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PEZA approves P160B worth of investments

By Justine Irish D. Tabile, Reporter

THE PHILIPPINE Economic Zone Authority (PEZA) has approved P160.44 billion worth of investments as of Dec. 7, surpassing its full-year target.

“Locator investments represented the bulk of the increase in investments, particularly reinvestments by existing locators,” PEZA Director-General Tereso O. Panga said in a Viber message.

According to Mr. Panga, the value of the projects approved from January to Dec. 7 has already exceeded its full-year target of P154.77 billion.

The tally is also 14% higher than the P140.7-billion worth of projects approved in the same period a year ago.

The amount of approved PEZA investments is still expected to increase. Mr. Panga said the PEZA Board will have its last meeting for the year on Dec. 19.

PEZA data showed 24 projects worth a combined P19.56 billion were approved during last week’s board meeting. However, this was lower than the 13 projects worth P83.65-billion approved a year ago.

Of the 24 approved projects, 21 were locator projects, while three were developer projects.

Twelve of the locator investments are from existing enterprises with new and expansion projects, while the remaining four are from new businesses.

The three developer-operator projects are information technology centers to be developed in Capas, Tarlac; Bataraza, Palawan; and San Miguel, Tarlac.

By sector, the export sector accounted for the bulk or 14 of the projects that were greenlit last week. Four projects involve facilities enterprise, while three were information technology projects.

The projected direct employment of 4,515 from the projects approved last week is almost seven times the 643 projected employment from the projects approved a year ago.

Despite the lower investments, the value of the projected exports from the projects approved on Dec. 7 is five times higher at $286.9 million than the $56.47 million last year.

“We don’t have economic zone exports by destination. But whatever is reflected in the Philippine Statistics Authority’s (PSA) data on commodity exports, around 60% of that comes from PEZA,” Mr. Panga said.

From January to Dec. 7, PEZA has approved a total of 221 projects, 13.9% higher than the 194 projects greenlit during the same period a year ago.

Exports from the 221 projects are expected to reach $3.71 billion, nearly double the $1.98-billion projected exports from the 194 projects approved in the same period last year.

Last month, Mr. Panga said that PEZA is still expecting the entry of more investments that have a combined worth of over P50 billion.

If realized, this will bring back PEZA investments to the P200-billion to P250-billion level or the 2012 and 2015 peak years of its investment approvals.

Marcos extends lower tariffs on rice, pork

Rice grains are displayed with a farmer miniature in this illustration picture taken on June 20, 2023. — REUTERS

THE NATIONAL Economic and Development Authority (NEDA) Board, chaired by President Ferdinand R. Marcos, Jr., has approved another one-year extension of the lower tariff rates on rice, pork, and corn as the country continues to battle inflation.

NEDA Secretary Arsenio M. Balisacan on Thursday said the NEDA Board approved the proposed executive order (EO) to extend the reduced most favored nation tariff rates on several commodities, including rice, pork, and corn until Dec. 31, 2024.

A copy of the new EO, which will be signed by Mr. Marcos, has yet to be released as of press time.

Originally approved in 2021 by then-President Rodrigo R. Duterte, the modified rates for these commodities have been extended twice. The current order, EO 10, is set to expire on Dec. 31, 2023.

“The proposed extension of reduced tariffs will help ensure an adequate supply of agricultural commodities and maintain stable and affordable prices, thereby better managing potential inflationary pressures,” Mr. Balisacan said during a Palace briefing.

Once signed, the EO will maintain tariff rates for imports of swine meat or pork at 15% for shipments within the minimum access volume (MAV) quota and 25% for those exceeding the quota.

The tariff rates for corn will be kept at 5% (within the MAV quota) and 15% (exceeding the MAV quota).

Tariff rates for imports of rice will remain at 35% for both in-quota and out-quota.

“The tariffs while reduced are still high so it doesn’t really reduce the protection on our farmers,” the NEDA chief said.

Mr. Balisacan said the lower tariff rates on pork, corn, and rice will be reviewed every six months.

Inflation averaged 6.2% in the January-to-November period amid rising prices of food and fuel. The BSP expects inflation to average 6% this year and 3.7% in 2024.

Rice prices have been volatile this year. In September, rice inflation surged to 17.9%, the highest print since March 2009, prompting the government to impose a price ceiling for one month.

“We will also be able to encourage alternative supply to diversify the country’s market sources and establish a forward-looking trade policy that will allow effective and timely response for possible supply and price shocks brought about by major challenges such as the worsening African Swine Fever, anticipated impact of the El Nio phenomenon and continuous increases in commodity prices in the world market,” Mr. Balisacan said.

He said the NEDA Board also approved the Committee on Tariff and Related Matters’ recommendation to review the tariff rate on coal on an annual basis, instead of every six months.

EO 10 had stated that the zero duty on coal would be applied beyond Dec. 31, 2023.

“Extending reduced tariff will further discourage production which goes against the promise and objective of President Marcos,” Philippine Chamber of Agriculture and Food, Inc. President Danilo V. Fausto said in a Viber message.

The Federation of Free Farmers opposed the extension of the reduced tariffs, saying Mr. Marcos had been poorly advised. 

“With respect to rice, (Mr. Marcos) was given the wrong information and advice,” FFF National Director Raul Q. Monetamayor said in a Viber message.

Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila University, said lowering tariffs are ideal in general since it provides greater quantities and variety of goods to consumers.

“The main problem however are the negative impacts on producers of pork, corn, and rice,” he said via Messenger chat. “The government should have a countervailing program for producers to mitigate these negative effects.”

Mr. Lanzona said reducing tariffs for coal will be “disastrous”  due to its negative impact on the environment. He urged the government to raise the tariff rates for coal and to look for other sources of energy.

MORE PROJECTS
At the same briefing, Mr. Balisacan said the NEDA Board also approved the Department of Public Works and Highways’ construction of a 23-kilometer, four-lane alternative route to bypass the existing Dalton Pass in Central Luzon.

“With a cost of P67.4 billion and an expected completion by 2031, the project will facilitate the seamless transport of people in the delivery of essential goods and services within the region,” he said.

The NEDA Board also approved the second phase of the DPWH’s masterplan, which aims to provide “high standard highway network.”  The masterplan had identified 53 projects that will be implemented in the short term or will be completed by 2030.

Mr. Balisacan said the NEDA Board has also approved the Health department’s eight-point action agenda or medium-term strategy for the health sector from 2023 to 2028. — Kyle Aristophere T. Atienza

PHL growth likely to moderate next year

Shoppers flock to Divisoria in Manila, Nov. 21, 2023. — PHILIPPINE STAR/EDD GUMBAN

PHILIPPINE economic growth is expected to moderate in the coming months amid weakening consumption and gross capital formation, ING Bank N.V. Manila said.

In an article on its website dated Dec. 13, ING said it expects Philippine gross domestic product (GDP) growth to settle at 5.3% this year and further ease to 4.5% by 2024.

“Philippine GDP growth surprised on the upside in the third quarter and has, for the most part, outperformed our expectations. Despite this, we believe challenges to the outlook remain with household spending appearing stretched and fiscal spending possibly reaching its limits,” ING Senior Economist Nicholas Antonio T. Mapa said.

The economy grew by 5.9% in the third quarter, bringing the nine-month average to 5.5%. This is still below the government’s 6-7% target range this year.

For 2024, the government is targeting 6.5-8% growth.

Mr. Mapa said that GDP growth may not be robust and could moderate next year as private consumption, which accounts for about three-fourths of GDP, is growing at a slower pace.

“We had initially expected spending on basic food items to recover as inflation moderated by mid-2023. However, spending on these items has remained flat. This trend could be explained by the unexpectedly strong household spending at restaurants, with households substituting having meals at home for dining out,” ING said.

Household consumption grew by 5% in the third quarter, the weakest pace in two years. This was also slower than 8% a year ago and 5.5% in the previous quarter.   

Mr. Mapa also said that slower wage growth may mean consumers will cut back on spending.

“With wage adjustments carried out generally once a year, a sharp increase in wages is not likely to take place until mid-2024 at the earliest. The outlook for only modest wage growth suggests that household spending is not likely to rebound sharply next year even if inflation remains within target,” he said.

Gross capital formation, or the investment component of the economy, will likely continue to decline.

“We will likely need to see a sharp rebound in imports of both capital machinery and raw materials before we can expect a recovery for capital formation and given the restrictive monetary policy stance, we could see capital formation staying in the red for at least the first half of next year,” Mr. Mapa said.

Gross capital formation slipped by 1.6% in the third quarter, ending nine straight quarters of growth. This was also a reversal of the 18.2% expansion a year ago and 0.3% in the second quarter.

The boost in government expenditure during the third quarter may be difficult to sustain.

“As noted earlier, government spending was one of the drivers of third-quarter GDP. However, we remain skeptical that it will be a reliable source of growth to power momentum in the coming quarters. The main reason for this is the limited space for fiscal authorities to increase spending due to elevated debt levels,” Mr. Mapa added.

Government spending rose by 6.7% in the July-September period, a turnaround from the 7.1% contraction in the second quarter. Government agencies were ordered to draft catch-up plans for spending amid low budget utilization in the first half.

Mr. Mapa emphasized that ramping up government spending will be key to strong growth in 2024.

“The wild card for growth next year, however, will be government spending, which is expected to be capped by elevated debt levels. We believe that GDP growth can outperform our initial base case scenario but only if government spending is able to expand by double digits for all of 2024,” he added.

Net exports growth is also unlikely to continue.

“Net exports, which have positively contributed to growth for two straight quarters, are likely to revert to a negative contribution to GDP as early as the fourth quarter. With exports likely to struggle next year, we expect the overall trade deficit to remain substantial enough to keep the current account balance in deficit territory and ultimately weigh on overall GDP growth momentum for next year,” Mr. Mapa said.

“We could see upside to this outlook should inflation slow sharply, which could free up some purchasing power for households while an eventual easing of monetary policy by the second half of 2024 should help bolster investment activity,” he added.

INFLATION
Meanwhile, ING expects Philippine inflation to average 4.1% next year. This is still above the central bank’s 2-4% target and its 3.7% baseline forecast.

“We forecast inflation to average 4.1% year on year next year with much of the price pressures driven by supply-side factors such as drought, imported energy price adjustments and a shortage of fish,” Mr. Mapa said.

He said demand-side pressures will be “relatively muted” as consumption is expected to moderate and government spending “will be unable to ramp up spending in a manner that could be inflationary.”

The BSP will also likely continue its tightening path next year, ING said.

