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BSP may start easing by Q4

Headline inflation likely accelerated for a fourth straight month to 4% in May, according to the median estimate of a BusinessWorld poll of 16 analysts. — PHILIPPINE STAR/WALTER BOLLOZOS

THE BANGKO SENTRAL ng Pilipinas (BSP) will likely begin easing by the fourth quarter when inflation is expected to have firmly settled within target, Metropolitan Bank & Trust Co. (Metrobank) said.

“In line with the BSP’s guidance, we forecast domestic headline inflation to peak in July, which in turn would only be observable in early August,” the Metrobank Research and Market Strategy Department said in a note.

The central bank earlier said inflation could temporarily accelerate above the 2-4% target from May to July due to base effects. However, inflation is expected to return to the target after July.

“This supports our view that the BSP will start its easing cycle in the fourth quarter, rather than the third quarter, when inflation expectations have settled well within the BSP’s 2-4% range,” Metrobank said.

The Monetary Board’s next meeting is on June 27, but BSP Governor Eli M. Remolona, Jr. has signaled that policy easing could begin as early as August.

The Monetary Board’s only meeting in the third quarter is scheduled for Aug. 15, followed by two meetings in the fourth quarter (Oct. 17 and Dec. 19).

Metrobank said the central bank would likely keep a sufficiently restrictive policy stance as upside risks to inflation remain.

It cited risks such as “still-elevated food prices and heightened geopolitical risks that could lead to renewed supply shocks.”

Inflation likely accelerated for a fourth straight month to 4% in May, according to the median estimate in a BusinessWorld poll of 16 analysts.

The BSP gave an inflation forecast of 3.7-4.5% for May. Inflation data will be released on June 5.

“We also continue to see the BSP lagging the US Federal Reserve’s own easing cycle, where we expect the first policy rate cut in the September Federal Open Market Committee (FOMC) meeting, which should then support the peso,” Metrobank said.

Mr. Remolona earlier said that while the BSP monitors the Fed’s moves, it does not need to wait for the US central bank to cut rates.

On May 16, the Monetary Board kept its key policy rate steady at a 17-year high of 6.5%. This was the fifth straight meeting that the BSP stood pat since it delivered an off-cycle rate hike of 25 basis points (bps) in October.

From May 2022 to October 2023, the central bank raised borrowing costs by 450 bps.

Meanwhile, Metrobank said it expects the peso to continue to strengthen. 

“We expect the peso to be further supported by a narrowing current account balance driven in turn by improving trade deficit levels and recovering travel exports, accompanied by an expected uptick in business process outsourcing (BPO) revenues and overseas Filipino worker (OFW) remittances in the fourth quarter,” it said.

The BSP expects a current account deficit of $6.1 billion by the end of 2024, equivalent to -1.3% of the gross domestic product (GDP).

Metrobank said it sees the peso settling at P56.10 a dollar by yearend.

In May, the peso touched the P58-per-dollar level for the first time in over 18 months.

The BSP has said it would continue to monitor the foreign exchange market and would participate if necessary to “smoothen excessive volatility and restore order during periods of stress.”

On Monday, the peso closed at P58.68 per dollar, weakening by 17 centavos from its P58.51 finish on Friday. This was the worst finish in almost 19 months or since its P58.80-per-dollar close on Nov. 3, 2022. — Luisa Maria Jacinta C. Jocson

Meralco warns power rates to go up in June

Customers of Manila Electric Co. may face higher electricity bills this month. — PHILIPPINE STAR/MICHAEL VARCAS

POWER RATES are expected to go up this month, due to higher settlement costs in the reserve market and the implementation of the new feed-in tariff allowance (FIT-All) rate, according to Manila Electric Co. (Meralco).

A spike in generation charges amid tight supply, coupled with the peso depreciation, might also contribute to the higher electricity rates, the company said on Monday.

Meralco Vice-President and Spokesperson Joe R. Zaldarriaga said in a statement that there is “pressure for an upward adjustment” in electricity bills for June.

“This is expected to be driven by the settlement costs in the reserve market and increase in FIT-All that will be reflected in the bills of customers this month,” he said.

Last month, the Energy Regulatory Commission (ERC) ordered the partial lifting of the suspension on settlement amounts in the reserve market.

The ERC has allowed the settlement of 30% of the amounts due on reserve market transactions during the March billing month. Citing simulations, the regulator projected the partial payments to be worth P1.7 billion.

Meralco said the National Grid Corp. of the Philippines (NGCP) “can start recovering costs for trading transactions made in the reserve market in March.”

