Facebook Instagram Linkedin X Youtube
Home Blog Page 12641

PEZA tries to soothe investors spooked by tax

THE WOMAN tasked to lure investment to Philippine economic zones is seeking to calm investors spooked by a government proposal to scale back tax incentives.
The Finance department plans to take away tax breaks given to businesses, valued at over P300 billion ($5.8 billion) a year or about two percent of gross domestic product.
Charito Plaza, head of the agency which oversees hundreds of industrial parks, is confident officials will apply tax changes only to new investment.
“Don’t be afraid,” Plaza, director general of the Philippine Economic Zone Authority, said in an interview at her office in Manila. “The government won’t renege on contracts.”
The Philippines is in the midst of an ambitious tax reform to raise revenue to help pay for a $180-billion infrastructure plan. But a part of the proposal to cut income tax holidays and duty-free imports is causing some companies to put expansion plans on hold. A newspaper report showed PEZA investment pledges fell 22% from a year earlier in the first two months of 2018.
“It’s certainly the case now that some are putting their business plans on hold,” said Guenter Taus, president of the European Chamber of Commerce in the Philippines, whose about 800 members are mostly in outsourcing and manufacturing. “I don’t see a very, very rosy picture in the future.”
While foreign direct investment surged to a record $10 billion last year, the United Nations ranks the Philippines behind major Southeast Asian economies in terms of investment.
Balancing efforts to boost revenue and attracting investment is a tough task. Former President Benigno Aquino III also mulled dialing back on incentives but disagreements on which sectors they’ll take perks away from ended in a stalemate.
Plaza is fighting hard. At a meeting with policy makers, Plaza went armed with data showing industries located in these economic hubs contributed about P3.3 trillion annually to the economy, trumping the estimated foregone taxes.
“We have to look at the total picture,” said Plaza, a former lawmaker who co-authored the bill creating the economic zone authority. “There’s also the social progress that cannot be quantified.”
Policy makers are also now looking at making incentives for new investors performance-based and targeted to basic industries like steel and agriculture, she said.
“Industries are the goose that lays the golden egg,” Plaza said. “We won’t kill the goose.” — Bloomberg

Filipino action film The Trigonal to premiere at Cannes Film Market

A FILIPINO action-thriller meant to make “action movies alive and palatable again to local and international audiences,” is set to make its world premiere at the Cannes Marche du Film (Cannes Film Market) of the Cannes Film Festival this month.
The Trigonal, directed by Vincent Soberano, is about a mixed martial arts athlete who returns to his hometown and becomes a drug lord’s pawn — along with his wife and unborn child — and has to compete in an underground fight club.
Leading the cast are theater actor Ian Ignacio (who has a black belt in Taekwondo) and film/TV actress Rhian Ramos.
The film is said to “combine meticulously choreographed action sequences with top-notch production details, and at the very heart of it, a journey in humanity,” according to a press release.
“I wanted to make a movie that combines a love story with a thriller, some comedy, and a whole lot of mixed martial arts action never before seen on screen. The movie abounds with symbolism. The ‘Trigonal’ refers to an underground fighting arena shaped like a triangle. It also represents the film’s three principal characters and three subplots. The triangle in itself is a symbol of mixed martial arts,” said Mr. Soberano in the release.
“The action has to tell a story and a good actor can intensify or downplay the action depending on their portrayal of it,” he explained before adding, “Fight porn is what I call fighting just for the sake of fighting. I don’t like that. There has to be a story behind every action, every kick, every punch.”
The Trigonal is set to have its world premiere at the Cannes Film Market on May 12.
The Cannes Film Market is held in conjunction with the Cannes Film Festival which runs from May 8 to 19.
The film — which also stars several Chinese artists including Ultimate Fighting Championship star Li Jing Liang, actor/producer Gus Liem and Chinese-American action star Sarah Chang — was picked up for Chinese distribution by Real Pictures Entertainment after the film’s limited release premiere here on March 14, while the Philippine distribution will be handled by Viva Pictures. The film is set to be shown in Philippine cinemas in July.
Talks are underway to bring the films to the US in August, said the statement. — Zsarlene B. Chua

