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Maynilad invests P2.7B to curb water losses in Manila

MAYNILADWATER.COM

MAYNILAD Water Services, Inc. is allocating P2.7 billion to address water losses in Manila caused by aging pipelines and illegal connections, the company announced on Thursday.

About P2.4 billion has been allotted for pipe replacement projects, while P151 million will be used for leak repairs, the company said in a statement.

The remaining P190 million will go towards network diagnostics and leak detection, among other activities.

“It is in Manila City where the oldest section of the pipe network that we inherited from the government is located. To reduce water losses in this area, we have already replaced 701 kilometers of old pipes since 2007,” Maynilad Chief Operating Officer Randolph T. Estrellado said.

He said that the local government has assisted with the issuance of permits and the management of traffic for the pipe replacement and leak repairs project.

According to Maynilad, the P2.7-billion allocation for the city is part of the P16.5-billion NRW (non-revenue water) Management Program of Maynilad for 2023 to 2027, which aims to further reduce water losses in the west zone that it serves.

NRW refers to water that is not billed and is lost through leaks or illegal connections.

Earlier this year, Maynilad announced plans to construct reservoirs worth P2.8 billion, adding 211 million liters of water to its storage capacity by 2026.

The four reservoirs will be constructed in Quezon City, Valenzuela, and Muntinlupa.

Maynilad serves Manila, except portions of San Andres and Sta. Ana. It also operates in Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon.

Additionally, it supplies water to the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta, and Rosario, all located in Cavite province.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three 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 an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Modern Grandeur: Trends shaping luxury living in 2024

Photo by tohamina on Freepik

When people think of luxury, they often think of five-star hotels, red carpet galas, royal weddings, and the myriad of mansions that catch the public eye. This is hardly illustrative of modern luxury living today, however.

For every high-end celebrity crib, there are hundreds if not thousands of luxury homes that are content with being hidden away from the grandeur and the spotlight, but offering no less of the refinement that modern living can offer.

This is because luxury comes in many forms. Stunning architecture, clever engineering, state-of-the-art and technology-enabled amenities, among other factors, constantly push the leading luxury properties in the world forward, in service of the ever-changing desires and expectations of the discerning buyers who can afford them.

The Philippines is no stranger to this constant development. According to real estate experts Santos Knight Frank, Manila was the fastest growing market for luxury residential real estate with a price spike of 21.2% for 2023.

“Strong investor confidence in the Philippines during the current Ferdinand R. Marcos, Jr. administration has buoyed the real estate market despite rising interest rates,” Rick Santos, chairman and CEO of Santos Knight Frank, said.

“The luxury residential space is one of several sectors where we’re seeing encouraging market activity. Pent-up demand for prime properties, the return of the residential leasing market, and the tight supply of developments have contributed to significant price appreciation especially in central business districts.”

But how exactly is Philippine  changing?

Worldwide, the trend of culturally enhanced experiences has been making its way into the luxury real estate market, mirroring that of the luxury hospitality industry. Globally-inspired designs are becoming increasingly popular in residential homes as it combines local traditions with global design inspirations to create one-of-a-kind, location-specific luxury experiences.

As a result, and perhaps also bolstered by the Filipino trait of being global citizens, a new “cultural fusion” style is emerging in the Philippines as well.

Some examples of Philippine real estate developments are those with a Mediterranean style like Crown Asia’s Valenza in Sta. Rosa, Laguna; Robinsons Homes’ Brighton Baliuag in Bulacan; Filinvest Land’s Prominence II in Biñan, Laguna; Primary Homes’ Solare in Mactan, Cebu; and Pro-Friends’ Montefaro Village in Imus, Cavite.

Filinvest, in particular, has adopted Asian-inspired styles in a number of its residential properties, like Amarilyo Crest in Taytay, Rizal; Claremont in Mabalacat, Pampanga; Villa Mercedita in Davao City; and the Nusa Dua in Tanza, Cavite.

Similarly, trends in sustainability, which have been gaining traction across all industries, are also starting to show in Philippine real estate. Green roofs, energy efficiency, and smart home systems are some of the characteristics that attract eco-conscious buyers.

The rise of “Eco-Luxe” properties is one of the most striking examples of this transformation in the luxury housing market. This entails eco-friendly living with smoothly integrated high-end design, creating houses that are at one with nature.

High-end real estate is also being built with eco-friendly materials and being planned to incorporate private nature preserves and new, environmentally conscious features like water transportation systems that do not pollute and services that produce no greenhouse gas emissions.

For instance, Botanika Nature Residences in Filinvest City, Alabang is the first township in the Philippines with green certifications from LEED (Leadership in Energy and Environmental Design), the US Green Building Council, and the Philippine Green Building Council (PHILGBC).

The trend is not only for townships either as Alphaland Corp.’s 55-storey Makati Place is a luxurious residential tower designed with efficiency and sustainability in mind, certified Gold by LEED under the administration of the United States Green Building Council (USGBC) rating system.

Finally, the importance of privacy and security is growing among luxury homeowners. There is a growing trend in ultra-luxury real estate of developing exclusive communities that provide residents with increased security and privacy.

