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Colin Farrell embodies film noir detective in Sugar

IMDB
IMDB

LOS ANGELES — Film noir is back, with a lot of color, starring Colin Farrell in Sugar, a new Apple+ series set in contemporary Los Angeles.

The role of a private detective battling inner demons as he tracks down a Hollywood producer’s missing granddaughter is a dream come true for the Golden Globe Award winner for best actor in The Banshees of Inisherin.

“I do love film noir, and I have had a love for it that pre-dates this show, so there were certain tropes that I was well aware of,” Mr. Farrell said in an interview.

The noir genre began with crime films in the 1940s and 1950s, featuring sharp shadows, pessimistic characters, smoke and rainy streets in black and white.

“I was well aware of the archetypical trope aspect to those things,” said Mr. Farrell, whose character John Sugar works on a case that turns his whole world upside down.

The series, which premieres on Friday, juxtaposes the colorful landscapes of Los Angeles with scenes that look like vintage Hollywood noir. Scenes between characters are edited in ways that surprised the actors.

“I knew I was filming a noir but then once I’m done with my process, there’s a completely separate creative process that happens after,” said British actor Kirby Howell-Baptiste, who plays Sugar’s manager Ruby in a contemporary twist.

“So when I watched it, the voiceover was a mystery to me, all of that footage that’s cut into it, the way it is cut, all of that was such a mystery.”

Mr. Farrell fondly recalled some nights when they were shooting car footage: Cinematographer Cesar Charlone would get in the passenger seat and Mr. Farrell would drive them to downtown Los Angeles for 40 minutes.

“There were moments where I was kind of honest-to-God pinching myself, going, ‘this is just unbelievable’ and ‘aren’t we so lucky?’,” Mr. Farrell said. — Reuters

ASEAN+3: Selected Demographic Indicators, 2021

THE PHILIPPINE population is expected to be among the youngest in the region, with the country still in the early stage of its demographic transition as fertility rates remain high and the number of working-age individuals seen to peak by 2051 — the latest among Southeast Asian economies, a think tank said. Read the full story.

ASEAN+3: Selected Demographic Indicators, 2021

Treasury bills, bonds fetch higher rates

BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday but partially awarded the Treasury bonds (T-bonds) it auctioned off as rates rose across all tenors amid hawkish bets on the Bangko Sentral ng Pilipinas’ (BSP) policy statement later in the day.

The Bureau of the Treasury (BTr) raised P15 billion as planned from the T-bills it offered on Monday as total bids reached P39.939 billion, or more than twice the amount on the auction block.

Broken down, the BTr borrowed P5 billion as programmed from the 91-day T-bills as tenders for the tenor reached P10.333 billion. The three-month paper was quoted at an average rate of 5.772%, 6.8 basis points (bps) higher than the 5.704% seen last week. Accepted rates ranged from 5.698% to 5.8%.

The government likewise made a full P5-billion award of the 182-day securities, with bids reaching P15.036 billion. The average rate for the six-month T-bill stood at 5.885%, up by 2 bps from the 5.865% fetched last week, with accepted rates at 5.823 to 5.919%.

Lastly, the Treasury also raised P5 billion as planned via the 364-day debt papers as demand for the tenor totaled P14.57 billion. The average rate of the one-year T-bill went up by 1.8 bps to 5.983% from the 5.965% quoted for a P7-billion award last week. Accepted yields were from 5.95% to 6.025%.

The Treasury on Monday allowed tax-exempt government-owned and -controlled corporations to purchase one-year T-bills over the counter at government financial institutions at the same average rate.

At the secondary market before the auction, the 91-, 182-, and 364-day T-bills were quoted at 5.7527%, 5.8942%, and 6.0057%, respectively, based on PHP Bloomberg Valuation (BVAL) Service Reference Rates data provided by the BTr.

Meanwhile, the BTr raised just P20.625 billion for the reissued 10-year bonds it offered on Monday, below the P30-billion program, despite total bids reaching P37.36 billion or more than the auction volume.

This brought the total outstanding volume for the series to P85.6 billion, the BTr said in a statement after the auction.

The bonds, which have a remaining life of nine years and nine months, were awarded at an average rate of 6.439%, with accepted yields ranging from 6.365% to 6.48%.

