Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 1825

Rate cut delays seen to slow growth

The Bangko Sentral ng Pilipinas stood pat for a fourth straight meeting in April, keeping its benchmark rate at a near 17-year high of 6.5%. — CRAG

By Luisa Maria Jacinta C. Jocson, Reporter

HIGHER FOR LONGER interest rates will keep inflation at bay but at the cost of slower economic growth, analysts said.

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. earlier this week signaled the central bank may delay rate cuts amid persistent inflation risks.

“The recent statements from Mr. Remolona suggest a cautious approach to monetary policy adjustments. If rate cuts are smaller and delayed, it could imply that the central bank is prioritizing inflation control over stimulating growth,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

“A delay in rate cuts might slow down economic growth in the short term as higher borrowing costs could persist and reduce investment and consumer spending,” he added.

Mr. Remolona this week said that the “central scenario” would be to ease rates by the fourth quarter, but this could be postponed to the first quarter of 2025 if inflation worsens.

Rate cuts will also not be “huge” and will likely bring the key rate to about 6%, he said.

The central bank stood pat for a fourth straight meeting in April, keeping its benchmark rate at a near 17-year high of 6.5%.

From May 2022 to October 2023, the Monetary Board raised borrowing costs by 450 basis points (bps).

Mr. Remolona had said that the current rate is already tight and is “already doing its work.”

“Comments from the governor reaffirm the fact that the current policy stance is restrictive and is in a position to slow economic activity in an attempt to fend off demand side pressures,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.

“This goes against some assertions that the current monetary policy stance is normal. When policy rates are in restrictive territory, they go to work by slowing down the economy which in turn can lead to slower inflation as demand falls,” he added.

The economy grew by a weaker-than-expected 5.5% in 2023, falling short of the government’s 6-7% target.

Economic managers recently lowered the gross domestic product (GDP) growth target to 6-7% this year from 6.5-7.5% previously, taking into consideration persistent inflation and a looming global slowdown.

First-quarter GDP data is set to be released on May 9.

“If the BSP believes the current rate is achieving its goals, any easing within the year might be minimal. The extent of easing would likely depend on a range of factors, including inflation trends, economic growth data, and external economic conditions,” Mr. Roces said.

Inflation accelerated to 3.7% in March, the second straight month that it quickened on a monthly basis.

The BSP earlier said that inflation could temporarily accelerate to above the 2-4% target range over the next two quarters as upside risks remain.

The central bank sees inflation averaging 3.8% this year.

Mr. Roces said the BSP is also focused on maintaining price stability through the foreign exchange market which could “help anchor inflation expectations and prevent an inflationary spiral.”

The peso earlier this week hit the P57-level for the first time in nearly 17 months.

The local unit continued to depreciate for a sixth straight day, closing at P57.19 against the dollar on Thursday. This was weaker by a centavo from its P57.18 finish on Wednesday.

Meanwhile, Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr. said there is no “meaningful effect” on GDP growth if the BSP continues to keep its policy rate unchanged.

Election spending and slower inflation compared with the past two years would still support demand this year, he said.

“The risk of a growth impediment could come more from global headwinds that may compel BSP to hike some more. But that’s still a low probability event and not our central scenario,” he added.

Mr. Remolona said that the Monetary Board will only consider raising rates if inflation expectations are de-anchored. “When we see that the markets and households begin to believe that inflation will surge, then we have to consider a rate hike,” he said.

The BSP last adjusted rates in October when it delivered a 25-bp rate hike in an off-cycle move.

“The governor is correct to say that 6.5% (policy rate) is already doing its work and further tightening may only be necessary if headline inflation starts climbing towards the 6% level which is still highly unlikely at this point,” Mr. Neri said.

“Furthermore, Mr. Remolona’s indication that he is not in favor of hiking further simply indicates that rate hikes have a negative impact on growth and that further rate hikes would do even more damage to growth,” Mr. Mapa added.

Outages linked to failure to expand power plants’ capacity

The main islands of Luzon and the Visayas on Thursday experienced red and yellow alerts for a third day in a row as the country suffered extreme heat. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Sheldeen Joy Talavera, Reporter

THE MAIN ISLANDS of Luzon and the Visayas on Thursday experienced red and yellow alerts for a third day in a row as the operating margins remained insufficient to meet the grids’ regulating requirement.

Analysts said the forced outages, which involve some aging power plants, were a result of the previous administration’s failure to facilitate the construction of new power plants.

“This can be attributed to past administration’s failure to facilitate new power plants. The uncertainty of power supply can discourage new investments, especially for power intensive industries,” Calixto V. Chikiamco, president of the Foundation for Economic Freedom, said in a Viber message.

Jose M. Layug, Jr., president of the Developers of Renewable Energy for Advancement, Inc., said that there have been forced outages of around 2,500 megawatts (MW) in the past four years during peak or summer months “primarily because of power plants that have been operating for more than 20 years.”

“The previous government did not acknowledge the need to build more capacities and accordingly we are suffering from these red and yellow alerts,” Mr. Layug said in a Viber message.

He said these forced outages will reduce economic and business activity, which “will always negatively impact the economy.”

“Right now, the current DoE (Department of Energy) is doing its best to encourage investors to build more capacities,” he said.

Regulators, however, are still monitoring and collecting information to determine the cause of the power plant outages.

“The Department of Energy continues to closely monitor and coordinate with the National Grid Corp. of the Philippines (NGCP) and all generation companies during this period of extreme heat where electricity usage is at a record high,” the DoE said in a statement on Thursday.

In an advisory as of Thursday morning, the NGCP said the Luzon grid was placed under red alert status from 3-4 p.m. and 8-10 p.m.

