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Israel braces for World Court ruling, focuses attack on south Gaza

ISRAELI FLAG flies in Berlin, Germany, Oct. 8, 2023. — REUTERS

THE HAGUE/DOHA/JERUSALEM — UN judges in The Hague will rule on Friday whether to order Israel to suspend its military campaign in Gaza as officials push ahead with efforts to negotiate a new deal for a ceasefire and release of more Israeli hostages.

On the ground in the seaside enclave, Gaza officials said on Thursday that Israeli strikes killed 20 Palestinians queuing for food aid in Gaza City, six people in a house in central Gaza’s Al-Nusseirat refugee camp and at least 50 people in the prior 24 hours in Gaza’s main southern city Khan Younis, where Israel is currently focusing the brunt of its might.

Reuters could not independently verify the details while Israel said it was either looking into the reports or did not immediately comment on the incidents.

The judges of the International Court of Justice (ICJ), also called the World Court, are due to rule on Friday on South Africa’s request for emergency measures against Israel in a case accusing it of state-led genocide in the Gaza Strip.

In more than three months of war, Israel’s campaign has leveled much of the enclave, displaced some 1.9 million Palestinians and killed at least 25,900 people, according to Gaza officials. Israel launched its offensive in October after militants from Hamas, which rules Gaza, stormed into southern Israel, killing 1,200 people and taking 240 hostages.

The court will issue its ruling at 1 p.m. (1200 GMT) in a hearing expected to last about an hour. While the judges will not rule on the merits of the genocide allegations, which may take years to decide, South Africa asked the court to issue an interim order compelling Israel to suspend its military operations.

Israel has called South Africa’s allegations false and “grossly distorted,” and said it makes the utmost efforts to avoid civilian casualties in Gaza.

The court’s rulings are final and without appeal, but it has no way of enforcing them. Israel on Thursday expressed confidence that the ICJ would “throw out these spurious and specious charges.” Hamas said it would abide by an ICJ ceasefire order if Israel reciprocates.

DIPLOMATIC EFFORTS SEEK NEW TRUCE DEAL

Meanwhile, diplomatic efforts to negotiate a break in the conflict continued. US and Israeli intelligence chiefs were due to meet Qatari Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani in Europe this weekend, one official told Reuters. A second source said Egypt’s intelligence chief would also participate.

The White House has been trying to facilitate the release of the more than 100 remaining Israeli hostages taken during Hamas’ Oct. 7 attack on Israel, which ignited the war in Gaza, although there remains a considerable distance between the two sides’ demands.

A third source with knowledge of the talks said that Israel has proposed a 60-day pause in the fighting during which hostages would be released in phases, beginning with civilian women and children.

Previously, three sources told Reuters that shuttle diplomacy over the past month involving the US, Qatar, and Egypt has sought to hammer out a new deal for a ceasefire of about one month. But progress has been held up by differences between Hamas and Israel over how to bring a permanent end to the Gaza war.

In Gaza on Thursday, tanks hit areas around two hospitals in Khan Younis, forcing displaced people into a new desperate scramble for safety, residents said.

Israel’s military said early on Friday that its intelligence found that Hamas was operating from inside and around the two hospitals, Nasser and Al-Amal, in Khan Younis. Hamas and medical workers have denied Israeli claims that militants in Gaza use hospitals as cover for bases.

The Israeli military said it was coordinating with hospital staff to ensure they remain “operational and accessible” and there is a safe corridor for people to leave the hospitals.

“The facts on the ground disprove the blatant misinformation that has been disseminated over the last 72 hours falsely claiming that the hospitals are under siege or attack,” it said in a statement.

FLEEING TO RAFAH

On Thursday, thousands of homeless people sheltering in Khan Younis sought to flee to Rafah, 15 km (nine miles) away, the UN relief agency for Palestinians (UNRWA) said.

Video posted on X by Philippe Lazzarini, head of UNRWA, showed a crowd of people walking en masse on Thursday on a dirt road. “A sea of people forced to flee Khan Younis, ending up at the border with Egypt. A never ending search for safety that #Gaza is no longer able to give”, Lazzarini wrote.

The International Committee of the Red Cross said less than 20% of the narrow enclave – around 60 square kilometres (23 square miles) – now harbored over 1.5 million homeless people in the south. — Reuters

Padunungan 2024: An intellectual battle for genuine agricultural resilience

By Jo Guerrero and Jhe Echano

As the Philippine agricultural sector crumbles with fluctuating market prices, disproportionate wages, import threats, and technological gaps, the more crucial it is for public discussions to arise, all the more among the younger generation within the key agricultural hotspots like the Bicol region.

Padunungan 2024, the annual Battle of Intellects for Bicolano High School students kicks off again this Jan. 29-30 at the Bicol University College of Arts and Letters Amphitheater. With the theme, “Cultivating the Future: The Role of Filipino Youth in Philippine Agricultural Resilience,” the event aims to capture the complexities of the Philippine agricultural sector through various competitions and educational discussions for the youth. Each one tests the wit and passion of the younger minds as they interpret and express their heartfelt stances on these societal issues echoing them through the corridors of time.

