Facebook Instagram Linkedin X Youtube
Home Blog Page 3649

Meralco customers to see higher bills in February

PHILIPPINE STAR/RUSSELL PALMA

By Sheldeen Joy Talavera, Reporter

RESIDENTIAL CUSTOMERS in areas served by Manila Electric Co. (Meralco) will see higher electricity bills this month due to an increase in the generation charge.

The overall rate will rise by P0.5738 per kilowatt-hour (kWh) to P11.9168 per kWh this month from P11.3430 in January, Meralco said in a statement on Thursday.

Typical households consuming 200 kWh will see their monthly electricity bills rise by about P115 this month.

Meanwhile, residential customers consuming 300 kWh, 400 kWh, and 500 kWh will see increases of P173, P231 and P290, respectively, in their February bills.

The generation charge mainly drove the increase in the rate as it went up by P0.4552 to P7.1020 per kWh, Meralco said.

The generation charge accounts for nearly 80% of a consumer’s monthly electricity bill.

The power distributor attributed the rise in the generation charge to higher charges from independent power producers (IPP) and power supply agreements (PSA).

“Charges from IPPs increased by P1.4764 per kWh due to higher fuel costs of First Gas – Sta. Rita and San Lorenzo power plants, mainly resulting from the increased use of imported liquefied natural gas (LNG), which was around 35% to 40% more expensive than Malampaya gas,” Meralco said.

The price of Malampaya gas, the country’s sole natural gas provider, also inched up, Joe R. Zaldarriaga, Meralco’s spokesperson and vice-president for corporate communications, said at a briefing.

“The Malampaya gas price to the Sta. Rita plant increased by almost 12% following the signing of a new gas supply and purchase agreement between First Gas and the [Malampaya] consortium,” he said, adding that the San Lorenzo plant also had an increase of less than 2%.

The peso’s depreciation also contributed to the increase in IPP charges, he added.

The peso closed at P56.275 a dollar on Jan. 31, weakening by 90.5 centavos from its finish of P55.37 on Dec. 29, based on Bankers Association of the Philippines data.

Charges from PSAs went up by P0.1158 per kWh following higher charges from emergency PSAs and the peso’s weakness that affected about 11% of costs that were dollar-denominated.

The increase was mitigated by higher excess energy deliveries from some PSAs, which were priced at a discount, Meralco said.

“The increase, however, of both the IPP and PSA charges were somehow tempered by a P0.41 decrease in the prices of the Wholesale Electricity Spot Market or WESM due to the improved supply situation in the grid,” Mr. Zaldarriaga said.

IPPs, PSAs and WESM accounted for 32.8%, 46.8% and 20.4% of the company’s total energy requirements for February.

Transmission and other charges, which include taxes and subsidies, increased to P0.1186 per kWh, reflecting the resumption of the collection of the P0.0364 per kWh feed-in tariff allowance (FIT-All) starting in the February billing month. The Energy Regulatory Commission last month said the lifting of the 13-month suspension of FIT-All collection due to a deficit in the FIT-All fund.

“Pass-through charges for generation and transmission are paid by Meralco to the power suppliers and the grid operator, respectively, while taxes, universal charges, and FIT-All are all remitted to the government,” the power distributor said.

Distribution charge has remained unchanged at P0.0360 per kWh since August 2022.

Meanwhile, Meralco encouraged large power consumers to join its interruptible load program (ILP) to help ensure that power supply remains sufficient to meet consumer demand.

A total of 103 companies with 528 megawatts of de-loading capacity across its franchise area are enrolled in the program, it said.

“We are banking on the support of large load consumers within the Meralco franchise area to embody the spirit of bayanihan and join the ILP. As we have experienced in the past, the program has been beneficial in ensuring continuity of service even when supply is tight,” Mr. Zaldarriaga said.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls.

BIR fails to meet 2023 revenue collection goal

PHILIPPINE STAR/RUSSELL PALMA

By Luisa Maria Jacinta C. Jocson, Reporter

THE BUREAU of Internal Revenue (BIR) collected about P2.53 trillion in 2023, surpassing the previous year’s level but falling short of its full-year target.

“In 2023, we collected more than P2.5 trillion, which is around 7.5% higher than our tax collection in 2022,” BIR Commissioner Romeo D. Lumagui, Jr. said in a speech at the agency’s National Tax Campaign Kick-off event on Thursday.

“The additional revenue funded a wide array of government projects and initiatives. Notably, last year’s collection is the highest revenue collection ever recorded in the bureau’s history,” he added.

The agency’s revenue collections last year rose from P2.34 trillion in 2022, but it missed the P2.64-trillion target for 2023.

Mr. Lumagui said this was mainly due to the change in the deadline of value-added tax (VAT) filings to quarterly from monthly.

“First of all, this was due to the change in VAT compliance. VAT requirements became quarterly from monthly. That’s big, because in 2022 the VAT payment was filed monthly and now it became quarterly. There’s one quarter of VAT payments that was not counted for 2023,” he said in mixed English and Filipino.

“One of the reasons for that would be that the last quarter for VAT was paid in 2024. But essentially, I think they did a good job. I think the bigger challenge will be for 2024, because the revenue targets are high as well,” Finance Secretary Ralph G. Recto told reporters on the sidelines of the same event.

This year, the BIR is expected to generate P3.05 trillion in revenues. The agency collects about 70% of the government’s revenues.

Mr. Lumagui said he expects the agency’s planned programs and initiatives this year to help it achieve its collection target.

“With all the programs we’re doing, we’re hoping that it will be enough,” he said, citing the recently issued withholding tax on online sellers, increase in enforcement activities and digitalization and streamlining of processes.

“We’re hoping with everything we’ve done, making it easier for the public to pay taxes, that… their compliance will be better and increase this year,” he added.

Meanwhile, separate data from the BIR showed it generated P137.18 billion in revenues from operations targeting the illicit trade of cigarettes, vape and other excisable articles in 2023.