A yellow alert was also raised in the region from 1-3 p.m., 4-8 p.m., and 10-11 p.m.

Available capacity at the grid was 13,397 MW while the peak demand was 12,892 MW, according to the grid operator.

“Nineteen power plants are on forced outage, while one is running on derated capacity, for a total of 1,891.3 MW unavailable to the grid,” the NGCP said.

A yellow alert was placed over the Visayas grid from 1-9 p.m. and was later put on red alert from 6-7 p.m. as of its 2:34 p.m. update.

During the period, available capacity was 2,410 MW while the peak demand was 2,354 MW.

“Thirteen power plants are on forced outage, while nine others are running on derated capacities, for a total of 696.7 MW unavailable to the grid,” the grid operator said.

Manila Electric Co. (Meralco) said that as of 12 p.m., more than 400 MW were available de-loading capacity from its commercial and industrial customers.

Citing the data from the NGCP, the DoE said that both the Luzon and Visayas grids reached all-time high peak demand for the year so far.

INVESTIGATION
Monalisa C. Dimalanta, chairman and chief executive officer of the Energy Regulatory Commission (ERC), said that they are reviewing the reports from the affected stakeholders before coming up with a preliminary analysis of the incidents.

“Based on our findings, we will formalize the investigation to determine compliance or noncompliance by the relevant stakeholders and implement appropriate measures to impose penalties on any lapses and address issues that may have contributed to the adverse situation,” Ms. Dimalanta said in a statement.

As of 10 a.m. of April 18, around 1,179.52 MW of capacity has been restored in Luzon while around 272.72 MW was restored in the Visayas, according to the ERC.

Overall, a total of 2,671.95 MW of capacity are still on outage.

“We have directed power plant operators to submit to the Commission their estimated timelines for the resumption of their operations, and we will continue to monitor their timely compliance,” Ms. Dimalanta said.

“We are fully aware of the difficulties brought about by these power disruptions and affirm our commitment to a thorough investigation,” she added.

Amid the continued red and yellow alerts, the DoE reiterated its call for the public’s cooperation in “minimizing power consumption, specially at peak hours during the remainder of the hot season.”

Alexander D. Ablaza, president of the Philippine Energy Efficiency Alliance, Inc., said that shifting to more energy efficiency technologies such as solar thermal cooling can be done instead of “depending routinely on energy conservation efforts.”

“While energy conservation is the behavior that is most convenient to promote to mitigate the impacts of power supply deficits, it may not be the easiest for energy end-users to adopt because their quality of life and productivity are compromised,” he said in a Viber message.

PHL education faces increasing challenges from climate change

Additional electric fans are placed inside a classroom as students cope with the hot summer weather. — PHILIPPINE STAR/EDD GUMBAN

By Kyle Aristophere T. Atienza,  Reporter

SINGAPORE — The Philippines should localize its approach to education challenges considering its archipelagic nature, a United Nations expert said, as climate change and other emerging risks disrupt classes nationwide and delay the country’s learning recovery efforts following a coronavirus pandemic.

Education governance at the local levels should be the route of countries highly vulnerable to weather and climate disruptions, Mituse Uemura, education advisor of United Nations Children’s Fund (UNICEF) East Asia and Pacific Regional Office, told BusinessWorld on the sidelines of the Asia Philanthropy Summit here on Tuesday.

“There are a couple of things that we learned during the pandemic, one of which is to consider context difference. Context varies from one place to another,” she said.

“A localized approach is needed especially in the context of the Philippines because there’s a huge diversity in terms of the geographical locations and also the climate.”

The Philippines was among the last countries to reopen schools following the coronavirus disease 2019 (COVID-19) pandemic. UNICEF said the lack of preparation in the face of changing climate conditions threatens the progress of the country’s learning recovery efforts.

The National Economic and Development Authority in 2021 said that the lack of face-to-face schooling for one year during the pandemic may result in over P11 trillion in productivity losses over the next four decades.

The Philippines has recently seen class disruptions in many areas due to extreme heat, with official figures as of April 5 showing at least 3.6 million students have been affected by the suspension of classes in 5,000 schools.

The Education department has given school heads the power to decide when to switch to remote learning “in cases of extreme heat and other calamities.” Philippine lawmakers, meanwhile, are discussing whether or not there is a need to return the country’s old academic calendar.

Filipino students were still among the world’s weakest in math, reading and science, according to the 2022 Program for International Student Assessment (PISA), with the Philippines ranking 77th out of 81 countries and performing worse than the global average in all categories.

The Philippine government recently included in its list of priority legislation a bill seeking to establish a national learning intervention program to accelerate the recovery of learning losses incurred during the pandemic.

Myo-Zin Nyunt, deputy director of UNICEF East Asia and Pacific Regional Office, said that over half of Grade 5 children in the Asia-Pacific region cannot read and write properly even years before the pandemic, a situation that’s likely worsened due to the health crisis and persistent threats from climate change.

In the Philippines, the rate hit 90%, according to UNICEF data.

“Learning losses, they existed before COVID-19. Children go to schools but never learn as they are needed to learn,” Mr. Nyunt told BusinessWorld.

“And the Philippines, for one, had the longest school closure. The Philippines closed schools for almost two years. So that has really exacerbated the learning loss,” he said, adding that climate change is exacerbating the learning poverty.

In the face of these risks, the Philippines should pursue a decentralized education system, in which schools and other sectors at the local levels assume key decision-making roles, Ms. Uemura said.

“They don’t have to wait for something to come and then trickle down,” she said. “However, the Department of Education is really advised to provide guidance in some areas.”

But pursuing local education governance should be complemented with capacity-building efforts, Ms. Uemura said, adding that local government units should be given the necessary tools to come up with data-driven decisions in the face of climate and health disruptions.