Avengers opens with $630M, smashing the global record

LOS ANGELES — Avengers: Infinity War took in $630 million in its first weekend, the highest global opening of all time, industry estimates showed on Sunday.
“The latest Marvel juggernaut… opened with $630M worldwide, making it the largest global weekend tally in the history of film, and this was done without China,” which has a later opening, industry tracker Exhibitor Relations said.
That topped The Fate of the Furious, the eighth installment of the high-octane action series starring Vin Diesel, Dwayne Johnson, and Michelle Rodriguez that opened with more than $530 million globally in 2017.
Infinity War, which features more than two dozen superheroes fighting to save the universe, also broke the record for highest North American opening weekend, raking in $250 million at US and Canadian box offices.
That beat The Force Awakens, the seventh film in the long-running Star Wars space saga that made $248 million in its opening weekend in 2015.
SAVING THE UNIVERSE
Infinity War is the 19th film in the so-called Marvel Cinematic Universe (MCU), combining a whopping nine franchises and a cast list that reads like a who’s who of Hollywood’s A-list.
Robert Downey, Jr. dons the red and gold metal suit once again as Iron Man; Benedict Cumberbatch is Doctor Strange; Scarlett Johansson is back as Black Widow; and Australia’s Chris Hemsworth is Thor.
Also back for more?
Black Panther — the Marvel breakout of the year after the standalone pic’s massive opening in February, Captain America, the Hulk, Spider-Man, Hawkeye, the Guardians of the Galaxy and their assorted allies.
“We took a picture of every single person whose character has been in the MCU. We hung it up on a wall all around us,” co-director Anthony Russo, who helms the film with his brother Joe, told reporters ahead of its release.
“We basically spent months and months and months talking about where we could go with each character, how we could draw them through the story,” he added.
“Every one of these characters… has been on a very specific journey through the MCU to arrive at this moment.”
“It is an extraordinary weekend for the movie business and for the Marvel Cinematic Universe,” Dave Hollis, head of domestic distribution at Disney, said. “Infinity War was the culmination of 10 years of developing the universe and characters that people care about. Having them all come together in this was what created a must-see moviegoing event.”
Prior to Infinity War, the original Avengers had the highest opening to date for a Marvel film, debuting with $207.4 million. Its sequel, Age of Ultron, launched with $191 million. The first movie earned $623 million in North America, while the second made $459 million.
This is the third Avengers film, before the final, untitled saga set for next year.
‘NORTH STAR’
An important source of inspiration is the Marvel canon — the storylines developed over decades in the original comic books.
Infinity War is drawn from the “Infinity Gauntlet” series of the early 1990s.
“It starts with those comics and us beginning to rip pages out or rip copies of pages out and put them on the walls and start to be inspired,” explains Kevin Feige, the president of Marvel Studios, which is owned by Disney.
“It’s a North Star for us as we lead these giant productions into reality.”
Joe and Anthony Russo directed from a script by Christopher Markus and Stephen McFeely. Infinity War picks up two years after the events of Captain America: Civil War with the Avengers teaming up with the Guardians of the Galaxy to stop the evil Thanos (Josh Brolin) from inter-galactic dominance.
In the movie’s trailer, Gamora (Zoe Saldana) — Thanos’s daughter, of sorts — explains that the villain believes that if he annihilates half of the universe, he can save the other half.
He needs the so-called Infinity Stones to do it. So, the heroes need to keep him from getting them.
The film cost an eye-watering $300 million to make, according to Hollywood media.
“It was about the most fun creative exercise I think I’ve ever been through in my life,” said Anthony Russo. “We thought about everybody in the MCU.” — AFP/Reuters

