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Meta bans RT and other Russian state media networks

BYCGZR-FREEPIK AND RAWPIXEL.COM-FREEPIK

NEW YORK – Facebook owner Meta said on Monday it was banning RT, Rossiya Segodnya and other Russian state media networks from its platforms, claiming the outlets had used deceptive tactics to carry out covert influence operations online.

The ban marks a sharp escalation in actions by the world’s biggest social media company against Russian state media, after it spent years taking more limited steps such as blocking the outlets from running ads and reducing the reach of their posts.

“After careful consideration, we expanded our ongoing enforcement against Russian state media outlets. Rossiya Segodnya, RT and other related entities are now banned from our apps globally for foreign interference activity,” the social media company said in a written statement.

Enforcement of the ban would roll out over the coming days, it said. In addition to Facebook, Meta’s apps include Instagram, WhatsApp and Threads.

The Russian embassy did not immediately respond to a Reuters request for comment. The White House declined to comment.

Meta’s move came after the United States filed money-laundering charges earlier this month against two RT employees for what officials said was a scheme to hire an American company to produce online content to influence the 2024 election.

U.S. Secretary of State Antony Blinken said on Friday that countries should treat the activities of Russian state broadcaster RT as they do covert intelligence operations.

RT has mocked the U.S. actions and accused the United States of trying to prevent the broadcaster from operating as a journalistic organization.

In briefing materials shared with Reuters, Meta said it had seen Russian state-controlled media try to evade detection in their online activities in the past and expected them to continue trying to engage in deceptive practices going forward. – Reuters

July cash remittances hit 7-month high

REUTERS

By Luisa Maria Jacinta C. Jocson, Reporter

MONEY SENT HOME by overseas Filipino workers (OFWs) rose to a seven-month high in July, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Cash remittances coursed through banks climbed by 3.1% to $3.085 billion from $2.992 billion a year ago, the central bank said on Monday.

This was the highest monthly level since the $3.28 billion recorded in December 2023.

Overseas Filipinos’ Cash Remittances

Month on month, remittances jumped by 7% from $2.882 billion in June.

“The expansion in cash remittances in July 2024 was due to the growth in receipts from land- and sea-based workers,” the BSP said.

Money sent home by land-based workers increased by 3.6% year on year to $2.52 billion, while remittances from sea-based workers inched up by 0.9% to $567.996 million.

“Cash remittances from OFWs have hit a new high. This surge is likely due to factors like economic recovery and improving sentiment, tempering inflation, and improved remittance channels,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

The Philippine economy grew by 6.3% in the second quarter, the fastest since 6.4% in the first quarter of 2023.

For the first half of the year, gross domestic product (GDP) expansion averaged 6%. To meet the low end of the government’s 6-7% growth target, the economy must expand by at least 6% in the second semester.

Headline inflation in July hit a nine-month high of 4.4%. In August, it slowed to 3.3%, returning within the BSP’s 2-4% annual target.

The central bank expects inflation to continue easing in the coming months.

“The latest month-on-month increase came after some seasonal increase in remittances and conversion to pesos to partly finance some holiday-related spending during the school vacation season amid better weather conditions,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

He added that July remittances rose on the back of school-related expenses amid the start of the academic year, which likely continued until August.

For the first seven months, cash remittances from OFWs rose by 2.9% to $19.332 billion from $18.785 billion a year earlier.

“The growth in cash remittances from the United States, Saudi Arabia and United Arab Emirates contributed mainly to the increase in remittances in January-July 2024,” the central bank said.

The United States accounted for 41.1% of the cash remittances recorded in the seven-month period, followed by Singapore (6.9%), Saudi Arabia (6%), Japan (5%) and the United Kingdom (4.9%).

Other top sources of remittances were the United Arab Emirates (4.2%), Canada (3.5%), Qatar (2.8%), and Taiwan and Korea (both at 2.7%).

The BSP expects cash remittances to grow by 3% this year.

Remittances continue to be a “bright spot” for the economy, Mr. Ricafort said.

He added that he expects sustained “modest” growth in cash remittances in the coming months as OFW families and dependents still need to cope with elevated inflation.

“The risk of an economic slowdown or even a recession in the US, as well as in other countries that host large numbers of OFWs, partly due to aggressive Federal Reserve rate hikes since March 2022, would still be a drag for OFW remittances, especially if there would be job losses for some OFWs,” he added.

PERSONAL REMITTANCES
Meanwhile, BSP data showed that personal remittances from OFWs stood at $3.428 billion in July, rising by 3.2% from $3.321 billion a year ago.

“The increase in personal remittances in July 2024 was due to higher remittances from land-based workers with work contracts of one year or more and sea- and land-based workers with work contracts of less than one year,” it added.

Remittances from workers with more than one-year contracts grew by an annual 3.4% to $2.72 billion, while money sent by OFWs with shorter than one-year contracts went up by 1.7% to $630 million.