“At least, it is some sort of a tool to determine the degree of risks to the children’s health,” she said. “It’s something that the National Government can actually help.”

While local governments may consider implementing blended learning in terms of calamities, it should never allow digital classes to replace face-to-face schooling, Ms. Uemura said, noting that the rising number of students who lack soft skills does not bode well for the future of the country’s labor force.

GREEN SKILLS
Meanwhile, Mr. Nyunt said the Philippines should — as early as now — adopt a long-term program that would enhance students’ green skills.

Setting up solar power panels at schools would not only prevent class disruptions during electricity-disrupting weather events but would also promote climate awareness among students, who should be given green tasks from managing battery storage of solar panels to helping craft a climate-friendly environment in campuses.

“So, if green skills are in the curriculum, the children will be very conversant while they’re still young,” he said. “And when they go to secondary and university levels, they will become more active and aware.”

“They will become more aware and more active, pushing for more climate-friendly policies for the government and looking for more green skills,” he added.

The Philippines still fell short of the over $16 billion in required capital investments needed for its green transition, according to a recent report on Southeast Asia’s green economy.

It said the Philippines lacks sector-specific emission targets, and only four of 10 major emitting companies have set net-zero and emissions goals.

Mr. Nyunt said the Philippines has a very young demographic compared with its Southeast Asian peers, and the country needs to ensure its youngsters are taught green skills to help the Philippines in its renewable ambitions.

A journey of ingenuity in automobiles

The first stationary gasoline engine developed by Carl Benz was a one-cylinder two-stroke unit which ran for the first time on New Year’s Eve, 1879. — group.mercedes-benz.com

From the early days of open-roofed motorized transportation to the technologically advanced self-driving sustainable vehicles of today, the evolution of comfort and design in modern cars has been a captivating journey inspired by innovation and creativity.

Widely considered as the world’s first automobile, Carl F. Benz’s model no. 1 of the Benz Patent Motor Car ran for the first time on New Year’s Eve 1879. The three-wheeled two-seater vehicle ran through a stationary gas engine and was kept together by a tubular steel frame that exposed its passengers to their environment.

In these early days of automotive history, cars were basic machines designed to transport with little to no regard for passenger comfort. Bumpy rides, noisy cabins, and minimal amenities were to be expected on any long trips. However, as automobiles became more accessible and affordable to the public, manufacturers began to prioritize comfort alongside performance and aesthetics.

In an effort to make vehicles more stable in rough terrains, Alanson P. Brush launched the “People’s Car” in 1906. The Brush Runabout was the first automobile to feature a coil-spring suspension system and built-in shock absorbers. The people’s car was also one of the first to substitute a steering wheel for a tiller bar. The blend of spring coils and shock absorbers can still be found in today’s automobiles.

Another benchmark for comfort in automobiles occurred in 1910 when Henry M. Leland’s Cadillac pioneered a passenger car with a fully enclosed cabin. The Cadillac Model 30 Roadster revolutionized passenger comfort by providing protection from the elements and creating a smoother driving experience.

The introduction of these features marked a significant leap forward in driving comfort. These innovations not only cushioned passengers from road imperfections but also provided a more pleasant and refined driving experience. As cars continued to evolve, so did the features aimed at enhancing passenger comfort, design, and safety.

In 1909, Henry Ford started fitting laminated glass to vehicles as he acknowledged the hazards of the environment and the necessity for enhanced security. The practice of installing glass panels in cars eventually became the norm for all Ford models and subsequently, other automotive manufacturers followed suit.

Meanwhile, head restraints, or the adjustable headrests found in modern cars, were first patented in 1921 by Benjamin Katz and were first released commercially by manufacturing company Volvo in 1968. These restraints reduce the severity of whiplash felt by drivers during collisions, provide an emergency device to break a window in case of emergencies, and offer overall comfort to passengers.

Another modern-day safety feature necessary in car designs is the seat belts. These safety straps were first patented by Edward J. Claghorn in 1855. The three-point seat belt, similar to the ones we use today, was invented by Swedish inventor Nils Bohlin for Volvo.

Car design and comfort were further improved with the introduction of car cooling mechanisms. While it isn’t the air-conditioning system that is present in today’s automobiles, the Thermador Car Cooler was the first feature to lower car cabin temperature by cooling the air blown through the open car passenger window.

These amenities that most car owners take for granted are considered basic features when they were luxuries back in the day. Today’s cars are more meticulously designed to accommodate a wide range of body types and preferences, ensuring that drivers and passengers are comfortable on their journeys. In recent years, the integration of cutting-edge technology has revolutionized convenience and design in modern cars.

Gaining popularity over the years are audio systems installed in automobiles. Whether it’s listening to the radio, playing music through the auxiliary port, or connecting to music-streaming services with Bluetooth, the audio system has been a staple to car owners and passengers due to its entertainment value.

Display systems in newer automobiles are also becoming more essential due to their added convenience and functionality. Serving as centralized hubs for accessing navigation, entertainment, communication, and vehicle settings with ease and efficiency while displaying real-time videos of rear and front-end cameras, these display systems are providing drivers with unprecedented levels of convenience, safety, and connectivity.

These modern-day amenities, along with basic features found in automobiles, highlight the history of innovation and creativity in the industry and demonstrate how advancements in technology and design have shaped the driving experience over time. These evolutions and innovations culminate in the latest releases of some of the top car manufacturing brands in the world.

Recently, automobile manufacturer Mitsubishi Motors Philippines Corp. (MMPC) officially launched their All-New Triton pickup model. Named after the Greek god of the sea, the Triton is crafted to endure challenging weather and road conditions and promises secure and comfortable off-road family expeditions.

