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China ready to work with EU to uphold free trade, multilateralism, foreign minister says

REUTERS

BEIJING – China is ready to work with the European Union to uphold free trade, practice multilateralism, and promote an equal and orderly multi-polar world and inclusive economic globalisation, its foreign minister said during a visit to Spain.

China’s Foreign Minister Wang Yi said China regards the EU as “an important force in the multi-polar pattern” and supports European integration, and the development and growth of the EU as well as achieving strategic autonomy, according to a foreign ministry statement on Tuesday.

“As long as China and the EU strengthen solidarity and cooperation, bloc confrontation will not arise,” he said.

Mr. Wang made the remarks during a meeting with the Spanish prime minister in Madrid on Monday. He also met his Spanish counterpart and Spain’s King Felipe VI.

Mr. Wang said China is ready to maintain high-level exchanges with Spain, strengthen synergies in development strategies and deepen mutually beneficial cooperation.

The EU has a policy of reducing economic reliance on China, which the bloc regards with more suspicion due to its close ties to Russia.

The European Commission set out plans in January to bolster the EU’s economic security through closer scrutiny of foreign investments and more coordinated controls on exports and outflows of technologies to rivals such as China.

The EU executive’s package is a response to the multiple risks exposed by the COVID pandemic, Russia’s invasion of Ukraine, cyber and infrastructure attacks and increased geopolitical tensions. — Reuters

WikiLeaks’ Assange in last-ditch battle to stop US extradition

Wikileaks logo

LONDON – WikiLeaks founder Julian Assange begins what could be his last chance to stop his extradition from Britain to the United States on Tuesday after more than 13 years battling the authorities in the English courts.

US prosecutors are seeking to put Mr. Assange, 52, on trial on 18 counts relating to WikiLeaks’ high-profile release of vast troves of confidential US military records and diplomatic cables.

They argue the leaks imperilled the lives of their agents and there is no excuse for his criminality. Mr. Assange’s many supporters hail him as an anti-establishment hero and a journalist, who is being persecuted for exposing US wrongdoing and committing alleged war crimes.

Mr. Assange’s legal battles began in 2010, and he subsequently spent seven years holed up in Ecuador’s embassy in London before he was dragged out and jailed in 2019 for breaching bail conditions. He has been held in a maximum-security jail in southeast London ever since, even getting married there.

Britain finally approved his extradition to the US in 2022 after a judge initially blocked it because concerns about his mental health meant he would be at risk of suicide if deported.

His lawyers will try to overturn that approval at a two-day hearing in front of two judges at London’s High Court in what could be his last chance to stop his extradition in the English courts. His wife Stella last week described it as a matter of life and death.

They will argue that Mr. Assange’s prosecution is politically motivated and marks an impermissible attack on free speech, as the first time a publisher has been charged under the US Espionage Act.

His supporters include Amnesty International, Reporters Without Borders, media organisations which worked with WikiLeaks and Australian politicians, including Prime Minister Anthony Albanese, who last week voted in favour of a motion calling for his return to Australia.

Pope Francis even granted his wife an audience last year.

‘HE WILL DIE’

If Mr. Assange wins permission in the latest case, a full appeal hearing will be held to again consider his challenge. If he loses, his only remaining option would be at the European Court of Human Rights (ECHR) where he has an appeal already lodged pending the London ruling.

Speaking last week, Stella Assange said they would apply to the ECHR for an emergency injunction if necessary. She said her husband would not survive if he was extradited.

“His health is in decline, physically and mentally,” she said. “His life is at risk every single day he stays in prison – and if he is extradited he will die.”

Mr. Assange’s brother Gabriel Shipton compared the WikiLeaks founder with Alexei Navalny, the Russian opposition activist who died in prison on Friday while serving a three-decade sentence.

“I know exactly what it feels like to have a loved one unjustly incarcerated with no hope,” he told the BBC. “To have them pass away, that’s what we live in fear of: that Julian will be lost to us, lost to the U.S. prison system or even die in jail in the UK.”

WikiLeaks first came to prominence in 2010 when it published a US military video showing a 2007 attack by Apache helicopters in Baghdad that killed a dozen people, including two Reuters news staff.

