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Squid Game 2 to be ‘more intriguing,’ the show’s creator promises

A scene from season two of Squid Game. — IMDB

LUCCA, Italy — Revenge will be in the air in the hotly anticipated second season of Squid Game, the TV show’s creator Hwang Dong-hyuk says, promising a bigger cast of characters and more absorbing challenges than the original.

Attending the first global promotional event for the new season in the Tuscan city of Lucca, Hwang told Reuters a third edition of the Korean drama was already in post-production, and hinted an English-language version may be in the offing too.

The first season of Squid Game became Netflix’s most watched series of all time when it was released in 2021.

Hwang went on to win an Emmy for outstanding directing for a drama series, while Lee Jung-jae scored a best actor in a drama Emmy Award. Both were the first Asians to take home those titles and the first for a non-English language series.

Given the huge viewing figures, the dystopian show was inevitably renewed and is due to hit the streaming service on Dec. 26, with the third and final installment set for rollout in 2025.

“In Season 2, Gi-hun (played by Lee), who survived Season 1, returns to the games, not to win this time around, but to put an end to these games,” said Hwang, the show’s writer, director, and producer.

“There is going to be a larger number of characters this time and more intriguing games that are all worthy of a lot of the viewers’ love and support,” he said.

The thriller series follows cash-strapped contestants who take part in deadly survival challenges featuring childhood games for a chance to win a fortune. The new season takes place three years after the events of the first and sees Lee’s character Seong Gi-hun returning to the life-or-death game with new participants.

Also attending the Lucca Comics & Games event, Lee told Reuters there was pressure to improve on the original, adding that his character, a former gambling addict, is a changed man.

“Gi-hun is a very different person in Season 2. This time around he wants revenge. He wants to catch the people behind the games and he wants to bring them to justice,” he said.

The Hollywood news site Deadline, reported this week that US director David Fincher, who made the 1999 hit Fight Club, was working on an English-language version of Squid Game for Netflix.

“I don’t think it’s official yet, so I cannot tell much about it. But, you know, I respect him as a filmmaker and creator,” Hwang said when asked about the report.

“So if he does it, you know, I’m looking forward to seeing it, watching it.” — Reuters

Restoring Filipino seafarers’ competitiveness for a sustainable maritime sector

EN.WIKIPEDIA.ORG

The shipping industry is one of the most diverse and globalized sectors in the world due to its involvement in the international transportation of goods and products. Marine transportation is the most cost-efficient and sustainable way of moving large quantities of goods around the world. Our nation regularly supplies seafarers to meet the labor demands of merchant fleets worldwide.

According to the Department of Labor and Employment, the Philippines has long provided nearly one-third of the global maritime workforce. Filipino seafarers have been the top choice of foreign principals due to their well-established reputation and global recognition, which stem from their unique combination of diligence, adaptability, dependability, and fluency in the English language. Considering their hard work, dedication, and financial contribution, these Filipino sailors are among our nation’s greatest assets.

However, a combination of local and global events has resulted in a decreased demand for the services of Filipino seafarers. As a result, their competitive advantage is gradually diminishing. This situation seriously threatens the sustainability of Philippine manning agencies, the growth of our economy, and the well-being of the families who rely on our seafarers’ remittances.

How can we address the declining global labor market competitiveness of Filipino seafarers in the face of intense competition from other countries, an economic downturn, legal and political requirements, technological advancements driven by Industrial Revolution 4.0, and the aftermath of the COVID-19 pandemic?

One of the main obstacles contributing to their declining competitive advantage is their difficulty in keeping up with technological advancements. The maritime transport sector is adapting to the development of smart ship technology as the world moves toward higher levels of autonomy. “Autonomous technology for ships” refers to a software’s increased independence in making critical decisions within a maritime vessel, representing a significant technical advancement. For example, the Internet of Things (IoT) allows seafarers to remotely control their machines and equipment. Such technological advancements may lead to further job losses for seafarers.