The average rate of the reissued bonds was 21.2 bps higher than the 6.227% quoted for the papers when they were last offered on March 12 and 18.9 bps above the 6.25% coupon for the issue.

This was also 6.5 bps higher than the 6.374% seen for the same bond series and 10.8 bps above the 6.331% quoted for the 10-year tenor at the secondary market on Monday before the auction, based on PHP BVAL Service Reference Rates data provided by the Treasury.

“The awarded rates at today’s auction reflected hawkish expectations ahead of the BSP meeting today,” a trader said in an e-mail on Monday.

The BSP on Monday kept its policy rate unchanged at a near 17-year high of 6.5% for a fourth straight meeting, as expected by 16 analysts in a BusinessWorld poll last week.

Rates on the central bank’s overnight deposit and lending facilities were likewise kept at 6% and 7%, respectively.

BSP Governor Eli M. Remolona, Jr. said at a briefing after the meeting that the Monetary Board deemed it necessary to maintain its tight policy settings amid persistent upside risks to inflation stemming from higher food and transport costs, adding they stand ready to adjust rates as needed to ensure price stability.

The BSP hiked borrowing costs by 450 bps from May 2022 to October 2023 to tame inflation.

Headline inflation quickened for a second straight month in March as prices of rice continued to surge, the Philippine Statistics Authority (PSA) reported last week.

The consumer price index (CPI) accelerated to 3.7% year on year in March from 3.4% in February, preliminary data from the PSA showed. This was slower than the 7.6% clip in the same month last year.

The March CPI was within the BSP’s 3.4-4.2% forecast for the month and was slightly below the 3.8% median estimate in a BusinessWorld poll of 17 analysts. March also marked the fourth straight month that inflation was within the central bank’s 2-4% target range.

Rice inflation climbed to 24.4% in March from 23.7% in February. This was also its fastest print since the 24.6% in February 2009.

It contributed 1.8 ppt to headline inflation or around 48% of the total.

For the first quarter, headline inflation averaged 3.3%.

Cautious signals from US Federal Reserve officials last week also pushed up T-bill and T-bond yields on Monday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Federal Reserve officials including US central bank chief Jerome H. Powell on Wednesday continued focusing on the need for more debate and data before interest rates are cut, a move financial markets expect to occur in June, Reuters reported.

“Recent readings on both job gains and inflation have come in higher than expected,” Mr. Powell said in a speech to the Stanford Graduate School of Business. While policy makers generally agree that rates can fall later this year, he said this will happen only when they “have greater confidence that inflation is moving sustainably down” to the Fed’s 2% target.

His remarks repeated language the Fed has adopted as it tries to balance the risks of cutting interest rates before inflation is truly controlled with the risks of suppressing economic activity more than is needed.

The Fed last month held its benchmark overnight interest rate steady in the 5.25%-5.5% range, where it has been since July.

The BTr is looking to raise P195 billion from the domestic market this month or P75 billion from T-bills and P120 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at 5.6% of gross domestic product this year. — A.M.C. Sy with Reuters

Security Bank, Mitsubishi Motors set to form JV

SECURITY Bank Corp. (Security Bank) announced on Monday a partnership with Mitsubishi Motors Corp. (Mitsubishi Motors) to offer financing services to the latter’s customers in the Philippines.

The two companies will form a joint venture (JV), which is expected to start operations next year, with Mitsubishi Motors holding 51% ownership stake and Security Bank holding 49%, Security Bank said in a disclosure to the local bourse.

The entity will offer sales financing instruments and services to Mitsubishi Motors’ customers and dealers in the Philippines through Security Bank.

“This joint venture is in line with Security Bank’s commitment to provide superior customer experiences through our BetterBanking brand promise,” Security Bank President and Chief Executive Officer Sanjiv Vohra said.

“By combining the strengths of both Mitsubishi Motors and Security Bank through this new company, we are in the best position to offer enhanced auto financing services to match our customers’ needs. This means more attractive promos, competitive financing packages, and fast decisioning. Thus, we deliver better value to customers,” he added.

Filipinos typically rely on financing when buying cars, Security Bank noted.