It then released thousands of secret classified files and diplomatic cables that laid bare often highly critical US appraisals of world leaders from Russian President Vladimir Putin to members of the Saudi royal family. — Reuters

Analysts: BSP may cut rate starting May

Streaks of lightning strike through the night sky behind condominium buildings in Manila, July 1, 2023. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Keisha B. Ta-asan, Reporter

THE BANGKO SENTRAL ng Pilipinas (BSP) is widely expected to gradually cut key rates this year starting as early as May, with prices likely to be under control, analysts said on Monday.

Monetary authorities are becoming less hawkish based on their policy statement last week, Pantheon Chief Emerging Asia Economist Miguel Chanco said in a note.

“Talk of a need to keep monetary policy settings sufficiently tight is completely gone, with members committing merely to keep them unchanged in the near term amid the improvement in inflation conditions,” he said.

The BSP is trying to strike a delicate balancing act to support the economy while ensuring that any interest rate decisions do not fan inflation or put pressure on the peso and lead to capital outflows.

The BSP kept its benchmark interest rate — as expected — at a near 17-year high for a third straight meeting on Thursday, as policy makers remained watchful despite easing consumer prices. Policy makers want to make sure inflation will continue to cool before cutting the key rate.

Mr. Chanco said a potential pivot this year is on the table, a suggestion the central bank did not entertain late last year.

“We reckon it can afford to be more ambitious than this at its next few meetings,” he said. “We have an average inflation forecast of 2.8% for 2024 and maintain that the BSP will lower rates by a total of 100 bps this year, with the first cut likely to come in May.”

The Monetary Board would likely cut rates by 50 or 75 basis points (bps) this year, but future policy moves would depend on the US Federal Reserve, Nicholas Antonio T. Mapa, a senior economist at ING Bank N.V. Manila, told a news briefing.

“It’s difficult to see BSP moving ahead of the Fed,” he said. “If we see aggressive rate cuts by the Fed, then maybe the BSP can follow. They’ll just have to stay data dependent. It’s always hard to make a call but the timing is definitely after the Fed.”

The BSP has been the most aggressive central bank in the region, hiking policy rates by 450 bps from May 2022 to October 2023 to tame inflation.

The US Federal Reserve had said inflation should cool first before policy makers consider cutting borrowing costs. The Fed raised its policy rate by 525 bps to 5.25-5.5% from March 2022 to July 2023.

Robert Carnell, chief economist and head of research for Asia-Pacific at ING Bank, said the Fed could ease policy rates by 150 bps this year, starting May.

Cutting rates by 150 bps this year is aggressive, he said, adding that the US economy must show a marked economic slowdown or downturn after a period of rapid growth.

ROOM FOR RATE HIKE

“That really comes when the wheels start to drop off the economy and for that, you need to start seeing an unemployment rate beginning to move higher, the payroll numbers looking much softer, the retail sales figures would be awful,” he said.

“The US still got a macroeconomy that’s extremely robust,” Mr. Carnell said. “My guess is that we find that the landing is softer and that we need to push back the easing.”

Mr. Mapa noted that if the US Fed starts cutting interest rates by May, the BSP could follow suit by June if local inflation is still within the 2-4% target.

Inflation eased to the lowest in three years to 2.8% in January from 3.9% in December and 8.7% a year ago. It was the second straight month that inflation was within the BSP’s 2-4% target.

Last week, the BSP lowered its risk-adjusted inflation forecast for this year to 3.9% from 4.2% but raised its outlook for 2025 to 3.5% from 3.4%.

It also cut its baseline inflation forecast for this year to 3.6% from 3.7% but kept its projection for 2025 at 3.2%.

Moody’s Analytics said the BSP’s recent policy move was in line with expectations. “We expect rates to hold steady until cuts start from mid-2024,” it said in a separate report.

Mr. Carnell does not rule out the possibility of the Fed increasing rates further this year if US inflation unexpectedly picks up in the second half.

“Let’s suppose that the Fed has been very cautious and hasn’t eased already by that stage,” he said. “Could I perhaps imagine that maybe one last 25-bp hike is something that they need to deliver to properly pull inflation back down? It’s a difficult thought experiment to run but it’s not an impossible one.”

The BSP may also not be done with its hiking cycle if the Fed does deliver one more rate hike.

