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TLDC inaugurates solar farm at Davao resort

TORRE LORENZO Development Corp. inaugurated the Lubi Sustainability Solar Farm at Dusit Thani Lubi Plantation in Mabini, Davao de Oro, Sept. 4.

DAVAO DE ORO — Torre Lorenzo Development Corp. (TLDC), in partnership with COREnergy, Inc. and Vivant Energy Corp., inaugurated the Lubi Sustainability Solar Farm at the Dusit Thani Lubi Plantation in Mabini on Sept. 4.

The Lubi solar farm has a peak capacity of 415 kilowatt-hours (kWh) and is projected to produce energy at 520,000 kWh. It is also expected to reduce 250 metric tons of carbon emissions each year.

“To put this number into perspective this solar farm’s annual energy production can power 220 households all year long,” said Michael Angelo H. Lasam, chief operating officer of COREnergy, Inc., which is the retail arm of Vivant Energy Corp.

Tomas P. Lorenzo, president and chief executive officer of TLDC, said the company will be able to save 20% of its energy expenses by using solar power.

“Our plan is to put batteries so that we’ll be 100% all solar,” said Bobby Horrigan, founder and chief executive officer of Hospitality Management and Consultancy.

Mr. Lorenzo said TLDC is dedicated to sustainability.

“We do it because it makes sense and that is why Vivant and COREnergy are our partners because it’s not our core business to do solar. When we look at the whole system to make it work, we need partners like them to give us that right amount of power,” he said.

Cathy Casares-Ko, chief operating officer of TLDC, said the operation of the solar farm is another milestone for TLDC.

“We are constantly exploring new opportunities and innovative ways to operate and respond to the needs of our stakeholders. We are on an island. This is a leisure destination. Sustainable travel is one of the emerging trends, which we cannot ignore. Sophisticated global travelers are now looking for accommodations that embrace sustainability practices,” she said. — Maya M. Padillo

The Nun II successfully subverts the classic exorcism movie – a priest explains how

(Warning: contains minor spoilers for The Nun II.)

THE NUN II is an arresting piece of storytelling which satisfies and subverts audience expectations in equal measure. On one level, it is an extremely watchable piece of action horror, comfortably divorced from reality. The demon from the previous film has resurfaced and is now stalking a group of thoroughly likeable characters in a French boarding school.

Sister Irene (played by Taissa Farmiga), the eponymous nun who previously defeated the demon, has been called in once again by the church authorities. She is assisted by Sister Debra (Storm Reid), a novice who doubts her own faith. This premise makes for a classic battle between good and evil. And there’s a steady stream of scares as the tension builds, before exploding into a jump-out-of-your seat moment.

Those familiar with the real Catholic church will recognize that exorcisms, the sacraments, saints, holy relics, and the respective roles of nuns and priests are not depicted with realism in The Nun II. And there is a casual side-stepping of the all-too-real gender constraints of the mid-20th century.

However, the Nun II does bring a refreshingly feminist gloss to well-worn tropes within exorcism fiction, shattering assumptions about who should be the victim and who should be the rescuer.

In popular culture, the stereotypical possessed person is female and, frequently, a child. The seismic impact of the character of Regan in The Exorcist (1973) is undeniably one factor in this. But the idea has deep and ancient roots.

Research has demonstrated that possession and demonic attacks tend to be associated with women and girls, both in historical and contemporary Christian cultures. There are a variety of reasons for this.

In the middle ages and early modern era, women were seen as more carnal, less spiritual, and weaker than men in both moral and intellectual terms. It was believed that this rendered them easier pickings for the devil. This thinking tied in with the biblical narrative that the serpent in the Garden of Eden deceived Eve rather than Adam. Of course, the point that Adam was feeble enough to take the fruit from his wife, despite God’s instruction, was either brushed under the carpet or used to further evidence the dangerous and malign female influence.

The vast majority of victims of harm linked to exorcism are female and in many cases the assailants are family members. Exorcism abuse is commonly a form a domestic abuse. In 2009, Janet Moses, a young woman from New Zealand, was killed by her relatives in the course of rites to free her from evil spirits. This tragic story formed the basis of a 2015 film: Belief: The Possession of Janet Moses. In England in 2021, a doctor was jailed for having illegally administered dangerous drugs to his partner in connection with exorcism rituals.

Women — and especially adolescent girls — are usually imagined as prey when it comes to demonic forces. This perception shapes both real-world behavior and the entertainment industry. Consequently, The Nun II, in which all of the key demon-battling protagonists are female and coming to the rescue of a stricken adult man, is a dramatic inversion of the norm.

Furthermore, none of the women are infantilized or sexually objectified. They kick and batter monsters in long skirts, trousers, knitted jumpers, and sensible shoes. Even the children are given more fighting to do than squealing (although some screaming is allowed and, frankly, understandable if you are being pursued by the literal devil incarnate).