The NGCP has said ancillary services to distribution utilities might increase by more than 10 centavos per kilowatt-hour (kWh).

NEW FIT-ALL RATE
Meanwhile, Meralco said the ERC recently approved a new FIT-All this month, which would result in an increase of P0.0474 per kWh.

“The increase was based on the application of Transco (National Transmission Corp.) as administrator of the fund and ERC’s determination of the funding requirement to pay for the electricity supplied by RE (renewable)-FIT plants,” ERC Chairperson and Chief Executive Officer Monalisa C. Dimalanta said in a Viber message.

Ms. Dimalanta said the ERC approved a FIT-All rate of P0.0838 per kWh in March, which would be reflected in the June billing.

“The implementation of the new FIT-All is higher than the 2022 rate of P0.0364 per kWh,” Ms. Dimalanta said.

The FIT-All is a charge reflected in the bills of consumers that is collected from on-grid customers to support the development and promotion of RE.

Payments are remitted to the FIT-All fund established and administered by Transco, which keeps the funds with a government financial institution. The fund goes toward paying RE developers who have obtained fixed rates for electricity generated by their projects.

The ERC had lifted the suspension of FIT-All collection starting February due to a projected deficit in the FIT-All fund.

Mr. Zaldarriaga also said there is an upward pressure in the generation charge due to the continuing tight supply conditions in the Luzon grid.

“We’ve experienced a series of red and yellow alerts in the last supply month, and as we know, these conditions affect generation costs particularly in the Wholesale Electricity Spot Market or WESM,” he said.

As of June 3, the Luzon grid was placed on red and yellow alerts for 13 days and 29 days, respectively, this year.

In an advisory early Monday, the NGCP raised a yellow alert over the Luzon grid from 1-4 p.m. and 6-10 p.m. as a total of 2,692.8 MW were unavailable to the grid.

Meralco said the peso depreciation is also expected to increase generation charges in June, as it affects a significant portion of the costs of independent power producers and power supply agreements.

On Thursday, the peso fell to a near 19-month low, closing at P58.635 a dollar from P58.42 finish on Wednesday, data from the Bankers Association of the Philippines showed.

In May, Meralco raised the overall rate by P0.4621 to P11.4139 per kWh from P10.9518 per kWh in April due to the higher generation charge.

Households consuming 200 kWh had to pay about P92 more for their monthly bill.

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. — S.J.Talavera

Krugman says China is ‘bizarrely unwilling’ to boost demand

BLOOMBERG

CHINA’S LEADERS are “bizarrely unwilling” to use more government spending to support consumer demand instead of production, according to Nobel laureate in economics Paul Krugman.

“The fact that we seem to have a complete lack of realism on the part of the Chinese is a threat to all of us,” Mr. Krugman told Bloomberg TV on Monday, where he also touched on Japan’s economy and the benefits of a weak yen.

Mr. Krugman echoed criticism by US economic officials including Treasury Secretary Janet Yellen that China can’t simply export its way out of trouble. The comments come amid renewed concern in the US and Europe over what is viewed as Chinese overproduction and the dumping of heavily subsidized products overseas.

“We can’t absorb, the world will not accept everything China wants to export,” Mr. Krugman said.

China’s whole economic model is not sustainable because of “vastly inadequate” domestic spending and a lack of investment opportunities, he added. Beijing should be supporting demand, not more production, he said.

Another prominent economist, Stephen Roach, weighed in on China’s economy on Monday. He said he found a grim mood on the ground in Beijing during a visit recently, especially among entrepreneurs and students.

“I found a Beijing that really didn’t have much of the spark that I had been accustomed to over my many years of traveling there,” Mr. Roach said in a Bloomberg TV interview. “Certainly, the best I could call it was a mood of grim resignation,” said the former chairman of Morgan Stanley Asia who now teaches at Yale University.

A regular policy adviser to the Chinese government, Li Daokui, predicted more supportive policies for the economy in the coming months. Speaking to Bloomberg TV, the Chinese economist called on Beijing to issue much more central government debt to make up for the inability of cash-strapped local authorities to spend money and drive growth.

Looking beyond China, Mr. Krugman said he found it hard to understand why Japanese authorities are panicking over a weaker yen that helps boost demand in that economy.

“I have to say what puzzles me is why Japan is so worried about the falling yen,” he said.

“A weaker yen, after [giving] it a bit of a lag, that’s actually positive for demand for Japanese goods and services,” Mr. Krugman said. It’s “puzzling why the weaker yen is inspiring as much panic as it seems to be.”

