Home Blog Page 1567

Maynilad borrows P10 billion from Metrobank for capex

MAYNILAD Water Services, Inc. announced on Thursday a P10-billion loan from Metropolitan Bank & Trust Co. to fulfill its capital expenditure needs for 2024.

“With this loan, we are in a better position to pursue our capital expenditure program that will further enhance water services for our over 10.3 million customers,”  Maynilad Chief Operating Officer Randolph T. Estrellado said in a statement.

The proceeds will be used to help improve the company’s water service coverage, increase water sources, reduce nonrevenue water, improve sewerage coverage and treatment facilities, upgrade water treatment plants and facilities, and improve water availability, Maynilad said.

Maynilad previously said that it would investing more than P31 billion this year for its water and wastewater projects.

Maynilad serves the cities of Manila, except San Andres and Sta. Ana. It also operates in Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon. It also supplies the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta, and Rosario, all in Cavite province.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

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

Bulacan’s Chelsea Manalo is first black Miss Universe Philippines

FACEBOOK.COM/THEMISSUNIVERSEPH

AFTER four months of official pageant events, Chelsea Manalo, the daughter of an African-American father and a Filipino mother, was crowned Miss Universe Philippines during the contest’s culminating activity on May 22 at the SM Mall of Asia in Parañaque.

The 22-year-old from Meycauayan, Bulacan is a graduate of Tourism Management from De La Salle University.

Her background came front and center during the Q&A portion, with her answer: “As a woman of color, I have always faced challenges in my life. I was told that beauty has standards. But for me, I have listened to my mother to always listen to myself, uphold what you have. Because of these, I am already influencing a lot of women who are facing me right now. As a transformational woman, I have here 52 other delegates with me who have helped me to become the woman that I am.”

Stacey Gabriel of Cainta was named 1st runner-up, Quezon Province’s Ma. Ahtisa Manalo was named 2nd runner up, Tarah Valencia of Baguio was 3rd runner up, while Christi Lynn McGarry of Taguig was 4th runner up. The pageant’s runners-up will be representing the country in several other international beauty pageants.

Ms. Manalo will be competing in the 2024 Miss Universe beauty pageant in Mexico later this year.

Entertainment News (05/24/24)


French board games and storytelling event at Podium

ALLIANCE Française de Manille will be hosting a French Board Games and Storytelling event on May 25, at the Podium in Ortigas, Pasig City. Throughout the day, there will be activities for people of different ages — storytelling, a Just Dance competition, and a game session lasting the whole afternoon — all at the “Legacy in Motion: A Visual Tribute to Olympic & Paralympic Athletes Exhibition” at the Atrium on Level 2. Boardgames and video games like Loup-Garous (Werewolves) and Mario Party will be available from 1 to 5 p.m. Storytelling in French and English of À vos marques, prêts, nagez! by Marcus Pfister takes place from 2:30 to 3:30 p.m. Finally, the Just Dance competition commences at 4 p.m. All activities are free to join and are open to all, both French and non-French speakers. To register, go to https://bit.ly/HDCPodium.


Galleria’s Winter Magic beats the heat

WINTER has come to Robinsons Malls through Winter Magic, which is open at Robinsons Galleria, Ortigas, Quezon City, until June 9. The cold-weather theme park is open daily at Level 1 Digiworld from 10 a.m. to 10 p.m. Kids under 12 must be accompanied by a guardian. Skates and safety gear are available at the Magic Glide Eco Skating Rink while socks are required at all times inside Winter Magic Philippines. A Magic Ticket gets a customer access to the whole attraction for one hour. The 5-in-1 Attraction Tickets are P450 each and give the customer access to the Magic Glide Eco Skating Rink, Snow Play Zone, Bouncy Snow Castle, Snow Dome, and Winter Display. Visitors can also choose to get just a Skating Pass which costs P150 and gives them access to the rink for 20 minutes. A Snow Play Pass gives visitors 20-minute access to either the Snow Play Zone or Bouncy Snow Castle, for P100. For access to just the Snow Dome and Winter Display, it’s P150 for 15 minutes. Souvenir photos are also available for P120. 


