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NLEX Corp. inks P10-billion loan deal with BPI to support projects

PHILIPPINE STAR/ WALTER BOLLOZOS

NLEX Corp., a unit of Metro Pacific Tollways Corp. (MPTC), has entered into a 10-year term loan facility deal with the Bank of the Philippine Islands (BPI) amounting to P10 billion, the company announced on Thursday.

Proceeds from the loan will be used to fund ongoing and future projects, as well as partially fund capital expenditures (capex) and refinance other maturing debt, NLEX Corp. said in an e-mailed statement.

“This loan agreement will help us to meet our current obligations with our key stakeholders and finance all repairs and maintenance of the expressway as well as our ongoing and future projects like the Candaba 3rd Viaduct,” MPTC President and Chief Executive Officer Rogelio S. Singson said.

The NLEX Candaba third viaduct project is a new five-kilometer bridge in two existing viaducts between Pampanga and Bulacan.

The project currently has a progress rate of 30% and is expected to be completed by the fourth quarter of 2024.

The project is expected to increase the capacity of the Candaba viaduct to three lanes with inner and outer shoulders in each direction, NLEX Corp. said.

It is being implemented in partnership with Hong Kong-based Leighton Asia and is covered by the NLEX concession deal.

“This project is just one of our company’s major initiatives in solving the growing traffic demand of the north. In partnership with the government, we aim to contribute to elevating the transportation system of the country,” said Luigi L. Bautista, NLEX president and general manager.

For 2024, NLEX is allocating P15 billion for capex to support existing projects and other expansion plans, including the Candaba viaduct project, which has a project cost of P7.89 billion.

MPTC is the tollways unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

Grounds for cautiousness: Regional economic and financial stability

BW FILE PHOTO

(Second of two parts)

If there’s any big conglomerate that has been quite forthright with its cautious assessment of growth prospects in 2024, it must be the SM Group, represented by the vice-chair of the shopping mall and SM Investment Corp. (SMIC) Teresita Sy-Coson. Despite their phenomenal profitability courtesy of both BDO and SMIC, Ms. Coson opted for guarded optimism due to what she called spiking tension in the West Philippine Sea which all started in April 2012.

“Left to ourselves, we are going to do well but there are geopolitical tensions and climate change… I think our group assessment is we are going to be okay but we just have to be watchful.”

Of course, the SM Group’s concern over the West Philippine Sea row is focused on it being just another manifestation of the US-China geopolitical rivalry. This assessment is quite close to what we hear from Beijing. But already, China has been busy initiating what amounts to actual incursions into the Philippines. We read this from the academe, the broadsheets and social media, and these are all based on the Philippine Government’s official account of what is unfolding in the West Philippine Sea without very much calling it invasion.

If it’s a simple word war between these two remaining superpowers, it could be a protracted but perhaps less serious global concern. In all likelihood, we believe both parties do realize that it’s less costly that way while exacting their own pound of flesh from those directly or indirectly involved in the fray. Incremental incursions are less obvious but effective in territorial expansion. It’s more cost-effective to make noise than fire those missiles. But quietly, China has been defying the international court ruling on the West Philippine Sea by building their own infrastructure in Philippine territories and preventing, by using water cannons, the Philippines from securing its own legal territories.

And literally, China has been able to possess and keep those Philippine Islands and maritime zones regardless of world opinion by sheer military assertion. Under this scenario, the situation could be riskier because the impact could be more real than a simple word war. We don’t know if China is aware of its own constitution which stipulates in Article 5 that it “shall practice law-based governance and build a socialist state under the rule of law.”

AMRO REGIONAL ECONOMIC OUTLOOK
In the recent presentation of the AMRO Regional Economic Outlook (AREO) in Japan this month, it looks like everything seems to be normalizing. But in the concluding portions on the regional risk map, we notice that US-China geopolitical tension was cited as one of the risks. However, this is classified under medium-term imminence, something that should concern us not now but in the next two to five years, with a low level of likelihood.

Short-term risks include a spike in global commodity prices with a medium level of likelihood which may be concerning, as well as financial spillovers from tighter US monetary policy, slower economic recovery in China, and recession in US and Europe —all with a low level of likelihood.

In short, what is happening in the West Philippine Sea may be unique to the Philippines because it is our own territories that are being claimed and virtually annexed to China. If we contextualize the risks to the Philippines, are we not justified to consider it an immediate concern with a higher level of likelihood it would happen, and instead of a general euphemistic “US-China geopolitical tension” the risk could be one of aggression? If our small islands and our exclusive economic zone in the West Philippine Sea are considered part of the Middle Kingdom, what prevents anyone from including Luzon, Visayas, and Mindanao?

In fact, AMRO’s assessment of risks for the Philippines simply reflects its own risk assessment for the region. Heightened geopolitical risks are listed as medium-term concern with low level of probability.

As for the rest of the ASEAN+3, the latest available data shows that, given those risks, the prognosis seems to have improved. The advanced economies continue to grow based on manufacturing and services. It is also encouraging to see both headline and core inflation in the US and Europe sustaining their downtrends. While China receives some boost from its fixed investment, industrial profits, and real consumer spending, its recovery is rather slow compared to expectations, particularly if the global economy remains more fragmented.

AMRO pins its hopes on the strength of domestic demand to sustain economic growth in the region. For instance, household spending has been holding due to strong employment conditions and rising household income. On the part of business, retail sales are improving as travel and tourism continue to recover.

AMRO cites S&P data and staff calculations to point out that the recovery in manufacturing in ASEAN+3 shows some softening in recent months. In Asia, the sectoral Purchasing Managers’ Index (PMI), especially in automobiles and auto parts as well as in industrial machinery, indicates a similar trend. Manufacturing activities are not getting more entrenched.

Exports appear to be looking up, with the rate of contraction slowing down. Some benefits may be forthcoming from the expected turnaround in the technology cycle and tourist business. This should be positive for the Philippines because exports of goods which account for nearly 18% of GDP had been declining in the first 10 months of the year.

Finally, if the US continues its monetary policy on a “higher for longer” path, and commodity prices spike again, exchange rate weakening in the region could only frustrate the moderating inflation trend. This is sobering, and this should make us more cautious in assessing economic prospects.

AMRO FINANCIAL STABILITY REPORT
The AMRO Financial Stability Report (AFSR) runs along the same track.

It was correct for its inaugural issue this month to have pointed out that the global financial conditions “oscillated between tightening and easing, underpinned by shifting monetary policy stances by global central banks amid COVID-19 pandemic, higher inflation, and geopolitical events.” Liquidity stress continued to mount, especially in the US which was hit by some banking crisis.

It was unavoidable that the favorable conditions of low inflation and low interest rates should yield to the challenges of high inflation and high interest rates. As this regime got entrenched through 2023, the world’s economic regions have to grapple with the spillover effects. It is good that we are starting to see inflationary pressures ease, external buffers improve, and monetary policy and non-monetary measures deliver gradual price stability. The AFSR called this aspect of financial stability under multiple trials.

But the Report also likened us to drivers navigating in low visibility. More favorable inflation conditions may be forthcoming, but this is riddled by the uncertainties in the labor market, the lagged impact of previous inflationary situation, and the potential commodity price surges. It would be a tough act managing inflation, promoting economic growth, and safeguarding financial stability.

For many countries in the region, their next monetary policy stance could be largely anchored on what the US Fed might do in the near future. Decoupling is not feasible at this time because the world remains interlinked and connected. Therein lies another instance of low visibility.

A good analytical transition, this AFSR discussion of higher debt following an era of ample liquidity and pandemic funding needs. The pandemic made it imperative for governments across the region, and elsewhere, to extend monetary and fiscal stimulus measures. With practically zero growth, the official capacity to sustain public spending could only be achieved by higher borrowings.

And the numbers are very sobering.

The region’s total debt-to-GDP ratio, inclusive of corporate, household and public debt, peaked at 325% during the pandemic before declining to 299% at the end of 2022. As we wrote last week, it is true that AMRO’s stress tests show that fiscal sustainability and financial stability “may not exactly be in clear and present danger,” it is important for the authorities to realize that “if allowed to accumulate more, and at more rapid pace, the debt issue could graduate to the front and center of public policy concern.”

POLICY OPTIONS
We can be parsimonious in citing the policy recommendations of AMRO: ASEAN+3 central banks should prioritize the fight against inflation; regular liquidity facilities should be made available for banks; a wide range of macroprudential tools should be deployed to address various sources of risks from household and corporate debts including from property development; a medium-term fiscal consolidation plan embracing a possible fiscal rule and public debt management strategy to mitigate public debt; keeping banks’ leverage ratios to ensure stable financial intermediation and economic growth.

Yes, unique local factors may be more dominant in driving economic growth and financial stability, but in some instances, global and regional drivers could be more binding. Since these are mostly outside our control, there is always a room for us to keep watch and pray.

A blessed Christmas to all!

 

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

‘Industrial peace’ achieved in 2023 — DoLE

PHILSTAR

THE Department of Labor and Employment (DoLE) said labor relations were generally peaceful this year, due to the quick resolution of disputes and the dearth of strikes.

Labor Secretary Bienvenido E. Laguesma told reporters that the disposition rate — the percentage of resolved cases — posted by the National Labor Relations Commission (NLRC) was about 90%.

Mr. Laguesma said that among the 207 labor disputes managed by the National Conciliation Mediation Board, only three deteriorated to strike action.

“Generally, we can say that we have industrial peace,” he said.

According to the NLRC accomplishment report as of October, which was released to media this week, the commission and its Regional Arbitration Branches (RABs) resolved 30,974 cases within the process cycle time of six to nine months. This translates to a 95% accomplishment rate, which exceeded the 82% overall target for the year.

Additionally, the report said Project SpeEd (Speedy and Efficient Delivery of Labor Justice), which seeks to efficiently resolve issues put forward by Philippine-based and migrant workers, RABs posted a 99% disposition rate in resolving 23,914 labor cases. The NLRC, on the other hand, reported a rate of 99.7% across 8,609 cases.

Regarding conciliation and mediation of labor disputes, the commission said in its report that it recorded 20,108 settlements as of October involving P2.69 billion, to the benefit of 26,420 workers.

The NLRC, an arm of the Labor department, is a quasi-judicial body tasked with resolving labor and management disputes, including those involving overseas workers.

Referring to the department’s 2023-2028 labor and employment plan, Mr. Laguesma said: “This plan is a tripartite document; it is not a government document alone,” citing DoLE’s intention to continue with the tripartite consultation approach.

He said DoLE received additional funding to implement programs focused on youth employment and additional assistance for vulnerable workers. — Jomel R. Paguian

Warner Bros. is in talks to merge with Paramount Global

WARNER BROS. Discovery, Inc. held talks on a possible merger with Paramount Global, potentially combining two of the biggest media companies in the world, according to people with knowledge of the matter.

The talks are preliminary and may not lead to an agreement, said one of the people, who asked not to be identified because the discussions are at such an early stage.

David Zaslav, chief executive officer of Warner Bros. Discovery Inc., met with Bob Bakish, his counterpart at Paramount Global, on Tuesday in New York to discuss a possible deal, Axios reported earlier. He has also spoken with Paramount Chair Shari Redstone, whose family company owns a controlling stake in Paramount, the owner of CBS and other television properties.

A combination of the companies would unite famous Hollywood properties, including the Paramount and Warner Bros. film and TV studios, and put a number of pay-TV and broadcast stations, such as HBO and CBS, under a single roof.

A merger of the two large media companies would likely face intense scrutiny by federal regulators who have challenged numerous combinations under the Biden administration. According to Axios, Warner Bros. executives say they could complete such a merger because their company doesn’t own a broadcast network like Paramount’s CBS.

PLAY VIDEO
Both companies have struggled as consumers have canceled cable-TV subscriptions in favor of a new generation of streaming services. The streaming businesses are expensive to run, and haven’t made up for shrinking profits at traditional networks. Programming costs, especially for sports, have been escalating.

People familiar with Paramount’s thinking say the board has been more open to strategic alternatives, such as an alliance with another media giant, or even a sale to a private equity buyer or technology company.

Paramount has been selling noncore assets, such as its real estate and Simon & Schuster booking publishing business. Bloomberg News reported Wednesday that the company was once again holding talks about a sale of the Black Entertainment Television network, this time with a management-led group.

Paramount is controlled by the Redstone family, which owns a majority of the voting stock through National Amusements, a family holding company. Shari Redstone has also held discussions about a sale of her family’s stake in Paramount with film producer David Ellison and RedBird Capital Partners.

Warner Bros.’ Mr. Zaslav has shown a great appetite for deals, merging his Discovery cable networks with the Scripps channels and later acquiring Warner Media from AT&T, Inc. in a $43 billion merger.

The latter deal included tax benefits that bar Warner Bros. from doing new acquisitions until April 2024, two years after the AT&T transaction was completed. — Bloomberg

First Gen awards LNG contract to Total Energies

FIRST Gen Corp. has awarded a contract to TotalEnergies Gas & Power Asia Pte. Ltd. (TEGPA), a United Kingdom-based company, for the supply of liquefied natural gas (LNG) cargo to one of its subsidiaries, the company said on Thursday.

In a stock exchange disclosure, First Gen said that TEGPA would supply one LNG cargo of approximately 154,500 cubic meters with delivery scheduled for February next year to First Gen Singapore Pte. Ltd.

The LNG cargo to be provided by TEGPA will be delivered by an LNG carrier, which will unload the cargo into the storage tanks of the BW Batangas floating regasification storage unit (FSRU).

The BW Batangas serves as the FSRU for First Gen’s unit FGEN LNG Corp. and BW LNG, its Norwegian partner. The vessel will offer LNG storage and regasification services to First Gen’s existing and planned gas-fired power plants, as well as third-party terminal users.

The supply will be used by First Gen’s existing gas-fired power plants located at the First Gen Clean Energy Complex in Batangas City.

FGEN LNG has constructed its Interim Offshore LNG Terminal Project and executed a five-year Time Charter Party for the charter of the BW Batangas.

In September, First Gen stated that the LNG terminal is already in the commissioning process.

“The FGEN LNG Terminal will accelerate the ability to introduce LNG to the Philippines, to serve the natural gas requirements of existing and future gas-fired power plants of third parties and FGEN’s affiliates,” the company said.

