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QCinema and the growing appetite for films of the Philippine audience

A STILL from Lost Sabungeros

THE QCINEMA International Film Festival ended this week, its theme “The Gaze” highlighting the wide net of perspectives it has cast across its lineup.

This edition, BusinessWorld took note of the screenings that resulted in packed theaters, reflecting the types of films that attract Philippine audiences even in the age of streaming.

“In our journey to become one of the leading film events in Southeast Asia, we’ve observed how things have been selling very well this year compared to years before. It’s a good indicator that there is a solid audience here,” QCinema festival director Ed Lejano said during closing night on Nov. 17.

The festival also introduced for the very first time a website and online app to book tickets, with some selling out faster than others throughout the run from Nov. 8 to 17.

Here are reviews and notes on three of the films where this writer observed packed theaters.

LOST SABUNGEROS
Directed by Bryan Brazil

GMA Public Affairs and GMA Pictures came full force to the opening night of their first-ever full-length investigative documentary, Lost Sabungeros, on Nov. 9. Before getting three screenings — now four, after another was added on closing day — as part of QCinema, it was pulled from the Cinemalaya Independent Film Festival “due to security concerns” back in August. “We were upset about the cancellation because there was no clear explanation, even up to now,” said director Bryan Brazil at the sidelines of opening night.

This writer caught the third screening at Quezon City’s Gateway Mall, in the middle of a Tuesday, which is usually not a popular time to catch a movie, but surprisingly all the seats were filled. As per the QCinema team, all of its screenings were like this, showing just how much sway that online clamor for the truth really has. Since 2022, the mystery behind the 30+ missing cockfighters has captured the public’s imagination, Lost Sabungeros now putting it in context of similar cases such as former president Rodrigo R. Duterte’s drug war (which, coincidentally, is now the subject of ongoing Congressional hearings).

Because it has the format of a standard TV documentary, its research done by the folks behind documentary series Kapuso Mo, Jessica Soho but put together by Mr. Brazil to make a full film, Lost Sabungeros recounts the timeline of events with news-like brevity and strong testimonies. Its sense of storytelling doesn’t have to be too immersive, with talking heads interviews doing their share of conveying the message with some basic supplementary animation, but the film’s keen eye for the vicious underbelly of the e-sabong industry (online cockfighting) and the flawed justice system successfully induces reactions from the audience.

Those who have already watched publicly available interviews with government officials will find nothing new in the documentary. The loved ones’ cries for justice also carry all the narrative weight that the filmmaking itself could have carried visually and thematically, but it is a decent first attempt at a documentary film from GMA. It is no surprise that the Filipino audience, seeking the truth behind the events around the 30+ sabungeros’ disappearances, and wading through the muddle of information (true and not) found online, appreciates this effort that puts all the details together and keeps the discourse alive.

ANORA
Directed by Sean Baker

In a similar vein, Philippine audiences are also wary of censorship when it comes to foreign films coming into the country. Most recently, the Cannes Film Festival’s Best Screenplay winner The Substance got an R-16 cut, with only two cinemas — Gateway Mall and Cinema 76 — screening the R-18 version. (According to netizens, the cuts were mainly bits and pieces of nude scenes of the lead actresses and the shortening of a scene where a character is bashed violently into a mirror.)

Anora, Cannes’ Palme d’Or-winning film by American filmmaker Sean Baker, might receive such cuts as well if it gets a commercial release, this time for sex scenes that the local review board could perceive as excessive. The film is about exotic dancer Anora who enters into a whirlwind romance with a Russian oligarch’s son in a bid for a better life. Universal Pictures Philippines, set to distribute it in the country before the year ends, may be heartened by QCinema’s experience — tickets sold out within seconds on the website and app (the festival film had no cuts, but for a commercial release a distributor has to accept the movie ratings board’s decision).

An ambitious wild ride of a screwball comedy, Anora lays bare all that is destructive about the American pursuit of happiness — how it is so intrinsically tied with wealth, and the all-consuming labor that the average person must give, heart and soul, to have even a chance at that wealth.

Mikey Madison as the titular character gives what is easily the standout performance here, her journey from spunky hustler gunning for love and success to wronged woman fighting to keep what little she has, fast becoming the most memorable big screen role of the year.

This hilarious tragic comedy — which gets more and more soul-crushing as Anora’s shotgun marriage with spoiled, rich mama’s boy Ivan unravels — also has a solid, engaging ensemble. The ragtag crew of Russian-Armenian henchmen are fun to watch — Toros with his fatherly frustration and old-man mentality, Garnick as the loser who gets progressively more and more beat up as the trip goes on, and Igor with his disarming looks of respect, concern, even love. This trainwreck of an American dream makes for a very enjoyable film, but it may leave people wanting more from Anora beyond her moments of bliss, frenzy, and comedy. The few moments of silence, when she looks out the window to make a decision or to contemplate a failure, are what truly make this film.

RAN
Directed by Akira Kurosawa

Finally, Akira Kurosawa’s legendary 1985 film Ran injected the festival with a dose of Shakespearean tragedy in the form of Japanese theatrics. This writer went to its fourth and final screening in QCinema, at Shangri-La Mall, where there were nearly no empty seats. While it’s easy to attribute its popularity to being a classic for cinephiles, another factor is Filipinos’ current strong preference for Japanese pop culture. The mall was coincidentally holding its Studio Ghibli Weekend at the same time in partnership with the Japan Foundation, where tickets sold out immediately.

Mr. Kurosawa’s masterfully shot tragedy came to life impressively on the big screen that allows one to appreciate its grand scale and scope way better than when it is watched on a meager laptop or TV screen. The visually stunning set pieces, brightly colored traditional costumes, and sheer number of extras forming the armies that tear down Hidetora Ichimonji’s kingdom piece by piece — it’s no wonder that Filipino film enthusiasts filled the theater’s seats to see it.

Most of all, Ran reveals the folly of man, how honest affection is often overshadowed by the dishonest motivations of flattery, and the extent to which power corrupts and corrodes. In casting down the forgotten principles of Buddhism, Mr. Kurosawa laments the fatalist consequences that must now befall kingdoms (and societies) baptized in blood. It’s a timeless classic that still resonates, restored for today’s audiences to see, proving how old tales like King Lear can still have a place in modern day. — Brontë H. Lacsamana

DoubleDragon’s Q3 income falls 19.1% on lower sales

HOTEL101SALES.COM.PH

DOUBLEDRAGON Corp. (DD) reported a 19.1% decrease in its third-quarter (Q3) attributable net income, dropping to P506.61 million from P626.15 million last year, due to lower revenue.

Third-quarter revenue fell by 7.8% to P2.03 billion from P2.2 billion a year ago, according to a recent stock exchange disclosure by DD.

Rent income increased by 21% to P1.03 billion, while real estate sales declined by 54% to P267.32 million. Hotel revenue rose by 28.8% to P211.45 million.

For the first nine months, DD’s attributable net income increased by 5.2% to P1.51 billion from P1.43 billion in 2023.

Revenue for January to September grew by 4.5% to P6.42 billion from P6.15 billion a year ago.

Rent income rose by 6.6% to P2.98 billion due to higher rent and new tenants onboarded during the period.

Real estate sales dropped by 30.7% to P838.62 million due to the limited remaining inventory available for sale for Philippine-based projects of hotel subsidiary Hotel101 Global Pte. Ltd.

The company expects to begin sales recognition for its first batch of overseas projects, namely Hotel101 Niseko and Hotel101 Madrid, in the fourth quarter of 2024 upon significant construction completion, despite already selling out a significant part of the overseas projects inventory.

Hotel101 expects to generate P27.2 billion in foreign currency revenue from its first three overseas projects located in Niseko, Japan; Madrid, Spain; and Los Angeles, United States.

Hotel revenue increased by 35.2% to P618.14 million due to higher occupancy rates for hotel properties and additional revenue from the recently opened Hotel101-Fort in Taguig City.

Hotel101 is set to list on NASDAQ in the United States within the fourth quarter through a merger with JVSPAC Acquisition Corp. The combined entity will trade under the ticker symbol “HBNB,” making Hotel101 the first Philippine company to list in the US.

By 2050, Hotel101 aims to operate one million hotel rooms worldwide, with 50,000 of these located in the Philippines.

On Monday, DD shares fell by 0.72% or seven centavos to P9.64 per share. — Revin Mikhael D. Ochave

Vatican drama Conclave explores human desire for power, says director Edward Berger

LONDON — His latest drama is set in the Vatican but director Edward Berger says Conclave is about people striving for power and could take place anywhere.

Ralph Fiennes and Stanley Tucci star in the thriller as two cardinals struggling along with the other clergymen to decide who to elect as the next pope.

“It could take place in Washington, DC… (or) in Downing Street… a vacant position… and whenever that power vacuum exists, there’s going to be people striving for it… and stabbing each other in the back and trying to manipulate their way into power,” Mr. Berger said in an interview with Reuters.

It’s Mr. Fiennes’ character Cardinal Lawrence, who as dean of the College of Cardinals has to oversee proceedings in the conclave and handle the scandals that arise.

The two-time Oscar nominated actor, who was brought up as a Catholic but who says he is not committed to any one faith, said the film also provokes questions about the relevance of the Church and who leads it.

“Who is worthy of this odd but very powerful, unique position of being the leader of the Catholic Church? Who is it that’s got the right qualities?” Mr. Fiennes said.

The handful of favorites who emerge are a mixed bunch with their own secrets and views, ranging from traditional-minded cardinals to Mr. Tucci’s progressive Cardinal Bellini.

“It was fascinating to play a man who is so devoted to his faith but still understands the complexity of human behavior. And the power of the Church and… how powerful that power is if it’s in the wrong hands,” Mr. Tucci said.

Based on the novel by British writer Robert Harris, Mr. Berger, whose 2022 World War One film All Quiet on the Western Front won four Oscars, said his aim was to “bring the pope down to earth.”

“They (the cardinals) have cell phones, they vape, they smoke. The pope ends up in a plastic body bag in the back of an ambulance,” he said.

“We’re all kind of the same… I wanted to take that spirituality… and make it quite mundane.”

Conclave opens in Philippine theaters on Nov. 20 with an MTRCB rating of PG. — Reuters

Meralco franchise renewal bill filed in Senate

A contractor from Manila Electric Co. (Meralco) is seen at work in Mandaluyong City, June 1, 2021. — PHILIPPINE STAR/ MICHAEL VARCAS

A SENATOR has filed a bill seeking to renew Manila Electric Co.’s (Meralco) franchise for another 25 years.

Under Senate Bill No. 2876, which Senator Juan Miguel F. Zubiri filed on Nov. 12, the power distributor will be allowed to continue to construct, operate, and maintain its electric distribution systems in areas such as Metro Manila, Bulacan, Cavite, Laguna, Batangas, and Rizal.

“Manila Electric Company is the biggest electric distribution utility company in the Philippines, powering households and businesses in 39 cities and 72 municipalities in the country,” Mr. Zubiri said in the bill’s explanatory note.

Meralco is the main power distributor for Metro Manila and nearby areas, delivering electricity to at least 7.75 million Filipinos.

Citing government data, Mr. Zubiri said Meralco remitted about P10.43 billion in taxes to the government last year and spent about P275 million on community investments.

The House of Representatives earlier this month approved on final reading a bill seeking the same franchise renewal, including a provision that will allow Meralco’s franchise to be effective four years ahead of its initial concession’s expiry.

Under the Senate bill, Meralco must operate in a “least cost manner” to ensure that its services are provided at “reasonable and just costs” within its franchise areas.

“The grantee shall not engage in any activity that will constitute an abuse of market power such as, but not limited to, unfair trade practices, monopolistic schemes, and any other activities that will hinder competitiveness or businesses and industries,” the bill said.

It also said that all retail rates and charges for the distribution of electric power will be subject to the approval of the Energy Regulatory Commission (ERC).

RATE RESET
In a related development, Meralco said it may need more time to study the proposed amendment by the ERC on the rules for setting distribution wheeling rates (RDWR).

The draft rules issued by the ERC also concern Meralco’s fifth regulatory reset, which ruled the years 2022 to 2024 as a lapsed period.

“Meralco will submit our comments. We note that the period given to us is considerably short,” Ronald V. Valles, Meralco’s senior vice-president and head of its regulatory management, told BusinessWorld in a Viber message.

“We need a little more time to study the draft rules and intelligently prepare our comments,” he added.

On Friday, the ERC posted the draft rules amending the Modified RDWR, seeking comments from all interested parties on or before Wednesday.

The ERC added provisions governing the setting of distribution rates for the lapsed period. It also amended the period covered for Meralco’s fifth regulatory period (5RP) to 2025 to 2028 from the originally planned 2022 to 2026.

In an order promulgated on Oct. 30, the ERC granted the motion of partial reconsideration filed by Meralco and ordered it to re-file its rate reset for the 5RP, which will cover the years 2025 to 2028.

Mr. Valles said the company will file its formal request to extend the deadline to submit comments as it will probably need 15 more days.

“It took ERC more than one year to finally resolve our motion to withdraw and all other urgent pleadings filed by the parties,” Mr. Valles said.

“We believe it is only fair for ERC to allow stakeholders more time to study the proposed rules and submit their comments, to afford them a genuine opportunity to be heard,” he added.

Under the Electric Power Industry Reform Act of 2001, or EPIRA, the ERC is mandated to establish and enforce a methodology for setting transmission and distribution wheeling rates for a distribution utility.

Distribution utilities such as Meralco are subject to performance-based regulation, wherein they are required to undergo a rate reset process prior to the start of the next regulatory year.

The rate reset process is usually a forward-looking exercise that requires the regulated entity to submit forecasted expenditures and proposed projects for the ERC to review and adjust rates.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — John Victor D. Ordoñez and Sheldeen Joy Talavera

Entertainment News (11/19/24)

Hello, Love, Again reunites Alden Richards, Kathryn Bernardo

FIVE years after the film Hello, Love, Goodbye came out, the highly anticipated sequel, Hello, Love, Again, has hit Philippine cinemas. With a rating of PG (Parental Guidance) given by the Movie and Television Review and Classification Board (MTRCB), the romance starring Kathryn Bernardo and Alden Richards, and directed by Cathy Garcia-Sampana ,continues the story of Joy and Ethan. It kicks off where the 2019 film ended, in Canada, where the two leads meet once more and realize how much they have changed since their last goodbye. It is currently showing in theaters nationwide.

Ben&Ben unveils first-ever animation-concert hybrid

THE Filipino nine-piece band Ben&Ben is set to revolutionize shows with a mix of animation, film, and music performances through Ben&Ben’s The Traveller Across Dimensions concert on Dec. 14. The audio-visual arena extravaganza will take place at the SM Mall of Asia Arena, produced by Ovation Productions. It is inspired by their upcoming third studio album, The Traveller Across Dimensions, which aims to push the boundaries of traditional music releases, both thematically and conceptually. Puppeteer Studios will help the band transport the concert audience into a magical realm based on the album. “We’re thrilled to share the story of Liwanag, the titular character in The Traveller Across Dimensions,” Ben&Ben said in a statement. The show will also incorporate Liwanag LED wristbands as part of the immersive experience, in partnership with tech provider Pixmob. Tickets, ranging in price from P1,700 to P7,700, are now available via SM Tickets.

Markdown Madness sale returns to Tektite Ortigas

THE year-end sale Markdown Madness is making its return to the Tektite Auditorium in Ortigas, Pasig City, from Nov. 18 to 22. There will be discounts of up to 70% on a wide range of items from brands like Sperry, Merrell, Keds, Polo Ralph Lauren, and Pony. For every P8,000 purchase, buyers can also receive a P500 voucher. For more details, follow Markdown Madness on Facebook and Instagram.

D’Festa K-Pop experience comes to the Philippines

FOLLOWING its runs in Tokyo, Seoul, Jakarta, and Los Angeles, the K-Pop experience D’Festa is set to end its world tour in the Philippines. Led by Dispatch, an online media outlet in Korea, the event has been promoting K-pop around the world for 10 years through the immersive exhibit. This year’s experience will include performances, photographs, and videos from some of the biggest K-Pop groups such as BTS, Twice, Seventeen, NCT 127, NCT Dream, Enhypen, Tomorrow x Together, and Stray Kids. Its three main parts are The Exhibition, with portraits and group photos; The Movie, with exclusive footage of never-before-seen performances; and The Experience, an immersive 3D LED stage filmed by K-Pop stars. D’Festa will open its doors on Dec. 20 at BGC Immersive, on the 3rd floor of One Bonifacio Mall, Bonifacio High Street, Bonifacio Global City, Taguig. The event will run until March 19, 2025. Tickets are priced at P1,200 for weekday visits and P1,450 for weekends.

NIKI announces Buzz World Tour stops in Asia

JAKARTA-born, Los Angeles-based singer-songwriter and producer NIKI is bringing her Buzz World Tour to Asia in 2025, produced by Live Nation. Following successful shows across North America and Europe, NIKI will kick off her Asia tour in February 2025, marking her debut show in Hong Kong, followed by stops in Manila, Jakarta, Bangkok, and Singapore, places where she had sold out shows in 2023. Tickets to the Feb. 11 and 12 shows at the SM Mall of Asia Arena will be available starting Nov. 20. More details can be found at nikizefanya.com.

Boyz II Men announces Manila show date

GRAMMY Award-winning R&B trio Boyz II Men has announced that they will have a one night-only concert in Manila on May 18, 2025. To take place at the Araneta Coliseum in Quezon City, the show will welcome audiences to sing along to the group’s famous hits, like “I’ll Make Love to You,” “End of the Road,” “Water Runs Dry,” “On Bended Knee,” and many more. Tickets are now available via TicketNet outlets.

Japanese pop star Ado returns for world tour

CRUNCHYROLL, the global brand for anime, has announced that iconic Japanese vocalist Ado will embark on her second world tour, Hibana, which will start at Tokyo’s Saitama Super Arena next April. Manila is among the 30 cities worldwide that are part of the tour, promoted by AEG Presents Asia and Ovation Productions. The Manila show will be on May 8, 2025, at the SM Mall of Asia Arena. Tickets, priced from P1,800 to P10,250, can be purchased through SM Tickets. A presale code is now available on Crunchyroll News (https://got.cr/AdoHibana), with general ticket sales opening at 10 a.m. on Nov. 22.

Black Friday Bonanza at Paseo Outlets in December

MYSTERY prizes and vouchers will be available at the Black Friday Sale and Celebrity Bazaar at Paseo Outlets in Greenfield City, Sta. Rosa, Laguna, running from Nov. 29 to Dec. 1. There will also be the Black Friday Bingo, where shoppers can get a Bingo card and have it stamped as they shop. Completing all the tasks on the card gives them a chance to win prizes and discounts. Meanwhile, the Black Friday Bonanza accepts a purchase receipt of at least P2,000 for those who want to unlock a mystery gift. A fireworks display is also set to happen at the Paseo Outlets on Dec. 1.

KAIA to perform at ASEAN India Music Festival 2024

FILIPINO girl group KAIA will be performing on the stage of the ASEAN-India Music Festival (AIMF) at the end of November. The festival is known for its diverse lineup across India and Southeast Asia, will be taking place from Nov. 29 to Dec. 1 at Purana Qila in New Delhi, India. Entry is free for all guests. Joining this year are the Television Off band from Thailand, Hanoi rock pioneers Buc Tuong from Vietnam, pop-rockers Floor 88 from Malaysia, indie rockers Subsonic Eye from Singapore, pop singer Chet Kanhchna from Cambodia, MRTV from Myanmar, and girl group KAIA from the Philippines, among others.

ATEEZ releases 11th extended play

K-POP group ATEEZ recently dropped their 11th EP, GOLDEN HOUR: Part.2, out now via Sony Music Korea/RCA Records. The record aims to showcase ATEEZ’s diverse musicality with a mix of tracks that push genre boundaries. The title track is “Ice On My Teeth.” GOLDEN HOUR: Part.2 features a total of six songs and is out now on all digital music streaming platforms.

Jason Marvin reflects on healing in new album

FILIPINO singer-songwriter Jason Marvin has released his new album, Rewritten Promise (Volume 2), via Sony Music Entertainment. “This album is about changing plans and expectations. Acknowledging that we have no control over destiny, we can make plans, set expectations, and even prepare for what’s ahead. But when life throws you an unexpected storm, you just have to hold on to who you are and trust in God’s faithfulness,” he said in a statement. The album was made with producers Nicholas Lazaro of La Balls Studio and Shadiel Chan of 9 Degrees North. It is out now on all digital streaming platforms.

GMA Network releases 2024 Christmas Station ID

TO kick off its celebration of the Christmas season, GMA Network has released its Christmas Station ID for 2024, titled “Ganito Ang Paskong Pinoy: Puno ng Pasasalamat.” The video “places gratitude at the center of the holiday celebration, serving as a timely reminder and tribute to what Paskong Pinoy really is,” according to a statement by GMA. It can now be found on the network’s video and social media platforms online.

Diversity in boards

FREEPIK

Why do we fuss over board diversity, especially when it comes to women’s representation? Because we believe a diverse board makes for a more profitable company. And what is a company doing business for anyway? Is not profit the first thing on anyone’s agenda at these board meetings?  Today, it is not just profit but sustainability. And there is wisdom in getting women and subject matter experts into boards for a better fighting chance to survive.

Women usually drop out of the corporate race when it is time to bear and rear children which is when they are about 30-40 years old. After seeing the kids through pre-school, and they decide to go back to the corporate world, they usually think this phase ends in retirement at about 50-60 years of age. These days, however, with good exercise and a healthy diet, we are seeing many women over 60 still active, even if mandatory retirement age hovers between 60-65 years. I even see 70- and 80-year-olds still active in consultancy, legal work, and even as doctors!

The retirement age is actually a topic we also wish to address, with a repeal of the retirement law so companies need not retire executives just when they are in their prime of “wisdom-sharing” and what they call having “wisdom judgment.” At a certain age, people just know what to say and how to make decisions, “just because.”

I met a lady while we both were waiting at a doctor’s office recently and she said she had retired at 63 from a corporate job. I convinced her to take up a course at the Institute of Corporate Directors (www.icd.ph) and not to waste her corporate experience. She agreed with me and will soon consider being a corporate director. This is why the NextGen Organization of Women Corporate Directors (NOWCD) ladies (www.nowcdphils.com) all want to get the word out to women about to retire to stay the course and to use their experience to get into boards and continue being useful.

We envision to make corporate women aspire to get into the B-suite or be independent directors, even if they start in private companies or non-profits before joining publicly listed companies (PLCs). We need a pipeline of younger women, fresh retirees, and anyone who has had corporate experience to serve on boards. Private companies must also be encouraged to also try having Independent Directors as a good practice, for good governance, even if you are a closed corporation. It is healthy for management to hear the opinions of disinterested parties, or directors who are not part of the family, as most private companies start and end as family corporations. The patriarch or matriarch is usually not challenged by younger directors, and this causes “group think” which is unhealthy for any company.

More than ever, corporations face challenges with the post-pandemic developments, the entry of Artificial Intelligence (AI) and Fintech, and only a diverse and progressive board can handle the survival, growth, and sustainability in this Digital Age.

The Management Association of the Philippines or MAP (www.map.ph) just recently held an MSME (micro, small and medium enterprises) Business Clinic in cooperation with the Philippine Trade Training Center of the Department of Trade and Industry. Though we did not talk about women directors, the challenges for MSMEs in this digital age was shared by no less than Donald Lim, a seasoned marketer who shared his views about AI and the new marketing strategies used in this tail end of the Industrial Revolution. He mentioned five generations now exist in a company — from Baby Boomers to Gen Alpha — so there is a need to use the wisdom of the seasoned older generations while using the agility of the younger generations. Given this situation, corporate directors must also learn about the new strategies management can apply in struggling companies. But how can you add value to your board if you are not exposed to developments in technology?

Even supply chain has new strategies as discussed by MAP member and head of PASIA (Procurement and Supply Institute of Asia) Charlie Villaseñor. Charlie now prescribes the pooling of resources for procurement, whether you are the buyer or the seller. You need to augment your resources by outsourcing and collaborating with similar companies and selling as a group. That is survival in this age of accessibility via technology (a.k.a. Lazada and Shopee).

As an Independent Director who sits on the Board of a PLC, I continue to learn from clinics and conferences like this one that MAP organized. One has to continue learning from peers and from younger people who are more adept at adapting to technological change as they were born in the Digital Age. They are digital natives while we are digital immigrants. So, women and SMEs (Subject Matter Experts) are who we need to make better boards which can be agile while having the wisdom of age.

 

Chit U. Juan is co-vice chair of the Environment Committee of the Management Association of the Philippines (MAP). She is also the president of the Philippine Coffee Board, Inc. and Slow Food Manila (www.slowfood.com).

map@map.org.ph

pujuan29@gmail.com

Treasury raises award for T-bills; rates increase

BW FILE PHOTO

By Aaron Michael C. Sy, Reporter

THE PHILIPPINE government raised the award for Treasury bills (T-bills) it sold on Monday with higher rates amid inflationary concerns stemming from US President-elect Donald J. Trump’s planned fiscal policies.

The Bureau of the Treasury (BTr) raised P22.6 billion from the T-bills as bids reached P51.665 billion, more than twice the amount on offer but lower than the P59.425 billion in tenders last week.

“The market demanded higher rates due to uncertainties related to Trump’s fiscal policies,” a trader said by phone.

Mr. Trump’s plans could lead to reduced policy cuts by the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP) due to potentially faster US inflation, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message.

Mr. Trump has promised to impose a 60% tariff on Chinese goods and at least a 10% levy on all other imports.

During his campaign, he also promised to deduct the interest on car loans, end double taxation for American expats, cut generator tax credits, taxes on tips and overtime hours for wage workers, eliminate a cap on a tax deduction known as “SALT” enjoyed mainly by wealthy taxpayers, and eliminate taxes on social security benefits.

He also promised to reduce the corporate tax to 15% from 21% for companies that make their products in the US and give companies buying heavy machinery a tax credit.

“The higher awarded volume and yields for this week’s Treasury bills reflect strong investor demand for shorter-term issuances,” another trader said in an e-mail. “This is due to bond yields moving higher from US and Philippine inflationary concerns, in addition to the weakening peso.”

The BTr borrowed P9.1 billion in 91-day T-bills, higher than the programmed P6.5 billion, as tenders reached P20.095 billion. The three-month paper was quoted at an average rate of 5.631%, up by 2.6 basis points (bps) from last week, with accepted offers at 5.608% to 5.65%.

Meanwhile, the government fully awarded P6.5 billion in 182-day securities, as bids reached P12.76 billion. The average rate of the six-month T-bill rose by 11 bps to 5.862% from last week, with accepted bid yields at 5.8% to 5.918%

The Treasury also raised P7 billion from the 364-day debt as demand hit P18.81 billion. The average rate of the one-year debt increased by 8.1 bps to 5.871% from last week. Accepted rates were 5.84% to 5.9%.

At the secondary market before the auction, the 91-, 182- and 364-day T-bills were quoted at 5.5763%, 5.8205% and 5.8264%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

This was the Treasury’s last T-bill auction for the month. It raised P62.6 billion its original P60-billion borrowing plan. The BTr also raised P92.6 billion in Treasury bonds from an original P90-billion plan.

The government seeks to raise P90 billion from the domestic market in December — P60 billion in T-bills and P30 billion in T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.48 trillion or 5.6% of gross domestic product this year.

DITO CME proceeds with follow-on offering

BW FILE PHOTO

DITO CME Holdings Corp. is now proceeding with its follow-on offering, targeting to raise as much as P2.05 billion, the operator of telecommunications company DITO Telecommunity Corp. said on Monday.

DITO CME priced its follow-on offering of 1.95 billion common shares at P1.05 apiece, with the offer period running from Nov. 20 until Nov. 26, the company said in a disclosure.

The shares will be listed on Dec. 6, with BDO Capital & Investment Corp. as the sole underwriter for the offering.

To recall, the follow-on offering of the company was initially set from Sept. 26 to Oct. 2, but it was later delayed to further assess market appetite. The final price of the follow-on offering was also slashed from its earlier announcement of up to P2.15 per share.

“This price is significantly lower than previously indicated… the offering, which was delayed, allows potential investors time to evaluate market conditions,” Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc., said in a Viber message on Monday.

Mr. Arce said the steep discount in the offer price could be enticing to value-oriented investors as it might imply a potential upside of DITO CME’s growth strategies.

“However, concerns about the company’s current market standing and competitive pressures may deter more risk-averse participants,” he said.

For the third quarter, DITO CME returned to profitability after recording an attributable net income of P998.05 million from a net loss of P4.3 billion in the same period last year.

The company recorded a gross revenue of P4.23 billion for the July-to-September period, 36% higher than last year’s P3.11 billion, its financial statement showed.

Broken down, service revenues accounted for the bulk of its revenues for the period at P4.12 billion, climbing by 36.4% from last year’s P3.02 billion, while revenues from non-service activities reached P114.1 million for the period.

At the local bourse on Monday, shares in the company fell by 12 centavos, or 6.28%, to close at P1.79 apiece. — Ashley Erika O. Jose

US fans celebrate K-pop group Seventeen amid company tussle

OAKLAND, California — South Korean boy band Seventeen had fans chanting their names in Oakland, California last week as part of their Right Here world tour to promote the group’s 2024 album 17 Is Right Here.

“I’ve been a Seventeen fan about six or seven years,” said Ruby Webb, a 21-year-old fan from Portland, Oregon. “I love them so much. S.Coups, Mingyu, Dino, they’re my babies,” she added.

While there was excitement, the fans known as Carats, spoke about the recent controversy with the South Korean company HYBE, that oversees several K-Pop artists, including popular groups BTS, NewJeans, and Seventeen.

An internal document that circulated among company executives, including HYBE Chairman Bang Si-hyuk, containing disparaging comments about several of its K-pop groups was disclosed during a National Assembly audit on Oct. 24 by the South Korean National Assembly’s Culture, Sports, and Tourism Committee.

The report was revealed by Korean pop culture critic Kang Myung Seok.

In the document, some K-pop groups, including Seventeen, were criticized for being “unattractive” and having “too much plastic surgery.”

This followed a series of other controversies in the industry.

K-pop star Hanni, a member of the group NewJeans, made an appeal in October for better treatment in the K-pop industry during a parliamentary hearing.

K-pop idols are often held to high standards for their behavior and must maintain a clean public image, including pressure from fans not to have partners.

The company’s criticism of Seventeen immediately sparked backlash from Carats.

“I’m mostly disappointed,” said Laura Munoz, 29, who traveled from Kansas to attend the concert. “You support a group, and their own company is not keeping them in mind and wanting to protect them, and being on their side,” she added.

For Ms. Webb, however, it’s important to focus more on the music than the controversy. “I’m just trying to have my focus and on the members, not a big huge conglomerate,” she said.

Eden Johnson, 22, who attended the concert with Ms. Webb dressed as a carrot, felt optimistic at her first Seventeen concert. “I just enjoy it, being at the concert that they get to be happy in,” she added.

Seventeen member, Seungkwan, posted a response to the document on Instagram in October, a few days after it was released.

“You have no right to easily insert yourselves into our narrative,” he wrote in Korean. “This applies not just to us but to other artists as well. We are not your commodities to be used and enjoyed at will,” he added.

The South Korean group had last year’s biggest-selling album globally.

Lee Jaesang, chief executive officer of HYBE, issued an apology statement from the South Korean company that was shared with Reuters.

“I extend a formal apology to all external artists mentioned in the document,” Mr. Lee wrote in Korean. “I am also in the process of contacting each label directly to apologize, and meeting with all of the HYBE music group’s artists, who are now facing criticisms for actions taken solely by the company,” he added.

Fans in Oakland arrived dressed as both carats and carrots, brought posters of their favorite band members and passed out free handmade merchandise for other fans.

The US portion of the tour began in Illinois in October and concluded in Los Angeles last Saturday and the group will now head to their Asia tour next. — Reuters

DMCI Homes eyes P30B from Kalea, plans more Cebu projects

KALEA HEIGHTS is DMCI Homes’ first venture into Cebu’s real estate market.

By Beatriz Marie D. Cruz, Reporter

DMCI Homes, Inc. expects its four-tower project, Kalea Heights, in Cebu City to generate around P30 billion in revenue, the Consunji-led developer said.

“Here in Cebu, we’ve observed that other developments’ approach to solving urban lifestyle issues is different from ours,” DMCI Group Chairman Isidro A. Consunji said in a media briefing last week.

“I think our approach is superior in terms of value, features, open space, and so forth.”

Kalea Heights, located along Good Shepherd Road in Barangay Guadalupe, is a 4.6-hectare residential condominium project.

This project is DMCI Homes’ first venture into Cebu’s real estate market.

The total investment for the project is around P24 billion, according to the real property developer.

In its first phase, DMCI Homes plans to launch 600 units. The units will likely be turned over starting December 2029, according to the company.

The first phase will launch the Leia Building, a 41-storey tower with one-, two-, and three-bedroom units ranging from 29.5 square meters (sq.m.) to 88.5 sq.m.

The property offers a refined, laid-back lifestyle that balances urban convenience with nature-inspired tranquility, DMCI Homes said.

The site will be divided into four districts — Dawn, Dusk, Summit, and Azure.

The price range for the units is around P5.7 million to P13.4 million, the company said.

The property features 3.6 hectares of open space, the largest among Cebu’s condominium complexes and all DMCI Homes properties, according to the company.

Residents will also have access to amenities such as swimming pools, jogging and bike trails, a pet park, an amphitheater, playing courts, open lounges, and a central plaza. A laundry station and convenience store are also available on-site.

A four-meter-wide sky bridge connects the towers and provides access to the 1.5-hectare sky parks on the roof decks, offering 360-degree views.

The sky parks feature lush landscapes and panoramic vistas, including mountain and sea views.

The company also said the property will include eco-friendly features like a water reuse facility and a ride-share carpool program.

Kalea Heights is an ideal location due to its proximity to Cebu’s business hubs, namely 8 Banawa Centrale, Paseo Arcenas, Cebu IT Park, and nearby shopping centers like One Pavilion Mall, Ayala Malls Center Cebu, and SM Seaside City Cebu, according to the company. It has access to essential services like schools and hospitals.

“For investors, Kalea Heights’ central location translates to high rental demand,” DMCI Homes said.

The growing housing demand in Cebu, coupled with its robust economy, makes the province an ideal location for DMCI Homes’ expansion, it added.

“We have acquired at least one other location in Cebu City, and we’re also studying a few others. We hope to stay here for a long, long time, doing projects continuously within Cebu,” DMCI Homes President Alfredo R. Austria told BusinessWorld in an e-mail.

Like Manila’s real estate market, the Cebu market has been in a slow recovery from the pandemic, said DMCI Homes Vice-President for Marketing Jan O. Venturanza.

“The trend is developers are selling more developments in the upscale category rather than the affordable and mid-income segments. So, I think that will hold for maybe a few more years,” he told BusinessWorld.

Shooter shot himself in the foot

PHILIPPINE STAR/JESSE BUSTOS

Shooting oneself in the foot is an idiomatic expression that means foolishly putting oneself in trouble. Then presidential candidate Rodrigo Duterte said at a rally in April 2016, “I’m used to shooting people.” But he shot himself in the foot during the House of Representatives Quad committee hearing last Wednesday.

Former senator Antonio Trillanes was testifying that money generated in drug trade was deposited multiple times in the Bank of the Philippine Islands account of Duterte and his daughter Sara.

Duterte butted in, “If it is true, even if only one (referring to any deposit), I will sign a waiver. All banks.” The bank secrecy law prohibits the disclosure of or inquiry into deposits with any banking institution. A bank waiver lifts the prohibition.

Deputy Speaker David Suarez, who was presiding at that point, asked Duterte if he was willing to sign a bank waiver.

“Just so that we could put to rest the issue of waivers, because it’s been going back and forth, will the former president be okay that if we draft the waiver now that it will be signed today instead of tomorrow? Will you be fine with that, Mr. President?” Suarez said.

“In exchange for what, sir, I will slap him in public?” responded Duterte. “There is no such thing, sir,” Suarez replied, suspending the hearing immediately after saying that.

The impression the incident left was that Duterte was bluffing about a bank waiver. His bluff in turn left the impression that Trillanes’ allegation is true.

It is not the first time the issue has been raised. During the presidential campaign in 2016, Trillanes alleged that then-presidential candidate Duterte had unexplained wealth. In February 2017, by which time Duterte was already president, Trillanes pressed him to publicly release details of his bank accounts to disprove allegations that he had large sums of undeclared money.

Trillanes dared Duterte in April that year to meet him at the Bank of the Philippine Islands branch on Julia Vargas, Pasig City where he was alleged to have a large sum of money, but it was lawyer Salvador Panelo who showed up with a special power of attorney from Duterte. Panelo said bank officials told him it would take seven days to study the request. Trillanes said the account was never opened to scrutiny.

In May, Trillanes distributed to journalists copies of documents he said were given to him by a “concerned citizen.”  The documents supposedly showed lists of bank accounts owned by the Duterte children — Paolo, Sebastian, and Sara — and Duterte’s common-law wife, Honeylet Avanceña. The documents supposedly showed that a total of P2.4 billion flowed into the Dutertes’ various bank accounts from 2006 to 2015, representing alleged unexplained wealth.

Duterte refused to sign a waiver that would allow the scrutiny of his alleged bank accounts. He said that he had already signed a waiver when the allegation that he had a large amount of money kept in the Bank of Philippine Islands (BPI) branch in Julia Vargas first surfaced. It was not a waiver he signed, it was the power of attorney to Panelo.

So, when he offered to sign a bank waiver last Wednesday, he shot himself in the foot. He didn’t expect his bluff to be called. He must have assumed he would be accorded the same reverence and indulgence the members of the Senate Blue Ribbon Committee rendered him. But he was forewarned.

In his opening statement, Rep. Benny Abante, chairman of the House Committee on Human Rights, said:

“We are not here to give you obeisance, we are not here to submit to you. We are here as equal members of this House, Mr. Former President. You are now a private citizen. And I hope and pray that you will give equal respect as we give you equal respect today.”

I discerned from Abante’s use of the word “obeisance” the subtle message to Duterte that the members of the Quad committees would not sit meekly as he dresses them down like what happened when Duterte appeared before the Senate Blue Ribbon Committee. And in sharp contrast to the Senate Blue Ribbon Committee proceedings, which was more of a Duterte seminar on governance, the horrific consequence of the illegal drug trade, and the role of the police force in the war on drugs, the Quad hearing was more of an inquiry into extra-judicial killings.

And what the Senate Blue Ribbon Committee neglected to do, the Quad committees did to a large extent last Wednesday.  They picked up where the senators left off.

The first to question Duterte was Rep. Arlene Brosas. She opened her interpellation by quoting what Duterte said before the senators, that he takes full legal responsibility for what the police did. Then she asked, “Can the former president looked them (families of innocent victims of extra-judicial killings present in the hearing) in the eye and say once more ‘I take full, legal responsibility for the death of their love ones’?”

Duterte answered, “Correct, very correct. When I was president, there was, there still is, a drug problem. I had to issue or make a policy statement about drugs. All that happened pursuant to my order to stop the drug problem in this country is mine, all mine. I was the one who gave the order. What they did, legal or illegal, that is mine.” Former president Duterte’s executive secretary Salvador Medialdea, who was seated right behind Duterte, jerked forward upon hearing the word “illegal.” Duterte just shot himself in the foot — the first time that day.

When Brosas also asked if he is willing to cooperate with the International Criminal Court (ICC), Duterte said, “I am asking the ICC to hurry up, and if possible they can come to start their investigation tomorrow and if I am found guilty I will go to prison and rot there for all time.”

Next to question him was Rep. Dan Fernandez, chairman of the Committee on Public Order and Safety. He got Duterte to admit that many of those killed in the drug war were collateral damage, that reward money was given to policemen who killed drug pushers. He asked Duterte if it is true what he (Duterte) said in an interview in 2016 that he planted evidence during his time as a fiscal. Duterte denied it repeatedly. Then Fernandez played the video of the interview that showed Duterte saying, “We planted evidence, we arrested persons but we released them,” Duterte said, “That’s true.”

To Rep. Jeffrey Khonghun’s question if he takes responsibility for the collateral death of 21 children, Duterte answered, “Yes, I take full responsibility.”

In answer to Rep. Raoul Manuel’s question if it is okay with him for the ICC to investigate, Duterte said, “The ICC does not scare me a bit. They can come anytime. I will welcome them… Whatever I did I did it for my country… No excuse, no apology.”

Rep. Gerville Luistro said that Duterte’s war on drugs never complied with the requirements of due process. She suggested that the Quad committees recommend the filing of the necessary action in court for crimes against humanity or at least murder charges against Duterte.  Asked if he is willing to submit to the ICC if his trip to The Hague is sponsored, Duterte said, “Yes, I will slap them. If they come here, I will slap them as well.”

Rodrigo Duterte is not only used to shooting people, he is inclined to slapping people.  The Nov. 13 hearing of the Quad committees ended with Duterte’s rude offer to sign a bank waiver in exchange for slapping Trillanes.

All throughout the 13-hour session, the former president tried to intimidate the Quad people. He barked at Brosas for asking questions like an investigator. “But this is an investigation,” asserted Brosas. He raised his voice when answering Fernandez’ question. Fernandez told him to tone down his voice. When he kept on interrupting Fernandez, Stephen Paduano, co-chairman of the Quad committees, ruled Duterte out of order. By the way, Fernandez and Paduano were among the many congressmen who acceded to then President Duterte’s prompting to deny the renewal of ABS-CBN’s franchise.   

Rep. Ace Barber, overall chairman of the Quad committees was too lenient to the disrespectful conduct of ordinary citizen Duterte.

 

Oscar P. Lagman, Jr. has been a keen observer of Philippine politics since the late 1950s.

BDO CEO expects to sustain net income growth next year

NESTOR TAN — BDO.COM.PH

BDO UNIBANK, Inc. expects to sustain its profit growth in 2025 on continued core business expansion amid expectations of rate cuts from the Philippine central bank.

“We’re hoping to sustain our net income growth because our earnings come more from our core businesses, no extraordinary items, so that should be sustainable,” BDO President and Chief Executive Officer (CEO) Nestor V. Tan told BusinessWorld on the sidelines of a BDO event on Friday.

The Sy-led bank’s net income grew by 13.26% year on year to P21.18 billion in the third quarter, driven by the continued growth of its core businesses. This brought BDO’s nine-month net income to P60.62 billion, climbing by 12.47% from a year ago.

“We see slow and steady growth. We expect to have a good economic environment,” Mr. Tan added.

The Monetary Board will hold its last policy review of the year on Dec. 19. Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. has said it is possible to deliver a 25-basis-point (bp) rate cut at the meeting.

The central bank has cut the policy rate by 50 bps since it started its easing cycle in August, bringing its key interest rate to 6%.

Meanwhile, BDO on Friday held a time capsule-laying ceremony to mark the start of construction of its BDO Corporate Center in Makati City.

The financing for the twin-building will come from the bank’s working capital, Mr. Tan said. “It’s our office so whatever we pour into here will be savings on rent and similar things. It’s planning for our expansion.”

The complex will be one of BDO’s three main offices, alongside the existing BDO Corporate Center Ortigas and the still to be completed BDO Corporate Center Cebu. — Aaron Michael C. Sy

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