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Japan set to extend fuel, power subsidies to March — sources

STOCK PHOTO | Image by Gaby OBS from Pixabay

Japan’s government is set to decide to extend gasoline, natural gas and power subsidies to the end of March that were set to expire at the end of 2023, five government and ruling party sources with knowledge of the matter said this week.

The extension of the subsidies, which were previously extended to the end of 2023 in August, will be featured in an economic package Prime Minister Fumio Kishida’s cabinet plans to compile later this month, the sources said.

Kishida has urged his government to compile a supplementary budget to fund the package while the government tries to scrape together financial sources to fund it, raising concerns about adding to the industrial world’s heaviest debt pile.

Kishida is hoping the new economic package shores up flagging support for his cabinet.

Some ruling party lawmakers have called for an overall economic package worth around 15 trillion to 20 trillion yen ($100 billion-$134 billion), which may jeopardize the government’s aim of balancing the primary budget, excluding new bond sales and debt servicing costs, by the fiscal year-end in March 2026.

The subsidies for gasoline, electricity, and gas utilities were seen as urgent because the government wants to reduce the burden on Japanese firms to keep alive the momentum towards wage hikes at the annual labor talks in March, the sources said on condition of anonymity as they are not authorized to speak to media.

The government would decide later on whether to continue the subsidies beyond March, taking energy prices and currency moves into account, they said.

The government decided in August to extend the subsidies to the end of the year amid rising energy prices and as the yen weakened, which boosted the import costs of fuel for resource-deficient Japan.

The Prime Minister’s office did not immediately reply to a request for comment. — Reuters

New Zealand election campaign winds down with Labour facing defeat

CHRIS HIPKINS speaks to members of the media outside New Zealand’s parliament in Wellington, New Zealand, Jan. 21. — REUTERS

WELLINGTON – New Zealand Prime Minister Chris Hipkins on Friday urged voters to get out and re-elect Labour in Saturday’s national election, as polls indicate a change in government after six years of left-wing rule.

Mr. Hipkins, who took over as prime minister in January when Jacinda Ardern made the surprise decision to step down, has struggled to win back swing voters disenfranchised with the Labour Party, which they blame for long COVID-19 lockdowns and a huge rise in the cost of living.

However, Mr. Hipkins, 45 said Labour was starting to see momentum build in the final hours of campaigning.

“We are expecting a really huge turnout … and we’re expecting a really strong result tomorrow night,” Mr. Hipkins, 45, told reporters.

The opposition centre-right National Party is ahead in the polls but is very unlikely to get a majority even with the support of its preferred coalition partner, the libertarian ACT Party.

Polls predict that the nationalist New Zealand First Party will hold the balance of power. The party was Labour’s coalition partner in 2017 but has said it will not work with Labour again.

National Party leader Christopher Luxon said on Friday there was a “very big mood for change” in the country.

“MMP (mixed member proportional) elections are always close. If you want change, you can’t rely on other people to do it, you’ve got to vote for it,” Mr. Luxon, 53, told media.

Both leaders organised walkabouts on Friday to woo an undecided voter bloc of about 9%. Hipkins even got on stage for a dance.

Over a million New Zealanders have already voted in advanced voting with nearly two million still expected to cast their ballots before voting closes at 7 p.m. (0600 GMT) Saturday.

Although a provisional result will likely be available on Saturday night, it is unlikely the next government will be known as coalition deals will need to be negotiated.

“Polls tend to suggest we are looking at a centre-right coalition but the increasing degree of support for some of the smaller third parties introduce a little bit more uncertainty about that,” said Westpac Chief Economist Kelly Eckhold.

“Thinking about the election, markets are particularly focused on the extent to which we get a clean result as opposed to potentially protracted coalition negotiations.” — Reuters

Founding Isley Brothers band member, Rudolph Isley, has died

Rudolph Isley, singer, songwriter and founding member of the influential rhythm and blues band the Isley Brothers, whose hits included “Shout”, “Fight the Power”, and “That Lady”, died on Wednesday at age 84 at his home in Chicago, the family said in a statement.

“Heaven has gained another angel….we know he’s in a better place. Forever in our hearts,” the family statement read.

The cause of death was not disclosed.

Rudolph Isley, originally of Cincinnati, began singing in church with his brothers Ronald, O’Kelly and younger brother Vernon, who died as a teenager in a traffic accident. Later members included brothers Marvin and Ernie and brother-in-law Chris Jasper.

While he sang harmony and at times lead vocals for the group, Rudolph Isley also co-wrote songs including their 1959 breakthrough hit “Shout,” a gospel-style call-and-response song built around the words “You know you make me wanna shout!”

Among other hits by the band include “Twist and Shout”, later covered by the Beatles, and “This Old Heart of Mine (Is Weak for You)”, covered by singer Rod Stewart.

Rudolph Isley left the group in the late 1980s to become a Christian minister, but at times still sang with the group.

He was inducted into the Rock and Roll Hall of Fame in 1992. — Reuters

Qatar World Cup construction workers sue US firm for labor trafficking

Al-Janoub Stadium in Qatar. — QATAR2022.QA

Dozens of Filipino workers who helped build stadiums that hosted the 2022 FIFA World Cup in Qatar filed a lawsuit on Thursday claiming US construction firm Jacobs Solutions, Inc. subjected them to dangerous and inhumane conditions.

The nearly 40 plaintiffs in a complaint filed in federal court in Denver, Colorado, said Jacobs and several subsidiaries that oversaw the construction projects forced workers to live in cramped, dirty barracks and work up to 72 hours straight in blistering heat without food and water.

The plaintiffs also claim they were not paid all of their wages and had their passports confiscated, barring them from finding new jobs or returning home to the Philippines.

Dallas, Texas-based Jacobs did not immediately respond to a request for comment.

Qatar has faced intense criticism from human rights groups over its treatment of migrant workers, who along with other foreigners comprise the bulk of the country’s population. The scrutiny intensified in the years leading up to the 2022 World Cup, when hundreds of workers were reportedly killed and thousands injured during construction projects.

The government of Qatar has said that far fewer workers were killed or injured, and in 2020 raised the country’s minimum wage and applied it to foreign workers for the first time.

The plaintiffs in Thursday’s lawsuit claim Jacobs knew or should have known about human rights abuses in Qatar and chose to knowingly exploit workers.

Jacobs and its subsidiaries are accused of violating a US law that prohibits trafficked or forced labor even when the alleged conduct occurs outside the United States. The plaintiffs also accused Jacobs of negligence and unjust enrichment, among other claims. They are seeking unspecified damages. — Reuters

SEC willing to tweak fee hike plan

PHILIPPINE STAR/MIGUEL DE GUZMAN

THE SECURITIES and Exchange Commission (SEC) is open to amending its proposal to increase its fees and charges, after a meeting with two business groups that have raised objections.

SEC officials, led by chairperson Emilio B. Aquino, on Thursday met with representatives of the Philippine Chamber of Commerce and Industry (PCCI) and the Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) to discuss the controversial plan to raise its fees and charges.

“Yes (we are open to changes)… That’s the reason why we are exposing these drafts because we’re open to suggestions. But of course, on our side, we’ll have to make a case on why we came up with the proposal,” he said during a media roundtable in Makati City.

Mr. Aquino said the SEC is not pushing the plan to increase its fees since the Commission is currently focused on its amnesty program for corporations which ends on Nov. 6. The SEC’s amnesty program offers a reprieve from the fines and penalties imposed on the late or nonfiling of companies’ general information sheet, annual financial statements, and noncompliance.

“This is just a proposal. That is why we are eliciting all sorts of comments from all sides. Part of our vision is to be customer-centric… We’re not doing this on our own. I think we have met all the requirements there are for these increases,” he said.

SEC Commissioner McJill Bryant T. Fernandez told reporters that another meeting with the leaders of the business groups will be scheduled in two weeks to further discuss their concerns.

“The proposal from their end was to convene another meeting with the principals of all these business groups and we welcome that. We are devoting time to sit down with them. The entire Commission is open to meet them and discuss point by point,” he said.

In a letter to the SEC dated Oct. 2, several business groups and associations criticized the regulator’s proposal to increase its fees and charges, calling it “anti-business” and “unnecessary.”

Mr. Fernandez said that during Thursday’s meeting, the representatives from PCCI and FFCCCII apologized for the language and contents of the letter.

“They have conveyed apologies in terms of the manner that the letter was constructed,” he added. 

Mr. Fernandez said the SEC and business groups are looking at issuing a joint statement once the matter is resolved.

At the same time, SEC Commissioner Kelvin Lester K. Lee said the commission could justify its proposal to hike its fees and charges, since it is backed by data from market studies.

The SEC earlier said the current rates have not been adjusted since 2017 and were based on a 2014 proposal.

“Bottom line, I think we can make a very good case for justifying the direction we’re going because it’s done very well. We have to laud our technical team who has worked on this for an excessively long time,” Mr. Lee said.

However, PCCI President George T. Barcelon said businesses should have been consulted on the proposed hike in SEC fees and charges.

“We can see the point of the SEC that they have not increased the charges ever since I believe it was 2014. But having said that, one of the concerns of the business sector is that the jump is quite high, the increase is quite high,” Mr. Barcelon said at a media briefing on Thursday.

He said that the SEC and the private sector are willing to discuss the matter and come up with a compromise.

“It is not yet a closed book, so this is something that we’d like to have a say on because we also compare the rates charged by other countries since we are trying to be competitive in foreign investments,” Mr. Barcelon said.

The business groups had objected to “unreasonable, if not ‘obscene’ fees and charges,” such as the proposal to charge corporate issuers one-fourth of 1% of total indebtedness when creating bonded indebtedness.

“Using 2022 numbers, SEC’s fees would amount to P1.27 billion on the total bond issuances of P508 billion for that year,” the groups said.

The business groups also opposed the proposed fee on the total transactions cleared and settled in the previous year by Securities Clearing Corp. of the Philippines and Philippine Depository Trust Corp. at 0.1 basis point (bp) and 0.05 bp, respectively.

Based on the transactions in 2022, the groups said this would mean P14.51 million and P7.25 million in additional friction cost for stock market investors.

According to the business groups, the current fee collections of the SEC far exceed the cost of its operations.

The business groups also noted the SEC’s proposal to impose “unconscionable” increases on fees may discourage new investments in the country.

“The increased cost of doing business will also hurt small and medium enterprises covered by SEC due to the ripple effects of the fee increases,” they added.

Aside from the PCCI and FFCCCII, the letter to the SEC was also signed by the Management Association of the Philippines, Philippine Retailers Association, Philippine Franchise Association, Chamber of Thrift Banks, Philippine Exporters Confederation, Inc., Employers Confederation of the Philippines, Philippine Association of Legitimate Service Contractors, Stratbase ADR Institute for Strategic and International Studies, and Philippine Food Processors and Exporters Organization, Inc. — Revin Mikhael D. Ochave and Justine Irish D. Tabile

Further rate hikes may have limited impact on inflation — analysts

Transport fare hikes may stoke inflation in the coming months. — PHILIPPINE STAR/WALTER BOLLOZOS

By Keisha B. Ta-asan, Reporter

FURTHER RATE HIKES by the Bangko Sentral ng Pilipinas (BSP) may have limited impact on inflation and would likely slow economic growth, analysts said.

Nicholas Antonio T. Mapa, senior economist at ING Bank N.V. Manila, said another rate hike at this point will not likely impact inflation in a “substantial” way.

“What rate hikes will be effective in carrying out would be a broad-based slowdown in growth momentum,” he said in a note.

BSP Governor Eli M. Remolona, Jr. on Wednesday said he is not ruling out a 25-basis-point (bp) increase at the Monetary Board’s next policy review on Nov. 16.

The BSP has kept the key interest rate at a near 16-year high of 6.25% at its last four meetings. Another 25-bp rate hike will bring the benchmark rate to 6.5%.

Last week, National Economic and Development Authority Secretary Arsenio M. Balisacan warned that further monetary tightening could hurt the economy and consumers who are already struggling from high inflation.

Mr. Mapa noted higher borrowing costs would affect bank lending, which is linked to capital formation and gross domestic product (GDP) expansion.

“We believe the net result of additional tightening would be much slower growth, with only a modest impact on inflation but only after growth slides to multi-year lows,” he said.

ING Bank lowered its Philippine growth forecast to 4.7% (from 4.8% previously) for this year and to 4.5% (from 4.7%) for 2024. Both estimates are below the government’s 6-7% and 6.5-8% target for 2023 and 2024, respectively.

In an e-mail, University of Asia and the Pacific Senior Economist Cid L. Terosa said rate hikes will be effective in quelling inflation only if inflation is demand-driven, noting that the current inflation is driven by supply constraints and geopolitical tensions.

“In the Philippines, businesses and investments are more sensitive to interest rate hikes than consumers. Hence, the net effect of rate hikes on economic growth in the Philippines tends to be negative. It appears that the negative impact of interest rate hikes and inflation rate on economic growth in the Philippines can extend over the long term,” Mr. Terosa said.

Headline inflation accelerated for a second straight month to 6.1% in September from 5.3% in August as food and transport costs surged. September marked the 18th straight month that inflation exceeded the central bank’s 2-4% target. Year to date, inflation averaged 6.6%.

FURTHER TIGHTENING
ING’s Mr. Mapa said the BSP will likely resume monetary tightening only to secure the inflation path in 2024, as market players are not pricing in a rate hike by the US Federal Reserve and the peso remains steady against the dollar.

“With 2023 winding down, any rate hike today would only have an impact on the 2024 inflation outlook.  We believe Mr. Remolona will pull the trigger on a rate hike in the near term, possibly after the October inflation report, a potential Fed rate hike or at the November BSP policy meeting,” he said.

Any rate hike would demonstrate the BSP’s commitment to fight inflation, anchor inflation expectations and tame second-round effects by “snuffing out” pressures from the demand side, Mr. Mapa said.

Mr. Terosa said the continued rise in prices may still prompt the Philippine central bank to hike rates, Mr. Terosa said.

“Aside from rate hikes, the government should explore solutions that will ensure stability in the production and supply of key commodities,” he added.

Meanwhile, DBS Bank Senior Economist Radhika Rao said rising prices of food and fuel can “unhinge” inflationary expectations.

“Our base case is for a pause till yearend but the odds of an inter-meeting hike or at the scheduled review has increased after the September inflation release as well as pipeline risks of further adverse weather pushing by food inflation,” she said.

“The FOMC (Federal Open Market Committee) review in early-November might also sway the timing and likelihood of further tightening by the BSP,” she added.

The US Federal Reserve opted to keep the target Fed funds rate unchanged at 5.25-5.5% at its meeting last month. The FOMC is scheduled to meet from Oct. 31 to Nov. 1 to discuss policy.

Diokno says Philippines to be ‘less affected’ by China’s economic slowdown

A person rides a scooter past a construction site of residential buildings by Chinese developer Country Garden, in Tianjin, China Aug. 18, 2023. — REUTERS

By Luisa Maria Jacinta C. Jocson, Reporter

THE PHILIPPINE ECONOMY is seen to be “less affected” by the economic slowdown in China, Finance Secretary Benjamin E. Diokno said.

“The Philippines is expected to be less affected by China’s slower economic growth given that the potential slowdown in exports could be partially mitigated by the demand from our large domestic market,” he said during the ASEAN Roundtable at the World Bank-International Monetary Fund (IMF) Annual Meetings in Marrakech, Morocco on Oct. 11.

However, Mr. Diokno noted that a slowing China economy could “dampen global trade and put downward pressure on the Philippines’ goods and service exports.”

In August, total exports jumped by 4.2% year on year to $6.7 billion. The United States was the main destination of Philippine exports during the month, with export value reaching $1.1 billion, followed by Japan with $918 million. Exports to Hong Kong and China stood at $871 million and $838 million, respectively.

“Sharp swings in market sentiment and risk premia could trigger a sudden tightening of financial conditions, capital outflows, and depreciation of the peso. Intensification of geopolitical tensions and fragmentation could disrupt supply chains and investment,” he added.

Mr. Diokno said the Association of Southeast Asian Nations (ASEAN)+3 region will face both indirect and direct risks from China’s property crisis.

“We note that financial systems in the ASEAN+3 region could be exposed to risks arising from China’s property sector through three main channels: directly, through any lending to the sector; indirectly, from their exposures to other financial systems that are involved with that sector; and indirectly, from lending to their own domestic economy that may be hard hit by developments in China,” he said.

The IMF projected China to grow 5% in 2023 but slow to 4.2% in 2024, slower than previously estimated due to the property crisis and weak external demand.

‘FASTEST-GROWING ECONOMY’
While the Philippines is projected to be the fastest-growing economy in the ASEAN region this year, the outlook is still clouded by external headwinds.

“Growth in the Philippines has proven remarkably resilient over the past couple of years. After a strong rebound in 2022, the economy continues to perform well, even if it is losing momentum,” Fred Neumann, HSBC chief Asia economist and co-head of Global Research Asia, said in an e-mail.

“At the same time, the relative outperformance of the Philippine economy needs to be kept in perspective: relative to its potential, growth is currently falling short. That’s because of cyclical headwinds like higher interest rates, both locally and globally,” he added.

Multilateral lenders and institutions like the International Monetary Fund, the World Bank, the Asian Development Bank, and AMRO have downgraded their 2023 growth forecasts for the Philippines. Their estimates are below the Philippine government’s 6-7% GDP growth target but are projected to outperform economies in Southeast Asia and the Asia-Pacific regions.

“One reason why the Philippines is outperforming many peers in the region is that it is less exposed to the global manufacturing cycle: unlike other economies, which are more dependent on manufacturing exports,” Mr. Neumann said.

The Philippine economy is driven mainly by consumption. Household spending accounts for three-fourths of the economic growth.

HSBC expects Philippine GDP to average 4.8% this year and 5.2% in 2024.

“There is considerable uncertainty around these forecasts, of course, as we have little visibility yet on what third-quarter performance was. We forecast growth of 4.7% year on year for the third quarter,” Mr. Neumann said.

Pantheon Chief Emerging Asia Economist Miguel Chanco said their outlook for Philippine growth is still on the “high side” but not among the strongest in the region.

“We expect 4.5% in 2023 and 4% in 2024, which puts the Philippines more in the middle of the pack, rather than one of ASEAN’s clear regional outperformers, which was the case pre-COVID-19, alongside the likes of Vietnam,” he said in an e-mail.

“Certainly, the economy’s structural growth prospects remain solid, but there’s no denying that it’s in the middle now of a cyclical growth slowdown, which will have a bearing on its regional position.”

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said the Philippines is unlikely to post the fastest growth in the region.

“It would be good (if) the Philippines was the fastest-growing economy, however, given significant headwinds, both domestic and international will likely mean we see growth slipping to 4.8% for the year,” he said in an e-mail.

Pantheon’s Mr. Chanco also noted that the government’s 6-7% goal was “never in reach.”

“Our current forecast for third-quarter GDP growth is south of 2% year on year, which implies a technical recession in quarter-on-quarter terms. Private consumption, the economy’s main driver, is clearly wobbling, as it has fewer legs to stand on this year, versus last,” he said.

ING Bank’s Mr. Mapa said that growth may not even reach the lower end of the target for this year and 2024.

“The combination of moderating consumption due to fast-fading revenge spending and elevated borrowing costs will likely force growth to slow. We have yet to feel the brunt of Bangko Sentral ng Pilipinas (BSP) policy increases yet and we have already seen the negative impact on growth momentum,” he added.

The BSP has kept its benchmark interest rate at a near 16-year high of 6.25% since March to tame inflation.

HSBC’s Mr. Neumann noted that elevated inflation and high interest rates would weigh on household spending this year and in 2024, “though even then the Philippines will likely remain an outperformer in the region.”

To support growth, Mr. Neumann said that the country must focus on boosting foreign investments to “expand the manufacturing sector’s connectivity with regional supply chains.”

“If the Philippines can attract a greater share of regional supply chain manufacturing, boosting goods exports, growth would accelerate sustainably,” he added.

The Philippine Statistics Authority is scheduled to release third-quarter GDP data on Nov. 9.

Eras Tour concert film sees strong pre-sales in the Philippines

THE HIGHLY anticipated documentary film on pop superstar Taylor Swift’s latest concert tour is expected to do very well in the Philippine box office.

Taylor Swift: The Eras Tour, which opens in cinemas nationwide today, Oct. 13, has seen “strong pre-sales,” according to SM Cinemas, though they cannot release any specific numbers yet.

The pop culture icon with a reputation for shattering records announced Wednesday that the US and Canada will have one-day early-access showings in light of “unprecedented demand.”

“Look what you genuinely made me do,” Ms. Swift posted on the social media platform X.

“Due to unprecedented demand we’re opening up early access showings of The Eras Tour Concert Film on Thursday in America and Canada. We’re also adding additional showtimes Friday and throughout the weekend,” Ms. Swift said.

Originally, the film was only slated for release in North America, but it was later announced that it would be screened worldwide starting Oct. 13.

AMC Entertainment said last week that advance ticket sales for the concert film had topped $100 million globally.  — Brontë H. Lacsamana with a report from Reuters

Don’t Look Now: moving, tender, haunting and one of the best horror films of the last 50 years

DONALD SUTHERLAND and Sharon Williams in Don’t Look Now.

GRIEF-STRICKEN by the death of their daughter in a drowning accident, John Baxter (Donald Sutherland) and his wife Laura (Julie Christie) relocate temporarily to a wintry Venice, where he has been commissioned to restore the crumbling church of San Nicolò dei Mendicoli.

In a restaurant one day, melancholy Laura meets two sisters (Hilary Mason and Clelia Matania). One of them is a blind clairvoyant and claims to be able to see and communicate with her dead daughter, Christine. John is outwardly dismissive, even though he keeps catching sight of a child wearing a red coat similar to his daughter’s disappearing around corners and down alleyways across the misty, shadowy city.

At the same time, Venice has a killer on the loose. When their son has an accident at his English boarding school and Laura travels home to be with him, John is left behind to succumb to his delusions.

Adapted from Daphne du Marier’s supernatural short story and directed by Nicolas Roeg, Don’t Look Now is a moving and tender portrait of marriage and parental grief, as well as a haunting — and occasionally terrifying — horror film.

Fifty years on from its release in 1973, the film is a fixture in several “best of” lists: Best British film, best horror film, best film of the 1970s, even best film, period.

Even those who haven’t seen Don’t Look Now will likely be familiar with its most striking images. The drowned little girl in the red mackintosh hauled from the pond by her father at the film’s beginning, the intimate and tender sex scene between John and Laura inter-cut with scenes of them getting ready for dinner afterwards — and its truly shocking ending.

There is also the sophisticated manner in which the film’s visual language melds seamlessly with its overarching tone. Off-season Venice functions as a bleak, grey canvas on which splashes of vivid red recur throughout — washing on a line, a glass candle holder, a painted door — reminding us constantly of Christine’s tragic death.

Consistent with the style of some of Roeg’s other films, Graeme Clifford’s editing transports us back and forth in time, often within the same sequence. This lends the film a disorientating quality akin to John’s journey through the city in pursuit of the child in the red coat.

There are portents of doom throughout. John nearly falls from the scaffolding to his death while inspecting a church mosaic and the candle Laura lights for Christine in the church blows out. John watches as a murdered woman — who has more than a passing resemblance to his wife — is pulled from the canal. He then later sees Laura with the two strange sisters, dressed in black on a funeral barge, even when we know she is on her way back to England. The water all around Venice reminds us of the tragedy that hangs over proceedings.

Does all this account for Don’t Look Now’s continued resonance with audiences and critics 50 years on? Perhaps. But it is also worth considering the film’s relationship to the horror genre.

Don’t Look Now was released in the same year as The Exorcist. Though the two have similarities, notably in their preoccupation with religious themes and iconography, The Exorcist became a more popular cultural phenomenon.

It spawned two sequels, a prequel, a television series, and, with the recent release of The Exorcist: Believer (2023), a potential new trilogy of films that pick up from where the original left off. They can both reasonably claim to be (great) horror films, except The Exorcist was a blockbuster that spawned a franchise, and Don’t Look Now is an arthouse film that now stands on a pedestal of its own.

It’s helpful to consider Don’t Look Now’s enduring reputation in relation to a critical category that has become ubiquitous in recent years: “post-horror” films. Such films dispense with the jump scares and visceral gore generally associated with the genre to offer instead explorations of trauma and a creeping sense of dread that (supposedly) plays to more thoughtful and discerning viewers.

Post-horror films also don’t tend to spawn sequels or endless franchises, an aspect of the wider genre that has contributed to its status as one of the most commercially resilient but critically derided.

To describe a film as post-horror is to acknowledge the hierarchy that has long existed within the genre. This reveals the select few films deemed by critics to be worthy of their position alongside cinema’s other great works, and the apparent vast wasteland of repetitive, gory schlock traditionally associated with the genre.

Don’t Look Now is certainly worthy of its place in the pantheon of cinema’s great works. But it is always worth asking when it appears on a “best of” list, what broader factors are at stake in its largely unchallenged position as one of the great works in film history. While Roeg’s film enjoys an elevated critical reputation, it is safe to say that the genre with which it most often identified certainly does not.

However, it is possible to leave aside concerns about the art house treatment of the horror genre when appraising Don’t Look Now. From the tragic opening, to the unshowy, emotional (and explicit) sex scene, to the brutal ending, it is not surprising the film still holds a significant place in the critical imagination 50 years on. Beautiful, haunting and tragic, it stays with the viewer long after the credits roll.

Gregory Frame is a Teaching Associate in Film and Television Studies at the University of Nottingham.

Stuff To Do (10/13/23)

HABI market fair to highlight textile weavers

The Likhang HABI Market Fair, a three-day event slated from Oct. 13 to 15 at the Glorietta and Palm Drive Activity Center in the Ayala Center, Makati, will feature not only handwoven textiles, ready-to-wear clothing, and items for the home, but also several activities for the public, including a book launching, a textile/art exhibit by artist Paul Jatayna, and the announcement of winners of its nationwide piña– and abaca-weaving contests. For the 13th edition of the annual Likhang HABI Market Fair, members of HABI: The Philippine Textile Council pay homage to the growing interconnectedness of people, places and things, or “the way textiles tie and bind us to each other,” said Adelaida Lim, former president of HABI. This year, the number of vendors has grown from 60 to almost 100, representing various regional and ethnic groups from all over the country. For more information, visit the HABI: Philippine Textile Council website: www.habiphilippinetextilecouncil.com.

Trade fair, art, and parties at Shang

Shangri-La Plaza is going all out this October with a lineup of events that celebrate local businesses and artists, broaden knowledge and perspectives, and Halloween parties. National Bookstore will launch The Hurricane Wars, the first in an upcoming trilogy by speculative fiction writer Thea Guanzon, on Oct. 14 at Level 1, Main Wing. Enjoy a cozy weekend date at The Marketplace’s Wine Fair until Oct. 15 at the Grand Atrium and indulge in some of the finest wines from countries like France and Chile. Or have some family fun at the Alter Ego: Big Board Game Day from Oct. 13 to 15 at the East Atrium and enjoy popular board games. Gain new perspectives as Shang hosts the 22nd edition of the Película/Pelikula Spanish Film Festival at the Red Carpet Cinemas until Oct. 15, which include cinematic masterpieces by acclaimed auteur Carlos Saura. The DTI Ok! Bikol Fair showcases Bicolano fare like authentic Bicol Express, pinangat, pili nut confectionaries, and lemongrass brew from Oct. 19 to 22 also at the Grand Atrium. Marking World Mental Health Month, MindNation and Belle de Jour Power Planner present “You Got This! Creating Safe Spaces, Crafting Tomorrows,” featuring well-being workshops, plenary sessions, and one-on-one consultations with psychologists, on Oct. 19 to 22 at the East Atrium. “Peering Through the Keyhole” exhibit by Buensalido Public Relations and Communications will run from Oct. 24 to 26 at the East Atrium to celebrate its 40th anniversary featuring works by its own artists. The month ends with a video game-inspired Halloween party, “HallowQuest Shang Spookfest 2023,” on Oct. 28 and 29 at the Grand and East Atriums. The two-day celebration promises frightful fun, thrilling costumes, and eerie entertainment for all ages. For updates and inquiries, follow Shangri-La Plaza on Facebook at www.facebook.com/shangrilaplazaofficial and on Instagram @shangrilaplazaofficial.

PPO features soloist Wen-Sinn Yang for Italian Night

CELLIST Wen-Sinn Yang will be the featured soloist for the 2nd concert of the season of the Philippine Philharmonic Orchestra (PPO), under the baton of Grzegorz Nowak. The concert will be on Oct. 13 at the Samsung Performing Arts Theater in Circuit, Makati. For the concert, dubbed Italian Night, the Swiss-born cellist will perform Antonin Dvořák’s Cello Concerto, op.104, B minor. The concert’s program also includes Sarung Banggi: A Symphonic Serenade by Potenciano Gregorio, Sr. (arr. Angel Peña), and Felix Mendelssohn’s Symphony No. 4, op.90, A major (“Italian”). Enthusiasm for the unknown and constant research distinguishes Wen-Sinn Yang as one of the most versatile cellists today. His performances not only revive the music of 19th-century cello virtuosos such as Adrien François Servais and Karl Yulievich Davydov, but also introduce his audiences to such modern composers as Aribert Reimann and Isang Yun. Concert tickets range from P800 to P3,000. For more information, visit the CCP website at www.culturalcenter.gov.ph.

Ayala Museum hosts Ambeth Ocampo lectures

TO encourage people to learn more about Philippine arts, culture, and history, the Ayala Museum is presenting the “History Comes Alive: Eras” lecture series by Dr. Ambeth Ocampo. On Oct. 14, the first lecture will be about the stories behind various artifacts in Philippine history, based on Dr. Ocampo’s latest work Cabinet of Curiosities: Eras in Philippine History. The second lecture, on Oct. 21, Saturday, focuses on Juan Luna’s long-lost painting, Hymen, oh Hyménée and how it affects people’s perception of Juan Luna, his art, and his time. The painting was first unveiled to the public at the Ayala Museum last June in time for the 125th anniversary of Philippine Independence. It is the centerpiece of the museum’s “Splendor” exhibit, which runs until the end of the year. To learn more about Ayala Museum Memberships and the museum’s latest activities, visit ayalamuseum.org.

Big Bad Wolf goes to Iloilo for the first time

THE Big Bad Wolf book sale is going to Iloilo from Oct. 13 to 22, bringing over two million books to residents of Iloilo and nearby cities, who can expect exclusive deals, promos, giveaways, and discounts of up to 95% off on selected books. Big Bad Wolf’s roster will include bestsellers, classics, contemporary fiction, non-fiction, science fiction, cookbooks, design books, architecture books, thrillers, young adult titles, and children’s books. The sale will be at the Lower Ground Floor of SM Iloilo. For more information regarding Big Bad Wolf’s current and upcoming Book Sales, visit their website or check out their social media accounts on Facebook or Instagram.

Meralco renewables unit invests nearly P16B for SPNEC control

SPNEC’s Leandro L. Leviste (left) shakes hands with Meralco’s Manuel V. Pangilinan during the signing of the investment agreement on Oct. 12, 2023.

MERALCO POWERGEN Corp.’s renewable energy unit is investing P15.9 billion in listed solar energy developer SP New Energy Corp. (SPNEC) to develop solar and battery energy storage systems projects.

In a media release on Thursday, MGen Renewable Energy, Inc. (MGreen) said it had signed an investment agreement with SPNEC and its parent firm Solar Philippines Power Project Holdings, Inc. 

“This will be one of the largest solar projects not just in Asia, but in the world,” said Manuel V. Pangilinan, chairman and chief executive officer of Manila Electric Co. (Meralco), the parent firm of the energy developer.

“The Department of Energy’s vision is to have about 35% of the country’s energy come from renewable energy, and this is one of Meralco’s major contributions to this goal,” he added.

Under the agreement, SPNEC will serve as the primary vehicle to develop 3,500 megawatts (MW) of solar panels and 4,000 MW of battery energy storage systems in Luzon.

“We are humbled and grateful for this opportunity to build this renewable energy platform with Meralco. We look forward to bring together Meralco’s capabilities and our solar developments for the benefit of all stakeholders,” SPNEC Chief Executive Leandro L. Leviste said.

To enable investment, MGreen will subscribe to 15.7 billion common shares and 19.4 billion redeemable preferred voting shares in SPNEC.

SPNEC will apply to increase its authorized capital stock to allow the investment. The fresh injection of capital by MGreen will fund the construction and expansion of its solar projects.

Upon closing, MGreen’s common and preferred voting shares will make the company the controlling shareholder of SPNEC with a total voting interest of 50.5%.

Transaction completion is subject to the satisfaction of certain conditions precedent, including relevant regulatory approvals, Meralco said.

Separately, SPNEC told the local bourse on Thursday that its board of directors had approved the increase in its authorized capital stock to 75 billion common shares and 25 billion preferred shares.

Switzerland-based investment bank UBS acted as financial advisor in the transaction while SyCip Salazar Hernandez & Gaitmaitan and Gulapa Law acted as legal advisors to both Meralco and MGreen. King & Spalding and Picazo Law acted as legal advisors to Solar Philippines and SPNEC.

On the stock exchange on Thursday, Meralco’s shares went down by P1 or 0.27% to close at P374 apiece.

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

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

A minute with: Director Tim Burton showcases drawings, calls movies his ‘troubled children’

TIMBURTON.COM

OSCAR-NOMINATED director Tim Burton says he has no favorites when it comes to his movies, describing them all as “troubled children.”

Known for films including Edward Scissorhands, Frankenweenie, and Corpse Bride, Mr. Burton has also been showcasing his drawings and models in exhibitions.

In an interview, Mr. Burton reflected on the show’s latest incarnation, “The World of Tim Burton,” which opened on Wednesday at the Mole Antonelliana in Turin, Italy.

Below are excerpts edited for length and clarity.

Q: How involved have you been with the exhibition?

Burton: It started with the MoMA (Museum of Modern Art) show (in 2009) which took a couple of years to curate. This (show in Italy) is sort of an offshoot of that.

Q: What is it like seeing your work?

Burton: When I first saw it (the show in New York), it did feel like laundry hanging on the wall. I felt quite exposed. I feel that way with films, I like making them but then I get sort of terrified of showing them.

Q: How important are your drawings to your movie making process?

Burton: When I first started out, I didn’t really communicate very well, some people say it remains to this day, but I always felt drawings were a way for me to get ideas out. (For example) I’d just draw like a Jack Skellington character (from 1993 film The Nightmare Before Christmas) and I didn’t even know what it was for. Drawing brought out my subconscious.

Q: How did the strikes in Hollywood affect production on Beetlejuice 2?

Burton: I’ve got two days of shooting left. I know exactly what we need to do, as soon as the strikes are over, take off the pause button and go do it.

Q: Do you have a favorite of your own films?

Burton: I have no favorites. They’re all your troubled children. — Reuters

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