Home Blog Page 3362

GCash and SEC tie up in fight vs online scams, cybercrimes

TOWFIQU BARBHUIYA-UNSPLASH

FINANCE super app GCash partnered with the Securities and Exchange Commission (SEC) on Thursday to help boost enforcement against online fraud, e-scams, and other cybercrimes. 

Under the signed memorandum of agreement (MoA), GCash will help and cooperate with the SEC in investigating financial fraud crimes by giving information in accordance with prevailing laws, rules, and regulations.

“By continuously working with the government in combating scams, fraud, and other cybercrimes, we want our users to have peace of mind and confidence to transact in the digital space. After all, at GCash, the security of our users is our utmost priority,” G-Xchange, Inc. Chief Executive Officer Oscar A. Reyes, Jr. said during the MoA signing event in Makati City on Thursday.

“Together with the SEC, we will continue to improve and innovate in order to protect our customers against cyber threats and other types of scams,” he added. 

G-Xchange is the mobile wallet operator of GCash.

Meanwhile, the SEC and its Enforcement and Investor Protection Department (EIPD) noted that victims of cybercrimes normally use electronic wallets for their transactions.

The corporate regulator added that the country has seen a rise in online scams, investment fraud, and various cybercrimes in recent years amid increasing digitalization for daily transactions and investments. 

“As the country’s investor champion, we must think of ways for financial technology companies like GCash to thrive. Financial services offered by GCash will further the cause for financial inclusion and bring the capital market to more Filipinos,” SEC Chairperson Emilio B. Aquino said. 

“The MoA entered into today allows efficient cooperation between EIPD and GCash. Through this MoA, the EIPD can request vital information from GCash to build better cases in its fight against fraud,” he added. 

Previously, GCash coordinated and partnered with law enforcement agencies such as the Philippine National Police Anti-Cybercrime Group and the National Bureau of Investigation in upholding the e-wallet’s security mandate. — Revin Mikhael D. Ochave

Ayala Land and Cathay Land break ground for 800-hectare Southmont  

Ayala Land and Cathay Land recently broke ground for Southmont, a new estate located in Silang, Cavite.  

Southmont is an 800-hectare, mixed-used master planned development that will refresh South Luzon’s natural landscape with the best in contemporary and sustainable urban living. Designed to provide an expanse of business and lifestyle opportunities within a remarkable atmosphere and terrain, it is set to cultivate communities while also bringing unique opportunities to investors looking to expand their portfolio in the South. 

Currently, Southmont offers residential developments Hillside Ridge and Verdea from Alveo Land, and Lanewood Hills by Ayala Land Premier.  

Held onsite last Sept. 27, 2023, this groundbreaking milestone was led by Cong. Roy Loyola, 5th district representative of Cavite; Silang Mayor Kevin Anarna; Cathay Land President Jeffrey Ng; Ayala Corporation Chairman Jaime Augusto Zobel de Ayala; Ayala Land President and CEO Bobby Dy and Ayala Land incoming President and CEO Meean Dy.

 


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

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

Fernando Zobel de Ayala returns to Ayala Corp. as director 

FERNANDO Zobel de Ayala has returned to Ayala Corp. as director as part of his gradual return to senior positions in the group after resigning last year for health reasons.

In a regulatory filing, Ayala Corp. said Mr. Zobel is serving the unexpired term of Mercedita S. Nolledo who resigned from the company’s board effective Thursday. She served on the board from 2004 until September 2010 and rejoined on Sept. 27 last year when Mr. Zobel resigned.

The company said Ms. Nolledo resigned in support of Mr. Zobel’s rejoining the board to resume his leadership of our sustainability initiatives, particularly our net zero commitment, which he launched in 2021.

In September 2022, Mr. Zobel resigned as vice-chairman of the board, president, and chief executive officer of Ayala Corp. as it would allow him to focus more on his recovery and health.  

He took a medical leave of absence in August last year. The firm did not disclose further details.  

Ayala Corp. is the listed holding firm for the various businesses under the Ayala group.

Meanwhile, Ayala Corp. said Mr. Zobel will also occupy the other positions vacated by Ms. Nolledo such as the chairman of the sustainability committee, member of the risk management and related party transactions committee, and member of the personnel and compensation committee.

Previously, other Ayala-led companies also disclosed the return of Mr. Zobel to their respective boards such as his election as chairman of Ayala Corp.’s healthcare subsidiary AC Health and as director of the Bank of the Philippine Islands.  

Ayala Corp. logged a 13.2% increase in its first-half attributable net income to P18.41 billion from P16.27 billion a year ago led by its banking, properties, and energy units and a one-off gain from AC Industrial Technology Holdings Inc.

On Thursday, shares of Ayala Corp. at the local bourse jumped P4 or 0.64% to finish at P630 apiece. — Revin Mikhael D. Ochave

Two units of Filinvest Land apply for dissolution

TWO SUBSIDIARIES of Filinvest Land, Inc. (FLI) have filed dissolution applications with the Securities and Exchange Commission (SEC) as the listed property firm streamlines its corporate structure.

In a regulatory filing on Thursday, FLI identified the units as LeisurePro, Inc. and Filinvest Lifemalls Mimosa, Inc.

“To streamline the corporate structure of FLI, the following subsidiaries have filed applications with the SEC to be dissolved by shortening their corporate term,” the listed firm said.

LeisurePro is engaged in the real estate marketing business while Filinvest Lifemalls Mimosa is involved in property management. 

“These subsidiaries have been inactive and have not conducted any business operations and transactions,” it added.

FLI is a subsidiary of Filinvest Development Corp., one of the leading full-range property developers in the country.   

The company’s portfolio consists of best-value homes, townships, mixed-use developments, mid-rise and high-rise condominiums, office buildings, shopping centers, and leisure developments.   

Recently, FLI announced that its proposed bond offering, comprising of P10 billion with a P2 billion oversubscription option, earned a PRS Aaa credit rating and a stable outlook from Philippine Rating Services Corp.

The company said the proceeds from the offering will be for capital expenditures and debt refinancing. It is the first tranche of FLI’s peso-denominated fixed-rate bonds offering up to an aggregate principal amount of P35 billion to be issued in tranches.   

In the first half, FLI posted a 15% jump in its attributable net income to P1.39 billion on the back of higher revenues.

On Thursday, shares of FLI at the local bourse rose two centavos or 3.23% to finish at 64 centavos apiece. — Revin Mikhael D. Ochave

Geekdom as serious business

ManiPopCon returns for biggest year yet

AFTER three years of planning for the comeback of the Manila Pop Culture Convention (known as ManiPopCon), geeks will finally be able to come together as the event returns this year, bringing more big-name guests and highlighting more geekdoms than before.

Japanese actor Mackenyu Arata, who plays pirate hunter Roronoa Zoro in the Netflix-produced One Piece live action series (among other roles in animé/manga-to-live action adaptations), will grace the main stage of ManiPopCon 2023 for meet-and-greet photograph opportunities and autograph signing.

Also confirmed as a main guest is Stan Sakai, the Japanese cartoonist and comic book writer best known as the creator of Usagi Yojimbo. He will be holding a panel discussion on the said comic book, which is celebrating its 40th anniversary.

ManiPopCon, a three-day event that will take place from Nov. 17 to 19, aims to host different geekdoms under one convention, from tabletop and card games, to comic books, e-sports, and cosplay. It will have game demos, artist booths, film screenings, and the like, all within Ayala Malls Manila Bay.

“We’re inviting different geeks from different geekdoms so they can see other geekdoms that they might be interested in joining. This way, there’s a cross-pollination of interests, increasing the number of geeks,” Marco Aventajado, ManiPopCon’s founder and chief executive officer, said at the press launch on Sept. 26.

As an inclusive space, the three-day convention was planned to make sure every geekdom gets its time to shine.

“Laro: The Philippine Games Convention” lets people witness Dungeons and Dragons games and tabletop game demos while Councourse de Geek contains booths for collectibles and merchandise pertaining to all things pop culture.

The Artist Alley will showcase Filipino comic artists and art toy creators, who will have dedicated booths and gatherings as well.

Finally, the Cinema Classics program will spotlight Sagip Pelikula’s remastered classics like Ibong Adarna, Patayin sa Sindak si Barbara, and more.

In 2019, the first and only iteration of ManiPopCon prior to this year saw over 200,000 attendees at its peak, with similar gaming events and pop culture merch booths and Superman actor Henry Cavill as the main guest.

For 2023, about 250,000 people are expected to attend, with Mackenyu Arata’s visit to the main stage as the biggest attraction.

“Everything stopped after 2019 due to the pandemic. Planning started again in 2021, and we wanted to figure out how ManiPopCon can truly differentiate itself from other conventions,” Mr. Aventajado told BusinessWorld.

The key was to go back to the core of the convention — to gather as many geeks as possible — and collaborate with the many Filipinos in the various pop culture industries with ideas on what to do next.

Patrick Henry de Dios, marketing director of Cosplay.ph, said at the press launch that live events and gatherings may have suffered over the pandemic, but they are now back with a vengeance because fans of animé and manga really increased during that time.

Surprised to find the many, many fans seeking out ways to fuel their hobby,” he told BusinessWorld.

The growth of cosplay, or the activity of dressing up as fictional characters, goes hand-in-hand with the growth of animé and manga. “It was difficult to find, stream, and download animé when we were young. Now it’s widely available,” said Mr. De Dios.

For Mr. Aventajado, the overall rise of geekdom among Filipinos is an opportunity to provide avenues where these hobbies can safely and happily run wild, which is why the convention is free to the public.

“We welcome everyone — young people, old people, barkadas, families. There’s something here for everyone,” he said.

For the full schedule of the convention, visit Manipopcon’s social media sites. — Brontë H. Lacsamana

Mirrors between cultures: This year’s Película/Pelikula focuses on ‘green’ films and the oeuvre of Carlos Saura

ALCARRÀS by Carla Simón, 2023.

 

ECOLOGICAL films and the works of a master director are the highlights of this year’s Película/Pelikula Spanish Film Festival.

The film festival will be held from Oct. 5 to 15 at the Shangri-La Plaza’s Red Carpet Theater in Mandaluyong, while sharing an online component from Oct. 11 to 15.

Twenty-seven films will be screened this year, but of note are the films under the “Pelicula en Verde” (Movies in Green) initiative. This initiative is conducted in partnership with Haribon Foundation and is sponsored by Acciona, one of the top Spanish infrastructure companies whose headquarters for Asia are in Manila. According to the Facebook page of Instituto Cervantes de Manila, for every person who watches the films under the initiative, Acciona will fund the planting of a tree in Tanay, Rizal.

These films are Alcarràs (Carla Simón, 2023), As bestas (Rodrigo Sorogoyen, 2022), El Olivo (Icíar Bollaín, 2016), Fonos (Gabriela Badillo Sánchez, 2021), and Tierra (Julio Medem,1996), whose themes are mainly about nature and environmental issues. Alcarràs is about a family facing eviction from their beloved orchard due to solar panels, while As bestas is about an elderly couple’s opposition to a wind farm project. El Olivo is about a young woman’s quest to recover her grandfather’s beloved olive tree, while Fonos is another story about a young woman and her grandfather, this time, they bond through sound. Finally, Tierra is a love story set in a landscape of fiery red hills.

Speaking to BusinessWorld during a press conference on Sept. 26 at the Red Carpet Theater about the reason behind the “Pelicula en Verde” initiative, Javier Galvan, Director of the Instituto Cervantes de Manila which is organizing the Spanish-language film festival, said “this is a matter for everyone. It is the challenge of humanity to preserve the planet. Otherwise, life in the planet can disappear in a few generations from now.”

FOCUS ON DIRECTOR CARLOS SAURA
Another highlight of this year’s festival, its 22nd edition since its 2002 debut, are the works of director Carlos Saura, who passed away this year in February. Three of his films will be shown this year: Embrujo, Goya en Burdeos, and El Rey de todo el mundo.

Embrujo shows the obsession of a man with a flamenco dancer whose career ascends as he slowly sinks into alcoholism. Goya en Burdeos is about the artist Francisco de Goya, while El Rey de todo el mundo is about a theater producer who is working with his ex-wife to stage a musical, all this drama set to the accompaniment of Mexican music.

Mr. Galvan, while discussing Saura’s relevance, recounted what cinema was like in the years of the fascist Franco regime which reigned over Spain from 1939 to 1975. “Spanish cinema hardly got out in Spain,” he said. “Carlos Saura, even during Franco’s time, he was able to export Spanish cinema abroad.” Saura was able to achieve international fame after his 1960 film, Los Golfos, premiered at that year’s Cannes Film Festival — the film was not screened in Spain until three years later due to the tight screws of censorship in Spain at that time. “He was able to make some kind of cinema; very Spanish — but at the same time, something that is well-understood abroad.”

Mr. Galvan made a note about how cinema can bridge cultures together. “It shows what worries their societies,” he said. “Societies can see a mirror in the other society.”

Entrance to all Película/Pelikula 2023 screenings are free on a first come, first served basis. All the movies are in Spanish or their original language with English subtitles. For a complete list of films and a film showing schedule, visit the festival’s website (https://pelikula.org) or the Facebook page of Instituto Cervantes de Manila: www.facebook.com/InstitutoCervantesManila and on Instagram @institutocervantesmanila. — Joseph L. Garcia

Two subsidiaries of Italpinas hike capital stock  

TWO subsidiaries of listed property developer Italpinas Development Corp. (IDC) have secured the approval of their directors and stockholders for a capital increase to strengthen their operations.  

In a regulatory filing on Thursday, IDC said its majority-owned unit IDC Homes, Inc. has obtained approval for an increase in capital stock to P200 million from P1 million, ensuring the parent firm’s control over the subsidiary.

IDC Homes is engaged in the design and development of sustainable buildings for socialized and affordable homes.

“IDC subscribed to 25% of the increase in capital stock of IDC Homes, and paid up 25% of such subscription, or P49.75 million, through conversion of advances to IDC Homes in the amount of P10.28 million into equity, and actual cash payment of P2.16 million,” the listed firm said.

“The subscription will ensure that the subsidiary remains majority-owned and controlled by IDC. At the same time, since 20% of the amount to be paid up will be conversion of advances already made to the subsidiary, there is minimal current cash infusion,” it added.

According to IDC, the higher capitalization seeks to bolster the operations of IDC Homes.

“Prior to the increase, IDC Homes has outstanding capital stock of 10,000 shares. After the increase, outstanding shares will be 1.99 million shares,” it added.  

Meanwhile, IDC said in a separate disclosure that the board and stockholders of its majority-owned unit IDC Prime, Inc. approved the increase in its capital stock to P300 million from P1 million.  

“IDC subscribed to 30% of the increase, and paid up such subscription, or P90 million, in full,” the listed firm said.

“IDC subscribed to 30% of the increase in capital stock of IDC Prime, and paid up such subscription, or P90 million in full through exchange of real property valued at P50.56 million for equity, and conversion of advances to IDC Prime in the amount of P39.44 million into equity,” it added.

IDC Prime is engaged in the design and development of “green” buildings.

The parent firm said the increase in capitalization is also meant “to strengthen IDC Prime and allow IDC to assign development projects, and concentrate on exploring other locations, negotiating additional joint ventures, and tapping into diverse funding sources.”

“Prior to the increase, IDC Prime has outstanding capital stock of 10,000 shares. After the increase, outstanding shares will be 3 million shares,” IDC said.

On Thursday, shares of IDC at the local bourse ended unchanged at 77 centavos each. — Revin Mikhael D. Ochave 

Entertainment News (09/29/23)


Pinoy Playlist Music Festival on this weekend

THIS YEAR, the Pinoy Playlist Music Festival will emphasize the “future-shaping” power of music through new Pinoy songs as well as the re-making and re-interpretation of past Filipino music. This year’s theme is “Gunita and Mga Bùkas” (Memories and Futures). From Sept. 29 to Oct. 1, there will be at least 45 performances at the Globe Auditorium, the Zobel de Ayala Recital Hall, and the Sun Life Amphitheater, all within the BGC Arts Center in Taguig. The performances will be punctuated with photos from the Camera Club of the Philippines and innovative digital art by Filipino artists. There will also be forums on the different aspects of music-making. On Sept. 29, the lineup is as follows: Abby Clutario, Adjeng, jasmine and noelle, Joey Ayala, Mijon, Pauline Cueto, raven, Sam Concepcion, Simon Tan Walotao, Sitti, and Tamara, with special tribute performances for Alfonso “Coke” Bolipata by the Pundaquit Virtuosi and Steps Dance Studio. On Sept. 30, the musicians performing are Autotelic, Ebe Dancel, Haru, Kammerchor Manila, Leanne and Naara, Of Mercury, Rivermaya, The Edralins, Viñas Deluxe with Winter Sheason Nicole and Tiny Deluxe, Viva, Vicor, and Wild Dreams Records Artists: Amiel Sol, Matt Wilson, Nicole Abuda, Rob Deniel, and Young Cocoa, with special tribute performance for Mel Villena by the AMP Decktet, The CompanY, Pikong, and Mitch Valdes. The final day will have Arman Ferrer, Davey Langit, Debonair District, Gary Granada, Janine Teñoso, Lara Maigue and Gian Magdangal, Nica Del Rosario, Room for Cielo, Therese Villarante’s “Girl With A Broken String” featuring Ivy Gallur and James Gulles, and The Nightingales, with special tribute performances for Regine Velasquez-Alcasid by Katrina Velarde, Phi Palmos, Trina Belamide, Ima Castro, Sweet Plantado-Tiongson, Jona, and Jed Madela. One-day passes and three-day festival passes are available via the TicketWorld website (bit.ly/PPMF2023Tickets) or call 8891-9999, and at the BGC Arts Center TicketWorld Box Office.


Rawaten Cultural Extravaganza now free to the public

THE RAWATEN Cultural Extravaganza, which will be held at the Metropolitan Theater on Oct. 6, will now be free to the public, thanks to the National Commission for Culture and the Arts (NCCA) which announced that they are sponsoring the event. Those who have already bought tickets to the show can either refund their tickets and then sign up to watch via the public registration form that will be posted online, or convert the ticket payment into a donation for the event. The latter option means the ticket will be upgraded to a front-row seat. The donation will go to the performers from Sulu and Tawi-Tawi who are staying in Manila for the show. For refunds or upgrades, contact the Rawaten Committee through tom.bauya@msumain.edu.ph or 0935-960-8286.


BGC’s Da Vinci show extended until December

THE RUN of Bonifacio Global City’s Wisdom of “Da Vinci: An Immersive AI Experience,” which combines art, science, and technology, has been extended until Dec. 10. The hour-long show, which was brought to the Philippines in August, highlights the genius of Leonardo da Vinci and other art masters. The show can be seen in full at the 3rd Level of One Bonifacio High Street, 5th Avenue, BGC, Taguig. Tickets are priced at P975 for adults and P780 for students, and may be purchased through https://bgcimmersive.com. It is also open for exclusive group viewings and corporate bookings for parties of 50 to 60 guests. Inquiries can be sent to hello@bgcimmersive.com.


Filipinas Heritage Library holds jazz talks, shows

THE FILIPINAS Heritage Library, in partnership with Purefoods Deli, presents “Jeepney Jazz Talks: In Search of Philippine Jazz” with Richie Quirino and Sandra Lim-Viray. The lecture will be held on Sept. 29, 2 p.m., at the Ayala Museum on Makati Ave., Makati, and also online via Zoom and Facebook Live. Jeepney Jazz is a music appreciation program that tunes the jazz ear. The inaugural talk starts with a provocation: Does Philippine jazz even exist? If so, what makes it unique? Why is it key to our pop music heritage? Jazz historian Richie Quirino and Sandra Lim-Viray, jazz vocalist and festival organizer, will debate these topics among others on Friday. Admission is free. The discussion kicks off the “Jeepney Jazz” program which includes a series of performances in October and November. Jeepney Jazz: Session One features Project 201 performing Indigenous music and jazzy OPM on Oct. 13. Jeepney Jazz: Session Two features Dan Gil and Bituin Escalante as they debut New York, Cubao, an original jazz musical on Oct. 28. Jeepney Jazz: Session Three will feature Johnny Alegre and HUMANFOLK performing Indigenous and Urban Folk on Nov. 17. All performances will be at the Ayala Museum at 6-8:30 p.m. Tickets to the Jeepney Jazz Session performances are P2,000 for regular tickets, P1,600 discounted tickets for students, teachers, Ayala Group employees, Ayala Museum members, and FHL Research Pass holders, and P1,400 for Seniors and PWDs. Rates are inclusive of food and drink. For inquiries:
e-mail asklibrarian@filipinaslibrary.org.ph.


Light/sound show, folk creatures cap CCP’s 54th year

MYTHICAL folk creatures like the kapre, aswang and manananggal, collectively dubbed Tanod-lupa, find a new home at the CCP Liwasang KaLIKHAsan through arts installations by visual artist Abdulmari “Toym” De Leon-Imao, Jr. They began their migration into the park in April during the Earth Day celebrations. Together with Sinag 2023: Tuloy Ang Palabas, a light, sound, and projection show marking the 54th founding anniversary of the Cultural Center of the Philippines (CCP), they will be exhibited around the Liwasan for photo ops, supplemented by soundscapes designed by TJ Ramos. The iconic façade of CCP will serve as a canvas for a show conceptualized by CCP light designers Camille Balistoy, Danilo Villanueva, Louie Alcoran, and Shantie De Roca. It will be complemented by Soundridemusic and Makai-symphony’s music, spliced by Jerry Tria. A video mapping projection (created by Reily Villaruz) caps the show, set to the music of Jed Balsamo’s Rurok. The lights and sounds show at the CCP Front Lawn will be held nightly, 7-9:30 p.m., from Sept. 29 to Oct. 1, with shows at 30-minute intervals. Tanod-Lupa at Liwasang KaLIKHAsan is free and open to the public from 6 to 9 p.m., every day except Monday.


The Exorcist: Believer opens Oct. 4

PRE-HALLOWEEN horror film The Exorcist: Believer will open on Oct. 4 in cinemas nationwide, with midnight screenings for those who want to feel the full terror. Fifty years ago, The Exorcist shocked audiences around the world. This new chapter, produced by Blumhouse and directed by David Gordon Green, infuses horror anew with a Mesopotamian demon called Lamashtu. Teenage girls — played by Lidya Jewett and Katherine Olivia O’Neill — unknowingly bring the evil force to civilization after setting foot in the woods where he lies in wait. “I’ve grown up with a fascination of religions of all sorts,” Mr. Green said in a statement. “When I see a movie that has a religious theme, I’ll often read more about it, or research it.” Although the 1973 film relied primarily on a Catholic interpretation of possession, The Exorcist: Believer examines it from the perspective of multiple faiths.

Berong mine operator at 88% of annual rehabilitation target

BERONG Nickel Corp. (BNC) has surpassed in just six months its annual rehabilitation target for its mine in Palawan province’s Quezon town, its listed parent firm said on Thursday.

“BNC has completed 88% of its annual land preparation target within just six months, successfully rehabilitating over 30 hectares of the Berong mine,” DMCI Holdings, Inc. said in a disclosure.

The full-year rehabilitation target was set at 34 hectares, it said.

DMCI Holdings added that BNC had installed 672 coconets as it accelerated its erosion control and soil stabilization efforts. The number is about six times its annual target installation of 116.

BNC also placed 1,721 meters of geo-textiles, citing significant enhancement to the ecological stability of the areas under rehabilitation.

“We are fully committed to addressing our impacts on the environment and to our host communities. In our first year, we were able to exceed many of our rehabilitation targets,” said BNC President Tulsi Das C. Reyes.

Mr. Reyes, who is concurrently the president of DMCI Mining Corp., added that the seedling production and transplantation targets for the year were also exceeded.

“The progress we have made in such a short time is a testament to our team’s hard work and dedication,” he said.

The rehabilitation works enabled the production of 214,052 seedlings compared with the 85,000 seedlings initially targeted for the year.

“From this, it was able to plant 81,709 during the first semester, which is already 96% of its annual target of 85,000 seedlings,” it said.

The Palawan mine was set for a six-year rehabilitation due to its depletion in 2021, with BNC allocating P110 million for the project.

BNC’s rehabilitation, which started in June 2022, covers 109 hectares of surface mine, 209 hectares of silt control structures, and 25 hectares of stockpile area.

During its operation, the Berong mine yielded about 10.3 million wet metric tons of nickel ore and 2.6 billion worth of mining duties, royalties, and taxes.

The mining operation also created 1,634 direct and indirect jobs during its active period from 2006 to 2021.

“After rehabilitation, the disturbed areas could be used for eco-tourism, agro-forestry and inland fish farming by the Department of Environment and Natural Resources, local government units and host communities,” DMCI Holdings said. — Adrian H. Halili

Vivant unit inks power supply deal with RE developer

VIVANT Corp. said on Thursday that a subsidiary of its renewable energy (RE) arm had signed a 20-year power supply agreement with a renewable energy developer whose solar photovoltaic (PV) project is targeted for completion in 2025.

In a stock market disclosure, Vivant said COREnergy, Inc., a unit of Vivant Energy Corp., closed the deal with Samal Solar Renewable Energy Corp. (SSREC), which is developing 52 megawatts of direct current (MWdc) in Brgy. Samal, Bataan province.

“SSREC’s obligations to construct the plant and supply the contracted energy is subject to the condition precedent of a successful financial close to secure debt financing for the project,” the company said.

Vivant said that the solar PV power facility is set to be completed within the second quarter of 2025.

The company earlier announced that Vivant Energy had entered into a joint venture with Aboitiz Power Corp. unit Aboitiz Renewables, Inc. and Singapore-based firm Vena Energy to put up a 206-megawatt wind power project in San Isidro, Northern Samar.

The wind power project is targeted to reach financial closing before the fourth quarter and start the construction by November.

The joint venture, called Lihangin Wind Energy Corp., is expected to start the power source’s commercial operations by the first quarter of 2025.

Vivant Energy holds the energy investment portfolio of Cebu-based listed firm Vivant. — Sheldeen Joy Talavera

Who’s in charge?

PRESIDENT Ferdinand R. Marcos, Jr. presides during the NEDA meeting in Malacañan Palace on Thursday, Sept. 21, 2023. — PHILIPPINE STAR/KRIZ JOHN ROSALES/PPA POOL

In his recent lecture as former Director General of the National Economic and Development Authority (NEDA), UP Professor Emeritus Dr. Dante B Canlas argued that to help avoid a low middle-income trap, three policy approaches should be given priority: short-run stabilization measures, health measures, and affordable energy. The right priorities to these key policies of competing importance and consequences should be established.

Needless to say, priorities should be implemented preferably to the letter.

But unless the administration is able to get its head together and start on correct prioritization in the last five years of its mandate, it would be like building something without the benefit of a rudimentary blueprint. That could be chaotic; it’s like a headless chicken running every which way. It becomes worse when the leadership is less than informed and spirited.

One fundamental issue that begs top priority and decisive management is inflation — the number one issue of national concern based on Pulse Asia’s latest poll (June 19-23, 2023). Three out of five Filipinos, or, more accurately, 63% of those surveyed, rated the control of inflation as the most urgent concern that the National Government must address. At about the same time last year, only 57% of those polled were concerned about price movements. And this year, the ABC class topped them at 67%.

If the winning parties in the May 2022 election believed they commanded popular support before the actual voting based on Pulse Asia, it is important that they now heed civil society and do something wise about it. After all, it was the promise to slash the price of rice to only P20 per kilo that somehow influenced the decision of a good portion of the electorate.

What policy actions have we seen in the last 14 months?

On the demand side, despite the multiple forward guidance issued by the Bangko Sentral ng Pilipinas (BSP) governor, past and present, and one of the members of the Monetary Board, monetary policy has been on the right track. Like the US Fed last year, the BSP subscribed to the view that the supply shocks were only transitory, only to realize they were more persistent with destabilizing secondary effects. Under then-newly minted Governor Philip Medalla, the Monetary Board was forced to do an off-cycle monetary tightening and, at one point, an unprecedented 75 basis point adjustment after a couple of baby steps. Even the peso was hit by the wider differential with the US rate, sending it beyond P59 to a dollar. From an initial level of 2%, the BSP jacked up its policy rate to 6.25% or by a cumulative 425 basis points.

With actual and projected inflation way above the 2-4% target and mounting supply shocks from food, energy, transport, and wage adjustments, the BSP correctly ruled off the table any talk of possible policy rate cuts in 2023. This is a far cry from the representation of some quarters that some monetary policy normalization is on the cards. The current BSP governor, Eli Remolona, was right in saying that the possible rate hike in November may not be the last hike for the year considering the nature and duration of those shocks. Even the usual observation of some that the BSP monetary tightening has weakened the economic momentum did not sell to the BSP: “For a rate cut, you need the economy to slow down significantly and inflation to maybe go below the target range.”

That remark of the BSP clarified that, one, monetary tightening has been working but with a lag; and, two, with GDP at a first-half average of 5.3%, the real sector impact was due less from the tight monetary policy than from weak public spending and private investment. The BSP tightens monetary policy to arrest inflation which has so far restrained private consumption and growth. The persistently high core inflation — averaging 7.4% in the first eight months of 2023 against headline average of 6.6% — tells us that the demand component of inflation remains substantial.

What makes monetary policy appear helpless is the limited ability of Government to undertake non-monetary intervention to directly address the mounting supply pressures. Unfortunately, even as the issue falls under economic management, it looks like the President is listening more to his political advisers than his technocrats.

Under this Government, next to rice, the onion has become the symbol of inflation in the Philippines. It was selling for more than the cost of chicken and beef towards the end of last year. The price of the commodity started rising when supply fell short of the monthly consumption of 17,000 metric tons. Instead of managing supply and demand forces, and filling up any shortfall by imports from China and other Southeast Asian countries, the Government turned to law enforcement rather than to business solutions.

While partly true, smuggling and hoarding became the culprits. We don’t know if there were any arrests, but that seems to have even led to a chronic shortage and the phenomenal rise in onion prices beyond the price of meat, according to no less than Time magazine.

And of course, the Government’s handling of the on-going rice crisis has been very poor. Rice accounts for 9.6% of the consumer basket, and therefore could truly be a game-changing commodity. The President should know that from the time of his father to his, rice has been a big problem in the Philippines.

Instead of putting more money into agriculture to improve farm productivity and strengthen all support infrastructure, from storage to drying to milling to marketing, and allow rice imports to cover any remaining shortfall, the Government instead turned to more palliative solutions. Kadiwa stores were resurrected to sell cheap food commodities including vegetables and rice, but not for long. We have very, very limited fiscal space to make these rolling stores sustainable.

Imports were restricted at a time that the harvest season was still months ahead, and, when the rice supply hit rock bottom, the Government ran after rice smugglers, hoarders, and profiteers. When rice prices escalated beyond P50 a kilo, the Government imposed price caps without thinking that they would ultimately result in more shortages and a black market for the commodity. When the rice retailers complained that they were losing money because of administered prices, the Government extended to them some small subsidies. No one knows when these ceilings would last, but the Government should be prepared to subsidize farmers, middlemen, and wholesalers when their inventories run out.

We don’t know what is happening in the Palace, but even Finance Secretary Ben Diokno and NEDA Secretary Arsi Balisacan protested. They were not consulted, they admitted, but nonetheless they supported the move on the ground that price ceilings would be in place only for a limited time.

Is anyone in charge?

It looks like no one is.

This Government missed one good short-term solution to the rice crisis, and this is to temporarily reduce the rice tariff to around 10% or even lower to help immediately reduce rice prices. But the President rejected it. The President appears to be under the impression that rice prices are about to go down. This is far from the truth.

Key major producers like India are restricting rice exports and jacking up global rice prices by almost 10%. A prolonged El Niño dry spell and fertilizer deficit could only result in short supply and high prices. Nobody should take it against India if it decided to prioritize domestic consumption and lower prices at home.

It is unthinkable that some would miss the news that even in Thailand, the world’s second largest rice exporter, rice prices have risen so much. Domestic milled rice prices rose by almost 20% following India’s decision to curtail rice exports.

Thailand also expects lower production this year because of El Niño and recent floods. In the Philippines, in August alone, our statistics authority reported that unmilled rice or palay was selling at a farmgate price of P22.16 per kilo or nearly 26% over last year’s prices.

The tariff reduction would have been ideally accompanied by the lifting of the price caps on both regular- and well-milled rice. Unfortunately, while the NEDA initiated the proposal, the broadsheets the other day confirmed the report that it was also NEDA that agreed to drop the idea in view of what it called a declining trend in global rice prices! While rice futures indeed show some recent moderation in rice prices, the wild card is El Niño and all that it implies to global supply.

Too bad that we have been languishing under this brand of policy making for so long that we seem to have been numbed to it. If public policy were a little smarter, with some coherence to it, domestic inflation could have been more moderate like that of many of our neighbors.

Easing monetary policy should not be a difficult decision and forward guidance could have been more singular. Someone should be in charge.

 

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

All of Us Are Dead studio eyes public stock offering next year

A SCENE from All of Us are Dead.

THE PRODUCTION company behind Netflix, Inc.’s teen zombie series All of Us Are Dead is seeking to go public by the second half of next year as it looks to increase production in what has been a hot market for South Korean movies and TV shows.

SLL JoongAng Co., an affiliate of the JoongAng media group, is considering an initial public offering in Seoul or another market, Chief Executive Officer Jung Kyung-moon said in an interview. He is looking to raise capital and more than double the company’s sales to around two trillion won ($1.5 billion) in 2025 by producing 40 to 50 TV shows a year.

“We want to be a top-tier global studio,” Mr. Jung said. “It’s not an impossible mission.”

A global boom in the popularity of Korean entertainment has helped SLL expand its offerings, which also include the Netflix romantic comedy King the Land and the Disney+ series Big Bet, as well as films, and nonscripted shows popular on YouTube. Its US studio wiip Productions, acquired in 2021, produced the miniseries White House Plumbers for HBO. SLL also operates an office in Japan.

The company already has powerful backing by parent Contentree JoongAng Corp. and Tencent Holdings Ltd. It began by producing TV dramas for the JoongAng group’s TV channel. Currently it’s South Korea’s No. 2 producer behind CJ ENM Co.’s Studio Dragon.

Two big challenges stand in Jung’s way right now. The average cost of producing a Korean drama has tripled over the last five years to about $2 million an episode. More elaborate productions can run to $4 million or more.

With most of that budget going to the stars, directors, and writers, profit margins on streaming TV series have remained stagnant at around 10%.

While margins can improve if a series gets renewed, like Squid Game and All of Us Are Dead, companies like SLL continue to incur costs on less-successful shows that fade from public awareness a few weeks after release.

“The Korean content market is facing a tougher environment,” Mr. Jung said, citing rising costs and smaller content budgets from buyers. “We are in a crisis, but people don’t feel it yet.”

For SLL, the key to profitability will be to diversify geographically, Mr. Jung said. The purchase of wiip, the US studio, has so far weighed on earnings, however, in part due to the months-long Hollywood strikes.

Mr. Jung expects that the US studio’s results will improve once actors and writers return to work, something that could happen in coming weeks. (The writers’ strike ended this week but the actors strike is ongoing. — Ed.) The company is also setting up overseas offices in cities such as Tokyo to produce local content with creators there.

SLL is seeking partnerships with global streaming platforms, such as Hong-Kong based Viu International Ltd. and Amazon.com, Inc.’s Prime Video, for more overseas distribution. Such deals would reduce SLL’s dependence on streaming TV’s biggest player, Netflix, Mr. Jung said.

“K-drama has always found a path through crises to bigger growth,” he said. — Bloomberg