Mr. Krugman spoke after a government report on Friday showed Japan has spent a record amount to defend the currency in the past month. After the actions by the government side, the Bank of Japan (BoJ) is increasingly seen likely to raise rates by July to ease pressure on the yen.

Mr. Krugman, now at the City University of New York, isn’t all convinced that Japan is finally having sustainable inflationary pressures.

“I hope so, but I’m not convinced by trying to look at the Japanese data,” he said. “I still don’t see the kind of fundamental strength. A lot of Japan’s long-term weakness has to do with demography, has to do with extremely low fertility. That hasn’t changed, although Japan is at least more open to immigration than it used to be. But it’s a long way.”

Japan’s economy contracted in the last quarter, extending a period of no growth starting from the middle of last year. That underscored a lack of momentum even after the BoJ ended its massive monetary easing program in March with the first rate hike in 17 years.

The biggest driver for the yen weakening is a wide interest rate gap with the US Federal Reserve. While few expect the Fed to cut rates soon on the back of sticky inflation, Mr. Krugman reiterated his view that it’s better to cut rates soon with the chance of re-accelerating inflation looking very small if the Fed cuts rates.

“I would go for the rate cut if only to signal, ‘Hey, you know, we’re not asleep here, we’re not going to be obsessed with inflation until that’s so far in the rear-view mirror that we really should have been focusing on the car wreck in front of us,’” he added. — Bloomberg

JG Summit working to weather short-term headwinds — Gokongwei

JG Summit Holdings, Inc. President and Chief Executive Officer (CEO) Lance Y. Gokongwei on Monday expressed cautious optimism amid challenges posed by high fuel prices, interest rates, and foreign exchange fluctuations.

“While we remain cautious given short-term headwinds from elevated fuel prices, interest, and foreign exchange rates, we continue to work hard to accelerate recurring core profits in succeeding quarters,” Mr. Gokongwei said during the company’s annual stockholders’ meeting.

 JG Summit has allocated P87.2 billion as its capital expenditure budget this year to fund expansion plans.

Mr. Gokongwei said the merger between Robinsons Bank Corp. and Bank of the Philippine Islands (BPI) will be a key growth driver this year.

 “From JG Summit’s perspective, we look forward to realizing additional cash flows from our banking investments in the form of cash dividends which we can then allocate to the BPI network, and then we can then allocate towards efforts to further grow and support our other businesses,” he said.

 “We are excited to unlock the merger synergies between the combined Ayala and Gokongwei groups. This includes being able to provide a wider variety of financing solutions to our suppliers such as supply chain financing which we were previously able to offer only at the limited scale due to the smaller size of Robinsons Bank,” he added.

 Mr. Gokongwei also said that JG Summit’s business units are continuously expanding their capacity and footprint to support the growth plans of the conglomerate.

 He said that listed food and beverage manufacturer Universal Robina Corp. (URC) is building a mega plant in Batangas, with the first line expected to be operational by the end of 2024.

 Meanwhile, Robinsons Land Corp. aims to open the high-end Opus Mall in Quezon City by July, as well as Robinsons Place Pagadian in Zamboanga del Sur, he added. The company also plans to add new rooms at the NuStar Resort and Casino in Cebu City by the fourth quarter.

 At the same time, he said that budget carrier Cebu Pacific aims to grow its total full year capacity by 12-15%. The growth will be led by the 18 additional aircraft that will be delivered this year, of which five had been delivered in the first quarter.

 “With these advancements across the group, we hope to remain ahead of the curve as we continue our commitment to providing our customers with better choices, and create shared success with all our stakeholders,” he said.

 Meanwhile, URC President and CEO Irwin C. Lee said the company is aiming to push volume growth to drive business despite inflationary risks.

 “What we’re trying to do is to make sure that we drive our own operating savings so we limit the amount of cost that we need to pass on to the consumers. That is the big push for 2024. We’re hoping to see renewed volume growth so that reliance on pricing growth will be minimized,” he added.

Mr. Lee added that the company has seen growth across various segments such as its snacks business despite inflationary pressures.

“We are seeing growth in our instant soluble business as people make their own coffee, and we are seeing growth where we have offerings that are below P5,” he said.

 “Equally, we are continuing to drive our brands in the higher price segments to prepare for the time that consumer confidence will be stronger. We’re also seeing that there’s a segment of consumers at the very top that are not as affected by inflationary impacts,” he noted.

 On Monday, JG Summit shares fell by 2.58% or 80 centavos to P30.20 per share. URC stocks dropped by 0.93% or P1 to P106 apiece. — Revin Mikhael D. Ochave

D&L says exports to capture half of revenue in next 2-3 years

D&L Industries says exports to account for half of total revenue in next two to three years.

D&L Industries, Inc. said it expects its export business to make up half of its total revenue in the next two to three years, driven by its new Batangas plant.

“Maybe it will take us another two or three years before we hit 50% (of total revenue contributed by exports),” D&L President and Chief Executive Officer Alvin D. Lao said during a virtual briefing on Monday.

He said that exports currently account for 32% of the company’s total revenue, which is expected to reach “mid to high 30%” by the end of the year. D&L’s export revenue rose by 39% in the first quarter.

“As the Batangas plant’s operation increases, then we will be exporting more. It ramps up over time,” Mr. Lao said.

D&L started the Batangas plant’s commercial operations last year.

The plant saw a P16-million net loss in the first quarter, lower than the P315-million net loss incurred at the start of its commercial operations.

Mr. Lao said the company is keeping its projection of at least double-digit earnings growth this year.

“Barring any unforeseen events, we maintain our stance and continue to guide for at least double-digit growth in earnings for this year,” he said.

“Over the long term, we have a lot of confidence that the new investments that we have made over the past years will pave the way for higher and more sustainable profit growth,” he added.

In a separate statement, D&L announced a regular cash dividend of P0.161 per share, along with a special cash dividend of P0.048 per share, for shareholders recorded as of June 19. The ex-date is June 18, and payment will be made within 30 days of the dividend declaration, or on July 3.

D&L reported a 4% increase in first-quarter net income to P618 million, with sales growing by 5% to P8.83 billion.

On Monday, D&L stocks rose by 1.43% or nine centavos to P6.37 apiece. — Revin Mikhael D. Ochave

Keep on the sunny side

QUEER WOMEN line up outside What's Your Poison to enter Sunny Side Club's all-sapphic singles' night. — BRONTË H. LACSAMANA

Queer women seek out safe spaces in Metro Manila

By Brontë H. Lacsamana, Reporter

SUNNY SIDE CLUB, simply referred to by its members as “Sunny,” is a relatively new community for queer women, formed online in 2023. Its regular events, taking place almost weekly and requiring registration from attendees, are a haven for those who want to meet other women who love women (WLW), be they masculine (masc), femme, butch, trans, nonbinary, and the like. There, femme queers can flaunt their attractiveness without unwanted advances from the opposite sex, and masc and gender-neutral queers can feel comfortable being themselves without judgement.

Sunny’s gatherings come in all shapes and sizes — loud parties in clubs blaring anthems by Chappell Roan, screenings of queer-themed films like the 2023 comedy Bottoms, and even calm breakfasts at cafes where casual conversation is ideal. The number one rule is: no cis (straight) men.

Founded in November, it is a direct product of pondering where the lesbian spaces in Metro Manila have gone, spurred on by an article on the topic published by The Philippine Star in March of 2023. In the story, the likes of exclusive queer womens’ club Ámame, butch lesbian gogo bar Miss Kon, and Studio Dance Club’s monthly girls’ nights were mentioned as the only places to go.

By the end of that year, Sunny had started a community of its own.

“I made a survey on TikTok if people wanted to watch Bottoms online. I expected around 25 signups and got a hundred the next day, so there was a demand. We started looking for spaces for 12 people, and the number slowly got higher and higher every gathering, until we began entering deals with venues,” Sunny co-founder Jewel Enrile told BusinessWorld in an interview.

On May 31, the eve of Pride Month, the club welcomed hundreds of queer women throughout the night for their all-sapphic singles’ party, the venue What’s Your Poison (WYP) in Poblacion, Makati, overflowing with attendees.

Ms. Enrile gave BusinessWorld a quick glimpse of the organization behind such an event — from registration to ensure no one is under 18 or a straight man, to the planning and hosting of games and activities catering to Filipino and Gen Z lesbian culture.

“Our idea isn’t original. So many young people organize parties. There are so many collectives around Metro Manila formed from group chats on TikTok or Discord, asking ‘Gay girl ka ba? Gusto niyo ba sumali sa chat?’ (are you a gay girl and do you want to join our chat?) so it’s not original at all. We’re just an extra level of organization to it all,” she added.

Sunny co-founder Cal Lim Tolentino lamented about how she used to obsessively google “lesbian bars” and not find any. “We never actually went to one before we started this. Our events would be the first, though technically not since we don’t have a physical space,” she said.

The club’s all-sapphic singles’ night was lively and filled with dance tunes, girl anthems, and spicy dating games. But Ms. Tolentino confided that they hope to someday attend other queer womens’ events rather than be the ones hosting them all the time.

“What was around before we started were generally gay spaces, which are fun but not entirely meant for us,” added Ms. Enrile. “We went to drag clubs like Nectar and queer-friendly spaces like Today x Future, but those places primarily had gay men.”

A VARIETY OF WOMEN
On the demographic of Sunny attendees, Ms. Tolentino said that the majority are women on the cusp of generations — the oldest Gen Zs (22 to 27 years old) and the youngest millennials (28 to 30 years old). Coming out of isolation, a lot of the marketing has been around helping people move on from that.

“It has a lot to do with the pandemic, because a large chunk of 20-year-olds didn’t get to party in college. They were home and never got to experience a partying culture,” she told BusinessWorld.

However, the club’s events see quite a few 30- and 40-year-olds as well, there to support and celebrate a lesbian community that didn’t exist in their youth. Yana Romero, Sunny’s marketing head, cited social media platforms like Instagram and TikTok as the reasons they’re able to contact people across a range of ages.

“We get messages and comments from those not able to join, saying they hope to catch future events. The older queers tell us that they didn’t have this and they’re happy they get to experience it with us,” Ms. Romero said.

For Ms. Enrile, the fact remains that different activities appeal to people of different ages and personalities, which is why they have parties, film screenings, book discussions, and cafe gatherings, with the morning events usually skewing to an older crowd who want to sit down and talk.

“Ideally, we want more sapphic spaces and communities to crop up so we can address more subcultures,” she said. “While Sunny does welcome nonbinary and trans people, the WLW community is so nuanced that it deserves more spaces to cater to everyone.”

One of Sunny’s inside jokes addresses this variety of women. The “masc shortage” refers to a supposed lack of masc lesbians in the Philippines, compared to femmes who seem to be everywhere. Sunny documents an abundance of all types at their events, celebrating queer women no matter their SOGIE (sexual orientation, gender identity, and gender expression).

LONG-TERM GOALS
The lesbian pride flag on the registration table outside WYP signaled to guests that they had come to the right place, but Sunny’s founders revealed that the long-term goal is to have a physical space of their own.

“It’s hard to jump around,” Ms. Tolentino said. “You have to make sure of so many things, going to different venues. A physical space would be stable.”

In the meantime, Sunny focuses its efforts on developing a strong network of queer-owned businesses through their Sunny Features on social media. Some businesses they’ve promoted range from lesbian-owned cafe Maiora Bistro on Katipunan Ave., Quezon City, to the queer travelers’ vacation rental Affordalux Staycation in SMDC Wind, Tagaytay City.

“I realized that the value of attending Sunny events, being in the Sunny Discord, and following the Sunny instagram is the resources you get. We shout out these places and we invite lesbian drag queen Tiffany Brittany to perform at our events, so that queer women can go somewhere without being discriminated [against] or feeling uncomfortable or unable to relate,” Ms. Enrile said.

Eventually, the community can transition from hosting parties to having a solid database of resources — businesses and performers, as well as queer-friendly workplaces and employers, medical clinics and doctors.

“More than supporting lesbians, it’s about having a network of people and places that will make lesbians feel safer,” said Ms. Tolentino.

She pointed out that the Filipino gay community has its own home-for-the-aged, the Golden Gays. There is no such counterpart for elderly lesbians. “It doesn’t exist, which means there’s no space for all those old lesbians. They’re scattered around. That’s probably what’s happening,” she said.

Ms. Enrile added that Sunny may be named for the happier and brighter side of the queer experience, but it is not just about parties and its goals extend far beyond Pride Month.

“We advocate for all these serious things — a physical lesbian space, a database of resources, nonprofits for queer women — disguised behind something fun. We’re trying to get our name out there.” 

Megaworld raises P980M from block sale of MREIT shares; Kevin Tan is now Alliance Global president

ANDREW L. Tan-led property developer Megaworld Corp. said it generated P980.32 million from a block sale of MREIT, Inc. common shares on Monday in line with the company’s fundraising efforts.

Megaworld sold 79.7 million MREIT common shares at an average sale price of P12.3001 per share, equivalent to P980.32 million before the deduction for fees and taxes, the company said in a stock exchange disclosure.

