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Striking Hollywood writers reach tentative deal with studios

GABE—UNSPLASH

LOS ANGELES — Hollywood’s writers union reached a preliminary labor agreement with major studios on Sunday, a deal expected to end one of two strikes that have halted most film and television production and cost the California economy billions.

The three-year contract still must be approved by leadership of the Writers Guild of America (WGA,) as well as union members, before it can take effect.

The WGA, which represents 11,500 film and television writers, described the deal as “exceptional” with “meaningful gains and protections for writers.”

“This was made possible by the enduring solidarity of WGA members and extraordinary support of our union siblings who joined us on the picket lines for over 146 days,” the negotiating committee said in a statement Sunday.

The WGA settlement, while a milestone, will not return Hollywood to business as usual even if it is ratified. While writing may resume, the SAG-AFTRA actors’ union remains on strike.

Writers walked off the job on May 2 after negotiations reached an impasse over compensation, minimum staffing of writers’ rooms, the use of artificial intelligence (AI), and residuals that reward writers for popular streaming shows, among other issues.

“We stuck it out,” WGA liaison Caroline Renard said Sunday. “This is a union industry, and it’s about the people that make the actual product that makes these company billions of dollars.”

One writer posted an image on social media of a picket sign that read simply: “The End.”

The only comment from the Alliance of Motion Picture and Television Producers, the trade group representing Walt Disney, Netflix, Warner Bros. Discovery and other major studios, came in a brief statement with the union.

“The WGA and AMPTP have reached a tentative agreement,” the statement said.

The proposed contract is still preliminary. The WGA’s negotiating committee said it would share details only after it receives final contract language. After that, the negotiators will vote on whether to recommend the deal to leadership, which must then decide if they will present it to members for a vote.

Hollywood’s dual strikes had shut down production of movies and TV series and sent late-night talk shows into re-runs. Efforts to restart daytime talk shows without writers, such as The Drew Barrymore Show, collapsed this month, in the face of criticism from striking writers and actors.

At picket lines, protests took on the rhetoric of class warfare. Writers assailed media executives’ compensation and said working conditions had made it hard for them to earn a middle-class living.

Executives at times fanned tensions. Disney Chief Executive Bob Iger, fresh off a contract extension that offered an annual bonus of five times his base salary, criticized striking writers and actors as “just not realistic” in their demands.

Mr. Iger subsequently struck a conciliatory note, citing his “deep respect” for creative professionals.

“It’s been a long road, and I’m ready to take the next step forward, which is just like healing for our guild and getting back to work on ourselves,” Harlem writer Brandon K. Hines said on Sunday.

BILLIONS LOST
The work stoppages took a toll on camera operators, carpenters, production assistants and other crew members, as well as the caterers, florists, costume suppliers, and other small businesses that support film and television production.

The economic cost is expected to total at least $5 billion in California and the other US production hubs of New Mexico, Georgia, and New York, according to an estimate from Milken Institute economist Kevin Klowden.

Four top industry executives — Mr. Iger, Warner Bros. Discovery chief executive officer (CEO) David Zaslav, Netflix co-CEO Ted Sarandos, and NBCUniversal Studio Group Chair Donna Langley — joined negotiations this week, helping to break the months-long impasse.

As with past writers’ strikes, this job action responds to Hollywood capitalizing on a new form of distribution — and writers seek to participate in the newfound revenue. The 100-day strike in 2007-08 focused, in part, on extending guild protections to “new media,” including movies and TV downloads as well as content delivered via ad-supported internet services. This time around, a central issue is residual payments for streaming services, which writers said represented a fraction of the compensation they would receive for a broadcast television show.

Writers also sought limits on AI’s role in the creative process. Some feared that studio executives would hand a writer an AI-generated script to revise, and pay the writer at a lower rate to rewrite or polish it. Others expressed concerns about intellectual property theft if existing scripts are used to train artificial intelligence. Reuters reported that Disney has created a task force to study artificial intelligence and how it can be applied across the entertainment conglomerate, signaling its importance.

Even as studio executives celebrated the end of the longest-running writers’ strike since 1988, it is only half the labor battle. The studios must still find a way to get actors back to work.

SAG-AFTRA, representing 160,000 film and television actors, stunt performers, voiceover artists, and other media professionals, walked off the job in July, the first time in 63 years that Hollywood faced a strike by two unions at the same time.

In a statement late Sunday, SAG-AFTRA urged studio CEOs and their negotiators “to return to the table and make the fair deal that our members deserve and demand.”

At issue are questions of minimum wages for performers, protections against the use of artificial intelligence replacing human performances, and compensation that reflects the value actors bring to the streaming services. — Reuters

Globe secures P15-B bank loan for the year’s capex

GLOBE Telecom, Inc. has secured a P15-billion loan from Metropolitan Bank & Trust Co., the listed telecommunications company said in a regulatory filing on Monday.

The loan will fund part of the company’s capital expenditures (capex) for the year, its debt refinancing and other corporate requirements, Globe said.

For the first six months of the year, the company said it had invested about P37.7 billion in capex projects, lower than what it had spent a year earlier.

Its first-semester spending represents a 25% decline from the level in the same period last year. The company said it is expecting to reach about P71.5 billion or $1.3 billion in spending by the end of the year.

Ninety percent of the company’s capex spending was set aside for data network rollouts to meet the growing data demand in the country, Globe said.

As of June, it said the company had built around 542 new cell sites and upgraded 5,087 mobile sites to LTE (long-term evolution), while also deploying 148,000 fiber-to-the-home (FTTH) lines.

Globe said that it had also built about 356 new fifth-generation (5G) sites as it aims to expand 5G coverage in the country

Its efforts to deploy 5G sites have resulted in 5G outdoor coverage of 97.44% in the National Capital Region and 91% in parts of Visayas and Mindanao, the company said.

At the local bourse on Monday, shares in the company gained P22 or 1.24% to end at P1,800 apiece. — Ashley Erika O. Jose

What to expect from Citadines Benavidez Makati

THE Citadines Benavidez Makati, a serviced residence property, is located along Benavidez St., Legazpi Village, Makati City. — CATHY ROSE A. GARCIA

By Cathy Rose A. Garcia, Managing Editor

THE Ascott Limited is hoping to attract business travelers, tourists, corporate clients and staycationers to its newest Philippine property — the Citadines Benavidez Makati.

Philip Barnes, Ascott’s country general manager, said the opening is a new milestone for Ascott and shows the company’s dedication to meeting the evolving needs of its guests.

“We are excited to provide the finest accommodations in the heart of Makati, ensuring that every guest enjoys an exceptional stay with us. The opening of Citadines Benavidez propels us forward in our mission to deliver unparalleled hospitality and sets a benchmark for excellence in the industry,” Mr. Barnes said during the Sept. 15 launch event.

Citadines, a French word that literally means “from the city,” is the serviced residence brand of The Ascott Limited.  The Citadines Benavidez is the 13th Ascott property in the Philippines, and the seventh under the Citadines brand.

“Our property offers a blend of not only accommodation spaces, but we also offer an area for them to work and to have a good time,” Cecille Teodoro, general manager of Citadines Benavidez Makati, told BusinessWorld in an interview on Sept. 15.

The property offers 207 units, composed of studio (29 square meters), one-bedroom (56 sq.m.) and two-bedroom units (87-130 sq.m.).

As a serviced residence, all units are equipped with a bed, a working desk and chair, kitchen, flat-screen TVs and high-speed internet.

“What sets us apart is that our rooms are fully equipped… It’s not a typical hotel room. This is an upgrade of the hotel suite,” Ms. Teodoro said. “We (Citadines) are the pioneers when it comes to this business. We know how to operate it and we know what is needed by our guests.”

The Citadines Benavidez’s amenities can all be found on the roof deck at the 32nd floor. There is a fully-equipped gym, a function room and a laundrette. Guests can also take a dip at the swimming pool where they can enjoy stunning views of the city.

For families, Citadines Benavidez offers a choice of two-bedroom unit deluxe (87 sq.m.) or two-bedroom premier (130 sq.m.). These units are perfect for four people, since it has a queen-sized bed in one bedroom and two single beds in another. These units also comes with a four-seater dining table, couch, work desk and chair, walk-in closet, a fully-equipped kitchen, and a washing machine. A premier unit also features a balcony.

As part of the Ascott’s sustainability initiative to eliminate single-use plastics in their properties, there are no mini-hotel amenities available in the room. Instead, the shampoo, conditioner, shower gel and lotion are in large bottles mounted on the bathroom walls. A two-gallon water dispenser is also provided instead of single-use water bottles.

Guests can also bring their pets, although there is a small fee that covers cleaning expenses and treats.

Unlike renting an apartment on Airbnb, Citadines provides guests with a more secure environment.

“Our edge over Airbnb is our strong security. We have CCTVs everywhere and have 24-hour security,” Ms. Teodoro said.

The Citadines Benavidez also has an in-house restaurant, Catalogue, headed by chef Katrina Alcantara. This is Ms. Alcantara’s second partnership with the Ascott group after Mesclun at Ascott Makati.

Coffee is also part of the Citadines’ brand identity. For the Benavidez property, Citadines came up with a unique concoction called Lime Barako.

REVITALIZING THE AREA
One of the key attractions of Ascott’s newest property is its location. Surrounded by drab buildings along Benavidez Street in Legazpi Village, the Citadines Benavidez is a standout with its gleaming red and silver facade.

“I feel this property will be popular… This area is mostly buildings that have been here for a while, so having a new one, one that is very bright and aesthetically pleasing, it draws attention,” Ms. Teodoro said.

Citadines Benavidez is just a short walk to the Asian Institute of Management (AIM), Greenbelt, The Landmark, Glorietta, Makati Cinema Square and Little Tokyo.

“The Legazpi area has a lot of new and old restaurants, coffee shops, places to drink… There’s also an active park, jogging path and the Legazpi market,” she said.

The Legaspi Sunday Market offers a wide variety of food such as paella, samosas, onigiri, pad thai, Filipino dishes, Turkish pastries, kakanin, taho, as well as fresh fruits and vegetables.

Ms. Teodoro expects the presence of Citadines to help revitalize the area filled with office buildings and condominiums.

“I think it will help attract other investors to the area. They know hotels have a lot of foot traffic,” she said.

There are already a few new shops next to Citadines, such as Thai restaurant Chang Thai and coffee shop Primal Brew.

Citadines Benavidez Makati is Ascott’s seventh Citadines property in the Philippines. The other six Citadines properties are Citadines Cebu City, Citadines Bay City Manila, Citadines Millennium Ortigas Manila, Citadines Amigo Iloilo, Citadines Cebu City, and Citadines Salcedo Makati.

Promo rates for Citadines Benavidez Makati are available on www.discoveryasr.com until Dec. 31, 2023.

Making small communities big through puppetry

STORYTELLING has always been magical. Be it through oral or visual means, telling stories is simply human nature. Since the dawn of time, humans have created connections through their stories.

For Filipino puppet designer-maker and director Kayla Teodoro, stories are made all the more magical with puppetry. One of the creators of the life-sized Yubaba from the stage adaptation of Hayao Miyazaki’s film Spirited Away, Teodoro attended the official launch of the CCP National Theatre Live, with a screening of The Life of Pi.

Her work can be seen tonight at the Greenbelt 5 as Life of Pi the first film in the new program of the Cultural Center of the Philippines (CCP), CCP National Theatre Live, which brings filmed plays presented by NTL to the Philippines.

WORKING IN LONDON
“I was fortunate enough to work on the show last year while it was on the West End. I took care of the puppets. I took care of the tiger, and all of the other big puppets. I also worked very closely with the puppeteers because I also helped run the show,” said Ms. Teodoro who is the artistic director of the Puppet Theater Manila.

Life of Pi, the award-winning stage adaptation of Yann Martel’s best-selling novel, centers on a 16-year-old boy named Pi stranded on a lifeboat after a cargo ship sinks in the vast Pacific Ocean. Alongside Pi are four other survivors — a hyena, a zebra, an orangutan, and a Bengal tiger.

As a puppet assistant stage manager, the bulk of her work entails making sure that all big puppets are in tip-top shape for every show: “I helped make sure that puppets were in the right place at the right time. I made sure that when puppeteers needed help, I was there to help them. All of the puppets really have to be up to par every night before the show.”

Grateful for the added richness in her overall experience, Ms. Teodoro was elated to work with fellow Asians for Life of Pi. As an Indian story, South Asians were prominent members of the company. “I think the UK is still trying to get its footing when it comes to Asian representation behind the scenes. But it was definitely nice to work with South Asian people in the cast.”

PUPPETRY IN THE PHILIPPINES
She emphasizes that the puppet community is generally small — all the more so in the Philippines, the lone Southeast Asian country without an ancient form of puppetry.

“It’s really baby steps but it’s exciting because it’s so small. Because of that, I formed Puppet Theater Manila, and Puppet Theater Manila is trying to bring puppetry around the Philippines,” said Ms. Teodoro who finished her master’s degree in puppetry in the United Kingdom.

Determined to propel Filipino storytelling through puppetry, she explained how the art form is a rich outlet for Filipino stories rooted in folklore, especially for the benefit of children. “Since before the Spanish arrived, we were a very pagan culture, and because of that, there is so much rich folklore and rich origin stories,” she said.

“Thanks to puppetry, you now have an option on how to tell these stories — you could show children what an aswang or even what a butanding looks like. And because the Philippines is so rich in indigenous materials and craftsmen, you can get everyone involved when it comes to telling stories through puppetry.”

Between running Puppet Theater Manila and working as a freelancer, Ms. Teodoro makes time to teach puppetry to children of all ages. She also directs puppetry for the new Repertory Philippines musical. Starting out as a set and costume designer, her journey in puppetry has since blossomed into major projects like My Neighbor Totoro, Spirited Away, Spitting Image, Lion King, and Life of Pi.

CCP NATIONAL THEATER LIVE
Life of Pi was the first production lined up under the CCP’s new program, CCP National Theater Live, which aims to provide the best of London National Theater to the Philippine big screen and make international theater accessible to local theater enthusiasts, playwrights, artists, and the broader public.

“That’s the most important to us — to make sure that Filipino audiences are seeing the capabilities of puppetry, and not only that, you also have artists, theater professionals and film professionals who are now starting to embrace that,” said Ms. Teodoro.

Through the CCP National Theatre Live program, the CCP, in partnership with the National Theatre of London and the Ayala Malls Cinema, will bring nine stage plays, filmed live from the United Kingdom’s most exciting stages, every month starting Sept. 26 up to May 28, 2024, exclusively at Greenbelt cinemas in Makati.

The lineup features Life of Pi, Frankenstein, The Seagull, Much Ado About Nothing, The Crucible, Fleabag, Othello, King Lear, and Hamlet, all digitally filmed in high-definition quality. NTL films their plays in front of live theater audiences but optimized for the big screen and made accessible to theater fans across the globe.

For updates, follow the official CCP social media accounts in Facebook, X, Instagram, TikTok, and YouTube. Visit the CCP website (www.culturalcenter.gov.ph).

The secret sauce to profit

PAWEL CHU-UNSPLASH

When one thinks of a company’s sustainability, usually we just think of the business case, especially for micro-, small- and medium-sized enterprises (MSMEs). How profitable is the business? How sustainable is the model? But do we also give some thought to what makes companies last?

A study on Publicly-Listed Companies (PLCs) in the Philippines was launched by the Institute of Corporate Directors (www.icd.ph), led by its Board Diversity and Inclusion (BDI) Committee Chair Helen de Guzman and Dr. Conchita Manabat. It revealed that diversity in boards does contribute to a positive return on equity (ROE).

While the Philippines reported on having more women in boards as a key development, two other ASEAN member-states contributed their studies at the forum: The Singapore Institute of Directors (SID) and the Institute of Corporate Directors Malaysia (ICDM). It was a welcome realization that there are striking similarities among the three institutions’ findings.

Diversity is often thought of as having women on boards, because the traditional composition of boards are men in dark suits, usually the family patriarch and his sons. But the ratios of women and men are no longer the only measure of diversity. Here are other factors mentioned by the speakers:

1. Age. Although having seniors and a higher average age (at 62-65 years old range) on boards is recommended, this means having more than one generation at the table. They recommend a 15-year difference or getting Baby Boomers, Millennials, and Gen Z together to reach this sweet spot of average age recommendation.

2. Skills and Expertise. There must be a variety of specialties, not just business management or financial prowess. In today’s age of technology, experts in other disciplines make a board more agile to respond to today’s challenges.

3. Tenure. The Singapore experience emphasized a maximum term of nine years for a board independent director, and a board composition where three members are new every three years. This, of course, presumes a board of nine or more members.

The ICDM also shared that they have a pool of over a thousand candidates, including first time directors, whose expertise in a field may be useful to most old companies who want to be in step with new trends in business. This pool may be what we need and will be addressed by our organization, the NextGen Organization of Women Corporate Directors (www.nowcdphils.com) who will now invite C-suite women to think of corporate directorship as a career move.

We have a NOWCD member who was recruited by surprise because of her experience in retail. She had never been an independent director until recently. And she brings to the table her vast experience in specialty retail. Another member sits on an Advisory Board of one of our Armed Forces. She brings marketing expertise to an otherwise traditional service organization, whose work is never appreciated because the public does not know what they do. So, these are examples of women who are recruited to join boards for their expertise in their field (e.g., Marketing, Retail, etc.). It also counts a lot that they are women, because the sweet spot for boards to be profitable is to have a 50:50 ratio as observed by the Singapore Institute experience.

In the same forum, however, a gentleman reacted about having women, pushing women all the time. The panelists then explained that there are other dimensions to diversity but that having women seems to be the most popular in the Philippines as traditional companies do tend to have all-male boards. Even to us ICD fellows, we found new ideas in what Mr. Shai Ganu of SID shared. It is not just diversity in gender. The other factors are: age, tenure, board independence, cultural ethnicity (especially in international companies), international experience, domain or functional expertise, and industry expertise.

For functional expertise, the speakers suggest more than five areas of expertise in a board to prevent groupthink. So, this also means Independent Directors need not be only business and finance experts; there is room for diverse persuasions like marketing, technology, retail experience, sustainability expertise and maybe even experience in a relatively new field like blockchain and cryptocurrency, AI and ChatGPT.

Other tips from Mr. Shai Ganu: Conform, Perform and Transform. This means that Board directors must help in addressing legal issues, moral issues, and, of course, business issues. The role of the Board is increasingly focused on three areas: Conformance, Performance, and Future-Proofing the company.

The ICD did well in inviting Michelle Kythe Lim of ICDM to give another ASEAN perspective, and this time suggesting that even first-time directors must be encouraged to contribute their expertise even if they do not yet have the experience of serving on Boards. They gather over a thousand candidates ready for deployment as subject matter experts, and many are in new fields of expertise. In yesteryears, we always thought board seats were reserved for finance experts, business management experts and auditors. Not anymore. Today, we need diversity in age, gender, and even international exposure or experience.

With ICD giving the Professional Directors Program (PDP) and NOWCD gathering more women, Philippine PLCs will very soon have a good selection of candidates to season their otherwise traditional boards. And C-suite professionals may find a career after retirement or even as an alternative route while still young and employed. This could be a side hustle in the terms of today’s youth, and a learn-while-you-earn kind of move for most subject matter experts.

Remember the points raised by Shan Ganu and test your board composition against it. It will be fun looking for new directors and giving your company a jolt to adapt to the future.

 

Chit U. Juan is co-vice chair of the MAP Environment Committee and is a member of the MAP Diversity, Equity and Inclusion Committee. She is president of NOWCD and chair of the Philippine Coffee Board, and a councilor of Slow Food for Southeast Asia Advocate for organic agriculture.

map@map.org.ph

pujuan29@gmail.com

Gov’t awards T-bills with higher rates

BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday with higher rates due to hawkish signals from both the local and the US central banks.

The Bureau of the Treasury (BTr) raised P15 billion as planned via the T-bills as total bids reached P40.202 billion, or more than twice 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 P10.045 billion. The three-month paper was quoted at an average rate of 5.595%, 4.3 basis points (bps) above the 5.552% seen last week when accepted rates ranged from 5.5% to 5.624%

The government also raised P5 billion as planned from the 182-day securities as bids for the tenor reached P16.28 billion. The average rate for the six-month T-bill was at 5.968%, up by 2.9 bps from 5.939% seen last week, with accepted rates at 5.945% to 5.988%.

Lastly, the BTr borrowed the programmed P5 billion via the 364-day debt paper as demand for the tenor stood at P13.877 billion. The average rate of the one-year T-bill rose by 4.6 bps to 6.119% from the 6.073% quoted last week. Accepted yields were from 6.085% to 6.199%.

At the secondary market before Monday’s auction, the 91-, 182- and 364-day T-bills were quoted at 5.6102%, 5.9444%, and 6.0960%, 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 5.595%, 5.968% and 6.119%, respectively. The auction was 2.7 times oversubscribed, attracting P40.2 billion in total tenders,” the BTr said in a statement on Monday.

“With its decision, the Committee raised the full program of P15 billion for the auction,” it added.

The T-bill rates moved up on Monday due to hawkish signals from both the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP), said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort in a Viber message.

“Tendered rates moved up following the hawkish rhetoric of various Federal Reserve officials last week, bolstering views of elevated US policy rates for a prolonged period of time,” a trader likewise said in an e-mail.

The Fed last week kept its policy rate unchanged at a range between 5.25% and 5.5% during its policy meeting.

It has hiked rates by a cumulative 525 bps since it began its tightening cycle in March last year.

Meanwhile, BSP Governor Eli M. Remolona said in an interview with Bloomberg TV that the central bank might raise its benchmark rate again at its next meeting on Nov. 16 and hinted at the possibility of future rate hikes.

“We’re not convinced it would be the last one. It won’t be the last hike in the cycle,” he said. “We’re still in a hawkish stance.”

The Monetary Board on Thursday maintained its policy rate at 6.25% for a fourth straight meeting.

Interest rates on the overnight deposit and lending facilities were also left unchanged at 5.75% and 6.75%, respectively.

The BSP has raised borrowing costs by 425 bps from May 2022 to March 2023.

On Tuesday, the BTr will offer P30 billion in reissued three-year Treasury bonds (T-bonds) with a remaining life of two years and 11 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. — Aaron Michael C. Sy

ICTSI units receive large vessel in Mexico, Colombia

RAZON-Led International Container Terminal Services, Inc. (ICTSI) said its units in Mexico and Colombia had received their largest ship, marking what it called an “operational milestone.”

In a media release on Monday, ICTSI said CMA CGM Alexander Von Humboldt, a 396-meter-long vessel which it claims to be the first of its size to operate in Latin America, was received at Contecon Manzanillo S.A. (CMSA) in Mexico and Sociedad Puerto Industrial Aguadulce (SPIA) in Colombia.

“We have prepared for this moment in recent years, designing and sizing our terminal to be able to serve these ships. It is our obligation to ensure that Mexican foreign trade has competitive and efficient maritime logistics,” José Antonio Contreras, chief executive officer of CMSA, said in a media release on Monday.

CMSA is ICTSI’s business unit operating at Port of Manzanillo. The company said it is Mexico’s gateway to the Pacific coast as it is strategically located at the largest industrial areas, making it closer to major consumer markets.

The arrival of the vessel signifies the company’s capability to adapt to new ports and growing maritime dynamics, Álvaro Otero, general manager of SPIA, said.

SPIA is ICTSI’s joint venture container terminal project with PSA International Pte Ltd. (PSA) in Buenaventura, Colombia.

Last week, the listed port operator announced that it is anticipating to complete the expansion of its port in Melbourne, Australia following the arrival of its new quay cranes from China.

ICTSI’s unit, Victoria International Container Terminal (VICT) said the cranes are part of its 235-million Australian dollar expansion investment that will boost its capacity by up to 1.25 million 20-foot equivalent units.

The listed port operator currently operates over 30 terminals in 20 countries across six continents.

At the local bourse on Monday, shares in the company climbed by 20 centavos or 0.1% to end at P204 apiece. — Ashley Erika O. Jose

DMCI Homes plans to launch residential units for Solmera Coast

AN ARTIST’s illustration of Solmera Coast. — COMPANY HANDOUT

DMCI Homes is set to launch the residential phase of its new leisure project in San Juan, Batangas.

This after the company said reservation sales for Solmera Coast have reached P5.6 billion since it was launched in August.

In a statement, DMCI Homes said 93% of Solmera Coast’s launched inventory of around 800 condotel units have already been reserved as of Sept. 15.

Unit sizes range from 34 to 91.5 square meters (sq.m.). Prices for studio, one-bedroom, and two-bedroom units are between P7.1 million and P17 million.

The condotel units are spread across three mid-rise buildings, Matahari, Kartika, and Bumi, which are scheduled for occupancy in February 2027, May 2027, and August 2027, respectively.

DMCI Homes Vice-President for Project Development Dennis Yap said the company is planning to offer residential units in the last two buildings, Nusa and Asri.

“In light of the outstanding sales performance of the condotel units, we’re excited to unveil the next buildings of Solmera Coast. The residential units, located in the Nusa and Asri buildings, will provide a unique beach park living experience for those seeking a beach park lifestyle,” Mr. Yap said.

Solmera Coast is the flagship project of DMCI Homes under its leisure brand, DMCI Homes Leisure Residences.

It has a unique beachfront location, and also offers five swimming pools, a game area, a gym, two restaurants, and a convention center. — Cathy Rose A. Garcia

The political price of rice

PHILIPPINE STAR/KRIZ JOHN ROSALES

In 2019, Gotabaya Rajapaksa, promising progress, stability, and security, was elected president of Sri Lanka. In his third year in office his mishandling of the sharp increase in food and fuel costs drove hundreds of thousands of people to stage protests, many virulent and violent. On July 14, 2021, demonstrators stormed the presidential palace, demanding his resignation. Rajapaksa fled the country via a military aircraft.

In 2022, Ferdinand “Bongbong” Marcos, Jr., promising unity, wind-power energy, and rice at P20 per kilo, was elected Philippine president. He is now on his second year as president and his promises have yet to be fulfilled. Not only that, the price of rice, the staple of millions of Filipino families, has been rising from the P39.43 for regular-milled rice and P43.77 for well-milled rice, the prices in 2022 according to the Philippine Rice Research Institute.

The global price of rice soared after India, in July this year, banned the export of white rice. India accounts for over 40% of global trade of rice. Rice inflation in the Philippines surged from 4.2% in July to 8.7% in August. As part of government efforts to address the increasing price of rice, President Marcos Jr. issued Executive Order No. 39, imposing a temporary price ceiling of P41 per kilo for regular-milled rice and P45 per kilo for well-milled rice.

To make up for the retailers’ loss in revenue, each retailer will be given a subsidy of P15,000. The retailers said that the P15,000 subsidy is equivalent to a few sacks of rice. A 25-kilo sack of rice costs between P2,000 and P2,500. The subsidy of P15,000 can buy only seven sacks at P2,000, only six sacks at P2,500. They say the subsidy would run out before the temporary price cap expires.

To arrest the surge in the price of rice, Finance Secretary Benjamin Diokno proposed a temporary slash of the tariff rates for rice imports. Federation of Free Farmers National Manager Raul Montemayor said that a slash in tariff rates would induce rice traders to collude to pay lower farmgate (what the traders pay farmers) prices for their harvest in response to competition from cheaper imported rice.

If tariff rates are slashed, Mr. Montemayor said the retail price of rice may go down by P7 per kilo. If that happens, the price of palay (unmilled rice) would drop by P4.44 per kilo. Based on the 2022 palay production of 17.75 million metric tons, that would be equivalent to a loss of about P88 billion for the farmers. That could push the farmers to abandon rice production altogether. As we are not rice self-sufficient, that development would bring about a food crisis beyond the government’s capacity to resolve.

Ironically, Secretary Diokno objects adamantly to the proposal of the transport sector to suspend both the value-added tax and excise tax on fuel to moderate inflation. Transport inflation quickened from -4.7% in July to 0.2% in August. Fuel prices have gone up by a total of P71.85 per liter for gasoline and P17.30 for diesel since the second week of July. As of yesterday, gasoline in the neighborhood station sells for P70.35 a liter, diesel for P70.20 a liter.

There is supposed to be a rollback of P0.14 on the price of gasoline and P0.69 on diesel effective today. That is so picayune a price adjustment that it would not have any effect on the transport sector’s dire situation.

While jeepney operators have petitioned the Land Transportation Franchising and Regulatory Board for a fare hike to help them cope with the rising cost of fuel, they are not optimistic about the agency granting them the increase. They know that the agency officials know that the majority of Metro Manila commuters cannot afford another fare hike. That is the finding of the survey conducted by The Passenger Forum, a network and mobility advocacy group.

Random interviews of jeepney drivers by broadcast reporters, also reveal that many jeepney drivers are seriously considering looking for less demanding and less stressful livelihood. A drastic reduction in transport service in Metro Manila would slow down economic activity as blue-collar workers and rank-and-file office employees would have difficulty getting to their workplace on time, if they get there at all. The capital region is the heart of the Philippine economy.

Are queues for rice rations forthcoming? Are protests like those staged against Sri Lanka’s president just two years ago about to explode and possibly pressure the President to flee?

ALL IN THE FAMILY
That brings to mind the stories of authoritarian heads of state whose rules were cut short by people power or by extermination but whose scions rose to become heads of the same states. Other than the Ferdinand Marcoses, senior and junior, there were the Parks of South Korea, Chung Hee and his daughter Geun-hye; the Bhuttos of Pakistan, Zulfikar and his daughter Benazir; and the Gandhis of India, Indira and her son Rajiv.

Park Chung Hee was general and president of South Korea from 1963 to 1979. His rule brought about rapid economic growth, but at the cost of human rights and political freedom. He imposed restrictions on personal freedoms, suppressed the press and political dissent. He organized the Korean Central Intelligence Agency (KCIA) for the purpose of monitoring closely the activities of the political opposition.

On Oct. 17, 1972, Park declared martial law. When, in 1979, he dismissed the leader of the opposition party from the National Assembly, the Koreans erupted in violent protests. On Oct. 26, 1979, Park was assassinated by the head of the intelligence agency he himself formed, the KCIA.

Twenty-eight years later, his daughter Geun-Hye ran for president, promising the right to pursue happiness, a democratic economy, and customized welfare services for the Korean people. She was elected. But in December 2016, she was impeached by the National Assembly on charges related to influence peddling. She was removed from office and put in jail.

Zulfikar Ali Bhutto became president and army commander-in-chief on Dec. 20, 1970. He served as prime minister from 1973 to 1977. In January 1972, Bhutto nationalized all major industries. He adopted a labor policy that increased workers’ rights and the power of trade unions. The government took over a million acres of land for distribution to landless peasants. He convened the National Assembly and prodded the legislators to write a new constitution.

Bhutto deployed 100,000 troops to suppress protests. He was accused of masterminding the murder of political opponents. In July 1977, Bhutto was arrested by troops under the order of General Zia. On April 4, 1979, Bhutto was hanged.

In August 1988, Zia died in a mysterious plane crash, resulting in a power vacuum in all of Pakistan. In the elections of that year, Zulfikar Ali Bhutto’s old party, taken over by his daughter Benazir, won the biggest number of seats in the National Assembly. On Dec. 1, 1988, just nine years after her father was ousted, Benazir Bhutto was elected prime minister.

She served two terms, in 1988-90 and 1993-96. She drew foreign investment in the country and introduced social programs. But Pakistan continued to experience an unstable economy and a decline in law and order. She was forced to step down in 1996. She was assassinated in December while campaigning for a seat in parliament.

Indira Gandhi served as prime minister of India for three consecutive terms, 1966-1977. and a fourth term from 1980 to 1984. During the early 1980s, Sikh separatists vehemently demanded autonomy. In June 1984, Gandhi ordered the Indian army to attack and oust the separatists who occupied and fortified the Sikhs’ holiest shrine. At least 450 Sikhs were killed in the incident. Five months later Gandhi herself was killed by her own Sikh bodyguards.

Her son Rajiv was sworn in as prime minister on the same day. As prime minister of India from 1984-89, Rajiv Gandhi reformed the government bureaucracy and liberalized the country’s economy. But his attempts to discourage separatist movements worked against him. When his government got involved in a number of financial scandals, he resigned as prime minister in November 1989. In May 1991 Rajiv was assassinated while campaigning for the next round of parliamentary elections.

Park Geun-hye, Benazir Bhutto, and Rajiv Gandhi met the same fate as their famous parents. They fell from grace. Will Bongbong Marcos meet the same fate as his father?

 

Oscar P. Lagman, Jr. is a retired corporate executive, business consultant, management professor and an avid sports fan.

Mexican police cuff crooked ‘demon doll’ Chucky

CHUCKY the evil doll from the 1990 film Child’s Play 2. —IMDB.COM

MEXICO CITY — Handcuffed, a knife still sticking out of his overalls, the Chucky doll hunches against the wall as police hold him by his bright orange hair to take his mug shot.

In a bizarre twist, Chucky and his owner were taken into lock-up in a town in northern Mexico earlier this week.

The puppet master, identified only as Carlos “N” under Mexican norms, allegedly used the “demon doll” to scare people and demand money, local media reported.

Both were charged with disturbing the peace and putting others’ integrity at risk.

One officer at the police department in Monclova, in Coahuila state, was seen laughing as she held up the long knife taken from Chucky.

Mexican media reported the officer who put Chucky in cuffs was later reprimanded for not taking her job seriously.

Carlos “N” was later released, local outlets reported, though the Chucky doll’s whereabouts are still unknown. — Reuters

BSP disqualifies one more money service firm  

BW FILE PHOTO

THE MONETARY BOARD has banned one more firm from securing a license with the Bangko Sentral ng Pilipinas (BSP) after it was found operating an unregistered money service business (MSB).

In a circular letter signed by BSP Assistant Governor Arifa A. Ala on Sept. 22, the central bank disqualified Riyben Foreign Exchange, which was operated by Benjamin De Guzman San Juan and was located in Tagaytay City, Cavite.

“The above disqualification is pursuant to Section 901-N of the BSP’s Manual of Regulations for Non-Bank Financial Institutions,” the BSP said in a statement.

This is also a “part of the BSP’s efforts to address the proliferation of entities engaged in the operation of unauthorized MSBs,” it added.

Pawnshops, along with foreign exchange dealers, money changers, and remittance agents, are considered as MSBs by the BSP.

Earlier in June, the BSP disqualified six firms from securing a license with the BSP after they were also found operating unregistered MSBs.

These are Bontoy Money Changer, Nurul Money Changing Services, Globexmc Foreign Exchange Services, J-Mar Foreign Exchange Service, Mariada Money Exchange Services, and Money Changer.

In February, the Monetary Board banned Kidlat Fast Cash, Inc. and Tong’s Money Changer from registering with the BSP.

Pawnshops and MSBs are seen by the BSP as access points for the financially unserved and underserved areas in the country.

As of end-December 2022, BSP-registered money service businesses had 7,584 head offices and branches nationwide. — Keisha B. Ta-asan

Vitarich plans to expand its farm product plants

VITARICH CORPORATION FACEBOOK PAGE

LISTED Vitarich Corp. is planning to expand its network of farm product plants through partnerships, its top official said on Monday.

“We are actually in the middle of planning for our road map, and we are identifying the areas for growth… possibly [in] North Luzon,” Vitarich President and Chief Executive Officer Ricardo Manuel M. Sarmiento said in an interview with ANC.

Mr. Sarmiento added that the company’s planned manufacturing site would “not necessarily” be company-owned as it eyes partnering with local businesses.

“Part of our strategy is to partner with other businessmen, especially localized in the region. That usually is a good mix,” he said. He did not give out further details on the company’s expansion plans.

The company currently has two feed mill facilities and a poultry dressing plant in Central Luzon, a feed mill and a dressing plant in Davao, and another feed mill in Iloilo.

“These are the ones that are company-owned,” he said.

“But in other regions, like Region 1, Southern Tagalog, [General Santos], and the other regions where we operate, we operate through a partnership,” he added.

Meanwhile, Mr. Sarmiento said that the company is expecting “better” growth for 2024, compared with this year.

During the second quarter, the company reported a P38.9 million net loss, a reversal of the prior year’s P144.04 million in attributable net income.

Its revenues went up by 3.4% to P3 billion for the three-month period from P2.9 billion the previous year.

Vitarich is a manufacturer of animal feed and food products and a poultry integrator in the Philippines.

On Monday, shares in Vitarich slipped by 1.82% or a centavo to close at P0.54 apiece. — Adrian H. Halili