In the first seven months, personal remittances rose by 3% year on year to $21.532 billion

BoI-approved investment pledges hit P1.35 trillion

FREEPIK

THE BOARD of Investments (BoI) has approved 225 investment pledges worth P1.35 trillion this year, already surpassing 2023’s total.

The value of approved investment pledges as of Sept. 16 increased by 82% from the P741.98 billion worth of projects approved a year earlier, the investment promotion agency said in a statement on Monday.

This also exceeded the P1.26 trillion in investment pledges approved by the BoI in full-year 2023.

“This accomplishment highlights both our agency’s unwavering commitment to nurturing a thriving investment landscape and in harnessing our country’s potential to be the prime investment destination for smart and sustainable manufacturing and services,” Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo said.

“We are excited to build on this momentum to work towards industrial transformation and economic growth that benefits all Filipinos,” he added.

The majority of the approved investments are in the energy sector, accounting for P1.29 trillion of the total. These are mainly renewable energy (RE) projects, the BoI said.

The government has seen increased investments in RE projects after it allowed full foreign ownership in the sector, which was previously limited to 40%.

The other top sectors were real estate (P20.28 billion), manufacturing (P12.13 billion), agriculture, forestry and fishing (P10.05 billion), and administrative and support services (P5.46 billion).

The top contributors to project registrations were domestic companies, accounting for P1.01 trillion of the total approved investment pledges year to date. This represents a 221% increase from a year ago.

Meanwhile, approved foreign investments were valued at P341.78 billion, which mostly came from Switzerland (P286.77 billion), the Netherlands (P39.58 billion), Singapore (P6.18 billion), the United States (P1.68 billion) and Taiwan (P1.3 billion).

In terms of destination, P602.63 billion of the investments will go to areas in Cavite, Laguna, Batangas, Rizal and Quezon or the Calabarzon Region.

The other top investment destinations are Central Luzon (P258.68 billion), Western Visayas (P238.88 billion), Bicol Region (P142.87 billion), and Ilocos Region (P62.68 billion).

“These investments are critical to strengthening the Philippines’ economic foundation. The focus on renewable energy and manufacturing is helping drive sustainable growth, creating thousands of jobs, and improving the quality of life for Filipinos,” Mr. Rodolfo said.

“The keen investment interest from both local and foreign investors will propel long-term economic progress and position the country as a global leader in strategic investments,” he added.

For 2024, the BoI has an internal target of P1.6 trillion in investment approvals — up 27% from the 2023 level — amid a large number of projects in the pipeline, with some being endorsed for “green lane” treatment.

Executive Order No. 18 issued in February 2023 established green lanes in all government agencies to speed up the approval and registration process for priority or strategic investments.

The latest BoI data showed that there were 115 projects with a total cost of P3.2 trillion approved for green lane status as of August. — Justine Irish D. Tabile

PSEi may end above 7,000 this year on monetary policy easing prospects

REUTERS

THE BELLWETHER Philippine Stock Exchange index (PSEi) could end the year above the 7,000 mark on expectations of monetary easing here and abroad, analysts said, especially with the US Federal Reserve expected to kick off its long-awaited rate cut cycle this week.

On Monday, the PSEi rose by 1.15% or 81.35 points to close at 7,104.20, while the broader all-share index climbed by 0.82% or 31.37 points to 3,820.

Monday’s close was an over two-year high for the benchmark index, as it was its best finish since 7,142.42 on April 20, 2022.

This also marked a 10.14% or 654.16-point increase from the PSEi’s end-2023 close of 6,450.04.

The market’s rise was driven by anticipation for the Fed’s two-day policy meeting this week, where it is expected to cut rates for the first time in over four years.

Monetary easing prospects will likely continue to propel Philippine stocks in the coming months, analysts said.

“We’re still maintaining our projection at 7,355, but we’ll be open to revise after the Fed meeting,” AP Securities, Inc. Research Head Alfred Benjamin R. Garcia told BusinessWorld via Viber message.

China Bank Capital Corp. Managing Director Juan Paolo E. Colet said the PSEi might outperform expectations as market sentiment continues to improve.

“We are maintaining our 7,100 initial target for now. The current bullishness of the market and sustained net foreign buying make it increasingly likely that the index will reach and perhaps exceed that level,” he said in a Viber message.

“We will reassess the target as the market evolves in reaction to forthcoming economic data and the path of monetary policy easing,” he added.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said he expects the PSEi to end at the 7,000-7,500 level this year.

“This is amid Fed rate and local policy rate cuts that could reduce the borrowing costs of listed companies,” he said in a Viber message.

“Rate cuts would also lead to faster economic growth in terms of more demand for loans, higher investments, more global trade such as exports and imports, more jobs, higher consumer spending, and more business and other economic activities,” he said. “These will in turn lead to higher sales and earnings of listed companies, which would lead to higher valuations and share prices.”

The US central bank has kept the federal fund target rate at 5.25%-5.5% range following increases worth 525 basis points (bps) from March 2022 to July 2023 to quell elevated inflation. It last cut rates in March 2020, bringing rates to near-zero to support the US economy during the coronavirus pandemic.

Fed speakers and data releases over the past month have had markets shifting the odds around the size of this week’s rate cut, debating whether the Fed will head off weakness in the labor market with aggressive cuts or take a slower wait-and-see approach, Reuters reported.

Futures markets were fully pricing a quarter-point cut from the Fed on Wednesday, with around a 60% chance they opt for a larger 50-bp move. Last week, the chances of a larger move stood at about 15%.

Markets widely expect the Fed to cut rates by at least 100 bps this year, with more reductions seen in 2025.

The Bangko Sentral ng Pilipinas (BSP) on Aug. 15 reduced its policy rate by 25 bps to 6.25%, its first easing move in nearly four years. 

Prior to the cut, the Monetary Board kept the target reverse repurchase rate at an over 17-year high of 6.5% for six straight meetings following cumulative hikes worth 450 bps between May 2022 and October 2023 to help rein in rising prices.

BSP Governor Eli M. Remolona, Jr. has telegraphed another 25-bp cut within the year, but analysts have said that easing domestic inflation and expectations of several Fed easing moves this year may give the Philippine central bank confidence to slash borrowing costs further. The Monetary Board’s last two policy-setting meetings this year are on Oct. 17 and Dec. 19. — R.M.D. Ochave with Reuters

Boards approve wage hikes in Calabarzon, Central Visayas

BW FILE PHOTO

By Chloe Mari A. Hufana, Reporter

REGIONAL WAGE BOARDS have approved increases in the daily minimum wages of workers in the Cavite, Laguna, Batangas, Rizal, Quezon (Calabarzon) provinces and in Central Visayas, the Department of Labor and Employment (DoLE) said on Monday.

The Regional Tripartite Wages and Productivity Boards (RTWPB) of Region 4-A and Region 7 issued wage orders granting hikes ranging from P21 to P75 per day in Calabarzon and from P33 to P43 for workers in Central Visayas, depending on the geographical area and labor sector.

The increases will take effect on Sept. 30 for Calabarzon and Oct. 2 for Central Visayas. Once implemented, the new minimum wage rates in the private sector for Calabarzon will range from P425 to P560, while those for Central Visayas will be from P453 to P501.

“Both adjustments were reached through consensus and unanimously approved by the government, labor and employer representatives in both RTWPBs, and have likewise been unanimously affirmed by the National Wages and Productivity Commission (NWPC),” the DoLE said in a statement.

“The new rates for workers in private establishments translate to about a 7%-8% increase from the prevailing daily minimum wage rates in the two regions and will result in a comparable 11% increase in wage-related benefits,” it added.

President Ferdinand R. Marcos, Jr. in his third State of the Nation Address in July ordered wage boards to review regional minimum wage rates before the anniversaries of previous wage increases. The last wage order for Calabarzon took effect on Sept. 24, 2023, while that for Central Visayas was implemented starting Oct. 1, 2023.

The new wage orders are expected to benefit 1.2 million minimum wage earners in the two regions, the Labor department said.

About 2.7 million full-time wage and salary workers earning above the minimum wage may also indirectly benefit from upward adjustments to correct wage distortion, it added.

Under the wage order issued by the wage board of Calabarzon, the increases will be given in two tranches in some areas — the first upon the order’s effectivity on Sept. 30, and the second on April 1, 2025.

“RTWPB 4-A re-categorized the grouping of areas on the basis of the income classification of local government units, and simplified the wage structure into the agriculture and non-agriculture sectors and retail establishments employing not more than 10 workers,” the DoLE said.

For nonagriculture workers, the daily minimum wage will increase to P560 for those in the extended metropolitan area, to P520 for those working in first-class municipalities, and to P450 for those in second- and third-class municipalities.

Nonagriculture workers in component cities will receive P520 a day under the first tranche, which will be hiked to P540 under the second tranche. Those in fourth-, fifth- and sixth-class municipalities will get a P420 daily wage by end-September and P450 by April 2025.

For agriculture workers, the daily minimum wage will be P500 for those in the extended metropolitan area and component cities and P425 for those in the second- to sixth-class municipalities.

Meanwhile, workers in the agriculture sector in first-class municipalities will be paid P465 daily under the first tranche of the hike and P500 under the second tranche.

Lastly, the daily wage rate for retail and service establishments employing not more than 10 workers will be P425.

Meanwhile, daily minimum wage rates in Central Visayas are based on area and are the same for both the agriculture and non-agriculture sectors.

All workers in the class A geographical area or Expanded Metro Cebu — composed of the cities of Carcar, Cebu, Danao, Lapu-Lapu, Mandaue, Naga and Talisay and the municipalities of Compostela, Consolacion, Cordova, Liloan, Minglanilla and San Fernando — will now receive P501 daily under the new wage order.

Those in class B or the cities of Bais, Bayawan, Bogo, Canlaon, Dumaguete, Guihulngan, Tagbilaran, Tanjay, and Toledo will see their daily wage rise to P463.

Lastly, those in class C areas, or the municipalities not covered under classes A and B, will be paid P453 a day.

INFLATION IMPACT UNLIKELY
University of the Philippines Diliman School of Labor and Industrial Relations Assistant Professor Benjamin B. Velasco said the increases in daily minimum wages in the two regions are unlikely to spur inflation.

“The wage orders provide for a ‘modest’ increase in minimum wages. Numerous global studies reveal that moderate wage increases have little to no impact on employment and prices (i.e, not inflationary and do not lead to layoffs),” Mr. Velasco said in a Facebook Messenger chat.

He said the increase could provide relief to workers amid rising prices but reiterated the call of various groups for a legislated wage hike, specifically for a P150 “wage recovery” to “recover lost purchasing power due to inflation.”

The Senate earlier this year passed a bill granting a P100 wage hike, but the House of Representatives has yet to pass a similar measure. Proposals ranging from P100 to P750 remain pending at the House.

Employers Confederation of the Philippines Governor Arturo “Butch” C. Guerrero III said that while some of their members expressed concerns about the new wage orders for the two regions, they prefer RTWPB-mandated wage hikes over legislated increases.

“We want the regional wage board to decide on the increase rather than a legislated wage increase,” Mr. Guerrero told BusinessWorld in a phone call. “They (politicians) just go ahead and vote at the cost of the business and at the cost of the livelihood of the workers. We don’t want that to happen. We’d prefer [that the wage increases] go through regional wage boards.”

For his part, Bukluran ng Manggagawang Pilipino President Renecio “Luke” S. Espiritu, Jr. said the notion of “provincial” wage rates should be scrapped to allow all workers to earn equally.

“Calabarzon is highly industrialized — it is the “factory hub” of the Philippines. Central Visayas is also highly commercialized, with lots of malls, hotels, and economic zones there,” he said in Filipino through Facebook Messenger. “Both are similar to the National Capital Region — except that the wages are lower there.”

Airline profits under pressure; holiday travel offers hope — analysts

FREEPIK

By Ashley Erika O. Jose, Reporter

AIRLINE COMPANIES’ profitability is at risk in the second half of the year due to unpredictable fuel prices and economic uncertainties, but strong demand during peak travel periods and the holiday season could provide a boost, according to analysts.

“While these companies have demonstrated resilience, their recovery trajectory remains delicate, especially given the persistent volatility in fuel prices, inflation, and geopolitical uncertainties,” Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said in a Viber message to BusinessWorld on Monday.

“Airline companies are likely to see some improvement in profitability during the second half, supported by a seasonal uptick in travel demand during the holiday period,” Seedbox Securities, Inc. Equity Trader Jayniel Carl S. Manuel said in an e-mail.

For the second quarter, both listed PAL Holdings, Inc. and Cebu Air, Inc. posted lower attributable income.

The attributable net income of PAL Holdings, the operator of flag carrier Philippine Airlines, plunged to P2.37 billion, dropping by 61.9% from last year’s P6.23 billion after posting lower revenues and higher expenses during the period.

According to its financial report, Philippine Airlines gross revenue declined to P45.12 billion for the second quarter from P45.24 billion a year ago.

Its gross expense grew by 17.3% to P41.23 billion from last year’s P35.16 billion.

For the first half, its attributable net income declined by 45.2% to P5.97 billion from P10.89 billion previously.

Cebu Air, the operator of budget carrier Cebu Pacific, saw its attributable net income plunge by 50.9% to P1.31 billion for the second quarter from P2.67 billion, mainly due to higher expenses during the period.

It reported a combined revenue of P26.14 billion, higher by 15.3% from P22.67 billion in the same period last year.

Still, despite posting higher revenues, Cebu Air’s attributable net income for the second quarter declined, attributed to higher expenses during the period, its financial statement showed.

The operator of the budget airline registered gross expenses of P23.3 billion for the second quarter, marking a 15.6% increase from P20.15 billion in the same period last year.

For the six-month period, Cebu Pacific’s attributable net income also declined to P3.55 billion, lower by 5.3% from the P3.75 billion in the first half of 2023.

For Globalinks Securities’ Mr. Arce, airline companies will be able to recover but in a gradual manner with the expected growth in demand for travel.

“Efforts to streamline operations and reduce costs could help airlines maintain profit margins despite higher operating expenses driven by inflation and fluctuating fuel prices,” Mr. Arce said.

The surge in demand from both domestic and international passengers will help boost revenues, Seedbox Securities’ Mr. Manuel said.

However, airlines are facing challenges from rising fuel costs and other economic headwinds, Mr. Manuel added.

“The strong demand during peak travel periods positions them for a more positive second half. Though the recovery remains gradual, there is cautious optimism that airlines will end the year on a stronger note, with the holiday season providing a much-needed lift,” he said.

“External pressures such as rising fuel costs and the depreciation of the Philippine peso could dampen profitability. Market volatility, coupled with uncertainties in the global economy, could lead to fluctuations in passenger demand,” Mr. Arce said.

According to the International Air Transport Association’s jet fuel price monitor, jet fuel prices fell by 4.6% week on week to $88.47 per barrel as of Sept. 6. Year on year, jet fuel prices declined by an average of 21.2%.

The Energy department has said that prices of kerosene, which is the base of jet fuel, are expected to rise in the coming months influenced by geopolitical conflicts and the production cuts by the Organization of the Petroleum Exporting Countries and its allies.

MWSS approves Q4 rate adjustments for Manila Water, Maynilad

MAYNILADWATER.COM.PH

THE Metropolitan Waterworks and Sewerage System (MWSS) board of trustees has approved fourth-quarter rate adjustments for Manila Water Co. and Maynilad Water Services, Inc. to account for foreign exchange losses or gains.

In a statement, MWSS said it approved a hike of P0.86 per cubic meter for Manila Water and a rebate of P0.29 per cubic meter for Maynilad.

The rates will take effect on Oct. 1, 2024.

The approval was based on the recommendation of the MWSS Regulatory Office (RO) following its evaluation of proposals from the two concessionaires for foreign currency differential adjustment (FCDA).

Manila Water customers in the east zone who consume 10 cubic meters will have to pay P3.65 more every month, while those who consume 20 cubic meters and 30 cubic meters will see their monthly bills go up by P8.10 and P16.54, respectively.

For Maynilad customers in the west zone, those who consume 10 cubic meters will see a reduction of P0.83 in their monthly bills, while those who use 20 cubic meters will have to pay P3.14 less. Customers consuming 30 cubic meters will get a rebate of P6.43.

Lifeline customers, or those whose monthly consumption does not exceed 10 cubic meters, will not experience any rate adjustments.

The FCDA is a quarterly reviewed tariff mechanism that accounts for foreign exchange losses or gains arising from fluctuations in foreign exchange rates, as payments are made for foreign currency-denominated loans that are used to fund the expansion and improvement of water and sewerage services.

“It is a corrective mechanism formulated by the MWSS RO to avoid under-recovery or over-recovery caused by forex movements,” the regulator said.

Manila Water said that the rate hike was based on the difference between the foreign exchange rates in the first and second quarters. The company said that the peso fell by an average of 4.6% versus the US dollar and the euro, which a larger part of Manila Water’s loans was denominated.

For Maynilad, it said that the rebate was driven by the appreciation of the local unit against the Japanese yen, wherein the concession loans are denominated. This offset the depreciation of peso against US dollar in the concession fees.

In July, the MWSS RO conducted a public consultation as it reviewed the guidelines for carrying out FCDA.

The FCDA was temporarily halted when the revised concession agreement (RCA) between MWSS and the two concessionaires took effect in November 2021.

Amendments to the RCA were signed on May 10, 2023, and took retroactive effect with a June 29, 2022 start date. This introduced a modified FCDA for concession loans obtained after June 29, 2022, but only for “extraordinary” movements of the exchange rate.

Manila Water serves the east zone network of Metro Manila, covering parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns in Rizal province.

Maynilad serves the cities of Manila, except San Andres and Sta. Ana. It also operates in Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon. It also supplies the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta, and Rosario, all in Cavite province.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

MIDC, PhilTower finalize telecom infrastructure deal

PHILSTAR FILE PHOTO

MIESCOR Infrastructure Development Corp. (MIDC) and PhilTower Consortium, Inc. are forming a joint venture aimed at enhancing network infrastructure and accelerating the rollout of wireless technology in the Philippines.

“The partnership of MIDC and PhilTower creates a powerhouse in the Philippine towerco industry which offers strategic advantages that will not only strengthen network infrastructure but also significantly accelerates the rollout of wireless technologies for mobile network operators…,” MIDC said in a statement on Monday.

Mobile network operators include Globe Telecom, Inc., Smart Communications, Inc., and DITO Telecommunity Corp.

“This development will play a critical role in supporting the nation’s digital transformation and expanding access to mobile broadband services,” the company said.

MIDC said that the joint venture company is one of the largest independent tower companies in the Philippines.

“The partnership of MIDC and PhilTower represents a significant step forward in enhancing the country’s telecommunications tower infrastructure,” said Richard Ochava, president and chief executive officer of Meralco Industrial Engineering Services Corp. (MIESCOR).

“By combining the strengths of the two organizations, we are creating a new standard for infrastructure efficiency and service excellence, bringing us closer to achieving nationwide connectivity,” he added.

Mr. Ochava said that this will not only improve network coverage and ICT (information and communication technologies) services but also have “a broader impact on the country’s socio-economic development” by fostering digital inclusion and empowerment especially in underserved areas.

MIDC is a joint venture established in 2022 between Meralco Industrial Engineering Services Corp. (MIESCOR) and Stonepeak. MIESCOR is the engineering, procurement, construction, and operations and maintenance unit of Meralco.

Meanwhile, PhilTower is a unit of Macquarie Capital, which is part of Australian investment bank Macquarie Group.

The new entity is owned by a consortium including MIDC’s existing joint venture partners MIESCOR and Stonepeak, Macquarie Capital, and Global Network, Inc.

MIESCOR, through its telecommunications business unit, is providing turkey and semi-turnkey build and maintenance services to the telecom industry operators.

These services include telecom tower site construction and maintenance, build and maintenance of wire and wireless telecom systems, and end-customer services and solutions. — Sheldeen Joy Talavera

Ena Mori to stage electronic rave experience

ENA MORI will once again co-produce and program the club-themed concert Ena Matsuri (in English: Ena Festival) at the Justin Bella Alonte Photography Studio, Makati City, on Sept. 21.

Following the success of her birthday celebration a year before, Ms. Mori has continued to build a dedicated fan base. The Japanese-Filipino indie pop star is known for an eclectic sound, and her full-length debut album DON’T BLAME THE WILD ONE! was selected Best Album at the 2023 Awit Awards.

The album, along with newer singles “Trust Me” and “Heartache Generation,” reflect influences like electronic pop and 1980s club music, with classical influences and a futurist edge. It is in this context that she is bringing back Ena Matsuri, featuring long sets by her and her friends in the music industry, to deliver a more club-leaning, endorphin-inducing experience.

“Last year, I produced Ena Matsuri for the first time and invited a bunch of my friends to perform,” Ms. Mori said during a press conference at the Sony Music office in Ortigas, Pasig City, on Sept. 11. “It’s really about creating spaces for artists to have fun, express their music, showcase their talent.”

As for how this year’s birthday show will differ from the last, she added that the atmosphere will reflect her own shifting tastes. “I wanted to focus on more electronic and rave-y elements, which correlate to what I’ve been listening to lately,” she said.

Ms. Mori, born to a Filipino father and a Japanese mother in Tokyo, is now based in Manila. She is currently signed with independent record label Offshore Music, with distribution and promotion handled by Sony Music.

According to a press release, Ena Matsuri boasts “an all-electro/rave/hyper-pop/dance/rhythmic lineup from the scene’s buzziest underground.” The guest artists are indie pop band UDD, electronic producer Crwn (real name: King Puentespina), pop boyband Kindred, techno club DJ Hideki Ito, and synth sound artist t33g33 (real name: Alyana Cabral).

For Ms. Mori, the Philippine music scene has given her motivation to work hard and explore musically, especially given the high level of activity and variety in the post-pandemic scene.

“We inspire each other, poke at each other to get better, and gain more experience,” she said.

Of her upcoming songs and eventual album, Ms. Mori said that it will all still be in the realm of electronic pop music, but with “more natural sounds and raw emotion” in her lyrics. “You can expect a little more string instruments and a bit more guitar. Those are the things that I’m exploring.”

Her live performances will also continue to showcase her captivating stage presence — this year, they include the South by Southwest (SXSW) festival in Sydney, Australia, in October.

Whether she performs in the Philippines or Japan, or in the Western world, the goal is to be “as authentic as possible.”

“Artistically, I’m proud of my heritage because I get to explore two experiences that I’ve had,” she said. “I’m honestly not really aware of any differences in my performance wherever I may be. I don’t think about how I’m presenting, but I hope it’s all consistent.”

As for what to expect at Ena Matsuri, Ms. Mori teased that there will be music, dance, art, and interactive elements, including a market with independent merchants, to display the best of youth and online culture.

“It’s kind of like a photo studio but with speakers, lights, and all that, so it will be cozy and intimate but still hard-hitting. I hope that it will be really inspiring,” she told the media.

Ena Matsuri will be held on Sept. 21, 6 p.m. onwards, at the Justin Bella Alonte Photography Studio, 2289 Chino Roces Ave., Makati. It is co-produced, curated, and conceptualized by Ena Mori herself, with assistance from Offshore Music and GNN Entertainment Productions.  Tickets are now available via enamatsuritwo.helixpay.ph for the price of P700. — Brontë H. Lacsamana

Aboitiz InfraCapital targets to expand core segments, stabilize other businesses

COSETTE V. CANILAO

By Ashley Erika O. Jose, Reporter

ABOITIZ InfraCapital, Inc., the infrastructure arm of the Aboitiz group, is working to expand its core segments and stabilize its other businesses to match the performance of its mature assets, the company’s president said

“I think with most of our operating assets already in place, we will see all the other sectors of our business also mature and become stable sources of cash and revenues,” Aboitiz InfraCapital President and Chief Executive Officer Cosette V. Canilao said in an interview with BusinessWorld.

The company focuses on four segments such as economic estates, water, digital infrastructure, and transport and mobility.

With over 20 years of combined experience in public-private partnerships, investment and corporate banking, crisis management and restructuring practice, Ms. Canilao hopes to lead the strategic growth of the company by advancing each of its key segments. 

Founded in 2015, Aboitiz InfraCapital was initially set up to specifically participate in the government’s infrastructure development program, she said.

“Aboitiz as a group was already into infrastructure through our power arm. The natural progression of the group was going to non-power infrastructure projects,” Ms. Canilao said.

“[We have] a diversified portfolio and some of the mature sectors can actually fund those greenfield projects that we are doing. When we started, we only had our estate water as our operating assets,” she said.

Aboitiz InfraCapital’s water units are Apo Agua Infrastructura, Inc. and Lima Water Corp. It also has a minority stake in Balibago Waterworks System, Inc., a provincial water utility system.

The company hopes to advance its water business and digital infrastructure segments.

“Airport and economic estates [are doing well] but the two others are catching up. Most likely in three to five years’ time we will have our four business pillars contributing significantly to the revenues as well as the cash position,” Ms. Canilao said.

DIGITAL SPACE
In 2022, Aboitiz InfraCapital signed a partnership with EdgeConneX for its plan to start building its five-megawatt data center.

“But we are still looking at how we can do this. We are not building at risk. So, our partner  EdgeConneX is looking at the interest from hyperscalers before we can start building,” she said.

For now, the company is looking to develop its data center in Luzon.

“We’re being very careful about this. We’ve seen the development of technology, which is a technological shift across the globe. We are just making sure that when we build, it is the right time to do it. We have been closely monitoring the market,” Ms. Canilao said. 

“Most of the data centers that are being built right now are really for retail or enterprise, not for hyperscalers,” she added.

TRANSPORTATION PROJECTS
Ms. Canilao, who also runs marathons, said that her passion for running partially influences the company’s initiatives and advancements in mobility and transportation projects.

In 2022, Aboitiz InfraCapital finalized a deal with Megawide Construction Corp. and GMR Airports International B.V., allowing it to acquire shares in GMR-Megawide Cebu Airport Corp., the company behind the Mactan-Cebu International Airport.

“The airports, with our acquisition of Mactan Airport, have also become one of the bigger operating assets that we have, and we are hoping to catch up with trying to capture the resurgence in travel through that airport,” she said. 

She said the company is keen on improving the country’s regional airports.

“I believe that the government is looking at bidding out other airports, and we will definitely look into it,” Ms. Canilao said

The infrastructure arm of the Aboitiz group has submitted unsolicited proposals for the operations, maintenance, and development of New Bohol-Panglao International Airport, Bicol International Airport, and Iloilo International Airport.

Earlier, the Transportation department said that the company will be awarded the contract to operate, maintain, and upgrade the Laguindingan International Airport in Mindanao. 

Aside from airports, Aboitiz InfraCapital is also willing to participate in other government projects, Ms. Canilao said.

“Where it makes sense for us, we will look at it… But if it’s not strategic to the assets that we have right now, we will probably pass on it,” she said.

“Infrastructure projects are very long term in nature, and the cash flow actually comes towards the end because of the nature of infrastructure,” she added.

For now, Aboitiz InfraCapital is focusing on growing its other businesses to match the performance of its mature assets, Ms. Canilao said, adding that going public remains a possibility.

“Maybe in three to five years. Once the various sectors of Aboitiz InfraCapital have stabilized already and more of our assets are really operating, then we will consider all types of capital ways,” she said.

Shogun, Hacks claim top honors at TV’s Emmy awards

HIROYUKI SANADA and Anna Sawai both won Emmys for their work in Shogun. The show bagged the Best Drama award.

LOS ANGELES — Historical epic Shogun won the prestigious best drama award at the Emmy Awards on Sunday, and Hacks upset favorite The Bear to win best comedy as Hollywood celebrated the best of television.

Shogun, a sweeping story about political machinations in 17th century Japan, also won acting awards for Japanese stars Hiroyuki Sanada and Anna Sawai.

Hacks, about a 70-something comedian and a millennial writer, was the surprise winner of best comedy series, which awards pundits believed was close to a lock for the second season of restaurant tale The Bear.

Netflix’s Baby Reindeer, a chilling story about a bartender stalked by a customer, was named best limited series.

The Bear won three of the four Emmy Awards for comedy acting, yielding only to Jean Smart who claimed her third trophy for her starring role as an ambitious stand-up comic on Hacks.

Jeremy Allen White and Ebon Moss-Bachrach won their second straight Emmys for comedy actor and supporting actor on The Bear. Mr. White portrays chef Carmen “Carmy” Berzatto, a man trying to turn his family’s Chicago sandwich shop into a fine dining establishment.

“This show has changed my life and instilled a faith that change is possible,” Mr. White said as he held his award on stage at the Peacock Theater in downtown Los Angeles.

Mr. Moss-Bachrach earned his trophy for his role as Cousin Richie, a restaurant manager and father.

Both actors won the same awards at the last Emmys, which was held in January after Hollywood labor strikes disrupted the normal schedule.

In a surprise, Liza Colón-Zayas landed a third Emmy for The Bear. She was named best supporting comedy actress for her role as chef Tina Marrero, winning in a field that included legends Meryl Streep and Carol Burnett.

Ms. Smart received a standing ovation when she won her third Emmy as the septuagenarian comedian Deborah Vance on Hacks.

“I appreciate this because I just don’t get enough attention,” Ms. Smart joked on stage.

Schitt’s Creek stars Eugene and Dan Levy shared hosting duties, the first father-and-son duo to emcee the awards.

“If things go south, my name is pronounced Martin Short,” Eugene Levy deadpanned, referring to the Only Murders in the Building star who was in the audience.

Dan Levy joked that the Emmys were known as “broadcast TV’s biggest night for honoring movie stars on streaming services.”

Winners were chosen by the nearly 22,000 performers, directors, producers and other members of Hollywood’s Television Academy. — Reuters

 

Full list of winners at the 76th Emmy Awards

Jean Smart won the Best Actress in a Comedy award for her work in Hacks. The show was also named Best Comedy.

LOS ANGELES — The Emmy awards, the highest honors in television, were handed out at a live ceremony in downtown Los Angeles on Sunday. The following is a list of winners in each category.

Best Drama Series – Shogun

Best Comedy Series – Hacks

Best Limited or Anthology Series – Baby Reindeer

Best Drama Actor – Hiroyuki Sanada, Shogun

Best Drama Actress – Anna Sawai, Shogun

Best Comedy Actor – Jeremy Allen White, The Bear

Best Comedy Actress – Jean Smart, Hacks

Best Comedy Supporting Actor – Ebon Moss-Bachrach, The Bear

Best Comedy Supporting Actress – Liza Colón-Zayas, The Bear

Best Drama Supporting Actor – Billy Crudup, The Morning Show

Best Drama Supporting Actress – Elizabeth Debicki, The Crown

Best Director, Comedy Series – Christopher Storer, The Bear

Best Writing, Comedy Series – Lucia Aniello, Paul W. Downs, and Jen Statsky, Hacks

Best Director, Drama Series – Frederick E.O. Toye, Shogun

Best Writing, Drama Series – Will Smith, Slow Horses

Best Actor, Limited Series or Movie – Richard Gadd, Baby Reindeer

Best Supporting Actor, Limited Series or Movie – Lamorne Morris, Fargo

Best Actress, Limited Series or Movie – Jodie Foster, True Detective: Night Country

Best Supporting Actress, Limited or Anthology Series or Movie – Jessica Gunning, Baby Reindeer

Best Directing, Limited or Anthology Series or Movie – Steven Zaillian, Ripley

Best Writing, Limited or Anthology Series or Movie – Richard Gadd, Baby Reindeer

Best Reality Competition Program – The Traitors

Best Scripted Variety Series – Last Week Tonight with John Oliver

Best Writing for a Variety Special – Alex Edelman: Just for Us

Best Talk Series – The Daily Show

Filinvest Land acquiring condotel operator FORA Services

LISTED property developer Filinvest Land, Inc. (FLI) is acquiring 100% of condotel operator FORA Services, Inc. (FOSI) as part of bolstering its portfolio and long-term growth plans.

FLI’s executive committee approved the acquisition of FOSI from its subsidiary Filinvest Hotel Corp. (FHC) for P400,000, the Gotianun-led property developer said in a regulatory filing on Monday.

“The acquisition of FOSI would involve the addition of the first-ever Securities and Exchange Commission-registered condotel business model into the diverse portfolio of FLI. With this, FLI can capitalize on the novelty and potential of the condotel business and position itself for long-term growth,” FLI said.

“The acquisition also creates synergies by leveraging on the experiences and resources of both FLI and FOSI. FLI can leverage on its expertise on real estate development and management to enhance the quality and efficiency of FOSI’s condotel operations which can ultimately lead to cost savings and improved profitability,” it added.

Incorporated in August 2018, FOSI is a domestic corporation engaged in operating and managing real estate projects and rendering hospitality-related services, particularly the Quest Hotel Tagaytay Project condotel project in Fora Rotunda Tagaytay.

FOSI is a registered issuer of 164 certificates of participation in the condotel project, which allows its holders to receive a payment of distributable participation interest annually and room use privilege. 

FHC is a subsidiary of listed conglomerate Filinvest Development Corp. (FDC), which has business interests in real estate development and leasing, banking and financial services, hotel and resort management, power generation, and sugar milling.

On Monday, FLI shares were unchanged at 63 centavos apiece while FDC stocks rose by 1.11% or six centavos to P5.45 per share. — Revin Mikhael D. Ochave

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