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GDP likely grew by 6.1% in Q1

Traffic is seen along EDSA in this file photo. — PHILIPPINE STAR/RYAN BALDEMOR

PHILIPPINE gross domestic product (GDP) likely grew by 6.1% in the first quarter amid an improvement in government spending, economists said.

“The economy looks set to accelerate in 2024 with first-quarter GDP estimated at 6.1% as infrastructure spending goes into high gear with the National Government (NG), buoyed by official development assistance funding and public-private partnership (PPP) projects (gaining) traction,”  First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said in its latest The Market Call report.

If realized, the 6.1% GDP growth would be slower than the 6.4% logged in the first quarter of 2023, but faster than 5.6% in the fourth quarter.

In 2023, the economy grew by 5.6%, much slower than the 7.6% expansion in 2022 and fell short of the government’s 6-7% target.

“With actual NG spending in 2023 exceeding the program by 2%, we think the administration will start 2024 with a bigger bang compared to 2023,” FMIC and UA&P said.

Last year, the NG’s budget deficit narrowed by 6.32% to P1.51 trillion. Government expenditures went up by 3.42% to P5.34 trillion and exceeded its full-year program by 2.06%.

FMIC and UA&P said the government will have “greater confidence” to spend earlier in the year to support economic growth.

“Infrastructure spending, both government funded and PPP projects, should accelerate in 2024 as NG bids out and awards large undertakings starting with the recent Ninoy Aquino International Airport (NAIA) expansion,” it added.

The government is targeting to sustain infrastructure spending of up to 5-6% of GDP annually.

The Marcos administration is ramping up the implementation of its flagship infrastructure program which comprises of 185 projects worth P9.14 trillion.

Finance Secretary Ralph G. Recto earlier said that there is a need to come up with more “realistic” macroeconomic targets not only for this year but for the medium term.

The Development Budget Coordination Committee (DBCC) has set a 6.5-7.5% GDP growth target for this year.

Mr. Recto said that an “aspirational” target would be 6.5% GDP growth while a more “realistic” goal is 6%.

He also noted that the upper end of this year’s 6.5-7.5% target is “too high.”

Meanwhile, FMIC and UA&P said that inflation may settle within the Bangko Sentral ng Pilipinas’ (BSP) target range this year.

“Inflation should fall within the BSP target of 2-4% for the year as rice and crude oil prices ease, albeit without discounting occasional spikes,” it said.

The BSP expects inflation to average 3.6% this year.

In February, the headline print quickened to 3.4%, the first time it accelerated in five months.

BSP Governor Eli M. Remolona, Jr. has said that inflation could once again pick up to an estimated 3.9% in March due to positive base effects.

“We also don’t see a repeat of the February inflation spike as rice prices abroad had begun to ease while crude oil prices have little upside given the weak China economic recovery and surplus capacity in both OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC countries,” FMIC and UA&P said.

FMIC and UA&P kept its 3.8% average inflation forecast for 2024.

“Although in the first quarter, it may average lower at 3.2%,” it added.

March inflation data will be released on April 5. — Luisa Maria Jacinta C. Jocson

SEC asks NTC to block Binance in Philippines

THE SECURITIES and Exchange Commission is asking the National Telecommunications Commission to block access to the Binance website in the Philippines. — REUTERS

THE PHILIPPINES is blocking access to the world’s largest cryptocurrency exchange Binance, which the Securities and Exchange Commission (SEC) says has been operating in the country without a license.

During its March 12 meeting, the Commission en Banc approved the filing of a formal request with the National Telecommunications Commission (NTC) to help block Binance’s website and its other web pages, the SEC said in a statement.

“The SEC has identified the aforementioned platform (Binance) and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos,” SEC Chairperson Emilio B. Aquino said in the letter addressed to the NTC.

The latest move comes after the SEC issued an advisory on Nov. 28, 2023, warning the public against investing in Binance. At that time, it said the removal of access to Binance would take effect within three months to give time for Filipino users to exit the exchange.

