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What to see this week

4 films to see on the week of January 19-26, 2018

12 Strong


BASED on the best-selling book Horse Soldiers by Dough Stanton, the film — set in the wake of 9/11 — tells the story of Capt. Mitch Nelson who leads a US Special Forces team to Afghanistan on a dangerous mission to take down Taliban and its al Queda allies, partnering with the Northern Alliance to do so. Directed by Nicolai Fuglsig, it stars Chris Hemsworth, Austin Stowell, Elsa Pataky, Michael Shannon, and Michael Peña.

MTRCB Rating: R-13

Father Figures


WHEN BROTHERS Peter and Kyle discover that their mother has been lying about their father’s death, they hit the road to search for their long-lost dad. Directed by Lawrence Sher, it stars Owen Wilson, Ed Helms, Glenn Close, Ving Rhames, Terry Bradshaw, Christopher Walken, and J.K. Simmons. Rotten Tomatoes gives it a measly 26% rating. Ben Kenigsberg of The New York Times writes, “Distinguished mainly by its overqualified cast and lack of inspiration, Father Figures can’t decide whether it’s a gross-out comedy or an uplifting tale of brotherly love; it embraces the worst of both worlds.”

MTRCB Rating: R-13

Mama’s Girl


A MOTHER struggles to keep up with difficult daughter who wants to pursue a different career path than what her mother had hoped for her — to manage their family’s restaurant business. Directed by Connie S. A. Macatuno, it stars Sofia Andres, Sylvia Sanchez, Diego Loyzaga, Jameson Blake, Arlene Muhlach, Heaven Peralejo, and Karen Reyes.

MTRCB Rating: PG

Ang Dalawang Mrs. Reyes


LIANNE AND CINDY, despite their differences, have the same goal: to keep their husbands. When they figure out that their respective husbands are seeing each other, they devise a scheme to keep them apart. Directed by Jun Lana, it stars Judy Ann Santos, Angelica Panganiban, Andrea Brilliantes, Cai Cortez, Carmi Martin, Gladys Reyes, Joross Gamboa, Kim Molina, JC de Vera, Quark Henares, Johnny Revilla, Nico Antonio, and Wilma Doesn’t.

MTRCB Rating: R-13

NEDA evaluating SMC’s flood control project

THE consortium of San Miguel Corp. and New San Jose Builders, Inc. has been given original proponent status for its proposed P399.66-billion Manila Bay flood control project.

Public Works and Highways Secretary Mark A. Villar said Coastal Development Consortium’s (CDC) Manila Bay Integrated Flood Control, Coastal Defense and Expressway Project is under evaluation by the National Economic and Development Authority (NEDA).

“It’s already with the NEDA. They (CDC) have original proponent status,” Mr. Villar told reporters on Jan. 8.

According to the Private-Public Partnership (PPP) Center Web site, the project is already awaiting approval of the Investment Coordination Committee (ICC) of NEDA.

Mr. Villar said that there are just some concerns that need to be ironed out.

CDC last year submitted an unsolicited proposal for the project that consists of a spillway that would release water from Laguna de Bay to Manila Bay.

It is proposed to be implemented through an “alternative” PPP Scheme under the Build-Operate-Transfer (BOT) Law, particularly a Build-Gradual Transfer-Build-Operate-Transfer (BGT-BOT) hybrid scheme. — P.P.C. Marcelo

Do you still need a calling card?

The calling card, previously referred to as a visiting card originated from Europe in the 18th century. It was part of the etiquette for visiting neighbors by leaving cards with name and address to indicate a wish to drop in. The evolved calling card, which has no standard size or format, except that it should fit into a wallet or case, has become part of business paraphernalia, like the cell phone.

Is the calling card still necessary in the digital culture, and as companies and jobs become more obscure? (Can you just give me your mobile number?)

Sure, a salesperson for condos hands cards out along with brochures from a pop-up tent in malls, when they snag passers-by and those waiting for their cars — Sir, we have a van that can whiz you to the site right now. Do you have a card, Sir?

When asked what they do, otherwise unemployed people don’t hand out any card. They just mention their advocacy (I clean up oceans) and leave it at that. A much longer conversation leads to soliciting funds for their operation.