“This is our 61st year in business in the Philippines, where we now have a strong presence and a large market share,” Mitsubishi Motors Executive Vice-President Tatsuo Nakamura said.

“Through this joint venture, we hope we can provide Mitsubishi Motors vehicles to more customers in this ever-expanding market,” he added. — Aaron Michael C. Sy

Higher deficit ceilings point to dangerous trend

Last week there were several important developments in the macroeconomic and fiscal situation of the Philippines. See these reports in BusinessWorld: “NG debt hits record P15.18 trillion” (April 4), “Philippines lowers growth target for 2024, raises deficit ceilings” (April 4), “PSA lowers economy’s growth to 5.5% in 2023” (April 5), “Inflation accelerates for a second month in a row in March” (April 5).

Public debt keeps rising, not falling. The GDP growth targets made by the Development Budget Coordination Committee (DBCC) were adjusted downwards. And the inflation rate rose to 3.7% in March — although this is just half of the 7.6% inflation in March 2023, the steady decline from October 2023 to January 2024 has halted.

NEW MACROECONOMIC AND FISCAL TARGETS
In Table 1 are the new targets set by the DBCC last week, I arranged them into three sets of parameters: A for macroeconomic assumptions, B for fiscal outlook, and C for GDP growth targets. Then I compared the old targets made in April 2023 with the new ones.

For 2023, the actual growth of 5.5% was lower than the targeted 6-7% but the deficit target was generally achieved.

For 2024, the new deficit target is much higher — P1.48 trillion (5.6% of GDP) vs the P1.36 trillion of the old target. It is the same for 2025, with the new deficit target set much higher at P1.49 trillion compared with the P1.20 trillion in old target (see Table 1).

It is the same trend for 2026 to 2028, the deficit’s new targets are set much higher than the old targets. And this points to a dangerous trend — disbursements and public spending have become more uncontrollable while projected revenues cannot keep up.

Two important medium- to long-term policies should be set.

First, the planned privatization of some government assets — like property of the Ninoy Aquino International Airport or NAIA, the New Bilibid Prison property, the Armed Forces of the Philippines’ golf course, Philippine Amusement and Gaming Corp. (better known as PAGCOR), etc. — should be started earlier.

Second, the planned huge procurement (P2 trillion) of materiel for the Armed Forces of the Philippines (AFP) (submarines, battleships, jetfighters, missiles, ammo) and several hundred billion pesos worth of materiel for the Philippine Coast Guard (PCG) should be junked. Instead, we should focus on high-profile diplomatic negotiations as the cheaper alternative to have a peaceful resolution of the territory disputes in the West Philippine Sea.

If these two measures are not considered, if government will only rely on more taxation while public spending keeps rising fast, the public debt stock will keep rising and interest payments alone would approach P1 trillion/year — it was already P670 billion in 2023.

ELECTRICITY SUPPLY TO SUSTAIN HIGH GROWTH
Last Friday, April 5, I attended the Philippines Electric Power Industry Forum (PEPIF) 2024, which had the theme, “Powering a Sustainable and Secure Energy Future for the Country,” held at the Iloilo Convention Center in Iloilo City. I will write more about it in the next column, but for now I will make my own projection on the amount of electricity in terawatt-hours (TWh) we will need in the medium-term to avoid blackouts because the projected power demand will be high due to high GDP growth targets as discussed above.

First, I computed the average growth in power generation from 2017 to 2022 (it’s 5.1%) to approximate generation in 2023 as data is not yet available from the Department of Energy. Second, I introduced and computed two concepts: 1.) the electricity multiplier in percent expansion (= % growth GDP / % growth power generation), and, 2.) the electricity multiplier in monetary values (= GDP P billion increase / generation TWh increase). All this is done with the assumption of ceteris paribus or all other things/factors being equal or constant.

For the first concept (the electricity multiplier in percent expansion), it shows that a 1% expansion in power generation contributes to a 1.3% expansion in GDP. For the second concept (the electricity multiplier in monetary values), a one TWh increase in power generation contributes to a P236 billion expansion in real GDP size.

But since the country’s per capita kilowatt-hour (kWh) generation remains low and “yellow-red alerts” were still being declared even through 2023, I adjusted the electricity multiplier from 1.3% to 1.2% to help ensure more electricity stability and security in the medium-term.