The All-New Mitsubishi Triton — www.mitsubishi-motors.com.ph

The new model’s design features a wider stance, larger cargo bed space, and a longer frame compared to other pickups. It also has cunning headlights and square-shaped grill, completed with Mitsubishi’s iconic Dynamic Shield Design.

The Triton’s exterior is complemented by a reimagined interior improved to provide a more comfortable and spacious cabin with all important amenities within your reach along with enhanced connectivity options through its new 9-inch display audio system.

Furthermore, Mitsubishi’s latest model, along with Mitsubishi’s XForce, was given the iF Design Award 2024 for its design concept of “BEAST MODE”. The Triton’s optimized exterior and design express the toughness and powerfulness expected of a pickup truck, earning it the prestigious IF Design Award and solidifying its status as a benchmark of excellence in the automotive industry.

“We are truly honored to receive one of the most distinguished design awards in the world for the two All-New models we launched this fiscal year,” said Mitsubishi Motors Division General Manager of Design Seiji Watanabe. “This award will become our driving force in introducing the Triton and the XForce to even more customers.”

As we look forward to the future, more and more innovations are going to change the way we perceive automobiles. From autonomous driving capabilities to self-charging possibilities, the future of automotive design promises to be both exciting, transformative, and — most importantly — comfortable. — Jomarc Angelo M. Corpuz

Legoland Malaysia welcomes tourists with new experiences

MINILAND Amazing Malaysia

COMING from a strong year for the Malaysian tourism industry, travelers are now invited to try out Lego adventures both old and new at the Legoland Malaysia Resort.

Last year, Malaysia saw 29 million tourist arrivals. For the Lego-themed resort in particular, Filipinos are among the top five markets coming to visit.

“Over the Easter period, we had a lot of guests from the Philippines. But I see international travel is happening throughout the year. Even in short windows we’ve seen people integrating the park into their itineraries coming from Kuala Lumpur and Singapore,” said Thila Munusamy, Legoland Malaysia’s director for sales and marketing, at an April 17 media briefing in Bonifacio Global City, Taguig.

The themed resort has been open since 2012 and is run by Merlin Entertainments. Located in Johor, Malaysia, one of its key thrusts is letting children’s imaginations run wild as they build their own Lego structures in different areas of the park, facilitated by guided activities.

“Lego is the core DNA of our park, and the core DNA of Lego is imagination, creativity, bonding time,” Ms. Munusamy said.

“One thing the pandemic taught us is that the time we spend with family or for ourselves, be it traveling or quality time with kids, is important,” she added.

This year, the theme park is offering special promotions such as “Book Early and Save,” which gives discounts to those who book tickets way in advance.

NEW ATTRACTIONS, ACTIVITIES
There are a number of newly opened attractions plus special activities lined up throughout the year.

MINILAND Amazing Malaysia is a segment of the park that showcases Malaysia’s iconic landmarks, cultural scenes, and natural wonders, all built from Lego bricks.

It recently added shade structures in keeping with the rest of the park, to ensure that visitors can wander around the attraction despite the heat.

There is also a new themed room at the Legoland Hotel. Joining the Pirate, Kingdom, Adventure, and Ninjago rooms is the Friends-themed room, popular among girls and boys who want to stay somewhere with a fun, trendy aesthetic. All rooms can accommodate five to eight people, perfect for families, and they automatically come with an equivalent number of breakfast buffets.

Legoland Water Park will have a Splash Carnival this July, following a tropical beach theme, to give kids a chance to refresh with water-based activities.

For the month of October, the resort will put up spooky decorations and hold Halloween celebrations, encouraging kids to come in costume. The usual Lego character mascots will be joined by Lego Dracula, and the Lego 4D Theater will add The Great Monster Chase to its 4D movie lineup.

For the year-end holiday season, Legoland Malaysia will install Asia’s largest Lego Christmas tree. Lego Santa will also be making appearances at the park.

Finally, SEA LIFE Malaysia, the underwater aquarium segment of the resort, will be reintroducing its exclusive SEA LIFE Underwater Dining experience. It allows guests to have a meal in the aquarium after hours, followed by a behind-the-scenes tour of marine life care.

“We’re bringing bigger activities for families and friends, which will position Legoland Malaysia as a top reason for Filipinos to visit Johor,” said CS Lim, Legoland Malaysia’s divisional director, at the press conference.

The resort is three hours away from Kuala Lumpur, and almost an hour away from Changi Airport in Singapore, he added, making it a great option to include in Filipinos’ travel plans in the region.

For deals on day tickets and experiences, visit their official website: https://www.legoland.com.my/tickets-passes/day-tickets/offers-deals/. — Bronte H. Lacsamana

Weekend mall activities to beat the heat

WITH temperatures ranging from 30 to 40 degrees in many cities in the Philippines, malls have become places to seek refuge from the hot weather. Here are some activities — ranging from Taylor Swift listening parties, furry costume contests, and table tennis lessons — visitors can try out in various malls in the country:

APRIL 19
All’s fair in love and skating, according to SM Megamall, in a cute tweak to a Taylor Swift lyric. This is because they will be hosting TTPD On Ice, a listening party of the pop singer’s latest album, to be held at the SM skating rink at the 5th level of the Mega Fashion Hall. Swifties can enjoy a unique experience listening to Taylor Swift’s new album The Tortured Poets Department — while skating on the ice. Tickets cost P400, inclusive of a two-hour pass for the following timeslots: 5:30 p.m. and 8 p.m.

APRIL 20
Ayala Malls Serin in Tagaytay will have its very own “Summer Paw-ty,” which includes a fashion show and a market for pet goods. Furry friends are encouraged to dress up in summer outfits to compete for best costume. There will also be a meet and greet with YouTuber Furmomkhai, who is bringing her fellow influencer fur-babies Coco, Donny, Mulan, and Kisses. The party takes place at 4 p.m. in the Corte section of the mall.

The official, free The Tortured Poets Department album release party, organized by Swifties Philippines, will be held at Gateway Mall 2 in Araneta City, Cubao. It takes place at the Quantm Skyview on the Upper Ground B level at 3 p.m. Performers include Taylor Sheesh and Jamella. Early-bird registration and merchant booths will open as early as 11 a.m.

APRIL 21
SM Mall of Asia will host the Angels Walk for Autism, in partnership with the Autism Society Philippines. It will be held at the Mall of Asia (MOA) Arena as a show of support for the autism community. The event will take participants from the arena to the MOA Music Hall, a short distance circling the mall complex that makes it friendly to all. Register to participate in the walk for free via the SM Online App. Registration at the event itself starts at 7 a.m.

It will be SM North EDSA’s turn to be home to many Swifties for a day, with The Tortured Poets Department listening party taking place at the Skydome at 2 p.m. Taylor Swift fans can avail of two event passes via the SM Malls Online app, where they can select to redeem the coupon along with a P1,000-purchase receipt from any SM North Skygarden and Annex tenants.

The same mall will be having a costume contest later in the afternoon — not for humans, but for pets. The Paw Park at SM North EDSA’s Skygarden invites the most fashionable fur-babies to show off their summer style at 4 p.m. that day. The tropical-themed activity promises prizes for those who win.

APRIL 19-21
Power Plant Mall in Makati will play summer-inspired soundtracks with live performances from DJs Roy de Borja, Tom Suplico, Girlwpearl, and Sky Dominique. The music will be playing from April 19 to 20 from 4 p.m. until the mall closes.

Ayala Malls Solenad in Sta. Rosa, Laguna, will celebrate the love for racing as part of the Calabarzon Motor Show 2024 — but in the form of Legos. From April 19 to 21, the activity park will hold a series of challenges for Lego lovers and car lovers alike, like the tallest Lego build contest, fastest Lego build contest, and actual races using Lego-made cars.

Making tails wag this April is “The Forever Home Project,” an adoption drive taking place at Ayala Malls The 30th in Pasig City. In partnership with Biyaya Animal Care, the pet adoption drive from April 20 to 21 aims to give furry friends a home. It is open during mall hours at the ground floor.

At the Glorietta Mall in Makati, parents can take their kids to the Activity Center to play in a Cocomelon-themed park for 30 minutes. They can also meet some of the characters’ mascots. This will be held from April 20 to 21, with the park open throughout mall hours and the meet and greets taking place at 1 p.m., 3 p.m., and 5 p.m. Entrance is granted to both child and parent by presenting a single-purchase receipt worth P500 from any Glorietta store.

SM Supermalls have been blasting the newest track by P-pop group HORI7ON, “lucky!” in preparation for their live performances. This serves as the tailend of the group’s comeback tour, which started in March and spanned over 10 malls throughout the Philippines. Their next concert and fan signing events start at 6 p.m. at SM City Clark on April 19, SM City Bataan on April 20, and SM City Baliwag on April 21.

While the Philippine Table Tennis Federation is having proper table tennis lessons with a fee, the Game Parks at SM Mall of Asia, SM Southmall, and SM City Fairview are inviting people to get lessons for free. This rare occasion will take place on April 20 and 21, from 2 to 4 p.m., at the aforementioned malls. Coaches from the federation will be there to give tips and tricks to all.

Hugh Grant settles privacy lawsuit against publisher of The Sun, Prince Harry may have to follow suit

HUGH GRANT in a scene from 2024’s The Regime.

LONDON — British actor Hugh Grant has settled a lawsuit against the publisher of Rupert Murdoch’s tabloid newspaper, The Sun, he said on Wednesday, while the lawyer for Prince Harry said the royal could also be “forced” to agree a deal.

Mr. Grant, alongside King Charles’ son and others, was suing News Group Newspapers (NGN) for alleged widespread unlawful information gathering, including landline tapping, burglary and “blagging” confidential information about him.

His case was one of several which were eligible to go to trial at London’s High Court in January, but the actor said he had reluctantly settled with NGN because he could be left with a multi-million pound legal bill if he rejected their offer now, even if he later won the lawsuit.

“News Group are claiming they are entirely innocent of the things I had accused The Sun of doing,” Mr. Grant posted on X. “As is common with entirely innocent people, they are offering me an enormous sum of money to keep this matter out of court.”

Mr. Grant, famous for films such as Love Actually, Four Weddings and a Funeral, Paddington 2, and Notting Hill, said if he was awarded less in damages after a trial than NGN had offered him now, he would be liable to pay the fees of both sides’ lawyers.

“Rupert Murdoch’s lawyers are very expensive,” Mr. Grant said. “So even if every allegation is proven in court, I would still be liable for something approaching 10 million pounds in costs. I’m afraid I am shying at that fence.”

David Sherborne, the lawyer for both Mr. Grant and Harry, told a hearing at the High Court in London on Wednesday that the prince and other claimants also face a similar predicament and have settlements “forced” upon them.

“The Duke of Sussex is subject to the same issues that (actress) Sienna Miller and Hugh Grant have been subject to, which is that offers are made (which) make it impossible for them to go ahead,” Mr. Sherborne said.

NGN said the settlement with Mr. Grant was “in both parties’ financial interests not to progress to a costly trial.”

Ms. Miller settled a lawsuit against NGN in 2021, which her lawyers said at the time was because of the risk of having to pay millions of pounds in legal fees even if she won.