All of this progressive change takes place without either ridiculing the men or turning them into pantomime villains. The female actors are allowed to be the rescuers due to the situation, rather than because of any inadequacy on the part of their male companions.

The film’s depiction of church dogma and ecclesiology belongs to Hollywood rather than Rome, and nobody should watch it imagining they will be enlightened about Catholic teaching on demons or other subjects (indeed, there are certain misrepresentations in this regard which some believers might find troubling).

Nonetheless, given the damage done to women and girls through exorcism-related abuse (most of which takes place outside Roman Catholic settings) and harmful gender stereotyping more generally, a film that breaks this mold has a lot to commend it. — The Conversation via Reuters Connect

Helen Hall is a Senior Lecturer at the Nottingham Law School, Nottingham Trent University. She is a priest in the Church of England.

T-bills fully awarded at mostly lower rates on strong demand

RJ JOQUICO-UNSPLASH

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday at mostly lower rates amid strong demand and the peso’s recent recovery against the dollar.

The Bureau of the Treasury (BTr) raised P15 billion as planned via the T-bills it auctioned off on Monday as total bids reached P51.814 billion, or more than thrice the amount on offer.

Broken down, the Treasury made a full P5-billion award of the 91-day T-bills as tenders for the tenor reached P14.715 billion. The three-month paper was quoted at an average rate of 5.575%, 2.3 basis points (bps) above the 5.552% seen last week, with accepted rates ranging from 5.543% to 5.59%.

The government also raised P5 billion as planned from the 182-day securities as bids for the tenor reached P15.983 billion. The average rate for the six-month T-bill was at 5.96%, down by 0.6 bp from 5.966% seen last week, with accepted rates at 5.938% to 5.974%.

Lastly, the BTr borrowed the programmed P5 billion via the 364-day debt papers as demand for the tenor stood at P21.116 billion. The average rate of the one-year T-bill inched down by 0.8 bp to 6.19% from the 6.198% quoted last week. Accepted yields were from 6.15% to 6.2%.

At the secondary market before Monday’s auction, the 91-, 182- and 364-day T-bills were quoted at 5.6553%, 5.9867%, and 6.193%, respectively, based on PHP Bloomberg Valuation Reference Rates data provided by the Treasury.

“The Auction Committee fully awarded bids for Treasury bills (T-bills) at today’s auction. The 91-, 182-, and 364-day T-bills fetched average rates of 5.575%, 5.96% and 6.19%, respectively, all lower than secondary market rates,” the BTr said in a statement on Monday.

“The auction was 3.5 times oversubscribed, attracting P51.8 billion in total tenders. With its decision, the Committee raised the full program of P15 billion for the auction,” it added.

T-bill yields mostly declined as the peso rebounded after it hit a near nine-month low last week, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The lower T-bill rates awarded today moved in line with the recent recovery of the peso,” a trader likewise said in an e-mail.

The peso hit a near nine-month low of P56.94 per dollar on Sept. 5, but has since rebounded.

On Friday, the local unit closed at P56.63 versus the dollar, strengthening by 16 centavos from Thursday’s P56.79 finish, data from the Bankers Association of the Philippines’ website showed.

On Tuesday, it will offer P30 billion in reissued seven-year Treasury bonds (T-bonds) with a remaining life of six years and 10 months.

The BTr wants to raise P180 billion from the domestic market this month or P60 billion via T-bills and P120 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. — A.M.C. Sy

RELX plans PHL launch of disposable vape line in 2024

VAPE manufacturer RELX is looking at launching a disposable vaporized nicotine line in the Philippines next year to reach more markets.

“We felt the presence of disposable vaporized nicotine products and we shifted and we are trying to launch our own [here in the Philippines],” RELX International External Affairs Head Patrick C. Drilon said on the sidelines of last week’s launch of the company’s new product line.

Mr. Drilon said the company is targeting to launch the disposable line next year after its registration and compliance with the requirements of the Bureau of Internal Revenue and the Department of Trade and Industry.

The disposable vape product, called Waka, is being sold in RELX’s other markets. The company’s products are sold in 40 countries.

“We project that the disposable one will effectively convert more smokers into vaping,” Mr. Drilon said, adding that the disposable vape will be a cheaper option. 

“We are going to come out with a Waka price at around P550 with 10,000 puffs,” he said.

On Friday, RELX launched the second generation of its Infinity line, which has three usage modes: eco, smooth, and boost.

Asked whether the company projects the newly launched product line to contribute to its revenue growth, Mr. Drilon said it would but noted that the program is for its partners.

Mr. Drilon said he assumes huge revenue growth this year after a flavor ban was imposed last year.

“At that time, from the declaration of the flavor ban until the Vape Law came into effect, we were not able to sell a lot because we can only sell vapes with plain tobacco and menthol flavors,” he said.

“If you compare it with this year when we can sell flavored vapes, I assume that the growth will be very far,” he added.

In an advisory, the Food and Drug Administration said flavored liquid refill solutions for vapes would no longer be allowed starting May 25, 2022.

However, Republic Act No. 11900, or the Vaporized Nicotine and Non-Nicotine Products Regulation Act was enacted on July 25 last year. — Justine Irish D. Tabile

Ayala Land considers car-free Sundays in estates

AYALA LAND, Inc. (ALI) is looking at expanding its car-free Sundays initiative to the listed property developer’s estates possibly by next year, its marketing official said.

Christine Marianne C. Roa, ALI group head for marketing and communications for corporate, estates and malls, said the 700-hectare Vermosa estate in Cavite is one of the possible areas where the car-free Sundays initiative could also be launched.

“I don’t want to commit but the closest to being a sports facility is Vermosa [estate] in Cavite. There is a sports hub there. It is almost natural that it should also have one (car-free Sundays) because we’ve been having a run there for two years now,” Ms. Roa said during an interview on the sidelines of the initiative’s launch in Makati City on Sept. 10.

“Maybe next year. Hopefully, early next year,” she added.

Located in Imus and Dasmariñas, the Vermosa estate offers residential, retail, and office spaces. It features the Vermosa sports hub, which has an Olympic-sized swimming pool, a nine-track running oval, a mountain bike trail, and a hybrid supercross-motocross track.

On Sept. 10, ALI introduced its car-free Sundays along Ayala Ave. in Makati City. The initiative closes the avenue from vehicular traffic every Sunday from 6 a.m. to 10 a.m. for the entire month of September to allow various activities such as walking, running, and biking.

According to ALI, the initiative is in tandem with Make It Makati along with support from the Makati City government.

“Both the city of Makati and Ayala Land are steadfast in our commitment to sustainability. We are excited to bring you car-free Sundays for an entire month — a time where the streets are yours to enjoy, free from the usual traffic. It’s an opportunity to run, bike, skate, walk your pets, or partake in any fitness activity you love,” ALI Senior Vice-President and Group Head of Estates Robert S. Lao said.

On Monday, shares of ALI at the local bourse fell 25 centavos or 0.87% to finish at P28.55 each. — Revin Mikhael D. Ochave

Global Philippines: The successful FIBA hosting in Manila and the OGP Summit

Last week, two important global events concluded successfully. One was the final games of the Fédération Internationale de Basketball Amateur (FIBA) World Cup, last Sunday, Sept. 10. The second was the Open Government Partnership (OGP) Global Summit in Estonia last Sept. 7.

FIBA
The Philippines hosted some of the FIBA games, which were held from Aug. 25 to Sept. 10.

Some 80 country-teams went through qualifying games to join the top 32 teams that would play in the FIBA World Cup 2023. Of the 32 teams that went to Asia to play in the elimination rounds, eight each were hosted by Japan and Indonesia, and 16 by the Philippines. The 16 teams that survived the elimination round held their games in the Philippines.

I watched the opening games between Angola and Italy, then the Dominican Republic vs. Gilas Pilipinas on Aug. 25 at the Philippine Arena in Bulacan. My daughter Bien Mary and two friends, Luis and Simon, Filipino-German boys who live in Bavaria and who were on vacation here, joined me.

I also watched the semi-final games on Sept. 8 at the Mall of Asia (MOA) Arena: Serbia vs. Canada, then Germany vs. The USA. My two daughters, Bien Mary and Elle Marie, joined me for one game apiece. Then I watched the final game — Germany vs. Serbia — on Sept. 10, with my wife, Ella.

Over the past two weeks, the Philippines had been on the sports pages of many newspapers and sports channels around the world. One of the opening games was particularly electrifying for the local crowd because it was Gilas Pilipinas’ first game — more than 38,000 people watched it live. I wrote about it in my previous column, “BRICS energy and Philippine hosting of FIBA games” (Aug. 29).

This column is supposed to be about economic analysis and not sports analysis, so I will discuss the economics of the country hosting FIBA, led by the Samahang Basketbol ng Pilipinas (SBP), with the support by two government agencies, the Philippine Sports Commission and Philippine Olympic Committee.

IMMEDIATE, SHORT-TERM BENEFITS OF HOSTING FIBA
Here are the main beneficiaries of hosting FIBA: private sector economic players.

The first beneficiaries were the three arenas or stadiums where the games were played — Philippine Arena in Bulacan, the MOA Arena in Pasay City, and the Araneta Coliseum in Quezon City. Ticket prices were high, and attendance was high only during the opening games, the semi-finals, and the finals.

The next beneficiaries were the hotels, malls, restaurants and bars near the game venues. These were around MOA itself, the PICC area and Roxas Blvd., Pasay, Makati, Ortigas, and Quezon City.

Then there were the airlines, and the bus and van companies that transported the players, officials, staff, and security people, and companies that provided their food and other logistical needs.

Also benefiting were the telecom companies, and internet and mobile data providers.