“If the Fed does hike rates, then there would be room for additional rate hikes,” Mr. Mapa said. “[But BSP] doesn’t have to respond right away. They have to gauge if there’s pressure in the spot market.”

The BSP will hold its next policy review on April 4.

Senate OK’s P100 wage hike on third reading

PHILIPPINE STAR/ MIGUEL DE GUZMAN

By John Victor D. Ordoñez, Reporter

THE PHILIPPINE SENATE on Monday approved on third and final reading a bill calling for a P100 ($1.78) across-the-board minimum wage increase for workers in the private sector, amid warnings that a hike that is too high could fan inflation.

Twenty senators unanimously approved the measure, the first legislated and national increase since the enactment of a measure in 1989 that created wage boards that set pay rates per region.

“Some may argue that implementing such measure could impose hardships on businesses and impede economic growth,” Senator Jose “Jinggoy” P. Estrada, who sponsored the bill, said in plenary. “However, we should bear in mind that a flourishing economy relies on the vitality of its workforce, who are considered the lifeblood of enterprises.”

Last week, House Deputy Majority Leader and Iloilo Rep. Janette L. Garin said congressmen are studying a proposed P350 to P400 wage hike for workers in the private sector. There have been separate House bills proposing P750 and P150 across-the-board wage increases.

The Employers Confederation of the Philippines (ECoP) earlier said a P100 legislated wage hike would be “catastrophic [and] inflationary.”

ECoP President Sergio R. Ortiz-Luis, Jr. said the government should rely on regional wage boards since some microenterprises might find it difficult to pay their workers more money and be forced to lay off workers.

He said the wage hike would not benefit 84% of the working force or those in the informal sector, adding that only about 10% of private sector workers would temporarily benefit from the move.

“Ultimately, while the wage hike carries some inflationary risk, its true impact hinges on various factors,” Robert Dan J. Roces, chief economist at Security Bank Corp., said in a Viber message. “The Bangko Sentral ng Pilipinas (BSP) will surely monitor the situation closely and base its policy decisions on comprehensive data analysis.”

The Philippine central bank kept its benchmark rate unchanged at 6.5% at its third straight meeting last week. It last raised borrowing costs by 25 basis points (bps) in October. The central bank hiked rates by 450 bps from May 2022 to October 2023.

BSP Senior Assistant Governor Iluminada T. Sicat earlier said BSP’s baseline inflation projections did not take the most recent wage hike proposals into account.

Inflation eased to 2.8% in January from 3.9% in December, the second straight month it fell within the Philippine central bank’s 2-4% target.

“This could force the hand of BSP to keep rates at elevated levels or preemptively raise interest rates should the perceived inflation risk threaten the 2-4% target,” Mr. Roces said.

Inflation could breach the target because of the legislated wage increase, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message. “There could be a possible rate hike to lower or to better anchor inflation back to the inflation target and better manage it.”

Nagkaisa, the country’s biggest labor coalition, said the legislated wage hike could lead to reforms in the regional wage-setting mechanisms.

“For too long, these systems have failed to deliver justice and equity to the Filipino working class,” it said in a statement. “For over three decades, the plight of the workers has been met with inadequate responses, highlighting the urgent need for a comprehensive overhaul of wage policies.”

A Filipino family of five needs at least P13,797 a month or P460 a day to meet their basic needs, according to the local statistics agency.

Renato B. Magtubo, who heads Partido Manggagawa, said raising workers’ pay would help mom-and-pop stores and smaller businesses earn more.

“Absent regular support from the government, it is more evident that the transfer of income from wages of formal labor is what sustains sari-sari stores, and consequently, Aling Nena’s self-employment in the informal economy,” he said in a statement.

Metro Manila’s daily minimum wage rose by P40 to P610 in June, much lower than the P570 increase sought by some labor groups.

The International Labour Organization has said the erosion of real wages and living standards by high inflation rates and housing costs globally is unlikely to be addressed or offset this year.

In a report last month, it said it expects the global jobless rate to rise to 5.2% this year from 5.1% a year earlier. The global labor market is set to “deteriorate moderately” because of increased joblessness in advanced econo-mies, it added.

“A higher minimum wage does not only impact the lives of those directly affected but reverberates throughout our communities, stimulating local economies and ensuring that people would have more money in their pockets to meet their basic needs,” Mr. Estrada said.