Our seafarers must enhance their technological skills and knowledge to keep up with the rapidly evolving technological landscape in the maritime industry. Over the past few decades, there have been significant advancements in technology, particularly in the way seafarers are trained by various maritime institutions. For instance, several manning agencies have already invested in their maritime training facilities and hubs. Some training centers have even acquired their own shipping vessels to provide their cadets with more hands-on experience and firsthand exposure to working on a shipping vessel.

Despite innovations in shipbuilding and training methods, seafarers remain crucial as they are primarily responsible for operating and navigating these vessels. Finding the most effective way to educate and train seafarers is an ongoing responsibility that all major stakeholders must undertake to adapt to these changing times.

One of my recommendations to enhance the global competitiveness of Filipino seafarers is to establish a maritime training facility tailored to their needs. Manning agencies, trade unions, and other stakeholders in the maritime sector must form partnerships and collaborations. Manning agencies, most of which lack the resources needed to establish their own training facilities, could collaborate with each other or with other stakeholders and pool their resources to establish shared maritime training facilities, which would benefit all seafarers associated with these organizations.

Our seafarers’ maritime training is a long-term process that needs careful planning to align with global trends. This process requires significant effort and the harmonization of national legislation with international conventions. The government, manning agencies, maritime schools, training centers, and maritime trade unions should work together to ensure that Filipino seafarers understand the value of additional education and training in advancing their careers and remaining competitive in the international market. Each party has a responsibility to contribute to rekindling the global competitiveness of Filipino seafarers.

 

Dr. Rayan Dui is a full-time faculty member and chair of the Department of Marketing and Advertising at the Ramon V. Del Rosario College of Business, De La Salle University. With over 15 years of experience as a senior marketing consultant for a maritime training center, he has a keen interest in research related to the maritime sector. Through his research he aims to implement changes that will benefit the maritime training industry and ultimately, Filipino seafarers.

rayan.dui@dlsu.edu.ph

Wise gets access to InstaPay, boosting real-time transfers

REUTERS

GLOBAL cross-border payments platform Wise now has access to real-time electronic fund transfer service InstaPay and can now settle directly with the Bangko Sentral ng Pilipinas’ (BSP) gross payment system PhilPaSS Plus, it said on Monday, allowing for faster transactions.

With this, Wise now has six direct connections to domestic payments systems globally, it said in a statement.

“We realized, and especially for Wise as a global company, two of the main pillars that we would want to push in the Philippines would be — which are solved by InstaPay — speed and cost,” Wise Philippines Country Manager Areson I. Cuevas told BusinessWorld.

“In less than 20 seconds, the recipient in the Philippines should be able to get the payment. Before InstaPay, it wasn’t instant. But right now, especially if the transaction is covered by the InstaPay limit of P50,000, that’s going to be instant,” Mr. Cuevas said.

The direct connection to InstaPay will also help reduce their costs, he added.

“InstaPay has a low-cost model, but we still have to pay them, which means we can route payments to the Philippines at a much lower cost structure,” he said.

Partnering with InstaPay no longer requires Wise to partner with banks and will also let their customers send funds to other participants of the automated clearing house, he added.

“Right now that we are already sending payments by InstaPay, we no longer have to rely on a sponsor bank to sponsor our payments. We are doing it directly by PhilPaSS … which helps reduce the cost and make transactions faster,” Mr. Cuevas said.

“If you’re an InstaPay participant, it supports the BSP’s call to avoid bilateral agreements with banks to make repayments. So, it levels the playing field. So, it makes us level with other banks,” he said.

In May, Wise entered the Philippine market with the launch of its products Wise Account and Wise Prepaid Card.

Wise Philippines was able to settle its first InstaPay transaction in August via PhilPaSS Plus, Mr. Cuevas said.

They expect the direct InstaPay integration to boost demand for real-time transfers, he added.

Wise has an average transaction fee of 0.62%.

With transactions completed in less than a minute, Wise customers can withdraw or move their funds fast, the company said.

This will also allow them to quickly top up their Wise Account and Wise Card transactions via bank transfers or electronic wallets.

The total value of transactions done through InstaPay jumped by 44.8% to P5.14 trillion as of September from P3.55 trillion a year prior.

In terms of volume, InstaPay transactions stood at 974.4 million in the first nine months, soaring by 70.6% from 571.1 million the previous year.