“Despite price pressures emanating mainly from the supply side, we believe (BSP Governor Eli M. Remolona, Jr.) will not hesitate to hike rates should inflation indeed flare up next year,” Mr. Mapa said.

The BSP on Thursday kept rates steady at a 16-year high 6.5% for a second straight meeting. From May 2022 to October, the central bank raised borrowing costs by a total of 450 basis points (bps).

Rate cuts are also more likely off the table for next year, ING said. “Thus, we expect the BSP to tighten monetary policy for most of 2024 with only a slim chance for a rate cut towards the end of the year should inflation cool and if global central banks begin to cut rates by midyear,” he added. — Luisa Maria Jacinta C. Jocson

WAIIAN adds extra sauce to Filipino rap

AFTER a three-year break from making music, Filipino rapper WAIIAN has reintroduced himself to the world with his latest album WEYAAT? (short for “WAIIAN, where you at?”), which finally hit streaming platforms on Dec. 1.

“Right now the hip-hop and rap scene is really expanding and everyone’s making better music and pushing the boundaries. You can’t just sit around and look cool now because everyone’s working really hard,” WAIIAN said in an interview with BusinessWorld at the album’s launch party.

“You can’t rely on how iconic your old shit is. You have to take it to the next level,” he added.

With nine tracks, his third studio album is thematically diverse but distinctly shaped by a keen sense of self-awareness. The groovy but sonically eclectic record features collaborations with Kashira, a music production company founded by critically acclaimed producers and musicians U-Pistol, Tatz Maven, and Calix.

WAIIAN cites a gut feeling for his knack for good collaborations and new ideas for music.

“My sort of metronome is just this feeling. Before, I had worked with people I didn’t know personally so the end result wasn’t as genuine. Now, it matters to me to work with people I vibe with,” he said.

The focus track of his album, “Pablo” — which is his real name — also reflects a jazzy, more laidback side of him. In its newly released accompanying music video, the simplicity of life takes center stage as director Joshua Cecario follows WAIIAN/Pablo finding happiness in little things.

This includes spending time in his studio and going on a motorcycle ride.

“I’m chill about all of it, but I’m proud of my growth. I think I have more precision in writing verses. They’re shorter but I can pack more meaning in them,” he said.

Written by WAIIAN himself and produced by Tatz Maven, “Pablo” solidifies his reputation as one of the most exciting young bloods in Philippine hip-hop. Instead of “spending 32 bars rapping incessantly on a topic” (as he says he used to do), he’s able to make one verse mean many things.

“My verses are way more compact now,” he said.

Now that the album and the focus track’s music video are out, 26-year-old WAIIAN is setting his sights on cultivating the rap and hip-hop scene.

“Artists from my label LIAB Studios, Yorko and U-Pistol, are coming up with an album next year so I’ll be busy helping them. I’ll put my own music aside for a bit,” he said.

WEYAAT? is available on all streaming platforms nationwide. — Brontë H. Lacsamana

Bollywood star or deepfake? AI floods social media in Asia

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Women are top target of generative AI’s ‘chilling effect’

THERE was the Bollywood star in skin-tight lycra, the Bangladeshi politician filmed in a bikini and the young Pakistani woman snapped with a man.

None was real, but all three images were credible enough to unleash lust, vitriol — and even allegedly a murder, underlining the sophistication of generative artificial intelligence (AI), and the threats it poses to women across Asia.

The two videos and the photo were deepfake, and went viral in a vibrant social mediascape that is struggling to come to grips with the technology that has the power to create convincing copies that can upend real lives. “We need to address this as a community and with urgency before more of us are affected by such identity theft,” Indian actress Rashmika Mandanna said in a post on X, formerly Twitter, that has garnered more than 6.2 million views.

She is not the only Bollywood star to be cloned and attacked on social media, with top actors including Katrina Kaif, Alia Bhatt, and Deepika Padukone also targeted with deepfakes.

The lycra video, said Ms. Mandanna, was “extremely scary not only for me, but also for each one of us who today is vulnerable to so much harm because of how technology is being misused.”

While digitally manipulated images and videos of women were once easy to spot, usually lurking in the dark corners of the internet, the explosion in generative AI tools such as Midjourney, Stable Diffusion, and DALL-E has made it easy and cheap to create and circulate convincing deepfakes.

More than 90% of deepfake videos online are pornographic, according to tech experts, and most are of women.

While there are no separate data for South Asian countries, digital rights experts say the issue is particularly challenging in conservative societies, where women have long been harassed online and abuse has gone largely unpunished.

Social media firms are struggling to keep up.

Google’s YouTube and Meta Platforms — which owns Facebook, Instagram and WhatsApp — have updated their policies, requiring creators and advertisers to label all AI-generated content.

But the onus is largely on victims — usually girls and women — to take action, said Rumman Chowdhury, an AI expert at Harvard University who previously worked at reducing harms on Twitter.

“Generative AI will regrettably supercharge online harassment and malicious content … and women are the canaries in the coal mine. They are the ones impacted first, the ones on whom the technologies are tested,” she said.

“It is an indication to the rest of the world to pay attention, because it’s coming for everyone,” Ms. Chowdhury told a recent United Nations briefing.

DEEPFAKES AND THE LAW
As deepfakes have proliferated worldwide, there are growing concerns — and rising instances — of their use in harassment, scams and sextortion.

Regulations have been slow to follow.

The US Executive Order on AI touches on dangers posed by deepfakes, while the European Union’s proposed AI Act will require greater transparency and disclosure from providers.

Last month, 18 countries — including the United States and Britain — unveiled a non-binding agreement on keeping the wider public safe from AI misuse, including deepfakes.

Among Asian nations, China requires providers to use watermarks and report illegal deepfakes, while South Korea has made it illegal to distribute deepfakes that harm “public interest,” with potential imprisonment or fines.

India is taking a tough stance as it drafts new rules.

IT Minister Ashwini Vaishnaw has said social media firms must remove deepfakes within 36 hours of receiving a notification, or risk losing their safe-harbor status that protects them from liability for third-party content.

But the focus should be on “mitigating and preventing incidents, rather than reactive responses,” said Malavika Rajkumar at the advocacy group IT for Change.

While the Indian government has indicated it may force providers and platforms to disclose the identity of deepfake creators, “striking a balance between privacy protection and preventing abuse is key,” Rajkumar added.

WOMEN TARGETED
Deepfakes of women and other vulnerable communities such as LGBTQ+ people — especially sexual images and videos — can be particularly dangerous in deeply religious or conservative societies, human rights activists say.

In Bangladesh, deepfake videos of female opposition politicians — Rumin Farhana in a bikini and Nipun Roy in a swimming pool — have emerged ahead of an election on Jan. 7.

And last month, an 18-year-old woman was allegedly shot dead by her father and uncle in a so-called honor killing in Pakistan’s remote Kohistan province, after a photograph of her with a man went viral. Police say the image was doctored.

Shahzadi Rai, a transgender member of Pakistan’s Karachi Municipal Council, who has been the target of abusive trolling with deepfake images, has said they could exacerbate online gender-based violence and “seriously jeopardize” her career.

Even if audiences are able to distinguish between a real image and a deepfake, the woman’s integrity is questioned, and her credibility may be damaged, said Nighat Dad, founder of the non-profit Digital Rights Foundation in Pakistan.

“The threat to women’s privacy and safety is deeply concerning,” she said, particularly as disinformation campaigns gain steam ahead of an election scheduled for Feb. 8. “Deepfakes are creating an increasingly unsafe online environment for women, even non-public figures, and may discourage women from participating in politics and online spaces,” she said.

In several countries including India, entrenched gender biases already affect the ability of girls and young women to use the internet, a recent report found.

Deepfakes of powerful Bollywood stars only underline the risk that AI poses to all women, said Ms. Rajkumar.

“Deepfakes have affected women and vulnerable communities for a long time; they have gained widespread attention only after popular actresses were targeted,” she said.

The heightened focus now should push “platforms, policymakers, and society at large to create a safer and more inclusive online environment,” she added. — Thomson Reuters Foundation

Netflix posts viewer data on every show, film for first time

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NETFLIX, INC. is ready to tell the world how many people watch its shows.

On Tuesday, the company released global midyear viewer data for every title on its service, the first of what Netflix said will be regular reports.

The political thriller The Night Agent was the most-watched title globally in the first half of 2023, generating 812.1 million hours of viewing, Netflix said. That was followed by Season 2 of the family drama Ginny & Georgia and the debut of The Glory, a South Korean series. Ginny & Georgia delivered the biggest audience if you consider all seasons of a show.

The disclosure by Netflix — the most-detailed ever for any streaming service — follows a months-long fight between Hollywood labor unions and major studios. In the wake of two strikes, writers and actors won more compensation for their work in streaming, and their pay hinges in part on greater disclosure of US viewer data by services like Netflix.

Now, the company is giving everyone — viewers, suppliers, and competitors — a deeper look into what people are watching with the semiannual “What We Watched: A Netflix Engagement Report.”

“Over the last 16 years of streaming one constant has been people asking for more viewership data,” Netflix co-Chief Executive Officer Ted Sarandos said on a call with journalists. The lack of transparency created “mistrust over time” with creatives, he said.

For years, Netflix refused to disclose viewership figures, with other major streaming services following suit. And Hollywood’s creative community initially appreciated not being subject to the Nielsen audience ratings that shows live and die by on broadcast and cable television.

More recently, writers and producers have criticized Netflix, arguing it was hiding audience data to avoid paying more for its most successful programs.

The streaming giant has begun disclosing more data. Its reporting includes audience figures for a handful of popular titles and weekly top 10 lists revealing the most-watched movies and TV shows in English and other languages.

Netflix, based in Los Gatos, California, publishes these lists for individual countries as well, though it doesn’t include the hours viewed.

The top 10 lists have given the public a pretty good sense of what shows are popular, but don’t offer figures for the vast majority of titles available.

The data released Tuesday cover more than 18,000 titles, including thousands of films and shows that generated between 50,000 hours and 100,000 hours. — Bloomberg

PHL ranked among laggards in governance, ESG

PHILIPPINE STAR/ MICHAEL VARCAS

By Revin Mikhael D. Ochave, Reporter

THE Philippines has kept the 11th spot but at a lower overall score in a ranking of 12 Asia-Pacific countries on their performance in corporate governance (CG) and environmental, social, and corporate governance (ESG).

The 2023 CG Watch biennial survey by nonprofit association Asian Corporate Governance Association (ACGA) showed that the Philippines maintained its previous ranking in 2020, besting only Indonesia. The survey looked into the countries’ market performance and practices.

According to the report, the Philippines scored 37.6 in the 2023 ranking, down from a score of 39 in 2020, citing the country’s policy focus being “elsewhere” and the securities regulator’s “lacks resources.” 

Philippines ranks near bottom of Corporate Governance IndexAustralia secured the top spot with a score of 75.2, followed by Japan at 64.6, Singapore at 62.9, Taiwan at 62.8, Malaysia at 61.5, India at 59.4, Hong Kong at 59.3, Korea at 57.1, Thailand at 53.9, and China at 43.7. 

The rankings were based on seven categories, namely: government and public governance; regulators on funding, capacity building, and reform, and enforcement regulators; corporate governance rules; listed companies; investors; auditors and audit regulators; and civil society and media. 

ACGR data showed that the Philippines scored higher in categories such as government and public governance at 29 versus 28 in 2020; CG rules at 48 from 45; investors at 25 from 21; and auditors and audit regulators at 62 from 60. 

However, the country scored lower in terms of regulators at 25 from 27; listed companies at 48 from 55; and civil society and media at 33 from 36. 

“Our goal in CG Watch is to give a diagnosis of the health of CG systems across APAC (Asia-Pacific). More than 20 years after the Asian Financial Crisis there is no doubt that most of the region is in better shape. We hope our scores and rankings help each market to pinpoint next steps for improvement,” ACGA Secretary General Jamie Allen said. 

Meanwhile, a separate survey done by Hong Kong-based capital markets and investment group CLSA Ltd. showed that the Philippines ranked last among the 12 APAC countries in terms of the CLSA CG score. 

The Philippines came out with a score of 49.3 in the 2023 CLSA CG ranking, lower than the 50.5 score in 2020. 

“Our analysis of CG scores by thematic characteristics revealed that gender-diverse firms have the highest CG scores, followed by privately-owned enterprises, large caps and manager-run companies; while state-owned firms score the lowest,” CLSA said.

CLSA reveals CG winners and losers by sector and examines CG scores by corporate characteristics as well as CG’s relationship with broader ESG scores and shareholder value creation.

“The Asian region is characterized by extreme weather events, shifting demographics and geopolitical uncertainties. Now more than ever it has become increasingly crucial to comprehend the connection between effective corporate governance, ESG, and shareholder returns,” CLSA Head of Sustain Asia Research Seungjoo Ro said. 

Sought for comment, SEC Commissioner McJill Bryant T. Fernandez said via Viber message that the regulator has been consistent in promoting corporate governance and protecting minority investors, through policies and regulations consistent with international best practices.

“This can be attested by, among others, the recognitions from both domestic and international bodies, as well as engagements with stakeholders here and abroad,” he said.

He added that the SEC “was neither consulted nor interviewed” about the report.

“To be circumspect, the Commission will go over the entire report and commits to provide substantive comments thereon soonest,” he said.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that greater emphasis on ESG compliance is needed since it has been linked to good business practices. 

“Global and local regulators have already encouraged compliance with ESG standards for both issuers and investors even before the pandemic, which somewhat disrupted business, market, and other economic activities,” Mr. Ricafort said in a Viber message. 

“There should be greater emphasis on ESG compliance as this has become one of the important considerations by foreign investors in recent years, as ESG compliance is tied to good business practices,” he added.

Mr. Ricafort added that corporate regulators should have more funding to support more ESG compliance initiatives.

“More funding is needed to bankroll more ESG compliance initiatives amid limited financial resources of the government due to budget deficits especially since the pandemic,” Mr. Ricafort said.

Stuff To Do (12/15/23)


Araneta City brings back Fiesta Carnival

THE ICONIC Fiesta Carnival, a theme park that characterized Cubao (now Araneta City) in the 1980s and ’90s, is reopening this month in the old Shopwise building and will have rides like bump cars and indoor trains for children and adults alike. The park’s grand opening will be on Dec. 15, attended by Araneta City executives, carnival operators, and Binibining Pilipinas queens, after which there will be a colorful parade of mascots, marching band, clowns, jugglers, stilt walkers.


Big Bad Wolf goes to Davao

THE BIG Bad Wolf (BBW) Book Sale returns to Davao for the third time — marking the last leg of Big Bad Wolf’s 2023 run in the Philippine. It will take place at SMX Convention Center Davao, SM Lanang Premier from Dec. 15 to 23. With its return this holiday season, Metrobank offers the sale with exclusive perks when book shoppers pay using their Metrobank credit and debit card. This is on top of the up to 95% discount they will enjoy on books. The perks include early VIP access, as a Metrobank credit or debit cardholder can enter the book sale on Dec. 14, from noon to 10 p.m., along with one guest. Other perks include a 0% installment payment option for a three-month term with a minimum spend of P3,000 using a Metrobank credit card; dedicated payment lanes for an easier checkout; a chance to be one of the 20 winners of P20,000 cash back (for details, visit https://www.metrobank.com.ph/promos/holiday-cashback-2023 ); and earn up to P4,000 eGCs or GCash credits on any 0% installment spend (register first at mbcpc.co/morewithzeroq4 ).


The Ransom Collective, Bandang Shirley in show

MANILA-based production outfit GNN will be wrapping up the year with their annual year-end event at 123 Block in Mandala Park, Mandaluyong City, on Dec. 15, 7 p.m. onwards. The show will feature some of their favorite collaborators: The Ransom Collective, Oh Flamingo!, SOS, Ang Bandang Shirley, and Ciudad. Early bird tickets are currently on sale for P700 for a limited time only. Regular/door tickets will be available for P800. Slots can be secured via this link: bit.ly/gnnyep23.


Yuchengco Museum hosts guitar quartet concert

THE CHRISTMAS concert Paskong Cuerdas will take place on Dec. 16, 4 p.m., in the YSpace at the Yuchengco Museum, RCBC Plaza, Makati. For the benefit of Family Wellness Center Foundation, Inc., it is presented by the Yuchengco Museum and the Guitar Friends. The PIMA Guitar Quartet and soprano Stefanie Quintin will perform festive tunes in time for the Christmas season. Tickets cost P750 while students, seniors, PWDs, Yuchengco employees, and embassy employees in RCBC Plaza can enter for P550.


BP, Pintô Art Museum collaborate on a holiday art exhibit

BALLET PHILIPPINES (BP) and Pintô Art Museum have partnered for a special art exhibit featuring the work of 35 contemporary Filipino artists. The exhibit, titled “Ballet in Pintô,” will premier on the gala night of Ballet Philippines’ Christmas Fairytales on Dec. 15. The lobby of The Theatre at Solaire will be transformed into an art space where visual arts and dance meet. Pintô Founder Dr. Joven Cuanang and artist/curator Ferdie Montemayor commissioned 35 contemporary Filipino artists to produce paintings and sculptures that will feature the company’s dancers. Last July, Pintô invited the Ballet Philippines dancers to the museum’s Academy Room for a special day of art and dance. The afternoon provided the artists an opportunity to meet and study their subjects. As the dancers performed excerpts from Christmas Fairytales, the artists made studies for their eventual works. The finished works will be on exhibit from Dec. 15 to 17, during Ballet Philippine’s performances of Christmas Fairytales. The proceeds earned from the upcoming exhibition will benefit the causes supported by the Pintō Museum and Ballet Philippines. Tickets to Christmas Fairytales will be available at discounted prices for Metrobank credit card holders. Metrobank is offering 20% off on select seats at all Ballet Philippines shows until March 10, 2024, which includes the Christmas show which will run from Dec. 15 to 17 at the Theatre at Solaire. Set in a world of magic and dreams, Christmas Fairytales follows Little Tala, who is tasked by The Master of Time to fix lost fairytale characters in order to go home. Tickets to the show can be booked via TicketWorld or via Ballet Philippines at info@ballet.ph.


Eastwood City’s Holiday Lightscapade

The open park of Eastwood City welcomes visitors to a luminous wonderland at night. Until Dec. 30, the mall’s open area turns into a kaleidoscope of lights every hour from 6 to 10 p.m., set to rhythms that families and friends can relax or even dance to. Come on Dec. 15 or Dec. 24 to catch Eastwood City’s fireworks displays illuminating the skies.


Taiwanese math rock trio to perform in Manila

TAIWANESE experimental band Elephant Gym will perform for a second time in Manila on Dec. 16 at the Balcony Music House in Makati. The math rock outfit will once again display their ability to interlace various threads of jazz, electronic, and classical into a singular patchwork of contemporary math- and post-rock. They first visited Manila in 2018 as one of the headlining acts of All of The Noise, a mini-music festival organized by The Rest Is Noise PH, which is also organizing their upcoming one-night-only performance. Their special guest at the show will be Filipino indie rock outfit Musical O. Elephant Gym’s forthcoming album, World, will mark their 10th anniversary as a band. Regular tickets for their Manila performance are available for P1,500 via bit.ly/elephantgymmanila.


Parokya ni Edgar to perform at Batangas Lakelands

BATANGAS Lakelands and Traverse Entertainment will present Parokya ni Edgar Live at Batangas Lakelands on Dec. 16. Parokya ni Edgar is best known for their hit songs “Harana,” “The Yes Yes Show,” and “Bagsakan.” The venue is Batangas Lakelands, a 20-hectare event destination and active-lifestyle park in Balete, Batangas. This concert will also feature special guest performers Taylor Sheesh, Lucas Garcia, Lunar Lights, Bea Mae Sacramento, Luke Daniel, James Andrew, Fumiya, and the FAITH Colleges Dance Company. Tickets will include a complimentary food voucher worth P200. Tickets are available via TicketWorld.


Hanabishi to give away free merch at Asia Pop

APPLIANCE brand Hanabishi Appliances will join the Philippine P-pop and K-pop communities as they come together for the Asia Pop Christmas Carnival on Dec. 17 at the Quantum Skyview in Gateway Mall 2, Quezon City. The brand will have its own booth at the venue and will be giving away free merchandise to fans. The Asia Pop Christmas Carnival will feature performances from top P-pop and K-pop groups, as well as singing and dancing competitions, games, and raffles. Admission to the Asia Pop Christmas Carnival is free.


Nuvali sparkles with its annual Fountain of Lights

THE NUVALI Fountain of Lights, an immersive experience on the grounds of Nuvali in Laguna, officially began in mid-November and is ongoing until January. The leveled-up water show is titled “Seaside Serenade: Muses And Creatures,” and was put up for the benefit the Priceless Planet Coalition, a global environmental organization committed to restoring 100 million trees by 2025. Around the lakeside view is a host of activities, from the newly installed LED Swing by Avida to Coffee Bean’s stand-alone store. The Nuvali Fountain of Lights is held on Fridays to Sundays until Jan. 14 from 6 to 9 p.m.


Alviera holds 1st Northern Floats Festival in Pampanga

PORAC, Pampanga is brighter and more colorful this holiday season as Ayala Land and Leonio Land present the first-ever Alviera Northern Floats Festival. Ongoing until Dec. 17, the festival will highlight larger-than-life floats which introduce Alviera’s Christmas characters: Alvie, Sandy, Christoff, Sparkles, Fin, and the Jingle Belles. There will be carnival-themed activities like game booths, zorbs, a kite display, as well as live music and food stalls. Festival goers can also enjoy special access to the SandBox adventure destination, bike trails, and the exclusive Alviera Country Club. For P125, guests can access the Alviera Northern Floats Festival and enjoy one Sandbox ride. For P375, guests can enter with a P150 food and drinks voucher, a P100 voucher for activities, and one SandBox ride. Meanwhile, for P525, guests get all that plus access to the Giant Swing, Free Fall, and Roller Coaster Zipline. The “ultimate” festival experience costs P725, inclusive of a one-day Alviera Country Club guest pass with complimentary food and drinks. Tickets are available via Tickelo. Visit the official Alviera Facebook page for more information.

ACEN signs P11-B sustainability-linked loan facility

AYALA-LED ACEN Corp. inked an P11-billion sustainability-linked loan facility with the Asian Development Bank (ADB) and the Bank of the Philippine Islands (BPI) to finance solar projects.

“This financing is not just a loan; it is a clear testament of our unwavering commitment to our sustainability ambitions as we set the stage for accelerated growth in the renewables sector,” ACEN President and Chief Executive Office Eric T. Francia said in a stock exchange disclosure on Thursday.

He said that the loan is an “instrumental step” for the company’s ambitious target of reaching an installed energy capacity of 20 gigawatts by 2030.

Corazon G. Dizon, chief finance officer of ACEN, said that the loan “aligns with our priorities and enables us to consistently invest in sustainable energy infrastructure towards our net zero transition goal.”

The company also said that the facility supports its aspiration to “become the largest listed renewables platform in Southeast Asia and will contribute to the development of solar projects.”

In a separate disclosure, ACEN said that it had subscribed to 22.33 million common shares with a par value of P1 per share or a total par value of P22.33 million of its subsidiary Belenos Energy Corp.

It also subscribed to 200.93 million redeemable preferred shares with a par value of P1 or a total par value of P200.93 million.

The subscription will be issued out of the increase in the authorized capital stock of Belenos, which is ACEN’s special purpose vehicle for development projects in the Philippines.

In total, ACEN’s subscription is valued at P223.25 million with an initial payment of P25 million.

“The acquisition will allow ACEN to have a significant ownership in Belenos and is meant to implement Belenos’ investment into a potential renewable energy project,” ACEN said.

The company also said that it had joined as a member of global group Powering Past Coal Alliance (PPCA) at the Conference of the Parties or COP28.

“It is an opportune time for ACEN to join PPCA. As ACEN continues to lead pioneering initiatives such as the world’s first market-based Energy Transition Mechanism and the recently announced Transition Credit pilot, there is much benefit to connecting with the PPCA network to further these innovative transition initiatives,” Mr. Francia said.

With the induction, ACEN will commit to a “healthier, cleaner planet, marking a significant stride in the global movement towards a sustainable future,” it said.

To date, ACEN has around 4,430 megawatts of renewable capacity spread across the Philippines, Vietnam, Indonesia, India, and Australia.

On Thursday, shares of the company rose by three centavos or 0.68% to P4.46 apiece. — Sheldeen Joy Talavera

Entertainment News (12/15/23)


KAIA to stage first headline concert

THE P-POP group KAIA will hold its first major concert, on Dec. 19 at the Teatrino Promenade in Greenhills Shopping Center, San Juan. Dubbed KAIA IS HERE: 1st Solo Concert, the concert will feature the all-girl ensemble performing some of the crowd favorites and new songs live, including individual and group segments made specifically for the fans. Tickets to the concert are available at TicketNet and its physical outlets nationwide. Official merch is also bundled with the tickets.


QCinema Best Short Film to screen in Sundance

THE EXPERIMENTAL sex dramedy Bold Eagle by director Whammy Alcazaren, which won Best Short film at the QCinema International Film Festival 2022, has been selected for Sundance Film Festival 2024’s Midnight Short Film Program. Out of a record 12,000 entries submitted this year, Bold Eagle will be screening alongside 53 other short films in competition. With a running time of 16 minutes, it tells the story of Bold, an “alter” or someone who anonymously posts nudes and performs lascivious acts over the Internet, suffering an existential crisis during the pandemic. Featured in the film are the voices of Gio Gahol and Ricky Davao. Bold Eagle will have its Sundance premiere on Jan. 22, 2024.


Tate McRae releases sophomore album

THE SECOND album of multi-awarded singer-songwriter Tate McRae, Think Later, has been released via RCA Records. With 14 tracks, the new record showcasing Ms. McRae’s vocal talent. It explores the feelings of falling in love and embracing the raw emotions that result. Think Later is executive produced by Ryan Tedder and features writing collaborators and producers including Amy Allen, Jasper Harris, Greg Kurstin, ILYA, Savan Kotecha, and more. It is out now on all streaming platforms.


Bridgerton set for a two-part Season 3

NETFLIX and Shondaland have announced that Bridgerton will return for a third season in 2024. The season will be split into two four-episode parts, with Part 1 premiering on May 16, 2024, followed by Part 2 on June 13, 2024. As previously announced, the season will focus on the budding romance between Penelope Featherington (Nicola Coughlan) and Colin Bridgerton (Luke Newton), affectionately known by fans as #Polin.


Imago, Ebe Dancel reveal new song collaboration

TO END 2023 strong, Imago will be dropping a comeback single, “Magbabalik,” featuring one of OPM’s finest vocalists today, Ebe Dancel. The band’s latest song also introduces their new vocalist, the former solo artist Kurei, who is also part of Soupstar Entertainment. Written by Imago’s bassist, Myrene Academia, “Magbabalik” explores themes of loss and redemption. “When we made the demo, we thought it would be great to come and have Ebe sing with Kurei on it. The song is about losing things,” she said in a statement. The collaboration with the former Sugarfree frontman was a natural fit for the band. The song is now out on all streaming platforms.


Hong Kong youth horror series now available on Viu

THE TOP-RATED horror series Left On Read from Hong Kong is now available on Viu Philippines. The 15-episode series tells the story of a group of students who are added by an Admin to a chat group called “Read It or Die.” The Admin forces them to play a killing game wherein they must remove an unknown target; and anyone who fails to reply to the other members’ messages will instantly die. It features Marf Yau and Yoyo Kot, members of the Hong Kong girl group Collar. The Viu app can be downloaded via Apple Store or Play Store for free.

Del Monte Pacific incurs net loss

LISTED Del Monte Pacific Ltd. (DMPL) recorded a net loss in the second quarter of its fiscal year, led by lower sales in the United States and a decline in export receipts.

In a regulatory filing on Thursday, DMPL said it posted an $8 million net loss during the August-to-October period, a reversal of the $50 million net profit last year.

“We faced a tough quarter as lower pineapple supply, higher costs and consumer spending trends impacted our margins and operating performance. In addition, higher interest charges also affected the group’s bottom line,” DMPL Managing Director and Chief Executive Officer Joselito D. Campos, Jr. said. 

“We expect that consumer spending will continue to be curbed by persistently higher living costs, mainly driven by high energy prices and rising borrowing costs. To address challenging market conditions, we will focus on effectively managing our inventory over the next nine to 12 months. Additionally, we will explore opportunities to enhance our capital structure, reduce leverage, and minimize interest expenses,” he added. 

According to DMPL, it logged a 5% decline in sales to $667.1 million due to 2% lower sales in the US by subsidiary Del Monte Foods, Inc. (DMFI) worth $494.6 million, and lower exports of fresh and packaged pineapple by Del Monte Philippines, Inc. (DMPI). 

“DMFI grew its leading market share positions across its core businesses of canned fruit, vegetable and tomato with higher-margin branded retail products increasing as a proportion of overall mix,” DMPL said. 

In the second quarter, Philippine sales fell 1% to $107.8 million, but were flat in US dollar terms.

“Sales in the culinary and beverage segments experienced growth, driven by the launch of strategic campaigns. Spaghetti sauce’s birthday campaign, including the limited edition birthday collectibles, resonated well with consumers as it reinforced Del Monte’s value amidst the inflationary environment,” DMPL said.

In the first half, DMPL recorded a $22 million net loss compared to the $19 million net profit in the same period a year ago. 

DMPL said its sales rose 2% to $1.2 billion led by higher sales in the US but posted a 28% decline in gross profit to $244 million due to higher costs. 

Meanwhile, DMPL said it is expecting to deliver higher branded revenue growth for fiscal year 2024.

Amid the uncertainty, the company added that it is implementing various strategies such as optimizing packaging materials, implementing power and fuel initiatives, making investments to enhance efficiency, productivity, and wastage minimization, and introducing product bundling initiatives in distribution centers.

Shares of DMPL at the local bourse fell 70 centavos or 9.46% to P6.70 apiece on Thursday. — Revin Mikhael D. Ochave

Mattel to make American Girl movie after Barbie success

MATTEL said on Wednesday it was planning to make a live-action feature film based on its American Girl doll line with Paramount Pictures and Temple Hill Entertainment, after the box-office success of its Barbie movie earlier this year.

Shares of the toymaker rose marginally in extended trading after it also said Lindsey Anderson Beer, who wrote the Netflix film Sierra Burgess is a Loser, would write the screenplay and produce the film. Margot Robbie-starrer Barbie, released in July, recorded the biggest opening of the year, which Mattel in October said was expected to contribute more than $125 million towards its Dolls segment’s key gross billings measure in 2023.

American Girl was founded in 1986 by Pleasant Rowland, a teacher-turned-entrepreneur who set out to celebrate girlhood with beautiful dolls and adventurous books that would nourish a child’s imagination and provide education and entertainment.

Paramount Pictures, a unit of media and entertainment company Paramount Global, has produced several film franchises including Mission Impossible, while Temple Hill Entertainment has produced films including The Fault in Our Stars. — Reuters