Disney brings back Bob Iger as CEO in surprise move to boost growth

November 22, 2022 | 1:50 pm

walt-disney-world — STOCK PHOTO | Image by stinne24 from Pixabay

LOS ANGELES — Bob Iger is returning to Walt Disney Co. as chief executive less than a year after he retired, a surprise comeback that coincides with the entertainment company’s attempt to boost investor confidence and profits at its streaming media unit.

Mr. Iger, 71, who was chief executive for 15 years and retired as chairman last year, has agreed to serve as CEO for two more years effective immediately, Disney said in a statement late on Sunday. He will replace Bob Chapek, who took over as Disney CEO in February 2020 just as the COVID-19 pandemic led to park closures and visitor restrictions.

Shares rose Monday to close at $97.58, up 6.3%.

“Maybe the old hand on the tiller is what’s required,” said Markets.com analyst Neil Wilson. Disney has been spending billions of dollars to compete with rival Netflix Inc. and is seeking to revive its share price.

The stock had sunk more than 40% so far this year, lagging the nearly 7% year-to-date drop in the broader Dow Jones Industrial Average. It lost almost a third of its value while Chapek was at the helm.

“The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period,” Chairwoman Susan Arnold said in the statement.

Disney disappointed investors this month with an earnings report that showed mounting losses at its streaming media unit that includes Disney+. Shares hit a 20-year low the day after the fourth-quarter earnings. Read full story

The streaming business lost nearly $1.5 billion in the quarter, more than twice the previous year’s loss, overshadowing subscriber gains. The unit has yet to turn a profit since its 2019 launch, and Disney has said it expects Disney+ to become profitable in fiscal 2024.

“I am an optimist, and if I learned one thing from my years at Disney, it is that even in the face of uncertainty – perhaps especially in the face of uncertainty – our employees and Cast Members achieve the impossible,” Iger said in a memo to employees seen by Reuters.

SHAREHOLDER PRESSURE
Some activist investors have mounted pressure on Disney this year, including Third Point, led by billionaire Daniel Loeb.

In August, Loeb began pushing for changes, including spinning off the ESPN sports television network and accelerating the planned takeover of Hulu from minority-owner Comcast Corp. The investor later tweeted that he better understood ESPN’s value to Disney. Third Point also pushed Disney to refresh its board and reached a settlement with the company in September that handed a seat to former Meta executive Carolyn Everson.

In the days following its lackluster earnings report, Trian Fund Management LP, co-founded by Nelson Peltz, bought more than $800 million worth of Disney stock, according to a source familiar with the matter. The WSJ first reported Trian’s stake.

Trian’s view is that Iger should not be back in control of the company, the source said, adding that Trian has signaled interest in a board seat as it pushes the entertainment giant to make operational improvements and cut costs.

The stake, which is under the 5% disclosure threshold, is not as large as Trian would like it to be and will likely grow subject to market conditions, the WSJ reported.

Disney did not respond to a request for comment on Trian and Trian did not respond to a request for comment.

IGER’S RETURNS
Mr. Iger exited Disney on a high note as the company led the battle against Netflix in the streaming wars. During his tenure, Disney made several key acquisitions, including Pixar Animation Studios, Marvel Entertainment and 21st Century Fox, and boosted its market capitalization five-fold.

During his first tenure, Disney’s annualized shareholder returns were more than 14%, well above its rival Comcast and the broader stock market.

During this second tour, Iger has been charged with “setting Disney on a path to renewed growth” and working with the board to identify a successor, the company said.

The leadership change caught employees by surprise, two company sources said.

Shortly after Iger’s return was announced, Netflix co-founder Reed Hastings tweeted: “Ugh. I had been hoping Iger would run for President. He is amazing.” — Reuters

Spain to approve mortgage support for more than 1 million households

November 22, 2022 | 1:25 pm

madrid-2714570_1920 — Madrid, Spain | STOCK PHOTO | Image by Stanislav from Pixabay

MADRID – The Spanish government will approve on Tuesday mortgage relief measures such as extending loan repayments for up to seven years for more than one million vulnerable households and middle-class families, the economy ministry said on Monday.

The ministry said the new measures, which would be given the go-ahead at the government’s cabinet meeting, would be adopted pending final negotiations with Spanish banking associations.

In Spain, around three-quarters of the population are homeowners, with most opting for floating-rate mortgages, more exposed to accelerated interest rate rises.

Under the framework, banks will provide mortgage support for vulnerable families through an amended industry-wide code of good practice. The income threshold has been set at 25,200 euros ($25,815).

Vulnerable households will be able to restructure mortgages at a lower interest rate during a five-year grace period, already set in the original 2012 industry-wide code of good practice, which is voluntary but becomes mandatory once lenders adhere to it.

Grace periods allow borrowers to delay payments on the principal of the loan without being charged late fees and not resulting in default or loan cancellation.

The period for cancelling debt has been extended by two years and includes the possibility of a second restructuring, if necessary, the ministry said.

Vulnerable families that spend more than 50% of their monthly income to repay their mortgage, but do not meet the condition set out in the previous code of a 50% rise in their mortgage payments, can take advantage of a two-year grace period.