Finally, the energy and electricity companies that provided 24/7 power needs of the hotels, malls, arena, etc. did well too.

Just assuming that around 20,000 balikbayans and foreigners spent $200/day for two weeks, that is $4 million or P280 million added to the local economy. The locals in the five business sectors mentioned above who earned more during the competition would also spend their earnings elsewhere — this is called the “multiplier effect” of higher or rising income.

We will now try to quantify the economic contribution of hosting the FIBA. Here I make two assumptions: First, a 6.5% GDP growth in the third quarter (Q3) of 2023, mainly coming from household and private spending (foreigners and locals), the rise in government infrastructure spending, and net exports of goods and services (especially tourism). Second, a sensitivity analysis of the contribution of FIBA hosting, including the multiplier effect. A 0.1% contribution to the GDP from FIBA hosting would have added some P5.1 billion in Q3 alone; a lower 0.05% contribution would give the domestic economy some P2.5 billion (see Table 1).

MEDIUM-, LONG-TERM BENEFITS OF FIBA HOSTING
The medium- and long-term benefits of hosting this important international sports event will be felt in the coming quarters and years. This is mainly through the increase in tourism, trade and investments in the country as more people abroad would have seen the games, the arenas, the big city, the people, the big population of always smiling and peaceful non-rioting people.

The country, the Philippine economy, owes the SBP a lot for its leadership in hosting the FIBA World Cup. In particular, SBP President Al Panlilio, and SBP Chairman Emeritus and member of FIBA Central Board, Manuel V. Pangilinan or Mr. MVP. Thanks much, sirs.

Thank you, FIBA leaders, and all the foreign teams that came here for the games. It was hugely entertaining to simply see so many seven-footers, 6’ 11” tall players, and “small” but very fast players like Germany’s 6’ 1” dribbler-shooter Dennis Schroeder, who was the FIBA 2023’s most valuable player (another MVP).

And, of course, thank you Gilas Pilipinas for uniting the country. You did not make it to the quarterfinals, but you made us go wild, screaming every time you scored or blocked an opponent’s shot.

I like this observation by Joe Zaldariaga in his column last month, “Sports: A game changer for the economy” (Philippine Star, Aug. 10). He wrote: “Just as success on the court demands strategic planning, agility, and teamwork, the same attributes fuel a nation’s progress in the business arena. There is reason to believe that a positive correlation exists between sporting achievements and a conducive business environment. President Marcos’ drive to attract foreign investors finds resonance in the FIBA World Cup’s potential to highlight the nation’s capacity to host world-class events — a beacon of business-friendliness.”

OGP GLOBAL SUMMIT IN ESTONIA
Department of Budget and Management (DBM) Secretary Amenah Pangandaman led the Philippine delegation to the OGP Global Summit, which was held on Sept. 5-7 in Estonia.

“Open Government” is broadly defined as one with more transparency, accountability, citizen participation, and technology and innovation by governments. As an economic researcher and writer, I believe there is more transparency now in economic and fiscal data than in the past — budget, taxes, borrowings, GDP, inflation, trade, investments, etc.

Secretary Pangandaman correctly stated in her opening address to the Summit that equipping citizens with adequate knowledge on the National Budget also means enabling them to meaningfully engage in various phases of the budget cycle and at different levels of government.

But I must add that the lockdown dictatorship of 2020 and 2021 had not resulted in humility among many officials, especially in the Health, Defense, and Interior/Police departments, and the local governments. Those officials engineered a draconian economic and political dictatorship that resulted in a huge annual budget deficit, huge annual borrowings, and more citizen dependence on government aid and subsidies.

Open Government should lead us to question and disobey the non-expert “experts” that the lockdown implementers have tapped and imposed on the public. We need more economic freedom, not restrictions on freedom. We need more sustained growth, not deep economic contraction.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers.

minimalgovernment@gmail.com

Pueblo de Oro shifts to renewable energy

Solar panels at Pueblo de Oro Townsquare

PUEBLO DE ORO Development Corporation (PDO), the property development arm of the ICCP Group, is walking the sustainability talk as they actively pursue the installation of solar panel systems to energize buildings within their projects.

A pioneer of “green living” in the Philippines, Pueblo de Oro has consistently integrated environmental programs in its developments in Cagayan de Oro, Cebu, Pampanga, and Batangas. This includes flood control measures, erosion mitigation measures, recycling programs, generous open spaces, and nature reserves — all designed to make communities more environmentally resilient.

The developer has recently begun to harness renewable energy (RE) in its projects to make its operations at its sites even more sustainable.

Pueblo de Oro Golf & Country Club in Cagayan de Oro has installed solar panels in its Bag Drop Building. The system has resulted to approximately 12 percent savings in monthly electricity consumption for the Club.

In Cebu, Pueblo de Oro has installed another rooftop solar system in the Pueblo de Oro Townsquare, a three-level commercial strip located in Babag 2, Lapu-Lapu City. The system powers the Administration Office located in the retail center and is projected to reduce the office’s monthly electricity cost by approximately 46%.

Solar panels being installed at Pueblo de Oro Golf & Country Club

These initial rooftop solar panel set-ups are estimated to reduce carbon dioxide (CO2) emissions by a combined 2,128 kilograms (kgs) per year or equivalent to 97 trees planted and grown. On average, a mature tree can absorb and sequester approximately 22 kilograms of CO2 per year.

“We will continue to tap into innovative practices and technologies, such as renewable energy, and expand its use in our day-to-day operations to make our developments more sustainable and environmentally friendly,” said Pueblo de Oro officials.

In addition to the rooftop solar panels, the developer has also installed solar-powered streetlights in its various project sites. A total of 720 streetlight fixtures, ranging from 100 to 200 watts, were set-up in Cagayan de Oro; Mactan, Cebu; Santo Tomas, Batangas; and San Fernando, Pampanga. Running at an average of ten hours per day, the installed solar streetlights represent savings of over 320,000 kWh of grid-supplied electricity. This results in a reduction of CO2 emissions of approximately 154,787 kg per year, or equivalent to over 7,000 trees planted and grown.

In its Townscapes Malvar township in Batangas, the company is planning to utilize electric vehicles (EVs) to service the community and potentially integrate into the public transport network of the province.

Meanwhile, Pueblo de Oro’s house design at Townscapes Malvar has secured a preliminary certification from EDGE, an internationally recognized green building certification system. EDGE reported that the purposeful and innovative design resulted in improvements of 20 percent in energy efficiency, 52 percent in water efficiency, and a high 72 percent in embodied energy in materials used compared to a typical housing unit. For the homeowner, these translate to an estimated energy savings of 623.2 kWh per housing unit per year, or over P7,700 per year (estimated at current rates). It also means savings of 63 cubic meters of water per household per year.

 

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Ovialand partners with BDO

REAL ESTATE developer Ovialand, Inc. said it partnered with BDO Unibank, Inc. on a new home loan program.

In a statement, Ovialand said that under the BDO new home loan program, clients can receive up to 95% of the loan value to buy a home. This would allow a client to buy a new home with a downpayment as low as P100,000 to P200,000.

“We are pleased to partner with BDO in making the dream of homeownership a reality to more Filipinos. This partnership will enhance Ovialand’s own efforts in making the process of buying a home more convenient to everyone,” Marie Leonore Fatima Olivares-Vital, president and chief executive officer of Ovialand, said.

Angelita C. Manulat, BDO senior vice-president and home loans business head, said Ovialand’s goal of building affordable homes is aligned with the bank’s commitment to “make homeownership fast and easy through unique financing options.”

Ovialand’s  housing projects are mostly located in South Luzon, particularly in Batangas, Laguna and Quezon.

In April, the company launched a P990-million housing development in Baliwag, Bulacan to mark its foray outside South Luzon.

CEO optimism remains high — PwC-MAP 2023 CEO Survey

Majority or 79% of chief executive officers (CEOs) in the Philippines are optimistic that their organizations will see an increase in revenues in the next 12 months, according to a survey by PwC Philippines, in collaboration with the Management Association of the Philippines (MAP). The survey also showed 88% of CEOs are certain of revenue growth in the next three years.

CEO optimism remains high — PwC-MAP 2023 CEO Survey

PHL bond market’s growth slows in second quarter

THE PHILIPPINE bond market’s growth slowed in the second quarter versus the previous three-month period, the Asian Development Bank (ADB) said on Monday.

Outstanding local currency (LCY) bonds grew by 1.3% quarter-on-quarter (q-o-q) to P11.7 trillion or $207 billion in the April-to-June period, slower than the 3.1% expansion seen in the first quarter, the ADB’s ​​Asia Bond Monitor report for September 2023 showed.

The Philippine bond market’s growth was the slowest among the seven markets in the emerging East Asia region that expanded last quarter, with the other three recording contractions. Korea’s bond market posted the fastest quarter-on-quarter growth at 2.6%, while Vietnam’s contracted by 4.5%.

Year on year, the Philippine bond market grew by 8.3%.

“In Q2 2023, total LCY bonds outstanding increased on expansions in both the corporate and government bond markets,” the ADB said.

Treasury and other government bonds grew by 2.3% quarter-on-quarter to $175 billion, accounting for 82.4% of the Philippines’ total outstanding debt stock, as issuances exceeded maturities. This was slower than the 3.4% growth seen in the first quarter.

Meanwhile, central bank securities contracted by 15.8% to $8 billion, reversing the 15.8% increase seen in the first quarter, amid a drop in issuances due to easing inflation. These made up 4% of the total stock.

Lastly, the corporate bond market grew by 1.2% to $29 billion, comprising 13.6% of the total debt stock, “due to the large volume of issuances during the quarter, a reversal from the 2.2% q-o-q contraction in the first quarter of 2023.”

“The Philippine corporate bond market remained dominated by the property, banking, and holding firms sectors, which accounted for a collective share of 81% of total corporate bonds outstanding at the end of Q2 2023,” the ADB said.

Meanwhile, total LCY bond issuance contracted by 19.2% quarter on quarter, it said.

“During the quarter, a contraction of 39% q-o-q in the issuance of Treasury and other government bonds was mainly driven by a relatively high base in the preceding quarter brought about by the Government of the Philippines’ issuance of retail Treasury bonds in February amounting to P283.7 billion.” the ADB said.

“Issuance of central bank securities, which comprised 70.7% of total issuance in Q2 2023, contracted 11.2% q-o-q as inflation continued a downtrend for six consecutive months. After a contraction of 81.7% q-o-q in the first quarter of 2023, corporate bond issuance rebounded in Q2 2023 with an expansion of 117.6% q-o-q due to a relatively low base in the previous quarter,” it added.

Meanwhile, emerging East Asian’s bond market grew by 2% quarter on quarter to $23.15 trillion in the April-to-June period, slower than the 2.2% increase seen in the first quarter.

“Government bonds accounted for 62.0% of the region’s total LCY bond stock at the end of June. Association of Southeast Asian Nations markets comprised a collective share of 9.1% of the regional LCY bond total with aggregate LCY bonds outstanding of $2.1 trillion at the end of June,” the ADB said.

Year on year, the emerging East Asian region’s bond market expanded by 7.9%.

“The risk outlook for regional financial conditions is generally balanced. On the upside, softening inflation in the region has led most regional central banks to move toward the end of their monetary tightening cycles… However, the inflation path remains uncertain. Elevated price pressures together with a robust economic performance and strong job market in the US could support further monetary tightening,” the ADB said.

“On the downside, higher interest rates could challenge regional public and private borrowers with vulnerable balance sheets and weak governance… However, vulnerabilities have been present among both public and private sector borrowers since 2022, due to rising borrowing costs and tightened financial conditions,” it added. — AMCS

Entertainment News (09/12/23)

Sneak previews for Concrete Utopia

South Korean disaster thriller Concrete Utopia, starring Lee Byung-hun, Park Seo-jun, and Park Bo-young, has arrived in Philippine theaters early thanks to sneak previews, including one today, Sept. 12, nationwide. Its regular release in the country starts on Sept. 20. Loosely based on the second part of the hit webtoon Joyful Outcast by Kim Sung-nyung, Concrete Utopia follows survivors who gather in an apartment which is the last remaining building in Seoul in the aftermath of a devastating earthquake. Like with so many contemporary global events, the characters gradually descend into ruthless tribalism. Directed by Um Tae-hwa, the film stars an ensemble which includes Lee Byung-hun, Park Seo-jun, Park Bo-young, Park Ji-hu, Kim Do-yoon and Kim Sun-young. In Korea, it was hailed as a sobering parable and picked by the Korean Film Council to represent South Korea in the selection for Best International Feature Film at the 2024 Academy Awards. Concrete Utopia is distributed in the Philippines by Columbia Pictures.

Nicole Laurel Asensio releasing new single

Singer Nicole Laurel Asensio will release her new single, “Kiss Me Now,” on Sept. 15. The slow, soulful song was written and recorded almost entirely impromptu, with the gliding, powerful vocals backed by textures of gospel influences in the instrumental chord choices and deep tones. The lyrics describe the urgency of finally giving in for a first kiss. “I hopped on a 3 a.m. bus alone to Baguio and booked myself an afternoon session in Openheaven recording studios for the first time,” explained Ms. Asensio in a statement on the song’s creation. “Producer Gabe Dandan was tapering off a Baguio series of gigs and met me at the studio to join in the collaboration. Award-winning producer Shadiel Chan welcomed us into his studio and introduced me to his band.” The track was then sent to Krina Cayabyab who arranged backup vocals performed by jazz group Baihana, with additional vocals from Iwi Laurel, and then to Michael Guevarra who contributed to a synchronized guitar-sax solo from home. The track was finally mastered by recording engineer Angee Rozul and Abbey Road UK by Alex Gordon. “Kiss Me Now” will be available on all digital platforms on Sept. 15.

Award-winning moving images screened at MCAD

A collection of 20 critically acclaimed moving images that answer fundamental questions on existence and history will be screened on Sept. 14, 15, and 16 at the Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde. The “Worlds We Are” selection showcases hybrid documentaries, video essays and diaries, narrative experiments, filmed performances, and archival audio visions that circle around places in or connected to Southeast Asia. The selected works were curated by film scholar, educator, programmer and critic Patrick F. Campos, and will be divided into three sections: SELVES, on subject formation, memory, sense of belonging, and inescapable attachment to home; WORLDS, on the self as simultaneously one and many formed amid communities and catastrophes; and HISTORIES, on the narrative of selves in a long set of motion and recent pasts against violent silencing and erasures. The third day will include a dialogue with Mr. Campos; a talk by cultural worker, writer, and independent curator Lisa Ito-Tapang; and a panel discussion with filmmakers Sari Dalena and Drestel Galang with curator Lara Acuin. The three-day program will be held at MCAD at the Benilde Design + Arts Campus along Dominga St. in Malate, Manila. Slots are available for P300 for all three days of screening. Interested participants may register through https://forms.gle/dpe8qXGJ6s5RMLWP6.

Cardi B, Megan Thee Stallion work on new single

American rap stars Cardi B and Megan Thee Stallion have released “Bongos,” a new song to close out the summer, via Atlantic Records. The accompanying music video , featuring an assortment of dancers surrounding the iconic duo, is directed by Tanu Muino. Also available is a limited-edition CD for the single, arriving alongside the announcement of Cardi B’s historic 12 nominations at this year’s upcoming BET Hip-Hop Awards including Best Hip Hop Video, Best Collaboration, Song of the Year, Lyricist of the Year, and Hip Hop Artist of the Year. Prior to “Bongos,” the pair released the viral sensation “WAP (Feat. Megan Thee Stallion),” which affirmed Cardi B as one of Apple Music’s most popular artists, earning the platform’s highest-ever debut by a female artist. “Bongos” is out now on all digital music platforms worldwide.

September Fever festival to include music talks

On Sept. 22 and 23, the two-day festival September Fever will host a Music Talks and Showcase Festival for its 6th year, shifting its programming towards a more grassroots-leaning, pro-independent music approach. This year’s program will provide an opportunity for budding musicians to learn the ropes of the industry from key resource speakers in the music business. It will be held at From Here and Draft Punk in Cebu City, starting with a forum curated by The Rest Is Noise PH. It will cover music marketing and branding, public relations and media pitching, an artist’s perspective of touring local, and music production. It will include a roundtable discussion on industry-related topics. This will be followed by a mixer with various music industry professionals, with Cebu-based artists Lolita Grey and Franciskoe performing, followed by a DJ set by the Baihaus spinners. The festival’s second day will feature a lineup of Cebuano acts Coloura, Kali Hoods, Tomorrow For Sure, Renzo Sy, Sansette, and Wonggoys. They will be joined by guest acts from all over the Philippines: Aira Casti, KRNA, Loner, One Click Straight, Oh, Flamingo!, The Itchyworms, and DJ Love. For updates, follow September Fever Music Festival on Instagram and Facebook. Visit linktr.ee/septemberfeverfest to secure tickets for the event.

HK Disneyland opens World of Frozen

Walt Disney Animation Studios’ films Frozen and Frozen 2 are getting their own dedicated themed land, World of Frozen, which will open in Hong Kong Disneyland on Nov. 20. The Frozen franchise is among the biggest animated films of all time. The theme park will present it as an immersive travel destination with stories, familiar characters, culture, stunning landscapes, music, and cutting-edge technology. It allows guests to celebrate Summer Snow Day and enjoy attractions like Frozen Ever After and Wandering Oaken’s Sliding Sleighs.

VEDO releases music video for single ‘Split’

R&B singer-songwriter VEDO has released a music video for his new single, “Split.” Offering a glimpse into a breakup-to-makeup kind of love, the visuals accompany an emotionally charged performance. It was directed by AM Visuals, a frequent collaborator of VEDO, produced by Cubeatz and Keyz, and co-written by R.City. “We’ve all at one point thought that it was sexy when your significant other got mad at you, even if they are overreacting. That’s just them letting you know ‘don’t play with me,’ and that’s how we know they actually care,” said VEDO. The release date for his new album will be revealed soon. For now, the single “Split” is available on all digital music platforms.

James Arthur announces new album

British singer-songwriter James Arthur has announced that his fifth studio album, Bitter Sweet Love, will be released on Jan. 26, 2024via Columbia Records. Aside from two recently released singles, “Blindside” and “A Year Ago,” the album will have 13 other songs. According to Mr. Arthur, it was a sold-out crowd at a concert singing along to his hits with emotion that inspired the album. The tracks are produced by Steve Solomon, who flew over to Miloco Studios in South London from his home in LA to help produce the album. Mr. Arthur has previously scored four Top 10 albums, with 2016’s Back From The Edge hitting the No. 1 spot. He has 38 million monthly listeners on Spotify alone, with “Say You Won’t Let Go” being his breakthrough hit in the US and officially the UK’s most streamed song in 2016.

Derick Lauchengco signs management contract

Newbie actor and longtime model Derick Lauchengco has signed a management contract with film producer and director Chris Cahilig as part of a fresh “restart” in showbiz. Mr. Lauchengco had previously worked with Mr. Cahilig as a cast member of the popular TikTok series 52 Weeks. He has been on the modeling circuit for a few years, and was named Mister Model Worldwide 2022, a title that led to appearances in film and TV projects as well as commercials. These include supporting roles in the anthology drama series Regal Studios Presents and in the movies Mano Po Legacy: The Family Fortune and Kurdapya. Mr. Cahilig has managed the careers of the P-Pop boy band 1:43, actor Bekimon, radio DJs Nicole Hyala and Christsuper, as well as boyband trio JBK.

Unite for peace in the world and Taiwan’s inclusion in the UN

WINSTON CHEN-UNSPLASH

RUSSIA’s invasion of Ukraine is a reminder of how autocracies care little about causing death and destruction. The war is a gross violation of human rights and the principle of peaceful settlement of international disputes as codified in the United Nations Charter, which has helped maintain the rules-based international order and kept the world in relative peace since the end of the Cold War.

The war’s humanitarian and economic fallout has also shown that in a globalized world, crises cannot be contained within national borders. It is therefore imperative to deter similar threats to global security from happening elsewhere. Taiwan — a democracy that is home to over 23 million people and that I proudly represent — continues to confront enormous challenges posed by China.

Since the mid-20th century, the People’s Republic of China (PRC) has vowed to take control of Taiwan and refused to renounce the use of force, despite never having ruled Taiwan. For decades, the people of Taiwan have remained calm in safeguarding the status quo of peace and stability across the Taiwan Strait. However, as China’s economic and military might has grown stronger, it becomes increasingly aggressive in flexing its military muscle to intimidate Taiwan, thereby threatening our democratic way of life. This includes sending warplanes and ships across the median line of the Taiwan Strait and encroaching into our air defense identification zones. It has also intensified gray-zone tactics, such as disinformation and economic coercion, in an attempt to wear down our will to fight.

The PRC’s expansionism does not stop at Taiwan. China’s use of gray-zone activities in the East and South China Seas are designed to expand its power and substantiate its hawkish territorial claims. In addition to signing a security agreement with the Solomon Islands in the South Pacific, the PRC has been securing ports for future military use in the Indian Ocean. All of these maneuvers are causing grave concerns that peace is becoming more difficult to maintain.

Ensuring peace and stability in the Taiwan Strait is in everyone’s best interest. Half of the world’s commercial container traffic passes through the Taiwan Strait each day. Taiwan produces the majority of the world’s semiconductors and plays a key role in global supply chains. Any conflict in the area would have disastrous consequences for the global economy.

In recent years, bilateral and multilateral forums have repeatedly emphasized that the peace and stability over the Taiwan Strait is indispensable to global security. While we can all agree that the war must be avoided, how to best do so requires inclusion, dialogue, and, most of all, unity.

The United Nations (UN) remains the best platform for global discourse. UN officials speak often of joint solutions, solidarity, and inclusion in tackling the pressing issues of our time. Taiwan is more than willing and able to take part in these efforts.

However, Taiwan continues to be excluded from the UN due to China’s distortion of UN General Assembly Resolution 2758. This resolution neither states that Taiwan is a part of the PRC nor gives the PRC the right to represent the people of Taiwan in the UN and its specialized agencies. In fact, the resolution only determines who represents the member state China, a fact that the international community and China itself recognized following the relevant vote in 1971. The subsequent misrepresentation of Resolution 2758 contradicts the basic principles upheld by the UN Charter and must be rectified.

The 78th session of the UN General Assembly, which will center on the theme “rebuilding trust and reigniting global solidarity,” is timely in light of a number of broad global challenges. For example, the UN’s Sustainable Development Goals (SDGs) were designed as a shared blueprint for peace and prosperity. Yet the most recent SDG progress report showed that just 12% of SDG targets were on track, while progress on 50% has remained insufficient. And on more than 30%, we have stalled or even regressed.

While there are no easy answers, the first step is dialogue. As a truly global institution, the UN can serve as a champion of progress. We call on the UN to uphold its principle of leaving no one behind by allowing Taiwan to participate in the UN system, rather than excluding it from discussions on issues requiring global cooperation. A good first step would be to allow Taiwanese individuals and journalists to attend or cover relevant meetings, as well as ensure Taiwan’s meaningful participation in meetings and mechanisms regarding the SDGs.

Ukraine’s incredible bravery and resilience have inspired countries around the globe. The war there has forged a new sense of togetherness in the world. Unity is crucial to pushing back against Russia’s aggression and to preserving universal values, such as human rights and global peace, more broadly.

It is vital to make China and other authoritarian governments aware that they will be held accountable and to urge them to settle differences through peaceful means. Allowing Taiwan to meaningfully participate in the UN system would benefit the world’s efforts to address pressing global issues. This would also demonstrate the UN’s determination to unite for global peace at a critical juncture when the future of the world is at stake.

We are stronger together. Now is the time to act on this fundamental principle by including Taiwan.

 

Jaushieh Joseph Wu is the minister of Foreign Affairs of the Republic of China (Taiwan).

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