PARIS — Paris’ biggest aquarium has created a refuge for goldfish, providing a second life for any unwanted pets who might otherwise find themselves flushed down the toilet.
The Aquarium de Paris allows the city’s residents to drop off their fish, with the numbers using the service swelling around the time of the long summer holidays.
Instead of facing death in the city’s sewerage system, the rejected goldfish find themselves given a full medical check up involving antibiotics and anti-parasite treatments.
After a month in quarantine, during which a minority succumb to the trauma caused by the change in location, they are then released into a giant tank where they go on display to the public.
“Some of them arrive very weak,” said Celine Bezault, who cares for the fish at the giant aquarium complex which is located opposite the Eiffel Tower.
Since it was created two years ago, the goldfish rescue service has been used by around 50 people a month and the tank now contains about 600 specimens, mostly the classic golden-red version, as well as striped and black ones.
Rather than spending all day banging into the glass of a small bowl, here the fish have space to swim and plenty of company, allowing them to socialize and move around in groups.
Some owners hand over their pets tearfully, motivated by concern for their fish, while others appear relieved to be rid of them and the routines of feeding and cleaning.
“It was in a small bowl and I think it’ll be better here,” a 32-year-old called Alexandre told an AFP reporter as he dropped off a friend’s goldfish called Nemo before the holidays. “It’s better than flushing it away.” NEW LIFE
Once in the bigger tank, some of the fish undergo a remarkable transformation.
Being confined in a bowl stunts their growth, but the bigger space means some of them will expand to full adult size.
“They can reach up to 20-30 centimeters (8-12 inches),” Bezault said.
For Alexis Powilewicz, director of the Aquarium, the service is part of efforts to promote awareness about animal welfare.
Goldfish are domesticated forms of wild carp originally found in east Asia and the practice of keeping them in bowls has existed for hundreds of years. It is thought to have originated in China.
“I think there’s growing awareness that the mistreatment of animals is a real problem,” Powilewicz told AFP.
For goldfish owners, the aquarium advises that the tank should be at least 100 liters (20 gallons), should contain more than one fish, as well as a filtration system and decoration.
The animal rights group People for the Ethical Treatment of Animals (PETA) has long campaigned against keeping goldfish in bowls or giving away fish in plastic bags as prizes at funfairs.
In 2004, the Italian town of Monza made headlines when it banned putting goldfish in bowls, while Switzerland has animal rights legislation that makes flushing a fish down the toilet illegal.
For those who dispose of their pets in ponds or rivers, scientific studies have found that some goldfish thrive afterwards — but at a cost to the local ecosystem because the fish are an invasive non-native species.
In 2015, officials in the western Canadian province of Alberta launched a “Don’t Let it Loose” campaign, pleading with locals to stop releasing goldfish into the waterways.
The ethical disposal service available at the Aquarium de Paris is aimed at offering an alternative.
Owners are also able to return afterwards to try to spot their former pets: quite a challenge in a tank of 600. — AFP
By Victor V. Saulon, Sub-editor
STATE-LED PHILIPPINE National Oil Co. (PNOC) is seeking partners to build an integrated liquefied natural gas (LNG) hub under new terms that defines the project under a “solicited” scheme, after the government agency failed to attract acceptable proponents.
“They (PNOC) asked the approval of the board to look for a partner through solicited terms,” Department of Energy (DoE) Undersecretary Donato D. Marcos told reporters in a chance interview after a Senate hearing on Thursday.
The DoE Secretary chairs the PNOC board by virtue of his position as head of the department. PNOC President and Chief Executive Officer Reuben S. Lista previously said he preferred an unsolicited proposal for the project, which would give the original proponent a chance to match any counter-proposal from a challenger.
The Asian Development Bank (ADB), which the PNOC tapped to advise on the project, described a solicited tender as one that would require the bank to assist the agency in structuring the project.
The assistance includes preparing the pre-feasibility or feasibility study, drafting the tender and legal documents, and assisting in the negotiation of the project with the winning bidder until the concession agreement is signed.
Mr. Marcos said they did not receive any offers that were compliant, adding that no proponents submitted a comprehensive proposal.
Under a solicited proposal, Mr. Marcos said PNOC and its chosen partner would establish their own terms of reference.
