Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 2374

Dining In/Out (09/05/24)

Mid-autumn treats at Marco Polo Ortigas

MARCO POLO Ortigas Manila presents a Mid-Autumn Festival celebration at Lung Hin, the hotel’s Cantonese restaurant. From Sept. 1 to 17, Lung Hin offers a set menu for groups of five and 10 for the occasion. Guests can look forward to the Signature Peking Duck, and Chicken Consommé featuring Morel Mushrooms, Fish Maw, and Bamboo Pith. Other highlights of the set menu include the Baked Abalone Puff, and Roasted Goose with Mushrooms. The menu also features Wok-Fried Sea Conch with Shrimp and XO Sauce, and Sautéed US Beef Cubes with Foie Gras. Seafood lovers will like the Steamed Grouper Fillet with Parma Ham and Shiitake Mushrooms, and the Steamed Crab with Glutinous Rice, Pork, Dried Squid, and Shrimp. The meal can end with a seasonal fresh fruit platter. Lung Hin is also offering a collection of traditional mooncakes in gift boxes. There are boxes of one, four, and six mooncakes, with limited editions for the boxes of four and six. Flavors include classics such as White Lotus with Egg Yolk, Red Lotus with Egg Yolk, Red Bean with Egg Yolk, and Mixed Nuts. For inquiries, call 7720-7777.

New World Makati offers mooncakes

NEW WORLD Makati Hotel invites everyone to celebrate the Mid-Autumn Festival with their special mooncakes which are elegantly presented in boxes inspired by traditional Chinese wooden window grilles. The hotel’s handmade mooncake collection features six flavors that include three new variants. The new flavors are Dark Chocolate, Matcha, and Durian, while classic flavors are Red Bean, Red Lotus, White Lotus. Miniature versions are also available for guests to try. An individual box is P488, a box of four is P2,388, and a box of six is P3,888. Miniature mooncakes are P168 each, and a box of six is P988. A 20% discount is offered for purchases of 100 boxes or more, and a 10% discount is given to Club Epicure members and orders of 50 boxes. For inquiries, call 8811-6888 ext. 3679 or 0917-888-4194, or e-mail fbreservations.manila@newworldhotels.com.

Gordon Ramsay: now in the Philippines

GORDON RAMSAY Bar & Grill Philippines at Newport World Resorts is now open to the public following an exclusive ribbon cutting ceremony on Aug. 31. Theures British classics, perfectly grilled steaks, fresh market seafood, and an array of sides and desserts. These include Gordon Ramsay Fish & Chips (a battered Pacific grouper served with crispy fried potato fries), Gordon’s Signature Beef Wellington (a slice of beef tenderloin wrapped in a layer of mushroom and truffle duxelles, encased within a buttery pastry, served with creamed potato and drizzled with red wine jus). The Crispy Crab Cake & Sturia Oscietra Caviar is a balance of crisp and creamy crab cake topped with a poached egg and Hollandaise. Alongside the menu, the restaurant also hosts a bar offering high-end wines from around the world, sought-after spirits, and hand-crafted cocktails. The 400-square meter space features Spanish tiles, hand-laid wood panels and bricks, as well as bespoke Philippine-made furniture. Located on the 2nd floor of the Newport Grand Wing, the restaurant is open daily from noon to 3 p.m. for lunch and 6 to 10 p.m. for dinner; its dress code is smart casual. For more information and table reservations, visit www.newportworldresorts.com/grbg and follow @newportworldresorts and @gordonramsaybarandgrillph on Facebook and Instagram; and @newportworldresorts and @gordonramsayph on TikTok.

Celebrate Grandparents’ Day with Mang Inasal

MANG INASAL is honoring all lolos and lolas with Grandparents’ Day treats this September. From Sept. 1 to 15, visit any Mang Inasal store nationwide for combos featuring grandparents’ favorite dishes: two Palabok Solos for P129, two Extra Creamy Halo-Halos or Crèma de Leche Small for P119, and one Palabok Solo and one Extra Creamy Halo-Halo or Crèma de Leche Small for P129; with savings between P17 and P29. Mang Inasal Grandparents’ Day Treats are available for dine-in and takeout in all Mang Inasal stores nationwide. Visit  www.manginasal.ph for the latest news and https://manginasaldelivery.com.ph for delivery deals.

Cebu Pacific to open two domestic routes next month 

BW FILE PHOTO

BUDGET CARRIER Cebu Pacific, operated by Cebu Air, Inc., aims operate two new domestic routes next month to further boost its Iloilo hubs.

In a statement on Wednesday, Cebu Pacific said it will begin operating flights between Iloilo and Tacloban four times a week — on Tuesday, Thursday, Saturday, and Sunday — starting Oct. 27.

The airline will also launch flights between Iloilo and Zamboanga three times a week — on Mondays, Wednesdays, and Fridays — beginning Oct. 28.

“The addition of our new domestic routes from Iloilo aligns with our mission of making air travel accessible to a wider range of passengers,” said Cebu Pacific President and Chief Commercial Officer Alexander G. Lao.

To date, Cebu Pacific operates in 35 domestic and 26 international destinations across Asia, Australia, and the Middle East.