Bangko Sentral to further ease foreign exchange rules

Pixabay

THE PHILIPPINE central bank seeks to complete a circular this year that would further ease the documentary requirements for foreign exchange (FX) transactions, according to a Monetary Board member.

The market should expect more waves of foreign currency reforms this year, Monetary Board member Anita Linda R. Aquino told an economic forum on Monday.

“The draft circular is already being exposed to the markets, and I am excited to receive the final circular after the industry’s comments are taken into consideration,” she said.

Ms. Aquino said she recommended the lifting of the Bangko Sentral registration document for foreign portfolio investments late last year. Custodian banks did not expect this to happen, but the possibilities are endless, and these processes have “outlived their purpose.”

“To be clear, registration for loans and foreign-directed investments currently will still require the [registration document]. But perhaps, who knows, this may be addressed at some future time,” she added.

The Bangko Sentral registration document covers foreign investments of nonresidents with the central bank or registered banks. Investments need not be registered unless the investor buys foreign currency from banks for conversion to pesos or earnings for remittances.

In January, the BSP released a draft circular on its website that proposed changes to its foreign exchange manual. Under the draft, processing of foreign currency loans, inward investments and other foreign currency transac-tions filed with the BSP-International Operations Department will be free of charge.

Stakeholders had until Feb. 2 to comment on the circular.

“Trust me, it will be finished this year,” Ms. Aquino told reporters on the sidelines of the forum.

“I have also outlined a list of FX reforms, one of which is the lifting of the submission of this particular document, the application to purchase FX for certain transactions,” she said. “Rest assured, these reforms are currently being worked on by the BSP team.”

In the draft circular, the central bank revised 15 appendices and annexes of the foreign exchange manual and removed the report on interim peso deposits of registered foreign investments.

Authorized agent banks must submit to the central bank a list of existing and valid registration documents within two weeks.

The central bank will give banks until Sept. 30 to continue reporting the transactions of registered investments using the old report forms, but banks should start preparing their systems and processes to ensure compliance.

The BSP has undertaken various liberalization measures to ease foreign exchange rules to facilitate transactions of banks, public and private companies, small and medium enterprises, overseas Filipinos and the public.

Since 2007, the Philippine central bank has approved and completed 13 rounds of foreign currency policy liberalization.

In August 2021, the 12th wave of FX reforms allowed the electronic submission of documents and the use of digital signatures to streamline compliance with documentary requirements for foreign exchange transactions.

It also allowed the sale of foreign currency to support government infrastructure development projects and facilitated the funding of peso deposit accounts for foreigners involved in trade transactions.

“Building on this progress, the implementation of the 13th wave of FX reforms in March of 2023 translated pandemic-related relief measures into policy, easing compliance for banks,” Ms. Aquino said.

“These measures include the removal of the notarization requirement for certain supporting documents in both trade and nontrade transactions, as well as the lifting of processing charges for late submissions to the BSP for certain FX-related documents,” she added. — Keisha B. Ta-asan

Philippine wealth fund to prioritize energy projects

BW FILE PHOTO

THE PHILIPPINE energy sector will take the bulk of the initial investments of the country’s first sovereign wealth fund, according to the head of the Maharlika Investment Corp.

“Energy will be the first,” Maharlika Chief Executive Officer and President Rafael D. Consing, Jr. told a forum on Monday. “Energy will take in the bulk of the initial investments.”

He said energy, physical and digital connectivity are key to “multigenerational growth.”

President Ferdinand R. Marcos, Jr. has touted the Maharlika Investment Fund as an engine to drive economic development through strategic investments both here and overseas. He has said his government considers the wealth fund as a means to cut dependence on foreign loans.

Mr. Consing said the fund’s first commitment would likely be to an energy-related project. “In terms of the amount we will commit for the year, I think a big portion of it really will be coming from energy.”

There is a need to invest in the energy sector due to the country’s high electricity costs and lack of access, he said. “Just take a look at the electricity numbers last year in terms of the availability and peak,” he said. “We barely have about anywhere between 20% and 50% in surplus electricity.”

The Maharlika Investment Corp.’s priority investment areas are power, agroforestry, industry, urbanization, mineral processing, tourism, transportation and aviation.

Under power, it seeks to focus on renewable energy and new sources to diversify supply and stabilize prices and modernize the grid.