“The proceeds from the sale shall be settled on June 5, 2024. The company will submit the required reinvestment plan detailing the use of proceeds from the sale transaction,” Megaworld said in a statement.

BDO Securities Corp. and Aurora Securities, Inc. served as brokers for the transaction. MREIT is the real estate investment trust of Megaworld. The company did not provide further details on the block sale.

Meanwhile, Kevin Andrew L. Tan has been appointed as the president of listed holding company Alliance Global Group, Inc. (AGI), following the retirement of Kingson U. Sian, according to a document shared by Megaworld.

Mr. Sian vacated leadership roles in AGI, Megaworld, and Travellers International Hotel Group, Inc. after his retirement on June 1.

“At its special meeting conducted on June 3, the remaining directors, while still constituting a quorum and upon the recommendation of the corporate governance committee, resolved to appoint Mr. Kevin Andrew L. Tan as president of the company to serve the unexpired term of Mr. Sian,” the company said.

Mr. Tan is also AGI’s chief executive officer and vice-chairman and has been with the company since 2012. Mr. Sian relinquished his position as AGI’s director, president, and chief operating officer (COO).

In a separate regulatory filing, Megaworld appointed Lourdes T. Gutierrez-Alfonso as one of the company’s directors to also serve Mr. Sian’s unexpired term.

Ms. Alfonso was appointed as director after Mr. Sian stepped down from the roles of director, executive committee member, and executive director.

She also became a member of the executive committee to fill the vacancy following Mr. Sian’s retirement.

Ms. Alfonso is currently Megaworld’s COO and has been with the company since 1990. She also serves as a director in other companies including Global-Estate Resorts, Inc. and MREIT, Inc.

 “Ms. Gutierrez-Alfonso graduated cum laude from the Far Eastern University with the degree of Bachelor of Science major in Accounting in 1984. She is a certified public accountant by profession,” Megaworld said.

“She has extensive experience in real estate and a strong background in finance and marketing,” it added.

TRAVELLERS INTERNATIONAL
In a separate statement on Monday, Travellers International Hotel Group, Inc. said it appointed Nilo Thaddeus P. Rodriguez as the company’s president and chief executive officer while Lance Gautreaux was named COO. Both appointments took effect on June 1.

 Travellers International is the owner and operator of Newport World Resorts in Pasay City.

Mr. Rodriguez replaced Mr. Sian while Mr. Gautreaux succeeded Hakan Dagtas, who also left his post on June 1.

 “The appointments conclude the yearlong transition plan for Travellers International since its holding company, Alliance Global Group, Inc. (AGI), assumed full ownership on May 30,” Travellers International said.

Previously, AGI acquired full ownership of Travellers International after a share purchase agreement between Star Cruises Philippines Holdings B.V., Asian Travellers, Ltd. and Premium Travellers Ltd., whose ultimate parent entity is Genting Hong Kong Ltd.

Mr. Rodriguez has been with Newport World Resorts since August 2022 as chief strategy officer.

 “With over 25 years of professional experience, he commenced his career with the prestigious professional services firm SGV & Co., and has substantial international experience in the travel and hospitality sector. This includes nearly a decade in Japan in senior finance roles at Hilton, and Delta and Northwest airlines,” Travellers International said.

 “He held the position as chief financial officer of Philippine Airlines for a number of years prior to joining Travellers International,” the company added.

Mr. Gautreaux joined Travellers International in 2023 as chief casino officer. He has a background in gaming and hospitality across international jurisdictions.

“He was a part of the Las Vegas Sands Corp. for over 12 years, holding key positions in multiple properties—most recently as the chief casino officer of The Venetian Las Vegas,” the company said.

Travellers International also announced that Bernard Than stepped down as the company’s chief financial officer.

On Monday, Megaworld shares rose by 0.56% or one centavo to P1.81 per share. — Revin Mikhael D. Ochave

Tribeca Film Festival commissions 5 AI-created short films

THE TRIBECA Festival and OpenAI plan to debut five short films made with artificial intelligence (AI) — the first time that movies created with OpenAI’s text-to-video tool, Sora, will be showcased at a festival.

The filmmakers have agreed to adhere to the AI-related terms of contracts the movie industry reached last year with directors, actors, and writers, according to a statement Friday. The pictures will be shown in Tribeca’s screening room on June 15, with a discussion following.

As part of the process, the filmmakers were educated about OpenAI’s tools, given early access to Sora and allowed to create the videos on their own terms. The participants are: Bonnie Discepolo, Ellie Foumbi, Nikyatu Jusu, Reza Sixo Safai, and Michaela Ternasky-Holland. They were given just a few weeks to complete the projects.