“We look forward to flying more Juans across our growing interisland network and better enabling them to discover the beautiful islands of the Philippines,” Mr. Lao said.

For the year, the company has initially set a target of 24 million passengers, significantly higher than its 2023 passenger volume.

In 2023, Cebu Pacific flew over 20 million passengers and operated more than 140,000 flights, representing increases of about 41% and 30%, respectively, from the previous year.

In the second quarter alone, Cebu Pacific carried a total of six million passengers, its highest quarterly passenger count in its history, the airline said.

The company also reported a significant increase in its cargo business, transporting nearly 36 million kilograms of cargo from April to June.

For 2024, Cebu Pacific expects to receive 17 aircraft, with 10 already having arrived at Ninoy Aquino International Airport.

The company has agreed to purchase up to 152 Airbus aircraft, with finalization expected by the third quarter. These aircraft are scheduled to be delivered starting in 2028. — Ashley Erika O. Jose

Arts & Culture (09/05/24)

Lecture on Khmer ceramics at the National Museum

THE National Museum of the Philippines will be holding a lecture on Khmer ceramics, led by Dr. Yukitsugu Tabata of Waseda University in Japan. On Sept. 5, 1:30 p.m., at the Ayala Room, National Museum of Anthropology, Manila, Dr. Tabata will share his expertise in ceramics through a talk titled “Introduction to the Khmer Stoneware: The Oldest Stoneware Industry in Southeast Asia.” Admission is free but registration is required via https://bit.ly/NMP-Lecture-Khmer-Ceramics.

Intramuros to celebrate its first-ever fiesta

THE historic Walled City of Manila, Intramuros, is set to celebrate the first-ever Fiesta de Intramuros on Sept. 8. This honors the feast day of Nuestra Señora de la Consolación y Correa, whom the Manila City Council, through its Resolution No. 496, series of 2024, has declared as the official patroness of Intramuros and bestowed the title Queen and Protectress of the Distinguished and Ever Loyal City. San Agustin Church in Intramuros houses the original canonically crowned image of Nuestra Señora de la Consolación y Correa, who has been a silent witness to the Walled City’s rich history for almost 400 years and is the only Marian image continuously venerated within Intramuros. The Fiesta Hispano-Filipino cultural night on Sept. 6 will feature performances that highlight the fusion of Spanish and Filipino cultures, while the Dulce Septiembre (Sweet September) Bazaar will offer visitors a showcase of sweet treats from local food vendors along General Luna St. in Intramuros on all weekends of September.

Curator Daisy Nam to hold talk in Manila

DAISY NAM, California College of the Arts (CCA) Wattis Institute for Contemporary Art Director and Curator, will discuss the process of selecting, organizing, and presenting art in different places and spaces in a free public lecture on Sept. 10, 3 p.m. The talk will walk the participants through Nam’s strategies in developing exhibitions, commissions, and teaching programs, as well as fundraising and donor cultivation. It is free and open to the public and will be conducted at the 8th Floor Learning Commons of the DLS-CSB Design + Arts Campus, 950 Pablo Ocampo St., Malate, Manila. Interested participants may register through tinyurl.com/MCADDaisyNam.

Cellist Damodar Das Castillo set for send-off concert

THE MiraNila Heritage House & Library will be the venue of Strings of Gold: Send-off Concert of Cellist Damodar Das Castillo on Sept. 19, 6 p.m. Aside from the cello prodigy, the concert will also feature concert pianist Mariel Ilusorio playing on MiraNila’s newly restored Steinway 1904 grand piano, considered rare in the Steinway & Sons catalog. Mr. Castillo’s repertoire is a blend of classical music for cello by Bach and Chopin with popular classical pieces by Nicanor Abelardo, Henry Mancini, and Richard Rogers. It will conclude with a cello concerto by Dvořák, one of the numbers that allowed Mr. Castillo to make his mark on the international competition circuit. Tickets cost P1,500 and are available by messaging 0927-277-6335 (Robeen Manalo). Guests are requested to wear soft-soled shoes as these are kinder to old floors. MiraNila Heritage House & Library is located at 26 Mariposa St., Brgy. Bagong Lipunan, Crame, Quezon City.

Película>Pelikula Spanish Film Fest poster exhibit

INSTITUTO Cervantes de Manila is putting up What is a Filmfest Like You Doing in a City Like This?! Posters of Película>Pelikula Spanish Film Festival, an exhibition celebrating the visual history of the Manila Spanish Film Festival. Running from Sept. 5 to Oct. 31 at Instituto Cervantes Manila in Intramuros, this exhibit offers a glimpse into the creative evolution of the festival through its iconic posters. For its 23rd edition this year, the old posters and other graphic collaterals highlight the artistic expressions that have defined each edition, capturing the essence of Spanish and Latin American cinema over the years. The exhibition will also be showcased at Shangri-La Plaza Mall, the main venue of the film festival, which runs from Oct. 5 to 13.

