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BTr fully awards T-bill offering with lower rates

BW FILE PHOTO

THE BUREAU of the Treasury (BTr) fully awarded the Treasury bills (T-bills) it auctioned off on Monday with lower rates amid market expectations that the Bangko Sentral ng Pilipinas (BSP) will hold its benchmark rate steady at its Thursday meeting.

The government raised P15 billion as planned via the T-bills it auctioned off on Monday as total bids reached P46.441 billion or more than thrice the amount on offer.

Broken down, the Treasury made a full P5-billion award of the 91-day T-bills, with tenders for the tenor reaching P20.133 billion. The three-month paper was quoted at an average rate of 6.123%, 22.9 basis points (bps) below the 6.352% seen last week. Accepted rates ranged from 6.024% to 6.197%.

The government likewise borrowed the programmed P5 billion through the 182-day securities, as bids for the paper reached P10.732 billion. The average rate for the six-month T-bill stood at 6.513%, down by 2.3 bps from the 6.536% quoted last week, with accepted yields ranging from 6.45% to 6.549%.

The government also raised just P5 billion as planned via the 364-day debt papers, with bids reaching P15.576 billion. The average rate of the one-year T-bill went down by 3.1 bps to 6.56% from the 6.591% fetched last week. Accepted yields were from 6.54% to 6.585%.

At the secondary market on Monday, the 91-, 182-, and 364-day T-bills were quoted at 6.1845%, 6.4582%, and 6.5917%, respectively, based on PHP BVAL Reference Rates data published on the Philippine Dealing System’s website.

“T-bill rates fetched lower today amid expectations that the BSP will maintain its policy rates in this week’s policy meeting,” a trader likewise said in an e-mail on Monday.

A BusinessWorld poll of 18 analysts held last week showed that 15 analysts expect the Monetary Board to maintain the target reverse repurchase (RRP) rate at 6.5%, the highest in 16 years.

Meanwhile, the three remaining economists said the Monetary Board may hike policy rates by 25 bps to 6.75% at the Nov. 16 meeting.

The Monetary Board implemented an off-cycle 25-bp rate hike on Oct. 26, ahead of its scheduled meeting. It has raised interest rates by 450 bps since May 2022 to temper inflation.

Slower-than-expected inflation for October and dovish market sentiments for the US Federal Reserve both support the possibilities of a pause by the BSP, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message. 

Headline inflation for October eased to 4.9% from 6.1% in September and 7.7% in October 2022. This was also below the BSP’s 5.1-5.9% forecast for the month.

October inflation was the slowest pace in three months or since the 4.7% in July, but marked the 19th straight month that inflation breached the central bank’s 2-4% target.

Meanwhile, the Fed kept its benchmark interest rate steady at the 5.25%-5.5% range for a second straight time during its Oct. 31-Nov. 1 meeting.

It has hiked rates by a cumulative 525 bps since it began its tightening cycle in March last year.

The US central bank will next meet on Dec. 12-13 to review policy.

On Tuesday, the BTr will offer P30 billion in reissued 10-year Treasury bonds (T-bonds) with a remaining life of nine years and nine months.

The BTr plans to borrow P225 billion from the domestic market this month, or P75 billion via T-bills and P150 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at 6.1% of gross domestic product this year. — Aaron Michael C. Sy

Jollibee installs solar panels at stores, commissaries

THE Jollibee Group is ramping up its shift to renewable energy as it installs solar panels in its stores, commissaries, and logistics centers.   

“Our focus on environmentally responsible practices drives us to adopt renewable energy sources, on top of efforts to decrease our overall energy consumption. By installing solar panels in our commissaries, logistics centers down to our stores, we are able to harness energy that is friendlier to the planet so that future generations may continue to enjoy it,” Ernesto Tanmantiong, Jollibee Group president and chief executive officer, said in a statement.

Since 2014, the Jollibee Group has been expanding its use of solar power. As of end-2022, the company has equipped 28 stores with solar panels, including 19 Jollibee, seven Chowking, and two Mang Inasal branches.

The company said solar panel integration also improves cost-efficiency of business operations by delivering 5-35% of the store’s energy needs.

This year, Jollibee said 16 stores will integrate solar panels in their operations. Next year, the company plans to add another 20 stores, bringing the total to 64.

Jollibee is also installing solar panels in two of its state-of-the-art commissaries in Canlubang, Laguna, with expected completion by Dec. 30, 2023. Installation of solar panels at Jollibee Worldwide Services Logistics Center is on track to be completed by the second quarter of 2024.

“The implementation of solar panel systems across two manufacturing sites and a logistics center presents an exciting opportunity to harness clean energy. This initiative will effectively transform approximately 18% of the total energy consumption at these three facilities into renewable energy sources,” Jollibee Group Chief Sustainability and Public Affairs Officer Jose Miñana, Jr. said.

Samurai tale carves out themes of discrimination and revenge

TV Review
Blue Eye Samurai
Netflix

By Brontë H. Lacsamana Reporter

MANY stories revolve around a lone warrior embarking on a brutal, blood-soaked journey of revenge. It may seem like there can’t possibly be another such tale with something original to offer, but Blue Eye Samurai proves that assumption wrong.

The animated action series, set in 17th century Edo-period Japan, is made up of eight episodes, and it follows a half-Japanese warrior named Mizu who is out to seek revenge.

As the title suggests, Mizu’s blue eyes are central to the plot — they are proof that she is of mixed race, which is taboo at a time when the country is supposed to be closed to the outside world. Her childhood is marked by extreme bullying, discrimination, and tragedy, as she is perceived as a “white devil.”

The goal of her lifelong revenge journey? To kill all four white men who were illegally trading in Japan during the time of her birth.

Co-created by husband-and-wife duo Michael Green (writer of Logan and Blade Runner 2049) and Amber Noizumi, Blue Eye Samurai puts a gorgeous spin on the violent, thrilling art of samurai swordfighting through Western animation. The gruesome revenge journey and the beautiful animated action sequences make for an enthralling viewing experience as we follow the central character’s dogged pursuit of the men who could be her father.

Most importantly, Mizu is more than just a typical stoic warrior, hiding emotions — and blue eyes — behind yellow-tinted glasses. She is voiced by Maya Erskine (co-writer and actress in the adolescent dramedy PEN15), who is perfect for a role that requires the range and mystery of a woman pretending to be a man.

The series’ various side quests and missions involve other compelling characters and help the audience look past the killing and maiming to reveal exactly what Mizu went through to become such a cruel, unflinching character.

Those who play a part in Mizu’s journey are the clumsy yet kind apprentice Ringo, voiced by Masi Oka (Hiro in Heroes); the blind and immeasurably wise Swordfather, voiced by George Takei (of Star Trek fame); childhood bully and rival-turned-loyal friend Taigen, voiced by Darren Barnett; and the beautiful and headstrong Lady Akemi, voiced by Brenda Song (a former Disney star).

Rounding out the stellar voice cast are very engaging antagonists: the conniving Heiji Shindo, voiced so convincingly by comedic actor Randall Park; and sadistic Irish arms dealer, who is possibly Mizu’s father, Abijah Fowler, voiced by Kenneth Branagh.

Those who are curious about the art style may be intrigued to know that the animation is sort of a hybrid of 2D and 3D, with certain episodes inspired by Japanese bunraku puppets.

Though Netflix has explored making hybrid animation before with Arcane, director Jane Wu ensures that Blue Eye Samurai is different, more dynamic for the sword fights and subtly breathtaking in the various scenes with natural scenery, metal forging, and even nudity and sex. Overall, it results in a beautiful, respectful portrayal of Japanese culture.

For co-writer Amber Noizumi, the story is personal, as she mentions in various interviews online. As a half-Japanese growing up in a Western setting, the idea of a situation reverse to hers was interesting to explore, with the character of Mizu having to pass as fully Japanese to avoid discrimination.

Mizu’s character design also delves into a unique facet of ambiguity. She initially seems very Asian and masculine, but at times the hidden white and feminine sides of her come out. This fits in with her lone wolf approach, having found that she never quite belongs to any one side.

However, the theme of revenge is a reflection of Mizu’s own internalized hate for the unwanted parts of herself, whether it’s loathed as a monster for being white or confined within certain standards due to being a woman.

The reality of gender norms for women is tackled so succinctly as well with Akemi’s storyline. The series sees her go from being a lovesick lady forbidden to make her own decisions, to a friend of prostitutes and warriors finding her own path in life, to a royal princess plotting her survival in the capital.

Mizu’s interactions with her, and many other characters, are meant to reveal the folly of living just for revenge.

The Swordfather, despite being blind, repeatedly takes her in and offers guidance both in forging swords and in life. He reminds her that the strongest sword is a blend of metals — as seen in Mizu herself being a mix in race, gender, and even fighting techniques.

Blue Eye Samurai itself espouses this, blending Western art production with Eastern art styles, and elements of both animation and live action. The result is simply wonderful to behold.

Housing business boosts CPG’s Q3 earnings to P450 million

CENTURY PROPERTIES GROUP, Inc. (CPG) on Monday reported a 34.5% increase in its third-quarter (Q3) attributable net income to P450.47 million from P334.87 million a year earlier, boosted by its housing development business.

“The economic recovery of the country and growing demand of Filipinos for quality and affordable first homes translated into a strong sales take-up for PHirst, CPG’s first-home platform and has put CPG on track to surpass its pre-pandemic performance despite the persisting headwinds,” Ponciano S. Carreon, Jr., chief finance officer of CPG, said in a statement.

Consolidated revenues for the three-month period contracted to P2.92 billion, 12% lower than the P3.32 billion in the same period last year.

Lower combined costs and expenses for the period managed to offset the decline in the company’s gross revenue, the company said.

For the third quarter, CPG’s combined expenses fell by 21.5% to P2.16 billion from the P2.75 billion previously.

Higher revenues for the nine-month period boosted CPG’s attributable net income to P843.31 million, an 8.5% climb from the P777.26 million last year.

Total revenues for the January to September period jumped to P9.66 billion, 10.4% higher than the P8.75 billion year on year.

The company attributed its revenue rise to the steady growth contributions of PHirst Park Homes, the first-home brand of PHirst Park Homes, Inc.

PHirst Park Homes is a partnership between Century Properties and Mitsubishi Corp.

Its First-Home segment accounted for 55% of CPG’s combined revenues, totaling P5.3 billion. Its In-City Vertical Developments accounted for a 30% share at P2.9 billion, commercial leasing segments contributed 10% or P1 billion, while the remainder came from its property management segment at P376 million.

“As we forge ahead, we will intensify our business efforts to meet the soaring demand in this sector driven by the unmet housing backlog in our nation,”  said Marco R. Antonio, president and chief executive officer of CPG.

At the stock exchange, shares in the company closed unchanged at 31 centavos each. — Ashley Erika O. Jose

Paxys, Inc. to hold 2023 annual meeting of stockholders on Dec. 11

 

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Diversifying revenue streams for SMEs

FREEPIK

With economic turbulence not letting up post-pandemic, the adage “don’t put all your eggs in one basket” has never rung truer.

For Philippine small and medium enterprises (SMEs), the economic slowdown of major global economies, trade tensions between global players, and inflationary pressures have led to higher import costs and increased prices of goods and services. Thus, diversifying their revenue streams is not just a strategic choice, but a shield against further economic volatility. By diversifying revenue sources, they can reach new customers, mitigate risk, minimize vulnerability to supply chain issues and price increases, and have more flexibility to adjust pricing and adapt to market changes.

THE THREE MAIN DIVERSIFICATION STRATEGIES
Horizontal diversification refers to acquiring or developing new products or services that complement one’s core business and appeal to existing customers. An example is a salon business expanding into skin care products, or a shoemaker selling bags and leather accessories. This strategy enables them to use existing resources, skills, and reputation to bring in more customers.

Concentric diversification adds new products and/or services related to current products or industries, while attracting different customers because of their technology or marketing aspects. For instance, a manufacturer of power tools may start producing home appliances. This strategy leverages existing technologies and equipment, while attracting a new target market.

Conglomerate diversification adds new products or services that are entirely different and unrelated to the core business. For instance, a furniture installation company may offer electrical installation, or a home appliance manufacturer may start its own retail stores. This is the riskiest out of the three diversification strategies: it requires more intensive research and development, resources to enter a new market, and marketing to a completely different consumer base.

CONSIDERATIONS TO SUCCEED IN DIVERSIFICATION
Like every business decision, diversification also comes with risks — especially if done without sufficient skill, resources, and deliberation. Thus, if a business already has diversification opportunities in the works, ensure that the strategy is guided by the following considerations.

What is the financial feasibility, costs, and risks?

This will help evaluate the rate at which the business gets its return on investment (ROI) and provides benchmarks for monitoring the performance of the diversification strategy. More importantly, consider how much capital will be needed to be a competitive player in your chosen market — you may have to raise more funds from investors, or open a credit line from a reputable SME lender.

What do you do better than your competitors?

Horizontal and concentric diversification seem the safest, but they are not always a success — such as Monde Nissin’s attempt to diversify into the meat-alternative product Quorn. Rather than diversifying based on what your business does, focus on what you do better than others. Do you have great distribution capabilities? Is your customer service top-notch? Are you unrivaled in property management? Translating your unique competencies to a new product, service, market, or location can differentiate you from the competition and give you an advantage that’s hard to replicate.

What other assets do you need to succeed?

Identifying competencies is just the beginning; you also need all the necessary skills to succeed in your new venture. For example, if you specialize in manufacturing clothing, expanding into footwear requires the ability to source, craft, and design quality shoes. You also need unique designs at an attractive price and the capacity to meet delivery deadlines. Additionally, your fulfillment team must be trained and equipped to handle both shoes and apparel. Having these competencies increases the likelihood of success in your diversification strategy.

Can you catch up to competitors?

Diversification means entering a new market — and facing new competition. In the previous question, you may have discovered that you are lacking one or two critical assets needed to succeed in your new market. Can you still be competitive by acquiring, developing, or licensing what you need at a reasonable cost? If yes, you may have a viable diversification strategy.

Jollibee Foods is an example of competitive diversification in a different market. Instead of just expanding Jollibee outlets worldwide, which mostly catered to OFWs, Jollibee Foods acquired competitive quick-service restaurants in different countries. These acquisitions catered to local tastes while having global appeal, such as the Coffee Bean & Tea Leaf and Smashburger in United States; Tim Ho Wan across Asia, particularly mainland China; and Highlands Coffee and Pho 24, which contributes to Jollibee Foods’ Vietnam presence.

Can you beat the existing players at their own game?

When entering a new market, understand that competitors have more experience in challenges that you may be encountering for the first time. Thus, it’s not worth aggressively entering a new market if your competitive advantage is short-lived, easy to copy, or easy to replace. While you’ll initially capture a portion of the market, you wouldn’t become a market leader — putting you at risk of being outmaneuvered by competitors in a few months.

Kimstore, an online eCommerce shop launched in 2006, became a market leader through two competitive advantages. First, it provided convenience by selling electronics through personal meetups, bucking the norm of gadget-shopping in malls. Second, Kimstore promised excellent customer service, providing money-back guarantees and ensuring that concerns are promptly addressed by trained representatives.

While Kimstore’s convenience is no longer a competitive edge due to numerous competitors today, it continues to attract customers by maintaining its reputation for outstanding customer service. A lot of their buyers are repeat customers and brand evangelists on Facebook and Reddit, assuring new buyers that Kimstore is safe and legitimate.

CONCLUSION
Diversifying revenue streams is not a one-size-fits-all strategy. It requires careful analysis, planning, and execution. Recent economic volatility underscores the importance of reducing dependence on a single income source. By following the step-by-step process outlined above and drawing inspiration from successful case studies like Jollibee and Kimstore, Filipino business owners can navigate uncertainty with resilience, ensuring their long-term success and growth.

This article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines or MAP.

 

Benedict S. Carandang is NextGen vice-chair of the MAP ICT Committee and the vice-president for External Relations of First Circle. This article is co-written with Jess Jacutan, First Circle’s content marketing lead.

map@map.org.ph

benedict@firstcircle.ph

BSP ends credit line for banks, adopts new facility

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) has terminated its overdraft credit line (OCL) for banks that directly participate in clearing operations as its use is now covered by a newly implemented facility.

The OCL is an arrangement where lenders can temporarily borrow funds from the BSP to cover any deficits in their demand deposit accounts due to clearing activities.

In a circular posted on the BSP website, the Monetary Board has approved changes to the check clearing and settlement regulations in the Manual of Regulations for Banks (MORB).

The move is meant to comply with the requirements set in Section 610 of the Manual of Regulations for Payment Systems (MORPS) and to terminate the OCL of the BSP.

According to the central bank, the OCL’s “limited purpose of addressing overdrafts arising from check clearing losses is covered by the BSP’s automated intraday settlement facility (ISF) that the banks can use not only for the settlement of check clearing results but also for any other local currency real-time gross settlement (RTGS).” 

The BSP said it will now provide an ISF to eligible participants to ensure a smooth flow of payments through the RTGS payment system (PS) and timely execution of interdependent settlements to manage systemic risk.

Based on a separate circular, eligible participants to the ISF are RTGS participants owning National Government peso-denominated scripless securities that are free and unencumbered, with a remaining maturity of 11 days to 10 years. 

The securities should be registered in the enhanced National Registry of Scripless Securities under the name of the ISF participant.

Eligible securities will also be valued using the appropriate market rates from the previous day, as prescribed by the Securities and Exchange Commission.

The ISF will also allow banks that participate in the peso RTGS PS to obtain funds from the BSP through a sale and repurchase method. This is to prevent gridlock in the system due to a timing mismatch in settling large-value payments.

“In order to encourage availment and prompt repurchase of securities by the ISF participants, the BSP shall impose no fee if the repurchase is done within the period prescribed by the BSP on the same business day the ISF is availed,” the central bank said.

Extended ISFs will be subjected to a fee equivalent to the BSP’s overnight lending facility (OLF) rate, with an additional 600 basis points.

Banks may use the facility more than once during the same business day the securities were transferred and valued.

“Violations of the applicable rules, including repeated failure to repurchase securities sold to the BSP under an Extended ISF availment, are governed by penalties and sanctions provided under section 621 of the MORPS, including but not limited to cancellation of ISF eligibility and pre-termination of any outstanding ISF availment,” the BSP said.

The Philippine peso RTGS system, known as PhilPaSSplus, is the sole RTGS system in the Philippines. It is owned and operated by the BSP as authorized under the National Payment Systems Act.

PhilPaSSplus provides instant settlement of payments, transfer instructions, or other obligations individually on a transaction-by-transaction basis. It also settles large value funds transfers between financial institutions.

PhilPaSSplus facilitates the settlement of fixed-income security trades, foreign exchange trades, and other financial market transactions.

The previous credit line was designed to be a safety net for financial institutions during clearing operations, which allows them to manage temporary liquidity shortfalls more effectively. — Keisha B. Ta-asan

Citadines to open in Bacolod City in 2024

THE Ascott Limited is set to open premier serviced residence Citadines Bacolod City in 2024.

The Citadines Bacolod City marks The Ascott Limited’s first project in the city.

“As a property managed by The Ascott Limited, Citadines Bacolod City exemplifies our commitment to providing a seamless blend of comfort, convenience, and top-notch service. We are delighted to bring this exceptional brand to Bacolod City and offer travelers a sophisticated stay experience,” Ascott General Manager Philip Barnes said in a statement.

The property’s amenities include an infinity pool with views of Bacolod’s skyline, and a fully equipped fitness center.

The Citadines will have a lobby cafe and bakery called Viennoiserie and Italian, as well as a restaurant Negrense that showcases the unique flavors of Negros Occidental.

The property has a grand ballroom, which would make it an ideal meetings, incentives, conferences, and exhibitions destination in the region.

Disney delays Deadpool sequel, Blade and other films in post-strike shuffle

LOS ANGELES — Walt Disney delayed the release of Marvel movie Blade, a new Deadpool installment and several other films on Thursday as Hollywood studios adjusted schedules following the end of the four-month actors’ strike.

The next Deadpool, which had been scheduled to reach theaters in May, will now debut in late July, Disney said in a statement. That forced the company to move its planned July release, Captain America: Brave New World, to February 2025.

Another Marvel superhero film, Thunderbolts, was pushed to July 2025, and Blade was postponed until November 2025.

The 118-day actors strike shut down production of scripted TV shows and movies. After a tentative labor agreement was reached on Wednesday, studios and actors are working out schedules to finish uncompleted projects.

Outside of Marvel, Disney moved the debut of Mufasa: The Lion King to December 2024, five months later than originally planned. — Reuters

Jollibee Q3 income rises 13.6% to P2.43 billion

JOLLIBEE FOODS CORP. (JFC) recorded a third-quarter (Q3) attributable net income of P2.43 billion, 13.6% higher than the P2.14 billion from last year, driven by robust overall sales.

“Both our Philippine and international businesses achieved strong operating profit growth reflecting the strength and resilience of our brands in an environment that remains volatile and challenging,” Ernesto Tanmantiong, president and chief executive officer of JFC, told the stock exchange on Monday. 

For the third quarter, the company recorded total revenues of P61.71 billion, up by 8.4% from the P56.95 billion last year.

System-wide sales, which measure combined sales to consumers from both company-owned and franchised stores, climbed 11.8% for the July to September period, reaching P86.96 billion from the P77.75 billion previously.

JFC’s international business grew 5.4%, with its North American business increasing 7.5%, China at 2.6%, while its coffee and tea business recorded a 2.7% increase.

“Our strong results for the quarter demonstrated JFC’s continued financial resilience highlighted by our record-high quarterly system-wide sales and operating income,” said Richard Shin, chief financial officer of JFC. 

For the first nine months, however, the company’s attributable net income fell to P6.82 billion, 5.8% lower than the P7.24 billion, due to higher expenses for the period.

The company recorded a gross revenue of P178.36 billion for the January to September period, marking a 15.2% increase from the P154.81 billion year on year.

Its combined expenses for the period went up 16.1% to P168.67 billion from the P145.32 billion last year.

Despite posting a lower profit for the period, JFC remains optimistic about ending the year with strong performance mainly due to robust system-wide sales, Mr. Tanmantiong said.

For the nine-month period, JFC posted a 19.1% increase in system-wide sales to P251.09 billion from the P210.88 billion previously.

“While we anticipate continued positive momentum in our business performance, we are maintaining our 2023 growth guidance for revenue (+10% to +15%), same store sales (+7% to +10%), operating income (+20% to +25%) and store network (+5%) as we recognize the ongoing macroeconomic and geopolitical volatility,” he said.

As of end September, JFC’s store network increased by 5.8%, the company said, adding that it opened 429 stores — comprising 325 international stores. Overall JFC operates 6,720 stores globally. 

At the stock exchange on Monday, shares in the company shed P2.40 or 1.11% to end at P214 apiece. — Ashley Erika O. Jose

Film crews became ‘collateral damage’ of Hollywood strikes

THOMAS WOLFE/EN.WIKIPEDIA.ORG/

ALBUQUERQUE, New Mexico — A Toronto production assistant whose income dried up because of Hollywood strikes lost his housing and ended up living in his car. A New York set dresser slipped out of sobriety amid the stress. A New Mexico assistant director fell into deep depression and took his life.

They were among the hundreds of thousands of US and Canadian film and television crew workers who were unemployed for up to 10 months because of strikes called by actors and writers, leaving a trail of evictions and family disintegration.

Crew members rallied to help one another and charities pitched in during the writers strike that began May 2 and ended in late September, and the actors strike that started in July. The actors reached a tentative agreement on Wednesday. “The actors and writers are getting a lot of publicity but the crews are the collateral damage of the strikes,” said Lori Rubinstein, executive director of mental health charity Behind the Scenes.

Crew members lost health insurance and broke into retirement funds. They saw relationships collapse and became isolated and depressed as, month after month, they went without pay and lost the rush of 70-hour work weeks creating shows that cost hundreds of millions of dollars, according to union leaders, counselors, and over a dozen crew members Reuters interviewed. 

In the last 18 months Rubinstein has put around 1,000 industry members through a mental health first aid training course to prevent suicides in a sector that struggles with substance abuse, workaholism, and bullying, according to crew members Reuters spoke to.

“He really truly needed to work,” said Pam Rosen, the mother of Joe Bufalino, 32, New Mexico’s youngest ever first assistant director, known for films like Silk Road and Thai Cave Rescue, who took his life on Aug. 17.

“At the point that he died he saw no future,” Ms. Rosen said.

PSYCHOLOGICAL DISTRESS
In California, Jennifer Jorge, head of social services with the Motion Picture Television Fund (MPTF) and her team handled hundreds of calls each week, some from film crew members who talked of suicide.

“When someone is struggling to make a monthly payment, when their car gets repossessed, when they’re facing being evicted, when they don’t have food for themselves or their children, it causes a great deal of psychological distress,” Ms. Jorge said.

MPTF has provided around $3.75 million in assistance to workers. Canada’s AFC charity suspended new aid applications after it was swamped with requests. The Entertainment Community Fund has distributed over $11.2 million in grants, mostly to workers in California, New York, and Atlanta.

In the Toronto area, a fellow crew member took in the production assistant who was sleeping in his vehicle.

“If not for the good grace of friends, I’d be dead,” said Sean, the production assistant, who asked that his full name not be used.

The crew member, a location manager, had his van re-possessed. His wife, also a film worker, turned to childcare to pay the bills.

“We usually have a safety net and because of everything we’ve personally gone through this year the safety net has gone,” said Chris, the location manager, who asked that his full name not be used.

New York set dresser and props person Norvin Van Dunk has long dealt with depression and anxiety. He had been sober for around a year before the first strike hit.

Even with support from his wife, who was still working, and crew member friends he briefly slipped back into drinking to cope with the stress of not working. He has since regained sobriety, going to the gym, playing music, and caring for his young children.

New York props master Gwen Roach and her husband used up their life savings and abandoned hopes of owning a home. Her unemployment pay ran out, and her husband’s was about to.

“Never in my life did I think I would have to look into going onto welfare or food assistance,” said Ms. Roach, who has worked at a restaurant and florist shop to get by.

In Albuquerque, assistant director Anthony Pelot, 37, who worked on sets with Joe Bufalino for 14 years, grieved the loss of his best friend.

“There’s no doubt in my mind that if these strikes hadn’t happened, Joe would be alive today,” said Mr. Pelot, sitting next to Ms. Rosen in a cafe near where the two friends lived around the corner from one another. — Reuters

If the Senate leak was erroneous or just chismis, is it still a leak?

FREEPIK

The Senate plenary session on Tuesday last week was perturbed when Senator Jinggoy Estrada expressed dismay at the revelation of what transpired in their executive session the day before. He told the Senate:

“Just before we entered, much to my dismay, there was a news report that identified eight or nine senators who wanted to restore the confidential and intel fund of the VP and DepEd (Vice-President and Department of Education). I wish to tell the people of the Philippines that there was no votation that happened with regard to the intel fund of the VP and DepEd.

“In fact, we had an executive session. I do not know who leaked our conversation to this media outlet. This is the first time that I encountered a leakage. I do not want to name names, this is a violation of our rules. We never voted with regard to all the intelligence and confidential funds. In fact, we agreed unanimously to remove all the confidential and intelligence funds not only that of the Vice-President but all civilian agencies that have confi and intel funds.

“I will just read, first on the list, Padilla, Go, Revilla, Dela Rosa, Estrada, Lapid, Tolentino and Villar. They are putting us in a bad light. I condemned this, I take offense of this. I really felt insulted. I stand before you, I want to make this recommendation to summon this media outlet and ask them who among us violated our rules. Who among us leaked what transpired in our executive session yesterday.”

Senate President Migz Zubiri said he too was very disappointed over the leak. “I too am very disappointed. When we say executive session, we are bound by rules of both House of Representatives and rules of the Senate.”

Senate Majority Floor Leader Senator Joel Villanueva also expressed concern over the alleged leak. Said he, “It’s not just the leak or chismis (gossip). It’s more of the sanctity of the executive session. How will the people trust us if our executive sessions turn into something like this?”

He cited Rule XLVII, Section 126 of the Rules of the Senate which states that “The executive session of the Senate shall be held always in closed doors. In such sessions only the Secretary, the Sergeant-at-Arms, and/or such other persons as may be authorized by the Senate to the session hall.”

The rule further stated that “The President as well as the Senators and the officials and employees of the Senate shall absolutely refrain from divulging any of the confidential matter taken up by the Senate, and all proceedings which might have taken place….. Any senator who violates the provisions contained in the preceding section may, by a two-thirds vote of all the senators, be expelled from the Senate. And if the violator is an official or employee of the Senate, he shall be dismissed.”

Senator Ronald dela Rosa agreed, saying in a mixture of English and Pilipino: “This is not a laughing matter, this is serious. Filipino people are watching us right now, they will say so that is what the Senate is now, it cannot be trusted, what they discuss among themselves, they leak to media. It is very dangerous.”

Upon his motion, Senate President Zubiri ordered the Senate Committee on Ethics and Privileges to investigate the alleged leak of information.

But to Senator Chiz Escudero, there was no leak of what really transpired in the executive session as what was written by the said media outlet was not accurate. “That is just chismis,” said the senator.

That the Senate was disconcerted by Senator Estrada’s expression of dismay raised several questions:

1. Why was the deliberation on an item in the proposed 2024 budget conducted in an executive session?

2. Why are some senators disturbed by the revelation of their stand on the confidential fund in the proposed budget?

3. Why are they bent on finding out who leaked non-confidential information?

According to the Rules of the Senate, the Senate or any of its Committees may conduct formal inquiries or investigations in aid of legislation. Such inquiries may refer to the implementation or re-examination of any law or appropriation. If the Committee believes that the interrogation of a witness in a public hearing might endanger national security, it may conduct its inquiry in an executive session.

As the deliberations on the confidential funds did not include the interrogation of a witness whose testimony might endanger national security, the deliberations should not have been conducted in an executive session. The House of Representatives conducted an inquiry into that same item in the proposed 2024 budget during its plenary session. Vice-President and concurrent Secretary of Education Sara Duterte, proponent of the confidential and intelligence funds, attended that plenary session to answer questions posed by members of the chamber.

The two-day deliberations on that item in the proposed budget were televised. National security was not compromised nor was it ever in danger during that plenary session. The senators conducting the deliberations on the same item among themselves behind closed doors makes one wonder.

Also a matter of perplexity is the indignation of some senators over the disclosure of their stand on Vice-President Duterte’s proposal to allocate confidential funds for the Office of the Vice-President and for the Department of Education. The open and televised deliberations in the House of Representatives brought grave threats upon a member and a pejorative label upon the entire House. Is that why some senators resented the report on how they stood on the issue at hand?

Senator Estrada made it clear on the Senate floor, obviously for the benefit of the press, that the senators were unanimous in removing from the budget all the confidential and intelligence funds, not only those of the Vice-President but of all civilian agencies. He sounded like he was saying: “Don’t single out any one of us. We were one on the removal of confi and intel funds for all civilian agencies from the budget.”

But the news report identified Senator Estrada as one of eight senators who wanted to restore the confidential and intelligence funds of the Vice-President and the Department of Education. That should shield him from any threat of harm or negative tag. Yet, he said the report put him in a bad light. I wonder if he was thinking of an episode in the history of the Senate involving his father, at the time the president of the Philippines.

During his impeachment trial, the senators, acting as judges, were made to vote on whether to open an envelope or not. The contents of the envelope were believed to be incriminating to President Estrada. Eleven senators voted against opening the envelope, in effect dismissing potentially damaging evidence against the President. That vote led to EDSA II and eventually to the ouster of President Estrada. The 11 senators have gone down in history as the Craven Eleven. Maybe Senator Jinggoy Estrada would not want to go down in history as one of the Butterflyweight Eight or the Lackey Eight or some other derogatory label.

It should be noted that among the senators back then, only Senator Loren Legarda is a member of the current Senate. She voted to open the envelope.

Senators Zubiri, Villanueva, and Dela Rosa are so agitated about the supposed leak that they called for an investigation to determine who provided the information to the media outlet so that he or she could be ousted from the Senate. But Senator Estrada himself said the report is erroneous. Just the same, he read aloud Politiko’s report during the Senate plenary session last Tuesday. So, he himself made known to the people of the Philippines what was supposed to be a confidential matter!

If the Politico report is erroneous, or, as Senator Escudero said, it is just chismis, then nothing about the deliberations in the executive session was divulged. Still, Senator Estrada wants an investigation of a supposed leak. Does he know that someone really violated the rule on confidentiality of executive session proceedings, and he is out to get him or her yanked out of the Senate?

The Senate is usually referred to as the “august” body. With the accent on the second syllable, “august” means majestic, dignified, imposing. I used to spend summer breaks during my college years, circa the late 1950s, in the halls of Congress to listen to the profound, eloquent, and impassioned debates. That was when the Senate was composed of men like Claro M. Recto, Jose P. Laurel, Lorenzo Tañada, Camilo Osias, Mariano Cuenco, Quintin Paredes, Lorenzo Sumulong, Soc Rodrigo, Ambrosio Padilla, Emmanuel Pelaez, Roseller Lim, et al. All highly educated, orators, and statesmen. The word “august” was most appropriate. Not anymore.

 

Oscar P. Lagman, Jr. has been a keen observer of Philippine politics since the late 1950s.

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