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What to see this week

4 films to see on the week of June 8-15, 2018

Jurassic World: Fallen KingdomJurassic World: Fallen Kingdom

THREE years after the Jurassic World theme park was destroyed by escaped dinosaurs, the remaining dinosaurs are threatened with extinction when the island’s formerly dormant volcano wakes up. To save them from extinction, a rescue mission is mounted. Directed by J.A. Bayona, the film — the fifth in the franchise — stars Chris Pratt, Bryce Dallas Howard, Jeff Goldblum, and B.D. Wong. The Critics Consensus on Rotten Tomatoes (where the film got a 59% rating) states: Critics Consensus: Jurassic World: Fallen Kingdom adds another set piece-packed entry to the blockbuster franchise, although genuinely thrilling moments are in increasingly short supply.”
MTRCB Rating: PG

Don’t Knock TwiceDon’t Knock Twice

A TROUBLED TEENAGER escapes to the country home of her estranged mother after unwittingly waking a shape-shifting demon. Directed by Caradog W. James, it stars Katee Sackhoff, Lucy Boynton, Javier Botet, Nick Moran, Jordan Bolger, and Richard Mylan. Empire’s David Parkinson writes, “Returning to the theme of matriarchal compassion that he explored in The Machine, director Caradog James demonstrates again the knack for lighting sets and sustaining atmosphere that is frustratingly undermined by his shakier storytelling skills.”
MTRCB Rating: R-13

SubmergenceSubmergence

WIM WENDERS (Wings of Desire, Pina) directs this story of a British undercover agent and a bio-mathematician who unexpectedly fall in love as they prepare to go to their respective missions far from each other. The film stars James McAvoy, Alicia Vikander, and Celyn Jones. The Guardian’s Benjamin Lee writes, “There’s something to be admired about a film that can gracefully defy simple genre categorization but Submergence feels like a clumsy melange, a confused adaptation made by people who don’t seem quite sure what they have on their hands.”
MTRCB Rating: R-13

Detective Conan: Zero the EnforcerDetective Conan: Zero the Enforcer

A JAPANESE animated movie, the latest in a long series of films — the 22nd of the Case Closed film series based on the manga series of the same name. Detective Conan gets on the case after a mysterious explosion at Tokyo’s new Edge of Ocean facility just before a summit and he finds himself tracing the movements of Tōru Amuro from the National Public Security Police. Directed by Yuzuru Tachikawa, it features the voices of Tôru Furuya, Megumi Hayashibara, and Rikiya Koyama.
MTRCB Rating: PG

Google to hold Asia-wide pitch competition for startups

Google is calling on tech startups across Asia to join its pitch competition.

The tech giant is set to stage Google Demo Day Asia on September 20 in Shanghai, China, where chosen startups will get the chance to pitch their businesses to investors.

Selected startups will be mentored by Google on how to deliver a pitch, on top of an all-expense-paid trip to China where they will meet founders of successful Chinese startups and venture capitalists.

Startups opting to join the competition must be incorporated and headquartered in Asia, must have raised at least $50,000 and is actively raising $1 million to $5 million within six months of the event, and have tractions through revenue and customer growth.

This is the first time Google is bringing the competition to Asia. In a statement, Mike Kim, partnerships manager of Google for Entrepreneurs, said startups that have participated in the program since 2014 have raised $273 million worth of funds.

“There are thousands of cutting-edge startups working on the next big idea in the region, and we want to give [them] a global stage,” Kim said.

Startups can apply online until July 11.

Did Sun Life just create a Tinder for financial advice?