The government will additionally implement a new code of good practice for middle-class families at risk of vulnerability, setting the income threshold at less than 29,400 euros.

In those cases, lenders must offer the possibility of a 12-month freeze on repayments, a lower interest rate on the deferred principal and an extension of the loan if a mortgage burden represents more than 30% of their income and the cost has risen by at least 20%.

The mortgage relief is expected to come into effect next year. — Reuters

First-ever conference to bring stakeholders together for the Net Zero Building and Net Zero City Summit 2023

November 22, 2022 | 1:00 pm

Global Zero Carbon Partnership and Escom Events, in collaboration with the Department of Energy (DoE), Bases Conversion and Development Authority (BCDA), and Philippine Green Building Council (PHILGBC) as Official Endorsers of the event, have come together to support the initiative to bring together stakeholders in the value chain for Net Zero Building, Energy Efficiency, Building Technology, ESG, and Smart City Development for the first time at the year’s flagship event — Net Zero Building & Net Zero City Summit Philippines 2023 on Jan. 10 at Dusit Thani Manila.

This one-day conference will cover the following topics such as Climate Ambition, Net Zero Pathways, Energy Efficiency, Electric Mobility Business Models, Smart Cities/Buildings, Circular Economy, Sustainable Urban Development, and ESG.

Speakers for this event will be Director Patrick Aquino (Director of Energy Utilization Management Bureau [EUMB] of DoE), Sec. Robert E.A. Borje (Vice-Chairperson and Executive Director of Climate Change Commission), Joy Esther Gai (Programmes Head for Asia Pacific Region of World Green Building Council), Raymond Rufino (Chief Executive Officer of NEO Office PH), and Alexander Ablaza (President of Philippine Energy Efficiency Alliance, Inc.) to name a few.

The event also includes an exhibition of the world’s leading technological innovations in urban planning, carbon management, and building solutions. It is an ideal setting for connecting with business partners, products, and solutions for your projects.

To know more about the event, you can visit the official event website (https://gzcp.org/conference/netzerophilippines/) and/or follow their GZCP’s official linkedin page (https://www.linkedin.com/company/wcecph2022/).

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Pest Science Corp.: Celebrating 20 years of excellent science-based service

November 22, 2022 | 12:00 pm

What started out as a small company in the business of pest and termite management, Pest Science Corp. has steadily grown to be the trusted, first ISO-IMS-certified pest control company in the Philippines. Sailing strong through both turbulent and calm waters of the industry, the company was built from humble beginnings with only three pioneers who dedicated themselves to the company. Today Pest Science proudly have more than 500 employees all over the country. Today, under the Lorenzo Group of Companies of which 500 personnel are employed, Pest Science Corp. has an authorized capital base of P30 million operating in 28 branches throughout the country.

One wonders how Pest Science has done it. True to its logo, which features a microscope and a bug, Pest Science has employed a highly-detailed and science-based approach in designing its products and services to its clients. On its first decade, Pest Science has secured ISO certification for an Integrated Management System (IMS). And to maintain this certification, the company continuously trains its employees and staff, ensuring their capacity and knowledge in the field. In addition, Pest Science has its own in-house Pollution Control Officer and Safety Officer.

Pest Science Corp. President and CEO Rayner Lorenzo, Pest Science Corp. Vice-President and Marketing Head Ruby Vida Fragata-Lorenzo, and Pest Science Corp. Sales and Marketing Director Nymrose Abital

Pest Science Corp. is the first IMS-Certified Pest Control Operator & Pest Management Company in the Philippines, audited and certified by TUV-SUD PSB Philippines meeting the following standard:

ISO 9001: 2015 Quality Management System
ISO 14001: 2015 Environmental Management System
ISO 45001: 2018 Occupational Health and Safety Management System

The company’s organized, systematic and science-based approach has ensured the quality of its services to its clients and has given pride and dignity of work to its employees. Pest Science is committed to provide the highest quality of service towards customer satisfaction and to conduct activities responsibly with due consideration of all environmental, occupational health and safety issues.

With the company’s mission to marry science and service together in the dynamic field of pest management, it also wants to serve a larger market particularly in areas where demand of pest control services is high using its bio-rational method. In addition, Pest Science has in its mission to promote and disseminate information to the public about Integrated Pest Management (IPM) — one of the company’s approach to solve the pest problem.

The company does treatments for flying insects like mosquitoes, crawling insects like cockroaches, structural insects like termite and beetles, and also mammal and rodent control. Included also in its excellent lineup of services are fogging, sanitation and misting.

Pest Science ensures that all its people are well-equipped and are trained thoroughly in the science and biology of pest control and management, orienting them on the company’s holistic approach, not just the chemical treatment alone. On top of this, the staff is oriented on the ins and outs of the industry. This way, their people are more than capable to render the best services to their customers. Empowering their people this way has allowed them to have branches all over the Philippines.

In culmination of Pest Science Corp.’s 20^th Anniversary celebration, there was a Media Launch last Nov. 17 at Kusina Comfort Food, Arzo Hotel in Paco, Manila.