“It is a race,” he said, with the bidders presenting their technical, legal and financial qualifications. The DoE would be the final approving agency with the issuance of permits that clear the project’s compliance with existing regulations.
Late last year, PNOC first hinted at bidding out the LNG project, which is expected to cost around $2 billion, after the unsolicited proposals submitted by foreign entities failed to meet specific requirements set by the company.
Mr. Lista had said the first proposal evaluated by the technical working group came from Korea Electric Power Corp. (Kepco). The submission was assessed but returned to the proponent because of unmet requirements, he said.
The technical panel then evaluated a submission from Lloyds Energy Group LLC and its partner Itochu Corp., which was also returned.
A proposal from China National Offshore Oil Corp. (CNOOC) was also returned because it was directed to the DoE instead of the PNOC technical working group, Mr. Lista said.
Mr. Marcos said the DoE had so far completed pre-application conferences with around 15 groups keen on putting up an integrated LNG hub, including the project being envisioned by PNOC.
He said the department would be meeting again on Friday with CNOOC, which he said partnered with Phoenix Petroleum Philippines, Inc.
By Susan Claire Agbayani ONANAY is Jo Berry’s first major television series. She had previously acted in just one episode of a TV show.
SOME actors can work their entire lives and never get anything bigger than a supporting role, but sometimes all it takes is one breakout role.
That is what happened to Jo Berry.
A few weeks ago, GMA 7 gambled on Onanay, a new TV series about the life of “a small person” — literally — and took an even bigger gamble on an unknown lead actress. The only acting credit Ms. Berry had to her name before Onanay came along was a single episode of the drama Magpakailanman. The episode was about the real life love story of the Franciscos: Lorna, a little person, and Teddy, a regular-sized man.
“Maganda ang concept pitch [for Onanay] ni Borj,” Senior Program Manager Helen Sese told BusinessWorld, referring to John Borgy “Borj” Danao, a writer in GMA’s Drama Department.
“I first saw Jo Berry in the Magpakailanman episode,” said Mr. Danao in a Facebook post. “I was [so] inspired by her performance that I conceptualized a storyline for little persons with the structure of Bakekang,” he wrote, referring to the 2006 GMA 7 drama series about an ugly girl who succeeds despite difficulties and discrimination. “I was able to pitch the concept to the creative bosses (Aloy Adlawan, Suzette Doctolero, Richard Dode Cruz, and Roy Iglesias),” he wrote.
While GMA management gave the new show the green light, it had specific instructions that the lead actress had to be “magaling” (good).
Ms. Berry did well in the VTR, and it was apparent that she “can play this role,” noted Ms. Sese. There were really no other contenders for the role. Still, it was a risk on GMA’s part, said Ms. Sese, since the actress was new and unknown to viewers. But GMA’s drama programs in the past had always had “strong, brave and innovative concepts” (think My Husband’s Lover which tackled homosexual relationships and infidelity).
“They told me that after that [Magpakailanman] episode, they wrote the story of Onay. So I’m really grateful that they remembered me (even) a year after the episode was aired,” Ms. Berry said during an interview on the show’s set in a slum community in Santol, Quezon City, close to the border with the city of Manila. Onanay is about a woman named Onay (Jo Berry) who was born with Achondroplasia, a bone growth disorder which leads to dwarfism. Throughout her life, she is subject to ridicule, yet she chooses to remain positive about life. She marries Elvin Montenegro (Adrian Alandy), an engineer and the son of a France-based beauty queen-turned-entrepreneur Helena (Cherie Gil).
Their union produces Rosemarie (Kate Valdez), but when Elvin dies, Rosemarie is sent to be raised by Helena who calls her Natalie. Meanwhile, Onay is raped and gives birth to another girl Maila (Mikee Quintos).
Maila grows up to be a nice and attentive daughter, while Rosemarie/Natalie grows up arrogant and disobedient. They become classmates, not knowing that they are half-sisters; and eventually they become rivals in love. SMALL PERSON, BIG DEAL
Mr. Danao noted that while Ms. Berry is not the first little person to get a big break in Philippine showbiz, listing Dagul, Mahal, Mura, and Ernesto de la Cruz a.k.a. Wengweng, it was still a risky proposition for the network.
