highlights of my 2018), join us as we honor our new National Artist: Maestro Ryan Cayabyab with a special intimate musical gathering at the BGC Arts Center,” Moy Ortiz, a member of the a cappella group CompanY, said in a Facebook post on Jan. 7.
Mr. Cayabyab, Mr. Ortiz, and Noel Ferrer curated the week-long music festival held at the BGC Arts Center last October which celebrated Filipino music. The same collaborators are working together for the tribute concert next week.
October was also when it was announced that Mr. Cayabyab, along with six other artists — cartoonist Larry Alcala, filmmaker Eric “Kidlat Tahimik” de Guia, writer Ramon Muzones, playwright Amelia Lapena Bonifacio, and architect Francisco Manosa — had been named National Artists in their respective fields.
Mr. Cayabyab, fondly called Maestro or Mr. C, is a composer and conductor who is considered a pioneer of contemporary Filipino music. He was a 2004 recipient of the Gawad CCP (Cultural Center of the Philippines) Para sa Sining.
Some of his best-known works include “Kay Ganda ng Ating Musika” (1978) which was sung by Hajji Alejandro and which won the first Metro Manila Popular Music Festival, “Da Coconut Nut” (1991) which was sung by Smokey Mountain and is now a favorite song of choirs around the world, and “Limang Dipang Tao” (2003) which was sung by Barbie’s Cradle and Lea Salonga.
One of Mr. Cayabyab’s latest works is Bahaghari, a 15-track album featuring folk songs sung in their native dialect by Ms. Salonga. The folk songs include “Sarung Banggi” sung in Bicolano and “Ili Ili Tulog Anay” sung in Bisaya.
Ryan Ryan Musikwentuhan will be held on Jan. 18, 8 p.m., at the Globe Auditorium, Maybank Performing Arts Center in BGC, Taguig. Tickets are available via TicketWorld (www.ticketworld.com.ph) and range in price from P700 to P3,000. — Zsarlene B. Chua

Costume drama The Favourite leads BAFTA awards nominations

LONDON — The Favourite led the nominations for the British Academy of Film and Television Arts (BAFTA) awards on Wednesday, with 12 nods for the costume drama that has already won its leading actress Olivia Colman critical acclaim and several prizes.
The comedy sees Ms. Colman play Britain’s 18th century Queen Anne as a frail and insecure royal, easily influenced by her close friend Sarah, Duchess of Marlborough, portrayed by Oscar winner Rachel Weisz.
When maid Abigail arrives, the relationship is tested as both women fight for the queen’s affection.
The Favourite will compete for Best Film, Outstanding British Film, Original Screenplay — and in the Director category for Yorgos Lanthimos — at the British film awards next month.
Ms. Colman, Ms. Weisz, and Emma Stone, who plays Abigail, are all nominated and the film has also been recognized for Editing, Cinematography, Make Up & Hair, Production Design and Costume Design.
Queen movie Bohemian Rhapsody, space drama First Man, Netflix film Roma, and musical remake A Star Is Born each received seven nominations. Political comedy Vice got six.
Joining The Favourite on the Best Film list are comedy-drama Green Book, set in the segregated US deep South in the early 1960s, A Star Is Born, Spike Lee’s BlacKkKlansman, and Roma.
That black and white Mexican movie, seen as a major Oscar contender, is also in the running for Film Not In The English Language and its director Alfonso Cuaron, who triumphed at the Golden Globes on Sunday, will compete against Greece’s Lanthimos in the Director category.
They are joined by directors Lee, Bradley Cooper for A Star Is Born and Pawel Pawlikowski for Cold War.
In the Leading Actress competition, Ms. Colman faces fellow Golden Globe winner Glenn Close for The Wife, pop star Lady Gaga in A Star Is Born, Viola Davis for Widows, and Melissa McCarthy for Can You Ever Forgive Me?.
Christian Bale, who portrays former US Vice-President Dick Cheney in Vice, Rami Malek, who takes on the role of late Queen frontman Freddie Mercury in Bohemian Rhapsody, and Green Book actor Viggo Mortensen are nominated for Leading Actor.
Completing that list is Mr. Cooper for A Star Is Born and Steve Coogan for Stan & Ollie.
The contenders for the Supporting Actor prize are Mahershala Ali for Green Book, Richard E. Grant for Can You Ever Forgive Me?, Sam Rockwell for Vice, Timothee Chalamet in Beautiful Boy, and Adam Driver in BlacKkKlansman.
Claire Foy, Amy Adams, and Margot Robbie join Ms. Stone and Ms. Weisz in the Supporting Actress race, respectively for First Man, Vice, and Mary Queen of Scots.
The winners will be announced on Feb. 10 in London. — Reuters