Baylan of Mount Kalatungan exhibit at National Museum

THE National Museum of the Philippines (NMP) has launched an exhibition titled The Baylan of Mount Kalatungan at Gallery 1 of the National Museum of Anthropology. The photographic and illustrative exhibit tells the story of the sacred sites and deities of Mount Kalatungan in Bukidnon. It aims to shed light on the people and places that form the final vanguard of environmental protection — the Talaandig Manobo indigenous people who call the forests in the mountain their home. The Baylan of Mount Kalatungan opens on Oct. 11.

Sari-Sari at ARTablado

FOUR artists who are friends are holding an exhibit titled Sari-Sari at Robinsons Land ARTablado. Names after the quintessential Filipino convenience store, this exhibition brings together the unique styles and perspectives of four artists — Sarah Liuson-Ongsun, Joanne Cariaso-Gacayan, Cher Cabula-Mendoza, and Nina Tolentino-Hidalgo — each contributing their distinct voice to create a rich, eclectic mix of art, all done in watercolor. Sari-Sari is on view until Sept. 15 at Robinsons Land ARTablado, Level 3 of Robinsons Galleria, Ortigas Center.

National Artist Kidlat Tahimik at Mactan airport

THE Mactan-Cebu International Airport (MCIA) is now home to the works of National Artist Kidlat Tahimik (a.k.a. Eric Oteyza de Guia). His art installations were unveiled at the International Departures Area of Terminal 2. Crafted from wood and stone, the works depict stories of Magellan’s historic expedition to Cebu, including the legendary figure of Lapu-Lapu.

Mind Museum launches unlimited pass

THE Mind Museum has launched the Unlimited Science and Arts Pass (USAP), an offering that provides an immersive, year-long experience where science and art converge. With USAP’s Group Membership option, families and friends can enjoy all the benefits of USAP together at a discounted rate. Families can take advantage of birthday perks that include discounts on Birthday Party packages. USAP includes free access to Playtales for kids aged seven and below. USAP also offers special discounts on The Mind Museum’s Educational Programs. USAP members receive free admission to over 300 international science museums via the Association of Science Technology Centers (ASTC) Passport Program. USAP members can also take advantage of discounts on BGC Arts Center’s flagship programs. The USAP is exclusive to the registered individual and is non-transferable, and membership is valid for one year from the activation date. A valid USAP card and ID must be presented to avail of any benefits. An Individual Membership costs P3,000 per person (child/adult), while a Group Membership is P2,750 per person (child/adult) for a minimum of two members. The USAP can be purchased on-site or online at https://www.themindmuseum.org/buy-tickets.

Manny Baldemor art on UNICEF Christmas cards

UNICEF Philippines ushers in the start of the Christmas season with the joyful art of Pinoy folk artist Manuel “Manny” Baldemor who is this year’s featured artist for UNICEF Christmas Cards. An artist from Paete, Laguna, Baldemor is renowned for his paintings, wood prints, and wood carvings featuring simplified geometric forms and folk art characters.  He has been a part of the UNICEF Cards roster of artists since the 1990s. The 2024 limited-edition UNICEF Cards feature four artworks from Baldemor’s collection: Pasko sa Aming Bayan (1992), Christmas Lanterns Festival (2006), Graces from the Land (2008), and Pasko ng Pamilya Pilipino (2024). Get one box set of UNICEF Cards for every P1,000 donation to the organization and receive 12 individual cards featuring Baldemor’s four artworks. Go to https://donate.unicef.ph/ to get a set of UNICEF Christmas Cards.

REP, Bristol Old Vic Theatre School’s Bridge Project

REPERTORY Philippines (REP) has announced that it has forged a partnership with the Bristol Old Vic Theatre School for REP’s Bridge Project program that will bring UK conservatoire training to Manila in 2025. The Bristol Old Vic Theatre School is one of the most successful and well-respected drama schools in the UK, attracting students internationally and known in the industry as a benchmark of quality in professional acting, technical, production and stage management training. Some of its many notable alumni include Jeremy Irons, Patrick Stewart, Daniel Day-Lewis, and Olivia Colman. Alumnus director Victor Lirio helmed and designed REP’s Bridge Project as a collaborative congress for Filipino theater practitioners in the Philippines, UK, and US.

Bo’s Coffee eyes 50 new outlets by 2025

BO’S COFFEE FACEBOOK PAGE

HOMEGROWN coffee brand Bo’s Coffee expects to open 35 new outlets this year and 50 more next year, according to its founder.

“As far as the company is concerned, we (will be) able to grow by 35 stores by the end of this year; and next year, we are looking at 50 stores,” Bo’s Coffee Founder and Chief Executive Officer Steve D. Benitez said on the sidelines of the Franchise Asia Philippines 2024 International Conference on Monday.

Founded in the Philippines, Bo’s Coffee has expanded its operations to include a growing number of outlets both locally and internationally.

He said that the company’s growth is mainly driven by franchising, and its capital expenditure will be focused more on the commissary and support systems.

If realized, the additional stores will bring the brand’s total number of locations to 160 by the end of the year and over 200 by 2025. Thirty percent of these will be company-owned outlets.

The brand is also expanding operations in Doha and Dubai.