Toys from Bluey arrive in Philippine stores

THE BLUEY toy collection is set to be available in Toys R Us and Toy Kingdom stores across the Philippines by June 1. The toy’s arrival comes shortly after the series launched in Tagalog on local free-to-air channel TV5 in April alongside its home on Disney+. Licensed by Moose Toys and locally distributed by Ban Kee, the toys are based on the BAFTA and Emmy award-winning children’s television series by Ludo Studio and BBC Studios Kids.

Budget carrier takes delivery of 5th aircraft for 2024

CEBUPACIFICAIR

CEBU PACIFIC said it has received its fifth aircraft delivery for the year.

This delivery marks the arrival of five out of the 12 Airbus new engine option (NEO) deliveries expected this year, the budget carrier said in a statement on Thursday.

“Adding another NEO aircraft to our growing fleet supports our goal of reducing our carbon footprint,” Cebu Pacific Chief Strategy Officer Alex B. Reyes said.

The budget carrier is aiming to transition to an all-NEO fleet by 2028.

To date, Cebu Pacific operates a diversified fleet mix of eight Airbus 330s, 39 Airbus 320s, 21 Airbus 321s, and 14 ATR turboprop aircraft.

The budget carrier is planning to order more than 100 narrow-body aircraft from Boeing or Airbus valued at roughly $12 billion, Cebu Pacific said.

Currently, Cebu Pacific flies to 35 domestic and 24 international destinations in Asia, Australia, and the Middle East. — Ashley Erika O. Jose

Cannes Film Festival: Talking to the filmmakers behind  Parthenope, The Shrouds, Veteran 2, and Anora

IMDB

CANNES, France — Gary Oldman jumped at the chance to be in Italian director Paolo Sorrentino’s new coming-of-age drama, Parthenope, even if it was just a small role, the Oscar-winning actor told Reuters.

“I was in anyway. I didn’t care what it would have been either,” said Mr. Oldman on Wednesday at the Cannes Film Festival, where the competition film celebrated its premiere.

Mr. Oldman has a bit part as melancholic American novelist John Cheever. The title character, a long-haired beauty played by newcomer Celeste Dalla Porta, is inexplicably drawn to him on vacation.

Parthenope enchants the men in her life, and the film follows her from her birth in the waters of the Bay of Naples to her last day before retiring as a professor of anthropology.

Mr. Sorrentino said his own life experience gave him the idea of following a character through various ages.

“Being in my 50s, well, actually more, I was very fascinated with the idea of recounting the melancholies, sorrows, and hopes that revolve around the passing of time,” he said.

“And so, from there I came up with the idea of doing a long tale of a woman from when she was born until today,” he added.

Mr. Sorrentino noted that the heroine’s development also coincides with that of the city of Naples.

“Parthenope, in the first part of the film, when she is young, coincides with the city, they are two mysteries,” said Mr. Sorrentino, a Cannes veteran who has brought seven films to compete for the festival’s top prize, the Palme d’Or.

In the second part, she grows into a free and spontaneous woman who does not judge, which is also like the city, he added at a news conference in the French Riviera resort town.

Naples is sometimes known as Parthenope in reference to the ancient Greek settlement established there, named after a siren who, according to legend, drowned herself after failing to bewitch Odysseus and whose body washed up on the shores of the city.

Mr. Sorrentino won best foreign language film with 2013’s The Great Beauty and was nominated for an Oscar for 2021’s The Hand of God, a personal family tragedy set in 1980s Naples. That film first put Dalla Porta, 26, on the director’s radar.

“The casting agents who chose me as an extra (in The Hand of God) called me to do Paolo Sorrentino’s Bulgari commercial,” she told Reuters. After a year or two, she said, she started auditioning several times for the starring role of Parthenope.

For Dalla Porta, the film not only is an allegory for Naples, but also for her own life.

“Before we started shooting the film I was still in a youthful, carefree phase of my life, where work was still something of a dream and being an actor somewhat an abstract idea,” she said at a news conference alongside Mr. Sorrentino. “But during the process of making the film, it was as if I had to let go of the little girl in me,” she added.

The film’s reception was tepid at best, with The Guardian newspaper calling it a “facile” film and saying it comes close to self-parody. Trade publication IndieWire called it “a superficial meditation on the relationship between youth and beauty.”

CRONENBERG’S GHOULISH THE SHROUDS
David Cronenberg, who has made a career out of the macabre, found that making his deeply personal new film The Shrouds did not lessen the grief he feels over his wife’s death.

“I don’t really think of art, and especially I don’t think of my art as cathartic,” the longtime Canadian director known for body horror classics like The Fly and Videodrome told Reuters on Tuesday at the Cannes Film Festival.

The Shrouds, which premiered on Monday evening, marks Mr. Cronenberg’s seventh time competing for the festival’s top prize, the Palme d’Or.

“The film is funny as well as being sad. It’s a desire to, to play with the figurines in the sandbox, you know, and re-live things the way children do,” Mr. Cronenberg said.

“If you’re grieving, it does not lessen the grief. But it means that you’re addressing it and acknowledging it and playing with it in a way,” he added.

Mr. Cronenberg began writing The Shrouds as a tribute to his wife of more than four decades after she died in 2017.

Vincent Cassel stars as Karsh, a widower who has created a technology that allows relatives to watch their loved one decompose in the grave after his own wife died of cancer.

His dead wife, played by Diane Kruger, comes to him as a vision when he observes her body from an app. He notices strange growths on the body, kicking off a search for answers joined by his conspiracy-aroused sister-in-law, also portrayed by Ms. Kruger, and her paranoid ex-husband, played by Guy Pearce.

Mr. Cronenberg said that The Shrouds may not be the most approachable film in how it handles the topic of life and death. “People who are used to, you know, normal TV or streaming series and stuff might find the approach to life in this film to be unusual and edgy, and I accept that,” said Mr. Cronenberg.

“I mean, most of my films have had that, you know, tone.”

Critics were disappointed, with entertainment news website Deadline writing: “Whatever else you may expect of Cronenberg as a distinctive auteur — wry humor, a measured pace, exultant wallowing in foul goo — you’re not expecting the narrative to explode into bits. That really is a new kind of ick.”

RYOO’S VETERAN SEQUEL
Nine years after his box office hit Veteran, South Korean filmmaker Ryoo Seung-wan is bringing the Violent Crime Investigation Division back to the big screen with Veteran 2.

The action-thriller, which also goes by the title I, the Executioner and stars Hwang Jung-min and Jung Hae-in, had its world premiere at the Cannes Film Festival, where it is showing out of competition, shortly after midnight on Tuesday.

Veteran actor Mr. Hwang, 53, one of Korea’s highest-paid movie stars, reprises the role of detective Seo Do-cheol in the new film while Snowdrop and Something in the Rain star Mr. Jung, 36, takes on the role of mysterious rookie police officer Park Sun-woo, who is brought in to help catch a serial killer targeting criminals.

Complicating the investigators’ work is an increasing number of social media influencers who livestream from crime scenes in the hope of gaining clicks, likes, and new followers.

“There are a lot of events happening right now, not only in Korea, but all over the world, that involve fake news, situations where information is oversaturated, where there is confusion about what is true, and I thought I would take those things and try to merge them together,” said Mr. Ryoo.

Detective Seo and his squad are overworked and underpaid, with high gas prices biting particularly hard — something audiences can relate to, said Mr. Ryoo, who wrote both films.

He also promised that audiences would not be disappointed by the new film’s action scenes. “I wanted to make sure that when the audience watches the movie, they feel like they’re seeing these type of action scenes for the first time,” he said.

The most important part is making sure audiences love the film enough that a third instalment can be made, he said.

However: “Nothing has been decided yet, apart from our will to make another movie,” he said, promising that it would take less than nine years this time to deliver a third film.

ANORA TO DESTIGMATIZE SEX WORK
Part of director Sean Baker’s aim in making Anora, a darkly funny and touching drama about a young exotic dancer who becomes involved with a Russian oligarch’s son, was to remove the stigma surrounding sex work, he said on Wednesday.

“It’s important to explore what sex work is in the modern age,” Mr. Baker told journalists at the Cannes Film Festival, where the competition film premiered on Tuesday. “It’s a career and job that should be respected. In my opinion — de criminalized — it’s up to them to decide.”

Mr. Baker said he was introduced to the adult film world while doing research for 2012’s Starlet.

“There’s a million stories to be told in that world,” he said.

Anora continues a streak of sex worker-focused films by Mr. Baker, including the 2021 Cannes entry Red Rocket and 2017’s The Florida Project, that he has no plans of stopping.

“We’ve already been talking about the next one, and it involves a sex worker. So let’s see what happens,” he said.