AI is generating both excitement and anxiety in the film community. Limits on its use were a key point in settling strikes last year by Hollywood writers and actors, who fear the technology will destroy jobs. Others have embraced AI as a potential new tool for moviemakers.

“It’s great to see how these filmmakers are extending their creativity with Sora, and we are honored for their works to debut at the Tribeca Festival,” Brad Lightcap, OpenAI’s chief operating officer, said in a statement. “We’re excited for their short films, and eager to learn how we can make Sora a better tool for all creatives.” Bloomberg

OceanaGold Philippines income drops as gold, copper outputs fall

OCEANAGOLD Philippines, Inc. (OGP) reported a 47.9% decrease in net income to $11.5 million for the first quarter, down from $22.1 million in the same period last year, mainly due to lower gold and copper production.

In a disclosure on Monday, the company’s revenues edged lower to $92.1 million during the three-month period, down from $92.5 million the previous year.

The company operates the Didipio gold and copper mine in Nueva Vizcaya.

Under the company’s financial or technical assistance agreement, 60% of its net revenues go to the Philippine government.

OGP’s net revenues amounted to $42.2 million during the quarter, which is 14.2% lower than last year’s $49.2 million.

Government shares amounted to $25.3 million, down from $29.5 million a year earlier.

For the three-month period, gold production fell by 39% to 26,312 ounces from the 33,000 ounces the prior year.

The company said that lower production was due to its focus on mining the lower-grade monzonite ore.

Gold sales for the quarter totaled 31,863 ounces. It had sold 33% of the first-quarter gold doré production to the Bangko Sentral ng Pilipinas.

Similarly, copper production dropped 22% to 3,015 tons from 3,500 tons during the same period in 2023. Copper sales were at 3,180 ounces.

Total ore mine for the first quarter amounted to 415,000 tons, 7% higher than the 389,000 tons last year.

“Gold and copper recoveries during the first quarter of 88.6% and 88.4%, respectively, were lower than the previous quarter due to the decreased feed grades,” the company said.

OceanaGold earlier said that it expects to produce 120,000 to 135,000 ounces of gold and 12,000 to 14,000 tons of copper.

“Exploration expenditure at Didipio in 2024 will focus on extension and conversion drilling in the underground as well as planned regional exploration activities,” it added.

Shares for OGP fell 1.87% on Monday to close at P14.72 apiece. — Adrian H. Halili

Entertainment News (06/04/24)


Miniso launches line of BT21 products

MINISO Philippines launched its BT21 collaboration on June 1 at the SM Mall of Asia. The first wave of the MINISO x BT21 collection is made up of over 113 products, including bags, home items, travel essentials, stationery, and digital items. The prices range from P69 up to P1,499. The collection was first released at the Miniso branch SM Mall of Asia and will be available soon in selected stores nationwide. The second wave of the collection will be coming soon. Miniso is a global lifestyle brand offering various daily life and home essentials, health and beauty products, toys and plushies, stationery, bags, accessories, and even snack items.  Miniso Philippines has over 160+ locations nationwide


Jeepney Jazz returns with Brass Rosette

FOR the return of Jeepney Jazz, the Filipinas Heritage Library’s music series, the dynamic band Brass Rosette is set to take guests on a groovy ride. Composed of multi-instrumentalist, vocalist, and band leader Nicole Tejedor-Reluya, trombonist and vocalist Vanessa Celestial, and guitarist John Reluya, the band aims to turn back time to the 1920s to the 1950s, when the Philippines reigned supreme in the jazz age of Southeast Asia. The concert will take place on June 8, 8 p.m. onwards, in the main lobby of the Ayala Museum in Ayala, Makati City. Tickets, inclusive of food and drink, cost P1,500, with discounted tickets at P1,200 for students, teachers, and Ayala employees, and P1,000 for seniors and PWDs. Sign up via bit.ly/fhl-jeepneyjazz-brassrosette.


Deadpool & Wolverine tickets now on sale

WHILE the superhero team-up of Deadpool and Wolverine hits theaters on July 24, fans can already book tickets now. The film follows Deadpool who returns for a throwdown with an unexpected ally at his side. The film stars Ryan Reynolds, Hugh Jackman, Emma Corrin, Morena Baccarin, Rob Delaney, Leslie Uggams, Karan Soni, and Matthew Macfadyen. The Marvel Studios’ feature film is directed by Shawn Levy.


