Bangko Sentral to further ease foreign exchange rules

February 20, 2024 | 12:35 am

THE PHILIPPINE central bank seeks to complete a circular this year that would further ease the documentary requirements for foreign exchange (FX) transactions, according to a Monetary Board member.

The market should expect more waves of foreign currency reforms this year, Monetary Board member Anita Linda R. Aquino told an economic forum on Monday.

“The draft circular is already being exposed to the markets, and I am excited to receive the final circular after the industry’s comments are taken into consideration,” she said.

Ms. Aquino said she recommended the lifting of the Bangko Sentral registration document for foreign portfolio investments late last year. Custodian banks did not expect this to happen, but the possibilities are endless, and these processes have “outlived their purpose.”

“To be clear, registration for loans and foreign-directed investments currently will still require the [registration document]. But perhaps, who knows, this may be addressed at some future time,” she added.

The Bangko Sentral registration document covers foreign investments of nonresidents with the central bank or registered banks. Investments need not be registered unless the investor buys foreign currency from banks for conversion to pesos or earnings for remittances.

In January, the BSP released a draft circular on its website that proposed changes to its foreign exchange manual. Under the draft, processing of foreign currency loans, inward investments and other foreign currency transac-tions filed with the BSP-International Operations Department will be free of charge.

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

“Trust me, it will be finished this year,” Ms. Aquino told reporters on the sidelines of the forum.

“I have also outlined a list of FX reforms, one of which is the lifting of the submission of this particular document, the application to purchase FX for certain transactions,” she said. “Rest assured, these reforms are currently being worked on by the BSP team.”

In the draft circular, the central bank revised 15 appendices and annexes of the foreign exchange 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 central bank will give banks until Sept. 30 to continue reporting the transactions of registered investments using the old report forms, but banks should start preparing their systems and processes to ensure compliance.

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.

Since 2007, the Philippine central bank has approved and completed 13 rounds of foreign currency policy liberalization.

In August 2021, the 12th wave of FX reforms allowed the electronic submission of documents and the use of digital signatures to streamline compliance with documentary requirements for foreign exchange transactions.

It also allowed the sale of foreign currency to support government infrastructure development projects and facilitated the funding of peso deposit accounts for foreigners involved in trade transactions.

“Building on this progress, the implementation of the 13th wave of FX reforms in March of 2023 translated pandemic-related relief measures into policy, easing compliance for banks,” Ms. Aquino said.

“These measures include the removal of the notarization requirement for certain supporting documents in both trade and nontrade transactions, as well as the lifting of processing charges for late submissions to the BSP for certain FX-related documents,” she added. — Keisha B. Ta-asan

Philippine wealth fund to prioritize energy projects

February 20, 2024 | 12:30 am

THE PHILIPPINE energy sector will take the bulk of the initial investments of the country’s first sovereign wealth fund, according to the head of the Maharlika Investment Corp.

“Energy will be the first,” Maharlika Chief Executive Officer and President Rafael D. Consing, Jr. told a forum on Monday. “Energy will take in the bulk of the initial investments.”

He said energy, physical and digital connectivity are key to “multigenerational growth.”

President Ferdinand R. Marcos, Jr. has touted the Maharlika Investment Fund as an engine to drive economic development through strategic investments both here and overseas. He has said his government considers the wealth fund as a means to cut dependence on foreign loans.

Mr. Consing said the fund’s first commitment would likely be to an energy-related project. “In terms of the amount we will commit for the year, I think a big portion of it really will be coming from energy.”

There is a need to invest in the energy sector due to the country’s high electricity costs and lack of access, he said. “Just take a look at the electricity numbers last year in terms of the availability and peak,” he said. “We barely have about anywhere between 20% and 50% in surplus electricity.”

The Maharlika Investment Corp.’s priority investment areas are power, agroforestry, industry, urbanization, mineral processing, tourism, transportation and aviation.

Under power, it seeks to focus on renewable energy and new sources to diversify supply and stabilize prices and modernize the grid.

Last month, the presidential palace said the corporation was looking into Speaker Ferdinand Martin G. Romualdez’s proposal to invest in the National Grid Corp. of the Philippines (NGCP) to help lower energy costs and improve its resilience.

NGCP is the sole and exclusive concession and franchise operator of the country’s power transmission network.

Mr. Consing said Maharlika is finalizing its investment charter, getting its budget approved and fine-tuning other operational procedures. Once this is complete, it could start investing, he added.

He also said the sovereign wealth fund is working on incorporating “sectoral limits” in its charter or the share of investments per priority area.

“Some investments will come ahead so I think that over three years, we will balance it out at no more than 15% per sectoral exposure,” he said.

Mr. Consing cited the need to distribute capital and allocate it to different sectors that need it. “Because if you don’t put limits to it, then you might become overweight in sub-sectors and therefore leave out others that may actually require attention or capital.”

Maharlika has an initial capital of P125 billion and an authorized capital stock of P500 billion. — Luisa Maria Jacinta C. Jocson

NAIA winning bidder faces negative profit outlook — CreditSights

February 20, 2024 | 12:11 am

THE 82.16% revenue share offered by the San Miguel-led consortium to the government could lead to lower annual profits from the Ninoy Aquino International Airport (NAIA) even after finishing expansion works, financial research firm CreditSights said.

“We are surprised at the high proposed revenue share of 82.16%, which we expect to result in modestly negative annual EBITDA (earnings before interest, taxes, depreciation, and amortization) generation from the airport even post the expansion works,” the financial research firm said in an outlook report authored by analysts Lakshmanan R, Jonathan Tan Jun Jie, and Nicole Chua.

“We are alarmed that the revenue share that SMCC [SMC SAP & Co. Consortium] bid for and is willing to pay to the government is much higher than the bids placed by its competing bidders,” it added.

This move could suggest San Miguel’s “strong desire” to capture a large share of the air traffic market in Metro Manila, as its infrastructure unit is also constructing an international airport in Bulacan, CreditSights said.

“We expect NAIA to complement SMC’s greenfield international Bulacan Airport that is slated to be completed in 2027, thereby driving revenue and cost synergies.”

The winning consortium for the NAIA bid consists of San Miguel Holdings Corp., RMM Asian Logistics, Inc., RLW Aviation Development, Inc., and Incheon International Airport Corp. (IIAC).

The other two qualified bidders, GMR Airports Consortium and Manila International Airport Consortium, have proposed revenue shares of 33.3% and 25.9%, respectively.

The 15-year concession agreement for NAIA can be extended for a further 10 years based on the consortium’s performance.

The SMC-SAP consortium has estimated an investment of around P122.3 billion for its capital expenditures (capex) over the duration of its concession agreement, according to the Department of Transportation.

The credit research provider said that SMC will likely fund its share through a mixture of 70-30 debt and equity.

It also said that the proposed investments of the SMP-SAP group will have little impact on SMC’s cash flow, as the capex will likely be divided among the members of the consortium.

Under the agreed concession, the group will make an up-front payment of P30 billion and an annuity payment of P2 billion, in addition to the revenue share.

“We anticipate the project to have a manageable impact on SMC’s credit profile, given the project capex will likely be split among the consortium partners and over a potentially five-year period, which eases cash flow pressure,” CreditSights said.

“Based on these assumptions, we estimate SMC’s pro forma net leverage to worsen modestly to 7.8x-8x which we see as manageable,” it also said.

Ramon S. Ang’s SMC holds a 33% stake in the consortium, South Korea’s IIAC, the operator of Incheon International Airport, has a 10% share, while RMM Asian Logistics and RLW Aviation hold a 30% and 27% stake, respectively.

Data available from the Securities and Exchange Commission showed that RMM Asian Logistics was incorporated in December 2023, while no data was available about RLW.

“We are… unclear about the background/capabilities of two of SMCC’s other partners, RMM Asian Logistics and RLW Aviation. Though SMC in its press release did not disclose or refute if the two entities are in any way related to SMC, we cannot rule out the possibility that they are related parties of SMC. If it were true, then SMC will incur a higher proportion of capex/higher debt for the airport upgrade, than what we have assumed,” CreditSights said. — Ashley Erika O. Jose

Talking movies at the Art Fair

February 20, 2024 | 12:10 am

Moira Lang’s NO SHOWING booth attracted a slew of filmmakers and film lovers

WHILE the NO SHOWING booth at the roof deck of Art Fair Philippines looked like a chill speakeasy with a dance floor spruced up by old movie posters and bathed in moody red light, it actually played host to many conversations about the state of filmmaking and moviegoing in the Philippines.

“People love hanging out and talking while drinking. It seems like it’s all just for fun, but a lot of things get questioned and challenged and resolved in this set-up,” said filmmaker Moira Lang, who organized and curated the project, at the fair’s vernissage on Feb. 15.

Over the course of the next three days, directors, producers, actors, critics, and film enthusiasts discussed and pondered many things — how to improve filmmaking practices, why films get stuck in the trappings of either box office numbers or festival circuit acclaim, and even the existential question of why any of them still make films.

This was just the type of stuff to talk about over beer, with music by selected filmmakers playing just loud enough not to interfere as guests talked and listened to one another.

One topic that made rounds in the free-flowing discussions was the success of films like Gomburza, Firefly, and Rewind in the most recent Metro Manila Film Festival (MMFF).

“The film industry has changed because of streaming and all that, but I’m hopeful for it. There’s a lot of activity going on through those platforms and also through festivals like Cinemalaya and MMFF. There’s no such thing as indie or mainstream now; it’s all just people telling stories,” director and actor Carlos Siguion-Reyna told BusinessWorld on the third day of the event.

Sharing a similar hopeful sentiment was award-winning screenwriter and National Artist Ricardo “Ricky” Lee, who said a day prior how great it is to see moviegoers coming back to cinemas and being open to a wide range of narratives.

“If I were a young filmmaker seeing the variety of films in theaters and online, I would be inspired to explore the possibilities of storytelling,” he said.

Mr. Lee concluded his talk on his view on the Philippine industry with one word: optimistic. “I don’t think streaming will ever go away because it’s very convenient, but I think people are realizing how great it is to watch on a big screen. There will always be a place for it,” he said.

His fellow National Artist for Film, Kidlat Tahimik (real name: Eric Oteyza De Guia), was also at the fair that day. The two were confronted by many students and young artists who lined up to take pictures and speak with them, both at a film event held on the roof deck and on the exhibiting floors that they passed through below.

Various directors graced the NO SHOWING booth, like Joyce Bernal, Raymond Red, Erik Matti, and Quark Henares (who also DJ-ed one night).

Documentary filmmaker Sari Dalena was there too, saying how each person must find their own way in the industry.

A former director of the University of the Philippines Film Institute, she pointed out the rising alums of the film school who were in attendance — Martika Ramirez Escobar, whose film Leonor Will Never Die garnered acclaim in local and international festivals, and Petersen Vargas, who recently directed A Very Good Girl, one of the biggest Star Cinema films to date.

“There’s always room to grow and find your way, even though it can be a headache in this industry,” Ms. Dalena said.

Ricky Orellana, head of the Mowelfund Film Institute’s audiovisual archives, was admiring the collection of movie posters of classics like Insiang and Maynila sa Mga Kuko ng Liwanag adorning the walls of the speakeasy.

The posters and much of the furniture at the booth were provided by the Archivo 1984 Gallery headed by Juan Martin Magsanoc. Their own booth a few floors below was also filled with books and magazines.

“Archives are being beefed up these days,” Mr. Orellana told BusinessWorld. “At Mowelfund, we bought some equipment to maximize the digitization of materials. We’re also coming up with an online public access catalog that will be launched this March.”

He noted the importance of improving access to film-related research materials, like books, news clippings, and magazines. “It all has to be online now, for more people to see and read,” he said.

On Feb. 18, as the DJ table and the sound system and the dance lights were turned off by maintenance at The Link carpark (two hours after the event had concluded), Moira Lang watched the crowd reluctantly dissipate, still buzzing with energy and pumped from the music and booze.

“It’s a wrap!” she said, before they all had to pack up and leave behind the small, short-lived, weekend-long home of many film discussions.

Among the items to take down were the “Free Jade Castro & friends NOW!” posters that greeted all visitors upon entry. These referred to the case of fellow filmmaker Jade Castro who, on Jan. 31, was arrested without a warrant along with his three friends for allegedly burning a modern jeepney in Catanauan, Quezon, despite CCTV showing they were in another town when this happened.

Still in police custody and facing an arson charge, he awaits an investigation by the House Committee on Public Order and Safety. All Ms. Lang and those at the Art Fair could do for now was talk about the case.

“Real life really is stranger than fiction,” she said. — Brontë H. Lacsamana

Filmmaker Tikoy Aguiluz, 72

February 20, 2024 | 12:09 am

TIKOY Aguiluz, the multi-awarded director best known for Segurista (1996) and Rizal sa Dapitan (1997), died on Feb. 19. He was 72. The Aguiluz family confirmed his passing on social media.

“With heavy hearts, we announce the peaceful passing of our beloved Amable ‘Tikoy’ Aguiluz VI or Direk Tikoy to most of us. While we grieve this loss deeply, we kindly ask for your understanding as we choose to mourn in private for the time being,” the statement read.

The family said that a public memorial service will be held. “We assure you that once we are ready, we will share details about the public service where all who knew and loved Direk Tikoy can join us in paying tribute and saying our final goodbyes.”

The details of his death have not been made public.

A leading figure in Philippine alternative cinema, he was a director, producer, screenwriter, and cinematographer. His best-known work is arguably Segurista, which garnered multiple awards at the Gawad Urian in 1996, including Best Director, Best Picture, Best Screenplay, Best Editing, Best Production Design, and Best Supporting Actor for Albert Martinez. The film was the Philippines’ official entry for the Academy Awards’ Best Foreign-Language Film category that year.

He first made his mark in 1976 with the 15-minute documentary Mt. Banahaw, Holy Mountain, which chronicled the Rizal cult on film. His first full-length feature was the erotic thriller Boatman (1984), and one of his best works was the docudrama Bagong Bayani (1995), a retelling of the story of ill-fated overseas Filipino worker Flor Contemplacion.

Mr. Aguiluz also garnered acclaim for historical biopic Rizal sa Dapitan (1997), which secured the Grand Jury Prize at the Brussels International Film Festival. In 2011, he received the Best Director Award at the Metro Manila Film Festival for Manila Kingpin: The Asiong Salonga Story.

BusinessWorld film critic Noel Vera wrote this of Aguiluz’ work: “Each was a well-crafted work that had something to say about the Filipino, at that point in time and in this corner of the world….

“I think in his role as not just filmmaker but festival director and all-around champion of Philippine cinema he made a difference.”

Mr. Aguiluz founded the Cinemanila International Film Festival in 1999 and served as a patron to many young filmmakers over the years. He also served as juror in several film festivals, never wavering in his support of Philippine cinema. In 2003, the French government bestowed on him the Chevalier dans l’Ordre des Arts et Lettres (Knight of the Order of Arts and Letters).

Amable “Tikoy” Aguiluz VI was born on Sept. 23, 1952.

“Direk Tikoy is a visionary, a maverick, and a true champion of Philippine cinema,” said the Directors’ Guild of the Philippines, Inc., in a Facebook post. “Our prayers and thoughts are with his family and friends.”

Director Raymond Red called Aguiluz a “true maverick filmmaker, and patron to many young upcoming independent filmmakers through the decades. You will not be forgotten.” — Brontë H. Lacsamana

SM Prime says income climbs 33% to P40 billion

February 20, 2024 | 12:09 am

SY-LED property developer SM Prime Holdings, Inc. logged a 33% increase in its net income to P40 billion in 2023, led by higher revenues across its business units.

The company’s net income for 2023 marks an improvement from the P30.1 billion recorded the year prior, SM Prime said in a stock exchange disclosure on Monday.

SM Prime said its consolidated revenue increased by 21% to P128.1 billion from P105.8 billion in 2022, while operating income rose by 24% to P61.3 billion.

The company’s mall business, which took up 56% of its consolidated revenue, posted a 30% revenue growth to P71.9 billion, as mall rental income climbed by 24% to P61.3 billion.

The residential business group, led by SM Development Corp., recorded an 8% increase in revenue to P43.1 billion.

The group’s gross profit grew by 15% to P25.4 billion while reservation sales stood at P102 billion, equivalent to over 21,000 residential units sold.

Meanwhile, SM Prime said its revenues for other key businesses, including offices, hotels, and convention centers, rose by 26% to P13.1 billion.

Broken down, the company’s office unit generated P6.8 billion, while the hotels and convention centers unit had P6.3 billion in revenue.

“The favorable result we achieved in 2023 reflects the strong support and trust from our tenants and customers despite the economic challenges encountered in 2023,” SM Prime President Jeffrey C. Lim said.

“We continue to see this growth momentum this year as we pursue our expansion plans in our key businesses, and explore new opportunities to expand our businesses,” he added.

The property developer previously said that it was looking at a P100-billion capital expenditure program for this year.

SM Prime shares fell by 2.79% or 95 centavos to P33.05 apiece on Monday. — Revin Mikhael D. Ochave

Oppenheimer triumphs at BAFTA Film Awards with most wins

February 20, 2024 | 12:08 am

Cillian Murphy in Oppenheimer (2023) — CILLIAN MURPHY in Oppenheimer

LONDON — Oppenheimer, a three-hour epic about the making of the atomic bomb in World War II, was the big winner at the BAFTA Film Awards on Sunday, winning the top honors for best film and best director as well as five other awards.

One of the highest-grossing movies of 2023, it also won awards for leading actor Cillian Murphy, who portrays the American theoretical physicist J. Robert Oppenheimer, supporting actor Robert Downey, Jr., editing, cinematography and original score.

Mr. Nolan, who won his first BAFTA for directing, thanked his cast and crew in his acceptance speech.

“In the real world there are all kinds of individuals and organizations who have fought long and hard to reduce the number of nuclear weapons in the world… in accepting this I do want to acknowledge their efforts,” he added.

Like Mr. Nolan, Mr. Murphy had been a favorite to win his category and in his acceptance speech, he referred to the man known as “the father of the atomic bomb.”

“Oppenheimer was this colossally naughty, complex character and he meant different things to different people,” Mr. Murphy said.

“One man’s monster is another’s man hero. That’s why I love movies because we have a space to celebrate and interrogate and investigate that complexity.”

Emma Stone picked up the leading actress award for sex-charged Gothic comedy Poor Things, which won five prizes overall.

Da’Vine Joy Randolph won the supporting actress prize for her role in The Holdovers, a comedy set in a boys’ boarding school.

The Zone of Interest, about the commandant of Auschwitz and his family living next to the Nazi death camp, won three prizes — outstanding British film, film not in the English language, and sound.

Courtroom drama Anatomy of a Fall won the first prize of the night, original screenplay. Adapted screenplay went to comedy-drama American Fiction, which is based on 2001 novel Easure by Percival Everett.

Best documentary went to 20 Days in Mariupol, journalist Mstyslav Chernov’s personal account of the siege of the Ukrainian city in 2022.

“This is not about us, this about Ukraine, about people of Mariupol… the day before yesterday another Ukrainian city has fallen… many cities before that,” Mr. Chernov said in his acceptance speech.

“So the story of Mariupol is a symbol of everything that happened, a symbol of struggle.”

As well as the celebrities attending the ceremony at the Royal Festival Hall by the River Thames in central London, the guest list also included BAFTA president Prince William.

Known as the BAFTAs (British Academy of Film and Television Arts), the ceremony was hosted by actor David Tennant. — Reuters

GCash, CICC team up to combat financial fraud

February 20, 2024 | 12:08 am

ELECTRONIC WALLET platform GCash has partnered with Cybercrime Investigation and Coordinating Center (CICC) to address the rising cases of financial fraud.

“What this collaboration actively does is to put together a rapid incident response mechanism so that the public can be properly protected in real time,” Department of Information and Communications Technology (DICT) Secretary Ivan John E. Uy said during a media briefing.

The CICC is an attached agency of the DICT.

“We are taking a preemptive action today so that a certain modus is identified — whether phishing or scamming — and immediately reported to our hotline,” Mr. Uy said.

“Our analysts, investigators will now be able to alert the financial institution that there is a new mode of scam,” he added.

In January, GCash partnered with the National Bureau of Investigation (NBI) for a data-sharing deal to track online financial fraud.

The collaboration with NBI will help GCash understand the pattern of frauds, it said, adding that the partnership will also help them trace accounts that may use GCash wallets for crimes.

In 2023, GCash said it had removed over four million accounts due to engagement in fraudulent transactions and other malicious activities. — Ashley Erika O. Jose

Entertainment News (02/20/24)

February 20, 2024 | 12:07 am

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CCP holds free film screenings at universities

THE CULTURAL Center of the Philippines (CCP), through its Lakbay Sine program, will screen award-winning local films for free from Feb. 22 to 24 in various venues in Metro Manila. Liway by Kip Oebanda will kick off the program, showing at the Buenaventura Garcia Paredes, O.P. Building, at University of Santo Tomas, on Feb. 22, 1 p.m. At the St. Paul University in Quezon City, the Cinemalaya 2022 Best Film Blue Room, by director Ma-an L. Asuncion-Dagñalan, will be screened on Feb. 23, 8:30 a.m. This will be followed by a special screening of Anak, directed by Rory Quintos and written by National Artist Ricky Lee, at the same venue at 1 p.m. It includes a talkback session with Mr. Lee and the film’s two, award-winning actresses, Vilma Santos and Claudine Barretto.

SB19’s Josh Cullen drops remix with rapper Yuridope

P-POP star Josh Cullen has joined forces with Filipino rapper Yuridope for the official remix of “Get Right.” The remix treatment also serves as a collaborative effort with multi-talented producer Cursebox, who mixed genres and produced the track with a more upbeat twist from the original. Josh Cullen and Yuridope’s remix of “Get Right” is out now on all digital music platforms worldwide via Sony Music Entertainment.

Oscar-nominated The Holdovers in Ayala Cinemas

ACCLAIMED film The Holdovers is opening exclusively in Ayala Malls Cinemas starting Feb. 21. Known as filmmaker Alexander Payne’s “most emotional movie,” it follows a grumpy instructor (Paul Giamatti) at a prestigious school who is forced to remain on campus during Christmas break to babysit the handful of students with nowhere to go over the holidays. Eventually he forms an unlikely bond with one of them — a damaged, brainy troublemaker (newcomer Dominic Sessa) — and with the school’s head cook, who has just lost a son in Vietnam (Da’Vine Joy Randolph). The Holdovers has been nominated for several Academy Awards, including Best Picture and Best Original Screenplay.

Dua Lipa releases new single

AFTER teasing the new single on social media and performing it at the Grammys, pop superstar Dua Lipa has finally released “Training Season,” complete with a dance music video. The song is about embracing her singlehood and dating life without feeling any pressure to find the “right” one. “I had been on a string of bad dates, and the last one was the final straw. The next morning, I arrived at the studio to Caroline [Ailin] and Tobias [Jesso Jr.] asking me how it went, and I immediately declared ‘Training season is over,’” she said. The single is out now on all streaming platforms.

Thriller Night Swim in cinemas nationwide

HORROR classics such as Poltergeist and Jaws inspired Night Swim, an upcoming film diving into aquaphobia. According to director Bryce McGuire, growing up in Florida builds up “a fear and reverence for the water.” The film follows Ray Waller (Wyatt Russell), a baseball player forced into early retirement by a degenerative illness. He persuades his wife Eve (Kerry Condon) that their new home’s backyard swimming pool will provide physical therapy for him, but a dark secret instead drags the family under. Night Swim screens in cinemas nationwide starting Feb. 21.

Maya Hawke drops new single ahead of album

SINGER and actress Maya Hawke has released “Missing Out,” the first single from her upcoming album, Chaos Angel, to be released on May 31 via Mom+Pop. Her third album, it is produced by co-songwriter Christian Lee Hutson and will feature contributions by longstanding collaborators Benjamin Lazar Davis and Will Graefe. “Missing Out” is inspired by the typical college party experience that Ms. Hawke never personally had. The track comes with a science-fiction influenced video directed by Alex Ross Perry. It is now out on all streaming platforms.

Madame Web tops Philippine box office

THE FIRST superhero movie with a female lead in Sony’s Spider-Man Universe was the No. 1 movie in the Philippines over the weekend. Madame Web, which came out on Feb. 14, grossed P10,402,829 on its first day, making it the biggest opening day gross so far for 2024. It stars Sydney Sweeney, Isabela Merced, Celeste O’Connor, and Tahar Rahim. It is now showing in cinemas via Columbia Pictures, the local office of Sony Pictures Releasing International.

ENHYPEN releases Spotify single

PRODUCED exclusively for Spotify, ENHYPEN’s latest release delivers their rendition of predecessor K-pop group BTS’s “I NEED U.” It is part of the Spotify K-pop ON! campaign, being the first of three Spotify-exclusive covers by a line-up of K-pop artists, each paying homage to more senior groups that ignited their passion for the genre. In ENHYPEN’s cover, acoustic instrumentals replace the electronic synth sounds of the original version. On Feb. 21, K-pop ON! will take listeners behind the scenes for a peek into the making of the cover. The track is out now on Spotify.

Mystery Manila launches Pasay branch in Newport

NEWPORT World Resorts has launched a branch of Mystery Manila, where visitors must explore dimensions to decode clues and collect as many crystals as possible. “Unlike the mysteries in our other branches, the one here [involves] exploring several rooms while solving [puzzles],” the game masters behind Mystery Manila said of “The Walkthrough Experience,” in a statement. The first Pasay City branch can be found on the Ground Floor of the Newport Garden Wing. Participating teams can have a maximum of six players at P699 per head.

Family of Beach Boys’ Brian Wilson seeks conservatorship for him

February 20, 2024 | 12:06 am

LOS ANGELES — Two longtime associates of Beach Boys co-founder Brian Wilson have petitioned a court, at his family’s behest, to place him under a conservatorship, asserting the musician is unable to care for himself following his wife’s death in January.

The petition, filed on Wednesday in the probate division of Los Angeles County Superior Court, asks that Mr. Wilson’s publicist-manager, Jean Sievers, and his business manager, LeeAnn Hard, be appointed “co-conservators of his person.”

The assets of the 81-year-old singer-songwriter’s estate are already held in trust, according to the petition.

An accompanying declaration filed by a physician, Dr. Stephen Marmer, states that Mr. Wilson suffers from a “major neurocognitive disorder” and is taking medication for treatment of dementia.

The doctor said Mr. Wilson lacks the capacity to give informed consent to any form of medical treatment.

The musician’s wife, Melinda Ledbetter Wilson, who died in January at age 77, had been her husband’s daily caregiver. Her death left him “unable to properly provide for his own personal needs for physical health, food, clothing or shelter,” according to the petition.

The appointment of Jean Sievers and LeeAnn Hard will ensure that Wilson’s “daily living needs are satisfied and that he has the best possible care while remaining in his home,” the petition states.

The decision to seek a conservatorship was made “after careful consideration and consultation among Brian, his seven children” and his doctors, Mr. Wilson’s family said in a statement posted on his official website.

Ms. Sievers confirmed in a statement on Friday to Reuters, initially given to the New York Times, that Mr. Wilson had been diagnosed with dementia, and that she and Hard would ensure that his daily needs are met while “he continues to lead an active life.”

“Brian is doing very well,” she added.

A hearing on the petition is set for April 30, but Dr. Marmer requested Mr. Wilson be excused from attending the proceeding because going to court “would be emotionally very stressful, physically difficult and detrimental to his health.”

Mr. Wilson created some of rock’s most enduring songs, including “Good Vibrations,” “Good Only Knows,” “California Girls,” and “Surfin’ U.S.A.,” in a career dogged by decades-long bouts with substance abuse and mental disorders.

In June 2019, Mr. Wilson postponed a US summer tour, citing concerns about his mental health, saying he was “struggling with stuff in my head and saying things I don’t mean, and I don’t know why” in the aftermath of a series of back surgeries.

He formed the Beach Boys in the early 1960s with younger brothers Carl and Dennis Wilson, cousin Mike Love and friend Al Jardine in their hometown, the Los Angeles suburb of Hawthorne.

The band went on to score three dozen top-40 hits celebrating Southern California’s sunny youth culture, with Wilson writing and composing most of the early works.

Their landmark 1966 album Pet Sounds was considered Wilson’s magnum opus and was ranked by Rolling Stone magazine in 2012 as second only to the Beatles’ Sgt. Pepper’s Lonely Hearts Club Band on its list of the 500 greatest rock albums. — Reuters

Meralco allots P280M to power Manila subway

February 20, 2024 | 12:06 am

MANILA ELECTRIC Co. (Meralco) will spend P280 million to power the Metro Manila Subway, the electricity distributor said on Monday.

The amount is intended for the development of the 115-kilovolt switching station “that will ensure the provision of reliable and stable power for the country’s underground mass transport system,” the company said in a statement.

The Department of Transportation and Meralco signed an agreement last week for the construction of the switching station in Valenzuela City, which is slated for completion in 2026.

“The Metro Manila Subway will definitely change the way of living in the country’s economic center,” Meralco Executive Vice-President and Chief Operating Officer Ronnie L. Aperocho said.

“As we continue to make significant contributions to nation-building and economic growth, this ceremony underscores Meralco’s unwavering commitment to powering the country’s critical infrastructure by providing reliable, efficient, and sustainable power,” he added.

The Metro Manila Subway is an underground railway line that will run from Mindanao Ave., Quezon City to the Ninoy Aquino International Airport Terminal 3 in Pasay City, reducing travel time between the cities from an hour and 10 minutes to only 45 minutes.

“This collaboration goes deeper than a public-private partnership. It translates to the benefit of subway commuters whom we promised comfortable, affordable, safe, sustainable and accessible train rides,” Transportation Sec-retary Jaime J. Bautista said.

The Metro Manila subway will connect 17 stations in Metro Manila. It is initially scheduled to start full operations by 2027 but was then delayed to 2029 on right-of-ways acquisition issue.

JUSTIFYING PASSED-THROUGH COSTS

Meanwhile, the Energy Regulatory Commission (ERC) is expecting Meralco to submit its complete validation of the fuel costs component this week, justifying the rate adjustment imposed for February electricity bill.

“I think they will file the appropriate pleading with the ERC this week. Will wait for their filing,” ERC Chairperson Monalisa C. Dimalanta said in a Viber message.

Meralco has confirmed that it will file the validated costs with the ERC this week.

Ronald V. Valles, Meralco’s vice-president and head of its regulatory management, previously said that the company was ready to issue refunds to its consumers after it sought guidance from the ERC on how to deal with the in-crease in the price of fuel costs from one of its suppliers, First Gas Power Corp. (FGPC).

He earlier said that Meralco received the ERC’s response on Feb. 13 to its “various letters.” This, however, was after the cost component had already been covered in the February electricity rates.

For the month, Meralco said that it would raise power rates by P0.5738 per kilowatt-hour, attributing it to the higher generation charges from power supply agreements and independent power producers (IPPs).

It said that the increase in IPP charges was brought by higher fuel costs at the Sta. Rita and San Lorenzo power plants operated by FGPC, mainly resulting from the increased use of imported liquefied natural gas.

Meanwhile, the price of Malampaya gas to Sta. Rita increased by almost 12%, following the signing of a new gas supply and purchase agreement between First Gas Corp. and Malampaya consortium.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

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

Gov’t partially awards T-bills at higher rates on hawkish BSP

February 20, 2024 | 12:05 am

THE GOVERNMENT partially awarded the Treasury bills (T-bills) it auctioned off on Monday as rates rose following hawkish statements from the Bangko Sentral ng Pilipinas (BSP).

The Bureau of the Treasury (BTr) raised P14.5 billion from its offering of T-bills on Monday, lower than the planned P15 billion, even as total bids reached P30.444 billion or more than twice the amount on the auction block.

Broken down, the Treasury awarded only P4.5 billion in 91-day T-bills, below the P5-billion program, despite tenders for the tenor reaching P6.072 billion. The three-month paper was quoted at an average rate of 5.592%, 8.6 basis points (bps) higher than the 5.506% seen for a full award last week. Accepted rates ranged from 5.55% to 5.65%.

Meanwhile, the government raised P5 billion as planned from the 182-day securities as bids stood at P10.26 billion. The average rate for the six-month T-bill stood at 5.972%, up by 9.3 bps from the 5.879% fetched last week, with accepted rates at 5.894% to 5.95%.

Lastly, the BTr borrowed the programmed P5 billion via the 364-day debt papers as demand for the tenor totaled P14.112 billion. The average rate of the one-year T-bill inched up by 1.5 bps to 6.079% from the 6.064% quoted last week. Accepted yields were from 6.05% to 6.09%.

At the secondary market on Monday before the auction, the 91-, 182-, and 364-day T-bills were quoted at 5.5704%, 5.8597%, and 6.0791%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provid-ed by the BTr.

“The higher T-bill rates reflected the latest hawkish statements from the BSP policy meeting last week,” a trader said in an e-mail.

The Monetary Board last week kept the policy rate at a near 17-year high of 6.5% for a third straight meeting, as expected by 15 of 17 analysts in a BusinessWorld poll. Interest rates on the overnight deposit and lending facilities were also left unchanged at 6% and 7%, respectively.

The BSP raised borrowing costs by 450 bps from May 2022 to October 2023.

BSP Governor Eli M. Remolona, Jr. said in a statement that the central bank is ready to adjust its monetary policy settings as necessary amid upside risks to inflation.

BSP Senior Assistant Governor Iluminada T. Sicat said there is “scope for a rate cut” this year as soon as they see a sustained inflation downtrend.

“While we see some improvement in headline and core, we still consider taking a more prudent monetary policy stance at this moment,” Ms. Sicat said at a briefing on Thursday.

“We need to maintain our hawkish position but in terms of tone, it’s not as strong as what we had last December. But we continue to be hawkish looking at developments here and abroad,” she added.

T-bill rates rose on Monday amid the government’s ongoing retail Treasury bond (RTB) offer, which resulted in reduced liquidity in the market and lower auction bids, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Last week’s T-bill offer fetched bids worth P49.292 billion, or more than thrice the P15 billion on the auction block. The BTr raised P17 billion via the short-tenored papers last week as rates mostly moved sideways.

The government last week also raised an initial P212.719 billion from the five-year RTBs as tenders at the rate-setting auction reached P272.708 billion, or more than nine times the P30 billion on offer. The retail bonds fetched a coupon rate of 6.25%.

The public offer period for the RTBs and submission of bond exchange offers began on Feb. 13 and is scheduled to end on Feb. 23, unless closed earlier by the Treasury. The new retail bonds will be issued and settled on Feb. 28.

The BTr plans to raise P150 billion from the domestic market this month, or P60 billion via T-bills and P90 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at 5.1% of gross domestic product this year or P1.39 trillion. — A.M.C Sy