Mr. Grant has become a prominent campaigner on press reform since the phone-hacking scandal emerged more than a decade ago, and had joined forces with Prince Harry in recent years. He had accused Sun journalists of using private investigators to tap his phone and burgle his house.

Mr. Grant had previously brought a lawsuit against NGN in relation to the now-defunct News of the World tabloid which was settled in 2012, a year after NGN issued an apology to victims and media magnate Mr. Murdoch shut the newspaper down following a public backlash over hacking.

NGN has always rejected allegations of any wrongdoing by staff at The Sun, having settled more than 1,300 cases — plus another 300 or so through its own compensation scheme.

However, the settlement of Mr. Grant’s lawsuit, which focused exclusively on alleged wrongdoing at The Sun, raises questions about the sustainability of that long-held position.

“The Sun does not accept liability or make any admissions to the allegations,” an NGN spokesperson said.

The settlement does reduce the chances of NGN facing a trial at all over claims of unlawful information-gathering, although, as Mr. Sherborne said, Harry’s lawsuit continues. The prince has spoken repeatedly of his “mission” to purge the British press.

He and other claimants last month sought to drag Mr. Murdoch into the case, alleging he was personally involved in a cover-up of wrongdoing, with a ruling on their application still pending.

NGN says the claimants are using the lawsuits as a means to attack the tabloid press and that allegations against current and former staff are “a scurrilous and cynical attack on their integrity.”

On Wednesday, NGN’s lawyer Anthony Hudson asked the court to direct that the full trial currently listed to begin in January should instead be held to decide whether the claimants should have brought their lawsuits against the publisher earlier. — Reuters

Ritchie’s tale of ungentlemanly warfare aims to be fun

HENRY CAVILL, Alex Pettyfer, Alan Ritchson, Hero Fiennes Tiffin, and Henry Golding in The Ministry of Ungentlemanly Warfare.

LONDON — With his latest movie The Ministry of Ungentlemanly Warfare, which is inspired by a real World War II mission, director Guy Ritchie aims to shine a light on a historically significant event yet still make it fun.

The movie is a fictional retelling of Operation Postmaster, a 1941-42 raid on German and Italian ships off the coast of West Africa, carried out by a commando unit formed by British Prime Minister Winston Churchill and the Special Operations Executive, a group of military officials including author Ian Fleming.

The Ministry of Ungentlemanly Warfare is out in cinemas globally from April 19 although it already opened in the Philippines on April 17. The MTRCB gave it a rating of PG.

Based on a novel by Damien Lewis and declassified files from the British War Department, the film sees Major Gus March-Phillipps, played by Henry Cavill, leading his team of misfits to fight the Nazis with what are deemed “ungentlemanly” war tactics.

“In typical Guy Ritchie style, it’s a slightly hyperbolic example of this story,” Mr. Cavill said in an interview.

“So, this is the amped up, rather more exciting version of the story, which still represents these characters for what they were, which is incredibly brave and heroic individuals,” the 40-year-old British actor said.

“What we wanted was fun,” said Mr. Ritchie. “I make movies for me as much as I make them for anyone else. And if I’m not entertained, then I suspect other people won’t be entertained. So that was my principal task.”

Mr. Ritchie, who co-wrote the screenplay, said the operation “changed the face of how wars are fought thereafter.”

“The reason that you have the Navy Seals and the SAS and so on is really, the genesis of all of that was from this mission. And in no small part, I suppose, it’s the genesis of the whole Bond principle,” said Mr. Ritchie.

“Ian Fleming was always pressing the character I play, Gubbins, to tell this story. And because of the Official Secrets Act, Gubbins couldn’t do it. So, Fleming decided then I’m going to tell these stories through James Bond. So, we’re really witnessing the birth of Bond through this story,” said Cary Elwes, who plays Brigadier Gubbins, “M.”

Speculation over who will take over the role of James Bond from Daniel Craig in the film franchise has run rife recently. Both Mr. Cavill and Mr. Golding have appeared on lists of potential successors.

“Whatever happens, I’m looking for, as a fan of Bond and that entire franchise, if we get more movies, it’s a win for everybody. That’s all we want,” said Mr. Golding.

The movie was shot in Turkey and in between filming, Mr. Ritchie organized outings and barbecues for the cast and crew, the film’s producer, Jerry Bruckheimer said.

“It’s like going to summer camp, working with Guy,” said Mr. Bruckheimer.

“Guy will cook for you, he’s a great chef,” Mr. Elwes said.

“Yeah, he just is a gatherer. He loves to gather people,” added actress Eiza Gonzalez, who plays agent Marjorie Stewart, also crediting Mr. Ritchie for letting her showcase her singing skills in the movie. — Reuters

Rockwell Land says P3.4-B income exceeds pre-pandemic level

E-ROCKWELL.COM

ROCKWELL Land, Inc. saw a 31% increase in its net income to P3.4 billion in 2023 from P2.59 billion a year earlier, driven by the performance of its residential and commercial segments, the listed property developer said on Thursday.

The 2023 consolidated net income has “surpassed the pre-pandemic level,” the company said in a stock exchange disclosure.

The company’s revenues improved by 12.1% to P18.5 billion in 2023 from P16.5 billion in 2022.

Residential development revenue increased by 18% to P14.4 billion with reservation sales hitting P20.3 billion following the reception of Edades West in Makati as well as expansion projects in provincial areas such as Lincoln at IPI Center in Cebu, Cluster 5 of Rockwell South at Carmelray in Canlubang, and Phase 5 of Terreno South in Batangas, the company said.

