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Entertainment News (07/12/24)

Japanese box office hit comes to Disney+

THE dramatic conclusion to a serialized story about a father who murders his daughter’s abusive partner is set to debut this month on Disney+. After captivating audiences with the series adaptation of the hit manga series, My Home Hero the Movie concludes the acclaimed crime thriller. It briefly topped box offices in Japan. Set seven years after the series, the movie follows businessman Tetsuo Tosu, who evades imprisonment after killing his daughter’s abusive boyfriend by throwing the police off his scent and dealing with gang leader Kyoichi Majima. It stars Kuranosuke Sasaki, Asuka Saito, Tae Kimura, and Kyohei Takahashi. The movie is on Disney+ starting July 12.

Ice Seguerra, Joey G, Noel Cabangon reunite

EARLY this year, Newport World Resorts gathered OPM stars Ice Seguerra, Joey G, and Noel Cabangon for their first collaborative concert. The talented acoustic trio will be back for Strings and Voices: The Repeat on July 20 at the Newport Performing Arts Theater. This time, their solo turns and collaborations will include new surprises. Strings and Voices: The Repeat tickets, ranging in price from P1,500 to P8,500, are now available at all TicketWorld outlets.

Royal Caribbean to be showcased at travel expos

TO cater to a growing demand for cruises, Royal Caribbean will be participating as a key exhibitor at two travel expos in the Philippines this July. From July 12 to 14, it will set up shop at the Travel Madness Expo at the SMX Convention Center, Pasay City. From July 19 to 21, it will have a booth at the Travel Tour Expo VisMin, at the Limketkai Mall, Cagayan de Oro City. Visitors can explore Royal Caribbean’s stalls at the expos to learn about their cruise offerings across the globe.

Felip releases album ahead of July concert

THE newest album of Filipino musician Felip, 7sins, has been released. While not religion-centric, the album is a journey of acknowledging human shortcomings. It is composed of nine songs, with “envy” as the title/focus track and “ache” as the final track. Despite being busy with SB19 engagements, shoots, and projects, Felip spent seven months writing, recording, and mixing the album, with late night sessions with Luke April of PLAYERTWO and Isagani Palabyab. It also features collaborations with artists like Belgian-Filipino Cyra Gwynth on the tracks “greed” and “lust.” Meanwhile, PLAYERTWO collaborated on the song “gluttony.” The album has been released ahead of Felip’s 7sins the Album Concert on July 27, to be held at the Space at One Ayala, Makati City. Tickets are available via felip.helixpay.ph.

Century Tuna awards Superbods 2024 winners

TUNA brand Century Tuna has named Jether Palomo and Justine Felizarta as the Grand Winners for Century Tuna Superbods 2024 #BestYouEver competition. Besting 36 finalists, fitness influencer and Mister Tourism World Philippines Mr. Palomo and the beauty and fitness enthusiast and Miss Tourism World 2022 1st runner-up Ms. Felizarta will each take home P500,000 tax-free.

Drag Race Philippines 3rd season set for August

THE third season of drag queen competition series Drag Race Philippines will be coming to HBO GO on Aug. 7. Paolo Ballesteros, multi-awarded Filipino actor, model, and drag artist, is returning as the series host. Following the success of seasons one and two, the showcase of Pinoy drag excellence returns with 11 more Filipino drag artists: Angel, John Fedellaga, JQuinn, Khianna, Maxie, Myx Channel, Popstar Bench, Tita Baby, Versex, Yudipota, and Zymba Ding.

Cultural compatibility of new hires

Five of our newly hired workers resigned within three months after deployment. What’s wrong with our hiring practices? And what’s the cure? — Change Agent.

Let’s understand the context of your situation. How many new hires are similarly situated? My rule of thumb is — if the five resignees represent only 3% or less of the total number of new hires in the same period, then it’s not yet an alarming situation. At least not yet, unless it becomes repetitive over the long term.

If you’re asking me what’s wrong with your hiring process, I can only speculate since I’m not privy to your situation. On top of my mind is the compatibility of the new hires with your culture and management style. This can only be determined when you ask the right interview questions to applicants.