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30 more years of Lifeline Rate to almost 6M families

November 22, 2022 | 11:26 am

Almost six million “poorest of the poor” Filipino families are now set to be given aid in their monthly electricity bill for 30 more years following the approval of the Implementing Rules and Regulations (IRR) of the law on Extending and Enhancing the Implementation of the Lifeline Rate.

The Energy Regulatory Commission (ERC), Department of Energy (DOE) and the Department of Social Welfare and Development (DSWD) jointly signed the IRR of Republic Act No. 11552 on October 28, 2022. RA 11552 is also known as “An Act Extending and Enhancing the implementation of the Lifeline Rate, Amending for the Purpose Section 73 of Republic Act. No. 9136 (Electric Power Industry Reform Act of 2021).” DOE Secretary Raphael P.M. Lotilla said “the lifeline rate program in the Philippines is one of the best designed lifeline rate programs in the world; ours is better targeted.” The DOE, led by Lotilla, has been tasked to formulate and promulgate the policy guidelines of RA 11552, ensuring the law and its IRR are lawfully implemented.

The task is consistent with President Ferdinand “Bong Bong” Marcos Jr.’s administration’s steadfast commitment in seeing to it that the benefits of the government’s energy policies and programs are felt by the poorest of the poor. A fair and equitable lifeline subsidy implementation Qualified marginalized electricity end-users are targets of the signed IRR, pursuant to R.A.1152, in terms of ensuring the subsidy given to the beneficiaries is distributed fairly. The DSWD has expressed its commitment to assist in the implementation in order for the IRR to meet the “fair and equitable” objective.

Thirty more years of subsidy to 6 million electricity consumers An amendment made on Section 73 of the EPIRA (RA No. 10150) revamps the 20-year-coverage subsidy provision to electricity consumers, giving the subsidy an extended timeline (additional 30 years).

This means that those from the marginalized sector who consume electricity will continue to enjoy government subsidy in their electricity bill for 30 more years after the first 20 years in the original RA is up. It’s practically like one person enjoying the benefit of a partially-subsidized electricity bill in almost his entire adult life. ERC records show that for the first six months of 2022, beneficiaries have already benefitted from the lifeline rate program an average of P541 Million worth of subsidy per month. The actual discounts vary, depending on the lifeline program’s per Distribution Utility (DU) computation approved by the ERC.

Qualified households—target of the extended subsidy timeframe Priority among the end users of the extended subsidy timeframe are qualified household beneficiaries under the “Pantawid Pamilyang Pilipino Program” (4Ps) Act, the master list of which is with the DSWD. The 4Ps is aimed at national poverty reduction through the provision of cash transfer to extremely poor households to improve health, nutrition and education. ERC Chairman and CEO Monalisa Dimalanta says the ERC will provide the criteria for qualifications of a marginalized end-user while the DSWD will provide the list of qualified household-beneficiaries in order to ensure a uniform and objective procedure of identifying potential beneficiaries. Dimalanta stresses that the IRR is a product of an effective inter-agency collaboration to deliver better public service. As mandated by the law, the ERC, DOE and DSWD, in consultation with the Philippines Statistics Authority (PSA) and other public and private stakeholders, with the approval of the Joint Congressional Energy Commission (JCPC), shall issue, adopt and promulgate the rules and regulations to implement the provisions of RA No. 11552.

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Jollibee plans China expansion with focus on smaller stores

November 22, 2022 | 10:38 am

Jollibee Foods Corp. targets to open at least 100 stores in China next year, said its CEO, who sees lockdowns as a “temporary setback” to the Philippine fast-food chain’s target of getting half of sales from abroad.

With food delivery expected to drive growth, the Philippine company that’s known for dishes like fried chicken and sweet spaghetti targets to open smaller stores in China, Hong Kong and Macau where it now has more than 500 outlets, Ernesto Tanmantiong said in an interview with Bloomberg TV’s David Ingles.

“China remains to be one of our pillar markets,” Tanmantiong said. The company will focus on its Yonghe King, Tim Ho Wan and Hong Zhuang Yuan brands, he said.

Jollibee expects half of its sales to come from overseas stores by 2027, and aims to be among the top five restaurant companies in the world, Tanmantiong said. The company is on track to surpass in 2022 its full-year profit before the pandemic, he said, citing its first nine months results.

A double-digit growth in revenue will likely be sustained in 2023 following a 40% growth in the first nine months of this year, Tanmantiong said, as pandemic restrictions continue to ease. The company is “well-positioned” to withstand elevated inflation, with higher-income customers shifting from fine dining to fast food, he said. — Bloomberg

US, PHL to negotiate civil nuclear deal

November 22, 2022 | 12:34 am

By Alyssa Nicole O. Tan, Reporter

THE United States and the Philippines are set to launch negotiations on a civil nuclear energy agreement, US Vice-President Kamala Harris said on Monday.

According to a fact sheet sent by the US embassy in the Philippines, the US and Philippines have opened talks on a civil nuclear cooperation agreement “to support expanded cooperation on zero-emission energy and nonproliferation priorities.”