It filed 259 cases under its Run After Tax Evaders program with total tax liabilities worth P18.3 billion.

Under its Run After Fake Transactions program, the agency filed more than 23 cases against ghost corporations, corporate buyers, accounting firms and buyers and sellers with tax losses worth P45.2 billion.

The BIR issued 179 closure orders and collected P987.74 billion from its enforcement program Oplan Kandado, it added. The program suspends the operations and temporarily closes establishments that ignore BIR requirements.

Last year, 2.104 million people filed their taxes online, higher than 1.996 million e-filers in the previous year. BIR also said 68% of taxpayers prefer to file their returns electronically.

“We have gained headway in our digital transformation programs. We have expanded our ISO certification to include frontline processes… In short, in the span of about a year, we will achieve 100% ISO certification. This is a big deal because our processes will be transparent and more efficient,” Mr. Lumagui added.

Banks’ end-2023 NPL ratio drops to one-year low

PIXABAY

PHILIPPINE BANKS’ nonperforming loan (NPL) ratio fell to the lowest in a year in December as borrowers were more capable of paying their debts amid low unemployment rates and slower inflation, analysts said.

The banking industry’s bad loan ratio went down to 3.23% as of end-December from 3.41% at end-November, preliminary data posted on the Bangko Sentral ng Pilipinas (BSP) website showed.

It was the lowest since the 3.16% recorded at end-December 2022.

Lenders’ gross NPLs stood at P446.99 billion as of December, rising by 12.09% from a year earlier but down by 1.6% from end-November.

Meanwhile, the loan portfolio of Philippine banks grew by 9.58% to P13.84 trillion at end-2023 from a year ago, and by 3.75% from P13.34 trillion in the prior month.

“Among others, the strong Philippine job numbers and slower inflation likely boosted the paying capacity of consumers, which likely underpinned the decline in NPLs,” Bank of the Philippine Islands (BPI) Lead Economist Emilio S. Neri, Jr. said in a Viber message.

High employment rates recently might have significantly improved borrowers’ capacity to pay off their debts, John Paolo R. Rivera, president and chief economist at Oikonomia Advisory & Research, Inc., said in a Viber message.

The Philippine consumer price index eased to 3.9% in December from 4.1% in November, the slowest in 22 months.

Headline inflation averaged 6% in 2023, slightly higher than 5.8% in 2022.

Meanwhile, the country’s unemployment rate dropped to a new record of 3.1% in December from 3.6% in November, bringing the full-year jobless rate to 4.3%, the lowest in almost two decades.

In December, the ranks of unemployed Filipinos dropped to 1.6 million, more than half-a-million fewer than 2.22 million a year ago. There were 2.19 million jobless Filipinos last year, lower than 2.67 million in 2022.

The employment rate in December also rose to a record 96.9%, above the 96.4% in November and 95.7% in December 2022. In absolute terms, employed Filipinos in December reached 50.52 million, up by 889,000 from a month ago.

On an annual basis, the country added 1.52 million jobs from 49 million in the previous year.

BSP data showed past due loans held by banks increased by 14.3% year on year to P547.37 billion as of end-December. This brought the past due ratio to 3.95% as of end-2023 from 3.79% a year earlier.

Meanwhile, restructured loans declined by 8.3% to P302.493 billion as of December from a year earlier. These borrowings made up 2.19% of banks’ portfolios, down from 2.61% at end-December 2022.

The industry’s loan loss reserves stood at P456.514 billion as of end-December, growing by 7% year on year. This was equivalent to 3.3% of banks’ total loans, lower than 3.38% a year earlier.

NPL coverage ratio at end-2023 stood at 102.13%, inching down from 107% as of end-2022.

“As interest rates are expected to be lower this 2024 since inflation is relaxing, there is a greater likelihood of (borrowers) being able to pay debts,” Mr. Rivera said.

The Monetary Board raised borrowing costs by 450 basis points from May 2022 to March 2023, bringing its policy rate to a 16-year high of 6.5%.

BSP Governor Eli M. Remolona, Jr. earlier said they might consider cutting benchmark interest rates in the second half if there is a sustained downtrend in inflation.

The Monetary Board will hold its first policy review this year on Feb. 15. — Keisha B. Ta-asan

Manila Broadcasting Co. rebrands as MBC Media Group

THE MANILA Broadcasting Co., known simply as MBC, has rebranded as MBC Media Group as it expands from a purely broadcast entity to a multi-platform business offering various channels and services.

“For our partners, this is a symbol of our bigger and stronger integrated media platforms to help grow their businesses. For our audiences, this means we now have more ways to serve them better with information, entertainment, and year-round community service activities,” MBC Media Group President Jun Nicdao said at a trade event on Feb. 6 at the Aliw Theater in Pasay City.

The company was founded in 1939 as radio station KZRH (now DZRH). Its rebranding now reflects “its ability to adapt proactively to the changing needs of the Filipino audience.”

The vision for the MBC brand is to stay relevant forever, Mr. Nicdao said.

Juan M. Elizalde, MBC Media Group’s Senior Vice-President, noted that the new logo featuring six ellipses represents fluidity and sound waves — a nod to its legacy business — as well as the six strategic business units.

These are radio, TV, promotions, talents, events, and digital, which “play into the overall strategic vision and growth of the company.”

“This means bigger audience, better services, and more platforms to reach the audiences, fully integrated campaigns on air, online, and on-ground, and more ways to serve Filipinos everywhere,” Mr. Elizalde said.

He added that the various units are expanding, especially with the country migrating into digital television.

“MBC will be rolling out digital TV stations in all major broadcast areas, including Mega Manila,” he said. — Brontë H. Lacsamana

Bloodsucker

Movie Review
El Conde
Directed by Pablo Larrain
Netflix

I REMEMBER mentioning a notable name in the Filipino film industry to one of our better filmmakers, who declared him “an impakto” — Tagalog for “bloodsucker.”