Avatar director Cameron traces roots of sci-fi movie explosion

LOS ANGELES — Avatar director James Cameron’s latest project takes audiences back to the humble beginnings of science fiction movies, long before films like Star Wars sold billions of dollars worth of tickets and dominated popular culture.
In a six-part documentary series that debuts on US cable network AMC on Monday, Cameron explores the B-movies of the 1950s, space and alien films of the 1960s, and post-apocalyptic thrillers of the 1970s.
While many are now considered classics, including Stanley Kubrick’s 2001: A Space Odyssey from 1968, Cameron said Hollywood executives at the time showed little interest in a genre that rarely yielded big box office returns.
“Nobody had ever made any damn money with science fiction,” Cameron told reporters at the Manhattan Beach, California, studio where he is in the middle of making two Avatar sequels.
Everything changed with 1977’s Star Wars, which became the highest-grossing domestic film in history at the time and sent film studios scrambling to imitate it.
“You had a lot of bad science fiction for a while, all trying to cash in on Star Wars,” Cameron said. “Then the whole genre elevated and became much more what it is today, which is much more a part of the mainstream culture.”
Today, movies grounded in science fiction are among the biggest draws at box offices. Cameron’s Avatar holds the current record for ticket sales with $2.8 billion worldwide.
Last weekend’s Avengers: Infinity War, from Walt Disney Co.’s Marvel Studios, was expected to rank among the top US and Canadian openings of all time. (See story here.)
In the series called AMC Visionaries: James Cameron’s Story of Science Fiction, Cameron interviews fellow directors Steven Spielberg, Guillermo del Toro, George Lucas, Ridley Scott, and Christopher Nolan about filmmaking and their influences.
Cameron traded notes with the directors on their favorite sci-fi literature from as far back as the 1930s, something he wanted to highlight as a key part of the genre’s origins.
“What was important to me for this series was to trace back the DNA of these stories,” Cameron said. “So if you’ve got a time travel story, where did that come from? If you’ve got a space story, how did that enter our popular culture? Why did science fiction as a genre struggle to try and popularize these ideas?”
Cameron argued that science fiction is now more relevant than ever as humans become more dependent on machines.
“We are co-evolving with our own technology,” Cameron said.
“Science fiction is kind of our headlights. It helps us see what’s down the road.” — Reuters

Weinstein ‘believes he will be forgiven’ by Hollywood — Piers Morgan

LONDON — Movie producer Harvey Weinstein, who has been accused of sexual assault by dozens of women, believes he will eventually be forgiven by Hollywood, according to television presenter Piers Morgan.
Once one of Hollywood’s most powerful figures, Weinstein has been accused by more than 70 women of sexual misconduct, including rape.
Weinstein has denied having non-consensual sex with anyone.
Morgan told GQ magazine he had spoken to Weinstein at a clinic where he has been seeking treatment.
“I’ve spoken to Harvey in the clinic in Arizona, for about an hour. He’s fighting,” Morgan said.
“He’s a fascinating character. The apocalyptic symptom of the whole thing — the casting couch finally brought to judgment.”
Morgan said he was not as surprised by some of the allegations.
“Listen, this has been the system since Hollywood existed,” Morgan said.
“It’s been a moral cesspit since the ’20s, and the idea that Harvey Weinstein is the only villain? Do me a favor.
“Look at Mel Gibson: ultimately Harvey believes he will be forgiven.”
Gibson sparked controversy in 2006 after unleashing an anti-Semitic tirade during his 2006 arrest for drunk driving, but has enjoyed recent success and was awarded a best director nomination for his film Hacksaw Ridge in 2017.
Weinstein said in a statement that he spoke with Morgan last year.
“I have immense respect for Piers Morgan and appreciate him. During our conversation, which was back in 2017, the only thought I conveyed was that my focus now and in the future is on my family,” Weinstein said.
“I did not talk about business or Hollywood. My priority is my family.”
The full GQ interview will be published on May 3. — Reuters