My results show that the Philippines’ power generation must expand from 5 TWh/year in 2017-2022 (excluding the horrible lockdown year of 2020) to 6.4 TWh/year in 2023-2025, and 8 TWh/year in 2026-2028 (see Table 2).

The electricity multiplier in monetary values from 2023-2028 is at a more realistic level: for every 1 TWh increase in power generation, real GDP size increases by P222 billion.

Since the theme of PEPIF 2024 was focused on renewable energy (RE), lots of the discussions were focused on megawatt (MW) installed capacity expansion by RE, not megawatt-hours (MWh) actual generation expansion. The former can be a deceptive metric because not all MW are the same. A 100-MW solar plant can deliver only about 18 MW of electricity in a day while a 100-MW coal plant and 100-MW gas plant can deliver about 65 MW and 60 MW of electricity in a day, respectively.

For our economic security, we should have energy security, and such can only come from reliable sources like thermal plants (coal, gas, oil peaking plants) and nuclear power. I liked the assessment and speech by Jimmy Villaroman, President of Aboitiz Renewables, Inc. (ARI). He said at the forum:

“We advocate a balanced approach, growing renewable energy and investing in traditional sources… our transition in the Philippines, as in the rest of Asia and the Pacific, must be gradual and intelligent. It has to be well-planned; uniquely suited to each country… We believe LNG is a great complement to RE due to the latter’s inherent intermittency…. We’re also studying the feasibility of small modular reactors… as other long-term solutions.”

Yes, we cannot and should not abandon conventional sources. Sustained high economic growth, more job creation, are goals that are more noble and more practical than high RE share to total energy mix.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

RLC unveils first tower of Mira condo complex in Cubao

RLC RESIDENCES has unveiled the first tower of its four-tower Mira condominium complex in Cubao, Quezon City.

The Nordic-inspired Mira, designed for young families, has 27 floors of low zones and five floors of high zones, with 17 and 13 units per floor respectively.

It is situated near Gateway Mall, Technological Institute of the Philippines, and World Citi Medical Center.

“We’re launching our first tower today, and the second one is set to launch in the fourth quarter of 2030,” RLC Residences Business Development and Design Head Stephanie Anne C. Go said during the launch event on Friday last week.

Mira is located near transportation hubs such as Light Rail Transit Line 2 and Metro Rail Transit Line 3.

The outdoor amenities include a multipurpose court, pet park, pools, glamping nooks, and garden gazebo. 

Indoor facilities feature a residential lounge, business center function room, dance studio, and private theater.

Mira offers a range of unit options including studios, one-bedroom units with balcony, and two-bedroom units with or without balcony, all sized between 26.5-78 square meters (sq.m.).

RLC Residences Chief Marketing Officer John Richard B. Sotelo said that Mira’s studio units, measuring 26.50 sq.m., are larger than the industry standard, which typically ranges from 20 sq.m. to 24 sq.m.

“Our one bedroom for this price point and price range is slightly bigger as well because we are anticipating and trying to appeal to the starter families,” Mr. Sotelo said.

Another feature of Mira catered to families is the convertible or flexible unit.

“It’s all about your ever-changing situation in the family. Kids moving out, growing families, having more kids,” Ms. Go said.

She said units can be combined and split.

“If they decided to converge it as early as now, as by June 2024, we’ll do the converting for you,” she added.

Mr. Sotelo said that this is the initial project to feature convertible units and is expected to be replicated in the next three towers and other future projects.

“But again, it depends on whether the target market we’re trying to reach is interested in that. If it’s a premium or luxury market, they might have different preferences regarding combination,” he said.

Ms. Go said the studio units will start at P5.7 million, while the one-bedroom units and compact two-bedroom units will start at P8.7 million and P10.7 million respectively. The largest unit will be sold at P15.7 million. — Aubrey Rose A. Inosante

Insurance Commission places CareHealth Plus under conservatorship

BW FILE PHOTO

THE INSURANCE Commission (IC) has placed health maintenance organization (HMO) CareHealth Plus Systems International, Inc. (CareHealth Plus) under conservatorship for being unable to address policyholder complaints.

The IC informed CareHealth Plus in a letter dated April 5 that it is being placed under conservatorship due to numerous complaints that the HMO was unable to provide the benefits stipulated in its products.

“Foregoing considered, the Commission finds CareHealth Plus to be continually incapable of complying with the order of the IC to address the issues and concerns of the complainants against it. The additional complaints against CareHealth Plus even reveal that the HMO has not improved its services towards its members, nor has it paid its obligations with accredited healthcare providers,” Insurance Commissioner Reynaldo A. Regalado said in the letter.

CareHealth Plus is a licensed HMO based in Manila with several branches in the country.

The IC issued a cease-and-desist order to CareHealth Plus on Oct. 10, 2023, preventing the HMO from selling new policies.

However, CareHealth Plus was allowed to continue servicing the claims of existing policyholders.

The IC in a resolution dated April 3 denied CareHealth Plus’s motion to lift the cease-and-desist order.

The regulator also denied the HMO’s application for a license renewal, which was previously put on hold due to the complaints filed against CareHealth Plus.

Under Circular Letter No. 2019-35 dated July 18, 2019, the IC may put an HMO under conservatorship if the company is unwilling or unable to comply with its obligations under the law and its issued policies.

The IC found that there was a total of 66 pending complaints against CareHealth Plus, with some involving corporate accounts and government agencies.

The HMO industry incurred a net loss of P4.269 billion in 2023, larger than the P1.433-billion net loss in 2022, due to higher spending on benefits and taxes, latest data from the IC showed. — A.M.C. Sy

The First Omen fearlessly features graphic female bodies

IMDB

LOS ANGELES — For The First Omen director Arkasha Stevenson, it was imperative to create a fearsome film focused on female body horror, including graphic birthing scenes.

“It was really important to us to not shy away from the imagery of the female body,” Ms. Stevenson told Reuters, ahead of the film’s premiere in theaters on Friday.

Her vision almost did not materialize, however, when a birthing scene showing a woman’s vagina was almost taken out.

The graphic scene is what turned the film’s rating from NC-17 to R due to the body imagery. (The MTRCB has given the film a rating of R-16 in the Philippines. — Ed.)

It was vital to Ms. Stevenson to keep the scene and the R-rating for a chance to boldly depict a woman’s body.

“The shot really encapsulated the themes of the film for us, and we felt that without this image, the film would be a lesser version of itself,” she added.

The Legion director finds that body horror helps her reconnect with her body and serves as a reminder that every person’s body is their own, especially for women often taught to disassociate with their own physical forms.

20th Century Studios’ The First Omen follows Margaret, an American woman training to become a nun at a church in Rome who discovers a dark secret that catalyzes the birth of the antichrist.

The film serves as a prequel to the 1976 horror cult-classic The Omen and is the sixth film in the franchise, including three sequels that explore the devilish antichrist child named Damien.

Exploring femininity and grotesque imagery was also something that Nell Tiger Free, who portrays Margaret, embraced.

“Having female-led horror is a wonderful thing to see, and we’re seeing more of it now, which is great,’ she told Reuters adding that having a female director and a female protagonist was a “nice combination work-wise.”

Ms. Free felt like she and Ms. Stevenson, who both grew up watching The Omen films, were in sync from the get-go when they began working on the prequel film.

“I trusted her straightaway,” the Game of Thrones actress said.

Joining the franchise that both she and Ms. Stevenson admire helped Ms. Free immerse herself not only in the role of Margaret, but also The Omen storyline.

“It felt like a big honor to be part of the lore now, part of the legend,” she said. — Reuters

How much did each commodity group contribute to March inflation?

Headline inflation quickened for a second straight month in March as prices of rice continued to surge, the Philippine Statistics Authority (PSA) reported. Read the full story.

 

How much did each commodity group contribute to March inflation?

