Alternergy taps three investment banks to raise P12 billion for wind power projects

October 3, 2023 | 12:08 am

ALTERNERGY Holdings Corp. on Monday said it had tapped three investment banks to lead in raising the P12-billion project financing for its two wind power projects.

In a stock exchange disclosure, the energy company said it had mandated BPI Capital Corp., RCBC Capital Corp., and SB Capital Investment Corp. — after a competitive process — to assist in finalizing the terms and structure of the debt financing for the projects.

“Alternergy is delighted to work with these investment banks that will support us in expanding our green loan financing. We have been a long-term partner of RCBC Capital and [are] equally excited to forge new partnerships with BPI Capital and SB Capital,” Alternergy Chairman Vicente S. Pérez, Jr. said.

In March, Alternergy signed a term sheet with RCBC Capital for a P1-billion financing for the company’s 28-megawatt (MW) direct current Solana solar power project in Hermosa, Bataan.

The two projects for debt financing are Alternergy’s 55-MW Alabat Island wind power project in Quezon province and its 86-MW Tanay wind power project in Rizal province, which are expected to be completed by 2025.

The listed firm won the bid for the projects through its project company Alternergy Tanay Wind Corp. under the second round of the green energy auction of the Department of Energy. The government program is a competitive process of procuring renewable energy supply by offering capacities to qualified bidders at a set maximum or ceiling price.

Alternergy President Gerry P. Magbanua said the P12-billion fund would be the company’s largest project financing deal to be undertaken. The company has targeted financial closing for the projects by the end of the year.

“We are forging the path to a sustainable future and fully committed to support the National Renewable Energy Program (NREP) to increase the share of the clean energy generation mix to 35% by 2030 through our climate change mitigation business operations,” Mr. Pérez said.

The energy company aims to develop up to 1,370 MW of renewable sources such as onshore and offshore wind, solar, and run-of-river hydropower projects.

At the local bourse on Monday, Alternergy shares went up by three centavos or 3.7% to close at P0.84 each. — Sheldeen Joy Talavera

Taylor Swift brings spending boost to NFL; pop star attends second Chiefs’ football game

October 3, 2023 | 12:08 am

POP megastar Taylor Swift traveled to New Jersey on Sunday night to watch Travis Kelce and his Kansas City Chiefs take on the New York Jets, as rumors about the pair’s relationship send the National Football League’s (NFL) ticket sales and television viewership soaring.

NBC’s cameras showed Ms. Swift in a luxury box with several other celebrities, including Hollywood actors Ryan Reynolds, Hugh Jackman, and Blake Lively. As the Chiefs scored the first touchdown of the game — running back Isaiah Pacheco, not Mr. Kelce, crossed the goal line — Ms. Swift was seen celebrating in the suite.

Unlike last week, when she sported a red-and-white Chiefs jacket to watch Mr. Kelce’s team defeat the Chicago Bears in Missouri, Ms. Swift — who lives in New York City — wore a black top and leather jacket in the more hostile environs of the Jets home stadium.

Ms. Swift’s appearance, in addition to fueling further rumors about her romance with the Chiefs’ star tight end, is sure to deliver another marketing blessing to the NFL.

Jets ticket sales for their game against the Chiefs soared after Ms. Swift’s appearance at the Chiefs’ last game, with sales in a single day more than doubling the previous record for this season, according to StubHub, a ticket resale platform. Sunday’s game was the second-highest selling game of the NFL season after the season opener, Stubhub said.

The cheapest nosebleed seat tickets for Sunday’s game in East Rutherford, New Jersey, were going for $81 on Sunday afternoon, while resale tickets at the lower level cost close to $9,000.

Ms. Swift, 33, has sold out football stadiums across the United States over the last several months as she embarked on the domestic leg of her international, recordbreaking Eras Tour including MetLife Stadium, where her three sellout shows in May drew more than 200,000 fans in all. She sent her cultlike fanbase of “Swifties” into a frenzy last week when she made a surprise appearance in Mr. Kelce’s suite at the Chiefs’ home game in Kansas City.

Advertisements for the upcoming Eras concert film, opening in theaters this month, ran on NBC ahead of the game broadcast. Gambling sites offered several Swift-themed bets before kickoff; FanDuel users could bet against Mr. Kelce scoring a touchdown, a wager titled the “FriENDZONE.”

Ahead of Sunday’s game, Sunday Night Football on NBC posted a promotional video on X with Swift’s song “Welcome to New York” playing in the background and the caption, “Taylor Made for Sunday Night.”

When Swift showed up at the Chiefs’ game on Sept. 24, viewership among women ages 18-49 — Ms. Swift’s prime fan demographic — spiked 63% week-over-week.

The two have played coy on the nature of their relationship. Mr. Kelce spoke briefly about Ms. Swift this week when his brother, Jason, who plays for the Philadelphia Eagles, jokingly asked him on their podcast: “How’s it feel that Taylor Swift has finally put you on the map?”

“Shout out to Taylor for coming through and seeing me rock the stage,” said Mr. Kelce, who described her as looking “amazing” and dubbed Ms. Swift’s enthusiasm during the game and the excitement of Chiefs fans at seeing her there as “absolutely hysterical.” — Reuters

Globe agrees to sell ECPay to GCash parent firm Mynt

October 3, 2023 | 12:07 am

GLOBE Telecom, Inc. is selling its stake in Electronic Commerce Payments, Inc. or ECPay to the parent firm of electronic wallet platform GCash for P2.31 billion.

In a stock exchange disclosure on Monday, Globe said it had entered an agreement with Globe Fintech Innovations, Inc. (Mynt) for the sale of its 77% stake in ECPay.

Payment One, Inc., which holds a 23% stake in ECPay, had also agreed to the transaction, allowing Mynt to fully acquire ECPay, according to the listed telecommunications company.

The transaction is awaiting regulatory reviews, Globe said, adding that it is expecting the agreement to be completed after approval from regulators.

“GCash’s meteoric rise to become one of the top fintech brands and the aggressive expansion of its financial services have created a perfect environment for strategic synergies with ECPay,” Ernest L. Cu, president and chief executive officer of Globe, said in a statement.

“The acquisition will help GCash provide best-in-class services in the fintech space and further democratize financial access,” Globe added.

After the transaction has been completed, ECPay will have access to GCash’s platform, allowing it to use the digital space. Mynt is expected to upgrade the capabilities of ECPay and GCash.

“Mynt’s digital savviness will spill over to ECPay, maximizing its previously untapped potential. GCash, on the other hand, can further differentiate itself from its competition as mobile wallets in various shapes and sizes continue to pop up. With ECPay in Mynt’s capable hands, Globe can better steer its ventures and synergistically grow the entire Globe Group ecosystem,” said Rizza Maniego-Eala, Globe’s chief finance officer.

ECPay is an electronic payment service provider established in 2001. Its platform allows its partners to process bills payments, online shopping and credit card payments, as well as e-wallet and cash card reloading. ECPay was acquired by Globe in 2019.

At the local bourse on Monday, shares in Globe gained P7 or 0.39% to end at P1,800 apiece. — Ashley Erika O. Jose

Entertainment News (10/03/23)

October 3, 2023 | 12:07 am

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Ayala Malls Cinemas presents Thrill Fest

AYALA Malls Cinemas’ Thrill Fest, which is ongoing until Nov. 1, is a month-long festival of Halloween special that includes horror genre cult favorites and must-see thrillers. It kicked off the festival on Sept. 27 by screening The Exorcist: 50^th Anniversary Director’s Cut, a remastered director’s version with additional terrifying visuals. The Thrill Fest lineup features The Exorcist: Believer (Oct. 4), The Forbidden Play (Oct. 11), Target (Oct. 18), Beetlejuice (Oct. 25) and Five Nights at Freddy’s (Nov. 1). The Forbidden Play is a Japanese supernatural film about a son trying to resurrect his mother after a tragic death but has awaken something evil. Target is a Korean thriller which starts with a woman buying a defective washing machine and leaving angry comments on the shop’s website, after which strange things start to happen. In celebration of the 35^th anniversary of Beetlejuice, Ayala Malls Cinemas is bringing the remastered version to the big screen. Five Nights at Freddy’s follows a troubled security guard as he begins working at Freddy Fazbear’s Pizza, which becomes a house of horror at night. Those who watch five out of the six movies in the Thrill Fest lineup will win a free movie ticket. For more information, visit www.sureseats.com or @ayalamallscinemas on Instagram and Facebook.

Film heritage building to rise in Intramuros

A FILM heritage building will soon rise in Intramuros, Manila as the Department of Tourism (DoT) and its infrastructure arm, the Tourism Infrastructure and Enterprise Zone Authority (TIEZA), formally sealed a 22-year agreement with the Film Development Council of the Philippines (FDCP) on Sept. 26 at the DoT Central Office in Makati City. The building, which will rise along Sta. Lucia St. in Intramuros, beside the Beaterio de la Compania de Jesus and TIEZA’s Light and Sound Museum, will house a cinematheque, film museum/gallery, film and media library, film storage/vaults, and film scanning and restoration room. It will also accommodate the FDCP offices, lounge areas, a board room, as well as a shop and a cafe. The property will be utilized with consent from the Department of Finance which is the registered owner of the lot. “Our facilities will serve as a haven for enthusiasts, a source of deep and rich knowledge for students and a treasure trove of Philippine cinema for both our fellow citizens and visitors from all around the world. Together, let’s continue to nurture and celebrate our nation’s film and artistic heritage,” said FDCP Chair and Chief Executive Officer Tirso Cruz III in a statement.

Sci-fi action thriller pits humans against AI

THE HOLLYWOOD sci-fi epic The Creator, which is about a future war between the human race and the forces of artificial intelligence (AI), comes to regular cinema and IMAX screens across the Philippines starting Oct. 4. This action-adventure from director and co-writer Gareth Edwards (Rogue One, Godzilla) follows hardened ex-special forces agent Joshua (played by John David Washington) who is recruited to hunt down and kill the Creator. Joshua and his team journey into enemy territory only to discover that the elusive architect of advanced AI — who has developed a mysterious weapon with the power to end the war and mankind itself — takes the form of a young child. The film also stars Gemma Chan, Ken Watanabe, Sturgill Simpson, Madeleine Yuna Voyles, and Allison Janney.

Itchyworms embarks on a 3-city tour in Japan

FILIPINO alt rock band The Itchyworms has announced that it is embarking on a three-city tour in Japan this October. The tour will kick off at the Live House Gattaca in Kyoto on Oct. 6, followed by two more stops in Osaka (The Blarney Stone and Sengokudaitouryou) on Oct. 7 and 8. The Itchyworms performed at the Tokyo Beyond Festival on Nov. 22 last year. “There will be a lot of Filipino fans [in Japan] who will travel two or three hours just to see us live, so we will still be playing some hits. We will also be playing some other songs that we think will be appreciated by the Japanese musicians and audiences,” the group said in a statement. The band, consisting of core members Jazz Nicolas, Jugs Jugueta, and Kelvin Yu, will be joined by new recruits Ciudad’s Mikey Amistoso and Weckl Mercado for this particular tour. For more information about the tour, visit the band’s official social media pages and revamped website: www.itchyworms.com.

ISOxo releases single, announces new album

THE NEW album of San Diego-based DJ and producer ISOxo, kidsgonemad!, will be released on Oct. 20. It will include the single, “STARsound,” which has had many different iterations over the course of his career. ISOxo said in a statement that “the final album version will mirror that journey as it starts in a more angsty place and ends up in this more reflective, ethereal outro.” The Fil-Am artist broke into the electronic music scene at 19 years old. “STARsound” (https://isoxo.lnk.to/STARsound) can be found on all streaming platforms. The upcoming album kidsgonemad! can be pre-ordered here (https://isoxo.lnk.to/kidsgonemad).

ON Music Festival to be staged in November

The ON Music Festival, an all-day musical and cultural experience, will be held at the Mall of Asia Arena on Nov. 3 from 12 p.m. onwards. It will feature EXO’s SUHO, Ben&Ben, Moira Dela Torre, Seori, Darren, Adie, MeloMance, and wave to earth as its main performers. “What we’ve prepared is a musical experience, a food experience, and a cultural experience between Korea and the Philippines,” said ABS-CBN Global COO Aldrin Cerrado. The festival is a collaboration between ABS-CBN Global and South Korean immersive entertainment brand KAMP. Aside from the featured acts who are expected to individually render performances for at least 40 minutes on stage, the ON Music Festival will include pre-show performances from ABS-CBN Music artists Maki, Cesca, Nameless Kids, and SAB. For more information, follow ON Music Festival on Instagram (onfestival_official), Facebook (onfestival.official), and X/Twitter (onfestival_) or visit www.on-festival.com. Tickets are available at SM Tickets outlets and online through smtickets.com.

TikTok, Viva launch #ForYouPelikula Short Film Festival

TIKTOK and multi-media company Viva introduce #ForYouPelikula, an aimed at nurturing the Philippine short film industry and providing emerging filmmakers with a unique platform. “As TikTok continues to evolve as a creative powerhouse, we’re excited to introduce #ForYouPelikula in the Philippines. This campaign is more than just a competition. It’s a celebration of storytelling and a testament to the boundless creativity within our community,” said Julie Zhu, the Entertainment Lead for the Philippines for TikTok, in a press statement. From Oct. 2 to 22, aspiring creators and storytellers can join the festival by crafting short film entries ranging from one to three minutes in length, using the hashtag #ForYouPelikula. To qualify, participants should be based in the Philippines and should be at least 18 years old. They should also be the owner of the TikTok account where the video entries will be uploaded. All entries should align with TikTok’s community guidelines and feature the #ForYouPelikula hashtag in their captions. Participants are free to submit multiple entries; however, only one entry from each participant can qualify as a finalist. A panel of judges from TikTok and media partners will sift through the entries. The top five finalists, to be announced on Oct. 25, will receive P10,000 each and have their creations transformed into professionally produced short films from Oct. 25 to Nov. 25. Viva will produce the entries of the Top 5 finalists, complete with professional actors playing the characters in these films. The final short films will be premiered at the TikTok and Viva #ForYouPelikula Awards Night on Nov. 28 at the Venice Cineplex Cinema 5, and on TikTok. The Best Entry Award, chosen from the top five original videos submitted, and the Best Short Film Award, chosen from the Viva-produced films, will be announced during the Awards Night, with each winner receiving a P50,000 cash prize. For additional updates and information, follow TikTok and the hashtag #ForYouPelikula on TikTok.

SEC sees growth for blue bond offers

October 3, 2023 | 12:06 am

THE Securities and Exchange Commission (SEC) projects more room for blue bond issuances to grow in the Philippines and across Southeast Asia, a commissioner of the agency said on Monday.

“In the Philippines, we roughly have about $10 billion worth of green, social, and sustainability (GSS) [bond] issuances since 2018. So, we’ve been doing fairly well in this field,” SEC Commissioner Kelvin Lester K. Lee said in an interview with television program Market Edge.

According to Mr. Lee, blue bond transactions across the world have amounted to about $5 billion from 2018 to 2022.

“The Philippines was ranked second in ASEAN (Association of Southeast Asian Nations) in terms of outstanding GSS bond issuances, which include blue bonds. I foresee even more growth. We’re looking forward to more growth in this space not just in the Philippines but in ASEAN as well,” Mr. Lee said.

On Sept. 21, the SEC issued Memorandum Circular No. 15 containing the guidelines on eligible blue projects and activities for the issuance of blue bonds in the Philippines.

The circular said projects and activities using proceeds from blue bond issuances should meet the United Nations’ Sustainable Development Goals 6 and/or 14, which seek to ensure the availability and sustainable management of water and sanitation, and to conserve and sustainably use the oceans, seas, and marine resources for sustainable development, respectively.

The directive also mandated that proceeds from blue bonds should only be used to finance or refinance new and/or existing activities that directly seek to address sustainable water management and ocean protection. These activities include ecosystem management, sustainable fisheries management, and sustainable aquaculture.

Meanwhile, Mr. Lee said the SEC is readying the release of a draft sukuk bond framework for the private sector by yearend or early next year.

“We’re looking to see about having a draft either this year or early next year for public dissemination to encourage issuances of sukuk bonds,” Mr. Lee said.

Sought for further comment, Mr. Lee said via mobile phone that the draft framework is being worked on by the SEC with support and assistance from the Asian Development Bank.

“The sukuk bonds framework will govern private sector transactions for sukuk bond issuances in the Philippines,” Mr. Lee said.

Last month, National Treasurer Rosalia V. De Leon said the government is targeting to issue sukuk bonds, also known as Islamic bonds, by yearend or first quarter of next year. The move signifies the country’s debut in the Islamic bond market as part of efforts to fund its budget deficit.

In July, Finance Secretary Benjamin E. Diokno said that the government was targeting to raise $1 billion from the sukuk bond deal.

“I’m sure that this particular sukuk bond that the government will issue will be successful. We’re hoping to use it as an impetus to drive home the next batch of sukuk bonds framework that we will issue for private sector,” Mr. Lee said. — Revin Mikhael D. Ochave

J-Pop talent agency to split company over scandal, Nikkei says

October 3, 2023 | 12:06 am

Johnny - logomark — JOHNNY-ASSOCIATES.CO.JP

J-POP talent agency Johnny & Associates, Inc. will spin off operations of its main company to establish a separate entity focusing on talent management, the Nikkei reported Saturday.

The Japanese, family-held firm will focus on compensation for hundreds of victims an investigation concluded were sexually abused by its late founder, Johnny Kitagawa, over more than four decades, Nikkei said. The agency — whose name is better known than many of its individual stars — recently acknowledged it failed to stop Mr. Kitagawa’s serial sexual abuse.

Two of Japan’s top beer companies, Suntory Holdings Ltd. and Kirin Holdings Co., said last month they would cut commercial ties with the agency, the nation’s biggest. Julie Keiko Fujishima, the founder’s niece, resigned in September following the investigation, which found the music impresario’s abuse occurred between the early 1970s and mid-2010s.

Mr. Kitagawa brought popular boy bands including Hikaru Genji, SMAP, Arashi, and Sexy Zone to prominence in the world’s second-biggest recorded music market and beyond, before his death in 2019. The new company may be named based on suggestions from fans, the newspaper said. — Bloomberg

Converge aims to keep subscriber growth momentum

October 3, 2023 | 12:05 am

CONVERGE ICT Solutions, Inc. is optimistic about maintaining the growth of its customer count after reaching more than two million residential subscribers.

“Converge is positioned to maintain this growth momentum as we bolster our penetration into the different segments of the market,” Dennis Anthony H. Uy, chief executive officer of Converge, said in a stock exchange disclosure on Monday.

As of end-September, Converge recorded more than two million residential subscribers, the company said, adding that it continues to post growth from different market segments such as prepaid and postpaid customers.

“This is a result of our effort to expand growth opportunities through providing more affordable connectivity solutions,” Mr. Uy said.

In the six months to June, Converge tallied about 1.97 million residential subscribers composed of 1.92 million postpaid customers and more than 54,000 prepaid customers.

“We are encouraged by the continued growth of our residential subscriber base in the first half of 2023,” said Jesus C. Romero, Converge chief operations officer.

The company reported a second-quarter net income of P2.11 billion, marking a 6.6% increase from P1.98 billion a year ago, which it attributed to subscriber growth and lower cost of services.

Its gross revenue for the second quarter went up to P8.72 billion, up 4.9% from P8.31 billion in the same period a year ago.

At the local bourse on Monday, shares in the company closed 12 centavos or 1.25% lower at P9.48 apiece. — Ashley Erika O. Jose

*NSYNC drops first new song together in 20 years

October 3, 2023 | 12:05 am

LONDON — *NSYNC, one of the most successful acts of the late 1990s, released their first new music together in 20 years on Friday, a song featuring in animated movie Trolls Band Together.

“Better Place” is the first new song Justin Timberlake, JC Chasez, Chris Kirkpatrick, Joey Fatone, and Lance Bass have worked on together since the US boy band released their last studio album Celebrity in 2001. (Listen to the song here: (317) *NSYNC – Better Place (Official Audio) – YouTube)

Mr. Timberlake, who voices character “Branch” in the Trolls film franchise, had shared a video of the quintet in the recording studio, working on the song.

The singer, who topped charts with “Can’t Stop The Feeling,” the lead single to the 2016 Trolls film soundtrack, is an executive producer and has written and performed new music on the soundtrack for Trolls Band Together, released this month.

In a post on Instagram, Mr. Bass described “Better Place” as “a love letter to all of our fans who have been our incredible support system.”

“You guys have stood by us through it all, even when our fashion choices were, well, let’s just say ‘unique,’” he wrote just ahead of the song’s release. “You guys have always thought that this would happen again, even when we didn’t.”

Addressing his fellow bandmates, Mr. Bass added: “This song is a testament to our bond, and I’m overwhelmed with gratitude for the journey we’ve shared and the one that lies ahead.”

Founded in 1995 in Orlando, Florida, *NSYNC won legions of fans with songs like “I Want You Back,” “Tearin’ Up My Heart,” and “Bye Bye Bye.”

They went on hiatus in 2002 and eventually disbanded, with Mr. Timberlake pursuing a successful solo career. The band last performed together on stage in 2013 at the MTV Video Music Awards.

They reunited again at the same awards two weeks ago, where they presented music star Taylor Swift with the Best Pop award. — Reuters

ICTSI adds two more cranes for unit’s Australia port

October 3, 2023 | 12:04 am

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) has added two more automated ship-to-shore (STS) cranes at its port in Australia, allowing its unit to handle large vessels, the listed port operator said on Monday.

“We are now ready to receive the largest vessels that will come to Australia as part of the upsizing strategy undertaken by all the major shipping lines in the world,” Bruno Porchietto, chief executive officer of Victoria International Container Terminal (VICT), said in a media release.

He said the trend would lead to a rising number of supersized vessels sailing into Phillips Bay and mooring at VICT. ICTSI is the parent firm of VICT, which is a fully automated container terminal operating in Melbourne.

The arrival of the cranes, ICTSI said, will allow VICT to lift heights of 49 meters or 10 meters higher compared to its other existing STS cranes.

“The new cranes also offer better productivity with their lashing platforms mounted 15 meters high compared to the cranes that only allow pinning to be completed at the quay level,” the company said.

The acquisition of the additional cranes is also part of the company’s 235 million Australian-dollar investments in its expansion project, which is expected to increase the terminal’s capacity by up to 1.25 million TEUs or 20-foot equivalent units.

At the local bourse on Monday, shares in the company shed 20 centavos or 0.1% to end at P207 apiece. — Ashley Erika O. Jose

US Supreme Court to hear Warner Music case on limits to copyright damages

October 3, 2023 | 12:04 am

WASHINGTON — The US Supreme Court on Friday agreed to clarify the time period for which plaintiffs can recover damages over copyright claims in a case involving a Miami music producer who sued Warner Music’s Atlantic Records label after hip-hop artist Flo Rida made use of a 1980s song that he claims he owns.

The justices took up an appeal by two music publishing companies — Warner Music’s Warner Chappell as well as Artist Publishing Group — of a lower court’s ruling that defendants in copyright infringement cases can be held liable for actions that occurred prior to the three-year statute of limitations for filing such litigation.

The two companies had challenged the lower court’s decision that they may owe copyright damages that accrued prior to three years before plaintiff Sherman Nealy sued them.

Mr. Nealy has argued that his Miami record label Music Specialist owns the rights to the 1984 song “Jam the Box” by Tony Butler, also known as Pretty Tony. Flo Rida, whose given name is Tramar Dillard, interpolated musical elements of “Jam the Box” in his 2008 song “In the Ayer.”

Mr. Nealy sued Flo Rida’s label Atlantic Records, as well as Warner Chappell and Artist Publishing Group, in federal court in Florida in 2018, arguing that these businesses received invalid licenses to use his label’s music while he was incarcerated after being convicted of cocaine distribution.

Mr. Nealy’s label ceased operations before he started serving a 20-year prison sentence in 1989. Mr. Nealy has said the licenses provided to the defendants in the case were invalid because Butler, his former business partner, did not have Mr. Nealy’s permission to grant them while he was in prison.

Florida-based US District Judge Rodolfo Ruiz ruled in favor of Atlantic Records on Mr. Nealy’s claim related to “In the Ayer” — the only Atlantic song at issue — and in favor of the publishers on some of Mr. Nealy’s other claims. Mr. Nealy in a pending motion has asked the judge to reconsider those decisions.

Ruiz also said that the period for which Mr. Nealy could recover damages should be limited to three years before he filed the lawsuit.

Nealy said he did not learn of the alleged copyright violations until 2016, and requested damages for copyright infringement that he said started as early as 2008. But the Atlanta-based 11th US Circuit Court of Appeals reversed that in February 2023, deciding that there was “no bar to damages in a timely action.”

Lower courts have reached contradictory conclusions on the issue. The New York-based 2^nd US Circuit Court of Appeals limited copyright damages to the three-year period before a lawsuit is filed. The San Francisco-based 9^th US Circuit Court of Appeals opted not to impose a time limit, a position that the 11th Circuit embraced in Nealy’s case.

The companies that Mr. Nealy sued asked the Supreme Court in May to review the case, saying the split among the lower courts was “intolerable, creating confusion for parties and encouraging forum-shopping.”

The case has drawn interest from music industry trade groups including the Recording Industry Association of America and National Music Publishers’ Association, which also encouraged the court to take up the case.

The case is due to be heard in the court’s new term, which began on Monday. — Reuters

Boosting Philippine property amid a skidding economy (part 1)

October 3, 2023 | 12:04 am

THE Philippine economy grew slower than expected in the second quarter of 2023. With the subpar expansion (4.3%), meeting the growth target of at least 6% in 2023 will likely be a challenge.

Colliers Philippines believes that 2022 marked the gradual recovery of the Philippine property after a disruptive period (2020 and 2021). In our view, various property segments have varied degrees of recovery and the government’s pump-priming for the remainder of 2023 will play a crucial role in improving the rebound prospects of office, residential, and hotel sectors.

The Philippine property is recovering but the pace of growth for the remainder of the year is likely to be stifled by dismal economic expansion in the second quarter of 2023. It will be interesting to see how domestic and foreign economic headwinds will shape the Philippine property sector’s growth and evolution beyond 2023.

RESIDENTIAL RENTS, PRICES UP
This year, we expect the completion of 4,920 new residential units before picking up in 2024, where we see the delivery of 9,620 units — the highest new supply since 2019.

By end-2024, Colliers projects Metro Manila’s condominium stock to reach 165,700 units, with the Bay Area likely overtaking Fort Bonifacio as the biggest residential hub in the capital region in terms of condominium supply.

In our view, the slower condominium completion coupled by the improvement in residential leasing will partly ease vacancy in 2023.

We have seen returning expatriates in the country driving take-up in the secondary residential market particularly in Makati CBD, Rockwell Center, Ortigas Center, and Fort Bonifacio. By end-2023, we forecast vacancy to drop to 17.0% from 17.6% in 2022 and this is likely to raise residential rents and prices.

We see the improving business and consumer sentiment, continued inflow of overseas Filipino workers’ remittances, as well as stabilizing interest rates likely supporting pre-selling and secondary residential demand across Metro Manila.

We are seeing an aggressive stance being taken by developers in launching horizontal projects outside Metro Manila. This development path is likely to continue as property firms search for new sites viable for more house-and-lot and lot-only projects.

HOTELS RECOVER AS REVENGE TRAVEL PERSISTS
Latest data from the Department of Tourism showed that international visitors to the country reached 2.7 million as of the first half of 2023, up 232% from the 814,141 foreign arrivals in the first half of 2022.

The Tourism department expects tourist arrivals to reach 4.8 million in 2023. In 2019, foreign arrivals in the country reached a record high of 8.3 million.

As of the end of the first half of 2023, average hotel occupancy in the capital region reached 61%, up from 55% in the first half of 2022 and 25% in the first half of 2020. Colliers expects hotel occupancy to breach 65% by the end of 2023 partly driven by holiday spending as well as increased meetings, incentives, conferences and exhibitions (MICE) activities.

The entry of more foreign visitors should further propel hotel occupancy across the Philippines, providing impetus for developers to expand their leisure foothold across the country.

In the first half of 2023, average daily rates (ADRs) grew by 5.2%. Five-star hotels continued to record the fastest growth in ADRs, indicative of the return of business travelers and in-person MICE events. Colliers retains its forecast of a 6% ADR growth in 2023. We believe that growth in ADRs in 2023 is likely to be tempered by the substantial number of hotel rooms due for completion in the second half of 2023.

Joey Roi Bondoc is the research director for Colliers Philippines.

Manufacturing Purchasing Managers’ Index (PMI) of select ASEAN economies, September 2023

October 3, 2023 | 12:03 am

MANUFACTURING ACTIVITY in the Philippines expanded in September, driven by resilient domestic demand and growth in new orders, S&P Global said. Read the full story.