Pangilinan eyes resumption of talks with CNOOC


By Victor V. Saulon, Sub-Editor
PXP ENERGY Corp. sent feelers to China National Offshore Oil Corp. (CNOOC) for a possible resumption of talks about jointly exploring the contested area in the South China Sea or the West Philippine Sea, the chairman of the local company said on Monday.
“I believe we have sent feelers to CNOOC to see whether we could meet with them again as soon as they are available to talk about the South China Sea situation. Of course, anything with them will have to be cleared with our government. I’m sure it’s true for their side as well,” PXP Chairman Manuel V. Pangilinan told reporters on the sidelines of the quarterly briefing of Manila Electric Co., a company he also chairs.
Asked if the feelers were sent recently, he replied: “Not this year.”
Mr. Pangilinan said there had been some suggestions on the legal framework for the Philippines and China on joint exploration, and that the local group had hired legal experts to clarify the sovereignty issue and to help come up with a “legal structure.”
“I think there have been some suggestions. We have engaged both local lawyers… and international lawyers to help us craft a legal structure that obviously will meet the test of sovereignty of the Philippine government and what these lawyers think might be acceptable to the Chinese government,” Mr. Pangilinan
PXP Energy directly and indirectly owns 77.5% of Forum Energy Ltd., a London-listed company whose main asset is a controlling interest in offshore exploration Service Contract (SC) 72 west of Palawan island in the disputed seas. SC 72 is covered by the decision handed down by the Permanent Court of Arbitration in The Hague in the Netherlands on July 12, 2016.
The court ruled that Reed Bank, where SC 72 lies, is within the Philippines’ exclusive economic zone as defined under United Nations Convention on the Law of the Sea.
On March 2, 2015, the Department of Energy (DoE) placed SC 72 under force majeure because the contract area falls within the disputed area, which was the subject of the arbitration process.
Under the terms of the force majeure, exploration work at SC 72 is suspended from Dec. 15, 2014 until the DoE notifies Forum Energy that it may continue drilling.
Mr. Pangilinan said the Philippine government had not set a timeframe for coming up the legal structure.
“I think a great deal of it will depend on the timeframe by which the Philippine government and the government could agree a protocol, a code of conduct for the joint or cooperative surveys, development etcetera of the South China Sea,” he said.
Mr. Pangilinan said PXP Energy and CNOOC had been waiting for the two governments “to sort things out between the two of them,” although they appeared to be “moving positively in arriving at something.”
“From what we gathered, it’s a positive development,” he said, citing the recent visit of President Rodrigo R. Duterte to China to attend an economic forum, during which he met with Xi Jinping, China’s president.
Mr. Pangilinan also said the recent pronouncement of Mr. Duterte favoring a 60-40 sharing of the gas find in the area would be the government’s call.
“But at the end of the day, the proportion of sharing are numbers that the government will tell us what’s acceptable to them,” he said.
“If he’s happy with 60-40 then we’ll take it as marching orders,” he added.

TV’s Single/Single grows up in new film

EVERYBODY HAS to grow up someday, and the cast of Single/Single, the TV series by Cinema One and The Philippine Star which was first shown in 2016 will now have to make the transition from the small to the big screen for the movie Single/Single: Love Is Not Enough.
The TV series opened with the premise of Joey and Joee (played respectively by Matteo Guidicelli and Shaina Magdayao) moving in together as roommates, and while it was all fun and games at first, romantic feelings developed between them. By the end of the second season, Joee has become pregnant by Steve (JC Santos), and the movie, picking up from this cliffhanger, begins with Joee giving birth, making Joey a reluctant foster father.
“Even if you didn’t see the series, you’ll understand the story,” said head writer for the series and movie Lilit Reyes.
“Itong movie…is one big leap, or three steps higher, because we are not just [learning] #HowToAdult. This time, dahil magkakaroon na ako ng anak, #Adulting na talaga siya (This movie is one big leap, or three steps higher, because we are not just learning #HowToAdult. This time, because I’m having a child, it’s really about #Adulting),” said one of the film’s stars, Ms. Magdayao.
“Kung dati, hinahanap lang namin ’yung pagkatao namin, ’yung hobbies namin, kung anong gusto namin sa buhay, ngayon, paano namin pananagutan itong malaking responsibilidad na ito (Before, we were just looking for ourselves, our hobbies, and what we want out of life. Now, how do figure out how we can take responsibility for this big task)?”
According to Lucien Dy Tioco, executive vice-president of the Philstar Media Group, “Kami actually nag-pitch ng idea to Cinema One (We actually pitched the idea to Cinema One). We wanted a co-production with them. It was hitched actually on the advocacy of financial literacy.”
Single/Single: Love Is Not Enough will hit cinemas on May 2.
The movie is directed by Veronica Velasco and Pablo Biglang-awa, and is co-written by Jinky Laurel. It stars Matteo Guidicelli, Shaina Magdayao, Cherie Gil, Ricky Davao, Anna Luna, Brian Sy, and JC Santos.
BusinessWorld is part of the Philippine Star Group. — Joseph L. Garcia

Meralco Q1 profit rises 10% due to ‘unusually’ strong energy sales

MANILA ELECTRIC Co. (Meralco), the country’s biggest power distribution utility, posted a net income of P5.31 billion in the first quarter, up 10% from the same period last year, largely because of higher energy sales.
Adjusted for one-time, exceptional transactions, core net income at P4.92 billion was higher by 6.9% from a year ago.
“We were quite surprised by the unusually strong sales that we saw in the first quarter, particularly in March,” said Oscar S. Reyes, Meralco president and chief executive officer, during the company’s quarterly financial briefing.
Meralco Chairman Manuel V. Pangilinan described the quarterly performance as possibly resulting in a “better year” for the distribution utility.
Energy sales in the first quarter went up nearly 9% to 10,145 gigawatt-hours (GWh), even as average distribution rate was a centavo lower at P1.40 per kilowatt-hour (kWh).
Also contributing to the higher profit during the period was the flat operating and maintenance expenses and adjustment of provisions for impairment of certain trade receivables, said Betty C. Siy-Yap, Meralco senior vice-president and chief finance officer.
Consolidated revenues for the first three months reached P70.81 billion, up 6.4% compared with the same period last year. Electricity revenues accounted for the bulk at P69.01 billion, higher by 6.6% from a year ago.
Mr. Reyes said industrial customers recorded the biggest growth in terms of power consumption at 11% to 3,014 GWh. Residential customers followed with a 9% increase to 2,997 GWH, while the commercial segment posted an 8% increase to 3,979 GWh.
He said commercial sales volume were still driven by the real estate, retail trade, and hotel and restaurant business.
Real estate and retail trade had been supported by the mixed-use developments to meet the strong demand for residential and commercial spaces for the business process outsourcing sector and offshore gaming operations. Operations of hotels that opened last year continue to ramp up and normalize in 2018.
The rise in industrial sales volume had been largely spurred by the semiconductor, food and beverage, and rubber and plastics industries.
Mr. Reyes reported that Meralco’s customer base as of the third quarter increased by nearly 5% to 6.4 million, of which 290,000 are net new accounts since March 2017.
The residential customer base, which increased by 5% represented 92% of Meralco’s customer base. The figure includes 93,522 prepaid electricity customers, up from 49,825 as of end-March 2017.
“Our first quarter billed volume growth of 9% is encouraging and indicative of continuing strong economic growth. Domestic consumption and investment expenditures remain rather strong; the prospect of regional stability with the recent developments in North and South Korea and the friendly tone in Philippine-China relations add to this positive view,” Mr. Pangilinan said in a statement distributed during the briefing.
On Monday, shares in Meralco rose by 2.48% to close at P322 each. — Victor V. Saulon

