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Filinvest Land hit P4.17-B profit in 2024 on residential sales

Filinvest City, Alabang, Muntinlupa — FILINVESTLAND.COM

GOTIANUN-LED property developer Filinvest Land, Inc. (FLI) posted an 11% increase in its attributable net income for 2024 to P4.17 billion from P3.77 billion the prior year on higher residential revenue.

Consolidated revenue and other income grew by 8% to P24.45 billion last year from P22.44 billion in 2023, FLI said in a regulatory filing on Thursday.

Residential real estate revenue climbed by 6% to P15.39 billion led by higher percentages of project completion and growing accounts recognized as revenue. Reservation sales reached P19.4 billion.

FLI launched 19 residential projects worth P27 billion last year.

“Our residential business remains stable as we continue to deliver housing products that meet the needs of Filipino families for affordability, quality, and convenience. Our continued success in the housing segment lies in delivering sustainable, value-for-money homes consistent with our mission of building the Filipino dream,” FLI President and Chief Executive Officer Tristan Las Marias said.

Retail leasing revenue surged by 15% to P2.54 billion, while the office business saw a 3% increase in leasing revenue to P4.81 billion.

“Filinvest’s leasing business has also been gaining momentum, with steady growth in both office and retail properties. Our malls are attracting new tenants with innovative concepts, while our offices are experiencing a consistent increase in space take-up. We are optimistic about sustaining this growth trajectory for our rental business this year,” Mr. Las Marias said.

Meanwhile, FLI said its industrial business is gaining momentum. The Filinvest Innovation Park (FIP) – New Clark City saw its pioneer ready-built factory (RBF) locator, battery manufacturer StB Giga, which inaugurated its manufacturing facility and started operations in September last year.

The company also saw the entry of ALPLA Philippines, Inc. to FIP-Ciudad de Calamba in Laguna, which leased two RBF units to expands its plastics manufacturing and recycling footprint.

FLI raised P12 billion from a retail bond issuance that was listed on the Philippine Dealing and Exchange Corp. (PDEx) on Wednesday.

The issuance consists of five-year bonds due 2030 with an interest rate of 6.2916%, seven-year bonds due 2032 with an interest rate of 6.6550%, and ten-year bonds due 2035 with an interest rate of 6.8312%. The proceeds will be used to fund capital expenditures and refinance debt.

It is the second tranche of FLI’s P35-billion shelf-registered bonds approved in 2023. The first tranche, which raised P11.4 billion, was issued in December 2023.

On Thursday, FLI stocks rose by 4.29% or three centavos to 73 centavos per share. — Revin Mikhael D. Ochave

PIRA pushes for lower DST on nonlife policies

MACROVECTOR/FREEPIK

THE PHILIPPINE INSURERS and Reinsurers Association, Inc. (PIRA) is pushing for lower documentary stamp taxes (DST) on nonlife insurance products to help lower costs.

The gradual reduction in the DST on nonlife insurance policies to 7.5% from 12.5% over five years was previously part of the proposed Passive Income and Financial Intermediary Taxation Act (PIFITA), and PIRA is pushing for its inclusion in the tweaked version of the bill now known as the Government Revenues Optimization through Wealth Tax Harmonization (GROWTH) Act, PIRA General Manager Rogelio J. Concepcion said at a media briefing last week.

“I attended two hearings last month and this month. It looks like that they are not submitting the PIFITA as a whole. They carved out certain provisions that they consider most urgent and beneficial probably to their government,” Mr. Concepcion said.

“What happened with PIFITA is they broke it down into little pieces. We’re watching now where our amendments are. We weren’t included in those. So, that’s what we’re doing. We’re monitoring where it is. If not, it’s back to square one,” PIRA Executive Director Michael L. Rellosa said.

The GROWTH bill covers both capital markets and financial intermediates, the Finance department previously said. It is the fourth package of the Comprehensive Tax Reform Program (CTRP) initiated in 2018 to bring about a more equitable and efficient tax system.

