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Ghostbusters, Spider-Man are latest films impacted by strike

SONY Pictures is the latest movie studio shaking up its release schedule amid the ongoing work stoppage by Hollywood writers and actors.

Gran Turismo, a car-racing film originally scheduled for a wide release on Aug. 11, will instead get sneak previews for two weekends before coming to more theaters on Aug. 25, a strategy designed to cope with strike-related prohibitions on actors engaging in their usual publicity tours. “The stars can’t promote the movie, but the audience can,” Sony said in an e-mail announcing the changes on Friday.

An untitled Ghostbusters sequel previously scheduled for December has been pushed back to March of next year. Kraven the Hunter, based on the Marvel Comics character of the same name and previously scheduled for October, is now moving to Aug. 30, 2024.

The release date for Spider-Man: Beyond the Spider-Verse, was pulled. The latest in Sony’s series of animated films based on the character had been scheduled for March. “The studio is considering several dates depending on how long the strike lasts,” the company said of the picture.

Strike rules prevent actors represented by the SAG-AFTRA union from participating in red carpet premieres, press interviews, and film festivals to promote their projects. That’s upending marketing strategies and stands to dent the box office performance of films released during the strike.

Delays are especially unwelcome news for theater chains including AMC Entertainment Holdings, Inc. and Cineworld Group Plc that are desperate for more films to accelerate their recovery from pandemic-induced lockdowns.

Walt Disney Co. said earlier this week that it was delaying Poor Things, a film starring Emma Stone, until December. Bloomberg News earlier reported that the company was reviewing its release strategy for several pictures.

Writers and actors are seeking better compensation and benefits from studios as well as protections from artificial intelligence taking over their jobs. They have been on strike since May and July respectively, which has brought many Hollywood productions to a standstill. — Bloomberg

How PSEi member stocks performed — July 31, 2023

Here’s a quick glance at how PSEi stocks fared on Monday, July 31, 2023.

Philippines’ political risk still ‘significant’

The Philippines’ overall rating worsened by two points to 61 (out of 100) with “significant” risk temperature level in the latest quarterly Political Risk Index by global advisory company WTW (formerly Willis Towers Watson) in collaboration with Oxford Analytica. The index analyzes patterns in the world’s most vulnerable countries, covering key political perils from expropriation to currency inconvertibility to political violence. The Philippines tied with Cambodia as the third most politically at-risk countries in the region, trailing
behind Myanmar and Laos.

Peso up on inflation, Fed bets

BW FILE PHOTO

THE PESO appreciated against the dollar on Monday on expectations of easing inflation and bets that the US Federal Reserve would keep rates steady following positive data last week.

The local currency closed at P54.88 versus the dollar on Monday, inching up by three centavos from Friday’s P54.91 finish, data from the Bankers Association of the Philippines’ website showed.

The local unit opened Monday’s session at P54.888 per dollar. Its weakest showing of the day was at P54.91, while its intraday best was at P54.75 against the greenback.

Dollars traded dropped to $1.03 billion on Monday from the $1.1 billion seen on Friday.

The peso strengthened on expectations that Philippine inflation eased in July, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message.

A BusinessWorld poll of 17 analysts yielded a median estimate of 4.9% for July headline inflation.

If realized, this would be below the 5.4% in June but would match the 4.9% seen in April last year. It would also match the upper end of the Bangko Sentral ng Pilipinas’ 4.1% to 4.9% forecast.

Still, this would be the 16th straight month that the consumer price index (CPI) exceeded the central bank’s annual 2-4% target.

The Philippine Statistics Authority will release July CPI data on Friday.

“The peso appreciated after the Federal Reserve’s preferred inflation gauge came in slightly weaker than market expectations at 3%, bolstering views of no further US rate hikes for the year,” a trader said in an e-mail.

Annual US inflation rose at its slowest pace in more than two years in June, with underlying price pressures receding, a trend that, if sustained, could push the Federal Reserve closer to ending its fastest interest rate hiking cycle since the 1980s, Reuters reported.

The personal consumption expenditures (PCE) price index increased 0.2% last month after edging up 0.1% in May, the Commerce department said. In the 12 months through June, the PCE price index advanced 3%. That was the smallest annual gain since March 2021 and followed a 3.8% rise in May.

The Fed hiked interest rates by 25 basis points (bps) last week, bringing its target rate to a range between 5.25% and 5.5%.