Entertainment News (04/09/24)

Poor Things to stream on Disney+

COMING off multiple Academy Award wins including Best Actress for Emma Stone, Best Production Design, and Best Costume Design, Disney+ has announced that Poor Things will be available to stream in the Philippine market starting April 10. Directed by Yorgos Lanthimos, it chronicles the fantastical evolution of Bella Baxter (Stone), a young woman brought back to life by the brilliant and unorthodox scientist, Dr. Godwin Baxter (Willem Dafoe). Hungry for the worldliness she is lacking, Bella runs off with Duncan Wedderburn (Mark Ruffalo), a slick and debauched lawyer, on a whirlwind adventure across the continents. Since it includes mature content, Disney+ reiterated that its parental controls allow subscribers to set limits via PIN-protected profiles alongside the Kids profiles.

Henry Moodie releases new single

BRITISH pop star Henry Moodie has released his new single, “beat up car,” via Sony Music Entertainment, along with a music video by Ned Botwood. The ballad about love features guitars driven by a powerful beat. “It’s a song fantasizing about running away with someone who makes life feel less scary. When I’m feeling down, I have a couple people I know I can call to remind me of all the beautiful parts of life — love and friendship. I wanted this song to feel uplifting and cinematic, just like how it feels to be with a soulmate,” said Mr. Moodie in a statement. The song is now streaming on all platforms.

Fallout to stream on Prime Video

THE newest offering by Prime Video is Fallout, a series set in a post-nuclear apocalypse, where survival becomes an enduring struggle for humanity. It will premiere on April 11 on Prime Video. The series is based on a popular video game of the same name. It centers around three survivors – Lucy (Ella Purnell), Maximus (Aaron Moten), and The Ghoul (Walton Goggins) – each navigating the treacherous landscape with their varied motivations and struggles.

Cup of Joe set to join Lola Amour’s album concert

THE eight-piece pop-funk band Lola Amour will be holding a concert promoting its latest album this April, this time with Cup of Joe as one of their guest acts. It will be held at the Circuit Event Grounds, Makati, on April 13, with Cup of Joe opening the show along with Any Name’s Okay. There will be an after-concert performance by PLAYERTWO. The concert is in support of Lola Amour’s self-titled debut album which comes out on April 10.

CCP brings Anak and Bagong Buwan to UST

As part of the Cultural Center of the Philippines’ Cine Icons program, the award-winning films Anak and Bagong Buwan will be screened at the University of Santo Tomas’ Pier Giorgio Frassati Auditorium on April 15. Bagong Buwan (to be screened at 9 a.m.) stars Cesar Montano as a Muslim doctor who returns to his hometown and witnesses the local insurgency. Meanwhile, Anak (to be screened at 1 p.m.) stars award-winning actresses Vilma Santos and Claudine Barretto, who play a Filipina overseas contract worker and the daughter she left behind. Both movies are co-written by Ricky Lee. A talkback session with actors from the films will follow the screenings.

60th Binibining Pilipinas names its candidates

Binibining Pilipinas Charities Inc. (BPCI) recently released the names of the 40 official candidates for the 2024 Binibining Pilipinas pageant after its final closed-door screening at the New Frontier Theater in Cubao, Quezon City. The latest batch of pageant queens was meticulously chosen by a panel composed of reigning Binibining Pilipinas 2023 queens and the BPCI Executive Committee. The candidates will compete in the 60th edition of the beauty pageant to earn the right to represent the Philippines on the international stage. The candidates are: Aleckxis Chuidian, Carmella Cuaresma, Charisse Abanico, Christal Dela Cruz, Corrine San Pedro, Erika Ballon, Geraldine Buenafe, Gracelle Distura, Jasmin Dingson, Jasmine Bungay, Joyce Anne Garduque, Kara Villarosa, Kristin Baconawa, Kylie Atiliano, Liezle Jones, Ma. Flordeliz Mabao, Mae Kimberly De Luna, Maria Jajalla, Marikit Manaois, Monica Acuno, Myrea Caccam, Myrna Esguerra, Mythosela Villanueva, Nicklyn Jutay, Phoebe Godinez, Rendell Ann Caraig, Roella Frias, Roselyn Evardo, Samantha Acosta, Shaira Marie Rona, Shannen Manzano, Sheny Sampang, Sheryl Velez, Tracy Mae Sunio, Trisha Hernandez, Trisha Martinez, Vera Dickinson, Vienne Feucht, Zeneth Joy Khan, and Zianah Joy Famy. Visit the pageant’s official social media pages for more information on the candidates.

Doja Cat drops deluxe album

GRAMMY award-winning global superstar Doja Cat has released her deluxe album, Scarlet 2 CLAUDE, via Kemosabe Records/RCA Records/Sony Music Entertainment. With this new release came the music video for one of the new tracks, “MASC,” featuring Teezo Touchdown. The music video was directed and shot in Los Angeles by Doja Cat and Jamal Peters and it made its broadcast premiere on MTV Live, MTVU, and MTV Biggest Pop, as well as on the Paramount Times Square billboards. Scarlet 2 CLAUDE is out now on all streaming platforms.

Smart, Lionsgate Play partner on deals

STREAMING platform Lionsgate Play has announced a partnership with mobile services provider Smart Communications, Inc. (Smart). All Smart Prepaid and Smart Postpaid subscribers now have access to the platform with a discounted monthly subscription of P99 and a seven-day subscription for P39. Entertainment offerings lean toward the provocative, thrilling, and edgy, from blockbuster franchises (John Wick, The Hunger Games, Twilight, Step-Up, and Saw) to award-winning Lionsgate feature films (La La Land and Wonder). Visit Lionsgate Play for more details.

MYX’s 1st podcast stars Samm Alvero, Nhiko Sabiniano

FOR MYX’s first podcast, The Ripple, VJ Samm Alvero and Nameless Kids’ lead vocalist Nhiko Sabiniano will be discussing their love for music as the show centers on unique stories that have created ripples in the music industry. “We wanted to create a safe space for artists and people like me who genuinely love music to come together and talk about music,” said Alvero in the podcast’s pilot episode. In the second episode, members of the veteran rock band Sandwich give insights into their 26-year musical journey. New episodes of The Ripple arrive on YouTube and Spotify on Mondays and on the MYX Channel, SKYcable channel 23, Cignal channel 150, and other local cable service providers on Wednesdays.

Docuseries on Bon Jovi to stream on Disney+

THE four-part, all-access docuseries Thank You, Goodnight: The Bon Jovi Story will shine a light on the epic past and uncertain future of the band Bon Jovi. It follows the band around February 2022 as they attempt to chart out their future all while recalling the past through 40 years of personal videos, unreleased early demos, original lyrics, and never-before-seen photos. It is directed and executive produced by multiple Emmy Award winner Gotham Chopra. Thank You, Goodnight: The Bon Jovi Story premieres on April 26 on Disney+.

Central Banks are the newest HODLers of gold

ZLATAKY CZ-UNSPLASH

A FEW WEEKS AGO, when the gold price hit a record high, no one besides a few gold bugs seemed to care. Bitcoin also hit a record high. Everyone cared. Proof came in the personal finance pages of the UK newspapers. The FT had a piece on investing in crypto miners, a long read about what crypto still gets wrong and a cry of pain for UK investors denied the right to hold Bitcoin ETFs. The Telegraph had almost a full page on how to buy. Bitcoin also made it into the Market Report section of the Daily Mail and got good exposure in the Times too — with another cry of pain for UK investors and the fusty bureaucrats who won’t let them get easy exposure to the asset of the century.

Unless I missed it, none of these papers had an article on gold. In March, it rose 9.1% (against 14% for Bitcoin and 3% for global equities) and this week the yellow metal hit yet another record high again to a remarkable lack of interest.

I get it. Gold isn’t digital; it doesn’t have a growing gang of Twitter (or X) evangelists or its own emoji; and it isn’t new money. It’s very old money — one of the oldest there is. In a quick trip to the Fitzwilliam Museum in Cambridge last week I saw a few gold coins introduced by Croesus, the King of Lydia, in about 550 BC, a gold coin minted to mark the Olympic Games celebrated in Macedonia in 242, a Sicilian gold quarter-dinar from the 970s and a couple of gold muhrs struck by the Agra mint in 1619. You get the picture. Very old money. But that you are more likely to see actual gold coins in a museum than in your purse doesn’t mean it doesn’t matter. For proof, look at who is buying gold today.

It isn’t the retail investor in the west.