The measure seeks to “harmonize the taxation of passive income and financial intermediaries by reducing and simplifying the complicated tax rates on financial transactions.”

The DST is imposed on nonlife insurance products under the Tax Code. Rates depend on the instrument or transaction, as well as the amount of insurance. Some of these charges are passed on to policyholders.

Besides taxes on policies, nonlife insurers also need to pay other levies, Mr. Rellosa said, including value-added tax (VAT), local government tax, and fire service tax for fire coverage, among others.

These bring the combined taxes on nonlife products in the Philippines to around 25-27%, which is the highest in Southeast Asia, he noted.

This is also significantly higher than taxes on life insurance products, Malayan Insurance Co., Inc. Chief Operating Officer and PIRA Trustee Eden R. Tesoro said.

“In life insurance, it’s very straightforward. If an insured dies or makes a claim, then all they need to do is submit receipts and they’re done. For nonlife, we have adjusters. Adjusters charge you for their service as VAT,” she said.

“And remember, every time there is a massive event like [typhoons] Christine or Karina, every claim has a VAT, which the insurance company pays for.

That is why the insurance companies also charge VAT on the front end of the policy… So, if nonlife insurers absorb the VAT, and they also have to pay the claims, they will be at a loss. That’s not good for the industry because how this might end up is companies might close. It is not sustainable,” she added.

Mr. Rellosa acknowledged that the reduction in the DST on nonlife policies could result in foregone revenues for the government.

“That’s one of the reasons why we cannot just ask to lower the tax because we understand the government needs revenues as well.”

However, he said a study by the Philippine Tax Institute showed that revenues could remain unchanged even if taxes are lowered as the resulting reduction in the cost of policies could drive demand for nonlife insurance products.

According to an issue of the National Tax Research Center’s (NTRC) NTRC Tax Research Journal published in 2023, the reduction of the DST on nonlife insurance policies to 7.5% from 12.5% is expected to result in P29.3 billion in revenue losses for the government.

“However, it is important to highlight that the main purpose of [CTRP] Package 4 is to fix the tax system to deepen the capital market and encourage financial inclusion. Hence, it is only expected that the government will incur some losses, albeit insignificant if juxtaposed to the benefits it may bring to the Filipino people, the nonlife insurance industry, and the BIR (Bureau of Internal Revenue) in terms of higher tax compliance and simpler tax administration,” the NTRC said.

The combined net premiums written by nonlife insurers grew by 10.49% year on year to P71.84 billion in 2024, the latest Insurance Commission data showed. — A.M.C. Sy

Stuff to Do (03/14/25)

Go to Johnoy Danao’s concert

SINGER-SONGWRITER Clara Benin, post-rock artist GABBA, and solo musician Kakoy Legaspi will be joining Johnoy Danao onstage for his first solo concert, Liwayway at Dapithapon, happening on March 14 and 15 at the Metropolitan Theater in Manila. Ms. Benin and GABBA are slated to perform on the first day, while Mr. Legaspi will show up on the second day. Mr. Danao will be backed by a 15-piece orchestra conducted by Ria Villena-Osorio. Tickets are still available via www.ticketmelon.com/liwaywayatdapithapon.

Get a glimpse of Korean star Kim Ji Soo

DAVAO-BASED fans of K-Dramas will have the opportunity to experience the charm and charisma of South Korean actor and GLXY artist Kim Ji Soo live. He is scheduled to make a special appearance at the 25th anniversary of gadget company Wiltelcom on March 16 at the Gaisano Mall of Davao. The star will have a meet and greet with fans.

Visit Havaianas’ park installation at BGC

HAVAIANAS is unveiling a special stop in the middle of the fast-paced Bonifacio High Street in Taguig’s Bonifacio Global City (BGC), designed to help passing Filipinos slow down and “break the rush.” Called “PAARK,” a play on the words “paa” (foot) and “park,” the area aims to be an immersive escape from the daily urban grind, giving visitors a chance to feel the grass beneath their feet and explore the space with family and friends. There are interactive features, chill zones, and games. PAARK by Havaianas is open to the public until March 16, at 9th Avenue, Bonifacio High Street, Bonifacio Global City, Taguig.

Watch action thriller Novocaine in cinemas nationwide

THE comedy-action thriller Novocaine, starring Jack Quaid, Amber Midthunder, Ray Nicholson, and Jacob Batalon, opens in cinemas this week. It follows everyman Nathan Caine (played by Mr. Quaid), who cannot feel pain. When the girl of his dreams Sherry (played by Ms. Midthunder) is kidnapped, Nate turns his inability to feel pain into an unexpected strength in his fight to get her back. It is now out in Philippine cinemas nationwide.

Listen to SOS’ experimental single

INDIE alternative band SOS has released a new single titled “Yumi & the Apocalypse,” the carrier single of their forthcoming sophomore album, It Was A Moment, which will come out end of March. The track blends old, familiar sounds with new, experimental production, showcasing SOS’ signature intricate storytelling about a breakup. It is written by vocalist Roberto Seña, with rearrangements by Ram Alonzo (keys) and King Puentespina (drums). Kiddo Cosio, the owner of El Union coffee shop and roastery, plays trumpet for the track. “Yumi & the Apocalypse” is out now on all digital music streaming platforms.

Watch Bonhoeffer: Pastor. Spy. Assassin. in Ayala Malls

HISTORICAL thriller Bonhoeffer: Pastor. Spy. Assassin. is now in Ayala Malls Cinemas. Directed by Todd Komarnicki, the film follows a deadly plot to assassinate Adolf Hitler. It centers on Bonhoeffer (played by Jonas Dassler), who must either stay true to his faith or risk everything to stop a tyrant and save millions of Jewish lives. The historical drama thriller also stars Phileas Heyblom and August Diehl, telling the true story of the brilliant and courageous 39-year-old theologian who dared to stand against Nazism. Released in the United States in November last year, it is now in the Philippines through Ayala Malls Cinemas.

Look through GH Mall’s Women’s Month exhibit

GH MALL, in partnership with art collective Floral Artists of Davao Association, is hosting a special art exhibition titled, Women’s Palette: The Artful Awakening. Running until March 30 at the East Wing Atrium, GH Mall, the free exhibit showcases the transformative power of art in shaping women’s diverse identities, voices, and stories. It features the works of women artists from Davao, such as Floral Artists of Davao founder Josie Tionko and President Rita Bustamante, alongside members Amanda Echecarria, Dadai Joaquin, Nemalyn Ledda, and more. There will also be workshops throughout the month, hosted by members of Floral Artists of Davao.

Discover deities and various forms of art at NCCA

THE National Commission for Culture and the Arts (NCCA) is hosting two exhibits at its gallery this month. First is Divine Realms: Philippine Mythological Deities, which shows a new side of Filipino gods and goddesses through mixed media paintings, made by Marpolo Cabrera. It aims to reintroduce Filipino deities using abstraction. The other exhibit is Ethereal Resilience: Sculpted Stories, by Bulacan-based visual artist Reymundo Dela Cruz, who aims to tell stories of resilience with his sculpted acrylic paintings that combine paint, metal, canvas, and cement. Both shows run until March 30 at the NCCA Gallery, Intramuros, Manila. Admission is free to the public.

Reflect on female solidarity at Galerie Stephanie’s group exhibit

THE all-women exhibit Emerging Out of a Crumbling Flank of Earth, is ongoing at Galerie Stephanie as part of Women’s Month. Curated by Gwen Bautista, it showcases the work of over thirty female artists under 35 years old, reflecting on themes of solidarity, resilience, and the ongoing struggle against gender-based oppression. Some of the women artists in the show are Sam Bumanlag, Pepe Delfin, Anna Orlina, and Veronica Lazo. Aside from looking at the various works of art, a reception will also be held on March 14, 5 p.m. The exhibit runs until March 30 at Galerie Stephanie in Shangri-La Plaza Mall, Ortigas, Mandaluyong City.

