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Lufthansa Technik plans P15-B expansion to Clark

LUFTHANSA TECHNIK Philippines, Inc. (LTP) is looking at expanding its operations to Clark, its president said, as he outlined the company’s plan to build two large hangar bases for P15 billion.

“We are maxed out here in NAIA (Ninoy Aquino International Airport) so we cannot build anything anymore. New hangars have to be built somewhere else. We are looking at Clark because its airport is ready, it fits our operations,” LTP President and Chief Executive Officer Elmar Lutter told reporters last week.

He said the company is targeting to build hangars that can accommodate large aircraft like Airbus A380.

“A380s are large aircraft, which is also a problem in NAIA, but in Clark, the space is much better for us and it is much better for the airport,” Mr. Lutter said.

The first phase of the planned expansion would roughly cost about P5 billion, he said, adding that the second phase is estimated to cost as much as P10 billion.

“Probably P10 billion to make it a full complement for the whole wide-body portfolio which we have: 777, A330. That will be built either in Clark or in one of the new airports,” Mr. Lutter added.

Aircraft maintenance, repair, and overhaul provider LTP said however that this plan is still pending necessary approvals.

“Yes, subject to the necessary approvals. We are a joint venture, so we have to get approvals from both of our shareholders,” he said.

LTP is a joint venture between MacroAsia Corp. and Germany’s Lufthansa Technik AG. It provides aircraft MRO services at various airports in the country, including NAIA, Mactan-Cebu International Airport, Kalibo International Airport, and Puerto Princesa Airport, among others.

“Our logical step to move forward and in the long term, we have to build an alternative to NAIA. As you all know, there are new airports that might also shift our priorities toward NAIA,” Mr. Lutter said.

To recall, LTP earlier said that it was planning to expand outside the National Capital Region amid the new airports to be built in Cavite and Bulacan as potential locations for its aircraft maintenance, repair and overhaul services hubs. — Ashley Erika O. Jose

Angat hydropower plant to shut down for major repair — MWSS

Angat Hydropower Corp. (AHC) will undertake a major repair and rehabilitation of its existing penstock to modernize its hydro-electric power plant in Bulacan, said the Metropolitan Waterworks and Sewerage System (MWSS), which assured of uninterrupted water supply.

“The primary objective of the undertaking is to prolong the lifespan of the plant to ensure a stable water supply for the domestic and irrigation water supply,” MWSS said in a joint release with Maynilad Water Services, Inc. and Manila Water Co., Inc.

The agency said the move requires a total plant shutdown for 61 days from Nov. 6, 2023 to Jan. 6, 2024.

Angat Hydropower, a joint-venture asset of San Miguel Global Power Holdings Corp. and Korea Water Resources Corp., is the operator of the Angat Hydro-Electric Power Plant (AHEPP).

AHEPP has a generating capacity of 218 megawatts and is comprised of four main units and three auxiliary units.

MWSS said it had spearheaded the creation of comprehensive guidelines on the operation of the Angat Dam spillway and low-level outlet together with the two concessionaires. This is to ensure water supply for domestic and irrigation water supply during the plant shutdown.

According to the agency, the guidelines have been unanimously agreed upon by members of the interagency technical working group (TWG) on Angat Dam operations and management, including the National Water Resources Board, the National Power Corp., the National Irrigation Administration, the MWSS as well as other key stakeholders such as Maynilad, Manila Water, and AHC.

Patrick James B. Dizon, head of the MWSS Angat/Ipo operations management division, said that since AHC will be doing rehabilitation works, raw water releases from auxiliary turbines — where MWSS usually gets its allocation — are not possible.

In a Viber message, he said the Angat TWG had agreed that during the 61-day shutdown, water releases to MWSS would be through the spillway and low-level outlet.

Angat Dam is the main source of water for Metro Manila, accounting for about 90% of the capital’s potable water.

MWSS said the current water level Angat Dam at 209.48 meters or near the normal high water level of 210 meters assures a continuous supply of raw water for its service areas throughout the entire shutdown period.

Manila Water serves Manila’s east zone network, which comprises Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns of nearby Rizal province.

Maynilad serves the cities of 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. It also supplies the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta, and Rosario, all in Cavite province. — Sheldeen Joy Talavera

PHL short films join 34th Singapore International Film Festival

STILL from All This Wasted Space by Cris Bringas

THE SINGAPORE International Film Festival (SGIFF), which has been held annually since 1987, will take place from Nov. 30 to Dec. 10 this year. This 34th edition boasts 101 films from all over the world, four of which are short films by Filipino filmmakers.

Competing in SGIFF’s Southeast Asian Short Film Competition are All This Wasted Space by Cris Bringas, Primetime Mother by Sonny Calvento, Cross My Heart Hope to Die by Sam Manacsa, and The River That Never Ends by JT Trinidad.

Emily J. Hoe, SGIFF executive director, said at the online media launch that the theme for the year is “tapestry.”

“It’s textured, intertwined, reflecting the diversity of perspectives through film, through threads that come together to show stories. Film connects us all, to each other and to the world,” said Ms. Hoe.

FILIPINO NARRATIVES
Cris Bringas’ All This Wasted Space is an experimental documentary that follows Nica, who returns to her mother’s home to retrieve an item to place in her mother’s coffin. The film aims to trace her invisible personal traumas as a queer woman and the hidden historical traumas present in the physical space where she returns.

“Going back means confronting a buried past, remembering a history of abuses,” the film’s director told BusinessWorld via Zoom. “It’s a contemplation of the meaning of home,” said Mr. Bringas.

JT Trinidad’s fictional short The River That Never Ends, which premiered in QCinema last year, is also a reflection on space. It centers on transwoman Baby who struggles to keep up when the rest of her life is so easily swept away, much like how the Pasig River she lives next to being overwhelmed by the construction of an expressway.

Sonny Calvento, whose short film Primetime Mother starring Meryll Soriano is also in the competition, felt honored to share that his work told “in a very Filipino way” finds itself in the international film scene, starting with the Toronto International Film Festival earlier this year.

It is a film about a Filipino gameshow “complete with dance showdowns and melodramatic contestant life stories,” he said in a Facebook post. The fictional story follows how their fortitude, tenacity, and devotion to the maternal role are tested in an exploitative gameshow audition.

Meanwhile, Sam Manacsa’s Cross My Heart Hope to Die tackles worker exploitation and love through the character of Mila, who struggles with unpaid work and finds comfort in constant phone calls with a love interest. Her film debuted at the Venice Short Film Competition earlier this year.

Mr. Bringas, who is proud of his and his fellow Filipino filmmakers’ ability to showcase Filipino narratives on the world stage, believes that cinema exists as a form of keeping records.

“As a documentarist, my perspective is that filmmaking is about taking up space; reclaiming space. The role of keeping records is important,” he said. — Brontë H. Lacsamana

Marcos admin urged to develop a roadmap for steel industry

WORKERS are seen installing steel at a construction site in Santa Cruz, Manila, Oct. 26, 2023. — PHILIPPINE STAR/EDD GUMBAN

THE Philippine government should push for a development roadmap for the country’s steel industry if it wants to prioritize local construction materials over imports for its infrastructure program, according to a think tank.

President Ferdinand R. Marcos, Jr. recently ordered government agencies to craft guidelines to make domestic building materials preferred for use in the infrastructure program.

Terry L. Ridon, convenor of think tank InfraWatch PH, said the government needs to boost local production of cement and steel, which have struggled to compete with imports.

“The more important question is how can the government further develop these sectors, particularly steel production, which remain dominated by imports,” he said.

The President should provide a roadmap towards developing the country’s steel industry, and this includes expediting the growth of the energy sector as the steel industry is very energy-intensive,” he added.

Mr. Marcos’ office announced the buy-local policy on Sunday following a meeting with the Private Sector Advisory Council (PSAC). He ordered the Trade department to prepare a list of specific construction materials that can be used for government infrastructure projects.

The Department of Budget and Management, through the Government Procurement Policy Board, has also been ordered to complement the “policy of giving preference to local materials” through relevant guidelines.

The construction industry accounted for about 7% of the Philippine economic output last year, according to Statista.

Construction prices in the capital region Metro Manila at the wholesale and retails levels hit their slowest growth in more than a year in September, according to the state statistics  agency. It said the wholesale price and retail price of construction materials declined by 2.2% and 1.1%, respectively, year on year.

The government plans to spend 5.3% of the gross domestic product or about P1. 29 trillion on infrastructure this year.

Mr. Ridon said the Philippines’ “overreliance” on imports has a significant impact on its foreign currency reserves and exchange rate.

“Continuous importing of goods, particularly materials needed for our infrastructure program, uses foreign currency, which particularly depletes our dollar reserves,” he noted. “As a function of supply and demand, the more foreign currency used for our import requirements, the greater its price impact on the price of the dollar against the peso.”

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said via Messenger that the government’s buy-local policy on building materials would help narrow the country’s trade deficit.
He said local players need to offer “competitive prices” and ensure “quality standards” to sustain the buy-local policy.

For the first eight months, the trade deficit narrowed to $36.31 billion from the $41.86-billion gap during the same period a year ago.  Imports dropped by 9.6% to $84.12 billion, while exports fell by 6.6% to $47.81 billion in the period ending August.

The PSAC meeting was participated in by its chair Aboitiz Group Chief Executive Officer (CEO) Sabin M. Aboitiz, along with members Joanne de Asis, founder of Globe Capital Partners LLC; Manuel V. Pangilinan, CEO of PLDT Inc.; Eric Ramon O. Recto, chairman of Philippine Bank of Communications, Inc.; Enrique K. Razon, president of International Container Terminal Services, Inc.; Ramoncito S. Fernandez, CEO of Maynilad Water Services, Inc.; and  Reinier H. Dizon, president of the Cement Manufacturers Association of the Philippines. — Kyle Aristophere T. Atienza

Success redefined: Bridging generational gaps

SAMMIE CHAFFIN-UNSPLASH

In the hallowed halls of my alma mater, a singular principle was instilled in us from an early age: become servant leaders. We were encouraged to dream big, aspire for success and reach for the stars. But our alma mater’s unwavering emphasis was on one crucial idea — success is most meaningful when shared.

Reflecting on it now, the values instilled in Millennials and Gen Z seem necessary and reflective of our time. Our formative years coincided with seismic shifts in the global landscape — 9/11 and the Iraq War, climate change, the internet’s rapid ascent and myriad other transformative events. The advent of social media intensified the significance of these events, thrusting them into the forefront of our generation’s consciousness.

Fast-forward to today, and discussions surrounding the supposed chasms separating different generations are rife. Labels or titles of laziness, entitlement, and the infamous “Ok, Boomer” retorts are flung around with reckless abandon. Yet, beneath these apparent divisions, a common thread weaves its way through all generations — a shared definition of success, albeit expressed in unique forms.

GENERATIONAL DISTINCTIONS
The Baby Boomer generation embodied the adage “The World is Our Oyster.” Their optimism, competitiveness and work ethics were exceptional. They subscribed to the belief that success will follow, if one is willing to give the time and pay their dues. While significant events during their era included the Cold War and the Vietnam War, this generation seems to embody an overall positive outlook, buoyed by rapid technological progress. Consequently, success for them meant accumulating wealth, home ownership and building a family.

Dubbed the “Middle Child of America” by CNBC, Gen X exhibited communication styles and success definitions akin to their predecessors, with a hint of adaptability and inclusivity. While they believe in putting in the 9-5 time, they are also open to leveraging technology. In fact, there was a certain point that they actually used their mobile phones more than any other generation in the workplace, acknowledging that there may be a shift in how people will work.

Millennials broadened the definition of success to include wealth generation and work-life balance. They laid the groundwork for remote work’s rise, valuing experiences over traditional career trajectories. A proliferation of social impact businesses emerged, with companies like Toms and Rags to Riches leading the way yet, so did technology businesses, especially those in the shared economy such as Uber and Airbnb.

Gen Z follows the Millennials’ blueprint but accentuates the importance of mental health and climate change. Companies such as Patagonia and Rare Beauty exemplify their commitment to social and environmental causes. The COVID-19 pandemic amplified the demand for flexible work arrangements. While valuing experiences over material wealth align with the Millennial ethos, Gen Z’s emphasis on community departs from the Instagram-worthy experiences popularized by their predecessors. As digital natives, they embrace technology-driven side hustles, while grappling with the implications of artificial intelligence (AI) on the future of work and information dissemination looms large.

SHARED, YET REDEFINED
Today’s workforce comprises four generations, necessitating harmonious coexistence and communication. At first glance, value systems appear in contrast, but dig deeper, and they all share common roots. Wealth generation, financial security and recognition remain as aspirations. These generations share a yearning for home ownership and career progression. Community stands as a pillar of their happiness, though defined differently — via nuclear families, deep friendships or support networks, as seen by how older generations still value traditional marriage and marriage routes, while younger generations are redefining what families look like. The imperative issues of mental health, climate change and community engagement have evolved from older generations’ community service activities, driven by the democratization of information through social media and online news.

CALL FOR DIALOGUE
Although the terminology varies, the core values underpinning success are universally shared. Yet, in an age marked by the rise of AI and algorithms shaping our social feeds, divisive politics, and global uncertainty, an urgent need emerges — open dialogue is now more critical than ever. After two years of the pandemic’s isolation, many of us have fallen into echo chambers, hindering genuine collaboration toward shared prosperity.

The 4th Management Association of the Philippines (MAP) NextGen CEO Conference, set for Nov. 9, 2023, from 2 p.m. to 9 p.m. at the Sheraton Manila Hotel in Pasay City, aims to initiate this crucial dialogue. Fireside chats with experts will delve into the delicate balance between AI and well-being. At the same time, discussions with the heirs and executives of established corporations will illuminate the evolution of modern workplaces. A speed-networking activity promises to foster cross-generational learning and challenge long-standing stereotypes.

In an era when common values unite us more than ever before, it’s time for all generations to come together, learn from one another and collectively shape a prosperous future.

 

Maria Georgianna E. Carlos is a member of the MAP NextGen Committee and the founder and pack leader of Fetch! Naturals.

map@map.org.ph

georgiecarlos@gmail.com

Figaro banks on holiday demand to boost sales

LISTED food and beverage retailer Figaro Coffee Group, Inc. (FCG) is banking on an expected surge in consumer demand in the coming holiday season to boost its business performance.

FCG Chief Executive Officer Divine G. Cabuloy said that the group’s Angel’s Pizza brand had, in the past, registered a surge in sales by as much as 80%, especially in December.

“Holiday season, normally in Angel’s Pizza, like now that it is a long holiday, there is about 50% to 60% increase in sales,” Ms. Cabuloy said at the sidelines of a recent media briefing in Mandaluyong City.   

“During December, that’s about 80% increase in sales, meaning that our average daily sales, normally during holidays, increase by 80%. Sometimes, it is doubled,” Ms. Cabuloy said.

FCG currently has 192 stores nationwide across its various food brands. The stores consist of 116 Angel’s Pizza outlets, 60 Figaro Coffee stores, 10 Tien Ma’s Taiwanese Cuisine stores, and six Café Portofino establishments.   

Meanwhile, Ms. Cabuloy disclosed that some FCG’s brands had implemented price increases for some products, with Tien Ma’s brand set to impose higher prices by Nov. 1.

She said the implemented price increases are from 5% to 10%. 

“We’ve done several price increases, but not all products in Angel’s Pizza. We’re planning a [price increase] for Figaro Coffee, and by Nov. 1 for Tien Ma’s. That’s around 5% to 10% increase. Not across the board. We did not touch the prices of other products,” Ms. Cabuloy said. 

“We will not have sharp price increases since we are also consumers and we don’t want to sell products that are too expensive. We are giving good quality and value for money products to our customers,” Ms. Cabuloy said.

FCG previously disclosed that it posted a 133% jump in net income to P462.6 million for its fiscal year ending June 30 versus the P198.2 million net income in the previous fiscal year.    

The company’s revenues also increased 75% to P4.28 billion from P2.44 billion, while same-store sales climbed 6%.   

Shares of FCG at the local bourse were last traded on Oct. 27 at 63 centavos each. — Revin Mikhael D. Ochave

JBL drops reimagined home speakers and new turntable

JBL Authentics 500

AUDIO EQUIPMENT manufacturer JBL has released its latest line of iconic ‘70s audio designs, merging retro aesthetics with the latest modern technology for the Gen Z market.

The three reimagined home speakers and the brand-new turntable model promise to take nostalgic audio experiences to new heights with immersive sound, wireless connectivity, and sleek finishes. The latest Authentics speaker range is now available in the Philippines, breathing new life into its iconic JBL L100 speaker from the 1970s. Meanwhile, the spinner turntable caters to a market of Pinoy audiophiles who continue to clamor for a timeless listening experience.

“We have a long history as a solid brand. People now want great sound quality along with retro looks, so that is what JBL is doing,” Harman Asia-Pacific Vice President and General Manager Grace Koh said at the launch on Oct. 24 in Okada Manila.

Larry Secreto, Harman Philippines’ country head, said that the current generation of Filipino customers really love nostalgia, no matter their age.

“When we brought JBL to the Philippines six or seven years ago, we were trying to attract millennials. Now, they’re getting older and they already love JBL, so we are trying to attract Gen Z,” he told the media at the launch.

JBL Spinner BT Turntable

MODERN TWIST ON CLASSIC DESIGN
The three models of the Authentics range have Wi-Fi, Bluetooth, and voice assistants while carrying JBL’s unique 70s design elements. These include Quadrex grille patterns, aluminum frames, and custom leather-like enclosures. Even little details like making volume adjustments by turning knobs rather than by pressing buttons give a more vintage experience.

The JBL Authentics 500 (P39,999), the most feature-packed in the series, offers Dolby Atmos music performance for an immersive room-filling sound. Its three one-inch tweeters and three 2.75-inch midrange woofers provide clarity of detail while its 6.5-inch down-firing subwoofer and patented SlipStream bass port guarantee incredible deep bass.

Meanwhile, the JBL Authentics 300 (P26,999) is a more portable smart home speaker, thanks to its convenient metal handle and built-in 8-hour battery. With top-grade room-adjusting components like a pair of one-inch tweeters and a full-range 5.25-inch woofer and down-firing 6.5-inch passive radiator, it is able to prioritize audio balance in any environment.

The JBL Authentics 200 (P20,999) can also fill any space with big sound, amazing clarity, and deep bass. As a compact smart home speaker, it has a pair of 25mm tweeters and a full-range 5-inch woofer and down-firing six-inch passive radiator. The Authentics series is compatible with streaming services via built-in Wi-Fi in stunning high definition. Music can be streamed through AirPlay, Alexa Multi-Room Music, Chromecast built-in, or Spotify Connect for smart listening.

For lovers of the classic sound of an actual record, the JBL Spinner BT Turntable boasts an elegant finish, consisting of an aluminum platter and tonearm, black plinth with JBL orange or gold accents, a contemporary front panel, and a hinged dust cover.

Its sound is even more uncompromising, with a belt drive and motor with an optical sensor underneath ensuring that it is smooth and distortion-free. The die cast aluminum platter plays records perfectly in time, at 33⅓ rpm for albums or 45 rpm for EPs and singles.

All the new models are now available in all JBL stores, authorized dealers, and online stores. Visit JBL Philippines’ official website (www.jbl.com.ph) and social media accounts for more information. — BHL

Why Tokyo’s Shibuya does not want Halloween revelers

PEOPLE walk on Shibuya crossing in Tokyo, Japan on April 23, 2021, in this photo taken by Kyodo. — KYODO/VIA REUTERS

TOKYO’S Shibuya was once the center of raucous Halloween celebrations. But revelers are about as welcome this year as a box of healthy raisins in an elementary schooler’s trick-or-treat candy haul.

For the past decade, Tokyo’s youth had flocked to the district’s streets to drink, party and gawk at costumed zombies, Marios, and Pikachus. But Shibuya no longer wants any part of it: This year, it’s spending hundreds of thousands of dollars on an information campaign aimed at dissuading people from coming at all. “No events for Halloween on Shibuya streets,” proclaim posters plastered across the railway station; Mayor Ken Hasebe has taken to speaking to the foreign press to get his message across.