Modern luxury real estate not only needs to satisfy the physical needs of their buyers, but their mental needs as well. Increasingly, people are looking for a place to hide from the world and seek the seclusion and peace that these communities provide.

This is evident in the adoption of technological innovations, like state-of-the-art smart home systems and automated security. From controlling lighting and temperature to managing security systems, residents can easily navigate their home with a touch of a button or a voice command today.

Not that this is an entirely new development. Privacy and security have always been paramount in luxury real estate. Gated communities with round-the-clock security personnel ensure that residents can enjoy their home without any worries. Advanced security systems, including surveillance cameras and biometric access control, provide an added layer of protection.

Additionally, luxury properties often feature private entrances, secure parking, and secure storage areas. These measures not only protect the property but also safeguard the privacy and personal belongings of the residents. Whether it’s a high-profile celebrity or a business tycoon, luxury real estate offers the peace of mind that comes with knowing your home is safe and secure.

To create self-contained communities, more and more, high-end developments are also including private clubs, fitness centers, and entertainment venues within their grounds. In addition to increasing the value of these communities, members’ ability for self-sufficiency maximizes their privacy by minimizing the need to wander into more public locations.

The adoption of technology feeds into the development of other trends. Imagine waking up to a house that automatically adjusts the lighting and opens the blinds to let in the natural sunlight. Or being able to control the music and temperature in every room from your smartphone.

Smart home technology not only enhances convenience but also improves energy efficiency, allowing residents to monitor and optimize their energy consumption. Technology like these offer buyers the opportunity to customize and personalize their living spaces according to their unique preferences and tastes.

Owning a luxury property is not just about owning a beautiful home; it’s about living and seeking refinement in life. Of course, there is always the benefit of waking up to panoramic views, indulging in world-class amenities, and enjoying the utmost privacy and security. But modern luxury real estate seeks to offer much more. — Bjorn Biel M. Beltran

Labor mediators post 43% settlement rate

THE NATIONAL Conciliation and Mediation Board (NCMB) has settled 43% of its disputes between workers and employers, according to the Department of Labor and Employment (DoLE).

In a statement citing an NCMB report, DoLE said the preventive mediation program had benefitted 514 workers and generated monetary settlements of more than P41 million in January.

“The various programs of the NCMB that espouse conciliation and mediation not only contribute to the overall maintenance of industrial peace but have been beneficial to both employers and workers,” it said.

During the month, the NCMB’s voluntary arbitration program attracted more than P246 million in monetary claims from 81 workers.

A separate Single Entry Approach program, which seeks to quickly resolve labor disputes before they reach litigation, had a disposition rate of 81% across 664 cases, settling 62% of them.

NCMB Executive Director Teresita Lacsamana-Cancio said the board has not had to deal with any strikes or work stoppages in 2024. — John Victor D. Ordoñez

Keeping a film’s identity as a musical secret is key for box office success — here’s why

FANTASIA BARRINO in a scene from The Color Purple. — IMDB

THIS winter saw the back-to-back releases of three movie musicals: Wonka, The Color Purple, and Mean Girls. However, many cinemagoers would have been surprised to find these were musicals at all, considering the lack of any such suggestion in their marketing.

All three films are based on existing stories. Their slogans read “discover how Willy became Wonka,” “a bold new take on a beloved classic” and “not your mother’s Mean Girls.” Each indicates originality and change without specifying that the change in question is musical. But why have film studios chosen this strategy?

Writing for Forbes, critic Jeetendr Sehdev called the “covert operation” “counterintuitive,” because it runs the risk of alienating a consumer culture that values transparency.

YouTube’s community of musical-themed content creators were also widely disapproving, questioning the implied antipathy towards musicals. If such antipathy exists, they ask, then why are film studios making musicals in the first place? Well, because the technique seems to work.

According to Paramount’s president of marketing and distribution, Marc Weinstock, the word “musical” has “the potential to turn off audiences” — a sentiment supported by statistics.

YouTube documentary channel Wait in the Wings has highlighted the stark contrast in box office figures between musical films that market themselves as “musicals” and those that don’t.

While In the Heights (2021) and Dear Evan Hansen (2021) — films that proudly shared their musical chops in their trailers — lost money, La La Land (2016) and Rocket Man (2019) — films that didn’t — make huge returns. The popularity of “secret musicals” suggests audiences do enjoy musicals, but perhaps reluctantly.

Demographics are one factor. While musical theater has long been stereotyped as predominately enjoyed by women and gay men, Hollywood remains largely male dominated. In 2022, women accounted for just 18% of directors working on the top 250 films of the year.

Saltburn director Emerald Fennell has highlighted a stigma around “the stuff that girls traditionally like,” challenging why they aren’t “taken seriously.” Musicals, which reside in this category, persistently challenge what it means to be “serious” by conveying dark themes and important social topics through the conventionally light methods of song and dance — Show Boat (1927), Cabaret (1966), and Spring Awakening (2006) come to mind.

If done well, the music does not dull the gravity of the themes, but transcribes them into (perhaps unexpected) words, tone and movement, creating a powerful and subversive spectacle.

No matter how much public and critical acclaim they might receive, “girl’s things” cannot seem to escape their terminal reputation of unseriousness.

Such prejudices play a part in the musical’s taboo status, as well as the bad taste left by notable failures (sorry Cats). However, I believe another reason lies in the “musical” label and its tendency to overpower and absorb a work’s identity.

For example, few would describe Sweeney Todd (1979) as a “horror” and leave it at that — arguably, the word “musical” is the first to come to mind. Perhaps this has the potential to cause lethargy for audiences, and undesirable limitations for directors who might want their work to encompass other genres.

Mean Girls (2004) and Mean Girls the Broadway musical (2017) are two distinctly different works. As the new musical Mean Girls film (2024) feels more like an exciting reimagining of the original film, with Tina Fey and Tim Meadows reprising their roles, than an adaptation of the stage play, it is left with little capacity to also embrace being a musical. Indeed, Weinstock calls the film a “broad comedy with music” that “could be considered a musical,” effectively hedging the film’s bets and attempting to shoo away the term “musical” as its defining identity.

What about Wonka? Perhaps we must think back to The Greatest Showman (2017) and its disappointing opening weekend. It was the film’s soundtrack that saved it from being a box office flop. The songs were a hit, providing great slow-burn advertising for the film, which grew in popularity with time. Maybe it was the success of this slow-burn tactic that inspired Wonka — a similarly spectacular story of an eccentric entrepreneur — to keep its music a secret.

Some critics have struggled to reconcile The Color Purple’s story with the musical format, feeling the music undermines its heavy themes or diminishes its impact.

Similar criticisms surrounded Les Misérables when the stage show opened in London in 1985. Perhaps The Color Purple (2023) chose to downplay its musical identity in anticipation of such criticism.

However, among mixed reviews, its champions have applauded what the music brings. For them, the musical format allows audiences to witness Celie’s hope and imagination in vivid detail — to give her joy as much attention as her suffering. The musical number constitutes new realms of storytelling and deepened facets of character. It insists not everything has to be bleak to be taken seriously.

It’s been a strange time for musicals, with theaters still recovering from the pandemic and several prominent movies underperforming. The “secret musical” seems to further highlight the genre’s supposed unpopularity — however, it ultimately suggests its reputation can be teased away once viewers have been persuaded into cinemas.

Maybe as an audience, we don’t really know how we feel about musicals. Or maybe we’re overthinking it. Maybe Wonka simply wanted us to float into the unexpected and lose ourselves. Perhaps the “secret musical” is not a dig at the genre, but a helping hand — a provocative and necessary “bold new take.”

(Mean Girls is currently showing in Metro Manila theaters. The Color Purple will open in the Philippines on Feb. 28.)

 

Jodie Passey is a PhD candidate in the History of Musicals at Lancaster University.

Cebu Landmasters, NTTUDA JV gets PCC nod

THE planned joint venture (JV) between listed property developer Cebu Landmasters, Inc. (CLI) and Singapore-based developer NTT UD Asia Pte. Ltd. (NTTUDA) has secured the approval of the Philippine Competition Commission (PCC).

CLI said in a regulatory filing on Thursday that the competition watchdog issued the clearance on Feb. 6 for the proposed joint venture for the establishment and management of an upscale residential high-rise condominium project at the Cebu IT Park in Cebu City.

The JV will be called CLI NUD Ventures, Inc., in which CLI will have 60% share while NTTUDA will have 40%.

“The PCC clearance is one of the regulatory requirements for the incorporation and establishment of CLI NUD Ventures, Inc., the joint venture company between CLI and NTT,” the property developer said.

CLI announced its planned joint venture with NTT in September last year as part of bolstering its portfolio.

“By combining the partners’ expertise and resources — CLI with its mastery of the local real estate industry and NTTUDA with its experience developing mixed-use properties abroad — both partners expect this joint venture to do well and open opportunities for other collaborations,” CLI previously said.

CLI’s portfolio includes residences, offices, hotels and resorts, mixed-use developments, and townships. Some of its residential brands include Premier Masters, Garden Series, Casa Mira, and Villa Casita.

NTTUDA is an international developer of commercial properties which include office buildings, residences, and other mixed-use developments in Southeast Asia.

For the first nine months of 2023, CLI logged a 9% jump in its attributable net income to P2.4 billion from P2.2 billion, led by higher revenues across business segments.

CLI shares closed unchanged at P2.62 apiece on Thursday. — Revin Mikhael D. Ochave

Every corporation needs a Marie Kondo

DYLAN NOLTE-UNSPLASH

SPRING is the season for thorough cleaning. Throw away the year’s accumulated junk. Eliminate the mess. Tidy the cupboards. The house will not only look better for it; the inhabitants will get a new bounce in their step.

The ritual has different rhythms in different parts of the world — in Japan, for example, “big cleaning” is done in late December. Consultants have also added a new rigor to the process. The Japanese cleaning guru Marie Kondo has created a multinational company selling “the life changing magic that comes from tidying up.” The Swedish cleaning guru Margareta Magnusson extols the virtues of a “death cleaning” that leaves your children with less to go through when you die. But the principle is the same everywhere. Junk accumulates. We need to make regular efforts to keep it under control.

Organizations are no less in need of spring cleaning. Clutter is as natural to organizational life as it is to domestic life. Managerial hierarchies lengthen. Chief officers multiply and their support staff with them — chief diversity officers, chief compliance officers, chief sustainability officers, chief digital officers and many more, all with their egos and entourages. Meetings multiply. Memos bloviate. Forms thicken.

Gary Hamel and Michele Zanini conducted an online survey in 2019 of 7,000 Harvard Business Review readers as part of their project on bureaucracy creep. The average respondent worked for an organization with six or more levels. In large organizations (with more than 5,000 employees) there were eight levels above frontline workers. Employees said that they spent an average of 27% of their time on bureaucratic chores such as writing reports or documenting compliance.

San Francisco’s “toiletgate” is a recent demonstration that things can be even worse in the public sector: One reason for the soaring costs ($1.7 million) and delays in installing a toilet in the Noe Valley neighborhood is that, as the New York Times reports, city law “requires that the Recreation and Parks Department coordinate with or seek approval from San Francisco Public Works, the Planning Department, the Department of Building Inspection, the Arts Commission, the Public Utilities Commission, the Mayor’s Office on Disability, and Pacific Gas and Electric.” The sense of towering bureaucracy and stifling rules is even worse in the growing gray area that exists where the public and private sectors meet.

A new book, The Friction Project: How Smart Leaders Make the Right Things Easier and the Wrong Things Harder by Stanford University’s Robert Sutton and Huggy Rao, produces some striking examples of managerial time-wasting. A 2019 study found that first-year doctors devoted 43% of their time to updating patients’ electronic medical records and only 13% to providing direct patient care. One promotion committee that the authors participated in at Stanford demanded 27 letters of recommendation, a dozen meetings, and more than 200 e-mails, all for “one of the easiest Stanford promotion cases in years.”

They note that over-complicated organizations make over-complicated demands on customers. A 2017 report by the Office of Management and Budget found that “Americans spend 11.4 billion hours on Federal paperwork per year.” A routine form that Michigan residents used to complete to obtain welfare payments consisted of 18,000 words and more than 1,000 questions (including date of conception).

The reasons for the growth of managerial clutter are debatable. After studying all sorts of things from the construction of LEGO toys to academic politics, Gabrielle Adams of the University of Virginia argues that the default position of human beings is to add complexity, particularly when more people are involved. Sutton and Rao talk about the managerial equivalent of the “tragedy of the commons”: Managers unthinkingly impose small tasks on workers without considering their collective costs. Empire-building surely plays a part: Managers measure their power in terms of the number of people they control and the number of projects they “own.” Few people have built great careers by asking themselves “what can I subtract” rather than “what can I add?”

Technology also plays a paradoxical role: By making it easier to communicate or assign a task, it adds to organizational pollution. People send interminable e-mails copied to all and sundry. Communication channels such as Slack demand to be filled. Meetings are arranged for the sake of holding meetings: Listen to people conduct their business in public places such as coffee shops and you will note that an extraordinary proportion of meeting-time is spent arranging other meetings.

All this managerial clutter degrades morale even as it wastes time. A 2022 Gallup study found that only a third of employees were fully engaged in their work, and that 18% were actively disengaged. Jokes abound about bureaucratic paralysis — “death by meeting,” TLDR (“too long didn’t read”), jargon monoxide, or managers in general (“the people who can get away with wasting your time”).

There have been welcome signs of a revolt against people getting away with wasting our time. Cass Sunstein recounted his fight against government time-wasting when he led the White House Office of Information and Regulatory Affairs in his aptly titled Sludge: What Stops Us from Getting Things Done and What To Do about It. Leidy Klotz spelled out the case for subtracting rather than adding to managerial processes in Subtract: The Untapped Science of Less.

Some companies have been taking decluttering seriously. In 2013, Dropbox, Inc. CEO Drew Houston cancelled most standing meetings from employees’ calendars and banned them from adding new meetings for two weeks. “Armeetingeddon has landed” boasted the memo announcing the change. In 2015, AstraZeneca Plc. established a Simplification Center of Excellence with a “million hour challenge” to cut busywork. In 2017, Melinda Ashton, the chief quality officer at Hawaii Pacific Health, launched her Getting Rid of Stupid Stuff project, which encouraged medical staff to suggest things in the records system that ought to be removed.

Jane Fraser is engaged in a similar process of decluttering at Citigroup, Inc., scrapping the overcomplicated matrix management system and cutting the headcount (5,000 lost their jobs last year). Critics like to point to the contrast between the caring Fraser who worried about too many Zoom meetings and the job-cutter who is trying to improve profitability, but both are a form of decluttering. According to a transcript of a townhall meeting seen by Bloomberg, she said of the changes at the bank that “it’s about lighter, it’s about less” and that it’s about ensuring that “we don’t have all these management processes and structures that we don’t need.”

But all these top-down spring cleaning efforts suffer from the same problem: They frequently do not last. Drew Houston admitted that by 2015 things were worse than when he issued his “Armeetingeddon” memo. Sunstein’s book was a mea culpa about why his sludge-removal efforts had failed. AstraZeneca disbanded its Simplification Center in triumph in December 2017, which is like selling your lawnmower after a particularly energetic mowing session.

Hence the need for ritualized organizational spring cleaning. Every year most companies hold annual performance reviews in which managers assess their charges and the charges respond. The spring cleaning idea would be similar, but this time around the employees would take the initiative in suggesting ways in which the company is making poor use of their time. The onus will then be on the managers to justify themselves.

The spring cleaning idea has two benefits over top-down management. First, it takes place every year and thereby becomes part of the company’s way of doing things. You are preparing for the next annual ritual and looking out for things to cut. Second, it hands power to the managed rather than the managers. It is the managed who bear the brunt of the “tragedy of the commons,” and the managed who usually have the best ideas for what needs to be preserved and what needs to be changed. Top-down initiatives such as slashing meetings usually go too far at first (some meetings are necessary) and then fade as the old habits reassert themselves and the old managers rebuild their empires. A regular spring cleaning will keep a constant pressure on management to preserve what matters and junk what gets in the way of people doing their jobs.

BLOOMBERG OPINION 

Philippines slips to 53rd in democracy ranking

THE PHILIPPINES remained a “flawed democracy” last year as it inched down a spot to 53rd out of 167 countries in the Democracy Index 2023 by the London-based Economist Intelligence Unit (EIU). Read the full story.

Philippines slips to 53<sup>rd</sup> in democracy ranking

Entertainment News (02/16/24)


Podcast series chronicles a century through JPE’s life

A TIMELY podcast series, 100 Years of Juan Ponce Enrile and the Philippines, has just dropped on Spotify, Apple Podcasts, YouTube, and other major podcasting platforms. It is an immersive audio experience that takes listeners through pivotal moments of Philippine history through the lens of Juan Ponce Enrile’s (JPE) extraordinary life. From his impoverished beginnings in Gonzaga, Cagayan, to his rise as one of the most influential and controversial figures in modern Philippine history, Mr. Enrile is a compelling Filipino subject. The first episode was released on Feb. 14, on his 100th birthday, and the second and final episode will drop on Feb. 21, on the eve of the anniversary of the EDSA People Power revolution that Mr. Enrile helped instigate. The podcast is produced by PumaPodcast, in cooperation with Probe Archives that provided historical milestones through sound effects, music, and archival radio reports.


Multi-awarded film Poor Things now in PH cinemas

GOLDEN Globe winner Emma Stone stars in the fantastical film Poor Things, directed by Yorgos Lanthimos. The film is now showing in Philippine cinemas nationwide. The quirky, dark comedy offering was previously screened in the Philippines during the QCinema International Film Festival in November 2023. Nominated for 11 Academy Awards, it was adapted from a Victorian Glasgow-set novel by Alasdair Gray. Poor Things chronicles the transformation of Bella Baxter (Ms. Stone), a young woman who has been brought back to life and finds herself under the protection of the unorthodox scientist Dr. Godwin Baxter (Willem Dafoe) and the wily charisma of Duncan Wedderburn (Mark Ruffalo). She decides to follow the latter on a whirlwind adventure across continents.


Dune: Part Two teased in hot air balloon fest

AT THE 24th Philippine International Hot Air Balloon Fiesta in New Clark City, Tarlac — taking place from Feb. 16 to 18 — the film Dune: Part Two will have a hot air balloon booth. Guests can have their photos taken at its booth and take home premium souvenir items. The film explores the mythic journey of Paul Atreides (played by Timothée Chalamet) as he unites with Chani (Zendaya) and the Fremen while seeking revenge against the conspirators who destroyed his family. Directed by Denis Villeneuve and based on Frank Herbert’s novel, it is set to open in Philippine theaters on Feb. 28. For more information about the 24th Philippine Hot Air Balloon Fiesta, visit https://www.balloonfiesta.ph/.


BAFTAS 2024 to stream via Lionsgate Play

WHILE the US has the Academy Awards and The Golden Globes, the UK has the British Academy Film Awards, known as the BAFTAs. This awards ceremony recognizes the best in British and international film talent, and this year, Filipino film enthusiasts will be able to watch it live, as Lionsgate Play will be bringing the 2024 BAFTAs straight to their screens in real time. The show, hosted by actor David Tennant, will be held on Feb. 18, 7 p.m. in the UK, which translates to Feb. 19, 3 a.m., in the Philippines, where it will be shown via Lionsgate Play. The entire program will also be available for streaming on-demand for those who want to watch it later.


Vaultboy to perform in Manila in June

AMERICAN singer-songwriter and hitmaker Vaultboy is coming to Manila for the first time on June 13 at the Podium Hall. Tickets go on sale on Feb. 23 at noon. via SMTickets.com and SM Tickets outlets. It is presented by Eventim Live Asia and Wilbros Live. Vaultboy is currently rolling out his debut album which will land in full in 2024 followed by the international tour.


BLACKPINK’s LISA joins The White Lotus S3

THAI singer, rapper, and dancer Lalisa Manobal, better known as LISA from Korean girl group BLACKPINK, has joined the previously announced cast of The White Lotus season 3. The third installment of the Emmy-winning HBO Original series by Mike White will begin production in and around Koh Samui, Phuket, and Bangkok in February and will follow a new group of guests at another White Lotus property. HBO has partnered with the Tourism Authority of Thailand to support the filming and promotion of the third installment. The first season premiered in July 2021 and was set in Hawaii, while the second season, which premiered in December 2022, was set in Sicily. The entire The White Lotus series is available on HBO GO.


Closeup’s iconic song brought back

TOOTHPASTE brand Closeup has released a fresh rendition of the iconic song “Closer You and I,” originally performed by OPM great Gino Padilla in 1992, reimagining it as a music video with the voice of the singer Adie and the love team of Donny Pangilinan and Belle Mariano (known as DonBelle). It is now available to listen to and watch online.

URC breaks ground for mega production plant in Batangas

GOKONGWEI-LED Universal Robina Corp. (URC) has broken ground for its new mega production plant in Malvar, Batangas, as part of expanding the company’s production capacity.

The construction will commence this year, with expansion expected to occur over a period of 10 to 15 years, the company said in a statement on Thursday.

URC President and Chief Executive Officer Irwin C. Lee said the Malvar plant will produce many of the company’s products to be introduced in the coming years.

Upon its completion, the Malvar plant will cover a 30.7-hectare area and will provide employment to approximately 3,000 workers, both directly and indirectly, the company said.

“The manufacturing lines to be installed in Malvar will incorporate design improvements that will further reduce material resource inputs, production wastage, labor efforts, and energy as well as water consumption,” Mr. Lee said.

“We look forward to doing our part in economic development and nation building by providing jobs to the residents of Malvar, and the rest of the country, with the full build-out of this manufacturing facility,” he also said.

On Thursday, URC shares climbed by 2.07% or P2.40 to P118.30 apiece. — Revin Mikhael D. Ochave

Upscale sustainable living in Alabang with Botanika Nature Residences

Actual photo of Botanika Tower 1 Atrium

Living in the south of Metro Manila is a unique experience that is filled with comfort and convenience. The area is known for its exclusive villages, upscale retail establishments, and vast green spaces, making it a sought-after location for those who wish to live the urban lifestyle in a more relaxed, suburban setting.

Alabang in Muntinlupa has always been one of Metro Manila’s most affluent neighborhoods. Transforming this southern residential landscape is the presence of the metro south’s garden city, Filinvest City. It elevated the living experience of the people residing in the surrounding gated communities, more so those who made the green CBD their backyard by taking root in one of the high-end residential condos inside the garden city.

Located in the most exclusive portion of Filinvest City is Botanika Nature Residences by Filigree. This three-tower condominium development offers generous living spaces akin to single detached homes but in a vertical village setting. Botanika’s prime location allows residents easy access to everything they need from shopping centers to restaurants, parks, and other recreational facilities while still enjoying the exclusivity and prestige that comes with their city address.

Distinct design

One of the defining features of Botanika Nature Residences is its unique and iconic leaf-shaped structure and terraced layout. It is a collaborative masterpiece between four design firms: Architecture International of California, Leandro V. Locsin Partners, AECOM Singapore, and Miaja Design Group of Singapore.

The landscaped atrium at the core of the towers blurs the boundaries between indoors and outdoors as it allows natural light and ventilation to stream in, nurturing the lush central space. The wide-apart terraced layout also provides a breathtaking view of the surrounding landscape, allowing residents to enjoy the beauty of nature from the building.

Marrying the form and function of a well-designed building with the benefits of sustainability, Botanika residents enjoy the luxury of living in a green, generously sized, and resort-inspired home.

Vertical village living

Actual model unit photo of Two Botanika 3BR Premier

Designed to provide a perfect blend of luxury and nature, Botanika Nature Residences Tower 1 offers exquisite and spacious move-in ready units curated to cater to the most discerning tastes of affluent families, retirement seekers and empty nesters who want to experience a more exclusive and comfortable lifestyle in a condominium setting.

Carefully crafted with an unwavering commitment to excellence, Botanika Tower 1 stands as a testament to the art of refined living. Each meticulously designed unit is equipped with top materials and finishes featuring Baldocer tiles imported from Spain, Apo engineered wood flooring, and Quartz countertop, ensuring an unparalleled everyday experience of sophistication and comfort. Whether basking in the seamless elegance of indoor spaces or unwinding on the expansive balconies, residents are treated to panoramic views of lush landscaped gardens, amenities, and vibrant greenery of Filinvest City, a home to many different bird species.

Beyond its lavish interiors, Botanika Tower 1 offers an array of world-class amenities designed to elevate every facet of daily life. Take a relaxing nature stroll through the landscaped gardens by AECOM Singapore, or delight in quality family time at the children’s play area. For those seeking relaxation and rejuvenation, the tiered swimming pool provides the perfect retreat, enveloping residents in a tranquil oasis of serenity.

Botanika has exclusive access to The Palms Country Club, the Philippines’ first country club to join the International Associate Club. This esteemed affiliation grants Botanika residents, with The Palms membership, access to a curated selection of over 250 private membership clubs worldwide, ensuring unparalleled privileges and country club living experiences.

A growing community

Artist’s perspective of Two Botanika’s wide unit balconies

Botanika Nature Residences is further expanding its options with the development of its pre-selling tower, Two Botanika. With units designed by New York-trained expert Tina Periquet, Two Botanika provides efficient space planning that allows future residents the to enjoy the luxury verdant ambiance.

Two Botanika promises a “lanai” living experience with its sizable balconies that serve as an extension of the living area, linking to the lush outdoors. This integral space in every unit can be utilized for various purposes, such as a fitness deck, lounge area, or pocket garden where every resident can relax and unwind with nature.

Another exciting feature of Two Botanika is its one-bedroom units, expanding its community to young professionals, small families, and even single individuals who are looking for an exclusive and elevated lifestyle in the city.

For those who require more space, Two Botanika also offers 3-bedroom and 4-bedroom units with grand lanais. These units provide more spacious living areas perfect for big families.

With its line garden, fully equipped gym, and sky lounge, Two Botanika’s development will complement the amenities of Tower 1 and the overall resort-inspired design of the entire Botanika Development.

Proven excellence

Artist’s perspective of Botanika Nature Residences

Botanika is one such outstanding example of sustainable living. The property has been awarded a distinguished 4-star Certified Green Residential Building Project (Country Leader) from Building for Ecologically Responsive Design Excellence (BERDE) and a certified 3-Stars (Exemplar Performance) under the Philippine Green Building Council (PHILGBC) Health and Well-being for Buildings program.

The property has also been recognized for its excellence in the industry, receiving the Best Sustainable Development award at the esteemed Asia Pacific Property Awards 2020-2021. Additionally, Botanika was awarded the title of Best in Architecture of Mid-Rise Residential for 2023-2024.

The property’s success in earning certifications and awards is a testament of the developers’ commitment to providing a sustainable, comfortable, and luxurious living experience for residents. This dedication to sustainability and environmental conservation sets a standard for upcoming residential developments in the country.

 


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Sustainable lifestyles in high-end homes

Photo by studiogstock on Freepik

The world of real estate is always evolving, and the luxury segment is no exception, especially with a heightened focus on modern homes with hotel-quality style, advanced technology, health and wellness features, and green spaces, among others.

Colliers Philippines, a real estate investment and management company, says that the rising demand for luxury homes is attracting many investors and homeowners, which is driving the growth of the residential sector.

“Colliers believes that this expansion is likely to spur growth in economic centers outside of Metro Manila, which should likely guide property firms’ development plans. The growing acceptance for condominium living, attractiveness of condo properties as a hedge against inflation, and rising purchasing power of investors have been compelling property firms to launch luxury condominium projects outside Metro Manila,” Colliers said.

2024 marks another remarkable year for luxurious living as it transforms lifestyles by bringing forth new trends, particularly on innovation and sustainability, which is set to elevate the quality of life among Filipinos. But how is luxury real estate being transformed into sustainable spaces?

From starting as a fad, green living is now becoming a necessity for many. Through the adoption of innovation and green technologies, real estate is revolutionizing the environment by placing sustainability at the forefront, while combining practicality and aesthetic appeal within these homes.

“Sustainable luxury homes are residences that prioritize environmental sustainability without compromising on luxury. These properties incorporate energy-efficient technologies, sustainable materials, and intelligent systems to offer the pinnacle of modern living while significantly reducing their carbon footprint,” Canada-based real estate consultancy The McKelvie Group said on its website.

Moreover, according to the recent “Luxury Outlook” report by Sotheby’s International Realty, there will be a significant demand for sustainable homes in the luxury housing market this year. The report highlighted a shift in consumer preferences that lead to sustainability.

As more people pursue balanced lifestyles, luxurious homes are now much more than a place to live; they are becoming personal sanctuaries that provide comfort and support one’s health, whether physically, mentally, or emotionally.

“A luxury-hotel stay is the ultimate sensory escape. So, it’s no wonder homeowners and designers alike are looking to hotels for their home-design cues,” stated the Luxury Report.

“Private residences are infusing both a sanctuary-like feel to attend to self-care needs as well as an element of leisure to everyday living,” it added.

The luxury segment is taking this to the next level by using sustainability as the key to reconnecting residents to the environment.

“These homes represent the confluence of cutting-edge technology, eco-friendly design principles, and modern luxury aesthetics. They embody the belief that responsible living doesn’t necessitate a compromise on comfort or elegance. Instead, sustainable luxury homes showcase that with innovation, these two seemingly contrasting ideals can harmoniously coexist, setting a gold standard for future residential architecture,” The McKelvie Group said.

Luxury homes are being transformed into hotel-like spaces, creating an environment that fosters health and wellness. These homes use environment-friendly materials, renewable energy sources, and eco-friendly designs that promote energy efficiency and reduce carbon footprint. By seamlessly combining luxury and eco-centric living, these homes establish a new standard for holistic and sustainable lifestyles.

In particular, the eco-friendly materials being used in building sustainable luxury homes are not only strong and durable but also help minimize impact on the environment. By using these kinds of materials, The McKelvie Group explained, sustainable luxury homes are preserving the environment while also building beautiful architectural home designs.

Smart home systems are also enhancing luxury lifestyles, for instance, by providing better security and energy consumption in the home.

“Whether adjusting the thermostat remotely or monitoring security on a smartphone, intelligent systems enhance comfort, security, and efficiency, all at the touch of a button,” The McKelvie Group shared.

Another striking feature of sustainable luxury homes is its energy efficiency. These homes use renewable energy sources, including solar panels, geothermal heating, and smart appliances to make sure energy is used wisely and efficiently. These renewable energy resources help in reducing costs and saving the environment.

Water conservation is another advantage in such homes. Innovative water features elevate the sustainable lifestyle while making sure every drop of water is used wisely. Aside from energy consumption, luxury homes include innovative water features such as rainwater harvesting systems and drought-resistant landscape, among others.

“Today, the epitome of upscale living is not just about owning a sprawling mansion in an exclusive neighborhood. It’s about the intelligent integration of sustainability into the heart of home design. The modern affluent homeowner seeks a space that’s not only a testament to sophisticated living but also reflects a commitment to the planet. This conscious evolution has given rise to the concept of sustainable luxury homes,” The McKelvie Group said. — Angela Kiara S. Brillantes

2023 Philippine financial system resources expand

Bangko Sentral ng Pilipinas main office in Manila. — BW FILE PHOTO

THE TOTAL RESOURCES of the Philippine financial system went up in 2023, mainly driven by higher banking resources, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.

Based on central bank data, resources of banks and nonbank financial institutions grew by 7.6% to P31.056 trillion in 2023 from P28.864 trillion in 2022.

Banking resources rose by 8.6% to P25.859 trillion in 2023 from P23.807 trillion a year prior. Banks include universal and commercial, thrift, digital, and rural and cooperative lenders.

Universal and commercial banks held P24.263 trillion of total banking resources, 8.4% higher than P22.376 trillion in 2022.

Resources of thrift banks likewise went up by 7% to P1.1 trillion from P1.028 trillion a year ago.

Total resources of digital banks stood at P91 billion in 2023. The BSP’s consolidated data for digital banks were first released in March 2023. The six online banks that secured licenses to operate in the country were Tonik Digital Bank, Inc.; GoTyme Bank Corp.; Maya Bank, Inc.; Overseas Filipino Bank; UNObank; and UnionDigital Bank.

Meanwhile, rural and cooperative banks’ resources stood at P404 billion as of end-March 2023, increasing by 12.5% year on year.

Nonbanks’ resources also grew by 5.9% year on year to P5.197 trillion as of end-June 2023.

The central bank has not released updated data for rural lenders and nonbanks.

Nonbank financial institutions include investment houses, finance companies, security dealers, pawnshops and lending companies.

Institutions such as nonstock savings and loan associations, credit card companies, private insurance firms, the Social Security System and the Government Service Insurance System are also considered nonbanks.

The expansion in the financial system’s total resources in 2023 is faster than the gross domestic product growth of 5.6% seen last year, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort noted in a Viber message.

The increase in banking resources can be attributed to the continued recovery of industries following the coronavirus pandemic, especially amid the pickup in foreign and local tourism, Mr. Ricafort said.

“Relatively higher US and local interest rates also increased interest income and spreads or margins, leading to faster growth in (bank) earnings,” he added.

The BSP raised its policy rate by 450 basis points (bps) from May 2022 to October 2023 to 6.5%, the highest level in 16 years. It is widely expected to keep borrowing costs steady in the first semester amid lingering inflation risks.

Better asset quality, profitability, and capitalization of banks also contributed to the faster growth in their total resources, Mr. Ricafort added.

The net income of the banking industry rose by 14.4% to P354.93 billion in 2023 from P310.12 billion in 2022.

Outstanding loans disbursed by big banks climbed by 7% to P11.701 trillion at end-December.

Meanwhile, the banking industry’s bad loan ratio fell by 3.23% in December from 3.41% a month earlier, the lowest in a year, central bank data showed.

Lenders’ gross bad loans stood at P446.99 billion, 12% higher than a year earlier and 1.6% lower than the end-November level. A loan is considered nonperforming when payments have not been made for 90 days.

“Investment and financial market gains, especially higher trading gains amid easing headline inflation towards central banks targets in the US and locally would support possible cut in Fed rates later this year and could be matched locally,” Mr. Ricafort said.

“(Rate cuts) could help reduce borrowing or financing costs and would support greater demand for loans. It would also support more trading gains for the coming months,” he added. — Keisha B. Ta-asan