At the local bourse on Thursday, shares of the company slid by P0.38 or 2.17% to close at P17.12 apiece. — Sheldeen Joy Talavera

Shippers know the Suez is always a crisis waiting to happen

PORT OF SUEZ, EGYPT — NASA, INTERNATIONAL SPACE STATION SCIENCE, 12/30/07

HOUTHI attacks on civilian vessels, strategies to reroute ships, and the need for a 40-nation strong military alliance to guard 15% of the world’s maritime traffic sounds like the kind of emergency that ought to bring trade to its knees. Yet, the Suez Canal has been here before. What’s more, the stretch of water joining Europe to the Indian Ocean will face such crises again and again, forcing shippers to be ready at any moment.

From its commencement in November 1869, the artificial waterway through Egypt has been at the center of drama. French mail ship Péluse had the ignominious honor of being the first to block the Suez Canal on the opening night of operations due to pilot error. Unlike its younger, and shorter, counterpart in Panama, this maritime highway has suffered almost exclusively from man-made troubles.

The first Suez Crisis kicked off in 1956 when Cairo decided to nationalize the canal and kick out foreign investors. Israel invaded, with the backing of France and Britain, and the waterway was shut for around six months. A decade later, the Six-Day War put it out of operation for eight years until a pause in hostilities between Israel and Egypt.

During that time, Asia-Europe trade returned to its 19th century pattern of taking the long path around southern Africa, or overland through India, Central Asia, and the Middle East. Britain’s control of both routes was the primary reason it opposed construction of the Suez Canal in the first place, although the superpower finally relented when it became clear the project was going ahead anyway.

While the canal proper is 193 kilometers, the 2,500-kilometer passage from the northern entrance at Port Said to the southeastern Bab-el-Mandeb Strait at the Gulf of Aden, should be considered a single entity from a logistical and strategic perspective. That’s because the narrow Gulf of Suez opens out into the Red Sea before a 20-kilometer-wide pinch point at The Gate of Tears, as the Bab-el-Mandeb is also known. Once a vessel is at “the gate,” or in the Red Sea, there’s no escape, making it vulnerable to attack from anyone with a speedboat and machine guns, or missiles and drones.

That’s what’s happening now, with Houthis operating along the Red Sea’s eastern coast. Two decades ago, Somali pirates to the southeast terrorized mariners and held crews hostage to extract cash.

Maritime operators are now acting to protect crews and limit risks. BP Plc, A.P. Moller-Maersk A/S, Hapag-Lloyd AG, and Euronav NV have paused sailing through the Red Sea or rerouted past Cape Horn on Africa’s southern tip. Evergreen Line canceled its service to Israel because of the war. Although the Suez Canal is not shut, and the main hostilities are 2,000 kilometers away, the cessation of traffic puts the current troubles on par with what happened in the previous two crises. And just as back then, we don’t know how long the interruptions will last.

The blockage of the waterway when container carrier Ever Given got stuck in 2021 caused acute pain, while the current drought that’s choked shipping in Panama is more like a chronic annoyance. This Red Sea crisis is somewhere in between, and such uncertainty is precisely what shipping companies are adapting to.

Thankfully, they’re far better equipped to cope than they were five decades ago.

For a start, the balance of global trade has shifted toward Asia, with China, India, and Southeast Asia all being important consumption economies in addition to their long-standing role in production. While the ratio of global goods loaded in Asia climbed from 31.9% in 1969 to 38.5% in 2019, the proportion of cargo dropped off in the region expanded from 7.9% to 54.7% over the same period, according to the United Nations Conference on Trade and Development. In other words, intra-regional trade is bigger than ever, reducing the relative importance of long-distance journeys.

Moving a single container from Shanghai to Rotterdam may take longer as a result of the detour away from Suez. But the development of larger ships, along with ports that can efficiently load and unload vessels, expands the capacity to get more cargo across the world quicker, on aggregate, than was possible 50 years ago. More importantly, technology including satellite communications, GPS systems, and cloud computing allows clients and freight operators to plan, track, and reroute in real time.

These advances, coupled with a growing understanding that the entire Red Sea region is an unstable maritime route, will force shippers to plan accordingly. The Suez should still be used, when it’s safe, as the time and cost savings are of great benefit. But knowing there’s a 19th century backup plan is enough assurance that the global economy won’t crash at the next sign of mayhem.

BLOOMBERG OPINION

Latin America joblessness near decade low in 2023; may reverse next year — ILO

REUTERS

UNEMPLOYMENT in Latin America and the Caribbean fell in 2023 to its lowest level since 2014, the International Labor Organization (ILO) said, but an expected economic slowdown in 2024 could reverse recent post-pandemic gains.

In a report, the ILO estimates unemployment in 2023 at 6.3%, below last year’s 7.2% and a major rebound from the 10.6% unemployment rate in 2020, when COVID-19 lockdowns left millions without jobs.

Regional joblessness was the lowest since 2014, when unemployment was at 6.0%, according to past ILO reports.

The UN agency said the average unemployment rate in this year’s first three quarters was 6.5%.

“By including the seasonal effects of the regional labor market,” the unemployment rate through 2023 is estimated to be 6.3%, it said.

An economic slowdown in the coming year could spike unemployment, the ILO cautioned, citing forecasts from the International Monetary Fund and the UN’s Economic Commission for Latin America and the Caribbean (ECLAC), which both see growth waning.

ECLAC sees the region’s economies growing just 1.9% next year, below the 2.2% growth forecast for 2023.

“This would mark a second consecutive year of sluggish economic activity for Latin America and the Caribbean, which would resemble the situation that the region experienced in the years prior to the pandemic,” the ILO report said.

In this context, “it is likely” that the regional unemployment rate for 2024 will tick up to between 6.5% and 6.8%, the report said.

If such a slowdown is accompanied by lower inflation, job growth may still continue, the ILO said, a scenario that would favor creation of informal jobs lacking the benefits of formal employment. — Reuters

Pru Life UK appoints new PHL CEO

PRU LIFE lnsurance Corp. of UK (Pru Life UK) has appointed Sanjay Chakrabarty as the new chief executive officer (CEO) for the Philippines, effective Feb. 1, 2024.

“Mr. Chakrabarty will succeed the current CEO, Eng Teng Wong, who is moving back to Malaysia to spend more time with family,” the life insurance company said in a statement on Thursday.

Mr. Chakrabarty has worked in the banking and insurance sectors in multiple Asian markets for 26 years.

“I’m really excited to join the winning team in one of most vibrant and fastest-growing markets in Asia. We will leverage on Prudential’s brand and market leadership position with clear priorities to deliver remarkable customer experiences, power our distribution with technology and explore growth opportunities in the health insurance business,” he said.

Mr. Chakrabarty has been with Pru Life UK since 2014, and is currently the CEO of Pru Life UK Cambodia, as well as its Cambodia-Laos-Myanmar hub.

“In these roles, he has successfully led a cross-markets team, implementing several strategic initiatives with material impact in all three markets,” Pru Life UK said.

Mr. Chakrabarty also helped reinstate the Cambodia branch to the number one position in the market.

Before moving to Cambodia in 2020, Mr. Chakrabarty served as deputy CEO and head of consumer banking at Orient Commercial Joint Stock Bank in Vietnam.

Mr. Chakrabarty was also the CEO of Vietnam Finance Co. and was chief commercial officer at Pru Life UK Vietnam.

“Sanjay will look to strengthen our strategic partnerships in one of Prudential’s key markets and cultivate an agency force that fulfills our mission of being our customers’ most trusted partner and protector,” Prudential Strategic Business Group Managing Director Solmaz Altin said.

Before joining Pru Life UK, Mr. Chakrabarty was with Citibank, India, in 1997.

“He has also worked for Citibank in Japan and Korea between 2004-2014, heading several functions spanning risk and business,” the company said.

Pru Life UK’s premium income stood at P11.88 billion in the first quarter, data from the Insurance Commission showed. Its net income was at P645.93 million during the period. — Aaron Michael C. Sy

Entertainment News (12/22/23)

Disney+ showcases Christmas holiday movies

MANY Christmas movies are now available to stream on Disney+. These include contemporary holiday picks like the 2019 comedy Noelle starring Anna Kendrick as the daughter of Santa, the 2010 Disney film Frozen about Anna and her sister Elsa who conjures an eternal winter, and the 2009 animated movie A Christmas Carol which adapts the timeless tale of Ebenezer Scrooge. A new one is Dashing Through the Snow, a fantasy film that follows a social worker who goes on a magical adventure with his daughter. Classics include Die Hard, which some people consider a holiday movie because Bruce Willis spends his Christmas Eve saving an entire building from terrorists, and Home Alone where a young Macaulay Culkin is accidentally left home by his family during Christmas and deals with burglars intent on taking advantage of the family’s absence.

HK to stream New Year Countdown firework musical

FOR the arrival of 2024, Hong Kong is putting on its largest New Year’s Eve firework display to date on Dec. 31 starting at 11:45 p.m. As the clock inches closer to midnight, the façade of the Hong Kong Convention and Exhibition Centre (HKCEC) will be adorned with a large-scale countdown clock. At the stroke of midnight, the numerals 2024 will light up the harbor-front building, setting off a 12-minute firework musical set against the iconic Hong Kong skyline, surpassing any previous New Year’s Eve displays in the city in both coverage and duration. The New Year countdown spectacle will be shared with viewers worldwide via youtube.com/@hongkong and facebook.com/discoverhongkong.

Eastwood City to hold New Year Countdown event

ON Dec. 31, starting 6 p.m., Eastwood City will be having its New Year Countdown show which boasts a star-studded lineup. Performers will include Morisette Amon, Silent Sanctuary, and Armi Millare, along with the budding loveteam KD Estrada and Alexa Ilacad, Sunkissed Lola, Player Two, and P-Pop group 1st One. The event will be hosted by Janeena Chan and Mikee Reyes.

PPO offers Christmas deal

THIS holiday, give the gift of harmony and culture with Cultural Center of the Philippines’ Christmas offer for the Philippine Philharmonic Orchestra’s (PPO) 39th concert season. Until Dec. 31, TicketWorld is offering a 25% off promo good for four of the orchestra’s 2024 concerts. For more information on the deal and the PPO concert season schedule, reach out via e-mail at salesandpromotion@culturalcenter.gov.ph.

C-drama The Last Immortal streams on Viu PHL

NOW streaming on Viu Philippines is the historical fantasy romance series The Last Immortal, which stars popular Chinese drama (C-drama) actress-singer Zhao Lusi. She plays Feng Yin, a female spirit searching for pieces of her immortal soul. She meets Gu Jin, a true god’s son played by Chinese heartthrob Wang Anyu. Together, they embark on a journey in which one tries to outwit the other into becoming the “slave” in the relationship. The Last Immortal and other Asian dramas are available on Viu.

BTS docuseries streaming exclusively on Disney+

A docuseries on the mega popular K-pop group BTS gives fans a look into the 10-year journey of the South Korean group. BTS Monuments: Beyond The Star promises to be a raw and honest look into how BTS transformed from unknown underdogs into the world’s biggest group today. The docuseries includes never-before-seen archival footage and exclusive new interviews with RM, Jin, SUGA, j-hope, Jimin, V, and Jung Kook. It is now streaming on Disney+.

Nyoy Volante, Klarisse De Guzman at The Bellevue

STAR MAGIC Music Room will be presenting Nyoy Volante and Klarisse De Guzman in concert in January. The show is for those who dream of being serenaded by “The King of Philippine Acoustic Pop” and embraced by the soulful melodies of “The Philippines’ Soul Diva.” The two musicians will be performing on Jan. 19, 2024, at the Vue Bar on the 22nd floor of The Bellevue Hotel Manila’s Tower Wing. Gates open at 6:30 p.m. and show starts at 8 p.m. Tickets are now available via TicketWorld.

‘Water’ by Tyla gains traction in the Philippines

FILIPINO celebrities Sarah Geronimo and Kathryn Bernardo have joined Tyla’s “Water” wave as the breakthrough hit from the South African superstar peaks at No. 8 on the Billboard Philippines chart and No. 13 on the Spotify PH top 50. Grammy-nominated R&B sensation Tyla took notice as Filipino pop star Sarah Geronimo wowed with her take on the TikTok hit at the ASAP Natin ‘To TV performance on Dec. 17. The number became a trending topic in the Philippines on social media platform, X (formerly known as Twitter). “It’s so crazy seeing people perform my song with huge productions, costumes, choreo, etc. etc…. what the heck,” Tyla posted on her account. Kathryn Bernardo’s dance performance at the ABS-CBN Christmas Special 2023 also made an impression on the Filipino audience. Released on July 28, Tyla’s “Water” is a blend of Afrobeats with R&B, becoming one of the summer’s reigning anthems. It is on all digital music platforms worldwide via Sony Music Entertainment.

PJ Tri-Gon relocates sales office closer to market, sellers

DAVAO CITY — PJ Tri-Gon Realty Corp., a real estate affiliate of construction company Ulticon Builders, Inc., has relocated its sales office closer to its market and sellers.

The company will build a high-end residential project, the Samal Shores Residenza, which is expected to be the first of its kind in the Island Garden City of Samal, Davao del Norte.

The new office of PJ Tri-Gon is located at Lanang Business Park. Its former office was located along Diversion Road near Ma-a Intersection in Davao City.

“We moved here to be closer to our project, market, and sellers. It’s a minute away from our welcome center. It is also strategically located and is bigger than our previous office in Diversion Road,” said Anna Mae Escalante, project director in an interview on Thursday.

Ms. Escalante said the new office will showcase Samal Shores Residenza’s scale model.

“In terms of visibility, the northern part of the city is considered the business hub in Davao City. Our target market includes the businessmen… We want to move closer to our market and sellers,” said Lorelli S. Randa, the sales director.

The Samal Shores Residenza is a 31-hectare residential estate located in Barangay Limao, which will offer 500 lots.

It is part of the first phase of the 150-hectare township development Samal Shores.

Samal Shores is the flagship project of PJ Tri-Gon.

“The market is surprisingly good; also, the investors are mostly the young generation belonging to the affluent groups in Davao City… and other cities,” Ms. Randa said.

In terms of developments, Ms. Escalante said the spine road for the project is now 98% complete.

The Samal Shores township is expected to be finished in 15 years. — Maya M. Padillo

Was King Herod the Great really so ‘great’? What history says about the bad guy of the Christmas story

FREEPIK

King Herod will sound familiar to anyone who’s heard the Christmas story. King of Judea when Jesus of Nazareth was born, the ruler attempts to find and kill the baby after hearing that the “King of the Jews” has just been born.

Tricked by the Magi, the wise men whom Herod had sent to determine where the infant was, a raging Herod decreed that all children ages two and under who live near Bethlehem are to be killed. The Gospel of Matthew contains the famous account of this “slaughter of the innocents,” and of Mary, Joseph, and Jesus’ flight to Egypt.

Interestingly, King Herod’s storyline is not found in any other biblical texts nor in Roman records. Yet it is pivotal in Matthew’s Gospel, which contrasts Herod’s mission, death, to that of the baby Jesus, life.

So, who was the real King Herod — and why would Matthew’s Gospel include him?

I am a scholar who studies the interpretation of Matthew’s Gospel, as well as the Jewish roots of Christianity. Historians in the field know a fair amount about Herod’s life, and the actual facts are somewhat surprising.

‘KING OF THE JEWS’
Writers such as the Jewish historian Josephus, who fought against Roman rule in the first century C.E. before eventually allying himself with Rome, have provided detailed accounts regarding Herod’s deeds. In addition, modern archaeologists have excavated many sites associated with him, including the possible location of Herod’s tomb.

According to historical accounts, Herod the Great was the regional king of Judea, which contained the cities of Bethlehem and Jerusalem. He ruled from about 37 B.C.E. until his death in 4 B.C.E., at a time when Judea was still under Roman influence. Most scholars estimate that Jesus was born between 6 and 4 B.C.E. — during Herod’s reign, as Matthew’s Gospel indicates.

Since Herod was appointed by Rome to rule over Judea, a mostly Jewish region, he was literally “king of the Jews.” However, Herod may not have actually been Jewish at all, at least by birth.

He was likely from the region known as Idumea, to the south. Herod’s father had likely been forced to convert to Judaism, as scholars believe many Idumeans were, while his mother was an Arabian princess. However, as Josephus points out, the two groups intermingled quite extensively, with some Idumeans, perhaps including his father, willingly adopting Jewish customs.

Josephus even declares that Herod was basically a Judean, though it is likely that many of the native Jews in Judea would have been skeptical of their king’s claims to be truly Jewish and viewed him as an outsider, especially if he did come from Idumea. However, Josephus does indicate that Herod would ally himself with Roman leadership whenever he deemed it prudent.

‘GREAT’ BUT SEVERE
Herod the Great proved himself a skillful builder, responsible for the planning and construction of projects such as the city of Herodium; the extravagant harbor at Caesarea Maritima, on the Mediterranean Coast; and the mountain fortress of Masada, which was located in the middle of the unforgiving desert near the Dead Sea.

Most famously, perhaps, was Herod’s rebuilding and expansion of the Jewish temple complex in Jerusalem. This project alone took decades to complete. Herod’s remodeled temple was a much more grandiose structure than Solomon’s original temple, built about a thousand years earlier. Josephus noted how it resembled a white, snow-covered mountain — that is, the parts of it that were not covered in gold.

Regardless of whether Herod was actually Jewish, he contributed to the preservation of Judaism. He succeeded in exempting Jews from serving in the Roman military and having to engage in emperor worship, preserving their ability to practice Judaism in relative peace.

Herod also proved himself a brilliant economic strategist who greatly increased the wealth of Judea by engaging in ventures such as international trade, which included the sale of balsam wood and copper. He contributed funds to national and international endeavors, including the Olympic Games, and it is said that he even averted a regional famine.

Yet Herod’s sinister reputation as a tyrant was probably well deserved.

Because he constantly feared a rebellion, he would execute anyone he deemed a threat to his reign, including his own first wife and three of his sons. In addition, he was reported to have excessively taxed his constituents to help support his economic programs.

SIMILAR STORIES?
There is no historical record of any “massacre of the innocents” — even the tyrannical Herod most likely never condoned such an action.

If that was the case, why does Matthew’s Gospel mention King Herod so prominently in Jesus’ birth narrative?

Matthew’s version is considered the most Jewish of the Gospels, the four biblical accounts of Jesus’ life in the New Testament — for example, it advocates for upholding Jewish laws. In other words, Matthew’s Gospel was likely written by Jews for a mostly Jewish audience late in the first century C.E., when the Christian movement was still in its infancy.

Matthew’s audience would have been familiar with the existing Hebrew scriptures, including the famous story of Moses’ childhood, when he escapes the pharaoh’s edict to kill all the newborn sons of his Hebrew slaves. Biblical scholars have made the case that Matthew’s Gospel intentionally compared Jesus with Moses, who saved the Hebrews from Egyptian bondage, to convince the intended audience that Jesus, too, was a long-awaited savior.

To strengthen the similarities between Jesus and Moses, this argument goes, the authors of Matthew had Herod threaten Jesus in the same manner that the pharaoh threatened the Hebrew children. The Jewish audience of Matthew would have connected the two narratives, in which good ultimately triumphs over evil. The Gospel story further villainizes Herod, whose son, also called King Herod, or Herod Antipas, was ruling at the time of Jesus’ crucifixion around 30 C.E.

Herod may have been a splendid builder and a savvy economist — and technically the “King of the Jews.” But in the eyes of the Gospel authors, it was Jesus who truly deserved that title.

 

Aaron Gale is an associate professor of Religious Studies at West Virginia University.

Issues and answers on holiday party raffle

While our employees welcome the Christmas party primarily due to the raffle, still, we are beset by complaints about participation being limited to those with perfect attendance records. This is the first year we have imposed this restriction. Is this a good use of management prerogative? Can you help us anticipate and resolve any issues arising out of yearend parties? — White Rose.

Management prerogative is not absolute. There are many legal exceptions that limit its use. Even if it’s your prerogative to manage a business, it doesn’t mean you can disregard employee complaints. The best way, therefore, is to find a middle ground. People management is not a zero-sum game where management must win over its employees or vice versa.

There are win-win solutions that can serve the best interests of the organization. So, let’s take a good look at your policy of excluding those with imperfect attendance records. Let me just say from the start that it is a petty issue.

The bottom line is how it would adversely affect an important company event like a Christmas party. It’s the time we celebrate all the good things that happened in our work life. It should not be treated as a platform for bickering, especially if the issue is so low-stakes.

It’s also unfair to those who have logged in one or two reasonable and approved absences due to emergencies, like illness, accidents, or a death in the family. Besides, the logic behind rewarding perfect attendance is flawed. Why recognize employees who are required to be punctual and physically present every single working day?

Thus, there is no need to agonize and waste time explaining a flawed policy to employees. Let me repeat myself: It’s a petty issue that should not consume the time of both labor and management. Imagine a situation where employee discontent destroys the party’s atmosphere, before, during and after the event.

OTHER ISSUES
Yearend parties must offer positive vibes among employees and its management. Extra care should be taken to eliminate or minimize all issues arising from incoherent and illogical policies. The intention is to improve camaraderie and prepare everyone for the New Year. This should be the main focus of management.

Now, to anticipate other issues, explore the following:

One, is the top raffle prize cash or non-cash? Cash prizes are taxable income, unless the company covers it. I prefer the non-cash approach that includes home appliances, electronic devices, grocery baskets, and the like. Television sets, mini-refrigerators or mobile devices represent more tangible memories of the good times for the winners than cash prizes.

To avoid the administrative burden of hauling around heavy and fragile appliances, you can use gift checks to give winners the flexibility in claiming their prizes from the stores. One caveat though. Whether it’s done via a gift certificate or actual appliances, watch out for employees selling their raffle prizes at a discount. They may be applying the proceeds to vices like drugs, drinking, gambling, and womanizing.

Two, would you prevent workers with performance issues from attending the party? No. It’s better to make the party inclusive, regardless of their work performance or status, which includes probationary, project-based and regular workers. What’s the point of discriminating, anyway? It’s the season to be happy, and a year-end gathering should not be cause for creating friction among your workers.

Even those who have been penalized with reprimands or suspensions for violating company policy must be included in the party as well.

Three, what’s your view on suppliers donating raffle prizes? This arrangement could raise integrity issues. Therefore, establish a policy that purchasing executives and their workers should donate their gifts to a prize pool to be raffled off during the party. Be sure to consider high-ranking officials as well.

Security guards must play an active role in enforcing this policy to keep recipients from struggling over accepting or rejecting gifts. Consider that suppliers can always deliver the goods to locations nominated by the intended recipient. Still, it’s better to have a policy than having no policy at all.

Four, how do you view companies soliciting prizes from suppliers? Don’t do it. It’s a pitiful sight for companies to act like beggars. Every organization must have a budget for year-end merry-making. Regardless of size, a company must ensure it prepares a little something for the workers, including the giving away of modest prizes not sourced from suppliers, unless the prizes are voluntarily given.

Five, how about companies soliciting contributions from workers? My answer to that is the same to my answer to number four above: Don’t.

In conclusion, you must realize that in planning a year-end party, consider all the possible irritants that could affect employee morale. If you’re unsure of what to do next year, conduct a simple, anonymous survey to determine the best approach to organizing the Christmas party. Do this five months before the scheduled party.

 

Bring Rey Elbo’s popular leadership program, “Superior Subordinate Supervision,” to your organization. And find out the best way to prevent recurring issues. Chat with him on Facebook, LinkedIn, or X (Twitter), e-mail elbonomics@gmail.com or via https://reyelbo.com

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