I looked at him. “Really? How about—” and mentioned someone else. “Another impakto.” “And—?” “Yet another impakto!” I tossed off several more names and all he could say was “impakto, the lot of them.”

Which conversation I remember while watching Pablo Larrain’s latest feature, a rather obvious high concept horror comedy that answers the question: What if Augusto Pinochet was a vampire? Not a political or metaphoric monster draining Chile of its economic prosperity but a literal supernatural leech?

It starts off intriguingly enough: Pinochet (longtime Larrain collaborator Jaime Vadell) has faked his death and is living in an isolated farm (actually an abandoned sheep ranch in Patagonia). Stories of folk found with their hearts cut out have been circulating lately, and Pinochet’s children are alarmed: their father is attracting attention, and besides he’s lived far too long  — time for him to move on and allow them their chance to enjoy his hidden wealth. So, as all good children of wealthy families tend to do, his progeny make a pilgrimage to the patriarch’s home hoping to see some of that wealth, hiring along the way a nun named Carmen (Paula Luchsinger), overtly to audit the money (he claims he’s forgotten where he hid it), covertly to employ her case of vampire-killing accessories — wood stake and mallet and all — to kill the old man.

The premise is rich with possibilities, and I suppose Larrain can’t be faulted for not exploiting all of them. This is labeled a horror film but its moments of true horror lie not in the sight of pulsing hearts freshly torn from chests but in the interviews Carmen conducts with the various family members including El Conde (“The Count,” as Pinochet insists on calling himself, possibly a reference to Bram Stoker’s novel) — many of the details seem to have been taken from historical accounts, and are all the more chilling for being so casually mentioned.

But the film isn’t concerned with the former regime’s atrocities so much as it is with the legacy they represent: the real Pinochet escaped accountability by dying (some 300 cases remain pending); Larrain adds insult to injury by supposing Pinochet staged his demise and is living in relative comfort, though the director does complicate matters by suggesting that: 1.) the former president isn’t happy with his present reputation in history books, and, 2.) he’s so tired of life he wants to die.

I’d liked to have seen more of the kids — their father may not have converted them, but they seem vampiric all the same, gathered round their pater like vultures round a dying ox, and I’d welcome more scenes of them squabbling over which bit of flesh would be tastiest and who gets to sample first. I would love to learn more about Pinochet’s wife Lucia (Gloria Munchmeyer), who’s tired of her husband (apparently the feeling is mutual) and is having an affair with loyal butler and former top butcher Fyodor (Alfredo Castro) — longtime enablers who now feel some kind of way about their traditional roles. The film is a trim 110 minutes but another 10 or 20 adding extra detail to the characters and their difficult relationship with the old man might have uncovered a few more comic nuggets.

I’d even like to learn more about El Conde and Carmen’s spiraling pas de deux — the attraction is understandable (Luchsinger is a striking presence) but beyond the flirting and lingering looks what do they think and feel about each other? Especially when they get to better know each other? Certainly wordless imagery is best but some dialogue — a small handful even, to suggest the interplay of minds — would have been appreciated.

Some more hiccups — I kept getting thrown by the sight of a human heart in a blender; one pound of tough fibrous muscle won’t just turn into protein shake at the touch of a button, you have to chop it up first. That, or show the blender’s container juddering as if undergoing a seizure, with plenty of poking down the sticky results with a spatula — the fail is minor but disturbing and suggests Larrain hasn’t thought all the physical details through.

And Carmen’s interviews — some of her comments are so blatantly sarcastic you wonder if she isn’t trying to provoke them to attack her. I understand dictators and their people can sometimes be either unaware or willfully tone deaf to the morality of their actions but there’s deaf and there’s downright dense — I kept expecting the family to throw Carmen out of the house for her effrontery.

(Some partial spoilers ahead. — Ed.)

I did in the end enjoy the film, mainly for the moody visual texture. Edward Lachman’s cinematography captures the wild desolation of Patagonia, and the black and white imagery helps sell the eerie special effects: of Pinochet in his familiar cape rising to the air like a more malevolent superman, of said figure gliding amongst the buildings of Santiago seeking prey. Later in the film when a character is finally converted, their fumbling first attempts at flying are captured, legs cycling over corrugated roofs and grasslands and wetlands, at one point arms joyously outstretched as they fling themselves into a flat spin over rocky terrain and strings strum thrillingly in the background. It’s the film’s high point, though, unfortunately, it also upstages much of what comes after, including a belated plot twist linking the film’s narrator to the narrative and tying conservatism to fascism as the latter’s more palatable face (and while I would have liked more words exchanged between the film’s two chief lovers, I’d have preferred less exposition from this late-entry character).

Might as well note that the final form of Pinochet’s secreted wealth comes as an uncomfortable surprise, a reminder of Anthony Burgess’ warning in A Clockwork Orange, that appreciation of the finer things in life — of music, art, literature — doesn’t guarantee an appreciation of the finer nuances in morality (though one wonder’s at the true value of some of the items — would a first edition of Mein Kampf fetch that much money?)

Might also note that one of Pinochet’s sons by way of excuse points out Ferdinand Marcos as being a far bigger thief, having stolen $30 billion to the Chilean strongman’s measly $30 million, and once more the Philippines distinguishes itself on the world stage, though not in a manner that would allow it to hold its head very high.

SMC-led group leads NAIA bid, offers gov’t 82% revenue share

PHILSTAR FILE PHOTO

By Ashley Erika O. Jose, Reporter

A GROUP led by San Miguel Corp. (SMC) is advancing in the race to operate, maintain, and upgrade the Ninoy Aquino International Airport (NAIA), the Department of Transportation (DoTr) said on Thursday.

The number of qualified bidders was trimmed down to three groups from the previous four consortia, DoTr Undersecretary Timothy John R. Batan said during the opening of the financial proposals.

