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Twitter launches global in-stream video ads, partners with ABS, GMA

TWITTER, INC. announced on Thursday it is making its in-stream video advertisements available globally and has forged partnerships with local companies ABS-CBN Corp. and GMA Network, Inc.
In a statement, the social media platform said: “Previously, in-stream video ads were limited to the markets in which publishers are based, but in many cases, publishers have a global following. With this capacity, publishers can now monetize their organic following outside of their home country.”
In-stream videos are advertisements that are played at the beginning of a video content. According to its website, Twitter said what it does is pair an ad with a video content it finds relevant to the product.
In his prepared presentation for DigiCon 2018, which was presented to journalists on Wednesday, Twitter Managing Director for Southeast Asia Arvinder Gujral said the social media site is an ideal platform for advertisers as it allows its users to customize their feeds according to their interests.
“This is not a social network. This is the largest social interest network. Big difference. Social network is for relationships. Social interest network is banked on your passions and things you find interesting,” he said.
He noted users watch videos on Twitter 3.5 times longer than in other platforms, citing results from a neuroscience study the company commissioned a few months ago.
“People watch videos on Twitter far longer than in any other platform. Why? In other platforms they get interrupted. You are there to see your friends and families (and the content they share). On Twitter, (videos) come contextually on a timeline you have created,” he said.
He added, “If my timeline is all about gadgets… and a new smartphone ad launch comes in, chances are that’s going to be watched way higher than if my timeline was full of (varied content).”
Mr. Gujral also said Twitter users in the Philippines are a very interesting market, as the median age of users are within 16 to 24 years old, while 42% have a bachelor’s degree or higher.
“It’s largely the millennials that are coming to Twitter, and this is an audience that is very difficult to get for marketers and agencies. And this is the platform where they are very receptive,” he said.
With the announcement of its partnership with ABS-CBN and GMA, Mr. Gujral noted Twitter users in the Philippines are a very television-led market.
“If you look at the conversations, there are many TV-led conversations on the platform. The top 10 hashtags, those are TV-led conversations happening. Which is slightly unique to the Philippines. You don’t see that in every market,” he said.
He added with this insight, Twitter could be seen as an effective supplement to TV shows and events.
Twitter said its partnership with ABS-CBN will involve mostly its entertainment and sports programs, while with GMA it will be for its news content and some TV series. — Denise A. Valdez

19 Pinoy films in Busan film fest


NINETEEN Filipino films have made their way to South Korea’s 23rd Busan International Film Festival (BIFF) as Philippines is the festival’s Country of Focus, marking 100 years of Philippine Cinema.
The BIFF runs from Oct. 4 to 13.
“We cannot stress how great of an honor it is to be selected as the Country of Focus in Busan in time for our centennial… being the Country of Focus mean greater exposure for our filmmakers and more platforms for us to showcase this work,” Mary Liza Dino, chairperson and CEO of the Film Development Council of the Philippines (FDCP) said in a press release.
Of the 19 films, 10 are featured in the festival’s special retrospective program. Entitled “Cinema as a Response to the Nation” the lineup includes A Portrait of the Artist as Filipino (1965) by Lamberto V. Avellana, Ganito Kami Noon, Paano Kayo Ngayon? (1976) by Eddie Romero, Tatlong Taong Walang Diyos by Mario O’Hara (1976), Ang Panday (1980) by Fernando Poe, Jr., Cain at Abel (1982) by Lino Brocka, Moral (1982) by Marilou Diaz-Abaya, Himala by Ishmael Bernal (1982), Bayaning 3rd World (2000) by Mike de Leon, Dekada ’70 (2002) by Chito S. Roño, and Ang Damgo ni Eleuteria (2010) by Remton Siega Zuasola.
“[When choosing the films] we asked the question, ‘which films broke boundaries in the period it was created?’ It was, at the very core, how we chose our films,” Tito G. Valiente, an educator and a member of the Manunuri ng Pelikulang Pilipino (MPP), told the media during a press conference on Oct. 2 at Max’s Restaurant in Quezon City.
“This was hard because we are condensing the 100 years of Philippine cinema in 10 films,” said Teddy Co, director and a commissioner at the National Commission for Culture and the Arts (NCCA).
Mr. Co bemoaned the fact that much of the country’s cinematic history was lost during the Second World War and to poor storage, which limited their scope to post-war films, this even though the Philippines has produced more than 10,000 films since the release of the first Filipino full-length film, Dalagang Bukid by Jose Nepomuceno in 1919.
The retrospective will be accompanied by a talk titled “Spotlight: Philippines, Cinema Centennial Talks” featuring actors Christopher de Leon (who starred in Cain at Abel, Ganito Kami Noon, Paano Kayo Ngayon?, Dekada ’70, and Tatlong Taong Walang Diyos), Joel Torre (Bayaning 3rd World), Sandy Andolong (Moral), and Piolo Pascual (Dekada ’70).
Aside from the 10 films presented in the retrospective, nine films are included in the festival’s A Window on Asian Cinema Section. These are Citizen Jake (2018) by Mike de Leon, Alpha: The Right to Kill (2018) by Brillante Ma. Mendoza, The Eternity Between Seconds (2018) by Alec Figuracion, Gusto Kita with all My Hypothalamus (2018) by Dwein Baltazar, Lakbayan (2018) by Lav Diaz, Brillante Ma. Mendoza and Kidlat Tahimik, and Signal Rock (2018) by Chito S. Rono.
Signal Rock is also the country’s official entry to the 91st Academy Awards Foreign Language Film category.
Two short films also made their way to the festival’s Wide Angle Short Film Showcase — Last Order (2018) by Joji Alonso and Manila is Full of Men Named Boy (2018) by Stephen Lee — while the Wide Angle Documentary Showcase will feature Land from God (2018) by Stephen Lee.
Aside from the films, the BIFF is launching a book entitled Centennial Anniversary of the Philippine Cinema on Oct. 5 at the Busan Cinema Center. Educator and film scholar Nick de Ocampo, alongside Mr. Valiente and Mr. Co, wrote individual essays for the publication.
The FDCP will also be holding an exhibit curated by Mr. de Ocampo on the history of Philippine cinema titled Cinema Un/Bound: Archipelagic Cinema of the Philippines which will be on view at the Busan Cinema Center from Oct. 6 to 11. — Zsarlene B. Chua

Connecting communities through big ideas

Wilcon Depot opens in Tayabas, Quezon

As the country’s largest construction supplies and home improvement retail chain, Wilcon Depot, Inc. is in a unique position to help Filipino communities across the country in significant ways. In opening a new store in the City of Festivals, the city of Tayabas, Quezon for instance, the company once more seeks to fulfill its mission through ‘Building Big Ideas’ with local communities.

Wilcon Tayabas is the company’s first store in the whole of Quezon Province, and its 48th branch nationwide. Wilcon Depot SEVP-Chief Operating Officer Rosemarie Ong believes that the company’s nationwide expansion has the potential to spark growth and development throughout the country, especially in areas like Tayabas.

“Wilcon believes that this is a great opportunity to introduce and showcase the whole municipality with what Wilcon has to offer when it comes to providing quality products and services that fit every season and customer preferences,” Ms. Ong said.

Tayabas City, which is a sixth class city in Quezon with a population of around 100,000 people, is chiefly known for its lively festivals and many historical landmarks. With its agricultural products of rice and coconut and immense tourism potential, the city is one of the province’s most promising areas.

“Tayabas may be a sixth class municipality in Quezon but it boasts of a splendid wonder and sight that no other city can behold. Its festive ambiance speaks of its standing as the heart and home to most of the country’s most celebrated and awaited festivals. Local and foreign tourists also flock to their ancient heritage sites, churches, and restaurants which offer cultural and gastronomic experience, and these are the reasons behind Wilcon’s inclusion of the city in our store footprint expansion,” Ms. Ong said.

“We have chosen the municipality as one of our prime locations to introduce our wide array of superior products that would support community growth and development,” Ms. Ong explained. This is in parallel with Wilcon’s mission to help build, improve, and renovate every Filipino’s home for a sustainable and comfortable life.

Wilcon Tayabas will keep the uniformity of the company’s interior, which is designed to help the customers to shop with ease. The store is complete with the features that customers would need to do their business efficiently, with free parking spaces, reliable delivery, and tile cutting services available for their convenience.

Customers can avail of the company’s Wilcon Loyalty Card for free and enjoy promo exclusives and offerings. Wilcon’s Design Hub, a service that allows customers to create their own designs through a computer software, will provide floor plans and 3D layout perspectives of any design ideas customers may have. The store also has a team of trained in-house designer and knowledgeable sales personnel to assist every homemaker, and has the ABCDE (Architects Builders Contractors Designers Engineers) Lounge, a dedicated space where professionals can meet with their clients, conceptualize and create projects together inside the store.

Wilcon houses numerous brands to choose from as it carries exclusive top-tier brands like Grohe and Kohler Sanitarywares, Franke Kitchen Systems, Pozzi Bathroom Solutions, Koller Whirlpool Bathtubs and Shower Enclosures, Ariston Water Heaters, Geberit Monolith Puro, Bull Outdoor Products and Rubi Tile cutter. Spanish tile brands Alcalagres, Grespania, Rocersa, Cifre, Emigres, Keros and Tesany alongside with Italian tile brands Novabell, Energie Ker, Gardenia, Leonardo and Naxos are made available in the Tile Studio inside the store together with Asian tile brands Arte, Sol, Lola, Huanqiu, Verona, Picasso Mosaic, Roman, Mulia, Kia and Basel. Natuzzi Editions, Heim home interior and housewares, Heritage furniture, and Hamden Kitchen appliances are exhibited at the Living, Kitchen, and Bath (LKB) showroom. Kasch bathroom accessories, Sefa specialty bathroom faucets, bathroom accessories, showerheads, and kitchen organizers, Crown and Prussia Kitchen Sink, Electron Generators, Direct Hardware, Truper tools, Alphalux lighting solutions, PTech PVC mouldings, Forest wood products, and Solutherm PPR pipes are displayed in the DIY section of the store.

“We believe that Wilcon has reached its 41st year in the construction supply industry not solely because of our exceptional products and services but because of the innate desire that drives us to help build and connect communities together,” Ms. Ong said.

This is the philosophy that drives Wilcon to continue its commitment of establishing its stores in every key city and locality in the Philippines. Wilcon sees it as its mission to help and support Filipinos by providing access to top and trusted local and international brands for their home building needs coupled with its own expertise and unparalleled service.

Wilcon is set to open three more stores in 2018 at General Trias, Cavite; General Santos City; and Puerto Princesa, Palawan with its goal of continued expansion to have a total store network of 67 stores by 2020, earlier than planned, barring any unexpected external factors.

To learn more about Wilcon, log on to www.wilcon.com.ph. You can also follow them on their social media accounts on Facebook and Instagram @wilcondepot.ph.

Alsons offers ancillary services to NGCP to boost Mindanao supply

ALSONS Consolidated Resources, Inc. said on Thursday its power group’s diesel plant in Sarangani had offered to provide ancillary services amounting to 55 megawatts (MW) to privately owned grid operator National Grid Corporation of the Philippines (NGCP) to help stabilize power supply in south-central Mindanao.
In a statement, the Alcantara-led company said under the proposed ancillary services procurement agreement (ASPA), NGCP will receive up the electricity from the diesel power plant of its unit Southern Philippines Power Corp. (SPPC) in Alabel, Sarangani.
“Through ancillary services, power generators help ensure the stability of portions of the power grid by reserving and allocating generating capacity that can be dispatched immediately by NGCP in case there are systems imbalances due to tripping of some generating units in the grid or lack of capacity in a particular area of the grid,” Alsons said.
The ancillary services will benefit Region 12 or Soccsksargen, the four regions and two cities South Cotabato, Cotabato City, Cotabato Province, Sultan Kudarat, Sarangani and General Santos City.
Alsons’ proposal follows the ASPA signed between NGCP and its power group’s 100-MW Western Mindanao Power Corp. (WMPC) in Zamboanga City.
The agreement will provide the power grid operator with dispatchable generating capacity, reactive power support, and “black start” capability, or the process of restoring a power system to recover from shutdown.
It will stabilize the power grid in Region 9 or Western Mindanao covering the Zamboanga Peninsula. The agreement awaits approval from the Energy Regulatory Commission.
Edgar D. Sevilles, Alsons’ power group vice-president who heads diesel operations, said the two power plants have been providing the needed capacity for the Mindanao grid during the period when the island was experiencing a power shortage. This was through an exclusive energy conversion agreement (ECA) with the National Power Corp. (Napocor).
He said although the Napocor ECA had ended, the grids in the Zamboanga Peninsula and south-central Mindanao still require assurance of a continuous flow of “the right quality of electricity and this is why we have offered the ancillary services of our diesel plants in Zamboanga City and Alabel, Sarangani to NGCP.”
Under the ECA, the two Alsons diesel plants ensured the stability of the grid by providing ancillary services.
Alsons operates four power facilities in Mindanao. Aside from the WMPC and SPPC plants, the group runs the 103-MW Mapalad Power Corp. diesel plant in Iligan City and the first 105-MW section of the 210-MW Sarangani Energy Corp. baseload coal-fired power plant in Maasim, Sarangani province. The Sarangani plant’s second 105-MW section is expected to begin commercial operations in the first quarter of 2019.
The group’s other projects for the coming years are the 15.1-MW Siguil River hydroelectric power plant in Sarangani, which is set to start operating in 2021, and the 105-MW San Ramon Power, Inc. coal-fired power plant in Zamboanga City, which is expected to begin operating in 2022. — Victor V. Saulon

Advanced comedy by Lynn Ruth Miller

EIGHTY-YEAR-OLD comedian Lynn Ruth Miller started her stand-up career at the tender age of 70.

CONSIDERED one of the oldest female stand-up comedians in the world, Lynn Ruth Miller, hauls her brand of comedy over to the Philippine capital for a two-night show on Oct. 18 at the Relik Bar in Bonifacio Global City in Taguig, and Oct. 19 at the Union Jack Tavern in Makati City.
Her shows — cheekily titled Aged to Imperfection (October 18) and Barely Standing (October 19) — poke fun at her advanced age (she’s 85), but her consummate skill in comedy will be front and center. What is interesting is that in terms of a comic, she is just a teen — after all, comedy is a career she entered when she was already 70 years old.
Formerly a journalist who wrote for The New York Times and with masters degree in journalism from Stanford University, Ms. Miller, at the age of 70, enrolled at a comedy college in San Francisco with an aim of writing an article that will expose the college as a “a load of crap” because “I figured you can’t teach comedy,” she was quoted saying in a June article at iNews UK.
But far from exposing the college as a fraud, Ms. Miller discovered that she could do comedy and has quite a knack for it.
“I told a joke at Cobb in San Francisco and when everyone laughed I decided to do it again,” she said in a press release.
The Ohio-born funnywoman joined America’s Got Talent in 2008, and won the People’s Choice award at the 2009 Branson Comedy Festival. She made it to the finals of Bill Word’s Funniest Female Contest in 2009, and has won a host of other awards.
Noted for jokes that center on her life and her advanced age, Ms. Miller thinks “stand-up comedy is a skill that is far more than the jokes you tell. You are paid to make the audience laugh no matter what the demographic. That means adjusting your material to their response. Not easy, but definitely part of the job,” she noted in a blog post on UK writer John Fleming’s site in June.
Ms. Miller noted in the iNews story that while the comedy industry is very competitive, she isn’t at all bother because “I’m 84 and I have a pension, when my career falls, I’ll be six feet under.”
“I am more than an old lady to them. I am a funny comedian. Eat your heart out Joan Rivers. I didn’t have to have a face lift to do this,” she said in the blog post.
For her first visit to the Philippines, Ms. Miller said that she hopes “to make everyone laugh” with jokes that “make aging sound like it’s fun.
Lynn Ruth Miller performs on Oct. 18 at the Relik Bar in BGC and on Oct. 19 at the Union Jack Tavern in Makati City. The shows will be opened by ventriloquist Ruther Urquia and hosted by Aldo Cuervo. Doors open at 6 p.m. and the shows start at 8 p.m. — ZB Chua
Tickets are available at Ticketnet (visit www.ticketnet.com.ph or call 911-555), at Ticketbooth (887-5131), or call 0920-9717055 or 0917-5703057. Tickets are priced at P1,000 for advanced buyers and P1,250 at the door.

SEC approves San Miguel food subsidiary’s P142.81-billion follow-on offering

By Arra B. Francia, Reporter
THE SECURITIES and Exchange Commission (SEC) has given the go signal for San Miguel Food and Beverage, Inc. (SMFB) to conduct its P142.81-billion follow-on offering, slated to be the largest share sale in the history of the Philippine equities market.
In an e-mailed statement to reporters on Thursday, the country’s corporate regulator announced its approval of SMFB’s plan to sell a total of 1.02 billion shares, consisting of a base size of 887 million shares and an over-allotment option of 133.05 million shares price at P140 each.
The follow-on offering is set to be the largest equities offering in the country, easily surpassing the previous record of P37.7 billion by LT Group, Inc. back in 2013.
The shares included in the offer are owned by SMFB’s parent, San Miguel Corp. (SMC), which will be taking the net proceeds of the follow-on offering amounting to P139.87 billion, assuming that the over-allotment option is fully exercised. SMC said this will be used to fund its infrastructure projects.
The company named J.P. Morgan Securities, Plc, Morgan Stanley Asia (Singapore) Pte., and UBS AG Singapore Branch as the offer’s joint global coordinators. Deutsche Bank AG, Hong Kong branch and Goldman Sachs (Singapore) Pte., will act as joint book runners, while BDO Capital & Investment Corp. and BPI Capital Corp. will act as local lead underwriters.
Standard Chartered Bank has been tapped as the company’s financial adviser.
Following the SEC’s nod, SMFB now needs the approval of the Philippine Stock Exchange.
The company targets to disclose the final price of the offering by Oct. 19. The offering will then run from Oct. 23 to 29, while the crossing of the offer shares is slated for Nov. 6.
SMFB is pushing through with the offering in compliance with the minimum public ownership rule of at least 10%. The company’s public float fell to 4.12% after the San Miguel group merged its food and beverage, liquor, and brewery businesses to form SMFB earlier this year.
The consolidated company now has Ginebra San Miguel, Inc., San Miguel Brewery, Inc., and the former San Miguel Pure Foods Company, Inc. under its portfolio.
The planned share sale comes amid the current volatility in the market, which has prompted Del Monte Philippines, Inc. and Cal-Comp Technology (Philippines), Inc. to postpone their respective initial public offerings until market conditions have improved.
SMFB grew its earnings by a fifth to P15.4 billion in the first six months of 2018, after consolidated revenues also expanded by 15% to P137.4 billion.
Shares in SMFB dropped by 1.06% or a peso to close at P93 each at the stock exchange on Thursday.

DoLE to enforce SC ruling vs ‘boundary’ pay at bus companies

THE Department of Labor and Employment will monitor bus companies to enforce its Department Order calling for public utility bus (PUB) drivers and conductors to be salaried workers at least in part.
In an interview, Bureau of Working Conditions (BWC) Director IV Ma. Teresita S. Cucueco said that the labor department will continue overseeing the compliance of bus companies especially after the Supreme Court (SC), sitting en banc upheld the DoLE and Land Transportation Franchising and Regulatory Board’s (LTFRB) orders for bus drivers and conductors to be partly compensated with salaries, instead of being paid variably depending on ridership.
“The DoLE will continue its monitoring especially after the decision for compliance,” she said.
The SC decision dismissed the petition of Provincial Bus Operators Association of the Philippines (PBOAP), Southern Luzon Bus Operators Association, Inc. (SO-LUBOA), Inter City Bus Operators Association (INTERBOA), and City of San Jose Del Monte Bus Operators Association (CSJDMBOA) who said that DoLE’s Department Order (DO) 118-12 and LTFRB’s Memorandum Circular No. 2012-001 “violate the constitutional rights of public utility bus operators to due process of law, equal protection of the laws, and non-impairment of obligation of contracts.
The decision affirmed the DO 118-12 and Memo Circular 2012-001 because DoLE and LTFRB have quasi-judicial powers that grant them the authority to outline a compensation scheme for drivers and conductors.
DO 118-12, which was issued in 2012, states that PUB drivers and conductors will have a “part-fixed, part performance based” compensation scheme, with the fixed component no less than the required minimum wage and the performance component to be based on safety and business performance.
Ms. Cucueco said that the department issued this order to avoid the “boundary” scheme that is common in public transportation, which is thought to cause drivers to drive aggressively or obstruct traffic while loading passengers. The long hours they had to work to make “boundary” was also found to be a risk to road safety.
“There were so many accidents at that time (so) a survey had to be done, a rapid assessment on the hours of work (done by the drivers and conductors). They saw that drivers could work as many as 16 to 18 hours,” she said.
She added that the boundary system does not allow bus company employees to go on leave.
LTFRB’s Memo Circular 2012-001 is based on the survey and assessment done by DoLE and also orders a part-fixed income, part performance-based scheme.
The en banc decision written by Associate Justice Marvic F. Leonen ruled that the boundary system gives the drivers a “scarcity mindset” because they are “focused on meeting the boundary required and will do so by any means possible and regardless of risks.”
“They stop for passengers even outside of the designated bus stops, impeding traffic flow. They compete with other bus drivers for more income without regard to speed limits and bus lanes. Some drivers even take in performance-enhancing drugs and, reportedly, even illegal drugs… just to do additional trips,” according to the decision.
DO No.118-12 eliminates the “scarcity mindset” by inroducing a fixed income and adding performance-based pay based on safety, thereby reducing the risk of road accidents and poor health.
“The fixed income equalizes the playing field, so to speak, so that competition and racing among bus drivers are prevented. The variable pay provided in Department Order No. 118-12 is based on safety parameters, incentivizing prudent driving,” the court said in the decision.
Ms. Cucueco said DoLE plans to discuss enforcement with the department’s regional directors.
“We plan to meet with the regional directors (and) we will raise the Supreme Court decision implementing the fixed and performance-based pay,” Ms. Cucueco said. — Gillian M. Cortez

Chinese movie star Fan Bingbing hit with huge tax evasion fines

BEIJING — China has ordered A-list movie star Fan Bingbing to pay about 884 million yuan ($129 million) in overdue taxes and fines, state news agency Xinhua said on Wednesday, as a crackdown on tax evasion in the entertainment industry gathers momentum.
The 37-year-old actor, whose June disappearance touched off wild speculation about her whereabouts, has appeared in the X-Men and Iron Man film franchises, attracting more than 62 million online followers in China.
Xinhua said an investigation by Chinese tax authorities found Fan had split her contract to evade taxes of 7.3 million yuan ($1.1 million) over payments for her role in Air Strike, a film due to be released this year.
Fan and companies she represented also evaded 248 million yuan ($36 million) in additional taxes, Xinhua said, but it gave no details regarding this figure.
The tax bureau in the eastern coastal province of Jiangsu delivered its judgment to Fan on Sunday, levying fines of more than 596 million yuan ($86.7 million) for tax evasion and assessing overdue taxes of more than 288 million yuan ($42 million), Xinhua said.
In a letter posted on her official account on the Twitter-like platform Weibo, Fan said she fully accepted the authorities’ decision, would overcome “all difficulties” to pay the penalties, and step up supervision of her companies.
“I’m ashamed of my behavior and I apologize here to everyone,” Fan wrote.
“Every bit of my achievement is inseparable from the support of the state and the people. Without the good policies of the Communist Party and the state, without the love of the people, there is no Fan Bingbing.”
Xinhua said that under Chinese law Fan, as a first-time offender, would face no criminal charges if she complied with the judgment and paid all the money by an undisclosed deadline.
Reuters could not immediately reach Fan or a representative to seek comment. Xinhua said police had put a “restriction” on Fan’s agent for attempting to conceal and destroy evidence during the investigations in June.
Fan dropped off the radar that month, amid reports that she was involved in the investigation, a vanishing act that prompted reports she had been detained.
On Wednesday, the South China Morning Post said Fan was released two weeks ago from “residential surveillance” at a “holiday resort” in Jiangsu used to investigate officials. She was transferred to Beijing for further investigation, the Post said, citing unnamed sources.
Since June, China has been investigating tax evasion in its film and television industry, following reports that some of its most famous actors have been accused of signing so-called “yin-yang” contracts, one of which sets out the real terms, while a second, with a lower figure, is meant for tax officials.
The State Administration of Taxation (SAT) said companies and individuals in the industry who voluntarily “rectify their behavior” and pay back taxes evaded prior to Dec. 31 will be exempt from administrative punishment and fines, Xinhua said. — Reuters

Metrobank raises P8.68 billion

METROPOLITAN Bank & Trust Co. (Metrobank) has raised P8.68 billion from the first tranche of its P25-billion long-term negotiable certificates of deposit (LTNCD) program meant to diversify its funding sources.
According to the Web site of the Philippine Dealing & Exchange Corp. (PDEx), the Ty-controlled Metrobank has raised P8.68 billion from the peso-denominated issue, more than the P5 billion it originally intended to raise.
The notes will mature in 5.5 years and carry a 5.375% rate to be paid quarterly.
The LTNCDs issued make up the first tranche of Metrobank’s P25-billion program approved by the central bank last July 19.
Standard Chartered Bank served as the sole lead arranger of the offer and was also a bookrunner alongside Metrobank. The banks also served as selling agents along with First Metro Investment Corp.
Like regular time deposits offered by banks, LTNCDs offer higher interest rates. However, LTNCDs cannot be pre-terminated but can be sold on the secondary market, making them “negotiable.”
In a text message in September, Metrobank said the proceeds of the fund-raising activity will be used to “diversify the maturity profile of…funding sources and support business expansion plans.”
To date, Metrobank has outstanding securities amounting to P35.33 billion listed on the PDEx, with the latest offer in July last year, where it raised P3.75 billion.
Prior to this, Metrobank completed a stock rights offering in April, raising P60 billion to fund its business operations and expansion.
A number of banks have been tapping the capital markets in recent months to raise more funds ahead of tighter risk management measures that will take effect on Jan. 1, 2019 under the international Basel 3 standards.
Last week, Rizal Commercial Banking Corp. raised P3.58 billion worth of LTNCDs which will also mature in five years and six months.
Philippine Savings Bank, Robinsons Bank Corp. and China Banking Corp. also recently issued LTNCDs to support its funding needs.
Metrobank posted a P5.3-billion income in the second quarter, up 31% from the P3.9 billion tallied the previous year on the back of its robust core business.
Shares in Metrobank closed at P66 each on Thursday, down P3 or 4.35%. — Karl Angelo N. Vidal

High engagement associated with stronger revenue growth — Aon

HIGHER LEVELS of employee engagement have been associated with superior top-line results, according to professional services and risk consulting group Aon.
Aon said a study accompanying its annual Best Employers Program found that every 5% increase in employee engagement corresponds to a 3% increase in revenues.
“If you get people positively engaged, you can say that they will be far more switched on for their role as employees. We start to (see a correlation with) topline growth and then bottomline profit. There’s an undeniable connection between those two,” Aon Insurance & Reinsurance Brokers Philippines, Inc. Chief Executive Officer Andrew Minnitt told reporters in a roundtable discussion on Tuesday.
High engagement suggests that employers treat their employees as equals while also giving them recognition for their work.
“The importance that simple recognition has within our society cannot be overstated. We have some statistics, records of how they’re fairly or unfairly paid versus recognition, and how that balance works out…Their happiness factor is critical,” Mr. Minnitt said.
Aon also found that in some instances, recognition is almost as important as salary.
In return, employees who are engaged “consistently speak positively about the organization to coworkers, potential employees and customers.” They also have “an intense desire to be a member of the organization,” while also exerting extra effort to engage in work that contributes to business success.
Mr. Minnitt said that employees with high engagement “want to do what they do.”
The average engagement score of the Philippine companies that joined the Aon survey is 88%. This is compared to the market average of 72%. which was derived from a study of 460 companies from the Asia Pacific and Middle East that participated.
“We see them committing steps for engagement. Their engagement scores are incredibly high. Local companies are perfectly capable of competing on any stage, but just an engagement score doesn’t necessarily mean that you are now becoming a best employer, there are various more measurables that come into play,” Mr. Minnitt added.
High employee engagement is one of the four components that Aon measures for its Best Employers program, with the others being effective leadership, compelling employer brand, and a high-performance culture.
Asked whether Philippine employers are weighed down by employment practices that deny workers a pathway to permanent status, Mr. Minnitt said short tenures do not necessarily mean that one can’t have an engaged workforce.
“The commitment starts and stops at the senior level, if you start to recognize every person part of the organization as being equal, whether they’re there for a longer period or a shorter contract, there’s equal opportunity for them to do business,” he said. — Arra B. Francia

Boulevard Holdings banks on Boracay reopening to boost sales performance

BOULEVARD Holdings, Inc. (BHI) is banking on the reopening of tourist destination Boracay Island this month to improve its business, after posting declines in its sales performance during the island’s six-month rehabilitation.
In a disclosure to the stock exchange on Thursday, the listed firm, which operates Friday’s Boracay Beach Resort, said sales dropped by 51% in the four months ending September to P11.5 million, versus the P23.6 million generated in the same period a year ago.
Sales in September alone however managed to rise 15% to P4.32 million, compared to P3.75 million seen in the same month last year.
BHI earlier said the closure of Boracay will lead to foregone revenues of P6.5 million from April to October, in addition to some P35 million set to be spent on fixed costs and expenses for the upkeep of the resort for six months.
The company also lost P22 million in cancellations of advanced deposits from customers in China and Germany after the Department of Environment and Natural Resources (DENR) announced the island’s closure.
The DENR has scheduled a soft opening for the island on Oct. 15, with a full reopening on Oct. 26. It is likewise limiting the number of tourists in the island per day to 19,000, with daily tourist entry capped at 6,405, with the assumption they will only stay for two to three days.
BHI expects the island to become more enjoyable to both local and international guests once Boracay reopens, saying that it hopes for a balance of economic and development sustainability in the island. The company said the widening of main roads from Cagban Jetty Port to the island’s main areas will also reduce traffic, thereby improving guest satisfaction. This is further expected to boost tourist arrivals.
“The company expects improved business and to reap the rewards back to the 1980 resort environment that tourists fully access the beach front,” BHI said. It also expects the local government to continue its efforts to rehabilitate the island moving forward.
BHI swung to a net loss attributable to the parent of P1.77 million in the nine months ending February, versus an attributable profit of P2.02 million in the same period a year ago. Revenues meanwhile went up to P79.37 million, 11% higher year-on-year.
Shares in BHI dropped by 1.64% or 0.1 centavos to close at six centavos apiece at the stock exchange on Thursday. — Arra B. Francia

Mad Men creator returns to theme of identity with new show The Romanoffs

LONDON — Mad Men creator Matthew Weiner is back with a new television series, but while this one is set far from the 1960s world of advertising, he says the themes are much the same.
The Romanoffs features eight contemporary drama stories about people who believe they are descendants of the Russian royal family, and a handful of Mad Men actors including Christina Hendricks and John Slattery.
Released on Amazon on Oct. 12, it is Weiner’s first television venture since winning nine Emmys for Mad Men, whose tale of restless and conflicted American ad executive Don Draper ended in 2015.
Weiner, who created, wrote and directed The Romanoffs, says the series looks at questions of identity, and nature versus nurture.
“Who am I? Am I entitled to more because I was born a certain way? Am I a survivor because I was born a certain way?” Weiner said of the show at its premiere in London on Tuesday.
“But even though my work is viewed that way, I really wanted to do a show that was entertaining,” he said.
The Romanoffs is set in seven countries, and each self-contained episode has a different cast, including Diane Lane, Corey Stoll, Paul Reiser, Isabelle Huppert, and Marthe Keller.
Weiner said he was attracted to the story because of what the Romanoff name says about current notions of celebrity and fame. The Russian imperial dynasty ruled for 300 years until the 1917 Russian revolution, when 18 of them were killed and more than 40 remaining members fled abroad.
“It’s a time when we’re wondering why we used to be great,” he said. “Part of my fascination with the Romanoffs was that it (royalty) still has so much prestige.”
Early reviews for The Romanoffs, which will roll out on a weekly basis on Amazon, have been mixed. Variety called it “ambitious,” Rolling Stones said the episodes had “moments of brilliance amid unchecked sprawl,” and IndieWire called it “shallow and self-indulgent.” — Reuters

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