During the process, did you test the applicants for their comfort level working in your culture? Are the applicants likely to be accepted by the group and invited to participate in activities outside of work like socials, sports, and volunteer initiative?

Did you check whether the applicants are participating meaningfully and are not made to feel like outsiders struggling to fit in?

These aspects are often neglected because you are focused on testing the applicants’ competence, rather than their compatibility with the organization over the long term. This often results in the applicants’ estrangement after receiving little support from their colleagues.

PROBABLE CURE
Before deciding on a cure, the probable root cause of the applicants’ estrangement must be determined. As I said, it often boils down to the absence of a compatibility assessment in the hiring process. This involves the human resources (HR) department and the requesting department joining hands in predicting whether the applicant is a good fit for the organization.

To do this, the two departments must do double validation to arrive at a reasonably accurate conclusion using various sets of interview questions, to be addressed only to the top two candidates in the short list. A number of topics need to be explained to the shortlisted candidates. These are:

One, corporate mission, vision, and value statements. This is imperative. Unfortunately, many incumbent managers don’t know them by heart. That’s why they are not usually covered during the interview and onboarding process. In extreme cases, they don’t know how to provide examples.

Even if they do, they struggle for words and come off as lousy managers. The interview questions to be asked is: How well do you accept our mission, vision, and value statements? How would you do your share in implementing them?

Two, measurement of individual and group success. This is about evaluating and recognizing workers’ performance. The interview questions to be asked include: How do you expect an individual contribution to be appreciated compared to group achievements?

How would you manage “groupthink?” How would you handle a workplace bully or a senior worker forcing you to do things his way? How would you describe an objective evaluation process?

Three, leadership skills and style. Managers vary in style. Some allow people to be empowered in problem-solving and decision-making. On the other hand, prefer to do the opposite, treating their direct reports like robots. The interview questions to ask are: How does an applicant manage a toxic and micromanaging boss? If a toxic boss doesn’t want to change their style, then what would be your course of action?

Four, nature of the operating environment. This covers ideal situations where people can be made to work effectively. The questions to be asked include: What factors would determine your success in our organization?

Conversely, what factors would make you fail in such environment? How would you do in managing the issues?

Five, change management philosophy. Even if the vacancy is for non-management workers, it would be best to determine their management aptitude as you’re preparing them for the long-term. The applicable questions are: What are the first things you plan to focus on in the first month of your employment?

If there are systems and procedures that are not to your liking, how do you intend to manage them?

As an interviewee, these basic questions will arm you with considerable understanding of the shortlisted applicants’ profile. Using them will help you predict the reactions of the new hires when they start working for your organization.

 

Bring Rey Elbo’s Kaizen Problem-Solving Workshop to your line leaders. Guaranteed to bring you millions of savings or you don’t pay. Contact him on Facebook, LinkedIn, X or e-mail elbonomics@gmail.com or via https://reyelbo.com

Philippines slightly improves in GSMA Mobile Connectivity Index

The Philippines’ overall score improved by 3.66 points to 67.15 (out of 100) in the latest edition of the Mobile Connectivity Index by nonprofit organization GSM Association (GSMA). The index assesses and tracks the performance of countries against the equally weighted key enablers of mobile internet adoption, namely, infrastructure, affordability, consumer readiness, and content and services. A higher score means a more enabling environment for delivering mobile internet. The country has also moved up to “advanced” cluster after performing well with three enablers.

Philippines slightly improves in GSMA Mobile Connectivity Index

PSEi member stocks performed — July 11, 2024

Here’s a quick glance at how PSEi stocks fared on Thursday, July 11, 2024.

PSEi surges to 6,600 level on Fed rate cut hopes

PHILIPPINE STAR/KRIZ JOHN ROSALES

THE MAIN INDEX surged to the 6,600 level on Thursday ahead of the release of June US consumer price index (CPI) inflation data, which could bolster bets of a September rate cut by the US Federal Reserve.

The benchmark Philippine Stock Exchange index (PSEi) went up by 1.84% or 119.89 points to end at 6,609.24 on Thursday, while the broader all shares index increased by 1.3% or 45.64 points to close at 3,555.68.

This was the PSEi’s best finish and marked its return to the 6,600 level for the first time in over a month, or since it closed at 6,619.89 on May 24.

“The local index rose strongly with Asian markets on the back of a record rally in US stocks, fueled by bets that US June inflation data will reinforce expectations of Federal Reserve interest rate cuts starting in September,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

“With the PSEi closing above 6,600 on healthy volume, we may see trading momentum and positive sentiment lift the market toward the 6,700 resistance in the coming sessions,” Mr. Colet added.

Markets are expecting June US CPI to be lower than the consensus estimate of 3.1%, AB Securities, Inc. Vice-President Jovis L. Vistan said in a Viber message.

“Recent economic data point toward weakness in demand, such as lower-than-expected PMI (purchasing managers’ index) numbers and a rise in the unemployment rate. These indicators suggest the possibility of easing monetary policy in the US, which has reduced pressures on the local market,” Mr. Vistan said.

Asian stocks rallied to record peaks on Thursday as traders counted down to US data that is expected to show inflation easing and pave the way for rate cuts as soon as September, Reuters reported.

Japan’s Nikkei rose 1% to a record high of 42,426.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 1.2% to a two-year high. Taiwan stocks hit a record peak and Australia’s ASX 200 closed within a whisker of its all-time top.

Fed Chair Jerome H. Powell told lawmakers on Capitol Hill overnight that “more good data” would build the case for the US central bank to cut interest rates. Futures pricing implies about a 75% chance of a cut in September.

All sectoral indices closed higher on Thursday. Holding firms jumped by 2.34% or 129.74 points to 5,661.28; industrials rose by 1.85% or 166.96 points to 9,188.81; property went up by 1.66% or 42.42 to 2,584.08; mining and oil gained 1.30% or 110.61 points to end at 8,572.60; services climbed by 1.22% or 24.62 points to 2,035.43; and financials increased by 1.1% or 21.97 points to 2,014.96.

Value turnover rose to P6.8 billion on Thursday with 427.66 million shares changing hands from the P6.22 billion with 413.15 million issues traded on Wednesday.

Advancers overwhelmed decliners, 117 versus 68, while 60 names closed unchanged.

Net foreign buying stood at P68.47 million on Thursday versus the P202.79 million in net selling recorded on Wednesday. — S.J. Talavera with Reuters

BoI approves investments worth P950 billion in first six months

THE Board of Investments (BoI) said on Thursday that it approved P950 billion worth of proposed projects in the first six months.

The first half total is up 36.1% from a year earlier, the BoI said in a statement.

The bulk of the investments approved in the six months to June were from domestic sources, while 30%, or P286 billion, originated from overseas.

Trade Secretary and BoI Chairman Alfredo E. Pascual said that despite a 37% drop in foreign direct investment (FDI) for the period, he remains optimistic with the investment pipeline continuing to build up.

“Our confidence in the Philippine economy remains unshaken, supported by a 19% increase in FDI over the first four months of the year compared to last year,” Mr. Pascual said.

“We are also banking on the investment pipeline built from the BoI’s high level of foreign investment approvals,” he added.

The central bank reported on Wednesday that FDI net inflows slumped to a 10-month low in April to $556 million from $881 million a year earlier.

Meanwhile, four months to April FDI net inflows rose 18.7% to $3.53 billion.

Renewable energy investments continued to account for the biggest portion of the approvals, with the electricity, gas, steam, and air conditioning supply sectors making up 96.3% of the total.

The agriculture, forestry, fishing, and real estate industries also saw growth in potential investments during the period.

Region IV-A (Calabarzon) accounted for P592 billion of the approvals. Other top destinations were Region VI (Western Visayas) and Region III (Central Luzon).

For the Philippines to keep attracting global investments, Mr. Pascual cited the need for continuous promotion and streamlining of administrative processes.

“Our strategic focus on enhancing the ease of doing business and providing robust support for high-potential sectors is more crucial than ever,” he said.

“These efforts are pivotal in ensuring the Philippines remains a top-tier investment hub in Asia,” he added. — Justine Irish D. Tabile

10 Israeli firms looking into PHL agritech investments

REUTERS

By Adrian H. Halili, Reporter

THE Israeli ambassador said 10 companies from his country are currently considering agriculture technology ventures in the Philippines, noting the opportunity to raise production in rice, which the Philippines currently needs to import, and in high-value crops, where export potential is limited due to inadequate volumes.

“The challenge here is more about identifying resources in order to have the joint ventures, or co-investments,” Ambassador Ilan Fluss said on the sidelines of an agriculture forum on Thursday.

He added that Israeli companies have taken note of the challenges the Philippines is experiencing in rice and various high-value crops, to the extent that farmers cannot meet domestic demand.

The Philippines imports 20% of its rice requirement. It also imports, among others dairy, meat, and corn, where domestic production falls short of demand.

“Through implementing innovative technologies, productivity can grow,” he said.

He described the potential investors as representing “a wide range,” though some of them “are really new to the market and looking for new opportunities as part of their global expansion.”

He said Israeli companies can supply agricultural technology or services with the help of local partners.

He noted that the rate of technological adoption by small-scale farmers has been slow.

“I do recognize that really small-scale farmers, especially in the rice sector, have difficulty engaging in modern or commercial farming,” he said, noting the broader difficulties in integrating such farmers into the mainstream economy.

Raw sugar exports to US seen shipping out by Aug.

FACEBOOK.COM/VICTORIASMILLINGCOMPANY

THE Sugar Regulatory Administration (SRA) said it plans to allow exporters to start deliveries of raw sugar by August to meet the US quota.

SRA Administrator Pablo Luis S. Azcona quoted the sugar industry as saying that increased production will allow it to meet the US quota of 25,000 metric tons (MT).

According to the SRA, raw sugar production was 1.92 million metric tons (MMT) as of May 12, exceeding the 1.799 MMT brought in a year earlier.

“Sugar exports need to arrive (in the US) by September… they should start shipping out by August,” he said in a briefing on Thursday.

Mr. Azcona added that the SRA had sent out a draft sugar order (SO) to the industry for comment.

“After that, the board will deliberate on all the comments and suggestions, and we will come up with an SO for it,” he said.

The US grants the Philippines an export quota of 25,300 metric tons raw value of raw sugar at a favorable tariff. The Philippines has until Sept. 30 to fill the quota.

Exports of raw sugar to the US are optimized to stabilize prices during times of overproduction.

“This year, we didn’t do it in January-February because the US quota was issued in April. For now, so that we will not be a default of our commitment to them, we will export,” Mr. Azcona added.

During crop year 2023-2024, all raw sugar was classified “B” sugar or for domestic consumption, according to SO No. 1.

The Philippines last shipped raw sugar to the US during the 2020-2021 crop year, amounting to 112,008 MT of commercial weight raw sugar. The country has not exported sugar to the US since then due to domestic supply concerns.

The SRA has said that exporters have prequalified for the planned export program after participating in the voluntary purchase program authorized by SO No. 2.

The order called for the voluntary purchase of domestically produced sugar in order to stabilize farmgate prices. Participants were also eligible for an allocation in a future import program.

He said that about 20 exporters have volunteered to meet the US export quota, but cited the need for a replenishment program through imports.

The SRA’s replenishment program allows exporters of raw sugar to the US to import refined sugar in approved volumes.

Last month, the Department of Agriculture said it was planning to allow imports of about 200,000 MT of refined sugar to plug a possible supply gap before the start of the milling season on Sept. 15. — Adrian H. Halili

US energy storage company plans $100-M expansion, negotiating to use PHL facility

PHILSTAR FILE PHOTO

ILOILO CITY — US-based energy storage firm Amber Kinetics said that it is looking to invest at least $300 million for its expansion, including a $100-million capacity expansion for the Philippines.

At the US Embassy’s 16th Media Seminar on Tuesday, Amber Kinetics Chief Executive Officer Edgar O. Chua said that a further $200-300 million in investments will be made in the US.

“We are currently (fund-raising) both in the US and in the UK – London and New York, essentially,” he said, adding that it is seeking to tap sovereign wealth funds and investment companies.

Asked about plans to list, he said: “The initial public offering may come three to five years down the road once the company has demonstrated sustained profitability and growth because then we will have good pricing.”

Amber Kinetics’ expansion in the Philippines involves a four-and-a-half-hectare site where the company’s third plant will rise. It is targeted for completion by 2025.

“That plant will have a capacity of maybe 30,000 units, so together with our existing facility, which has a capacity of about 10,000 units, the Philippines will have a capacity of about 40,000 units,” he said.

However, he said that the expansion is still at the due diligence stage, with negotiations ongoing with the site owner, adding that the site used to be operated by a South Korean manufacturer.

For its expansion in the US, Mr. Chua said that the target is for its plant there to be operational in 12–18 months.

“We have prioritized about five to 10 areas in the US, and we are looking at putting up maybe two or three plants,” he said.

He said that the number of plants that it will put up in the US will depend on the company’s profits but noted that each plant in the US will have a capacity of 40,000 to 50,000 units.

Meanwhile, he said that there are also plans to put up a plant in Australia.

Amber Kinetics currently operates two manufacturing plants in economic zones in Batangas. — Justine Irish D. Tabile

Philguarantee expands portfolio by 28.82%

PHILIPPINE GUARANTEE Corp. (Philguarantee) grew its portfolio by 28.82% in 2023 to P236.98 billion, with its activities remaining focused on facilitating credit to socialized or low-cost housing projects, small businesses, and small-scale farmers and fisherfolk, the Department of Finance (DoF) said.

In a statement, the DoF said Philguarantee, a government-owned and -controlled corporation (GOCC), estimates that its credit facilitation activities reached 426,378 beneficiaries.

Philguarantee revenue rose 103% to P5.32 billion in 2023, generated primarily from guarantee fees and premiums, commitment fees, and the sale or rental of real estate.

Dividends remitted to the National Government rose 224.4% to P2.42 billion.

The GOCC also expanded its network of partner lending institutions to 152 in 2023 from 131 a year earlier, the DoF said.

“This robust performance is a testament to our country’s strong credit guarantee system,” Finance Secretary Ralph G. Recto was quoted as saying in the statement.

Philguarantee was created after five Philippine Guarantee Programs and Agencies (PGPAs) were consolidated in 2019 under Executive Order No. 58.

The GOCC provides credit guarantees to improve loan access of micro-, small- and medium-sized enterprises, exporters, infrastructure and energy projects, agricultural businesses or farm modernization projects, housing, tourism, and other parts of the economy.

Philguarantee is modifying its charter to continue integrating the merged PGPAs.

These include the Home Guaranty Corp., Agricultural Guarantee Fund Pool, Industrial Guarantee Loan Fund, the guarantee operations of the Small Business Corp., and the Philippine Export-Import Credit Agency.

“The changes will enable the Philguarantee to be more responsive to its mission of providing credit supplementation and its development financing objectives, particularly in key economic areas, where jobs and livelihood creation will be most felt,” the DoF said.

It also seeks to enhance its portfolio management, digitalization efforts, and personnel development as outlined in its Strategic Pillars and Sustainable Institutional Goals for 2023 to 2025, the DoF added. — Beatriz Marie D. Cruz

JLL positive on manufacturing as MNCs diversify supply chains

REUTERS

REAL ESTATE and investment management firm JLL said that the Philippines has the potential to grow its manufacturing sector as multinational companies (MNCs) diversify their operations away from China.

“Southeast Asia (SEA) and India stand to be net beneficiaries of companies diversifying manufacturing capabilities to complement existing bases in China,” JLL said in a statement on Thursday.

“For decades, China has dominated global manufacturing. However, companies are increasingly diversifying their operations elsewhere, adding manufacturing bases outside of China to hedge against supply chain disruptions,” it added.

Citing multiple sources, JLL said that the primary accelerator of the move outside China is the rising costs in the Mainland.

“Higher demand for industrial land, coupled with rising wages and material costs, has also pushed up land prices in China, which can be up to two times higher compared to some SEA countries and India,” it said.

“Furthermore, factors such as skilled labor, infrastructure, environmental regulations, proximity to suppliers and customers, and political stability contribute significantly to a factory’s long-term success and sustainability,” it added.

JLL said that although China still holds the biggest share of manufacturing foreign direct investment in the region, India and Vietnam are catching up.

In the Philippines, JLL identified the semiconductor and electronics and electrical industries as opportunities for attracting manufacturing investment.

“The Philippines is one of the seven countries that the US partnered under the CHIPS Act, which aims to expand and diversify the US semiconductor supply chain,” it said.

Within the semiconductor industry, the key activities JLL identified as having potential were assembly and testing services, integrated circuits, and RF (radio frequency) or microwave chips.

For the electronics and electrical industry, the key products were consumer electronics, industrial electronics, and telecommunication equipment.

JLL said the Philippines is implementing more policies that aim to boost its manufacturing industries, making land availability and access to capital sources critical.

In the Philippines, JLL said these enabling policies include the administration’s Build Better More program, which is expected to boost efficiency and productivity.

“Each economy in Southeast Asia is at a different level of its manufacturing story, but we can confidently say that policymakers are extremely keen to take advantage of diversification initiatives in supply chains,” said Peter Guevarra, JLL’s director for research consultancy in Asia-Pacific.

“Companies need to carefully evaluate various factors such as costs, market access, infrastructure, labor, and governmental support before determining their global manufacturing investment strategies,” he added. — Justine Irish D. Tabile

Record debt highlights need for efficient collection

REUTERS

THE GOVERNMENT must enhance revenue generation and ensure efficient spending to sustainably manage its debt over the medium term, GlobalSource Partners said.

“This is one big challenge to the Philippine government: to sustain its medium-term fiscal consolidation plan in order to minimize the need for borrowing and servicing both principal and interest,” GlobalSource country analysts Diwa C. Guinigundo and Wilhelmina Manalac said in a brief.

The National Government (NG) borrows from domestic and foreign resources to fund operations which cannot be supported from its revenue.

At the end of May, NG outstanding debt rose to a record P15.35 trillion from P15.02 trillion at the end of April, with 68% of the debt generated from domestic sources and 31.96% from foreign sources.

“Fiscal and debt sustainability can only be achieved if public revenue is maximized through appropriate taxation,” the analysts said.

“If this is not accomplished, the encouraging trend in public debt may be unsustainable over the medium term.”

Rizal Commercial Banking Corp. Michael L. Ricafort said encouraging tax compliance and expanding economic growth will help the country manage its debt.

“Priority would be the intensified tax collections from existing tax laws and encouraging compliance with the payment of the correct taxes and to run after tax cheats. The last option would be new and higher taxes, especially if inflation stabilizes in the coming months/years,” he said via chat.

Debt may also be curbed through government rightsizing and anti-corruption measures, he added.

In its latest meeting, the Development Budget Coordination Committee (DBCC) maintained its deficit projection for this year at P1.48 trillion, equivalent to 5.6% of gross domestic product (GDP).

For 2025, the DBCC raised the deficit ceiling to P1.537 trillion from P1.490 trillion, pushing the deficit-to-GDP projection to 5.3%, and to 3.7% by 2028.

Faster GDP growth would also help bring the national debt-to-GDP ratio to below 60%, the threshold deemed sustainable for developing countries by multilateral banks, Mr. Ricafort said.

The debt-to-GDP ratio currently stands at 60.2%.

Before the pandemic, the NG’s outstanding debt averaged P6.9 trillion, growing at an average of 8.3% yearly between 2016 and 2019. — Beatriz Marie D. Cruz

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