Last month, the presidential palace said the corporation was looking into Speaker Ferdinand Martin G. Romualdez’s proposal to invest in the National Grid Corp. of the Philippines (NGCP) to help lower energy costs and improve its resilience.

NGCP is the sole and exclusive concession and franchise operator of the country’s power transmission network.

Mr. Consing said Maharlika is finalizing its investment charter, getting its budget approved and fine-tuning other operational procedures. Once this is complete, it could start investing, he added.

He also said the sovereign wealth fund is working on incorporating “sectoral limits” in its charter or the share of investments per priority area.

“Some investments will come ahead so I think that over three years, we will balance it out at no more than 15% per sectoral exposure,” he said.

Mr. Consing cited the need to distribute capital and allocate it to different sectors that need it. “Because if you don’t put limits to it, then you might become overweight in sub-sectors and therefore leave out others that may actually require attention or capital.”

Maharlika has an initial capital of P125 billion and an authorized capital stock of P500 billion. — Luisa Maria Jacinta C. Jocson

NAIA winning bidder faces negative profit outlook — CreditSights

PHILSTAR FILE PHOTO

THE 82.16% revenue share offered by the San Miguel-led consortium to the government could lead to lower annual profits from the Ninoy Aquino International Airport (NAIA) even after finishing expansion works, financial research firm CreditSights said.

“We are surprised at the high proposed revenue share of 82.16%, which we expect to result in modestly negative annual EBITDA (earnings before interest, taxes, depreciation, and amortization) generation from the airport even post the expansion works,” the financial research firm said in an outlook report authored by analysts Lakshmanan R, Jonathan Tan Jun Jie, and Nicole Chua.

“We are alarmed that the revenue share that SMCC [SMC SAP & Co. Consortium] bid for and is willing to pay to the government is much higher than the bids placed by its competing bidders,” it added.

This move could suggest San Miguel’s “strong desire” to capture a large share of the air traffic market in Metro Manila, as its infrastructure unit is also constructing an international airport in Bulacan, CreditSights said.

“We expect NAIA to complement SMC’s greenfield international Bulacan Airport that is slated to be completed in 2027, thereby driving revenue and cost synergies.”

The winning consortium for the NAIA bid consists of San Miguel Holdings Corp., RMM Asian Logistics, Inc., RLW Aviation Development, Inc., and Incheon International Airport Corp. (IIAC).

The other two qualified bidders, GMR Airports Consortium and Manila International Airport Consortium, have proposed revenue shares of 33.3% and 25.9%, respectively.

The 15-year concession agreement for NAIA can be extended for a further 10 years based on the consortium’s performance.

The SMC-SAP consortium has estimated an investment of around P122.3 billion for its capital expenditures (capex) over the duration of its concession agreement, according to the Department of Transportation.

The credit research provider said that SMC will likely fund its share through a mixture of 70-30 debt and equity.

It also said that the proposed investments of the SMP-SAP group will have little impact on SMC’s cash flow, as the capex will likely be divided among the members of the consortium.

Under the agreed concession, the group will make an up-front payment of P30 billion and an annuity payment of P2 billion, in addition to the revenue share.

“We anticipate the project to have a manageable impact on SMC’s credit profile, given the project capex will likely be split among the consortium partners and over a potentially five-year period, which eases cash flow pressure,” CreditSights said.

“Based on these assumptions, we estimate SMC’s pro forma net leverage to worsen modestly to 7.8x-8x which we see as manageable,” it also said.

Ramon S. Ang’s SMC holds a 33% stake in the consortium, South Korea’s IIAC, the operator of Incheon International Airport, has a 10% share, while RMM Asian Logistics and RLW Aviation hold a 30% and 27% stake, respectively.

Data available from the Securities and Exchange Commission showed that RMM Asian Logistics was incorporated in December 2023, while no data was available about RLW.

“We are… unclear about the background/capabilities of two of SMCC’s other partners, RMM Asian Logistics and RLW Aviation. Though SMC in its press release did not disclose or refute if the two entities are in any way related to SMC, we cannot rule out the possibility that they are related parties of SMC. If it were true, then SMC will incur a higher proportion of capex/higher debt for the airport upgrade, than what we have assumed,” CreditSights said. — Ashley Erika O. Jose

Talking movies at the Art Fair

ARTFAIRPH and film booth NO SHOWING on the roof deck of The Link carpark. — BRONTË H. LACSAMANA

Moira Lang’s NO SHOWING booth attracted a slew of filmmakers and film lovers

WHILE the NO SHOWING booth at the roof deck of Art Fair Philippines looked like a chill speakeasy with a dance floor spruced up by old movie posters and bathed in moody red light, it actually played host to many conversations about the state of filmmaking and moviegoing in the Philippines.

“People love hanging out and talking while drinking. It seems like it’s all just for fun, but a lot of things get questioned and challenged and resolved in this set-up,” said filmmaker Moira Lang, who organized and curated the project, at the fair’s vernissage on Feb. 15.

Over the course of the next three days, directors, producers, actors, critics, and film enthusiasts discussed and pondered many things — how to improve filmmaking practices, why films get stuck in the trappings of either box office numbers or festival circuit acclaim, and even the existential question of why any of them still make films.

This was just the type of stuff to talk about over beer, with music by selected filmmakers playing just loud enough not to interfere as guests talked and listened to one another.

One topic that made rounds in the free-flowing discussions was the success of films like Gomburza, Firefly, and Rewind in the most recent Metro Manila Film Festival (MMFF).

“The film industry has changed because of streaming and all that, but I’m hopeful for it. There’s a lot of activity going on through those platforms and also through festivals like Cinemalaya and MMFF. There’s no such thing as indie or mainstream now; it’s all just people telling stories,” director and actor Carlos Siguion-Reyna told BusinessWorld on the third day of the event.

Sharing a similar hopeful sentiment was award-winning screenwriter and National Artist Ricardo “Ricky” Lee, who said a day prior how great it is to see moviegoers coming back to cinemas and being open to a wide range of narratives.

“If I were a young filmmaker seeing the variety of films in theaters and online, I would be inspired to explore the possibilities of storytelling,” he said.

Mr. Lee concluded his talk on his view on the Philippine industry with one word: optimistic. “I don’t think streaming will ever go away because it’s very convenient, but I think people are realizing how great it is to watch on a big screen. There will always be a place for it,” he said.

His fellow National Artist for Film, Kidlat Tahimik (real name: Eric Oteyza De Guia), was also at the fair that day. The two were confronted by many students and young artists who lined up to take pictures and speak with them, both at a film event held on the roof deck and on the exhibiting floors that they passed through below.

Various directors graced the NO SHOWING booth, like Joyce Bernal, Raymond Red, Erik Matti, and Quark Henares (who also DJ-ed one night).

Documentary filmmaker Sari Dalena was there too, saying how each person must find their own way in the industry.

A former director of the University of the Philippines Film Institute, she pointed out the rising alums of the film school who were in attendance — Martika Ramirez Escobar, whose film Leonor Will Never Die garnered acclaim in local and international festivals, and Petersen Vargas, who recently directed A Very Good Girl, one of the biggest Star Cinema films to date.

“There’s always room to grow and find your way, even though it can be a headache in this industry,” Ms. Dalena said.

Ricky Orellana, head of the Mowelfund Film Institute’s audiovisual archives, was admiring the collection of movie posters of classics like Insiang and Maynila sa Mga Kuko ng Liwanag adorning the walls of the speakeasy.

The posters and much of the furniture at the booth were provided by the Archivo 1984 Gallery headed by Juan Martin Magsanoc. Their own booth a few floors below was also filled with books and magazines.

“Archives are being beefed up these days,” Mr. Orellana told BusinessWorld. “At Mowelfund, we bought some equipment to maximize the digitization of materials. We’re also coming up with an online public access catalog that will be launched this March.”

He noted the importance of improving access to film-related research materials, like books, news clippings, and magazines. “It all has to be online now, for more people to see and read,” he said.

On Feb. 18, as the DJ table and the sound system and the dance lights were turned off by maintenance at The Link carpark (two hours after the event had concluded), Moira Lang watched the crowd reluctantly dissipate, still buzzing with energy and pumped from the music and booze.

“It’s a wrap!” she said, before they all had to pack up and leave behind the small, short-lived, weekend-long home of many film discussions.

Among the items to take down were the “Free Jade Castro & friends NOW!” posters that greeted all visitors upon entry. These referred to the case of fellow filmmaker Jade Castro who, on Jan. 31, was arrested without a warrant along with his three friends for allegedly burning a modern jeepney in Catanauan, Quezon, despite CCTV showing they were in another town when this happened.

Still in police custody and facing an arson charge, he awaits an investigation by the House Committee on Public Order and Safety. All Ms. Lang and those at the Art Fair could do for now was talk about the case.

“Real life really is stranger than fiction,” she said. — Brontë H. Lacsamana

Filmmaker Tikoy Aguiluz, 72

TIKOY Aguiluz, the multi-awarded director best known for Segurista (1996) and Rizal sa Dapitan (1997), died on Feb. 19. He was 72. The Aguiluz family confirmed his passing on social media.

“With heavy hearts, we announce the peaceful passing of our beloved Amable ‘Tikoy’ Aguiluz VI or Direk Tikoy to most of us. While we grieve this loss deeply, we kindly ask for your understanding as we choose to mourn in private for the time being,” the statement read.

The family said that a public memorial service will be held. “We assure you that once we are ready, we will share details about the public service where all who knew and loved Direk Tikoy can join us in paying tribute and saying our final goodbyes.”

The details of his death have not been made public.

A leading figure in Philippine alternative cinema, he was a director, producer, screenwriter, and cinematographer. His best-known work is arguably Segurista, which garnered multiple awards at the Gawad Urian in 1996, including Best Director, Best Picture, Best Screenplay, Best Editing, Best Production Design, and Best Supporting Actor for Albert Martinez. The film was the Philippines’ official entry for the Academy Awards’ Best Foreign-Language Film category that year.

He first made his mark in 1976 with the 15-minute documentary Mt. Banahaw, Holy Mountain, which chronicled the Rizal cult on film. His first full-length feature was the erotic thriller Boatman (1984), and one of his best works was the docudrama Bagong Bayani (1995), a retelling of the story of ill-fated overseas Filipino worker Flor Contemplacion.

Mr. Aguiluz also garnered acclaim for historical biopic Rizal sa Dapitan (1997), which secured the Grand Jury Prize at the Brussels International Film Festival. In 2011, he received the Best Director Award at the Metro Manila Film Festival for Manila Kingpin: The Asiong Salonga Story.

BusinessWorld film critic Noel Vera wrote this of Aguiluz’ work: “Each was a well-crafted work that had something to say about the Filipino, at that point in time and in this corner of the world….

“I think in his role as not just filmmaker but festival director and all-around champion of Philippine cinema he made a difference.”

Mr. Aguiluz founded the Cinemanila International Film Festival in 1999 and served as a patron to many young filmmakers over the years. He also served as juror in several film festivals, never wavering in his support of Philippine cinema. In 2003, the French government bestowed on him the Chevalier dans l’Ordre des Arts et Lettres (Knight of the Order of Arts and Letters).

Amable “Tikoy” Aguiluz VI was born on Sept. 23, 1952.

“Direk Tikoy is a visionary, a maverick, and a true champion of Philippine cinema,” said the Directors’ Guild of the Philippines, Inc., in a Facebook post. “Our prayers and thoughts are with his family and friends.”

Director Raymond Red called Aguiluz a “true maverick filmmaker, and patron to many young upcoming independent filmmakers through the decades. You will not be forgotten.” — Brontë H. Lacsamana

SM Prime says income climbs 33% to P40 billion

SY-LED property developer SM Prime Holdings, Inc. logged a 33% increase in its net income to P40 billion in 2023, led by higher revenues across its business units.

The company’s net income for 2023 marks an improvement from the P30.1 billion recorded the year prior, SM Prime said in a stock exchange disclosure on Monday.

SM Prime said its consolidated revenue increased by 21% to P128.1 billion from P105.8 billion in 2022, while operating income rose by 24% to P61.3 billion.

The company’s mall business, which took up 56% of its consolidated revenue, posted a 30% revenue growth to P71.9 billion, as mall rental income climbed by 24% to P61.3 billion.

The residential business group, led by SM Development Corp., recorded an 8% increase in revenue to P43.1 billion.

The group’s gross profit grew by 15% to P25.4 billion while reservation sales stood at P102 billion, equivalent to over 21,000 residential units sold.

Meanwhile, SM Prime said its revenues for other key businesses, including offices, hotels, and convention centers, rose by 26% to P13.1 billion.

Broken down, the company’s office unit generated P6.8 billion, while the hotels and convention centers unit had P6.3 billion in revenue.

“The favorable result we achieved in 2023 reflects the strong support and trust from our tenants and customers despite the economic challenges encountered in 2023,” SM Prime President Jeffrey C. Lim said.

“We continue to see this growth momentum this year as we pursue our expansion plans in our key businesses, and explore new opportunities to expand our businesses,” he added.

The property developer previously said that it was looking at a P100-billion capital expenditure program for this year.

SM Prime shares fell by 2.79% or 95 centavos to P33.05 apiece on Monday. — Revin Mikhael D. Ochave

Oppenheimer triumphs at BAFTA Film Awards with most wins

CILLIAN MURPHY in Oppenheimer

LONDON — Oppenheimer, a three-hour epic about the making of the atomic bomb in World War II, was the big winner at the BAFTA Film Awards on Sunday, winning the top honors for best film and best director as well as five other awards.

One of the highest-grossing movies of 2023, it also won awards for leading actor Cillian Murphy, who portrays the American theoretical physicist J. Robert Oppenheimer, supporting actor Robert Downey, Jr., editing, cinematography and original score.

Mr. Nolan, who won his first BAFTA for directing, thanked his cast and crew in his acceptance speech.

“In the real world there are all kinds of individuals and organizations who have fought long and hard to reduce the number of nuclear weapons in the world… in accepting this I do want to acknowledge their efforts,” he added.

Like Mr. Nolan, Mr. Murphy had been a favorite to win his category and in his acceptance speech, he referred to the man known as “the father of the atomic bomb.”

“Oppenheimer was this colossally naughty, complex character and he meant different things to different people,” Mr. Murphy said.

“One man’s monster is another’s man hero. That’s why I love movies because we have a space to celebrate and interrogate and investigate that complexity.”

Emma Stone picked up the leading actress award for sex-charged Gothic comedy Poor Things, which won five prizes overall.

Da’Vine Joy Randolph won the supporting actress prize for her role in The Holdovers, a comedy set in a boys’ boarding school.

The Zone of Interest, about the commandant of Auschwitz and his family living next to the Nazi death camp, won three prizes — outstanding British film, film not in the English language, and sound.

Courtroom drama Anatomy of a Fall won the first prize of the night, original screenplay. Adapted screenplay went to comedy-drama American Fiction, which is based on 2001 novel Easure by Percival Everett.

Best documentary went to 20 Days in Mariupol, journalist Mstyslav Chernov’s personal account of the siege of the Ukrainian city in 2022.

“This is not about us, this about Ukraine, about people of Mariupol… the day before yesterday another Ukrainian city has fallen… many cities before that,” Mr. Chernov said in his acceptance speech.

“So the story of Mariupol is a symbol of everything that happened, a symbol of struggle.”

As well as the celebrities attending the ceremony at the Royal Festival Hall by the River Thames in central London, the guest list also included BAFTA president Prince William.

Known as the BAFTAs (British Academy of Film and Television Arts), the ceremony was hosted by actor David Tennant. — Reuters

GCash, CICC team up to combat financial fraud

ELECTRONIC WALLET platform GCash has partnered with Cybercrime Investigation and Coordinating Center (CICC) to address the rising cases of financial fraud.

“What this collaboration actively does is to put together a rapid incident response mechanism so that the public can be properly protected in real time,” Department of Information and Communications Technology (DICT) Secretary Ivan John E. Uy said during a media briefing.

The CICC is an attached agency of the DICT.

“We are taking a preemptive action today so that a certain modus is identified — whether phishing or scamming — and immediately reported to our hotline,” Mr. Uy said.

“Our analysts, investigators will now be able to alert the financial institution that there is a new mode of scam,” he added.

In January, GCash partnered with the National Bureau of Investigation (NBI) for a data-sharing deal to track online financial fraud.

The collaboration with NBI will help GCash understand the pattern of frauds, it said, adding that the partnership will also help them trace accounts that may use GCash wallets for crimes.

In 2023, GCash said it had removed over four million accounts due to engagement in fraudulent transactions and other malicious activities. — Ashley Erika O. Jose