“Binance, however, has not secured from the SEC a license to solicit investments from the public, nor to create or operate an exchange for the buying and selling of securities, as required by Republic Act No. 8799, or The Securities Regulation Code (SRC),” the regulator said.

The SEC noted that Binance has conducted promotional campaigns on social media to encourage Filipinos to invest and trade on its platforms. Binance’s app is also available on Google Play Store and the Apple App Store.

Binance is described as the largest cryptocurrency exchange in the world, with more than 183 million members. It has an average daily trading volume of $65 billion covering over 402 cryptocurrencies.

“Considering the size and volume of Binance’s operations, however, the SEC ensured that the investing public would have enough time to exit the platform and reposition their portfolio in favor of authorized investment products and platforms,” the regulator said.

The SEC has also previously asked Google and Facebook operator Meta to prevent Binance’s online advertisements from targeting users in the Philippines.

“This is similar to moves by other regulators in other countries, amid prudence by local regulators to uphold the best interests of the investing public. However, there may be some disruptions to those with accounts locally,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort told BusinessWorld via Viber message.

Mr. Ricafort said Binance would need to get a license from the SEC. “That is the fundamental requirement for all investments in the country,” he added.

The SEC previously warned that salesmen, brokers, dealers or agents, representatives, promoters, recruiters, influencers, endorsers, and enablers of Binance may be held criminally liable under the SRC and could face a fine of up to P5 million, or imprisonment of up to 21 years, or both.

As of press time, Binance has yet to respond to a request for comment.

In November last year, Changpeng Zhao stepped down as chief executive officer of Binance and pleaded guilty to breaking  anti-money laundering laws in the United States. This was part of a settlement to resolve a US Justice department probe into Binance, which was accused of failing to report over 100,000 suspicious transactions. — Revin Mikhael D. Ochave

NG to borrow P585B from domestic market

THE NATIONAL GOVERNMENT (NG) is looking to borrow P585 billion from the domestic market in the second quarter, the Bureau of the Treasury (BTr) said on Monday.

In a notice on its website, the BTr said it seeks to raise P195 billion from the issuance of Treasury bills (T-bills) and P390 billion from Treasury bonds (T-bonds) in the April-to-June period.

The borrowing plan for the second quarter is 11.42% higher than the revised P525-billion borrowing plan for the first quarter. The BTr had originally planned to offer P585 billion in the first quarter but canceled two T-bond auctions to make way for the retail Treasury bond offer.

As of Monday, the government has raised P482.3 billion in the first quarter, with another T-bond auction scheduled on Tuesday.

Based on its notice, the Treasury will offer more T-bonds with longer tenors in the second quarter.

In April alone, the government is planning to borrow P195 billion, 8.33% higher than the P180-billion borrowing plan for March. This consists of P75 billion in T-bills and P120 billion in T-bonds.

The government will hold five offerings of T-bills to raise P5 billion each, with benchmark tenors of 91, 182, and 364 days. Auctions will be held on April 1, 8, 15, 22 and 29.

Also in April, the BTr is seeking to raise P30 billion each via seven-year T-bonds on April 2, 10-year T-bonds on April 10, 15-year T-bonds on April 16, and 20-year bonds on April 23.

Since April 9 is a holiday (Araw ng Kagitingan), the T-bond auction will be held on April 10 (Wednesday).

For May, the government seeks to raise P210 billion from the domestic market, 7.69% higher than the April program.

The BTr is looking to borrow P60 billion via T-bills in May. It will hold five auctions to raise P5 billion each from 91-day, 182-day, and 364-day T-bills on May 6, 13, 20, and 27.

The Treasury also hopes to raise P150 billion via five T-bond auctions in May.

It plans to borrow P30 billion from seven-year T-bonds on April 30, P30 billion via 10-year T-bonds on May 7, P30 billion via 15-year T-bonds on May 14, P30 billion in 20-year bonds on May 21, and P30 billion in three-year T-bonds on May 28.

