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Moody’s Analytics expects inflation to have slowed further in December

By Melissa Luz T. Lopez
Senior Reporter
INFLATION likely slowed sharply in December to a six-month low, in line with official expectations that overall price increases of basic goods will return to below four percent in 2019, according to a Moody’s Analytics economist.
The economist, Katrina Ell, said inflation likely slowed for the second straight month to 5.5%. If realized, this would slide further from the six percent recorded in November and would be the lowest since June’s 5.2%, but would still be faster than the 2.9% pace in December 2017.
“We expect December inflation cooled to 5.5% year-on-year in December from November’s six percent,” Ms. Ell said via e-mail.
“By the second half of 2019, we forecast inflation to return to the central bank’s 2-4% target range.”
The Philippine Statistics Authority will report December inflation data on Jan. 4, 2019.
Inflation has averaged 5.2% from January-November, matching the full-year forecast of the Bangko Sentral ng Pilipinas (BSP) but remains well above the government’s 2-4% target band.
Central bank officials chose to keep interest rates steady during their Dec. 13 meeting as they now expect prices of widely used basic goods to trek a “lower path” over the next two years. Inflation expectations have also steadied as world crude prices have dropped, food prices have returned to normal and the peso has stabilized, according to BSP Assistant Governor Francisco G. Dakila, Jr.
Prior to this, the BSP fired off five consecutive rate increases since May, with two consecutive hikes worth 50 basis points (bps) launched in August and September as inflation surged to the highest level in nearly a decade.
Benchmark interest rates have risen by a total of 175 bps this year, with the key policy rate now at 4.75% which is the highest in nine years. The adjustments are meant to cool inflation expectations and take headline inflation back on target in 2019.
The central bank expects inflation to drop below four percent “around the end of the first quarter” of next year, while the full-year pace for 2018 is seen averaging 3.2%.
A number of bank analysts have said that the BSP can finally end its monetary tightening cycle with inflation becoming less of a problem as the overall rate of price increases is now expected to drop “quite rapidly” given a high base effect and the fading impact of tax reforms and typhoons which disrupted crop production and supply this semester.
Other economists are betting that the BSP can resume cuts in bank reserves and eventually trim benchmark rates following this year’s aggressive policy increases.
The Monetary Board’s next rate-setting meeting — the first for 2019 — is scheduled on Feb. 7.

PAL, Cebu Pacific planning new routes amid fleet expansion

By Denise A. Valdez, Reporter
PHILIPPINE AIRLINES (PAL) and Cebu Pacific are looking to launch new routes next year as both airlines expand their fleet.
By the end of the year, PAL said it will receive its 15th new aircraft by Jan. 1, and will prepare to receive at least four more by 2019.
“We received 14 (this year). The 15th is expected to fly in from Hamburg by Dec. 31 or Jan. 1st… The last one will be an (Airbus) A321neo (new engine option),” PAL Corporate Communications Vice-President Jose E. L. Perez de Tagle said in a text message on Thursday.
The new aircraft will bring to six the number of new A321neos PAL received this year, in addition to the four A350s, and five next-generation Bombardier Q400s.
Next year, PAL is expecting to take delivery of two more A350s and two Q400s. The flag carrier is also expecting to receive 15 A321neos between 2019 to 2024.
Earlier this month, Mr. Perez de Tagle told reporters the new aircraft are expected to boost the company’s long haul flights.
“With that, we really expect to continue expansion. Especially long haul. We hope to be able to add one more route at least in 2019 or early 2020,” he said, noting the destination is not yet final but they’re looking at European routes.
“By that time we will have the full long-haul fleet in our fleet. And then we will have beefed up the domestic and inter-island services. There will be some additional domestic routes, that’s for sure. We hope to increase also some regional routes, not just out of Manila but out of our other hubs like Cebu. So that, we hope to give you some news by first quarter,” Mr. Perez de Tagle added.
Cebu Pacific is also looking to receive five Airbus A320neos and some of its order of 32 A321neos next year.
Alexander G. Lao, the company’s vice-president for commercial planning, told reporters the new jets will be used for new domestic and international destinations.
“We’ll make the route announcements in due course… We’re looking more towards North Asia. And of course, continue to develop domestic,” he said, noting Japan is “an important pillar for us as far as North Asia is concerned.”
Mr. Lao added, Cebu Pacific is eyeing to utilize its other hubs outside Manila for the new routes.
“We continue to look at all our options. Clark is going to be attractive for us. Manila, if we’re going to get new slots, is always attractive. Cebu, certainly. So those are the hubs na tinitignan namin [that we’re looking at],” he said.
Both airlines said the acquisition of new planes may result to the phasing out of some of its aging aircraft, such as the A340s for PAL and A320s for Cebu Pacific.

Phoenix Petroleum plans more fund-raising activities in 1st half

PHOENIX PETROLEUM Philippines, Inc. reported a 9% drop in net income attributable to the parent of P1.17 billion in the first nine months of 2018. — COURTESY OF PHOENIX PETROLEUM

PHOENIX PETROLEUM Philippines, Inc. is looking to raise P5 billion by the first half of next year apart from the remaining P3 billion in short-term commercial papers that it is considering to issue around the same period, company officials said on Thursday.
“[The] P3 billion is still for short-term requirements, basically working capital. So we’ll just take advantage if the benchmark rates go down then probably we will [issue the remaining commercial papers],” Ma. Concepcion F. De Claro, Phoenix Petroleum chief finance officer, told reporters after the listing of the company’s P7-billion debt instruments on Thursday.
The initial offer is part of the P10-billion commercial papers that had been approved by the Securities and Exchange Commission. Its size is in two series, with Series A-1 at P3.5 billion set at a maturity of 180 days at a discount rate of 7.0937%. Series A-2 commercial papers at P3.5 billion are for 360 days, and have a discount rate of 7.4717%.
The proceeds will be used to refinance existing short-term loans of the issuer, which were used to finance working capital requirements for fuel importation, the company previously said.
“We’re trying to fix that up because there are some maturing loans. We’ll just replace them — basically just shorter six months to a year,” Ms. De Claro said.
She said the discount rates for the first tranche have a spread over existing benchmark rates of 6.75-7%.
“We hope [rates] to be lower again about 6-6.5%,” she said. “There’s always a spread, the spread is very reasonable. We got good rates in terms of the spread. So we’re hoping [in] the next issuance interest rates will go down,” she added.
Asked about the possible listing of the remaining P3 billion, Ms. De Claro said it will be by mid-2019.
She noted the decision of the Bangko Sentral ng Pilipinas not to raise interest rates recently was “a good sign.”
Ms. De Claro said the company was looking to raise P5 billion more through an offering next year for long-term capital requirement. The possible issuance follows the private placement of 2 million preferred shares for P2 billion or P1,000 per apiece.
Joseph John L. Ong, Phoenix Petroleum treasurer and head of corporate finance, said the private placement was with RCBC Capital Corp., issue manager and underwriter.
“Who they sell it to we don’t know and we don’t care. It’s not anymore our problem. But they got the whole thing,” he said.
Proceeds of the private placement will be used for capital expenditure, the company officials said.
Mr. Ong said they have yet to determine the exact issuance date of the bigger offering, although they are targeting it by the first half.
“The P5 billion actually is not yet final, that has not been filed yet so we’re thinking about it,” he said.
The decision on the issuance would depend on the market and rates, Mr. Ong added.
“Kasi like alam naman natin the last couple of months talagang volatile ‘yung market. (We know in the last couple of months, the market has been really volatile) So even a lot of issuers opted to defer to next year,” he said.
Phoenix Petroleum’s listing on Thursday was the last for the year at the Philippine Dealing & Exchange Corp. (PDEx).
“We shall finish this year with a total of P256.39 billion in new listings, representing a 24% increase from last year’s figures,” said Ma. Theresa B. Ravalo, officer-in-charge of the PDS Group, the exchange’s infrastructure provider.
She said the total outstanding amount of bonds listed or enrolled in PDEx is expected to reach P1.045 trillion in 2018, 32% higher than in 2017. — Victor V. Saulon