“Three bidders are compliant with the financial proposal requirements, with the SMC SAP & Co. Consortium ranking first,” he said.

The Asian Airport Consortium is now out of the bidding after being deemed noncompliant. The group comprises Lucio Co’s Cosco Capital, Inc., Asian Infrastructure and Management Corp., Philippine Skylanders International, Inc., and PT Angkasa Pura II.

The SMC SAP & Co. Consortium, consisting of San Miguel Holdings Corp., RMM Asian Logistics, Inc., RLW Aviation Development, Inc., and Incheon International Airport Corp., has proposed to allocate 82.1% of NAIA revenues to the government.

In comparison, the GMR Airports Consortium and the Manila International Airport Consortium (MIAC) proposed revenue shares of 33.3% and 25.9%, respectively. This makes the SMC-led group’s offer significantly higher.

The GMR Airports Consortium is composed of GMR Airports International B.V., Virata-led Cavitex Holdings, Inc., and Yuchengco-led House of Investments, Inc.

The MIAC consortium is composed of companies owned by the country’s tycoons, namely, Aboitiz InfraCapital, Inc., Ayala-led AC Infrastructure Holdings Corp., Andrew L. Tan’s Alliance Global Infracorp Development, Inc., Lucio Tan’s Asia’s Emerging Dragon Corp., Gotianuns’ Filinvest Development Corp., Gokongwei-led JG Summit Infrastructure Holdings Corp., and GIP EM MIAC Pte., Ltd.

Transportation Secretary Jaime J. Bautista has said that the consortium presenting the highest revenue proposal would secure the NAIA maintenance and rehabilitation contract.

The financial proposals will undergo further evaluation, with the winning bidder scheduled to be announced on February 14, the Transportation department said.

The signing of the concession agreement is scheduled for March 15, with the winning bidder expected to take over by September.

Aside from the revenue share, the winning bidder is also required to pay an upfront payment of P30 billion and P2 billion annually.

“Our vision is to create an integrated airport network that not only improves the travel experience but also supports sustainable economic growth and elevates the Philippines as a prime hub for tourism, business, and investment in the region,” Ramon S. Ang, president and chief executive officer of SMC, said in a statement. 

The San Miguel group is also constructing the New Manila International Airport in Bulacan, while Incheon International Airport Corp. is the developer and operator of Incheon International Airport.

Rene S. Santiago, former president of the Transportation Science Society of the Philippines, said the proposal is very aggressive and warrants intervention from the Philippine Competition Commission.

“Very aggressive financial proposal revealed Corleone-style that leaves a bad taste in the mouth… On a strategic level, it is to SMC’s interest to kill NAIA or run it aground so that its Bulacan Airport can take off. An issue that invites intervention from the Competition Commission,” he said in a Viber message.

The NAIA contract will initially cover 15 years but can be extended by another 10 years. This will be under a rehabilitate-operate-expand-transfer arrangement, as provided for under the Build-Operate-and-Transfer law.

The project aims to increase the current annual passenger capacity of NAIA to at least 62 million from the current 35 million.

The never-ending, over-the-top spy flick

By Brontë H. Lacsamana, Reporter

Movie Review
Argylle
Directed by Matthew Vaughn

IF Kingsman was already a handful for you as far as action spy movies carefully built up to climax in wildly violent twists and turns go, then wait until you get a load of Argylle.

It starts off with the titular Agent Argylle, played by the handsome Henry Cavill in what seems like a hilariously purposefully bad haircut, in the middle of a high-stakes mission. Then, we pull back to follow cat lady Elly Conway, the novelist behind the fabricated work of spy fiction.

Played by a delightfully wide-eyed Bryce Dallas Howard, the reclusive author sets out to solve her writer’s block but somehow ends up smack in the middle of a real-life espionage conspiracy, now a character in her very own spy tale.

For those who know director Matthew Vaughn’s previous work, like Kingsman (which was truly an awesome spectacle of a movie), then Argylle is that but on steroids. It is engorged with twice the number of preposterous twists, campy scenarios, and CGI action scenes that it ends up feeling like a cartoonish parody of itself.

That said, if you roll with the punches, you’ll probably have lots of fun in the cinema.

Sam Rockwell as Aiden, the atypical image of a spy, is a joy to behold, as he and Bryce Dallas Howard’s Elly evade killers and dance around each other crossing varying levels of trust. But the more the line between Elly’s fictional world and her real one blurs, the more one-note the rest of the cast becomes.

One twist after another ham up the cheesiness and double the curveballs, so much so that the visual effects suffer under the weight of all the outlandish things that take place. Bryan Cranston and Catherine O’Hara have dynamic, engaging parts to play, while the characters of John Cena, Samuel L. Jackson, and Ariana DeBose pop in here and there for quick zingers. Henry Cavill as Argylle, a cleverly placed role that’s edited in quite nicely within the narrative, is serviceable despite the atrocious haircut.

Given the impressive action sequences, complicated set pieces, and star power of the cast, the eye-popping spectacle of it all is worth it to anyone seeking exactly that. Otherwise, just skip this one.

Argylle crosses the line from epic fight scenes to comical, over-the-top, violent scenarios in the blink of an eye. It doesn’t hold back, and it expects you to be fully on board.

AyalaLand Logistics targets to finish cold storage facilities in Batangas, Pampanga by first half

AYALALAND Logistics Holdings Corp. (ALLHC) is expecting to complete its cold storage facilities in Batangas and Pampanga by the first half while three more are set to be unveiled within the year, the listed company announced on Thursday.

In a statement, ALLHC said that ALogis Artico Santo Tomas in Batangas will be completed within the first quarter while ALogis Artico Mabalacat in Pampanga will be finished by the second quarter. Both will cater to various sectors such as frozen meat, seafood, and chemical industries.

ALogis Artico Santo Tomas will feature 5,000 pallet positions and 16 cold rooms. It is located within the Light Industry & Science Park III in Sto. Tomas, Batangas.

ALogis Artico Mabalacat will have 5,000 pallet positions and 19 cold rooms. It is situated within the 290-hectare Pampanga Technopark industrial township.

“Both facilities will add 10,000 pallet positions to ALLHC’s cold storage portfolio. By full development, ALogis Artico will have over 20,000 pallet positions in its portfolio collectively,” the company said.

The two facilities are set to undergo registration with various regulatory bodies such as the Board of Investments, National Meat Inspection Service, Bureau of Fisheries and Aquatic Resources, and Bureau of Plant Industry.

Aside from this, ALLHC disclosed that it will launch another cold storage facility in Luzon as well as two facilities in Visayas-Mindanao within the year. However, the company did not provide further details on the other projects.

ALLHC President and Chief Executive Officer Robert S. Lao said the cold storage facilities in Batangas and Pampanga are expected to help address issues on food safety and security.

“Over the years, we noticed a growing demand for more temperature-controlled facilities in the Southern and Central Luzon regions… Our overarching goal is to actively support the country’s promising cold chain sector and advance its supply chain logistics,” Mr. Lao said.

“In light of this, we envision ALogis Artico Santo Tomas and Mabalacat, along with the facilities in our existing portfolio and those in our current planning, as integral components within the supply chains of future tenants,” he added.

ALLHC shares improved by six centavos or 3.45% to P1.80 apiece on Thursday. — Revin Mikhael D. Ochave

Uncovering Chinese zodiac’s sign for strength

Photo by BRGFX on Freepik

The celebration of the Lunar New Year, more known as Chinese New Year, holds great significance among Asian cultures. From the captivating performances and vibrant red lantern decorations to witnessing dazzling fireworks and indulging in delicious food, the air is filled with excitement as communities welcome the new year.

Each year is symbolized by the Chinese zodiac, which connects each year with the 12 animals, namely the rat, ox, rabbit, tiger, dragon, snake, horse, goat, monkey, rooster, dog, and pig. These animals are based on stories and folklore that shape distinct personality traits associated with each animal sign, which is highly valued in Chinese cultures.

2024 is considered the Year of the Wood Dragon. In Chinese mythology, dragons are said to be mythical and auspicious creatures that can control the wind and rain and can fly through the sky and turn over the rivers and the seas. They are believed to bring prosperity and good luck to the world by communicating between heaven, earth, and humans.

At present times, according to a Chinese tour company China Highlights, dragon signs are born with courage, strength, and intelligence. Often, they are described as risk takers, enthusiastic, and confident individuals.

In the past, emperors were seen as true dragons and the sons of heaven, and many believed that Chinese people were descended from dragons. And to honor the dignity and deity of dragons, it has then been included in the Chinese zodiac. Since then, the dragon has become one of the most loved animal zodiacs in China.

In Chinese element theory, each zodiac sign connects with one of the five elements (fire, earth, gold, water, and wood). Thus, there are five kinds of dragons, and each one has its unique characteristics. Fire dragons (born 1916, 1976) they are seen as smart, progressive, and flexible; while earth dragons (1928, 1988) are ambitious, generous, and hardworking. Gold dragons (1940, 2000) are considered talented, natural, and straightforward; while water dragons (1952, 2012) are characterized as vigorous, persistent, and persevering. Lastly, wood dragons (1964, 2024) are identified as introverted, skilled, and having strong reasoning skills.

In 2024, the colors red and purple are believed to bring good luck and prevent bad luck for dragon signs. Also, the horoscope says that dragon signs should wear red or purple clothing, bags, and other apparel for good luck, and decorations of the same color to promote financial success.

According to online astrology platform AstroSage, the Year of the Wood Dragon will bring new beginnings, growth, prosperity, and success. People born under the dragon zodiac are predicted to see more opportunities for growth and success in their career. As dragons embody powerful energy, such individuals are encouraged to take risks to achieve remarkable accomplishments. The dragon’s immense energy and aura are said to help individuals grow professionally, for instance, embarking on new ventures, embracing challenges, and exploring new areas for investment and growth. Some of the popular people with dragon signs include Charles Darwin (Earth dragon), Bruce Lee, and John Lennon (both gold dragon).

The Year of the Wood Dragon is also considered the year for invest-ing in new industries and finding new sources of income. The horoscope shares that those who want to make a career out of their hobbies and passions are more likely to succeed and prosper, as the fiery energy and positive outlook of the wood dragon will help them grow.

Moreover, AstroSage shared that people with dragon signs are expected to see a lot of money coming their way through investments and trading in various sectors, such as technology, renewable energy, insurance, etc. However, before investing, it is crucial to research the market they are investing in thoroughly.

For dragon-born people, 2024 will bring good luck to love and relationships. According to the horoscope, dragons are renowned for their loyalty and strong emotional connections with loved ones. Thus, this year is all about fostering deeper bonds with families and starting new relationships because the Year of the Wood Dragon will be filled with support and positivity for love and family growth.

However, the dragon’s energy poses challenges that dragon-born people must overcome to maintain harmony and long-lasting relationships. It is essential to have good communication, while also fostering a strong sense of humbleness and humility with their loved ones.

For those looking for new relationships, then they are in luck in terms of finding a new partner. This year, people with dragon signs are expected to be compatible with rat, monkey, or rooster zodiac signs.

While the Year of the Wood Dragon is full of financial and love opportunities, they need to take extra care of their health, physically and mentally. The dragon’s fiery energy and ambitious nature will push them to work longer hours, but they should also relax and sleep for seven to eight hours on average to stay healthy and fresh. According to the horoscope, dragon-born people need to exercise daily, such as walking, swimming, yoga, etc., to achieve near perfect health.

Nonetheless, the Year of the Wood Dragon is said to bring growth, happiness, prosperity, and success.

“The Year of the Wood Dragon 2024 will bring new excitement, growth and bunch of opportunities to grab, but the natives should stay humble, show humility,” AstroSage said on its website.

“The Dragon natives must stay healthy and humble and utilize this year to achieve great success, happiness, prosperity, and health that will last long. They should also help others in these times to elevate them from difficulties. This is what Dragon teaches us and Chinese tradition is based upon unity and determination,” it added.

To welcome good fortune, wealth, and health this year, the feng shui advises, first, to clean up and declutter. Unnecessary things hold one’s energy back and create negative space, so cleaning up space will help bring good fortune and health into the year. Second, adding the wood element, whether in planting, furniture, or green-colored interiors, will encourage growth, innovation, and new beginnings. Lastly, displaying dragon symbols to statues and paintings is recommended to promote positivity, prosperity, and good luck. — Angela Kiara S. Brillantes

Entertainment News (02/09/24)

Side A holds pre-Valentine concert

IN celebration of love in all its stages, Filipino band Side A will be performing serenades of their signature hits as an early Valentine’s gift for fans. Live & Love: A Valentine Concert will take place at the Newport Performing Arts Theater on Feb. 10 at 8 p.m. Tickets, priced from P800 to P6,500, are available via TicketWorld.

Alliance Française hosts Valentine’s dinner-dance

THOSE who want to treat their loved one to a fancy dinner can reserve a table at Alliance Française de Manille (AFM) on Feb. 13, 6 p.m., where Le Coude Rouge and Maison Bukana Wines are preparing a four-course menu costing P4,000 for two. Afterwards, Rendez-vous amoureux: A Valentine’s Soiree will commence at 8 p.m., offering live music, short films, and a dance floor, all costing P1,500 per person. Only guests with prepaid reservations will be granted entry to the event at AFM, 209 Nicanor Garcia St. in Makati City.

Solaire holds star-studded Valentine concert

THIS Valentine’s Day at The Theatre at Solaire in Entertainment City, Our Time: A Solaire Valentine Concert will be held on Feb. 14 at 7:30 p.m. There will be performances by Marco Sison, Hajji Alejandro, Nonoy Zuñiga, Nanette Inventor, and Mitch Valdez. Tickets are available via TicketWorld and at the Solaire Box Office, with the promo code OURTIME30 granting a 30% discount.

Comedy I Am Not Big Bird on Valentine’s Day

FOR fun Valentine watching, the comedy film I Am Not Big Bird will have a block screening on Feb. 14 at 1 p.m. and 6:30 p.m. in Fisher Mall, Quezon Ave. Quezon City. Directed by Victor Villanueva (known for Patay Na Si Hesus), the film is led by Enrique Gil who goes on a comedic adventure in Thailand. The Valentine’s Day block screening is organized by E-group.

Odette Quesada and Ogie Alcasid live in concert

OPM legends Odette Quesada and Ogie Alcasid, who sang and penned some of the greatest Filipino love songs, will be performing their timeless hits in a Valentine’s celebration presented by Newport World Resorts. Love, Q&A will be held on Feb. 14 and 15 at the Newport Performing Arts Theater. The two performers’ tandem will draw from their respective repertoires and take a trip down memory lane. Tickets, priced from P2,300 to P9,200, are now available via TicketWorld and SM Tickets outlets.

Sony-Marvel movie Madame Web to release

ANOTHER adventure coming on Feb. 14 is Madame Web, brought to the Philippines by Columbia Pictures. It tells the standalone origin story of one of Marvel publishing’s most enigmatic heroines. The suspense-driven thriller stars Dakota Johnson as Cassandra Webb, a paramedic in Manhattan who develops the power to see the future and forges a relationship with three young women bound for powerful destinies.

Julia Fordham celebrates love in concert

MUSICIAN Julia Fordham will be serenading Filipinos with her soulful music this Valentine season. Classics like “Moves in Mysterious Ways,” “Happy Ever After,” and more will be performed on stage. Balladeer Christian Bautista will be her guest. Julia Fordham: A Valentine Concert will take place on Feb. 16, 8 p.m., at The Theatre at Solaire. Tickets, ranging from P1,880 to P7,880, are available via TicketWorld.

Araneta City to ignite romance through pop-up events

THERE will be Hearts’ Day celebrations across Araneta City in Quezon City. On Feb. 13, couples can pose for a hand-drawn sketch courtesy of the Couple Portrait Sketching Session at the Gateway Gallery. On Feb. 14, all malls in Araneta City will have freedom walls for lovers to write their hearts out, and cupids will be distributing free flowers, chocolates, and hugs at the Lagoon and the Coliseum Plaza at New Gateway Mall 2 and The Oasis at Gateway Mall. Finally, shoppers can pass by the Quantum Skyview of the New Gateway Mall 2 for a romantic concert with surprise special guests.

Rivermaya revisits greatest hits at reunion concert

TO REVISIT timeless ’90s pop-rock anthems that cut across generational lines, Filipino band Rivermaya’s former members Bamboo Mañalac, Mark Escueta, Nathan Azarcon, and Rico Blanco will be headlining a reunion concert on Feb. 17 at the SMDC Festival Grounds in Pasay City. Tickets are available via Live Nation Philippines and SM Tickets outlets.

Bonifacio High Street offers Valentine’s activities

FROM Feb. 5 to 29, Bonifacio Global City in Taguig is putting up P.S. I Love You, a 10-foot mailbox installation at One Bonifacio High Street, where all are invited to pen creative love notes, with the most artistic ones standing chances to win various prizes. On Feb. 10, shoppers must be aware that the XOXO Love Cam will be stationed over at 5th Avenue, where heartfelt moments with couples and friends alike will be captured on BGC’s 3D, naked-eye LED billboard in real-time. There will also be a Love in a Box promo from Feb. 12 to 16, at Marks & Spencer, Hendricks Gin, Jo Malone London, Twenty Four Bake Shop, Auro, and Lush. Finally, Bonifacio High Street East collaborates with the Bonifacio Art Foundation, Inc., on Feb. 17 for the second edition of the Candlelight in the City concert at 7:30 p.m. with the Manila Philharmonic Orchestra.

UP Concert Chorus returns live

THE UNIVERSITY of the Philippines (UP) Concert Chorus returns to the UP Theater on Feb. 17 for Sama-Sama Together Again, a repeat of their sold-out 60th anniversary show. This year’s show will have past and present chorale members singing together to raise funds for various worthy causes. Tickets may be purchased at https://upconcertchorusalumni.helixpay.ph/.

 Too early to claim victory

STORYSET-FREEPIK

Judging from the 16 analysts that BusinessWorld surveyed for their forecasts of January’s inflation, we get a sense that inflation expectations continue to skew closer to the Bangko Sentral ng Pilipinas’ (BSP) own forecast of 2.8-3.7%. A dozen of them placed their forecasts higher than the low end of the BSP’s estimate. But if it is a measure of their whole year view, the median forecast at 3.1% was much lower than the BSP’s 3.7% projection for 2024. Aside from their own reasons for their respective forecasts, the analysts must have been influenced by the potential base effects, given that the January 2023 inflation was the peak of the year-on-year monthly inflation for 2023 at 8.7%.

The market then must have rejoiced a day after the announcement by the Philippine Statistics Authority (PSA) that the actual January 2024 inflation rate stood at 2.8%. This is low by historical standard, the lowest January reading in the last six years.

The disinflation process has barely begun.

If we go by the month-on-month change, the price index for January rose by 0.6% so if we annualize this, that could translate into a high 7.2%. Trimmed of seasonal factors, the month-on-month growth declined to 0.1% or an annual drop of 1.2%, something too difficult to imagine happening at this time.

While showing some easing, January’s inflation is only the fourth month that inflation has begun to ease and only the second month that it has returned to the target path of 2-4%. This will certainly not qualify for the BSP’s condition for easing monetary policy rate — that inflation should be firmly within the 2-4% target. Inflation has 11 months more to prove it is capable of cruising within the target, even as the BSP itself had already announced last December that its risk-adjusted forecast for 2024 is 4.2%.

Risks to disinflation continue to be on the upside.

True, domestic inflation moderated last month due to the slowdown in food and non-alcoholic beverages prices, but what is more foreboding in the near future is the sustained huge increase in prices of both regular and well-milled rice. Rice inflation alone further accelerated in January to 22.6% from 19.6% in December.

With a weight of nearly 9% in the consumer basket, the rice supply has been affected by the prolonged El Niño dry spell, and even if supported by more imports, the higher global prices of rice have more than outweighed their mitigating influence. El Niño is not unique to the Philippines.

Structural and governance issues prevent a more decisive resolution of the rice problem in the Philippines, even with rice tariffication. We have not felt whatever stopgap measures have come out of the Inter-Agency Committee on Inflation and Market Outlook. It seems limited to monitoring prices and providing recommendations like higher import volume. More imports of rice would not be effective today because global rice prices have also risen on account of El Niño, with some major sources of supply like India curtailing their exports to other countries including the Philippines. It would be foolish for them to export when their rice supply is also likely to show some shortfall, or to charge the same price for exports.

As the BSP declared the other day, the risks are not singular. “Key upside risks are associated with potential pressures emanating from higher transport charges, increased electricity rates, higher oil prices and higher food prices due to strong El Niño conditions.”

In addition, we have yet to see demand pressures getting entrenched on the downside. Core inflation, while easing, remains higher than headline inflation. In fact, at 3.8% in January, it’s close to the upper end of the government target.

And if we must go back to our 16 analysts, it looks like inflation expectations are more firmly revolving around the BSP baseline forecasts. Whether this is more adaptive may be an issue, but adhering closely to the BSP’s view means inflation expectations may be guided by the periodic pronouncements of the monetary authorities on the prospects of Philippine inflation. It is crucial, however, for the BSP to remain circumspect about any policy reversal lest their credibility as an inflation buster is dented.

As to consumers and businesses, we have the BSP’s 4th quarter 2023 consumer and business expectations surveys, both of which reflect their respondents’ view that inflation could remain high. This could affect the disinflationary path, especially when economic agents modify their buying and selling decisions, or their saving and investment behavior. More frequent increases in the selling price of goods and services, for example, could trigger negative buying decisions. If consumers are not exactly price sensitive, that could encourage more price changes and prevent further disinflation.

Finally, there is a cautionary tale against premature celebration of an economy’s victory against inflation.

In the December 2023 issue of the International Monetary Fund’s (IMF) Finance & Development Magazine, IMF economists Anil Ari and Lev Ratnovski published an article that drew on an IMF Working Paper, “One Hundred Inflation Shocks: Seven Stylized Facts.” Written by the two of them with Carlos Mulas-Granados, Victor Mylonas, and Wei Zhao, the paper studied 100 inflation shocks since the 1970s and offered important lessons to policymakers.

First, their account of history demonstrates that inflation is persistent. Being persistent, it would take years before inflation is decisively vanquished and restored to the rate before the initial shocks. Ari and Ratnovski claimed that 40% of countries covered in their study “failed to resolve inflation shocks even after five years.” For the rest, an average of three years was what it took to slide back to pre-shock rates.

Second, and this is for all of us, countries that celebrated a premature victory against inflation also quickly unhinged their policy rates from elevated levels. The IMF economists pointed out that this was wrong because inflation came back with a vengeance. They cited Denmark, France, Greece, and the United States as among those 30 countries in the sample that claimed an early victory and launched an early pivot to a loose monetary policy. This was right after the 1973 oil-price shock. What is more significant lesson here is that “almost all countries in our analysis (90%) that failed to resolve inflation saw price growth slow sharply in the first few years after an initial shock, only to accelerate again or become struck at a faster pace.”

We agree with the IMF economists that central banks are right when they don’t buy populist views to start loosening monetary policy when only one or two months show some initial easing of price pressures, or shocks are more supply than demand.

The right examples of how to respond to persistent inflation, according to the IMF economists, would be Japan and Italy which implemented tighter-for-longer policies after the 1979 oil-price shock. These two economies focused their monetary guns on the inflation shocks and kept their policies tight through several years, ensuring a firm hold on inflation.

Successful inflation control is also anchored on good management of inflation expectations as much as on the central banks’ track record in keeping stable prices. The BSP’s carefully crafted press statement after each monetary policy meeting, as well as its forward guidance, are instrumental in keeping the markets closer to the BSP’s own assessment of where inflation is going. Inasmuch as its pronouncements are close to reality, or consistent with what it will do next, and the outcome is positive, the BSP gains more credibility. It will continue to have a better batting average putting down inflation, as in the past.

We can also take to heart what the Fund stressed, and this is the possibility that resolving inflation could have short-term costs in terms of lower economic growth. Over the medium term, however, economic growth and employment would begin to rise to more sustainable levels. But failure to keep inflation down leads to macroeconomic instability and inefficiency.

The last word may be prescient: “If history is a guide, inflation’s recent decline could be transitory.” Let’s not claim an early victory against inflation.

 

 

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.

FFCCCII honors four Icons of Excellence

By Rose Servidad and Melanie Gornez Purigay

In a series of distinctive tributes hosted by the Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII), four outstanding Filipinos with Chinese heritage were celebrated for their profound contributions to Philippine social and cultural progress.

The events honored Michelle Dee, Ricky Lee, Jose Mari Chan, and EJ Uy Obiena—remarkable individuals, each a luminous figure in their respective fields, exemplifying excellence and positive impact.

Michelle Dee: Beauty, Grace, and Advocacy

Michelle Dee stands 5 feet, 10 inches tall during her speech at FFCCCII Bldg. in Manila

The spotlight illuminated Michelle Dee for her stellar achievements as the 2023 Miss Universe Top 10 Finalist, GMA 7 actress, and dedicated advocate for autism awareness. Gracefully accepting the FFCCCII recognition, Ms. Dee’s family legacy resonated within the FFCCCII building. Her ties to the organization run deep, with her grandfather, the late China Bank Chairman and philanthropist Dee K. Chiong, having served as FFCCCII Vice-President, and her granduncle the late lumber tycoon and community stalwart Dee Hong Lue also serving as FFCCCII Vice-President.

Surrounded by a lineage of trailblazers, including her granduncle, pre-war “Lumber King” 1920 China Bank founder, pre-war Philippine Chinese Chamber President and philanthropist Dee C. Chuan, and her great-great-granduncle, 19th-century Philippine lumber industry pioneer and philanthropist Dy Han Kia, Ms. Dee’s celebration was not just a recognition of her beauty and indivisual accomplishments, but also a tribute to her family’s rich heritage of Confucian philanthropy.

Ricky Lee: A Literary Journey of Excellence and Social Idealism

National Artist Ricky Lee was honored with FFCCCII Lifetime Achievement Award for contributions to Philippine culture and for uplifting positive image of the Filipino Chinese community.

National Artist Ricardo “Ricky” Lee, a renowned film screenwriter, novelist, and journalist, received a heartfelt homage from the FFCCCII for his outstanding contributions to Philippine cinema and literature.

Mr. Lee’s father, the late scholar Lee Hian Chin, served with distinction for 26 years as the secretary-general of the Camarines Norte Filipino Chinese Chamber of Commerce and Industry, an FFCCCII member organization.

Mr. Lee’s honor was a recognition not only of his individual achievements but also of his profound impact on shaping the cultural landscape of the Philippines, marked by his commitment to social idealism.

Jose Mari Chan: Melodies that Transcend Time

Singer and songwriter Jose Mari Lim Chan has been honored with FFCCCII Lifetime Achievement Award for contributions to Philippine culture and for uplifting positive image of Filipino Chinese community.

The melodic tunes of Jose Mari Chan filled the air as FFCCCII celebrated the multi-awarded singer-songwriter and businessman. The son of the respected “rags-to-riches” business leader Antonio Chan, Mr. Chan’s timeless music has become an integral part of Philippine culture.

As a household name nationwide, particularly during the Christmas season for his beloved Yuletide songs, Jose Mari Chan’s FFCCCII recognition was a testament to his role in fostering unity and joy across generations.

EJ Uy Obiena: Soaring to New Heights & PHL’s hope for Paris Olympics

EJ Obiena broke Asiad record twice and won gold at Hangzhou Asian Games to cheers by 80,000 Chinese fans despite his rival a Chinese athlete ending up with silver.

The FFCCCII paid tribute to and gave generous support for EJ Uy Obiena, the high jump gold medalist at the 2023 Hangzhou Asian Games. Mr. Obiena’s journey from the heights of world-class sports excellence to being the Philippines’ hopeful for a 2024 Paris Olympics gold medal resonated with triumph and dedication.

Expressing gratitude for the P5 million support for his training from the FFCCCII, Mr. Obiena also recalled childhood memories of accompanying his mother to the same FFCCCII building to collect scholarship grants. His honor was not just a recognition of his athletic achievements but also a celebration of his humble beginnings and the vital role of FFCCCII in supporting his Olympian aspirations.

Inspirations and Role Models for the Youth

FFCCCII President Dr. Cecilio Pedro

In honoring these four exceptional individuals, the FFCCCII has crafted an inspiring narrative of success, diversity, and cultural richness. Michelle Dee, Ricky Lee, Jose Mari Chan, and EJ Uy Obiena are not merely contributors to Philippine progress; they stand as inspirations and positive role models for the youth, embodying the ethos of excellence and resilience that defines the Filipino-Chinese community.

These celebrations were not just recognitions; they were declarations of FFCCCII’s  enduring spirit of unity, resilience, public service and progress.

1...3,6483,6493,650...14,215Page 3,649 of 14,215
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube