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Asiabest readies public float plan in Tiger Asia takeover

TIGER RESORT Leisure & Entertainment, Inc. (TRLEI) brings the newest, grandest, and most exciting gaming and entertainment destination in Asia. — WWW.TIGERRESORT.COM

By Arra B. Francia, Reporter
ASIABEST Group International, Inc. (ABG) has submitted a compliance plan to ensure that its public float will stay within the minimum requirement after the proposed takeover of Tiger Resort Asia Limited (Tiger Asia).
In a disclosure to the stock exchange on Thursday, ABG said its public float will drop to 6.1% — significantly lower than its current public ownership of 33.97% — after the closing of its share purchase agreement (SPA) with Tiger Asia.
The listed firm earlier disclosed that it will sell 200 million common shares of ABG worth a total of P646.5 million to Tiger Asia by Nov. 12. The shares comprise two-thirds of the company’s outstanding stock, paving the way for a potential backdoor listing for Tiger Asia.
Under the compliance plan, ABG will transfer the shares of current stockholders owning more than 10% of the outstanding capital stock to public investors.
It will likewise suggest that shareholders owning more than 10% of the firm to tender their shares during the conduct of the tender offer.
“In the conduct of tender offer, stockholder/s owning more than 10% may tender their shares to decrease their shareholding to less than 10% in order to be considered as a public investor in accordance with the guidelines in determining public shareholders and thereby, become eligible for purposes of meeting the MPO (minimum public ownership),” the company said.
A 10% public float is the minimum requirement imposed by the Securities and Exchange Commission on listed companies. The country’s corporate regulator targets to hike the floor to 20% in the future, in order to increase liquidity in the market. The 20% MPO is now being implemented for companies seeking to conduct an initial public offering.
Tiger Asia is the majority shareholder of Tiger Resort, Leisure, and Entertainment, Inc., which operates integrated resort and casino Okada Manila. The property is one of three leisure destinations in the state-run Entertainment City, offering 500 table games and 3,000 slot machines for its casino component. Its hotel component also features around 993 guest rooms alongside food and beverage establishments.
The company is pursuing the transaction with ABG in order to list the shares of the casino operator at the Philippine Stock Exchange (PSE).
“However, at the current time, the detailed benefits that are expected to be accrued to ABG may not yet be quantified or determined as ABG has no information on the backdoor listing plan of Tiger Asia,” the company said.
Trading of ABG shares have been suspended since Sept. 11 to give investors time to digest the backdoor listing plans of the company. The PSE will lift the suspension on Sept. 21.
ABG’s market capitalization stood at P12.33 billion before the trading suspension.

Benguet Corp. backs small miners in Itogon

BENGUET Corp. wants to legitimize small-scale miners in Itogon by donating to the government its patented property in the Antamok site as a “Minahang Bayan” while providing other livelihood such as ecotourism to the community.
“We are looking at integrated solid waste management, one is a technology turning garbage into power. There’s also a planned ecotourism for them, and the other plan is the Minahang Bayan,” said Anna G. Vicedo-Montes, the company’s assistant vice-president for corporate communications.
“We thought of legitimizing them, asking the government agencies to regulate them, imposing the required environment mitigation programs so that dangers can be mitigated,” she told reporters in a press conference at Sofitel Philippine Plaza on late Wednesday.
The site Benguet Corp. plans to donate is more than 80 hectares, she said. The company has been accused by anti-mining groups for being responsible in the death of miners in the recent landslide in Antamok.
The company’s legal counsel Rey P. Mendoza said Benguet Corp. “has never allowed the small-scale miners to operate within our Antamok claims. The mining activities they are doing there or the processing activities they have are without the permissions of the company.”
He said the company tried to remove the miners from the area because their mining activities could endanger not only to themselves but to the community. He said efforts to prevent them from entering the area were of no avail.
“Our intention is if the area will be converted into a Minahang Bayan, all the other small scale-miners in the other areas of Benguet will be relocated there, then the government can step in to regulate their activities. This is what we did. They refused to be regulated. They have to consider their livelihood aspects,” he added.
Mr. Mendoza said not even the Mines and Geosciences Bureau (MGB) was able to stop the small-scale miners from their activities. He said the company was confident that it would be able to explain its side to the government.
“Before the MGB will take any actions, they will give us the chance to explain our sides. I think we can very well explain our side in this matter,” he said.
The company had coordinated with the local government unit and the MGB of the Cordillera Administrative Region in 2002 to establish the Acupan Contract Mining Project, which provided livelihood to the miners who were organized into cooperatives to become legitimate mining contractors, with proper documents.
He said that the company had been forced to give up the site as it was competing with the miners who were destroying the underground infrastructure.
Ms. Montes said that the rehabilitation plan for the site was continuing since the submission in the ’90s ahead of an amended version in 2016.
Environment Secretary Roy A. Cimatu in his speech on Wednesday during the Mining Philippines Conference and Exhibition 2018 that he would have discussions with mining companies on how to successfully implement mining laws in the country.
“I will meet with you again and discuss things. I want to see how the mining sector will look like in the future,” he said.
MGB Acting Assistant Director Danilo U. Uykieng said that it is a must for the government to communicate with the stakeholders to help promote the mining sector.
He also said that the MGB wants to lift the moratorium on exploration to determine the areas where mining operations should be.
“The government should be at the forefront of promoting the mining industry but we must help each other to communicate with the larger stakeholders, the Filipino people, and be more engaging to them. It is timely that we have to communicate more often. We have to engage not only with regulators but directly to communities. If they understand, they will not ask questions,” he said. — Reicelene Joy N. Ignacio

San Miguel units complete share-swap deal

SAN MIGUEL Food and Beverage, Inc. (SMFB) has completed the share-swap transaction consolidating the traditional units of parent San Miguel Corp. (SMC) under its portfolio.
In a disclosure on Thursday, SMFB said it had completed the P336.35-billion transaction involving its issuance of 4.24 billion new shares to SMC, in exchange for the company’s 7.86 billion common shares in San Miguel Brewery, Inc. (SMB) and 216.97 million shares in Ginebra San Miguel, Inc. (GSMI).
SMFB now serves as the holding company for SMC’s food and beverage, liquor, and brewery businesses, with SMB and GSMI as its subsidiaries. It now holds an ownership of 51.16% and 78.26% in SMB and GSMI, respectively, while SMC’s stake in SMFB will increase to 95.87% from 85.37% as of September last year.
Following the completion of the share swap, SMFB said it had filed an application with the Philippine Stock Exchange (PSE) to list the new shares it had issued to SMC.
The share-swap transaction is part of the San Miguel group’s internal restructuring, in a bid to create a “significant consumer food and beverage vertical market under SMC.” The company also expects the restructuring to enhance its trading liquidity and broaden the shareholder base to institutional and retail investors.
SMFB’s public float now stands at 4.12%, less than half of the minimum public ownership rule of 10% set by the Securities and Exchange Commission (SEC). The company targets to conduct a follow-on offering worth up to P142 billion by year-end to meet this requirement, filing with the SEC last August a registration statement to sell up to 1.02 billion common shares at up to P140 each.
The company looks to announce the final price of the shares on Oct. 19, after securing the approval of both the SEC and the PSE. The offering is scheduled to run from Oct. 23 to 29, with the crossing of the offer shares slated for Nov. 6.
The completion of the share-swap deal came amid a complaint filed by Josefina Multi-Ventures, Inc., a minority stockholder of GSMI, for an alleged violation of the mandatory tender offer rule before SMFB’s consolidation.
Josefina Multi-Ventures said in a case filed with the SEC that SMFB should have conducted a tender offer for the benefit of the minority shareholders of GSMI.
The SEC noted that it had created a special panel to hear the complaint.
SMFB grew its net income attributable to the parent by 16.7% to P9.26 billion in the first six months of 2018, after gross revenues expanded by 15.4% to P137.44 billion.
Shares in SMFB went up five centavos or 0.05% to close at P94.50 each at the stock exchange on Thursday. — Arra B. Francia

More PAL flights in October for ‘winter season’

PHILIPPINE Airlines (PAL) is adding more local and international flights from Manila, Clark, Cebu and Davao as it braces for the coming of the “winter season” next month.
In a statement on Thursday, the flag carrier said it would increase the frequency of flights to 34 domestic and 42 overseas destinations starting Oct. 28.
“Our goal is to address the travel needs of our various customers and extend PAL’s reach to the country’s global markets. PAL’s expanded network will encourage more business activity as flight frequencies meet business travelers’ requirements, while leisure travelers will enjoy more options to plan better vacations,” it said.
The additional flights will also use its newly bought aircraft, the long-range Airbus A350-900 and mid-range A321neo, for the first time for an entire season.
“The expansion of flight frequencies is just one of many initiatives undertaken by the 4-Star airline to strengthen its position as the country’s preferred premier carrier,” it said.
Earlier this year, PAL had been awarded by international air transport rating organization Skytrax a four-star rating, which makes the company the first airline in the country to receive the highest rating.
Aside from expanded frequencies, PAL will also launch its flights to Sapporo on Oct. 8, will start flying its first nonstop flight to New York, will open a five times weekly flight to San Vicente airport in Palawan, and will begin a new route from Clark to Cauayan in Isabela and San Jose in Mindoro.
“Our inbound passengers from Asia, Australia and North America will enjoy smoother connections to various points in our island provinces and our Asian neighborhood,” it said. — Denise A. Valdez

Rain haunts Tofarm film festival

By Susan Claire Agbayani
IN KEEPING with the advocacy of the Tofarm Film Festival — “bring the stories of farmers to Filipino as well as foreign audiences,” according to the fest’s managing director Joey Romero — the cast and crew of the six finalists shot their films in the countryside and experienced first-hand what it was like to be a farmer and be at the mercy of the weather. It rained for most of the shooting days, and this proved to be a challenge to the film crews. The film productions continued to be haunted by rain during the gala screenings at the Trinoma Cinema; and Typhoon Ompong (international name: Mangkhut) exited the country on the day of the awarding ceremonies at the Shangri-La Manila.
A screen adaptation of a short story, Tanabata’s Wife by Japanese-Igorot newspaper publisher Sinai Hamada took home nine of the 14 awards up for grabs. The short story that the film was based on was once described by National Artist for Literature Francisco Arcellana as “the finest Filipino love story ever written.”
Tanabata’s Wife was adjudged Best Picture. The film’s screenwriting team — Charlson Ong, Choy Pangilinan, Mao Talas and Juan Carlo Tarobal — won Best Screenplay. Mr. Ong and Mr. Pangilinan shared the Best Director award with Lito Casaje.
Mr. Ong thanked Hamada “who started it all,” and who “published his story in 1932, almost a hundred years ago. I always thought it was a movie that had to be made,” and added how he looks forward to doing adaptations of more literary works into film in the future.
Japanese actor Miyuki Kamimura won the Best Actor Award for his role as cabbage farmer Tanabata. He was chosen for the role while conducting acting workshops in Bohol. Until he read the script, he had not known about how the Japanese figured in the construction of Kennon Road and their role in pioneering vegetable farms in the Cordilleras. “I’m very proud to work with Filipino filmmakers. It’s a great opportunity,” he said after the gala screening of the film. He thanked the Tanabata team when he received his award, adding “Pray for Baguio” which had been badly battered by the typhoon.
Twenty two-year-old St. Louis University Baguio alumna Mai Fanglayan won Best Actress for her portrayal of Tanabata’s 15-year-old Bontoc wife Fas-ang. She bested more established and seasoned actresses — this was her film debut — Ina Feleo (Alimuom), Katrina Halili (Mga Anak ng Kamote), and Pokwang (Sol Searching). She dedicated her award to the farmers of Benguet, and the Cordilleras. She hails from Baguio, and her parents, from Mountain Province.
The film also garnered awards for editing (May-i Padilla), production design (Martin Masadao), cinematography (Nap Jamir), and music (Kurt Alalag, May-i Padilla, and Marc Tan). Mr. Alalag also portrayed the role of Okdo, Fas-ang’s childhood friend and lover in the film.
“It’s a very quiet movie; a very quiet story. We wanted to capture that,” Mr. Ong told BusinessWorld after the gala screening at Trinoma Cinema 2.
OTHER WINNERS
The Hubert Tibi-helmed film on agrarian unrest, 1957, won 2nd Best Picture and Best Story. Mr. Tibi dedicated his award to the farmers of Bicol. Keith Sicat’s science-fiction flick Alimuom took home the 3rd Best Picture Award.
“There’s a little bit of something for everyone, depending on your taste. To my surprise, I found out there’s really a niche audience pala for Science Fiction,” said Festival Director Bibeth Orteza just right before the awarding ceremonies.
“I like the film. I like the subversive layer of the material. What you see is not what you get, because there’s something more, and there’s something deeper. I like the performances of actors. There’s suddenly a new approach to telling a story: Filipino story, with still Filipino elements: family, relationships, commitment to a cause. Did you ever think it possible?” Ms. Orteza asked regarding Sicat’s sci-fi outing after its gala screening.
The Best Supporting Actress prize was a tie, with both Bayang Barrios and Gilleth Sandico winning for their roles in Kauyagan and Sol Searching, respectively. The People’s Choice Award went to Sol Searching, which was received by its director Roman Perez, Jr.
The top grossers of the festival as of the evening of Sept. 18 were Sol Searching and Alimuom.
The recipients of the Direk Mario Awards — named after the late Tofarm Festival Director Maryo J. de los Reyes — were Al-Jhun Romel Virgo’s Panginoong May Lupa, Best Short Film; Kelvin Aguilar’s Kaluguran Daka, Ma, 2nd Best Short Film; and Moises Soriano’s Tahanan ng Isang Magsasaka, 3rd Best Short Film. A special award, the Aning Ginto, was given to Sikap, which was written and directed by Julian Jay Narag, Gracia Mae Aggabao, and Ronalyn Ariniego.
The festival also honored actor Robert Arevalo. “What better way to honor the Filipino farmer than by recognizing the talent of the man who was not a farmer — but was in fact an advertising man — but (who gave) excellent performances as a farmer in Gerry de Leon’s Daigdig ng mga Api and Behn Cervantes’ Sakada?” said Ms. Orteza during the awards night. Mr. Arevalo dedicated his award to the memory of his directors Mr. Cervantes and Mr. De Leon (who was also his uncle).
The Tofarm Film Festival’s selection committee chose 25 films from an initial 118, then cut this down further to the final eight, explained the film festival’s Executive Producer Dr. Milagros How.
“We originally had eight entries, and made one on standby. Some entries had to back out. They knew the areas where they were going to shoot very well. The enemy this year was really the weather,” Ms. Orteza said while explaining why there were fewer than eight films in the final lineup.
“It’s getting better and better,” Dr. How told BusinessWorld. “This year is one of the best. More than before, the finalists (have been very varied): Sci-Fi, black comedy, historical drama, tribal drama.”
Asked about the possibility of distribution so more people could watch the festival films beyond the one-week Tofarm festival, Ms. How promised, “We are going to work on that. We look forward to better distribution.”
This early, Ms. Orteza said that they have had inquiries from students who want to show the films in their schools. “Purposely, we made sure that the longest film is 1 hour 40 minutes. We need to fit into the length of the classes,” and be able to discuss the film in the next class meeting, she said.
Among the films students were interested in is Tanabata’s Wife whose source material is required reading in high school and the university level, and Kauyagan, a tribal drama.
“What we need to plan now and devise is a system where the (finalists) are able to finish their trailers first so we can show them already even before the films (are ready to be screened)… [as] part of the marketing strategy,” she said.
At the beginning of her speech, Ms. How asked everyone to stand up and offer a minute of prayer “for the well being of our brothers and sisters in areas affected by typhoon Ompong.”
In the end, she said, “You are so much like our farmers: You plant the seed. You nurture it. You water it. Umulan at bumagyo, hindi kayo umatras. Mabuhay ang aking mga magsasaka. Mabuhay ang mga manggagawa ng pelikulang Pilipino!” (Rain or storm, you did not back down. Long live the farmers! Long live the workers of the Filipino film industry!)

CHEd removes service requirement from free college tuition law IRR

The Commission on Higher Education (CHEd) has agreed to remove the service requirement for beneficiaries of free tuition in government schools from the Implementing Rules and Regulations (IRR) of the Universal Access to Quality Tertiary Education Act of 2017.
“CHEd has decided to delete it from the IRR,” Isabela Rep. Maria Lourdes R. Aggabao, who sponsored the CHEd budget, said during deliberations early Thursday.
Ms. Aggabao was acting on the motion of ACT-Teachers Rep. Antonio L. Tinio to defer consideration of the budget, in the absence of commitment from the agency to remove the Return Service Agreement (RSA) from the IRR.
“I am going on the record that CHEd has no legal basis to insert a return service agreement in the IRR of the free tertiary education (law),” Mr. Tinio said during his interpellation.
“It defeats the purpose of the law if it attaches a service requirement, and makes it not truly free education,” he added in a separate phone message.
The RSA system requires students benefiting from free tuition fee to render service while still in school.
“SUCs (State Universities and Colleges) and LUCs (Local Universities and Colleges) shall formulate and implement a Return Service Agreement System for students benefiting from the free higher education provision of this Act, as part of their admission and retention policies. Such guidelines shall be approved by their respective governing boards and the CHEd,” according to Section 4 of the IRR.
Mr. Tinio argued the RSA is not included in any of the provisions of Republic Act 10931, which he co-authored.
He noted also implementing the RSA system goes against the Constitution, which provides that higher education should be accessible to Filipinos.
“I am happy but will be even happier once I see the CHEd order. However, since CHEd made its commitment on the record, then I am satisfied,” Mr. Tinio said. — Charmaine A. Tadalan

Meralco seeks 50 more years of corporate life

MANILA Electric Co. (Meralco) said on Thursday that it was set to file with the Securities and Exchange Commission (SEC) the amendments to the company’s articles of incorporation seeking to extend its corporate life by another 50 years.
The country’s biggest power distribution utility said the amendments will reflect that the term for which it is to exist is 50 years from May 7, 2019. Its previous corporate term was 50 years from and after May 7, 1969.
The extension, which will amend the fourth article of its incorporation papers, was presented to shareholders during the company’s annual stockholders’ meeting on May 29, 2018. The stockholders approved the amendment, along with other acts of the board and management.
Meralco said it expects the SEC to approve the amended articles of incorporation on Oct. 31, 2018. The listed company’s bid for an extended corporate life follows the steady growth of its customer base at a compounded annual growth rate of 4.2% from 2013 to 2017. The company ended last year with a customer count of 6.327 million, up 4.8% from 6.038 million in 2016.
Peak demand within Meralco’s franchise area hit 6,973 megawatts in June 2017, up 3.3% from the previous year’s peak. Growth from 2013 to 2017 had been a compounded annual rate of 4.1%.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls.

The winners at the 3rd Tofarm Film Festival

• Best Picture: Tanabata’s Wife, directed by Charlson Ong, Lito Casaje, and Choy Pangilinan
• 2nd Best Picture: 1957, directed by Hubert Tibi
• 3rd Best Picture: Alimuom, directed by Keith Sicat
• People’s Choice Award: Sol Searching, directed by Roman Perez, Jr.
• Best Actress: Mai Fanglayan, Tanabata’s Wife
• Best Actor: Miyuki Kamimura, Tanabata’s Wife
• Best Supporting Actress: Bayang Barrios, Kauyagan, and Gilleth Sandico, Sol Searching
• Best Supporting Actor: Richard Quan, 1957
• Best Director: Charlson Ong, Lito Casaje, and Choy Pangilinan for Tanabata’s Wife
• Best Screenplay: Charlson Ong, Choy Pangilinan, Mao Talas, Juan Carlo Tarobal, Tanabata’s Wife
• Best Story: Hubert Tibi, 1957
• Best Cinematography: Nap Jamir, Tanabata’s Wife
• Best Editing: May-I Padilla, Tanabata’s Wife
• Best Production Design: Martin Masadao, Tanabata’s Wife
• Best Musical Score: Kurt Alalag, May-I Padilla, Marc Tan, Tanabata’s Wife
• Best Sound: Immanuel Verona, Mga Anak ng Kamote
Short Film Category
• Best Short Film: Panginoong May Lupa, directed and written by Al-Jhun Romel Virgo
• 2nd Best Short Film: Kaluguran Da Ka, Ma, directed and written by Kelvin Aguilar
• 3rd Best Short Film: Tahanan ng Isang Magsasaka, directed and written by Moises Soriano
• Aning Ginto: Sikap, directed and written by Julian Jay Narag, Gracia Mae Aggabao, and Ronalyn Ariniego
Tofarm Film Festival 2018 also honored Robert Arevalo for excellent performances as a farmer in Sa Daigdig ng mga Api, 1965, and Sakada, 1976.

LMG board approves transformation into holding firm

LMG Chemicals Corp. said its board of directors had approved amendments to the company’s articles of incorporation to include a provision that says all its shares will have no preemptive right to purchase or subscribe to future stock issuances.
It told the stock exchange on Thursday that the new provision covers “any class and/or series now or hereafter authorized or reissued from treasury.” The approval of the board includes the change in the company’s corporate name to LMG Corp. Along with it is the change in the business purposes.
“The change in corporate name is in relation to the LMG’s plans to transform the company into a holding company,” it said.
“Considering LMG’s plans to transform the company into a holding company, its primary purpose should likewise be changed since it will no longer be engaged in the manufacturing processing, reprocessing, importing or exporting of any and all kinds of chemical and related products and goods, wares and merchandise of any and all kinds and nature whatsoever,” it added.

DoLE flags investment scam targeting OFWs

THE labor department has warned Overseas Filipino Workers (OFWs) against participating in investment schemes offered by entities without Security and Exchange Commission (SEC) approval.
The Department of Labor and Employment (DoLE) said in a statement on Thursday that it urged OFWs to be particularly wary of schemes offering higher returns than those offered by regulated institutions.
The Philippine Overseas Employment Administration (POEA), which regulates overseas employment and recruitment, said a group of OFWs from Saudi Arabia “was recruited by Sangguniang Masang Pilipino International Inc. (SMPII), a Philippine-based non-profit organization, and encouraged them to make an investment with ALMASAI Finance and Investment (now ALMASAI Equity Holding Corp.).”
POEA added, “The OFWs said they were required to make an initial investment of P50,000.00 with guaranteed interest of 5% each month. ALMASAI allegedly issued 13 post-dated checks — 12 checks for the monthly earnings of the investment and the 13th check as repayment of capital investment.”
The OFWs later complained that they stopped receiving the promised returns and lost contact with ALMSAI owner Elpidio Reyes Tanaliga Jr.. The OFWs also added that checks issued for their monthly earnings were insufficiently funded.
“ALMASAI Finance and Investment is not a SEC-registered entity as a corporation or as a partnership and was not also issued a secondary license as a broker and/or dealer of securities, dealer in government securities, investment adviser… investment house and transfer agent. It has not filed nor has any pending application for primary and secondary licenses with the Commission,” SEC said.
The SEC added that ALMASAI Equity Holding Corp. was also found to be engaged in acts beyond its legal authority “for doing business not in accordance with its purpose of incorporation, which constitutes serious misrepresentation.” — Gillian M. Cortez

Once with Wanna One

By Cecille Santillan-Visto
Concert Review
Wanna One World Tour
One: The World in Manila
Sept. 1
SM Mall of Asia Arena
KOREAN SURVIVAL reality shows have spawned a new breed of K-pop idols — the kind that has a limited “shelf life.”
One such TV program is Produce 101, which was conceptualized by CJ Entertainment and Media and aired over Korean music channel MNet. From 101 trainees, the batch is pruned to come up with a group of ultimate survivors who will promote the show as a group for one year. Season 1 formed an all-girl group aptly named Produce 101 and following its success, the second season hunted for the best male trainees. The winners of Produce 101 Season Two formed the nucleus of Wanna One, an enormously popular group which as has been predetermined, will also soon disband.
Officially launched in August 2017, Wanna One is comprised of Kang Daniel, Park Jihoon, Lee Daehwi, Kim Jaehwan, Ong Seongwu, Park Woojin, Lai Guanlin, Yoon Kisung, Hwang Minhyun, Bae Jinyoung, and Ha Sungwoon. They will be promoting as a group only until December.
Three months prior to end of their promo period, Wanna One managed to include Manila as a stop in its Wanna One World Tour. In fact, the three-month, 14-country tour was concluded in the Philippines.
It was not the first time that this writer saw Wanna One perform. The group was one of the headliners in the two-day 2018 Korea Music Festival held at the Gocheok Sky Dome in Seoul in early August.
To say that Wanna One has a legion of fans may be an understatement. The band’s following is so huge and their followers, called the Wannables, can be so rowdy that producers have to specifically warn the fans that any form of misbehavior may result in their eviction from the concert arena.
Producer Pulp Live World likewise issued the same warning for the Manila show.
The concert, supported by Globe, was, thankfully, uneventful and no incidents marred what turned out to be a very enjoyable evening for their loyal followers.
One: The World Tour in Manila opened with “Burn It Up” and “Never,” both from the 1×1=1 (To Be One) album. Stage pyrotechnics welcome the boys on stage, which was very apt for their first song. After “Energetic,” which was performed at an extended stage nearer the audience, the members were each given the opportunity to perform solo or in groups of two or three.
Most applauded was the performance of Daniel, a sought after model and the highest ranked individual boy group member in terms of “brand power.” Jisung also showcased his deejaying skills while the piano prelude of Daehwi in “Sandglass” was a nice break from song-and-dance numbers.
For a group that has only been together for little over 12 months, it is surprising that Wanna One already boasts of two extended plays including 0+1=1 (I Promise You), a special album entitled 1÷x=1 (Undivided), and several singles.
Most of the songs were included in the nearly three-hour show. The show dragged a bit with the extended set breaks, during which members — all 11 of them — were able to address their fans. They tried to outdo each other in delivering cheesy Tagalog lines or in simply making themselves known to the audience.
Wanna One’s wild popularity may have prompted them to level up their performance and perhaps to prove that they are deserving of being the talent survival show’s champions. When they dished out their ballads such as “Forever and A Day” and “Always” or were in perfect sync in “Light,” it was partly a validation that they were worthy contestants who made it all the way to the finish line.
But it was not entirely a series of serious performances. In “Wanna Be,” the group also showed its playful side.
The stage was sparse and lightning was used to the hilt to exude vibrancy in the MOA Arena.
The Filipino fans had their one date with Wanna One. Unless the group’s contract is somehow extended, there may never be a second encounter with them in the Philippines. If this is the case, then supporters will have to be content seeing the members with their new groups or embarking on solo careers. And whether their individual shelf life can be extended will largely depend on producers, other benefactors, and the continued support of their Wannables.

BSP income up in July

THE CENTRAL BANK saw its net income surge anew in July, raking in huge gains from foreign currency trading at a time of a weaker peso.
Latest data showed that the Bangko Sentral ng Pilipinas (BSP) booked a P33.07-billion bottom line for the first seven months, a nearly fourfold increase from the P8.5-billion net income posted from January-July 2017.
Gross revenues totalled P42.53 billion, up 12.1% from the P37.96 billion secured during the comparable seven-month period. Broken down, interest income surged to P42.61 billion, which offset a P70-million loss from miscellaneous fees.
On the other hand, the central bank pared down operating costs to P34.33 billion. This is 15.5% lower than the P40.61 billion expenses recorded a year ago. Of the amount, P15.59 billion has been spent on interest payments.
This yielded a gross income of P8.2 billion from the central bank’s core operations, reversing a P2.65-billion loss during the comparable year-ago period.
However, profits from foreign exchange trading pulled the BSP’s bottom line to a record high as it made P24.89 billion from currency fluctuations. This is double the P11.19 billion net gain from fluctuating peso-dollar valuations as of July last year.
The BSP conducts “tactical intervention” during the daily peso-dollar trading to fulfill its mandate of price and financial stability. The central bank taps reserve money to buy or sell more dollars and smooth out any sharp swings that may cause a sudden appreciation or depreciation of the peso.
The local unit traded above the P53 level against the greenback that month to average P53.4329, weaker than the P50.6382 rate in July 2017. Year-to-date, the peso has depreciated by around eight percent, reeling from excessive volatility and negative market sentiment towards emerging markets.
A weaker peso actually spelled gains for the BSP, given that a big chunk of its assets and investments are expressed in dollars.
The central bank stands on track to remain in the black for the third straight year and appears headed to a banner year.
The BSP has recovered from six straight years of a net loss after it posted a P17.51 billion profit in 2016, followed by a P23.51 billion net income in 2017.
This comes even after the central bank started paying bigger margins for placements under the term deposit facility, which has been their main tool for open market operations since June 2016. The BSP pays interest to banks for parking their idle funds under one-week, two-week and month-long tenors.
Accepted yields under the window have been on the rise following successive tightening moves from the Monetary Board, with current benchmark rates ranging from 3.5-4.5%. — Melissa Luz T. Lopez

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