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Entertainment News (10/27/23)

Ayala Cinemas brings back Tim Burton’s Beetlejuice

AS PART of Ayala Mall Cinemas’ Thrill Fest of horror-themed movies, Tim Burton’s remastered Beetlejuice, an iconic Halloween favorite from 1988 which is currently marking its 35th anniversary, is currently being screened. The fantasy dark comedy stars Alec Baldwin and Oscar winner Geena Davis as a dead young couple who try to haunt the pretentious humans who have moved into their New England farmhouse by eliciting the help of a demonic wraith (Michael Keaton) they cannot control. This comic fantasy has a casting coup with Michael Keaton, Mr. Baldwin, Ms. Davis, Catherine O’Hara and Winona Ryder. The final film in the Thrill Fest line-up is Five Nights at Freddy’s which will open at Ayala Cinemas on Nov. 1. It follows Mike, a troubled young man who was recently fired and desperate for work, who agrees to take a position as a night security guard at an abandoned building.

Coke Studio PHL launches Season 7 lineup of artists

THE 7TH season of Coke Studio Philippines is celebrating musical diversity by introducing talents from across the country, generations, and genres. The new artists in its lineup are: BINI and Alamat, two of the hottest P-Pop acts of today; indie alternative rock band Dilaw from Baguio; the hitmaker dwta from Bicolandia; the trending hip-hop rap ensemble PLAYERTWO from Davao; and, from Cebu, Tawag ng Tanghalan grand champion Janine Berdin. Coke Studio is also teaming up with dance content creators Manu Torreno and Innah Bee, as well as the two-time world hip-hop dance champions, UPeepz. Viewers are invited to participate in this year’s performances by remixing or doing online collaborations with their favorite artists and dancers as they jam with the chorus cuts creatively crafted for this season. For more information, subscribe to Coke Studio’s YouTube channel.

ATARASHII GAKKO! releases new single

TOKYO-based four-girl progressive pop-group ATARASHII GAKKO! have returned with their new single “Tokyo Calling,” out today via 88rising. Opening with a doomsday-like alarm that continues as the central beat to the track, the song recognizes the harsh realities of daily life, even in their beloved home city. The group works its way to a euphoric chant of “we are marching!,” a catchy mantra meant for live audiences to scream back at them. “Tokyo Calling” arrives just ahead of the quartet’s first ever North American tour and is now available on all streaming platforms.

Goethe Institut holds 14th Science Film Festival

THE GOETHE Institut Philippinen has launched the 14th edition of the Science Film Festival Philippines, which is available for free online as video-on-demand (VOD) service and onsite at various schools nationwide from Oct. 25 to Dec. 1. Celebrated as one of the biggest and longest-running science events in the Philippines, the festival offers a roster of 34 science-related films in support of the United Nations Decade on Ecosystem Restoration. It aims to call for the protection and revival of ecosystems all around the world. For updates, visit goethe.de/ScienceFilmFestPh.

Asian hip-hop performer Awich drops new album

JAPANESE hip-hop performer Awich has released her newest album The Union. The title track of the same name — also the name of her first Japanese arena headline show on Nov. 5 — sets the theme throughout the 12-track album. Already released single “RASEN in OKINAWA” introduces other Okinawan rappers like Tsubaki, OZworld, Chico Carlito. Also included is the song “Kuchi Ni Dashite 2 (Say It All 2),” produced by KM. There are also songs featuring artists like Gadoro and BIM, and production from Trill Dynasty, Stuts, Jigg, and sty. Awich, short for “Asia Wish Child,” is a name she created to reflect her roots in Okinawa. Following the release of The Union, Awich will be releasing an album in English in early 2024 with a US tour to follow.

Romantic animé to screen at SM Cinemas

WINNER of the Paul Grimault Prize at the 2023 Annecy Festival, The Tunnel to Summer, The Exit of Goodbyes is a sweet romantic young adult coming-of-age animé film that entwines two young high school students from different backgrounds who share similar pains growing up. Things kick off when Kgaoru Tuono (voiced by  Ouji Suzuka) and Anzu Hanashiro (Marie Iitoyo) see each other while waiting at a train station. An Encore Film to be distributed by Warner Bros., it will open on Nov. 1 exclusively at SM Cinemas.

Q2 housing demand climbs to a three-year high

RESIDENTIAL PROPERTY prices in the second quarter rose at the fastest pace in three years amid high interest rates and rising inflation. Read the full story.

Q2 housing demand climbs to a three-year high

How PSEi member stocks performed — October 26, 2023

Here’s a quick glance at how PSEi stocks fared on Thursday, October 26, 2023.

Double Your Drive with Toyota’s October raffle promo

Buy a Toyota this month to get a chance to win another Toyota car!

Toyota Motor Philippines (TMP) is doubling the fun and excitement for its lucky customers with Double Your Drive Raffle Promo.

You can get twice the excitement by getting a new car in addition to the one you purchased, as Toyota is giving away 5 brand new cars this October. By getting your dream Toyota this month, you also earn a raffle entry for a chance to win an additional brand-new ride.

The Double Your Drive Raffle Promo is open to all customers who will purchase any new Toyota vehicles across TMP’s dealer network until Oct. 31, 2023. The mechanics are simple — you will be eligible to receive one raffle coupon after you successfully purchase any new Toyota vehicle within the promo period. Our friendly and reliable Marketing Professionals (MPs) will help you register your raffle entry.

The five lucky winners and their corresponding prizes will be drawn on Nov. 10, 2023. Raffle prizes include 1 Vios XLE CVT, 1 Corolla Altis GR-S, 1 Corolla Altis G, and 2 Wigo G AT. Winners will then be notified by their Marketing Professionals. Raffle winners are advised to only entertain raffle prize notifications from their trusted Marketing Professional from the Toyota dealership they had their transaction with. Winners will be given 90 days from the day of notification to claim their newest Toyota vehicle. Claiming of the vehicle will be at the same Toyota dealership where they bought the vehicle.

Don’t miss the chance to double your drive. Visit toyota.com.ph/promos/doubledrive to know more about the Double Your Drive promo and how you can get twice the happiness in mobility.

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Businesses say investors deterred by inconsistent PHL rules, policies

PHILIPPINE STAR/ MICHAEL VARCAS

THE Philippines’ investment environment is less attractive than it can be due to “inconsistent” rules that change with every administration, businesses said.

At the 49th Philippine Business Conference and Expo, San Miguel Corp.-Infrastructure Chief Financial Officer Raoul Eduardo C. Romulo said both Philippine and foreign investors want the rules governing their entry into any market to be predictable and consistent.

“What we should concentrate on and ask the government to continue to concentrate on is predictability in our investment guidelines (and) predictability in following all the necessary steps,” Mr. Romulo said.

“If we can have our information technology infrastructure in place, streamline government bureaucracy and continue the cooperation between government and the private sector, all of these ingredients will (position) us for a better future for the Philippines,” he added.

Sergio R. Ortiz-Luis, president and chief executive officer of Philippine Exporters Confederation, Inc., said uncertain policy is a concern continually being raised by investors.

“(To which) we continue to say that no they don’t change, maybe there is emphasis given to certain areas, but it is basically the same,” said Mr. Ortiz-Luis. “And I think they (are starting) to believe that and our problem now is to convince them,” he added.

Canadian Ambassador to the Philippines David Hartman said that Canadian businesses are pleased to see the government making strides towards liberalization.

“The positive trajectory that we see here really excites us in Canada because it makes us conscious of how much economic opportunity there is here,” Mr. Hartman told BusinessWorld on the sidelines of the event.

“But of course, having predictability, stability, and clear and transparent rules are always in the best interest of businesses,” he added.

John Goyer, executive director for Southeast Asia of the US Chamber of Commerce, said complaints with regard to ease of doing business are common issues brought up within the chamber membership.

“We have heard complaints like that in the past. So, I think, clearly, it continues to be a problem,” he told BusinessWorld. “And I think that we would continue to encourage the Philippines to streamline investment procedures, approvals, licensing, all of the red tape associated with making an investment.”

“The easier, the more transparent and the more certain that process can be made, the more attractive the Philippines becomes,” he added.

SMC Infrastructure’s Mr. Romulo said that in order to address the inconsistencies, he would like to see a long-term plan that is consistently followed.

“What we’d like to see is a government roadmap of let’s say 20 to 25 years. I think there is one, but it should be consistent and that even if the administration changes, the priorities should remain the same,” he added. — Justine Irish D. Tabile

Cebu province seeks challengers for unsolicited 150-MW solar project

CEBU PROVINCIAL GOVERNMENT FACEBOOK PAGE

CEBU province said it is inviting challengers to a consortium’s unsolicited proposal for a 150-megawatt (MW) solar power plant.

In a statement, the province’s Economic Enterprise Council (EEC) said it received a proposal from the consortium, composed of Acciona Energia Global, S.L. and Freya Renewables, Inc., for a joint-venture solar power plant.

The EEC said the project proposal involves the “development, financing, operation, commissioning, owning, managing and maintaining” a 150-MW solar facility, whose output is deliverable to the National Grid Corp. of the Philippines or to any interested purchaser.

The project cost is estimated at P7.52 million, with a construction period of 32 months and a concession of 25 years, it said.

Citing provincial ordinances, the EEC said that a project of this type is required to undergo a Swiss challenge.

A Swiss challenge involves soliciting counterproposals from competing bidders, which the original proponent has the right to match.

Domestic corporations interested in filing a challenge are required to be duly registered with the Securities and Exchange Commission (SEC), while foreign corporations must be holders of an SEC License to Operate.

Challengers must also have “completed, developed, operated and maintained at least a 75-MW solar power plant” and have equity of at least P3.76 billion.

Bid documents may be obtained upon payment of a non-refundable fee of P10,000.

“Deadline set for submission of eligibility documents is 12 noon, Monday, Nov. 6, 2023. The eligibility documents shall be opened not earlier than 1 p.m. on the same date in the presence of the private sector participants’ representatives, if any, who choose to attend the scheduled opening,” the EEC said. — Sheldeen Joy Talavera

Feed millers warn of higher meat, egg, fish prices

REUTERS

FEED MILLERS said the price of meat, eggs, and fish may rise further due to issues regarding the supply and quality of domestically grown corn used in animal feed.

The Philippine Association of Feed Millers, Inc. (PAFMI) said in a statement that domestic corn is inadequate to meet rising industry demand.

“As it plays a role in many industries, ensuring the access to affordable and good-quality corn is an issue that not only affects the livelihood of farmers but also has broader implications for food security and economic stability for the rest of the community,” PAFMI President Edwin C. Mapanao said.

Mr. Mapanao added that the majority of animal feed formulations involve yellow corn, which also has human-food and bioethanol applications.

“Corn is a staple crop in the Philippines as it serves as a vital food, feed, and industrial raw material,” he said.

PAFMI declared its support for the extension of the lowered 5% tariff on corn imports, first imposed by Executive Order (EO) 10.

“With corn-reliant sectors developing and demand increasing, keeping tariffs low is an urgent but temporary measure,” it said.

PAFMI added that further corn imports could address supply issues and “ultimately aid in sustaining local production of quality meat, eggs, and fish while keeping prices affordable.”

EO 10, signed by President Ferdinand R. Marcos, Jr. last year, extended the lower tariffs on rice, corn, and pork until Dec. 31, 2023. The Tariff Commission has since heard arguments for or against their extension, and is due to submit its recommendation to the Palace in about a month.

Corn tariffs are currently set at 5% for imports within the minimum access volume quota and 15% for those exceeding the quota.

PAFMI had called for a standard 5% tariff on corn imports, regardless of volume. — Adrian H. Halili

Seaweed put forward as animal feed alternative

STOCK PHOTO | Image by Laczko Istvan Stefan from Pixabay

THE Department of Agriculture (DA) said it may encourage the use of processed seaweed as an alternative to corn-based animal feed, as a means of lowering the cost of meat and poultry.   

“This will relieve our animal raisers from the high cost of commercial feed,” Undersecretary Deogracias Victor B. Savellano said in a statement.

Mr. Savellano added that the DA will seek assistance from the United Nations Food and Agriculture Organization (FAO) to develop seaweed as an animal feed.

“We are tapping the expertise of (FAO Country Representative) Lionil Henri Valentin Dabbadie to explore the processing of seaweed as commercial feed for farm animals,” he added.

He said seaweed can save on feed costs and is abundant along Philippine coastal areas.

During the second quarter, seaweed was the leading item by volume of all fisheries products, according to the Philippine Statistics Authority.

Output was 365,775 metric tons for the period, accounting for 33.9% of fisheries production.

Other efforts to raise the supply of feed include the proposed conversion of sugarland in Batangas to corn, following the recent closure of the province’s sugar central.

“Sugarcane farmers can take on a new livelihood and help supply the requirement for animal feed for livestock and poultry,” he said.

In 2022, Central Azucarera Don Pedro, Inc. in Nasugbu, Batangas announced its closure due to the challenging operating environment in the province, citing the lack of cane to support a milling operation. — Adrian H. Halili

USAID provides modernization funding for 9 PHL cities outside NCR

NINE CITIES outside Metro Manila will receive a total of P624 million from the US Agency for International Development (USAID) to help modernize their services to the public and their financial management.

The Urban Connect Project, supported by the USAID Cities Development Initiative partnered with the city governments of Batangas, Legazpi, Puerto Princesa, Iloilo, Tacloban, Tagbilaran, Cagayan de Oro, General Santos, and Zamboanga.

“Our approach is comprehensive. From economic development to the development of health and education, from improved public services to increased private sector engagement,” USAID Philippines Mission Director Ryan Washburn said in a speech at the program’s launch event.

The project started in August but was officially launched on Thursday, Urban Connect Activity Chief of Party Alex B. Brillantes, Jr. said.

Mr. Brillantes said Urban Connect will support government and USAID projects in these local government units (LGUs) by providing more funding for modernization.

“We are building on previous projects. We are building on what the government has been doing,” he said.

Mr. Brillantes said in a speech that the project will benefit other localities near the cities by “promoting inter-LGU, inter-city cooperation in digitalization.”

He said the project will also encourage LGUs to improve health, education, and other services.

Mr. Brillantes said the program aligns with the goals of AmBisyon Natin, the 25-year National Economic and Development Authority (NEDA) economic plan.

NEDA Assistant Secretary Sarah Lynne S. Daway-Ducanes said developing the selected cities will help decongest the country’s megacities, which are facing environmental issues and housing shortages.

Director-General Ernesto V. Perez of the Anti-Red Tape Authority said enhanced electronic government systems will help connect the National Government with the private sector in developing local economies. — Jomel R. Paguian

Peso sinks as dollar climbs before US Q3 GDP data

PHILIPPINE STAR/WALTER BOLLOZOS

THE PESO sank on Thursday ahead of the release of US gross domestic product (GDP) data for the third quarter and as the dollar rebounded versus other global currencies.

The local currency closed at P56.96 versus the dollar on Thursday, weakening by 11 centavos from its P56.85 finish on Wednesday, data from the Bankers Association of the Philippines’ website showed.

The local unit opened the session weaker at P56.93 against the greenback. Its intraday best was at P56.90, while its weakest showing was at P56.975 versus the dollar.

Dollars traded went up to $1.08 billion on Thursday from $909.7 million on Wednesday.

“The peso weakened ahead of a likely strong third-quarter US GDP growth report overnight,” a trader said in an e-mail.

The US Commerce department was expected to release its estimate for third-quarter GDP overnight.

The peso declined as the dollar was stronger against major global currencies, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The dollar was buoyant on Thursday, hovering at a near three-week high as Treasury yields rose and appetite for riskier currencies dimmed, while the yen briefly surged after breaching 150.50 per dollar, keeping traders jittery about intervention, Reuters reported.

“Nevertheless, the peso exchange rate still somewhat stabilized and supported versus the dollar on possible intervention towards the P56.99 high, as signaled and reiterated by some local monetary authorities since August 2023… in an effort to stabilize the peso exchange rate,” Mr. Ricafort said.

For Friday, the peso may recover after the Bangko Sentral ng Pilipinas’ (BSP) off-cycle hike announced on Thursday, the trader said.

The BSP on Thursday hiked its policy rate by 25 basis points (bps) to 6.5% in an off-cycle move in a bid to anchor inflation expectations.

This was the BSP’s first policy adjustment since March and brought total increases since May 2022 to 350 bps.

For Friday, Mr. Ricafort sees the peso moving between P56.80 and P56.98, while the trader gave a forecast range of P56.70 to P56.90. — L.M.J.C. Jocson with Reuters

Health staff shortage will take ‘years’ to address via education system reforms

REUTERS

THE shortage of health professionals will take some time to resolve by expanding capacity in the education system and improving graduate quality, healthcare educators said.

West Visayas State University President Joselito F. Villaruz said in a media roundtable on Thursday that the Department of Health estimates the physician-to-population ratio in 2022 was only 3.6 for every 10,000 people, well below the ideal of 10 per 10,000.

“It will take us quite a number of years to fill in that gap,” he noted.

He said the Commission on Higher Education (CHED) is currently formulating its roadmap for healthcare education.

“This will include reorienting our curriculum towards primary healthcare and providing strategies to improve the quality of graduates by providing them with experiential learning,” he said.

CHED also recently approved a pilot program cutting short the time spent in medical school.

“They will also enhance the number of graduates, with doctors to be produced in less time,” Mr. Villaruz said.

“We cannot really tell at this time whether a shorter program will be applicable across all schools, but we are piloting this project but eventually, who knows, we might need to implement this across all schools,” he added.

Recruiting healthcare professionals should also start at a younger age to ensure that more students apply to medical programs, former Dean of the De La Salle Medical and Health Sciences Institute and the former President of Asian Hospital and Medical Center Madeleine Grace M. Sosa said.

“If we want to develop more nurses, we have to start with recruitment. The institution should be able to (tap) grades 11 and 12 (for) your future students,” she said.

“You need to have a way to hold on to middle schoolers, high schoolers, and grades 11 and 12. These (needed to be viewed as) feeder schools,” she added.

Reorienting the curriculum to give medical students earlier exposure to patients will also help motivate them to finish their studies, Ms. Sosa said, adding that more state universities in the provinces need to have medical schools.

Eleanor B. Almoro, who chairs the Professional Regulatory Board of Medicine, noted that as of October 2022, the Professional Regulation Commission had 152,055 registered physicians, with 99,561 classified as active.

“Divided by the Philippine population, it gives us a physician density of 9 doctors per 10,000 people,” she said, noting that the issue lies in their distribution across 17 regions.

The regions with the lowest healthcare professional density are the Bangsamoro Autonomous Region in Muslim Mindanao and Palawan, or Region 4B, at about two physicians per 10,000 people.

The National Capital Region still has the highest number of physicians at 29 per 10,000. — Aaron Michael C. Sy

Shares drop before central bank’s off-cycle hike

REUTERS

PHILIPPINE STOCKS declined anew on Thursday, with the main index falling below the 6,000 level intraday, before the Bangko Sentral ng Pilipinas’ (BSP) announcement of an off-cycle rate hike.

The Philippine Stock Exchange index (PSEi) went down by 36.01 points or 0.59% to close at 6,018.49 on Thursday, while the broader all shares index dropped by 22.81 points or 0.69% to end at 3,266.02.

“The PSEi index ended in the red but managed to close above its support level of 6,000. The market briefly breached this level intraday as investors braced for today’s potential off-cycle rate hike that the BSP mentioned last Tuesday,” Unicapital Securities, Inc. Senior Equity Research Analyst Carlos Angelo O. Temporal said in a Viber message on Thursday.

The BSP late on Thursday raised benchmark interest rates by 25 basis points (bps) before a scheduled review as it seeks to anchor control 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.

Thursday’s move 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 index fell in today’s session as sentiment remained sour given the overnight weakness in offshore markets stemming from US yield and earnings woes. Further exacerbating this was investor caution ahead of US third quarter GDP (gross domestic product) data due out today, as well as prospects of an off-cycle rate hike from the BSP,” China Bank Securities Corp. Research Director Rastine Mackie D. Mercado said in an e-mail on Thursday.

All sectoral indices dropped on Thursday. Services fell by 13.36 points or 0.9% to 1,457.50; financials went down by 14.37 points or 0.83% to 1,709.08; mining and oil dropped by 66.74 points or 0.67% to 9,867.19; industrials declined by 57.54 points or 0.66% to 8,596.67; property sank by 15.82 points or 0.61% to 2,545.73; and holding firms decreased by 17.54 points or 0.3% to 5,798.39.

Value turnover went down to P3.06 billion on Thursday with 428.34 million shares changing hands from the P3.63 billion with 977.71 million issues seen on Wednesday.

Decliners outnumbered advancers, 115 versus 47, while 51 shares closed unchanged.

Net foreign selling stood at P319.07 million on Thursday versus the P20.08 million in net buying seen on Wednesday.

“Going forward, the market is likely to move sideways after retesting its key support level as investors await next catalysts… Market activity may remain anemic considering the long weekend and next week’s holidays,” Unicapital Securities’ Mr. Temporal said.

Philippine financial markets will be closed on Oct. 30, Nov. 1, and Nov. 2. — SJT with Reuters

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