 “We will have 16 stores by the end of this year in Doha and four in Dubai. Two are operating in Dubai, and 14 stores are already open in Doha,” he said.

“We are talking to other partners, and Canada is on the table… But it is going to be a five-year plan, so it is like a rollout of 10 stores in 10 years or 12 stores in 10 years,” he added. — Justine Irish D. Tabile

62 years strong: Metrobank commits to remain a partner in growth

Metropolitan Bank and Trust Co. (Metrobank) continues to serve as a trusted financial partner to Filipinos and thousands of businesses in its 62nd year. As it celebrates its founding day this Sept. 5, Metrobank reaffirms its commitment of helping individuals and businesses grow by realizing their goals and reaching their full potential.

A vision for growth

Founded by Dr. George S.K. Ty on Sept. 5, 1962 to help businesses grow by establishing a bank that can provide funding and support, Metrobank became a trusted financial partner for individuals and enterprises of all sizes through the relevant financial products and services it offers its clients.

With the Bank’s products and services, thousands of clients have turned their dreams into reality — whether it’s a young entrepreneur starting a business, a family buying its first home, or a company expanding its operations and reach.

Metrobank’s wide range of services — across retail banking, corporate banking, investments and leasing, among many others — uphold its commitment of being its clients’ trusted financial partner.

Breaking records

Proof of its financial strength is its net income, which has grown from strength to strength. Metrobank posted a record first-half income of PHP23.6 billion this year, supported by robust asset expansion, stable margins and well-managed cost growth and healthy asset quality.

With total consolidated assets expanding to PHP3.3 trillion, Metrobank has maintained its position as the country’s second largest private universal bank.

At every customer touchpoint

Metrobank has also expanded its reach with over 950 domestic branches, more than 2,300 ATMs and above 30 foreign branches, subsidiaries and representative offices.

And with the drive to address changing consumer behavior and rising digital adoption, the Bank has rolled out more digital channels to cater to customer needs.

Recognized globally

Also demonstrating Metrobank’s strength and reliability as a partner for growth are the numerous awards it garnered for its excellent service. It was hailed as the Most Recommended Retail Bank in the Philippines by The Asian Banker during the publication’s recent Global Excellence in Retail Finance Awards.

It was also recognized as the Best Bank for Corporate Responsibility at the Euromoney Awards for Excellence 2024, Best Bank for Ultra-High-Net-Worth at the Euromoney Global Private Banking Awards 2024, and the Best Asset Manager for the Philippines at the Citywire Asia Asean Awards. The Bank’s Grow With Metrobank video campaign that was inspired by the many true stories of how it helped clients and communities thrive and achieve their aspirations received the Gold Stevies at the 21st Annual International Business Awards.

A catalyst for growth

Beyond providing banking services to its customers, Metrobank contributes to nation-building and growth by providing capital to businesses that align with the Bank’s sustainability strategy, which has five focus areas, such as Sustainable Development Goals 1 (poverty eradication), 2 (zero hunger), 4 (quality education), 8 (decent work and economic growth) and 9 (industry, innovation and infrastructure). By focusing on these areas, the bank is helping achieve a sustainable future and long-term success for businesses and the society.

Metrobank is also a responsible partner for growth as it empowers communities through the Metrobank Foundation, Inc. (MBFI). Through MBFI, the Bank supports various programs on education, visual arts, and health aimed at driving positive change toward nation-building.

The MBFI also recognizes individuals for their exemplary service and long-lasting positive impact in key service sectors, such as the academe, military, and police through the Metrobank Foundation Outstanding Filipinos Awards every year.

Through its employee volunteerism arm Purple Hearts Club, Metrobankers are actively helping communities by taking part in disaster and relief efforts, and initiatives on education, health, community assistance and livelihood.

Metrobank is committed to remain a partner for growth that helps customers, Metrobankers, and communities achieve their goals and thrive in the years to come.

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Venice Film Festival: From 007 to Queer, Daniel Craig breaks the mold

Daniel Craig and Drew Starkey in a scene from Queer. — IMDB

VENICE — In a clear break from his James Bond past, Daniel Craig brought his latest role to the Venice Film Festival on Tuesday, playing a drug-addicted gay American in Luca Guadagnino’s new movie Queer.

The womanizing of the debonair Bond is long gone as Mr. Craig’s character, often drunk and disheveled, falls for a younger man in 1950s Mexico, with intimate love scenes between the two men that are likely to cause a buzz in the cinema world.

However, Mr. Craig, 56, said he wasn’t worried if the sometimes-explicit sex sequences made headlines.

“I don’t think about it. No, I mean, what’s the point? You know, I can’t control it,” Mr. Craig told Reuters.

Mr. Guadagnino, who won international recognition with his 2017 gay coming-of-age story Call Me by Your Name, said he hoped the public would look beyond the sex.

“I think Daniel has been so beautifully naked in terms of the soul in this movie that this is going to be the thing that people will connect with, no matter how naked he is on the screen,” the Italian director said.

Mr. Craig made five Bond films, the last, No Time To Die coming out in 2021, but he said he had long hoped to work with Mr. Guadagnino, swapping the big-budget blockbuster for a small-scale indie production shot entirely in a Rome studio.