Anora stars Mikey Madison as the titular character, who meets Vanya, the immature son of a Russian oligarch with seemingly unlimited money, while working at a strip club. Vanya, played by Mark Eydelshteyn, hires Anora to be his girlfriend for a week, deciding on a whim to take his private plane to party in Las Vegas, where they get married. That decision upsets his disapproving parents so much that they jet over from Russia to ensure he gets an annulment.

Reviews were positive, with The Guardian newspaper giving the “stellar” film four out of five stars and The Hollywood Reporter calling it “a very satisfying watch, deftly commenting on questions of class, privilege, and the wealth divide.”

Shooting the sex scenes was a collaborative process that involved the actors’ input, said Madison, who opted not to use an intimacy coordinator or bring in a stunt double.

“Those scenes were fun to shoot and all of the lap dance scenes were very fun to shoot as well,” Madison said.

Mr. Baker said he would support an actor’s decision to use an intimacy coordinator — who helps choreograph TV and movie scenes involving sex or nudity and ensures actors are not exploited — but was comfortable directing a sex scene without one.

“Our number one priority is to keep our actors safe, protected, comfortable, and involved in the process,” he said. — Reuters

JX Metals Philippines taps Meralco’s MPower for power supply

EVENING_TAO-FREEPIK

MPOWER, the local retail electricity supplier of Manila Electric Co. (Meralco), said it has partnered with JX Metals Philippines, Inc.  to help meet the energy requirements of the latter’s manufacturing plant in Biñan, Laguna.

“MPower continues to build up its clean energy supply portfolio by partnering with greenfield RE (renewable energy) power plants to meet the growing demand for renewable energy supply in the contestable market,” MPower Senior Assistant Vice-President and Head of Retail Sales Eddie John V. Adug said in a statement on Thursday.

JX Metals has been a customer of MPower since 2013. The two companies renewed their partnership this year.

“I hope to continue this good relationship as we contribute to the development of a sustainable economy and society through innovation,” JX Metals President Michiya Kohiki said.

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

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

RCBC to complete branch upgrades within the year

RIZAL Commercial Banking Corp. (RCBC) is looking to finish upgrading all its branches in the country to its Branch of Today (BOT) format this year.

There are 118 branches left to upgrade, the listed bank said in a statement late on Wednesday.

RCBC has a total branch network of 440.

“By leveraging cutting-edge technology and customer insights/feedback, we are not only modernizing our branches but also enhancing the overall customer journey. BOT represents a paradigm shift in how we approach banking where customers can seamlessly transition between digital and physical channels and expect the same level of service and convenience across all touchpoints,” RCBC Branch Services Support Head Richard M. Peralta was quoted as saying.

The BOT format aims to enhance the bank’s end-to-end digital channels to improve the delivery of its services in its branches. 

Enhancements include a digital portal and robotic process automation.

The overhauling of the bank’s branches is part of its digital transformation strategy in a bid to simplify customer services.

RCBC is also training branch personnel in line with the new features being added to the branches to complement the services provided via its digital platforms, the bank added.

“Our personnel are there to help customers make their way through various transactions and customer journeys,” Mr. Peralta said.

RCBC’s branch staff are trained to provide personal assistance to guide customers across different transactions, he added.

As of end-2023, RCBC was the sixth-largest lender in the country in terms of assets with P1.29 trillion, central bank data showed.

The bank’s net income fell by 39.47% to P2.2 billion in the first quarter in the absence of a one-off gain from its sale of properties recorded in the same period last year.

RCBC shares rose by 10 centavos or 0.44% to end at P22.60 apiece on Thursday. — AMCS

The other side of US Fed Chair Jerome Powell

FEDERAL RESERVE

Jerome Hayden “Jim” Powell is neither an academic economist as some would expect, nor an economics practitioner in the US Fed’s research department, or in a New York investment bank, or even the treasury. When he was appointed as the 16th chair of the US Federal Reserve in 2018, I did a quick search of the web that showed he is an American lawyer and an investment banker. He studied politics in Princeton University and earned his Juris Doctor (JD) from Georgetown University Law Center, both in the 1970s.

Yes, Powell is a lawyer. But he is not the first lawyer to serve as a central bank governor. We recall another lawyer, Sir Gordon Richardson, governor of the Bank of England in 1973-83, who visited Manila in the early 1980s to address the Southeast Asian Central Bank Governors meeting in Baguio. Like Richardson, Powell started as a lawyer, worked as a clerk at the US District Court for the Southern District of New York, and practiced law for several years.

And like Richardson, he also abandoned law for banking.

In 1984, he embraced investment banking, first at Dillon, Read and Co., and later worked his way up in several financial institutions that included partnership at The Carlyle Group. He led its Industrial Group within the Carlyle US Buyout Fund. He briefly served as assistant secretary for financial institutions and undersecretary for domestic finance in the early 1990s at the Treasury under President George Bush, Sr. He then founded a private investment firm, Severn Capital Partners, that specialized in finance and investments in various industries.

His experience in central banking started when he was appointed a member of the US Fed Board of Governors in 2012 and promoted to chairman, succeeding now Treasury Secretary Janet Yellen.

Known as a consensus-builder and problem-solver, Powell was also commended for his role in helping combat the financial fallout of COVID-19 by accommodative monetary policy. He argued then that supporting the US Fed’s dual mandate of price stability and full employment should take precedence over potential asset price inflation. He was branded by Bloomberg as “Wall Street’s Head of State” due to the extremely influential monetary policy under his watch and the resulting unprecedented profitability for Wall Street.

We cannot forget Powell’s turnaround in December 2021 when he dropped his view about US inflation as being transitory. “I think it’s probably a good time to retire that word and try to explain more clearly what we mean.” By that time, inflation had soared to 6.8%, the highest point since 1990. He admitted that “the risk of higher inflation has increased.” It was then that the US Fed hinted that quantitative easing and mortgage-backed security purchases had to be curtailed.

US inflation was more persistent than the US Fed had predicted.

This is the other side of Powell: he is capable of embracing change, in his career and in his views. In his taped message before the 2024 graduating class of Georgetown University Law Center on May 19, Powell not only reminisced over his family ties with Georgetown — having graduated there himself, following the footsteps of his own father, and his two daughters following the first and second generations — but also the hard work and the fun in the great campus in Washington, DC’s Georgetown. He enjoyed watching movies and dancing the steps of The Rocky Horror Picture Show, particularly of “The Time Warp.”

On embracing change, Powell informed the Georgetown law crowd that after over 40 years since his own graduation, fundamental changes have taken place both in the workplace and in society in general, driven by technology. The pace of change would not slow down, rather it would gather more pace. He advised his audience to consider what practicing law would look like in 10-20 years. If for anything, one should be agile and prepared to take risks. Experience should be valued.

Change is what leadership is all about. And no one can ever say he is prepared to take on a leadership role because the first thing that strikes at the heart at such a point is self-doubt. As if he was addressing himself, Powell admit-ted that when one is challenged to do new things, it is safe and fair to assume he is going to make some mistakes. Nothing wrong with that, but that will be most valuable when one learns from them and never repeats the same mistakes. Dwelling excessively on past blunders is a no-no for Powell. It’s always a clean slate on which new wins can be inscribed.

Indeed, Powell exhibited this attitude when he finally deleted “transitory inflation” from his vocabulary. He admitted he should communicate better to his constituents if monetary policy is to be effective, even to the pedestrians. Change is fundamental to deliver on such an elusive mandate as price stability and full employment.

The US Fed Chairman has a broad perspective on what he called a “wide variety of potential paths.” Having left law practice for investment banking, he stressed to the law graduates that law education “teaches you to think clearly, analyze thoroughly, and understand all sides of an argument.” His law background made him choose to work in an investment bank in New York headed by former Treasury Secretary Nicholas F. Brady, the former US senator from New Jersey and after whom the Philippines’ Brady bonds were named. At the same time, he mustered enough boldness, even as the most junior of staff, to approach Brady and indicated to him that he ultimately wanted to do public service. “I said that if you need someone to staff you on anything you do in Washington, I’m your guy.”

Powell was never discouraged hearing Brady responded with a simple “Great, thanks.” He was assigned a challenging task after a few months, and this was to defend an oil company from a hostile takeover. He delivered on his assignment, and when Brady was appointed Treasury head, he took Powell along and “opened the door… to higher levels of public service.”

Chair Powell talked about initiative and thinking beyond the law graduates themselves. “Each generation has an obligation to move us closer to the ideal, as embodied by the famous image of blindfolded Lady Justice holding the scales.” He concluded his address by quoting former US Fed Chair Ben Bernanke who said; “Those who are luckiest… also have the greatest responsibility to work hard, to contribute to the betterment of the world, and to share their luck with others.” While for some, it’s beyond luck, the point is to share one’s blessings.

The US Fed Chairman can speak with forthrightness because time and again, he has demonstrated independence of mind and heart. No amount of criticism and finger pointing by former US President Donald Trump that the US central bank was behind the sharp slowdown of the US economy affected him. He refused to cut interest rates despite Trump’s regular negative tweets against the Fed and its chairman.

In response to Trump’s pressure, Powell asserted that he intended to serve his full four-year tenure. Trump could not make him leave his post. Current President Joe Biden decided to uphold the independence of the US Fed and its chairman by reappointing him, a Republican, for another four years in 2022. This was enough of a pillar for Powell to lean on and remain independent in pursuing monetary policy.

Powell could very well maintain his policy independence because he chose to serve the American public. He nurtured public service as early as when he was just a budding investment banker. Based on public filings, Powell is independently wealthy, having a net worth estimated at about $55 million. He has served on the boards of charitable and educational institutions including a public charter school.

On Feb. 8, 2023, Fortune reported on leadership, CEO salaries and executive compensation. On its coverage of the US Fed Chairman, the title said it all: “The most influential figure in America’s economy earns just $190,000 a year — and he says that’s fair.”

 

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.

The growing preference for ‘21st century skills’

REUTERS

ARTIFICIAL INTELLIGENCE proficiency and having an international outlook are among the “21st century skills” that are becoming more important in evaluating potential candidates for a position, executives said.

British Chamber of Commerce of the Philippines Executive Director and Trustee Christopher James Nelson, who has spent more than 40 years in international business, told BusinessWorld by phone that applicants must have an “international outlook.”

“In a sense, we’re trying to connect companies. We’re trying to grow the Chamber. That requires us to know what our members want at the same time, trying to bring new companies into the Philippines. (That requires) an international outlook,” he said.

Mr. Nelson said team spirit, though a cliché, is important for hirers.

“Because we are a Chamber… our key role is to help our members. You look very much for that team spirit and that willingness to help people. It’s that interest and enthusiasm in the areas that we work in,” he said.

Mr. Nelson highlighted the importance of being a “generalist” because Chamber work involves the “complete gamut of various matters.”

“Our members are all in different sectors. We need to have generalists, so I look for people who can research (what they need to know), rather than (specialize) in a specific area only,” he said.

Jack Madrid, IT and Business Process Association of the Philippines president and chief executive officer, said cloud skills are important for those looking to work in tech.

“Cloud engineers and cloud developers are needed for AI (artificial intelligence) … Skills needed are diverse and include data analytics, cybersecurity as well as (a familiarity with) healthcare, accounting, and financial services,” he said in a Viber message.

Strong comprehension and critical thinking will also help a potential employee stand out from the rest of the talent pool, he said. — Chloe Mari A. Hufana

TRB, expressway operators to roll out rebate for farm produce trucks

Motorists pass Mindanao Ave. Toll Plaza in Valenzuela on Dec. 17, 2020. — PHILIPPINE STAR/ MICHAEL VARCAS

THE Toll Regulatory Board (TRB) and expressway operators will implement a toll rebate program for trucks transporting agricultural products starting June 1.

“This program aims to protect the welfare of the general public by minimizing the impact of toll rate increase on the overall inflationary situation to ensure the stability of food prices,” TRB Executive Director Alvin A. Carullo said in a press conference on Thursday.

The rebate for accredited trucks carrying agricultural products varies depending on the vehicle class. For San Miguel Corp.-operated tollways, rebates range from P2 to P30, and for Metro Pacific Tollways Corp. (MPTC)-operated tollways, they range from P16 to P156.

The toll exemptions cover users of the North Luzon Expressway, South Luzon Expressway, Muntinlupa-Cavite Expressway, Subic-Clark Expressway, and Manila-Cavite Toll Expressway.

The TRB said farm-produce carrying trucks must have an Autosweep or Easytrip Radio Frequency Identification (RFID) account as a prerequisite to enroll in the toll rebate program.

The toll rebate program will be in effect for 90 calendar days or three months, with the possibility of extension following a review.

MPTC is the tollways unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

Company drops plan to auction Graceland after judge blocks sale amid fraud claims

FACEBOOK.COM/ELVISPRESLEYSGRACELAND

THE COMPANY that had intended to auction off Graceland, singer Elvis Presley’s iconic mansion in Memphis, abandoned its plan on Wednesday after a Tennessee judge blocked the sale following allegations of fraud.

A representative for the company, Naussany Investments & Private Lending, told Reuters in response to a request for comment that it would withdraw all of its claims over Graceland. The statement arrived shortly after a court hearing in Memphis where Shelby County Chancellor JoeDae Jenkins issued an injunction halting the foreclosure sale scheduled for Thursday.

Graceland, where Presley is buried, is a popular tourist attraction, drawing more than 600,000 visitors a year. Elvis Presley, dubbed the “King of Rock and Roll,” died in 1977 at age 42.

Naussany Investments had claimed that his daughter, Lisa Marie Presley — who died last year at age 54 — had used Graceland as collateral when borrowing $3.8 million that was never repaid, according to a public notice of the intended sale.

Mr. Presley’s granddaughter, actress Riley Keough — who inherited the home after her mother’s death — sued Naussany, asserting that her mother never took out the loan and that Naussany was engaged in fraud.

In a sworn affidavit attached to the lawsuit, the notary public listed on Naussany’s documents said she never met Lisa Marie Presley or notarized her signature.

The notary’s statement, Mr. Jenkins said on Wednesday, “brings in the question as to the authenticity of the signature” as well as whether the underlying document is fraudulent.

In response to an e-mail seeking comment, Gregory Naussany, whose role in the company is not clear, said it would “be withdrawing all claims with prejudice.” 

According to Gregory Naussany, the company made its decision in consultation with its lawyers after concluding it would have to file legal actions in multiple states, since the alleged loan was secured in Florida. He did not directly address Keough’s allegations.

In a statement, Elvis Presley Enterprises, which operates Graceland, said, “As the court has now made clear, there was no validity to the claims. There will be no foreclosure.” — Reuters

PHL banks’ operating environment seen stable

BW FILE PHOTO

PHILIPPINE BANKS, as well as those in emerging markets (EM) in the Asia-Pacific (APAC) region, are expected to see a stable operating environment, but could be more vulnerable to economic shocks compared to developing markets (DM) in the region, Fitch Ratings said.

The debt watcher in a report on Thursday gave the Philippines a “bb+/stable” operating environment score, with an implied operating score of “b” amid an improved sovereign rating.

“The higher scores in DMs reflect their greater resilience, supported by robust regulatory frameworks, typically higher sovereign ratings, and stronger economic fundamentals. In comparison, APAC EMs’ rapid growth and expanding financial inclusion present both opportunities and vulnerabilities for banks,” Fitch said.

Fitch added that economic and business growth in the region will be driven by a growing middle class and global trade diversification, but its operating environment scores for most emerging markets are unlikely to significantly improve in the near term.

Growing competition in emerging markets, including foreign entrants, will also affect EM banks’ risk management and controls, it said.

“We expect that improvements in emerging market operating environment scores will outpace those in developing markets, although emerging markets may remain more vulnerable to future shocks than developing markets, especially in markets where regulatory advancements lag peers,” Fitch said.

The credit rater said the operating environments of developing markets are typically more resilient to shocks amid their stronger regulatory frameworks, more sophisticated banking systems, and more robust economic foundations.

Their governments are also able to spend more to support the local economy, allowing them to recover from shocks faster compared with emerging markets.

The credit rater added that there is increasing pressure for financial inclusion among emerging markets in the region to provide a greater cushion for shocks.

Still, the operating environment scores of emerging markets in Asia have potential for upward revision in the medium- to long-term amid “brighter economic prospects,” Fitch said.

“Mitigation of banking system vulnerabilities, such as high credit growth or weak governance, through robust income growth and effective regulatory oversight would be positive for the operating environment scores,” it said.

“The positive adjustments for India, Indonesia, the Philippines and Vietnam reflect their solid economic growth prospects, which present better opportunities for banks to do business than what is captured by the modest GDP (gross domestic product) per capita level,” it added. 

However, the operating environment scores of emerging markets could be more volatile due to their sensitivity to global economic and financial stresses. — AMCS