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Sanden and Copeland to host ‘Smarter Cold Room Revolution’ on May 21

Join Sanden and Copeland for the Smarter Cold Room Revolution at Laus Group Event Center in San Fernando, Pampanga on May 21, 2024.

Explore advanced cold chain technology alongside industry leaders and experts. Discover innovative solutions that enhance efficiency, reliability, and sustainability through discussions, workshops, and live demonstrations.

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Attendance is FREE, but spots are limited, so RSVP by May 10, 2024!

To know more about this event, visit https://www.sandencoldchain.com.ph/media-and-events-2/.

 


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BSP seen to start easing in 3rd quarter

BW FILE PHOTO

By Luisa Maria Jacinta C. Jocson, Reporter

THE BANGKO SENTRAL ng Pilipinas (BSP) could begin easing policy as early as the third quarter if inflation continues to stabilize, analysts said.

“At the earliest, rate cuts could begin next quarter, which would ease the pressure on households,” Moody’s Analytics said in its weekly highlights report.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said inflation might continue to “surprise on the downside before falling sharply by the third quarter.”

“By then, we expect BSP to have scope to start easing monetary policy all the more given the signs of a slowing economy after first-quarter GDP showed a disappointing print of 5.7% year on year,” he said in an e-mailed note on Monday.

BSP Governor Eli M. Remolona, Jr. has said the central bank will consider rate cuts if inflation can settle firmly at around 3% for several months.

The Monetary Board is set to have its next policy review on Thursday. A BusinessWorld poll showed that 17 of 19 analysts expect the central bank to keep its key rate steady at a 17-year high of 6.5%.

In a follow-up e-mail, Moody’s Analytics economist Sarah Tan said the BSP would consider inflation and the peso’s recent performance in its monetary decisions.

“There has been good progress made on the inflation front, with the latest print for April settling within BSP’s 2-4% target range for a fifth straight month,” she said.

Inflation quickened to 3.8% in April from 3.7% in March. However, it was the fifth straight month that inflation settled within the BSP’s 2-4% target.

The BSP expects inflation to average 3.8% this year.

“While we expect inflation to slightly bump around the upper limit over the next few months as dry weather associated with the El Niño climate pattern hurts food harvests and disrupts supply, inflation will return to the target range by early in the third quarter,” Ms. Tan said.

The central bank earlier cautioned that inflation could temporarily overshoot the 2-4% target in the next two quarters due to base effects and weather conditions that have hurt agricultural output.

The El Niño in the tropical Pacific is seen weakening but “hotter and drier conditions” continue to persist, according to the state weather bureau.

Farm damage from El Niño had climbed to P6.35 billion as of May 8. Rice was the most affected crop, accounting for 51.93% or P3.3 billion of the total damage. This was followed by corn at P1.94 billion and high-value crops at P1.07 billion.

“El Niño is expected to wane starting in May and we can expect some relief from the heat thereafter, which could also benefit our agriculture sector,” Mr. Mapa said.

Agricultural production was flat in the first quarter, growing by 0.05% to P428.99 billion amid the dry spell.

Mr. Mapa said inflation could sharply decelerate by the third quarter.

“Market participants are currently predicting inflation breaching the top end of the BSP’s inflation target of 2-4%. However, if rice prices stay unchanged at roughly P55 per kilo, oil prices sustain their decline and domestic demand stays soft, we could see inflation skirt the target and drop sharply as early as August,” he said.

Meanwhile, Ms. Tan noted that while the peso has weakened in the past few weeks, it is expected to stabilize next quarter.

“Should these developments materialize, it will give the BSP confidence to trim rates as early as August — the only Monetary Board meeting in the third quarter,” she added.

After Thursday, the Monetary Board’s next two policy meetings are on June 27 and Aug. 15.

However, Ms. Tan said rate cuts could be delayed if inflation further accelerates.

“However, there is a chance that monetary easing could be delayed till October should inflation accelerate above the target range for longer than expected, or if the Philippine peso weakens further,” she said.

“In this regard, the BSP will keep an eye on the movements by the US Federal Reserve to ensure stability of the peso,” she added.

Meanwhile, HSBC economist for ASEAN (Association of Southeast Asian Nations) Aris D. Dacanay said the BSP would likely cut rates by the fourth quarter, after the US Federal Reserve begins easing.

“The BSP has the luxury to keep its monetary stance tight while the Fed maintains a more hawkish tone. Liquidity in the system remains intact so there is no urgency to loosen the monetary reins,” he said.

Markets were initially anticipating the US central bank to cut rates as early as June, but this has been pushed back to as late as the fourth quarter due to persistent inflation.

Mr. Remolona earlier said that while the central bank monitors the Fed, its decisions are independent.

The US central bank kept its Fed funds rate steady at 5.25-5.5% at the end of its April 30-May 1 meeting.

PHL needs to grow over 6% in next three quarters to hit target

Pedestrians cross the street in Cubao, Quezon City, April 25, 2024. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Beatriz Marie D. Cruz, Reporter

THE PHILIPPINE ECONOMY should expand by more than 6% in the next three quarters to meet the government’s growth target this year, analysts said.

“The Philippines needs to grow almost 6.1% for the remaining three quarters to reach 6% growth for the entire year, which appears to be a tall order, particularly given the slowdown in household spending in quarter one and the subdued global economic backdrop this year,” Makoto Tsuchiya, an economist at Oxford Economics Japan, said in an e-mail.

Philippine gross domestic product (GDP) grew by 5.7% in the first quarter, slightly faster than the 5.5% in the fourth quarter of 2023 but below the government’s 6-7% target.

University of Asia and the Pacific Senior Economist Cid L. Terosa said GDP growth should average 6-6.5% for the rest of the year to hit the lower end of the government’s target band.

“We had always been expecting growth to stay subdued largely due to the ‘triple threat’ faced by the economy. Elevated inflation, high borrowing costs and fiscal consolidation are the troika of challenges we face,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.

Household spending, which accounts for nearly three-fourths of economic output, rose by 4.6% in the January-to-March, the slowest since the coronavirus pandemic and weaker than 5.3% in the fourth quarter and 6.4% a year ago.

Mr. Tsuchiya said private consumption lagged due to “economic-wide” pressures on spending in the first three months of the year.

“We believe the softening in household consumption was due to a combination of elevated inflation, tepid confidence and the impact of monetary tightening,” Mr. Tsuchiya said.

Inflation quickened to 3.8% in April amid rising food and transport costs. April was the third straight month that inflation accelerated.

National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan has said household spending was tempered by higher food costs and the El Niño dry weather. Agricultural damage caused by El Niño has reached P5.9 billion, according to the Department of Agriculture.

Private consumption in the first quarter also reflected consumers’ weaker purchasing power and real income amid persistent inflation, Mr. Terosa said.

High interest rates have also restrained economic activity, according to analysts.

The Bangko Sentral ng Pilipinas (BSP) has kept policy rates at a 17-year high of 6.5% since October 2023 to curb inflation.

“Households are also faced now with a much higher level of debt, with consumers forced to borrowing on their credit cards and through salary-based loans just to make ends meet,” Mr. Mapa said.

He also noted that consumer savings have yet to recover to pre-pandemic levels, citing the BSP’s latest Consumer Expectations Survey.

The central bank earlier said it would consider first-quarter GDP growth at its policy review on Thursday.

Household spending, while improving on a quarterly basis, has yet to return to pre-pandemic levels, Pantheon Macroeconomics said. It also noted that remittance growth could only provide limited support for consumer spending.

“Remittance growth — in peso terms — is unlikely to provide much support this year, if any; consumer confidence is deteriorating rapidly; and finances remain very fragile due to the multiple hits to savings since 2020,” it said.

Despite this, Pantheon Macroeconomics noted that the latest GDP figure is not alarming enough for the central bank to cut policy rates. It expects the BSP to start easing in August, with 75 basis points worth of cuts this year.

Mr. Mapa said higher borrowing costs also weighed on investments, as seen in the 1.3% growth in the first quarter from 11.6% in the previous quarter.

“Construction was boosted nicely by double-digit growth of public construction, but private construction remains relatively lackluster with only single-digit growth,” he said. “Some may attribute this to changes post-pandemic. However, I believe it will be hard to ignore the role of elevated borrowing costs in the investment picture.”

Growth in state spending also slowed to 1.7% in the first quarter.

“National Government spending was always expected to stay soft with fiscal authorities in consolidation mode and as they move to lower debt levels relative to GDP,” Mr. Mapa said.

However, GDP growth could pick up in the second quarter due to base effects, Mr. Tsuchiya said.

Pantheon Macroeconomics said first-quarter growth was “firmer than expected,” thus raising its full-year GDP forecast to 5.2% from 4.8%. However, this is still lower than the 5.5% growth posted last year.

“In the coming months, particularly up to the end of the second quarter, inflationary pressures, the high interest rate environment, geopolitical tensions and global economic apprehensions will continue to cast a shade on Philippine economic performance,” Mr. Terosa added.

Mr. Mapa estimates full-year GDP growth to settle at 5.4%, below the government’s target. “Business sentiment is less favorable. However, we could see a rebound should we tackle the triple threat effectively.”

OceanaGold Philippines drops 6% on market debut

OceanaGold Philippines, Inc. made its debut at the Philippine stock market on Monday. — COMPANY HANDOUT

By Revin Mikhael D. Ochave, Reporter

OCEANAGOLD Philippines, Inc. (OGP) made a dismal stock market debut on Monday, as its stock price closed 6% lower than its initial public offering (IPO) price.

The subsidiary of Toronto-listed Oceana Gold Corp. listed 20% of its outstanding common shares or 456 million stocks worth P6.08 billion on the Philippine Stock Exchange (PSE).

Shares in OceanaGold Philippines opened at P13.34 each, slightly above its IPO price of P13.33. Its shares closed at P12.50 each, down 82 centavos or 6.16%.

This was the first IPO on the local bourse this year, and the first market debut by a mining company in 12 years or since Coal Asia Holdings, Inc. in October 2012.

“The PSE adds a leading mining firm to its roster of publicly listed companies. OGP’s IPO listing comes at a time when prospects for the mining sector are favorable,” PSE President and Chief Executive Officer Ramon S. Monzon said during the listing ceremony.

“The government is looking to revitalize the mining industry to boost its potential contribution to the economy. The local mining sector certainly has a vast potential that can fuel economic growth,” he added.

OGP operates the Didipio gold and copper underground mine in Northern Luzon. It renewed its Financial or Technical Assistance Agreement (FTAA) with the Philippine government in July 2021 for another 25-year period, which started in June 2019.

The public listing is part of the company’s requirement under the renewed FTAA.

“We expect our mining operations to provide substantial dividend returns to our shareholders and most importantly to continue to give benefits to the government and the communities, ensuring that we realize our purpose of mining gold and copper for a better future,” OGP President Joan D. Adaci-Cattiling said at the listing ceremony.

The drop in OGP’s stock price is reflective of “tough market conditions,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

“The negative first-day performance of the stock shows that equity market conditions remain tough for IPOs. Not even a substantially discounted IPO price could stop the heavy selling,” he said.

“This might make investors more cautious about IPOs if market sentiment does not improve,” he added.

AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said in a Viber message that OGP’s offering of secondary shares had made it “unattractive” to investors.

“The offering was composed of all secondary shares, which means that the proceeds from the IPO would go to the selling party, as opposed to primary share sales where the proceeds would go to the company itself to fund future projects and expansion,” he said.

“In the near term, we expect it to remain around these levels since there’s still price stabilization activities. The downward momentum might strengthen after the price stabilization period expires after 30 days,” he added.

Mr. Garcia also said the share price declined because investors are wary of the risks surrounding the mining company.

“There’s also some risk in the fact that OGP’s mine has been operating for a while and has a remaining mine life of a little less than 10 years, with no clear plan yet for extension or expansion. The company is also facing some legal challenges from the local community where it operates,” he said.

Meanwhile, Chamber of Mines of the Philippines Chairman Michael T. Toledo said in a Viber message that OGP’s listing signals the “industry’s growing trust and confidence in the country’s business environment and the government’s positive policy direction on mining.”

He added that more mining IPOs are expected as the overall mining policy and competitiveness improve.

“Listings such as OGP’s provide the mineral industry the opportunity to involve the public to invest in the mining enterprise, given the Philippines’ rich mineral endowment,” he said.

“Apart from access to capital, listed mining companies also are encouraged to further enhance their governance structure,” he added.

OGP is expected to release its first-quarter financial and operating results on May 31. It will declare the inaugural post-listing dividend payment to shareholders with the release of second-quarter results at the end of July.

The PSE is expecting its second IPO listing on May 31 with Citicore Renewable Energy Corp.

The bourse operator is aiming to have at least six IPOs this year.

DoF eyes Green Climate Fund for four projects

REUTERS

THE PHILIPPINES is looking to tap the Green Climate Fund (GCF) for $124 million worth of projects, the Department of Finance (DoF) said.

In a statement, the agency said the Philippines receives funding from the GCF for projects and grants worth $139.9 million.

“Meanwhile, four priority project proposals are in the pipeline estimated at $124 million,” it added.

Established in 2010, the GCF extends financing and technical support to developing economies for low-emission development and climate resilience projects. The fund concluded a three-day mission in the Philippines last week.

The GCF has supported projects in the Philippines ranging from climate adaptation for agriculture to multi-hazard impact-based forecasting and early warning systems.

In a separate statement, the Finance department said it is working on ramping up its investment and financing strategies to better mobilize climate finance.

“This includes tapping into international finance sources such as the GCF and Global Environment Facility (GEF),” it said.

The Philippines is also working with the Vulnerable 20 Group of Finance Ministers (V20) to develop a Philippine Climate Prosperity Plan this year. The plan will “support priority adaptation and mitigation sectors, including power system and grid modernization.”

The Philippines is seeking to reduce by 75% its greenhouse gas emissions by 2030 under its Nationally Determined Contribution, which is its commitment under the Paris Agreement.

The Finance department estimated about $72 billion in investments are needed to help the country deliver.

“Particularly, $36.5 billion is needed to prioritize investments in transmission and grid improvement and expansion of financial structures to support rapid scaling up of renewable energy and energy-efficient investments,” the DoF said.

To help the country generate the investment needed to meet its climate goals, it is looking to expand its financing options and boost its use of sustainability-linked bonds and green and blue bonds.

The Philippines recently raised $2 billion from a dual-tranche dollar bond issuance. Under the offer, it issued 25-year sustainability bonds.

Proceeds from the 25-year paper will be used to support the government’s sustainable finance framework.

The Finance department will also prioritize the recently released Sustainable Finance Taxonomy Guidelines to “steer financial investments towards the attainment of the country’s climate agenda.” — Luisa Maria Jacinta C. Jocson

GomBurZa leads Gawad Urian with 12 nominations

A STILL from GomBurZa

PEPE Diokno’s historical drama GomBurZa got the most nods — 12 — as the Manunuri ng Pelikulang Pilipino released the list of nominations for the 47th Gawad Urian on May 10.

The film was nominated in almost all the categories: Best Picture and Best Director, Best Actor (Cedrick Juan), Supporting Actors (Dante Rivero, Piolo Pascual, Enchong Dee), Screenplay, Cinematography, Production Design, Editing, Music, and Sound.

Also nominated for Best Picture are the psychological thriller About Us But Not About Us by Jun Robles Lana, social drama Ang Duyan ng Magiting by Dustin Celestino, children’s adventure Firefly by Zig Dulay, animated film Iti Mapukpukaw by Carl Joseph Papa, and realist love story Third World Romance by Dwein Baltazar.

Jun Robles Lana, Zig Dulay, Pepe Diokno, Carl Joseph Papa, and Dwein Baltazar also received nominations for Best Director. The sixth nominee is Sheron Dayoc for his dark coming-of-age film The Gospel of the Beast.

The 47th Gawad Urian awarding ceremony will be held on June 8, its venue yet to be announced.

The annual Gawad Urian Awards are presented by the Manunuri ng Pelikulang Pilipino, an organization of film critics, writers, and scholars. — Brontë H. Lacsamana

 


The full list of nominees for the 47th Gawad Urian Awards are:

BEST PICTURE: About Us But Not About Us, Ang Duyan ng Magiting, Firefly, GomBurZa, Iti Mapukpukaw, Third World Romance

BEST DIRECTOR: Jun Robles Lana, About Us But Not About Us; Zig Madamba Dulay, Firefly; Jose Lorenzo Diokno, GomBurZa; Carl Joseph E. Papa, Iti Mapukpukaw; Sheron Dayoc, The Gospel of the Beast; Dwein Ruedas Baltazar, Third World Romance

BEST ACTOR: Romnick Sarmenta, About Us But Not About Us; Paolo O’Hara, Ang Duyan ng Magiting; Euwenn Mikaell, Firefly; Cedrick Juan, GomBurZa; Jansen Magpusao, The Gospel of the Beast; Carlo Aquino, Third World Romance

BEST ACTRESS: Kathryn Bernardo, A Very Good Girl; Gabby Padilla, Gitling; Max Eigenmann, Raging Grace; Charlie Dizon, Third World Romance

BEST SUPPORTING ACTOR: Epy Quizon, Firefly; Dante Rivero, GomBurZa; Piolo Pascual, GomBurZa; Enchong Dee, GomBurZa; Ronnie Lazaro, The Gospel of the Beast

BEST SUPPORTING ACTRESS: Agot Isidro, Ang Duyan ng Magiting; Dolly de Leon, Ang Duyan ng Magiting; Frances Makil-Ignacio, Ang Duyan ng Magiting; Alessandra de Rossi, Firefly; Jorrybell Agoto, When This is All Over

BEST SCREENPLAY: Jun Robles Lana, About Us But Not About Us; Angeli G. Atienza, Firefly; Rodolfo C. Vera and Jose Lorenzo Diokno, GomBurZa; Carl Joseph E. Papa, Iti Mapukpukaw; Dwein Ruedas Baltazar and Jeko Aguado; Third World Romance

BEST CINEMATOGRAPHY: Neil Daza, Firefly; Mycko David, Gitling; Carlo Canlas Mendoza, GomBurZa; Theo Lozada, Huling Palabas; Rommel Andreo Sales, The Gospel of the Beast

BEST EDITING: Lawrence S. Ang, About Us But Not About Us; Benjo Ferrer, Firefly; Benjamin Tolentino, GomBurZa; Benjamin Tolentino, Iti Mapukpukaw; Lawrence S. Ang, The Gospel of the Beast; Maria Estela Paiso, When This is All Over

BEST PRODUCTION DESIGN: Josiah Hiponia, Ang Duyan ng Magiting; Kenneth Kevin Villanueva, Firefly; Ericson Navarro, GomBurZa; David Esguerra, Huling Palabas; Benjamin Padero and Carlo Tabije, In My Mother’s Skin; Eero Yves Francisco, Third World Romance

BEST MUSIC: Firefly, GomBurZa, Iti Mapukpukaw, Third World Romance, When This is All Over

BEST SOUND: Armand de Guzman, About Us But Not About Us; Andrea Teresa T. Idioma and Nicole Rosacay, Ang Duyan ng Magiting; Albert Michael M. Idioma, Jannina Mikaela Minglanilla, and Emilio Bien Sparks, GomBurZa; Lamberto Casas, Jr. and Alex Tomboc, Iti Mapukpukaw; Jon Clarke, Michael Haines, and Chad Orororo, Raging Grace

BEST DOCUMENTARY: Baon sa Biyahe, directed by James Magnaye; Ghosts of Kalantiaw, directed by Chuck Escasa; Maria, directed by Sheryl Rose Andes; Nitrate: To the Ghosts of the 75 Lost Philippine Silent Films (1912-1933), directed by Khavn

Welcome to Poblacion’s newest creative hub

IF you find yourself in the mood to get a tattoo, ask a tarot card reader a question, have a drink, learn how to DJ or play an instrument, and go to bed surrounded by art, there’s now one building you can go to that conveniently houses all of that within its limited space.

Standing tall on Poblacion’s Fermina Street (near the corner with Kalayaan Ave.) is 5969. On its first floor is 11:11 Tattoos and Curiosities, a tattoo studio, accessories shop, and art gallery all rolled in one, which also hosts a tarot reading table. There are shelves lined with trinkets, and walls adorned with colorful art which invite visitors to look around as tattoo artists and the tarot reader offer their services.

The fun thing about Poblacion in Makati is that there is something for everyone, be it party animals, restless creatives, or simply curious passersby. A few people have randomly wandered in and decided to get a tattoo (a minimalist one costs P1,111, in keeping with the studio’s name, while a regular-sized one starts at P2,500).

The owner of 5969, Mark “Mendy” Mendoza, said that while the neighborhood is already vibrant and teeming with nightlife, he just had to grab the opportunity to put up the creative hub of his dreams. This itch to start his passion project took off when he found the building on Fermina with reasonably priced rent.

“I thought that there’s no need to wait for the right time to make things happen when we can easily do it now,” said Mr. Mendoza at 5969’s official launch on May 11.

After browsing through the contents of 11:11 on the first floor, BusinessWorld was ushered up the stairs to the second floor, where a visitor is faced with two doors. The one on the left opens to Modular Studios, a space that hosts various artistic disciplines, from podcasts and video productions to workshops and photo shoots.

The room is exactly as its name suggests — economical, professional, modular. At the launch it had an easygoing, chill vibe, with DJ Bryan Halo filling the space with soft tunes and steady beats while visitors perused the artworks and video projection on the walls. But Modular Studios is versatile enough to be transformed into however the user want the room to be used.

“What we want to do with Modular is cultivate music appreciation and education. We offer lessons in DJ-ing and instruments like guitars, drums, keyboards, taught by really cool instructors,” Mr. Mendoza said.

The DJ 101 workshop is a four-hour intensive session priced at P3,800. But those who want to get serious can opt for four sessions costing P9,000.

Across Modular Studios is 5969’s casual speakeasy, Dim Dim. Upon entering, the visitor is greeted by a dimly lit yet lively bar where partygoers chat over dumplings and cocktails. As with other components of the building, artworks spruce up the interiors, lending a sophisticated character to the space.

Dim Dim is Fookien for “drink, drink,” an invitation to consume alcohol in a joyous social context. The menu echoes this Chinese inspiration, with pork and shrimp dumplings being a comforting order along with their drinks. The Chunli Spritz is their specialty, a mix of gin, lychee, jasmine, and coconut.

Mr. Mendoza explained that the goal is for the lounge to have the “discreet charm” that speakeasies are known for, though on the weekends the Poblacion crowd makes it livelier than usual. During the launch, it played host to various activities, from a trivia night to DJs and live music sets with Pope Fiction, Margachi, and Ezzrei & Joseph performing.

Finally, at the top floor is The Kin House, a handful of rooms that make up a boutique hotel. It’s the calmest and coziest of 5969’s tenants, yet it espouses the same love for creativity — each room has a mural painted by an emerging Filipino artist.

The opening saw The Kin House transform into a series of viewing rooms, since each room also has its own projector. Critically acclaimed shorts like Stephen Lopez’s Hito, Bea Mariano’s Dominion, and Che Tagyamon’s Lola Loleng were screened during the launch for the curious guests of 5969.

The newest kid on the block, The Kin House will be welcoming its first overnight guests this May, usually those who want a place to come home to after immersing themselves in the Poblacion nightlife.

“These places have been operational since last year, but it took eight months to put all of this together for us to finally launch 5969 for real,” Mr. Mendoza said.

“We just want people to come here to have fun and let loose!”

5969 is located on Fermina Street in Poblacion, Makati. — Brontë H. Lacsamana

ICTSI to build $800-M terminal in Bauan, Batangas 

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) is set to build a container terminal in Bauan, Batangas, valued at $800 million, the Razon-led port operator announced on Monday.

“The new terminal represents a significant leap forward for Southern Luzon. We are building a world-class facility that will unlock a wave of economic benefits for the region and the country,” ICTSI Executive Vice-President Christian R. Gonzales said in a statement.

The construction of the new international container terminal will begin by the first quarter of 2025 and will be the second largest container facility next to the Manila International Container Terminal (MICT), ICTSI said.

“With the first berth scheduled for completion by the end of 2027, the terminal will become a catalyst for economic growth across Southern Luzon, creating jobs and accelerating regional development,” ICTSI said.

Once completed, the terminal is expected to draw economic growth across Southern Luzon by creating additional jobs and helping accelerate regional development, the company said.

The terminal will have a capacity of more than two million twenty-foot equivalent units capacity, featuring up to 900 meters of quay and about eight ship-to-shore gantry cranes.

Located about a hundred and 20 kilometers south of the Philippines’ capital, the Bauan facility will become the premier international gateway for shippers based in the Calabarzon or the Cavite, Laguna, Batangas, Rizal, and Quezon region.

ICTSI said the terminal will also help advance the country’s renewable energy goal by being able to provide marine handling needs required for renewables such as offshore wind projects.

“The facility will likewise allow ICTSI to efficiently balance capacity needs across both the Metro Manila consumption center and Calabarzon through the new Bauan terminal and the MICT,” ICTSI said.

For the first quarter, ICTSI saw its attributable net income jump by 35.7% to $209.88 million for the first quarter, boosted by its international portfolio.

For the January-to-March period, the company’s attributable net income went up to $209.88 million, marking a 35.7% increase from $164.61 million in the same period last year.

The company’s combined revenues surged to $637.65 million, up by 11.4% from $572.25 million a year earlier, its financial report showed.

Broken down, its US operations accounted for the majority, or about 41.1% of its revenues at $262.27 million; Asia at $259.37 million or 40.7%, and EMEA or Europe, the Middle East, and Africa’s operations at $116.01 million, accounting for 18.2%.

This year, ICTSI has allocated $450 million for its capital expenditures earmarked for its recently acquired terminal in Iloilo, the Visayas Container Terminal, formerly known as the Iloilo Commercial Port Complex; expansion in Brazil; the development of the East Java Multipurpose Terminal in Indonesia; and its ongoing expansions in Mexico and the Democratic Republic of Congo.

At the stock exchange on Monday, shares in the company gained P15.40 or 4.46% to and at P361 apiece. — Ashley Erika O. Jose

SEC greenlights EDC’s P10-B green bond offering

THE Energy Development Corp. (EDC) said it has obtained approval from the Securities and Exchange Commission (SEC) to issue green bonds worth P10 billion.

In a statement on Monday, the company announced that the offering is the second tranche of EDC’s fixed-rate ASEAN green bonds, part of a shelf registration totaling P15 billion in aggregate principal amount.

The second tranche consists of P6 billion in total principal amount, with an oversubscription option of up to P4 billion.

EDC plans to offer the sale of green bonds from May 13 to May 17.

BDO Capital & Investment Corp. and BPI Capital Corp. have been appointed as joint issue managers.

Additionally, BDO Capital, BPI Capital, Chinabank Capital Corp., and SB Capital Investment Corp. have been named as joint lead underwriters and joint bookrunners.

RCBC Trust Corp. will serve as the trustee, while RCBC Capital Corp. will act as the selling agent for the transaction.

“This second tranche ASEAN green bonds will support the growth and resiliency of our renewable energy portfolio as we serve the growing economy’s increasing energy needs while pursuing the country’s decarbonization and net zero journey,” EDC President and Chief Operating Officer Jerome H. Cainglet said.

Mr. Cainglet said that the green bonds will be part of the company’s P60-billion capital investment program for its drilling operations program over the next three years and its renewable energy growth initiatives.

The green bonds will partially fund the company’s geothermal and battery expansion projects, as well as resiliency and maintenance capital expenditure projects.

EDC said that its green bonds are priced at the lowest end of the range of 6.7478%, 6.8873%, and 7.0626% for the three-year, five-year, and seven-year series, respectively, and have been rated “PRS Aaa,” with a stable outlook by the Philippine Rating Services Corp.

The company listed the first tranche of P5 billion with the Philippine Dealing & Exchange Corp. in 2021.

EDC is a subsidiary of Lopez-led First Gen Corp. that is primarily engaged in the exploration, development, operation, and optimization of geothermal steamfields, and in power generation. — Sheldeen Joy Talavera

Roger Corman, influential B-movie king who nurtured great directors, dies at 98

INSTAGRAM.COM/ROGERCORMAN

WASHINGTON — Low-budget cinema maestro Roger Corman, who cranked out hundreds of outrageous films over six decades and helped launch the careers of acclaimed directors Martin Scorsese, Francis Ford Coppola, James Cameron and Ron Howard, died on Thursday at age 98, family members said.

Mr. Corman, a producer and director hailed as the “king of B movies,” died at his home in Santa Monica, California, his wife and daughters said in an post on his Instagram account late on Saturday without giving the cause of death.

“It is with profound sadness, and boundless gratitude for his extraordinary life, that we remember our beloved husband and father, Roger Corman,” his wife Julie and daughters Catherine and Mary, said in the post.

“His films were revolutionary and iconoclastic, and captured the spirit of an age,” they wrote.

Mr. Corman was given an honorary lifetime Academy Award in November 2009 for his “rich engendering of films and filmmakers.”

“Roger, for everything you have done for cinema, the academy thanks you, Hollywood thanks you, independent filmmaking thanks you,” Academy Award-winning filmmaker Quentin Tarantino told Mr. Corman at his Oscar ceremony. “But, most importantly, for all the weird, cool, crazy moments you’ve put on screen, the movie lovers of planet Earth thank you.”

Mr. Corman’s work — he produced more than 300 films and directed about 50 — was filled with those weird, cool, and crazy moments. The movies were shot swiftly on the cheap and only a handful lost money.

They covered genres including sci-fi, horror, biker films, rebellious teen fare, Edgar Allan Poe tales, and more. Their titles were not exactly subtle — Attack of the Crab Monsters (1957), The Saga of the Viking Women and Their Voyage to the Waters of the Great Sea Serpent (1957), The Brain Eaters (1958), Teenage Cave Man (1958), A Bucket of Blood (1959), Creature from the Haunted Sea (1961), Bloody Mama (1970), Gas-s-s-s (1970), Galaxy of Terror (1981), and Piranhaconda (2012).

Past age 90, he was still prolific, producing films with titles such as Cobragator and Death Race 2050.

“I believe to be successful over the long run, unless you’re a Federico Fellini or an Ingmar Bergman or a true genius in filmmaking, you have to understand that you’re working in both an art and a business,” Mr. Corman told a pop culture website in 2010.

He gave early career breaks to future stars including Jack Nicholson, Robert De Niro, Sylvester Stallone, Sandra Bullock, Talia Shire, William Shatner, Peter Fonda, and Dennis Hopper.

But he was best known for nurturing directors. As a frugal producer, Mr. Corman hired promising young filmmakers who could work on a shoestring budget, launching their careers.

Before Raging Bull, Mr. Scorsese directed Mr. Corman’s Boxcar Bertha (1972). Before The Godfather, Coppola directed Dementia 13 (1963) for Corman. Jonathan Demme of The Silence of the Lambs fame directed Corman’s Fighting Mad (1976). Howard directed Grand Theft Auto (1977) for Corman before A Beautiful Mind. All four men went on to best director Oscars.

Also, Peter Bogdanovich directed Corman’s Voyage to the Planet of Prehistoric Women (1968) before making The Last Picture Show, and Cameron was art director for Corman’s Battle Beyond the Stars (1980) before Titanic.

Sometimes his proteges thanked Mr. Corman by giving him cameo roles, such as the FBI director in The Silence of the Lambs and a congressman in Apollo 13.

‘I PROMISE YOU’
At Mr. Corman’s 2009 Oscar ceremony, Howard fondly recalled getting a shot to make his directorial debut with Grand Theft Auto at a time when he was viewed as a lightweight TV sitcom actor. Howard said he complained to Corman about not getting sufficient resources.

Corman did not cough up more money, Howard said, but told him: “I promise you this: If you continue to do a good job for me on this picture, you’ll never have to work for me again.”

No one would argue that the movies Corman produced were subtle or nuanced. Many were complete schlock, filled with crazy effects, bizarre plots, bare breasts, ridiculous monsters or women behind bars. But some had artistic merit.

He directed The Little Shop of Horrors (1960), filming it in just two days and one night. It featured a young Nicholson, who had impressed Corman in an acting class, and an icky plot about a lonely flower shop worker who creates a carnivorous plant that craves human flesh.

He also made several horror films in the 1960s starring Vincent Price inspired by Edgar Allan Poe stories, including House of Usher (1960), The Pit and the Pendulum (1961), and The Masque of the Red Death (1964).

Corman stopped directing in 1971 and focused on producing. He directed just one more film, 1990’s Frankenstein Unbound.

In contrast to his trademark low-budget stuff, Corman also dabbled in international arthouse cinema, serving as the US distributor of films by fabled directors Ingmar Bergman, Federico Fellini, Akira Kurosawa, François Truffaut, and more.

Corman was born on April 5, 1926, in Detroit. He graduated from Stanford University in 1947 with an engineering degree, but quit his first job as an engineer after three days and got work at the 20th Century Fox film studio as a messenger.

After a detour studying modern English literature at the University of Oxford, he returned to the United States intent upon making his mark in the film industry. The name of Corman’s 1990 autobiography revealed his guiding philosophy: How I Made a Hundred Movies in Hollywood and Never Lost a Dime. — Reuters

Entertainment News (05/14/24)


17 million Pinoys listen to podcasts

OVER 17 million internet-connected Filipinos, or 19.8% of the internet-connected population aged 16 to 64, listen to podcasts weekly, according to a new study titled “Beyond the Headphones: The Portrait of a Podcast Listener as Filipino.” This marks an increase of 2.6% from 2023. The report, a collaboration among the country’s three largest podcast networks — The Pod Network, Anima Podcast, PumaPodcast — and socio-cultural research firm The Fourth Wall, highlights the growing popularity of podcasts in the country. While the Internet (81.9%) and social media (80.8%) remained the preferred information platforms, in 2023, podcasts (50.5%) surpassed other media platforms such as online video streaming sites (40.4%), online news portals (22.1%), and television (19.9%) as the preferred information source. It also indicates that the majority of the country’s podcast listeners are Millennials or Generation Y, those aged 25 to 34, who live in urban areas such as the Greater Manila area.


SB19 drops new single today

THE LATEST club anthem by P-pop boy group SB19 has arrived, called “Moonlight.” The group got in touch with US-based producer-DJ Ian Asher and Chinese electronic producer Terry Zhong, who helped refine their dance-pop track. Released today under Liquid State and Sony Music Philippines, the new single channels romantic desires. Along with the two aforementioned producers, Lenno Linjama and Serge Courtois were also involved in the mixing. “Moonlight” comes with a minimalist music video conceptualized and directed by SB19’s Justin De Dios, featuring eclectic choreography with the group. The track is out now on all streaming platforms.


Amy Winehouse biopic at Ayala Malls Cinemas

THIS month, Amy Winehouse fans can get a glimpse into the singer’s life and music through the music biopic Back to Black. It celebrates the legacy of the talented Ms. Winehouse, whose untimely passing at the age of 27 broke the hearts of millions of fans around the world. It also attempts to understand her personal demons, with the challenging part played by Marisa Abela. Back to Black is showing at Ayala Malls Cinemas.


Ryan Reynolds brings humor to IF

WITH his signature high-energy comedic humor, Ryan Reynolds is taking on the character of Cal in IF. The animated family-adventure comedy is set in a world where IFs, or imaginary friends, are real. Along with Bea (voied by Cailey Fleming), the only other person who can see these beings, Cal is on a mission to give purpose to forgotten IFs by matching them with a new kid to protect and play with. IF, rated G, is in Philippine cinemas.


Earth, Wind & Fire tribute band at Midas Hotel

TO relive the music of the legendary Earth, Wind & Fire, fans can go catch the tribute band Chicago Funk at the Midas Hotel and Casino this May. The band has won awards abroad and is set to transport audiences to September in the middle of summer by performing Earth, Wind & Fire’s greatest hits. Their concert is on May 17 at The Tent of the Midas Hotel and Casino, Roxas Blvd., Pasay City. Tickets are available via TicketWorld.


Le Ciné Club to show award-winning films

THE LATTER half of May will be filled with acclaimed cinema at Le Ciné Club, the resident film enthusiasts club of Alliance Française de Manille. Every Wednesday, the group hosts screenings of various French films. However, the Finnish embassy is co-hosting for May 22, 6 p.m., bringing an award-winning 2023 romcom from Finland as the film for that day. Fallen Leaves by Aki Kaurismäki is set in modern-day Helsinki and it follows two lonely souls who meet in a karaoke bar and try to build a relationship amid obstacles like lost phone numbers, mistaken addresses, alcoholism, and a charming stray dog. The following week, on May 29, 7:30 p.m., Le Ciné Club is bringing back a 1967 musical comedy classic, The Young Girls of Rochefort by Jacques Demy. It tells the story of twin sisters seeking out romance in their small seaside town in France, leading them to sing in the carnival. To attend the screenings, register via Alliance Française de Manille’s website.


Thai and Pinoy duos collaborate on song

TWO duos have collaborated on the song “Sunny When I’m With You.” These are Thai duo Purplecat and Filipino siblings Ysanygo. The new R&B track celebrates the magic of being in love, with lighthearted arrangements and lo-fi beats. It serves as Purplecat’s first international collaboration and marks the duo’s plan to expand their reach on a global scale, particularly in Southeast Asia where there’s demand for their music. The R&B duo is composed of Mon Napasin Chaisri on vocals and Palm Pholrutt Sirirutt who raps and plays the synthesizer. Meanwhile, Ysanygo is a genre-fluid alt-pop sibling duo from the Philippines, composed of Ysabel and Yñigo Ferraz. “Sunny When I’m With You” is out now on all digital music platforms.


Chris Pratt lends his voice to Garfield for new movie

ACTOR Chris Pratt is bringing the popular indoor orange cat to life in The Garfield Movie, voicing the titular cat on a wild outdoor adventure. It also stars scruffy street cat Vic (voiced by Samuel L. Jackson) and canine friend Odie (voiced by Harvey Guillén). Also featured are the voices of Hannah Waddingham, Ving Rhames, Nicholas Hoult, Cecily Strong, and Snoop Dogg. The Garfield Movie, from Columbia Pictures, opens in Philippine cinemas May 29.


Jinky Vidal to perform at CenterPlay in City of Dreams

CENTERPLAY, City of Dreams Manila’s contemporary bar on the gaming floor known for presenting OPM artists every last Thursday of the month, is set to turn the spotlight on Jinky Vidal on May 30. The former female lead vocalist of the iconic 1990s band Freestyle will have a live concert at 9 p.m. One of the founding members of the Davao-formed pop band, Ms. Vidal’s soulful voice are highlighted in the band’s hit songs “So Slow,” “This Time,” and “Before I Let You Go.” The upcoming concert will also showcase the Soulmates band and DJs who are set to perform alternately from 8 p.m. to 1:30 a.m. Guests can reserve a seat or a table starting at P2,500 (consumable). VIP couch seats for a party of eight (P20,000) and VIP Small Tables for a group of four (P10,000) are also available, inclusive of consumables. For reservations, e-mail guestservices@cod-manila.com, or visit www.cityofdreamsmanila.com.


Sheraton Manila Bay’s live acoustic nights

EVERY Friday and Saturday night, the lobby of the Sheraton Manila Bay fills with soulful melodies as live acoustic performances are held from 7 to 10 p.m. Admission is free. For inquiries, contact 5318-9788. Sheraton Manila Bay is located at M. Adriatico corner Gen. Malvar Streets, Malate, Manila.


Edwin Hurry, Jr. drops new R&B track

THE latest single of OPM artist Edwin Hurry Jr. is “Dito Ka Lang,” released under Universal Records Philippines. Now ninth on Spotify’s “Fresh Finds Philippines,” it follows the release of Mr. Hurry’s own version of “Sana Ngayong Pasko” in December. The new, upbeat song features introspective lyrics about the complexities of relationships. The song is about a person who begs for someone to stay despite the struggles and problems that they’re facing in their relationship,” the singer said. “Dito Ka Lang” is out now on all digital streaming platforms.


Barbie Almalbis guests in Kitchie Nadal concert

FOR the 20th anniversary concert of OPM musician Kitchie Nadal, the stage will welcome her peers in the music scene like Barbie Almalbis, Aia de Leon, Lougee Basabas, Hannah Romawac, Acel Bisa, and Monty Macalino of Mayonnaise. SAME GROUND: Kitchie Nadal’s 20th Anniversary Concert will be held on June 2 at the New Frontier Theater in Cubao, Quezon City. “We’ve prepared a showstopping collaboration with musicians who also happen to be good friends of mine. I look up to these artists whose work resonates with me on an intimate level,” Ms. Nadal said in a statement. She will be announcing another set of guest acts for the concert soon.

PXP to hike stake in Forum Energy

PANGILINAN-LED PXP Energy Corp. is gearing up to boost its ownership in Forum Energy Ltd.

The move comes after its board of directors greenlit a share swap with Hong Kong’s Tidemark Holdings Ltd.

PXP’s board approved the issuance of 430,243,903 common shares in exchange for 24,125,383 shares held by Tidemark in Forum Energy, the company said in a regulatory filing on Monday.

Subject to confirmation by the Securities and Exchange Commission, PXP said it intends to issue its shares to Tidemark at an aggregate value of P1,557,482,928.86, at an issue price of P3.62 per share.

Tidemark’s shares are valued at P1,557,482,928.86, or approximately P64.5579 per share.

The shares will be exchanged at a share-swap ratio of approximately 17.8337 PXP shares to one Tidemark share.

“PXP shall submit the required comprehensive corporate disclosure on the transaction within the period set under the Philippine Stock Exchange (PSE) Listing Rules. PXP shall apply for the listing of the PXP shares with the PSE and shall obtain the shareholder approval of the transaction for this purpose,” the company said.

After the share swap, the company’s effective interest in Forum Energy will increase to 97.88% from 77.88% previously. Its effective interest in Service Contract No. 72 will also rise to 68.5% from 54.5%.

Trademark will then own 18% of the resulting total issued and outstanding capital stock of PXP.

“The share-swap ratio is supported by a valuation report, and the fairness of the share-swap ratio was confirmed by the fairness opinion, issued by PwC Philippines – Isla Lipana & Co., an independent expert qualified to issue the report under applicable accrediting guidelines of the PSE,” the company said.

PXP’s board also approved the amendment of the Articles of Incorporation (AoI) to increase the number of seats in the company’s board of directors to 15 members.

“The proposed Share Swap and the AoI amendment shall be submitted for shareholder approval during the meeting on 26 June 2024. The transaction will be indicated in PXP’s Definitive Information Statement,” the company said.

Tidemark is a wholly owned subsidiary of publicly listed Atok Big Wedge Co., Inc. PXP and Tidemark are shareholders of Forum Energy, a corporation organized under the laws of the United Kingdom.

Forum Energy, through its wholly owned subsidiary Forum (GSEC 101) Limited, is the designated operator of Service Contract No. 72 with a 70% participating interest.

The service contract covers the Recto Bank located in the West Philippine Sea. — Sheldeen Joy Talavera