A good proxy for gauging ordinary investor interest is flows into global gold ETFs. And according to the World Gold Council these collectively saw outflows for nine months in a row until the end of February. This year alone outflows have added up to around $5.7 billion, with the US and Europe seeing the fastest pullback and the collective holdings of the ETFs being around 20% below their level of October 2020. There are some signs that this anti-gold vibe is bottoming out. February’s exodus was lower than that of the previous few months; there have been small inflows into Asian ETFs every month for the last 12 months; and according to Charlie Morris of the research shop ByteTree, there may now even be small inflows.

For gold demand, look to emerging markets savers and central banks. Both have been “mega-buyers of bullion” since the start of the war in Ukraine, says Duncan MacInnes of Ruffer Investment Co. They don’t buy ETFs. They buy physical gold. In China, for example, there is a new trend among the young to buy tiny 24 carat beads or “beans” every month as a form of long-term saving, something gathering pace as faith in the investing potential of the property market fades.

Central banks aren’t in it for the short term either: they don’t buy gold to trade. They are buying it for the long term to hedge political risk; to underpin their own currencies; to offset any decline in the value of the dollar; and in place of US government bonds, which given the rate at which the US is accumulating debt ($1 trillion every 100 days, says Bank of America Corp.) are no longer deemed to be free of risk. Looked at through the eyes of an emerging market central bank, gold is something very special, an everything hedge — and one that in the main has hung on to its role as money and its purchasing power for thousands of years. In an increasingly complicated world, who wouldn’t want some of that?

Overall, central bankers are both volume buyers (1,000 metric tons annually for two consecutive years) and, to put it in Bitcoin language, HODLers (a cryptocurrency fan play on “hold” which stands for “hang on for dear life.”) Might it be, asks Ruffer, that we are entering a new era for gold of “price insensitive strategic buyers taking ounces out of the market that will never return?” One in which increasingly limited supply meets rising demand?

If so, and if the rising price starts to pull the retail investors in the west who have little or no exposure to gold right now back in, there seems little to stop the gold price continuing to soar. How do you invest? There are those ETFs, of course. But the miners are also worth looking at. Back in early March, John Hathaway of Sprott Asset Management pointed out that the entire gold-mining sector in the US had a market capitalization of less than that of just Mastercard, Inc. — and not much more than Nvidia Corp. rose in a single day when it last reported earnings. They’ve begun to move a little since: The iShares Gold Producers ETF is up 17% since a double-digit decline in 2022. But it’s still way off the highs of 2011, something that makes little sense given the rise in the metal itself. There could be fireworks ahead for those miners. But either way, it might be worth putting a little gold in your portfolio. If it’s a good enough everything hedge for China’s central bank, it should be good enough for the rest of us.

BLOOMBERG OPINION

PRA targets 77,000 retirees with exclusive discounts at Fiesta Mall, Luxe Duty Free

DUTYFREE FACEBOOK PAGE

THE Philippine Retirement Authority (PRA) and Duty Free Philippines Corp., both under the Department of Tourism, have signed an agreement granting exclusive discounts of up to 20% to PRA retiree members at Fiesta Mall and Luxe Duty Free.

“There are 77,000 retirees all over the Philippines. Hopefully, all of them will be mobilized to get something from here,” PRA General Manager and Chief Executive Officer Roberto Z. Zozobrado said in an interview.

Duty Free will offer special discounts to PRA retiree members and their families at Fiesta Mall and Luxe Duty Free. To avail of these discounts, retirees must visit the stores in person and present their special resident retiree’s visa (SSRV) or SSRV identification cards. Discounts include 10% off on regular days and 20% off on special occasions and events.

The partnership aims to contribute to achieving a trade surplus in travel services this year, leveraging the spending power of retirees, Mr.  Zozobrado said.

Last year, the Philippines recorded a net trade surplus of $2.45 billion in travel services for the first time in 15 years, with travel services and export receipts reaching $9.1 billion.

“What we are doing now is trying to get as many merchant partners as we can, not only for merchandise but also for other aspects needed by retirees to enjoy themselves here in the Philippines,” Mr.  Zozobrado said.

“We want them to discover and enjoy the sweetness of doing nothing here in the Philippines. And when you say sweetness of doing nothing, it’s something that is found only in the Philippines and not anywhere else,” he added. — Justine Irish D. Tabile

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