Talking about money is *awkward*. Nobody really likes to discuss their financial situation with someone, especially when it’s not exactly something to be proud of.
Ironically, it’s those who struggle who need to talk about it if they actually want help.
So Canada-based financial services company Sun Life, the Philippines’ top insurer, created what seems to us is the Tinder of financial advisors.
While there’s no swipe right and swipe left on this tool, Advisor Match pairs clients with advisors through a website which clients have to fill.
“A financial journey is something very personal,” said Sun Life Financial Philippines President Alexander Narciso at the launch of Advisor Match. “The tools we create will be able to make certain processes easier but understanding a client’s story, his dreams and his challenges can only be performed by our very own people, and so we always strive for the perfect harmony between digital capabilities and human connection. The former should always boost the latter. That for us is the perfect match.
We tried Sun Life’s Advisor Match tool. Here’s the step-by-step process:
Step 1: Go to the website of Sun Life to access Advisor Match at advisormatch.sunlife.com.ph/
inside-sun-life-match-1
Step 2: Enter your location to generate a list of advisors in your vicinity.
inside-sun-life-match-2
Step 3: Choose your preferred Sun Life advisor.
inside-sun-life-match-3
Step 4: Enter your name, mobile or telephone number, and email address.
inside-sun-life-match-4
Step 5: Select the reason for applying.
inside-sun-life-match-5
Step 6: After submitting your application wait for your chosen Sun Life Advisor to contact you.
inside-sun-life-match-6
Sure, it’s not as fun as swiping left and right on hot girls or guys, but in the end, you’re likely to get financial rewards—not a string of regrettable dates.
 

Meralco rates to go down this month

Manila Electric Co. (Meralco) has announced on Thursday, June 7, a decrease of P0.1252 per kilowatt-hour (kWh) in the overall electricity rates for a typical household in June, despite expectations that power costs will rise this month.
In a statement, the power distribution utility said the lower rate was mainly because of the decrease in the generation and transmission charges amounting to P0.1556 per kWh. The drop drop more than offset a P0.0733 per kWh increase in the feed-in tariff allowance, or FiT-All.
“This is the second consecutive month of overall rate decrease,” the listed company said.
It said the adjustment would bring down the the overall rate to P9.8789 per kWh from May’s P10.0041 per kWh. The lower rate is equivalent to a decrease of around P25 in the bill of a residential customer consuming 200 kWh.
The corresponding decrease for the 300 kWh, 400 kWh and 500-kWh customers are P37.56, P50.08 and P62.60, respectively.
Meralco said the lower cost of power from its power supply agreements (PSA) largely brought down the generation charge for the month.
It said from P5.0523 per kWh in May, the generation charge for June will go down to P4.9828 per kWh.
Of Meralco’s total requirement this month, PSA purchases accounted for 45%. The payment for the generation charge by electricity users goes to the power suppliers. — Victor V. Saulon

Del Monte Philippines defers IPO due to market volatility

Del Monte Philippines, Inc. (DMPI) has deferred its planned P17.5-billion initial public offering of around 21% of its total outstanding shares to the public due to the current volatility in the Philippine equities market.
In a disclosure to the stock exchange on Thursday, DMPI’s ultimate parent firm Del Monte Pacific Limited (DMPL) said it would delay the issuance until market conditions improve.
“Market conditions continue to be volatile and the company has been advised by its bankers and advisors that it would be in the best interest of the company and DMPI to defer the offering until such time when the market conditions improve,” DMPL said.
This marks the second time that DMPI has postponed its IPO. The company had initially targeted listing at the Philippine Stock Exchange (PSE) last April, but was prompted to push back its issuance to give way to the stock rights offering of several lenders at the time amounting to around P110 billion. — Arra B. Francia

Tourism contribution to GDP highest in 18 years

Tourism’s contribution to the Philippine economy, as measured by the share of tourism direct gross value added (TDGVA), was highest in 18 years, the government said this morning.
According to preliminary data from the Philippine Statistics Authority (PSA), the TDGVA stood at 12.2% of the country’s gross domestic product (GDP) in 2017, up from the previous year’s 10.7% and was the highest since 2000.
The TDGVA amounted to P1.929 trillion, up by 24.2% from the previous year’s P1.554 trillion.
Resident tourists spent the most, as domestic tourism expenditure grew 25.5% to P2.645 trillion from P2.108 trillion in 2016.
Meanwhile, non-resident tourists spent P448.6 billion in 2017, up 43.9% from P311.7 billion in the previous year.
Employment in tourism slightly grew to 5.3 million from 2016’s 5.2 million. The share of employment in tourism industries to total employment stood at 13.1% in 2017. — Christine Joyce S. Castaneda

Approved construction permits rise in first quarter

The number of approved building permits continued to grow in the first quarter albeit slower amid a decline in residential construction projects.
Preliminary results from the Philippine Statistics Authority showed the number construction permits rising 2.6% year on year to 36,002.
Residential constructions, which account for 71% of the total approved building permits in the first quarter, declined by 1.2% to 25,362. On the other hand, permits for non-residential constructions increased 11.8% to 5,587.
CALABARZON topped the regions with approved permits numbering 8,199. In terms of value, the National Capital Region placed first with construction permits amounting P36.4 billion. — Jochebed B. Gonzales

WB cites PHL growth promise, risks

By Elijah Joseph C. Tubayan
Reporter
THE WORLD BANK sees the Philippines sustaining relatively robust growth in the medium term — though short of government target — but flagged capacity constraints and price pressures that may weigh on prospects.
According to the multilateral lender’s June 2018 Global Economic Prospects report released on Wednesday, Philippine gross domestic product (GDP) can be expected to grow by 6.7% in 2018 and 2019, unchanged from projections in the previous report in January, and 6.6% in 2020 — revised upward from 6.5% previously.
Those forecasts compare to the government’s 7-8% annual target until 2022, when President Rodrigo R. Duterte ends his six-year term.
Philippine GDP clocked 6.7% in 2017 against an official 6.5-7.5% target for that year.
Philippine growth projections are higher than East Asia and the Pacific’s 6.3%, 6.1% and 6.0% as well as the world’s 3.1%, 3.0% and 2.9% for 2018, 2019 and 2020, respectively, in the World Bank’s latest outlook.
The World Bank’s forecasts for the Philippines are slightly lower than the 6.8% and 6.9% estimates of the Asian Development Bank and the United Nations Economic and Social Commission for Asia and the Pacific for this year and next year, respectively, and compares with the International Monetary Fund’s 6.7% in 2018 and 6.8% in 2019.
The Philippines will be the fastest growing among most of the major East Asia and Pacific economies, including China, which itself is expected to grow 6.5%, 6.3% and 6.2% from 2018 to 2020.
Among the 14 East Asia and Pacific countries covered by the report, the Philippines will be outpaced by Cambodia (6.9%) and Vietnam (6.8%) this year, Laos and Myanmar (both at 6.9%) in 2019 and by Laos (6.9%) in 2019.
India in South Asia, another economy to which the Philippines is compared, is projected to grow by 7.3% this year and by 7.5% each for 2019 and 2020.
“Growth in the Philippines and Vietnam remains robust, but capacity constraints (e.g., high capacity utilization rates) limit further acceleration, especially in the Philippines,” read the report, which also cited “fast credit growth” as a source of vulnerability for the financial sector.
In its Philippine Economic Update report in April, the World Bank noted that the country was “at risk of overheating,” with manufacturing sector operating near full capacity amid growing consumer demand, which would drive up prices of widely used goods.
Moreover, the World Bank said in its latest outlook for East Asia and Pacific that China will weigh down regional growth due to its “gradual structural slowdown,” while activity for the rest of the region “is expected to peak in 2018 and remain steady around its potential rate in 2019 and 2020.”
“The outlook is predicated on broadly stable commodity prices in the next two years, solid but moderating global demand and a gradual tightening of global financing conditions,” the report read.
“For both commodity exporters and importers, capacity constraints and price pressures are expected to intensify over the forecast horizon, in part reflecting higher oil prices, leading to further tightening of monetary policy in the region.”
The World Bank cited increased protectionist tendencies, the imposition of trade restrictions by advanced economies and geopolitical tensions in the Korean peninsula as risks to the region’s growth prospects.
It also said that the economic impact of tariffs on imports by the US “would likely be manageable, provided they do not lead to escalation.”
“However, there is a risk that such measures may trigger retaliatory action and lead to broader trade restrictions,” the report clarified.
On the financial side, “a faster-than-expected tightening of global financing conditions and associated financing stress — triggered, for instance, by changes in market expectations of advanced-economy monetary policy — could reduce capital inflows, heighten financial market volatility, and place pressure on regional exchange rates and asset prices,” it added.
“Rising borrowing costs could substantially increase the burden of debt servicing, which was contained in recent years by low global interest rates and risk premiums. If a combination of downside risks were to materialize, it could trigger a sharper-than-expected slowdown in regional growth. Domestic vulnerabilities — elevated domestic debt and large external financing needs in some countries — would amplify the impact of external shocks, especially where policy buffers are limited, and dampen growth.”

Finance dep’t touts sustained fiscal performance as of May

THE GOVERNMENT’S “impressive” fiscal performance was sustained in May, the Finance chief said, adding that this showed successful implementation of Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) law.
“To give you the latest preliminary figures, from January to May this year, the national government revenues rose by 20% year-on-year. Tax revenues also grew by 20%,” Finance Secretary Carlos G. Dominguez III said in a speech during the Korea Business Forum in Seoul on Tuesday, a copy of which was given to reporters yesterday.
The revenue growth Mr. Dominguez cited was largely steady from the 21% average increase logged in January-April, which also saw tax growth average 20%.
“Collections of the Bureau of Internal Revenue improved by 17% and Bureau of Customs (BoC) collections grew by 31% over the same period of last year,” Mr. Dominguez said, sustaining increases in the first four months.
He added that May “disbursements were higher by 30.4% than the 2017 level” in the wake of the 31% increase reported in the four months to April.
“The impressive increase in revenues — particularly in tax collections by the revenue agencies for the first five months of 2018 — is a result of the effective implementation of the tax reform law, and this enabled the government to sustain its aggressive spending policy without breaching the programmed budget deficit,” Mr. Dominguez said.
RA 10963 reduced personal income taxes while hiking or adding taxes on various items, while withdrawing value-added tax exemptions of various sectors when the law came into force on Jan. 1.
Latest Treasury data show the country’s fiscal balance at a P105.86-billion deficit as of April, more than three times the P30.2 billion logged in the same four months last year. Revenues totaled P927.4 billion in the January to April period, and P840 billion of this amount are in tax revenues. Overall disbursements meanwhile stood at P1.033 trillion.
In a separate press release yesterday, the BoC said it raked in P52.6 billion in May, up 32% from the P39.84 billion collected in the same month last year, exceeding expectations for the fourth consecutive month.
It also breached its P50.63 billion target by about 3.9%, after 16 of its 17 ports nationwide beat their respective collection goals. Only the Manila International Container Port was unable to hit its target of P15.611 billion, collecting P14.199 billion in May.
“The value of imports also grew by 17.8%. I will say this is because of the continuing application of correct valuation and tariff classification of goods,” Customs Commissioner Isidro S. Lapeña was quoted as saying, while noting that import volume grew by 3.3% in May.
The BoC attributed the surge in collections to the depreciation of the peso versus the dollar, higher global oil prices, as well as increased importation of motor vehicles, crude oil, food, iron and steel, and other petroleum products.
BoC collections in January-May totaled P230.18 billion, 31.63% up from P174.86 billion recorded in the same five months in 2017.
Mr. Dominguez also told South Korean businessmen that the government is pushing a second tax reform that will cut corporate income tax rates and streamline incentives. “This tax reform that we are planning in the second round is a companion measure to our Build, Build, Build program. We would like the small and medium business enterprises to take advantage of the new infrastructure that we are constructing outside the Metro Manila area,” he said. “In order to be able to achieve this, we would like to appeal to the companies that have been receiving an equivalent of P300 billion a year in tax credits to share part of their benefits with the small and medium enterprises, which incidentally hire more than 90% of all our workers in the country. They are our target to help in the second round.” — Elijah Joseph C. Tubayan

Wages watched for price impact

AN UNEXPECTED increase in minimum wages could prompt the Bangko Sentral ng Pilipinas (BSP) to raise rates anew, a global bank said, even as inflation is expected to ease over the coming months.
HSBC Global Research said the softer-than-expected 4.6% inflation rate in May eased pressure on the central bank in terms of reining in the pace of price increases for basic goods.
However, an extraordinary hike in worker salaries could revive upward price pressures.
“[T]wo key developments to look out for in the coming months are rising wages and rice prices. There has been mounting pressures for a wage hike in the Philippines, and its realization could push second-round impacts that are likely to prompt the BSP to hike rates,” HSBC economist Noelan Arbis said in a report.
The BSP announced a 25-basis-point rate hike on May 10 as policy makers sought to temper inflation expectations and assure markets that monetary authorities maintain a firm hand on price control.
Central bank officials have been flagging wage hike petitions as among the reasons they expect inflation to likely trend higher.
BSP Deputy Governor Diwa C. Guinigundo has said that the central bank has factored in an P18-20 rise in daily minimum wages, a modest level compared to petitions filed by labor groups.
Currently, the highest daily minimum pay is set at P475-P512 for workers in Metro Manila, reflecting a P21 raise.
Mr. Guinigundo said the central bank’s forecast is based on the amounts approved by regional wage boards over the past few years.
The BSP said it was “watchful” of petitions for increases in the daily minimum wage and in public transport fares since these signal that inflation was seeping deeper into the economy beyond basic goods.
“Meanwhile, passage of a government proposal to end quantitative restrictions on rice imports should put downward pressure on headline prices and help curb inflation expectations in the near-term,” HSBC added in its report.
“In short, the BSP still has a lot of things to consider in the coming months, but [May inflation] print is nonetheless a welcome development as the central bank aims keep inflationary pressures under control.”
May’s 4.6% clip is the fastest in at least five years and marked a steady ascent for the fifth straight month. The Philippine Statistics Authority said the biggest year-on-year gains were recorded in the cost of liquor and cigarettes, transport, restaurant and miscellaneous goods, and home furnishings.
BSP Governor Nestor A. Espenilla, Jr. said the inflation outlook “continues to be a concern” but is showing signs that it may be close to its peak.
Economic managers, however, said that cash transfers to the poorest families as well as the lifting of rice import quotas should help temper price spikes.
Year-to-date inflation stands at 4.1% as of May, above the BSP’s 2-4% target but lower than its 4.6% forecast for the entire 2018. — Melissa Luz T. Lopez

Duterte appoints new SEC chairman

PRESIDENT Rodrigo R. Duterte has appointed Emilio B. Aquino as the new chairman of the Securities and Exchange Commission (SEC), replacing Teresita J. Herbosa whose seven-year term expired on March 15, the corporate regulator said in a statement on Wednesday.
Mr. Aquino has served as SEC commissioner since December 2016 and was Mr. Duterte’s first appointment to the corporate regulator’s leadership. He supervised SEC’s Enforcement, Human Resource and Administration department.
A statement issued by SEC Office of the Commission Secretary on Wednesday said that “as an SEC homegrown talent, he has a palpable feel of the needs of the Commission in furthering its aim to develop and regulate the corporate and capital market toward good corporate governance, protection of investors, widest participation of ownership and democratization of wealth.”
On its website, the SEC described Mr. Aquino as a “practicing CPA-lawyer in Western Mindanao” who taught commercial law subjects at the law schools of Ateneo del Zamboanga and Western Mindanao State University.
As commissioner, Mr. Aquino led the campaign against illegal lenders and is credited for having issued the most number of cease-and-desist orders against pyramiding and boiler-room operations of pseudo-investment firms.
In July 2017, Mr. Aquino led the crackdown on a total of 153 individuals, 67 of whom were Indian nationals, who were suspected of falsification, perjury and violations of the Lending Company Regulation Act. Under his lead, the SEC’s Enforcement and Investor Protection Department filed 18 criminal complaints at the City Prosecutor’s Office of Pasay City against the fake lending firms.
Since the crackdown, the SEC noted that there has been a 438% increase in the number of lending firms that registered with the commission during the first half of 2017 to 393 firms, from only 73 the year before.
Before being commissioner, Mr. Aquino worked for the SEC from 1993 to 2005 in various leadership positions. This included heading the SEC Davao Extension Office and the SEC Zamboanga Extension Office.
He then became director of the Prosecution and Enforcement Department, Non-Traditional Securities and Instruments Department, and Compliance and Enforcement Department at SEC Davao. Mr. Aquino oversaw capital market promotion activities and enforcement programs against investment scams in the area at this time.
Mr. Aquino graduated Magna Cum Laude and Valedictorian with a Bachelor of Science degree in Commerce major in Accounting at the Universidad de Zamboanga in 1984. He passed the Certified Public Accountant Licensure exam with a rating of 89.14%. He earned his law degree from the San Beda College, after which he placed 16th in the 1992 Bar Exams. Mr. Aquino obtained a Master’s Degree in Public Management at the Development Academy of the Philippines. After this, he also went to the University of Sydney in Australia for a course on Effective Governance.
Mr. Aquino’s appointment comes at a time the SEC is faced with the rising number of online investment scams as well as disruption brought about by technology, including the need to regulate initial coin offerings (ICOs). He said last January that the commission is already drafting guidelines for ICOs to ensure that the use of cryptocurrencies for fund-raising activities is properly regulated. — Arra B. Francia

Spicy new menu at Mango Tree


THE TROPICAL climate of Thailand and the vibrance of its culture are reflected in its richly flavored cuisine. A certain over-the-top quality that is well-appreciated was tasted late last month in the new menu offerings by Thai restaurant Mango Tree in Bonifacio Global City.
The franchise of Mango Tree in the Philippines was brought from Thailand by Mother Spice Food Corp., which also has under its umbrella Genki Sushi. As well, it shares an owner with retail brand Maldita.
Among the new offerings are Prawns in Pandan (a rendition of the chicken dish wrapped in the same leaves), deep-fried prawns in Tamarind Sauce, Thai Chicken and Pork Skewers, Thai Crispy Rice Crackers, Tom Yum Chicken Wings, Pad Thai with Soft Shell Crab, Fried Sea Bass in Tamarind Sauce, and Homok Seafood Curry.
Among these, the standouts were the Thai Crispy Rice Crackers, the Tom Yum Chicken Wings, the Homok Seafood Curry, and, of course, the Pad Thai.
The Thai Crispy Rice Crackers served as appetizers and will be a great idea for parties at home: think deep-fried circles made of crispy rice, on which you can spread a creamy dip made of coconut milk, and the juices of chicken and shrimp (people with allergies, you have been warned).
The Tom Yum Chicken Wings are a twist on an old favorite: Tom Yum soup. The hot and sour soup, made lively with herbs such as lemongrass, usually includes prawn or chicken in the mix. Instead of having the chicken in the soup, the wings are rubbed with a powdered version of the soup, making for a nice snack that’s lively in texture and taste.
The Pad Thai, a stir-fried noodle dish, is a classic, and a Thai restaurant would never fail to serve it. While Mango Tree already had several versions of it, it’s the first time for it to use whole softshell crabs in it.
The Homok Seafood Curry, meanwhile, had very fresh seafood swimming in a rich, spicy sauce that made one’s nose form beads of sweat. This writer asked for servings of rice, and then some more, to tame the spicy curry, which is a test in endurance one would gladly take again and again.
Mango Tree will soon close for renovation in July, but its smaller sisters, the Mango Tree Bistro branches in Trinoma and Greenbelt would be enough to satisfy your Thai cravings. The restaurant will open again in September. — JLG

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