“GMA is now ready to take a risk in introducing an unconventional lead in a prime time slot,” said Mr. Danao. “Why is it a big deal? It is a big deal because this is the first time that an actress like her would get the lead in a prime time soap as usually the lead is an actress with a strong fan base.
“Jo Berry did not win a reality competition. She is not as beautiful as Marian Rivera and Liza Soberano. She does not have a million followers on Instagram like Kyline Alcantara and Anne Curtis. She also does not have a love team with a solid fan base like BiGuel, JaDine, and KathNiel. Jo Berry is an ordinary woman but like them she has an extraordinary talent when it comes to acting,” he wrote in a Facebook post in a mix of English and Filipino.
Since GMA departed from the norm of casting a lead with movie-star looks, and opted to give a big break to someone with exceptional talent, he expressed hope that people realize that there’s value beyond mere physical beauty.
“Hopefully this show will help inspire little people and all of us; and start to open the minds of viewers on the value and idea of inclusivity and representation — not just in showbiz — but even in other careers and life in general.” WHO IS JO BERRY?
“My real name is Josephine Bibit Berry,” the actress told BusinessWorld. “I played the role of Lorna for an episode of Magpakailanman, ‘My Little Wife,’ back in 2015. That’s where they discovered me for the role of Onay.
“I’m 24, and I am the youngest in the family. After graduating with a degree in Computer Science from Infotech Makati, I worked for a BPO company for almost two years. My forte is Finance.”
Three coaches were tapped to give the newbie actress acting workshops, and one of them, actress and acting coach Anne Villegas, continues to assist her during tapings.
Ms. Berry also had “familiarity workshops” with her leading man Adrian Alandy, “Para maganda ang lumabas sa chemistry nila (So the chemistry would come out well). And it did, based on the episodes we’ve shown,” said Ms. Sese.
“Adrian (Alandy) is a real gentleman, so I didn’t need to adjust much,” said Ms. Berry.
“(Ms. Berry) is very, very smart. It’s so easy to give her instructions. She’s able to draw out emotions needed for the scenes,” noted Ms. Sese, who said actress-turned-director Gina Alajar, who megs the teleserye, was “impressed” with her work
“Jo Berry exceeded our expectations. She’s good. Her acting has many levels, it has nuance, and truth,” Mr. Danao remarked after having watched two episodes of the “raw mats” of Onanay. STARSTRUCK
No matter how good an actress is, she can get starstruck — and when your co-stars are Nora Aunor and Cherie Gil, this is really not a surprise.
Ms. Sese said that they already had Ms. Aunor in mind when they were conceptualizing the show. It helped that Ms. Aunor is a mother and is petite. Because she is so new in the business, Ms. Sese stressed the importance of giving Ms. Berry support via the presence of seasoned and multi-awarded actresses like Ms. Aunor and Ms. Gil.
In spite of having acted together over the last few weeks, Ms. Berry admits to still being “star struck” by her reel mother-in-law Cherie Gil whom she describes as “nice” off camera.
She was even more star struck by singer-actress Nora Aunor who plays her mother in the series — “Syempre, superstar (of course, she’s a superstar).” They hit it off camera, and she said that the “sobrang bait (extremely nice)” veteran talks to her and gives her tips on how to get along with fans, and tells her not to get swell-headed.
Ms. Aunor is herself impressed with the young actress. “Jo is good. She does not need tips nor advice from me. All of them are good; all of them have their own approaches to acting,” Ms. Aunor said during an ambush interview during the taping at the slum area.
They are a few weeks into the show and Ms. Berry admits, “I still get the jitters. [I] don’t think it will go away.”
Asked if the show’s story is realistic, Ms. Berry replied: “It is. The genuine love of Elvin and Onay happens in real life. It happened to my parents (her father is a small person). It happened to Lorna and Teddy Francisco, whom I played in [Magpakailanman].”
She added, “Our goal is to inspire people and show them that little people are not just for funny shows, and they shouldn’t be discriminated on. No one deserves that!”
Onanay will run for a minimum of three months. It airs weeknights on GMA telebabad.
LIGHT RAIL MANILA Consortium is seeking to raise fares at the Light Rail Transit Line 1. — PHILSTAR/EDD GUMBAN
By Denise A. Valdez
THE LIGHT RAIL Manila Corp. (LRMC) said it will push through with the construction of the Light Rail Transit Line 1 (LRT-1) Cavite extension project despite possible delays in the implementation of a fare hike.
“We are already committed to building the Cavite Extension. We have already issued the Notice to Proceed to the EPC (engineering, procurement and construction) contractors Bouygues and Alstom,” LRMC President Juan F. Alfonso told BusinessWorld in a text message on Thursday.
“We have completed the clearing operations for the pre-cast yard to give way to the plant where we will be fabricating the viaduct beams,” he added.
This comes after Transportation Secretary Arthur P. Tugade told reporters on Tuesday that he hopes the private concessionaire for the LRT-1 wouldn’t let construction of the Cavite extension rely on the approval of its fare hike.
“Dapat ‘wag nilang sabihin na yung extension sa LRT-1 depende sa rate increase [They shouldn’t say that the LRT-1 extension will depend on the rate increase],” Mr. Tugade said.
In July, the LRT-1 operator said the fare hike “will assure the construction of (the train’s) extension to Sucat, Las Piñas and Bacoor,” as banks would be more open to lend funds for the company if it can recover its investment.
But Mr. Alfonso noted its concession agreement indicates the government should allow a 5% increase in LRT-1 fares every two years.
LRMC filed an application to the Department of Transportation (DoTr) in March for a P5 to P7 hike in LRT-1 fares. It was supposed to be implemented within August, but Mr. Tugade said no public hearing has been conducted yet.
“Pinag-uusapan pa po yan, may public hearing pa po yan. Pagkatapos ng public hearing may publication, and then the decision making [It’s still under discussion, there will be a hearing. After the public hearing, it will be published, then the decision making],” Mr. Tugade said.
The Transportation secretary also said the government is not open to subsidizing any LRT-1 fare increase.
“Kasi hindi kami naniniwala sa subsidiya. Kung ikaw mag-nenegosyo sa gobyerno, dapat walang guarantee, walang subsidiya, walang contractual commitment [We don’t believe in subsidies. If you’re doing business with the government, they should be no guarantee, no subsidies, no contractual commitment],” Mr. Tugade said.
For his part, Mr. Alfonso said, “As far as fare hike is concerned, we are still applying and hoping to secure approval within the year.”
Metro Pacific Investment Corp. is one of three Philippine subsidiaries of Hong Kong’s First Pacific Co. Ltd., the others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., maintains an interest in BusinessWorld through the Philippine Star Group.
VETERAN performers Nora Aunor and Cherie Gil play grandmothers in the GMA drama Onanay. While this is not a new role for Ms. Aunor who essayed the role of Kris Bernal’s grandmother in another teleserye, Little Nanay, and is a grandmother in real life, this is all new for Ms. Gil.
“Playing Helena opposite Nora Aunor as Nelia and being directed by Gina Alajar is what makes this project special and unique,” said Ms. Gil. “Though I play the antagonist once again” — Ms. Gil is best know for her contrabida (villain) roles — “it touches on the deep love of a mother. Through the story I have the opportunity to express my character in a more human way though feisty. As any mother would probably be to protect her children at any cost,” Ms. Gil told BusinessWorld in an online interview.
“The big difference, I think, is that I am basically the grandmother to Natalie. This is a first for me. I don’t even have grandchildren in real life! Though as the story flows, that fact becomes a blur since Natalie recognizes me as her mother who raised her.” CHEERFUL SET
Working in television is gruelling, with long hours spent waiting between takes. It is the company that can make all the difference in a happy set.
“We always look forward to seeing her on the set,” said Onanay’s Senior Program Manager Helen Sese about Ms. Aunor. “She is respectful towards the cast and crew, and is always a source of joy on the set. Sometimes, she would initiate a game, say by giving a quiz to the crew, then she would give a prize. She’s fun to be with.”
“Mababait at masaya ang mga kasama ko, kaya enjoy kami dito,” the superstar told BusinessWorld during a break on the show’s set.
“Magaling ang mga artista. Si Onay, magaling na artista. Magaling si direk Gina [Alajar] at si direk Aya [Topacio, 2nd unit director] (The staff and crew are nice and cheerful, we enjoy ourselves on the set. The actors are good. Onay [Jo Berry], is a good actress. We have skilled directors on set, both Gina and Aya).”
“Masaya ako na na naisipan nila akong kunin uli sa teleserye (I’m happy that they thought of tapping me for another teleserye),” said Ms. Aunor. — S.C. Agbayani
TWO out of three small and medium enterprises (SMEs) in the Philippines are planning to continue or increase their export activities beyond Asia Pacific within the next 12 months, according to a study commissioned by FedEx Express.
The study “Global is the New Local,” which focused on the changing international trade patterns of small businesses in Asia Pacific, was based on interviews with senior executives of more than 4,500 SMEs (including 500 from the Philippines) between March and April 2018.
Based on the report, majority or 67% of SMEs in the Philippines aim to increase their exports outside Asia Pacific for the next 12 months, while 56% say they will raise exports within the region.
The FedEx Express study showed exports accounted for the bulk (89%) of the SMEs’ total annual revenues with a combined value of $1.4 billion, above the Asia Pacific average of 71%.
Majority of SMEs surveyed (69%) currently export within Asia Pacific, particularly China, Singapore and Hong Kong. More than half of the SMEs (53%) export outside Asia Pacific, with India and the United States the top markets.
The report also showed SMEs source 41% of supplies abroad, with some respondents noting the higher quality of imported materials.
Around 55% of SMEs surveyed anticipate the value of their imports to rise further in the coming year.
However, the FedEx Express study cited local SMEs’ most common challenges are — customs procedures (66%) and logistics issues (53%) in both exports and imports. E-COMMERCE
At the same time, the study showed 96% of SMEs in the Philippines use e-commerce, which generate 52% of their total revenues.
Majority (73%) of Philippine SMEs expect their e-commerce business to increase in the next year. The study also showed 89% of the SMEs are using mobile commerce, with 74% saying they see higher mobile commerce revenues in the next 12 months.
Social media is likewise being used as a tool by 95% of SMEs surveyed, which they say account for 48% of their revenues.
“When I look at the results from the survey, it says that over 90% of SMEs are using either e-commerce, mobile commerce or social commerce,” FedEx Express Managing Director for the Philippines John D. Peterson said in a media briefing in Makati City on Thursday.
“The SMEs in the Philippines are now competing against SMEs in France, SMEs in Vietnam. So you want to make sure that the platforms they have are competitive so they can continue to compete,” he added.
Mr. Peterson noted mobile commerce is important in helping SMEs, particularly in the Philippines where government data shows 77.4% don’t have access to bank accounts.
“These mobile payments are allowing young entrepreneurs that don’t have bank accounts to be able to access market that they normally wouldn’t be able to reach. So what I would say is, what the study has found is SMEs in the Philippines are embracing the new technologies at a very high rate,” he said.
“The Philippine SMEs are embracing the technology. It’s giving them now a level playing field…. It’s breaking down the borders and allowing the cross border trade from the Philippines,” Mr. Peterson added. — D.A.Valdez
SECURITY BANK Corp. is looking to tap international debt markets. — AFP
SECURITY BANK Corp. has set up a medium-term note (MTN) facility of up to $1 billion as it seeks to tap offshore capital markets for financing.
In a regulatory filing on Thursday, the listed lender said it has established an MTN program worth $1 billion or its equivalent in other currencies. The program is expected to be listed on the Singapore Stock Exchange.
Security Bank has mandated Citigroup, CLSA, MUFG and UBS as joint lead arrangers for the program.
With the establishment of the note facility, the lender said it will “gain the flexibility to tap the international debt capital markets” which is subject to market conditions.
The MTN program will broaden the base of Security Bank for fund raising. The notes are offered on a continuing basis until the ceiling is reached.
Global debt watcher Moody’s Investors Service has assigned a (P)Baa2 long-term foreign currency senior unsecured rating to Security Bank’s note issuance, matching the debt rating of the Philippine government and a notch above the minimum investment grade.
Moody’s said the rating reflects the baa3 baseline credit assessment of the bank, underpinned by its “above-industry-average asset quality and strong capital buffers, boosted by a capital infusion from its new strategic partner, MUFG Bank, Ltd.”
In April 2016, Security Bank received additional capital of P36.9 billion from the Japanese lender.
In turn, the local bank issued the foreign lender 150.7 million common shares and 200 million preferred shares, representing MUFG Bank’s 20% ownership of the bank.
Recently, local banks have been conducting various fundraising activities to expand their networks and beef up their capital buffers.
On Wednesday, Bank of the Philippine Islands raised $600 million through a drawdown from its $2-billion MTN program, which fetched a 4.25% coupon.
Philippine National Bank and Rizal Commercial Banking Corp. have also tapped the foreign debt market recently, raising $300 million and $150 million, respectively, from their own medium-term note facilities.
Security Bank booked a net income of P4.3 billion in the first semester, down 18% from the year-ago level primarily due to a continued decline in trading gains.
Shares in Security Bank closed unchanged at P199.90 apiece on Thursday. — Karl Angelo N. Vidal
LONDON — Facebook is rolling out its Watch video service globally one year after it launched in the United States with original entertainment news and sports content to compete with platforms like Alphabet Inc.’s YouTube.
Facebook’s Head of Video Fidji Simo said Watch was gaining real momentum in a crowded marketplace because it was built on the notion that watching videos could be a social activity.
“Every month more than 50 million people in the US come to watch videos for at least a minute on Watch, and total time spent watching video on Facebook Watch has increased by 14 times since the start of 2018,” she told reporters.
“With Watch … you can have a two-way conversation about the content with friends, other fans or even the creatives themselves.”
Facebook said eligible creators would be able to make money from their videos using its Ad Breaks service in Britain, Ireland, Australia and New Zealand as well as the United States from Thursday, with many more countries set to follow.
Simo said publishers were making “meaningful revenues” from its automated video advertising system on the platform, which has featured shows such as beauty mogul Huda Kattan’s Huda Boss and live Major League Baseball games.
“We know it’s been a long road but we’ve worked hard to ensure that the Ad Breaks experience is a good one for both our partners and our community,” she said.
Ad revenue will be split 55% for the content creator and 45% for Facebook, the same ratio as in the United States, Simo said.
Publishers need to have created three-minute videos that have generated more than 30,000 one-minute views in total over the past two months and must have 10,000 followers to participate in Ad Breaks, Facebook said.
Simo said Facebook was working on a variety of other options for creators to make money, such as branded content and the ability for fans to directly support their favorite creators through subscriptions.
“(Fan subscription) is something that is rolled out to a few creators now, but we are planning on expanding that program soon,” she said. — Reuters
ISOC Holdings, Inc. has secured a P2-billion loan facility from BDO Unibank, Inc., which will be used for its property unit’s mixed-use project in the Bay Area.
In a statement issued Thursday, BDO said it has signed a loan agreement with ISOC Land, Inc. on Aug. 28, opening the loan facility for the company’s development of the iLand Bay Plaza.
The 12-storey mixed used project located along Macapagal Boulevard in Pasay City will offer 23,541 square meters (sq.m.) of commercial office and retail space. The company is targeting business process outsourcing and knowledge process outsourcing firms to locate in the building, banking on the demand for office spaces in the Bay Area.
The company is designing iLand Bay Plaza to be a green office building, with an intelligent building management system and 24/7 back-up power supply, suited for the demands of outsourcing firms.
ISOC Land started construction on the P2-billion project last April, with completion targeted by February 2021.
The iLand Bay Plaza marks ISOC Holdings’ foray into the property sector. The company also holds interests in logistics through ORCA Cold Chian Solutions, power, and infrastructure.
ISOC Holdings is chaired by businessman Michael C. Cosiquien, who is one of the founders of listed construction conglomerate Megawide Construction Corp. Mr. Cosiquien left his post as Megawide’s chairman last December to focus on his family’s cold storage business. Mr. Cosiquien remains to be a director of Megawide.
The company’s infrastructure unit ISOC Infrastructures, Inc. last July submitted an unsolicited proposal to the Department of Information and Communications Technology to build 25,000 common cell towers for P100 billion in a span of seven years. ISOC Infrastructure pegged the initial investment at P20 billion in the first three years.
The infra unit appointed OCK Vietnam Pte. Ltd. as the technical tower for the project.
In December 2017, ISOC Holdings acquired a 175.4 million common shares in listed firm AG Finance, Inc. for P380 million. This gave the company a 67% stake in AG Finance.
ISOC Holdings has since changed AG Finance’s name to Ferronoux Holdings, Inc., as well as its primary purpose to that of a holding firm with a secondary purpose of mining and smelting operations. The company was reported to be used for a potential backdoor listing, in line with the company’s plan to diversify and expand the business.
AG Finance previously operated as a financing company which provides short-term, unsecured credit facilities to permanent rank and file employees of medium-sized companies. The company has stopped all lending activities after ISOC Holdings took over. — Arra B. Francia
THE Employers Confederation of the Philippines (ECOP) said a bill doubling the service incentive leave (SIL) of regular employees to 10 days is “tolerable” for its membership because the measure represents a non-cash benefit that will not worsen inflation.
“An additional five days of leave is more tolerable. The reason is it is not inflationary and does not involve additional cash out. If ever it’s equivalent to declaring additional holidays,” ECOP chairman Sergio R. Ortiz-Luis, Jr. told BusinessWorld in a phone interview Thursday.
His remarks follow the third-reading approval of House Bill 6770, which increases the SIL to 10 days, amending Article 95 of Presidential Decree No. 442, or the Labor Code of the Philippines.
He said that in general, ECOP does not favor Congressional intervention in the labor market, such as bills seeking to increase minimum wage, or to impose 14th-month pay.
“(Legislators) think it’s benefitting the most number of workers. They cherry pick, especially sectoral representatives, (from labor practices in) other countries and they try to put it here, driving our costs higher,” Mr. Ortiz-Luis said.
He said additional costs for employers ultimately hurt minimum wage earners.
Labor groups, meanwhile, welcomed the passage of the bill, with the Associated Labor Unions-Trade Union Congress of the Philippines (ALU-TUCP) expressing hope it will be enacted by year-end.
“The SIL is one of the non-wage benefits given by employers to employees as a form of gratitude for the years of service rendered to make the company or business grow and thrive,” ALU-TUCP Spokesperson Alan A. Tanjusay told BusinessWorld in a phone message.
“Once it is enacted, it will motivate workers to be more productive in their work and remain loyal to the company,” he also said.
Another labor group, the Kilusang Mayo Uno, said the measure lacks a “clear mechanism” for its implementation.
“Any positive proposition to improve the workers’ lot is a welcome development,” KMU national chairman Elmer C. Labog said in a phone message. “On the other hand, there should be a clear mechanism to implement such positive decisions for workers.”
The bill, if enacted, will entitle employees with at least one year of service to 10 days of paid SIL every year.
The bill does not affect employees already enjoying 10 days of paid vacation leave, or workers in establishments operating with less than 10 employees. — Charmaine A. Tadalan
NINE OF THE biggest banks won dismissal of a lawsuit claiming they rigged the market for bonds issued by government entities and institutions like the World Bank, after a judge said the investors who sued didn’t show how the alleged collusion caused them to pay higher prices for the securities.
Investors in the market for supranational, sub-sovereign and agency debt — often called SSA bonds — sued almost a dozen banks in 2016, alleging they fixed prices that were quoted to clients, steered business to one another and shared confidential information with each other. The market could range from $9 trillion to $15 trillion, according to data compiled by Bloomberg.
US District Judge Edgardo Ramos in New York tossed out the suit against the banks still remaining in the case — Barclays Bank Plc, Credit Agricole SA, Citigroup Inc., Credit Suisse Group AG, HSBC Holdings Plc, Nomura Holdings Inc., Royal Bank of Canada, Toronto-Dominion Bank and BNP Paribas SA. In a ruling posted Tuesday, Ramos said the investors had failed to show how any specific transaction had harmed them.
The plaintiffs presented Ramos with evidence of about 150 chats allegedly in which bankers and unknown counterparties allegedly discussed manipulating transactions, and asked the judge to infer that the transactions were tainted.
“This, by itself, is insufficient for the court to reasonably draw such an inference,” Ramos said.
It’s possible the suit may eventually survive, however. The judge said the plaintiffs could file a new complaint with more specific allegations — something that Dan Brockett, the plaintiffs’ lawyer, said they would do.
Bloomberg Intelligence analysts Jennifer Rie and Elliott Stein said the plaintiffs have a good chance of fixing the errors that were highlighted by Ramos in an amended complaint and defeating the next round of motions to dismiss the suit.
The banks either declined to comment on the decision or didn’t respond to messages seeking a response.
The claims in the suits resemble those made against banks over alleged manipulation of other markets, including currencies, interest-rate derivatives and precious metals, some of which have led to multibillion-dollar settlements, penalties and criminal prosecutions. Bloomberg has previously reported that the US Justice Department is conducting a criminal probe into whether the SSA market was rigged, and that regulators in the UK and Europe were also looking into the matter. At least three banks have disclosed receiving inquires on it from regulators.
SSA bonds are mostly illiquid and trade privately between banks and customers, which gives the financial firms an advantage when pricing them. The bonds have higher ratings due to guarantees they carry, and investors like them because they are perceived as higher-quality assets similar to government debt.
The judge didn’t rule on the merits of the case and said only that the investors had failed to file a sufficiently detailed complaint. Bank of America Corp. and Deutsche Bank AG previously agreed to pay a combined total of $65.5 million to settle the claims.
The case is In Re SSA Bonds Antitrust Litigation, 16-cv-3711, US District Court, Southern District of New York (Manhattan). — Bloomberg
KEN CHAN plays a man with mild autism who suddenly becomes a father in My Special Tatay.
STARTING Sept. 3, GMA Network will be airing an afternoon series featuring a man with an intellectual disability who suddenly becomes a father.
Titled My Special Tatay, the series stars Ken Chan as Boyet, a man with a mild intellectual disability with mild Autism Spectrum Disorder whose mental age stopped at the age of 12 and who must now face his newfound responsibilities as a father to a son he had with a childhood friend.
Joining Mr. Chan in the show are Jestoni Alarcon as Edgar, Boyet’s father; Teresa Loyzaga as Olivia, Edgar’s legal wife; Maria Luz “Lilet” Jodloman-Esteban as Isay, Boyet’s mother; Arra San Agustin as Carol, Boyet’s best friend; and Rita Daniela Iringan as Audrey, Boyet’s childhood friend whom he gets pregnant.
Also in the cast are Carmen Soriano, Candy Pangilinan, Matt Evans, Empress Schuck, Valeen Montenegro, Jillian Ward, Bruno Gabriel, JK Giducos, and Ashley Rivera.
The network had previously aired a similar series on prime time in 2015 called Little Nanay featuring Kris Bernal as a girl with intellectual disability who gets pregnant by a childhood friend.
While both series have the same premise — even My Special Tatay’s director, Lord Alvin “LA” Madridejos, acknowledged that both series are similar — My Special Tatay departs from Little Nanay based on the severity of the conditions of the characters (Ms. Bernal’s was on the severe side of the autism spectrum while Mr. Chan’s is on the mild side).
Mr. Madridejos also worked on the set of Little Nanay which he said probably led to why he was chosen to helm this project.
But despite having worked on a similar series previously, Mr. Madridejos acknowledged that doing a show like this is challenging and requires a lot of fine-tuning.
“Unlike other soap operas where one can cry whenever the scene asks for it, there’s a limit to the kinds of emotions Ken can show because of his character’s condition,” he said in vernacular, adding that during the early days of shooting, they had to do four versions of a single scene featuring Mr. Chan’s character
“It’s time-consuming (and difficult for Mr. Chan) but it’s the bitter pill we have to take — we’d rather do it meticulously than spot the errors only when the episode is aired,” he explained.
The show has a psychiatrist consultant present during creative meetings to ensure proper representation of the special character.
“We have to do what’s right because otherwise, we might misrepresent [the people with intellectual disabilities],” Mr. Madridejos said. My Special Tatay starts airing on Sept. 3 on GMA’s Afternoon Prime block. — Zsarlene B. Chua