There are senior positions with no precise job descriptions or measurable goals. We note a rise in a tribal paradigm, with the preferred title leaning towards “chiefs,” as in Chief Risk Officer — does he control risk or create it? The “chief” nomenclature does not indicate rank or status, or any other details.

The chief in charge of any nebulous function is included in senior-level meetings. He even gets to pop unexpected questions — what about the reputational risk of your proposal? With the fudgy nature of portfolios, the Chief Transformation Officer (CTO) is not sure if he should waste some doughnuts on a chief in charge of risk.

Not having any measurable accountability does not prevent the head of a silo to go on free trips.

Recently, the person in charge of the urban poor was cashiered for his penchant to fly, insisting he had to check how poverty affects people flying business class. Surely, he has a calling card to give out at some convention in Lisbon. (Is he supposed to alleviate the lot of the poor, or just record their numbers?)

Is it possible to go through corporate life without needing to show a calling card that carries a job title or rank? What does the non-card bearing careerist need to do?

He tries to look cool. He wears blazers that may seem a bit too large on him — did he lose weight at the gym? Is this the business attire for start-ups and venture capitalists? He’s constantly checking his watch — is he late for an important meeting to discuss burn rate and how much longer the runway is?

He keeps his head down. But what happens when a new management takes over? The new CEO can be a familiar face from some long ago training program abroad. But bumping into him at a coffee break for some out-of-town, team-building exercise may invite curiosity — hey, Buddy, do you work here? What do you do? He mentions his title and draws a blank — how do you measure risk?

When a consultant is brought in to review the organization, he inquires about the large number of chiefs. (Where are the teepees?) In the interview of key executives for the climate survey, few are even aware there was a specific chief for “golden opportunities.” It used to be called business development.

Even when he keeps a low profile, a chief’s organizational box keeps popping up at the power point reviews. Soon after, he is called in by the new CEO. (How you doing, Buddy?) After short pleasantries, he is asked that dreaded question — what is it exactly you do? Can I see your calling card? (They didn’t give me a new one, Sir.)

The dispensing of calling cards removes the need to search for an appropriate title for an undefined function. Of course, there are some icons sitting in the board or popping up as consultants who are not expected to even have calling cards — they need no introductions.

Anyway, at a certain point in a career (usually very late) it’s best to dispense with a calling card. You can still introduce yourself with your name and drop some other initials that may ring bells, maybe some milestone activity. (I invented reserved seating at the cinema.) Being empty-handed forces people to wonder what you now do and whether you’re worth talking with… or giving a card to.

 

A. R. Samson is chair and CEO of Touch DDB.

ar.samson@yahoo.com

Your Weekend Guide (January 19, 2018)

Philippine Circuit dog show
See different breeds of dogs like this Maltese at the Philippine Circuit dog show at the Smart Araneta Coliseum this weekend.

Romancing the Classics

ON its 35th Concert Season, the Philippine Philharmonic Orchestra, under the baton of Yoshikazu Fukumura, presents Romancing the Classics Concert V on Jan. 19, 8 p.m., at the Main Theater of the Cultural Center of the Philippines. The repertoire includes M. Maramba, OSB’s “Symphony Ode ‘La Naval,’” F. David’s “Trombone Concertino in E flat,” and P.I. Tchaikovsky’s “Symphony No. 6 in B minor ‘Pathetique.’” Tickets are available at TicketWorld (www.ticketworld.com.ph, 891-9999).

Nothing But Thieves

OVATION Productions present the English alternative rock band Nothing But Thieves in concert on Jan. 21, 8 p.m. at the Kia Theater in Cubao, Quezon City. The band was formed in 2012 in Southend-on-Sea, Essex with members Conor Mason (lead vocalist and guitarist), Joe Langridge-Brown (guitarist), Dominic Craik (guitarist and keyboardist), Philip Blake (bassist), and James Price (drummer). Concert tickets are available at www.ticketnet.com.ph.

GMA artists in concert

GMA Entertainment Group and GMA Regional TV present 3 Stars 1 Heart featuring Regine Velasquez, Christian Bautista, and Julie Anne San Jose on Jan. 20, 8 p.m. at the Pacific Grand Ballroom of the Waterfront Cebu City Hotel & Casino. Tickets are available at TicketWorld (www.ticketworld.com.ph, 891-9999).

Comedy nights

IT will be a night of laughs as Teatrino and Comedy Manila present Funny Fridays: Can’t Stop Laughing on Jan. 19, 8:30 p.m., at the Teatrino, Greenhills Promenade, San Juan. Tickets are P500 and are available at TicketWorld (www.ticketworld.com.ph, 891-9999) or Teatrino (722-8310 local 116 or 721-2949).

Urban films

THE Museum of Contemporary Art and Design (MCAD) at De La Salle-College of Saint Benilde (DLS-CSB) is screening feature films and a documentary that focus on the cities as an integral part of the narrative. To be shown on Jan. 19 and 21 is Gary Hustwit’s documentary Urbanized which discusses how cities are designed, and features some of the world’s foremost thinkers, policy makers, planners, architects, and builders. Francesco Rosi’s landmark movie on political corruption in post-war Italy, Hands Over the City, will be presented on Jan. 24, 26, and 28. The film won the Golden Lion Award at the 1963 Venice Film Festival. All screenings will be held at the MCAD Multimedia Room, with two showings on Wednesdays and Fridays, at noon and 3 p.m., and at noon on Sundays, and are free and open to the public. MCAD is located at the School of Design and Arts Campus, Pablo Ocampo Ave., Malate, Manila. For inquiries, e-mail mcad@benilde.edu.ph or call 230-5100 local 3897.

Bahay Tsinoy turns 19

IN celebration of its 19th year, Bahay Tsinoy opens to the public on Jan. 19 with an entrance fee of P19. Bahay Tsinoy, a museum which focuses on the history of the Chinese in the Philippines, is located at 32 Anda St., Intramuros, Manila. The museum is open from 1 to 5 p.m.

Chinese New Year

FORUM ROBINSONS starts off the celebration of Chinese New Year on Jan. 20 and 27, with activities for children including creating their own Lucky Jar Plant and a Button Art Workshop. Admission for both activities is free for the first 50 children. The event is from 2 to 5 p.m. at the fountain area of the mall.

Dog show

THE Smart Araneta Coliseum in Cubao, Quezon City is hosting the Philippine Circuit dog show from Jan. 18 to 21. Now on its seventh year, the Philippine Circuit attracts close to 600 dogs from all over the world to participate in 12 shows. There will be around 90 different breeds of dogs present according to organizer Philippine Canine Club, Inc. (PCCI), with 19 foreign judges on hand to scrutinize the dogs’ appearance and performance. The Philippine Circuit also features shows such as the flyball relay and the agility test. For more information, visit www.ticketnet.com.ph or www.pcci.org.ph.

Dinagyang mall shows

ROBINSONS MALLS in Iloilo celebrates the Dinagyang festival with a series of star-studded mall shows. Robinsons Place Jaro kicks-off the Dinagyang week with a meet and greet activity with Maureen Wroblewitz, the first Filipina to win Asia’s Next Top Model on Jan. 21. On Jan. 26, former PBB Housemate Saicy Aguila will lead Hala Bira, Zumba! Party. Meanwhile, PBB Teen Marco Gallo will perform on Jan. 27. And finally, there is the regional search for Robinsons Singing Star, with guest celebrity Jem Cubil of The Voice Philippines. The finalists from Roxas, Iloilo, and Antique will compete to become this season’s champion. At Robinsons Place Iloilo, Ruru Madrid leads the Kapuso Mall Show on Jan. 26 with Janine Gutierrez, Matt Evans, and Andre Paras. Meanwhile, the cast of ABS-CBN’s upcoming teleserye, Blood Sisters, Erich Gonzales, Enchong Dee, Ejay Falcon, and AJ Dee join the Kapamilya Caravan on Jan. 27.

Grey’s Anatomy’s actress

NEW YORK — Grey’s Anatomy star Ellen Pompeo has made a deal to appear in two more seasons of the highly popular show that will earn her $20 million per year, making her the highest-paid actress in a TV drama. Pompeo, who stars in the medical drama as Meredith Grey, told The Hollywood Reporter that she will earn $575,000 an episode for seasons 15 and 16, under a deal signed late last year. She will also get a signing bonus and a percentage of the show’s profits bringing her total earnings to over $20 million per year. — AFP

PSE index drops on banks’ stock rights offer plans

LOCAL EQUITIES were down on Thursday, weighed down by banking stocks that recently announced plans to conduct stock rights offerings (SRO).

The main index dropped 0.31% or 28.25 points to finish at 8,820.74 yesterday.

The broader all-shares index likewise lost 0.1 or 5.6 points to close at 5,115.87.

“(T)he market is due for correction, but there is nothing to worry about as these are buying opportunities for both local and foreign investors. In the morning session we saw major banks like MBT (Metropolitan Bank & Trust Co.) and BPI (Bank of the Philippine Islands) down on the disclosures of their stock rights offerings to raise cash,” Eagle Equities, Inc. Research Head Christopher John Mangun said in a text message. 

Metrobank was the most active stock of the day, shedding 0.51% to close P98.20 apiece, followed by stocks in Bank of the Philippine Islands which in turn rose 0.44% to P115 apiece.

“There was some concern as the rights offerings were said to be priced below market value,” Mr. Mangun said.

Regina Capital Development Corp. Managing Director Luis A. Limlingan meanwhile noted that the SRO announcements prompted investors to go on profit taking on Thursday.

“The (Philippine Stock Exchange index) has been making several attempts to breach 8,900 but the announcement of the MBT SRO became the impetus for profit taking. Along with BPI, this caused some selling momentum to continue. Their holding units also were sold down after the announcement,” Mr. Limlingan said in a mobile phone message.

International markets defied the local barometer’s performance, as Wednesday saw the Dow Jones Industrial Average (DJIA) soar above the 26,000-mark for the first time, fuelled by positive sentiment for economic and earnings growth of listed firms. The DJIA picked up 1.25% or 322.79 points to finish at 26,115.65.

The S&P 500 index also inched up 0.94% or 26.14 points to 2,802.56, while the Nasdaq Composite Index jumped 1.03% or 74.60 points to 7,298.28.

Back home, most sectoral counters ended the day on a negative note, with the mining and oil sub-index losing the most at 0.89% or 108.76 points to 12,026.41. Financials followed with a 0.72% decrease or 16.2 points to 2,231.10; holding firms dropped 0.66% or 60.05 points to 9,035.59; and industrials slipped 0.02% or 2.84 points to 11,806.88.

Services, meanwhile, gained 0.38% or 6.29 points to 1,645.04 and property posted an 0.18% or 7.61-point uptick to 4,039.91.

The market saw 113 names advance versus the 103 that declined, while 54 issues were flat.

A total of 1.14 billion issues switched hands for a value turnover of P9.98 billion, slightly higher than the P9.64 billion booked on Wednesday.

Foreign investors continued their buying streak, as net purchases were recorded at P383.38 million, although this is down from Wednesday’s P1.26-billion inflow. — Arra B. Francia

Last Recode: definitely worth its price tag

By Alexander O. Cuaycong

IT’S difficult to pinpoint exactly how influential .hack (stylized in lower case and pronounced “dot hack”) has been as a series. Namco Bandai and Cyber Connect’s intellectual property has found its place not only in video games, but also in anime shows, light novels, manga, and even in collectible card games. With plenty of backstory and lore to draw from, and coming from such a respectable pedigree, it’s a wonder .hack//G.U. Last Recode took this long to come out.

Debuting on both the personal computer and the PlayStation 4 late last year, Last Recode is the complete remaster of the .hack//G.U. series of games. All three games (Rebirth, Reminisce, and Redemption) are completely intact and packaged together with Reconnection, a fourth never-before-seen episode. Alongside balance changes to gameplay and higher-resolution support and graphical fidelity, this makes Last Recode the definitive game to play if you wish to experience the .hack//G.U. series to the fullest.

And definitive it is. Last Recode is not only feature-complete; it also has extra content that was originally either promotional or missable. Things such as then-optional e-mail are now available for all to read, and the then-Special-Edition-only Terminal Disc is free to watch during key parts of the game. Anything and everything .hack//G.U.-related can be found in Last Recode.

This is part and parcel of Last Recode’s greatest strength: the story, which features Haseo, an otherwise-normal player of the popular online game The World who is singularly obsessed with a mysterious character named Tri-Edge. This obsession finds him joining a group called Project G.U., a band of players secretly recruited by the administrators of the game to “debug” it. As a member of the group, he learns that things aren’t as straightforward as they seem, and that something far greater is in the works. His continued pursuit of Tri-Edge thrusts him into a plot of living and thinking Artificial Intelligence, corporate greed, and self-realization, as he not only discovers things in The World, but also in himself.

As a Japanese role-playing game, this sounds like standard fare, but where Last Recode distinguishes itself is the sheer amount of lore and exposition available to peruse. Tons and tons of backstory — from in-game newscasts to e-mail to even fake Internet fora — can be found, and all of it optional. Last Recode even goes so far as to have an entire narrative based around The World itself, with a fictional story about dragons and gods creating The World and enabling the many “servers” to come into being. Sure, the characters are a bit campy and do tend to come out the wrong way, but the sheer intricacy and detail put into Last Recode’s background, and how the story is told, more than makes up for it.

Combat-wise, Last Recode sticks to the familiar. While the game forces you into playing Haseo and his Adept Rogue class, two of the multitude of Last Recode’s rich cast can be picked as party members to help you fight. And when Haseo gains the ability to switch weapons later on in the game, it’s a joy to breeze through the first time around. Following the massively multiplayer online RPG theme, fights place you out of the world and into an enclosed arena, where magic and skills are available for use, with skills changing depending on the weapon equipped. Hitting opponents repeatedly puts them into a vulnerable state, called Rengeki, where attacks do much more damage, interrupt enemy attacks and fill up a morale bar which can be used as a super buff during combat once filled.

Should the unlikely occur and boredom set in, Last Recode’s inclusion of Easter eggs such as Mecha Grunty, optional games such as Crimson VR, and even things like Lucky and Unlucky animals, story side-quests from NPCs and optional locations found in message boards, help add depth. For those seeking a challenge, there’s even an in-game arena where Rengekis and Counter-Rengekis are employed and add a nice change of pace to the gameplay.

Needless to say, your enjoyment of Last Recode depends on how immersed you are in the setting. The game’s a slow burn for the most part, and background on the past events of the earlier games and shows is essential for maximum enjoyment.

Pacing is also an issue in Last Recode, as story segments can drag on and on. It’s not uncommon for the game to layer a cutscene with another cutscene, and with these being essential to provide context to the plot, it can get to be a chore if you just wish to relax and shut your brain off. Combat sequences, while fun and exciting, can feel too same-y. And while dungeons are mostly randomized, the types of enemies encountered in game leave a lot to be desired. Combine this with minor Quality-of-Life issues such as items and magic spells being locked behind several menus in combat, and, even worse, magic spells not explicitly stating what they do, and you can get a little confused at times.

In short, all the concerns about the original .hack//G.U. trilogy are present in Last Recode, leading to a bit of a conundrum. Last Recode is definitely worth its price tag based on story and available content, but it nonetheless suffers from how “dated” its gameplay feels compared to more modern JRPG titles. While its flaws are not overtly glaring, they can detract from the experience if one doesn’t expect them, and they most definitely can kill the enjoyment of any player expecting Last Recode to play like Nier Automata or Tales of Berseria. It is a 12-year-old title brought up to snuff for modern systems, and its age shows.

In sum, .hack//G.U. Last Recode is highly recommended for anybody willing to play an OG JRPG. While it might not be perfect, it’s got enough content to last you a weekend and even more. Its rich storyline trumps a lot of minor issues you encounter. Given a little leeway, it can suck you in to its World quite easily, and never let you go.

Video Game Review

.hack//G.U. Last Recode
PlayStation 4

THE GOOD

• Outstanding remaster of an old game

• Runs smoothly at all times

• Includes never-before-seen content alongside previously premium content

• Great backstory and setting, combined with decent fighting and companion systems

THE BAD

• Fairly expensive asking price

• Combat can get a bit monotonous

• Backstory-reliant, and heavily draws from its predecessors

RATING: 8.5/10

Pierce’s Celtics jersey retirement

First off, let’s make one thing clear: Paul Pierce deserves to have his jersey raised to the TD Garden rafters next month. He toiled in 1,009 regular-season and 136 playoff games for the Celtics, all of which featured him as a vital cog. Not all of the years he spent with the green and white were good; they had early vacations in his first three, middle two, and last. On the other hand, he went full throttle through all the ups and downs, and his status as a 10-time All-Star and 2008 Finals Most Valuable Player underscored his importance to the cause. And for good measure, he gifted the franchise by being part of the 2013 trade that robbed the Nets blind and ensured its competitiveness in the medium term.

That said, Pierce is being egocentric when he insists that the day should belong to him and him alone. To begin with, his retirement ceremony will be done post-game, which means an entire match between the Cavaliers and the Celtics will already have occurred before he takes to the stage. By his reckoning, videos of his exploits should be played constantly during lulls in the set-to, not unlike the way the Lakers paid tribute to Kobe Bryant when the latter’s two jerseys were honored late last year.

And this is where the problem lies. The Celtics had planned to recognize Isaiah Thomas’ contributions with a short clip on that day, only to be told that Pierce was against it. Per his contention, the two-minute video would detract from his experience. He added that just about everybody who is anybody agreed with him. And so the other tribute, however brief, was scuttled. Which is just too bad, because his insistence on monopolizing the day tarnishes his place among the greats more than any other sideshow would have.

True, Thomas could have been given his tribute last month, when he returned to the Garden for the first time since being traded to the Cavaliers. Upon his request, though, the recognition was postponed to Feb. 11, when the Cavaliers would visit next, and when — most importantly — he would be able to suit up and give proper thanks in return while in front of his family. It was a reasonable ask, especially from a warrior who burned rubber while injured, and even while ailing from a death in the family.

Pierce would have none of it. He said general manager Danny Ainge was “punked” into accepting the change of date, to his detriment. And what was Thomas’ body of work compared to his? In other words, he resorted to a tactic the stubborn fall back on in the absence of reason: attack the other side, period. Clearly, he forgot that he’s simply a recipient of goodwill from the Celtics, and that his standing as a valued member of the community gains luster or is eroded depending on how he responds to the acknowledgment. Demanding how he is honored? Very unlike those that came before him; Bill Russell, for instance, continues to be generous with his time, whether among former teammates, friends, rivals, or relative nobodies.

So Pierce will get what he wants. Thomas has backed down, and the Celtics will proceed with the jersey retirement ceremony as planned. Okay, maybe not as planned, but certainly to the honoree’s liking. Which is well and good for long-time fans. For casual observers, however, all his actions have done is taint his memory. For those from the outside looking in, the time when he whined because he wasn’t about to be indulged will be remembered as much as any of his highlight reels.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is the Senior Vice-President and General Manager of Basic Energy Corp.

UK lawmakers back Brexit legislation

LONDON — British lawmakers voted in favor of the government’s legislative blueprint for Brexit on Wednesday, marking a victory for Prime Minister Theresa May over political opponents who want a softer approach to leaving the European Union (EU).

But the legislation will now face scrutiny from parliament’s largely pro-EU upper house, where Ms. May’s party does not have a majority, which will intensify efforts to force a rerun of a 2016 referendum, and water down or even stop the divorce.

The European Union (Withdrawal) Bill was approved by a 324 to 295 vote in the lower house — a milestone on the long road towards cementing the legal foundations of Britain’s departure from the bloc.

The bill repeals the 1972 law that made Britain a member of the EU, and transfers EU laws into British ones.

“This bill is essential for preparing the country for the historic milestone of withdrawing from the European Union,” Brexit minister David Davis told parliament before the vote.

“It ensures that on day one we will have a statute book that works, delivering the smooth and orderly exit desired by people and businesses across the United Kingdom and being delivered by this government.”

The bill has become the focal point for months of divisive debate about what type of EU divorce Britain should seek, severely testing Ms. May’s ability to deliver on her exit strategy without a parliamentary majority.

But despite one embarrassing parliamentary defeat, several government concessions and rebellion from within her own party, Ms. May’s Conservative lawmakers overcame opposition from the Labor Party and others.

Labor leader Jeremy Corbyn instructed his lawmakers to vote against passage of the bill because the government had not met conditions set out by the party, demanding safeguards on a range of issues including workers and consumer rights.

“This bill has never been fit for purpose,” said Labour’s Brexit policy chief, Keir Starmer, describing any attempt to persuade the government that the legislation needed to change as “talking to a brick wall.”

LORDS SCRUTINY
The upper house, the House of Lords, will now begin months of scrutiny of the bill before it can become law.

Any changes made by the lords will require approval from the lower house, and the whole process could take until May to complete.

The House of Lords contains a diverse, largely unelected, mix of political appointees, experts, and members who inherited their positions. Many lords are opposed to Brexit.

Some of those figures are expected to try to soften the Brexit approach to include remaining in the EU’s single market or a second public vote, but the most likely areas for changes involve technical and constitutional issues.

Ms. May has ruled out a second vote and says Britain will be leaving.

Labor’s Mr. Corbyn is also committed to following through with Brexit, albeit pushing for different priorities and aims.

Nevertheless, calls for a second referendum are expected to persist, particularly as both pro- and anti-EU politicians have mooted the possibility recently.

EU officials and some member states have said they would welcome a change of heart from Britain.

But, barring a major change of policy from one of the country’s two largest political parties, Britain remains on course to leave the bloc in March 2019. — Reuters

All-industry revenue index up 8.6% in Q3

INDUSTRIES posted 8.6% revenue growth in the third quarter of 2017, the Philippine Statistics Authority (PSA) reported yesterday.

Growth in the PSA’s total gross revenue index, a measure of sales generated by companies across all industries, accelerated from 6.8% a year earlier, according to the PSA’s Quarterly Economic Indices report.

It was the largest gain since the 9.5% posted in the first quarter of 2017.

The PSA said growth was driven by the finance (12.6% from 11.7% a year earlier), private services (9.4% from 8.6%), and trade (8.9% from 6.8%) sectors.

Manufacturing also posted gains, with 8.5% growth in the third quarter from 6.1% a year earlier, while growth slowed for real estate (to 8.8% from 21%) and transportation and communication (to 4.1% from 7.2%).

Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines (UnionBank), said revenue gains support the country’s growth story.

“Our research describes the continuing uptrend of the country’s business cycle. Thus, one would expect the growth of the largest sectors/sub-sectors of the economy in general,” he said.

Guian Angelo S. Dumalagan, market economist at the Land Bank of the Philippines, concurred, saying that the results “are generally consistent with the acceleration in economic activity in the third quarter of 2017, which brought GDP (gross domestic product) growth to 6.9%.”

“Higher investment and government spending during the quarter likely contributed to better corporate earnings, employment and compensation,” he added.

The total employment index, meanwhile, grew 1.5% in the third quarter, against 1.1% posted a year earlier. Subsectors posting growth were real estate (3.1%), trade (2.5%), private services (2.1%), manufacturing (1.1%), electricity and water (1%), and mining and quarrying (0.1%).

Finance and transportation and communication also posted increases, albeit at a slower pace of 0.8% and 3%, respectively, from 1.4% and 6.5% a year earlier.

UnionBank’s Mr. Asuncion noted that the total employment index’s increase, although incremental, is still positive.

“It tells one that labor employed has increased year on year, and the natural consequence of economic expansion is labor employment increase,” he said.

Compensation rose by 7.4% in the third quarter from 5.9% a year earlier. Real estate (with gains of 14.9%) and manufacturing (11.3%) were the top gainers during the period while electricity and water was the sole sector which posted a contraction (-1.9%).

On a per-employee basis, compensation grew 5.8% with real estate and manufacturing also leading growth among sectors.

Mr. Asuncion added: “Particularly, manufacturing has been on an uptrend in 2017. Others are related to the services sector which form part of about 60% of GDP expansion in the 3rd quarter,” he said. — Mark T. Amoguis

Construction sector’s contribution to the economy

Nation at a glance — (01/19/18)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

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