PESONet and InstaPay are automated clearing houses launched in December 2015 under the BSP’s National Retail Payment System framework.

InstaPay is a real-time, low-value electronic fund transfer facility for transactions up to P50,000 and is mostly used for remittances and e-commerce. — A.M.C. Sy

Dusit Thani Mactan eyes Japanese tourist surge

100-METER infinity swimming pool at Dusit Thani Mactan Cebu Resort — DUSIT.COM

CEBU CITY — Dusit Thani Mactan Cebu Hotel, a luxury resort owned by Robinsons Hotels and Resorts, is optimistic about the resurgence of the Japanese market as a top source of tourists.

“We always know that Korea is our top market here in Cebu because it has the most number of direct flights coming from different parts of Korea. But as for Japan, before it used to be the second top market, pre-pandemic time,” Flordelis Ymbong, director of sales — leisure at Dusit Thani Mactan Cebu, told BusinessWorld on Oct. 26.

The Japanese market is now replaced with foreign visitors from Taiwan and Singapore.

Starting Oct. 28, a new flight from Japan will begin, with additional flights in December for the peak season, she said.

Philippine Airlines is set to launch its Cebu-Osaka flights on Dec. 22 with direct flights from Mactan to the Kansai region that will ramp up the tourism industry and local business in Cebu and the Visayas region.

“We had the Department of Tourism (DoT), Tourism Promotions Board B2B mega fam tour from Japan agents last Oct. 25. We had a B2B networking at NUSTAR,” Ms. Ymbong said. The networking event was attended by 76 travel agents from Japan, as well as the DoT in the Philippines and in Japan, particularly in Osaka.

Ms. Ymbong said the occupancy rate for the Dusit Mactan is slowly picking up but still not the same as the pre-pandemic time.

She said the luxury resort, located in the first five-star beachfront resort, is currently at a 75% occupancy rate while aiming to reach 80% in January next year.

“We want to diversify our market because it happened already during the pandemic. We are only relying on one particular market which is the Korean,” Ms. Ymbong said.

Dusit Thani is now looking to tap its existing Europe, India, Dubai, and Canada markets.

The hotel has 271 guest rooms and suites and a facility for meetings, incentives, conferences, and exhibitions that can take a maximum of up to 900 guests.

Dining options include Thai restaurant Benjarong, Tradewinds Café, The View lobby lounge, Sunset Bar — a sports bar, and The Deli.

Situated on the Punta Engaño Peninsula, the Dusit Thani Mactan Cebu is accessible from Mactan-Cebu International Airport, 11 kilometers by land and sea transport. — Aubrey Rose A. Inosante

8990 Holdings appoints Landers’ Gwen Lim as independent director

8990HOLDINGS.COM

LISTED 8990 Holdings, Inc. said its board has appointed Gwen Lourdes G. Lim as an independent director effective Monday.

Ms. Lim fills the vacancy caused by the resignation of Vittorio P. Lim, 8990 Holdings said in a stock exchange disclosure.

On Oct. 29, Mr. Lim officially vacated the role due to government requirements on the qualifications of independent directors.

Ms. Lim is currently the vice chairman of Southeastasia Retail, Inc. (SEARI), a role she has served since September 2022.

SEARI operates the membership retailer chain Landers Superstore.

She was previously the president of SEARI from February 2015 to August 2022.

8990 Holdings said Ms. Lim has more than 34 years of experience in the local retail industry, with previous positions in SM, Pricesmart Philippines, and S&R Membership Shopping.

For the first nine months, 8990 Holdings saw a 24% decline in its attributable net income to P4.71 billion from P6.2 billion in 2023.

The company’s revenue dropped by 8.4% to P15.68 billion from P17.12 billion last year.

On Monday, 8990 Holdings shares rose by 1.05% or nine centavos to P8.69 per share. — Revin Mikhael D. Ochave

Here reunites Tom Hanks and Robin Wright as younger selves

Tom Hanks and Robin Wright in a scene from Here. — IMDB

LOS ANGELES — In the film Here, Tom Hanks and Robin Wright had to remember what it was like to be in their 20s to portray de-aged versions of their characters.

“It was fun to do because we had to see playback immediately with this visual effect tool,” Wright said.

“Oh, my eyes are 19 and my smile is 19 years old. Now I know how to walk in the room and put my shoulders back and squeeze my arms into my ribs, because that’s how you move and you’re like, you know, it would help you re-remember what it felt like living in the body of a 20-year-old, right?” she added.

Similarly, Hanks had to adjust to acting like a younger version of himself for the film.

“I had to leap off that couch in a way one does when they are 22,” Hanks said, laughing.

Here, directed by Forrest Gump filmmaker Robert Zemeckis, reunites the leads of the Oscar-winning film for this American drama that explores a generational story about families and the special place they live.

Hanks plays Richard Young and Wright plays his character’s wife, Margaret Young.

The movie, distributed by Sony Pictures, arrives in North American theaters on Friday after making its debut during AFI Fest in October. — Reuters

Entertainment News (11/05/2024)

Warner Bros. Discovery to launch MAX in November

WARNER BROS. Discovery has announced that its streaming service Max will launch on Nov. 19 in Indonesia, Malaysia, the Philippines, Singapore, and Thailand, as well as Taiwan and Hong Kong. Max will carry blockbuster movies, series, reality shows, and more from brands like HBO, Harry Potter, the DC Universe, Cartoon Network, Max Originals, plus Hollywood movies and TV programs from Discovery, TLC, AFN, and Food Network. Subscribers can create up to five unique profiles, each customizable with favorite characters as avatars, receive content picks based on viewing habits and customize profiles for children, curated with age-appropriate content and parental controls.

 

BGC lights grand Christmas tree

BONIFACIO Global City (BGC) will be lighting its Grand Christmas Tree at the Fifth Avenue on Nov. 7 at 6:30 p.m. Alongside this is the launch of Southeast Asia’s first sky projection experience with Magic at the 5th. It will take place at the BGC High Street Central, BGC, Taguig. Special guest performances will also be revealed on the day itself.

 

Viva, MQuest sign content joint venture

VIVA Communications and MQuest Ventures have announced the signing of a joint venture agreement to produce high-quality entertainment content for Filipino audiences on free-to-air and other media platforms. Beginning 2025, the new joint venture will air several new entertainment shows across various timeslots on TV5’s grid, featuring some of the biggest stars in Philippine showbiz.

 

Wicked to premiere in November

ON Nov. 20, Universal Pictures is bringing the movie version of the hit musical Wicked to the Philippines. The musical fantasy stars Cynthia Erivo, Ariana Grande, Jeff Goldblum, Michelle Yeoh, Jonathan Bailey, and Peter Dinklage, with Jon M. Chu directing. It follows two witches of Oz, who meet as students at Shiz University: Elphaba (Erivo), who stands out because of her green skin, and Glinda (Grande), a popular and ambitious woman. They form an unlikely friendship and journey across the land of Oz, where the Wonderful Wizard of Oz (Goldblum) tests their friendship.

 

Jonathan Roumie of The Chosen comes to Manila

JONATHAN Roumie, the actor known for his portrayal of Jesus in the series The Chosen, is set to visit Manila for a fan screening on Nov. 22. The event will showcase the Christmas special Christmas with The Chosen: Holy Night, a retelling of the birth of Jesus, as seen through the eyes of Mary and Joseph.

 

Bullet Dumas, The Ridleys, Munimuni, Ena Mori and more to headline GNN Year-End Party

GABI NA NAMAN (GNN) Productions, an events and multimedia company, will be wrapping up 2024 with an party that celebrates a festive year in live music. Titled Gabi Na Naman Year-End Party, the annual mini music fest will take place at 123 Block in Mandaluyong City on Nov. 29, 5 p.m. onwards. OPM performers Shirebound (formerly known as Shirebound & Busking), Bullet Dumas, and Dicta License will be the headlining, along with indie favorites Ena Mori, Munimuni, The Ridleys, and DJ Jiggawho. The lineup will also feature newcomers Pinkmen, Ysanygo, (e)motion engine, Amateurish, and ALYSON. The show will be part of JDOS Playlist LIVE, a music initiative by Jack Daniel’s Philippines. Tickets are available via bit.ly/gnnyep24 for P600 (early bird price) and come with a free Jack Coke.

 

Linya-Linya Land returns with music, comedy, drag

The performance festival Linya-Linya Land returns on Nov. 30, 2 p.m. onwards, at 123 Block, Mandala Park in Mandaluyong City, with an extensive line-up of local talent. Filipino singer-songwriters, bands, and rappers Lola Amour, Over October, Unique Salonga, Cheats, Oh! Flamingo, KJah, Mhot, and Apoc will represent the music scene. Improvisational theater performers and stand-up comedians are also set to take the stage, including SPIT Manila; GB Labrador, James Caraan, Nonong Ballinan, Ryan Rems, and Muman Reyes of The KoolPals, and Comedy Manila’s Victor Anastacio and Issa Villaverde. Drag performance art will also be represented by Ru Paul’s Drag Race Philippines Season 3 superstar, Tita Baby. The event has partnered with non-profit organizations and communities like the Angat Buhay Foundation, AHA! Learning Center, The Learning Lab, and PANTAY. Tickets are available at P1,200 (early bird price) and P1,500 (regular admission) via bit.ly/linyalinyaland24.

 

Ogie Alcasid, BINI perform at Newport World Resorts

Returning to the Newport World Resorts is Ogie Alcasid, for another round of his fan-favorite sing-along concert dubbed OGIEOKE 2 Reimagined. This time, the King of OPM is sharing the mic with special guests BINI, JM Dela Cerna, and Marielle Montellano. These OPM artists will perform their greatest hits karaoke-style on Nov. 30 at the Newport Performing Arts Theater. It will feature a mix of classic OPM and new generation pop. Tickets, ranging from P1,500 to P8,000, are now available at all TicketWorld and SM Tickets outlets.

 

Viu Original series wins at Cannes TV Awards

THE VIU original series Secret Ingredient, a production that brought together characters from Indonesia, the Philippines, and South Korea, has received a Silver Dolphin trophy for Branded Content Videos and a Black Dolphin trophy for Best Cast/On-Camera Talent at the recently concluded Cannes Corporate Media & TV Awards 2024. The series also emerged as the National Winner of the Philippines for Best Branded Program and Best Original Production by a Streamer (Fiction) at this year’s Asian Academy Creative Awards.

 

Bianca Del Rio brings tour to Manila

Bianca Del Rio, the “Queen of Mean” and winner of RuPaul’s Drag Race Season 6, is bringing her Dead Inside tour to Manila. The show, presented by LA Comedy Live, will be at the New Frontier Theater in Cubao, Queon City, on Jan. 17, 2025, at 8 p.m. It will feature fresh material that aims to push boundaries. Tickets are now on sale, with VIP packages and meet-and-greet options available. Prices range from P3,202 to P10,672 via TicketNet.

 

Phantom Siita world tour in Manila

JAPANESE five-piece idol group Phantom Siita, known for their retro-horror concept produced by singer Ado, has announced their world tour, Moth to a flame. Set just six months after their debut, the group’s first tour will kick off in Taipei in January 2025, and span 15 cities. Promoted by AEG Presents Asia and Ovation Productions, the Moth to a flame stop in Manila will be held on Jan. 18, 2025, at the Samsung Hall, SM Aura, Taguig. Tickets will be available starting Nov. 8, 10 a.m., via SM Tickets.

 

Balota enters 3rd week

NOW on its third week, cinemagoers continue to patronize Balota, whose eye-opening story shines a light on the dedication of teachers and their role in safeguarding the public’s votes during elections. Marian Rivera released a statement thanking fans for their support. The majority of Balota’s audience is made up of teachers and students, and the film is now being used in the classroom as a springboard to discuss good citizenship, democracy, and elections. It is still available in cinemas nationwide.

 

STAYC releases new single

K-POP girl group STAYC, made up of Sumin, Sieun, ISA, Seeun, Yoon, and J, has returned with the release of their new digital single, “…ㅣ (Dot Dot Dot)”, their first autumn confessional song. It delves into the growth and vulnerability of young love, telling the story of a “failed crush.” It is their first release since their full-length album Metamorphic in July. The song is out now on all digital music streaming platforms.

 

Lolong will be back for Season 2

THE Philippines’ biggest primetime action-adventure series of 2022, Lolong, bannered by Ruru Madrid, will return to primetime television for a second season. Now titled Lolong: Bayani ng Bayan, it features Madrid, who will once again be joined by Shaira Diaz, Rochelle Pangilinan, Paul Salas, Mikoy Morales, Alma Concepcion, Maui Taylor, Jean Garcia, John Arcilla, Rocco Nacino, Martin del Rosario, Klea Pineda, and Tetchie Agbayani. The crocodile-themed action-adventure drama series will continue telling the story of the people of Tumahan and the mysterious Atubaws. Directing the series are King Mark Baco and Rommel Penesa. It will premiere in 2025.

Manufacturing Purchasing Managers’ Index (PMI) of select ASEAN economies, October 2024

PHILIPPINE manufacturing expanded for a 14th month in a row in October, but the pace of growth slowed month on month amid a softer rise in new orders and output, S&P Global said on Monday. Read the full story.

Manufacturing Purchasing Managers’ Index (PMI) of select ASEAN economies, October 2024

How PSEi member stocks performed — November 4, 2024

Here’s a quick glance at how PSEi stocks fared on Monday, November 4, 2024.

PSEi drops to seven-week low before key data

BW FILE PHOTO

PHILIPPINE STOCKS dropped further on Monday as investors await the outcome of the US presidential election and the release of key Philippine economic data this week. 

The benchmark Philippine Stock Exchange index (PSEi) declined by 0.09% or 6.86 points to close at 7,136.10, while the broader all shares index went down by 0.14% or 5.55 points to end at 3,951.66.

This was the PSEi’s lowest close in seven weeks or since Sept. 16’s finish of 7,104.20.

“The local market closed lower this Monday. Investors maintained a cautious stance while waiting for crucial economic data to be released this week, as well as the US’ upcoming presidential elections,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“Investors are taking into consideration expectations of higher inflation in October and a slowdown in gross domestic product (GDP) growth in the third quarter. Foreigners were still net sellers, adding to the market’s challenges,” he added.

The Philippine Statistics Authority will release October inflation data on Tuesday (Nov. 5) and third-quarter GDP data on Thursday (Nov. 7).

A BusinessWorld poll of 11 analysts yielded a median estimate of 2.4% for the October consumer price index. This would be faster than the 1.9% print in September but slower than 4.9% in the same month last year.

Meanwhile, a separate BusinessWorld poll of 12 analysts yielded a median GDP growth estimate of 5.7% for the July-to-September period, which would be slower than the 6.3% growth in the previous quarter and the 6% expansion in the third quarter of 2023.

“Philippine shares traded as the market focus intensifies on key US events, with investors keeping a close watch on the Nov. 5 elections and the Federal Reserve’s policy meeting. Any indications from the Fed regarding future rate adjustments could shape market sentiment,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

The Fed will hold its policy meeting on Nov. 6-7. Markets widely expect the US central bank to cut rates by 25 basis points.

Majority of sectoral indices declined on Monday. Mining and oil retreated by 1.93% or 167.12 points to 8,487.19; property dropped by 1.34% or 37.60 points to 2,755.97; financials went down by 0.89% or 20.78 points to 2,311.09; and industrials decreased by 0.23% or 22.63 points to 9,827.98.

Meanwhile, holding firms rose by 0.99% or 60.16 points to 6,097.06, and services climbed by 0.88% or 19.17 points to 2,190.76.

Value turnover dropped to P4.65 billion on Monday with 588.45 million shares changing hands from the P5.43 billion with 803.18 million issues traded on Thursday.

Decliners outnumbered advancers, 107 versus 76, while 58 names were unchanged.

Net foreign selling went down to P777.98 million on Monday from P1.31 billion on Thursday. — R.M.D. Ochave

Peso sinks to three-month low

BW FILE PHOTO

THE PESO depreciated to a three-month low against the dollar on Monday ahead of the results of the US presidential elections and amid an expected uptick in domestic inflation last month.

The local unit closed at P58.34 per dollar on Monday, weakening by 24 centavos from its P58.10 finish on Thursday, Bankers Association of the Philippines data showed.

This was its worst finish in over three months or since it closed at P58.365 on July 31.

The peso opened Monday’s session sharply weaker at P58.27 against the dollar. Its intraday best was at P58.15, while its worst showing was at P58.36 versus the greenback.

Dollars traded declined to $1.18 billion on Monday from $1.3 billion on Thursday.

The market was closed on Friday (Nov. 1) for All Saints’ Day.

“The peso weakened anew, driven by safe-haven demand for the greenback ahead of the US elections this week,” a trader said in an e-mail.

The dollar slid on Monday as investors braced for a potential pivot this week for the global economy as the United States chooses a new leader, and as it likely cuts interest rates again with major implications for bond yields, Reuters reported.

The dollar fell 0.6% on the yen to 152.60. The dollar index eased 0.1% to 103.80.

US Treasury yields dropped 5 basis points (bps), retracing some of Friday’s surge.

Democratic candidate Kamala Harris and Republican Donald Trump remain virtually tied in opinion polls and the winner might not be known for days after voting ends.

Analysts believe Mr. Trump’s policies on immigration, tax cuts and tariffs would put upward pressure on inflation, bond yields and the dollar, while Ms. Harris was seen as the continuity candidate.

Dealers said the dip in the dollar might be linked to a poll that showed Ms. Harris taking a surprise 3-point lead in Iowa, thanks largely to her popularity with female voters.

Uncertainty over the outcome is one reason markets assume the Federal Reserve will choose to cut rates by a standard 25 bps on Thursday, rather than repeat its outsized half-point easing.

Traders have fully priced in a quarter-point cut to 4.5%-4.75%, and an 83% probability of a similar-sized move in December.

The peso weakened due to expectations of an uptick in October inflation, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message.

The Philippine Statistics Authority will release October inflation data on Tuesday (Nov. 5).

A BusinessWorld poll of 11 analysts yielded a median estimate of 2.4% for the October consumer price index, within the central bank’s 2-2.8% forecast for the month.

If realized, this would be faster than the 1.9% print in September but slower than 4.9% in the same month a year ago.

For Tuesday, the trader said the peso could depreciate further with the release of the October inflation report.

The trader sees the peso moving between P58.25 and P58.50 per dollar, while Mr. Ricafort expects it to range from P58.25 to P58.45. — AMCS with Reuters

Marcos defends PHL flood infra after twin storms inundate major cities

AN AERIAL view of a flooded town in Batangas province after Tropical Storm Kristine hit Luzon in November 2024. — BW FILE PHOTO/PPA POOL/MARIANNE BERMUDEZ

PHILIPPINE President Ferdinand R. Marcos, Jr. on Monday defended his government’s flood infrastructure after the country was battered by two storms that hit almost 9 million Filipinos and caused major flooding in many cities.

“We have flood control systems, but these were just really overwhelmed,” he told reporters in mixed English and Filipino on the sidelines of his visit to Laurel town in Batangas province south of the capital Manila, vowing to build a system that can withstand climate change’s worse effects.

“They didn’t withstand it (Severe Tropical Storm Trami) because it was the first in Philippine history. We only experienced it now,” he added.

Trami, locally named Kristine and which Greenpeace Philippines dubbed as the “third-[most] highly devastating weather event to batter the country this year,” killed at least 59 people in Batangas province, 20 of whom were buried in a landslide in the municipality of Talisay, which Mr. Marcos also visited.

The National Disaster Risk Reduction and Management Council said in a morning report on Sunday the death toll from Trami, which made landfall in the Philippines on Oct. 24, and Super Typhoon Kong-rey had reached 146.

It said 8.63 million people from 2.2 million families had been affected. More than 200,000 people from 56,396 families were staying in 467 evacuation centers, it added.

Mr. Marcos admitted that his government’s response to the storms was “never enough.” “I’ll tell you the truth, it’s never enough, it’s never enough. I wish we could do more.”

“We are doing everything that we can, but you know when you lose a life, you lose a life, what can you do about that? It’s a terrible tragedy,” he added.

The President noted that the country did not expect it would be hit by a storm as powerful as Trami, which he said dumped more rains than Ketsana (Ondoy), which submerged parts of Metro Manila and killed more than 200 people in 2009 as it dumped more than 400 millimeters of rain.

In contrast, Kristine dumped about 700 millimeters of rain — almost double that of Ketsana — he said, as he defended the country’s flood infrastructure from criticisms.

“Our flood-control projects were designed to withstand flood waters caused by storms like Ondoy,” he said in Filipino. “Those landslides were new, they didn’t happen in their entire lives, in the history of areas that faced landslides due to high levels of water.”

Mr. Marcos reiterated that the record-breaking flood levels experienced by the Philippines were highly attributable to climate change. “We are now seeing the climate change that we have been talking about.”

In response to the President’s remarks, Greenpeace Philippines campaigner Khevin A. Yu told BusinessWorld: “Extreme weather events are nothing new for the Philippines as we have been the most affected country by climate change for decades.”

“Damage is inevitable due to the worsening nature of the climate crisis. As the new chairman of the Loss and Damage Fund (LDF), President Marcos should start demanding payment for our loss and damage during Super Typhoon Kristine from the culprits of the climate crisis,” he added.

Before Trami, the Philippines in July was hit by Typhoon Gaemi, killing dozens and submerging parts of the capital region and nearby provinces in floodwaters.

‘FIRST TIME’
The country has been facing stronger typhoons through the years. On Nov. 8, it will commemorate the devastation of Super Typhoon Haiyan (Yolanda), which killed more than 6,000 Filipinos mostly in the central Philippine province of Leyte in November 2013.

Mr. Marcos said critics of the government’s flood-control infrastructure should also look at what is happening in other countries such as Spain, where more than 200 people died in a major flood in the Valencia region.

“Look, it’s not only here. Have you seen what happened to Spain? Have you seen what’s happening in various countries, in the States?” he asked, noting that these events are happening for the first time.

A Reuters report showed survivors of the deadly flooding in Valencia, Spain protesting during a visit by Spanish King Felipe, Queen Letizia and Prime Minister Pedro Sanchez, “with some throwing mud at them.”

Mr. Marcos cited the need to change the design of public infrastructure including flood-control projects, slope protection facilities and bridges. “Let’s look for a better design.”

The Philippines has been chosen to head the board of the LDF, a United Nations financing mechanism that will benefit countries vulnerable to climate change, including the host-country itself.

The election followed efforts by the Marcos government to promote the Philippines as a country that is committed to the global green transition, despite the slow phase-out of dirty sources of energy and policies that green groups say are anti-environment.

Mr. Marcos has branded himself as a climate leader, citing the need for sustainable practices, and even touting the presence of wind mills in his home province of Ilocos Norte in northern Philippines.

Asked whether the government would impose a moratorium on development projects amid the worsening effects of typhoons, Mr. Marcos said: “That’s always been the problem, but it has not been as severe as it is now. And again, it’s climate change.”

“It’s something that has never happened before and it is something that we have to deal with. There’s no other way,” he said. “We have to be smarter. We have to be more technologically aware of what is available so that we can reduce the effects.”

During Mr. Marcos’ visit to Batangas, the Department of Human Settlements and Urban Development distributed housing materials worth P6 million donated by the Metrobank Foundation Inc. to victims.

About 150 families from Talisay town and 200 families each from the municipalities of Laurel and Agoncillo received home materials and essentials from the agency and its partners, it said in a statement. Each package was composed of GI roofs, marine plywood, lumber and nails, which will be used to repair damaged houses.

The Office of the President also gave P10,000 each to 4,378 beneficiaries in the municipalities of Agoncillo, Laurel and Talisay.

The Philippines remained the most disaster-prone country for the 16th straight year in the World Risk Index, which assesses the disaster risk for 193 countries using 100 indicators.

The Philippines lies along the typhoon belt in the Pacific and experiences about 20 storms each year. It also lies in the so-called Pacific Ring of Fire, a belt of volcanoes around the Pacific Ocean where most of the world’s earthquakes strike. — Kyle Aristophere T. Atienza

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