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Hot money swings to net inflows in Nov.

WOMAN holds US dollar banknotes in this illustration taken May 30, 2022. — REUTERS

By Keisha B. Ta-asan, Reporter

FOREIGN portfolio investments reverted to a net inflow in November, ending two straight months of outflows, as global financial market conditions improved, the Bangko Sentral ng Pilipinas (BSP) said.

Foreign portfolio investments registered with the BSP through authorized agent banks posted a net inflow of $672.86 million last month, 37.7% higher than the $488.75 million net inflow a year earlier.

The November figure was a turnaround from the $328.19 million net outflow in October.

Foreign portfolio investments are known as “hot money” because of the ease with which they can enter or exit a jurisdiction, as opposed to foreign direct investments.

In November, gross inflows jumped by 49.5% to $1.57 billion from $1.05 billion a year prior and by 64.9% from the $954.38 million posted in October.   

The BSP said investments came from the United Kingdom, Singapore, United States, Luxembourg, and Hong Kong, which together accounted for 91.9% of the monthly total.

The funds mainly went to peso government securities (71.4%), while the remaining 28.6% went to Philippine Stock Exchange-listed securities of banks, holding firms, property, transportation services, and food, beverage and tobacco.   

Meanwhile, gross outflows in November increased by 59.5% to $902.01 million from $565.71 million in November 2022.

Month on month, outflows fell by 29.7%.

The BSP said the United States received 58.6% of the total outward remittances in November.

China Banking Corp. Chief Economist Domini S. Velasquez in a Viber message said improving financial conditions globally likely drove investment inflows to emerging markets such as the Philippines.   

“Forward guidance from major central banks regarding reaching the peak of interest rate hikes has fueled bullish sentiment in financial markets. In the Philippines, there has been strong investor appetite for bonds and stocks, driving portfolio inflows,” she said.   

The US Federal Reserve has kept borrowing costs steady at 5.25-5.5% during its November meeting. Fed officials have recently signaled that policy tightening may be over amid slowing inflation. 

Back home, the BSP left its key interest rate unchanged at a 16-year high of 6.5% in November.

The Philippine central bank hiked rates by a total of 450 basis points from May 2022 to October this year to tame inflation.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the sharp decline in global crude oil prices, which largely helped bring down inflation, contributed to positive investor sentiment.   

“As a result, the worst/bottom has been seen already in the US and local financial markets in October 2023 and started to post hefty gains since November 2023,” he said in a note.

Headline inflation slowed to 4.1% in November from 4.9% in October. Inflation averaged 6.2% in the 11-month period.

“Thus, net foreign portfolio investments data improved to net inflows amid the gains in the local fixed income/bond markets, peso exchange rate, and stock markets; bargain-hunting/bottom-fishing activities in line with the gains in the US stock and bond/Treasuries markets,” Mr. Ricafort said.   

For the January to Nov. 30 period, foreign portfolio investments yielded a net outflow of $42 million, a reversal from the $794 million net inflow a year ago.

“With recent guidance from the Federal Reserve suggesting more interest rate cuts in 2024, we anticipate that inflows will continue, especially by December,” Ms. Velasquez said.   

Mr. Ricafort noted that hot money inflows could further improve in December amid market expectations of a possible Fed rate cut as early as March 2024.   

“Since Fed rate cuts would lead to further gains in the fixed income/bond markets, stock markets, and lower US dollar and stronger emerging market currencies,” he said.

Following its December meeting, Federal Reserve Chair Jerome H. Powell said monetary tightening may likely be over as inflation continues to fall in the US.   

Meanwhile, BSP Governor Eli M. Remolona, Jr. said Philippine inflation is not yet out of the woods, and borrowing costs may need to stay higher for longer in 2024.   

“Unless there are significant disruptions, it is likely that hot money inflows will surpass those of 2023, leading to continued positive momentum in 2024,” Ms. Velasquez added.

Earlier this month, the BSP lowered its hot money forecast to $1 billion net inflows this year from $2 billion previously.

PHL likely to miss 2024 growth target — analysts

PEOPLE visit the Christmas display outside the Meralco Main Office in Pasig, Metro Manila, Philippines, Dec.19, 2023. — REUTERS

By Luisa Maria Jacinta C. Jocson, Reporter

PHILIPPINE economic growth will likely miss the government’s target next year amid external headwinds and risks that could derail the country’s recovery, analysts said.

To support growth, the government will need to focus on ramping up investments and ensuring inflation continues to ease, they added.

“The probability of recession is moderate, but everything must go right, including effective and efficient spending by the government, to achieve the target growth rate range,” Moody’s Analytics Chief Asia-Pacific Economist Steven Cochrane said in an e-mail.

The Development Budget Coordination Committee on Dec. 15 revised its growth target for 2024 to 6.5-7.5%, narrower than the previous 6.5-8% goal.

Most multilateral institutions’ gross domestic product (GDP) growth forecasts for the Philippines next year are below the government’s revised goal.

The World Bank expects Philippine GDP to expand by 5.8% in 2024, while the Asian Development Bank sees growth averaging 6.2% next year.

For its part, the International Monetary Fund (IMF) said the economy could grow by 6% in 2024, while the ASEAN+3 Macroeconomic Research Office sees GDP expanding by 6.3%, and the Organisation for Economic Co-operation and Development has a 6.1% growth forecast for the Philippines next year.

Latest data from the Philippine Statistics Authority (PSA) showed GDP growth averaged 5.5% in the first nine months of the year. To meet the lower end of the government’s 6-7% target for 2023, the economy must expand by 7.2% in the fourth quarter.

In 2022, Philippine GDP grew by a stronger-than-expected 7.6%, the highest since 1976.

Mr. Cochrane said he expects Philippine GDP growth to be below the government’s target in 2024.

“The greatest risks to the forecast that keep our baseline growth rate somewhat modest are the lack of consistency of fiscal spending and its resulting stimulus, the remaining potential for high inflation, and weak external demand for Philippine export products,” he said.

Elevated inflation will continue to be one of the biggest risks to growth next year, IMF Representative to the Philippines Ragnar Gudmundsson said.

“Downside risks could stem from persistently high inflation — globally and locally — that would necessitate further interest rate increases, an abrupt global slowdown that would dampen global trade, and an intensification of geopolitical tensions that could undermine the investment climate,” Mr. Gudmundsson said in an e-mail.

Headline inflation averaged 6.2% in the first 11 months of 2023, faster than 5.6% in the same period a year prior. This was above the central bank’s baseline forecast of 6% and target of 2-4% for 2023.

The Bangko Sentral ng Pilipinas (BSP) sees inflation easing to 3.7% in 2024 and to 3.2% in 2025.   

To help bring down inflation, the BSP raised benchmark borrowing costs by a total of 450 basis points from May 2022 to October 2023. It has since kept the policy rate at a 16-year high of 6.5% for two straight meetings.

BSP Governor Eli M. Remolona, Jr. this month said the Monetary Board sees the need to keep policy settings “sufficiently tight” until inflation settles within target.

“Inflation also has been quite volatile and could continue to be volatile depending upon the path of food-price inflation. Another spike in inflation would slow consumer spending and the broader economy,” Mr. Cochrane added.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said persistently high inflation could dampen consumption.

“Household consumption, which contributes the bulk to spending, has remained in expansion but has seen a gradual moderation in pace. The slower pace of expansion can be attributed to tight budgets amidst still elevated inflation,” he said in an e-mail.

Household spending typically accounts for three-fourths of GDP. In the third quarter, it grew by 5%, the slowest pace in two years.

“Meanwhile, the borrowing binge from the sustained rise in consumer loans will eventually take its toll on the households. We note spending on food items, which accounts for more than 20% of GDP, is now crawling at less than 1%,” Mr. Mapa added.

Weaker trade prospects may also affect growth, Mr. Cochrane said.

“While the risks to the global economy appear to be easing and global trade is slowly edging upward, the rebound in goods exports and service exports — including international tourism — is bound to be slow, at least through the first half of 2024,” he said.

Data from the PSA showed exports of goods and services grew by 2.6% in the third quarter, slower than 13.6% a year ago and 4.4% in the second quarter.

“Net exports, which was a key contributor to the surprise third-quarter GDP, delivering roughly 1.6 percentage points to GDP, will likely revert to weighing on overall GDP as early as the fourth quarter and going into 2024,” Mr. Mapa added.

Security Bank Corp. Chief Economist Robert Dan J. Roces also cited factors that could derail trade recovery next year, such as the slowdown in China.

“This is because the Philippines is a major exporter of goods, and China’s economic woes would lead to a decrease in demand for Philippine exports,” Mr. Roces said in an e-mail.

For the first 10 months of the year, the country’s trade in goods deficit narrowed by 11.9% to $44.07 billion from a year ago. Exports declined by 7.8% to $60.91 billion, while imports fell by 9.6% to $104.97 billion.

“Geopolitical tensions in the region also provide risks, such as the posturing in the South China Sea that could also have a negative impact on the Philippine economy. This is because businesses may be hesitant to invest in the Philippines if they are concerned about the stability of the region,” Mr. Roces added.

Mr. Mapa said higher government expenditures, which helped drive third-quarter GDP growth, may not be sustained in the long run.

“Government spending, which bounced back niftily in the third quarter, will stay in positive territory but we remain unsure whether fiscal authorities can provide the type of support to offset the slowdown in other factors,” he said.

“The 2024 budget is an increase from this year but we remain skeptical we will see a strong double-digit effort in terms of government spending with a rising proportion of expenditure going towards interest expenses,” he added.

Gross capital formation is also unlikely to be a major driver of growth, Mr. Mapa said.

“Capital formation turned negative in the third quarter and dropped to the worst downturn in more than 10 years, excluding of course COVID-19,” he said.

Elevated borrowing costs could also affect investments, he added.

The Philippines is prone to natural disasters such as typhoons and earthquakes, as well as weather phenomena like El Niño, Mr. Roces added, which could affect inflation.

Latest data from Philippine Atmospheric, Geophysical and Astronomical Services Administration showed that a strong El Niño is present in the tropical Pacific and is showing signs of further intensification in the coming months.

National Economic and Development Authority Secretary Arsenio M. Balisacan said that the El Niño weather event could potentially stoke inflation and fuel price pressures.

MODEST GROWTH SEEN
Despite lingering risks to the outlook, the country could still post modest GDP growth figures in 2024, the analysts said.

“We are cautiously optimistic that the Philippine economy will show decent growth in 2024,” Mr. Roces said. “There are a number of factors that are expected to contribute to the Philippines’ healthy growth in 2024.”

A rebound in consumer spending due to lower interest rates in the second half of the year and improved wages could boost domestic demand in 2024, he said.

“Second, the Philippine government has been working to improve the investment climate in the country, and these reforms should be able to attract more foreign investment to the Philippines,” Mr. Roces added.

Growth next year may be driven by accelerated public investments and improved external demand for exports, Mr. Gudmundsson said.

“Flagship infrastructure projects should notably benefit from stronger foreign direct investments and private sector participation through public-private partnership modalities,” he added.

Mr. Gudmundsson also cited positive spillovers from a resilient US economy and easing financial conditions, as these could support electronics and service exports and a rebound in domestic demand.

AMLC requires firms to report even attempted suspicious transactions

PHILSTAR FILE PHOTO

THE Anti-Money Laundering Council (AMLC) has required designated non-financial businesses and professions (DNFBPs) to report all suspicious transactions, whether completed or even just an attempt, as part of the fight against “dirty money” and terrorism financing.

AMLC’s Regulatory Issuance No. 2 amended the 2021 Financing Guidelines for DNFBPs which required them to file all covered and suspicious transaction reports (CTR/STR) with the dirty money watchdog.   

“DNFBPs shall file all CTRs and STRs, in accordance with the registration and reporting guidelines of the AMLC. STRs shall cover all transactions, whether completed or attempted,” the AMLC said.

The AMLC has earlier said that the DNFBPs guidelines apply to jewelry dealers, lawyers, law firms and accountants. It also includes company service providers that act on behalf of juridical persons or arrangements, or manage and arrange clients’ funds, investments and securities.

Under the guidelines, DNFBPs should file suspicious transaction reports to the AMLC on the next working day after the incident occurred.   

DNFBPs are given five working days to report all covered transactions, unless the AMLC prescribed a different period within the next 15 days from the occurrence of the incident.   

“DNFBPs shall… decide with finality whether to file an STR with the AMLC should the suspicion or suspicious nature of the transaction or activity be duly established or determined, or otherwise to document the non-filing thereof,” the AMLC said.   

“Should a transaction be determined to be both a covered transaction and a suspicious transaction, it shall be reported as a suspicious transaction,” it added.   

Meanwhile, lawyers and accountants are required to report any suspicious or unlawful activity to the AMLC, pursuant to Section 12, Canon 2 of the Code of Professional Responsibility and Accountability.

Lawyers and accountants who provide services as a business to third parties are also required to file CTRs and STRs to the AMLC if an incident occurs.

The AMLC assured that lawyers will not violate their duty of confidentiality when they disclose covered and suspicious transactions to the AMLC.   

“No administrative, criminal or civil proceedings shall lie against any person for having made a covered transaction or suspicious transaction report in the regular performance of his/her duties and in good faith, whether or not such reporting results in any criminal prosecution under the AML Act or any other Philippine law,” the AMLC said.   

However, independent lawyers and accountants who work for a private firm or act as a sole practitioner by providing purely legal and accounting services to clients are not required to file CTRs and STRs, it added.   

The Financial Action Task Force (FATF) describes DNFBPs as a group of entities that are involved in activities outside of the traditional financial sector but have the potential to be exploited for money laundering, terrorist financing, or other illicit financial activities.

The Philippines is hoping to exit the FATF’s “gray list” of jurisdictions under increased monitoring for dirty money risks by January next year. It has been on the gray list since June 2021.

To be removed from the gray list, the country committed to comply with several action plan items.

The FATF in its October update said the Philippines should continue to demonstrate effective risk-based supervision of DNFBPs and ensure that supervisors are using the proper anti-money laundering controls to mitigate risks associated with casino junkets. 

It also said the Philippines should enhance and streamline law enforcement agencies’ access to beneficial ownership information and ensure accurate and up-to-date information.   

The FATF noted the Philippines should also increase investigation and prosecution of cases related to money laundering and proliferation financing. — Keisha B. Ta-asan

You need to be in good hands to manage your wealth

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These are all delivered by a team of experts that is locally and internationally recognized by publications and institutions such as The Asset, Asiamoney, the Philippines’ Bureau of the Treasury, and the Philippine Dealing System. They were cited for their stellar performance, leadership, and innovation in the investment and private banking space.

The Bank’s wealth management expertise, combined with its leadership and strong track record for success, put Metrobank in the perfect position to guide Filipinos on their wealth journey. Metrobank has taken the next step in supporting Filipino investors by making reliable investment information and wealth advice available online through its platform called Wealth Insights, the first of its kind in the Philippines.

Wealth Insights enables investors, from the novice to the sophisticated, to make informed timely decisions to grow wealth and manage risk through curated market-impacting news, up-to-date commentary and calls on the local and global financial markets, simplified explainers on key economic and financial concepts, and comprehensive actionable ideas across different asset classes particularly stocks, bonds, and foreign exchange currencies.

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Firefly, GomBurZa are the big winners at 2023 MMFF awards

ZIG DULAY’s fantasy film Firefly, about a young boy’s search for the mythical island of fireflies, was one of the night’s two big winners in this year’s Metro Manila Film Festival (MMFF). It bagged the coveted Best Picture award.

Meanwhile, GomBurZa, a historical drama about the three Filipino Catholic martyred priests Mariano Gomez, José Burgos, and Jacinto Zamora, bagged the most awards, including Second Best Picture.

The awarding ceremony was held at the New Frontier Theater in Quezon City on Dec. 27. It was also streamed on Facebook.

Firefly’s other two awards were Best Screenplay for Angeli Atienza and Best Child Performer for Euwenn Mikaell.

The film follows Tonton (played by Mr. Mikaell), who goes on a quest to find the island of fireflies that his mother Elay (played by Alessandra de Rossi) told him about in her bedtime stories.

“Inaalay namin ang pelikula sa lahat ng taong naniniwala sa kapangyarihan ng pangarap, kapangyarihan ng pag-ibig, at kapangyarihan ng sining (We dedicate this film to all those who believe in the power of dreams, the power of love, and the power of the arts),” Firefly director Zig Dulay said in his Best Picture acceptance speech.

GomBurZa’s six awards were Second Best Picture, Best Actor for Cedrick Juan, Best Director for Pepe Diokno, Best Cinematography for Carlo C. Mendoza, Best Production Design for Ericson Navarro, and the Gatpuno Antonio Villegas Cultural Award.

In his acceptance speech, Mr. Juan dedicated his win to victims of injustice like the titular priests of GomBurZa.

“Inaalay ko po itong parangal na ito para sa lahat ng Pilipinong hindi nakakakuha ng tamang hustisya dahil, 152 years ago, ganoon po iyung nangyayari sa atin (I dedicate this award to all Filipinos who are not able to attain justice because, 152 years ago, that was what was happening to us),” he said.

“Sana ay matuto tayo sa ating history, hindi dahil para baguhin ito kundi para matuto (I hope we can learn our history – not to revise it, but to learn from it).”

The Third Best Picture was Mallari, a horror film about the first Filipino serial killer Severino Mallari. It went home with an award for JC Santos as Best Supporting Actor, and awards for Best Visual Effects for Gaspar Mangarin and Best Score for Von de Guzman.

The Fourth Best Picture was When I Met You in Tokyo, a romance between elderly overseas Filipino workers Azon (played by Vilma Santos) and Joey (played by Christopher de Leon) which is set in Tokyo. The film went home with an award for Ms. Santos as Best Actress, the Fernando Poe, Jr. Memorial Award for Excellence, and an award for Best Float.

The 2023 MMFF jury was chaired by filmmaker Chito Roño with actress Lorna Tolentino as vice-chair.

The 49th MMFF film screenings are ongoing nationwide until Jan. 7. — Brontë H. Lacsamana

 

And the winner is…

HERE is the full list of winners at the 2022 Metro Manila Film Festival awards night which was held on Dec. 27.

Best Picture: Firefly

2nd Best Picture: GomBurZa

3rd Best Picture: Mallari

4th Best Picture: When I Met You in Tokyo

Best Actress: Vilma Santos, When I Met You in Tokyo

Best Actor: Cedrick Juan, GomBurZa

Best Supporting Actor: JC Santos, Mallari

Best Supporting Actress: Miles Ocampo, Family of Two

Best Director: Pepe Diokno, GomBurZa

Best Screenplay: Angeli Atienza, Firefly

Fernando Poe, Jr. Memorial Award for

Excellence: When I Met You in Tokyo

Gatpuno Antonio Villegas Cultural Award: GomBurZa

Marichu Vera-Perez Maceda Memorial Award: Lily Monteverde

Gender Sensitivity: Becky & Badette

Best Cinematography: Carlo Canlas Mendoza, GomBurZa

Best Editing: Benjamin Tolentino, K(Ampon)

Best Production Design: Ericson Navarro, GomBurZa

Best Visual Effects: Gaspar Mangarin, Mallari

Best Original Theme Song: “Finggah Lickin,” Becky & Badette

Best Score: Von de Guzman, Mallari

Best Sound: Melvin Q. Rivera and  Louie Boy Bauson, GomBurZa

Best Child Performer: Euwenn Mikaell, Firefly

Best Float: When I Met You in Tokyo

Metro Manila Film Festival 2023: Major talents lift tale of senior love

Movie Review
When I Met You in Tokyo
Directed by Conrado Peru and Rommel Penesa
MTRCB Rating: PG

By Joseph L. Garcia, Senior Reporter

I’VE NEVER been a Vilmanian (Sharon Cuneta is my own showbiz sacred cow), but then, I’ve never seen Vilma on the big screen. Any experiences I have had of Philippine cinema’s “Star for All Seasons” were limited to late-night movies of hers shown on TV. If the lines outside the movie theater for When I Met You in Tokyo were any indication, Vilma Santos-Recto truly has a different pull.