More than an Inter-high Battle

This 2024 marks the 37th installment of Padunungan which takes its roots from 1981. From then, UP Ibalon, the sole regional organization for Bicolano students at the University of the Philippines, continued to realize its vision and mission of service to its home region through the event. While it struggled to continue during the height of the pandemic, it has reignited the flame of its advocacy last July 2023.

More than being a healthy competition, Padunungan prides itself in incorporating educational discussions that dissect every aspect of its chosen theme. With this year’s emphasis on Philippine and Bicol agriculture, the organizers ensured that all perspectives will be tackled ranging from the academic lens, the struggles and day-to-day living of farmers, and the situation of related industries like the coconut and bamboo. These topics will be the focus of the competition proper.

Multiple categories of creativity and intellect are set for the participants through the different individual events including the Tigsik Writing Contest, Poster Making, Essay Writing, Editorial Cartooning, Impromptu Speech, and Infographic Design. Group categories such as Short-Form Video Making, Debate, Cultural Presentation, and Quiz Bee, were also integrated to foster teamwork between participants as the battle towards agricultural resilience is not a singular effort but always a collective endeavor.

The Youth for the Youth

UP Ibalon was established by Bicolano UP students who persistently assembled students from the region during the height of Martial Law in 1974. Now on its 50th year, UP Ibalon commemorates its long journey of service rooted in our “Pusong Oragon” that defined our members’ excellence and competence as evident in our organizational activities and projects with the life-long goal of giving back to the masses, especially Bicolandia.

Kick-starting our golden jubilee year is Padunungan 2024, one of Ibalon’s flagship events, reflecting the Pusong Oragon as we reach beyond our campus walls toward young Bicolano students and build bridges for their paths for the future. For what better way to forward socio-cultural and socio-political awareness to the younger generation than through an organization also founded by dedicated and steadfast youth ready to impart social reform?

The increasing participation for Padunungan underscores not only the organization’s perseverance in cultivating public consciousness but also the Bicolano youth’s eagerness to understand and engage with these issues affecting them at diverse levels. Beyond the competition, this is a pursuit of social action. The true triumph lies not in the medals but in the awakening of a student’s mind towards societal discourse.

BSP to further ease FX transactions

JOHN GUCCIONE-PEXELS

THE PHILIPPINE central bank is considering further easing documentary requirements for foreign exchange (FX) transactions through changes to its FX manual.

Under a draft circular posted on its website, processing of foreign currency loans, inward investments and other FX transactions filed with the Bangko Sentral ng Pilipinas-International Operations Department will be free of charge.

The central bank may verify if foreign exchange transactions and reports comply with the manual. “A violation of any of the provisions of the FX manual and/or the conditions imposed on the approval/registration/authority issued by the BSP may be grounds for cancellation,” it said.

Stakeholders have until Feb. 2 to comment on the circular.

The BSP monitors foreign portfolio investments registered with it through authorized agent banks and foreign exchange corporations.

Investments need not be registered unless the investor buys foreign currency from banks for conversion to pesos or earnings for remittances.

A BSP registration document must be produced as evidence of the registration of investments to the BSP.

In the draft circular, the central bank revised 15 appendices and annexes of the FX manual and removed the report on interim peso deposits of registered foreign investments.

Authorized agent banks must submit to the central bank a list of existing and valid registration documents within two weeks, the BSP said.

The central bank will give banks until Sept. 30 to continue reporting the transactions of registered investments using the old report forms.

Banks should also “make the necessary preparations and adjustments to their systems and processes to ensure compliance with the new reporting guidelines.”

The central bank is also considering allowing the sale of foreign exchange without the need for BSP approval for nontrade current account transactions.

Other changes include allowing banks and FX companies to sell foreign exchange to tourists or migrant workers returning to the Philippines, called “balikbayan” in Filipino.

“Departing nonresident tourists and balikbayans may reconvert at airports or other ports of exit unspent pesos up to a maximum of $10,000 (P565,000) or its equivalent in other foreign currency, calculated at prevailing exchange rates, without showing proof of previous sale of FX for pesos,” the BSP said.

It will also require the registration of debt securities issued by private sector residents.

This investment instrument falls under foreign direct or foreign portfolio investments depending on the degree of control or influence of the investor in the investee firm, the central bank said.

Debt securities are negotiable instruments such as notes, bonds and convertible notes that serve as evidence of a debt, it said.

“Nonparticipating preferred shares that pay a fixed income but do not provide for participation in the distribution of the residual value of an incorporated enterprise on dissolution, are also classified as debt securities,” it added.

The BSP has undertaken various liberalization measures to ease foreign exchange rules to facilitate transactions of banks, public and private companies, small and medium enterprises, overseas Filipinos and the public in general, it said earlier.

The liberalization is being undertaken in a well-calibrated manner, giving due consideration to prevailing domestic and international economic and financial conditions, while ensuring that timely prudential mechanisms such as documentary requirements and safeguard measures are in place, it added.

The Philippine central bank has approved and completed 12 rounds of FX policy liberalization since 2007. — Keisha B. Ta-asan

2023 PHL ‘hot money’ swings to net outflow amid high key rates

TIMA MIROSHNICHENKO-PEXELS

FOREIGN PORTFOLIO INVESTMENTS that left the Philippines outweighed those entering in 2023, as rising interest rates and elevated inflation dampened investor sentiment.

Data from the Bangko Sentral ng Pilipinas (BSP) released on Thursday showed foreign portfolio investments registered with the central bank through authorized agent banks posted a net outflow balance of $247.3 million (P14 billion) last year, from a net inflow of $886.7 million in 2022.

In December, the so-called “hot money” balance was a $205.18-million net outflow, a reversal of the $672.86-million net inflow a month earlier and $92.95-million net inflow a year ago.

Foreign portfolio investment is called “hot money” because of the ease with which they can enter or leave a jurisdiction, as opposed to foreign direct investment, which is considered less fickle.

Rising borrowing costs globally to combat inflation resulted in hot money outflows last year, particularly due to rate increases from the US Federal Reserve, Robert Dan J. Roces, chief economist at Security Bank Corp. said in a Viber message.

“This made holding assets in emerging markets like the Philippines less attractive to foreign investors, who could get higher returns in developed markets,” he added.

The US central bank hiked the Fed fund rate by 525 basis points (bps) from March 2022 to July 2023 to quell inflation. This brought the Fed’s key rate to 5.25-5.5%.

Concerns over a global recession, supply chain disruptions, geopolitical tensions and slower China growth also dampened investor sentiment last year, which deterred investments in emerging markets, Mr. Roces said. “Domestically, we had elevated inflation as the main challenge,” he said.

Inflation slowed to 3.9% in December from 4.1% in November, settling within the central bank’s 2-4% target for the first time in nearly two years.

But it averaged 6% last year from 5.8% in 2022, the second straight year that inflation breached the BSP’s 2-4% target.

“Add to this the widening current account deficit, which ballooned in 2023, reflecting strong import demand against weaker export earnings,” Mr. Roces said. “This raised concerns about the country’s external balance and potential currency depreciation, leading to some capital flight.”

The BSP posted a current account deficit of $10.9 billion in the nine months to September, equivalent to 3.5% of economic output.

BSP data showed gross inflows in December hitting $1.07 billion, 1.8% lower year on year, and 31.8% lower than a month earlier.

Over the full year, gross inflows increased by 4.5% to $12.89 billion.

Five countries accounted for 83.3% of short-term foreign investments in December — the United Kingdom, Singapore, the US, Luxembourg and Hong Kong.

About 53% of their investments went to Philippine Stock Exchange-listed shares of banks, holding firms, property, transportation and food producers. The remaining 47.1% was invested in government securities.

In December, gross outflows totaled $1.27 billion, up by 27.1% year on year and by 40.8% higher than November. This brought the full-year gross outflow to $13.13 billion, rising by 14.6% from a year ago.

While continued outflows are possible in the first half of 2024, a return to net inflows could occur if the global economic environment stabilizes and interest rate hikes slow down, Mr. Roces said. Net inflows are also possible if domestic inflation is brought under control and the current account deficit narrows, he added.

The BSP hiked borrowing costs by 450 bps from May 2022 to October 2023, bringing the key interest rate to a 16-year high of 6.5% to tame inflation.

BSP Governor Eli M. Remolona, Jr. earlier said the central bank is unlikely to cut borrowing costs at its meeting on Feb. 15 because rates need to be sufficiently tight amid evolving risks to inflation.

At the December meeting, the BSP’s risk-adjusted inflation forecast stood at 4.2% this year and 3.4% for 2025. Its average inflation baseline forecast is 3.7% for 2024 and 3.2% for next year.

The BSP expects hot money to post a $1.7-billion net inflow this year. — Keisha B. Ta-asan

IFC to invest $15M in SEA clean energy fund

PEXELS-PIXABAY

THE INTERNATIONAL Finance Corp. (IFC) is investing $15 million (P849 million) in a fund that targets clean energy investments in the Philippines, Indonesia and Vietnam, the World Bank Group member said in a statement on Jan. 23.

The financing will support the Southeast Asia Clean Energy Fund II, which is managed by Singapore-based fund manager Clime Capital, it said.

The fund will invest in “utility-scale solar, wind and energy storage, in addition to helping businesses go to scale in areas ranging from rooftop solar, energy efficiency, electric mobility and grid management,” it added.

The partnership with Clime Capital would provide much needed capital to utility-scale clean energy startups and climate transition initiatives in the region, especially in Indonesia, Vietnam and the Philippines, IFC Vice-President of Industries Mohamed Gouled said in the statement.

“Private equity funds can play an important role in bridging the gap in financing early-stage climate infrastructure projects, advancing the energy transition and reducing greenhouse gas emissions along the way,” he added.

The IFC said its equity investment consists of $10 million from its own account and $5 million from the Finland-IFC Blended Finance for Climate Program.

The Southeast Asia Clean Energy Fund II mainly focuses on investments in the Philippines, Indonesia and Vietnam. Clime Capital earlier this week said it had raised $127 million in commitments for its first close of the fund.

It said the clean energy fund is the “first blended investment fund established in Southeast Asia (SEA) to provide early-stage high-risk capital to support promising businesses accelerating the region’s low-carbon transition.”

The first clean energy fund started in 2020 and has made 12 investments.

The fund has invested in the Real Wind Energy project in Quezon province in the Philippines, according to its website.

The project has a potential capacity of as much as 500 megawatts. Funding was used for the installation of meteorological masts, a grid impact study and an initial environmental impact assessment.

It has also invested in Skye Renewables Holdings, a Singapore-based clean energy developer that covers projects in the Philippines, Vietnam, Malaysia and Singapore. The fund’s investment has supported Skye Renewables’ deployment of clean energy solutions like rooftop solar installations.

As of end-2022, renewable energy accounted for about 22% of the Philippines’ power generation mix.  The government wants to increase the share to 35% by 2030 and 50% by 2040.

“As time passes without sufficient progress in developing the critical resources to reduce carbon emissions, the planet needs more businesses focused on accelerating the low-carbon transition to thrive,” Clime Capital Chief Executive Officer and co-founder Mason Wallick said in the statement.

The fund is also backed by Allied Climate Partners, British International Investment, the Cisco Foundation, Australian Development Investments, the Netherlands’ entrepreneurial development bank FMO, the Global Energy Alliance for People and Planet, Impact Assets, Norway’s Norfund and Sweden’s Swedfund. — Luisa Maria Jacinta C. Jocson

P150-B Malaysian telco project gets BoI’s green lane approval

EDOTCOGROUP.COM

THE PHILIPPINE Board of Investments (BoI) has endorsed Malaysia’s EDOTCO Towers, Inc.’s P150-billion telecommunication infrastructure project for green lane processing to fast-track the rollout of new technologies such as 5G mobile broadband networks.

In a statement, the agency said EDOTCO plans to roll out 25,000 common telecommunication towers that will be open for sharing by all mobile network operators.

“This strategic deployment spans urban and rural areas, addressing the needs of mobile network operators and aligning with government efforts to enhance mobile network access and internet penetration in underserved and unserved regions,” the BoI said.

In 2020, the Department of Information and Communications Technology released the guidelines for co-location and sharing of passive telecommunication towers.

The common tower policy seeks to widen the coverage and base of telecommunication providers to reach unserved and underserved areas.

A report by the EDOTCO Group and consultancy firm Roland Berger in 2022 projected the construction of as many as 30,500 shared towers in the Philippines by 2025, for a 10% penetration.

The BoI said the project would also form the basis for future mobile broadband networks in the country.

“The project will play a huge role in introducing new technologies such as 5G mobile broadband networks and large-scale Internet of Things applications through its shared infrastructure offered to service providers and government agencies with open access and on a nondiscriminatory basis,” it added.

Executive Order No. 18 created green lanes to expedite, streamline and automate processes for strategic investments.

It seeks to address barriers such as red tape, delays and additional requirements that hamper foreign direct investments.

“EDOTCO’s project will strengthen the telecommunication infrastructure in the country,” the BoI said. “It will attract more investors as connectivity is critical in supporting business operations.”

The Malaysian company is said to have plans to introduce green energy by tapping nonconventional energy resources such as photovoltaic systems, wind, biomass, fuel cells, energy storage systems and hybrid solutions.

“Energy costs are substantially reduced to the advantage of the mobile network operator, and this reduced consumption (on an aggregated basis) places less demand on the national grid,” the BoI said.

The project is also expected to boost the Philippine economy by creating jobs and facilitating the transfer of knowledge from multinational companies.

“Employment will not only come from the construction of infrastructure but from operations and maintenance as well,” it added.

Aside from EDOTCO, the BoI has endorsed other telecommunication infrastructure projects such as the P50-billion tower infrastructure project of Edgepoint Tower, Inc. in October and the P52-billion project of PhilTower Consortium, Inc.

EDOTCO is a unit of Malaysia’s EDOTCO Group Sdn. Bhd., which has more than 58,000 towers across nine countries.

Its business includes the construction of passive telecommunication towers and lease of towers to mobile network operators. — Justine Irish D. Tabile

Too hot to party?

YVETTE DE WIT UNSPLASH

Extreme temperatures threaten live music shows

MEXICO CITY — From hail the size of golf balls to deadly heat, concertgoers in 2023 were forced to deal with extreme weather events that put them in harm’s way during the world’s warmest year on record, with temperatures predicted to climb even higher in 2024.

Crowd safety experts and outdoor event organizers are exploring ways to protect performers and fans from the growing threat of extreme weather, after global warming neared an internationally agreed limit of 1.5° Celsius last year.

“There was not a single month during 2023 where we did not have multiple incidents like that,” said Milad Haghani, a senior lecturer specializing in public safety and disasters at Australia’s University of New South Wales (UNSW).

“It was absolutely a bad year for the music industry.”

A non-exhaustive list put together by Mr. Haghani shows at least 29 concerts and music festivals worldwide were impacted by a weather event in 2023 — with two resulting in spectator deaths.

They included Ana Clara Benevides, 23, who died of heat exhaustion in November at a Taylor Swift concert in Rio de Janeiro, Brazil, where temperatures reached a record of 59°C (138.2°F).

A statement from the Brazilian Ministry of Culture after Ms. Benevides’ death noted that the whole planet “is feeling the impacts of climate change.”

“Factors like this, increasingly, must be considered when exposing our population to its effects,” the ministry said.

Among other weather-hit events last year, 17 fans were hospitalized during an Ed Sheeran concert in Pittsburgh due to heat-related incidents, while an Elton John show in New Zealand was canceled because of torrential rain.

‘CAUSE FOR CONCERN’
Extreme weather fueled by climate change is a growing problem for all public activities held outdoors, from political rallies to sports competitions.

Last August, 600 participants at a global gathering of scouts in South Korea fell ill amid a heatwave exceeding 38°C (100.4°F), prompting the mobilization of dozens of military doctors and nurses to help the victims.

Eight days into the same gathering, about 40,000 teenage scouts were evacuated ahead of a typhoon.

A spokesperson for the World Organization of the Scout Movement said the weather had always been a risk factor when organizing such events.

But now it is “the extreme and unpredictable nature of environmental effects driven by climate change that is cause for concern,” the spokesperson said by e-mail.

The body is investigating how to strengthen its health and safety measures for future events and better prepare for the potential impacts of climate change and extreme weather.

PREPARATION AND CONTINGENCY PLANS
Testimonies shared on social media by attendees at the Taylor Swift concert in Brazil, where Ms. Benevides died, described how water bottles were confiscated at the entrance, while water was being sold inside at high prices — a common practice at commercial music events worldwide.

Serafim Abreu, chief executive of entertainment company T4F, which organized the Taylor Swift show, acknowledged in a video posted on social media that the company could have changed the performance start time and added more shaded areas.

“We know that with the climatic changes we are living through, these episodes will be more frequent. We also know that every sector must rethink its actions in the light of this new reality,” Mr. Abreu said.

Kevin Kloesel, an event safety meteorologist for the University of Oklahoma, urged organizers to make weather a priority and give it the same weight as other risk factors like terrorist attacks and active shooter situations.

“It turns out that weather is going to be the more likely threat on a daily basis than any of those other risks,” he told the Thomson Reuters Foundation.

Organizers should also hire professional meteorologists who can monitor threats and help take difficult decisions — such as calling off a show to prevent injuries and deaths, he said.

“We need a meteorologist who can advise the event staff on cooling stations, the amount of water to have available, (and) where are the most likely places in your venue that will get excessively hot,” Mr. Kloesel added.

Experts on crowd safety said rigorous contingency plans are needed in case an event has to be postponed, canceled, interrupted, or evacuated due to the weather.

For Mr. Kloesel, that includes adapting venues so that they have adequate shaded areas, cooling stations and places where audiences can shelter in case of an emergency.

In August, a Beyoncé concert in Washington D.C. was postponed for two hours as attendees took refuge from a lightning storm in an overcrowded concourse area.

“They did a phenomenal job of sheltering for lightning… but they crammed people so close together in spaces where there was no air movement that people started falling down due to heat illness,” Mr. Kloesel said.

Lack of safe shelter from extreme weather affected multiple concerts last year, including a Louis Tomlinson show in June in Colorado where a hailstorm injured 80 to 90 people and forced the gig to be called off, according to the local fire service.

EXISTENTIAL THREAT TO INDUSTRY
Participants in outdoor activities can also protect themselves from injury and death by being aware of potential weather risks, said Mr. Haghani of UNSW.

Simple things like checking the forecast can help people decide if they should take sunscreen and water, what to wear — and even whether it is worth attending an event.

“Risk assessment… is primarily the responsibility of venue operators, but people themselves are stakeholders and actually have a bigger stake, which is their life,” said Mr. Haghani, adding that they should leave if danger arises.

Venues should maintain transparent and timely communication with audiences, such as sending messages including weather forecasts and keeping them informed during the event, he said.

Lynn Thomas, medical director for St. John Ambulance, a charity that provides first aid at public events in Britain, said festival-goers need to be made aware that spending long periods in the sun can lead to heat exhaustion, especially in countries where people are not used to hot, humid weather.

Artists too can help prevent tragedy, said Mr. Haghani.

“They can afford to hire analysts to give them insights about crowd behavior and also educate them on how to monitor crowd behavior, how to identify threats, and how to intervene,” he said.

Other outdoor events, like sports competitions, are changing seasons or developing warning systems for extreme heat.

The New York Road Runners, for example, has implemented a color-coded alarm system for course conditions on the day, allowing competitors to cancel if it is deemed too dangerous.

According to Melbourne’s Lord Mayor Sally Capp, the Australian city is using reflective paint to lower temperatures in facilities like tennis courts.

It also has a heat warning system including public announcements on the street, as well as via social media and text messaging.

But even with strong contingency plans and mitigation measures, cancellation of outdoor events may become more frequent due to climate change, researchers warned.

“The viability of the event industry relies on their ability to be able to make plans and stick to them,” Mr. Haghani said. “If the weather is constantly going to intervene, it is going to threaten the very existence of the event industry.” — Thomson Reuters Foundation

CAMPI sees potential sale of 500,000 automotive units this year

FREEPIK

By Revin Mikhael D. Ochave, Reporter

THE Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) sees a robust year for the automotive sector, projecting the possibility of selling 500,000 units, its president said.

CAMPI’s optimism is fueled by expectations of slower inflation and a more robust economic growth trajectory, Rommel R. Gutierrez, the group’s president, told reporters on Jan. 23.

“[Selling 500,000 units] is possible. We had 21.9% growth last year. It is near 500,000 units sold,” he said.

If realized, this would represent a 16.3% year-on-year increase from the 429,807 units sold in 2023.

The higher projection comes as Mr. Gutierrez said on Jan. 22 that CAMPI aims for a 10% to 15% increase in vehicle sales this year.

“The drivers would be the tempered inflation rate and the remittances from overseas Filipino workers (OFWs),” he said.

During its December meeting, the Bangko Sentral ng Pilipinas maintained its benchmark rate at 6.5%.

The country’s inflation rate averaged 6% in 2023, higher than the 5.8% recorded in 2022, despite dropping to 3.9% in December.

Latest Philippine central bank data showed that cash remittances coursed through banks from January to November rose by 2.8% to $30.211 billion from $29.38 billion a year ago.

In 2023, CAMPI members sold 429,807 units, a 21.9% increase from the 352,596 units sold in 2022. 

Last year’s car sales also exceeded the group’s revised sales target of 423,000 units.

The industry’s sales were led by commercial vehicles, which rose by 20.2% to 320,543 units, while passenger car sales climbed by 27.2% to 109,264 units.

Commercial vehicle sales were driven by Asian utility vehicles (AUVs), which rose by 30.5%, and light commercial vehicles, which increased by 18.3%.

CAMPI attributed the stronger sales to “sustained consumer demand, easier access to credit, and improved supply conditions across all brands.”

“Last year was a very strong year for the industry, and we are very excited about 2024,” Mr. Gutierrez said.

“Positive economic outlook, new model introductions and the electrification trend are expected to contribute to a record-breaking sales this year,” he also said.

The country’s gross domestic product (GDP) growth accelerated to 5.9% in the third quarter from 4.3% in the second quarter. In the first nine months, economic growth averaged 5.5%, still below the government’s 6-7% full-year target.

The Philippine Statistics Authority is scheduled to announce fourth-quarter and full-year 2023 GDP figures on Jan. 31.

Nostalgia the focus of this year’s Japanese film festival

NOW ON its 27th year, the Japanese Film Festival (JFF) presents a selection of 14 full-length films from a variety of genres to “make audiences feel nostalgic for their own fond memories,” said its festival director.

The annual film festival is organized by the Japan Foundation Manila and will run from Feb. 1 to March 2 at the Shangri-La Plaza cinemas in Mandaluyong City, the University of the Philippines’ (UP) Film Center in Quezon City, and in several cities across the country: Baguio, Cebu, Iloilo, and Davao.

The JFF will kick off at the Shangri-La Plaza from Feb. 1 to 11.

“I sometimes hear that the culture of watching movies has already changed during the pandemic, but we really want JFF to be a chance for many people to remember the joy of coming to the theaters,” Yojiro Tanaka, JFF’s festival director, said during the press launch on Jan. 23.

This year, he said, the goal is to attract 30,000 Filipinos to watch Japanese films in the cinemas. Yearly, the JFF is able to attract at least 25,000 audience members.

“That’s why we really wanted to bring in the Voltes V titles. Our theme is about the past and the now, so when we encountered that The First Slam Dunk was also available, we thought it was another thing to bring back,” he added.

Hence, the festival’s opening film is Takehiko Inoue’s The First Slam Dunk (2022). It is a partial adaptation of the popular Slam Dunk basketball manga, which spawned an animé franchise of the same name.

Mr. Tanaka said that the manga is widely regarded as one of the most popular in Japan. In the Philippines, the anime adaptation was a favorite among Filipino fans of both animé and basketball in the 1990s.

Keeping the ball rolling is the four-episode conclusion to the Voltes V animé series from the 1970s. Though the conclusion was barred from airing during the Philippines’ martial law period — disappointing a generation of children — the episodes were combined into a movie titled Voltes V: The Liberation in 1999 and this will now be shown in the country through the JFF.

Meanwhile, Voltes V: Legacy (2023), the live-action Filipino take on the popular 1970s animé will also be screened. It marks an important collaboration as the Filipino production gives its spin on TOEI Studios’ property.

Audiences can also look forward to seeing a certain iconic high-school detective on the big screen. The Detective Conan movies (The Time-Bombed Skyscraper from 1997 and The Private Eyes’ Requiem from 2006) will be part of the lineup.

For cinephiles, the JFF will screen the classic masterpiece Tokyo Story (1953), by Japanese auteur Yasujiro Ozu.

Meanwhile, hopelessly romantic Filipinos can look forward to the unrequited love story set in high school, And Yet, You Are So Sweet (2023), and the heart-wrenching drama We Made a Beautiful Bouquet (2021) that star popular Japanese celebrities Masaki Suda and Kasumi Arimura.

The comedies Not Quite Dead Yet (2020) and Mondays: See You This Week! (2022) will allow audiences to laugh at absurd takes on family deaths and office culture respectively.

Then, the animated film Gold Kingdom and Water Kingdom (2023) can keep children entertained and enlightened through unique Japanese traditions, while biopic Father of the Milky Way Railroad (2023), starring veteran actor Koji Yakusho, gives adults a glimpse into one of Japan’s most beloved authors.

Rounding off the lineup are recently released, critically acclaimed “serious” films — A Man (2022) starring dramatic actor Satoshi Tsumabuki who is at the heart of a dark mystery; and Angry Son (2022) by director Kasho Iizuka, which follows a Japanese-Filipino teen discovering his identity and sexuality. The latter will have a post screening Q&A with the director.

“We hope that the wide range of films will entertain long-time festival goers and those who are already fans of Japanese films. We also welcome newcomers to enjoy the JFF,” said festival director Mr. Tanaka.

Admission is free for all screenings. Guests can simply visit their preferred participating theaters and queue before each screening of their chosen movie.

“Last year, we charged P100 but this year we decided not to. We thought it would greatly affect the number of audiences, and our purpose is to welcome as many people as possible,” Mr. Tanaka said.

The JFF will run at the Shangri-La Plaza mall cinemas from Feb. 1 to 11, at SM Seaside City Cebu from Feb. 16 to 25, at SM City Baguio, Iloilo, and Davao from Feb. 23 to March 3, and the UP Film Center in Quezon City from Feb. 22 to March 2.

For the full screening schedule and screening dates for other cities, visit the JFF Facebook page. — Brontë H. Lacsamana

Filinvest Development says payment for 10-year retail bonds finished

GOTIANUN-LED conglomerate Filinvest Development Corp. (FDC) announced on Thursday the completion of payment for its 10-year fixed rate retail bonds issued in 2014.

In a regulatory filing, FDC said that the bonds, with an aggregate amount of P8.8 billion, were issued on Jan. 24, 2014, and matured on Jan. 24 this year. 

“The bonds were paid through the company’s paying agent, the Philippine Depository & Trust Corp.,” FDC said.

The net proceeds from FDC’s retail bond issue were used to finance investments in the real estate sector and power generation, and these retail bonds received the highest PRS Aaa rating from the Philippine Rating Services Corp., according to the company.

FDC has diversified business interests encompassing property, banking services, sugar, and power, with subsidiaries including Filinvest Land, Inc., East West Banking Corp., FDC Utilities, Inc., and Pacific Sugar Holdings Corp.

For the first nine months of 2023, FDC’s attributable net income improved by 57% to P5.9 billion compared to P3.8 billion in 2022, as the conglomerate’s revenues rose by 26% to P64.6 billion.  

Shares of FDC were last traded on Jan. 22 at P5.55 apiece. — Revin Mikhael D. Ochave 

Puregold CinePanalo Film Festival announces 31 entries

THIRTY-ONE directors have received film grants that will allow them to compete in the inaugural Puregold CinePanalo Film Festival, as announced at a Jan. 23 press conference at Artson Events Place, Quezon City.

Ivy Hayagan-Piedad, Puregold’s senior manager for marketing, told the media that the festival is a platform to “uphold education and be a catalyst in the film medium that can be passed on to future generations.”

“You may be wondering why the store that is ‘always panalo’ (always winning) is shifting to this, but it is our passion to enable the youth of today to make these materials come to life,” Ms. Hayagan-Piedad said.

“It’s difficult to be a filmmaker in this country because it requires connections, publicity, timing. We want to help with that first step. One panalo push might be what can make a young, aspiring director become the next Lino Brocka, Brillante Mendoza, or Peque Gallaga,” she added.

Six full-length films and 25 short films were chosen from over 200 pitches, all adhering to the requirement of having an inspiring, family friendly message.

The full-length finalists were granted P2.5 million each to produce their films. They are:

Kurt Soberano’s Under the Piaya Moon. Set in 1988 after the sugar crisis in the province of Negros Occidental, the film follows a boy and his girlfriend who try to revamp their bakery with the help of the boy’s grandparents.

Eugene Torres’ One Day League: Dead Mother, Dead All, a sports comedy with multiple timelines about a chosen family of gays and transwomen who must join forces to win the league.

Sigrid Bernardo’s Pushcart Tales, about three employees of a grocery and three customers who are trapped in the store when a sudden disaster strikes, bringing them face to face with the different disasters in their own lives.

Raynier Brizuela’s Boys at the Back is an inspiring comedy that follows classmates who are repeaters in school and who must graduate in order to defy everyone’s view of them as failures.

Joel Ferrer’s Road to Happy, is a road film about a self-proclaimed celebrity who encounters many unexpected challenges on the way to his next hosting gig in Atimonan, Quezon.

Carlo Obispo’s A Lab Story follows an Aeta girl seeking love and romance but who instead finds an innate talent for agriculture, leading her to join a national agricultural quiz bee to overcome bullying and other injustices.

Meanwhile, the 25 short films by student directors were granted P100,000 each. They are:

Jenievive B. Adame’s Smokey Journey (STI College Cubao)

Ma. Rafaela Mae Abucejo’s Saan Ako Pinaglihi? (Polytechnic University of the Philippines or PUP)

Alexa Moneii Agaloos’ Ka Benjie (PUP)

Kent Michael Cadungog’s Text FIND DAD and Send to 2366 (University of the Philippines or UP)

John Pistol L. Carmen’s Repeater si Peter (Bicol University)

Chrisha Eseo Cataag’s Hallway Scholar (Pamantasan ng Lungsod ng San Pablo)

Patricia W. Dalluay’s Lola, Lola, Paano ba ‘Yan? (PUP)

Joanah Pearl Demonteverde’s Kang Pagpuli Ko (UP – Visayas)

Joshua Andrey A. Doce’s I Am Mutya and I Thank You! (Bicol State College of Applied Science and Technology)

Neil M. Espino’s Sa Hindi Paghahangad (De La Salle Lipa)

Terrence Gale Fernandez’s Kaibigan ko si Batman (PUP)

Daniel Gil’s Distansya (Ateneo de Davao University)

Alexandra Lapid’s Queng Apag (Mapúa University)

Reutsche Colle Rigurosa Lima’s Tiil ni Lola (University of San Carlos)

Dizelle C. Masilungan’s Kung Nag-aatubili (University of Santo Tomas)

Jose Mikyl Medina’s Lutong Bahay (De La Salle University)

Ronjay-C Mendiola’s Last Shift (PUP)

Mark Terence Molave’s Paano po gumawa ng collage college? (PUP)

Jhunel Ruth A. Monterde’s Si Mary May Crush Kay Tess (De La Salle College of Saint Benilde)

Doxford D. Perlas’ Naduea Eoman Si Brownie (Brownie’s Lost Again!) (UP – Visayas)

Andrea S. Ponce’s Layag sa Pangarap (PUP – Sta. Mesa)

Edz Haniel Teñido Purificacion’s Dzai Dzai Dzai Delilah (Mapúa Malayan Colleges Laguna)

John Wilbert Llever Sucaldito’s Tambal nga Sabaw (Far Eastern University)

Tyrone Lean J. Taotao’s Abandoned Lullabies (PUP – Sta. Mesa)

Marian Jayce R. Tiongzon’s May Kulay Rosas Ba Sa Bahaghari? (UP – Visayas)

The members of the selection committee were: film and TV director Jeffrey Jeturian; film critic Tito Valiente; filmmaker Victor Villanueva; Puregold senior marketing manager Ivy Hayagan-Piedad; Lyle Gonzales of Republic Creative; and Puregold CinePanalo festival director Chris Cahilig.

On top of the film grants, all finalists will receive complimentary color grading from Optima Digital for their respective films, as well as essential groceries from Puregold to further support them during the production phase.

The finished films will be screened at the Gateway Cinemas in Cubao from March 15 to 17, followed by potential regional screenings. The short films will be available on Puregold’s official social media channels. — Brontë H. Lacsamana

Higher LPG sales propel Pryce’s profit to P2.22 billion

PRYCE Corp. saw a 31.6% increase in its 2023 net income to P2.22 billion from P1.69 billion a year earlier, driven by higher sales volume of liquefied petroleum gas (LPG), the listed company announced on Thursday.

The company’s consolidated revenues grew by 2.6% to P19.26 billion from P18.77 billion in the previous year, it said in a regulatory filing.

Pryce Corp., through its major subsidiary Pryce Gases, Inc., imports and distributes LPG under the brand “PryceGas” and produces industrial gases. 

The sales volume of LPG “grew by 7.9%, from 276,709 tons in 2022 to 298,499 tons in 2023,” the company said.

“The growth in net income is attributed to the improvement of LPG margins, particularly in the Luzon market,” it added.

The company said that its LPG business segment accounted for P18.13 billion or 94.16% of the total consolidated revenues.

“The other segments and their respective contributions consist of the following: industrial gases P793.26 million or 4.12%, real estate P287.3 million or 1.49%, and pharmaceuticals P44.86 million or 0.23%,” Pryce Corp. said.

The company owns and operates 13 memorial parks in major cities across Mindanao, including Cagayan de Oro (CDO), Iligan City, Ozamiz, Polanco, Zamboanga City, and Davao City, as well as smaller parks in secondary cities or major municipalities like CDO-Manolo Fortich, Malaybalay City, Malita, Bislig, Alabel, Pagadian City, and Butuan City.

Pryce Pharmaceuticals, Inc., another subsidiary, acts as a wholesaler and distributor of multivitamins and select over-the-counter generic drugs.

Pryce Corp.’s operating expenses increased by 17.74%, going to P2.5 billion in 2023 from P2.12 billion in 2022, attributed to general inflation and rises in compensation, logistics, and fuel costs, the company noted.

At the local bourse on Thursday, shares in the company closed at P5.20 apiece. — Sheldeen Joy Talavera

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