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PXP Energy to pursue talks with gov’t on petroleum exploration

PANGILINAN-LED PXP Energy Corp. said on Thursday that it would continue to coordinate with the government to resume exploration activities at petroleum blocks in the West Philippine Sea.

“Each of PXP Energy Corp. and Forum Energy Ltd. will continue to coordinate with the government on the possible resumption of activities in both SC (service contract) 72 and SC 75, and will pursue exploration work in SC 40,” the company said in a stock exchange disclosure.

The Recto Bank concession of SC 72 is located in the West Philippine Sea, west of Palawan Island and southwest of the Shell-operated Malampaya Gas Field.

PXP has a total economic interest of 54.36% in SC 72, while Forum GSEC 101 Limited holds a 70% participating interest. Forum GSEC 101 is a subsidiary of Forum Energy Limited, in which PXP holds a direct and indirect interest of 79.13%.

Meanwhile, PXP holds a 50% interest in SC 75, located in northwest Palawan.

In April 2022, the Department of Energy directed the companies to suspend their respective exploration activities “until such time that the Security, Justice, and Peace Coordinating Cluster has issued the necessary clearance to proceed.”

While waiting for the government’s decision, the company said that it would “assess and study other projects in the Philippines.” 

For 2023, PXP reported that its attributable net loss widened to P97.4 million from P36.12 million in the previous year amid lower revenues.

This came from the impairment charges in SC 74, or the Linapacan block in northwest Palawan.

Core net loss grew almost twice last year to P42.5 billion from P22 million due to lower margins from its Galoc oil field operations, increase in overhead, and higher interest expense.

The company’s consolidated petroleum revenues went down by 14.7% to P63.2 million, dragged by lower oil output and prices.

PXP recorded an output of 475,183 barrels of oil at $80.5 per barrel from its Galoc oil field operations, both lower than the 479,955 barrels at $94.5 per barrel.

Consolidated costs and expenses went up slightly to P102.6 million driven by a slight improvement in petroleum products costs which reached P39.9 million.

Shares of the company declined by eight centavos or 2.23% to close at P3.50 each. — Sheldeen Joy Talavera

Tikoy Aguiluz (1947 – 2024)

PUGILIST

As Tikoy Aguiluz put it, he grew up in a penitentiary (the Davao Penal Colony, or Depacol, where his father was prison auditor), learning how to box from one of the veteran convicts. With his six other brothers, all of them wearing shorts instead of long pants and speaking in a funny Tagalog accent instead of everyday Visayan, they attracted the attention and ridicule of all the other kids, not necessarily starting fights but finishing them wherever they went. Tikoy’s ambition in life was simple: to get a tattoo, and be a gangster; he ended up working briefly in Hollywood, then coming back to the Philippines to become one of the finest filmmakers in the industry.

You might say his youth in Davao was the root of Tikoy’s take-no-prisoners attitude. He played the game of kiss-ass poorly; he could be charming when he wanted, but had little patience for the incompetent or mediocre. When his debut feature Boatman (1984) became a smash hit, in the one theater in the Philippines that could screen the film without cuts (the infamous Manila Film Center that Imelda Marcos quickly erected, at the expense of construction workers still buried in its concrete), the offers came right and left to make Boatman 2. Tikoy dug in his heels and said no; he wanted to do something completely different — a series of well-written well-directed low-budget productions that would make their money back in cable. He looked for projects; did a documentary on Balweg (Father Balweg, Rebel Priest); after the 1986 EDSA Revolution he tried to develop a biopic on Ninoy Aquino.

Boatman (1984). First film I ever saw from the filmmaker was Boatman (1984). I remember how the whole film seemed to take place at night; how the toreros — live sex performers — having sex on a low cushioned platform with the audience sitting within arm’s reach; how unbelievably beautiful Sarsi Emmanuelle was (toreros were usually prostitutes too old or worn to make their living on the street), yet how effortlessly natural. I remember the circular narrative — how the film opens with the tip of Felipe’s (Felipe Paningbayan’s) little member trimmed in a rite of passage (chewing guava leaves for anesthetic), traces the boy’s rise from Pagsanjan rapids tour guide (now played by Ronnie Lazaro) to torero to lover of a powerful ganglord’s mistress — and closes with altogether more radical surgery. I was 18, barely of legal age, in a standing-room only crowd (might have been standing myself, or perched on the aisle steps); afterwards I stepped out of the cool dark into the broiling Manila Bay sun thoroughly shaken — could they just do that to people? Of course they could, and worse.

Bagong Bayani (1995). For almost 10 years I didn’t hear anything about the neophyte filmmaker; then the Flor Contemplacion case — a Filipina maid arrested in Singapore for murder — broke, and a docudrama (Bagong Bayani [Unsung Heroine]) was made on her life. I had started writing for The Manila Chronicle and attended a screening in the Cultural Center of the Philippines (CCP). The film impressed me: the low-budget aesthetic, the unfussy unactorly cast (Helen Gamboa as a very human Flor, Chanda Romero as an intense Delia Maga, Irma Adlawan as a warm supportive Virginia Parumog), the documentary footage which rounded out the story and gave the film wider context.

Tikoy initially planned a drama based on footage he shot — interviews of Flor’s family, demonstrations demanding Flor’s release — but events leaped ahead of him; Flor had been hanged. Viva Films announced a big movie on Flor’s life and recruited the Contemplacion family, who promptly shut Tikoy out; he had little beyond the interviews and demonstration footage. “Finishing that film was one of the most difficult things I ever did,” he said. “Whenever I have a hard time on a project now, I tell myself ‘No matter how bad things get, they can’t be as bad as when I made Bagong Bayani.”

So he shot what he could from what little he scraped together, and when he stepped into the editing room he “didn’t have a main character… didn’t have a script… didn’t have half the scenes needed to tell the story properly. So I decided to base the film’s structure on The Meaning of Life.”

