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SMC starts work on toll road linking its Bulacan airport project to Pangasinan

RAMON ANG — SANMIGUEL.COM.PH

SAN MIGUEL Corp. (SMC) has commenced work on the 76.80-kilometer Pangasinan Link Expressway (PLEX) project, which will connect Pangasinan towns to the company’s mega airport project in Bulacan.

“PLEX will connect to the Tarlac-Pangasinan-La Union Expressway (TPLEX) at the Binalonan exit, providing direct access to the New Manila International Airport in Bulacan,” SMC said in a statement on Thursday.

SMC, which also leads the consortium that bagged the contract to operate and rehabilitate the Ninoy Aquino International Airport, expects to commence development works for its Bulacan airport project next year.

The San Miguel group undertakes PLEX as a joint venture project with the province of Pangasinan. The two parties signed the joint venture and toll concession agreements last year.

The 42.76-kilometer first phase of the project from Binalonan to Lingayen, costing P34 billion, is expected to reduce travel time to around 20 to 30 minutes from one hour and 40 minutes, the province said in a statement on its website.

The first phase will extend 2.76 kilometers from TPLEX, another toll road operated by the San Miguel group, to Lingayen, Pangasinan.

“Phase 2 of the project will be a demand-driven expansion all the way to Alaminos, Pangasinan,” the company said.

“[The] expressway project [is] a game-changer for Pangasinan that is seen to boost local industries, agriculture, and tourism by linking the province’s eastern and western corridors,” it added.

The company also said the construction of PLEX will “incur no costs for the provincial government.”

At the same time, SMC committed to “timely completion pending the acquisition of the necessary right of way.”

“The provincial government will also receive a substantial share of the project’s earnings,” SMC President and Chief Executive Officer Ramon S. Ang said. — A.E. O. Jose

Aboitiz group sets 2024 capex budget at P153 billion

PHILSTAR FILE PHOTO

CEBU-BASED Aboitiz group has earmarked P153 billion for its capital expenditure (capex) budget this year, as the conglomerate plans to expand its renewable energy (RE) portfolio and other businesses.

 The 2024 capex, over two times higher than the P65 billion spent capex last year, will be used for RE projects in the pipeline, as well as further investments to develop the retail banking business, support utility infrastructure projects, and expand the food group, the Aboitiz group said in a statement on Thursday.

 Of the total capex budget, 48%, or P73 billion, is allotted to Aboitiz Power Corp.’s (AboitizPower) RE projects, 29% or P44 billion will be for the Aboitiz Group’s holding firm Abotiz Equity Ventures, Inc. (AEV), and P25 billion is for the group’s infrastructure arm Aboitiz InfraCapital, Inc. (AIC).

 Almost P4 billion is allotted as capex budget for food subsidiaries Pilmico and Gold Coin Group, while P3.3 billion is earmarked for AboitizLand, Inc.

 The group did not specify the allocation for its retail banking arm Union Bank of the Philippines, Inc.

 “Our substantial increase in capital expenditures is a clear reflection of our commitment to renewable energy,” Aboitiz group President and Chief Executive Officer Sabin M. Aboitiz said.

 AboitizPower has over 1,000 megawatts (MW) of disclosed projects in construction and development. It aims to reach 4,600 MW within the next decade.

 These projects include the 159-MW peak (MWp) Laoag Solar Power Project in Aguilar, Pangasinan; the 17-MW Binary Geothermal Power Project in Tiwi, Albay; the 173-MWp Solar Power Project in Calatrava, Negros Occidental; the 45-MWp Solar Plant in Armenia, Tarlac; and the 212-MWp Solar Power Project in Olongapo, Zambales.

 AboitizPower also aims to commence work on various RE projects this year such as the 89-MWp solar project in San Manuel, Pangasinan, and a 50-MW wind plant in Camarines Sur.

 For the holding company, AEV will use P40 billion of its capex budget for the acquisition of domestic bottler of Coca-Cola products, Coca Cola Beverages Philippines, Inc. (CCBPI).

 The joint acquisition involving AEV and Coca-Cola Europacific Partners Plc. (CCEP) is valued at $1.8 billion. The deal was completed on Feb. 23.

 AEV has 40% stake in CCBPI, while the remaining 60% stake is held by CCEP.

 Meanwhile, infrastructure unit AIC targets to explore new projects and synergies within the Aboitiz group.

 Some of AIC’s projects in the pipeline include the upcoming groundbreaking of its TARI Estate development in Tarlac, and the ramping up of production for the Davao City Bulk Water Supply Project.

 Other plans include enhancing the Mactan-Cebu International Airport, improving nationwide digital connectivity, and doing major maintenance works and purchasing of critical spares under AIC’s cement business led by Republic Cement.

 For the food business, the capex budget will be used for the agribusiness expansion projects of Pilmico and Gold Coin Group. These projects include the ongoing Yunnan feedmill in China, as well as the Long-An feedmill in Vietnam, both of which are expected to be finished in the second quarter.

 Yunnan Mill will be capable of producing up to 150,000 metric tons (MT), while Long-An feedmill will have a production capacity of 200,000 MT with a potential to expand to 300,000 MT.

 The group said the capex budget will also be used to improve its meats business by repopulating breeder farms, developing channels to bring up plant utilization of its Tarlac MeatMasters meat-cutting facility, and reinforcing its meats organization.

 For the real estate business, AboitizLand will use the capex budget to support ongoing projects such as the planned launch of the second building of The Strides at LIMA. The company aims to focus on harvesting its existing land bank and maximizing the value of various real estate holdings across different Aboitiz business units including the economic estates.

 For the banking business, UnionBank’s capex budget will be used for investments in technology refresh, cybersecurity, and system integration.

 “By the end of March 2024, Union Bank is set to complete the integration of Citibank’s consumer banking business in the country that it acquired in 2022,” the group said.

 “The deal included an asset and liability transfer, the sale of shares in Citicorp Financial Services & Insurance Brokerage Philippines, Inc., and real estate shares in Citibank Square building in Quezon City,” it added.

 On Thursday, AEV shares rose by 1.08% or 50 centavos to P47 per share. AboitizPower stocks gained by 0.14% or five centavos to P36.90 apiece. UnionBank shares were unchanged at P43 each. — Revin Mikhael D. Ochave

Cultivating diverse grounds for economic growth

PEZA officials have joined Naga City Mayor Nelson Legacion and the City Council members and Enjoy Realty and Development Corp. in the inauguration of the Naga City Industrial Park (NCIP), the first industrial economic zone in Bicol. — Photo from facebook.com/PEZAPH

The Philippine Economic Zone Authority (PEZA) is a government agency in the country, attached to the Department of Trade and Industry (DTI), that is responsible in promoting investments, extending assistance, and facilitating business operations within export-oriented manufacturing and service sectors.

PEZA was subsequently created under the Special Economic Zone Act of 1995, also known as Republic Act No. 7916, to oversee and administer the Special Economic Zones (SEZs) in the country.

Over the years, PEZA has expanded its reach, overseeing 419 fully operating economic zones in various key locations like Metro Manila, Cebu, Davao, Subic, and Clark.

In 2023, PEZA Director-General Tereso O. Panga said the agency has been experiencing a surge in investment approval, with P140.89 billion.

PEZA’s approved investments as of Nov. 16 were 147% higher than the same period the previous year, reflecting a strong investment climate in the country. According to the director general, the growth is a welcome sign for the Philippine economy after being hit hard by the COVID-19 pandemic.

In addition, the agency has pre-qualified 25 big-ticket projects from July 2022 to November 2023, which are estimated to generate P2.21 billion in investments, $1.5 billion in exports, and 16,414 direct jobs.

Besides, the current administration has approved 11 economic zones last year under PEZA, with a total investment of P3.5 billion. Three ecozones are waiting for Presidential Proclamation, which will bring in a total investment of P654.43 million.

The increase in investment approval is due in part to PEZA’s efforts to streamline processes and make it easier for investors to set up shop in the country. The agency has also been working closely with local government units to identify potential investment areas and provide support for investors.

This year, PEZA aims to acquire a target range of P202 billion to P250 billion for 2024, representing a 15% increase from the previous year’s approved investments. This is in line with the agency’s commitment to a more aggressive approach in attracting investors and creating a conducive business environment that supports growth.

Last January alone, the authority has approved 12 projects, amounting to P2.21 billion in investment. These projects cover various sectors, reflecting a diversified portfolio that contributes to the country’s economic development.

According to PEZA, the diversification of investments across various sectors is also a positive development, as it spreads the benefits of economic growth and development across different industries. This approach can help to create a more resilient and sustainable economy, as it reduces the country’s reliance on a single sector or industry.

In a recent board meeting last March 15, the agency has reported an increase in investment approvals for the first quarter of 2024. According to Mr. Panga, the agency approved 50 new and expansion projects worth P14.95 billion, 19.25% higher than the investments approved during the same period last year. These projects are expected to bring in US$616.59 million in exports and create 11,558 jobs.

Diverse sectors such as export manufacturing, information technology and business process management (IT-BPM), logistics, facilities, and ecozone development are set to benefit from these investments, with an anticipated influx of US$616.59 million in exports and the creation of 11,558 employment opportunities.

The projects are mainly in Quezon, Taguig, and Makati cities, CALABARZON, Bataan, Pampanga, Cebu, Albay, and Cagayan De Oro, with top investments coming from Cayman Islands, Hong Kong, Singapore, the Philippines, and Japan.

“PEZA is more than encouraged to sustain its growth momentum this year and onwards given the very positive investment climate statement recently issued by the US International Trade Administration and Bloomberg International, saying that business environment is notably better particularly within the PEZA special economic zones and that PEZA is a unique factor for the Philippines in terms of FDI attraction,” Mr. Panga said in a statement.

Driving global businesses and partnerships

The agency’s success is attributed to several key factors, including having a good law implemented correctly, partnerships with the private sector, effective leadership, and strong national support.

According to PEZA, these elements contribute to the efficiency in the cost of doing business and the ease of doing business within the special economic zones, ultimately leading to economic growth, such as job creation, livelihood opportunities, and income generation for Filipinos nationwide.

The recently concluded high-level trade mission sent by the United States President Joseph “Joe” R. Biden to the Philippines has marked the start of a reinvigorated relationship between the US and the Philippines. Simultaneously, PEZA is positioning itself as a hub for US investments that will be a bridge between the Association of Southeast Asian Nations (ASEAN) and the Indo-Pacific.

The United States is the second-largest foreign investor in the ecozones, accounting for 355 companies in PEZA. US investments have contributed P404.368 billion of investments, US$10.352 billion exports, and 368,511 direct jobs as of date.

In addition, the agency has been partnering with financial institutions such as the Sumitomo Mitsui Banking Corp. (SMBC) and the Rizal Commercial Banking Corp. (RCBC) to attract more Japanese investments. To date, there are 807 Japanese companies located in PEZA zones, with a total investment of P797.83 billion, making them the top source of foreign investments.

The agency is also focusing on streamlining processes for ease of doing business and fostering global value chains aligned with the ASEAN and global partners.

Looking ahead, PEZA will be conducting a follow-through on the pledges obtained by the Philippines during the President’s official state visits and likewise attract the untapped strategic sectors that will be vital in the country’s economic growth and development. — Mhicole A. Moral

Philippines’ Q4 bond market growth slows

BW FILE PHOTO

THE PHILIPPINE bond market’s growth slowed in the fourth quarter of 2023 due to contractions in central bank and corporate securities amid large debt maturities, as well as a decline in issuances.

Outstanding local currency (LCY) bonds grew by 1% quarter on quarter (q-o-q) to $217 billion or approximately P12.14 trillion in the October-to-December period, slower than the 1.8% expansion seen in the third quarter, the Asian Development Bank’s (ADB) ​​Asia Bond Monitor report for March 2024 showed.

The Philippine bond market’s growth was the second slowest among eight economies in Emerging East Asia that posted quarter-on quarter expansion, beating only Hong Kong’s 0.3%. Indonesia and China’s bond markets posted the fastest growth at 2.7%, better than the 2.5% growth in outstanding LCY bonds in the entire Emerging East Asia region, while Thailand’s and Vietnam’s markets contracted by 0.5% and 0.4%, respectively.

Year on year, the Philippine bond market grew by 7.4%.

Broken down, outstanding government and Treasury bonds grew by 2.1% to $178 billion in the fourth quarter, faster than the 0.3% expansion in the previous three-month period and making up 82.1% of the total debt stock at end-2023.

“Despite a contraction in issuance, government bonds grew due to a low volume of maturities during the quarter,” the ADB noted.

Meanwhile, outstanding central bank securities declined by 6.2% quarter on quarter to $11 billion as maturities exceeded total issuances. These comprised 5.3% of the period’s total.

Corporate bonds also contracted by 2.6% to $27 billion or P1.5 trillion amid a large number of bond maturities. Still, these made up 12.6% of the Philippines’ total LCY debt stock in the period, with 31.6% coming from the property sector.

Meanwhile, LCY bond issuances in the Philippines contracted by 4.4% quarter on quarter but rose by 5.5% year on year to $41 billion at end-December, the ADB said.

“Issuance of Treasury and other government bonds contracted 26.2% q-o-q in Q4 2023, as the government reduced borrowing by 73% to P60 billion in December amid a shrinking budget deficit that eased pressure on the government’s debt financing,” it said.

Meanwhile, issuances of central bank securities grew by 0.9% to $32 billion in the fourth quarter as the regulator siphoned off excess liquidity to help bring elevated inflation down.

Corporate bond issuance likewise jumped by 85.5% in the quarter as it came from “a relatively low base” in the previous quarter.

“However, total LCY corporate bond issuance in 2023 only reached P205.5 billion, which was 58.6% lower than in 2022 amid the uncertain environment triggered by the aggressive rate hikes of the Bangko Sentral ng Pilipinas beginning in May 2022,” the ADB said.

“Consequently, only five firms tapped the bond market for funding during the quarter, with the largest issuance coming from the Bank of the Philippine Islands whose debt sales amounted to P36.6 billion,” it added.

The multilateral lender said the emerging East Asian bond market grew by 2.5% quarter on quarter to $25.182 trillion as of December, mostly driven by government bonds. 

“Outstanding government bonds rose 3.9% q-o-q in Q4 2023, despite reduced issuance, due to a low volume of maturities in most regional markets. Government bonds accounted for 61.2% of total LCY bonds outstanding at the end of December,” it said.

Year on year, the regional market expanded by 9.2%.

“The region’s financial conditions were buoyed by robust economic growth, the expected ending of monetary tightening, and continued disinflation trends. At the same time, the increased likelihood of a delay in monetary easing and a strong US economic performance supported the US dollar, leading to a gross-domestic-product-weighted average depreciation of 1% for regional currencies versus the dollar. Most regional short-term bond yields also declined during the review period, but long-term bond yields rose slightly, tracking movements in advanced economies,” the ADB said.

“Risks to regional financial conditions remain tilted to the downside, largely due to uncertainties over the timing of US monetary policy easing. Possible disruptions to disinflationary momentum and spillover effects from the economic slowdown and deflation in the PRC (People’s Republic of China) could heighten the risk outlook,” it added. — A.M.C. Sy

AC Industrials eyes more opportunities with Bosch Philippines

AYALA CORP.’S AC Industrials has partnered with the Philippine unit of Bosch, a German multinational engineering and technology company, to explore new business opportunities in various sectors such as energy, mobility, and manufacturing.

 AC Industrials recently signed a memorandum of understanding with Bosch Philippines to explore potential business activities in various industries, including mobility solutions, manufacturing, energy, and healthcare, among others, the Ayala-led company said in a statement on Thursday.

 “As we see the electric vehicle (EV) transformation happen in the country, we’re really excited to explore more ways to continue working with our partners as well as sharing expertise and innovative practices,” AC Industrials Co-Chief Executive Officer (CEO) Jaime Alfonso Zobel de Ayala said.

 Mr. Zobel, who is also the CEO of Ayala Corp.’s mobility arm ACMobility, said the partnership with Bosch Philippines helps ACMobility’s goal of building the first and largest EV platform in the country.

 In 2023, ACMobility forged a partnership with Bosch to incorporate integrated vehicle technology in its after-sales operations.

 Under the partnership, Bosch Philippines will offer mechanical repairs to intricate electronics, engine systems, safety features, comfort upgrades, transmission expertise, as well as other services and diagnostics.

 ACMobility and Bosch are aiming to open 20 new outlets in the country this year, with plans to expand to up to 60 outlets over the next five years.

 AC Industrials invests and operates Ayala’s businesses in industrial technology. It has three major business lines consisting of global manufacturing, enabling technologies, and automotive distribution and retail.

 On Thursday, Ayala Corp. shares dropped by 0.15% or P1 to P649.50 apiece. — Revin Mikhael D. Ochave

BPI to divest from GoTyme Bank

GOTYME.COM.PH

BANK of the Philippine Islands (BPI) will divest from digital lender GoTyme Bank as it plans to sell all the shares it gained from its merger with Robinsons Bank Corp. (RBC).

The bank will sell 752,056,290 common shares in GoTyme Bank Corp. at P1.20 per share or P902.47 million in total, it said in a disclosure to the local bourse on Thursday.

The sale was approved by the BPI’s board of directors in a meeting on March 20 and is subject to Bangko Sentral ng Pilipinas (BSP) approval.

“We’re divesting because we felt there was insufficient alignment in terms of collaboration,” BPI Chief Finance Officer and Chief Sustainability Officer Eric Roberto M. Luchangco said in a Viber message.

BPI took over RBC’s 20% stake in GoTyme Bank after their merger was completed on Jan. 1.

Broken down, 744,099,587 common shares in the digital lender will be sold to GoTyme Financial Pte. Ltd. and 7,956,703 common shares will go to Giga Investment Holdings Pte. Ltd., BPI said.

Giga Investment Holdings Pte. Ltd. is based in Singapore and is a minority investor in GoTyme Bank, according to GoTyme Bank President and Chief Executive Officer Nathaniel D. Clarke.

GoTyme Bank said in a separate statement that the board of directors of Gokongwei-led JG Summit Capital Services Corp. and Tyme Group has likewise approved plans to buy out BPI’s minority stake in the digital lender.

“We believe that the JG Summit Group re-establishing itself as the largest shareholder of GoTyme Bank puts us in an even stronger position on our journey to become the number one bank in the Philippines,” Mr. Clarke said.

“GoTyme Bank’s performance since its commercial launch in late 2022 has exceeded our expectations and increased our confidence that it will drive a significant improvement to how customers experience financial services in the Philippines. Along with our partner Tyme Group, the JG Summit Group will continue to provide the required support and investment to make GoTyme a game changer in the Philippine market,” JG Summit Holdings, Inc. President and CEO Lance Y. Gokongwei added.

GoTyme Bank is a partnership between the Gokongwei and Tyme groups. It is one of the six digital banks licensed by the BSP to operate in the country.

The online lender began commercial operations in October 2022 and is targeting to grow its customer base to 5 million by the end of this year from about 3 million currently. It also expects to turn a profit within the next three years.

Meanwhile, BPI’s attributable net income rose by 61.13% year on year to P54.82 billion in 2023. Its shares went up by 70 centavos or 0.57% to close at P122.50 apiece on Thursday. — AMCS

Unlocking opportunities through PEZA accreditation

Photo from Freepik/pikisuperstar

Scattered around the archipelago are more than 400 economic zones in selected areas with highly developed infrastructure and an abundant supply of resources needed for daily operations. Enterprises ready to take advantage of the country’s massive labor pool and locations are keen to establish their businesses in these areas facilitated by the Philippine Economic Zone Authority (PEZA).

PEZA ecozones are thriving regions in the country focused on varying sectors from the manufacturing, information technology, tourism, agro-industrial, and medical tourism industries. However, to establish a business in one of these special districts, businesses must navigate a multifaceted accreditation process by PEZA, encompassing application, evaluation, and compliance.

To earn PEZA accreditation, local and foreign businesses can apply through their PEZA Electronic Application Registration System (eARS) as required by the agency under Memorandum Circular (MC) No. 2021-47. According to the PEZA website, only a filled-out application form is needed for evaluation. However, foreign enterprises are mandated under Section 4, Rule 6 of the CREATE Law’s Implementing Rules and Regulations to submit basic documents such as a Department of Trade and Industry registration, Bureau of Internal Revenue’s Certificate of Registration, and general company information.

The approval for a company’s PEZA accreditation is usually discussed during the government agency’s board meetings that occur on the second and fourth weeks of each month. Generally, if a company files its application three days before a board meeting, its application will be included in the agenda for approval.

Obtaining PEZA accreditation opens the doors to several incentives and benefits tailored to strengthen the country’s economy and enhance the competitiveness of businesses within their specific economic zones.

The primary advantage of establishing a presence inside a PEZA Economic Zone is the streamlining of what usually are slow bureaucratic processes outside of these areas. Businesses operating in these designated areas enjoy an Ease-of-Doing-Business initiative which includes a One-Stop-Shop; Non-Stop-Shop; No Red-Tape, Only Red-Carpet Treatment for Investors; and No Graft and Corruption, providing investors with a seamless experience.

PEZA-accredited businesses also enjoy a conducive operating environment within meticulously planned economic zones, complete with state-of-the-art infrastructure, reliable utilities, and robust security measures. This not only augments operational efficiency but also instills investor confidence, attracting both domestic and foreign capital.

Registered businesses enjoy both fiscal and non-fiscal incentives through their PEZA accreditation as well. Depending on their location and industry, accredited enterprises can avail of benefits ranging from tax exemptions to simplified procedures.

Fiscal incentives for export-oriented enterprises include eligibility for an Income Tax Holiday granted for a duration ranging from four to seven years. They can also choose between taking advantage of a Special Corporate Income Tax (SCIT) rate of 5% and opting for Enhanced Deductions for 10 years.

Meanwhile, domestic market enterprises accredited by PEZA enjoy similar fiscal incentives. They are entitled to an Income Tax Holiday spanning four to seven years as well, granting them the opportunity to expand their operations within the local market. Furthermore, these enterprises also have the opportunity to avail of Enhanced Deductions for a still favorable, albeit shorter, five years.

These fiscal incentives provide significant tax advantages, allowing these businesses to reinvest their earnings and bolster their position in the global market.

The first of the non-fiscal incentives include duty-free and tax-exempt importation privileges for capital equipment, raw materials, spare parts, and accessories, thereby reducing operational costs. Registered enterprises also receive a domestic sale allowance of up to 30% of all sales, promoting local market engagement alongside their export-oriented activities.

Additionally, PEZA grants Value-Added Tax (VAT) exemptions on importation and zero-rating on local purchases for goods and other invoices directly relevant to their registered activity, such as telecommunications, power, and water bills, easing financial burdens. Businesses availing of the 5% SCIT incentive are also exempted from national and local government taxes and fees throughout their eligibility.

Moreover, PEZA permits the employment of foreign nationals and offers long-term land lease options to registered enterprises for up to 75 years, ensuring stability and flexibility in business operations. Additionally, foreign nationals employed by PEZA-registered companies are eligible for a two-year PEZA Visa, along with their dependents.

These non-fiscal incentives show the country’s hospitality and commitment to not only fostering a conducive environment for business growth and investment but also facilitating the integration of foreign investors into the local economy.

In the middle of the Philippines’ developing economy, PEZA accreditation emerges as one of its most potent catalysts for growth, offering businesses a competitive edge and a pathway to sustainable and streamlined success. By taking advantage of the opportunities from the PEZA accreditation, enterprises can unlock their full potential, driving innovation, creating employment opportunities, and contributing to Philippine economic development. — Jomarc Angelo M. Corpuz

Arthaland board OK’s P45-M share subscription to Bhavya Properties

ARTHALAND CORP.’S board has approved a P45-million share subscription to Bhavya Properties, Inc. to finance the latter’s capital requirement for an ongoing condominium project, the listed property developer said on Thursday.

 The board authorized the subscription to 450,000 preferred shares of Bhavya Properties at P100 apiece, the company said in a regulatory filing.

Bhavya Properties is 60% owned by Arthaland, while the remaining 40% is held by Singapore-based Narra Investment, which is managed by investment management company Arch Capital Management Co. Ltd.

The additional equity will be used to fund the construction of the 31-storey Eluria residential condo project in Legazpi Village, Makati City.

 “Bhavya Properties will leverage on the additional equity to fund Eluria’s working capital requirement until its scheduled project completion in 2025, while ensuring compliance with all its financial covenants,” Arthaland said.

 “Preferred shares are voting and have such features as the Bhavya board of directors prescribe, but in no case such shares shall be cumulative or redeemable at the option of the holder,” it added.

 Arthaland also said that Narra Investment Properties Pte. Ltd. will have a P30 million share subscription to Bhavya Properties “to the extent of 300,000 (preferred shares) at the price of P100 per share.”

 Eluria is being built by Arthaland in partnership with Arch Capital.

 Arthaland is expecting to generate P6 billion in sales value from Eluria. The property will feature 37 units designed by Sydney-based architecture and interior design firm FMB Architects.

 Eluria’s amenities include a heated saltwater leisure and lap pool, an indoor children’s playroom, a function hall, a potager garden at the roof deck, and chauffeur shuttle services to select nearby destinations.

 On Thursday, Arthaland shares were unchanged at 50 centavos per share. — Revin Mikhael D. Ochave

Basic deposit accounts grew to 23.6 million at end-Sept.

BW FILE PHOTO

THE NUMBER of basic deposit accounts (BDAs) in the country jumped to 23.6 million as of end- September 2023, the Bangko Sentral ng Pilipinas (BSP) said on Tuesday.

Data from the central bank released via a social media post on Tuesday showed that the number of BDAs nearly tripled (175%) from the 8.6 million accounts recorded as of the third quarter of 2022.

The total value of BDA deposits also surged by 624% to P35.6 billion at end-September 2023 from the P4.9 billion posted a year earlier.

The BDA was introduced in 2018 and is meant to promote financial inclusion and address the needs of the unbanked and underserved Filipinos.

This type of account has a low opening amount of P100 or less, no maintaining balance requirement, no dormancy charges, a maximum balance of P50,000, and requires only simple identification documents.

These accounts can also earn interest of up to 4% per annum in select banks.

In 2022, the BSP directed lenders to limit BDAs to one per depositor.

As of end-September, there were a total of 156 banks offering BDAs.

The central bank wanted to bring at least 70% of Filipino adults into the formal financial system by end-2023. Officials earlier said they were confident the target was met amid the rising adoption of e-wallets and online payments.

At end-2022, the share of Filipinos with bank accounts reached 65% of the adult population. — L.M.J.C. Jocson

Is Dune an example of a white savior narrative – or a critique of it?

SCIENCE-FICTION film as a genre allows us to encounter hypothetical worlds in which to understand our own.

These films often present utopian and dystopian worlds, exploring themes of nationalism and heroism. They often include a strong, white, male lead who heroically rescues the poor and the good from the stranglehold of authoritarianism. Therefore, historically, science fiction has had mass appeal for political zealots from the far left to the alt-right.

In Denis Villeneuve’s Dune: Part Two (2024), however, science fiction becomes a genre to subvert colonial and patriarchal narratives of the white, masculine savior.

WHAT IS A ‘WHITE SAVIOR’?
Elements of a white savior narrative are pervasive in Villeneuve’s first Dune film (2021), which hints at — but doesn’t commit to — subverting this narrative. But before we get into the details, it helps to understand what the “white savior complex” is.

This is, to put it simply, the idea that a white person or people are needed to help or “save” people of color from their circumstances.

White saviorism, also called the white “messiah complex,” is born of a legacy of colonialism, and often performed in a paternalistic or self-serving way. For decades, we’ve seen this narrative play out in science-fiction films, from the Star Wars franchise to Avatar (2009).

THE SETUP
Signs of white saviorism in the first Dune film are recognizable in the male protagonist, Paul Atreides, played by Timothée Chalamet. Paul is destined for messianic status in both films, which have so far stayed close to the plot line of Frank Herbert’s book series of the same name.

However, Chalamet’s casting as a white savior is complicated by his physicality. In both demeanor and appearance, Paul Atreides contradicts the traditional masculinity of science-fiction heroes, with his fine features, elfin stature, and mummy’s boy status.

The first film follows the House of Atreides as it travels to the distant planet, Arrakis, to take charge of the scarce and precious spice production which their future wealth, power and survival depend on.

The Indigenous inhabitants of Arrakis, the Fremen, are portrayed as being deeply connected to the desert environment.

They find innovative ways to survive in the extreme weather conditions yet are considered savage by the aristocratic characters in the film. They’re even referred to as “rats” by the film’s villainous, luminously white, oil-bathing leader, Baron Vladimir Harkonnen.

This reflects a common criticism of the white savior complex: it perpetuates stereotypes about the Indigenous people being “helped,” while ignoring their strengths and agency.

DUNE AS A COLONIAL CRITIQUE
It’s tempting to consider Dune’s narrative, settings, and costume design as an appropriation of Islamic and Arab culture. For example, there are scenes where the Fremen are dressed in Bedouin clothing, worshipping behind an Islamic architectural screen in ways that are reminiscent of Muslim prayers at a mosque.

The cinematography and light also appear to refer to 19th-century paintings by Jean-Léon Gérôme, much of which are of Islamic subjects. Such appropriations aren’t unique to Dune; the landscape of Arrakis itself is reminiscent of Tatooine, the desert planet where some of the action takes place in the original Star Wars trilogy.

While the intention may be to create otherworldly settings, the portrayal of a desert land often relies on stereotypical tropes of “exoticness” associated with the Middle East, as well as the use of Arabic-sounding names for characters and locations.

Nonetheless, there is a surprising critique of colonialist fantasy in Dune: Part Two, which primarily takes place through changes between the script and the book. These changes enable us to see the white savior from the perspective of Chani (played by Zendaya), Paul’s Fremen love interest.

In the book, Chani is a supporting character who is merely there to encourage and promote Paul’s ascendancy. She is also a white person who is bound to Paul through having his children. In the film, Chani’s character has been adapted to provide a critical counterpoint.

This reveals Villeneuve’s directorial intention in reframing the book to account for the postcolonial and feminist perspectives of the 21st century. In many ways, Dune: Part Two can be read through the post-colonial perspective of late Palestinian-American writer Edward Said.

In his 1978 book Orientalism, a founding text of post-colonialism, Said argued against the West’s distorted image of the East or the Orient as exotic, backward, uncivilized and sometimes dangerous.

He expressed that Western scholars, artists and politicians use Orientalism as a pervasive framework to depict the East as the “Other.” This reinforces a binary opposition between the West as rational, developed, and superior and the East as irrational, undeveloped, and inferior.

While we see this play out in both Dune films’ visual tropes, a more nuanced message is delivered through the character of Chani.

PAUL THROUGH CHANI’S EYES
Chani is a woman of color who is skeptical of Paul’s mother’s intentions for him as leader. She also refuses to believe in the prophecy of a savior, as is held by some Fremen.

Ultimately, the film’s postcolonial and feminist leanings are made explicit in the final scenes. Through careful cinematography and editing, the audience is encouraged to see, from Chani’s perspective, the ways in which Paul is being manipulated.

When Paul avenges the death of his father and takes control of the empire, promising to marry the empress — despite having declared his enduring love for Chani — we encounter this betrayal from Chani’s standpoint.

The scenes tend to switch back to her disappointment as the witness. As viewers, we are not encouraged to celebrate Paul’s rise to messiah. Rather, we mourn the loss of his moral conscience with Chani. And this point is affirmed when we see Chani surfing the worm alone in the final scenes.

As a woman of color who is both independent, powerful, and resistant to the white savior narrative, Chani activates the idea of looking at cinema from a non-white vantage point. She leads us to be critical of both colonial and patriarchal narratives.

Where will this lead? We will have to find out in the next film.

 

Cherine Fahd is an associate professor for Visual Communication at the University of Technology Sydney. Sara Oscar is a senior lecturer for Visual Communication at the School of Design of the University of Technology Sydney.

First Gen’s profit climbs 4% to $277 million

LOPEZ-LED First Gen Corp. saw a 4% increase in its attributable recurring net income to $277 million for 2023, driven by higher electricity prices and average selling price.

First Gen’s revenues declined by 7% to $2,475 million from $2,667 million in 2022, driven by lower fuel revenues caused by a drop in natural gas and liquefied natural gas prices globally, the company said in a regulatory filing on Thursday.

“This was also accompanied by lower electricity output sold by the natural gas platform,” the company said.

The geothermal plants of Energy Development Corp. (EDC), First Gen’s renewable energy subsidiary, saw improved earnings owing to higher electricity prices.

EDC logged recurring earnings of $119 million, higher by 24% from $96 million in 2022.

First Gen’s hydropower platform reached recurring earnings of $4 million, down 23% from $5 million in 2022.

“The Pantabangan-Masiway power plants had a reduction in the volume of electricity sold due to the transfer of its power supply contract to EDC last August 2022, as well as low water reservoir levels,” the company said.

The decline in electricity sold was offset by an increase in Wholesale Electricity Spot Market volumes sold and lower purchases of replacement power.

For its natural gas platform, First Gen saw a 5% drop in recurring earnings to $184 million from $190 million.

Its 420-megawatt (MW) San Gabriel power plant and 97-MW Avion power plant had a higher recurring earnings due to the full availability of both plants last year coupled with lower fuel costs.

Both the 1,000-MW Sta. Rita and 500-MW San Lorenzo power plants posted lower recurring earnings attributed to “the incurrence of elevated interest expenses.”

FGEN LNG Corp., the company’s incorporated special purpose vehicle of the Interim Offshore LNG Terminal, started to generate commissioning revenues from its pre-commercial operations.

“FGEN LNG generated revenues of $8 million and a recurring net loss of $20 million in 2023,” the company said.

The natural gas portfolio accounted for 65% of its total consolidated revenues, while 32% came from EDC’s geothermal, wind, and solar plants.

The remaining revenues came from First Gen’s hydro plants and its retail electricity supplier First Gen Energy Solutions.

First Gen President and Chief Operating Officer Francis Giles B. Puno said that the year 2023 was “a positive year” following the recent developments across the company’s business segments.

“This year, these developments should translate to additions to First Gen’s earnings as the LNG Terminal reaches commercial operations and the effectivity of the terminal lease agreement with Gas Aggregator Philippines, Inc. happens,” he said.

“Casecnan will likewise be a positive addition to the bottom line from day one of its turnover,” he added.

To recall, the 165-MW Casecnan hydroelectric power plant in Nueva Ecija was turned over by the Power Sector Assets and Liabilities Management Corp. to First Gen in February, with a bid price of $526 million.

On Thursday, shares of the company went down by P0.12 or 0.61% to close at P19.66 each. — Sheldeen Joy Talavera

Entertainment News (03/22/24)

Under a Piaya Moon the big winner of CinePanalo

THE INAUGURAL Puregold CinePanalo Film Festival crowned Under a Piaya Moon as the best film among its feature-length entries. Kurt Soberano’s debut feature, about a young man in 1980s Bacolod City aspiring to win a local pastry competition, bagged six awards in total, including Best Actor for Jeff Moses and Best Supporting Actor for Joel Torre. Close behind was the dramedy Pushcart Tales, which left with four awards including Best Director for Sigrid Andrea Bernardo. Ronjay-C Mendiola’s Last Shift was the best film winner in the student short film category, winning five awards in total. Audience choice awardees were A Lab Story for full-length and Saan Ako Pinaglihi? for shorts. The festival films are having an extended run of screenings at the Gateway 2 Cinemas in Araneta City, Quezon City until March 26.

Earth Hour events coming up in Metro Manila

THE ANNUAL switch-off slated for March 23 will have multiple activities lined up this year. P-pop boy group SB19’s Pablo as WWF-Philippines’ Earth Hour Music Ambassador will be the main guest at Manila’s event in the Kartilya ng Katipunan. The yearly global switching off of lights will be observed from 8:30 to 9:30 p.m., local time. The Philippines will be joining over 190 countries and territories around the world that are taking part in the grassroots movement for nature. The program beside the Manila city hall building will also have Ched and Lirah Bermudez as performers. Meanwhile, in Araneta City, Cubao, Quezon City, many landmarks and structures will be dimming their lights at the same time. Prior to the switch-off at night, Ali Mall will be accepting secondhand items and blood donations to promote the gift of giving. For more details on Earth Hour events in these locations, visit Manila City and Araneta City’s social media pages.

Hard Rock Cafe branches mark Women’s Month

HARD Rock Cafe Manila and Hard Rock Cafe Makati will have special live band entertainment and exclusive food and drink offerings for the benefit of the Global Gift Foundation and Magee-Womens Research Institute this month. Through its charitable arm, Hard Rock Heals Foundation, the company is raising funds throughout the month through woman-led performances at many of its locations around the world. In the Philippines, the in-house band CIRCA will have a Miley Cyrus Flowers Tribute Night on March 22 at Hard Rock Cafe Makati. Exclusive food and drink offerings supporting the cause are Pink Lace Margarita, the Run the World gin-based cocktail, Spring Pasta, Halibut Sandwich, Mango Peach Salad, and Coconut Almond Sundae, until April only.

Coffee Fest on at BGC’s 5th Avenue

BONIFACIO Global City (BGC) will be holding the Art, Bikes and Coffee at BGC’s Coffee Fest on March 23-24. Hosted by events host and former radio DJ Cerah Hernandez, this year the festival is moving to 5th Avenue in order to house more merchants, pop-up shops, and workshops. The Coffee Fest includes a pop-up by Crimson River Tattoo, Wabi Sabi Studio’s mug pottery workshop, a Paint Pour Workshop by Paint It Fun, a photobooth from The Archives Booth, and nail art from Posh Nails. On March 24, San Ride Bukas will be having a panel themed Women Empowerment Through Cycling as they celebrate Women’s Month. There will also be community rides as San Ride Bukas holds their All Women’s Coffee Ride, and Wideye Coffee has its own Sunset Ride. Merchants for cycling equipment and gear will be showcasing their offers, such as R.O.X., adidas, Specialized Philippines, The Breakaway + Passe, Life Cycle, 2Wheel Nation Cycling, Papsy’s Bikes and Brews, and San Ride Bukas. The Coffee Fest will also have a Cupping Demo hosted by 1C Coffee; Ten-Four Coffee will be holding a Outdoor Brewing Competition; and Vinyl on Vinyl is collaborating with Wideye Coffee for an exclusive special drink. Check out the rest of the coffee merchants setting up shop at Coffee Fest: Single Origin, Tiger Sugar, Pocofino, Elephant Grounds, harlan + holden Coffee, Coffee Laboratory, Supersam, Malongo Atelier Barista, Paik’s Coffee and Bakery, Figaro, Muji, Ten-Four Coffee, Wideye Coffee, KombiBrew, 1C Coffee, Fireplace, De’ja Brew, Sweets & Grinds, Seattle’s Best Coffee, Kaulayaw, Twenty Four Bakeshop, Baristart, Cooper’s Coffee Haus, Baker J, Seven Coffee, Randy’s Donuts, Krispy Kreme, Jamba Juice, Kiji Bakehouse, Sspace Coffee, Auro Chocolate Cafe, Nespresso, and Arabica. Moment Coffee + Om Bakes will also be serving vegan desserts, while Decimal Coffee will have a free library open for all. Finally, there will be performers throughout the fest, including Tolo Marvelous, Norris King, Red-I, DMaps (Diego Mapa) on March 23 and an all-women set consisting of Poli Poli, Seoulstepps, and DJ Honey on March 24. For more information, be sure to follow BGC on Facebook and Instagram.

Award-winning Filipino films arrive on Netflix

STARTING March and stretching until June, seven Filipino films from the recent Metro Manila Film Festival will be joining the Netflix platform. Those who missed the theatrical run can start catching up with Rewind, the Dingdong Dantes and Marian Rivera-starrer and one of the highest-grossing Filipino films of all time, on March 25. It will be followed by the Eugene Domingo and Pokwang comedy Becky and Badette on April 4, historical epic Gomburza on April 9, offbeat horror film Kampon on April 18, family drama Family of Two on June 1, action fantasy Penduko on June 7, and the time-bending folkloric horror film Mallari on June 21.

UST Conservatory of Music brings back annual concert

AFTER an absence of five years, the University of Santo Tomas (UST) Conservatory of Music will be bringing back its annual concert, Sampung mga Daliri, on April 13 at the university’s Quadricentennial Pavillion. What was once a staple of the university’s activities was halted due to the pandemic and is finally making its comeback. The concert will feature the UST Symphony Orchestra, UST Woodwind Orchestra, UST Conservatory of Music Voice Faculty, UST Jazz Band, and other departments and groups in the conservatory. This year, they will serve up a “Pastiche Patisserie,” a medley of pieces ranging from Classical, Broadway, OPM, and more. Tickets range in price from P400 to P2,000, and the show starts at 6 p.m. on April 13. For ticket inquiries, message the UST Conservatory of Music on Facebook.

Ghostbusters: Frozen Empire in cinemas this April

THE LATEST addition to the funny and scary Ghostbusters franchise is coming to Philippine screens on April 10. Written and produced by Jason Reitman, son of the late Ivan Reitman who directed the first and second Ghostbusters, it is co-written and directed by Gil Kenan. The new film stars McKenna Grace, Paul Rudd, Carrie Coon, and Finn Wolfhard as the Spengler family, who return to the story’s iconic New York City firehouse to team up with the original Ghostbusters. When the discovery of an ancient artifact unleashes an evil force, the Ghostbusters new and old must join forces to save the world from a second Ice Age. Ghostbusters: Frozen Empire comes to cinemas on April 10.

Ena Mori releases new song

FILIPINO-JAPANESE pop artist Ena Mori has released her new single, “Heartache Generation,” via Offshore Music and Sony Music Entertainment. The track chronicles the singer-songwriter’s bouts with existential crisis as she approaches her birthday. “It’s about being afraid of getting older and feeling overwhelmed with life that changes so quickly,” Ms. Mori said in a statement. Co-produced by Tim Marquez, the track explores contemporary and vintage music elements and comes with a music video that Ms. Mori shot on Ray-Ban Meta smart glasses. “Heartache Generation” is out now on all streaming platforms.

ABS-CBN’s A Soldier’s Heart streaming in the Middle East

AN ARABIC-DUBBED Filipino drama is now being shown in the Middle East with ABS-CBN’s collaboration with Rabee Alhajabed Art Production & Distribution FZE. The Philippine hit action-drama series A Soldier’s Heart is available on three streaming platforms: Maraya, Shofha, and Weyyak, covering Egypt, Saudi Arabia, the United Arab Emirates, and other Arabic-speaking territories. The series follows Alex, an IT expert who joins the army and crosses paths with a Muslim family whose identity makes him reconsider where his future might lie. A staple of Philippine popular culture, the action-fantasy drama Darna, will soon be available with its own Arabic-dubbed version as well.

Christian Bautista classic reimagined

THE HIT song “The Way You Look at Me” by Christian Bautista has been reinterpreted by Indonesia’s rising pop star, Nyoman Paul. The new version was arranged by Indonesian composer Andi Rianto for the newcomer to take on. Nyoman Paul Fernando Aro (his full name) traces back to his roots in Bali, where he was born in 2001. He draws from his diverse Indonesian and Swedish heritage for his work. “The Way You Look at Me” is out now on all streaming platforms.

Drama series A Journey on Netflix this April

KAYE Abad, Paolo Contis, and Patrick Garcia will be going on a trip for the upcoming Netflix series A Journey. The show follows a woman (Abad) who refuses treatment for cancer and goes on a road trip across Tasmania with her husband (Contis) and best friend (Garcia) to check off items on her bucket list. It is directed by RC Delos Reyes. A Journey arrives on Netflix on April 12.

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