Project seeks to use 100% fly ash to make cement

By Carmencita A. Carillo
Correspondent
DAVAO CITY — The development and commercial production of concrete made entirely from fly ash, a residue of coal-fired power plants, is being eyed within the next five years.
“We have a booming construction industry and one of the most widely used materials in the industry is concrete with Portland cement as the main ingredient,” Dr. Michael Angelo B. Promentilla,a professor at De La Salle University’s Chemical Engineering Department, told BusinessWorld in an interview last week on the sidelines of the 2nd ASEAN Science Diplomats Assembly.
Mr. Promentilla, also the head of the Waste and Chemicals Management Unit of the Center for Engineering and Sustainability Development Research, the research arm of the Gokongwei College of Engineering, said the product they are developing is a more environment-friendly construction material.
“The production of cement emits a significant amount of carbon dioxide (CO2). The industry is also energy intensive,” he said
At the same time, using fly ash from the coal-fired energy sector would help manage the power plants’ byproduct.
Mr. Promentilla’s ongoing research project, “Developing Green Cementitious Material for a Carbon-Constrained World,” seeks to use 100% fly ash in making cement to reduce the carbon footprint of the construction material.
The Portland cement currently available in the market already has a 15% fly ash component.
Mr. Promentilla, who refers to his project as “GAMERS” (Geopolymer and Advanced Materials Engineering Research for Sustainability), said “these cement plants emit about two metric tons (MT) of carbon dioxide per year, which is about 5% to 7% of the global anthropogenic CO2 .”
“My project aims to use fly ash alone without using Portland cement. We try to utilize the waste of coal-fired plants to produce material comparable to Portland cement and we call the technology geopolymer,” he explained.
Mr. Promentilla said the project is still in the research and development stage, although they have already successfully created brick out of the geopolymer at the laboratory. They have yet to go on field testing, which means actually using the product to construct a house.
The project has already spent P3 million since it started in 2013, and requires another P10 million for field tests.
The project has financial support from the ASEAN University Network/Southeast Asia Engineering Education Network (AUN/SEED-Net) — Japan International Cooperation Agency (JICA), and the National Academy of Science and Technology/Department of Science and Technology (NAST/DoST) Grants to Outstanding Achievement in Science and Technology, and collaborators from DLSU Gokongwei College of Engineering, Tokyo Institute of Technology (Japan), and Ho Chi Minh University of Technology (Vietnam).
“R&D usually takes two to three years and with the best scenario, we can come up with a level of technology readiness in five years where we can commercialize it,” he said.
Mr. Promentilla said the geopolymer technology itself is already being used by scientists from France and Australia, but their project is the first in the Philippines and he wants to popularize it as the green and better option.
He said he hopes the construction industry will consider the new technology and “they work with us to produce green materials.”
“I call it upcycling or trying to convert something of low value or something considered waste into a high-value product, which is the framework of a circular economy,” he said.
“We hope we can apply the technology to build houses, low-cost housing or even road embankment,” he added.
Their team is also anticipating other challenges such as establishing standards for the product and introducing legal amendments to make it part of the National Building Code.
In the future, when GAMERS has become mainstream, Mr. Promentilla said he also wants to explore the use of agricultural waste such as abaca fiber, rice hulls or other indigenous materials as a composite to be mixed with geopolymer.
“Utilization of such wastes as sources of reactive alumino-silicate resource is proposed as a viable solution to the pollution problem and at the same time as an economical option in the design of sustainable construction materials for a carbon-constrained world,” he said.

Treasury partially awards papers

THE AUCTION of P15 billion worth of Treasury bills (T-bills) on Monday saw mixed results as investors swarmed the shorter-dated securities but avoided the longer tenors amid continued uncertainty in financial markets.
The government raised a total of P8.63 billion during yesterday’s auction of the shorter-tenored securities, just a little over half of the P15 billion it offered, even as total tenders reached P24.49 billion.
The Treasury fully awarded P5 billion in three-month debt papers with tenders reaching three times as much at P15.153 billion. The average yield on the T-bills dropped to 3.485% from 3.597% in the previous auction.
Meanwhile, it partially awarded the P4-billion worth of six-month papers it offered, accepting just P3.362 billion in bids as rates rose, even as the auction volume was oversubscribed, with tenders reaching P6.357 billion. Yields sought by banks increased to 4.019% from 3.889% previously.
However, the government rejected all bids for the one-year securities as its P6-billion offer was undersubscribed, attracting just P2.98 billion in tenders. The papers also fetched higher yields, jumping to 4.263% from 3.986% in the previous auction.
At the secondary market at noon, the three- and six-month T-bills were quoted at 3.7846% and 3.8299%, respectively, and 4.3635% for the one-year papers.
At the close of trading, the 91-day T-bill saw its rate drop to 3.4778%, while yields on the 182-day and 364-day papers climbed to 3.8326% and 4.3661%, respectively.
Deputy Treasurer Erwin D. Sta. Ana said rates bid by banks for higher-dated tenors climbed due to higher inflation expectations, which heightened bets of policy tightening from the Bangko Sentral ng Pilipinas (BSP).
Meanwhile, the 91-day papers, being the shortest tenor, saw its yield decline on the back of the country getting a “positive” outlook on its credit score from S&P Global Ratings last Thursday.
“We are somewhat expecting that because of the change in the credit rating outlook by S&P. So, to some extent, that has impact on that. But as you can see, with respect to the other tenors, that’s where the demand weighed a bit. So it’s really because of the usual uncertainties [as] the markets are waiting the inflation report, the action of the Monetary Board [and] whether they will move or not in their May 10 policy meeting,” Mr. Sta. Ana said after yesterday’s auction.
“We don’t want to reject, but if we see that the rates are way off market expectations, then we would really be forced to do so,” he added.
A BusinessWorld poll of 11 economists showed a 4.5% median forecast for April, which if realized will be higher than the 4.3% booked in March using 2012 as the base year.
The government will report official inflation data on Friday.
Mr. Sta. Ana said the government’s improved tax collection performance is giving the Treasury room to reject some bids.
“We are always dependent on the performance of the revenue side. We also look at the disbursements, but the revenues side, the BIR (Bureau of Internal Revenue) and the BoC (Bureau of Customs) are doing well. On the expenditure side, there’s been a pickup but it’s been covered adequately. We are still within deficit targets so there’s nothing to worry about,” said Mr. Sta. Ana.
The BIR raked in P423.1 billion in the first quarter, exceeding its P361.8-billion target, while the BoC raised P129.8 billion, a tad higher than its P129.5-billion goal.
A trader meanwhile said the market was more upbeat than expected on news of the “positive” credit rating outlook from S&P.
“We only initially expected a sideways movement for the three months — even a slight increase of five basis points. But investors seem to have flocked to the shorter tenor that saw lower average yields, versus the longer ones,” the trader said in a phone interview yesterday.
“As we expected, the longer-dated ones continued to see higher yields and weak demand. This may be due to positioning ahead of the BSP’s meeting, as well as the Fed[eral Reserve] this first week of May,” another trader said in a phone interview.
Both traders noted that the market has already factored in a likely increase in benchmark rates in their bids.
“They have been anticipating it for a while now. As the BSP governor said, it’s just a question of when. It is also supported by the climb in US Treasuries,” the first trader said.
The government wants to raise P325 billion from local creditors this quarter through weekly auctions of securities.
It is holding two auctions per week — one for T-bills and another for Treasury bonds — than the previous one auction a week as it increased its borrowing requirements for the period. — EJCT

Cosby conviction could mean hefty damages in civil cases — legal experts

NEW YORK — On top of the years in prison comedian Bill Cosby faces for sexual assault, his criminal conviction increases the likelihood he will have to pay hefty damages in civil lawsuits brought by women who say he assaulted or defamed them, legal experts said.
“The idea that ‘I never did any of these things’ — well there’s been a very public finding by a jury of 12 good citizens,” said David Harris, a criminal justice professor at the University of Pittsburgh School of Law.
Cosby, 80, famous for his role as the lovable father in the 1980s TV hit The Cosby Show, was found guilty on Thursday by a jury in Norristown, Pennsylvania, of drugging and sexually assaulting onetime friend Andrea Constand in 2004. Cosby faces up to 10 years in prison for each of three counts of aggravated indecent assault.
Constand is one of about 60 women who have accused Cosby of assaulting them, often using drugs to incapacitate them. The accusations go back decades but only Constand’s resulted in criminal charges. The other allegations were too old to prosecute.
Cosby, once known as “America’s Dad,” has denied all the accusations.
At least 10 women have pending civil claims against Cosby in lawsuits filed in California and Massachusetts, carrying potentially hundreds of thousands or even millions of dollars in damages for him.
Two women have brought sexual assault claims against Cosby. Others, barred from doing so because too much time has passed, have filed defamation lawsuits, saying he smeared their reputations by publicly denying their accusations.
Lawyers representing Cosby in the civil cases could not be reached for comment.
Lawyer Gloria Allred, who represents one sexual assault accuser, said she will seek to introduce Cosby’s conviction if the lawsuit goes to trial.
“I definitely think it will have an impact on the jury to know that Mr. Cosby has been convicted in a criminal court,” Allred said.
Women who brought civil cases against Cosby will only need to show the weight of evidence is on their side, a lower standard than in the criminal case in which prosecutors must prove claims beyond a reasonable doubt.
Lynne Abraham, a former Philadelphia District Attorney and now partner at the law firm Archer, said Cosby’s conviction could prompt new accusers to sue him.
“It might give them courage to come forward,” she said.
While judges do not always allow evidence of previous bad actions in court, they may do so if it shows a pattern of behavior, said Douglas Wigdor, an attorney who represents plaintiffs in sexual harassment cases.
In Cosby’s criminal trial, five accusers other than Constand who were allowed to testify each said they, too, had been drugged and violated.
“I think in this particular case it would be more likely than not that a judge would admit the evidence, because he did have a peculiar way of going about his sexual assault,” Wigdor said.
Paul Callan, who represented the estate of Nicole Brown Simpson in a civil case against her ex-husband, former football star OJ Simpson, after he was found not guilty of her murder, said the criminal conviction would be “an enormous assist” in civil cases.
The defamation claims would be more difficult to prove than the sexual assault claims against Cosby, but the damage to Cosby’s reputation after the verdict “may give new life” to them, Callan said.
If Cosby is imprisoned, it will make defending himself even more difficult.
“Cosby’s lawyers would be wise to settle the cases early and quickly if funds are available,” Callan said.
Plaintiffs would likely need to establish that Cosby said something about them beyond merely denying allegations of sexual assault, Callan said.
So far, women who have brought defamation claims against Cosby have had mixed success.
A California court has allowed one defamation lawsuit against Cosby, filed by former model Janice Dickinson, to proceed, while a federal appeals court has dismissed a similar case brought by actress Kathrine McKee. Defamation claims by seven other women are pending in a Massachusetts federal court.
Joseph Cammarata, a lawyer for the women in the Massachusetts defamation case, said he planned to use the conviction as evidence. — Reuters

Universal Robina earnings drop 12% in 1st quarter

UNIVERSAL Robina Corp. (URC)’s attributable profit fell by 12% in the first quarter of 2018, as lower coffee volume, higher inflation, and the continued depreciation of the peso dragged down its operations in the Philippines.
In a regulatory filing on Monday, the Gokongwei-led food and beverage manufacturer reported a net income attributable to the parent of P2.95 billion in the January to March period, lower than the P3.37 billion it booked in the same period a year ago.
Revenues grew by 1.6% to P31.2 billion, driven by the international operation of its branded consumer foods (BCF) segment. The international arm improved its sales by 9.6% to P10.8 billion for the quarter, or 6.5% to $209 million in terms of US dollars.
“Top-line growth came from Vietnam, Malaysia, and SBA (snack brands Australia). Vietnam is still on its path to recovery with C2 and Rong Do showing continued momentum, as well as biscuits and candies both registering strong performance,” the company said.
The local market, meanwhile, was met with headwinds for the quarter, as net sales slowed by 4.6% to P14.3 billion. URC attributed the decline to the underperformance of snacks and total beverages, as well as lower volumes in the coffee category.
The BCF segment accounted for 80.5% of URC’s consolidated sale of goods and services for the quarter. URC’s two other businesses, namely the agro-industrial food group and commodity foods group, contributed the remaining 19.5%.
The agro-industrial arm picked up by 11.2% to P2.6 billion for the quarter, fueled by higher sales of dog food and hog feeds. The company also benefited from its strategy of shifting to value-added products.
The commodity foods group contributed P3.1 billion in sales for the period, 2.6% lower year on year following lower sugar volumes alongside lower prices of raw and refined sugar. The flour business, meanwhile, saw a 4.4% increase given higher volumes and price of pasta.
With the decline in earnings, URC’s gross profit market went down by 91 basis points to 31.2% for the quarter, versus 32.1% in the same period in 2017.
This year, the company has allocated P8 billion in capital expenditures to support the expansion of capacities as well as to improve handling and distribution.
URC is bringing in new management starting May 14, after announcing last week that it has tapped former Procter and Gamble executive Irwin C. Lee as its new chief executive officer, president and director.
Mr. Lee’s appointment marks the first time that a non-Gokongwei family member will lead the firm. Mr. Lee will replace Lance Y. Gokongwei, who will now take on the position of chairman.
URC is the consumer arm of JG Summit Holdings, Inc., which also has core interests in air transportation, property development and hotel management, banking, and petrochemicals.
Shares in URC went up 1.59% or P2.20 to close at P140.50 each at the Philippine Stock Exchange on Monday. — Arra B. Francia

1...12,64012,64112,642...14,212Page 12,641 of 14,212
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube