US dollar and euro banknotes are seen in this illustration taken on July 17, 2022. — REUTERS/DADO RUVIC/ILLUSTRATION
NET INFLOWS of foreign direct investments (FDIs) into the Philippines slumped for a second straight year in 2023 amid sluggish global economic growth and geopolitical tensions, the central bank said.
Data from the Bangko Sentral ng Pilipinas (BSP) said FDI net inflows dropped by 6.6% to $8.9 billion last year from $9.5 billion in 2022.
Despite the annual decline, FDI net inflows exceeded the BSP’s projection of $8 billion for the full year.
“Notwithstanding the country’s sound macroeconomic fundamentals, concerns over subdued global economic growth and geopolitical risks continued to weigh on investors’ investment plans,” the BSP said in a statement on Monday.
Net inflows of FDI into the Philippines have been on a decline since 2022.
Data from the BSP showed foreign investments in debt instruments inched up by 1.3% to $6.34 billion in the January-to-December period from $6.25 billion in the prior year.
Investments in equity and investment fund shares dropped by 22% to $2.53 billion in 2023 from $3.24 billion a year ago.
Net foreign investments in equity capital declined by 34% to $1.29 billion in 2023 from $1.96 billion in 2022. Placements dropped by 16.7% to $1.84 billion, while withdrawals surged by 120% to $547 million.
Reinvestment of earnings contracted by 3.6% to $1.24 billion in 2023 from $1.29 billion a year earlier.
The main country source of investments was Japan, which accounted for 51% of the full-year total, followed by the United States (13%), Singapore (12%) and Germany (8%) in 2023.
The funds were mostly invested in manufacturing (53%), real estate (13%), and financial and insurance (10%) sectors.
“A sluggish worldwide economy, rising interest rates in developed countries, and geopolitical tensions all contributed to a cautious investment climate,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.
Mr. Roces also noted the domestic issues such as inflation and high interest rates “further dampened investor enthusiasm.”
The Monetary Board kept benchmark interest rates at an almost 17-year high of 6.5% at its December meeting to tame inflation.
Inflation averaged 6% in 2023, the second straight year it surpassed the BSPs 2-4% target band.
In December alone, FDI net inflows jumped by 30% to $826 million from $636 million in the same month in 2022.
Month on month, it was 29.9% lower than the $1.056 billion in November.
“FDI increased mainly on the back of the 86.2% growth in nonresidents’ net investments in debt instruments to $527 million from $283 million in the comparable month in 2022,” the BSP said.
Investments in equity and investment fund shares declined by 15.3% year on year to $299 million.
FDI in equity capital slid by an annual 21.7% to $208 million in December. Gross placements declined by 20.9% to $224 million, while withdrawals fell by 8.1% to $16 million.
Reinvestment of earnings rose by 4.1% to $91 million in December.
“The latest year-on-year improvement in the FDI data (in December), still among pre-pandemic highs, may have to do with improved economic and financial markets performance in recent months,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a note.
The higher FDI inflows may also reflect the realization of the investment commitments from President Ferdinand R. Marcos, Jr.’s foreign trips, he added.
Mr. Roces said that the government must continue to improve the business environment to attract more investments.
“Looking ahead, 2024’s FDI picture remains uncertain. Continued global headwinds suggest subdued investment overall. However, government efforts to improve the business environment and a focus on promising sectors as well as a broader FDI push may mitigate some of these challenges,” he said.
Mr. Ricafort said possible cuts in US and Philippine policy rates later this year could lift FDI inflows “eventually.”
The BSP expects FDI net inflows to reach $10 billion by end-2024. — B.M.D.Cruz
THE Philippines is hoping to attract more investments in the semiconductor sector. — REUTERS
By Kyle Aristophere T. Atienza, Reporter
PRESIDENT Ferdinand R. Marcos, Jr. said on Monday the Philippines wants US semiconductor companies to set up wafer fabrication facilities locally as part of the American push to bolster US competitiveness in an industry viewed as essential to national and economic security.
US President Joseph R. Biden, Jr. sent a trade and investment mission to the Philippines on Monday, almost a year after Mr. Marcos had a state visit to Washington and as the two nations take their security alliance to the next level amid an increasingly belligerent China.
The Southeast Asian nation is “ready to meet the expanding needs of high-technology industries,” the Philippine leader told a 22-delegation US trade and investment mission to Manila led by Commerce Secretary Gina Raimondo, reiterating a Philippine plan to crank out more than 120,000 engineers and process technicians by 2028 to boost output.
“With our standing proposition to the US semiconductor companies to invest in a laboratory-scale wafer fabrication facility in the Philippines, we can support the R&D and advanced assembly, packaging and test requirements of US companies that are into semiconductors and electronics manufacturing services,” he added.
The Philippines is one of seven countries that the US is partnering with to diversify its semiconductor supply chain under the CHIPS and Science Act. The 2022 law provides $52.7 billion in federal subsidies to support chip manufacturing and persuade chipmakers with operations in China to relocate to the US or other friendly countries.
Mr. Marcos said his government seeks to create a pool of Filipino professionals who can create prototypes and tape-outs of integrated circuits and engage in the development of “cutting-edge, high-value products and services.”
During his visit to Washington in May last year, he asked the US Semiconductor Industry Association to support the planned establishment of a Philippine wafer fabrication facility, which can support a science and technology center proposed by the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI).
The semiconductor and electronics sector is responsible for about 60% of the country’s merchandise exports.
The 22-member delegation included executives from geothermal energy company GreenFire Energy, Inc, Google Asia-Pacific, global engineering company Black & Veatch Corp.,Visa, Inc., satellite communication technologies firm EchoStar/DISH, tech consulting company InnovationForce, and United Airlines.
Also in Manila were executives from United Parcel Service, Boston Consulting Group, global investment company KKR, low-carbon feed and fuel solutions producer Marquis, solar energy solutions company Sol-Go, Capital One Philippines, and engineering and project management company Bechtel.
Also present during the meeting were executives from global delivery services company FedEx, Mastercard, Microsoft Corp., data security company UltraPass ID, and energy company Ultra Safe Nuclear Corp.
‘ACTIONABLE MEASURES’ At Monday’s meeting at the Presidential Palace, the Philippine side raised the situation of Philippine electronics companies unable to bid on US government contracts due to a requirement in the US Trade Agreements Act.
Trade Secretary Alfredo E. Pascual said the Philippine government is hopeful that the trade mission “will result in actionable measures.”
He said the Philippines is an important player in the critical metals sector with the country’s significant nickel, copper, and cobalt reserves.
“Leveraging these rich mineral reserves, the Philippines aspires to lead the global value chain for energy storage and electric vehicle (EV) production,” he said, citing the Philippines’ amended renewable energy law, which allows full foreign ownership in the sector.
Mr. Pascual said the US government support for workforce development under the CHIPS Act would help the Philippines expand its role in the semiconductor industry beyond assembly and packaging.
The Philippine government also sought assistance from the US Department of Commerce on trade issues like detained apparel exports and shrimp paste shipments.
Ms. Raimondo, the US Commerce chief, said the US private sector’s interest in the Philippines and other Southeast Asian nations is “very high.”
“But it is with the Philippines that we have longest ties and access, and that’s important,” she said.
The whole Indo-Pacific region, which accounts for 40% of the world’s economy, is at the top of US companies and investors’ list, she added.
The US is the Philippines’ third-largest trading partner, with total trade reaching about $20 billion. It’s also the largest export market for Philippine goods, valued at $12 billion.
The Philippines under Mr. Marcos has taken its security and defense alliance with the US to the next level amid an expansionist China, which claims the South China Sea almost in its entirety.
Mr. Marcos in February last year gave Washington access to four more Philippine military bases on the top of the five existing sites under the 2014 Enhanced Defense Cooperation Agreement, a deal that has angered China, Manila’s largest trade partner.
George N. Manzano, a trade expert at the University of Asia and the Pacific, said the US trade mission is a confidence-building measure on the part of Washington as it increases its ties with Manila on the security front.
“You have more economic interaction, then the level of comfort in dealing with the Philippines will also increase,” he said in a phone interview. “It’s complimentary.”
“You have to start with a trade mission, then after that you look for partners, and after that you finalize the details. Any initiative in this regard is welcome,” he added.
The US and China have been locked in a trade war since 2018, when then-President Donald J. Trump announced a plan to impose a 25% tariff on Chinese exports worth $50 billion.
Mr. Manzano noted that most of the companies that participated in the mission were in the services sector, particularly in the financial sector.
He said China is likely to remain a major trade partner of the Philippines as it is more competitive than the US in terms of goods or products.
“Chinese products are competitive. China is very good in manufacturing products whereas the US is good in financial services,” he said. “China has a different competitive advantage.”
Mr. Manzano expects the two treaty allies to increase their bond on semiconductors as Washington continues to diversify its sources of critical minerals and is expected to further restrict Chinese semiconductor development through sanctions.
“The Philippines wants a higher economic growth trajectory, while also not increasing dependency on China,” said Jeffrey Ordaniel, director for maritime security at Pacific Forum and an associate professor of international security studies at the Tokyo International University.
Failing to diversify is a threat to Philippine security “given how dependence on China could be used as a lever through which Beijing could coerce Manila in the future,” he said in an X message, citing the two countries’ dispute at sea.
“The US wants to ensure the Philippines maintains its agency on foreign and security policy and not be beholden to China.”
Terry L. Ridon, an investment analyst and convenor of InfraWatch PH, said the trade mission is expected to result in “meaningful economic gains” particularly in the area of infrastructure, digital services and business process outsourcing.
“The trade mission should also look into the role of US private equity in increasing investments in the Philippines, particularly in growth sectors such as digital services and infrastructure,” he said via Messenger chat.
“More than product exchanges, it is important to determine whether these new opportunities can translate into new or higher value jobs to Filipinos, such as when new offices or factories are opened as a result of broadening bilateral relations.”
INVESTMENT HOLDING company Premium Leisure Corp. (PLC) said it plans to voluntarily delist from the Philippine Stock Exchange (PSE).
In a regulatory filing on Monday, PLC said the board of its parent firm Belle Corp. had approved the conduct of a tender offer for all of the former’s outstanding common shares.
“The tender offer will be for the purpose of the voluntary delisting of PLC shares from the PSE,” it said.
Belle Corp. has business interests in integrated resorts. It is one of the portfolio investments of Sy-led conglomerate SM Investments Corp.
PLC holds a stake in the City of Dreams Manila integrated entertainment and gaming complex in Parañaque City.
In a separate stock exchange disclosure, Belle Corp. said that it had engaged the First Metro Investment Corp. (FMIC) as an independent third party to conduct a valuation study and to issue a fairness opinion report.
“The tender offer price, timing, and other terms and conditions shall be determined and finalized upon receipt and acceptance by the board of directors of Belle Corp. of the fairness opinion report of FMIC; and the same shall be disclosed in due course,” the company said.
The voluntary delisting announcement came more than a week after PLC announced a growth of 85% in net income to P2.32 billion last year due to higher gaming and lottery revenues, as well as improved mass and VIP operations at City of Dreams Manila.
PSE data showed that PLC has a public float level of 20.1%, slightly above the 20% requirement.
As of Monday, PLC has a market capitalization of P22.79 billion and has 31.22 billion outstanding shares.
The trading of PLC shares was suspended Monday afternoon and will resume trading at 9 a.m. on Tuesday following the planned voluntary delisting announcement.
Aside from the City of Dreams complex, PLC also holds a 50.1% stake in listed Pacific Online Systems Corp., which leases online betting software and equipment to the Philippine Charity Sweepstakes Office for lottery operations in Visayas and Mindanao.
“This is a very sensible and astute move since the bulk of Belle’s revenue is from City of Dreams Manila. As a result of the delisting, Belle Corp. will become the flagship gaming company of the SM Group,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.
“The delisting should also boost Belle Corp.’s trading activity and liquidity as most investors who will exit PLC via the tender offer are very likely to shift to Belle,” he added.
AP Securities, Inc. Senior Research Analyst Alfred Benjamin R. Garcia said in a separate Viber message that PLC’s planned delisting could be to protect its financial strategies from competition or that the costs of being a listed company have already outweighed the benefits.
He added that the move could positively affect the stock performance of other casino-related companies.
“Generally, it should be good for Bloomberry Resorts Corp. and to a certain extent for Digi-Plus Interactive Corp. and Pacific Online as the remaining gaming players in the Philippines,” Mr. Garcia said.
“It should be good for Belle Corp. too, since it would now be the only vehicle if one wants to invest in the City of Dreams,” he added.
On Monday, Belle Corp. shares rose by 50% or 64 centavos to P1.92 apiece while the last traded price of PLC stocks was at 74 centavos per share. — Revin Mikhael D. Ochave
The LIMA Estate in Lipa — Malvar, Batangas is considered to be the largest privately-owned industrial park in the Philippines.
THE LIMA Estate in Lipa and Malvar, Batangas, is set to expand its business hub by 40 hectares in the first half as part of its expansion plans, the Aboitiz group said on Monday.
The 40-hectare expansion will include commercial, retail, mixed-use, and residential spaces, Aboitiz InfraCapital, Inc. said in a statement.
LIMA Estate’s business hub currently spans 30-hectares. It hosts The Outlets at Lipa outdoor mall that features 167 global and local brands.
The Outlets at Lipa saw a 27% growth in commercial spaces last year. It welcomed 30 new brands such as Mr. DIY, PICKUP Coffee, Cafe Mary Grace, and Nono’s Restaurant.
For this year, the outdoor mall is expected to add brands such as Power Mac Center, Skechers USA, Mama Lou’s Italian Kitchen, and the Happy Go Department Store.
“Our vision for LIMA is to create a dynamic, innovative, and socially responsible urban center that resonates with the lifestyles of Batangueños and those seeking an appealing alternative outside Metro Manila,” Aboitiz InfraCapital Economic Estates Head Rafael Fernandez de Mesa said.
Aside from retail spaces, LIMA Estate’s business hub also hosts cultural and sports events to foster community engagement.
Aboitiz InfraCapital said the launch of LIMA Tower One in the second quarter is expected to support the needs of growing companies in information technology and business services.
LIMA Tower One offers seven stories of office spaces. It is the first of seven towers in the LIMA Office Park.
LIMA Estate is an 826-hectare economic zone registered with the Philippine Economic Zone Authority. It hosts 177 locators, a four-star hotel, a transportation hub, over 4,000 households, more than 66,000 employees, and various developments such as business process outsourcing companies, dormitories, schools, and other institutions. — Revin Mikhael D. Ochave
CENTURY PACIFIC Food, Inc. (CNPF) has earmarked $40 million, or P2.2 billion, to boost coconut water production, the company announced on Monday.
The company aims to cater to the requirements of the US-based beverage firm The Vita Coco Company, Inc., which requires approximately 90 million liters of coconut water over the next five years, Century Pacific Food said in a statement.
“The expansion of the multi-year [partnership] agreement with Vita Coco conveys our mutual trust and respect for each other as business partners, a relationship built through consistency, collaboration, and excellence,” said Noel M. Tempongko, Jr., vice-president of CNPF’s coconut OEM (original equipment manufacturer) business.
The previous agreement signed in 2020 “continues to be in force and is up for renewal discussions in 2025,” the company said. “The new contract is incremental to the existing agreement.”
The initial agreement started in 2012, and since then, the company has been producing coconut products for Vita Coco. CNPF said it augmented Vita Coco’s capacity by 50% in 2022, becoming one of its largest suppliers.
“We look forward to further solidifying our long-term partnership with Century Pacific. Our mutual ambition to serve consumers better with healthier products has taken us to new heights in innovation and quality,” Vita Coco Chief Operating Officer Jonathan Burth said.
“This agreement also creates an avenue by which we collaborate to make a positive impact on society and help build thriving communities among smallholder farmers in the Philippines,” he added.
Mr. Tempongko said that the deal will further support the growth of the local coconut industry in Mindanao where CNPF operates.
CNPF is primarily engaged in the manufacturing, marketing, and distribution of processed marine, meat, milk, coconut, plant-based, and pet products.
On Monday, shares in the company fell by P0.75 or 2.09% to close at P35.05 apiece. — Sheldeen Joy Talavera
MANILA ELECTRIC Co. (Meralco) is expecting to complete the conversion of its coal-fired power plant project in Quezon province into a gas-fired plant by 2029, the company’s top official said.
“There’s no clarity yet but the next window we’re looking for Atimonan is by 2028, 2029,” Meralco Executive Vice-President and Chief Operating Officer Ronnie L. Aperocho said on the sidelines of a briefing last week.
Meralco Powergen Corp. (MGen), through its subsidiary Atimonan One Energy, Inc. (A1E), is working on the development of a 2,400-megawatt natural gas-fired combined cycle gas turbine power plant project.
“Because of the coal moratorium, it does not make sense to build a new one,” Mr. Aperocho said of the company’s plan to pursue the conversion of the coal-fired power plant project.
In 2020, the Energy department issued a moratorium on the development of new coal-fired power plants.
Data from the Environmental Management Bureau showed that A1E is investing about P175 billion in the project, which is targeted for commercial operations by 2029.
The project includes building of an LNG storage unit, LNG unloading facility, and LNG re-gasification system.
LNG is also being put forward as a solution to the Philippines’ looming power crisis.
Meralco said that local permits for the projects have already been secured and that the right-of-way acquisition is almost complete at 95%.
MGen has said that A1E has been certified by the Department of Energy as an energy project of national significance, allowing expedited permits and reviews by local and national government agencies.
In 2023, MGen announced that it would allocate P18 billion for renewable energy expansion as part of the company’s aspiration to shift to clean energy.
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. — Ashley Erika O. Jose
ACTING WINNERS: (L-R) Robert Downey, Jr., Da’Vine Joy Randoph, Emma Stone, and Cillian Murphy hold their acting trophies at the photo room at the 96th Academy Awards. — REUTERS/Carlos Barra
ACTING WINNERS: (L-R) Robert Downey, Jr., Da’Vine Joy Randoph, Emma Stone, and Cillian Murphy hold their acting trophies at the photo room at the 96th Academy Awards. — REUTERS/Carlos Barra
LOS ANGELES — Oppenheimer, the blockbuster biopic about the race to build the first atomic bomb, claimed seven Academy Awards including the prestigious best picture trophy on Sunday as Hollywood celebrated a triumphant year in film.
Irish actor Cillian Murphy won best actor for playing theoretical physicist J. Robert Oppenheimer, leader of the US effort in the 1940s to create a weapon that ended World War II. Oppenheimer director Christopher Nolan took home the directing Oscar.
“We made a film about the man who created the atomic bomb, and for better or worse we are living in Oppenheimer’s world,” Mr. Murphy said as he held his trophy on stage. “So, I would really like to dedicate this to the peacemakers everywhere.”
A three-hour historical drama about science and politics, Oppenheimer became an unlikely box office hit and grossed $953.8 million, in addition to widespread critical praise.
It was the first of Mr. Nolan’s films to win best picture. The director has previously won acclaim for The Dark Knight Batman trilogy, Inception, Memento and other movies.
As he accepted his gold statuette, Mr. Nolan noted that the movie business was a century old and still evolving. “To know you think I’m a meaningful part of this means the world to me,” he said.
EMMA STONE WINS BEST ACTRESS
Emma Stone was named best actress for playing a woman revived from the dead in the dark and wacky comedy Poor Things. It was the second Academy Award for Stone, who landed the best actress honor for 2016 musical La La Land.
“This is really overwhelming,” she said on stage.
The best actress race had been considered one of the tightest competitions with Lily Gladstone nominated for Killers of the Flower Moon. Had she prevailed, Gladstone would have been the first Native American to win an acting Oscar.
In supporting actor categories, Robert Downey, Jr. of Oppenheimer and The Holdovers star Da’Vine Joy Randolph claimed their first Academy Awards.
Mr. Downey, who was nominated for an Oscar in 1993 before his career was derailed by drug use, won his honor on Sunday for playing Oppenheimer’s professional nemesis, Lewis Strauss. “I’d like to thank my terrible childhood and the Academy, in that order,” Mr. Downey joked before he saluted his wife Susan, who he said found him as a “snarly rescue pet” and “loved him back to life.”
Ms. Randolph received the best supporting actress trophy for playing a grieving mother and cafeteria worker in the comedy set in a New England boarding school. “For so long, I always wanted to be different, and now I realize I just need to be myself,” she said. “I thank you for seeing me.”
Winners were chosen by the roughly 10,500 members of the Academy of Motion Picture Arts & Sciences.
ONE OSCAR FOR BARBIE
After 2023 was marred by labor strikes by actors and writers, the Oscars gave Hollywood a chance to celebrate two blockbusters, Oppenheimer and Barbie, which brought in a combined $2.4 billion at theaters and made movies the center of pop culture last summer.
Barbie ended the night with one Oscar.
Billie Eilish and Finneas O’Connell landed best original song for the ballad “What Was I Made For?” The pair had performed the song on stage earlier with Ms. Eilish singing at a microphone next to Mr. O’Connell, her brother and co-writer, on piano.
Ryan Gosling, who played Ken in the blockbuster Barbie movie, delivered an energetic performance of the film’s campy musical number “I’m Just Ken” dressed in a hot pink suit and flanked by an ensemble of male dancers.
He was joined by Guns n’ Roses guitarist Slash and walked into the audience to sing with his Barbie castmate Margot Robbie and director Greta Gerwig. The song, written by Mark Ronson, was nominated for an Oscar for best original song, while Mr. Gosling received a best supporting actor nod for his role as Barbie’s lovestruck sidekick.
Best actress Oscar winner Emma Stone, later in the show, joked during her acceptance speech that the back of her pale green gown had ripped during the performance.
Amid the upbeat moments, international conflicts were on the minds of attendees, winners and protesters outside the theater.
ISRAEL-GAZA CONFLICT PLAYS A ROLE
When Holocaust drama The Zone of Interest was named best international feature, director Jonathan Glazer addressed the Israel-Gaza conflict in his acceptance speech.
“Right now, we stand here as men who refute their Jewishness and the Holocaust being hijacked by an occupation which has led to conflict for so many innocent people. Whether the victims of October the 7th in Israel or the ongoing attack on Gaza. All the victims of this dehumanization. How do we resist?” he said to cheers and applause.
A handful of celebrities, including Ms. Eilish, Mahershala Ali, and Mark Ruffalo, wore red pins calling for a ceasefire in Gaza.
Outside, hundreds of pro-Palestinian protesters angered by the Israel-Gaza conflict shouted and slowed traffic in the streets surrounding the Dolby Theatre. “While you’re watching, bombs are dropping,” one sign read.
“The Oscars are happening down the road while people are being murdered, killed, bombed,” said 38-year-old business owner Zinab Nassrou.
A NAKED JOHN CENA presents the Oscar for Best Costume Design during the 96th Academy Awards.
JOHN CENA RE-ENACTS A LEGENDARY OSCARS MOMENT
At the Oscars ceremony 50 years ago, a man ran across the stage naked flashing a peace sign behind actor David Niven, a legendary piece of Academy Awards history that host Mr. Kimmel said he wanted to commemorate.
To celebrate the anniversary, actor and wrestling star John Cena walked on stage wearing nothing but the envelope containing the name of the winner of the best costume Oscar.
“Costumes are so important,” Mr. Cena deadpanned. “Maybe the most important thing there is.”
UKRAINE’S FIRST OSCAR
20 Days in Mariupol director Mstyslav Chernov delivered a powerful speech in accepting his award for best documentary feature, Ukraine’s first-ever Oscar. Mr. Chernov’s film documents his time as a video journalist covering the first three weeks of Russia’s siege of the Ukrainian city.
“Probably I will be the first director on this stage that will say I wish I never made this film,” he said. “I wish to be able to exchange this to Russia never attacking Ukraine, never occupying our cities … but I cannot change history. Cannot change the past.
“But we all together, you, some of the most talented people in the world, we can make sure the history record is set straight and that the truth will prevail and that the people of Mariupol and those who have given their lives will never be forgotten. Because cinema forms memories. And memories form history.”
YOKO ONO GETS A MOTHER’S DAY SHOUT-OUT
Sean Ono Lennon, the son of John Lennon and Yoko Ono, asked the audience to wish his famous mother a happy Mother’s Day when he took the stage with the winners of the best animated short Oscar for a film he collaborated on, War is Over! Inspired by the Music of John & Yoko.
“My mother turned 91 this February, and today is Mother’s Day in the UK,” Mr. Lennon said. “So would everyone please say ‘Happy Mother’s Day, Yoko?’”
The audience obliged.
KIMMEL CELEBRATES STRIKE VICTORIES
Oscars host Jimmy Kimmel’s opening monologue included the usual jabs at the Hollywood elite with a reference to best supporting actor nominee Robert Downey, Jr.’s history of drug abuse and joking that Barbie co-stars Margot Robbie, who was snubbed for a best actress nomination, and Ryan Gosling, who is nominated for best supporting actor, had already won “the genetic lottery.”
He also celebrated the end of a difficult year in Hollywood, where strikes by actors and writers halted production of movies and television for months.
“Actors no longer have to worry about getting replaced by AI thanks to this historic agreement. Actors are now able to go back to worrying about being replaced by younger, more attractive people …
“This long and difficult work stoppage taught us that this very strange town of ours, as pretentious and superficial as it can be, at its heart is a union town. It’s not just a bunch of heavily Botoxed, Hailey Bieber smoothie-drinking, diabetes prescription-abusing, gluten-sensitive nepo babies with perpetually shivering Chihuahuas. This is a coalition of strong, hard-working, mentally tough laborers, women and men who would 100% sure die if we even had to touch the handle of a shovel.”
Mr. Kimmel, hosting the show for the fourth time, opened the ceremony by complimenting, and taking jabs at, many of the nominees and their films.
The comedian praised Barbie, the pink-drenched doll adventure, for remaking a “plastic doll nobody even liked anymore” into a feminist icon.
Before the film, there was “a better chance of getting my wife to buy our daughter a pack of Marlboro Reds” than a Barbie, Mr. Kimmel said on the broadcast, which was shown live on the US ABC network.
Mr. Kimmel said many of this year’s movies were too long, particularly Martin Scorsese’s 3-1/2-hour epic Killer of the Flower Moon about the murders of members of the Osage Nation in 1920s Oklahoma.
“In the time it takes you to watch it, you could drive to Oklahoma and solve the murders,” Mr. Kimmel joked.
Late in the show, Mr. Kimmel read aloud from a scathing online review of his performance as host, disclosing at the end that it was written by former US President Donald Trump.
“Has there EVER been a WORSE HOST than Jimmy Kimmel at The Oscars,” Mr. Trump posted on his Truth Social social media platform, also criticizing the show as “Disjointed, boring, and very unfair.”
Talk show host Mr. Kimmel, who’s long feuded with Mr. Trump, jokingly asked the audience to guess which former president had written the post, and then quipped: “Thank you, President Trump. Isn’t it past your jail time?” — Reuters
Full list of Oscar winners at the 96th Academy Awards
LOS ANGELES — The following is a complete list of Oscar winners at the 96th Academy Awards on Sunday, presented at a live, televised ceremony from Hollywood.
Best Picture:Oppenheimer
Best Actor: Cillian Murphy, Oppenheimer
Best Actress: Emma Stone, Poor Things
Best Director: Christopher Nolan, Oppenheimer
Best Supporting Actor: Robert Downey, Jr., Oppenheimer
Best Supporting Actress: Da’Vine Joy Randolph, The Holdovers
Best Adapted Screenplay: American Fiction
Best Original Screenplay:Anatomy of a Fall
Best Animated Feature Film:The Boy and the Heron
Best Animated Short:War is Over! Inspired by the Music of John & Yoko
Best International Feature:The Zone of Interest, United Kingdom
Best Documentary Feature:20 Days in Mariupol
Best Documentary Short: The Last Repair Shop
Best Original Score:Oppenheimer
Best Original Song: “What Was I Made For?,” Barbie
Best Sound:The Zone of Interest
Best Production Design: Poor Things
Best Live Action Short:The Wonderful Story of Henry Sugar
LISTED fastfood chain Jollibee Foods Corp. (JFC) said it is planning to raise up to P8 billion through a preferred shares offering, with a portion earmarked for repaying financial obligations.
The company’s board approved the plan to offer and issue five million preferred shares with an oversubscription option of up to three million preferred shares at P1,000 apiece, JFC said in a stock exchange disclosure on Monday.
“These will be cumulative, nonvoting, nonparticipating, nonconvertible, redeemable, peso-denominated perpetual preferred shares,” the company said.
“The dividend rate and other terms of the planned additional preferred shares will be determined at the time of pricing of the offering,” it added.
The offer is still subject to approval by the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange.
According to JFC, the funding transaction seeks to “maintain strong capital structure, robust leverage position, and optimize liquidity by managing maturities of financial obligations.”
“A portion of the net proceeds from the offering will be used to refinance financial obligations including JFC’s callable Series A Preferred Shares, which is due in October 2024 and for other general business purposes,” it said.
The recently approved offer will be the second tranche of JFC’s 20 million preferred shares shelf registration approved by the SEC in September 2021.
“The second tranche preferred shares will come from the reclassification of the existing authorized and unissued common shares of JFC, thus not expanding the total number of authorized shares in its equity base,” the company said.
“The preferred shares issuance will also not affect the current cash dividend policy and its implementation i.e., 33% of net income attributable to common equity holders of the parent company,” it added.
BPI Capital Corp., Chinabank Capital Corp., and BDO Capital & Investment Corp. will be jointly underwriting the offer.
JFC operates 6,885 stores across the world as of end-2023, higher by 6.3% compared to the prior year.
Broken down, the company has 3,339 stores in the Philippines and 3,546 stores in other countries.
JFC’s international stores include 567 in China, 389 in North America, 337 in Europe, Middle East, and Africa, 779 with Highlands Coffee mainly in Vietnam, 1,164 with Coffee Bean & Tea Leaf (CBTL), and 310 with Milksha.
The company’s largest brands by store outlets worldwide are Jollibee at 1,660, CBTL at 1,164, Highlands Coffee at 779, Chowking at 613, and Mang Inasal at 573.
On Monday, JFC shares fell by 1.52% or P4 to P260 apiece. — Revin Mikhael D. Ochave
CONCERT REVIEW + – = ÷ x Tour (The Mathematics Tour)
Ed Sheeran
March 9
SMDC Festival Grounds, Pasay City
GRAMMY-winning singer-songwriter Edward Sheeran, better known as Ed Sheeran, performed the last stop of his The Mathematics Tour in Southeast Asia in Manila last Saturday at SMDC Festival Grounds with a crowd of more than 50,000 Filipino Sheerios in attendance.
The Mathematics Tour is a testament to Mr. Sheeran’s diverse musical prowess as an entertainer. Despite being only accompanied by his guitars and a loopback station, he can sell millions of tickets because of his sheer talent. He is the perfect example of “less is more,” eschewing the grandiosity of typical concerts and focusing on what he can do the best instead: singing about what millions of fans are feeling.
During the four-hour concert on March 9, the British singer was joined by his opening acts: fellow Brit Calum Scott and Filipino ensemble Ben&Ben. The relationship between the three acts was evident from the get-go: Their taste for soulful ballads and lyricism. It was no surprise Mr. Sheeran chose the two acts to accompany him as they all share a penchant for moving words that tug at your heart. The hours spent waiting to hear them sing live were well worth it, as they all delivered performances that saw the audience singing along with.
CALUM SCOTT FEELS THE MANILA HEAT
Mr. Scott opened the concert with his newest single, “Lighthouse,” rousing the crowd with his electric yet vulnerable performance. This was followed by “At Your Worst,” a funky song that made the audience want to dance. A collaboration with fellow Brit DJ Jax Jones, “Whistle,” was an EDM piece that energized the otherwise tired crowd.
While he was in the middle of his set, Mr. Scott — who was wearing a sage suit — remarked on the city’s humid weather. Despite being his third time performing in the country, this was the first time that Mr. Scott performed in an open venue as the opening act.
Towards the end of his set, Mr. Scott sang “You Are the Reason.” He said that he, Jon Maguire, and Corey James Sanders never thought this song would be as popular as it turned out to be as it is a “simple dedication of love from one person to the other.” It has garnered over a billion streams on the music platform Spotify since its release eight years ago.
The song that kicked off his career was the last one in his eight-song list, “Dancing on My Own,” a cover of Swedish singer Robyn’s song of the same name. He added a twist, however, incorporating Whitney Houston’s 1987 hit “I Wanna Dance with Somebody.” In 2016, Mr. Scott competed in Britain’s Got Talent, earning the Golden Buzzer from Simon Cowell for his performance of the song.
BEN&BEN’S DREAM COME TRUE
Following Calum Scott onstage was the nine-piece Filipino indie folk-pop ensemble, Ben&Ben. A true Filipino favorite, the group said how surreal it felt to be opening for one of their inspirations as musicians.
The crowd roared at the opening guitar riff for “Pagtingin,” then sang their hearts out. Ben&Ben then played “Sa Susunod na Habang Buhay,” an honest testament to the “the one that got away” trope. A moving performance of “Leaves” followed, reminding the audience that “all will be all right in time.”
Of course they had to perform “Kathang Isip,” the song that first brought the group to everyone’s attention in 2017. With more than 200 million plays on Spotify, the song is about sincere longing for someone. Urging attendees to use their flashlights, the ensemble sang together on an inspirational performance of “Araw-Araw” to end the band’s setlist.
They were able to captivate a crowd who knew them well, showing exuberance that they were opening for Mr. Sheeran. While there were foreigners in the audience, the local band appeared to have captured their hearts as they were also seen swaying along to the music.
ED’S THIRD TIME IN MANILA
The four-time Grammy winner’s last visit to Manila was in 2017 for his ÷ Tour. Remarking that the Filipino crowd is the loudest he has performed for, Mr. Sheeran promised he wouldn’t wait another seven years to visit the country again and said that Manila holds a special place in his heart.
Two Sheerios in the audience, Jilliane and Chelsea, were seeing Mr. Sheeran for the first time. For them, it was an amazing experience, and the wait was well worth it. Chelsea talked about her experience in getting a concert ticket, and said that the effort of moving mountains to be present, was worth it as it was a dream come true to see her idol live.
For more than two hours, the Halifax native played more than 30 songs for the crowd. He started out with “Tides,” a song that narrates his ever-changing life, from his youth to now being a father to two daughters.
A staple in all his shows, he was accompanied by a loop station. “Everything you hear tonight is completely live, there is no backing track, whatsoever,” he assured the audience
While other pop stars are known for their glitzy costumes and backup dancers, Mr. Sheeran wore the Manila edition of his tour T-shirt, black denim pants, and a pair of sneakers. Completely alone on stage with his guitar, he still managed to electrify the crowd, urging people to scream out the lyrics to his popular songs.
The singer recalled how Filipinos welcomed him in 2015 for his X Tour, and called Filipino Sheerios as the “most crazy” fans he met as he was welcomed with great enthusiasm.
Mr. Sheeran is known to stay faithful to his set list during his tours. However, for the Manila leg, he performed a special serenade for the crowd — “Lego House” from his first album, +, in 2011. The song’s music video features Harry Potter star Rupert Grint (he played Ron Weasley) who bears a striking resemblance to Mr. Sheeran.
“Thinking Out Loud,” “Love Yourself,” “Photograph,” “Tenerife Sea,” “Happier,” and “Perfect” made up the “sing-along session” of the concert. Hit after hit — the “songs your grandma may know” said the singer — fulfilled every Sheerio’s dream of hearing Sheeran’s most popular tunes live.
While some audience members may have found his use of a rotating stage dizzying, the Brit superstar dazzled the Filipino. Their love for Mr. Sheeran is a testament to their appreciation of well-thought-out lyrics and raw talent. Ranging from love songs, longing for our youth, losing someone dear, and being hopeful for the future, Mr. Sheeran’s songs resonate with people across all generations
Towards the end of his set, Mr. Sheeran called Ben&Ben’s lead vocalists, twins Miguel and Paolo Benjamin Guico, back onstage to sing their hit “Maybe the Night” together. It was spectacular seeing one of the world’s biggest stars singing original Pilipino music, animating the crowd.
“You’ve been a huge blessing and inspiration to so many musicians and fans, us included! This will forever be deep within our core memories,” said Miguel Guico on his Instagram account after the concert.
The rest of the audience is sure to share his sentiments.
It being Women’s Month this March, we at the Management Association of the Philippines (MAP) are happy we now have a diverse Board of Governors, with not just a few women but almost an even number of men and women serving on the board. At the Institute of Corporate Directors (www.icd.ph), we also have women on the board. And so, we count the successes we have made in instilling consciousness about diversity not only in the workplace, but in the boardroom as well.
In public companies, especially the related conglomerates, we still need to achieve the goal of 20% of seats going to women as it still stands at 17%. This means there is much work to be done by our organization, NextGen Organization of Women Corporate Directors or NOWCD (www.nowcdphils.com), to encourage companies to become more inclusive and diverse.
But we have come a long way, baby, as the 1970s cigarette ads used to say.
Time was when board rooms meant men in black suits, smoking cigars, and leafing through annual reports. Today, we see younger men, career women, and specialists in technology or digital finance being invited to sit on boards. I am one of the lucky ones who was invited by a renewable energy company to sit on its board as an independent director. The professionals on the board recognized my experience in sustainability, which led me to the board room, and not because of any audit or finance expertise.
And this is why I encourage women who are in the C-suite to think about their next step, and that is to join a board, not just in organizations but in publicly listed companies. One can, of course, start with advisory boards, using your expertise or experience to add spice to the discussions and plans of the organization. Another way is to start and be active in NGOs or non-profits so you can have varied experiences of how boards are run. I was lucky to have served in the Peace and Equity Foundation (www.pef.ph) for several terms, and I was exposed to endowments, social development work, and people who were of the same mindset to serve the poor and underserved. What an enriching experience it was!
I was also tapped by the Women’s Center of the Technical Education and Skills Development Authority (better known as TESDA), to serve on its Advisory Board. This was another enriching journey to empower women through Technical and Vocational Education and Training (TVET). It is not a business, but an educational institution that makes more women employable and arms them with skills for career advancement. This was another enriching exposure, not to businesspeople but to professionals, educators, and civil servants. It was also an education on how government works, which is a little different from how regular business functions. You will need to understand the law, the mandate of the institution, and it becomes a learning experience for a private individual, like myself.
It has truly been a long time since I was the lone woman Governor in MAP, as more women were elected to be governors in the last few years. I was the only woman back then, but I value those years when my colleagues and I discussed national issues at board meetings. I felt very privileged to hear from seasoned corporate executives on how MAP could help change the country through our activities. And that continues today, with MAP representing the voice of business, and being the voice of business in proactively pushing the government to act on the important issues of the day.
In the coffee front, we at ASEAN Coffee Federation (www.aseancoffee.org) have women on our Board even if coffee used to be very male dominated. Today, there are women roasters, traders, processors, and farmers, of course. In fact, women coffee farmers make up most pickers and sorters of coffee, a tedious job men do not really like to do or get bored doing. For women, coffee sorting is therapy and a good quiet way of earning a living.
Globally we have the International Women’s Coffee Alliance or IWCA (www.womenincoffee.org) in 43 countries that produce and consume coffee. Here in the Philippines, we established a chapter in 2012 and soon our ASEAN sisters followed suit. So, today we have chapters of IWCA in Vietnam, Indonesia, and Myanmar. There also are chapters in Australia, Japan, and Korea.
The women-focused economic organizations in the country have also formed an alliance, or umbrella network, called the Philippine Women’s Economic Network (PhilWEN), composed of the young women entrepreneurs in the Network for Enterprising Women (NEW), the female CEOs in the Filipina CEO Circle, the business and professional women in Business and Professional Women-BGC, the Samahan ng mga Pilipina para sa Reporma at Kaunlaran or Spark, and NOWCD. PhilWEN is able to get international partners who also work on diversity and inclusion, such as Investing in Women of Australia, Oxfam, GIZ, and soon USAID.
The only other thing we need is probably a Ministry for Women and Children, like in other ASEAN states such as Cambodia. But it will not be too far off. Who would have thought we would have the Department of Information and Communications Technology (DICT) in this century, or the Department of Migrant Workers (DMW)? A ministry for women’s concerns may be a legacy the present Administration can bequeath to the next dispensations. After all, our First Lady knows the law and she can be a good influence to drive women’s concerns forward. Finally, a good senator and a progressive congresswoman will make sure the law is passed. After all, we are half the population, and we compose more than half of the MSMEs which drive the economy.
Yes, women have made big strides in pushing for diversity and inclusion. It is not about being equal. It is about optimizing the strengths of women and making sure we leverage the use of women’s talent and prowess which are, if I may say so, natural gifts women are born with.
Happy Women’s Month!
Chit U. Juan is co-vice chair of the Management Association of the Philippines’ Environment Committee. She was the chair of the Asean Women Entrepreneurs Network (AWEN) from 2016-2018 and is now a PhilWEN trustee and member of AWEN’s Advisory Council. She is also 1st vice-president of the ASEAN Coffee Federation.
LISTED property developer Cityland Development Corp. announced on Monday its City North Tower project along North Avenue in Quezon City.
“City North Tower… will rise in the bustling commercial and business district of Quezon City,” the company said in a statement.
The 50-storey condominium project, which will be located across the future common station of Metro Rail Transit (MRT) Line 7, MRT 3, Light Rail Transit Line 1, and Metro Manila Subway, will have commercial, office, and residential units.
“It is just walking distance from Quezon City’s biggest malls SM North EDSA and TriNoma, banks, restaurants, government offices, and other places of interest, thus making it an ideal place of total living comfort and convenience,” Cityland said.
The City North Tower will have amenities such as swimming pool, multipurpose room with movable play set, gym, and viewing deck.
The project’s residential segment will offer studio, one-bedroom, and two-bedroom units, the company said.
In September last year, Cityland announced the turnover of its 40-storey 101 Xavierville condominium project along Xavierville Avenue, Barangay Loyola Heights in Quezon City.
The property, launched in 2018, is a commercial and residential condominium that has studio, one-bedroom, and commercial units. It caters to students, young professionals, and couples starting a family.
Cityland’s projects consist of medium to high-rise office, commercial, residential condominiums, residential subdivisions, and farm lots. — Revin Mikhael D. Ochave
TO culminate the first edition of Puregold’s CinePanalo Film Festival, the six full-length films and 25 short films that were given film grants will be screened from March 15 to 19 at the Gateway Cinemas in Araneta City, Quezon City. All films follow the theme “Mga Kwentong Panalo sa Buhay.” The six full-length films are: Kurt Soberano’s Under the Piaya Moon; Eugene Torres’ One Day League: Dead Mother, Dead All; Sigrid Bernardo’s Pushcart Tales; Raynier Brizuela’s Boys at the Back; Joel Ferrer’s Road to Happy; and Carlo Obispo’s A Lab Story. For more details on the festival’s run, visit Puregold and Gateway’s social media pages.
Apl.de.Ap, Sandara Park collaborate on new single
TWO superstars with Filipino backgrounds — Filipino-American Black Eyed Peas legend Apl.de.Ap and 2NE1 K-pop icon Sandara Park — have joined forces on a single called “2 Proud,” also marking their first collaboration together. Produced by long-time BEP music director Keith Harris, the track blends pop and hip-hop. “It’s been a long time coming for Sandara and I. Both of us grew up partly in the Philippines so to have been able to connect for the first time was a kind of magic,” Apl.de.Ap said. The song is out now on digital streaming platforms.
FDCP celebrates women’s month with Cine Filipina
THE FILM Development Council of the Philippines (FDCP) has revealed the lineup for this week’s Cine Filipina, a festival of women-centered films and film talks at FDCP Cinematheque Centers nationwide. The films include era-defining Filipino classics by National Artist for Film Marilou Diaz-Abaya — Brutal, Karnal, and Moral — as well as contemporary films that portray new generations of women, like Liway by Kip Oebanda and Maria by She Andes. There will also be films from Cannes-winning filmmaker Céline Sciamma and Academy Award-nominated director Joachim Trier. Some screenings will be free while some cost P150. Cine Filipina runs from March 12 to 23. Visit the FDCP’s social media pages for the full schedule.
PJ Morton releases first single from new album
ON the heels of winning his fifth Grammy Award, PJ Morton’ recently released “Please Be Good,” a single that teases his upcoming album made entirely in Africa. The record features collaborations with dozens of musicians from across South Africa, Nigeria, Ghana, and Egypt. “Please Be Good” features Nigerian producer P.Priime, known for Afrobeats and hip-hop, which are new sonic directions for PJ Morton. The song is out now on all streaming platforms.
CCP Cine Icons to hold first anniversary screening
THE CINE Icons program of the Cultural Center of the Philippines (CCP) will be celebrating its first year this March with a screening of Joel Lamangan’s 1995 tragic crime-thriller, The Flor Contemplacion Story. The screening and talkback session will take place on March 15 at 1 p.m., at the GSIS Theater in Pasay City. The event is free and open to the public. An appropriate film for National Women’s Month, The Flor Contemplacion Story tells the story of a female overseas Filipino worker in Singapore who is accused of killing a fellow maid and the child under her care, and is sentenced to death. The Flor Contemplacion Story was written by National Artist Ricky Lee and Bonifacio Ilagan and stars National Artist Nora Aunor and the late Jaclyn Jose. Seats can be reserved atbit.ly/CCPCineIcons-TFCS-reg.
Alex Bruce drops new single
IN TIME for International Women’s Month, Alex Bruce has released a single titled “SWOOSH,” a bass-heavy hip-hop track with an uplifting message. Initially penned for international activewear brand NIKE, it is meant to embody the brand’s tagline, “Just Do It!,” in every aspect of life. “It’s more than just a song in a way; it’s an anthem, a testament to the power of determination, self-belief, and seizing the moment,” Ms. Bruce said. The young rapper came up with the track with the help of producers GOODSON and SHAQUIRO. “SWOOSH” is out now on all digital music platforms worldwide via Sony Music Entertainment.
Disney+ to premiere Korean series Blood Free
THE UPCOMING Korean original series Blood Free, starring Ju Jihoon and Han Hyojoo, will premiere in the Philippines via Disney+. The thriller follows a former bodyguard, Woo Chaewon (Ju Jihoon), who is tormented by the mistakes of his past, and who finds himself working for Yoon Ja Yoo (Han Hyojoo), the CEO of a contentious lab-grown meat corporation. The two are linked by a past incident that changed both their destinies. Blood Free will be available on Disney+ on April 10.
“Notwithstanding the country’s sound macroeconomic fundamentals, concerns over subdued global economic growth and geopolitical risks continued to weigh on investors’ investment plans,” the BSP said in a statement on Monday.