“I just wanted to work with him for so long. … I met him 20 years ago, yeah, nearly, yes, and we always said we’d work together eventually …, and we did,” he said.

Mr. Craig’s wife, the British actor Rachel Weisz, arrived with him in Venice and was expected to be on the red carpet later on Tuesday for the world premiere of Queer.

His character William Lee lives a solitary life in Mexico City, cruising the bars and knocking back hard liquor, before he becomes infatuated with a quiet bisexual, played by Drew Starkey, who joins the seedy US expat community.

Mr. Craig said he and Mr. Starkey did movement and dance classes together to gain greater intimacy.

“It broke the ice with the two of us,” Mr. Craig said. “We worked very hard together and so we just sort of threw ourselves into it, into kind of, you know, into the whole thing.”

The film is based on an unfinished novel by the US author William S. Burroughs, with Mr. Guadagnino and his screenwriter Justin Kuritzkes giving the story a conclusion, leading the two characters into the jungle in search of a hallucinogenic drug.

“It was a long time in the wishing. You know, I read the book when I was 18,” Mr. Guadagnino said, adding that he bought the rights to the work just two years ago.

“So something that was really a wish for 33 years became a movie that happened in six months.”

Queer is one of 21 movies competing for the prestigious Golden Lion award at the Venice Film Festival, which will be awarded on Sept. 7. — Reuters

ALLHC eyes completion of 2nd cold storage facility in Cebu by Q3 2025

LISTED AyalaLand Logistics Holdings Corp. (ALLHC) recently broke ground on a new cold storage facility in Consolacion, Cebu as part of its network expansion.

The new ALogis Artico Consolacion is scheduled for completion by the third quarter of 2025 and will be the company’s second facility in Cebu following the addition of ALogis Artico Mandaue in 2022, ALLHC said in an e-mailed statement on Wednesday.

The new facility will expand ALLHC’s cold storage capacity by 6,000 pallets. It will include 16 cold storage rooms with temperatures ranging from 5°C to -25°C, and a processing room.

“Our focus is on meeting the rising demand for dependable modern cold storage solutions, which are vital for the preservation of the quality of perishable goods to reduce food waste and post-harvest losses,” ALLHC Chief Operating Officer Patrick John C. Avila said.

“By investing in this facility, we are not only broadening our capabilities, but also ensuring that we can provide our clients with various locations that can meet their needs,” he added.

The facility is accessible via the Cebu-North Coastal Road and is near key transportation hubs, including Mactan-Cebu International Airport and Cebu Port.

“The population of Cebu is tremendously multiplying. Within five years, it is going to double. Logistics is very important, and I do hope that with the opening of this facility, this will lead to more investments that will be complementing the needs of the people,” Consolacion town Mayor Teresa P. Alegado said.

ALLHC said the new Cebu cold storage facility will be registered with the National Meat Inspection Service (NMIS), Board of Investments, Bureau of Fisheries and Aquatic Resources, and the Bureau of Plant Industry to ensure compliance with food safety and quality standards.

“I consider Cebu as an economic hub that distributes meat products outside of Cebu going to Mindanao and the adjacent provinces of Cebu. This facility can really help us in our desire and our implementation to produce sound, safe meat for the meat-consuming public,” NMIS Regional Director Alvin A. Leal said.

In the first half of the year, ALLHC opened its fourth cold storage facility, ALogis Artico Santo Tomas in Batangas.

ALLHC is the industrial parks and real estate logistics arm of Ayala Land, Inc. It is engaged in the businesses of industrial parks, warehouses, cold storage facilities, data centers, and commercial leasing.

On Wednesday, ALLHC shares rose by 1.12% or two centavos to P1.80 apiece. — Revin Mikhael D. Ochave

ICTSI’s Ecuador unit to manage COSCO cargo

LISTED port operator International Container Terminal Services, Inc. (ICTSI), through its subsidiary Contecon Guayaquil S.A. (CGSA), has partnered with COSCO Shipping Specialized Carriers Co., Ltd. to handle its general cargo vessels for the next three years.

“Our handling of project cargo plays a crucial role in supporting major investment projects across the country, significantly boosting economic growth and advancing regional port infrastructure,” CGSA Chief Executive Officer Javier Lancha said in a media release on Wednesday.

CGSA, a unit of ICTSI, started commercial operations at the Port of Guayaquil in 2007, data from its website showed. The company will continue operating the port’s container and multipurpose terminals until 2046 following the extension of its concession in 2019.

COSCO Shipping Specialized Carriers operates and manages a fleet of more than 100 vessels, including multipurpose and heavy lift ships, semi-submersible vessels, and carriers for automobiles, logs, and asphalt.

Its fleet is said to be the largest of its kind worldwide, making COSCO Shipping Specialized Carriers a global leader in maritime transport, ICTSI said.

For the second quarter, ICTSI reported a 32.3% increase in attributable net income to $210.67 million, driven by a rise in container volumes at its terminals and growth in ancillary services.

For the April-to-June period, the company saw its combined revenues grow to $684.03 million, a 15.4% increase from last year’s $592.73 million.

At the stock exchange on Wednesday, shares in the company closed 60 centavos or 0.15% lower at P398 each. — Ashley Erika O. Jose

Yields on central bank’s term deposits inch up

YIELDS on the term deposits of the Bangko Sentral ng Pilipinas (BSP) rose slightly on Wednesday as investors seek to lock in high returns amid expectations of further monetary easing here and abroad.

Demand for the central bank’s term deposit facility (TDF) amounted to P239.937 billion on Wednesday, above the P220-billion offering and the P231.77 billion in bids for a P200-billion offer a week ago.

Broken down, tenders for the seven-day papers reached P127.289 billion, higher than the P120 billion on the auction block but below the P133.79 billion in bids for the P100-billion offering of six-day deposits in the previous week.

Banks asked for yields ranging from 6.2475% to 6.35%, a wider band compared with the 6.2595% to 6.35% seen a week ago. With this, the average rate of the one-week term deposits went up by 0.61 basis point (bp) to 6.3094% from 6.3033% previously.

Meanwhile, the 14-day papers fetched bids amounting to P112.648 billion, above the P100-billion offer and the P97.98 billion in tenders for the same volume of 13-day term deposits auctioned off last week.

Accepted rates for the tenor were from 6.285% to 6.465%, narrower than the 6.285% to 6.535% range seen last week. This caused the average rate of the two-week papers to increase by 1.15 bps to 6.3787% from 6.3672% in the prior auction.

The central bank has not offered 28-day term deposits for more than three years to give way to its weekly auctions of securities with the same tenor.

The term deposits and 28-day bills are used by the BSP to mop up excess liquidity in the financial system and to better guide market rates.

“Some investors in recent weeks locked in investable funds in longer-dated tenors amid the easing trend in local and global bond yields after the local policy rate cut on Aug. 15 and the widely expected Federal Reserve rate cut [this month]…,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The BSP last month cut benchmark interest rates for the first time in almost four years amid an improving inflation and economic outlook, with its governor signaling at least one more reduction before the end of the year.

The Monetary Board on Aug. 15 reduced its policy rate by 25 bps to 6.25%.

BSP Governor Eli M. Remolona, Jr. said they could cut rates by another 25 bps within the year. The Monetary Board’s last two policy-setting meetings this year are on Oct. 17 and Dec. 19.

Meanwhile, markets widely expect a rate cut at the US central bank’s Sept. 17-18 meeting following Fed Chair Jerome H. Powell’s dovish speech at the Jackson Hole Symposium last month.

Mr. Powell last month endorsed an imminent start to interest rate cuts, saying further cooling in the job market would be unwelcome and expressing confidence that inflation is within reach of the US central bank’s 2% target.

“The time has come for policy to adjust,” Mr. Powell said in a highly anticipated speech to the Kansas City Fed’s annual economic conference in Jackson Hole, Wyoming. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”

Soft US manufacturing data released on Tuesday fanned worries about a hard landing for the world’s biggest economy, with traders already nervous ahead of crucial monthly payrolls data on Friday, Reuters reported.

Risks to the US soft-landing scenario — which had been gaining traction recently in markets — saw traders raise odds of a 50-bp Fed interest rate cut this month to 38% from 30% a day earlier, according to the CME Group’s FedWatch Tool.

Economists surveyed by Reuters expect Friday’s report to show an increase of 165,000 US jobs in August, up from a rise of 114,000 in July.

Ahead of that, investors will keep a close eye on job openings data due later on Wednesday and the jobless claims report on Thursday.

TDF yields rose as the National Government’s latest global bond issuance “siphoned off some of the excess liquidity from the financial system,” Mr. Ricafort added.

The government last week raised $2.5 billion from its sale of triple-tranche dollar-denominated global bonds, which marked its second foray into the international debt market this year.

IFR reported that the government raised $500 million from 5.5-year bonds, $1.1 billion from 10.5-year notes, and $900 million from 25-year sustainability bonds. — Luisa Maria Jacinta C. Jocson with Reuters

Firms lacking GenAI knowledge may miss out on opportunities

BUSINESS LEADERS that do not have a grasp of generative artificial intelligence (GenAI) may struggle to recognize the opportunities and benefits and mitigate the risks that come with the technology, according to PwC.

“As business leaders, if you don’t have foundational knowledge of GenAI, it’s very hard for you to have strategic discussions with your own colleagues and drive meaningful innovation,” Scott McLiver, GenAI leader at PwC Asia-Pacific, said in a statement on Sept. 2.

In an AI Masterclass organized by PwC Philippines that was held on Aug. 12, Mr. McLiver said GenAI is a tool to “supercharge” employees and should not be seen as a human replacement.

“It’s not about removing people but trying to make every person more efficient and having the tech do small, time-consuming tasks,” he said.

Business leaders should invest in safe and robust AI tools for their workforce to prevent the use of “irresponsible” technologies, Mr. McLiver said.

“At PwC Philippines, we’re embracing the future of corporate efficiency through the strategic application of GenAI,” Mary Jade Roxas-Divinagracia, Deals and Corporate Finance managing partner at PwC Philippines, said.

“Our latest investment, ChatPwC, is a secure, in-house virtual assistant trained on our firm’s data and tailored to our unique needs.”

Ms. Divinagracia said the tool has provided a 40% increase in productivity in PwC territories globally.

“As we explore GenAI, balancing risk with opportunities that can be derived from using the GenAI is crucial. Having an AI governance framework and adhering to ethical guidelines ensures responsible implementation,” said Maria Rosell S. Gomez, partner and Risk Services leader at PwC Philippines.

Ms. Gomez added that this approach allows them to maximize AI’s benefits while preserving the “essential” human involvement in decision-making processes.

For her part, Veronica Bartolome, Consulting Managing Principal at PwC Philippines, said that while many Filipinos are optimistic about GenAI’s benefits, workplace adoption remains limited, citing PwC’s 2024 Global Hopes and Fears Survey.

“To drive GenAI transformation, they emphasized that leaders should focus on skills development, employee involvement in AI strategy, and fostering a culture of learning and empathy so employees view it as an enabler, not a blocker,” she added. — Aubrey Rose A. Inosante

Almodovar embraces friendship, euthanasia in English-language debut

Tilda Swinton and Julianne Moore in a scene from The Room Next Door _ IMDB

VENICE — Spanish director Pedro Almodovar’s first English-language movie premiered at the Venice Film Festival on Monday, tackling existential themes like terminal illness and climate disaster through the lens of female friendship.

The Room Next Door stars Tilda Swinton as an ailing war reporter who decides to commit suicide rather than wait for terminal cancer to kill her, persuading an old friend, played by Julianne Moore, to accompany her through her final days.

Mr. Almodovar told reporters his film, which is set in the United States, highlighted the importance of cherishing life, but said it was also vital to allow people to die with dignity at a time of their choosing.

“It’s a film in favor of euthanasia,” Mr. Almodovar said, criticizing countries such as the United States, where so-called “mercy killing” is illegal, unlike in neighboring Canada and a handful of other countries, including Mr. Almodovar’s native Spain.

“I think it’s urgent that this law exists all over the world, without any political or judicial regulation,” said Mr. Almodovar, a veteran filmmaker who shot more than 40 Spanish-language movies before taking the plunge with English.

“For me it’s like to start a new genre, a movie in English, like science fiction,” he told a news conference.

Mr. Almodovar won an Oscar in the best foreign language category for his 1999 film All About My Mother and landed another Oscar for best original screenplay for his 2002 movie Talk to Her — a rare honor for a non-English title.

Ms. Swinton said she had followed Mr. Almodovar since his early triumphs and had always wanted to work on one of his projects. “One day … I said: ‘Listen, I’ll learn Spanish for you, you can make me a mute, I don’t care,’” she recounted.

As the audience watch Ms. Swinton prepare for her end, Mr. Almodovar overlays her story with bleak warnings about impending climate catastrophe, which dwarves the fate of one woman.

“The movie talks about a woman who is dying in a world that is probably also dying,” the 74-year-old director said. “Climate change is not a joke, I don’t know how much evidence we need before people see it’s real.”

But amidst the gloom, Ms. Swinton and Ms. Moore, said they saw light and optimism in the movie, which contains flashes of Mr. Almodovar’s trademark humor and sharp social commentary.

“You walk away feeling like you’ve seen yourself, you’ve seen other human beings, and you feel more and more grateful for each day that you’ve lived,” said Moore, who won an Oscar for best actress in 2015 for her performance in Still Alice.

The Room Next Door is one of 21 movies competing for the prestigious Golden Lion award at the Venice Film Festival, which will be awarded on Sept. 7. — Reuters

Wake me when the Internet of Things is over

FREEPIK

BACK IN 2013, fashionable people started wearing glasses with a small but inevitably conspicuous built-in heads-up display and camera. These fashionistas were unusually distracted even for a distracted age — losing the threads of conversation, staring off into space, tilting their heads in odd ways, muttering strange commands (“Take a picture,” “record a video”) and every now and again reciting impressive, if irrelevant, lists of facts magicked up from the pages of Wikipedia. The glasses were called “Google Glass,” the unfortunate creatures who wore them “Glass Explorers.” The “Glass Explorers” were soon dubbed “Glassholes,” the fad faded and the glasses are no longer available.

Is the Internet of Things (IoT) a more prolonged Google Glass experiment — a cumbersome way of addressing a non-problem? Over the past 20 years companies have poured billions of dollars into the IoT. Consultancies gush in glossy reports about a wonderful future in which dumb objects are infused with intelligence — umbrella handles that glow when it is about to rain, pillboxes that yelp when you forget take your meds, intelligent ovens that produce a perfect roast, tennis rackets that feed data to your smartphone which then tells you how to improve your serve.

The hype continues. A new report from the management consultancy McKinsey and Co. estimates that “the total value potential for the IoT ecosystem could reach $12.6 trillion by 2030.” Fusion Strategy, a new book by Vijay Govindarajan of the Tuck School of Business at Dartmouth University and Venkat Venkatraman of the Questrom School of Business at Boston University predicts that the fusion of “big iron and big data, steel and silicon,” will produce nothing less than a fourth industrial revolution. But if the hype continues, so do the disappointments.

Manufacturer surveys suggest that fewer than half of internet-capable devices are connected to the internet. Companies such as LG Electronics, Inc. and Whirlpool Corp. have responded to these dismal figures by sinking yet more money into the IoT. But many customers remain indifferent. “Why Has the Internet of Things Failed” is the blunt title of a recent article by the tech blogger Pete Warden.

The simple answer to Warden’s question is that, for all too many consumers, the lemon juice is not worth the squeeze. The shiny yellow lemons turn out to be rancid. And the squeezing turns out to be difficult and time-consuming.

The consumer benefit of attaching your household devices to the internet is often small. How do you benefit by connecting your dishwasher to the internet? You might be able to start it remotely (after you’ve used your thumb to activate your phone, found the app, clicked on the app, and debated all the other things you could or should be doing on your phone). But you still must be there to load it. What is the benefit of being able to control the temperature of your fridge remotely? Fridge-freaks might revel in this power, but most of us just set the fridge to the right temperature and forget about it. The same question goes for notifications that the washing machine has finished doing the washing, or that the kettle has boiled or that the oven has heated up.

You may not have ever considered “the Role of IoT in Reusable Cups.” Rest assured that the ever-inventive IoT industry has. “IoT-enabled return stations allow users to conveniently return their used cups” while providing cleaning staff with up-to-date information on how many cups are accumulating. “IoT devices can track the location and status of reusable cups, providing valuable data on usage patterns and helping optimize the distribution and collection process.” And IoT-enabled cleaning machines can make sure the cups “are sanitized according to industry standards.” Wouldn’t it be simpler and cheaper just to install a sink and get everyone to wash their own cups?

If the benefits are often small, or indeed nonexistent, the set-up tax is high. You must download a different app for every manufacturer. You must make sure the device is connected to the internet (washers and driers are often kept in out-of-the-way places where the internet signal is poor). Setting up an iPhone or an iPad can be taxing enough even though the benefits are obvious, and the devices come equipped with keypads. But keying complicated instructions into an oven is a chore of a different magnitude.

The problems do not stop when you are connected. People tend to hang onto their white goods for years. The IoT obliges them to reprogram these devices whenever they change their service providers or their smart phones or even their passwords. One of the most vaunted benefits of the IoT is that it allows companies to upgrade products remotely. But what if the upgrading goes wrong? Users of Sonos, Inc.’s audio devices who downloaded the company’s latest app discovered that it sent their speakers bonkers — playing music at ear-splitting volumes or emitting high-pitched sounds in the middle of the night. The more interconnected appliances become, the higher the chance that they will all fail together.

The case for the IoT is a bit stronger in the world of expensive machines than in the world of ovens and washing machines. Elon Musk revolutionized the automobile industry by reimagining the motor car as a connected computer on wheels. Deere & Co. is trying to revolutionize the farm machinery industry by being equally bold about tractors. The company claims that it collects between 10 million and 15 million pieces of information per second from some 500,000 connected machines on more than 325 million acres of land around the world in order to enable precision farming — for example spraying individual weeds with weedkiller rather than blanket spraying a field. Giant infrastructure companies such as Schlumberger and Halliburton Co. use sensors to keep watch on, say, oil rigs for signs of rusting and wear and tear. Rolls-Royce Holdings Plc uses them to monitor how its jet engines are performing in the air, and whether they are wasting fuel.

In all these cases the cost-benefit analysis of linking machines to the internet is different than in the consumer sector: The lemon is worth the squeeze. But this does not prevent bitter fights between companies and their customers over both the division of spoils and the balance of power. Apple is famous for forcing its customers to go to its own shops for repairs when they break their phones rather than opting for cheaper third-party repair shops. It has even gone as far as to use software updates to disable touch screens installed by third parties. John Deere has provoked an angry revolt from farmers over its attempt to do the same thing with its tractors, even arguing that its products are so computerized and interconnected that the farmers no longer own the tractors but merely lease them.

The final worry about the IoT is that it turns everything around you into a spy. People are belatedly fretting about giving so much information about themselves to their computers and phones. Do those of us finally beginning to worry about baring our lives to our iPhones want to add our washing machines or ovens or cars to the list of listening devices? And could we trust the makers of washing machines or ovens to guard our information with the same expertise that they trust Google or Apple? The more information we put onto the IoT, the more danger there is for it to leak out or find its way into the wrong hands.

Companies have begun to complain about consumers’ resistance to technology when it comes to the IoT. But before investing yet more billions in creating an internet of things, companies should ask themselves whether this “technology resistance” is just backwardness, or is driven by a shrewd calculation of the balance between the use of the product (often minimal) and the threat to privacy. It is sometimes best to trust your customers rather than to persist in the pursuit of business hype. People may be happy to see this or that device attached to the internet if they can see obvious benefits. But an all-encompassing internet of things stretching from your toaster to your car to your reusable cup at work will remain a pipe dream.

BLOOMBERG OPINION

1...2,3732,3742,375...13,887Page 2,374 of 13,887
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube