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Steady, not strong as SE Asia faces 2019 growth worries

SINGAPORE — Last year, economists predicted Southeast Asia would be blessed with a strong and vibrant 2018.
For next year, they’re not quite so optimistic.
Moderating economic growth and higher interest rates lie ahead.
The Federal Reserve is set to keep everyone on edge as it navigates an even trickier interest-rate path in 2019, while the trade war between the United States and China is already hurting exports in the region.
The Philippines might eke out a small gain in growth in 2019, if its bets that inflation will diminish come to fruition.
“ASEAN growth and inflation look set to soften in 2019,” said Tamara Henderson at Bloomberg Economics.
“Even so, a desire to attract investment inflows may require that the region’s central banks maintain a bias toward tightening — at least until a pause by the Federal Reserve comes into view or China’s stimulus starts to bear fruit.”
To top it off, elections in Thailand, Indonesia and the Philippines could rock the boat even more.
Here are the big economic themes for the region in 2019:
GLOBAL WEAKENING
We’d like to see the good times roll, but most economists are seeing a further slowing of global growth in 2019, just as this year couldn’t beat the previous one.
While economies like the Philippines and Vietnam remain outperformers, the slowdown probably will take its toll in Southeast Asia.
Especially due to China’s tight relationship with the region, demand that’s taken quite a hit in the world’s no. 2 economy amid tariffs and structural changes will negatively affect the neighborhood.
TRADE SLOWDOWN
The domino effect of trade pain remains a high risk amid both the delayed impact of third-quarter tit-for-tat duties and the uncertain outlook of a fragile truce forged between the US and China this month.
“Asia is going to face quite a few challenges” in early 2019, Rob Subbaraman, head of emerging markets economics and Asia ex-Japan fixed income research at Nomura Holdings, Inc., told reporters on Dec. 13.
Especially for global trade, things will get worse before they get better, with the technology cycle finding a bottom in the first half of the year, Nomura analysts project.
Merchandise trade accounts for more than 200% of Singapore’s economy, and more than 100% of those of Vietnam, Malaysia, and Thailand.
ELECTION UNCERTAINTIES
Thailand is set finally to hold a vote Feb. 24 after more than four years of military rule, and analysts are fretting over the potential of social unrest that could hurt tourism and investor sentiment.
Indonesia’s turn is in April — a rematch between President Joko Widodo and his rival Prabowo Subianto.
The Philippines is set to hold midterm elections in May.
FOLLOWING FED MOVES
Central banks will struggle with the US Federal Reserve’s evolving interest-rate path and act accordingly to protect their currencies and keep current accounts in check.
While Nomura analysts see a brighter second-half than the first, Selena Ling, an economist at Oversea-Chinese Banking Corp. in Singapore, conversely sees challenges mounting as the year goes on. A big part of her regressive-outlook view is a rocky Fed transition amid further balance-sheet trimming and the potential for the central bank to move beyond neutral rates.
INFLATION SURPRISE?
Economists are seeing a quiet rise in inflation for much of Southeast Asia next year.
Just the Philippines will be spared, according to Bloomberg surveys. Central bankers in the Philippines just slashed their inflation forecasts, seeing a continued calm for oil prices and relief from legislation that eases rice import restrictions.
Could the diminished expectations expose some analysts to a shock in price growth that leaves some central bankers behind?
It’s a risk worth watching, especially as the relatively low interest rates in much of the region have left the Philippines with a negative real rate, and Thailand’s close to zero. — Bloomberg

No ghosts are needed when the monsters are real

By Nickky F.P. de Guzman, Reporter
Movie Review
Aurora
Directed by Yam Laranas
EVEN WITHOUT the ghosts in it, Metro Manila Film Festival’s Aurora is a horror story: a harrowing tale of human greed.
Starring Anne Curtis as Leanna, the film tells the story of a ship called Aurora which sinks off Batanes after it hits a huge rock.
Leanna owns an inn just few kilometers away from the shipwreck, which becomes a temporary sanctuary for the families who are looking for their loved ones’ remains.
Days later, a storm is about to pass Batanes. The families leave Leanna’s inn, but before leaving she’s told that they will pay her P50,000 for every dead body she finds.
Without any other source of income and with the moral obligation to help search for the remains, Leanna agrees to the deal. She seeks the help of the fisherman Eddie (Allan Paule) and her former lover Ricky (Marco Gumabao) to find the trapped bodies.
Aurora, like any typical scream-filled movie, has all the ingredients of a horror film: some noir scenes, chilling sound effects, and ghosts and spirits that appear out of nowhere. It employs few jump-scares that are aided by camera tricks and music scoring. Some of the special effects can pass but others don’t, like a huge wave that engulfs the ship, or the shipwreck ablaze. It takes major on-screen convincing that Aurora really did crash into a boulder.
But as mentioned, even in the absence of these, Aurora is a horror story, a disgusting tale of human greed.
As the narrative moves forward, the audience is told that Aurora sank because it was overloaded. If one had the money to pay for the ticket, they could come aboard.
The shipwreck’s sole survivor tells of his experience: they were in like sardines and the ship experienced mechanical difficulties. From the ship owner and the captain, to the coast guard and crew members, the culture of accommodating many passengers is the norm. “It’s business,” said the survivor.
Screenwriter Gin de Mesa has said that she was inspired to write Aurora by true stories of sea tragedies like MV Doña Paz. Aurora is directed by her husband, Yam Laranas.
More than the spirits in the story, it’s the business behind the disaster that is scary because this happens in real life. While there’s nothing novel in Aurora and its story, it’s good to be reminded of the lesson of avarice during Christmastime — and beyond.
MTRCB Rating: PG

It takes a century to make this drink

THERE have been just a handful of “cellar masters” who have created Remy Martin’s Louis XIII, the liquor Paul-Emile Remy Martin began to make in 1874, and which was named to honor French king. Cellar masters are tasked to choose the best eaux-de-vie, or “water of life,” the selection of blends from which to create a Louis XIII. To do this, they must sift through an extensive range of choices, sampling the various eaux-de-vie produced by winegrowers and distillers around Grande Champagne in Cognac each year, and setting aside those which they deem as having the best potential for aging.
The selected eaux-de-vie are briefly stored in new oak casks, then are moved to older oak barrels, where they sit for 40 years. The next cellar master will then have to decide if the eaux-de-vie still needs time to mature, or if these can be transferred to 150-year-old casks, where they are left to age some more. It takes four generations of cellar masters (each of whom must pick up to 1,200 eaux-de-vie), around a century to produce a batch of Louis XIII.
The present cellar master, Baptiste Loiseau, has recently picked what he considered were the best eaux-de-vie for his successors to work with in the coming decades. But Mr. Loiseau is unlikely to taste the fruit of his labor in its final form. No cellar master ever did.
Uncorking a decanter of Louis XIII is no small occasion then, and it was something Remy Martin, through brand ambassador Florian Heriad Dubreuil, recently did for some guests in Manila. During the activity, Mr. Debreuil said opening a bottle of Louis XIII starts by pulling the string that lifts the foil seal away, then carefully removing the cork stopper — which should be immediately replaced by a crystal bottle stopper. Once opened, the bottle should be finished “within a few weeks.” According to Mr. Debreuil, this is especially crucial when the bottle is already halfway empty. Because it is at this point, he explained, when oxidation begins, and this affects the taste of the cognac.
In drinking Louis XIII, Mr. Debreuil said it is best to start with a small amount; this lets one’s palate get used to the taste of the liquid. Succeeding sips will then reveal complex flavors and aromas like myrrh, walnut, dried roses, plum, honeysuckle, figs, passion fruit, even cigar box and leather, he said.
Mr. Debreuil, a fourth-generation member of the family that owns Remy Martin (his great grandfather, Andre Renaud, acquired E. Remy Martin & Co. S.A. in 1924), noted cellar masters must use 1,200 eaux-de-vie to “ensure the quality and taste of each decanter of Louis XIII” are uniform. Using this many, he explained, allows the cellar master to adjust the quantity of each eaux-de-vie that goes into the cognac, compensating for the difference in harvests on some years. Which can be expected, given there is a century’s worth of harvests involved in the process.
As Louis XIII global executive director Ludovic du Plessis put it; “To drink Louis XIII is to drink time.” — Brian M. Afuang

It happened one night

By Zsarlene B. Chua, Reporter
Movie Review
The Girl in the Orange Dress
Directed by Jay Abello
FILIPINOS love love stories, So it comes as no surprise that this year’s Metro Manila Film Festival had three romantic entries: Mary, Marry Me by Paul Soriano, One Great Love by Eric Quizon, and the focus of this review, The Girl in the Orange Dress by Jay Abello.
The title is a very intriguing — this writer immediately thought of the infamous “girl in the red dress” from Steven Spielberg’s Schindler’s List (1993). But unlike the war drama, The Girl in the Orange Dress (TGITOD) is a romantic comedy about a woman who, after a drunken night, wakes up in bed with the hottest male celebrity in the country, Rye del Rosario (Jericho Rosales).
This one-night stand then sets of a paparazzi manhunt on a nationwide scale.
Anna (Jessy Mendiola Tawile) reluctantly goes to a house party with her friends — one of them, Kakai (Maria Sophia “Ria” Atayde), is adamant about meeting Rye as she says the fates have willed it for them to meet and fall in love.
As fates would have it, it is Anna who ends up in Rye’s bed with almost no recollection of what happened while the entire country goes crazy trying to find out who is “the girl in the orange dress” who managed to capture the hottest bachelor ever.
The entire film takes place on one day which Anna and Rye spend trying to avoid the bloodhounds and Anna tries to hide the hook-up from her friends, especially Kakai who’s also the president of the Rye del Rosario fan club.
Immediately The Girl in the Orange Dress makes it clear that it wants to follow in the footsteps of uber-successful romcoms of yesteryear such as the 2014 MMFF’s breakout hit English Only, Please and 2017’s All of You, both of which were directed by Dan Villegas, and both of which starred Jennylyn Mercado and Derek Ramsey.
While the effort to become a cult classic is appreciated, this writer feels TGITOD ultimately falls short — the emotional yet charming scenes which are meant to show how imperfect people fall in love fall flat, likely because it is hard to believe that the two protagonists can fall in love in the span of a night and a day.
In all fairness though, the scenes with the friends at the end are suitably touching and feel real, unlike the almost-forced love story Anne and Rye are telling.
If you want a more grounded tearjerker, this writer recommends watching the short film Kasilyas by Leslie Ann Ramirez of Bulacan State University, which is shown before Orange Dress. The short film is about a janitor who raises his mute daughter inside a restroom cubicle. It destroyed me emotionally.
Anyway, I digress.
I have issues with the film’s storyline (it is completely shallow) and how blasé they treat rape jokes (there is an elevator sequence I find objectionable) and sexual harassment (a tango teacher who slaps Rye’s butt because “he’s cute”), the latter two were things I felt could have been cut out of the film entirely.
I also did have an issue with how overexposed the hotel is in the film — I didn’t think the name “AG New World Hotel” (the film was set in the New World Manila Bay Hotel in Manila) needed to be repeated a hundred times, especially since the film is only an hour and a half long.
Mr. Rosales basically plays himself, a handsome actor, while Ms. Mendiola is a doe-eyed ingenue who suddenly has hang-ups against famous people — a lot of the time her acting fell flat although she was pretty good in the tango sequence.
The film isn’t without its charms: Sheena Halili, who plays Anna’s ditzy friend Sasha, was the film’s biggest laugh factory; and the sudden escape/heist sequence was enjoyable.
And then there is the cinematography which had a lot of close-ups, and Ms. Mendiola’s wardrobe (all three pieces) was pretty. And I do want her orange dress, which, after spending an entire night on the floor of a hotel room, had nary a wrinkle.
So there, take a cue from the father who came with his family to watch the film whose reaction to it was a confused “I think I enjoyed it? I think I enjoyed it.” Watch The Girl in the Orange Dress knowing that you HAVE to enjoy the film because ticket prices aren’t cheap.
MTRCB Rating: PG

Manila Water-led group bags Nueva Ecija project

MANILA WATER Co., Inc. and its two consortium partners have been awarded a 25-year contract to develop the water district of San Jose City in Nueva Ecija, the Ayala-led listed company said on Wednesday.
Manila Water told the stock exchange that it had received the notice of award from the San Jose City Water District-Nueva Ecija (SJCWD) “for the implementation of the joint venture project for the design, construction, improvement, upgrade, rehabilitation, maintenance, operation, financing, expansion, and management of the water supply system and the provision of water and sanitation services.”
Its partners in the consortium are its wholly owned subsidiary Manila Water Philippine Ventures, Inc. (MWPV) and Tubig Pilipinas Group, Inc. (TPGI), a company whose founders also have development projects in the energy sector.
Manila Water estimated the project will entail a capital expenditure budget of over P1.399 billion over the 25-year period.
By the 25th year, the San Jose water project is estimated to have a billed volume of about 21 million liters per day.
Manila Water said upon the completion of the conditions precedent specified in the notice of award, the consortium partners and the water district would enter into a joint venture agreement that will grant them “as contractor to perform certain functions and as agent for the exercise of its right and powers, the sole right to develop, manage, operate, maintain, repair, refurbish and improve, expand and as appropriate, decommission, the facilities in the service area, including the right to bill and collect tariff for water and sanitation services supplied in the service area of SJCWD.”
The award follows Manila Water’s disclosure on Nov. 16 that MWPV and Tubig Pilipinas had agreed to form a joint venture company (JVC) to handle the water supply of Malasiqui, Pangasinan. MWPV and TPGI will own 50% and 50%, respectively, of the JVC’s outstanding capital stock.
Manila Water and its unit MWPV on Nov. 16 also announced the signing of a joint venture agreement with Ilagan City’s water district for a bulk water supply project, which includes water system expansion and septage management.
Manila Water also received on Nov. 27 the notice of award from the Lambunao Water District for a joint venture for the design, construction, rehabilitation, maintenance, operation, financing, expansion, and management of the Iloilo town’s water supply system.
It also received on the same day a similar notice from the municipality of Calinog in Iloilo province. — Victor V. Saulon

An all-star cast in a film on the same old things

By Zsarlene B. Chua, Reporter
Movie Review
Fantastica: The Prince, The Princess, and the Perya
Directed by Barry Gonzales
THIS year, Jose Marie “Vice Ganda” Viceral’s entry to the Metro Manila Film Festival (MMFF) might have avoided the overly obvious product placements of his previous outings, but the people behind the film still made sure their film, Fantastica, would suck in all that blockbuster moolah by stuffing in as many big stars and cameos as they could in the almost two hour-long film.
Fantastica, a fantasy family drama directed by Barry Gonzales stars Vice Ganda as Belat, the daughter of perya (carnival) owner and tightrope performer Fe, played by Jaclyn Jose.
The film’s backstory starts a few years earlier when the carnival Perya Wurtzbach (a play on the name of 2015 Miss Universe Pia Alonzo Wurtzbach), was a very successful venture, attracting thousands every night as the masses come to see Fe perform her death-defying tightrope routine. But a freak accident ends Fe’s performance days and Belat tries to take up the reins and run the carnival. Fifteen years later, the carnival is facing bankruptcy and is threatened by Gang Nam (Ryan Bang) and Dong Nam (Jose Sixto “Dingdong” Dantes III) who want to buy the carnival and create a concert ground in its place. Dong Nam was Belat’s childhood friend who has lived in South Korea since the accident.
While Belat stands her ground in the real world, she gets roped into Prince Pryce’s (Richard Guttierez) mission to free the land of Fantastica from the hands of the fairy godmother (Krysta Elise “Bela Padilla” Sullivan) who made the once-happy fantasy land into a desolate wasteland where its citizens are forced to smile all day long.
The Prince, Belat, her assorted brothers and friends — and for some reason, Dong Nam — decide to band together to find the three princesses: Maulani (Marydale “Maymay” Entrata), Ariella (Kisses Delavin) and Rapunselya (Loisa Andallo) who were banished to Belat’s world.
But here’s the catch, in order to get back to Fantastica, the characters need to collect 10,000 “claughters” (a portmanteau of claps and laughter) and the only way to do that is to open the carnival once more and create a “perfect” show to get those claps and laughter.
(Warning: mild spoilers ahead.)
The movie’s premise and sheer starpower guarantee the film will be a blockbuster, but if you’re expecting something new from Mr. Viceral’s yearly MMFF entry, you’re bound to be disappointed as it is more of the same: innuendos (which makes one question why it’s rated Parental Guidance) and his usual insult comedy.
The crowd of 20 people I watched it with — to be fair, I did watch it at 10:30 a.m. in Ortigas — were laughing at several scenes and were completely silent in others, especially during the jokes where Mr. Viceral pokes fun at the appearance of his co-stars.
It’s not all bad though, as the opening sequence by El Gamma Penumbra — the shadow dance group which won 2015’s Asia’s Got Talent — was decidedly inspired, and the spoofs of romantic films like Hows of Us were spot on and the jokes landed beautifully.
The best jokes were those that broke the fourth wall.
This is Mr. Gonzales’ debut film and it was a decent first film by a director who is very much aware of what kind of film it was meant to be.
Yes, the editing is choppy and sometimes the scene changes give you whiplash, but if there’s anything to take away from this film, it’s that the cast (the multitude of them) had good fun doing Fantastica and it shows: it’s a feel-good if mind-numbing film for people who want to shut down and get a few laughs here and there.
MTRCB Rating: PG

Converge ICT eyes IPO in next 5 years

By Denise A. Valdez, Reporter
CONVERGE ICT Solutions, Inc. said it is looking to tap more sources of funding for its expansion plans, which includes an initial public offering (IPO) within the next five years.
Converge Chief Operating Officer Jesus C. Romero told BusinessWorld that Converge remains bullish on the telecommunications industry in the country.
“So far we’ve been making a profit every year. Kaya lang ngayon [But now], to really become a solid player, we do need to spend more money. That means also expanding our sources of funding,” he said on the sidelines of a company event at the Edsa Shangri-La hotel in Mandaluyong on Dec. 5.
At present, Mr. Romero said the fiber internet provider is getting most of its funds from vendor financing, supplier credit, some loans and equity.
“We plan to list because one, it’s an obligation, and also to unlock the value of the company. But probably not next year. We need to do a lot more work to make the company more attractive to investors,” he said, adding that he hopes the company’s IPO will be done in the next five years or less.
“I think right now we’re already attractive, but I think if we can continue to double every year, our value increases,” Mr. Romero said.
Last August, Converge chief executive officer Dennis Anthony H. Uy told reporters the company was hitting above P5 billion in revenues so far this year. He said last year’s revenue was above P2 billion.
Mr. Romero said revenues are driven by mostly enterprise customers, but residential customers provide the largest volume.
“You really have to watch your costs. Our 25 Mbps (megabits per second) plan is the best in the industry, it’s only P1,500. It’s not as if we’re making a lot of profit on that. We make profit when we have volume, and we provide a stable service,” he said.
Mr. Uy had said Converge has about 200,000 subscribers as of August, and the target is to reach 7 million in five years.
Mr. Romero said the subscriber base is set to double by the end of this year from last year, and the target for next year is to double the figure again.
Converge committed to a five-year, $1.8-billion investment for its nationwide rollout in August, partnering with South Korea’s KT Corp., US-based Tyco Electronics Subsea Communications LLC (TE SubCom) and local firm Fibernet Konstrukt Corp.

Promising horror but…

By Michelle Anne P. Soliman, Reporter
Movie Review
Otlum
Directed by Joven M. Tan
A FOOLISH decision to submit to an oppressor defeats the purpose of proving one’s worth.
Fred (Buboy Villar) desperately wants to fit in with a group of cool kids at school — Allan (Jerome Ponce), Erwin (Vitto Marquez), Caloy (Danzel Fernandez), Dindo (Ricci Rivero), and Verna (Michelle Vito). The barkada, led by the arrogant Allan, decides to have Fred go through an initiation — staying in an abandoned orphanage overnight — to test if he is worthy to belong in their group.
The orphanage was shut down due to issues involving a priest (Pen Medina), now deceased, who headed its operations but who also molested the young orphans. Unable to escape from the priest, the young orphans committed suicide. The abandoned orphanage is rumored to be haunted by otlum (multo or ghost, spelled backward).
On the day of Fred’s initiation, he is terrified when the blue-gray soul of a little boy creepily interacts with him and is horrified by the jump scare appearance of the deceased priest’s ghost. The next morning, Fred is seen crying over what the group made him do and pledges to take his revenge.
When Fred goes missing for more than a day, the barkada return and search the orphanage; they find his body hanging from the ceiling with his belt around his neck.
Fred’s revenge takes effect through the ghost of the little boy who had terrified him. The ghost makes his presence known to the barkada through their gadgets such as headphones and a television, killing two of them.
Terrified, the remaining barkada members consult a paranormal expert (John Estrada) to help them put Fred’s soul to rest.
Fred’s desperation to belong is what makes his character relatable and is also his flaw. He may have yearned to have a group of friends, however, he let himself be continuously belittled and bullied by people who disrespect him. If he had not continued to pursue the group, he would not have cried and sought revenge.
As for the movie’s horror impact, I thought the story promising when I saw its trailer. After watching the film itself, I think that the jump scares and effects were well executed. Those who get paranoid after watching horror films may get uncomfortable visiting the bathroom — facing the mirror and fetching water from a large bucket — during the first evening post viewing. The same goes with sleeping alone in your room with the empty opposite side of the bed covered in a blanket. (You’ve been warned).
It was all doing well for me until the final scenes which felt rushed. Ending at about an hour and 20 minutes, I wished the movie could have prolonged the climatic fight sequence since it felt abrupt.
The final scene after a montage of the movie title and deceased characters suggests that souls with unfinished business continue to haunt the abandoned orphanage.
MTRCB Rating: PG

Thrift banks’ bad loans expand at end-October

SOURED DEBTS held by thrift banks continued to climb in October, latest central bank data showed, with reserves for possible losses enough to cover just half the amount.
Nonperforming loans (NPLs) reached P47.684 billion as of the month, picking up from September’s P47.095 billion and surging 15.9% from last year’s P41.159 billion, data from the Bangko Sentral ng Pilipinas (BSP) showed.
NPLs refer to debts left unpaid for at least 30 days past due date, which are viewed as risky assets given the slim chance for borrowers to actually pay their outstanding balances. In turn, this would spell losses for lenders.
The growth in NPLs outstripped the 6.1% increase in total credit lines, which amounted to P900.217 billion from P848.746 billion in October 2017.
NPLs took a higher share of 5.3% relative to the total loan portfolio, higher than the 4.85% level tallied the previous year.
Despite the bigger NPL stash, thrift lenders reduced their reserves for possible credit losses to P26.26 billion, which is 7.2% lower than the P28.287-billion allowance set aside last year. This can cover just 55.07% of the problem loans, significantly lower than the 68.73% ratio posted in October 2017.
Thrift banks mainly serve individual borrowers and small firms, which are deemed riskier markets compared to corporate clients.
Loan growth also climbed faster than total deposits, which posted a meager 2.1% climb to P961.548 billion. Still, this funded the entire loan book of the banks.
BSP Deputy Governor Chuchi G. Fonacier told members of the Chamber of Thrift Banks last month that the industry should “remain vigilant” for this declining loan quality, citing the need to strengthen measures against credit risks as lending activity remains upbeat.
Still, Ms. Fonacier said the ratio of bad loans “is far from being worrisome” so far.
The BSP said that market interest rates have “gradually risen” following the 175-basis-point increase in policy rates in 2018, but not at a rate that would drag bank lending activities. In particular, rising yields appear to have a “limited” impact on consumer lending, with the pace still robust despite some deceleration observed in the past few months.
Growth in retail loans eased to 14.6% in October from 18.2% the previous month, according to latest BSP data, due to slower increases in credit card and auto loans and a drop in salary-based general credit.
Fitch Ratings has flagged overheating risks in the economy due to rapid credit growth, although central bank officials have said that the pace remains “manageable” and supportive of increased economic activity. — Melissa Luz T. Lopez

Innovation needed to combat cyber attacks via gig economy

EDUCATION AND innovation are needed in staying ahead of cyber attackers in the emerging gig economy, said content delivery network (CDN) and cloud service provider Akamai Technologies, Inc.
“Gig economy actually breaks different kinds of boundaries…. Everything can be selected, can be bought can be launched with multiple vectors. So, this becomes a much, much more powerful and much, much more coordinated platform to be able to launch an attack,” Gerald I. Penaflor, country manager for the Philippines of Akamai, said in a phone interview.
Attacks through the gig economy can be done when an ecosystem of attackers earning through data stolen through credential stuffing run a bot to attack an entity to steal data or, in simpler terms, do an account takeover. Attackers can conduct transactions through their stolen resources and earn from it.
Through this, attackers become stronger because they can get all the resources to launch an attack and even pool resources from other attackers.
“You look at this as a community of attackers that are now using a platform of an e-commerce. In the past, attackers and hackers were, basically, a specialist of a particular attack… They are very deep in the things that they do. So what happens now, suddenly, they form like an e-commerce ecosystem,” he said.
“There is now an e-commerce platform, or an ecosystem platform, that allows attacker number 1 to buy…some attacks from attacker number 2, 3, 4, so he becomes much, much stronger… So, you call this a gig economy where you as an attacker will not only rely on the sources that you have, but you can now borrow or buy resources form other attackers in a platform,” he explained.
With the emergence of this system, Mr. Penaflor said individuals, most especially companies, need to keep ahead of these attackers, and this can only be done through innovation and education.
“There are many things we cannot control in this industry… What we can control is our ability to respond, our ability to scale, our research and development…for us to be able to keep way ahead of our adversaries,” he said.
“From our perspective, we are a firm believer of education… Akamai came from Massachusetts Institute of Technology, so the founders of this company are educators, so we are a firm believer of contributing to the market to further enhance the capability of them to be able to detect breaches like these by means of education, by means of certification trainings,” he explained.
Akamai is a CDN and cloud service provider based in Cambridge, Massachusetts and was incorporated in 1998. They provide services like Web Performance Solutions, Media Delivery Solutions, Cloud Security Solutions, Network Operator Solutions, and Services & Support Solutions. — VMPG

Co-working spaces seen to grow by 10% — Colliers report

FLEXIBLE WORKING spaces in the Philippines are seen to grow by 10% annually over the next three years, as micro, small, and medium enterprises (MSMEs), multinational companies, and outsourcing firms continue to expand, Colliers International said.
In a statement, Colliers International noted competition among flexible working spaces is expected to tighten in the next years.
“For the Philippine property market in 2019, flexibility will be the name of the game. The strong demand and evolving preference of tenants is giving rise to flexible workspaces,” the real estate consultancy firm said.
The continued public infrastructure push outside of Metro Manila will drive residential and office projects in these areas.
“Colliers sees infrastructure implementation dictating the strategies of developers in and outside Metro Manila. We see a more pronounced dispersal of office and residential developments outside of the country’s capital in 2019,” it noted.
Colliers is seeing aggressive land acquisition by property developers in Northern and Southern Luzon, particularly in Pampanga, Bulacan, Cavite, Laguna, and Batangas. The expansion of developers in these areas is driven by the rail, expressway, and toll road projects which will be completed between 2020 and 2022.
These include the MRT-LRT Common Station, Manila Bus Rapid Transit (BRT) 1, and Cavite-Laguna Expressway all ready by 2020, while Metro Rail Transit 7, Light Rail Transit 1 Extension, Clark Railway, and NLEX-SLEX Connector Road are targeted to be completed by 2021.
Specifically, Quezon City and North Luzon areas will strongly benefit from the completion of such railways.
“In 2019, Colliers recommends and expects more aggressive and strategic land banking by developers around the first three stations in Quezon City. This could even extend to key cities in Northern Luzon such as San Jose del Monte in Bulacan which is likely to benefit from the interconnection brought about by the MRT-7 due to be completed in 2021,” Colliers added.
For office space, Colliers said demand will be driven by the expansion of knowledge process outsourcing (KPO) companies, as well as Philippine offshore gaming operators (POGOs).
POGOs also are expected to continue expanding in Cebu, Laguna, and Clark, Pampanga due to high supply of office space and residential units in these areas, as well as proximity to airports.
By next year, Colliers said offshore gaming companies will have occupied 200,000 sq.m. to 300,000 sq.m. of office space.
In terms of residential condominiums, Manila Bay area is expected to see 6,000 new condominiums next year, while prices are seen to break the P300,000 per sq.m. mark as well.
Demand for luxury condominiums in Manila will remain strong, according to Colliers.
“This entices affluent locals and foreign investors to look for similar developments in Metro Manila. In fact, the pent-up demand encourages mid-income condominium developers to scale up and construct high-end projects in emerging business districts such as the Manila Bay Area,” Colliers added. — Vincent Mariel P. Galang

Movies outside the MMFF

IF THE Metro Manila Film Fest (MMFF) offerings leave you cold, as they do many, this year’s movie fans have choices beyond what they can find on cable or Netflix. Several of the smaller specialty theaters are showing films that are not included in the MMFF lineup.
One of these is Cinema Centenario which is holding the Maginhawa Film Festival — the kind of festival which doesn’t consider box office viability when deciding on what movie to include in the line-up and what is prize-worthy. Now on its second year, the festival showcases the best movies of the past year.
Cinema Centenario is screening films from 1:30 p.m. onwards daily, with a midnight screening on Dec. 28.
The films being shown are Ang Pangarap Kong Holdap, Aria, Liway, Gusto Kita with All My Hypothalamus, ML, Tanabata’s Wife, and Hintayan ng Langit.
In addition to the screenings, the theater will be holding Cine-Sabi, a series of lectures and workshops on filmmaking until Dec. 29.
Cinema Centenario is located at 2/F #95 Maginhawa St. Teachers Village east, Diliman, Quezon City. For screening schedules check its Facebook page. For inquiries on ticket reservations, text 0945-536-7054. Tickets are P200.
Another option for those who are not interested in Vice Ganda and Vic Sotto comedies is Cinema ’76 Film Society. The Anonas branch of the cinema (3/F Anonas LRT City Center, QC) will be screening the following films today which is the last screening day for the year: Sakaling Hindi Makarating, GOYO: Ang Batang Heneral, Bliss, ML, and Kung Paano Siya Nawala. The San Juan branch (160 Luna Mencias St., Brgy. Addition Hills, San Juan City) will be showing Buybust, Gusto Kita with All My Hypothalamus, Ang Kwento Nating Dalawa, Respeto, and Kung Paano Siya Nawala. For screening times, please check the Cinema ’76 Facebook page. Tickets are P180.

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