CREC unit seeks ERC nod for grid integration of Batangas solar project

Citicore Solar Batangas 1 in Luntal, Tuy, Batangas — CREC.COM.PH

SAAVEDRA-LED Citicore Renewable Energy Corp. (CREC), through its solar subsidiary, is seeking the approval of the Energy Regulatory Commission (ERC) to develop a connection facility linking its 50-megawatt (MW) solar power project in Tuy, Batangas.

Citicore Solar Batangas 1, Inc. is proposing to develop and own interconnection facilities to connect its Luntal Solar Power Project to the Luzon grid, according to its filing with the ERC.

With an estimated project cost of P129.19 million, the company intends to link the interconnection facilities to the National Grid Corp. of the Philippines’ 69-kilovolt Tuy Substation.

The CREC unit is considering MCC-Citicore Construction, Inc. as a potential contractor for supplying the necessary equipment, materials, laboratory work, and services to complete the dedicated facility project. It has yet to determine a possible contractor for the facility’s operation and maintenance.

The Luntal Solar Power Project is targeted for commercial operations by October this year, based on data from the Department of Energy as of January.

“The issuance of a provisional authority for the development and ownership of the dedicated facility project is necessary so that the Project’s generated power becomes readily available for public use,” the company said.

CREC aims to add one gigawatt (GW) of capacity annually to the Philippines’ energy mix, focusing on ready-to-build or under-construction projects over the next five years, targeting a total of around 5 GW by 2028.

For 2025, the company expects its first GW of energy projects to come online, most of which were awarded under the government’s second green energy auction held in 2023. It is also rolling out its second GW pipeline this year.

CREC, directly and through its subsidiaries and joint ventures, manages a diversified portfolio of renewable energy generation projects, power project development operations, and retail electricity supply services.

At present, the company holds a combined gross installed capacity of 285 MW from its solar facilities in the Philippines. — Sheldeen Joy Talavera

BSP seeks to amend rules on forwards, swaps

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) is proposing amendments to regulations on non-deliverable exchange forward and swap contracts involving the peso, which will allow the pre-termination or cancellation of contracts before maturity date, among others.

In a draft circular, the central bank released proposed amendments to the Manual of Regulations for Banks (MORB) on non-deliverable foreign exchange forward (NDF), non-deliverable swap (NDS) and non-deliverable cross currency swap (NDCCS) contracts involving the peso.

“The BSP is cognizant that NDFs, including its variants NDS and NDCCS may, directly or indirectly, create system-wide risks even if there is no delivery of principal amounts and even when such non-deliverable FX (foreign exchange) derivatives are used as a hedge.”

“To mitigate the buildup of systemic risks and protect against undue concentration in market usage, the following prudential guidelines are set in place,” it added.

The draft circular seeks to define NDCCS as “a variation of a cross-currency swap wherein the differences between the exchange rates and interest rates are settled on a cash basis, without necessitating the delivery of either of the cash flows on the two currencies involved in the swap.”

The proposed rules also remove the definitions of peso NDF, peso NDF sale to nonresidents, and onshore non-deliverable forwards. It instead includes definitions for peso NDS and peso NDCCS.

“All NDF, NDS and NDCCS contracts with residents shall be settled in Philippine pesos,” it added.

The BSP also removed the provision that states that NDF contracts cannot be pre-terminated before their fixing date.

“Pre-termination or cancellation of an NDF, NDS or NDCCS contract before its maturity date shall be allowed, subject to mutual agreement between the counterparties and appropriate disclosure of the terms and conditions on the pre-termination or cancellation, including the settlement amount (e.g., market-to-market value of the contract) and the responsible party that will assume the cost of pre-termination or cancellation, among others,” it said.

“Furthermore, if an NDF, NDS or NDCCS contract is pre-terminated or canceled, contracting parties may only enter into another NDF, NDS or NDCCS contract for the same underlying transaction if there is a change in the original financial terms of the underlying transaction.”

The draft circular proposes guidelines on limits for banks’ peso NDF, peso NDS and peso NDCCS exposures.

“To mitigate any potential buildup of systemic risks, a bank’s total gross exposures to all forms of Peso NDF, Peso NDS and Peso NDCCS transactions, i.e., the sum of the notional amount of the sale and purchases for both onshore and offshore transactions shall be limited to a fixed percentage of the bank’s capital base.”

Under the draft rules, the exposure is capped at 20% of qualifying capital for domestic banks while foreign bank branches shall have a limit equal to 100% of their qualifying capital.

However, this limit does not apply to peso NDF transactions with the BSP, it added.

“A bank with purchases and sell position against a counterparty with the same fixing date may consolidate said positions for the purpose of bilateral net settlement.”

The draft rules also include NDS and NDCCs in the higher capital charge applicable to NDFs.

They also detail the reportorial requirements for NDF, NDS and NDCC transactions, which shall be covered by the report on non-deliverable forward and swap transactions.

“Pre-terminated and canceled NDF, NDS and NDCCS transactions that were used by a bank as end-user, as defined in Section 613 of the MORB, shall be submitted under the new report namely Report on Pre-termination and Cancellation of Non-Deliverable Forward and Swap Transactions.”

“The pre-terminations and cancellations shall be subject to an assessment of reasonableness and frequency tests to determine its validity. All outstanding NDF, NDS and NDCCS transactions shall likewise be included in the calculation of the capital adequacy ratio (CAR) and reflected in the CAR report.” — Luisa Maria Jacinta C. Jocson

Meta wins halt to promotion of Careless People tell-all book by former employee

AMAZON.CO.UK

Meta Platforms on Wednesday won an emergency arbitration ruling to temporarily stop the promotion of the tell-all book Careless People by a former employee, according to a copy of the ruling published by the social media company.

The book by Meta’s former director of global public policy, Sarah Wynn-Williams, was called by the New York Times book review “an ugly, detailed portrait of one of the most powerful companies in the world,” and its leading executives, including Chief Executive Officer Mark Zuckerberg, former Chief Operating Officer Sheryl Sandberg, and Chief Global Affairs Officer Joel Kaplan.

Meta will suffer “immediate and irreparable loss” in the absence of an emergency relief, the American Arbitration Association’s emergency arbitrator, Nicholas Gowen, said in a ruling after a hearing, which Ms. Wynn-Williams did not attend.

Book publisher Macmillan attended and argued it was not bound by the arbitration agreement, which was part of a severance agreement between the employee and company.

The ruling says that Ms. Wynn-Williams should stop promoting the book and, to the extent she could, stop further publication. It did not order any action by the publisher.

Meta spokesman Andy Stone said in a post on Threads: “This ruling affirms that Sarah Wynn Williams’ false and defamatory book should never have been published.”

Ms. Wynn-Williams and Macmillan did not immediately respond to a Reuters request for comment on the ruling. — Reuters

Del Monte Pacific stays in red, eyes recovery in FY2026–27

Bugo cannery workers in Cagayan de Oro — DELMONTEPACIFIC.COM

LISTED food and beverage producer Del Monte Pacific Ltd. (DMPL) said it anticipates financial improvement for fiscal years (FY) 2026 and 2027 as it continues cost optimization and operational efficiency measures.

“The group expects to incur a net loss in FY2025 but projects gradual improvement in FY2026, continuing into FY2027 as it executes its strategic initiatives,” DMPL said in a statement to the stock exchange on Thursday.

DMPL said this as its net loss for the third quarter (November–January) of FY2025, ending in April, widened by 24% to $35.9 million from $29 million the prior year, driven by higher costs.

“The group incurred a net loss of $35.9 million, primarily due to higher operational costs and increased interest expenses at its US subsidiary, Del Monte Foods Corp. II, Inc. (DMFC),” DMPL said.

Sales for the period rose by 3% to $663 million. The company’s domestic unit, Del Monte Philippines, Inc. (DMPI), recorded an 83% increase in net profit to $21 million as sales grew by 10% to $199 million.

Domestic sales reached $106.9 million, reflecting a 4% increase in peso terms but a 1% decline in dollar terms, driven by the beverage, packaged fruit, and culinary segments. International sales rose 29% due to stronger demand for fresh pineapple and packaged products.

“Del Monte Philippines is experiencing good momentum, a testament to our team’s unwavering commitment to consumer engagement and cost optimization,” DMPL Group Chief Operating Officer Luis F. Alejandro said.

DMFC, for its part, posted a $40.5 million loss during the period, 75% higher than the $23.1 million loss recorded the prior year, due to higher operational costs, increased interest expenses, and unfavorable fixed-cost absorption.

DMFC generated $461.3 million in sales, down 1% due to lower retail volume and an unfavorable sales mix.

“In our US business, we continue to address the challenges we face and are diligently working towards the goals we have set. Our steadfast focus remains on executing our strategic priorities to increase operational efficiency and deliver sustainable financial outcomes,” Mr. Alejandro said.

For the first nine months, DMPL’s net loss widened by 82% to $92.2 million from $50.6 million the prior year, due to the weaker performance of DMFC.

Sales rose by 3% to $1.9 billion, driven by higher exports of fresh pineapple and packaged products.

Meanwhile, DMPL said it is reducing its US manufacturing footprint to lower costs and improve margins in FY2026 and FY2027. It is also implementing a comprehensive cost-reduction program through a new organizational structure and supply chain framework established in FY2025.

The company also plans to further reduce surplus inventory in the coming quarters.

“DMFC will continue to expand its newer businesses, as well as the food service and e-commerce channels, while maintaining its leading market share in the Del Monte vegetable business,” DMPL said.

On Thursday, DMPL stocks rose by 8.31% or P0.26 to P3.39 apiece. — Revin Mikhael D. Ochave

Firms urged to offer workers tailored training under EBET

PHILSTAR FILE PHOTO

THE DEPARTMENT of Labor and Employment (DoLE) said companies need to offer training that will boost their productivity that is tailor-made for their operations.

In a statement, Labor Secretary Bienvenido E. Laguesma said Republic Act No. 12063, or the Enterprise-Based Education and Training (EBET) Framework Act, whose implementing rules and regulations were released on Feb. 28, is designed to upgrade the workforce’s competence and capability.

Technical Education and Skills Development Authority (TESDA) Director General Jose Francisco B. Benitez said EBET programs will allow the workforce to “keep pace with the evolving labor market here and abroad.”

“With the signed IRR, the Department will collaborate with TESDA and industry partners to integrate enterprise-based training into the national employment strategy to further strengthen training towards stable and sustainable jobs and livelihoods,” DoLE said in the statement.

President Ferdinand R. Marcos, Jr. in November signed the EBET Framework Act into law.

The President has called training programs undertaken in partnership with the private sector as a means of helping the current workforce deal with a rapidly changing, technology-driven job market.

The Federation of Free Workers raised concerns that such programs are potentially exploitative if not properly regulated, with the possibility that they could turn into “glorified unpaid internships.” — John Victor D. Ordoñez

Cooler inflation paves way for Fed to resume rate cuts in June

REUTERS

COOLER INFLATION last month leaves the door open for the US Federal Reserve to resume cutting interest rates by midyear, but the central bank remains worried that US tariff hikes could rekindle price pressures, trigger an economic slowdown or both.

Consumer prices rose 2.8% in February from a year earlier, a government report showed on Wednesday, marking progress compared with the 3% reading in January.

As long as the labor market stays strong, continued easing on the inflation front would allow the Fed to adjust interest rates slowly downward in what analysts and some Fed policy makers have referred to as “good news” rate cuts.

But February’s data largely predates a burgeoning trade war that could stall progress on inflation and hurt the labor market, forcing the Fed to choose between keeping rates higher to tamp down price pressures or cutting them to cushion the labor market.

“We continue to think that underlying inflation is on a bumpy downwards trajectory ex-tariffs that would allow the Fed to deliver a good news inflation cut in June if the Trump administration moderates on tariffs and tariff uncertainty, and a bad news cut if the labor market weakens materially regardless of tariffs, provided that inflation expectations remain well anchored,” wrote Evercore ISI’s Krishna Guha.

Fed Chair Jerome H. Powell has said he wants to wait and see the economic effect of the entire suite of Trump policies, which also includes tax and spending cuts, deregulation and tighter immigration. The central bank is universally expected to maintain the policy rate in its current 4.25%-4.5% range at its March 18-19 meeting.

Traders of interest rate futures are betting the Fed will make three quarter-point reductions in the policy rate by the end of 2025, starting in June.

This month, President Donald J. Trump doubled income duties on goods from China to 20% and imposed 25% duties on all Canadian and Mexican imports, mostly on hold until April 2.

Increased tariffs on all steel and aluminum imports to the US went into effect on Wednesday, drawing retaliatory tariffs from Canada and the European Union. All of that will likely mean higher prices paid by consumers, analysts say, even if importers absorb some of the cost increases themselves.

Consumer inflation expectations have also surged, worrying Fed policy makers who say that a belief that prices will rise can too easily translate into actual higher prices.

At the same time, higher tariffs, the retaliatory actions of US trading partners, and the pall of uncertainty cast by Trump’s erratic trade policy is already slowing business activity, surveys show, threatening to cool a labor market that has so far remained strong.

“Tariff uncertainty and associated price increases will squeeze spending power and could prompt further weakness in consumer sentiment and spending,” ING economists wrote. “They may also mean that the lack of clarity on the trading environment and the threat of reciprocal tariffs weighs on corporate sentiment, holding back on investment and hiring until there is greater clarity  — hence the growing talk of potential recession.”

Data due Thursday on wholesale prices should help analysts pin down what Wednesday’s consumer price data mean for inflation by the measure the Fed targets at 2%, the year-over-year personal consumption expenditures (PCE) price index.

Some analysts said the details of the consumer price report suggest PCE inflation could actually have worsened in February. — Reuters

Russo brothers believe Electric State film feels like a Pixar movie

LOS ANGELES — American filmmakers and brothers Anthony and Joe Russo, the directing team behind Marvel’s Avengers: Infinity War and Avengers: Endgame, aim to transport audiences to an alternate timeline in their film The Electric State, which begins streaming on Netflix on Friday.

“The intention was to make a live-action Pixar movie,” Joe Russo told Reuters, referring to the animation studio.

“We wanted that same tone and depth of storytelling, emotion, laughter, tears, you know, really wanted to bring as full an experience we could do a live-action movie but really trying to be as inspired as we could by Pixar,” he added.

Set in an alternate 1997, the film introduces a world that has just ended a war against robots, which are now outlawed and put into a zone in the American Midwest.

The film follows Michelle, played by Millie Bobby Brown, who has seemingly lost all her family members in a car crash.

However, when a robot arrives in her house, claiming to be her presumed dead brother Christopher, she decides to head to the zone to find her brother’s physical body.

Along the way, she teams up with Keats, played by Chris Pratt, a scavenger in the zone, and the pair soon find themselves facing off against hordes of deformed robots and virtual reality driven mechanical avatars.

The Electric State is among the most expensive films ever made, according to media reports that said its budget was $310 million. Netflix did not respond to a question about the movie’s cost.

Despite the steep monetary investment in the Russo brothers film, the film had a 20% positive score out of 20 early reviews collected on the review aggregator Rotten Tomatoes.

“Save for a few likable robots, The Electric State is charmless and curiously dull. It’s almost as if all the money and tech in the world are not sufficient replacements for imagination,” wrote chief critic Richard Lawson in Vanity Fair.

The film features an array of robot characters, but instead of relying on generic computer-generated robots, the Russos decided to make things more practical for their actors.

“We had a troupe of actors who were very talented actors, but also specifically talented in motion and movement,” Anthony Russo said. “And they would portray the robots. They would each sort of take a different robot. And they were really critical in terms of creating the energy on set, also developing the personality of the robots, the movement of the robots, etc.,” he added. — Reuters

Themis Group sets Ferronoux tender offer price at P2.22 per share

PRESSFOTO-FREEPIK

HOLDING COMPANY THEMIS Group Corp. has priced its mandatory tender offer for publicly held shares of listed shell company Ferronoux Holdings, Inc. at P2.22 per share, with the total offer amounting to P284.81 million as part of its backdoor listing plan.

The tender offer will run from March 19 to April 21, Ferronoux said in a stock exchange disclosure on Thursday.

Apart from the tender offer, Ferronoux previously disclosed that it would conduct a follow-on offering within one year of completing its P4.31-billion property-for-share swap with Eagle 1 Landholdings, Inc., in compliance with the Philippine Stock Exchange’s (PSE) rules on backdoor listings.

In December last year, Ferronoux’s board approved a property-for-share swap with Eagle 1 and the issuance of 240 million shares to Themis Group, resulting in a change in control and facilitating a backdoor listing.

The property-for-share swap involves issuing up to 918 million common shares at P4.70 each to Eagle 1 in exchange for approximately 9.4 hectares of land adjacent to the Okada Manila integrated casino resort in Parañaque City.

Themis Group will also subscribe to 240 million Ferronoux shares at a par value of P1 each.

Ferronoux’s board also previously approved an increase in its capital stock to P2.5 billion from P550 million to accommodate the transaction.

On Thursday, Ferronoux shares rose by 2.86% or 20 centavos to P7.20 apiece. — Revin Mikhael D. Ochave

UK care firms should hire foreign workers already in country, gov’t says

REUTERS

LONDON — British social care providers will have to prioritize hiring foreign care workers already in the country before recruiting from overseas, the government said on Wednesday, as it cracks down on worker abuse in a sector heavily reliant on immigration.

The move follows the introduction in November of stronger sanctions for rogue employers who recruit foreign workers but fail to provide them with work, leaving some unemployed and close to destitution.

Others are out of work due to the government revoking the licenses of rogue employers to hire overseas workers.

A survey of more than 3,000 people on health and care worker visas last month showed many had paid fraudulent fees to secure a job only to find no work after arriving in Britain. It also highlighted that some were living in overcrowded housing  and earning less than the minimum wage.

Care providers in England who wish to recruit from overseas will now have to show they have first tried to hire someone with a care sector visa who is already in the country but out of work, Britain’s Home Office said.

“Those who have come to the UK to support our adult care sector should have the opportunity to do so, free from abuse and exploitation,” Migration Minister Seema Malhotra said.

Nearly a third of all care workers in England are migrants, many having arrived from countries such as Nigeria, Zimbabwe, India and the Philippines to fill thousands of vacancies after Britain left the European Union and to meet the healthcare demands of an ageing population.

Charities and trade unions say Britain’s post-Brexit system of allowing companies to sponsor workers to receive a visa empowers unscrupulous employers who can use the threat of deportation to abuse workers. — Reuters

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