The US central bank has now raised rates by 525 bps since it began its tightening cycle in March last year.

For Tuesday, the trader said the peso could strengthen further against the dollar as the market awaits the July inflation report.

The trader sees the peso moving between P54.60 and P54.85 per dollar on Tuesday, while Mr. Ricafort sees it ranging from P54.80 to P55. — A.M.C. Sy with Reuters

PHL stocks decline on last-minute profit taking

BW FILE PHOTO

SHARES declined on Monday due to last-minute profit taking as investors await the release of July inflation data this week.

The Philippine Stock Exchange index (PSEi) declined by 33.79 points or 0.51% to close at 6,591.47 on Monday, while the broader all shares index dropped by 10.25 points or 0.29% to 3,516.67.

“The local market lost 33.79 points to 6,591.47 due to last-minute profit taking. The market mostly traded in the green territory on anticipation of a slower inflation in July at home but it failed to sustain the momentum due to negative sentiment overseas, especially in China, as China’s factory activity for July was in contraction territory,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

Selling pressure affected the market as investors adjusted their portfolios as July came to a close, China Bank Capital Corp. Managing Director Juan Paolo E. Colet said.

The Philippine Statistics Authority will release July consumer price index (CPI) data on Friday, Aug. 4.

A BusinessWorld poll of 17 analysts yielded a median estimate of 4.9% for July inflation.

If realized, this would be below the 5.4% in June but would match the 4.9% seen in April last year.  However, this would mark the 16th straight month that the CPI exceeded the central bank’s 2-4% target.

Meanwhile, China manufacturing activity fell for the fourth straight month in July as its services and construction edged along contraction, threatening growth prospects for the third quarter, Reuters reported.

The official manufacturing purchasing managers’ index inched up to 49.3 in July from 49 in June, staying below the 50-point mark that separates expansion from contraction.

At home, most sectoral indices fell on Monday except for services, which rose by 11.22 points or 0.7% to 1,613.19, and financials, which inched up by 0.54 point or 0.02% to 1,940.59.

Meanwhile, holding firms fell by 67.99 points or 1.06% to 6,328.99; mining and oil dropped by 50.9 points or 0.48% to 10,364.31; property declined by 12.63 points or 0.46% to 2,709.85; and industrials went down 29.59 points or 0.32% to 9,176.73.

Value turnover surged to P20.07 billion on Monday with 1.95 billion shares changing hands from the P2.91 billion with 635.55 million issues seen on Friday.

Decliners narrowly outnumbered advancers, 84 versus 83, while 64 names closed unchanged.

Meanwhile, Asian shares were trying to end the month on a firm note on Monday in a week littered with major economic releases, central bank meetings and earnings updates from mega-caps Amazon and Apple, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan  climbed 0.5%, having gained 5.2% so far in July to reach a five-month high.

The initial impetus for markets was positive following Friday’s US data showing an easing in wage costs and core inflation, which fueled hopes the US Federal Reserve was done tightening. — A.H. Halili with Reuters

NFA rice inventory drops to under two days’ worth of consumption

PHILSTAR FILE PHOTO

THE rice inventory held by the National Food Authority (NFA) is currently equivalent to 1.56 days’ demand, well below the nine days targeted by the agency, due to high domestic buying prices, the Department of Agriculture said.

Agriculture Assistant Secretary Rex C. Estoperez told reporters on Monday that the NFA’s holdings totaled 50,000 metric tons (MT) as of July 27, considerably below the 300,000 MT level required to meet nine days’ demand because private traders are outbidding the NFA.

The national daily consumption rate is equivalent to 679,670 bags or 33,983.5 MT, according to the NFA.

“As of now, it seems that the NFA is not able to buy from farmers because of the high price. The private sector can buy (unmilled rice, or palay) between P21-P23 per kilo (while) the NFA buys at P19,” he said.

“Istrikto kasi ang NFA sa kanyang tinatawag na equivalent net weight (The NFA is strict in buying only equivalent net weight) as the P19 buying price is for clean and dry palay, while the private traders buy freshly harvested palay at P21-P23. The NFA cannot compete,” he added.

Under Republic Act No. 11203 or the Rice Tariffication Law, the NFA has been stripped of its power to import rice and has been reduced to maintaining an emergency inventory from domestically-grown rice.

Mr. Estoperez said that the NFA Council will submit a recommendation to the President to reconsider the NFA buying price and measures to build up inventory.

The NFA Council is headed by President Ferdinand R. Marcos, Jr., who is also the Secretary of Agriculture, while NFA Administrator Roderico R. Bioco serves as vice-chairman.

Mr. Estoperez said that Mr. Marcos will meet with various agencies to discuss measures to increase rice stocks, including imports.

“Our inter agency group will update the President tomorrow whether to finalize (import deals), what volume, where to source, on a government-to-government basis,” he said. — Sheldeen Joy Talavera

Budget dep’t seeking to fully digitize gov’t procurement process

BUDGET SECRETARY AMENAH F. PANGANDAMAN — DBM

THE Department of Budget and Management (DBM) said it is working on the full digitalization of public procurement.

In a statement on Monday, the DBM said its Procurement Service (PS) is shooting for “an efficient procurement system incorporating global best practices, including the complete digitization of all government procedures,” Budget Secretary Amenah F. Pangandaman said.

“The procurement process, widely seen as the most daunting bottleneck in budget utilization due to alleged rampant corruption, interpretational ambiguities, and a lackluster capability to carry out procurement tasks within government agencies, causes service delivery delays,” the DBM added.

The PS is also working on modernizing the Philippine Government Electronic Procurement System. Improvements include an integrated e-bidding system and electronic payment facility, among others.

“An efficient procurement system underpins effective public expenditure management and fast-tracks the delivery of optimal services to the public in a timely and cost-efficient manner,” PS Executive Director Dennis S. Santiago said.

In his State of the Nation Address last week, President Ferdinand R. Marcos, Jr. called for a new government procurement law.

“I think the procurement law is too stringent. Even digitalization and payment systems are not provided for in the law,” Ms. Pangandaman said.

The DBM is also working on implementing sustainable procurement practices.

“Green procurement is synonymous with responsible procurement. The integration of green solutions into the public procurement process brings us a step closer to our ultimate aim of promoting sustainable management and utilization of natural resources by 2030,” Ms. Pangandaman added.

The DBM has recently met with the United Nations Development Programme to enhance procurement digitalization and analytics. — Luisa Maria Jacinta C. Jocson

Business group supports optional senior high

PHILIPPINE STAR/ MIGUEL DE GUZMAN

THE Management Association of the Philippines (MAP) expressed support for a measure that would make senior high school optional.

“We in the MAP support the bill introduced that seeks to examine the K-12 (Kindergarten to Grade 12) system and replace it with a K+10+2 act,” MAP CEO Conference Committee Chairperson Alma Rita R. Jimenez told the House basic education and culture committee.

“The private sector (has a) continuing preference for hiring college or university graduates over those who finish K-12 primarily because those who finished Grades 11 and 12 still lack the competencies or skills at the level required for employment,” she said.

Ms. Jimenez cited the need to streamline the K-12 curriculum “so that it can fully integrate technical and vocational education and training program to increase enterprise-based learning where the senior high school student will have more immersive experiences through certification training and exposure to actual work settings.”

The committee was considering proposed amendments to Republic Act No. 10533 or the Enhanced Basic Education Act of 2013, which added two more years to basic education with the intent of making graduates employable and globally competitive. 

Committee chairman and Pasig Rep. Roman T. Romulo said House Bill 7893 will propose “multiple education pathways,” which will involve enhancing programs run by the Technical Education and Skills Development (TESDA), making these courses a more viable option for students after Grade 10.

“Meaning, when you reach Grades 10, 11 and 12, if you want to go to college, you’ll be under DepEd (Department of Education). If you want to go to techvoc (technical and vocational education), then enroll in TESDA,” he said.

“We will require TESDA to upgrade itself,” Mr. Romulo added, noting that the agency mostly issues certifications for graduates of Customer Services NC II, a short course to train staff for department stores, supermarkets, fast food outlets, and specialty stores.

He added that only a few students receive the Bookkeeping NC III certification.

Ms. Jimenez added that TESDA should revamp its programs to make them “future-oriented” and to usher in digital transformation. Teachers and instructors should also undergo training, she noted. — Beatriz Marie D. Cruz

PHL businesses to participate in ASEAN Online Sale

ONLINEASEAN.COM

PHILIPPINE BUSINESSES are set to participate in the ASEAN Online Sale Day (AOSD), the Department of Trade and Industry (DTI) said.

The DTI said in a statement on Monday that as of July 27, some 54 businesses are expected to join the event, which is scheduled for Aug. 8-22. The e-commerce event is intended to promote cross-border trade and economic collaboration within Southeast Asia. 

The AOSD, started in 2020, is expected to boost economic ties in the region, increase consumer trust in e-commerce, and provide opportunities for micro-, small- and medium-sized enterprises.

According to the DTI, the Philippines has fielded the highest number of participating businesses in the AOSD since 2020. Last year, 120 e-commerce businesses from the Philippines participated in the event.

The DTI said that a consumer complaint mechanism will be available to mediate any complaints arising from transactions completed during the event.

An onsite edition of the event will take place in Semarang, Indonesia between Aug. 19 and 22. — Revin Mikhael D. Ochave

Travel fair claims P110 million worth of actual, potential sales

Tourists are seen at the beach of Boracay island, Aklan province. — PHILIPPINE STAR/KRIZ JOHN ROSALES

THE Tourism Promotions Board (TPB) said a travel fair which it organized in Cebu generated actual and potential sales of over P110 million.

The three-day 11th Regional Travel Fair at the SM Seaside City in Cebu featured 70 exhibitors. The TPB did not give a breakdown of sales actually booked as against sales under negotiation.

TPB Chief Operating Officer Maria Margarita M. Nograles said in a statement on Monday that the results of the fair “signal a bright future for the tourism industry in the post-pandemic era.”

The TPB said its upcoming fair in Ilocos set for October could result in an even stronger performance.  

“We desire and aim to play a major role in shaping the future of tourism by creating a one-stop shop venue for industry collaboration and partnerships,” Tourism Undersecretary Shahlimar Hofer Tamano said. — Revin Mikhael D. Ochave

No deadline set for lifeline rate registration

BW FILE PHOTO

THE Department of Energy (DoE) said it will not set a deadline to register for the lifeline rate subsidy after issuing eligibility rules for beneficiaries.

“We are not imposing a deadline for consumers availing of the discounted rate. However, unless registered, they cannot avail of the benefits,” Energy Secretary Raphael P.M. Lotilla said in a statement on Monday.

The DoE said it urged all beneficiaries listed under the Pantawid Pamilyang Pilipino Program (4Ps) to register for the electricity lifeline rate.

“There are 4.2 million household beneficiaries of 4Ps, and registration for lifeline subsidy remains very low. Only those who register will continue to receive a reduction in their electricity bills beginning August 2023,” Mr. Lotilla said.

In June, the Energy Regulatory Commission together with the DoE and Department of Social Welfare and Development, issued an advisory requiring all distribution utilities to implement the revised lifeline rate rules.

The lifeline rate is a subsidy provided to customers with a monthly power consumption of 100 kilowatt-hours or less.

Under the revised rules, customers living in condominiums, subdivisions and those with net-metering services are no longer qualified for the lifeline rate despite being under the consumption ceiling.

“If they do not avail of the program through Meralco, they will have to shell out more or less P250.00, an amount which could otherwise be spent for their other needs such as food,” Mr. Lotilla said.

“For lifeline consumers who have been struggling to make ends meet, electricity discounts could help (provide relief),” the DoE said.

Qualified customers under the lifeline rate receive discounts of between 20% and 100%, depending on their power consumption. — Ashley Erika O. Jose

Bill proposes VAT exemption for medicine

PHILSTAR FILE PHOTO

A MEASURE has been filed in the House of Representatives seeking to grant a value-added tax (VAT) exemption to both generic and branded medicine.

“Given the rising cost of living today, price controls on medicine will not make it affordable,” TGP Party-list Representative Jose J. Teves, Jr. said of his House Bill No. 8565.

“One of the reasons for high prices of medicines is the VAT that is automatically added over and above the base prices,” he added.

The burden of paying the VAT is to be shifted to manufacturers, distributors or sellers of generic and branded medicines, according to the bill.

The VAT exemption will not affect discounts available to senior citizens and persons with disabilities.

The bill requires the Department of Health and the Food and Drug Administration to submit to Congress a list of generic and branded medicine to be covered by the VAT exemption.

The Philippine Statistics Authority estimates average per capita spending of P9,839.23 for healthcare goods and services in 2021, up 17% from a year earlier. — Beatriz Marie D. Cruz

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