The immortal story

ORSON WELLES died in October 1985; his latest film, The Other Side of the Wind, was released in November 2018.
The film itself — shot mostly between 1970 to 1976 — feels like the bookend to Mr. Welles’ debut feature Citizen Kane: a powerful man in a state of decline, his life and career dissected by a variety of witnesses. Unlike Kane which was a puzzlebox of testimonies fitting together to reveal an opaque enigma (what does “Rosebud” really tell us about the man?) but which was shot and edited in a more conventional manner (radical for classic Hollywood, relatively conventional for us), this film’s very style reflects those fragmented views, shifting from monochrome to color to 35 mm to 16 mm to Super 8. The film breaks down to either three sections or two halves — six depending on how you look at it: a crew closing its shoot to go to a viewing party, the party itself, the party’s aftermath in a drive-in; also alternates between crew and viewings of the film itself, titled The Other Side of the Wind (you could argue that the film breaks down to hundreds of shots, each shot in a different style from a different point of view and a different emotional tone but for simplicity’s sake let’s stop at six).
The film’s first 20 or so minutes should be offputting — are we even in the same movie? — if it wasn’t for an entire cable channel and three of Oliver Stone’s feature films (JFK, Natural Born Killers, Nixon) regurgitating the style to the public for decades. Helps to keep in mind that the film’s all about Jake Hannaford (John Huston): in a piecemeal process — one nugget of info at a time — we learn that he’s a veteran bigshot, that several documentaries and books are being written about him, that he’s in search of investors to put up completion money for his work in progress. You recognize aspects of Mr. Welles in the portrait — the high reputation, the ultraloyal crew members (who feel by turns vindicated and betrayed, depending on how Hannaford is treating them at the moment), the rabid nonfans (who moments before may have been loyalists). You can’t not see a bit of Mr. Huston in the role (the big-game hunting, the Irish heritage), especially how the actor-director plays him, with generous servings of charisma and charm; you can’t not see a bit of Ernest Hemingway, who was Mr. Welles’ initial inspiration (the guns and hunting, the insistent machismo, the filmmaker’s ultimate fate). Feels like a descendant of John Barrymore’s Oscar Jaffe in Howard Hawk’s Twentieth Century grown to monstrous proportions, with echoes in Peter O’Toole’s Eli Cross striding across the screen of Richard Rush’s The Stunt Man (Rush’s film was made in 1978, the novel it was adapted from written in 1970 — but the filmmaker’s outsized personality is arguably Mr. O’Toole and Mr. Rush’s creation, presumably channeling Mr. Huston and Mr. Welles).
The film touches on among many things — an aging filmmaker’s role in an industry where he’s become obsolete, on the excesses of the 1960s European art movement, on the way filmmakers (translate: Mr. Welles) abuse the people who support him. The latter feels especially relevant in light of the Me Too movement — filmmakers building up and breaking down actors’ careers, the industry as a meat market from which a filmmaker or producer can select the choicest cuts. At one point the college professor of one of the production’s lead actors is singled out for mockery — arguably the single cruelest and most disturbing scene in the film, and one that raises a few unanswered questions: Is Mr. Welles condemning homophobia (Especially the hypocritical kind, as some of the tormentors are bisexual)? Or does the scene, due to its extended and ambiguous nature, cross the line into actual homophobia? Mr. Welles, according to editor Bob Murawski, directed and edited this particular sequence but refuses to provide any clear answer.
The film is a Mr. Welles film if only for the fact that it dwells on the classic Mr. Welles theme of betrayal — not just Hannaford’s towards any number of his minions, but inflicted on Hannaford himself by his brightest acolyte Brooks Otterlake (Peter Bogdanovich). If Other is populated by caricatures of real-life personalities, Otterlake may be the most intricate of all — when film production started his status as critic-turned-hit-filmmaker looked like a generous prophecy; when production neared its end, that same status must have felt like an albatross weighing on Mr. Bogdanovich and Mr. Welles both. The viewer may find it difficult to separate the history between Otterlake and Hannaford from the history between Mr. Bogdanovich and Mr. Welles, and Mr. Welles himself — probably deliberately so — makes this attempted separation all but impossible.
As for the film within the film — Mr. Welles intended it as a parody mainly of Michelangelo Antonioni’s American productions (with traces of Federico Fellini’s later pictures and of Ingmar Bergman’s more stylized modern-era work). Majority of the complaints made against the film are directed at this parody — too long, too self-indulgent — and the complaints hold water with one crucial problem: the footage is breathtaking. There’s a sequence where The Actor (Bob Random) pursues The Actress (Oja Kodar, Mr. Welles’ collaborator and companion) across abandoned film sets; their vanishing in and out of colorful flats ornamented with noirish striped shadows feels more smoothly orchestrated and edited than a similar sequence in Lady From Shanghai; later there’s a scene involving beaded necklaces, a rusty-springed iron-frame bed, and a daggerlike pair of scissors that helps goad the audience into new levels of unsettled arousal — also driving the lead actor to walk off the set, naked.
There’s a car hurtling through the rainstorm night — the car in reality is motionless, with a hose supplying windshield rain and a man holding two lamps while sitting on a wheelchair providing oncoming traffic. The Actress caresses The Actor while The Driver (Robert Aiken) grows increasingly jealous — the Actress’ heavy beads swing against her heavy breasts while red and green stoplights flash at her face in simulated orgasm. Perhaps the single most erotic sequence in Mr. Welles’ career (though The Immortal Story and F is for Fake have their moments, and Mr. Welles did once edit the shower scene in a porn film [3 AM, directed pseudonymously — he had to eat, after all — by Other cinematographer Gary Graver]), it stands out as an exploration of sexuality — and if we read Ms. Kodar’s predatory Actress as Hannaford seducing his male lead — as an exploration of Hannaford’s sexuality, possibly of Mr. Welles’.
Mr. Welles disliked psychoanalysis of his films and likely anticipated all this thinking by talking of “directing with a mask on.” But putting on a mask also has the sometimes unintended consequence of revealing too much: the masked man feels safe, liberated from exposure, is often unguarded in his actions — in this case possibly his art. Also possible that Mr. Welles recognized a little psychoanalysis can go a long way towards exciting interest in a work, and planted little red herrings here and there — y’know, for the unwary.
Is the film a mess? Sure. Is it a masterpiece? Probably not (I would personally vote for his take on the character of Falstaff). But considering that this finished product assembled by others represents only 2% of all the footage Mr. Welles shot, that there are questions about what Mr. Welles actually edited and helmed (Ms. Kodar reportedly did a few scenes), with conflicting statements from different parties on record — perhaps it isn’t the last statement on the subject, nor should it be. Perhaps it’s possible maybe five or 10 years down the road to make another version of Other, done by yet another young punk editor or filmmaker (A 40-minute dialogueless art film? A three-hour party picture?), and that the whole debate will rise again, never to be definitively settled, sealing (or rather unsealing) Mr. Welles’ reputation for years to come. Is this the best film Mr. Welles ever “directed?” Perhaps not, but there’s a good case to be made that it’s the best trick he’s ever pulled.