Bites off more than it can chew

By Nickky F.P. de Guzman, Reporter
Movie Review
Rainbow’s Sunset
Directed by Joel Lamangan
JOEL LAMANGAN’s Rainbow’s Sunset is a convoluted story of a rich troubled clan, whose main conflict revolves around the family members’ having to deal with grandfather Ramon (played by Eddie Garcia), who comes out as gay and wants to live with his best friend and lover Fredo (Tony Mabesa) who is dying from cancer. But Ramon’s outing himself at the age of 84 (“It’s already 2018!”) should be the least of this family’s — and the audience’s — concerns because Rainbow Sunset doesn’t only feature a conflicted clan, but its storyline is problematic too.
Riddled with loopholes and questionable characters, Rainbow’s Sunset has to wrap everything up hastily towards the end because: A.) it is almost two hours in and the story needs to end; and, B.) it needs to have a “happily ever after” conclusion because it’s Christmas and nobody wants a sad ending.
So Ramon outs himself at 84. His wife Sylvia (Gloria Romero) is cool with it because she’s known since they were starting their family. But their three children are shocked. Imagine what others would think, they say.
Each of Ramon and Sylvia’s children have their own family, and every — as in every — character, from the lolo to the apo, has his or her own issues. Now, imagine having to watch a two-hour movie trying to grasp everyone’s problems, which range from the petty and pitiful, to the eye-rolling and cringe-y.
Let’s start with Ramon’s only son Emman (Tirso Cruz III) who is a bigoted, homophobic macho man. He has a lesbian daughter whom he cannot accept, saying “it’s only a phase.” He works in an office where he has an intern, Cathy (Ali Forbes), whose sole purpose in the story is to flirt with him. She is part of the ensemble because the story needs another layer of family conflict: a sex video of her and Ramon appears. Her role ends the moment Ramon pays her to shut up. This is one of the many problems of the film: It incorporates gender and cultural problems and power struggles that need further and deeper discussion but the movie has no time to tackle these issues. Instead, the movie only has band-aid solutions because the goal is to wrap up the little scenarios immediately so the narrative could move towards the happy ending.
The youngest of the three children is Marife (Sunshine Dizon), a feminist who works at Gabriela, the NGO that advocates for women’s welfare and rights. I am so sad that the film had to drag Gabriela’s name into all this because Marife is never portrayed as militant and strong, but rather the opposite. Marife is in her 40s and for her conflict, screenwriter Eric Ramos decided that she should have a young lover, played by Albie Casiño. Their love story is never fully discussed, and, just like the Cathy-sex-video dilemma, Mr. Casiño’s character is conveniently dropped because the story needs to focus on the other problems.
This is the film’s problem. It is an ambitious movie, but unfortunately it isn’t smartly played out and the resolutions are haphazardly done and superficial. The script is also corny and cringe-worthy, and uses classic Tagalog words people don’t usually say in everyday conversations.
The middle child, George (Aiko Melendez) is the most outraged of her dad’s coming out because it may affect her political career as she happens to be the town’s mayor. She doesn’t want her father to be seen with Fredo, who happens to be her godfather. George works like the family’s PR manager and her main goal is to portray her family as perfect. She has a corrupt husband who is plotting in secret but, as has already been established, this little conflict is never further discussed and fully resolved. What could that secret plan have been? Nobody knows.
Rainbow’s Sunset jumps from one conflict to another hoping that the audience wouldn’t notice the gaps — the audacity to think that we wouldn’t notice! In the end, the clan — somehow — “resolves” all their issues and all’s well that ends well.
As for the Ramon-Fredo love story — well, it was just an accessory to the convoluted clichés and traditional tropes that was Rainbow’s Sunset.
MTRCB Rating: PG

Labor dep’t study sees IT-BPM as key jobs generator until 2022

THE labor department said the Information Technology and Business Process Management (IT-BPM) will remain the Philippines’ top job generator until 2022.
According to the Department of Labor and Employment’s (DoLE) and the Bureau of Local Employment’s (BLE) JobsFit 2022 Labor Market Information Report, IT-BPM is projected as the key employment generator (KEG) between 2017 and 2022 for most regions in the Philippines.
“IT-BPM service exports have immensely increased and will continue to be strong for the next years,” the report said.
The report also said that according to its 2017 Consultations, 11 out of the 12 regions included in the study identify the IT-BPM industry as a major KEG. These regions are Cordillera Administrative Region (CAR), National Capital Region (NCR), Region 3 (Central Luzon), Region IV-A (CALABARZON covering Cavite, Laguna, Batangas, Rizal, and Quezon). Region IV-B (MIMAROPA covering Mindoro, Marinduque, Romblon, and Palawan), Region V (Bicol region), Region VIII (Eastern Visayas), Region X (Northern Mindanao), Region XI (Davao Region), Region XIII (Soccsksargen covering South Cotabato, Cotabato City, Cotabato Province, Sultan Kudarat, Sarangani and General Santos City) and the former Negros Island Region (NIR).
The report said that further growth will be seen in the IT-BPM sector when the industry prioritizes upskilling its workers to deliver in-demand services such as data analytics; application development management; remote health care management; augmented and virtual reality; and gamifications among other IT-BPM services.
Other major KEGs noted by the JobsFit 2022 report are wholesale and retail trade; transport and logistics; manufacturing; construction; agribusiness; banking and finance; hotels, restaurants and tourism; education; and health and wellness.
“These KEGs reported by respective regions are at par with the priority sectors identified in the AmBitionNatin2040 and the TNK (Trabaho Negosyo at Kabuhayan) Blueprint,” JobsFit 2022 said.
The TNK Blueprint targets the generation of 7.5 million jobs, focused on the major KEGs, and to lower unemployment to 5% by 2022. — Gillian M. Cortez

Manila Water gets contract for Calbayog City

MANILA WATER Co., Inc. said on Thursday that it had received the notice of award from the Calbayog City Water District (CCWD) to manage the area’s water and wastewater systems under a 25-year contract.
In a disclosure to the stock exchange, the Ayala-led company said the project is through a joint venture with the water district and will cover “the design, construction, rehabilitation, maintenance, operation, financing, expansion, and management of the water and wastewater systems” of the city.
The company said upon completion of the conditions precedent specified in the notice, it would enter into a joint venture agreement with the CCWD to implement the project, which has an estimated capital expenditure of P1.165 billion during the contract period.
“It is estimated to deliver a potential billed volume of 30 million liters per day,” Manila Water said.
The award follows Manila Water’s disclosure on Wednesday that its consortium with its wholly owned subsidiary Manila Water Philippine Ventures, Inc. and Tubig Pilipinas Group, Inc. had bagged the development of the water district of San Jose City in Nueva Ecija.
The notice of award from the province’s San Jose City Water District-Nueva Ecija covers “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.”
The listed company said the project has an estimated capital expenditure program of more than P1.399 billion over a 25-year contract period. By year 25, the water project is estimated to have a billed volume of about 21 million liters per day.
On Thursday, shares in Manila Water climbed 2.41% to close at P27.60 each. — Victor V. Saulon

Child still believes in Santa after Trump’s ‘marginal’ quip

WASHINGTON — President Donald Trump set off a Christmas social media storm when he questioned whether a seven-year-old was too long in the tooth to believe in Santa Claus.
But not to worry.
The child, Collman Lloyd, from Lexington, South Carolina, told the Post and Courier newspaper she was still a believer. She and her two siblings left iced sugar cookies and milk out for Saint Nick overnight and, in the morning, the treats were gone and presents were under the tree.
Twitter had lit up after Mr. Trump, capping a week of plunging stocks, a government shutdown and the US defense chief’s unceremonious departure, cast doubt on the cherished childhood fantasy.
“Are you still a believer in Santa?” Mr. Trump asked Collman in a phone call. “Because at seven, it’s marginal, right?”
In a video her family posted on the Internet, she replied “Yes sir,” later telling the newspaper she had no idea what “marginal” meant.
Mr. Trump made the comment during a holiday event with first lady Melania Trump, taking calls from children calling the North American Aerospace Defense Command Santa tracker.
A Christmas tradition, the tracker delights children with “real-time” updates on his Christmas Eve journey.
“It’s just too freaking fantastic that Trump spent his Christmas Eve calling seven-year-olds and telling them believing in Santa at their age is ‘marginal,’” Democratic Senator Chris Murphy said on his Twitter account.
“Actually there is no heaven,” tweeted Dan Amira, head writer for The Daily Show with Trevor Noah comedy show. “When you die you just rot in the ground and get eaten by worms. Okay Merry Christmas, Timmy.”
The White House had no immediate comment on the social media response to the president’s Santa comments.
Stuck in Washington on Christmas morning because of the partial federal government shutdown, Mr. Trump displayed little holiday cheer to reporters after a 20-minute video conference with US troops serving abroad.
He assailed the Federal Reserve for raising interest rates, railed against Democrats who refuse to fund the wall he wants to build on the US-Mexico border, and blasted the investigation into his campaign’s alleged ties to Russia, among other regular targets.
The president then closed with holiday wishes of sorts. “It’s a disgrace, what’s happening in our country,” he said. “But other than that, I wish everyone a very merry Christmas.” — Reuters

In Japan, a scramble for new workers disrupts traditional hiring

TOKYO — It’s a rite of spring in Japan: Major corporations hire fresh university graduates en masse every April, starting them all at the same salary with assurances of rising pay and lifetime employment.
But lately, some companies, including Rakuten, SoftBank and Line Corp, are breaking with that tradition, signing up new employees with coveted technical skills months earlier — and paying them more than other new recruits.
As competition for workers grows in Japan’s shrinking labor pool, traditional seniority and group dynamics are giving ground to the more individualized, merit-based employment system found in the West.
It is a welcome sign for Prime Minister Shinzo Abe’s government and the central bank, which have been pushing for a more flexible labor market that would boost wages and revive consumption.
Takashi Murakami, a 23-year-old producer at Mercari, which developed a popular flea market app, says seniority-based pay and lifetime employment are relics.
“I’m grateful that the company seems to value me with pretty good pay,” he said. “I already got a pay hike after joining the company, which motivated me to work even harder. Merit-based pay is more fitting to the times.”
In recent years, Mercari said, it has been hiring college students throughout the year to grab workers with needed skills. The company even offers jobs to some second-year or third-year students.
Mercari also has a program called “Mergrads” to provide internships and training to improve new graduates’ skills.
And since April, it started offering higher pay to some job candidates with skills in information technology engineering and computer programming, said Ayano Okuda of Mercari, who is in charge of hiring new graduates. She declined to discuss the company’s pay scale.
“The competition is surely heating up,” she said. “We judge each individual’s ability and offer them attractive salaries reflecting their skills.”
MASS HIRING
For decades, Japan’s traditional spring hirings underpinned the economy and provided a clear corporate and social ladder, grounded in — and reinforcing — the cultural emphasis on loyalty and conformity.
Under Japan’s often choreographed business practices, the Keidanren, the largest business lobby, had a “voluntary” timetable that many companies followed: Start recruiting new employees on March 1, begin job interviews with fourth-year students on June 1 and informally offer jobs on Oct. 1 — six months before graduation.
Labor ministry data show the entry-level salary stands at about 200,000 yen ($1,775) a month, compared with roughly 30,000 yen in 1968, or 130,000 yen in today’s money.
Demand for workers is stronger now than it has been in decades; there are 1.62 jobs available per applicant, nearly a 44-year high.
In response, the Keidanren decided to ditch its timetable guidelines by spring 2021, meaning member companies are expected to follow them until then.
But more companies, particularly in “new economy” industries such as technology and e-commerce, have adopted much more flexible hiring practices, including offering select employees higher pay.
DISPARITY
Internet advertising firm CyberAgent Inc scrapped its uniform starting pay scale in April.
Now it offers annual starting salaries ranging from 4.5 million yen ($40,000) to 7.2 million yen ($64,000) or more for IT engineers, who account for about 40 percent of its 5,000-person workforce.
“We face stiff competition in securing able workers,” said Yuko Ishida of CyberAgent.
That means some young, incoming employees are paid more than their older co-workers. CyberAgent pays exclusively based on ability without taking seniority into account, Ishida said.
“Our competitors are also offering better salaries for high-quality workers, so we believe we can attract able workers by offering appropriate salaries,” she said.
Although some say Japan is long overdue for a shift toward a more flexible, merit-based employment system, it could upset long-standing social order.
“If it spreads throughout corporate Japan, it would mean a collapse of Japan’s employment system,” said Hisashi Yamada, a senior economist at Japan Research Institute and an expert on labor issues.
“That would cause a disparity among workers, causing uneven distribution of work and loss of motivation among those who feel left behind,” he said.
To sustain long-term growth, he said, companies will need to balance maintaining “in-house order” with rewarding performance and valued skills, while the government must step up efforts to make Japan’s job market more flexible. — Reuters

Okada asks DoJ to reconsider estafa case

EMBATTLED JAPANESE gaming tycoon Kazuo Okada seeks to overturn the Department of Justice (DoJ)’s resolution indicting him and a former associate of estafa, questioning the department’s supposedly erroneous findings on the case filed by Tiger Resort, Leisure and Entertainment, Inc. (TRLEI).
In a 14-page motion for reconsideration, Mr. Okada claimed that he lawfully received $3.16 million as his salary for April and May 2017 as chief executive officer, and a fee as consultant of TRLEI — the firm that owns and operates integrated resort and casino Okada Manila in Entertainment City in Parañaque.
This is in reply to the justice department’s resolution dated Dec. 7, which states that Mr. Okada should face three counts of estafa for allegedly getting the funds without authorization from the TRLEI board of directors.
The DoJ also upheld TRLEI’s complaint against its former chief operating officer, Takahiro Usui, for conspiracy to commit estafa.
“Clearly, the subject moneys, which Mr. Okada lawfully earned, were neither acquired through mistake nor secured through fraud as to constitute an implied trust within the contemplation of Article 1456 of the Civil Code,” according to Mr. Okada’s motion.
The Japanese businessman noted that it was TRLEI’s Vice-President for Legal and Compliance Department Joseph Joemer C. Perez who “prepared, finalized, or at least approved” the agreement, after which was signed by Mr. Usui.
“Atty. Perez coordinated with then Director and Head of Business Administration, Yoshinao Negishi on the details of these Agreements, including Mr. Okada’s compensation. It was Bora Lee, complainant’s Corporate Planning Officer, who handed Mr. Usui these Agreements and instructed the latter to sign them,” Mr. Okada added.
Citing the minutes of the meeting of TRLEI’s board of directors on March 15, 2016, Mr. Okada highlighted that Mr. Usui has been authorized by the company to “execute and sign such documents and other instruments, for and on behalf of the corporation, as may be necessary or required to implement and carry into effect the foregoing authority.”
Mr. Okada further claimed that it was “ridiculous” for him to defraud, or conspire to defraud, Okada Manila of a measly $3.16 million, given that he was the one responsible for the $2-billion investment in the project at the time of its construction.
With this, Mr. Okada is asking the DoJ to defer the filing of cases against them, and to reconsider its “erroneous findings, and consequent baseless finding of probable cause.”
“From the foregoing, it is clear that there is no probable cause to indict respondents for the crime of estafa. There is no proof of misappropriation or unlawful receipt of moneys in this case, much less evidence of overt acts indicative of conspiracy between respondents,” Mr. Okada said. — Arra B. Francia

Lacking a beating heart

By Joseph L. Garcia, Reporter
Movie Review
One Great Love
Directed by Eric Quizon
(Warning: Spoilers ahead.)
“KILIG” is a concept in Filipino romance that’s undefinable in other languages. We could describe it in parts: the giddiness; the rush when you feel a frisson of emotion for your beloved. Could you call “kilig” butterflies in your stomach? In any case, it won’t matter for this review, because I felt no such thing while watching One Great Love, which to me lacks a beating heart.
Our star Zyra (played by Kim Chiu) works in an organic farm owned by her family. As she quietly treads through the movie, we see her as an unconvincing heroine, as bland and boring as the salads she packs and delivers. Just as well, she probably serves as a vessel for the fantasies of the young woman sure to watch the film. The film’s director, Eric Quizon, also plays her father, and Nina Dolino plays a second wife. Plus points to this movie for showing a good working relationship between a stepmother and her stepdaughter, but that’s all I’m working with so far. I suppose it also sets the tone for what I feel is a very, very deeply hidden secondary arc: it’s been touted as a coming-of-age story, so there’s an introduction to LGBTQ thought, and healthy sex and relationship education — except you really have to strain your ears to catch it.
Meanwhile, Ian (Dennis Trillo), a cardiologist, serves as Zyra’s best friend, and serves as a healer of both the physical and metaphorical heart. Not exactly groundbreaking. Hopes for a deeper relationship and any romantic feeling should be quashed by their fond nickname for each other: “Bes.” Zyra, on a weekend drive, spots her ex (a dashing pilot named Carl Mauricio, played by JC de Vera) and begins a reverie of how they first met and how their relationship breaks apart. Mr. De Vera is as squeaky-clean and bland as Ms. Chiu, and they probably suit each other.
As Zyra and Ian complain about their past failed relationships, they tell each other, “Move on, tanga! (Move on, stupid!).” Several times throughout the movie, I wished I could say the same to the plot. If this movie tried to recreate the empty soulless feeling of the post-breakup, then this movie definitely succeeded. There’s no pulse but there’s a lot of noise: Zyra complains a lot and talks to herself to reflect her thought processes: neither the director or the actress seem to have heard of “show, don’t tell.” I couldn’t even feel a smidgen of anything when Zyra meets her ex at a coffee shop, where they begin to rekindle their feelings. I found it hard to root for anyone, even when Zyra turns on the waterworks. The soundtrack doesn’t help either: it sounds like a piano or acoustic piece played in commercials for tinned milk. The film looked like a special two-parter for a weekend telenovela.
There are two bright spots in the film: Mr. Trillo has at least an inch of charm over his co-stars, but the general similar blandness of his character and his unmemorable lines make him almost as forgettable. He feels like someone I fell in love with slowly then I forgot about quickly. Meanwhile, Zyra’s sister Jemy, played by Miles Ocampo, is at least a passable wit.
Now, Zyra has to make a decision whether to go back to her ex, after he failed her so many years ago. I don’t see why she spends an hour of our time making this decision: Mr. De Vera is too hammy as Mr. Perfect. He’s sweet and all, but if a guy had been that nice, and doesn’t want to talk about our past too much, I would begin to suspect he was trying to stuff me in the trunk of his car. After all this the only rise I got, even after a scene with Mr. De Vera in his boxers rejecting a hooker, was Eric Quizon’s heart attack (which does nothing for the plot), simply because the reason for it is funny: he gorged himself on lechon a Vice-Mayor sent.
Carl promptly trips up as a boyfriend, like he did so many years ago. The movie’s weak pulse is back, just enough to make me want to kick him in the pants. Zyra recovering in a bar and covering her face while crying like a child does not have my sympathy however, and I have more feeling for the Versace jacket she throws up on. As in any movie breakup, the emotional lines are unveiled and everybody has some smart, sensible advice for Zyra: none of which I remember. No matter, it’s probably in some self-published self-help book somewhere. Zyra’s second breakup leads her to fly into the arms of her best friend, Ian, and they confess their love for each other, but I find that their passion (or the lack of it) makes me feel like I’m looking at a friend’s relationship that I can only marginally care about. Lots of very unremarkable things happen — and then she’s married? To Ian? Well, I didn’t see that one coming. And then she’s pregnant. The plot drags on and on for an hour and a half, only for us to receive a triple punch of plot in about 10 minutes. When and how did this happen?
Zyra retreats into married life, where she and her beau still call each other “bes.” Then Zyra’s daughter in the movie dies — and that’s it? Her milestones as a wife and mother are treated no more than an afterthought, and it makes me like our main character even less. Carl swoops in for some action right after Zyra’s tragedy. “This is crazy!,” Zyra shouts in frustration, as did I, watching her step onto a boat with her ex while wearing a floral sundress. This doesn’t make sense anymore and I am willing to stand up and leave by now. This movie, even before its end, has already gone too long. Zyra cheats on her husband, and a shirtless Carl in candlelight still does not make my heart beat. At least it helps marriages: these two don’t make the prospect of cheating even remotely tempting.
She’s caught by her husband, who goes and punches the lover (after which they walk away from each other as if nothing has happened). Zyra and Ian break up and try to get an annulment (the process of which was thoughtfully explained). Zyra runs back to her parents, who gives her the advice to go back to her husband: her One Great Love, the guy who never left her, the guy who was always with her. And so, she goes back to him. The movie lasted a little under two hours, and yet that whole paragraph happened in 19 minutes. Can you imagine how long everything else lasted?
I’m not quite sure what happened there. This movie is great as background noise when you’re doing the dishes on Sunday. It’s like a false lover whispering in your ear: whatever he’s saying, does it mean anything?
MTRCB Rating: PG

TESDA to survey companies on response to greater automation

THE Technical Education and Skills Authority (TESDA) is preparing for greater automation in the workplace by conducting an inventory of employers next year to survey how extensively they have adopted new processes.
In an interview with BusinessWorld, TESDA Director General for Policies and Planning Rosanna A. Urdaneta said that the agency is preparing for the so-called Fourth Industrial Revolution by surveying company requirements.
“(TESDA will) come up with the inventory of companies on how far are we in terms of the automation and robotics so we may be able to sit down with these industries and come up with a curriculum with them,” Ms. Urdaneta said.
Ms. Urdaneta said TESDA has been challenged in obtaining equipment for training because of the rapid pace of technological obsolescence.
“Our major concern is that we are not responsive in terms of equipment but when we partner with industry, that is the time we will make use of their equipment to train people,” she stressed.
She added that the agency sent some staff to South Korea to train them for the requirements of greater automation.
“Some of our people in TESDA are already in South Korea… There is a specific course in South Korea, masters-level, in the Fourth Industrial Revolution,” she said.
TESDA will also be conducting a workforce skills survey next year, focusing primarily on skills needed by all industries for the onset of greater automation. Ms. Urdaneta said that the agency will start with the construction and IT-BPO industries in 2019. — Gillian M. Cortez

Demand for term deposits drops

DEMAND for term deposits thinned this week, with the Bangko Sentral ng Pilipinas (BSP) even rejecting some offers as banks asked for higher yields than usual.
The central bank’s last auction for 2018 was met with weak appetite on Thursday as market players chose to hold on to more cash to service greater client demand over the holidays.
Banks offered to park just P35.219 billion under the term deposit facility (TDF), dropping from the P58.488 billion in offers put forward the previous week to barely fill the P50 billion the BSP placed on the auction block.
The central bank even rejected P6 billion worth of tenders and accepted only P29.219 billion as returns sought by players were too steep compared to what it was willing to pay.
This week’s auction was moved a day later than the usual Wednesday schedule to make way for the Dec. 26 holiday declared for government offices. The term deposit tenors were also shortened.
The six-day deposits saw demand halved to P18.714 billion from P37.235 billion the previous week, settling well below the P30 billion which the BSP wanted to sell. The central bank even rejected some bids and only accepted P15.714 billion, as more players asked for higher returns ranging from 5.1-5.25%.
The average interest rate also climbed to 5.1903%, more than four basis points (bps) higher than the 5.1462% fetched a week ago as more banks wanted returns closer to the 5.25% ceiling rate.
Weaker appetite also met the 13-day tenor, shoring up just P8.698 billion worth of bids compared to P14.623 billion received a week ago. The central bank even rejected P2 billion worth of tenders and got only P6.698 billion, versus an auction amount of P10 billion.
Despite this, yields for the two-week papers slid to 5.2014%, down from a 5.2188% average fetched during the Dec. 19 exercise.
Meanwhile, the 27-day instruments saw demand improve to P7.807 billion from P6.63 billion previously, but remained lower than the P10 billion which the BSP placed on the auction block.
However, authorities chose to reject some offers and accepted only P6.807 billion, keeping the average yield steady at 5.2094% from last week’s 5.2092%.
The TDF has been the central bank’s main tool to capture excess money supply in the financial system. By holding these weekly auctions, the BSP can usher market and interbank rates closer to its desired range of 4.25-5.25% by setting the standard for short-term instruments through the yields which they accept.
BSP Deputy Governor Diwa C. Guinigundo said last week that banks are deliberately choosing to park less funds under the TDF as they respond to greater demand for cash among clients over the holiday season. He said that this also drove the central bank to slash the auction volume for the week.
Financial markets will be closed on Monday and Tuesday next week to make way for New Year’s Day celebrations, following a long weekend for Christmas. — Melissa Luz T. Lopez

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