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Gena Rowlands, actress who played strong, troubled women, 94

GENA ROWLANDS in a scene from the 1984 film Love Streams. — IMDB

NEW YORK — Gena Rowlands, the acclaimed American actress, three-time Emmy winner and dual Oscar nominee for her vivid portrayals of strong, troubled women in the crime drama Gloria and A Woman Under the Influence, has died at the age of 94, Entertainment Weekly reported on Wednesday, citing her son, Nick Cassavetes.

Ms. Rowlands starred in dozens of films during a career that began on stage and television in the 1950s and included award-winning roles in movies directed by her first husband, actor, writer, and director John Cassavetes.

Nick Cassavetes revealed in June that Ms. Rowlands had Alzheimer’s, like her own mother and the character she portrayed in the 2004 film The Notebook.

“She’s in full dementia. And it’s so crazy — we lived it, she acted it, and now it’s on us,” her son, who directed the film, told Entertainment Weekly.

Ms. Rowlands and Mr. Cassavetes were the golden couple of independent films in the United States in the 1970s and ’80s. Mr. Cassavetes was a pioneer in cinema verité and Ms. Rowlands was his muse.

“Independent filmmaking existed before Cassavetes, but Cassavetes, working with Rowlands, managed to make an independent cinema that borrowed from Hollywood — not in plots or styles but in actorly allure and dramatic power,” the New Yorker said in 2016.

The tall, blonde actress made 10 films with Mr. Cassavetes before his death in 1989, including the psychological drama Opening Night (1977), the marital saga Faces (1968), and 1984’s Love Streams, in which she played his sister.

“There was always a manic energy to the performances she gave in her late husband’s films, a fear of failure, a desire to love,” the awards website Golden Derby said of Ms. Rowlands.

In A Woman Under the Influence, which Mr. Cassavetes originally wrote as a play and which is considered among her best performances, Ms. Rowlands played Mabel Longhetti, a housewife struggling with mental illness.

As the tough, determined title character in Mr. Cassavetes’ 1980 film Gloria, she rescued and protected a young, orphaned boy from mobsters determined to kill him.

“Rowlands’ sublime acting is almost unprecedentedly id-driven: her beleaguered heroines operate from such deep reserves of need that can only be accessed by Rowlands, who doesn’t just claim moments but wrestles with them in order to extract even tougher layers of authenticity,” critic Matthew Eng said on the Tribeca News website in 2016.

Although she didn’t win an Oscar for either role, Ms. Rowlands received an Honorary Academy Award in 2015.

ALWAYS WANTED TO ACT
Virginia Cathryn “Gena” Rowlands was born on June 19, 1930, in Cambria, Wisconsin. Her father was a banker and politician, and her mother was an actress.

After college she moved to New York, where she studied drama at the American Academy of Dramatic Arts and met fellow student Mr. Cassavetes.

“I always wanted to be an actress; I read so much when I was little, and it revealed to me there were other things to be. You can live a lot of lives and have a lot of fun and see a lot of things,” she told the New York Times in 2016.

Ms. Rowlands worked in regional theater and TV before making her Broadway debut in Middle of the Night in 1956. Two years later she landed her first film role in The High Cost of Loving and appeared in Mr. Cassavetes’ directorial debut film Shadows.

“It was not like working for anybody else,” she told film critic Roger Ebert about her husband in 2016. “The freedom that John gave his actors was astounding.”

Ms. Rowlands continued to work in films, including Woody Allen’s 1988 drama Another Woman, and TV following Mr. Cassavetes’ death.

She won best actress Emmys for the The Betty Ford Story (1987) and the drama Face of a Stranger (1992) and took home a best supporting trophy in a miniseries or movie for Hysterical Blindness (2002).

The independent film icon found a new audience when she returned to the big screen in 2004 as the older version of actress Rachel McAdams’ character in The Notebook.

