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‘Better years’ ahead for PHL — Diokno

Families take photos at a Christmas village of Orchid Gardens Resort Complex in San Fernando, Pampanga, Oct. 24. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

DESPITE a looming global recession, the Philippines is still expected to have one of the highest growth rates among six Association of Southeast Asian Nations (ASEAN) member-economies next year, Finance Secretary Benjamin E. Diokno said.

“After the highly unprecedented pandemic, followed by Russia’s invasion of Ukraine and a weakening China growth, the global economy is likely to face a mild recession next year. But for the Philippines, the worst is over, and better years are expected,” Mr. Diokno said in a statement.

For 2022, he said that the economy will likely grow faster than the government’s official target range of 6.5-7.5%.

The Development Budget Coordination Committee (DBCC) projects gross domestic product (GDP) growth at 6-7% in 2023, a narrower band than its previous target of 6.5-8%.

“Many institutions and experts have predicted a global recession in 2023, and consequently, downgraded Philippine GDP outlook to less than 6%,” Mr. Diokno said.

“But an average GDP growth of 6.5% is nothing to be sneezed at: it is still one of the highest, if not the highest, growth rates among ASEAN+6 economies.”

The Asian Development Bank (ADB) earlier this month gave a 6% GDP growth forecast for the Philippines next year. This is the second-fastest growth forecast among Southeast Asian economies, after Vietnam’s 6.3%.

Mr. Diokno said the positive outlook is due to several reasons, including the early approval of the 2023 national budget and the adoption of the first-ever Medium-Term Fiscal Framework and the Philippine Development Plan (PDP).

“This means that the programs and projects of the National Government will start to run from day one of the new year. This is especially relevant for public construction which is about one-fifth of the national budget. Ideally, public construction has to start in the first half of the year because of the favorable weather conditions: more sunny, less rainy, days,” he said.

President Ferdinand R. Marcos, Jr. on Dec. 16 signed the P5.268-trillion national budget for next year.

Mr. Diokno noted the PDP would help accelerate economic recovery, and put Mr. Marcos’ eight-point socioeconomic agenda into action.

The optimistic outlook for the Philippine economy is also partly due to its “strong international credit profile,” he said.

“In a sea of downgrades as a consequence of the pandemic, major credit agencies have maintained the Philippines’ investment-grade credit ratings,” he added.

In September, Moody’s Investor Service retained the Philippines’ “Baa2” credit rating with a “stable” outlook.  Fitch Ratings also maintained the Philippines’ long-term foreign currency issuer default rating at “BBB”, while S&P Global Ratings affirmed the Philippines’ investment grade rating of “BBB+.”

Mr. Diokno also cited the country’s stable and resilient banking system, as well as adequate buffers against external headwinds, as reasons for his positive outlook.

“In addition, the country has a steady supply of foreign exchange from overseas Filipino remittances, export revenues from business process outsourcing firms, tourism receipts, and inflows from foreign direct investments,” he added.

The Philippines now has a more favorable economic environment after it removed barriers to foreign investments, and is committed to pursuing more infrastructure projects, Mr. Diokno said.

“As long as the country stays united and its political leaders and policy makers remain focused on economic growth, the Philippines’ future remains bright. The trajectory of its growth will make the country one of the leading economies in the Asia-Pacific region,” he said.

Meanwhile, the Department of Budget and Management (DBM) said that around P2.58 trillion of next year’s national budget will be used for the government’s eight-point socioeconomic agenda.

“This aims to address the immediate concerns of the country, such as inflation, by protecting the purchasing power of families and consumers. The recently-approved national budget also targets to mitigate the socioeconomic scarring brought by the COVID-19 pandemic,” the DBM said in a statement on Wednesday. —  L.M.J.C. Jocson

BoC raises next year’s revenue collection target

CUSTOMS Commissioner Yogi Filemon Ruiz inspects the numerous unpaid and abandoned balikbayan boxes at a warehouse in Sta. Ana, Manila, Oct. 27. — PHILIPPINE STAR/EDD GUMBAN

By Luisa Maria Jacinta C. Jocson, Reporter

THE Bureau of Customs (BoC) raised its revenue collection target for 2023 to P901.3 billion, as the Philippine peso is expected to further depreciate against the US dollar.

“Based on the emerging target approved by the Development Budget Coordination Committee (DBCC), the Customs bureau is expected to generate P901.3 billion in revenue next year,” according to the BoC Financial Service.

“The emerging collection target is (18%) higher by P135.8 billion compared to the 2023 Budget of Expenditure and Sources of Financing (BESF) program level of P765.6 billion due to higher exchange rate assumptions despite lower projected Dubai crude oil price and slower import growth compared with 2022,” the BoC Financial Service added.

