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Lower costs, new farms drive ACEN’s 61.5% income surge

ACEN Corp., the Ayala group’s renewable energy arm, reported a 61.5% increase in its attributable net income to P3.57 billion for the second quarter, driven by the operationalization of new solar and wind farms and a significant reduction in costs.

Revenues declined by 16.6% to P9.45 billion from P11.33 billion; however, costs and expenses went down by 34.8% to P5.97 billion from P9.16 billion, ACEN said in its regulatory filing on Thursday.

For the six-month period, ACEN’s attributable net income rose by 48.7% to P6.29 billion from P4.23 billion a year ago.

This was attributed to the 42% growth in attributable renewable energy generation, as well as an improved net selling position in the Wholesale Electricity Spot Market (WESM), the trading floor of electricity.

“We have strong momentum on the back of a robust increase in operating earnings and steady progress with our project pipeline,” ACEN President and Chief Executive Officer Eric T. Francia said.

“We have won several new projects that we expect to add to our capacity within the next six to twelve months. We remain on track with our goal of achieving 20 GW (gigawatt) of renewables capacity by 2030.”

As of end-June, the company’s attributable renewables capacity was 4.8 GW, 69% of which is already fully or partially operational.

ACEN’s total attributable renewables output increased by 42% to 2,908 gigawatt-hours (GWh).

Broken down, its renewable energy plants in the Philippines generated 1,015 GWh in the first half, up 77% from last year.

ACEN has operationalized solar and wind farms in the first half which are the 385- megawatt-(MW) phases 1 and 2 San Marcelino Solar in Zambales; the 160-MW Pagudpud Wind and 70-MW Capa Wind in Ilocos Norte; the 133-MW Cagayan North Solar in Cagayan, and the second phase of the 116-MW Arayat-Mexico Solar joint venture in Pampanga.

In turn, the company’s net seller position in the WESM rose by 80% to 606 GWh, supported by the said operationalized plants.

Attributable renewables output from ACEN’s international assets went up by 28%, generating 1,893 GWh.

Large-scale projects were commissioned this year, namely the 522-MW first phase of New England Solar in Australia, the 420-MW Masaya Solar in India, and the 60-GW Lac Hoa and Hoa Dong Wind in Vietnam.

The 287 MW first phase of the SUPER solar platform in Vietnam, which was acquired last year, was also added to ACEN’s generation portfolio.

Currently, ACEN holds about 4.8 GW of attributable renewables capacity in operation and under construction, as well as signed agreements and won competitive tenders worth over one GW.

Meanwhile, its listed subsidiary Enex Energy Corp. has trimmed its net loss to P10.83 million for the second quarter from nearly P15 million booked last year.

Expenses for the quarter were relatively flat during the period which was at P4.38 million from P4.37 million previously, the oil and gas exploration company told the local bourse in a separate regulatory filing.

For the six months ending in June, its second-quarter net loss narrowed to P23.04 million from P29 million a year earlier. — Sheldeen Joy Talavera

MPIC unit says Iloilo mega desalination plant ready by 2026

METROPAC Water Investments Corp. (Metro Pacific Water) said it targets to complete the Philippines’ largest desalination plant in Iloilo City by 2026.

“We’re all focused on that. That will be the biggest desalination for the Philippines. So far, the target is to have it operational by 2026,” Metro Pacific Water President and Chief Executive Officer Christopher Andrew B. Pangilinan said on the sidelines of an event on Tuesday.

In June, the company signed an agreement with France-based Suez, a water and waste management solutions provider, for the construction of a P5-billion desalination plant capable of producing 66.5 million liters of water per day.

Mr. Pangilinan said that the project is slated to begin construction in the latter part of the third quarter.

“If you look at the technology, compared it to ten years ago, I think we’re 10 times more efficient now in terms of cost. Still expensive but we’re optimistic in the long run [that] this will be a viable solution to the Philippines especially that we’re an archipelago, so we’re sort of piloting a big risk but we’re willing to pilot this in Iloilo,” he said.

The company noted that Metro Iloilo is undergoing rapid economic and population growth, which is putting a strain on the existing water resources.

A new desalination plant would be a pivotal project to ensure a reliable and sustainable water supply for the region in the immediate and medium term, according to Metro Pacific Water.

“If it turns out successful, I’m sure we could easily replicate this in other islands all across the Philippines,” Mr. Pangilinan said.

Metro Pacific Water, a wholly owned subsidiary of Metro Pacific Investments Corp. (MPIC), manages water and wastewater concessions throughout the Philippines and in Vietnam.

Its Iloilo subsidiary, Metro Pacific Iloilo Water, a joint venture with the Metro Iloilo Water District, serves Iloilo City and the municipalities of Pavia, Leganes, Sta. Barbara, Cabatuan, Oton, San Miguel, and Maasin.

MPIC is one of three key Philippine units of First Pacific, alongside Philex Mining Corp. and PLDT Inc. Hastings Holdings, Inc., a unit of the PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Taylor Swift Vienna concerts canceled because of planned attack

BERLIN — Taylor Swift’s three concerts in Vienna this week were canceled after the government confirmed a planned attack at the stadium, the organizer announced late on Wednesday, and Austria’s Chancellor Karl Nehammer said “a tragedy was prevented.”

“Thanks to the intensive cooperation of our police and the newly established DSN with foreign services, the threat was identified early on, combated and a tragedy prevented,” Mr. Nehammer said in a post on social media platform X. DSN is Austria’s Directorate for Security and Intelligence.

“With confirmation from government officials of a planned terrorist attack at Ernst Happel Stadium, we have no choice but to cancel the three scheduled shows for everyone’s safety,” Barracuda.music said in a post on Instagram, adding all tickets would be automatically refunded.

Austrian police on Wednesday detained two people suspected of plotting attacks on concerts, Franz Ruf, director general for public security, said at a news conference on Wednesday evening.

“During our investigations, we identified preparatory actions and noted that the 19-year-old suspect had a particular focus on the Taylor Swift concerts in Vienna,” Mr. Ruf said, adding that the suspect, an Austrian citizen, had pledged allegiance to Islamic state. Another suspect was later arrested in Vienna.

Police searched the residence of one of the suspects in Ternitz, Lower Austria, and were analyzing items from the home. Local media, citing police sources, said three suspects were still on the run.

Earlier on Wednesday before the cancellation announcement, police had said the events would take place but with increased entry checks and personal searches, with deployment of special units including anti-terror and bomb disposal teams, advising the public to arrive early at the events.

Three Taylor Swift concerts were scheduled to take place In Vienna from Thursday to Saturday. Police had been expecting around 65,000 attendees at each show, as well as up to 15,000 people outside the stadium without tickets, which fed security concerns.

The shows were to be part of the record-breaking Eras Tour by the American singer-songwriter which started on March 17, 2023, in Glendale, Arizona, US, and is set to conclude on Dec. 8, 2024, in Vancouver, Canada.

Ms. Swift, 34, has not yet commented on the cancelations on her official Instagram account which has 283 million followers.

The singer has been taking Europe by storm, prompting some pundits to envisage an economic windfall as fans flock to dozens of sold-out shows from Dublin to Warsaw and beyond.

After Vienna, Ms. Swift was set to sing in London where six concerts are scheduled at Wembley Stadium, starting on Aug. 15. — Reuters

Acciona’s Cebu solar project fast-tracked with BoI ‘green lane’

PEXELS-PIXABAY

ACCIONA Energía, a subsidiary of Spanish infrastructure company Acciona, said its 150-megawatt (MW) solar power project in Daanbantayan, Cebu has been granted “green lane” status by the Board of Investments (BoI).

“The ‘green lane’ privilege is granted to investments that are considered strategic for the country, expediting the permitting process among government agencies, and accelerating and streamlining the development and construction of the project,” Acciona Energía said in a statement on Thursday.

The solar power project involves an investment of around $130 million (P7.5 billion).

The initial power output from the solar facility will be distributed through private power purchase agreements with Cebu II Electric Cooperative, Inc.

Any excess energy will be sold at the annual green energy auction hosted by the Department of Energy, according to the company.

“Aligned with the Philippine Development Plan (PDP), this project supports the government’s goals to increase the renewable energy capacity, ensure energy security, and promote sustainable and inclusive economic growth,” Acciona Energía said.

Among the projects that are in its pipeline are the 156-MW wind farm in the municipality of Pantabangan, and the 100-MW Kalayaan 2 wind farm in Laguna province.

The company has been operating in the Philippines since 2016 through its water and infrastructure divisions and has been involved in flagship projects, such as the Putatan II and Laguna Lake water treatment plants and the Cebu Cordova Link Expressway.

Executive Order (EO) No. 18, approved in 2023, established green lanes within government agencies which will expedite the process of granting permits and licenses through the One-Stop Action Center for Strategic Investments (OSACSI).

OSACSI issues endorsement letters to the Department of Energy, National Government agencies, and local government units, which designate projects as strategic, which will in turn ensure processing times fall within the periods prescribed in EO 18. — Sheldeen Joy Talavera

Cinemalaya 2024 Pocket Reviews: Of disappearances, elections, weed, confusion, and reconnecting

By Brontë H. Lacsamana, Reporter

NOW that the 20th edition of Cinemalaya is entering its closing weekend, BusinessWorld has watched half of the 10 full-length films in competition.

Select Ayala Malls cinemas in Metro Manila — Trinoma, UP Town Center, Greenbelt, Market! Market!, and Ayala Malls Manila Bay — are showcasing some of the best of what the local indie film scene has to offer. Compared to mainstream narratives, these films often tackle pressing issues in society.

Here are the reviews of five films that we were able to watch:

ALIPATO AT MUOG
Directed by JL Burgos

It’s a delightful surprise that what may be the best film of the bunch is a documentary. What’s not delightful are the circumstances behind its existence.

Alipato at Muog (translation: Flying Embers and a Fortress) is equal parts heartbreaking and infuriating. It challenges those of us who are not involved with any desaparecidos, or people who are forced to disappear by the state, to feel the suffering of their families. Through the film, we live through the events alongside his mother, Edita, and his brother, the director himself. It makes us feel as though activist-farmer Jonas Burgos were our own brother, and that we have also been looking for him for nearly two decades.

Seeing the military personnel responsible for the disappearance running free and even moving up in rank while the family chases lead after lead is harrowing to say the least. Animation is used sparingly to communicate the dark thoughts that pervade their minds, of what may have happened to Jonas.

Director JL Burgos, through the film and in the talkback afterward the screening, said that this is all about the pursuit of truth. What will it take for the truth to surface, after the countless reports, articles, court files, and documents that have already come up to resolve the case? This film demands answers; it demands action with a resounding cry.

BALOTA
Directed by Kip Oebanda

Reading the logline of Balota, which follows a poll watcher uncovering the reality of the Philippines’ dirty elections, one would expect a “serious indie film” — and it does hit some of those beats for sure — but this surprisingly has a generally in-your-face satirical tone.

Here, we see Marian Rivera take on the role of a beautiful activist-turned-teacher and poll watcher named Emmy. As a huge star, Rivera is so famous that she doesn’t always convincingly disappear into the role, but she still injects it with a distinct flavor of fierce and quirky. A strong ensemble supports her, including Sue Prado, Joel Saracho, Sassa Gurl, and Royce Cabrera.

While entertaining, a lot of it feels anachronistic, evoking 2020s sensibilities even though the story is set in 2007 and is loosely based on actual tales of violence during the elections that year. Surefire one-liners and exaggerated character traits are a nudge and wink at a well-informed, contemporary audience that already knows Philippine elections are a sham.

It seems director Kip Oebanda set out to make a cathartic adventure where a strong woman is backed by queer activists and an involved, fed-up community that will fight corrupt politicians — however campy, surreal, and fantastical it may be. It’s tonally different from what you’d expect a sociopolitical Cinemalaya film on violent, faulty elections would be like, so perhaps chalk this critical review up to mismanaged expectations. Young adults in the crowd resonated with it, perhaps reflecting a frustration towards the state of our elections that many ache to see onscreen.

GULAY LANG, MANONG
Directed by BC Amparado

For a fun and even riotous viewing experience, this is the film to watch. It’s the perfect mix of entertaining stoner comedy and heartfelt treatise on how medical marijuana is unfairly perceived. It also touches on how farmers are insufficiently appreciated and agriculture is a thankless livelihood.

Controversial for obvious reasons, Gulay Lang, Manong shows just enough of a glimpse into the lives of its colorful characters that the events play out naturally — from Ranzel as the easygoing, weed-selling little person to Perry Dizon as the honest vegetable farmer caring for his stoner grandson. Cedrick Juan plays the narcissistic cop (so frustratingly attractively) well as his character falls to the wayside of a dysfunctional police system.

While the film is an absolute riot and the ideal conversation starter for discussions around the legalization of medical forms of drug use, the portrayal of the struggle of farmers is very subtly done. It’s seen in little tribulations reflecting a larger reality: a competitive market, inconsiderate hagglers, the fragility of produce.

The casting, screenplay, and soundtrack are all brilliant. First-time director BC Amparado and the entire production should be proud of this remarkable film. It manages to de-stigmatize cannabis while also depicting the realities of an unfair world. A true gem in this edition of Cinemalaya.

THE HEARING
Directed by Lawrence Fajardo

The way everything plays out in The Hearing feels crude, disjointed, alienating. First-person point-of-view shots place the audience in the front seat to characters’ various struggles with language barriers, communication breakdowns, and searching for meaning in the faces of others.

This uncomfortable flow of interactions describes the experience of Lucas, a deaf-mute boy who must testify in court that he was raped by the parish priest. The film deftly takes on the sensitive nature of its central conflict by questioning the lack of true, smooth communication in our society in general. Characters with standard hearing plod through unnatural-sounding legalese used in court, and bear with the blatant dismissal of their thoughts by an uncaring husband or a rigidly religious neighbor.

If the bureaucracy of the current system is tedious for the average person, how much more so for a deaf-mute in a country that lacks support for persons with disabilities? This film effectively addresses these issues.

Enzo Osorio as Lucas is devastatingly expressive, his confronting eyes piercing through the tedium of silences. Ina Feleo’s sign language teacher-interpreter character has her own struggles that serve as bookends to this harrowing tale, while Mylene Dizon as the mother is just as achingly raw to watch as she does all she can to support her son. If the flow of this film feels rough, it’s because the characters’ experiences are that way, making this a difficult film to sit through, albeit for good reason.

KONO BASHO
Directed by Jaime Pacena II

Kono Basho is a wholesome Filipino take on Japanese cinema in the style of Hirokazu Koreeda (known for films like Monster and Our Little Sister). It’s the softest, gentlest film of the bunch, dwelling on the beauty of its surroundings while the characters attempt to connect and heal. Notably, it makes use of recordkeeping, with short video montages of crashing waves and rebuilt houses having a calming and almost cathartic nature, evidence of artist and first-time director Jaime Pacena II’s keen eye for still images and art.

Gabby Padilla and Arisa Nakano play half-sisters forced to connect. They shine in their roles as they each reveal and face their inner demons, at first alone and then with each other. One sister has a chip on her shoulder from being abandoned at a young age while the other has mental trauma and co-dependence from a brush with disaster at a young age. (The disaster in question is the 2011 Tohoku earthquake and tsunami that destroyed Rikuzentakata, the town where the film is set.)

It’s not pretty when the two characters try to connect at first. The former’s unwillingness to listen and the latter’s seemingly manipulative self-hatred don’t mesh well, a dynamic that is understandably not palatable for many viewers. But they power through it.

For the two girls, and the slowly recovering town they are in, grief and remembering are an endless cycle that comes in waves, sometimes large and sweeping, other times rough and frightening. The best parts are when the water finds a quiet calm. Kono Basho is a pleasant film that takes audiences on a journey to find that calm.

Ayala Land says AirSWIFT entices ‘several buyers’

LISTED Ayala Land, Inc. (ALI) said it hopes to complete the sale of its boutique airline AirSWIFT within the year and is considering offers from several buyers, not just Cebu Pacific.

“We hope so, but we’re still in discussions. Maybe around this time next month, there’ll be something more definitive,” ALI Chief Finance Officer Augusto D. Bengzon told reporters on Wednesday, in response to whether the company plans to complete the sale within the year.

ALI Head of Leasing and Hospitality Mariana Zobel de Ayala said the property developer is also in talks with other airlines for the planned sale of AirSWIFT, aside from the Gokongwei-led Cebu Pacific.

“When we started this process, our objective really was what would be the best customer experience. So we thought it would be best to cast a wide net. That’s how we started the process. Right now, we are progressing with our talks with Cebu Pacific,” she said.

“It is not exclusive in the sense that we are entertaining several (buyers). But I guess what came out in the news is our discussions with the Gokongwei group,” she added.

In a statement, Cebu Pacific said it “is always on the lookout for opportunities to grow and expand its network, including partnership with other parties.”

Ms. Zobel said the planned sale of Air-SWIFT will allow ALI to focus on its core competency of land development.

“The terms are not confirmed yet. But I think the principle really is that our core competency is in developing land and land-related products,” she said.

“We hope to continue focusing on that and ensure that we can deliver the right experience by partnering with a group whose focus is in aviation,” she added.

Meanwhile, Mr. Bengzon said that one of the requirements of the possible deal is to continue the existing flights to ALI properties such as the Lio tourism estate in El Nido, Palawan.

“For our Lio estate, we still own the airport there. Whoever ends up purchasing AirSWIFT will need to service our resorts in Palawan. It’s one of the requirements,” he said.

AirSWIFT is a boutique airline that offers daily round-trip flights from Manila, Cebu, Caticlan, Clark, Panglao, Coron, and Tagbilaran to El Nido. The airline operates five aircraft consisting of ATR 42-600 and 72-600.

On Thursday, ALI shares fell by 0.67% or 20 centavos to end at P29.80 apiece. — Revin Mikhael D. Ochave

Mommy dearest

COURTESY OF THE FILM DEVELOPMENT COUNCIL OF THE PHILIPPINES

FIRST thing you’d come to know when you met “Mother” Lily Monteverde was her laugh.

It was loud. It was raucous. It was her head tilting back, wide mouth opening wider, and that voice — a little low, a lot rough, barking out a sound that was half-aggressive half-accepting of the absurdity of the world. Sound of a woman who holds nothing back when she laughs, same way she’d hold nothing back when giving her opinion or judgment or whatever needed expressing at the moment. It was the sound of a queen on her throne, ruling her little fiefdom with lively and inimitable style.

Lily Yu Chu, professionally known as Lily Yu Monteverde, popularly known as “Mother” Lily, wasn’t the only female producer in Philippine cinema — there was Narcisa (“Dona Sisang”) de Leon, who established LVN Pictures and was grandmother to Filipino filmmaker Mike de Leon — but Mother was possibly as influential, and more prolific.

The head of Regal Entertainment had two reputations: first as a mercenary film producer, alert for the next popular trend, constantly trying to suss out audiences’ taste. She liked a director with a track record of hits, loved sequels, remakes, variations on a concept, cunning parodies, or plainly bizarre titles (Underage, Underage Too; Teenage Marriage, Teenage Mama; Playgirl, Pabling (Playboy); Starzan, Bobocop, Horsey-horsey Tigidig-tigidig). Her Shake Rattle and Roll horror series (1984-2023, 16 features and counting) is brilliant for several reasons: a regularly presented product in a commercially proven genre; said product in a familiar format (an omnibus of horror shorts), yet varied enough to keep interest relatively fresh; and said series is often an opportunity to field-test new talents for relatively little money.

One of her most successful projects though was oddly also one of her most personal, the Mano Po (Bless Us) series (seven movies and three TV series, from 2002 to 2023): comic or dramatic stories taken from the Filipino-Chinese community, her way of giving back, and (in the way they feature strong-willed Filipino-Chinese women) telling her own story — honoring her own story? — in fictionalized terms.

Second, she seemed to have a soft spot for artists, on occasion would put money in less-than-commercially-promising projects, sometimes backing fledgling filmmakers in the hopes that their careers would take off, later backing the same filmmaker-turned-veteran when he’d propose some head-scratching project. “But it’s got to make money!” she’d warn, the filmmaker only half-listening: truth is she’d put in money because she believed in them.

Her filmography on IMDb lists over 600 titles; Roger Corman managed less than 500. It is debatable whose productions look better — Corman’s budgets were bigger on paper but if you factor in exchange rates and the cost of making films in each respective country; considering that a chunk of the titles are films Corman imported from Europe… this might be fodder for another article, where we compare careers side-by-side.

But if we’re talking new filmmakers we can start with Jeffrey Jeturian, who began his career with Mother. His Sana Pag-ibig Na (Enter Love, 1998) was a no-budget debut feature about a young man who confronts the mistress of his deceased father, and featured a lovely late-career performance by LVN star Nida Blanca as the mistress. His Pila Balde (Fetch a Pail of Water) — script by Armando Lao, and far as I know their best collaboration to date — is a seriocomic sketch of a squatter community situated beside a housing project, squatters and residents living off each other in a symbiotic/parasitic relationship.

Rico Maria Ilarde started with an inventive science-fiction independent production (Z-Man, 1988); did Dugo ng Birhen: El Kapitan (Blood of a Virgin, 1999) — Taekwondo champion Monsour del Rosario vs. an undead Spanish captain —; did Babaeng Putik (Woman of Mud, 2000), about a writer-warrior (think Stephen King only badass) both seduced and menaced by a woman literally made of mud. Ilarde has made a career out of working the line between arthouse and horror — in a way, his films hit what to Mother’s mind may have been a sweet spot: commercial, but with a touch of the weird.

Lav Diaz also started with Mother but their relationship was knottier. A little context: Mother established Good Harvest films under the immediate supervision of producer-director Joey Gosiengfiao, and the outfit made the following offer: production of any script from any filmmaker regardless of experience (or lack of), but with a tight schedule of seven shooting days, seven days of post-production, and a budget of P2.5 million (roughly $43,000). The pito-pito films as they became known put out some clunkers, a handful of good films, a few precious gems — Jeturian’s Sana Pag-ibig Na was one; Diaz’s Serafin Geronimo: Ang Kriminal ng Baryo Concepcion (1998) was another. A Dostoevsky-inspired drama filled with amber lighting and possessed by a preternatural stillness, the tiny film suggested an outsized talent straining at its budget. Diaz reportedly struggled with the meagre resources; he managed to eke out three more extraordinary pito-pito films — the surreal Burger Boys (1999); the dreamlike Hubad sa Ilalim ng Buwan (Naked Under the Moon, 1999); the dystopian Hesus Rebolusyonaryo (Jesus Revolutionary, 2002) — before shifting into full-time independently financed filmmaking.

More established filmmakers have worked with Mother, resulting in some of their finest works: Maryo J. de los Reyes’ Laman (Flesh, 2002), an erotic melodrama about married couples exchanging partners; Chito Rono’s Eskapo (Escape, 1995) about political prisoners in the time of Martial Law; and Mike de Leon’s Sister Stella L. The latter (from a script by Jose “Pete” Lacaba) was maybe Mother’s most daring production, made at a time when folks began to question Marcos’ then 12-year reign but before anyone could actually see the cracks forming.

Peque Gallaga began his career with the wartime epic Oro, Plata, Mata (Gold, Silver, Death, 1982) but flowered under Mother — for Regal he directed Unfaithful Wife (1985), a self-contained one-set drama about an extramarital affair; Virgin Forest (also in ’85), about folks struggling to survive the Philippine-American War; and the excellent Scorpio Nights (also in ’85 — Gallaga was apparently on a roll), a gritty erotic noir about a college student having an affair with a security guard’s wife, complete with political subtext (student and housewife in effect defying repressive patriarchy).

Joey Gosiengfiao is one of Mother’s longest-running collaborators; she produced his camp melodrama Bomba Star (Bold Star) back in 1978, when Regal Entertainment was five years old. His Temptation Island (1980) — about a gaggle of beauty pageant contestants stranded on a desert isle — has enough melodrama and makeup and bizarre imagery to make Pedro Almodovar sit up and take notice (frankly I prefer Gosiengfiao).

Mario O’Hara worked with Regal on a few commercial projects: To Mama with Love (1983), one of Mother’s better Mother’s Day offerings; Uhaw sa Pag-ibig (Thirst for Love, 1984), an underrated crime noir; Prinsesang Gusgusin (Raggedy Princess, 1987), an underrated young-girl fantasy; and The Fatima Buen Story, an again underrated — and occasionally jaw-dropping — true-life crime noir featuring what may be the best-ever performance of presidential daughter Kris Aquino.

But O’Hara’s most singular work may have been under the Good Harvest banner, a pair of pito-pito productions: Babae sa Bubungang Lata (Woman on a Tin Roof, 1998), both a condemnation of and eulogy to the Filipino filmmaking industry; and Sisa, a wonderfully inventive (if woefully underfunded) fantasy-biopic about Filipino patriarch Jose Rizal — both shot back-to-back in 14 days straight, for a total budget of P5.5 million ($94,000).

Then there’s Pangarap ng Puso (Demons, 2000), a combination love story, horror fantasy, political drama, and celebration of Filipino poetry, crammed into a single genre-bending package. One of my favorite O’Haras, it bombed at the box office despite the minuscule budget. Mother saw it as a love story, and she was not wrong; but the film may have been too strange, too eccentric to market as anything but a lovely if indescribable one-of-a-kind.

The Philippines’ best-known filmmaker Lino Brocka worked with Mother, but to mixed results: Caught in the Act (1981); Hello, Young Lovers (’81); Mother Dear (’81); Adultery (1984) maybe his finest work there was Ina, Kapatid, Anak (Mother, Sister, Daughter, 1979) a finely wrought multigenerational melodrama.

More fruitful was rival filmmaker Ishmael Bernal’s relationship with Mother, which produced the Wildean comedy Salawahan (Opposites Attract, 1979 maybe his finest comedy); the kitchen-sink dramas Relasyon (The Affair, 1982), and Broken Marriage (1983); and what may be Bernal’s masterpiece Manila By Night (1980) an Altmanesque tapestry of narratives that rivals in intensity Brocka’s better-known Maynila sa Mga Kuko ng Liwanag (Manila in the Claws of Neon, 1975). And while Brocka’s Maynila may be a straightforward descent into urban hell, Bernal’s Manila is more of a picaresque romp, a darkly comic dance across Manila’s neon-lit streets where no one remains innocent and everyone comes to some kind of ironic end.

And that’s only the partial list; haven’t even begun to cover everyone Mother has discovered, or championed, or feuded against and then championed (and then feuded against). A long and varied career, to put it mildly, and for better or worse an unforgettable one; she may or may not be missed by everyone, but she certainly won’t be forgotten.

Ex-BSP Gov. Medalla takes seat on SMC board

SANMIGUEL.COM.PH

THE BOARD of San Miguel Corp. (SMC) has appointed Felipe M. Medalla, former governor of Bangko Sentral ng Pilipinas (BSP), as an independent director. 

“Mr. Medalla brings with him years of economics and finance experience from the perspective of the government sector, all of which equip him with expertise and proficiency in attending to the needs and requirements of the company,” SMC said in a statement.

Mr. Medalla was elected to the SMC board after a board meeting on Thursday.

He assumes the position on the SMC board left vacant by Ramon F. Villavicencio, who resigned on July 31.

Although no reason was given for Mr. Villavicencio’s resignation, he had earlier stepped down from his roles as chairman and director of Basic Energy Corp. due to health issues.

Mr. Medalla served as the governor and chairman of the Monetary Board (MB) of the BSP from July 1, 2022, to July 2, 2023.

He was a member of the MB from 2011 to 2022.

He holds a PhD in Economics from Northwestern University in the United States.

SMC shares dropped 1.11%, closing at P98 each on Thursday. — Revin Mikhael D. Ochave

Lav is lav is phantosmia

By Juaniyo Arcellana

IN THE dichotomy of anti-reviews, there must be at least one Lav Diaz film that doesn’t turn out the way you expect it, the plot full of pitfalls and booby traps, twists and turns unpredictable as the weather, a narrative that can only come from the director’s fertile imagination.

Whenever he has a new film, slated for premiere at a festival in Europe, he sends an advance screener for review, comment or appreciation, even icy silence, but “only if you have the time.” It is no easy task to watch a Lav Diaz film in the age of attention deficit disorder, to sit still for four hours in a world restless as a pop-up advertorial or click bait. There is no rushing cinema, surely not Phantosmia, Diaz’s exploration of a retired master sergeant’s olfactory phantoms now part of the director’s almost 20-strong filmography.

For all the stock in trade scenes in black and white: burning huts and crackling flames that may remind the viewer of a line from Moby Dick, do not stare too long into the fire young man, or the steady thrumming of rain on makeshift roofs or sodden ground such that you can smell the crush of grass on mud, indeed like a phantosmia, there can be no cinema as pure as this.

Though it is getting dark soon we will have to cope with the travails of master sergeant Hilarion Zabala, played by Ronnie Lazaro, walking straight out of the set of Diaz’s work of not too long ago, Kapag Wala Nang mga Alon. Lazaro it seems has made a career out of playing flawed, nearly demented, anti-heroic characters who somehow carry the narrative to cathartic conclusion, in the best tradition of Dostoevsky protagonists, or even the director’s own last holdout of vaudeville essayed by John Lloyd Cruz in Historia ni Ha, Sid Lucero reprising Raskolnikov in Norte, End of History, even Charo Santos as the woman who faded into the ranks of the disappeared in Ang Babaeng Humayo.

Part of the stock in trade are the memorable characters, personas that seem to have been built up from the dregs of waking, troubled dreams, and the location itself in some far-flung God forsaken barrio that serves as a backdrop for tableaux almost like a separate actor.

Make no mistake but Lazaro cuts a tragicomic figure as Zabala, who has to deal with his nasal ailment while coming to terms with his past as military operative who had engineered bloody dispersals and rubouts, on top of having left his family, but now finds himself alone but not abandoned — he still has his daughter, played by Toni Go, but is however still alienated from his musician son.

The image of the sergeant with a hankie on his nose may in fact be a throwback to the actor’s performance art in the now shuttered Pinaglabanan Galleries more than 30 years ago, wherein he adopted a persona of cowboy style holdupper much to the consternation of gallery goers deep in their happy hour cocktails.

It was, after all, Lav Diaz who gave us Dolly de Leon when first we saw her in Historia ni Ha, with their motley band heading for an island of illusory promises, complete with plodding carabao in flash flood and mud which may be familiar enough for monsoon drenched citizens. This time Hazel Orencio has yet again mastered the art of the contrabida, who pimps her adopted daughter Reyna as played by late blooming ingenue Janine Gutierrez, who has barely a page of spoken dialogue save for a few stutters here and there, but how she draws subtle attention like an innocent Erendira by providing the preternaturally damned sergeant a foothold on redemption in a penal colony called Pulo.

We are however not in the business of spoilers, much less spoiler alerts, because this may be reserved for a separate character, Dong Abay, late of Yano and Damo, as a poet that serves as a one-man Greek chorus, particularly in his ruminations on death and how it can be a door to what must not be said or known for the nonce, that’s how occult death is though not altogether forbidden as can be heard in Abay’s phrasing and enunciation, not everything is in need of a guitar. Paul Jake Paule meanwhile is the penal colony administrator and the sergeant’s bete noire, slowly ripening to his just deserts.

Have to hand it to Diaz and the Lavteam, the way they regularly come up with these quiet gems that have surely made a mark in the senses of cinema, and with the prices of movie tickets these days will surely give you more than your money’s worth.

In Venice, where floods are a way of life, we can almost see the reviews coming out, in Variety or some avant-garde magazine on Phantosmia and its gallery of forsaken characters in black and white, like a perpetual magic hour, nonchalantly slouching toward a Bethlehem of the mind and some form of deliverance.

Del Monte Pacific Limited to hold Annual General Meeting on Aug. 30

 

 


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Filinvest REIT income up 7%, says ‘prudence’ key

THE GOTIANUN family’s Filinvest REIT Corp. (FILRT) recorded a 7% increase in its first-half net income to P601 million from P561.31 million a year ago, attributed to lower costs and expenses.

First-half revenue fell by 11% to P1.4 billion from P1.58 billion last year due to the “overhang of the temporary drop in occupancy in the first quarter due to rightsizing of some tenants brought about by hybrid work,” FILRT said in a statement to the stock exchange on Thursday.

However, FILRT’s net income improved as costs and expenses during the period fell by 3.1% to P643 million on “prudent” management of company resources.

FILRT is the real estate investment trust of listed property developer Filinvest Land, Inc.

As of end-June, FILRT’s property portfolio had an 81% occupancy rate as the company is signing new traditional companies to replace business process outsourcing (BPO) tenants that have downsized due to the shift to work-from-home or hybrid setups of its employees.

FILRT’s portfolio consists of 17 office buildings and one resort lot totaling 330,448 square meters (sq.m.).

“We are pleased with the steady improvement in occupancy of FILRT. Our deliberate efforts in rebuilding the tenancy of our office buildings are starting to pay off. We have been signing fresh names, particularly multinational BPO new entrants in the Philippines from Singapore and New Zealand, to name a few, as well as traditional companies,” FILRT President and Chief Executive Officer Maricel Brion-Lirio said.

“We are looking to expand our portfolio and further diversify our tenant base as we continue to gain momentum,” she added.

FILRT also said it is not affected by the recent government ban on Philippine offshore gaming operators (POGOs).

“FILRT has no POGO exposure and has been free of POGOs since the second quarter of 2022,” it noted.

As of end-June, the company said that 13,126 sq.m. of new leases have been signed while 20,472 sq.m. already have letters of intent from prospective companies.

“On tenant retention, over 26,204 sq.m. or 46% of expiring leases for 2024 have already renewed, with another 16,270 sq.m. or 29% awaiting finalization of the renewal contract,” it said.

“FILRT has been deliberately diversifying its tenant mix, with the addition of traditional tenants and coworking locators. The current overall tenant mix is comprised of 76% multinational BPO companies, 12% traditional and co-working spaces, 11% hospitality, and the balance for retail,” it added.

On Thursday, FILRT shares rose by 1.67% or five centavos to P3.05 each. — Revin Mikhael D. Ochave

Lending growth steady in June

BW FILE PHOTO

By Luisa Maria Jacinta C. Jocson, Reporter

BANK LENDING continued to post double-digit growth in June, the Bangko Sentral ng Pilipinas (BSP) reported.

Outstanding loans of universal and commercial banks rose by 10.1% year on year to P12.09 trillion in June from P10.99 trillion a year ago, preliminary data from the BSP showed.

The June growth rate was unchanged from May’s pace, which was the fastest since the 10.2% recorded in March 2023.

On a seasonally adjusted basis, big banks’ outstanding loans inched up by 0.4% month-on-month.

The growth in outstanding loans to residents slightly slowed to 10.1% in June from 10.2% in the previous month, while the increase in loans to nonresidents picked up to 9.8% from 8.1% in May.

Central bank data showed that outstanding loans for production activities accounted for the bulk or 85.6% of overall lending.

Loans for production activities rose by an annual 8.3% in June to P10.3 trillion, a tad slower than the 8.4% growth in May.

The year-on-year growth was mainly driven by increases posted in loans for transportation and storage (26.2%), real estate activities (12.3%), wholesale and retail trade, and repair of motor vehicles and motorcycles (9.3%), manufacturing (8.9%) and air-conditioning supply (5.7%).

Meanwhile, consumer loans to residents jumped by 25% year on year to P1.4 trillion in June. However, this was slower than the 25.6% expansion seen in May.

Broken down, increases were seen in credit card (28.8%), motor vehicle (20.7%), and salary-based general purpose consumption loans (17.4%).

“It seems there is some marked resilience on demand for financing. It’s double-digit and sustained. It’s a good sign for second-quarter GDP (gross domestic product) growth. It is also aligned with financials and how they have performed for the first half so far,” Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines, Inc., said in a Viber message.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the steady increase in credit recorded in June is a “good sign for the economy as a bright spot” as it was faster than the GDP growth seen last quarter.

Philippine GDP expanded by 6.3% in the second quarter, the government reported on Thursday. This was faster than the revised 5.8% growth in the first quarter and the 4.3% clip a year ago.

Economic growth averaged 6% in the first semester. The government is targeting 6-7% GDP growth this year.

“It is interesting to note that loan growth has always been faster than GDP growth for many years and decades, though the gap has narrowed in recent years, especially since the COVID-19 pandemic, as bank loan growth came from double-digit levels especially before the pandemic,” Mr. Ricafort added.

“This is also consistent with the continued recovery of many businesses, especially those that were hit hard since the pandemic, such as local and foreign tourism, MSMEs (micro, small and medium enterprises), other services industries, among others, moving closer to, if not exceeded, pre-pandemic levels.”

However, Mr. Ricafort noted that elevated interest rates have continued to dampen demand for credit. The Monetary Board has raised borrowing costs by a cumulative 450 basis points from May 2022 to October 2023, bringing its policy rate to an over 17-year high of 6.5%.

It will hold its next rate-setting meeting on Aug. 15.

MONEY SUPPLY
Meanwhile, separate BSP data showed that domestic liquidity (M3) grew by 6.6% in June, slightly faster than the 6.5% increase posted in May.

M3 — which is considered as the broadest measure of liquidity in an economy — rose by 6.6% to P17.5 trillion in June.  Month on month, M3 inched higher by 0.5%.

Domestic claims increased by 10.5% in June, slower than the 10.7% expansion in May.

Broken down, net claims on the central government rose by 12.1%, also slightly slower than the 12.2% in the previous month.

The BSP said this was due to the “sustained borrowings of the National Government and the decline in its deposits with the BSP.”

Claims on the private sector grew by 11.7% in June from 11.6% a month earlier, mainly due to the “continued expansion in bank lending to non-financial private corporations and households.”

Net foreign assets (NFA) in peso terms went up by 8.3% in June from 4.9% in May.

“The BSP’s NFA grew by 12.3%. Meanwhile, the NFA of banks contracted on account of higher bills and bonds payable,” it added.