Ms. Rowlands was married to Mr. Cassavetes from 1954 until his death. They had three children. In 2012, she wed businessman Robert Forrest.

“It’s a tricky life but it was so exciting and wonderful because you were doing what you really wanted to,” she said about acting and making independent films. — Reuters

Musk’s X reeks of failing social network syndrome

RUBAITULAZAD-UNSPLASH

THE LATE CHEF and author Anthony Bourdain used to talk of “Failing Restaurant Syndrome” — the sad stench of an eatery going under. The clientele begins to change. Staff morale drops. Bills stop being paid.

It’s “an affliction,” Bourdain wrote in Kitchen Confidential, “that causes owners to flail about looking for a quick fix, a fast masterstroke that will ‘turn things around,’ cure all their ills, reverse the already irreversible trend toward insolvency.”

I’m starting to think the same thing could be said about struggling social networks: Failing Social Network Syndrome, I guess. X, formerly Twitter, utterly reeks of it.

On Monday night, a pungent spectacle erupted when Elon Musk held a “conversation” with former President Donald Trump. This fast masterstroke, which Musk hopes will show X’s political relevancy, merely underlined how far the once-vibrant and powerful network has fallen.

First came the more than 40 minutes of technical problems, which Musk quickly but unconvincingly attributed to a cyberattack. The claim was quickly debunked by The Verge, citing internal company sources.

Once underway, Musk and Trump rambled into the night — on matters of Trump’s attempted assassination, immigration policy, and various assorted grievances. Musk himself admitted it would not be an interview, per se — hence the softball questioning and Musk’s apparent audition for a job as some kind of government budget overseer. The man who spent $44 billion buying Twitter thinks he’s the ideal person to judge unnecessary spending, apparently.

Ultimately, what we had was the owner of a prominent US social network using his platform to promote and endorse a presidential candidate — which, by the way, Musk has every right to do, though some of us remember when Republicans in Washington were screaming bloody murder about political bias on these platforms. (Democrats are now trying to point out the hypocrisy. They shouldn’t bother.)

I’ll leave further dissection of the call’s content to the fact-checkers — God help them. What’s more relevant for this column is what Monday’s conversation says about the dire state of X, which Musk bought almost two years ago.

The whiff of Failing Social Network Syndrome gets stronger by the day. Advertising revenue has fallen off a cliff; commercial deals have collapsed; and regulators are closing in with very real threats of catastrophic fines. A former Twitter executive has called for Musk’s arrest for stoking unrest in the UK. The company has skipped paying rent at its headquarters, so workers are moving into cheaper offices in San Jose. Two recent senior departures followed the flurry of talent walking out the door — while others who were unfairly fired are winning compensation. Musk’s pledge to rid the network of bots has failed. A promise that X would be a significant banking app by the end of this year has failed to even produce a launch date. His plan to turn X into an “everything app” hasn’t materialized — and never will. X is now in the full flailing about stage of Failing Social Network Syndrome, suing advertisers who followed Musk’s advice to stay off the platform.

It’s all very embarrassing. And, more to the point, utterly dull. Twitter has become a single-issue network, the home of the culture wars. I suspect Chief Executive Officer Linda Yaccarino’s recent agreement that X was a digital “swing state” will hold true in that politicians and journalists will soon lose interest in X once the votes have been counted.

And then there is very little left: A social network needs more than politics to thrive. Twitter used to be a place that housed disparate and vibrant interest groups. They talked about politics, sure, but also TV, movies, music, books, food, sports, and technology. Businesses would respond to complaints and offer customer service. Local authorities would host Q&As and keep communities up-to-date. Meet-ups were organized, friendships were made, movements were given their oxygen.

Slowly, these constituencies are finding homes elsewhere. Just in the time for the new English football season, for instance, several prominent football journalists and blogs have migrated to Threads. BlueSky said it had seen a “surge” in users from the UK since the fallout from Musk’s claim that “civil war” was “inevitable” in the country.

These migrations may seem small, and it will take time to show up in analytics. X was never going to unravel in a day, but it is unraveling, a direct consequence of what tech commentator Casey Newton described as Musk’s “political project” — his chance to bend a public forum to his will, to gain outsized attention for his right-wing viewpoints. Some lap that up, but it’s not enough. I’m confident this presidential election will be X’s last. As Bourdain put it, “Our food, while charming to some, was unappealing to most.”

BLOOMBERG OPINION

Lower revenue, higher expenses drag GT Capital Q2 profit to P6.67B

GTCAPITAL.COM.PH

TY-LED conglomerate GT Capital Holdings, Inc. recorded a 33% decline in its second-quarter (Q2) attributable net income to P6.67 billion from P9.95 billion last year due to lower revenue and higher expenses. 

“This was principally due to the 2% decline in consolidated revenues due to the absence of significant lot sales realized by the parent company and Federal Land, Inc., which was partly offset by 11% growth in automotive operations,” GT Capital said in a regulatory filing on Thursday.

Total revenue for the April-to-June period fell by 2% to P76.65 billion compared with P78.42 billion a year ago. Consolidated costs and expenses increased by 4% to P66.57 billion from P63.72 billion last year.

For the first half, GT Capital saw a 17% decline in its attributable net income to P13.78 billion from P16.58 billion last year.

Revenue rose by 1.7% to P150.75 billion compared with P148.22 billion in 2023. Consolidated costs and expenses increased by 5.6% to P129.87 billion from P123.04 billion a year ago.

“Coming off the record performance in 2023, GT Capital continued to show positive growth in the first half of 2024. Excluding nonrecurring items from the previous year, core net income increased by 5%,” GT Capital President Carmelo Maria Luza Bautista said. 

“During the first six months of 2024, GT Capital continued to deliver sustained performance in our key businesses, particularly Metrobank’s considerable net income growth and Toyota Motor Philippines Corp. (TMP) record retail sales volume of 104,350 units for six months,” he added.

Mr. Bautista said the conglomerate is optimistic that it will see further growth for the remainder of 2024. 

“With seasonal demand expected to pick up in the last two quarters of the year, we approach the second half with measured optimism for more encouraging growth,” he said.

“We remain encouraged by the strong core business fundamentals of GT Capital and the resiliency of the domestic economy,” he added. 

For the banking segment, Metropolitan Bank & Trust Co. (Metrobank) grew its first-half net income by 13% to a record P23.6 billion, led by its asset expansion, stable margins, well-managed cost growth, and asset quality.

Net interest income rose by 14.6% to P58 billion. Consolidated assets grew by 14.5% to P3.3 trillion at end-June.

On the automotive business, TMP saw a 6.1% decline in its first-half attributable net income to P7.53 billion from P8.02 billion last year due to unfavorable foreign exchange and higher sales promotions and logistics costs.

Consolidated revenue rose by 7% to P113.9 billion from P106.4 billion a year ago, driven by higher purchases of the Vios and Wigo models. 

For the property business, Federal Land, Inc. recorded a 46.2% decline in its first-half attributable net income to P775 million from P1.44 billion a year ago due to lower lot sales and reduced contributions from associates and joint ventures.

First-half real estate sales dropped by 31.2% to P4.03 billion, while revenue fell by 30.1% to P6.86 billion.

Reservation sales decreased by 21% to P7.7 billion as a result of no new launches during the period and as other joint venture projects are nearly fully sold.

AXA Philippines Life and General Insurance Corp. saw a 15% increase in first-half consolidated net income to P1.5 billion due to higher investment income, mainly from higher time deposit placements and bond rates.

Consolidated life and general insurance gross premiums increased by 13% to P14.6 billion.

GT Capital said its 15.6% stake in Pangilinan-led Metro Pacific Investments Corp. (MPIC) also contributed to earnings. MPIC recorded a 27% increase in its first-half core net income to P12.5 billion from P9.9 billion last year.

Improved financial and operating results from MPIC’s holdings posted a 20% increase in contributions from operations to P14.8 billion, driven by strong growth in energy sales at Manila Electric Co., billed volumes at Maynilad Water Services, Inc., and traffic on the toll roads, complemented by higher tariffs.

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority share in BusinessWorld through the Philippine Star Group, which it controls. 

On Thursday, GT Capital shares dropped 3.84% or P24 to end at P601 per share. — Revin Mikhael D. Ochave

PBCom books higher income in the 2nd quarter

PHILIPPINE BANK of Communications (PBCom) saw its net income grow by 16.08% in the second quarter amid higher revenues.

The lender’s net profit stood at P532.3 million in the three months ended June, up from P458.56 million in the same period last year, its financial statement showed.

This brought its net earnings for the first half to P1.03 billion, up by 2.85% from P999.96 million in the same period last year.

As a result, the bank recorded a return on average equity of 11.42%, down from 12.44% a year prior, and a return on average assets of 1.39%, also declining from 1.55% last year.

PBCom’s net interest income was at P1.36 billion in the second quarter, up by 19.67% from P1.13 billion a year ago, driven by higher interest earnings from loans and investment securities, among others. Net interest margin was at 4.03% at end-June.

Meanwhile, its total operating income grew by 14.72% to P1.69 billion in the second quarter from P1.47 billion in the same period last year, with its higher fee and trust earnings, asset exchange gains, and profits from assets sold mainly propping up its non-interest income.

On the other hand, PBCom’s operating expenses rose by 10.93% to P939.23 million last quarter from P846.72 million, mainly due to higher volume-driven costs.

The bank’s total loans and receivables stood at P89.99 billion at end-June, declining by 1.94% from P91.77 billion at end-2023.

Gross nonperforming loan ratio was at 3.54% as of June, up from 2.77% at end-2023.

On the funding side, total deposits inched down by 0.47% to P41.2 billion from P41.495 billion as demand deposits declined and following the maturity of P2.9 billion in long-term negotiable certificates of deposits.

PBCom’s assets stood at P148.65 billion at end-June, up by 0.79% from P147.48 billion at end-2023.

“This is primarily due to growth in debt securities by P3.5 billion and increase in foreclosed properties by P1 billion, partially offset by decline in loan volume by P3.9 billion, and decrease in due from BSP (Bangko Sentral ng Pilipinas) by P1.6 billion,” it said.

Total equity rose by 4.08% to P18.38 billion from P17.66 billion, “mainly contributed by the earnings of the bank as of the first half of the year,” it said.

The bank’s capital adequacy ratio was at 16.39%, down from 17.27% a year ago but well above the 10% minimum requirement. Its liquidity ratio stood at 24.46%, up from 19.69% at end-2023.

PBCom had 89 regular branches, four branch-lite units, and 166 automated teller machines as of June 30. — A.M.C. Sy

How did average income and spending of a Filipino family fare between 2021 and 2023?

THE AVERAGE annual income of Filipino families increased by 15% in 2023, as wages and quality of jobs improved, the Philippine Statistics Authority (PSA) said. Read the full story.

How did average income and spending of a filipino family fare between 2021 and 2023?

Entertainment News (08/16/24)


The Great Makati Sale is ongoing

THE VERY first edition of The Great Makati Sale is ongoing until Aug. 20, turning the Makati Central Business District into a shopping district. With the theme “Sundown Markdown,” participating stores in One Ayala, Greenbelt, Ayala Malls Circuit, and Glorietta will offer exclusive discounts and promotions during this time. Using single or accumulated receipts worth P1,500, shoppers can get a chance to win instant prizes, including stays at Seda Nuvali, and Seda Lio, Miniloc, and Huni Lio in Palawan. One Ayala’s Steps & Steals promo lets mallgoers unlock discount tiers based on their total steps around the mall for the day, with a minimum purchase of P300. The top three participants with the highest cumulative steps throughout the period will win gifts from the mall. Greenbelt’s Jazz It Up offers a shopping experience paired with the smooth sounds of live jazz music. Ayala Malls Circuit’s Scavenger Hunt on Aug. 17, 6 p.m., can be entered with receipts totaling a minimum of P1,500. Fifteen pairs of Mula sa Buwan tickets can be won, and the grand prize is a Boracay vacation package for two. Finally, Glorietta’ Retail Rush, from Aug. 15 to 18, covers a wide range of discounts in its stores, with shopping hours extended up to midnight on Aug. 17 and 18.


Korean actors star in action-comedy film

SHOWING exclusively at SM Cinemas, The Roundup: Punishment takes place three years after the previous films’ synthetic drug case roundup in Korea, with beast cop Ma Seok-do (Don Lee) and Metro Investigations busy chasing down criminals who are dealing drugs through a delivery app. The movie is partly set in the Philippines, where ex-special forces mercenary Baek Chang-gi (Kim Moo-yul) monopolizes Korea’s illegal online gambling business by means of abduction, confinement, assault, and even murder. IT genius Chief Executive Officer Chang Dong-cheol is played by popular Korean actor Lee Dong-hwi. Distributed by Black Cap Pictures, The Roundup: Punishment is now showing exclusively at SM Cinemas with specially priced tickets: P275 in Metro Manila and P230 in provinces.


Sean Go drops limited-edition art toy collection

FILIPINO pop appropriation artist Sean Go unveils a collection of art toys, which has launched exclusively online in partnership with Toki, the Philippines’ first collectible-focused social commerce platform. Mr. Go’s figures and symbols are inspired by his childhood, seen through a contemporary lens of pop culture references and social commentary. The new collection of toys marks a departure for the artist, as he translates his signature style into a three-dimensional format. They use the symbol of the rocket – a representation of intelligence, lofty aspirations, and vast potential. The collection can be found via www.tokiasia.com/drops/seango.


Furiosa: A Mad Max Saga now on HBO GO

WARNER Bros. Pictures’ Furiosa: A Mad Max Saga has made its streaming debut exclusively on HBO GO. Anya Taylor-Joy and Chris Hemsworth star in George Miller’s iconic dystopian world which he created more than 40 years ago with the seminal Mad Max films. Miller turns the page again with an all-new original, standalone action adventure that reveals the origins of the character from Mad Max: Fury Road. As the world fell, young Furiosa is snatched from the Green Place of Many Mothers and falls into the hands of a great Biker Horde, led by the warlord Dementus. Sweeping through the Wasteland, they come across the Citadel, presided over by The Immortan Joe. While the two tyrants fight for dominance, Furiosa must survive many trials as she puts together the means to find her way home. HBO GO subscriptions cost P1,190 for the 12-month plan.

Taylor Swift set for emotional London return after terror threat

LONDON — Taylor Swift will take to the stage in London on Thursday, resuming the world’s biggest ever concert tour amid tightened security after a foiled Islamic State-inspired attack forced the cancelation of her Vienna dates last week.

British police have said there is nothing to indicate that events in Vienna would impact the five appearances at Wembley Stadium, where 90,000 “Swifties” are expected to cheer her on each evening. However, security is set to be tight.

Tay-gating, the practice of gathering outside a Taylor Swift show without a ticket, like thousands did in Munich earlier in the summer, will not be allowed, as authorities try to reduce harder-to-control vulnerabilities outside the venue.

Fans at Wembley will enter through metal detectors and are only allowed to bring one small bag. Glass and metal containers, laptops, and umbrellas are all banned.

“Anyone hanging around outside the stadium will be moved on by security,” Wembley said on its website.

Ms. Swift, 34, has previously said her biggest fear was the risk to her fans following two attacks at music events in 2017 — a Las Vegas shooting and a suicide bombing at an Ariana Grande concert in Manchester, England, that prompted a rethink of the way British authorities police major shows.

She said the attacks had made her “terrified” of going on tour and prompted additional planning and safety measures.

“We have to live bravely in order to truly feel alive, and that means not being ruled by our greatest fears,” she said in 2019.

The “Cruel Summer” singer will return fueled by the positivity, heartfelt lyrics, friendship bracelets and sequined outfits that have made her a global megastar.

She performed in Britain in June to sell-out crowds that included heir-to-the-throne Prince William and two of his children, plus Keir Starmer, who has since been elected prime minister. London also published a special Taylor Swift tube map of her song titles.

Her Eras Tour is set to gross over $1 billion in revenue, the first to do so, from 149 shows over two years. The last performance will be in Canada in December.

RETURN TO BRITAIN
Ms. Swift’s return to Britain could be emotional after recent events.

On July 29 three young children were killed at a Taylor Swift-inspired dance class in Southport, northern England. Ms. Swift told her 284 million Instagram followers that she was “completely in shock” over the “loss of life and innocence.”

She has not said anything on the Vienna cancelations.

Security experts said British authorities had learnt from the Manchester attack, which killed 22 people including young children, with police, venue security, and organizers working as one to protect a venue.

Chris Phillips, former head of Britain’s National Counter Terrorism Security Office and now a security consultant to major events, said Wembley benefited from being a permanent venue.

“They employ a lot of security teams,” he told Reuters. “Wembley is as safe as you’re going to get.”

Experts said they expected staff to be re-vetted after a suspect in Vienna secured a job providing services at the stadium there.

Noah Price, international academy director at security group G4S, said there would be “enhanced levels of protection at the venue,” with staffing patterns closely monitored.

“The insider threat is actually the most prevalent (…) because it has unfettered access,” he said.

“You’ve got to look at unusual behavior,” he added. “People turning up earlier or leaving later. Look at the access control logs.”

Tim Gallagher, chief security officer with global investigations firm Nardello & Co, agreed that it was “extremely troubling” that a Vienna suspect was employed by a company working at the venue, and said staff at Wembley would likely be re-vetted.

Don Erickson, chief executive of the Security Industry Association, said visible measures, such as scanners, would be complemented by intelligence and tech-like video surveillance.

“It’s balancing the safety and the security versus the fan experience,” he said. “But they’re not mutually exclusive, you can accomplish all of it.”

Wembley made the point to Swifties in a language they would understand: “Read all the information provided and take note of what you can and can’t do. Don’t Shake It Off as not important.” — Reuters

How income inequality compared across regions in 2023

The 2023 Annual Family Income and Expenditure Survey showed that income inequality in the Philippines — as measured by the Gini coefficient — narrowed to 0.3909 last year from 0.4063 in 2021. The Gini coefficient measures income disparity among families. A reading of “0” denotes perfect distribution of income, while “1” represents total inequality. Read the full story.

How income inequality compared across regions in 2023

Living and synchronicity

JANICA-SIB-UNSPLASH

Rediscovering a tropical paradise is an adventure of the senses. One steps into a dramatic dynamic Turner painting of sea and sky. It has been years since the first visit. It was rustic, isolated, serene, and pristine then.

The scenic coastline is still lush with towering coconut trees. The ancient banyan trees and forest foliage have grown dense. Palm and coconut tree fronds sway in rhythm with the rolling waves. The cream-colored beach is fringed with a scallop lace veil of bubbles for miles on end.

In some empty parts of the island, the wet sand is like a mirror reflecting the dawn sky’s pastel pink, lilac, and pale blue. Seemingly untouched by humans.

The weather is capricious during the rainy season. Sometimes it is rainy and windy. Towering slate gray cumulus clouds hide the once brilliant sun.

The ebb tide leaves ribbed patterns, shells and stones, tangled strands of seaweed. The waves roll with whitecaps. The aroma of brine is in the breeze.

On a mystical morning, the seascape is perfect. At sunrise, the sky clears up with only drifting puffs of clouds. The seagulls soar over the jewel-colored sea, striped with bands of turquoise, aquamarine, sapphire, and ultramarine. It is an ideal dreamscape.

A white horse prances of the shore, gingerly stepping into the water. Then it breaks into an exciting gallop on the sand. There is nothing more pleasurable than riding the wind with the refreshing spray and splash of the sea. A dip — after the ride — is totally invigorating. Being one with nature is, in almost every sense, like heaven on earth.

The fragrant colorful blossoms on the bushes shiver as butterflies flutter and vanish.

In the nearby forest, rare fireflies twinkle like fairy lights on a tree. A passing shower is a Divine blessing.

In the late afternoon, a few friends gather near at a ceremony on the shore, to toast to the sunset and the beginning of a new life. The sky and sea merge into a breathtaking tableau of startling, heart-melting colors. The golden sun glows through a veil of clouds, like an antique gold medallion against a backdrop of pale peach, magenta, blue violet, and silver gray. Its rays spread into the sky like a glittering fan before it sinks into the horizon. The afterglow is marvelous, magical.

At twilight, votive candles flicker along the edge of a lotus pool lined with icons and objets d’art inspired by earth gods. It takes a creative spirit, love, and patience to create a single sculptural masterpiece. The individual art pieces have distinct qualities that merit appreciation. It is not easy.

Is it kismet that determines how people meet and connect and vibrate on different dimensions? Why do events happen on a particular day? It must be the right time at the right place.

There are endless questions to ponder at leisure — while floating on a magic carpet of dreams atop rainbows and stardust. The rhythmic sound of lapping waves is a soothing lullaby. Neverland and paradise blend.

One sees a shooting star, a falling meteor, a sign. The world-weary spirit is revived and revitalized by a serendipitous moment of serenity and synchronicity.

“Have patience with everything unresolved in your heart.

A try to love the questions themselves…

Don’t search for the answers.

Which could not be given to you now,

Because you would not be able to live them.

And the point is to live everything.

Live the questions now.

Perhaps then, someday far in the future,

You will gradually, even without noticing it,

Live your way to the answer.”

“Live your way,” Rainer Maria Rilke

 

Maria Victoria Rufino is an artist, writer and businesswoman. She is president and executive producer of Maverick Productions.

mavrufino@gmail.com

FDC Q2 income rises 46% to P2.62B on banking, power sector gains

GOTIANUN-LED Filinvest Development Corp. (FDC) reported a 46% increase in its second-quarter (Q2) attributable net income, reaching P2.62 billion from P1.8 billion last year, attributed to enhanced performance across its banking, power, and property sectors.

Second-quarter revenue rose by 32.5% to P29.04 billion from P21.93 billion a year ago, FDC said in a stock exchange disclosure on Thursday.

For the first half, FDC recorded a 41% increase in its attributable net income to P5.5 billion from P3.9 billion last year. The banking business contributed 38% of total net income, followed by power at 31%, property at 22%, and sugar milling at 9%.

January-to-June revenue likewise increased by 30% to P55.49 billion compared with P42.65 billion in 2023.

Among business units, the banking segment contributed 44% of total revenue, followed by power and real estate at 23% each. The hospitality business contributed 4%, while the balance was distributed among other businesses.

“FDC’s strong performance in the first half of 2024 was broad-based, led by banking, power, and real estate. We look forward to sustaining our robust growth as we keep honing our strategies and operations, and as we implement important capital investments for long-term growth,” FDC President and Chief Executive Officer Rhoda A. Huang said.

For its banking segment, East West Banking Corp. said its top-line growth was driven by a 22% increase in consumer loans, leading to a 28% jump in net interest income.

Consumer lending remained the bank’s core product, contributing 82% of the total loan book.

On the power business, FDC Utilities, Inc. saw a 75% increase in first-half revenue led by higher energy sales from its 405-megawatt plant in Misamis Oriental. The rise in sales came from the Mindanao-Visayas interconnection project.

For the real estate segment, FDC’s subsidiaries Filinvest Land, Inc., Filinvest Alabang, Inc., and Filinvest REIT Corp., saw an 18% revenue growth due to improved residential sales and mall rentals.

The conglomerate’s hotel business, led by Filinvest Hospitality Corp., increased revenues by 49% on the resurgence in domestic tourism and international arrivals. The hotel unit saw higher room occupancy and rates across its Crimson, Quest, and Timberland Highlands brands.

Meanwhile, FDC forecast a P26 billion capital expenditure (capex) budget this year, a slight improvement from the initial estimate of up to P25 billion. 

Among businesses, 61% of the capex will be allotted to real estate projects, 20% to power projects, 9% for the expansion of the hospitality business, and the balance for other businesses.

FDC shares fell by 1.48% or eight centavos to P5.34 apiece on Thursday. — Revin Mikhael D. Ochave

BDO taps IFC to provide green finance training

BW FILE PHOTO

BDO Unibank, Inc. partnered with the International Finance Corp. (IFC) to provide specialized training through the Alliance for Green Commercial Banks’ (Alliance) pilot program, which aims to accelerate the banking industry’s green transformation.

The Alliance is a global initiative that aims to develop a community of banks that will lead green finance across various markets to accelerate the green banking transformation of financial institutions and address climate change, BDO said in a statement on Thursday.

“IFC, a sister organization of the World Bank and a member of the World Bank Group, is one of the largest financiers of climate-smart projects in developing countries,” BDO said.

Under the partnership, IFC conducted workshops for BDO’s leaders and relationship managers on green finance for micro, small, and medium enterprises, transition finance, and impact financing.

The Sy-led bank said that last year, loans disbursed for energy efficiency projects accounted for 46.2% of its green finance portfolio.

The lender also continues to finance other green initiatives, including renewable energy (26.7%), clean transportation (14.7%), sustainable water and wastewater management (9.9%), pollution prevention and control (1.4%), green buildings (0.8%), and eco-efficient production technologies (0.3%).

“As a pioneer in sustainable finance in the country, BDO is fully committed to reduce its carbon footprint while supporting the country’s transition by providing access to affordable, reliable, sustainable and clean energy and energy efficiency initiatives,” the listed bank said.

BDO saw its net profit rise by 11.98% year on year to P20.94 billion in the second quarter amid continued growth in its core businesses and higher fee income. — AMCS

Concentrix launches working student program

MAPUA Malayan Digital College (MMDC) and Concentrix have tied up to offer a program focused on upskilling working students.

In a statement on Wednesday, Concentrix announced the launch of the “Work & Study Program,” which aims to produce more skilled professionals by improving the quality of education and work-life balance of working students.

“Working students have been underserved for years. The focus has been on basic education and traditional college models that we believe don’t serve the needs of our working students,” according to Hazel Banas, vice-president for people solutions at Concentrix.

“We need more people in the workforce, and the way to produce that, to contribute to the economy and the country’s growth, is to produce more professionals,” she added.

Under the partnership, MMDC and Concentrix will provide part-time jobs and college education programs.

“MMDC is here to support working students who want to take up a career in IT and business and set them up for success,” MMDC Executive Director Dennis Tablante said.

“We offer flexible schedules to cater to those who have more than enough on their plate but want to step up their careers and current skill sets,” he added.

The program, which will offer part-time jobs at 20-30 hours a week alongside three to four subjects per term, is open to new Concentrix employees.

Concentrix will offer a salary deduction program and tuition benefits for eligible part-time employees, while MMDC will offer scholarships at a 35% discount on tuition. — Justine Irish D. Tabile