I thought I misheard. “You mean Monty Python? And Now For Something Completely Different?” Tikoy grinned: “Dramatizations connected by documentary footage and the occasional video clip. I finished the film.”

I wrote on the film and recommended it to the Hong Kong International Film Festival. By this point Tikoy was at a low ebb; he had sold property, taken out loans, hocked everything he could; he finished first, but because Viva’s was a multimillion peso studio production (with no less than superstar Nora Aunor as Flor) and Tikoy’s was a no-budget docudrama, every theater in Metro Manila refused the latter because they wanted the former (which, surprise surprise, did big box-office). Tikoy managed to arrange screenings at the CCP and the University of the Philippines but that was it; he was stuck with a film that cost a good chunk of his personal finances with zero prospects. The Hong Kong Film Festival invite felt like a godsent opportunity.

(Or so Tikoy said; of course it’s possible he was being kind, as the film screened in Fribourg the week before Hong Kong — though invitations and screenings tend to follow a schedule all their own — but in lieu of stronger contrary evidence I’ll go with what he told me.)

Segurista (1996). Call it a pivot, or an offer Tikoy couldn’t refuse, but the filmmaker’s next project was with the aforementioned Viva Films. Segurista (Dead Sure) is an erotic noir about an insurance saleswoman who at night doubled as a GRO (Guest Relations Officer) at a high-class karaoke bar. An aspiring capitalist, Karen (Michelle Aldana), applying the concept of synergy, uses her late-night job to meet wealthy men, selling them life insurance and collecting fat commissions. Brilliant concept, and so logical one wonders why it hasn’t been done before (turns out it has: the story is based on a case that reportedly happened in Hong Kong).

Tikoy often maintained that his films combine two stories in one: Boatman was about toreros and the men guiding canoes down the Pagsanjan rapids; Segurista was about 1990s Asian prosperity complete with green-glassed skyscrapers and pastel nightclubs, and about the survivors of the 1992 Mt. Pinatubo eruption. The latter calamity is what drives Karen to venture into the big city and do what she needs to do — again, Tikoy uncovering stories no one else cared about, and retelling them as genre melodramas.

COLLABORATORS

Tikoy worked with talented people over the years — Nap Jamir, Yadi Sugandi, Jun Dalawis, Ely Cruz, Romulo Araojo, and Romy Vitug to name some cinematographers; Jesse Lasaten, Nonong Buencamino, Noel Espenida, Jaime Fabregas, and Joey “Pepe” Smith to name some musicians/composers. He approached Jose “Pete” Lacaba to write five of his features, presumably because he liked Lacaba’s lean and focused approach. The director seemed to go out of his way to find writers: Alfred Yuson, Rafael Ma. Guerrero, Amado Lacuesta, Ricky Lee, Lualhati Bautista, Rey Ventura, Roy Iglesias have all at one point or another written for him — even me, at one point (much to my surprise). More on that later.

Arguably Tikoy’s secret weapon was his editor, Marina Medina, who had been with him since Boatman. It was a unique relationship: Marina was involved as early as the script development stage, helping clarify what was crucial to the story and what, if things didn’t work, could be cut out. Checking her filmography – she’s directed shorts and documentaries but edits only for Tikoy, which is both interesting and a pity; call her Tikoy’s Thelma Schoonmaker — I consider Marina one of the best editors alive — and wonder what influence she might have had if she were ever willing to work with anyone else.

Rizal sa Dapitan (1997). The year 1998 was the centennial of the Filipino proclamation of independence, and the question on folks’ mind was: Where was the biopic of Jose Rizal? Rizal looms over Philippine history, a combination Victor Hugo and Dr. Sun Yat-sen, by turns intellectual, novelist, political activist, and educator. Also, heretic and dangerous subversive, according to Spanish colonial administration, who executed him by firing squad in Bagumbayan Field in 1896.

Tikoy approached me with a proposal: a film on Rizal’s years of exile in Dapitan, with Albert Martinez as Rizal. Tikoy thought of it as an exercise in historical mythmaking, not unlike what Tsui Hark did with Wong Fei-hung — a Once Upon a Time in Dapitan if you like. The idea excited me (Tikoy had that effect on people); I did what research I could, drew up a timeline, and actually hammered out a complete script where Rizal establishes a clinic and a school for boys, disarms a would-be assassin with arnis sticks, meets and falls for Josephine Bracken (Amanda Page) who’s being menaced by her lecherous guardian George Taufer (Paul Holmes), attempts to exorcise a boy possessed by a demon (he insists the child is a victim of hypnotic suggestion and uses counter-suggestion to treat him).

I’d like to think it was a wild and crazy script worthy of Tsui Hark and Jet Li and not some clumsy attempt at epic moviemaking but — Tikoy must have taken a look at it, noted the awkward Tagalog, tallied up the budget involved, and asked Pete Lacaba for a rewrite.

Ah well. I got partial credit (story and additional dialogue). A handful of lines survive — mostly involving Josephine Bracken and George Taufer (beautifully delivered by Page and Holmes) — plus a portion of the film’s closing titles. Here endeth my screenwriting career.

I was barely involved on the production side — well, I visited one set where they shot some indoor scenes, and made a brief cameo as one of Rizal’s patients (you can spot me around the 12 minute mark clutching my injured hand, waiting to be treated). I did hear Tikoy talking about the other Rizal production, the P100-million biopic financed by GMA Studios and directed by Mike de Leon, starring Philippine heartthrob Aga Muhlach. If that production finished first it would dominate the theater screens and shut out ours, same thing that happened to Bagong Bayani.

Tikoy continued filming; the GMA production kept a tight lid on its own production, lifting said lid long enough to present a three-minute trailer. The footage looked spectacular: Muhlach in a bowler hat and long coat, the camera gliding through the perfectly lit forests of Dapitan…

Dapitan? Not just Tikoy, all of us were beside ourselves. Was De Leon going to tell the story of Rizal’s Dapitan exile — our story we liked to think of it, though we knew better — as well? He certainly had the money and resources.

But Tikoy’s production was too far along to stop or even pause. Rumor had it that De Leon didn’t like wrestling with a P100-million production and left; that the three or so minutes used in the trailer was the only footage that was actually shot. Tikoy won the race again, and again it was a mixed victory — it screened at the Manila Film Festival in June but an unspoken practice of theaters is that they often dropped a poorly performing film in favor of a more popular one and this, not being a comedy, a softcore flick, or a big-name star vehicle, was not an immediate draw.

The film did earn more after winning big at the local awards and had a second life in schools and the foreign festival circuit, eventually becoming a staple during the Independence Day holidays.

As for the film itself – it is hard to judge objectively due to my proximity but I thought Lacaba did a fine job telling the story of Rizal’s exile in a sober logical manner, while Romy Vitug and Nap Jamir deftly employed island light (Tikoy insisted on location shooting) and seaside air for lyricism. Albert Martinez was an intense Rizal and Amanda Page an understated, ultimately poignant Bracken; I can imagine the ideal epic production with Rizal swinging an arnis stick in one hand, spraying a bottle of holy water in the other — but this was the straightforward indie Rizal that the Philippines needed first, before more fanciful versions can follow.

That was the high point of my involvement in Tikoy’s films. He went on to do the intriguing Tatsulok (Triangle, 1998), basically Insiang told from the mother’s point of view; the incomplete yet fascinating Biyaheng Langit (Paradise Express, 2000), another double narrative involving both high-stakes gamblers and street-level pickpockets; and Tatarin (Summer Solstice, 2001) a stylish adaptation of the Nick Joaquin story — but by then I’d gone on to play the admittedly more comfortable role of outsider looking in, sussing out the filmmaker’s moves and motives not from insider anecdotes but from evidence on the big screen.

FILMMAKER

When I moved to the United States in 2003 I only heard of the later productions — www.XXX.com, Manila Kingpin (with accompanying stories of production issues, the upshot of which was the final cut had been taken away from Tikoy); and Tragic Theater, about (of all things) the unquiet dead that haunted the Manila Film Center, where Tikoy started his career.

I can’t judge the post-2003 films, not having seen them for one reason or another; of the three previous (1998-2001) I loved the output but can’t in good conscious say they were better than his first four (1985-1997) when he covered a wide range of genres and visual styles, from erotic noir (Boatman, Segurista) to docudrama (Bagong Bayani) to historical (Rizal sa Dapitan).

Along with Lino Brocka, Tikoy did socially conscious melodramas stiffened by lowkey noir camerawork and a strong verité feel. In a cinema notorious for its slack and arrhythmic films, he (with the help of Mirana in both the writing and editing) insisted on keeping his briskly paced — of the great Filipino filmmakers only Celso ad Castillo, Mike de Leon, Mario O’Hara, and Gerry de Leon featured comparably taut editing.

DREAMS

Tikoy was a restless soul, ever in search for the next great Filipino story to be told, often with others following in his wake: when Boatman told the story of toreros, Private Show and Live Show soon followed; after Bagong Bayani came The Flor Contemplacion Story; after Rizal sa Dapitan came Jose Rizal, Bayaning Third World (Third World Hero), and Sisa. He would tell me of projects he dreamt of doing: not just the biopic on Ninoy Aquino but on first Philippine president, Emilio Aguinaldo; a picaresque tragicomedy on Pedro Flores, inventor of the yo-yo; a mananangal (batwinged vampire) nanny caring for children in upper-class Los Angeles (the film would be titled Dark Maid); a project involving Dolphy — the Philippines’ King of Comedy — working as a housekeeper in the Marcos household (a satire, of course).

Tikoy dreamed of a thriving independent filmmaking industry and film-literate viewing public and founded the Cinemanila Film Festival to develop both. Named after Brocka’s short-lived production outfit, the festival showcased films from around the world and promoted local independent filmmakers — it ran from 1999 to around 2013, outlasting its namesake by years.

Tikoy also dreamed of nurturing independent filmmakers, not just in Metro Manila but in provincial cities like Tacloban, Cebu, Davao. The festival conducted outreach programs and singled out films with this in mind, and judging from some of the titles honored — Brillante Mendoza’s Manoro, Remton Siega Zuasola’s Ang Damgo ni Eleuteria (Eleuteria’s Dream), Sherad Anthony Sanchez’ Imburnal provincial filmmaking has come a long way in realizing that dream.

Tikoy at first glance was a rough-looking man full of rough talk but, like his films, the abrasive surface belied a sensitive heart — his works (Biyaheng Langit, Rizal sa Dapitan, Boatman) often featured marginalized protagonists but some of his best (Tatarin, Tatsulok, Segurista, and above all Bagong Bayani) featured women. It was as if in his eternal struggle to champion the underdog — both in film and in real life — he recognized women as the ultimate underdogs, and paid tribute to their strength and endurance. Thinking of that young boy in shorts and funny accent loudly challenging all comers, I like to imagine the boy learning despite himself to become a nurturer and defender — that because he knew how to stand up for himself he made a deliberate choice to stand up for others, tell their story, help them develop the skills to tell stories of their own.

Paalam Tikoy; you will be missed.

Universal Music escalates TikTok fight, pulls Coldplay, Harry Styles songs

HARRY STYLES’ songs may soon disappear from TikTok. — COMMONS.WIKIMEDIA.ORG

THE FIGHT between TikTok, the short-form video service, and Universal Music Group, the world’s largest music company, is about to get worse.

In the coming days, a large number of additional songs from some of the biggest artists and songwriters, including Harry Styles and Coldplay, will no longer be available on TikTok, according to people with knowledge of the matter, marking a major escalation in a disagreement that has been raging for weeks.

The dispute kicked off in January when Universal’s contract with TikTok lapsed and the two companies failed to find common ground on an extension. Afterward, myriad songs from Universal’s extensive catalog, which includes work from artists like Taylor Swift and The Weeknd, began disappearing from the platform, limiting the music choices of TikTok’s more than a billion users.

At the time, due to a clause in the expiring contract, tracks represented by Universal’s publishing division remained available. But in the weeks since then, the companies have failed to reach a new agreement, and beginning Monday night, the additional songs started coming down as well, said the people, who asked not to be identified discussing nonpublic information.

A last minute deal could still be reached, though it appears increasingly unlikely, the people said.

The removal of Universal’s publishing catalog from TikTok will impact not just artists signed to the company’s record labels but also many other performers across the industry. Harry Styles, for example, releases music through Sony Music Entertainment but is signed with Universal for his publishing rights.

The exact size of the coming purge remains unclear. Universal’s recorded music catalog includes over 3 million songs; as of 2022, the publishing operation had nearly 4 million songs that it owned and administered. A TikTok spokesperson said that Universal and its publishing unit collectively represent around 20% to 30% of popular music on the platform, depending on the territory.

“The reach of a publishing company like Universal is far wider than a record label and a sound recording,” said David Israelite, president and chief executive officer of the National Music Publishers’ Association. “It goes far beyond the recordings of Universal, the record label — the impact is much bigger.”

The escalating fight could do much to reshape the fraught relationship between social media companies and musicians. Universal is trying to force TikTok, which is owned by Chinese internet conglomerate ByteDance Ltd., to increase its payments to record companies and artists. The company also wants protections against the use of its music to train artificial intelligence models. So far, TikTok has balked at Universal’s terms while arguing that its app provides invaluable promotion for artists.

At the end of last year, TikTok executives thought they had made peace with the music industry, which for years had lambasted the company over its compensation to artists. Entering 2024, Ole Obermann, TikTok’s global head of music, had closed deals with Sony and Warner Music Group Corp., ensuring that songs from the two major labels would continue appearing on the platform.

The service was also working on a new deal with Universal and extended their contract by a month to iron out the final details, according to people familiar with the conversations who were not authorized to speak about it publicly. But on Jan. 30, the week of the Grammy Awards in Los Angeles, Universal published an open letter saying it was at an impasse with TikTok.

The letter took TikTok’s team by surprise, and the timing couldn’t have been worse. The following day, the company’s chief executive officer Shou Chew, was set to testify in front of the US Congress, and the news quickly became the talk of Grammy week. In written statements, the companies traded barbs. TikTok called Universal “greedy.” Universal called TikTok a “bully.” Roughly two days after the first letter, Universal’s music began disappearing from TikTok, and numerous videos went silent.

In recent weeks, many music companies have rallied behind Universal. In general, TikTok pays labels a lump sum for the rights to their catalogs, with the possibility of larger payouts depending on how many times videos are created using tracks. Many in the music industry believe TikTok isn’t paying enough considering it has built a substantial advertising business around videos with soundtracks. ByteDance’s sales topped $110 billion last year while TikTok is valued at more than $250 billion.

Artists are less sure who to blame. Some have criticized TikTok while others have expressed displeasure with Universal or confusion about how the corporate disagreement might undermine their livelihoods.

So far, the impact of the stalemate on consumers has been muted. After initially venting their frustration, many TikTok users have adjusted, setting videos to songs that are still available. With reduced competition on the platform, songs from the Billboard Top 100 that weren’t swept up in the initial Universal takedown have grown in usage, according to Round, a digital agency that operates a TikTok analysis tool.

Universal’s financial losses from the quarrel are expected to be minimal, in part, because TikTok only represents about 1% of its annual sales. Since the start of the purge on TikTok, the overall consumption of Universal’s songs on other distribution channels has changed minimally, said the people.

The next phase of the dispute — pulling down songs based on publishing rights — is likely to be a messy process. Even if a Universal-represented songwriter contributed just a couple lines to a song recorded by an artist on another label, the music will be removed. As a result, the whole industry is likely to get swept up in the coming changes.

Meanwhile, many of the current workarounds favored by TikTok users — such as choosing cover versions of Universal-recorded songs — will likely be less effective. — Bloomberg

MREIT distributable income hits P2.8 billion

MEGAWORLD Corp.’s MREIT, Inc. said on Thursday that it recorded a 13% jump in its distributable net income to P2.8 billion last year from P2.5 billion in 2022 due to higher revenues.

The Tan-led real estate investment trust company saw a 14% increase in revenues to P4.2 billion, led by the full-year contribution of four additional Grade-A office towers from January 2023, as well as steady rental escalations among current tenants, it said in a stock exchange disclosure.

MREIT ended 2023 with a 96% occupancy rate, exceeding Metro Manila office industry’s average occupancy rate of around 81% to 82%, based on figures from property consultants.

“MREIT’s success in 2023 reflects the quality of our assets and our strong tenant relationships. Our approach to focusing on top-tier properties within Megaworld townships was crucial to our unparalleled success, allowing us to maintain elevated occupancy rates and keeping our growth momentum through the year,” MREIT President and CEO Kevin L. Tan said.

Mr. Tan said that MREIT is looking to expand its portfolio this year.  

“As we look ahead, the focus on growth and quality will continue to be the pillars of our company. We are actively working on expanding our portfolio through the strategic asset acquisition announced last year, allowing MREIT to remain at the forefront of the industry in delivering sustained value to our stakeholders,” he said.

MREIT’s portfolio covers 18 office properties to date. These are 1800 Eastwood Ave., 1880 Eastwood Ave., and E-Commerce Plaza in Eastwood City; One World Square, Two World Square, Three World Square, 8/10 Upper McKinley, 18/20 Upper McKinley, and World Finance Plaza in McKinley Hill.

Also included in the company’s portfolio are One Techno Place, Two Techno Place, Three Techno Place, One Global Center, Two Global Center, Festive Walk 1B, and Richmonde Tower in Iloilo Business Park; and One West Campus and Five West Campus in McKinley West.

On Thursday, MREIT shares fell by 0.61% or eight centavos to P13.10 apiece. — Revin Mikhael D. Ochave

The sci-fi blockbuster prophecy of Dune

DUNE Part Two — IMDB.COM

Movie Review
Dune: Part Two
Directed by Denis Villeneuve

By Brontë H. Lacsamana, Reporter

A MYTHICAL prophecy heralding the dawn of a war of epic proportions consumes the big screen in the form of Dune: Part Two, looming larger than the average blockbuster. Frank Herbert’s desert planet-set tale has triumphed, even as it is split into parts.

This second half, enjoying a wide release around the world that the first one did not, has finally fulfilled a prophecy long expected by many — that of a quality sci-fi epic of a grand scale becoming an oasis amid a desert of its hollower Hollywood counterparts.

Made for fans of the space opera spectacle and the elaborate fictional world as much as it is made for readers of the books, director Denis Villeneuve does not hold back in making the film as solemn yet as heart-pumping as possible. The typical fast-paced action and quick, witty repartee that define movies of this genre today are absent, in favor of a visually ambitious filmmaking style.

Villeneuve makes sure that the eye is drawn to both the large (sandworms engulfing, spaceships collapsing) and the small (simple hand gesturing, legs standing strong). This carries over from some of his previous films of a similar genre, Arrival and Blade Runner 2049, where the visuals go hand-in-hand with the narratives exploring people’s place in the grander scheme of things.

In tone, Dune: Part Two leans into the tragedy more than the first movie, with Timothée Chalamet as the conflicted Paul Atreides slowly falling into a dark destiny. It makes sense that Villeneuve chooses to isolate the parts this way, so as to focus this time on an arc of the inevitability of prophecy.   

Chalk it up to personal preference, but Chalamet is serviceable in a role like this. He gets strong moments — where Paul must grapple with the question of willpower versus destiny — but the inner turmoil expected of his character just wasn’t there, instead conveyed by Villeneuve and cinematographer Greig Fraser’s powerfully composed shots. There was no reason for Paul to blend into the vastness of the dense world onscreen when predecessors like Amy Adams in Arrival and Ryan Gosling in Blade Runner 2049 managed to convey similarly heart-wrenching character arcs more effectively.

More impressive to behold is Rebecca Ferguson as his mother Jessica, an intimidating Bene Gesserit who pushes her son toward the destiny that he resists. She is genuinely frightening in the moments she transforms and makes use of the power that she has, both literal and figurative.

Zendaya as Chani is enthralling as a firm fighter for the Fremen, her dramatic scenes always full of impact, while Austin Butler as the violent, reptilian-looking Feyd-Rautha Harkonnen and Florence Pugh as the beautiful, cautious Princess Irulan Corrino leave viewers wanting more. Lea Seydoux’s small role as the smooth, scheming Lady Margot Fenring, while fleeting, was a personal favorite.

A common critique of Villeneuve’s take on Herbert’s works is the brutalist seriousness in its treatment, a contrast with David Lynch’s version decades ago. Perhaps it is a difference in generational tastes, with audiences now much more eager to dwell on the effects of the exploitation of faith and the construction of power rather than be mind blown by a colorful, campy sci-fi world stripped of real-world similarities to Islamic and Messianic stories of old.

Paul Atreides taking on a savior persona and perpetuating intergalactic jihad is a ludicrous storyline, surprisingly adapted with sincere artistry. Fraser’s cinematography is an example of this. Like how the tactile desert planet Arrakis shapes Fremens’ way of life, the Harkonnen planet, Giedi Prime, shot in blindingly harsh black and white highlights an authoritarian world.

The first time Paul rides a sandworm and effectively proves himself as one of the Fremen, the camera focuses on his legs standing on the worm’s back, bent at the knees and struggling to keep him up. When he finally finds his balance and manages to strengthen his stance, Hans Zimmer’s triumphant score kicks in, in triumph, as well as the cheers of the Fremen.

Dune: Part Two, in itself, evokes that moment of success. Here’s to hoping that the next part, following a boy — now messiah — reaching the violent outcome of his visions, delivers an equally awesome experience.

MTRCB Rating: PG

IMI, Lithos Energy seal manufacturing partnership

AYALA-LEDINTEGRATEDMicro-Electronics, Inc. (IMI) has partnered with US-based lithium-ion battery systems manufacturer Lithos Energy, Inc. to produce electronics systems for the latter’s battery products in the Philippines.

In a statement on Thursday, IMI said that mass production of the electronics systems for Lithos Energy’s battery products is projected to begin by the fourth quarter.

“We look forward to such an amazing collaboration to help bring their innovative battery systems to the world. This partnership aligns with our commitment to supporting world-leading manufacturers in their growth and sustainability efforts while providing high-quality manufacturing services,” IMI Chief Executive Officer Arthur R. Tan said.

“It will be our small but meaningful contribution in boosting our country’s economic recovery and help provide more jobs,” he added.

The manufacturing collaboration between IMI and Lithos Energy involves the design for manufacturability to ensure high volume consistency, manufacturing of printed circuit boards, box builds and the solid global footprint that will allow regional expansion in the marketplace.

In 2023, Lithos Energy introduced its latest generation of high voltage and low voltage battery pack solutions at its Silicon Valley production facility.

The company manufactures various battery packs and is developing next-generation technology for industry-leading original equipment manufacturers.

“We are very pleased to have found the right partner in IMI. Their manufacturing experience and proven performance with electrified products will further accelerate Lithos’ capacity expansion,” Lithos Energy CEO James Meredith said.

“We’re excited to launch this relationship and, together, build a cleaner electrified future for the construction, mining, marine, and off-road industries,” he added.

IMI, the manufacturing arm of AC Industrial Technology Holdings, Inc., is a wholly owned subsidiary of Ayala Corp. The company produces electronics for various markets such as automotive, industrial electronics, and aerospace.  

On Thursday, IMI shares closed unchanged at P2.48 apiece. — Revin Mikhael D. Ochave

Netflix taps Sherlock Holmes producer Dan Lin as film division boss

NETFLIX said on Wednesday that Dan Lin, one of the producers of hit mystery thriller Sherlock Holmes and the Lego movies, will succeed Scott Stuber as its film division boss.

The film industry veteran will begin on April 1 as chairman of Netflix Film and report to Bela Bajaria, Netflix’s chief content officer.

The announcement comes more than a month after Netflix said Mr. Stuber would leave the streaming service in March to start his own media company.

Mr. Lin and Netflix previously worked together on projects including the Oscar-nominated film The Two Popes, and the live-action series Avatar: The Last Airbender, the company said.

Mr. Lin, who will depart from his Los Angeles, California-based production company Rideback, said he had been approached by Netflix many times in the past to join the video streaming company.

Prior to founding Rideback, Mr. Lin was a senior executive of production for Warner Bros. Pictures, where he served for eight years overseeing the production of movies such as director Martin Scorsese’s Oscar-winning drama The Departed. — Reuters

AyalaLand Logistics sees higher revenue for 2024 with project milestones

AYALALANDLOGISTICSHoldingsCorp. (ALLHC), a subsidiary of Ayala Land, Inc., announced on Thursday that it anticipates completing at least four projects within the year, aiming to boost the company’s revenue.

“ALLHC will further augment growth with the construction of a warehouse facility in Metro Manila, a cold storage facility in Luzon, and two more in the Visayas, and Mindanao regions within the year. All these are efforts of increasing the company’s recurring revenue businesses,” the company said in a statement.

ALLHC is also undertaking development work for its two industrial township projects: the Pampanga Technopark and Batangas Technopark.

“Anchored by the industrial parks, both developments will integrate commercial and mixed-use components such as transport terminals, gas stations, retail and quick service restaurants, and a bagsakan or agricultural wholesale market,” the company said. 

Without disclosing comparative figures, ALLHC said it booked a net income of P635 million covering the 2023 period.

Ayala Land, Inc. recorded consolidated revenues of P3.51 billion last year.

Based on its previously disclosed financial statements, the company reported an attributable net income of P354.13 million for January to September last year, down by 37.4% from P565.36 million in the same period earlier. Its gross revenue for the nine-month period reached P2.14 billion, marking a 22.2% decline from the P2.75 billion previously.

The demand for industrial lots remained strong in 2023 which allowed the company to sell a total gross revenue of a record high of P2.6 billion for the period, the company said. 

“In 2023, focus was placed on laying the groundwork for our ongoing and upcoming endeavors. We maintain a strong belief in the potential of our ongoing projects in our pipeline. The projects underway position us well for growth, and their continued progress affirms our positive outlook for 2024 and the coming years,” said Robert S. Lao, president and chief executive officer of ALLHC.

Its industrial lot sales logged P1.55 billion revenues, marking a 34% decline from the previous year, pulled by the ongoing development works for its industrial estates in April. 

Warehouse leasing revenues reached P659 million, up by 2%, the company said, adding that it was able to end 2023 with a total of 314,000 square meters of warehouse gross leasable area.

Cold storage revenues climbed by 46% to P176 million due to the full year operations of its ALogis Artico Mandaue and the overall higher occupancy rate.

“Our future deliveries enable us to follow through on our commitment to expand not just our network of Industrial properties nationwide but also our industry presence,” Mr. Lao said. — Ashley Erika O. Jose

Richard Lewis, comic and Curb Your Enthusiasm regular, 76

RICHARD LEWIS in a scene from 7th Heaven. — IMDB.COM

COMEDIAN Richard Lewis, who rose to fame with his neurotic, self-deprecating wit and later appeared for more than two decades alongside Larry David on the hit HBO series Curb Your Enthusiasm, has died at 76, his publicist said on Wednesday.

The comic, who disclosed last year that he was battling Parkinson’s disease, died at his home in Los Angeles on Tuesday evening after suffering a heart attack, publicist Jeff Abraham said.

“Richard and I were born three days apart in the same hospital and for most of my life he’s been like a brother to me,” Mr. David said in a written statement. “He had that rare combination of being the funniest person and also the sweetest. But today he made me sob and for that I’ll never forgive him.”

“His wife, Joyce Lapinsky, thanks everyone for all the love, friendship and support and asks for privacy at this time,” Mr. Abraham said in a written statement.

Brooklyn-born Mr. Lewis began performing stand-up comedy in the early 1970s while working a day job in advertising and by the end of the decade had risen to the forefront of his generation of comedians.

He was a regular on late-night talk shows through the 1980s and starred alongside Jamie Lee Curtis on the ABC TV comedy Anything But Love. He made several film appearances in the 1990s, most notably in Robin Hood: Men in Tights.

In later years he was best known for playing a version of himself as Larry David’s friend on Curb Your Enthusiasm, in which the two men bickered relentlessly. Reuters

Economic prospects, EDSA, and holiday economics

PRESIDENT Ferdinand R. Marcos, Jr. signs into law the Tatak Pinoy Act and the Expanded Centenarians Act at the Ceremonial Hall of the Malacañan Palace on Feb. 26, 2024. — KJ ROSALES/PPA POOL

(Part 1)

At this time that the Marcos Jr. government is in serious need of stronger public support, it cannot afford to see it slipping due to avoidable policy blunders. It does not have to take generative AI to figure out that our current food policy is one problem. Imagine, rice prices, whether well-milled or regular rice, rose upwards of P40 per kilo in the last 20 months when the rallying campaign promise in the May 2022 election was to bring prices down to P20 per kilo. Even onions beat the other basic commodities when their price hit the roof, ending up mentioned in Time Magazine as being more expensive than meat. Inflation has become the source of discontent among the majority of our people, and therefore the scourge of Malacañang.

The other is the establishment of the Maharlika Investment Fund. It is something that is neither here nor there, unsure of whether it would go into investing in the usual areas where budget allocations are to be deployed, or in investment outlets of the more sophisticated sovereign wealth funds of this world.

It polarized Congress, both the House and the Senate, at least between the super majority and the tiny minority. Even decent economists distanced themselves from their kind who chose to embrace the questionable viability of putting up a fund from nothing. So far, initial signs are that decisions may be politicized, rather than based on hard market research and investment models. The strategic fund’s bad start can always be reshaped — why not? — but we hope public money from the two state banks and the central bank will not be risked.

The other risk is fiscal. That’s because the Medium-Term Fiscal Framework is very general, there is a threat of weakening previous fiscal reforms. Solid fiscal consolidation is crucial, and therefore the last thing we need at this time is to risk whatever gains we have achieved. One enormous public treasury risk emanates from the untenable military and uniformed personnel (MUP) pension system.

The MUP pension system may not be sustainable unless the affected personnel also share in its upkeep to support the government’s mandatory contribution. As is it is non-contributory, unfunded, indexed to an incumbent personnel’s salary level. And, hear this, MUP pensions exceed the cost of supporting the active military! The MUP pension system is funded directly by the national budget. The long-term solution is for a strategy that reflects our valuation of MUP contribution to our nation’s peace and stability by offering them a good and secure retirement without further worsening both the fiscal deficit and public debt.

These three risks — inflation-related risks, sovereign investment risks, and fiscal risks — were identified by the excellent discussion paper at the Philippine Institute for Development Studies (PIDS) written by Margarita Debuque-Gonzales, Mark Gerald C. Ruiz, and Ramona Maria L. Miral entitled “Macroeconomic Outlook of the Philippines in 2023-2024: Prospects and Perils.”

We have to say that the paper is a great contribution to the growing body of work that attempts to capture the dynamics of economic growth and prospects in the Philippines. Its ample discussion of risks and monitoring of a number of key indicators, not otherwise discussed in many other papers, set it apart from the usual economic assessments. Its context, through which to talk about the country’s prospects for this year and beyond, is complete.

We agree with the principal message of the first 20 pages or so — that the reopening of the economy post-pandemic generated some economic momentum producing resilient output growth. Inflation was a big challenge until last year, while labor market indicators generally painted a benign picture, with both unemployment and underemployment showing some easing. The external payments reflected the difficult global economy. The fiscal sector was characterized by lower public spending, better revenues, and a narrower fiscal deficit. The debt sustainability analysis of the authors shows that the debt-to-GDP ratio could peak at 64.2% by 2025, still sustainable by the usual global standards. When discussing monetary developments, the paper focused on the central bank’s monetary policy of tightening as domestic inflation started to escalate in the early 2022.

Some footnotes that we may suggest:

Economic growth. While economic recovery could be fast, the economy actually tanked to its lowest point in decades at -9.5% in 2020 due to the lockdown. Public health policy failed us miserably. Its economic scarring is beyond calculation; we feel it until today in the poverty of our education and unskilled labor force, among others. Equally important, we needed to grow more in order to, one, achieve more equitable, more inclusive economic growth; and, two, restore our growth path to allow us to break out of the lower middle-income trap.

Inflation and monetary developments. Price pressures gained a nearly unstoppable momentum because in 2022, the central bank assumed the supply shocks were transitory and waited them out, until they turned up in another form: higher wages and higher transport costs. As clearly outlined on page 23 of the PIDS paper, the central bank decided to take some baby steps of 25 basis points in May and June when inflation had already breached the 2-4% target as early as March and April. It took the new central bank governor then, Philip Medalla, to hold an off-cycle meeting on July 14, 2022 to deliver an unprecedented 75 basis points in a brave attempt to catch up. After that meeting, inflation still soared, from a low of 6.3% in August to a high of 8.1% in December 2022. In 2023, inflation averaged 6%.

What is ironic is that while the policy rates were jacked up, the required reserve ratio (RRR) was even increased in June 2023, resulting in the injection of more liquidity. Current Governor Eli Remolona was correct in clarifying that “I don’t think it makes sense to lower the reserve requirement while we’re still in the tightening mode. They are not consistent.”

In times past, this policy was justified on the basis of an operational adjustment in monetary policy. How to reconcile this with its impact on money supply continues to escape us to this day.

Public finance. Last year, spending out of the super budget available to the government was intentionally restrained in the name of fiscal sustainability. In the face of various impediments to economic growth on the consumption side, due to inflation and availability of good jobs; on the investment side, due to the chronic issue of the high cost of doing business; and sluggish international trade, government spending could have been a partial counterweight.

The paper’s hope that a “catch-up plan may still spur spending in the latter half of the year across projects and activities of government agencies including infrastructure” failed to materialize. Public consumption expenditure even slowed down, from 4.9% in 2022 to only 0.4% in 2023, contributing a lower share of GDP, from 15% to only 14.2%.

External payments. While the balance of payments recovered from a big shortfall of over $7.2 billion in 2022 to a surplus of some $3.7 billion in 2023, it reflected more the lower imports and inflow of borrowed funds from abroad, a legacy of the pandemic and bad governance. Lower imports are a leading indicator of both exports and output growth. A balance of payments position with such underlying fundamentals does not bode well for economic prospects.

During the pandemic, the Commission on Audit submitted negative findings in how funds were disbursed by the Budget department, the Health department, and other key agencies of government. With irrational fund disposition and limited capacity to generate revenues during a health emergency, the government could only resort to domestic and, yes, external borrowing in a big way. It is no wonder then that by the end of 2023, our external debt level of $118.8 billion (September 2023) surpassed our gross international reserves amounting to $103.4 billion (January 2024).

What about the PIDS’ macroeconomic forecasts?

The PIDS economists projected 2023 output growth at 5.2% and inflation at around 6%. Not bad compared to the actual outcome. For 2024, GDP is expected to hit the scale at between 5.5-6% and inflation at 3%. The GDP forecast is quite safe within a range, something that the economy has done before. Inflation seems to be on the optimistic side considering that the Bangko Sentral ng Pilipinas (BSP) itself has announced a risk-adjusted inflation forecast of 3.9% for this year and 3.4% next year. Upside risks continue to abound.

We believe the approach of the PIDS economists over time could yield more promising results considering that its basis of assessment is very broad and nearly encompassing. It consulted the recent results of some leading indicators, such as the purchasing managers index, the BSP’s business and consumer expectations surveys, the BSP’s senior bank loan officers’ survey, and loan activity. They also conducted macro-fiscal stress tests and debt profile vulnerabilities tests. Finally, the PIDs paper did not miss looking into the financial sector by way of doing some financial conditions indexing.

Going back to the need for the people’s support of public policy, recent developments are not exactly constructive.

(To be concluded next week.)

 

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

P26-B Wawa dam project nears completion

BW FILE PHOTO

THE Upper Wawa Dam project is now 93% complete, according to its developer WawaJVCo, Inc., expecting to provide approximately 710 million liters per day (MLD) of water by the end of 2025.

“With its substantial capacity and innovative design, the dam holds immense potential to enhance water security and resilience, which will be a massive step in avoiding a water crisis in Metro Manila and nearby provinces,” the company said in a statement on Thursday.

WawaJVCo is a joint venture of Razon-led Prime Infrastructure Capital, Inc. and San Lorenzo Ruiz Builders & Developers Group.

The construction of the 85-meter roller-compacted concrete dam is expected to be “finished ahead of schedule,” the company said.

The P26-billion project is the second phase of the Wawa Bulk Water Supply Project located in Rizal province.

Its first phase, or the Tabayasan Weir located in Antipolo City, has been delivering an initial 80 MLD since it started operations in October 2022.

The company said that the project provides an alternative source of raw water to the Angat-Ipo System and “increases resilience to climate-related crises,” including El Niño.

“Once completed, the Upper Wawa Dam will help address water security and ensure sustainable water supply to benefit over 700,000 households or about 3.5 million Filipinos within the service area of MWSS,” it said.

WawaJVCo previously said that it has teamed up with the Department of Environment and Natural Resources in implementing a watershed management plan that includes reforestation activities around the site of the project covering 1,800 hectares. — Sheldeen Joy Talavera

Metrobank raises $1 billion from bond offering

METROPOLITAN BANK & Trust Co. (Metrobank) has raised $1 billion through an offering of five- and 10-year dollar-denominated senior unsecured notes following strong demand from global investors, it said on Thursday.

The amount raised from the dual-tranche issuance was double the initial target of $500 million as the offer was more than 11 times oversubscribed, with orders from global investors reaching $5.6 billion, the bank said in a disclosure to the stock exchange.

The Reg S five-year and 10-year bonds fetched coupon rates of 5.375% and 5.5%, respectively, 110 basis points (bps) and 130 bps above benchmark US Treasury rates.

Both notes will be settled on March 6 and will be listed on the Singapore Exchange Securities Trading Ltd.

“We are positively overwhelmed with the high interest we received from global investors for this issuance. It shows their strong confidence on Metrobank’s credit and track record in the Philippines. This offering will fund the bank’s key growth initiatives as we continuously develop innovative financial solutions to serve our clients,” Metrobank President Fabian S. Dee said in a statement on Thursday.

“We are grateful for the support shown by global investors in our return to the international bond market after a three-and-a-half-year hiatus… The proceeds of this fund raising will enable the bank to support our growing pipeline of customer transactions as the Philippine economy accelerates its growth,” Metrobank Financial Markets Sector Head Fernand Antonio A. Tansingco said.

The notes are part of the Metrobank’s $2-billion medium-term note program approved by its board of directors in March 2017.

“Proceeds of the bond issuance will be used to diversify the bank’s funding sources and establish a benchmark for Philippine bank credit in the international capital markets,” the lender said.

The bank said 86% of the notes’ investors came from the Asia-Pacific, while the remaining 14% came from Europe, Middle East and Africa. In terms of investor type, 73% of the issue was allocated to fund managers, 14% to banks or financial institutions, and the remaining 13% to insurers, corporations and private banks.

Moody’s Investors Service rated the bond issue at “Baa2,” matching the Philippines’ investment grade sovereign rating.

BofA Securities and UBS were the joint global coordinators and bookrunners for the issuance, with Mitsubishi UFJ Financial Group and First Metro Investment Corp. mandated as joint bookrunners.

“This issuance established several records: the longest senior dated note by a private sector bank in the Philippines, the largest non-sovereign note issuance of $1 billion, and the tightest ever credit spreads on the 5-year tranche among non-sovereign Philippine issuers,” the lender said.

Metrobank’s attributable net profit rose by 28.87% year on year to P42.238 billion in 2023.

Its shares closed at P62 each on Thursday, down by 95 centavos or 1.51%. — A.M.C. Sy