In June, the Treasury is planning to raise P180 billion from the domestic market, 9.52% lower than the previous month.

The BTr lined up four T-bill auctions in June. It seeks to borrow P5 billion each from the offer of 91-day, 182-day, and 364-day T-bills on June 3, 10, 17, and 24.

For the long-term borrowings, it hopes to raise P30 billion each from seven-year T-bonds on June 4, 10-year T-bonds on June 11, 15-year T-bonds on June 18, and 20-year bonds on June 25.

“It was noticeable from the second-quarter schedule that the BTr refrained from offering five-year bonds,” a trader said in an e-mail.

Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in a Viber message the Treasury might be pushing for longer tenors, which is why it avoided offering five-year bonds.

“The markets are anticipating a possible Fed rate cut as early as June 2024 that could be matched locally and could lead to lower Treasury bill and Treasury bond yields by then,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Mr. Ricafort said the possible issuance of global bonds as early as the second quarter “could somewhat reduce the need for more local borrowings.”

Finance Secretary Ralph G. Recto last month said the government is looking at borrowing “more or less” $600 million from the offshore bond market.

National Treasurer Sharon P. Almanza said the Treasury is preparing the regulatory requirements for the planned offshore issuance.

“It’s just a matter of execution and when the timing’s right,” she added.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at 5.1% of gross domestic product this year. — A.M.C.Sy

PHINMA Corp. announces Annual Stockholders’ Meeting on April 23 at 10:00 a.m.

 

 

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Alternergy board OK’s use of IPO proceeds for wind projects in Rizal, Quezon

MATT ARTZ–UNSPLASH

ALTERNERGY Holdings Corp. announced on Monday that it intends to use some of the money raised from its initial public offering (IPO) for its two wind power projects in Rizal and Quezon provinces.

The company’s board of directors has approved the reallocation of P64.86 million from the IPO funds to its indirect subsidiaries Alternergy Tanay Wind Corp. and Alabat Wind Power Corp., according to a regulatory filing.

This is to support the upcoming construction of the 55-megawatt (MW) Alabat wind farm in Quezon and 86-MW Tanay wind farm in Rizal.

“[P64.86 million is] needed to be immediately deployed to the Wind SPVs (special purpose vehicle) to secure the issuance of a notice to proceed to the contractor for each wind project,” the company said.

The company allotted an additional P18.86 million for Tanay wind project and P46 million for the Alabat wind project. As of March 22,  the remaining budget is at P385.15 million.

Alternergy has awarded the construction contract for the projects to China Energy Engineering Group Guangdong Electric Power Design Institute Co. Ltd.

The construction of both projects is targeted to start by the second quarter of 2024 and is slated for completion by the end of 2025.

The Department of Energy awarded both projects their respective certificates of confirmation of commerciality, allowing the company to transition from the pre-development to the development stage.

Alternergy previously allocated funds from its IPO proceeds to finance projects including the Solana solar project, Ibulao mini hydro project, and Calavite and Tablas Strait offshore wind projects.

It has also previously allocated funds for working capital to operationalize its retail electricity supplier, Green Energy Supply Solutions.

The renewable energy company raised P1.62 billion from its IPO in March 2023.

Altenergy aims to develop up to 1,370 MW of renewable sources such as onshore and offshore wind, solar, and run-of-river hydropower projects.

At the local bourse on Monday, shares of the company went down by P0.01 or 1.32% to close at P0.75 each. — Sheldeen Joy Talavera

Streaming subscriptions boost 2023 recorded music revenues — report

CHRISTINA VICTORIA CRAFT-UNSPLASH

LONDON — Global recorded music revenues grew for the ninth year running in 2023, increasing 10.2% to $28.6 billion mainly thanks to a rise in paid streaming subscribers, a report said on Thursday.

Paid subscriptions to music streaming services exceeded 500 million globally for the first time, with more than 667 million users of such accounts, the International Federation of the Phonographic Industry’s (IFPI) Global Music Report said.

The body, which represents the recording industry worldwide, said streaming revenues made up most of the total growth, rising 10.4% to $19.3 billion. Subscription streaming revenues rose 11.2%.

Physical format revenues — CDs and vinyl — rose 13.4%, as did those for performance rights, up 9.5%.

Only revenues for downloads and other digital formats fell, down 2.6%.

“The figures in this year’s report reflect a truly global and diverse industry, with revenues growing in every market, every region and across virtually every recorded music format,” John Nolan, IFPI’s chief financial officer and interim joint head, said in a statement. “For the third year in succession, both physical and digital formats grew with a strong rise in the users of paid streaming subscribers — as well as price increases — contributing significantly to total revenue growth.”

Geographically, sub-Saharan Africa saw the fastest growth, with revenues up 24.7%. South Africa, its biggest market, accounted for 77% of regional revenues after growth of nearly 20%.

Latin America followed with revenues up 19.4% in the region’s 14th consecutive year of growth.

Asia, the third largest region globally, saw revenues rise 14.9%, driven by physical format and digital revenues, while the Middle East and North Africa saw an increase of 14.4%, led by streaming. Australasia revenues rose 10.8%.

Europe, the world’s second largest region for music revenues, accounted for more than a quarter of global figures. Its revenues gained 8.9%.

The USA and Canada, representing around 41% of global recorded music revenues, saw a rise of 7.4%.

“The sustained growth of the recorded music market is encouraging,” Lauri Rechardt, IFPI’s chief legal officer and interim joint head, said.

“But it’s also right for us to acknowledge the challenges the industry faces, including streaming fraud, digital piracy… and, of course, the threat from the abuse of generative artificial intelligence if it is not developed responsibly and with respect for artists’ and labels’ rights.”

Last month, the IFPI announced Miley Cyrus’ hit “Flowers” as the world’s best-selling single in 2023 and said K-pop group Seventeen’s FML was the biggest-selling album globally. — Reuters

Upson International profit down 13.7%

LISTED information technology (IT) retailer Upson International Corp. saw a 13.7% drop in its 2023 net income to P464.20 million from P537.86 million the prior year due to pre-opening costs and lower gross margin.

“Net income declined 13.7% to P464.2 million as a result of lower gross margin and pre-opening costs, helped by other income mainly through promotional support from suppliers, such as volume-based rebates and sell-out incentive programs as well as inventory price protection to drive demand and replacement cycles,” Upson International said in a stock exchange disclosure on Monday.

Despite the lower net income, the company’s revenues rose by 5.8% to P10.01 billion in 2023 from P9.46 billion in 2022, led by revenue growth from new stores, which have operated for less than one year.

 In terms of product category, Upson said computers were its primary sales growth driver led by midrange laptops, followed by printing and communication products. The sales growth partly offset the lower sales of storage and components.

The company said that the Visayas market had the fastest sales growth followed by Northern Mindanao.

“2023 was a year of investment and transition, evolving from being privately held to becoming a public company,” Upson International Chief Executive Officer Arlene Louisa T. Sy said.

“For the first time in our history, revenues surpassed P10 billion as we increasingly reap the benefits from our expanding footprint. This strong foundation is what we will build on this year. Our focus is on serving our customers better to unlock the full potential of the new stores and deliver sustainable and profitable growth,” she added.

Upson International saw an 8.9% increase in cost of inventories to P7.93 billion, resulting in a lower gross margin at 20.8% from 23% in 2022. The decline in gross margin was due to revenue mix and lower product margin rates from increased promotions, including product bundling and price discounts.

Operating expenses climbed by 9.5% to P1.68 billion from P1.53 billion in support of the company’s strategic growth initiatives, specifically relating to store and warehouse network expansion.

“These higher expenses were mostly lease payments, contracted and other services, depreciation and amortization, and personnel-related costs. As a percentage of sales, operating expenses were slightly up from 16.2% to 16.7% in 2023,” Upson International said.

Upson International opened 25 new stores in 2023, ending the year with an overall store count of 232.

Its store brands include Octagon, Micro Valley, Gadget King, Octagon Mobile, and concept stores.

The company carries 115 tech brands in its portfolio. The company previously introduced 12 tech brands including AUKEY, ESR, Garmin, MOMAX, Verbatim, MONOCOZZI, and Cricut to expand its product offerings. It also began to set up Apple product corners in select stores.

On Monday, Upson International shares were unchanged at P1.02 apiece. — Revin Mikhael D. Ochave

3 Body Problem: Netflix adaptation of Liu Cixin’s alien invasion trilogy is captivating

SEA SHIMOOKA in Netflix’s 3 Body Problem.

CHINESE science fiction writing has experienced an unparalleled surge in global acclaim over the last decade, with author Liu Cixin and his novel The Three-Body Problem (2006) at the forefront. Barack Obama and Mark Zuckerberg are among the many readers captivated by Liu’s Three-Body trilogy, thanks to its unique blend of historical and cultural storytelling.

The eight episodes of the new Netflix adaptation take place across the trilogy, including the other two novels, The Dark Forest (2008) and Death’s End (2010).

The series offers an intense narrative journey that probes into the trilogy’s core questions. If a technologically superior alien civilization were to invade Earth — a planet already plagued with ecological destruction and human conflict — how should humanity respond? Is humanity worth saving? Is saving ourselves even possible?

The series begins with the story of astrophysicist Ye Wenjie’s (Rosalind Chao) disillusionment with humanity, which leads her to invite aliens known as Trisolarans to intervene. The show then follows a number of strategic defenses against the impending Trisolaran invasion, culminating in complex interstellar efforts to preserve human civilization. It weaves a story of survival, betrayal, and the relentless quest for human and alien coexistence with cosmic threats and the search for a mutual understanding between vastly different beings.

The series showcases some of the most widely discussed plots from Liu’s science fiction universe, bringing them to life with stunning visuals. It makes for a superb viewing experience, both for fans of Liu’s original novel and those new to the story.

A STRANGE ECHO OF THE CULTURAL REVOLUTION
China’s Cultural Revolution (1966-1976) is an important cultural backdrop for Liu’s novels. This nationwide political campaign brought death and catastrophe for millions of families in the People’s Republic of China, under the leadership of Mao Zedong.

Ye Wenjie is a witness to this calamity. The Netflix series opens with a harrowing scene where she sees her father, a leading physicist, brutally beaten to death by the Red Guards.

Nearly every episode in the series alludes to the Cultural Revolution in some way. However, the adaptation oversimplifies its impact on Ye’s life, and consequently her complex role in the clash between humanity and the Trisolarans.

For instance, in the second episode, Ye immediately sends a message to the Trisolarans after encountering the unrepentant Red Guard who killed her father. This accentuates her deep-seated bitterness toward the Cultural Revolution and her ensuing disillusionment with humanity.

But in the novel, her confrontation with the Red Guard doesn’t happen until much later. By this point, she’s gone through a whirlwind of ideological shifts and emotional developments that are key to her changing attitudes toward both China and humanity as a whole.

Netflix’s adaptation glosses over the significant influence of the Cultural Revolution on the plot of The Three-Body Problem. These changes to the story, which presumably aim to add global appeal, miss a deeper exploration of the novel’s important themes.

REWRITING CHARACTERS AND HUMANITY’S DECISIONS
The Netflix series introduces the “Oxford Five” — a diverse group of Oxford-educated physicists and intellectuals with various skin colors and cultural backgrounds, who don’t appear in Liu’s novels. This creative decision highlights the message that humanity, despite our differences, should be united in addressing existential threats.

Through the Oxford Five, the series successfully explores deep ethical questions. Should we sacrifice individuals today to prevent potential future crises? Or should we focus on current issues, such as poverty and social inequality?

Despite the additions and changes, 3 Body Problem masterfully unfolds Liu’s expansive universe. It teases potential collaborations between the scientists and the UN, and questions how humanity might reassess its social fabric and relationships amid external threats.

The first season offers a range of diverse answers but ultimately, its mix of intrigue and open-ended storytelling encourages viewers to draw their own conclusions.

 

Mia Chen Ma is a research fellow in Medical Humanities, China and the United Kingdom, University of Strathclydey.

Maynilad, Manila Water told to implement supply measures for hot season

PHILIPPINE STAR/RUSSELL PALMA

THE METROPOLITAN Waterworks and Sewerage System (MWSS) has directed its two water concessionaires to ensure the implementation of augmentation measures as the summer season begins.

“MWSS has already issued instructions to our two concessionaires to ensure that all our augmentation measures are operational,” Patrick James B. Dizon, manager of MWSS’ water and sewerage management department, said in a Viber message on Monday.

The statement came after the Philippine Atmospheric, Geophysical, and Astronomical Services Administration (PAGASA) announced the official start of the warm and dry season in the country last week.

Mr. Dizon said that Maynilad Water Services, Inc. and Manila Water Co., Inc. are already implementing reduced water pressure.

The National Water Resources Board (NWRB) said last week that it would cut the raw water allocation of Metro Manila to 48 cubic meters per second (cms) from April 16-31.

“MWSS [is] dependent on the approved raw water allocation from the NWRB. A raw water allocation of less than 50 cms could potentially impact our service areas, particularly those situated at higher elevations,” Mr. Dizon said.

Among the augmentation measures being implemented by the concessionaires is the installation of static water tanks to minimize any inconvenience to their customers.

Mr. Dizon said that Maynilad has 130 static water tanks in its service areas, while Manila Water has nine.

Jennifer C. Rufo, head of Maynilad’s corporate communications, said that the company is “aligned” with MWSS on its supply augmentation projects, which include deep wells, modular treatment plants, among others.

“These are already producing additional water supply from alternate sources, augmenting the supply we get from the main source (Angat Dam) and mitigating any reduction in the raw water allocation,” she said in a Viber message.

Maynilad recently inaugurated a modular water treatment plant in Muntinlupa City, which is expected to produce 20 million liters per day of potable water supply.

“Our preparations for summer happen all year round and that includes continuously exercising and working on our augmentation measures, especially this year when we have to also mitigate the effects of El Niño,” Dittie L. Galang, head of Manila Water’s corporate communications, said in a Viber message.

In a statement, Manila Water has assured its customers of 24/7 water service for Holy Week, with its key projects and mitigating measures in place.

“Anticipating the rise in water demand, the East Zone Concessionaire ramped up its system checks in its water supply augmentation projects prior to the announcement of summer by the [PAGASA] last week,” the company said.

Manila Water serves the east zone network of Metro Manila, covering parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns in Rizal province.

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

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

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

Schedules of malls and public transport for Holy Week 2024

PHILIPPINE STAR/MIGUEL DE GUZMAN

MALLS and transport lines have announced their operating hours for Holy Week. Their schedules are as follows:

MALLS

SM Supermalls

March 28, Maundy Thursday

Aside from SM By the Bay, SM City Baguio, and SM City Puerto Princesa, SM malls all over the country will be closed.

March 29, Good Friday

SM By the Bay will have normal operating hours and SM City Baguio will operate from 10 a.m. to 10 p.m. All other malls aside from the ones mentioned will be closed.

March 30, Black Saturday

SM City Baguio will operate from 10 a.m. to 10 p.m. All other malls will operate during their normal operating hours.

March 31, Easter Sunday

Only the following branches will be open, from 10 a.m. to 10 p.m.: SM City Baguio, SM City Clark, SM City Fairview, SM City Novaliches, SM City San Jose, SM City Taytay, SM City San Mateo, SM City Marikina, SM City Bacoor, SM City Calamba, SM City Sta. Rosa, SM City Cebu, SM City Consolacion, SM Seaside City Cebu, SM City Davao, SM Lanang

Ayala Malls

March 28, Maundy Thursday

Except for Ayala Malls Harbor Point, UP Town Center, Ayala Malls Solenad, Ayala Malls Serin, and Ayala Malls Vermosa, Ayala malls all over the country will be closed.

March 29, Good Friday

Ayala Malls Serin will be open from 10 a.m. to 8 p.m. while Ayala Malls Solenad and Ayala Malls Vermosa will be open from 10 a.m. to 9 p.m.  All other malls aside from the ones mentioned will be closed.

March 30 and 31, Black Saturday and Easter Sunday

All Ayala malls will resume their normal operating hours.

Megaworld Lifestyle Malls

March 28, Maundy Thursday

Megaworld Lifestyle malls all over the country will be closed except for: Venice Grand Canal (9 a.m. to 7 p.m.); Newport Mall (11 a.m. to 11 p.m.); Greenhouse at Village Square Alabang (10 a.m. to 8 p.m.); Alabang West Parade (10 a.m. to 9 p.m.); and, Southwoods Mall (10 a.m. to 7 p.m.)

Mall partners in Uptown Parade, Uptown Ritz, Uptown Palazzo, and One Uptown Residence may operate, but the rest of Uptown Bonifacio will be closed.

March 29, Good Friday

Venice Grand Canal will be open from 9 a.m. to 7 p.m. while Alabang West Parade will be open from 10 a.m. to 9 p.m. All other malls will be closed.

March 30, Black Saturday

All Megaworld Lifestyle malls will resume their normal operating hours except for Forbes Town, which will operate only from noon to 9 p.m.

March 31, Easter Sunday

All Megaworld Lifestyle malls will resume normal operating hours.

Robinsons Malls

March 28 and 29, Maundy Thursday and Good Friday

Except for Robinsons Manila, Robinsons Magnolia, Robinsons Galleria, and Robinsons Antipolo, all Robinsons malls will be open from 10 a.m. to 10 p.m.

March 30 and 31, Black Saturday and Easter Sunday

All Robinsons malls will resume their normal operating hours.

Araneta City

March 28 and 29, Maundy Thursday and Good Friday

Araneta City malls, namely Gateway Mall 1 and 2, Ali Mall, and Farmers Plaza, will be closed, as well as some shops and tenants at the Farmers Market and Farmers Garden.

Provincial buses, city buses, and beep jeeps will continue to operate at the Araneta City Bus Port.

March 30, Black Saturday

Araneta City malls will be open from 10 a.m. to 10 p.m.

March 31, Easter Sunday

Araneta City malls will be open from 10 a.m. to 9 p.m.

Greenhills Mall

Greenhills Mall will be closed on March 28 and 29 and will be open from 10 a.m. to 10 p.m. on March 30 and 31.

Power Plant Mall

The Power Plant Mall will be closed on March 28 and 29. It will operate from noon to 10 p.m. on March 30, and from 10 a.m. to 9 p.m. on March 31.

TRANSPORTATION

PUVs

The Land Transportation Franchising and Regulatory Board’s (LTFRB) special permits for Holy Week this year were given to 1,021 public transport vehicles. These are effective until April 14, to accommodate commuters going home to their respective provinces for the long holiday.

Railways

Light Rail Transit system (LRT) 1 will suspend operations for maintenance from March 27 (Wednesday) to 31 (Sunday).

Light Rail Transit system (LRT) 2 will shorten its operating hours on March 27 from 5 a.m. for its earliest trip to 7 p.m. for its last trip. It will suspend operations from March 28 to 31 for maintenance.

Metro Rail Transit-3 (MRT) will suspend operations from March 28 to 31 for maintenance.

The Philippine National Railway is momentarily suspending operations in Metro Manila starting March 28, lasting for five years to give way to the construction of the North-South Commuter Railway project.

EDSA Busway and PITX

The Epifanio De los Santos Avenue (EDSA) Carousel Busway and all city and provincial routes at the Parañaque Integrated Terminal Exchange (PITX) will continue to operate 24/7 during Holy Week.

Group proposes maximizing solar to offset summer power rate hikes

FREEPIK

By Sheldeen Joy Talavera, Reporter

POWER RATES are likely to increase this summer season as demand rises, said the Developers of Renewable Energy for Advancement, Inc., suggesting building up more renewables, especially solar energy, to meet the demand.

“Historically, during summer months, especially during times when supply is short, the power rates always go up,” Jose M. Layug, Jr., president of the Developers of Renewable Energy for Advancement, said via phone call.

He said that “it would help if we have a lot of solar” to add more capacity that will provide power supply.

The Philippine Atmospheric, Geophysical, and Astronomical Services Administration (PAG-ASA) declared the official start of the dry and warm season in the country last week.

“In the coming months, the number of dry and warm days across the country will continue to increase, although isolated thunderstorms are also likely to occur, usually in the afternoon or evening,” PAGASA said in a statement.

Mr. Layug said that building more renewables, which are now “cheaper,” may help increase supply.

As of November 2023, data from the Department of Energy showed that solar energy accounted for 19% of the total installed capacity connected to the grid.

Terry L. Ridon, a public investment analyst and convenor of think tank InfraWatch PH, said that distribution utilities and electric cooperatives may have to rely more heavily on the spot market to fulfill electricity demand.

“With the summer months, we are expecting higher electricity prices due to a greater demand for cooling in homes, offices and commercial establishments,” he said in a Viber message.

Meanwhile, Bienvenido S. Oplas, Jr., president of the free market think tank Minimal Government Thinkers, foresees a decrease in power rates in April and May due to the resumption of coal power plants that underwent maintenance shutdown.

“Coal is ready during summer because their maintenance shutdown are generally scheduled on rainy months where hydro output is high,” he said in a Viber message.

Netflix’s 3 Body Problem leaves jaws dropped among Chinese viewers

Zine Tseng and Yang Hewen in Netflix’s 3 Body Problem. — IMDB

BEIJING — A Netflix adaptation of a Chinese science-fiction classic The Three-Body Problem found a large audience in China on the first day of its release despite the streaming service not being available there, and prompted immediate debate on social media.

The Netflix series 3 Body Problem is an adaptation of the first novel in a trilogy by Chinese author Liu Cixin, and made for the screen by the creators of Games of Thrones.

Liu’s novel has sold millions of copies since it was published in Chinese in 2008 and counts former US President Barack Obama among its fans. The English translation was the first novel by an Asian writer to win science fiction’s Hugo Award for best novel.

The Netflix version, like the English translation of the novel, starts with violent scenes from China’s Cultural Revolution in the 1960s, events that set in motion a plot that includes an impending alien invasion.

The new series was trending on Chinese social media platform Weibo on Friday with 21 million views so far and was first on the platform’s “top hot” trend rankings despite Netflix being officially inaccessible in China.

Chinese viewers would have had to watch the Netflix series from behind a VPN or on a pirate site.

“Jaw dropping” moments for Chinese viewers included an opening scene where a prominent scientist is beaten to death by paramilitary Red Guards, a depiction of recent history that remains controversial in China.

“The first scene made my jaw drop. Even though I had anticipated this, the scene still startled me,” said one Weibo user.

The video unit of Tencent Holdings released a 30-episode, Chinese language adaptation of the series last year. On Monday, seeking to capitalize on the publicity, Tencent Video released a streamlined version, and many online commentators said the made-in-China version was better.

The tagline “China version wins” was shown as trending on Weibo on Friday as one of the most-discussed topics of the day.

Others objected to the way the Netflix adaptation shifts the action from China to a group of British physicists nicknamed the “Oxford Five.” That showed “Westerners fundamentally can’t accept the idea of Chinese people inventing cutting-edge technology,” one viewer posted on the ratings and social network site Douban.

Another Douban user said Netflix had short-changed the Chinese elements of the story for “a Hollywood product that values individual heroism.”

Some viewers said critics were missing the point: a work of Chinese fiction was becoming even more widely known around the world. “Is it somehow a bad thing for the Netflix adaptation to become a global sensation?” a third Douban user said. — Reuters

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