The DBCC earlier this month upwardly revised the peso-dollar exchange rate assumption to P55-59 in 2023, from P51-55 previously. Economic managers noted the peso “continues to depreciate due to heightened global uncertainties and aggressive monetary policy tightening of the US Federal Reserve.”

According to the DBCC’s latest assumptions, Dubai crude oil price is expected to slip to $80-100 per barrel in 2023, from $98-100 this year.

The DBCC also lowered the imports growth target to 4% in 2023, from 6% previously. This is much slower than this year’s 20% growth goal.

Next year, Customs is expected to collect P570.3 billion in value-added tax (VAT) from imports, P207.4 billion in excise taxes, P105.1 billion in import duties and P18.5 billion in other fees.

The BoC’s collection target for 2023 is 24.9% higher than this year’s P721.5-billion target, which has already been exceeded.

From January to Dec. 27, the BoC has already collected P851 billion. This figure is 18% higher than its target for the period and exceeds last year’s collection by 32%.

“We are ending the year with so much surplus and this will be (used) for more projects and services that the government can deliver… we can make our infrastructure and education better… and we can give more assistance to those in need,” Customs Commissioner Yogi Filemon L. Ruiz said in a virtual presser on Wednesday.

From January to Dec. 21, the BoC raised P292.49 million from public auctions.

The BoC also recorded 671 seizures of smuggled goods valued at P23.582 billion from January to Dec. 22. Of this total, seized agricultural products amounted to P1.226 billion and seized illegal drugs were worth P11.953 billion.

Mr. Ruiz said that the BoC has been implementing a “whole of government” approach in its effort to stop smuggling.

“This is not only a case that involves the BoC, it involves other agencies. If prices are high, that means to say there is a scarcity of supply. If supply is scarce, it means Customs has been effective. (However) we have to look at how this would economically affect ordinary consumers,” he said.

“This is not an overnight solution. We’ve set in place several mechanisms to address this, especially in the first quarter of 2023. You will see the effect of these processes.”

Mr. Ruiz said that the BoC is looking into the possibility of donating smuggled agricultural goods to Kadiwa stores.

“We can also donate to agencies that are directly addressing relief operations and can better utilize these seized agricultural products subject to their regulatory inspections. If they can certify these products are fit for human consumption, we are very open to that,” he said.

The DBCC targets to raise P3.7 trillion in revenues next year, higher than the P3.5 trillion goal this year.

Telcos told to explain SIM registration issues

PEOPLE are seen using their mobile phones in Divisoria, Manila, Dec. 27. — PHILIPPINE STAR/EDD GUMBAN

THE National Telecommunications Commission (NTC) ordered the country’s major mobile network carriers to explain issues encountered on the first day of the mandatory subscriber identity module (SIM) card registration.

NTC Deputy Commissioner and Officer-in-Charge Ella Blanca B. Lopez issued a memorandum dated Dec. 27 to DITO Telecommunity Corp., Globe Telecom, Inc., and Smart Communications, Inc., asking them to submit the written report the next day.

“You are hereby directed to report to this commission the incidents of incomplete registration, platform involved, number of subscribers affected, geographical area, and actions taken to address these issues, as well as actions to mitigate or eliminate future incidents of similar nature,” Ms. Lopez said in the memorandum.

She said the commission received “numerous incidents involving unsuccessful or incomplete SIM registration from the general public” on Tuesday, the first day of the mandatory SIM card registration.

“There are also initial social media reports of registration sites being down or inaccessible to subscribers,” she added.

Sought for comment, DITO said in a statement that it was already in “close coordination” with the commission.

DITO said there were close to 500,000 subscribers who registered their SIM cards as of 1 p.m. on Wednesday.

The third telco player has said nearly 15 million subscribers and potential customers are expected to register.    

Smart, the wireless arm of the PLDT group, said separately that it was already preparing to send its report to the NTC. Smart has around 67 million subscribers who need to register their SIM cards.

BusinessWorld is still awaiting comment from Globe Telecom regarding the NTC memorandum.

In a statement e-mailed to reporters late Tuesday, the Ayala-led telco said it reported to the NTC that its SIM registration portal, new.globe.com.ph/simreg, was inaccessible on the first day. Globe’s registration portal was accessible as of 4 p.m. on Wednesday.

“Globe is committed to making SIM registration easy and convenient for its 87.9 million customers. However, it is very unfortunate that we discovered potential minor vulnerabilities in our microsite that require careful patching in order to prevent any serious threat to customer data,” Globe said.

“We take this very seriously hence even minor issues are given utmost attention. This happened despite all the preparation, technical tests and due diligence we have conducted,” it added.

Globe said that such issues prompted the company to make the site temporarily inaccessible as customer data security is “paramount and any problem detected is treated with utmost severity.”

It asked the NTC for a maximum of 72 hours to monitor its SIM registration portal to ensure it is technically stable.

Smart said on Tuesday that its registration site also experienced latencies due to a high volume of subscribers accessing the portal.

The SIM Card Registration Act, which took effect on Oct. 28, requires the registration of all SIM cards in the country.

All mobile device users have to register their SIMs on their telcos’ authorized registration platforms within 180 days from the effectivity of the law or until April 26, 2023. The DICT may extend the registration period by another 120 days.

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. — Arjay L. Balinbin

Business group expects economic gains from Marcos’ state visit to China

MOTORISTS use the Binondo-Intramuros Bridge, April 6. — PHILIPPINE STAR/KRIZ JOHN ROSALES

THE PHILIPPINES should expect more partnerships with China in trade, tourism, agriculture, public housing, and security after President Ferdinand R. Marcos, Jr.’s state visit next week, a Filipino-Chinese business group said on Wednesday.

“We are hopeful for enhanced Philippines-China economic and development partnership, especially in areas of agriculture, trade, infrastructure, energy, tourism, and people-to-people exchanges,” Henry Lim Bon Liong, president of the Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. (FFCCCII), told a public forum on Wednesday.

“Likewise, there are opportunities to explore technological cooperation in telecoms, bioscience, medical science, energy, mining, and industrial development,” he added.

Mr. Marcos is scheduled to meet Chinese President Xi Jingping during his state visit to China, which starts on Jan. 3. The FFCCCII will be part of the Philippine business delegation to China.

Mr. Lim Bon Liong said the Philippines should also consider fisheries cooperation between rural coastal fishing communities, as well as partnerships in security, disaster preparedness, public housing and public health.

“We hope this state visit shall pave the way for more infrastructure cooperation, especially since China is now the world leader in modern and high-speed trains, in bridge and other construction technologies,” he said.

China has funded several Philippine projects such as the Estrella-Pantaleon Bridge and the Binondo-Intramuros Bridge.

Citing China’s “growing consumer market,” Mr. Lim Bon Liong said Beijing would need sources of tropical fruits like banana, pineapple, durian, avocado and mango.

“Let us export and sell more to China,” he said.

The Philippines should also take advantage of the opportunity to attract more tourists from China, which is further easing coronavirus disease 2019 (COVID-19) restrictions from next month.

China was the second largest source of inbound travelers to the Philippines before the pandemic. In 2019, 1.74 million Chinese tourists visited the Philippines, up 38.58% from 1.25 million in 2018.

“We in the Philippines have already opened our doors to foreign tourists and we hope this state visit of President Marcos can help us woo affluent China tourists again to visit our country as they reopen for travel,” Mr. Lim Bon Liong said.

Hotel owners are hoping to welcome more inbound travelers from China by the first quarter of 2023.

China is set to reopen its borders that have been mostly closed since 2020. Starting Jan. 8, China will stop requiring inbound travelers to quarantine, and is set to allow Chinese citizens to resume travel overseas.

“With this development in China, we’re hoping that by the first quarter, we can see some movements into the country already. But, of course, this will depend largely on the protocols that will be determined by health authorities,” Philippine Hotel Owners Association Executive Director Benito C. Bengzon, Jr. told One News’ BusinessWorld Live program.

Flag carrier Philippine Airlines (PAL) announced on Dec. 23 that it would resume flights between Manila and Xiamen beginning Jan. 13.

“Starting with one flight per week, operating every Friday, the PAL route to Xiamen will build up frequencies over time, in line with the easing of restrictions and applicable government authorizations,” PAL said in an e-mailed statement.

PAL also said that it would work towards resuming flights to more cities in China.

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Meanwhile, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said Filipino exporters would likely benefit from Mr. Marcos’ visit to China.

“We should expect more exports to China, which is among the country’s biggest export destinations,” he said in a Messenger chat.

Mr. Ricafort said improved foreign relations between the two countries — against the backdrop of the South China Sea dispute — would be “helpful” to the country’s business transactions with China.

China claims more than 80% of the South China Sea, which is believed to contain massive oil and gas deposits and through which billions of dollars in trade passes each year. It has ignored a 2016 ruling of a United Nations-backed arbitration court that voided its claim based on a 1940s map.

The Philippines has been unable to enforce the ruling and has since filed hundreds of protests over what it calls encroachment and harassment by China’s coast guard and its vast fishing fleet.

Terry L. Ridon, a public investment analyst, said Manila should get clarity from Beijing on the status of joint exploration plans in the disputed waterway and other commitments made during former President Rodrigo R. Duterte’s term.

Mr. Marcos should ensure that revenue-sharing arrangements are “more favorable” to the Philippines, he said in a Messenger chat.

Mr. Duterte led a foreign policy pivot toward China and away from the US, the Philippines’ oldest security ally.

Mr. Marcos, who took office in June, has vowed to make the Philippines a “friend to all” and “an enemy to none.”

“The President must ensure that economic concessions made during the Beijing trip should in no manner diminish our victory in the Hague ruling. It is a red line that the Philippine delegation should never cross,” Mr. Ridon said.

He also said the Philippine government clarify the status of ongoing and prospective development loans made under the previous administration and “determine whether Beijing remains committed to contributing to the country’s development.”

In July, the Transport department announced that the Philippine government had scrapped its loan applications with state-owned China Eximbank for three multibillion-peso railway projects undertaken under the previous administration.

“Beijing has to do more in developing relations with the Philippines,” Mr. Ridon said, noting that China’s advocates in the Philippine business sector tout enhanced bilateral relations but Chinese coastal militia continue to harass Filipino fishermen within the country’s exclusive economic zone.

Last month, a Chinese coast guard vessel allegedly took by force a rocket debris that was being towed by a Philippine Navy ship in the South China Sea.

Following the incident, Mr. Marcos had questioned why Chinese account was so different from the Philippine Navy report. He previously said his January visit to China could be an opportunity to find a way to avoid further incidents. — Kyle Aristophere T. Atienza and Arjay L. Balinbin

SC reverses ruling on mining firms in Benguet town

PHOTO BY MIKE GONZALEZ

THE Supreme Court (SC) has set aside a Court of Appeals (CA) ruling that allowed Lepanto Consolidated Mining Co. and Far Southeast Gold Resources, Inc. to continue their mining operations in Mankayan, Benguet.

In a 30-page decision dated June 21 and made public on Dec. 22, the tribunal said the arbitral award previously given to the firms should be vacated since the mining operations violated the rights of the Mankayan indigenous community.

“As the Mankayan indigenous peoples cannot be deprived of their rights to their ancestral domains without their consent, the arbitral award cannot be said to be complete, final and definite, worse binding upon them,” Associate Justice Henri Jean Paul B. Inting said in the ruling.

The mining firms were also ordered to comply with the mandated requirement of “free and prior informed and written consent” of the Mankayan indigenous community as a condition to renew their mining activities in the area.

Under the Indigenous People’s Rights Act of 1997, government agencies are barred from renewing any licenses or production-sharing agreements without prior certification from the National Commission on Indigenous Peoples.

In 1990, the state, through the Department of Environment and Natural Resources (DENR), entered into a mineral production-sharing agreement with Lepanto that authorized the firm to conduct mining operations on a large tract of land in Mankayan.

The land specified in the agreement covers part of the ancestral domains of the indigenous community in Mankayan.

The agreement was initially in effect for 25 years and had a renewal clause for another 25 years if conditions are mutually agreed upon by the parties.

In 2014, Lepanto and the DENR expressed their intention to renew the agreement with the municipal government of Benguet as it was set to expire in 2015.

The respondents got an injunction from a Makati City regional trial court the following year, stopping the local government of Benguet from meddling in their mining operations in the area.

The Arbitral Tribunal that same year issued a final award in favor of the mining firms as it said disagreements on the “free and prior informed and written consent” was not within its jurisdiction.

The CA earlier reversed the decision of the Makati Regional Trial Court Branch 141 that nullified an arbitral award given to the firms allowing them to continue mining operations in the ancestral domain of Mankayan.

It said the trial court abused its discretion when it vacated the arbitral award, which the High Court disagreed with.

“It bears underscoring that the protection of the ‘rights of indigenous cultural communities to their ancestral lands to ensure their economic, social, and cultural well-being,’ is a Constitutionally declared policy of the state,” the tribunal said. — John Victor D. Ordoñez

SEC warns public against two investment-taking entities

STEVE BUISSINNE-PIXABAY

IN SEPARATE advisories, the Securities and Exchange Commission (SEC) has warned the public not to invest in Tether Pay Ltd. and Ground Zero Poultry Agricultural Corp. as both companies have not secured the license to sell investment contracts.

The commission found out that Ground Zero had been enticing the public to invest in its “poultry farm pursuits” for as low as P20,000 with 36% to 80% “guaranteed” return on investment for a lock-in period of six or 12 months.

The SEC identified the company’s scheme as a way of selling investment contracts wherein funds are placed in a common enterprise with a reasonable expectation of profit derived from the efforts of others.

The Securities Regulation Code (SRC) provides that the offer and sale of securities must be duly registered with the commission and that the concerned entity should have the appropriate license to sell such securities to the public.

The regulator said that although Ground Zero is registered with the commission, it is not authorized to solicit investments as it did not secure prior registration.

It also found out that the company is related to two entities, which it identified only as Hustlin Bullies and Ground Zero Poultry, for which the commission previously posted separate advisories against — on Sep. 14, 2021 and Feb. 8, 2022, respectively.

Meanwhile, the commission also warned against Tether Pay Ltd., which has been soliciting investments for foreign exchange and cryptocurrency trading. The entity also uses the names Tether-Pay and Tether.Pay.com.

Investments in the company range from 10 USDT to 300,000 USDT (or P557.50 to P1,672,500) with a supposed guaranteed 3% to 10% daily profit in 70 days or 210% profit for the same period.

USDT or Tether is said to be a stable-value cryptocurrency pegged to the US dollar.

The company also offers a return on investment percent upgrades, which increase by 1% for every 5,000 USDT deposits, 1% for every 30 downlines with more than 1,000 total USDT deposits, or 1% for every 10,000 USDT worth of investments.

According to the SEC, Tether Pay is engaged in a fraudulent scheme of offering unregistered securities that violate Sections 8 and 26 of the SRC.

Section 8 of the SRC states that all securities sold or offered for distribution in the Philippines must be registered with the commission prior to sale, while Section 26 says that it is unlawful for any person who sells any kind of securities to employ any scheme to defraud.

The regulator emphasized that the public should stop investing in the two entities as well as other entities that have the same schemes, and exercise caution in dealing with individuals who solicit investments. — Justine Irish D. Tabile

Deleter wins big at the 2022 MMFF awards

MIKHAIL Red’s techno-horror about a content moderator who is challenged to confront the truth about a workplace incident was the big winner in this year’s Metro Manila Film Festival (MMFF), bagging a total of seven awards.

The awarding ceremonies were held at the New Frontier Theater in Quezon City on Dec. 27. They were also streamed on Facebook.

Deleter’s seven awards are: Best Picture, Best Director for Mikhail Red, Best Actress for Nadine Lustre, Best Sound, Best Editing, Best Cinematography, and Best Visual Effects.

The film centers on Lyra (played by Nadine Lustre), a content moderator or “deleter,” who filters graphic uploads to prevent them from reaching social media platforms. Despite her unfazed attitude to the content she monitors, Lyra confronts the truth about horrors around her. 

“Sobrang unreal sa pakiramdam na nandito iyung Deleter ngayon kasi hindi talaga namin in-expect na makakasama iyung Deleter sa MMFF (It feels unreal that Deleter is here today because we did not expect the film to be part of the MMFF),” Best Actress winner Nadine Lustre said in her acceptance speech. “Masayang masaya kaming lahat na nagbabalik na ang mga pelikulang Pilipino sa sinehan…(We are very happy that Filipino films are back in the cinemas…”

“I dedicate this award to all the frontliners on the internet — the content moderators,” Mr. Red said in his acceptance speech.

The Best Picture winner receives  a trophy and P250,000, while the Best Actor and Best Actress awardees win a trophy and P100,000.

Meanwhile, Mamasapano: Now It Can Be Told, which is about the 44 Special Action Force officers who died during the Mamasapano clash with the MILF in 2015, won Second Best Picture of the festival. It also bagged the awards for Best Screenplay, Best Original Theme Song, and the Fernando Poe Jr., Memorial Award.

The Third Best Picture was Nanahimik ang Gabi, a suspense-thriller-drama on the covert relationship of a woman with a corrupt police officer and a sugar daddy. The film also went home with acting awards for Ian Veneracion as Best Actor and Mon Confiado as Best Supporting Actor, and awards for Best Musical Score and Best Production Design.

The MMFF 2022 Jury members were film director Laurice Guillen (chairperson), scriptwriter Racquel Villavicencio, film producer Erwin “Lucky” Blanco, Congressmen Dan Fernandez and Jojo Garcia, National Commission for Culture and the Arts board member Victorino Manalo, Cultural Center of the Philippines Cultural Adviser Alexander Cortez, and Film Development Council of the Philippines Chairperson Tirso Cruz III.

The event was hosted by Giselle Sanchez, BB Gandanghari, and Cindy Miranda.

The 48th MMFF film screenings are ongoing until Jan. 7. — Michelle Anne P. Soliman

 

And the winner is…

THE full list of winners at the 2022 Metro Manila Film Festival awards night held on Dec. 27.

Best Picture: Deleter

2nd Best Picture: Mamasapano: Now It Can Be Told

3rd Best Picture: Nanahimik Ang Gabi

Best Director: Mikhail Red, Deleter

Best Actor: Ian Veneracion, Nanahimik Ang Gabi

Best Actress: Nadine Lustre, Deleter

Best Supporting Actress: Dimples Romana, My Father, Myself

Best Supporting Actor: Mon Confiado, Nanahimik Ang Gabi

Best Child Performer: Shawn Niño Gabriel, My Father, Myself

Best Screenplay: Mamasapano: Now It Can Be Told

Best Production Design: Nanahimik Ang Gabi

Best Editing: Nikolas Red, Deleter

Best Cinematography: Deleter

Best Visual Effects: Deleter

Best Sound: Deleter

Best Musical Score: Greg Rodriguez III, Nanahimik Ang Gabi

Best Original Theme Song: “Ang Aking Mahal,” Mamasapano: Now It Can Be Told

Marichu Vera-Perez Memorial Award: Vilma Santos-Recto

Fernando Poe Jr. Memorial Award: Mamasapano: Now It Can Be Told

Gender Sensitivity: My Teacher

Best Float: My Father, Myself

Stars of the Night: Ian Veneracion, Nadine Lustre

PLDT won’t engage with US law firms’ probe

PLDT Inc. on Wednesday said it will not engage with the law firms in the United States that have recently expressed interest in probing the company for possible violations of federal securities laws.

“While PLDT has seen reports that certain US law firms are investigating potential claims on behalf of investors of PLDT for alleged violations of securities laws — as is common when issuers disclose certain events — PLDT is not engaging with such law firms and has retained US counsel to defend against any suits that may be filed,” the company said in a statement.

“We reiterate that PLDT remains committed to transparency and will continue to release timely official statements and disclosures that are based on facts, in order to apprise the investing public, especially its shareholders, of relevant information,” it added.

The law offices of McInerney LLP, Robbins Geller Rudman & Dowd LLP, Glancy Prongay & Murray LLP, Howard G. Smith, Frank R. Cruz, Johnson Fistel LLP, and The Schall Law Firm have all announced that they would look into PLDT.

“The investigation concerns whether PLDT and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices,” Kirby McInerney LLP said in a statement.

Robbins Geller Rudman & Dowd LLP said its investigation would focus on “whether PLDT and certain of its top executive officers made false and misleading statements and/or failed to disclose material information to investors.”

PLDT disclosed on Dec. 16 a P48-billion budget overrun representing about 12.7% of its P379-billion capital expenditure (capex) over the past four years.

“The price of PLDT shares declined by $6.35 or approximately 23.69% from $26.81 per share to close at $20.46 on Dec. 19,” the law firm of Kirby McInerney LLP said.

In the Philippines, PLDT shares closed 19.35% lower at P1,192 apiece on Dec. 19.

PLDT said in a separate disclosure that it is in discussions with “major vendors.”

“The major vendors involved in the discussions are Cisco, Ericsson, Huawei, and FiberHome,” it said.

“None of the aforementioned vendors is a related party,” it added.

The company is in talks with suppliers for discounts and the cancellation of certain components of delayed projects to reduce its P48-billion budget overrun.

The Pangilinan-led company added that its discussion with suppliers also includes the possible replacement of certain projects that will be canceled.

PLDT shares closed 4.04% higher at P1,313 apiece on Wednesday.

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. — Arjay L. Balinbin

Metro Manila Film Festival 2022: So much to unpack

By Michelle Anne P. Soliman, Reporter

Movie Review
Labyu with an Accent
Directed by Rodel Nacianceno
MTRCB Rating: PG

THE ORDINARY guy meets rich girl trope, a romance that moves from the United States to the Philippines and back, traditional principles about married life, and the depiction of Filipino immigrants are unpacked in this two-hour romantic comedy.   

Labyu with an Accent follows Trisha (played by Jodi Sta. Maria), a US-based businesswoman born to a rich family who returns to the Philippines after she catches her fiancé cheating. She returns to Manila where she reunites with her best friends from childhood. 

They then go to a club where she first encounters Gabo (Coco Martin, who, under his real name Rodel Nacianceno, also directed the film). Learning of Trisha’s heartbreaking story, Gabo pitches his family business called “The Ultimate Boyfriend Experience” where the customer spends a few nights with a guy at his family compound which has been transformed into a mini resort with a buffet, karaoke machine, and swimming pool. The end goal: to move on, start anew, and, possibly, find a new boyfriend. 

Here’s where things get funny. Trisha’s friends convince her to avail of the package and leave her at the compound along with Gabo’s family and friends. The following day is spent with the couple touring Manila. And (surprise!) after one day (based on the fact that there are no wardrobe changes in between scenes), Trisha falls for Gabo. However, a phone call from her father prompts her to break ties and return abroad. 

Trisha then receives a phone call from Gabo who is in California (surprise!) where he also has relatives. How did he get to travel abroad? It was not shown or explained.

Trisha asks Gabo to pretend to be her new wealthy businessman boyfriend to keep her ex-fiancé out of the family business. Due to her parents’ (Michael De Mesa and Jaclyn Jose) disapproval, she moves in with her new “boyfriend” in a posh apartment where they struggle to live a new life as a couple.

While I was not completely sold on their romantic chemistry, the choice to pair these actors for the movie is not unusual.

Jodi Sta. Maria’s acting is convincing (she has, after all, won Best Actress in a leading role at the Asian Academy Creative Awards for The Broken Marriage Vow), particularly in a scene where she sings Morrissette Amon’s “Gusto Ko Ng Bumitaw” at a karaoke and breaks down crying. She also pulls off English slang to show that she grew up in the US, but still speaks and understands Filipino. 

The movie tends to lean towards the traditional roles of a man and a woman in a relationship. In some scenes, Gabo delivers lines about how as the man in the relationship it’s his obligation to work and provide (although he only had a tourist visa!). 

I appreciate that the film includes the depiction of Filipino immigrants and attempts to debunk (slightly) the idea that one can live comfortably just because one has moved abroad. It also touches on how one’s profession and status should not be a basis for earning love and respect. 

I can’t say if the pairing of a couple like Trisha and Gabo is likely to happen in real life. It’s predictable ending just reinforces that wishful thinking.

UnionBank starts third batch of free data science program

BW FILE PHOTO

UNIONBANK of the Philippines, Inc. launched the third batch of its Data Science Development Program last month that aims to educate students and young professionals on the use of data and artificial intelligence (AI) in various industries.

The XCELLERATOR Data Science Development Program was launched in February and has had two batches with a total of 261 participants, UnionBank said in a statement on Wednesday.

More program runs are planned for 2023, it said.

“The field of Data Science and AI is brimming with opportunities with its diverse applications across functional areas and industries,” UnionBank Artificial Intelligence and Innovation Center of Excellence (AI and Innovation CoE) Head Adrienne G. Heinrich was quoted as saying.

“The XCELLERATOR Data Science Development Program is designed to instill a data-driven mindset among the participants and build their Data Science and AI capabilities that can be applied to address real-world problems and unlock new opportunities,” she added.

XCELLERATOR is a free six-week course that aims to introduce data science foundations and principles, in line with the bank’s “Tech-up Pilipinas” advocacy that looks to promote improved technological literacy among Filipinos.

The program involves both hands-on and remote learning, as well as a final capstone requirement. It has four main modules: Foundational Topics, Data Analytics and Preparation, Machine Learning Techniques, and Data Science Applications.

Exemplary participants may earn a place in UnionBank’s AI and Innovation CoE team.

The bank said the first batch of the program ran from February to March and included students from Ateneo de Manila University, De La Salle-College of Saint Benilde, and University of the Philippines, as well as UnionBank and Aboitiz Group employees.

Meanwhile, the second batch ran from May to June and involved students from the Asia Pacific College.

UnionBank said the program had a satisfaction rating of 4.5 out of 5 from the students.

“As a trailblazer in data science in the Philippines, we at UnionBank have the collective goal of upskilling and ‘tech-ing’ up professionals and aspiring data scientists in the country,” UnionBank Chief Human Resource Officer Michaela Sophia E. Rubio said.

“We highly encourage students, young professionals, and even those with limited access to education in the upcoming field of data science, to join future batches of XCELLERATOR’s Data Science Development Program under AI & Innovation CoE’s mentorship,” she added. — AMCS

SEC clears planned initial public offering of Camarin Doctors Hospital

THE Securities and Exchange Commission (SEC) has favorably considered the initial public offering (IPO) of healthcare provider Optimum Quality Health Ventures, Inc.

The north Caloocan-based hospital, which also transacts under the name Camarin Doctors Hospital, has been able to get its registration statement approved by the commission, as stated in an SEC press release on Wednesday.

The registration covers around 2.3 million shares of Camarin Doctors Hospital and is subject to the company’s compliance with the remaining requirements.

The company will offer 2,500 blocks composed of 100 shares each with prices ranging from P200,000 to P400,000 per block.

The shares will be traded over the counter through the hospital’s internal staff as the intended market for the maiden offering is medical practitioners and their relatives.

Camarin Doctors Hospital expects to net P840.7 million from the offer, which it intends to use for loan payments, acquisition of medical equipment, hospital and furniture, payment advances to stockholders, operating expenses, hospital construction, and other professional fees.

The company is currently completing its healthcare facility, which is worth P499.88 million, in a 2,716-square-meter (sq.m.) property in Camarin, Caloocan.

The hospital will have a total of seven floors, 105 beds, and a floor area of 14,288 sq.m.

“Physicians and other medical specialists who subscribe to the IPO will be qualified to practice at the hospital, subject to pre-qualification procedures,” the SEC said. 

Subscribers to the IPO will also be given benefits and privileges including discounts on medical and dental services at the Camarin Doctors Hospital. The benefits are said to be applicable to the stockholders, their spouse, dependents and natural parents. — Justine Irish DP. Tabile

Term deposit yields climb following BSP rate hike

​YIELDS on term deposits climbed on Wednesday following the Bangko Sentral ng Pilipinas’ (BSP) rate hike this month and as global crude oil prices rose after China eased its coronavirus disease 2019 (COVID-19) restrictions.

Total bids for the central bank’s term deposit facility (TDF) reached P362.594 billion, higher than the P360-billion offer and the P326.384 billion in tenders for a P260-billion offering last week.

Broken down, the seven-day papers fetched bids amounting to P206.804 billion, higher than the P200 billion auctioned off by the central bank. This was also above the P179.272 billion in tenders logged in the previous auction for a P150-billion offer.

Banks asked for yields ranging from 6.075% to 6.4%, a slightly higher margin versus the 6% to 6.35% band seen a week ago. This caused the average rate of the one-week papers to climb by 3.94 basis points (bps) to 6.286% from 6.2466%.

Meanwhile, demand for the 14-day term deposits amounted to P155.79 billion, lower than the P160 billion auctioned off by the BSP on Wednesday but higher than the P147.112 billion in tenders for a P110-billion offering on Dec. 21.

Accepted yields were from 6.2% to 6.6%, a wider band compared with 6% to 6.4875% range logged the previous week. This brought the average rate of the two-week deposits to 6.3803%, up by 4.8 bps from the 6.3323% logged a week ago.

The BSP has not auctioned off 28-day term deposits for more than a year to give way to its weekly offers of securities with the same tenor. It uses term deposits and 28-day bills to mop up excess liquidity in the financial system and better guide market rates.

“The Bangko Sentral ng Pilipinas raised the volume offering in the TDF auction to P360 billion from P260 billion last week… A slight undersubscription was seen with the 14-day TDF, with bid-to-cover ratios at 1.03x and 0.97x the respective offer volumes for the seven-day and 14-day TDF,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement on Wednesday.

“The results of the TDF auction reflected the pass-through of the 50-bp (basis point) rate hike by the BSP last Dec. 15. Eligible counterparties’ inclination for the shorter tenor was also observed amid preference for cash over the upcoming holidays. Going forward, the BSP’s monetary operations will remain guided by its assessment of the latest liquidity conditions and market developments,” Mr. Dakila added.

Yields on the term deposit facility rose this week due to higher oil prices, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Oil prices climbed on Wednesday as markets were optimistic about fuel demand recovery as China continues to ease its COVID-19 restrictions, Reuters reported.

Brent futures for February delivery rose 31 cents to $84.64 a barrel, a 0.4% gain, by 0117 GMT. US crude advanced 22 cents, or 0.3%, to $79.75 per barrel. Amid the optimistic market mood, both benchmarks hit their highest level in three weeks on Tuesday.

China will end its quarantine requirements for inbound travelers starting on Jan. 8, the National Health Commission said on Monday, dropping a rule in place since the start of the pandemic three years ago. That raised optimism of higher demand from the top crude oil importer.

“The bids and awarded amounts also higher week-on-week, thereby effectively siphoning more pesos from the financial system, as part of the measures to help stabilize the peso and overall inflation,” Mr. Ricafort added.

Headline inflation accelerated to a 14-year high of 8% in November from 7.7% in October. For the first 11 months, inflation averaged 5.6%, still below the 5.8% full-year forecast of the BSP but above its 2-4% target. — A.M.C. Sy

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