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Walmart to lay off hundreds of corporate staff and relocate others, WSJ reports

CORPORATE.WALMART.COM

Walmart is cutting hundreds of corporate jobs and asking most remote workers to move to offices, the Wall Street Journal reported on Monday, citing people familiar with the matter.

Meanwhile, workers at the US retail giant’s smaller offices in Dallas, Atlanta and Toronto are being asked to move to other central hubs such as Walmart’s corporate headquarters in Bentonville as well as Hoboken or Southern California, the report added.

Walmart will still let staff work remotely part time, as long as they are in offices a majority of the time, the report said.

Walmart employed approximately 2.1 million associates as of Jan. 31, 2024, according to regulatory filings.

The company has been making moves to shrink its workforce over the past year and had said in April last year that it expects about 65% of its stores to be serviced by automation by the end of its fiscal year 2026.

In February 2023, it shut three of its US technology hubs and asked hundreds of workers to relocate to keep their jobs, pushing for more employees to report to work from office.

Walmart didn’t immediately respond to a Reuters request for comment. – Reuters

Biden signs into law ban on Russian nuclear reactor fuel imports

REUTERS

WASHINGTON – President Joe Biden signed into law a ban on Russian enriched uranium on Monday, the White House said, in the latest effort by Washington to disrupt President Vladimir Putin’s invasion of Ukraine.

The ban on imports of the fuel for nuclear power plants begins in about 90 days, although it allows the Department of Energy to issue waivers in case of supply concerns.

Russia is the world’s top supplier of enriched uranium, and about 24% of the enriched uranium used by US nuclear power plants come from the country.

The law also unlocks about $2.7 billion in funding in previous legislation to build out the US uranium fuel industry.

“Today, President Biden signed into law a historic series of actions that will strengthen our nation’s energy and economic security by reducing, and ultimately eliminating, our reliance on Russia for civilian nuclear power,” Jake Sullivan, the national security adviser, said in a statement.

Mr. Sullivan said the law “delivers on multilateral goals we have set with our allies and partners,” including a pledge last December with Canada, France, Japan and the United Kingdom to collectively invest $4.2 billion to expand enrichment and conversion capacity of uranium.

The waivers, if implemented by the Energy Department, allow all the Russian uranium imports the US normally imports through 2027.

Anatoly Antonov, Russia’s ambassador to the United States, said that Washington’s decision is leading to shocks in global economic relations, but will not bring the desired results.

“The delicate balance between exporters and importers of uranium products is being disrupted,” the Russian embassy in Washington cited Mr. Antonov as saying in a post on its Telegram messaging channel.

“Life has confirmed that the Russian economy is ready for any challenges and quickly responds to emerging difficulties, even extracting dividends from the situation. It will be so this time too.” – Reuters

How tourists and local communities contribute to a sustainable economy

BW FILE PHOTO

by Patricia Mirasol, Producer

Community engagement matters when it comes to fostering a sustainable economy, according to Riza Joy A. Abat, municipal environment and natural resources officer designate of San Juan, La Union, a province frequented by surfers and beachgoers alike.

The local government does its part in community awareness – but the community has a bigger role, she said in an interview on April 22.

“If you’re a tourist, you become part of that local community for some time, and [thus] contribute to its sustainable development, as well as the preserving of its environment,” she said in the sidelines of the Pawi-CAN Sustainability Project launch of Athena, an executive assistant firm.

San Juan has beach marshals and beach cleaners, but “it may not be sufficient if tourists don’t care about their impact to the environment,” Ms. Abat told BusinessWorld.

“Without awareness embedded, it’s difficult to manage tourism areas,” she added.

 

“Pawi-CAN”

“PawiCan” in San Juan, La Union

Athena partnered with La Union’s local government to deploy turtle-shaped bins in the Urbiztondo, San Juan areas patronized by tourists and remote workers.

Designed by visual artist John Parmisano, the turtle bins are part of the Pawi-CAN Sustainability Project, which aims to promote responsible garbage disposal and environmental protection.

The April 22 launch also had a coral reef planting workshop facilitated by EcoSurf.

“This is a sustained effort that will be there for six months,” said Glenn Anthony Chua, Athena’s marketing director, in a separate interview. “After, it will break into smaller Pawi-CANS…this is not a one-and-done activity.”

Updates will be posted on the progress of coral propagation, as well as how many bottles have been collected by the bins, Mr. Chua said.

Other partners of the project are the San Juan Resort and Hotel Association Inc (SJRRHASS), Urbiz Garden, Dragon 8 Junkshop, ECOSURF Program Fostering Education and Environmental Development Inc (FEED, INC), Coastal Underwater Resource Management Actions (CURMA), and La Union Soul.

 

Caring for the “locals”

DENR-REGION 12

San Juan may be the surfing capital of the northern part of Luzon, said Ms. Abat, but it’s also home to pawikans – sea turtles that promote the ocean’s health and biodiversity – whom residents call “locals.”

All marine turtles are protected pursuant to the Wildlife Resources Conservation and Protection Act (Republic Act No. 9417) of 2001, also known as the Philippine Wildlife Act.

“May instances when pawikans go to…nest and dinadagsa sila ng tourists. Nase-stress ang mga pawikans, at bumabalik na lang sila sa dagat (When tourists mill about the pawikans when they go to nest, the turtles get so stressed they end up going back to the ocean instead),” Ms. Abat said.

The Pawi-CAN shoots two birds with one stone, she said.

“It’s solid waste management plus educating them about the pawikan,” she added. “People will ask… and the locals can [spread awareness] about these endangered species.”

OpenAI unveils new AI model as competition heats up

ChatGPT maker OpenAI said on Monday it would release a new AI model called GPT-4o, capable of realistic voice conversation and able to interact across text and image, its latest move to stay ahead in a race to dominate the emerging technology.

New audio capabilities enable users to speak to ChatGPT and obtain real-time responses with no delay, as well as interrupt ChatGPT while it is speaking, both hallmarks of realistic conversations that AI voice assistants have found challenging, the OpenAI researchers showed at a livestream event.

“It feels like AI from the movies … Talking to a computer has never felt really natural for me; now it does,” OpenAI CEO Sam Altman wrote in a blog post.

Microsoft-backed OpenAI faces growing competition and pressure to expand the user base of ChatGPT, its popular chatbot product that wowed the world with its ability to produce human-like written content and top-notch software code.

At the livestream event, OpenAI researchers showed off ChatGPT’s new voice assistant capabilities. In one demo, ChatGPT used its vision and voice capabilities to talk a researcher through solving a math equation on a sheet of paper.

In another demo, researchers showed the GPT-4o model’s capability of real-time language translation.

OpenAI’s demonstrations verged on science-fiction, with ChatGPT and its interlocutor at one point engaging in coquettish banter. The OpenAI researcher told the chatbot he was in a great mood because he was demonstrating “how useful and amazing you are.”

ChatGPT responded: “Oh stop it! You’re making me blush!”

Altman posted on X after the demo, “her,” in what appeared to be a reference to the so named 2013 film by Spike Jonze about a man falling in love with his AI assistant, voiced by Scarlett Johansson.

OpenAI’s chief technology officer, Mira Murati, said at the event that the new model would be offered for free because it is more cost-effective than the company’s previous models. Paid users of GPT-4o will have greater capacity limits than the company’s free users, she said. The GPT-4o model will be available in ChatGPT over the next few weeks, the company said.

In addition, free ChatGPT users now have access to a “browse” feature that enables ChatGPT to display up-to-date information from the web, Ms. Murati told Reuters after the event. The company does not intend to make money off free users through selling ads, Ms. Murati said.

Shortly after launching in late 2022, ChatGPT was called the fastest application ever to reach 100 million monthly active users. However, worldwide traffic to ChatGPT’s website has been on a roller-coaster ride in the past year and is only now returning to its May 2023 peak, according to analytics firm Similarweb.

OpenAI made the announcements a day before Alphabet is scheduled to hold its annual Google developers’ conference, where it is expected to show off its own new AI-related features. Reuters reported last week that OpenAI planned to announce an AI-powered search product, citing sources. But the company decided to delay the search product announcement, according to one source familiar with the matter.

Shares of Alphabet were down 0.4% on Monday afternoon, after falling nearly 3% earlier in the day. Microsoft shares were down 0.2%. – Reuters

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.

Experience the benefits of smarter cold room solutions firsthand, optimizing operations, reducing costs, and promoting environmental sustainability.

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/.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

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

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