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Entertainment News (08/09/24)

Transformers comic cover celebrates jeepney

THIS year’s SuperManila Comic Con, happening on Sept. 7 and 8, will see the exclusive release of Transformers #1 40th Anniversary Edition featuring a limited edition Philippine variant cover. Illustrated by up-and-coming Filipino comic superstar Von Randal with colors by Ellery Santos and Rex Espino, the cover art depicts Optimus Prime and Hound (an Autobot who transforms into a classic US military jeep) in the process of transforming. Optimus Prime can be seen converting into his iconic red truck form while Hound transforms into a green Pinoy jeepney, complete with chrome stallions as hood ornaments, a prominent Manila label, and route signages for Cubao and Welcome Rotonda. “The team behind SuperManila really wanted an iconic Pinoy cover for our biggest comic convention this year. After reading the Transformers’ 40th anniversary issue and seeing that the character of Hound and his classic US jeep form were prominently featured, we realized we had the opportunity of showcasing the beloved jeepney, at least for the comic book’s variant cover,” said SuperManila organizer Ivan Guerrero. After World War II, US military jeeps became a familiar sight on Philippine roads and eventually transformed (just like Hound) into the iconic jeepney.
With a print run of only 1,000 copies, SuperManila organizers expect the issue to be a highly sought-after collector’s item. Launched in 2019, SuperManila Comic Con (SMCC) is a celebration of Filipino creativity in entertainment and pop culture, and is a showcase of leading pop culture brands present in the Philippines such as Lego, Uniqlo, and Funko. Scheduled to attend the convention are Marvel Editor-in-Chief CB Cebulski and superstar cover artist Artgerm, alongside Filipino talent like toy designer and street artist Quiccs. Other headlining guests include Eisner Award-winning artist Peach Momoko, Marvel Secret Wars creators Bob Layton and Mike Zeck, and Filipino artists Carlo Pagulayan and Stephen Segovia. There will be interactive exhibits, activities, and exclusive merchandise. SuperManila is also dedicated to Filipino comic book talent, providing a platform for rising Filipino artists and writers to showcase their work. Tickets to SuperManila Comic Con can be bought at www.supermanila.ph.

Maestro Yoshinao Osawa conducts PPO

ON Aug. 10, at 3 p.m., Japanese conductor Yoshinao Osawa will be returning to the Philippine stage to once again conduct the Philippine Philharmonic Orchestra (PPO) in a special concert. Titled Nostalgia: Music from MOVIE MUSICALS and More!, the concert at the Aliw Theater at the CCP Complex in Pasay City is free and open to the public. Its repertoire promises to incorporate bittersweet nostalgia that transports listeners to different worlds and eras.

First K-Pop academy in PHL culminates in recital

THE KOREAN Cultural Center in the Philippines (KCC) recently concluded the first-ever K-Pop Academy, which ran from July 5 to Aug. 2. It culminated in a recital on Aug. 3, showcasing the talent and hard work of its participants. Classes were led by mentors including AUSPICIOUS from Korea, P-pop girl group KAIA, and Ace Dance Studio’s Ciel Go. At the recital, the Boy Group Dance class delivered a high-energy performance of The Boyz’ “Thrill Ride,” while the Girl Group Dance class gave a rendition of Twice’s “Yes or Yes.” The KPOP Academy will return once again next year.

Ice Seguerra’s OPM videoke concert tickets out

TO CELEBRATE Ice Seguerra’s birthday in September, she will have a show called the Ultimate OPM Videoke Concert Party. It will take place on Sept. 13, 8 p.m, at The Music Museum, Greenhills Shopping Center, San Juan. Tickets are now available via TicketWorld.

Pinoy favorite in ASEAN singing contest

THE WINNERS of the CIMB Rising Start Singing Competition, aimed at discovering talented individuals in the ASEAN region, have been announced, following the finale in Jakarta on July 31. The top prize was awarded to Sharifah Nurilmuhayati from Malaysia, while Indonesian singers Jesica Theresia Koloay and Annisa Ayu Jamaluddin secured second and third places, respectively. Marvin Ilagan from the Philippines received the Favorite Award. The contest, spearheaded by CIMB Niaga in Indonesia, featured eight finalists from across ASEAN countries. A Bulacan native, Mr. Ilagan represented the Philippines alongside fellow Pinoy finalist Gwen Arada from Batangas City. The two were selected among the top 10 local auditionees and won the opportunity to fly to Jakarta for the regional competition.

Puregold’s Flow G hand choreography tilt

IN a P-Pop and original Pilipino music (OPM) collaboration with a brand-new TikTok challenge from rap star Flow G, Puregold puts up a competition open to all. The Puregold #PanaloNaWalangHalo TikTok Challenge will see fans trying to do a set of Flow G-themed hand choreography all month long, with winners selected every week until Aug. 30. To join the contest, fans must have a TikTok account and follow the official Puregold TikTok page, @puregoldph. They must record their performance while using the “Nasa Atin ang Panalo” Hand Choreo filter on TikTok to accompany Flow G’s “Nasa Atin ang Panalo” single. These must be posted on TikTok with captions that include the hashtags #PuregoldNasaAtinAngPanalo, #PuregoldxFlowG, and #PanaloNaWalangHalo.

Beetlejuice Beetlejuice in cinemas in September

BACK to make all nightmares come true is Beetlejuice, in a sequel to the beloved classic. Beetlejuice Beetlejuice, directed by Tim Burton and starring Michael Keaton, Winona Ryder, and Jenna Ortega, opens in Philippine cinemas on Sept. 4. It takes place after an unexpected family tragedy, when three generations of the Deetz family return home to Winter River. Still haunted by Beetlejuice, Lydia’s life is turned upside down when her rebellious teenage daughter discovers the mysterious model of the town in the attic and the portal to the Afterlife is accidentally opened.

Harlem Globetrotters come to Asia

THE WORLD-FAMOUS Harlem Globetrotters are coming to Philippines. The Globetrotter stars will dribble, spin, slam, and dunk their way past their rivals, the Washington Generals, with trick shots, expert ball-handling skills, and laughs. There will also be opportunities for pre-game, post-game, and in-game fan engagement. The Asia tour, scheduled for Nov. 12 to 24, now has a waitlist for tickets via TicketWorld.

Filipino film in TIFF’s Centrepiece Programme

THE FILM Sunshine, written and directed by Antoinette Jadaone, is set to have its world premiere at this year’s Toronto International Film Festival (TIFF), under the Centrepiece Programme. Sunshine tells the story of a young gymnast who finds out she is pregnant on the week of the national team tryouts. On her way to a seller of illegal abortion drugs, she meets a mysterious girl who eerily talks like her. When her self-induced abortion fails, she comes face to face with the harsh reality of how pregnant women of all ages and backgrounds in the Philippines are violently robbed of the chance to choose for themselves and their bodies. The 49th Edition of TIFF runs from Sept. 5 to 15. Ms. Jadaone and the film’s producer Geo Lomuntad will attend the film festival.

Filipino musicians in AXEAN music showcase

AFTER mounting successful in-person events in Singapore for two consecutive years, AXEAN has announced its return, this time in Indonesia. Filipino artists such as chart-topping R&B artist Maki, indie-folk collective Munimuni, electronic producer crwn, and soul-jazz chanteuse Muri lead the first wave of acts performing at the international music festival. It will take place in Jimbaran Hub, Bali, Indonesia, from Sept. 28 to 29.

Better Days duo release new single

MUSICIANS Nim Garcia and Nigel Aboy, who now make up the duo Better Days, have dropped their latest single, “Miss Suzy.” Known for their easy-listening tunes, the band delivers a song with themes of infatuation, yearning, and the whimsical dreams of falling in love. Mr. Garcia, who penned the song, drew inspiration from his own college days, recounting a personal experience with a crush he affectionately called “Miss Suzy.” The song is now available on all major streaming platforms.

Philippines’ quarterly GDP performance

THE PHILIPPINE ECONOMY expanded faster than expected in the second quarter, as higher government spending and investments offset “anemic” household consumption, government data showed. Read the full story.

Philippines' quarterly GDP performance

BSP looks to enhance reporting guidelines

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) is looking to enhance its guidelines on its supervised financial institutions’ (BSFIs) reporting governance frameworks, including changes to sanctions and penalties for violations of its standards.

The Monetary Board is seeking to amend its rules covering firms’ reporting governance framework in the Manual of Regulations for Banks (MORB), based on a draft circular posted on the BSP’s website.

“The Bangko Sentral espouses data-driven decisions to effectively deliver its mandate of promoting financial stability. In this respect, the Bangko Sentral expects its BSP-supervised financial institutions to implement a sound reporting governance framework that promotes the integrity, accuracy, and timeliness of prudential reports submitted,” it said.

The central bank said BSFIs’ reporting governance frameworks must outline “the policies, expectations, as well as systems and resources necessary to generate complete, accurate, timely, and adaptable reports submitted to the Bangko Sentral and used by BSFI management in defining strategies, managing risks, and making decisions.”

A BSFI’s board of directors shall be responsible for establishing a reporting governance framework and overseeing its implementation, it said.