Retail revenues also jumped by 27% to P2.2 billion, led by improvements in occupancy and rental rates, on top of new retail store openings.

Rockwell Land plans to launch new projects this year in provinces south of Metro Manila to expand the company’s product portfolio.

“The real estate industry remains progressive, and Rockwell Land is bolstered by its promising performance from the previous year. Rockwell will continue to provide quality mixed-use communities as it continues to grow its business and expand its footprint,” the company said.

The company’s board has approved a P5-billion term loan facility with BDO Unibank, Inc. to finance its projects.

The loan will be valid for a duration of up to ten years, it said in a separate disclosure.

“The proceeds of the loan will be used to fund capital expenditures, land acquisitions, and other investments,” the company said.

The latest loan funding for Rockwell Land with BDO follows the company’s board approval of a P5-billion loan facility with Metropolitan Bank & Trust Co. in January.

The loan, with a term of up to seven years, will also be utilized to fund capital expenditures, land acquisitions, and other investments.

Rockwell Land is the real estate arm of Lopez-led First Philippine Holdings Corp. The company’s portfolio spans across the residential, office, retail, and leisure segments.

Some of the company’s properties include Rockwell Center and Power Plant Mall in Makati, as well as Rockwell Business Centers in Ortigas and Mandaluyong.

On Thursday, Rockwell Land shares rose by 2.14% or three centavos to P1.43 apiece. — Revin Mikhael D. Ochave

The Miracle of 1854

By Shaymaa Khalil

THE HUMBLE chapel in Manila’s Barrio San Miguel, where devotees venerated an image of Nuestra Señora del Rosario, had been the only structure spared from the great fire that reduced everything around it to ashes.

The fire was so huge, engulfing everything in its path, that firemen attempting to turn left at the foot of Ayala Bridge had to detour. By the time they arrived at the scene, the fire had gone out. Every structure had been consumed by the fire, except for a humble visita, unscathed amid all the smoldering ruin.

Witnesses to the April 16, 1854 fire described the event as a miracle because only the bamboo and nipa chapel and its surrounding grass had been untouched by the huge fire.

To establish that the event had been a true miracle, the Archbishop of Manila, Francisco G. Ortiz, assigned the Reverend Parish Priest Domingo Azorin to investigate “so that it may be consigned to the truth by the competent authority to prevent being distorted with arbitrary and false traditions.”

Among six witnesses, Don Juan de Martin y Arevalo, Assistant to the European English Engineers, described how “It was a true miracle that the aforementioned ermita (hermitage) was saved from the fury of the flames. On the occasion of the conflagration of the house adjacent to the hamlet by the east, the direction from where the fresh wind came, the houses at the back of the ermita were also burned; that due to the intensity of the fire, it crossed the adjacent stone house of Mr. Tomas Fuentes, and it was impossible for him to go to the Quintana Bridge with the firemen that the declarant had in his charge, by which they had to go with the firemen to San Sebastian Causeway toward Malacañang, and from there to the town of San Miguel, and when they arrived, they saw that the ermita was intact and the fire had died down.”

“My house, which was burned, was eight yards from the side of the ermita or visita of Our Lady of the Rosary, and (I) saw that the flames from my house and the other houses beside the ermita were about to fall on the roof of the chapel, and some sparks of fire also died by the strong wind and indeed it is admirable to see that the ermita was saved from the fire, even if there had not been any help, for when the firemen approached the place, the fire was already extinguished. That from the day after the fire, perhaps because the news of this even had already spread, there was this sudden rush of people who gave alms and others, candles, plucking some grass in the vicinity of the visita for the medicine,” Doña Isabel Frias, a Spanish mestiza, said.

Don Bonifacio Jose De Vera, one of the principales of the barrio, recalled that, “As one of the neighbors of the community in which the hermitage situates, I saw and witnessed the horrible fire, my house being one of those that were burned, and became more astounded when, as the fire started to come near the ermita, the fire suddenly was extinguished, leaving the ermita without any damage; and what is more surprising, is that grass that surrounded the ermita did not lose its freshness, evoking everyone’s admiration; and no one could say that the ermita could be delivered from the fire’s fury without neither firemen, nor by any human help.”

“I was astounded to learn that this chapel of nipa was spared by the fire, because the wind went on her with great force with no aid of water pumps that would help to save it, in spite of the fact that the passages on either side of San Miguel and Quiapo were impossible to penetrate, and that the truth is, rarely has the area been as distressed as much as in the moments of the fire that day,” Don Antonio de Ayala, a Spanish peninsular and businessman, said. His impassioned testimony, a testament to faith, like the rest of the witnesses’ accounts, concluded that “I believed that only God, who can do everything, would save the camarin (shrine).”

Don Pedro de Alcantara testified that “I indeed saw with admiration that the ermita had not been burned, when the fire was almost upon its roof, having all the houses that were on both sides of the ermita razed to the ground, a strong wind that came from the east whipped around that chapel, and most puzzling here, is that the fire extinguished itself without the help of any person or any firemen that, at that moment, had not yet arrived at that place. When the firemen arrived, the fire was almost over; so much so that the day after the fire there was a gathering of people around the said ermita, which caused so much joy, and this lasted for more than a week, and all were amazed at the hermitage or chapel, and the admiration of those who were there was so great that some offered candles to the Mother of God, and others, alms and some pulled the grass that surrounds the hermitage and said that it could be used for medicine.”

The morning after the fire, “I approached the site and saw with awe that the ermita had been spared, and also saw a great number of people gathered to witness the fire’s aftermath,” Don Sinforoso Victorino, the second lieutenant of San Miguel, said.

Not having witnessed the fire himself, the erstwhile gobernadorcillo, Don Fruto Sanchez, described that when they “rushed to the site of the conflagration in order to assist the people as much as possible, I was surprised to see the ermita, and that there was no other help from other people, and that only a few that dealt with much work at that moment; that when the firemen arrived, the fire was almost out; that the houses nearest to the ermita to the east and to the north were all consumed by the fire; that when the fire was out, many people came from all over and were astonished by what had happened, and everyone said that it was a miracle.”

On the parish priest’s submission of the interviews he conducted, Archbishop Ortiz ordered the original document kept in the Archbishop’s Archives in the parish. The University of Santo Tomas Archives also keeps a document of the event. In acknowledgment of what had been verified as miraculous intercession, the Spanish Governor-General Manual Pavia y Lacy ordered the chapel’s reconstruction to stone, replacing the nipa visita.

In the late 1940s, fearing that the stone chapel could disintegrate, Doña Florencia G. Barretto ordered the re-construction of the chapel built in concrete. Today her granddaughter, Carmencita Legarda Cu Unjieng, is the capillita’s (small chapel’s) custodian.

A story from eons ago tells of a Spanish high government official who sat in a tub of warm water for his stomach troubles. From out of nowhere, a beautiful lady carrying an infant appeared. She said he needed grass growing around a particular nipa hut which, when boiled and drank, would help him recover. Then, the lady disappeared.

The official asked the guard whether he had seen a lady come through the gate, but the guard said he had not. The Spanish official then sent for the grass, followed the mysterious lady’s instructions, and recovered. He himself then went to the visita, the nipa hut, where he found the same lovely lady and child at the altar. It was Our Lady of the Rosary.

In her honor, a nine-day feast is celebrated from April 20 to April 28. This year, the festivities begin with the first Novena and Mass at 6 p.m. on April 20. The following day, April 21st, there will be a morning service starting at 8:30 a.m. The service will continue each evening at 6 p.m. from April 22, through April 27. The celebration will conclude with a final service at 8 a.m. on Sunday, April 28.

To get to the capillita, traveling north on Ayala Bridge, turn left at its foot which is Carlos Palanca St. (formerly Calle del Rosario, then Echague). The white concrete chapel is 200 meters away on the right-hand side.

Unchanged fuel surcharge for May seen to support air travel demand

UNSPLASH

THE CIVIL Aeronautics Board (CAB) announced on Thursday that it will maintain the airline fuel surcharge at Level 6 for May.

Low-cost airlines anticipate this decision will support the high demand for air travel.

At Level 6, the domestic passenger surcharge ranges from P185 to P665, while the international surcharge varies from P610.37 to P4,538.40.

The applicable conversion rate for May is P55.97 to a dollar, the CAB said in an advisory.

The airline fuel surcharge is an optional fee collected and imposed by airlines to recover fuel costs. It is based on movements in jet fuel prices using a benchmark known as MoPS (Mean of Platts Singapore).

“Airlines wishing to impose or collect fuel surcharge for the same period must file their application with this office on or before the effectivity period, with fuel surcharge rates not exceeding the above-stated level,” CAB Executive Director Carmelo L. Arcilla said.

In a statement, low-cost carrier AirAsia Philippines said that maintaining the current level of fuel surcharge is expected to contribute positively to its performance during the period.

“The non-movement in the fuel surcharge will continue to have a positive contribution to AirAsia’s performance. This as AirAsia’s first-quarter performance has seen the number of seats sold increase by 91% at 1.87 million versus the airline’s target. Load factor in the same manner has also increased by 104%,” it said.

Gokongwei-led budget carrier Cebu Pacific said the steady fuel surcharge would support the high demand for air travel.

“With fuel surcharges holding steady, we anticipate that high demand for air travel will be sustained. We continue to encourage guests to book early to avail of affordable fares,” Cebu Pacific President Alexander G. Lao said in a Viber message.

BusinessWorld also reached out to flag carrier Philippine Airlines for comment but did not receive a response by the deadline. — Revin Mikhael D. Ochave

Razon expects full ramp-up of Solaire Resort North operations by 2026

BLOOMBERRY.PH

BLOOMBERRY RESORTS Corp. said that the operations of Solaire Resort North in Quezon City may reach full scale by 2026, two years after its opening in May of this year.

“At the end of two years, it should be fully ramped up,” Bloomberry Chairman and Chief Executive Officer Enrique K. Razon, Jr. said during the company’s virtual annual stockholders meeting on Thursday.

The upcoming resort is a $1-billion investment and will be Bloomberry’s second integrated resort under the Solaire brand, joining Solaire Resort Entertainment City in Parañaque City.

Mr. Razon said that the company’s focus will be on ramping up the operations of Solaire Resort North before starting other projects, such as Phase 2 of Solaire Resort Entertainment City and the planned casino project in Cavite.

 “There’s no specific timeline. All depends on how the market goes over the next several years,” he said.

 Solaire Resort North spans 1.5 hectares and consists of 38 floors. It has 526 guest rooms and suites, 2,669 electronic gaming machines, and 163 tables across four casino levels.

 “The next few years present a compelling case for growth. The Philippine economy, from which we derive most of our revenue and profitability, is estimated by the government to grow between 6-7% in 2024 and between 6.5-7.5% in 2025,” Mr. Razon said.

“We also anticipate benefiting from the improving inbound visitation as the World Tourism Organization sees the recovery of tourism in the Asia-Pacific region accelerating towards pre-pandemic levels in 2024,” he added.

Solaire Resort North will feature event venues, spa, saunas, plunge pools, gym, pool area for children, an interactive kids club, and a curated art program and display. — Revin Mikhael D. Ochave

1...1,8241,8251,826...12,697Page 1,825 of 12,697
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube