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PCC clears Mitsubishi’s P18.4-B deal for indirect GCash stake

PHILSTAR FILE PHOTO

THE PHILIPPINE Competition Commission (PCC) has approved Ayala Corp.’s sale of 50% of its stake in AC Ventures Holding Corp. (ACV) to Japan’s Mitsubishi Corp. for P18.4 billion.

The competition watchdog found that Mitsubishi’s investment in ACV would not “significantly reduce” competition in the market for quick response (QR) code-based person-to-merchant digital payments, the PCC said in an e-mailed statement on Thursday.

ACV is the venture capital arm of Ayala Corp. and holds 13% of Globe Fintech Innovations, Inc. (Mynt), the parent company of GCash operator G-Xchange, Inc. and tech-based microlender Fuse Lending.

The PCC found that Mitsubishi has a limited presence in the QR code-based payment market despite its indirect ownership of convenience store chain Lawson Philippines, and said the transaction would not lead to a “substantial lessening” of competition.

“The commission cited in its [July 3] decision the small market share held by GCash in the provision of QR-based person-to-merchant payments, as well as the strong governmental push for interoperability in QR-based payments across the country,” the PCC also said.

Ayala Corp. and Mitsubishi finalized the investment deal in April, after it was announced in October last year.

Following the transaction, Ayala Corp. and Mitsubishi now each hold 50% of ACV.

Mitsubishi subscribed to 18.03 million common and redeemable preferred shares of ACV as part of the investment agreement.

Person-to-merchant payments via QR codes allow businesses to accept digital payments from consumers for goods and services they sell.

Ayala Corp. President and Chief Executive Officer Cezar P. Consing earlier said that Mitsubishi’s investment is expected to bring “meaningful value” to Mynt and its registered users.

“It’s all about serving better the many Filipinos that depend on GCash and Fuse, and for making a wider variety of financial and other products available to as many Filipinos as possible,” he said.

Under the Philippine Competition Act, the PCC is directed to review mergers and acquisitions to ensure transactions do not lead to a substantial lessening of competition in relevant markets.

Ayala Corp.’s core businesses are in the banking, real estate, and telecommunications sectors, while Mitsubishi is Japan’s largest trading company, with global operations spanning energy, urban development, and various other industries.

On Thursday, Ayala Corp. shares rose by 0.08% or 50 centavos to P590 apiece. — Revin Mikhael D. Ochave

Christian Bautista, Raisa cover classic ballad

CHRISTIAN BAUTISTA and Raisa.

Song marks their first Filipino-Indonesian collaboration

FILIPINO balladeer Christian Bautista has released his latest single, featuring Indonesian superstar Raisa, titled “Rainbow,” a cover of a soulful pop-R&B OPM classic by South Border.

Both artists met at a 13-city ASEAN concert in Japan in 2024. They shared the stage as fellow performers, formed a friendship, and found it easy to collaborate.

The track follows Mr. Bautista’s recent move to a new record label, Sony Music Entertainment. It marks a partnership between the label’s Philippine and Indonesian counterparts.

Raisa said “Rainbow” by South Border was a popular song in Indonesia, though she wasn’t aware back then that it was actually by a Filipino artist.

“When I found out, I was surprised. It has such a special meaning — not just about love but about life. It’s a reassurance of rainbow after the rain. It’s something people can relate to and carry with them every day,” she said in a statement.

During a media preview for the single on July 30, Mr. Bautista told BusinessWorld that it was a great opportunity to turn the beloved classic into a duet.

“I wanted to do it because it’s not usually sung as a duet, and Raisa was so happy about the idea,” he explained. “We found out each other’s styles, and magic happened in the recording studio.”

He added that the cover has more vocal riffs and runs compared to the original, which reflects his musical influences.

“In high school I always loved singing Boyz II Men. And ever since I came on (the TV singing competition) The Clash as a judge, I’ve always told them that I look for versatility,” Mr. Bautista said. “When I started, I sang Josh Groban songs and theater. I did a lot of musical (theater) songs and ballads. Sometimes I experimented with rock. Now, it’s a little bit of R&B.

“Raisa gives off this energy as well, of wanting to collaborate and make something new.”

The song is also a chance for him to cater to his fans in Indonesia, where he has enjoyed immense popularity throughout his music career.

Meanwhile, in a statement, Raisa described the collaboration as an opportunity for her to reach an audience in the Philippines. “It’s a huge market with so many great singers and amazing music. I’ve never tapped into that market before, and I want to expand my reach. I hope the Filipino audience will welcome me,” she said.

On the song choice, Mr. Bautista said that they aim to remind people of the power of the beloved ballad through the cover.

“Everyone is dealing with something, but when you hear ‘Rainbow,’ it tells you not to worry, that it’s going to be okay,” he said.

He also spoke of his longevity in the music industry — pointing to not being comfortable and wanting to “do more” as his motivation, which he is now doing under Sony Music.

“For artists like me who have been in the industry for more than two decades, it’s always about, ‘who can I still inspire with the light that I’m given and the time that I’m given?’”

“Rainbow” is out now on all digital music streaming platforms. — Brontë H. Lacsamana

SEC pushes sustainability reporting for large nonlisted firms

STOCK PHOTO | Image by Yibei Geng from Unsplash

By Revin Mikhael D. Ochave, Reporter

THE Securities and Exchange Commission (SEC) wants large nonlisted entities (LNLs) to adopt sustainability reporting alongside publicly listed companies (PLCs).

On July 30, the corporate regulator released a notice inviting feedback on a draft memorandum circular (MC) that outlines sustainability reporting guidelines and a roadmap for adopting Philippine Financial Reporting Standards (PFRS) on sustainability disclosures and reporting for PLCs and LNLs.

Interested parties may submit their comments and proposed revisions until Aug. 15. All PLCs are mandated to file annual sustainability reports under SEC MC No. 4 issued in 2019.

“This initiative forms part of the commission’s broader strategy to institutionalize sustainability reporting, strengthen environmental, social, and governance (ESG) accountability, and enhance the quality and comparability of non-financial disclosures in the Philippines,” the SEC said.

“The sustainability reporting guidelines and roadmap for PLCs and LNLs serve to encourage sustainable business practices and align company disclosures with international standards to attract ESG-focused investors to the Philippine capital market,” the SEC said.

Beginning 2026, the covered entities must use PFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information, and PFRS S2, Climate-related Disclosures, in a tiered approach depending on the market capitalization of PLCs or the annual revenue of LNLs.

Tier 1 covers PLCs with a market capitalization of over P50 billion as of Dec. 31, beginning on or after Jan. 1, 2026, with reporting to start in 2027.

Tier 2 includes PLCs with a market capitalization of over P3 billion up to P50 billion as of Dec. 31, beginning on or after Jan. 1, 2027, with reporting to start in 2028.

Tier 3 comprises PLCs with a market capitalization of P3 billion or less as of Dec. 31, and LNLs with annual revenue of over P15 billion for the immediately preceding fiscal year, beginning on or after Jan. 1, 2028, with reporting to start in 2029.

The draft MC also provides transition reliefs and phased mandatory limited assurance on Scope 1 and 2 greenhouse gas emissions.

“The draft MC applies only to entities under the regulatory jurisdiction of the SEC pursuant to the Revised Corporation Code,” the SEC said.

“The commission also considered the results of the SEC’s national sustainability reporting market readiness survey. The survey assessed readiness, validated tier segmentation, and informed the design of the proposed phased implementation,” it added.

LNLs will be exempt from mandatory reporting if their immediate, intermediate, or ultimate parent company is already preparing the prescribed sustainability-related disclosures in the Philippines, and if those disclosures are included in the parent company’s report.

SM Investments Corp. Economist Robert Dan J. Roces said in a Viber message that the draft MC widens the scope of local sustainability reporting rules.

“This SEC move expands sustainability reporting to cover major firms with significant ESG footprints that had long been exempt from outside formal disclosure requirements,” he said.

“The phased rollout and gradual assurance requirement reflect a mature regulatory touch, and may help position the Philippines as a regional leader in transparency while meeting investor demand for fuller ESG data,” he added.

However, Mr. Roces said the SEC’s possible move could face compliance challenges, especially for companies that do not have the necessary resources for sustainability reporting.

“The shift could also burden firms without the reporting infrastructure of listed peers, risking compliance strain and business distortions. Hence, its success will depend less on intent than on clear rules, strong guidance, as well as enforcement,” he said.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the draft MC would help compliant companies attract more local and foreign investors.

“Global and local regulators encourage investors to patronize companies and governments that comply with ESG standards as compliance with ESG standards signal good business practices,” he said in a Viber message.

Tanghalang Pilipino wins big at 15th Gawad Buhay Awards

TANGHALANG PILIPINO’S production of Pingkian: Isang Musikal bagged seven wins at the 15th Gawad Buhay Awards. — BW FILE PHOTO

TANGHALANG PILIPINO (TP) emerged as the big winner of the 15th Gawad Buhay Awards, which was held on July 30 at the Aliw Theater. The Cultural Center of the Philippines’ resident theater company took home 17 of the 26 competitive prizes for its productions of Balete and Pingkian: Isang Musikal last year.

Balete, a new play drawn from National Artist for Literature F. Sionil José’s novel Tree and his autobiography Promdi, won 10 awards — the most for a single production. Meanwhile, Pingkian, a new musical on the life and works of the Katipunero Emilio Jacinto, bagged seven awards.

Balete won the Gawad Buhay equivalent of best production of a play using new material, as well as prizes for stage direction (Chris Millado’s fourth); ensemble performance; Nonie Buencamino’s lead performance; and its script which was credited to 11-time winner Rody Vera, Mr. Millado, Sabrina Basilio, Delphine Buencamino (who also won Outstanding Choreography), and the TP Actors Company.

Meanwhile, Pingkian won the equivalent of best production of a musical using new material, as well as trophies for stage direction (Jenny Jamora’s second), Vic Robinson’s lead turn as Jacinto, book of a musical (for Juan Ekis), and original score (co-credited to Mr. Ekis and Ejay Yatco, who also nabbed his second musical direction award).

Repertory Philippines picked up the two prizes for production of existing material, for Harold Pinter’s Betrayal (play) and the Off-Broadway hit I Love You, You’re Perfect, Now Change (musical). Moreover, the company’s children’s theater arm won Outstanding Production for Children for the new musical Jepoy and the Magic Circle.

Theater scholar Dr. Nicanor G. Tiongson, a Gawad Buhay winner for his libretto of Mabining Mandirigma, received the Natatanging Gawad Buhay, the lifetime achievement award.

This year’s roster of winners boasted 11 first-time Gawad Buhay recipients, including seven who won on their first nominations.

Only productions by Philstage-member companies are eligible for these annual awards. Current members include 9 Works Theatrical, The Sandbox Collective, The Necessary Theatre, Alice Reyes Dance Philippines, Ballet Manila, Barefoot Theatre Collaborative, Culturtain Musicat Productions, Full House Theater Company, the Philippine Educational Theater Association, the Philippine Opera Company, Repertory Philippines, Stages, Theater Titas, Tanghalang Pilipino, Trumpets, and Twin Bill Theater.


And the winners are…

The full list of winners follows:

Outstanding Translation or Adaptation: Rody Vera, Chris Millado, Sabrina Basilio, Delphine Buencamino, and the Tanghalang Pilipino Actors Company (Balete)

Outstanding Book of a Musical: Juan Ekis (Pingkian: Isang Musikal)

Outstanding Original Score: Ejay Yatco and Juan Ekis (Pingkian: Isang Musikal)

Outstanding Musical Direction: Ejay Yatco (Pingkian: Isang Musikal)

Outstanding Choreography: Delphine Buencamino (Balete)

Outstanding Costume Design: Raven Ong (Buruguduystunstugudunstuy: Ang Parokya ni Edgar Musical)

Outstanding Lighting Design: Roman Cruz (Balete)

Outstanding Sound Design: Fabian Obispo (Betrayal)

Outstanding Set Design: Wika Nadera (Balete)

Outstanding Projection and Video Design: GA Fallarme (Pingkian: Isang Musikal)

Male Lead Performance in a Play: Nonie Buencamino (Balete)

Female Featured Performance in a Play: Toni Go-Yadao (Balete)

Male Featured Performance in a Play: Marco Viaña (Balete)

Female Lead Performance in a Musical: Nicole Omillo (One More Chance, The Musical)

Male Lead Performance in a Musical: Vic Robinson (Pingkian: Isang Musikal)

Female Featured Performance in a Musical: Sheila Francisco (Bar Boys: A New Musical)

Male Featured Performance in a Musical: Juliene Mendoza (Bar Boys: A New Musical)

Outstanding Ensemble Performance for a Play: Balete (Tanghalang Pilipino)

Outstanding Ensemble Performance for a Musical: Bar Boys: A New Musical (Barefoot Theatre Collaborative)

Outstanding Stage Direction for a Play: Chris Millado (Balete)

Outstanding Stage Direction for a Musical: Jenny Jamora (Pingkian: Isang Musikal)

Outstanding Production of Existing Material for a Play: Betrayal (Repertory Philippines)

Outstanding Production of Existing Material for a Musical: I Love You, You’re Perfect, Now Change (Repertory Philippines)

Outstanding Play – Original or Translation/Adaptation: Balete (Tanghalang Pilipino)

Outstanding Musical – Original or Translation/Adaptation: Pingkian: Isang Musikal (Tanghalang Pilipino)

Outstanding Production for Children: Jepoy and the Magic Circle (Repertory Philippines)

Special Citations for Achievement in Puppetry: Jepoy and the Magic Circle (Repertory Philippines); Buruguduystunstugudunstuy: Ang Parokya ni Edgar Musical (Full House Theater Company)

Natatanging Gawad Buhay: Dr. Nicanor G. Tiongson

Ayala Land Hospitality, Marriott to build a Moxy Hotel in Makati

AYALA LAND Hospitality and Marriott International formalized their partnership to build a Moxy Hotel in Makati during a signing ceremony held on July 30. — AYALA LAND HOSPITALITY

AYALA LAND HOSPITALITY (ALH) has signed a deal with American hospitality group Marriott International to build a 260-room hotel in Makati City.

Under the agreement, ALH will collaborate with Marriott International to debut Moxy Hotels, the foreign hospitality group’s lifestyle brand.

The property will rise within the 21-hectare Circuit Makati, Ayala Land, Inc.’s (ALI) mixed-use township in Barangay Carmona, Makati City.

The location is near retail and boutique shops, event grounds, green and active lifestyle spaces, and arts and entertainment venues, ALH noted.

“Moxy Hotels is celebrated worldwide for its playful, high-energy vibe that makes travel feel exciting and different,” Kevin Iranzo, director, hotel development – Philippines, Marriott International, said in a statement.

“It’s the perfect fit for dynamic urban destinations filled with culture and entertainment. We’re truly excited to bring Moxy Hotels to the Philippines and especially in Circuit Makati.”

Marriott International, which has a portfolio of over 9,500 properties worldwide, operates 12 properties under six brands in the Philippines.

The hotel will feature contemporary rooms and suites with a playful, multi-functional design.

Upon check-in, guests will be welcomed with a drink from Bar Moxy. Other amenities include social spaces, a fitness center, a swimming pool, event venues, and meeting rooms.

According to ALH, Moxy Circuit Makati is designed for global travelers seeking immersive, culturally rich experiences.

The hotel is envisioned as a social hub for guests looking for a fun and adventurous experience. Interiors will feature graphic designs by Filipino comic book artists, showcasing the humor and nostalgia found in Philippine comics.

“We are excited to design something truly lifestyle-driven, while beginning to tell the story of a different kind of art form, an ode to the illustrators and komiks artists who have long shaped a powerful visual narrative in the Philippines,” ALH Creative Director Paloma Urquijo Zobel de Ayala said.

“From design to service touchpoints, every stay is thoughtfully curated to reflect the spirit of the neighborhood and the moments that matter, always with a dash of fun and a sense of adventure,” Ms. Zobel de Ayala said.

The hotel also aligns with ALH’s plan to build 8,000 rooms by 2030, it said.

“Our vision remains steadfast: to bring Filipino hospitality to the global stage by crafting experiences that connect guests more deeply with each place and its culture,” said George I. Aquino, president and chief executive officer at ALH.

“With Moxy Hotels, we offer travelers a playful and vibrant hotel experience. We’re excited to collaborate with Marriott to create what we believe will set a new benchmark for authentic, dynamic, and imaginative urban destinations,” Mr. Aquino added.

At the local bourse on Thursday, ALI shares declined by 3.10% or 80 centavos to close at P25 apiece. — Beatriz Marie D. Cruz

Wednesday Season 2 gets gothic global premiere in London

LONDON — Hit Netflix series Wednesday expands the Addams Family world as it returns to screens nearly three years after the show launched in November 2022.

Season Two of the dark fantasy series premiered at London’s Westminster on Wednesday, with its cast and creators walking a purple carpet outside Central Hall and Queen Elizabeth II Centre.

The new season sees Wednesday Addams, played by Jenna Ortega, returning to Nevermore Academy as a celebrated hero, much to her dismay. The tetchy teen puts her detective hat back on to solve new supernatural mysteries, while dealing with glitches in her psychic powers.

Wednesday also faces another nuisance — family. Her little brother Pugsley, played by Isaac Ordonez, starts his studies at Nevermore and their parents are a frequent presence on campus.

“She’s kind of knocked off her feet this season. So it’s a lot of pressure,” said Ms. Ortega.

The series’ creators and showrunners Alfred Gough and Miles Millar said Wednesday returns “bigger and better.”

“There’s more of the Addams Family this season,” said Mr. Gough. “We learn more about the characters you got to meet in Season One and they have their own storylines.”

The sophomore season also introduces new characters, including Steve Buscemi’s Nevermore principal Barry Dort and the Addams family matriarch Grandmama Hester Frump, played by Joanna Lumley. Pop star Lady Gaga makes a guest star appearance as a teacher in Part 2.

Mother-daughter dynamics are at the heart of the new season, said Mr. Millar.

“It’s about mothers and daughters, it’s three generations of Addams women together. It’s also about learning to not be in control of everything, for Wednesday. And it’s really always about female friendship and female sisterhood,” he said.

Ms. Ortega, 22, also executive produced the new season. Rather than control, it gave her “freedom” she said.

“She’s kind of our cast spokesperson. Any time I felt like something needed to be said or if I had any ideas, she was always like, ‘come to me and we’ll make it work.’ She just looks out for us,” Emma Myers, who plays Wednesday’s roommate Enid Sinclair, said.

Filmmaker Tim Burton also returns as one of the directors and executive producers.

Wednesday Season Two will be released in two four-episode installments, with Part One dropping Aug. 6 and Part Two out on Sept. 3. — Reuters

Meralco downgrades energy sales forecast for 2025

A lineman is working on an electric pole in Ermita, Manila. — PHILIPPINE STAR/RYAN BALDEMOR

POWER DISTRIBUTOR Manila Electric Co. (Meralco) has lowered its energy sales volume forecast for this year due to cooler weather, a company official said.

At a recent press briefing, Ferdinand O. Geluz, Meralco’s senior vice-president and chief revenue officer, said the company has revised the forecast to 1-2% from 4-4.5%.

“The downgrade in our energy sales forecast stems mainly from industry, weather, and macroeconomic factors,” Mr. Geluz said.

For the six months ending in June, Meralco reported a slow uptick in energy sales volume of 0.5% to 27,091 gigawatt-hours (GWh), coming off a high base last year when the Philippines experienced the El Niño phenomenon.

Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan is banking on the generation business to drive the company’s goals.

“While energy sales volume growth has been lower than anticipated, we remain on track to meet our overall targets as power generation is expected to deliver higher-than-expected performance, offsetting the anticipated slower demand growth,” Mr. Pangilinan said.

In the first half, the distribution utility business accounted for 54% of Meralco’s core net income, which rose by 10% to P25.5 billion.

Mr. Pangilinan earlier said the power distributor is on track to hit its target earnings of P50 billion for this year, driven by its power generation business.

“As we move into the second half, we remain focused on achieving key milestones that will enable us to meet our full-year profit target and business goals,” he said.

Meanwhile, in its retail electricity supply business, private equity firm CVC Asia has expanded its partnership with MPower to cover the renewal of existing accounts and the inclusion of new ones.

CVC Asia, a private equity strategy arm of global private markets manager CVC, has investments in Southeast Asia Retail, Inc. — the company behind Landers Superstore — and in Professional Services, Inc.

Through the government’s customer choice programs — the Competitive Retail Electricity Market and the Retail Aggregation Program — CVC Asia is transitioning its Philippine investments to access “more competitive rates, flexible energy options, and long-term sustainability.”

“This collaboration is a clear example of how we actively partner with our investee companies to unlock tangible, long-term value. By connecting them to more competitive and sustainable electricity solutions, we’re not only reducing operating costs — we’re also helping build more resilient, future-ready businesses,” said Brice Cu, senior managing director and country head of the Philippines at CVC.

Meralco’s majority owner, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of the PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Voice actors push back as AI threatens dubbing industry

STOCK PHOTO | Image  from Freepik

PARIS/BERLIN — Boris Rehlinger may not turn heads on the streets of Paris, but his voice is instantly recognizable to millions of French filmgoers.

As the French voice of Ben Affleck, Joaquin Phoenix, and even Puss in Boots, Mr. Rehlinger is a star behind the scenes — and now he is fighting to keep his craft alive in the age of artificial intelligence (AI).

“I feel threatened even though my voice hasn’t been replaced by AI yet,” the actor, who is part of a French initiative, TouchePasMaVF, to protect human-created dubbing from artificial intelligence, told Reuters.

He said there was a team of professionals, including actors, translators, production directors, dialogue adapters, and sound engineers, to ensure audiences barely notice that the actor on screen is speaking a different language than they hear.

The rise of global streaming platforms such as Netflix, which relies heavily on dubbing to make global hits such as Squid Game and Lupin, has amplified demand.

Consumer research firm GWI says 43% of viewers in Germany, France, Italy, and Britain prefer dubbed content over subtitles.

The market is expected to grow to $4.3 billion in 2025, reaching $7.6 billion by 2033, according to Business Research Insights.

That growth could also amplify demand for the so-far nascent technology-based solutions, with platforms competing for subscribers and revenue, and seeking to win over advertisers from their rivals by emphasizing their increasing reach.

But as AI-generated voices become more sophisticated and cost-effective, voice actor industry associations across Europe are calling on the European Union (EU) to tighten regulations to protect quality, jobs, and artists’ back catalogues from being used to create future dubbed work.

“We need legislation: Just as after the car, which replaced the horse-drawn carriage, we need a highway code,” Mr. Rehlinger said.

Worries over technology in the movie industry and whether it will replace the work of humans are not new. AI has been a flashpoint in Hollywood since the labor unrest of 2023, which resulted in new guidelines for the use of the technology.

Netflix Co-Chief Executive Officer (CEO) Ted Sarandos said this month that the company used generative AI to produce visual effects for the first time on screen in the original series El Eternauta (The Eternaut).

It has also tested generative AI to synchronize actors’ lip movements with dubbed dialogue to improve the viewing experience, according to three sources familiar with the work.

These experiments rely on local voice actors to deliver the lines, rather than use AI to synthetically translate the on-screen performer’s voice into another language.

Such a use of AI for dubbing is permitted under the new SAG-AFTRA actors’ union contract, which covers voice-over dubbing from foreign languages into English. It also requires that the actor rendering the dubbing service be paid.

Netflix declined to comment on its use of AI in dubbing when asked by Reuters.

INTELLECTUAL PROPERTY
Such test-runs by an industry giant will do little to allay the fears of dubbing actors.

In Germany, 12 well-known dubbing actors went viral on TikTok in March, garnering 8.7 million views, for their campaign saying “Let’s protect artistic, not artificial, intelligence.”

A petition from the VDS voice actors’ association calling on German and EU lawmakers to push AI companies to obtain explicit consent when training the technology on artists’ voices and fairly compensate them, as well as transparently label AI-generated content, gained more than 75,500 signatures.

When intellectual property is no longer protected, no one will produce anything anymore “because they think ‘tomorrow it will be stolen from me anyway,’” said Cedric Cavatore, a VDS member who has dubbed films and video games including the PlayStation game Final Fantasy VII Remake.

VDS collaborates with United Voice Artists, a global network of over 20,000 voice actors advocating for ethical AI use and fair contracts.

In the United States, Hollywood video game voice and motion capture actors this month signed a new contract with video game studios focused on AI that SAG-AFTRA said represented important progress on protections against the tech.

STUDIOS EXPERIMENT
Some studios are already cautiously exploring AI.

Eberhard Weckerle, managing director of the Neue Tonfilm Muenchen studio, hopes AI and human dubbing can one day coexist.

“The fear is that AI will be used to make something as cheap as possible and then people will say, ‘Okay, I’ll accept that I’ll have poorer quality.’ And that would actually be the worst thing that could happen to us,” said the sound engineer whose studio worked on the German version of Conclave and is currently dubbing Guy Ritchie’s new film.

Earlier this year, the German-dubbed version of streaming service Viaplay’s Polish crime series Murderesses was removed after criticism from viewers about the monotony of its AI-generated dialogue.

The streamer had decided to look into alternative dubbing options due to how prohibitively expensive going through the traditional channels can be in Germany.

The hybrid dubbing, created with Israeli startup DeepDub, used a mix of human and AI voices. DeepDub did not respond to an e-mailed request for comment.

“We’ll continue offering subtitles and reserve dubbing for select content,” said Vanda Rapti, the executive vice-president of ViaPlay Group, ViaPlay Select & Content distribution.

Despite the disquiet over that series, other potential viewers seem more sanguine. According to GWI, nearly half of viewers said their opinion would not change if they learned that the content they liked was generated by AI.

Some 25% said they would like it slightly less, and only 3% said they would like it much more.

‘INTEREST IS HUGE’
Stefan Sporn, CEO of Audio Innovation Lab, which used AI to dub the Cannes Film Festival entry Black Dog from Chinese to German, believes AI will reshape, but not replace, voice work.

Humans will always be needed for emotion, scripting, and language nuance, he said, “just not to the same extent.”

Audio Innovation Lab’s technology alters the original actor’s voice to match the target language, aiming for authenticity and efficiency.

“Interest is huge,” said Mr. Sporn, adding that producers, studios and advertisers all want to know how well it works.

Another startup, Flawless AI, bills itself as an ethical AI company that works with local voice actors and uses its technology to match the on-screen actor’s lip movements to the different languages.

“When AI technologies are used in the right way, they are a silver bullet to change how we can film-make in a new way,” co-CEO Scott Mann said. — Reuters

Chinabank net income climbs 14% to P13 billion

BW FILE PHOTO

CHINA BANKING CORP. (Chinabank) saw its net income climb by 14% year on year in the first half on continued core business growth.

The listed bank’s net income was at P13 billion in the six months through June, it said in a disclosure to the stock exchange on Thursday.

This translated to a return on equity of 15.2% and a return on assets of 1.6%.

“We continue to deliver strong operating results in the first semester while supporting the needs of our customers and contributing to the growth of our economy,” Chinabank President and Chief Executive Officer Romeo D. Uyan, Jr. said in a statement. “We are sustaining our growth momentum as we execute our strategy and focus on delivering quality service and value to our clients and stakeholders.”

“Our robust performance was driven by our commitment to addressing client needs while effectively managing risks and promoting efficiencies. We have ensured that our balance sheet remains strong,” Chinabank Chief Finance Officer Patrick D. Cheng said.

The bank’s financial statement was unavailable as of press time.

Chinabank’s revenues surged by 34% year on year to P38.9 billion in the first semester.

This was driven mainly by the 15% increase in its net interest income to P34.9 billion, which it said came on the back of higher asset yields and loan volume.

Its net interest margin improved by 13 basis points to 4.57%.

Meanwhile, the bank’s operating expenses reached P16.6 billion in the first half as it saw higher technology, manpower, and business volume-related costs.

“With revenue growth outpacing rising expenditures, Chinabank recorded a healthier cost-to-income ratio of 43%,” it said.

Gross loans rose by 18% year on year to P964.7 billion at end-June “amid the accelerating economic activities and increasing consumer confidence” that led to increased credit extended to the consumer and corporate segments.

Chinabank also set aside loan loss provisions amounting to P6.5 billion in the period.

Its nonperforming loan ratio was at 1.6%, while NPL coverage ratio was at 125%.

On the funding side, total deposits rose by 5% to P1.3 trillion as of June, driven by the 10% growth in its checking and savings accounts.

Chinabank’s consolidated assets expanded by 8% year on year to P1.7 trillion at end-June.

Total equity also went up by 15% to P174 billion.

Its capital adequacy ratio was at 15.62%.

Book value per share increased by 15% to P64.65.

The bank’s consolidated network is made up of 650 branches and 1,109 automated teller machines.

It also offers other financial services through its subsidiaries, including China Bank Savings, Inc., Chinabank Capital Corp., and Chinabank Securities Corp.

Chinabank’s shares went up by P1 or 1.55% to close at P65.50 each on Thursday. — Aaron Michael C. Sy

Peso sinks to P58 level on hawkish Fed

BW FILE PHOTO

THE PESO plummeted to the P58 level on Thursday, hitting a near six-month low versus the greenback, following hawkish comments from US Federal Reserve Chair Jerome H. Powell that dampened hopes for a September rate cut.

The local unit plunged by 74 centavos to close at P58.32 against the dollar from its P57.58 finish on Wednesday, Bankers Association of the Philippines data showed. This was the peso’s weakest close in nearly six months or since it ended at P58.34 per dollar on Feb. 4.

The peso opened Thursday’s session weaker at P57.86 against the dollar. Its intraday best was at just P57.85, while its worst showing was at P58.40 against the greenback.

Dollars exchanged surged to $2.6 billion on Thursday from $1.86 billion on Wednesday.

“The dollar-peso closed higher on strong US data and hawkish comments from Mr. Powell following the Fed’s decision to hold,” the first trader said in a phone interview.

The dollar’s strength overnight after the Fed kept rates unchanged for a fifth straight meeting caused the peso to open the session weaker, the second trader said in a text message.

“This strong dollar opening set the stage for the rest of the day, as the dollar-peso spot rate soared to a high of P58.40. If I were to hazard a guess on the cause, it’s likely due to panic from the strong opening in the morning,” the second trader added.

For Friday, the first trader sees the peso moving between P58.10 and P58.50 per dollar, while the second trader expects it to range from P58.30 to P58.50.

The dollar flirted with a two-month peak after Mr. Powell stuck to his patient approach on rates in a closely watched policy decision and offered little insight on when they could be lowered, Reuters reported.

The greenback was also on track for its first monthly gain for the year, bolstered by a hawkish Fed and US economic resilience, with uncertainty over tariffs beginning to ease given recent trade deals struck by Washington.

Against a basket of currencies, the dollar dipped slightly to 99.67, but was not far from a two-month peak hit in the previous session. The dollar index was set for a monthly gain of about 3%.

The Federal Reserve’s decision to avoid signaling imminent rate cuts despite relentless political pressure underscores its prevailing caution and has forced investors to dial back expectations for an easing at the next policy meeting.

The Federal Open Market Committee held interest rates on Wednesday in a split decision that gave little indication of when borrowing costs might be lowered. It also drew dissent from two Fed governors, both appointees of US President Donald J. Trump who agree with him that monetary policy is too tight.

The overnight policy rate controlled by the Fed remains in a 4.25%-4.5% range. The last rate cut was in December and the Fed hiked rates from March 2022 to July 2023 to fight inflation.

The lack of a clear signal that the Fed was warming to interest rate cuts as soon as the next meeting in September lifted Treasury yields and the dollar in late trade and turned stocks lower.

Fed funds futures traders are pricing in a 46% probability of a rate cut by September, down from about 65% a day ago, according to the CME Group’s FedWatch Tool. They are no longer pricing in two full 25 basis point cuts by yearend as they were in recent days.

Mr. Powell was careful to keep his options open on monetary policy. “We have made no decisions about September,” he said in a press conference. He also noted there was still time to take in a wide range of data before the central bank next met in mid-September.

Mr. Powell has come under intense pressure from the White House to lower interest rates, with Mr. Trump regularly berating him for being too slow to lower borrowing costs. —  Aaron Michael C. Sy with Reuters

Globe completes transfer of 96 towers to MIDC, PhilTower

GLOBE.COM.PH

GLOBE TELECOM, INC. said it had completed the transfer of 96 towers to MIESCOR Infrastructure Development Corp. (MIDC) and Phil-Tower Consortium, Inc. (PhilTower) for a combined P1.34 billion.

Globe said in separate disclosures on Thursday that it had completed the final sale of 12 towers to MIDC for P144 million and 84 towers to PhilTower for P1.2 billion.

This final closing with MIDC brings the total number of towers transferred since 2022 to 1,725, while Globe has closed 1,244 out of 1,350 towers, or nearly 92.15% of the total towers to be acquired by PhilTower.

“Progressing toward the completion of our tower sale and leaseback program signals Globe’s bold steps toward future-ready growth. It underscores our disciplined execution, strategic focus, and commitment to building a more agile and capital-efficient organization,” Globe President and Chief Executive Officer Carl Raymond R. Cruz said in a media release.

This recent development also brings the total number of towers officially turned over to 6,945, generating total proceeds of P89.3 billion.

Broken down, 2,410 towers were turned over in 2022; another 2,057 in 2023; and 2,205 in 2024. This year alone, a total of 273 towers have been transferred, generating P3.5 billion in proceeds.

MIDC is a joint venture between Meralco Industrial Engineering Services Corp., a subsidiary of Manila Electric Co. (Meralco), and alternative investment firm Stonepeak, while PhilTower is a local tower company that builds shared telecommunication infrastructure for mobile operators.

“Today marks another milestone in our tower monetization initiative. With the substantial handover of sites, we continue to move forward with our goal of strengthening Globe’s financial position,” said Globe Chief Finance Officer, Treasurer and Chief Risk Officer Juan Carlo C. Puno.

To recall, Globe signed agreements with MIDC and Frontier Tower Associates Philippines, Inc. for the sale of 5,709 telecommunication towers and related passive infrastructure for about P71 billion. Frontier Towers is set to acquire a total of 3,529 towers for P45 billion, while MIDC will acquire 2,180 towers for P26 billion.

In the same year, it also signed an agreement with PhilTower for the telco’s 1,350 towers.

At the local bourse, shares in Globe closed P6, or 0.36% higher, to end at P1,670 each. — Ashley Erika O. Jose

Venice Film Festival to give career award to US director Julian Schnabel

LABIENNALE.ORG

MILAN — American artist and filmmaker Julian Schnabel, whose movies include artist biopics At Eternity’s Gate and Basquiat, will be given a career award at this year’s Venice Film Festival, organizers said on Wednesday.

The 73-year-old will be presented with the Cartier Glory to the Filmmaker Award, dedicated to people who have made a particularly original contribution to contemporary cinema, on Sept. 3, a festival statement said.

Before the ceremony, the festival will host the out-of-competition premiere of Mr. Schnabel’s latest feature, In the Hand of Dante, starring Oscar Isaac, Gal Gadot, Gerard Butler, Al Pacino, John Malkovich, and Martin Scorsese.

“I never dreamed I would become a filmmaker, let alone be honored with this award,” Mr. Schnabel said in the statement.

Festival director Alberto Barbera praised Schnabel’s work as “a gift to film,” calling his new feature “his most ambitious project to date.”

The Venice Film Festival runs from Aug. 27 to Sept. 6. — Reuters