Taeyeon to star in HK Disneyland featurette

ON June 7, K-pop star Taeyeon will be starring in a Disneyland-set featurette called TAEYEON’s Frozen Journey. It will follow the singer as she explores the wonders of the kingdom of Arendelle at Hong Kong (HK) Disneyland, which opened its World of Frozen some months ago. This Disney+ release accompanies For the First Time in Forever: The Making of the World of Frozen, a behind-the-scenes look at the world’s first and largest Frozen-themed land from the perspective of animatronics creators, costume designers, and cast members. TAEYEON’s Frozen Journey starts streaming on June 7 on Disney+.


Munimuni to stage Alegorya concert this July

FILIPINO indie-folk collective Munimuni will celebrate the release of their second full-length album Alegorya with a major concert on July 20 at the UP Theater in Diliman, Quezon City. ALEGORYA: A Munimuni Concert is named after their latest release, which, according to the five-piece act, carries many strikingly different emotions and thoughts that don’t normally belong to a single collection of songs. The concert will integrate live performances with a chamber setup and a more intricate piece of storytelling. Presented by GNN Entertainment Production, tickets range from P800 to P2,800 and are now on sale at bit.ly/alegoryaconcert.


HBO premieres House of the Dragon season two

THE EIGHT-episode second season of the HBO Original drama series House of the Dragon is coming soon on the platform. The narrative following House Targaryen is based on George R.R. Martin’s book Fire & Blood, which is set 200 years before the events of Game of Thrones. It stars Matt Smith, Olivia Cooke, Emma D’Arcy, Eve Best, Steve Toussaint, Fabien Frankel, Ewan Mitchell, and Tom Glynn-Carney. House of the Dragon season two premieres June 17 on HBO.


Keiko Necesario releases new single

FILIPINO indie singer-songwriter Keiko Necesario has released her new single, “Kahit Pa Anong Mangyari,” a pop-rock confessional that chronicles a challenging period in her married life. “Last year, it came to a point when we only had P700 in our bank account, and we had to figure out what to do because there were bills to pay and other things to think about. During that difficult time, we chose to have faith because we knew and believed that seasons come and go,” Ms. Necesario said in a statement. She then wrote and co-produced the song, with her bassist Charles Bautista assisting with production. “Kahit Pa Anong Mangyari” is out now on all digital music streaming platforms.


Prime Video announces Asian LOL series

THE LATEST of Prime Video’s local adaptations from global fan-favorite series is LOL: Last One Laughing. The comedy show will have Philippine, Indonesian, and Thai versions. The star-studded comedian hosts were also announced: Vice Ganda in the Philippines, Pandji Pragiwaksono in Indonesia, and Siwat Chotchaicharin and Pramote Pathan in Thailand. LOL: Last One Laughing Philippines is set to premiere on July 4, exclusively on Prime Video, in more than 240 countries and territories worldwide.


SB19, Apl.de.Ap collaborate on new song

P-POP boy group SB19 collaborated with Filipino-American hip-hop star Apl.de.Ap on their new song, “Ready,” a club tune that captures the sound of summer, with bombastic beats and sonic builds combining the two artists’ sensibilities. Keith Harris, a longtime collaborator of the Black Eyed Peas, produced the song. According to Apl.de.Ap, Harris blended pop music influences with electronic music elements, dance music, and Afrobeats. Apl.de.Ap penned the lyrics with Jean-Baptiste, Vince Nantes, and Denzel. Meanwhile, SB19’s Pablo and Josue (Radkidz), helped with the production of the track, adding final touches and subtle sonic elements. “Ready” is out now on all digital music streaming platforms.


Dwta drops new single

FOLK-POP artist Dwta, or Jhasmine Villanueva in real life, has released her new single, “Pauwi Na ‘Ko (Dito Ka Na Lang),” via Sony Music Entertainment. The upbeat pop track expresses the excitement of going back home and experiencing a love filled with comfort and security, combining the Filipino and Bicolano languages. “Since I speak both languages fluently, why not just mix them?” the singer said in a statement. It was penned the night before she was headed back to Bicol, and later arranged to blend acoustic elements with pop and bossa nova influences. “Pauwi Na ‘Ko (Dito Ka Na Lang)” is out now on all digital music streaming platforms.

VISTAREIT, Inc. to conduct annual stockholders’ meeting online on July 5

 

 


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AllDay Marts, Inc. to hold virtual Annual Stockholders’ Meeting on July 1

 

 


Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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