TV5 president confident network can break even in 2019

While big changes at TV5 Network, Inc. saw the company scale back losses by as much as 30% in 2018, President and Chief Executive Officer Vincent P. Reyes has some challenging months ahead if he hopes to break even by the end of the year.

“I would be the first to say, it’s going to be very, very difficult,” Mr. Reyes told reporters on Thursday. “But I think I am confident in the fact that we have assembled a team that is going to be able to take advantage of any such opportunity that will allow us to achieve that target.”

Recent streamlining efforts began in late 2017, with a partnership with ESPN. The decision to shift away from general entertainment to sports was a difficult one, Mr. Reyes said, but one he believes ultimately paid off.

With plans to leverage their new sports content online, TV5 launched ESPN5.com, in the hopes of “becoming a big player in the digital space” — completely repositioning the company as a digital-first sports and news network. In the short-term, TV5 saw a drop in advertising placements through the end of 2018. But cutting costly entertainment content from the lineup saw a substantially better bottom line for the network.

“The partnership with ESPN was very important because it gave us a lot of content at a cost which was not as prohibitive as it was when we used to do general entertainment,” Mr. Reyes said.

Moving into 2019, Mr. Reyes said TV5 has plans to relaunch its “AksyonTV” channel, rebranding it as “5 Plus”. Set to air on Jan. 13, the new channel will target younger audiences with content ranging from extreme sports to esports tournaments.

“We had some difficulty monetizing Aksyon because there wasn’t a definite identity,” Mr. Reyes said. “[Plus 5] plays a much, much bigger role than [AksyonTV] used to. So, I think it’s going to be a big help, and the benefits of 5 Plus should be felt… by the entire organization.”

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