The audience, for example, was an interesting mix: all genders, all ages, all economic brackets. Some less fashionable people were up in front, but a chic mother and daughter pair (making Vilma’s reach intergenerational) answered my question in the affirmative whether their spot was the back of the line for the Vilma movie (it was a long line, just to enter the cinema).

When I Met You in Tokyo pairs up Vilma Santos and longtime leading man Christopher de Leon, who have starred in more than 20 movies together beginning in the 1970s with Tag-ulan sa Tag-araw. Their most recent pairing was in Mano Po 3 in 2004.

This new movie shows them as Filipino migrants in Japan, of advanced age. Ms. Santos plays Azon, a hotel cleaner, while Mr. De Leon plays Joey, slightly wealthier as a hands-on farm owner. Santos is an involuntary celibate, never having married at her age; while Mr. De Leon has been betrayed by his ex-wife, played by Gina Alajar. What a cast, by the way: veterans like Ms. Alajar, Tirso Cruz III, and Lotlot de Leon (De Leon’s adopted daughter with former wife and Santos’ box office rival “Superstar” Nora Aunor) are all just side characters in this movie.

Ms. Santos makes everything feel so real: I really felt like I was watching a beloved aunt, in her gestures and her speech patterns. What’s more, despite their own advanced ages (Santos was born in 1953; De Leon was born in 1956 — you do the math), the pair can still bring a frisson of kilig to the audience: not just for the older ones, mind you, but even their younger seatmates.

And what a beautiful face, by the way: in the movie, Ms. Santos punches Mr. De Leon at their meet-cute, cries and cracks her voice, and speaks Japanese with a Filipino accent and yet still looks that good. Watching a scene with Ms. Santos talking with her mouth full and discussing rent and government dues, she still looks more beautiful than many women at least 20 years younger than her.

Romance blossoms between the pair, predictably so in this romantic comedy/drama, but in the hands of Ms. Santos and Mr. De Leon, teenybopper drivel becomes pure gold. But they’re getting older, a plot point in the movie: Santos suffers from osteoarthritis, while De Leon has a heart ailment. I begin to think that as one ages, love perhaps becomes purer, regressing from the lusts of youth and ennobled by experience. We watch the pair grow more in love each day, slowed down by age. The bucolic surroundings of the outskirts of Tokyo add to the atmosphere, as well as the Apo Hiking Society’s “When I Met You” (the movie’s theme and part-namesake, sung by De Leon in a scene, and in a duet with Santos in the credits).

(Beware: Spoilers ahead!)

With age and health as a plot point, it’s inevitable that one of them dies. Mr. De Leon succumbs to his heart ailment after a peaceful evening in their garden. Followed by a camera, Ms. Santos prepares to go to bed, beckoning her husband to come, and after a search, finds him outside slowly dying. She cries for help in Japanese, and says his name, Joey, over and over. I cried. Not just moisture that had to be patted dry with a handkerchief, but full-on crying with snot-wiping. Another actress would not have elicited this effect (except perhaps Sharon), and frankly, would have been corny. Santos, however, arrests one with a teenage star’s charm (as she had been) at the start of the movie. Backed up by skill, years of hard work, and solidified showbiz status, this charm pulls you to the very end of the film, making you feel very deeply for whoever she’s playing.

By all standards, the film should have been predictable and unexciting. In the hands of other actors, this would have been filler. In the hands of Mr. De Leon, and especially Ms. Santos, the film reaches a higher standard. Not only are we watching a necessary story about senior love, it’s another hit to add to Ms. Santos’ roster. We’ll watch a few more Vilma Santos movies to get more insight about her work, but consider me a convert.

Metro Manila Film Festival 2023: Camp, comedy, cinema

Movie Review
Becky and Badette
Directed by Jun Robles Lana
MTRCB Rating: PG

By Brontë H. Lacsamana, Reporter

THERE is no doubt that Jun Robles Lana is a master of camp and comedy. His latest film Becky and Badette, which follows the antics of best friends Becky Naman (played by Eugene Domingo) and Badette Imaculada (Pokwang), is hilarious.

The two leads are already known comediennes, but never have they been given such great material to work on together. As the titular duo, they knock it out of the park with Vilma Santos imitations, double entendres, and quick-witted pop culture-related humor.

It starts off with them as cleaners and informal chicken vendors at a high-rise building, their dream to be music or TV stars simply unreachable. Then, they attend a high school reunion organized by their batchmate, ad agency executive Nirvana Batungbakal (played by Agot Isidro in all her snooty, bitchy glory). There, the two come face to face with their failures and drunkenly make up stories to get attention — by claiming that they are a lesbian couple.

Naturally, their antics are filmed (complete with the two tearfully singing Becky’s chicken-themed song “Finggah-Lickin’”) and the video is uploaded online, instantly going viral. Their whirlwind journey begins, turning them into hitmaking and TV-starring lesbian celebrities almost overnight.

They promise to come clean to the public that fell in love with their “coming out” video, but when aspiring musician Becky gets an offer to make an album and aspiring actress Badette lands a lead role in a TV show, telling the truth quickly becomes less of a priority. The failures in life, suddenly faced with success, dig themselves into a deeper hole by leaning into the lie.

Of course, the film acknowledges this behavior is problematic. Becky and Badette’s gay friend tells them he is “somewhat bothered” by what they’ve done and the two do feel guilty. But the way they still make one dumb decision after another, leading into a downward spiral of dishonesty, is hilarious.

It is this year’s standout, providing a one-two punch of camp and comedy, of Ms. Domingo and Pokwang, of outlandish costumes and bright color palettes. This writer watched in a theater that erupted in laughter the entire time, both the LGBTQ+ and the straights in the crowd.

Romnick Sarmienta was enthralling as the heartthrob that nearly tears their friendship and their elaborate lie apart, Pepe Feniz (yes, the name made people chuckle every time it was mentioned). However, the whole schtick about Becky and Badette trying to discreetly pine for and pursue him gets old pretty fast, taking time away from the actual plot.

While emotional beats wane a bit here and there in service of laughs, which is a shame since the film tackles worthwhile topics like fame, friendship, and queerbaiting, you gotta applaud the comedy gold in this — that catchy finggah lickin’ song (which the MMFF awarded Best Original Theme Song), the well-placed nail cutter joke, the insensitive oyster bar ad campaign, the reference to 2022 film Triangle of Sadness! There is just lots to laugh about, which means this comedy did its job.

As a distinctly Filipino form or absurdist comedy, it seemingly never runs out of fun scenarios. The musical numbers are a joy to watch, with good camera work by Kara Moreno and deliciously colorful production design by Jaylo Conanan. But mostly, it is carried by the star power and talent of its two leads.

DoTr outlines timeline for NAIA upgrade project 

PHILSTAR FILE PHOTO

THE Transportation department has scheduled the signing of the concession agreement for the rehabilitation, operations and maintenance of the Ninoy Aquino International Airport (NAIA) by mid-March.

“We are scheduling the signing of the concession agreement on March 15, and based on that there is up to 180 days to complete the conditions precedent to O&M (operations and maintenance) start date, and that is Sept. 11,” Transportation Undersecretary Timothy John R. Batan said on Wednesday.

During the submission and opening of technical documents for the NAIA-Public Private Partnership (PPP) project on Wednesday the Department of Transportation (DoTr) received bids from four groups for the airport’s upgrade.

The DoTr’s technical bid and awards committee (TBAC) is set to conduct a detailed evaluation of the qualification documents in 10 days starting on Wednesday.

“That is Jan. 6, 2024. The TBAC reserves the right to seek clarification from any bidder on the form and contents of the qualification documents,” he said, adding that the DoTr’s TBAC intends to announce the result of the detailed qualification review on Jan. 11.

Mr. Batan said the evaluation of the technical proposals will be conducted from Jan. 15 until Feb. 4, 2024.

“On Feb. 5, we will be announcing technical proposals that pass the technical evaluation and we will also announce the opening date for the financial proposals, which is scheduled tentatively on Feb. 7,” he said.

The results of the financial evaluation are expected to be announced on Feb. 14 as the DoTr is targeting to issue the notice of award by Feb. 15, Mr. Batan said.

The four groups that submitted bids for the P170.6-billion public-private partnership (PPP) project to upgrade NAIA are the Manila International Airport Consortium (MIAC), Asia Airport Consortium, GMR Airports Consortium, and SMC SAP and Company Consortium. 

Initially, eight entities had earlier bought bid documents for the NAIA-PPP project.

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

MIAC had previously submitted a P267-billion unsolicited proposal to operate and modernize the NAIA, but this was rejected by the government.

The GMR Airports Consortium is composed of GMR Airports International B.V.; Virata-led Cavitex Holdings, Inc.; and Yuchengco-led House of Investments, Inc. GMR Airports had partnered with Megawide Construction Corp. to operate the Mactan Cebu International Airport, but has since sold its stake to AIC.

The SMC SAP and Company Consortium is composed of San Miguel Holdings Corp.; RMM Asian Logistics, Inc.; RLW Aviation Development, Inc.; and Incheon International Airport Corp. The San Miguel group is currently building the New Manila International Airport in Bulacan.

The Asian Airport Consortium is comprised of Lucio Co’s Cosco Capital, Inc.; Asian Infrastructure and Management Corp.; Philippine Skylanders International, Inc.; and  PT Angkasa Pura II. — Ashley Erika O. Jose

Meralco’s expertise may speed up SPNEC’s solar projects — analysts

MERALCO.COM.PH

THE leadership of Manuel V. Pangilinan (MVP), chairman and chief executive officer (CEO) of Manila Electric Co. (Meralco), may expedite the development of projects at SP New Energy Corp. (SPNEC), analysts said.

“Meralco’s vast experience and financial resources can boost SPNEC’s project execution and scale. Pangilinan’s leadership brings added credibility and investor confidence,” Toby C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc., said in a Viber message.

On Wednesday, SPNEC said MGen Renewable Energy, Inc. (MGreen) had given the balance payment of about P8.89 billion to complete the P15.9-billion investment for control of the listed company.

MGreen is the renewable energy development arm of Meralco Powergen Corp., a wholly owned subsidiary of Meralco.

After the transaction, MGreen will own 15.7 billion common shares and 19.4 billion preferred shares in SPNEC, translating to a total voting interest of 50.5%.

At the same time, SPNEC announced the appointment of Mr. Pangilinan as chairman, president, and CEO of the company, and Leandro Antonio L. Leviste as vice-chairman.

Luis A. Limlingan, head of sales at Regina Capital Development Corp., said in a Viber message that the acquisition “comes with the overarching strategy of the group to build a portfolio that is more focused on renewables.”

SPNEC is building one of the largest single contracted solar projects in the world in Nueva Ecija, with its 3.5-gigawatt solar farm and 4.5-gigawatt-hour battery energy storage project.

Mr. Arce said Meralco’s backing could expedite land acquisition, financing, and construction, “bringing the world’s largest solar project closer to reality.”

“Pangilinan’s takeover brings both opportunities and challenges for SPNEC. The company’s future direction, success of the Nueva Ecija project, and impact on the renewables market will depend on effectively harnessing the combined strengths of Meralco and SPNEC,” Mr. Arce said.

Meanwhile, Globalinks Senior Trader Mark V. Santarina said Mr. Pangilinan as the chairman of SPNEC is “a win-win for everyone” through the leverage of Meralco’s expertise in the energy sector. 

“While there’s potential for a backdoor listing of MGreen since they now control SPNEC, it doesn’t seem likely to happen soon,” he said in a Viber message.

Mr. Santarina said that the takeover significantly benefits Meralco as it plays “a key role in the company’s current stock trading at its 52-week high.”

“This is attributed in part to Meralco’s commitment to integrating an increasing amount of renewable energy into its overall energy portfolio,” he said.

At the local bourse on Thursday, shares of SPNEC climbed by 10 centavos or 8% to close at P1.35 apiece. Meralco shares went up by P5 or 1.27% to finish at P398 each. — Sheldeen Joy Talavera

Metro Manila Film Festival 2023: Over-the-top tearjerker

Movie Review
Family of Two
(A Mother and Son’s Story)
Directed by Nuel C. Naval
MTRCB Rating: PG

AS AN HOMAGE to all mothers, Family of Two depicts a love between a clingy mother and her equally clingy son.

The film has a heartwarming premise — selfless woman Maricar (played by Sharon Cuneta) dedicates all her time to her devoted son Mateo (played by Alden Richards), whom she raised singlehandedly. However, this codependent set-up is not forever, as Mateo is presented with a chance to go abroad where his girlfriend is also working.

This is when he decides to sign his mother up for a dating site, so that she can find happiness outside of motherhood.

Both leads play their parts as expected, with cheesy and exaggerated exchanges of dialogue between them. Ms. Cuneta hits all the dramatic notes required of a seemingly cheerful, doting mother while Mr. Richards is his usual pretty boy self, either smiling with dimples or shedding some tears.

The role of Mateo’s girlfriend Zari, brought to life by Miles Ocampo, is not very memorable, in large part due to the lack of chemistry between the two actors. While she did win a Best Supporting Actress award for it, Ms. Ocampo’s charm has definitely shone through more in other projects.

It is the mother and son’s journey that is the focus, although it is depicted in a frustratingly formulaic way. Codependency is a situation where actions tend to speak louder than words, but this film really went the wordy, teary, drama-filled route to depict it.

Maricar packing her son’s lunches for him every morning and staying up to wait for him to come home at night were already poignant enough scenes. But no, there had to be cute, MMK-level banter the entire time, and overreactions where they endlessly cried to each other.

Time and time again Filipino family dramas have resorted to a saccharine approach that doubles down on the over-the-top tearjerker scenes set to an obnoxiously touching score. This film didn’t need all the crying. Since the conflict wasn’t too serious, it could have been a nice, natural slice-of-life story.

Family of Two’s most promising underused plot point comes near the end, where Maricar realizes she wants to go back to school to finish her college degree. A certain speech she makes related to that was probably the most beautiful moment in the entire film, and is not the typical, crying, cliche.

While it does earn plus points for advocating letting people past their prime pursue their education, it’s a damn shame that it only felt like a footnote in the story. Maricar deciding to go back to school with the support of her son would have made for a more memorable movie, without all the tearjerker shenanigans, and it would have been better material for the two leads to work with. — Brontë H. Lacsamana

Theater stalwart, Areté artistic director Ricardo G. Abad, 77

RICARDO “RICKY” G. ABAD, a theater director, actor, teacher, and sociologist, died on Tuesday, Dec. 26. He was 77.

Areté, the creative hub of the Ateneo De Manila University (ADMU), posted a short tribute for their artistic director on Facebook a day after his death.

“Dr. Abad was the spirit behind Areté’s development as a cultural institution, devising its artistic programs and presentations. He conceptualized and directed shows like the Noel Concert series, the staging and online release of 2Bayani The Musical, and the Sari-sari pocket presentations to name a few,” the post said.

As a professor emeritus of ADMU, Mr. Abad contributed to the growth of the Department of Sociology and Anthropology and the Department of Fine Arts.

In the late 1990s, he was part of a committee convened to propose a university program with fields of study drawn from Ateneo’s rich artistic tradition. That program would become the Department of Fine Arts (FA), where Mr. Abad served as founding director from 2000 to 2003.

“For us that are a part of the FA community — past and current students, faculty, and staff — Dr. Abad’s greatest seed planted and cultivated was what we’ve become and aspire to be: a community of educators, artists, authors, performers, and professionals committed to nurturing contextualized and critical practices in the artistic disciplines our programs represent,” the Ateneo Fine Arts Department said in a Facebook post.

Theater group Tanghalang Ateneo also paid homage to Mr. Abad, acknowledging his role in mentoring some of the best talents working across many professions and fields, particularly, in theater, film, and TV.

“We remember him fondly for his passion, humor, and lust for life, and for shaping Tanghalang Ateneo, and the Loyola School’s theater tradition, into what it is known for today: courageous and forward-thinking artistry, uncompromising discipline, and intellectual rigor,” it said.

The Philippine Sociological Society, where he had served as president and editor of the Philippine Sociological Review, highlighted his contributions to the field in a Facebook post. “His research covered a diverse range of topics including poverty and inequality, demography, migration, values, social capital, and religion, He was a recognized expert on survey research methods. A beloved teacher and mentor, Dr. Abad was a recipient of the prestigious Metrobank Outstanding Teacher Award.”

Choreographer and director Dexter M. Santos posted on Facebook his own tribute to the late master. He spoke to Mr. Abad’s “commitment and pure love for the theater.”

“He didn’t need to mentor all those TA kids. He was a more than accomplished and celebrated Doctor of Sociology,” Mr. Santos said. “Pero sobrang mahal niya ang Teatro, mahal niya ang pagtuturo (But he loved theater so much, and he loved teaching).” — Brontë H. Lacsamana

ACEN subscribes to additional shares of subsidiaries

AYALA-LED ACEN Corp. has subscribed to additional shares worth a combined total of about P12.87 billion in its six wholly owned subsidiaries to develop several renewable energy projects.

In separate disclosures on Thursday, the listed energy company has agreed to purchase shares in its units, namely: Giga Ace 6, Inc., Giga Ace 8, Inc., Santa Cruz Solar Energy, Inc., Sinocalan Solar Power Corp., SolarAce2 Energy Corp., and Gigasol1, Inc.

ACEN has subscribed to 799.48 million common A shares and 7.16 million redeemable preferred A shares in Giga Ace 6 for a total subscription price of P7.96 billion.

The subscription price will be used for the proposed development of a 335-megawatt (MW) onshore wind power project located in the provinces of Laguna and Quezon.

With Giga Ace 8, the company has signed a subscription contract for an additional 7.2 million common A shares, 64.8 million redeemable preferred A shares, and 16.8 million redeemable preferred C shares worth a total of P2.4 billion.

The additional investment will be used to fund the proposed 300.011-megawatt peak (MWp)/237-megawatt alternating current Palauig Solar 2 Project.

ACEN has also invested in Gigasol1 by subscribing to 2.4 million redeemable preferred shares for a total subscription price of P240 million.

It also inked a contract with SolarAce2 Energy to subscribe to 2.5 million redeemable preferred shares worth P250 million.

“The subscription price will be used by the SPV (special purpose vehicle) for development activities relating to renewable energy projects in the Philippines,” ACEN said in both disclosures.

With Santa Cruz Solar Energy, the company has signed a deal to subscribe to 13.05 million common A shares and 117.53 million redeemable preferred A shares worth P1.31 billion.

The additional investment will be used to fund continuing works for the construction of the San Marcelino Solar Energy Power Plant Project.

Lastly, to fund the development of the proposed 60-MWp solar power plant in San Manuel, Pangasinan, ACEN has subscribed to 70.8 million redeemable preferred A shares in Sinocalan Solar Power worth P708 million. 

The additional subscription to the subsidiaries will be issued out of the increase in their authorized capital stock, the company said.

ACEN President and Chief Executive Officer Eric T. Francia has said that the company might soon reach its renewables capacity target of 5,000 MW as ongoing projects reach completion.

“So it’s around the corner, getting to the 5,000-megawatt mark,” Mr. Francia previously said. “I cannot say if it’s end of the year, early next year but somewhere in that neighborhood.”

Currently, ACEN has approximately 4,430 MW of attributable capacity spanning the Philippines, Vietnam, Indonesia, India, and Australia.

On Thursday, ACEN shares jumped by P0.12 or 2.88% to close at P4.28 apiece. — Sheldeen Joy Talavera

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