It’s quite the contrast from years past. In 2019, those same posters read “Let’s make Halloween a part of Shibuya to be proud of,” encouraging good manners while having fun. Lurking in the background, of course, is the specter of Itaewon, a similarly hip Seoul neighborhood where nearly 160 people were tragically killed in a crush during Halloween weekend in 2022. Tokyo has had its own brushes with Halloween disaster; two years ago, a man dressed as the Joker stabbed another on a train and attempted to kill others by starting a blaze. It’s a miracle no one died. 

Halloween is a recent invention in this part of the world. When I first came to Japan more than 20 years ago, few had even heard of it; pumpkins were for eating, not for decorating. A parade at Tokyo Disneyland, started in 1997, is often credited with popularizing the celebration, giving partiers a reason to dress up.

Around 2011, young people in costumes began to assemble in Shibuya in the hundreds, and then the thousands, as Halloween approached. While overseas it might be considered more of an event for kids, in Japan it became something for university students and other young people, who drank in the streets while stumbling from bar to bar. Why it took off when it did is a matter of debate. Some cite the rise of Facebook and Twitter, which grew in popularity in the aftermath of the earthquake, tsunami and nuclear disaster of 2011, and the release of the movie The Social Network that same year. Others cite the Harajuku icon Kyary Pamyu Pamyu’s song Fashion Monster, released in 2012, whose music video features a Halloween party. 

Regardless, Shibuya was at the center. And initially, authorities were on board: For several years in the mid-2010s, the city blocked off the main thoroughfare of Dogenzaka on multiple nights, freeing up the city center to cosplaying pedestrians. As a long-term resident of the area, there was something quite heartwarming about watching the event grow organically. Tokyoites don’t tend to interact much with strangers compared with, say, locals in Osaka; to see the one night a year when a group of costumed Super Marios could encounter a completely unfamiliar group of Luigis — and instantly become friends — was faintly magical.

But as the number of attendees peaked pre-pandemic, Shibuya began to lose patience. Bad press circulated when a small truck was overturned in 2018; the media highlighted reports of sexual harassment and other assaults, though serious incidents were limited.

Hasebe, the mayor, says the quality of the event has declined, even as the number of people increased to some 40,000 in 2019, with fewer attendees dressing up in costume, and more coming to gawk at (or ogle) those who did. That year, in an attempt to limit rambunctiousness, the city began asking stores to stop selling alcohol; drinking in the streets is perfectly legal in Japan, though Shibuya has passed a rather powerless local ordinance that limits it around Halloween and New Year’s Eve.

Although COVID-19 kept the event low-key over the last few years, things have now changed — and foreign tourists are back, with some 25% more in the capital than in 2019. Hasebe is worried that around 60,000 people could gather in the area this year.

To some extent, one sympathizes: It’s not like the local economy is being boosted much by the costumes and canned drinks, and any tax surplus is probably canceled out by the cleanup on Nov. 1. Local residents complain about the noise and inability to access nearby businesses. Certainly, no one wants to risk another Itaewon.

But it’s hard to think this isn’t another heavy-handed decision more likely to backfire. Shibuya’s reputation is built on being a haven for the young people who transformed it into a worldwide music and fashion sanctuary. That reputation is why so many congregate there, Halloween or not. Its bars and restaurants are what make the area famous — the reason tourists flock to Shibuya rather than, say, a business district such as Shiodome. 

Hasebe says he wants to make Shibuya into a global icon like Paris or New York. Some would argue the area is already, in many ways, far ahead. But those cities didn’t make their names by turning people away: Hasebe should perhaps observe how New York handles events such as the Times Square ball drop on New Year’s Eve, when up to one million revelers attend.

Young people will come anyway. It would be better for authorities to lean into the event, and in doing so, manage it. Itaewon ultimately occurred not because of Halloween itself but because of insufficient planning, policing and crowd control. Those are easier to do when you know when people will congregate. Next year, let’s give the capital’s young people a spooky season — without the uncompromising shocks. — Bloomberg Opinion

India is pushing the world toward another rice crisis

FARIS MOHAMMED-UNSPLASH

THIS has been a bad year for food prices in the world’s poorest countries. Whether their citizens eat wheat or rice, three calamities have caused grain supplies to dry up: Russia’s invasion of Ukraine and its decision to abandon the Black Sea grain initiative; the El Niño weather phenomenon, which has traditionally caused poor harvests across the world; and Indian domestic politics.

Spooked by volatile foodgrain prices ahead of a general election next year, India’s government has banned or taxed exports of most kinds of rice and wheat. While India is a large producer of wheat, it really dominates the rice market: Its exports represent about 40% of the global rice trade.

Step by step, New Delhi has tightened a noose around the global rice market. Some varieties now face a 20% export duty, others are subject to a minimum export price, and still others cannot be exported at all.

Every rice eater in the wider world has felt the pinch. The United Nation’s Food and Agriculture Organization estimates that rice prices were 28% higher in September this year than they were in 2022. Prices hit a 15-year high early that month.

The last time prices reached those levels, in the first quarter of 2008, it was also because of competitive export restrictions across the world, kicked off again by India. Then, too, an Indian government was worried about inflation ahead of a competitive general election.

India likes to present itself as a leader of the Global South, capable of an empathy for developing nations that stands in stark contrast to the West or China, which show little concern for the impact of their policies on poorer countries.

But, as the International Food Policy Research Institute has pointed out, it is not the West that will suffer as a result of, for example, the ban on the export of non-basmati rice. Of the 15 countries that imported more than 100,000 metric tons of such rice from India in 2022, nine are in sub-Saharan Africa: Kenya, Ivory Coast, Cameroon, Guinea, Madagascar, Benin, Angola, Mozambique, and Togo. Food prices are driving up inflation across the region: In Nigeria, inflation now tops 25%, and in Ghana it’s been over 40% for months.

If you keep food within your borders, you export insecurity and instability instead. During the last foodgrain crisis in 2007-2008, 14 countries in Africa saw food riots. Poverty rates may have increased by 3% to 5% in major food importers, setting back these countries’ development by seven years, according to World Bank economists. Many claim persistently high prices sparked the Arab Spring a few years later.

India isn’t the only country imposing ill-advised bans, restrictions, or export taxes. Vietnam, also a major exporter, has as well. Bloomberg News has noted similar measures in countries from Argentina to Pakistan to Turkey to China.

But India, given its dominance of the rice market, has a larger responsibility than others. Nevertheless, its government, terrified of voters punishing them for food inflation, has consistently chosen controls over transparent support for domestic consumers. That’s what it did to the wheat market last year as well; it’s also restricted exports of sugar, where it is the second-largest market player after Brazil. Sugar prices are the highest they have been in 12 years.

It should go without saying that export bans hurt Indian farmers the most. They are deprived of the opportunity to sell to the global market when prices are high. Indian leaders hold up reform of agricultural subsidies at the World Trade Organization by claiming that they need to protect their millions of subsistence farmers. Yet those concerns seem to vanish when food prices rise and angry consumers in urban India must be placated.

India has long promised that it will be a different kind of great power from the US or China. It won’t trade in pious hypocrisies as Western nations do, and it will trade responsibly, unlike China. It will appreciate that supply chains for essentials such as food and fuel need to be kept open and resilient, or the world’s poorest will suffer the most.

These are all principles worth following. India should work harder to live up to its words.

BLOOMBERG OPINION

Entertainment (10/31/23)

Shanti Dope drops new song with HELLMERRY

HIP-HOP enthusiasts are up for an electrifying experience with Shanti Dope and his lyrical partner-in-crime HELLMERRY’s triumphant return with their latest release, “Pull Up.” This duo shows through the song how they storm the rap scene with explosive impact, evident in a pulsating modern trap gangsta vibe and lyrics that hit hard. “Pull Up” encourages emerging talents to push creative boundaries and fearlessly take risks in pursuit of their musical dreams. While Shanti Dope’s style of rap keeps progressing, what remains constant in his writing is a genuine ability to connect with fans through relatable experiences. “Pull Up” is now available on all streaming platforms.

Megaworld opens the Philippines’ first premium bed cinema

MEGAWORLD is opening the Philippines’ first premium bed cinema this November at Uptown Bonifacio in Fort Bonifacio, Taguig City. The Uptown Tempur Cinema, Megaworld’s collaboration with Tempur, a global manufacturer of specialized beds, pillows, and mattresses, is a new movie theater designed to keep audiences comfortable for their movie experience. It is equipped with Dolby Atmos audio technology for full immersive sound quality. “Elevate your movie viewing experience like never before at the PHL’s first and most luxurious bed cinema brought to you by Megaworld Cinemas and TEMPUR,” said Uptown Bonifacio in an Instagram post. They said that the bed cinema will open sometime in November.

Benjamin Kheng releases first single with Keenan Te

MULTI-TALENTED Singaporean singer Benjamin Kheng has released “Shared Trauma,” the  first single from his upcoming album Gloomy Boogie Vol. II, featuring Australian artist Keenan Te. The first part of the two-part album was dropped earlier this year in August. Written by both Kheng and Te, and produced by Los Angeles-based producer Rence, the song is inspired by the strong emotional bond between individuals who have experienced similar trauma. “There’s something poetic about the feeling of mutual sinking and the polarity of finding new love through old wounds,” said Mr. Kheng in a statement. The mixing and mastering was done by two-time Grammy-nominated, multi-platinum engineer from New York City, Joe Grasso. Accompanying the release is a music video directed by frequent collaborator Barnabas Chua of Murk & Marrows. The single can now be streamed on all music platforms.

Hit horror sequel, Chinese drama, and more now on HBO GO

FOR the “-ber” months, HBO GO is kicking off its line-up of heart-rending movies and series with a hit horror sequel about a nun and a Chinese period drama. The Nun ll is a sequel to the worldwide smash hit horror film, The Nun. It follows Sister Irene (played by Vera Farmiga) as she once again comes face-to-face with Valak, the demon nun, in 1956 in France. Meanwhile, Scent of Time is an HBO Asia Original. Set in ancient China, it follows shrewd young woman Hua Qian (played by Zhou Ye) who is obsessed with the heir to a Chinese incense empire. Initially, she schemes to steal his heart, which belongs to the daughter of a rival family, which has serious consequences. For reasons unknown, Hua Qian finds herself back in time and commits to correcting the errors of her ways.

Denise Julia turns up the heat with new song featuring P-Lo

FILIPINO R&B sensation Denise Julia returns with “B.A.D.,” featuring P-Lo, which empowers women to be confident about themselves and their sexuality. The upbeat track has delicate, pulsing rhythms and sensual undertones.

“The inspiration for the lyrics came about spontaneously. I was freestyling on some beats when I came across a beat from an overseas producer based in Nigeria. We had collaborated on previous tracks, and this particular beat had a distinct R&B vibe I was searching for, and it was incredibly catchy,” she said in a statement. It is produced by constant collaborator JOEL from Nigeria, who has worked with the promising newcomer on her previous song “bum 2 me.” Denise Julia’s “B.A.D.” is out now on all digital music platforms worldwide via Sony Music Entertainment.

Nintendo Switch Game releases Detective Pikachu short

THE Pokémon Company recently released Detective Pikachu & the Mystery of the Missing Flan, an animated slapstick mystery short of Detective Pikachu. It has been released worldwide in the languages of 19 countries and regions on YouTube. In the adventure short, Detective Pikachu records his morning routine when a furious Tim barges in, saying that the flan he was saving has vanished from the refrigerator. It is out now on the Official Pokémon YouTube channel.

Beauty queen Pia Wurtzbach’s novel tops NBS bestsellers

FOR Pia Wurtzbach, world-famous beauty queen and advocate, the success of her book Queen of the Universe is yet another feather in her cap. Now a bestselling author, her debut novel made waves in October by topping National Book Store’s (NBS) list of bestselling books in the Fiction – International Publication category. It ranked fourth at NBS immediately after its launch in September and is currently in the process of reprinting. The book is set against the rich backdrop of Manila’s glittering urban life and centers on a character named Cleo who has to face challenges after challenges amid the dizzying world of beauty pageants. Queen of the Universe is currently available in the Philippines, Indonesia, Thailand, Singapore and Malaysia and will be available in Canada on Nov. 7, in Dubai on Nov. 9 and the US starting Nov. 14.

Sony Music and SPARK! release documentary to empower girls

THE documentary Sine Niña, a film that showcases the unique stories of women across the Philippines, aims to inspire, uplift, and empower audiences— as well as start important conversations around equality, purpose, and mental health. One of these stories is that of 21-year old Irish Miras, who recalls the trauma she experienced as a child. Directed by Carmen del Prado, it is a culmination of a partnership between SPARK! (Samahan ng mga Pilipina Para sa Reporma at Kaunlaran), an NGO committed to the development of women and women’s organizations; and Sony Music Group’s Global Social Justice Fund, which provides grants to projects that support social justice initiatives around the world. Sine Niña was also scored by Pat Lasaten and Agnes Reoma of Ben&Ben, and features songs by Ben&Ben, Barbie Almalbis, Hazel Faith, and Any Name’s Okay. The film made its debut last Oct. 18 at Gateway Cinema 6 in Quezon City, with hundreds of students in attendance, coinciding with the International Day of the Girl. It will be available to stream on the SPARK! YouTube channel by the end of the month. It will also be screened in schools nationwide.

Gigi de Lana and Mitoy Yonting concert at Newport

RISING diva Gigi de Lana and veteran vocalist Mitoy Yonting are the newest rockstar match made in Newport World Resorts. Their electrifying tandem creates Vibe and Drive, a back-to-back concert jam that unleashes good vibes and takes audiences to an unforgettable musical journey at the Newport Performing Arts Theater (NPAT) on Nov. 18, 8 p.m. All in one night’s show, Ms. De Lana and Mr. Yonting will serve a double dose of vocal prowess, along with sensational group The Gigi Vibes and iconic cover band The Draybers. Both rockstars in their own right, they have been dominating the country’s premier entertainment destination, headlining successful concerts and shows over the years. Witness them rock together for the first time in the Vibe and Drive concert, as tickets are now available at all TicketWorld and SM Tickets outlets. The prices range from P1,200 to P6,800. For inquiries, contact JhayR dela Cruz at 0917 818 9847, Raf Sangco at 0917 807 9387, James Rodriguez at 0917 829 2173, and Paulo San Jose at 0917 810 5031.

Rod Stewart to perform in Manila in March

LIVE Nation Philippines announced on Wednesday that Rod Stewart is coming to Manila for his Live in Concert, One Last Time at the Mall of Asia Arena on March 13, 2024. Th British singer-songwriter and two-time Rock & Roll Hall of Fame inductee’s hit songs include “I Don’t Want To Talk About It,” “Maggie May,” “Reason to Believe,” and “Do Ya Think I’m Sexy?” Tickets for the concert range from P3,500 for general admission to P23,000 for the VIP package. A fan club presale begins on Nov. 15 while the general ticket sales will open on Nov. 17.

Rates of Treasury bills, bonds may climb

STOCK PHOTO | Image by RJ Joquico from Unsplash

RATES of Treasury bills and bonds on offer this week could rise after the Bangko Sentral ng Pilipinas (BSP) delivered an off-cycle rate hike last week and amid fears of further tightening next month.

The Bureau of the Treasury (BTr) will auction off P15 billion in Treasury bills (T-bills) on Tuesday, or P5 billion each in 89-, 179- and 362-day papers.

The T-bill tenors were adjusted from the usual 91-, 182- and 364-day maturities due to this week’s holidays.

It will also offer P30 billion in reissued 10-year Treasury bonds (T-bonds) with a remaining life of five years and two months.

T-bill and bond yields could inch up after the central bank raised borrowing costs last week, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Market players will also remain defensive due to the possibility of another rate hike at the BSP’s Nov. 16 meeting, a trader said in an e-mail.

The BSP on Thursday raised benchmark interest rates by 25 basis points (bps) before a scheduled review as it seeks to anchor inflation expectations, bringing its policy rate to 6.5%.

The move came ahead of the Monetary Board’s scheduled meeting on Nov. 16. BSP Governor Eli M. Remolona, Jr. said next month’s review will push through and another rate increase could be on the table as they will have new data to consider by then.

This was the first hike since March and brought total increases since May 2022 to 450 bps. The BSP held rates steady in its last four meetings before the hike.

The trader added that the market will also monitor the BSP’s inflation forecast for October scheduled to be released on Tuesday.

Yields could also be affected by signals from the BSP and US Federal Reserve, a trader said in an e-mail.

The Fed will hold a meeting from Oct. 31 to Nov. 1, where markets expect them to hold rates at 5.25-5.5% but give signals about the future path of monetary policy.

At the secondary market on Monday, the 91-, 182-, and 364-day T-bills went up by 26.2 bps, 6.69 bps, and 31.5 bps week on week to end at 5.9325%, 6.1067%, and 6.2509%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data published on the Philippine Dealing System’s website.

The 10-year bond’s rate also rose by 30.86 bps week on week to yield 6.9405%.

Last week, the BTr raised P14.26 billion via the T-bills, just below the P15-billion program, even as total bids reached P23.359 billion.

Broken down, the Treasury borrowed P5 billion as planned via the 91-day T-bills with tenders for the tenor reaching P7.804 billion. The three-month paper was quoted at an average rate of 6.149%, up by 15.9 bps. Accepted rates ranged from 6.04% to 6.249%

The government likewise made a full P5-billion award of the 364-day securities, with bids for the tenor reaching P10.095 billion. The average rate of the one-year T-bill rose by 9.1 bps to 6.479%. Accepted yields were from 6.4% to 6.525%.

On the other hand, the BTr only awarded P4.26 billion in 182-day papers, below the P5-billion plan, despite demand for the tenor reaching P5.46 billion. The average rate for the six-month T-bill rose by 12.3 bps to 6.33%, with accepted yields from 6.245% to 6.399%.

Meanwhile, the reissued 10-year bonds to be offered on Tuesday were last auctioned off on Oct. 10 where the government raised P30 billion as planned. The papers fetched an average rate of 6.512%.

The government plans to borrow P225 billion from the domestic market in November or P75 billion via T-bills and P150 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at 6.1% of gross domestic product this year. — Luisa Maria Jacinta C. Jocson

JW Marriott Residences to rise in Panglao Island

BOBBI WU-UNSPLASH

APPLEONE GROUP signed an agreement with Marriott International to bring JW Marriott Residences to Panglao Island, Bohol.

The JW Marriott Residences Panglao Island targets homebuyers who want an “ultra-premium lifestyle paired with exceptional service and well-being experiences.”

The property will be located on seven-hectare site offering views of Maribojoc Bay.

Designed by the award-winning Architect Blink Design Group, the JW Marriott Residences will feature approximately 70 units, ranging from one-bedroom, two-bedroom, and villas. It will have private amenities, including a pool and lounge. 

In June, AppleOne and Marriott signed the management agreement for JW Marriott Panglao Island Resort & Spa, which will be co-located to The Residences. It is set to be the first luxury hotel in Panglao Island.

“AppleOne Group is honored to announce our strategic agreements with Marriott International to introduce the JW Marriott Residences brand to the Philippines. The development is poised to offer a unique lifestyle that combines modern luxury and the sophisticated spirit of the JW Marriott brand,” AppleOne CEO Ray Manigsaca said in a statement.

Mr. Manigsaca said the project shows the company’s commitment to creating “distinctive living spaces that exemplify the highest standards of luxury and sophistication.”

In a statement, Bohol Governor Erico Aristotle Aumentado welcomed the new development which is expected to attract more tourists to the island.

“This will also create new opportunities for the Boholano people as new jobs will be generated. Its economic impact will undoubtedly be felt as our tourism industry rebounds from the pandemic once again,” Mr. Aumentado said.

Shawn Hill, chief development officer for Marriott International – Asia-Pacific (excluding China), said the company is excited to introduce the JW Marriott brand to the country.

“The Philippines is a captivating destination, characterized by its natural landscapes, vibrant culture, and the genuine warmth of Filipino hospitality,” he said.

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