“Once in force, this agreement will provide the legal basis for US exports of nuclear equipment and material to the Philippines. United States is committed to working with the Philippines to increase energy security and deploying advanced nuclear reactor technology as quickly as safety and security conditions permit to meet the Philippines’ dire baseload power needs,” the US embassy said.

Ms. Harris is currently in the Philippines as part of a trip to bolster economic and security ties with key Asian countries. She met with President Ferdinand R. Marcos, Jr. and Vice-President Sara Duterte-Carpio on Monday.

Also known as the “123 Agreement,” the US embassy said it would help both countries achieve their energy security and climate goals, as well as provide commercial opportunities for the private sector.

The 123 Agreement consists of arrangements to ensure that civil nuclear energy cooperation is protected against nuclear weapons proliferation. It is also the basis of the US National Security Act that requires such arrangement to be in place before it can proceed with the civil cooperation.

Mr. Marcos has previously said it is time for the Philippines to re-examine its strategy towards building nuclear power plants, noting that the country’s current energy demand far exceeds its supply.

“In the area of nuclear power, there have been new technologies developed that allow smaller scale modular nuclear plants and other derivations thereof. Once again, PPPs (public-private partnerships) will play a part in support as funding in this period is limited,” Mr. Marcos said in his first State of the Nation Address in July.

Last week, Energy Secretary Raphael P.M. Lotilla urged the National Power Corp. (Napocor) to consider tapping modular nuclear reactors to supply electricity to remote areas.

Philippine Nuclear Research Institute Senior Research Specialist Unico A. Bautista said the Philippines still has many infrastructure issues that need to be addressed before it can start building nuclear power plants.

“We still don’t have a nuclear power program, so we’re still in the preparation stage,” he told BusinessWorld in a mix of English and Filipino in a phone call. Among the areas that need further development in the Philippines include radioactive waste management, procurement process, among others.

Meanwhile, the US Department of Energy, US State Department and Philippine Department of Energy will also establish an Energy Policy Dialogue, “a high-level platform for the two nations to develop new forms of energy cooperation, including on short and long-term energy planning, offshore wind development, and grid stability and power transmission,” the US embassy said.

The US will also team up with Lopez-led Energy Development Corp. (EDC) to develop a geothermal project in Mindanao.

The US Trade and Development Agency will open an office in the US embassy in Manila that would assist American firms in investing in the country, particularly energy and infrastructure.

The US Department of Agriculture will also establish a food security dialogue with Philippine counterparts to allow both countries to work on resilient food systems and discuss best practices for agricultural innovation and sustainability.

The US International Development Finance Corp. (DFC) is also set to issue a $20-million loan for Agri Exim Global Philippines, Inc., a local processor of organic coconuts into derivative products, to expand its processing facilities.

The US embassy said the United States is planning to partner with listed Philippine company Now Telecom for the deployment of 5G technologies in the country.

The United States Agency for International Development (USAID) is also backing the launch of the first Low Earth Orbit Satellite Broadband Service in Southeast Asia, in partnership with SpaceX Starlink, in the Philippines.

USAID is also launching initiatives to support small and medium enterprises and women entrepreneurs, as well as training workers for the high-tech manufacturing sector.

BoI to miss ’22 investment goal

November 22, 2022 | 12:33 am

makati-skyline-buildings — STOCK PHOTO | Image Dmitry Berdnyk from Unsplash

THE BOARD of Investments (BoI) is unlikely to reach its target of approving P1 trillion in new investments this year, reflecting the impact of the ongoing Russia-Ukraine conflict on global investor sentiment.

Ceferino S. Rodolfo, Trade undersecretary and BoI managing head, told reporters on Monday the BoI has approved P644.4 billion in investments from January to Nov. 15 this year, representing only 64.4% of its P1-trillion target for this year.

The BoI said 81% or P518.3 billion of the total approved investments came from domestic investors, while the rest came from foreign sources.

However, the January-to-November figure is already 73.51% higher compared with the P371.4 billion approved investments in the same period in 2021.

“What is certain is that we will surpass our 2021 level. That is for certain,” Mr. Rodolfo said in mixed English and Filipino.

The BoI’s total investment approvals stood at P655.4 billion in 2021.

“We did not foresee that there would be the Ukraine-Russia war that will have an impact not just on investment going to the Philippines, but also globally. It really affected us. But it is still good news that we will be able to surpass 2021 levels,” Mr. Rodolfo added.

Russia’s invasion of Ukraine in late February had widespread economic implications for the rest of the world. The impact was felt through rising prices of commodities such as food and energy, soaring inflation, supply chain disruptions, lower business confidence and higher investor uncertainty.

For the January-to-November period, the BoI said the biggest amount of approved investments were committed to the power sector at P343.8 billion.

This was followed by information and communications technology sector with P197.6 billion, administrative and support services activities with P26.8 billion, transportation and storage with P25.2 billion, and real estate with P23.8 billion.

Singapore was the top source of BoI-approved foreign investments with P75.3 billion, followed by Japan with P29.9 billion and United Kingdom with P9.9 billion. Investments from the British Virgin Islands stood at P2.6 billion, while those from South Korea hit P2.5 billion.

For 2023, Mr. Rodolfo said the BoI already has P372.8 billion worth of investment leads.

Of the total, P125.3 billion is from the information technology and business process management (IT-BPM) sector, followed by real estate activities at P105.47 billion, and agriculture, forestry, and fisheries at P66.9 billion.

Mr. Rodolfo said several big-ticket projects are expected next year, particularly for sectors such as green metals and renewable energy.

The Energy department last week revised a circular, which paved the way for full foreign ownership in the renewable energy sector.

“The BoI remains optimistic that foreign investments in 2023 will show significant growth given the game-changing economic reforms enacted in the Philippines such as the amended Public Service Act, amended Foreign Investment Act, amended Retail Trade Liberalization Act…,” it said.

Meanwhile, Trade Secretary Alfredo E. Pascual told reporters that fully digitalizing the government’s functions would help improve the processing of foreign investments in the country.

“The digitalization of the whole government function will be the solution for the speedy processing of foreign investments. The common complaint of people we talk to is that they talk to many people in the process,” Mr. Pascual said. — Revin Mikhael D. Ochave

DBM may slash budget of agencies with low utilization rates

November 22, 2022 | 12:32 am

Budget Secretary Amenah Pangandaman — Budget Secretary Amenah F. Pangandaman attends an economic briefing in Pasay City, July 26, 2022. — REUTERS

THE DEPARTMENT of Budget and Management (DBM) may consider slashing the budget allocations for government agencies with low utilization rates.

“Given our really small fiscal space, we need to instill discipline in our National Government agencies so we can put the money to agencies who can really implement them,” Budget Secretary Amenah F. Pangandaman told reporters on Monday.

She said the DBM will “cut” the budget of agencies with low budget utilization.

Data from the DBM showed the government’s cash utilization rate was at 94% as of end-October.

The National Government, local governments and state-owned firms used P3.36 trillion out of the P3.56 trillion in Notice of Cash Allocation (NCA) issued to them in the January-to-October period.

Line departments used 92% or P2.27 trillion of their NCAs as of the end of October, leaving P201.42 billion unused.

The Commission on Human Rights was the only department to post a budget usage rate at 100%.

On the other hand, the Department of Information and Communications Technology (DICT) recorded the lowest rate at 67%.

“If there’s a question why the DICT budget is quite low, it’s because there’s still an existing budget from previous years that can still be used,” Ms. Pangandaman added.

Meanwhile, the government’s funding releases at the end of October hit P5.08 trillion, exceeding the P5.024-trillion budget for the year.

This was mainly due to P200.19 billion in unprogrammed appropriations and P45.29 billion in other automatic appropriations.

Ms. Pangandaman said that the government is not worried about overspending or exceeding its budget cap as its deficit is still within target.

“We’re still within the target, and I am happy with that, because at least the agencies now are trying to use the money and utilize it better to implement their projects… maybe it’s also a reason that the economy is open and then we’re trying to push for them (to utilize their budget more),” she added.

The National Government’s fiscal deficit stood at P179.8 billion in September, versus the P180.9 billion a year earlier and the P72 billion in August.

In the nine-month period, the deficit-to-GDP ratio stood at 6.5%, still below the government’s 7.6% target by yearend.

Ms. Pangandaman said there are no projections yet for additional fund releases for the rest of the year.

“We can still implement and can push (this) before the end of the year. We can still work on that,” she added.

There is also a possibility of upgrading the government’s growth targets, after the faster-than-expected economic expansion in the third quarter, Ms. Pangandaman said.

“Probably, with the numbers we have now. And everything is open now, so maybe,” she added.

The Philippine economy expanded by 7.6% in July to September, slightly faster than the revised 7.5% growth in the second quarter and 7% a year earlier.

Economic managers earlier said the stronger-than-expected third-quarter growth makes it likely the Philippine economy will exceed the 6.5-7.5% full-year target.

The DBM said it is also pushing for digitization for effective financial management.

“This is crucial as greater collaboration and innovation on public service delivery is even more pronounced now as the public demands for a more responsive government, quick to deliver as we cushion the unprecedented impact of the pandemic,” she said.

Ms. Pangandaman said this can be achieved by pushing for citizen participation, investing in digital innovations, and fast-tracking the rollout of data systems. — Luisa Maria Jacinta C. Jocson

Converge’s Dennis Uy named Entrepreneur Of The Year Philippines

November 22, 2022 | 12:31 am

DENNIS ANTHONY H. UY, chief executive officer (CEO) and co-founder of Converge ICT Solutions, Inc. (Converge), was named the Entrepreneur Of The Year Philippines 2022 in an awards banquet at the Grand Hyatt Manila on Monday evening.

Mr. Uy will represent the country in the prestigious World Entrepreneur Of The Year awards in Monte Carlo, Monaco in June 2023.

Mr. Uy was recognized for his passion for technology, his desire to bring internet connectivity to Filipinos and his visionary ability to stay ahead of the competition. He had the foresight to invest in fiber optics and micro-trenching while the industry was still using older technologies, leading to Converge being one of the first to offer fiber-to-the-home fixed broadband services in the country.

Mr. Uy also received the Master Entrepreneur Award for maintaining management excellence over a sustained period of time in key areas of the company including finance, marketing, human resources and sales. He co-founded the company that would become Converge as a small provincial player offering dial-up connections during the internet’s early days. Converge is now the fastest-growing fiber internet provider in the Philippines.

Trade Secretary Alfredo E. Pascual delivered the keynote address at the awards banquet, where other awards were presented for the Young Entrepreneur, Technology Entrepreneur, Small Business Entrepreneur, Woman Entrepreneur, and Emerging Entrepreneur categories.

Leandro Antonio L. Leviste, CEO and president of Solar Philippines Power Project Holdings, Inc., received the Young Entrepreneur Award for establishing one of the largest solar energy production companies in Southeast Asia. The company is now building utility-scale solar farms in multiple provinces and a large-scale solar-battery baseload project, with the goal of generating cheaper and more reliable electricity to Filipinos.

Steve S. Sy, CEO of Great Deals E-Commerce Corp., was named the Technology Entrepreneur for establishing the leading e-distributor in the Philippines which carries multinational brands and offers various services such as digital content production, digital marketing, warehousing and fulfillment, inventory, and marketplace listings management.

Francisco D. Magsaysay, CEO of Carmen’s Best Dairy Products, Inc., received the Small Business Entrepreneur Award for best demonstrating management excellence in a business with assets (excluding land) of less than P100 million in value. He started Carmen’s Best from his garage, and now it is the first artisanal ice cream brand to become a household name, distributed through 400 channels and served on multiple airlines.

Lisset A. Laus-Velasco, chairman and CEO of Global Cars Philippines, Inc., was named the Woman Entrepreneur. She spent years in various business units before taking over leadership of the company and the many dealerships under its portfolio, and always measures success by the happiness of its customers and its people.

George Royeca, CEO of DBDOYC, Inc. (Angkas), was named the Emerging Entrepreneur for establishing and leading the first Philippine app-based motorcycle ride-hailing platform. Through his passion and perseverance, Angkas has survived shutting down thrice and has become a vehicle for his advocacy to legitimize and professionalize motorcycle taxi service and provide a livelihood and vital skills and safety training for many motorcyclists.

The recipients of the category awards were chosen from among 18 outstanding finalists representing enterprises from diverse industries from around the country.

Other finalists were Ricardo D. Abelardo, Jr. (Artemisplus Express, Inc./Kitchen City), Roberto J. Chan (Atlanta Industries, Inc.), Allyxon T. Cua (Accent Micro Technologies, Inc.), Ana L. de Ocampo (Wild Flour Bakery + Café Corp.), Jacqueline Jade Y. Gutierrez (Beauty Refinery, Inc./BLK Cosmetics), Raymond G. Jarina (INTECO Isuzu Group of Dealerships), Robert Lo (RDF Feed, Livestock & Foods, Inc.), Jeffrey T. Ng (Cathay Land, Inc.), Ibrahim M. Nuño, (Metro Stonerich Corp.), Aileen Y. Suy (Ana’s Breeders Farms, Inc.), Maria Francesca Tan (MFT Group of Companies), and Antonio D. Ynoc (Prime Movers Total Logistics, Inc.)

SGV Chairman and Country Managing Partner and SGV Foundation President Wilson P. Tan emphasizes the importance of resilience in the face of constant change.

“The current business environment is filled with immense challenges and opportunities, allowing us to see our country’s entrepreneurs transform with unprecedented speed and scale despite the global COVID-19 pandemic. Our finalists are examples of the undaunted and unstoppable individuals who thrive in this age of disruption. Mr. Uy innovated to stay ahead of the competition, putting his company in perfect position to continue growing while many others struggled to survive during lockdown,” Mr. Tan said.

All nominees went through a strict financial data ranking system used by all Entrepreneur Of The Year participating countries. The finalists were further evaluated by an independent panel of judges composed of distinguished business personalities.

The panel was chaired by Asian Institute of Management President, CEO and Dean Dr. Jikyeong Kang. Other panel members were Trade Undersecretary Blesila A. Lantayona; Antonette C. Tionko, former Finance undersecretary; Securities and Exchange Commission Commissioner McJill Bryant T. Fernandez; and SteelAsia Manufacturing Corp. Chairman, President and CEO Benjamin Yao, who is also the 2019 Entrepreneur Of The Year Philippines.

The Entrepreneur Of The Year was founded in the United States by professional services firm Ernst & Young (EY) in 1986 to recognize the achievements of the most successful and innovative entrepreneurs worldwide. In 2001, EY expanded the program and launched the World Entrepreneur Of The Year awards. In the Philippines, the SGV Foundation, Inc. established the Entrepreneur Of The Year program in 2003.

Jollibee Foods Corp. Chairman and CEO Tony Tan Caktiong, the first-ever Entrepreneur Of The Year Philippines, went on to win as World Entrepreneur Of The Year 2004 in Monte Carlo, Monaco.

Socorro Cancio-Ramos, founder of National Book Store, was named Entrepreneur Of The Year Philippines in 2005, followed subsequently by Lance Gokongwei, president and CEO of Cebu Air, Inc.; Senen Bacani, chairman and president of La Frutera, Inc.; Wilfred Steven Uytengsu, Jr., president and CEO of Alaska Milk Corp.; Ambassador Jesus Tambunting, former chairman and president of Planters Development Bank; Tennyson Chen, president of Bounty Fresh Foods, Inc.; Erramon I. Aboitiz, president and CEO of Aboitiz Power Corp.; Jaime I. Ayala, founder and CEO, Hybrid Social Solutions, Inc.; Ben Chan, chairman of the Board of Suyen Corp.; Nico Jose Nolledo, chairman and CEO of Xurpas, Inc.; Natividad Cheng, chairperson and CEO of Multiflex RNC Philippines, Inc.; and Benjamin O. Yao, Chairman, president and CEO of SteelAsia Manufacturing Corp.

Supporting the program as co-presenters are the Asian Institute of Management, the Department of Trade and Industry, the Philippine Business for Social Progress, and the Philippine Stock Exchange. Media sponsors are BusinessWorld and the ABS-CBN News Channel. Gold Sponsors are SteelAsia Manufacturing Corp., Uratex, and Navegar. Silver Sponsors are Intellicare, OneWorld Alliance Logistics Corp., and Regan Industrial Sales, Inc. Banquet Co-Presenter is PMFTC, Inc. Banquet Sponsors are Uratex, MerryMart Consumer Corp., Robert Blancaflor Group, Inc., International Container Terminal Services, Inc., Joy-Nostalg, Vista Land & Lifescapes, Inc., Global Ferronickel Holdings, Inc., and Universal Harvester, Inc.

16 years of music and silent films

November 22, 2022 | 12:08 am

Max-Schreck-in-Nosferatu-(1922) — A SCENE from Nosferatu.

THE INTERNATIONAL Silent Film Festival returns to the big screen with nine films from different countries (including three from our own) and local talent providing the accompanying score.

The film festival will run from Nov. 24 to 27 at the movie theaters of the Shangri-La Plaza Mall in Mandaluyong.

Piccadilly, a film about a maid turned dancer, will be scored by Anahata. Horror classic Nosferatu will be scored by The Brockas, while Malvaloca, a 1926 Spanish film once thought to be lost, will be scored by Talahib. Japan’s entry to the film festival, The Lady and the Beard, by renowned filmmaker Yasujiro Ozu, will be scored by Bullet Dumas and is about a conservative student who saves a young girl from ruffians. I Figli di Nessuno will be scored by Pepe Manikan and is based on an Italian novel by Ruggero Rundi. All these films were made from a period between 1919 to 1931.

The Filipino entries are much more recent: all were made in 2021. Vahn Pascual’s Alingasngas ng mga Kuliglig (scored by Karl Arthur Javier and Nik Rosacay) is about a boy-healer who falls in love with a tikbalang (a mythical half-horse, half-person). Gabriela Serrano’s Dikit is about a cursed woman obsessed with her new neighbors, to be scored by Paolo Almaden. EJ Gagui and Marienel Calma’s Ing Tianak, about the supernatural demon-infant in Filipino folklore, will be scored by Pau Protacio.

Musical accompaniment will be provided by BConcept and Vincent del Rosario.

Partner institutes with the Film Development Council of the Philippines (FDCP) that provided the films in the lineup include the Embassy of France, the Goethe-Institut Philippinen, the Embassy of Italy with the Philippine Italian Association, the Japan Foundation Manila, Instituto Cervantes de Manila, and the British Council in the Philippines.

16 YEARS OF FILM AND MUSIC
This is the film festival’s 16^th year. Martin Macalintal, Cultural Attache of the Embassy of France to the Philippines, said during a press conference on Nov. 8, “When we started this, we thought of having the films scored by Filipino musicians. This is being honest — we wanted to attract more viewers. Who was going to show silent films 16 years ago?”

“We would probably attract what, 50 viewers, who would have some kind of film culture and would want to watch these silent films,” he said, with the idea that local artists who had a following would bring their fanbase along to the films. “Through the years, we realized that there is an audience for silent films. We (also) realized that basically, the Filipino musician is very talented.”

Mr. Macalintal gives as an example the pairing of a French film with Philippine indigenous music, which would change the experience from the film’s original context.

“It’s about breathing new life to film heritage that is 102 years old this year. That’s something that I think this festival is unique (for). It’s something that keeps culture alive,” he said. “That is where you see the exchanges between cultures. It provides additional wealth into what we are finally producing.”

The films will be screened between Nov. 24 to 27 — Piccadilly (Nov. 24), Nosferatu: A Symphony of Horror (Nov. 25), La sultane de l’amour (Nov. 25), Malvaloca (Nov. 26), The Lady and The Beard (Nov. 26), I Figli di Nessuno (Nov. 27), Alingasngas ng Mga Kuliglig, Dikit, and Ing Tianak (Nov. 27). Screenings are at 5 p.m. for Nosferatu and Malvaloca; and 8 p.m. for Piccadilly, Sultan de l’amour, The Lady and the Beard, and the final films on Nov. 27.

There will be several pocket events throughout the week, including a talk on film restoration on Nov. 27, as well as a talk with the musicians involved in the project on Nov. 26. Tickets are available onsite.

For more information, visit facebook.com/InternationalSilentFilmFestivalManila. — Joseph L. Garcia

From Marvel superheroes to Mickey Mouse to Elton John: Disney+ gives viewers access to a universe of viewing choice

November 22, 2022 | 12:07 am

WITH the Philippine launch on Nov. 17 of Disney+, viewers can now revisit favorite animated classics, schedule a movie marathon on comic book superhero titles, or binge watch a well-loved series as the streaming service offers entertainment content from brands including Disney, Marvel, Star Wars, Pixar, National Geographic, and Star.

Disney+ is the exclusive streaming home of the growing library of global, regional, and Asian language content ranging from blockbuster films from the Marvel Cinematic Universe and award-winning Pixar animation, to Korean content featuring BTS and other top Asian stars under the Star brand. Star also offers movies and series such as Emmy-award winning Grey’s Anatomy, Only Murders in The Building, The Bear, The Simpsons and The Kardashians. It also delivers exclusive originals produced in collaboration with producers and directors in the Asia Pacific region.

“Growing up as a young boy here in Manila, I remember spending an hour in traffic to go to my uncle’s house on weekends, because he had the only VHS copy of Aladdin in my family,” Jay Trinidad, the senior vice-president and general manager Direct-To-Consumer at The Walt Disney Company Asia Pacific, said during the launch on Nov. 17 at The Fifth at Rockwell in Makati City.

“But today, there’s no more traffic [and] no more waiting. Families across the Philippines can stream thousands of hours of general entertainment content, anytime, anywhere even if you’re stuck in traffic,” Mr. Trinidad said.

“Our films encouraged people to strive to become who they think they can be — to dream really big dreams. And I like to believe [that] this is why we as Filipinos have a strong affinity to the Walt Disney company’s storytelling and content,” he added.

SPECIALS AND MORE
The launch opened with A Night of Wonder with Disney+, a special feature hosted by Catriona Gray and Robi Domingo, with performances by Filipino singers. The original song for Disney+ Philippines, “Imagine More,” recorded by Morrissette, was performed during the event. The special is available to stream until Nov. 23.

Among the shows set to premiere on the service are Marvel Studios’ The Guardians of the Galaxy Holiday Special on Nov. 25. In the special, the Guardians head to Earth in search of the perfect present for celestial-human hybrid Peter Jason Quill.

Willow, an all-new sequel series to George Lucas’1988 fantasy adventure, premieres on Nov. 30. In it, the Nelwyn sorcerer returns, years after rescuing the infant empress Elora Danan, to lead a group of misfit heroes on a harrowing rescue mission.

Premiering on Dec. 7, the Star Original film titled Connect follows a man kidnapped by a gang of organ harvesters. He wakes up to discover his eye missing and that he has the vision of an infamous serial killer.

Other programs that are currently available on the platform are the National Geographic Original Series Limitless with Chris Hemsworth; the documentary Mickey: The Story of a Mouse; Disenchanted, the sequel to 2006’s film Enchanted; and Elton John Live: Farewell from Dodger Stadium, the singer’s final North American show in Los Angeles.

SUBSCRIPTION PLANS
“This has been a long-awaited partnership… At the end of the day, experience matters to our consumers and users in the Philippines,” Jing Yin, General Manager of Global Strategic Accounts of International Business Group at Ant Group, told members of the press.

He added that a collaboration with GCash and Alipay was established “to make sure it is a seamless experience” along with bringing out good content.

There are several subscription plans for the Disney+ streaming service: a monthly Mobile Plan for P159, an annual Mobile Plan for P1,150, and a Premium Plan which is available for P369 monthly, or P2,950 annually.

In addition, Alipay+ and Globe are offering a range of special packages to subscribe to Disney+.

“I think we provide the most convenience in terms of payment because Philippines is a prepaid country. We have 71 million subscribers who can access the content and pay for it,” Martha Sazon, President and CEO of GCash, told members of the press. “There is a button on the GCash [called] ‘A+ Rewards’, that’s where you see all the Alipay Plus enabled services.”

Interested parties can visit gcash.com/promos/disneyplus to subscribe to Disney+ through GCash e-wallets via Alipay+. New and existing Globe customers can learn how to get Disney+ by visiting http://globe.com.ph/DisneyPlus.

Disney+ is accessible on a wide selection of compatible mobile and televisions subject to the different subscription plans, including smartphones and tablets (Android or iOS), smart TVs such as Samsung and LG, and connected TV devices including Google TV and other Android TV OS, Apple TV 4K and Apple TV HD, and Chromecast. For more information, visit www.DisneyPlus.com. — Michelle Anne P. Soliman

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