Under the draft rules, a BSFI’s framework must include board-approved policies that define the roles and responsibilities of their personnel in ensuring the quality of their prudential reports, including data collection, validation and submission, as well as governance processes for reporting issues.

It should also have “well-documented standards, policies and procedures” for the validation, review, approval and submission of reports; the reporting of “significant or unusual transactions, events, or activities” that could have a material impact on the quality of their reports; and keeping backup copies of essential business information, software and other relevant documents needed for the restoration of critical operations, among others.

The framework should also include a management information system, data architecture, and technology infrastructure that is “commensurate with the nature, scope, operational complexity, and systemic importance of the BSFI’s business activities” and can leverage technology and data analytics to support changes in reporting requirements and facilitate the production of quality reports.

The BSP said under its reporting standards, regulatory reports must be complete, accurate, timely, and adaptable.

Under the draft, monetary penalties for non-compliance with the BSP’s reporting standards will be based on the asset size of BSFIs. Current rules base these fines on the type of bank.

“A prudential/regulatory report that does not meet the reporting standards set out by the Bangko Sentral shall be subject to a penalty imposed for each calendar day that a violation is incurred, until such time that the report has been determined compliant with the standards,” the central bank said.

“In addition to the continuing monetary penalties that shall be imposed on BSFIs for reporting violations, non-monetary sanctions on the BSFI, its directors, officers, and personnel as provided under existing laws and regulations may be imposed,” it added.

If the draft circular is approved, it shall apply to reports falling due beginning January 2025. — L.M.J.C. Jocson

Nickel Asia says RE subsidiary’s 2028 1-GW target is still ‘on track’

Nickel Asia Corp. (NAC) on Friday said its renewable energy (RE) subsidiary Emerging Power, Inc. (EPI) remains “on track” to achieve its 1-gigawatt (GW) target by 2028.

The clarification was issued following an Aug. 9 BusinessWorld report headlined “Nickel Asia’s Emerging Power delays 500-MW goal to 2026,” which has now been taken down.

“We would like to reiterate that our target commitment through Emerging Power, Inc. (EPI), our subsidiary, is for our renewable energy projects to target a 1GW capacity by 2028,” NAC said.

The company said that Emerging Power is “not delayed and in fact we are on track to reach this because EPI’s subsidiary Jobin-SQM Inc. has a 172-MW Solar Plant already in operation.”

NAC further noted, “By next year we will have two more projects coming online such as our solar projects located in Subic Cawag that will have a capacity of up to 145 MW and the Phase 1 of our San Isidro Solar Project, which is planned to be operating at a 2 x 120 MW capacity.”

NAC added that these upcoming projects are critical milestones that bring Emerging Power closer to its goal of achieving 1-GW capacity by 2028.

The company also corrected a detail in the previous report, which said that NAC’s annual stockholders’ meeting occurred this week. It clarified that the meeting was actually held on June 7, 2024.

BusinessWorld acknowledges these clarifications provided by Nickel Asia.—Adrian H. Halili

Amazon Prime Video plots Hollywood expansion

MEDIA-AMAZON.COM

WHEN Mike Hopkins was approached about leading Amazon Prime Video, his view of the streaming service matched one held widely in Hollywood — it was nothing more than a perk for subscribers of the online retailer’s two-day delivery service.

But Amazon founder Jeff Bezos had much bigger ambitions for the service that offers movies, television shows and original programming.

“After meeting with Jeff, it was very clear that he really saw this as an opportunity to build a media company,” said Mr. Hopkins, an entertainment industry veteran of Fox Networks, Sony Pictures, and Hulu who has in the last four years plotted Prime Video’s path to mainstream Hollywood player.

Under Mr. Hopkins, Prime Video is being recast in the mold of a traditional media company, with its own film studio and theatrical distribution arm, a growing slate of original movies and series featuring A-list actors, an expanding roster of professional sports and advertising. “We … like the progress of Prime Video,” Amazon Chief Executive Officer (CEO) Andy Jassy told investors this month.

Prime Video’s gathering star power — and live sports — position it to capture a greater share of the $28.75 billion in digital advertising revenue Emarketer projects will be spent this year on streaming, as marketers trim their investment in traditional television. Morgan Stanley estimates Prime Video ads could generate $3.3 billion in sales this year and more than double to $7.1 billion within two years.

Even so, Prime Video continued to lag behind industry leaders YouTube and Netflix by share of streaming television viewing in the US for the month of June, as measured by Nielsen. And, while more of its shows have broken into Nielsen’s Top 10 ranking of the most-streamed original series in 2023, Netflix remains dominant.

SPORTS, STARS, AND ADS
Still, Amazon’s aspirations to create a single entertainment destination that offers something for every taste are coming into clearer focus, say nine agents, ad buyers, and entertainment industry executives.

Prime Video became the first streaming service to land an exclusive deal with the NBA, creating year-round sports programming that, by 2025, will include the NFL football, NASCAR car racing, the WNBA Finals, and Champions League soccer.

And in a threat to traditional studios, Amazon plans to more than double the number of theatrical releases from six this year to as many as 16 by 2027, Reuters can report for the first time. That number does not include movies made for non-US audiences, the five or six it typically acquires from other studios, and the dozen or so movies it plans to distribute directly on Prime Video. That output would rival that of Hollywood’s most prolific studio, Universal Pictures.

Prime Video increased its outlay by $1.7 billion to $13.6 billion this year as it deepens its investment in professional sports and increases the volume of content production, market researcher Ampere Analysis estimates, while other studios tighten spending on content.

Amazon’s talent roster increasingly features Hollywood’s A-list, like Reese Witherspoon, Jake Gyllenhaal, and Octavia Spencer, alongside sports standouts such as tennis great Roger Federer. It even struck a deal with Netflix’s former film chief, Scott Stuber, to revive the storied United Artists label at Amazon MGM Studios.

Prime Video now understands “they need premium content and celebrities in order to attract advertisers,” said Jessica Brown, managing director of digital investment for media buyer GroupM. “Before, they had the reach and scale, but they didn’t have the content story.”

“You need to be culturally relevant,” she said.

Madison Avenue took notice when Prime Video this January began showing ads to its roughly 115 million US viewers, instantly becoming the largest ad-supported subscription streaming service, domestically, according to Emarketer.

Advertising executives said that reach and the purchasing insights gleaned from Amazon’s online retail store offer a distinct opportunity. Notably, Amazon can offer to instantly sell consumers goods they see during commercial breaks.

“That is reverberating through the marketplace right now,” said Kevin Krim, CEO of marketing analytics firm EDO, adding that the flood of new inventory may also be driving down advertising prices for others.

ENTERTAIN EVERYONE
Amazon has at times struggled creatively. Despite hits like The Boys — about vigilantes who seek to expose corrupt superheroes, which hit No. 1 in more than 165 countries when the fourth season debuted — it also produced expensive misses like Citadel, a thriller with tepid reviews that failed to make Nielsen’s streaming rankings in the US.

A creative team is courting more broadly appealing fare with global reach, said Mr. Hopkins. The ideal Prime Video project has been described by talent agents as the equivalent of an airport novel, a story that’s page-turning and commercial. It’s Amazon’s answer to Netflix’s programming philosophy of offering a “gourmet cheeseburger,” or well-executed entertainment that’s also widely popular.

“We want to be lots of people’s No.1 show or film,” said Mr. Hopkins, head of Prime Video and Amazon MGM Studios.

Amazon is focused on four different audience segments — including men and women over age 35, and those under 35 — that it can serve with a reliable stream of content that’s budgeted in a way that reflects the size of the potential audience, said Mr. Hopkins. Projects with broad appeal would have larger budgets than those targeted at a narrow demographic, he said. Agents say Amazon is on the hunt for young adult fare like The Summer I Turned Pretty, a teen romance, action-thriller series in the vein of Tom Clancy’s Jack Ryan, which appeal men over age 35, and female-skewing stories like The Idea of You, about a love affair between a single mother and the lead singer of a boy band, which attracted nearly 50 million viewers worldwide in its first two weeks.

“We don’t want to have a Saltburn and then nothing else for that audience for six months,” Mr. Hopkins said in an interview, referring to the popular Amazon MGM psychological thriller about an Oxford student’s entanglement with a classmate’s eccentric family.

Amazon continues to place calculated big bets. The $150 million it spent to adapt video game Fallout as a critically acclaimed series became Prime Video’s second most watched series.

Instantly recognizable characters and stories are critical, because Amazon tends to attract viewers seeking specific shows, according to one agent who requested anonymity to preserve his relationship with the company. “People aren’t just trolling around on Amazon like they do on Netflix,” he said.

It’s a far cry from Amazon’s early foray into video streaming, when it attempted to crowdsource content from customers.

The transition accelerated with Amazon’s $8.5-billion acquisition of MGM, the studio behind the James Bond and Legally Blonde franchises. That deal gave Amazon a trove of intellectual property which it could mine, without engaging in costly bidding wars for sought-after projects, said Mr. Hopkins.

He said Amazon wanted to avoid an “arms race.”

“We decided it would be better for us, in the long run, to own a studio that had really good IP, and then develop our own things,” said Mr. Hopkins.

Sports are another critical pillar of Mr. Hopkins’s media strategy.

The final element of Mr. Hopkins’ plan is to recreate “Prime without the shipping.” Amazon has amassed a deep library of content, spanning free, ad-supported TV-like channels, rival streaming services like Paramount+, recently released movies to rent or buy, all accessible via Prime Video’s newly redesigned app.

“What we’re really trying to build is not just a single subscription service — I think we’ve proven that we can play a much broader game,” said Mr. Hopkins, adding that as CEO Jassy has said, “We’re on track to be a meaningfully profitable business in our own right.” — Reuters

Crossroads for Philippine monetary policy

BW FILE PHOTO

The broadsheets said it all: July inflation overshot target, surged to 4.4% in July. From various angles, the July inflation rate of 4.4% sent jitters to most of the financial markets. Market analysts have been betting on an early cut in the Bangko Sentral ng Pilipinas (BSP) policy rate by at least 25 basis points (bps) in the next monetary policy meeting. Such a view is anchored on the average inflation of 3.5% for the first six months of 2024 against the whole-year target of 2-4%. BSP’s baseline inflation forecasts of 3.3% for this year and 3.2% and 3.3% for 2025 and 2026, respectively, further strengthened the increasingly dovish sentiment about the direction of monetary policy.

And dovish sentiment it was that galvanized this broadsheet’s median estimate of only 4% for the July inflation print. Of the 15 analysts, only five submitted estimates that exceeded the 4% upper inflation target this year with a low of 4.2% and a high of 4.6%. Only one hit the mark.

True, the July inflation rate was the fastest in nine months since it leaped to 4.9% in October 2023. Stripped of any seasonality, however, month-on-month inflation sprinted to 0.6%, the highest since September 2023’s 1.2% except during February 2024 when it hit 0.9%. Annualized, July 2024 inflation easily converts to 7.2%.

No wonder, if the previous weeks’ headlines bannered the confidence of the monetary authorities in cutting the policy rates even ahead of the US Fed, there has been some retreat in the messaging this week. While a rate cut remains on the table for next week, the BSP is “a little bit less likely” to do it. Keeping the rate steady seems to be gaining more ground given the “evolving inflation conditions.” July inflation to the BSP was “slightly worse than expected.”

In case the assessment goes awry, the BSP declared, an off-cycle adjustment is possible. Of course, this is not good for optics because it will show the patience of the BSP was rather too prolonged. Neither is it good for keeping inflation expectations firmly moored.

But we continue to maintain our high regard for both the BSP and monetary policy, especially since July 2022. For monetary policy has succeeded in catching up with the curve, reducing core and headline inflation to within the 2- 4% target starting December 2023 and elevating market confidence in the fight against inflation.

As we indicated in our column in another broadsheet two weeks ago, “it is not correct to suggest that today, the BSP should have eased monetary policy.” And the BSP was right in holding the line despite the preponderance of downside risks to inflation during its June 2024 policy meeting. The Monetary Board was particularly prudent in resisting the sirens’ song to ease early despite the decelerating trend in actual inflation, within-target forecasts and downside risks.

The likelihood of an out-of-target June and July inflation which could eventually dislodge short-term inflation expectations must be within the radar of the BSP. Inflation continues to be driven by the prospects of a lower tariff rate on imported rice, but that took ages to be established. Supply constraints, food in particular, are just too unpredictable while the global dynamics remained too erratic for the BSP to be sanguine about the sustained disinflationary path.

If they eased monetary policy two months ago, that stance would have been proven wrong by the 4.4% July inflation. Yes, the inflation blip of one month does not make a long-term trend but that single point might be enough to affect inflation expectations, disrupt capital inflows and drive the weakness of the peso. They are bad for controlling inflation.

The policy choices of the BSP are quite different from those of the US Fed.

There is an emerging view that the US Fed is behind the curve; it should have started on an easing cycle many months back. Second quarter 2024 real GDP in the US is projected to tip at 2.8% compared to the first quarter’s 1.4%, or double. The US economy expects strong support from higher consumer spending, inventory management, and business investment. But unemployment is now at its highest since 2021 due to the corporate cost-cutting cycle, and it is expected to peak at 5.5%. With declining recruitment, jobless claims are spiking. Net profit margins of S&P 500 firms plummeted to their lowest levels at the end of last year. These labor market indicators convince many that a recession is likely in the US.

With a long lag, a monetary policy reversal of the US Fed is not only urgent, but it should have been done some way back. Instead of a baby step of 25 bps increase, market pulse shows a greater probability for a 50 bps.

The Philippine case is very different, perhaps the US economy’s antonym. We don’t see the urgency in pulling back the tight monetary lever at this point when the economy expanded by 6.3% for the second quarter of 2024. Unlike in the US with rising unemployment, the latest unemployment rate for June 2024 stood at 3.1%, down from May’s 4.1% and 4.5% a year ago.

Most important, headline inflation has just blipped. There are no indications that the uncertainties on the supply side could recede except for the favorable impact of a reduced rice tariff.

As we stressed in our earlier pieces, part of the reason why the credit market seems weak is the lending banks’ own decision to be procyclical. They were tightening their loan standards at a time when interest rates had been driven up by the BSP’s leading interest rates. Any weakness in the financial markets cannot be entirely attributed to strict money policy because weak capital flows also derive from inflation concerns in the country. The BSP should continue to do its job of promoting price stability and in the process also inspiring confidence among investors and consumers alike.

Given the high output growth, positive developments in the labor market as well as the reported expansion in manufacturing, higher capacity utilization, and sustained improvements in the country’s purchasing managers’ index, the country’s output gap must have remained positive. A vigilant BSP is crucial in safeguarding macroeconomic stability.

It is also wise for the BSP to be mindful of the remaining upside risks coming from higher food prices, transport charges, higher power rates and global fuel prices. In particular, Philippine Statistics Authority data illustrated that the production value of agriculture and fisheries actually dropped by 3.3% in the second quarter due to El Niño. Extending to the third quarter, El Niño could also upset food production during the same period.

If there is anything that could undermine the integrity of inflation targeting and pull back the BSP’s achievement in promoting price stability without causing a recession in the Philippines, it is to adjust monetary policy for reasons other than prices and sustainable growth, in that order. Monetary policy is not about reducing the cost of borrowing to allow governments to borrow cheaply. Monetary policy is not about enabling consumers to borrow from lending institutions to spend on travel and other personal effects, even if that is their own decision to make. Monetary policy is all about ensuring inflation is at appropriate level that both business and households, and even governments, can ignore it because price stability has produced the right costs for goods, services and money for business, households, and governments alike.

All up, we expect the BSP to be more patient in keeping its policy rate steady. We recall Raghuram Rajan, formerly of the IMF and the Reserve Bank of India likening the task of central banks to juggling six balls. For the US Fed, as for the BSP, it is not just interest rates going up or down, it has to monitor and weigh the impact of the exchange rate, long-term yields, short-term yields, and credit growth. And the central bank has to respond to all these and more potential disturbances in the economy. Very few would envy the BSP when it decides on the future path of monetary policy next week.

 

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

Job quality remains an issue as joblessness dips — DoLE

REUTERS

THE Department of Labor and Employment (DoLE) said underemployment remains a concern even with the decline in joblessness, after jobholders who said they are seeking more work rose to 12.1% in June from 9.9% in May.

Labor Secretary Bienvenido E. Laguesma said in a statement on Thursday that the rise in underemployment was due to “seasonal factors,” without elaborating.

DoLE is working with the Trabaho Para sa Bayan Inter-Agency Council, chaired by the National Economic and Development Authority, to implement the national employment masterplan.

“Through strategic partnerships with the private sector and targeted interventions, we aim to transform challenges into opportunities, ensuring that the benefits of economic growth are shared equitably and that no one is left behind,” he added.

Meanwhile, the Federation of Free Workers (FFW) urged the government to improve job quality, including the share of the workforce holding regular-employee status, to ensure economic growth.

“FFW holds that the high percentage in the service sector includes the prohibited ‘labor-only’ contracting and contractual job arrangements which workers (consider) abusive and exploitative,” FFW President Jose G. Matula told BusinessWorld via Viber.

“FFW recognizes the significance of these numbers but remains concerned about the quality and security of jobs, particularly in the services sector,” he added.

Another labor group, Kilusang Mayo Uno, called for better job quality.

“The jobs created by the Marcos Jr. administration are of low quality and temporary. The majority of these jobs are in construction, wholesale and retail trade, and food service. Notably, there has been a reduction in agricultural jobs,” Secretary-General Jerome M. Adonis said in a statement.

Mr. Adonis called for the government to implement a liveable minimum wage, which it estimated at P1,200 per day.

“It should also develop a genuine program for creating long-term regular jobs that align with the goals of national development,” he said.

“Workers should assert these demands through various means: forming unions, engaging in dialogue, and staging widespread protests to advance their call,” Mr. Adonis added.

The unemployment rate in June dipped to 3.1%, the lowest in two decades, the Philippine Statistics Authority said on Wednesday.

Jobless numbers amounted to about 1.62 million in June, against 2.11 million in May.

The employment rate was 96.9% in June, equivalent to about 50.28 million individuals holding jobs, compared to 95.5% in May, equivalent to 48.87 million people.

The Labor Force Survey found that the service sector remained the top employer, with 58.7% of the workforce employed in the industry, followed by agriculture with 21.1% and industry with 20.2%.

“The labor market continues to demonstrate remarkable strength and resilience… This positive trend is driven by robust economic growth, particularly in construction; wholesale and retail trade; repair of motor vehicles and motorcycles; and accommodation and food service activities sectors,” Mr. Laguesma added. — Chloe Mari A. Hufana

How each segment contributed to Q2 2024 GDP

THE PHILIPPINE ECONOMY expanded faster than expected in the second quarter, as higher government spending and investments offset “anemic” household consumption, government data showed. Read the full story.

How each segment contributed to Q2 2024 GDP

Dominion Holdings books lower net earnings in the second quarter

DOMINION HOLDINGS, Inc. (DHI) saw its net income decline by 12.45% year on year in the second quarter due to lower interest earnings.

The company’s net profit stood at P58.62 million in the three months ended June, down from P66.95 million in the same period last year, its financial statement showed.

This brought its net earnings for the first half to P134.48 million, up by 7.34% from P125.28 million a year ago, “as it benefited from the high interest rate environment as well as the reversal of provisions for probable losses on bond investments, which matured in the second quarter of 2024,” it said in a disclosure to the stock exchange. This translated to a return on equity of 5.66% and a return on assets of 5.65%.

Interest income declined by 21.96% to P67.49 million in the second quarter from P86.49 million a year ago, its quarterly report showed.

The company’s investment portfolio declined by 67.51% to P1.98 billion at end-June from P6.09 billion.

Total assets likewise fell by 47.97% year on year to P3.26 billion at end-June from P6.27 billion due to a cash dividend declaration worth P3.2 billion. — AMCS

JG Summit says cybersecurity investigation underway

GOKONGWEI-LED conglomerate JG Summit Holdings, Inc. on Thursday said it is actively working with cybersecurity experts and partners to investigate an alleged ransomware attack.

“Our business units continue to operate normally. We are working closely with our cybersecurity experts and partners to proactively investigate and assess the situation,” JG Summit Holdings Inc. said in an e-mailed statement.

The company said it was “aware of circulating reports of a possible cybersecurity attack” and has activated all response protocols and enhanced security measures to ensure data protection.

Deep Web Konek has reported that the cyberattack targeted over 40,000 computers in JG Summit’s network and encrypted a total of 300 gigabytes of data.

The attackers gave JG Summit Holdings seven days to respond.

The cybersecurity group said the ransom note expressed the attacker’s frustration with JG Summit’s “lack of communication.”

In the note, the attackers said they are prepared to carry out additional attacks including further encryption, data shredding, and the use of secure delete functions to ensure no recovery is possible if their demands are not met.

“We take this matter very seriously. We recognize that many organizations have faced similar challenges in the current cybersecurity landscape,” JG Summit Holdings said.

The company said that safeguarding its data and preserving stakeholder trust are of utmost importance, and it will share updates as needed. — Aubrey Rose A. Inosante

Box-office hero Deadpool could set record at comic-book auction

COMICS.HA.COM
COMICS.HA.COM

LOS ANGELES — Deadpool, the mouthy mercenary producing big box-office sales, may soon set a record at a comic-book auction.

Cover artwork featuring Deadpool’s first appearance in the comics went on sale this week at Heritage Auctions with an asking price of $7.5 million. If it sells at that price, it will be the most valuable comic-book art ever sold.

The penciled artwork was created by writer/artist Rob Liefeld, at age 23, for New Mutants #98, which was released in February 1991.

Mr. Liefeld does not own the artwork. He sold it to a collector 25 years ago, although he said he is thrilled that the character he created is doing so well financially.

“I just keep smiling,” said Mr. Liefeld about the auction.

Ryan Reynolds plays Deadpool in box-office hit Deadpool & Wolverine, a movie from Walt Disney-owned Marvel Studios. The film ranks as the highest-grossing R-rated movie of all time with more than $879 million in global ticket sales.

When New Mutants #98 was released in 1991, the comic book cost $1. Now the original editions have become one of the most sought-after comics for collectors, with issues selling from $350 to $55,000 on eBay.

“Selling artwork was part of the income stream back then,” Mr. Liefeld told Reuters. “I sold this 25 years ago. I have zero regrets.”

Mr. Liefeld created Deadpool as a combination between Spider-Man and G.I. Joe. Immediately after his first appearance, Marvel Comics was flooded with fan mail.

“Marvel contacted me and said, this is the most fan mail we’ve had on a new character in 15 years,” said Mr. Liefeld. “They were flooded with letters, fan letters, which they sent me. And the box that that mail arrived in … I thought I was getting a washer and dryer,” he joked.

The current record holder in comic-book auctions is a copy of Action Comics #1, which features the first appearance of Superman and sold for $6 million earlier in the year, also at Heritage Auctions. — Reuters

Bangladesh isn’t getting its happy ending

AUSTIN CURTIS-UNSPLASH

IT MIGHT look like the replacement of Bangladesh’s long-serving prime minister, Sheikh Hasina, by Nobel laureate Muhammad Yunus is a happy ending for a country that seemed to be inexorably sliding towards authoritarianism. After all, Hasina’s rule had become so paranoid that she even burned political capital on persecuting Yunus, widely feted for his role in rural development in Bangladesh and beyond. But, although Hasina’s exit was overdue, what comes after might wind up being worse.

We should be wary of seeing this as a simple victory for widespread, weeks-long popular protests, sparked by students in Dhaka. As in Egypt late in the Arab Spring, when pro-democracy protests against an elected president actually tipped the country into military rule, the prime mover was in fact an army desperate to protect its privileges. Cairo feels less free and prosperous now than it did a decade ago. Will Dhaka fare any better? Hasina was pushed off-stage relatively swiftly once the military switched sides: After 15 years in power, she was reportedly given 45 minutes to get out of town.

Yunus, while popular, has no political base from which he could challenge the uniforms. The only organized opposition in Bangladesh — again, shades of Egypt here — is on the more Islamist side of the spectrum. With Hasina gone and her party and movement discredited, it seems clear that these are the forces that will make a play for power. The leaders of the student protests understandably reject this possibility. But, as in Cairo in 2013 or Teheran in 1979, the protesters may not completely comprehend the forces they have allied with and unleashed. Hasina’s departure was celebrated by attacks on the homes, businesses and temples of the Hindu minority across the country.

When her rivals in the Bangladesh Nationalist Party last ruled in the 2000s, the country quickly became the source of a worrying amount of cross-border terrorism. After Hasina was elected in 2009, she cracked down on militancy. As a consequence, Bangladesh outperformed on growth, development, and poverty reduction during her tenure. Even Pakistani politicians noted the contrast with the illiberal chaos that has crippled their economy.

Hasina could be trusted to keep Bangladesh from descending into a Pakistan-style maelstrom of fanaticism because she viewed Islamists as personal enemies: They collaborated with Pakistani colonizers, and killed her father. Bangladesh’s first prime minister, Mujibur Rahman, was an omnipresent image in his daughter’s now-vanished regime. Mujib, as he is known, is widely respected for leading the Bengalis’ struggle against Punjabi-dominated Pakistan before independence in 1971. The most dangerous aspect of Hasina’s increasingly oppressive grip on power is that, alongside destroying her own legacy, it may have tarnished her father’s beyond repair.

This is not a quarrel about dead history, but about live ideology. Mujib and his movement are associated with the Bengali language and nationalism; his opponents — who staged a coup in the 1970s that killed him and most of his family except for Hasina (and her sister, Rehana, who is with her now in India) — are much closer to the political Islamism that both defines and has derailed the Pakistani project.

None of this exonerates Hasina, who wound up rigging one election too many. Her overthrow should not come as a surprise to anyone paying attention. The problem is that nobody has been paying attention. It’s time for that to change.

India and the West cannot evade responsibility here. New Delhi has tied itself so closely to Hasina in the public imagination that it has ended up being seen not a proponent of democratic values but as a dictator’s primary prop. The West, meanwhile, did little to convince Hasina of the benefits of democratization. As long as labor rights appeared to progress, it didn’t care about the rest of its Bangladesh policy — which, by the end, was being set by a restive and politically influential Bangladeshi diaspora now dominated by those ideologically opposed to Hasina and her father. Mujib’s statues may have been attacked back home, but this echoes actions in the West; soon after her downfall a rowdy group of expatriates barged into Bangladesh’s New York consulate to forcibly remove his portrait from there, as well.

We will pay for these errors. Bangladesh has appeared normal for so long that we have forgotten how dangerous it would be for it to become chaotic. The world’s third-largest Muslim-majority nation has largely avoided sectarianism. That’s thanks partly to the strength of Bengali cultural nationalism. But it’s also because it was born in opposition to Pakistan, an Islamic republic. Half a century ago, following its traumatic independence from Pakistan, it faced such starvation that The Beatles’ George Harrison decided to organize the first superstar charity concert in history. Today, the poverty rate is below 20% and still declining.

Hasina’s party and government took credit for both these achievements. In doing so to justify their vice-like grip on power, they may have convinced Bangladeshis that these are not achievements worth keeping. That would be a tragedy for Bangladesh. And it would be dangerous for India, the West, and the world.

BLOOMBERG OPINION

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