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Driven to excel

The Entrepreneur Of The Year Philippines 2022 has concluded its search for the country’s most undaunted and unstoppable entrepreneurs. Entrepreneur Of The Year Philippines is a program of the SGV Foundation, Inc., with the participation of co-presenters the Asian Institute of Management, the Department of Trade and Industry, the Philippine Business for Social Progress, and the Philippine Stock Exchange. In the next few weeks, BusinessWorld will feature each finalist for the Entrepreneur Of The Year Philippines 2022.

Lisset Laus-Velasco
Chairperson and CEO
Global Cars Philippines, Inc.

AN IMMERSIVE, hands-on approach gave Lisset Laus-Velasco a headstart in the family business. Even at a young age, she would spend summer break working as a cashier at the family-owned gas station. In 1995, she joined the family’s dealership, first as a sales consultant before being assigned to different departments and business units.

Following its exit in the 1970s, Ford reentered the Philippine market. The Laus-owned Global Cars Philippines, Inc. (GCPI) established a small Ford dealership in San Fernando, Pampanga in 1999.

Working at GCPI, Ms. Laus-Velasco witnessed Ford’s relaunch. At that time, she was in the middle of obtaining a Master’s degree in Business Management at the Asian Institute of Management (AIM).

In 2001, her father, the late Levy P. Laus, acquired the Ford Libis dealership, where she was assigned to the finance department. She eventually took on a more active leadership role as chief financial officer.

Finance, Ms. Laus-Velasco said, was initially a challenge but she soon learned to enjoy digging into the company’s numbers. This gave her a much better understanding of the business beyond just selling and marketing cars.

This holistic understanding of the financials, operations, and servicing led her to the importance of after-sales, which she focused on when she became executive director at GCPI.

In 2004, Ms. Laus-Velasco became chief operating officer and managing director of GCPI after the company opened its third dealership in Dagupan City. Under her leadership, the company continued to expand and now has 10 Ford dealerships in its portfolio.

Ms. Laus-Velasco attributed her entrepreneurial traits to her father. She fondly recalled how her father used to bring her along to different business and social functions to expand her network, even teaching her how to change tires. This made it even harder to cope with his unexpected death in 2019.

Losing her father while bearing the responsibility of upholding his legacy was one of the most difficult times in her life. As the eldest female and head of the business, Ms. Laus-Velasco assumed the position of chairman and chief executive officer (CEO) of the Laus Group of Companies (LGC), assuring stakeholders of business continuity.

She had big shoes to fill while navigating the new, challenging family dynamics. Since then, the Laus family continued to nurture both their business and close ties through consistent family governance sessions. With their strong family bonds and shared vision, they were able to work through the challenges together.

Little did Ms. Laus-Velasco know the challenges she had to overcome would prepare her for an even bigger disruption — the coronavirus disease 2019 (COVID-19) pandemic. Seeing the need to innovate, she introduced virtual selling, where customers can buy a vehicle without leaving their homes.

Her father had always expressed his desire to help in the development of Pampanga and the rest of Central Luzon. Ms. Laus-Velasco honors her father’s legacy by continuing the programs of the Levy P. Laus Foundation. This led her to become one of Ford’s 2021 Salute to Dealer Honorees, the first Filipina entrepreneur to ever receive this honor. She was also the lone honoree from Ford’s International Markets Group.

Aside from the foundation, Ms. Laus-Velasco also champions education by providing scholarships and on-the-job training for technicians and partnering with the Department of Education (DepEd). She helped facilitate the donation of unused engines to a Pampanga technical school to provide students with hands-on experience.   

To advocate environmental sustainability, she piloted the Balik Baterya Program, which collects used lead-acid batteries at LGC-owned Ford dealerships for recycling and use in the production of new industrial and automotive batteries. The company is also exploring solar options for its offices and use of accredited disposal groups for their used oils.

In 2019, LGC partnered with Rise from Hunger, an Ayala Foundation program that provides food for undernourished children.

As a patron of Central Luzon arts and culture, Ms. Laus-Velasco also started the “HeART of Central Luzon,” where LGC dealerships hosted free art exhibits in their showrooms.

She recognizes the importance of diversity and inclusivity in the automotive industry. As a woman that had to embark on her journey in a male-dominated industry, she rose above the stereotypes by elevating her leadership and personally demonstrating her passion for cars and customer care.

Today, Ms. Laus-Velasco runs all 65 dealerships of the LGC alongside her siblings, and handling the diverse business units of the Pampanga-based conglomerate.

At the end of the day, she measures the success of the business by the happiness of her customers and her people. GCPI focuses on providing convenience, innovation and value-added services to ensure customer satisfaction.

One cannot help but think that the late Levy P. Laus would be very proud of how his daughter inherited his drive for excellence and service — this time, in the driver’s seat.

The media sponsors of the Entrepreneur of the Year Philippines 2022 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 Sponsors are Uratex and MerryMart Consumer Corp.

The winners of the Entrepreneur Of The Year Philippines 2022 will be announced on Nov. 21 in an awards banquet at the Grand Hyatt Manila. The Entrepreneur Of The Year Philippines will represent the country in the World Entrepreneur Of The Year 2023 in Monte Carlo, Monaco in June 2023. The Entrepreneur Of The Year program is produced globally by Ernst & Young (EY).

ACEN fully divests from its coal power plant unit

SCREENGRAB FROM YOUTUBE/ACENERGY

AYALA-LED ACEN Corp. has completed divesting its stake in a 246-megawatts (MW) coal-fired power plant subsidiary South Luzon Thermal Energy Corp. (SLTEC) through a mechanism that funds the transition from coal to renewables.

In a disclosure on Monday, ACEN said the move will allow the early retirement of the coal plant in Batangas, bringing the company closer to its target of 100% renewable energy generation by 2025 and its transition to cleaner technology by 2040.

“ACEN continues to blaze the trail for energy transition in the Asia-Pacific. As the company has successfully divested its coal asset, ACEN commits to a just energy transition. We have established mechanisms to ensure that stakeholder interests, especially those of the people and communities of SLTEC, are effectively addressed,” said Eric T. Francia, president and chief executive officer of ACEN.

The coal retirement was made through the energy transition mechanism (ETM), which was developed by the Asian Development Bank to “leverage low-cost and long-term funding geared towards early coal retirement and reinvestment of proceeds to enable renewable energy.”

ACEN’s divestment from SLTEC is said to be the world’s first ETM deal. Through the mechanism, the coal plant’s operating life of up to 50 years will be cut in half, which will help to reduce about 50 million metric tons of carbon emissions, the company said.

The energy company said it received P7.2 billion from the transaction for reinvestment in renewable energy projects, which it used for refinancing debt and transaction fees.

The ETM for the SLTEC plant involved P13.7 billion in debt financing provided by the Bank of the Philippines Islands and Rizal Commercial Banking Corp., and P3.7 billion in equity investments from the Philippines’ Government Service Insurance System (GSIS), The Insular Life Assurance Co., Ltd. (InLife), and ETM Philippines Holdings, Inc., for a total deal value of P17.4 billion. GSIS also invested P2.2 billion in redeemable preferred shares by SLTEC.

“Our priority is to find ways to grow and sustain our funds to ensure that we are able to provide our over two million members and pensioners their benefits. We also fully support investments that prioritize optimal environmental, social, and governance (ESG) factors or outcomes consistent with our corporate social responsibility,” said Jose Arnulfo A. Veloso, president and general manager of GSIS, in a media release.

In a separate disclosure, ACEN said its subsidiary in Australia has started construction works on its 400-MW Stubbo solar project.

Anton Rohner, chief executive officer of ACEN Australia, said the project is the company’s second 400 MW or 520-MW-direct current solar farm after the construction of its New England project, which is currently being commissioned.

The Stubbo solar project will connect to the existing 330-kilovolt (kV) network between Wollar and Wellington.

The solar farm is expected to produce enough clean energy to power more than 185,000 households. Its development includes the approval for a 200-MW-hour battery energy storage system, which will allow the project to be adapted to dispatch energy during peak hours and to provide stability to the grid.

ACEN Australia has more than 1.5 gigawatts of projects under construction or at an advanced stage of development.

Shares in the company closed 1.14% lower to finish at P6.05 apiece on Monday. — Ashley Erika O. Jose

ICTSI income up 43% to $171M as volume and trade grow

LISTED port operator International Container Terminal Services (ICTSI) saw its third-quarter net income attributable to equity holders increase 42.6% to $170.7 million from $119.7 million previously.

The increase was mainly due to volume growth, improved trade activities, new shipping lines and services at certain terminals, and the contribution of Manila North Harbour Port, Inc., the company said in its latest financial report.

Total revenues from port operations reached $576.7 million, up 19.6% from $482.4 million in the same period last year. Expenses for the period increased 11.1% to $310.7 million from $279.6 million previously.

ICTSI is involved in 34 terminal concessions and port development projects in 20 countries worldwide. It has nine terminal operations in the Philippines, including an inland container terminal, a barge terminal, and combined terminal operations in Subic.

The company’s consolidated earnings before interest, taxes, depreciation and amortization rose by 23.2% to $365.9 million from $296.9 million in 2021 “mainly due to higher revenues, partially tapered by the increase in cash operating expenses.”

The volume handled by ICTSI grew by 10.6% to 3.10 million twenty-foot equivalent units (TEUs) for the period from 2.81 million TEUs in the same period in 2021.

For the nine months ended Sept. 30, the company saw its net income attributable to equity holders increase by 47% to $465.1 million from $316.4 million previously.

Revenues from port operations climbed 20.1% to $1.64 billion from $1.37 billion last year.

ICTSI handled 8.86 million TEUs for the nine-month period, up 7.1% from 8.27 million TEUs handled in the same period last year.

“The group is exposed to a number of trends, events, and uncertainties which can affect its recurring revenues and profits,” ICTSI noted.

“These include levels of general economic activity and containerized trade volume in countries where it operates, as well as certain cost items, such as labor, fuel, and power,” the company said.

ICTSI operates in several jurisdictions other than the Philippines and collects revenues in various currencies.

“Continued appreciation of the US dollar relative to other major currencies, particularly the Philippine peso, Mexican peso, Australian dollars Brazilian reais, and the Euro, may adversely affect the group’s reported levels of revenues and profits,” ICTSI said.

ICTSI shares closed 6.86% higher at P190 apiece on Monday. — Arjay L. Balinbin

SM Prime income nearly doubles to P7.9 billion

SM PRIME Holdings, Inc. consolidated net income almost doubled to P7.9 billion in the third quarter from P4 billion in the same period last year after booking higher revenues as economic conditions improve.

“We are happy to report very encouraging result of our third-quarter operations, which is aligned with the improvement in the local economy,” SM Prime President Jeffrey C. Lim said in a press release.

Meanwhile, the company’s consolidated revenues climbed by 73.8% to P27.3 billion from the P15.7 billion it posted a year ago.

SM Prime’s consolidated operating income rose to P13.3 billion in the third quarter, more than twice the P5.5-billion operating income last year.

“With this [result], we are ready to proceed with our business plans to continually deliver value for our stakeholders,” Mr. Lim said.

YEAR-TO-DATE FINANCIAL SHOWING
SM Prime’s consolidated net income as of September this year climbed by 41% to P22 billion from the P15.6 billion it registered last year.

Its nine-month topline was 29.8% higher at P73.7 billion than the P56.8 billion consolidated revenues in 2021.

The largest revenue contributor was its local mall business, which brought in P33.9 billion or more than twice last year’s P15.8 billion. The segment accounted for 46% of the company’s year-to-date revenues.

Meanwhile, its China mall business recorded a 6.8% lower revenue of P550 million from P590 million last year.

SM Prime’s residential arm led by SM Development Corp. registered a 32.9% higher revenue of P10.1 billion from P7.6 billion a year ago.

Its other businesses, including its offices, hotels, and convention centers, posted P7.2 billion in revenues, up by 56.5% from P4.6 billion in 2021.

On Monday, shares in SM Prime climbed by P1.70 or 5.26% to P34 each. — Justine Irish D. Tabile

PetroGreen, Copenhagen Energy to form SPVs for offshore wind projects

PETROGREEN Energy Corp. and Copenhagen Energy plan to form separate special purpose vehicles (SPVs) to oversee the investment and development of three offshore wind projects, the Yuchengcos’ listed energy company told the stock exchange on Monday.

In its disclosure, PetroEnergy Resources Corp. said incorporation documents were signed on Nov. 4, 2022 by the partners. PetroGreen is the renewable energy arm of PetroEnergy.

In a separate press release, PetroEnergy quoted Danish Ambassador to the Philippines Franz-Michael Skjold Mellbin as saying: “This investment and joint venture by Copenhagen Energy with [PetroGreen] testifies to Denmark’s strong belief in the potential of offshore wind in the Philippines.”

Mr. Mellbin said that the joint venture is part of Denmark’s commitment to supporting the Philippines’ goal to prioritize renewable energy in increasing power supply and reducing carbon emissions.

He said aside from private investments, the government of Denmark is also working with the Philippine government to remove barriers to commercial offshore wind development.

“Such collaboration can only strengthen the economic and people-to-people ties between Denmark and the Philippines,” he added.

The Department of Energy (DoE) is expected to issue the revised implementing rules and regulations to the Renewable Energy Act by mid-November, which will lift restrictions on foreign investments in renewable energy.

Francisco G. Delfin, Jr., vice-president and chief operating officer of PetroGreen, said the DoE expects offshore wind projects to help the country’s shift to clean energy fuel while providing a cleaner source of power.

In 2021, the Department of Energy (DoE) awarded PetroGreen with service contracts for Buhawind Energy Northern Luzon, Buhawind Energy Northern Mindoro, and Buhawind Energy East Panay for a total capacity of about 4 gigawatts (GW).

Mr. Delfin said DoE Secretary Raphael P.M. Lotilla cited the partnership as “a combination of foreign capital and technology with local knowledge and experience [that] would help strengthen cooperation between the two countries by way of knowledge sharing in renewable energy development.”

PetroGreen, through its operating subsidiaries, operates five power stations using geothermal, wind, and solar energy. These are the 32-megawatt (MW) Maibarara geothermal power plant in Batangas; the 36-MW wind project with a planned expansion of about 14 MW in Nabas and Malay, Aklan; and the 70-MW-direct current solar project in Tarlac City.

Copenhagen Energy is a Danish energy trader and developer of solar, onshore and offshore wind projects. Its wind pipeline has grown to more than 28 GW, with projects across Denmark, Australia, Ireland, Italy, and the Philippines. — Ashley Erika O. Jose

PAL, AirAsia gear up for Dec. holiday season, add Vis-Min flights

FLAG CARRIER Philippine Airlines, Inc. (PAL) announced on Monday that it will expand its direct flights between its hub in Cebu City and Mindanao with a new service to Cotabato City beginning Dec. 1.

The Cebu-Cotabato flights are expected “support the revival of domestic tourism and business activities” in the country, PAL said in an e-mailed statement, adding that it is gearing up for the December peak holiday season by offering more flights out of Cebu to serve travelers in Visayas and Mindanao.

“We hope to contribute positively to the economic development of Cotabato City and the Bangsamoro region by launching this new link to progressive Cotabato City,” PAL noted. “We want to do our part to connect families, encourage healthy business growth and spur holiday travel between these vital regions of the country.”

Starting Dec. 1, PAL will offer twice weekly flights — every Monday and Thursday — between Cebu and Cotabato.

PAL also said that it will offer flights between Cotabato City and Boracay, Coron, Bacolod, Cagayan de Oro, Clark, Iloilo, Puerto Princesa, Tacloban, Siargao, and Baguio starting Dec. 16 by connecting through the airline’s Cebu hub, rather than connecting via Manila.

“Travelers will also enjoy a seamless one-stop journey from Cebu to Tawi-Tawi (and vice versa) twice a week, as the Cebu-Cotabato flight is linked to a Cotabato- Tawi-Tawi sector,” it added. 

AIRASIA PHILIPPINES
Meanwhile, low-cost carrier Philippines AirAsia, Inc. (AirAsia Philippines) said it sees a strong uptrend in demand in the fourth quarter after ending October with a 90% passenger load.

The airline “aims to sustain demand for leisure travel with its … PISO Sale,” AirAsia Philippines said in a statement on Monday.

The weekly flight frequency of AirAsia Philippines to various destinations increased beginning Nov. 1, including flights between Manila and Cebu, Tacloban, Caticlan, Cagayan De Oro, Davao, and Iloilo.

Weekly flights out of the AirAsia Cebu hub to Davao and Cagayan are now at four times, Caticlan seven times, and Puerto Princesa three times.

“AirAsia Philippines is also expecting Filipinos to plan their international travels for the December holidays as early as November,” the airline said.

“With this, weekly international flights from Manila to Bangkok (Don Mueang) have been increased to 11 times, and to Seoul (Incheon) to 10 times.  Hong Kong flights were also increased to three times a week by December,” it added.

To sustain the travel momentum into 2023,  the airline rolled out on Monday the third leg of its PISO Sale (from Nov. 7 to 13), an offering that slashes base fares to P1 to metro cities like Cebu and Davao, as well as leading leisure destinations like Caticlan and Tagbilaran.

“The PISO Sale is available for travels happening from May 1, 2023, to March 20, 2024,” the airline said.

“During the sale event, base fares to international destinations such as Kuala Lumpur, Osaka, Kota Kinabalu, Hong Kong, Seoul, Bangkok, and Bali also dropped to as low as P511,” the company noted. — Arjay L. Balinbin

DoubleDragon unit plans to raise more funds from Singapore-listed dollar bonds

DOUBLEDRAGON CORP.’s offshore unit is planning a tap offering to its US dollar-denominated bonds listed at the Singapore Exchange Securities Trading Ltd. (SGX-ST) to fund its Hotel 101 project in Japan.

“DoubleDragon seeks to increase diversification of its funding sources as it prepares itself to grow its business operations inside and outside the Philippines over the long-term,” the company said in a disclosure on Monday.

Bonds issued in relation to DDPC Worldwide Pte. Ltd.’s tap offering will be consolidated with and increase the outstanding principal amount of its existing listed maiden dollar bonds listed on the SGX-ST.

In its disclosure, DoubleDragon said that its unit tapped UBS AG to be the transaction’s sole global coordinator, lead manager, and bookrunner.

UBS was mandated to conduct a series of fixed-income investor calls starting on Monday from which the company expects a tap offering on DDPC’s outstanding $130 million senior bonds due 2025.

DoubleDragon noted that many local companies had been successful in their listed bonds and securities on the SGX-ST. It added that it “recognizes the value that diverse funding sources and a broad investor base provide for its growth and expansion.”

Proceeds from the tap offering will be used for DoubleDragon’s Hotel 101-Niseko project in Hokkaido Prefecture, Japan and for general corporate purposes.

On Sept. 30, DDPC and another DoubleDragon subsidiary Hotel 101 Worldwide Pte. Ltd. paid for the acquisition of a 9,000-square-meter lot for its first international Hotel 101.

Hotel 101-Niseko will have 518 rooms from which DoubleDragon expects $137.3 million in pre-selling sales revenue.

Following the Hotel 101 concept, DoubleDragon expects to generate long-term recurring income after the project is constructed from hotel operations.

“DoubleDragon is set to jumpstart its homegrown hybrid condotel brand and concept Hotel 101 to become a global Filipino brand,” DoubleDragon Chairman Edgar J. Sia II said.

“Other countries have their homegrown hotel brand exported to other parts of the world, but the Philippines as of now do not have any … We strongly believe that Filipinos have what it takes to export their own Filipino brand all over the world too,” he added.

On Monday, shares in DoubleDragon climbed by 28 centavos or 4.67% to P6.28 apiece. — Justine Irish DP. Tabile

QCinema celebrates 10th year with onsite, online screenings

ELEHIYA by Loy Arcenas stars the late actress Cherie Gil in her last screen performance.

THE QCINEMA International Film Festival returns for a 10th year and its third hybrid edition with all its original sections.

This year’s festival, titled “in10City,” will run from Nov. 17 to 26. It will feature 58 films, including six short film production grantees, with seven sections of full-length films and three short film programs.

Founded in 2013, QCinema is organized by the Quezon City Film Development Foundation. Through the years, the film festival has produced and co-produced 88 films: 38 full length movies, 38 shorts, and 12 documentaries. It has also screened more than 160 award-winning international titles from various local and international film festivals.

“QCinema has taken on life of its own, and we need to ensure that its future veers in the right direction. We have reached a point where QCinema is no longer just about the filmmakers or the audience or the city. It is now about propelling our country to take its rightful place not only in international cinema, but in the world of culture,” Quezon City mayor Joy Belmonte said in a video shown at a press conference for the film festival on Nov. 3.

“I envision QCinema to continue to grow in the next 10 years to become an established cultural destination in Asia, contributing to our country’s creative economy. If we can dream it, we certainly can do it. Thus, despite the unfortunate disruption in the past two years, I’m very happy to say that QCinema is not only 10 years old, but is also 100% back,” Ms. Belmonte added.

Opening this year’s festival on Nov. 17 is the Cannes Palme d’Or-winning class satire Triangle of Sadness by director Ruben Östlund, which stars Filipino actress Dolly de Leon. The closing film on Nov. 26 is Mihai Mincan’s Venice Film Festival entry, To The North, starring Filipino actor Soliman Cruz.

COMPETITION SECTIONS
QCinema’s main competition section is back. “Asian Next Wave” focuses on emerging filmmakers from Southeast Asia and East Asia with less than three features.

Making the cut for this year’s festival are Singapore’s Oscar entry, Ajoomma by Shuming He; Japan’s Oscar entry, Plan 75 by Chie Hayakawa, which is also a Cannes Golden Special Mention Winner; and another Cannes entry, the South Korean film Return to Seoul by Davy Chou

Also in competition are the Thai film Arnold is a Model Student by Sorayos Prapapan, and Autobiography by first-time Indonesian director Makbul Mubarak, which won the FIPRESCI Prize in Venice this year.

The last two films competing are Filipino titles. The first is 12 Weeks by Anna Isabelle Matutina, which was the NETPAC Award in this year’s Cinemalaya International Film Festival. It stars Max Eigenmann who went home with the Best Actress award. The other one is Elehiya by Loy Arcenas, which stars the late Cherie Gil in her last screen performance. The actress passed away in August after a battle with endometrial cancer.

“We were trying to finish [the film] a while ago. And then the pandemic came in and the elections came in. So, nasira talaga ’yung (it ruined) process of fixing the film. So, in length of time in between all of these events, it really changed the whole way of dealing with the film,” Mr. Arcenas said of Elehiya, adding that he continued to keep in touch with the actress before she passed.

“I think we were very lucky to have a chance to present it… I personally feel like it is one of her best performances. And it’s really now concentrated on her performance more than anything else,” he added.

Elehiya follows Dr. Celine de Miranda who is trying to escape the bitter and bad memories of her late husband’s infidelities. Things become complicated when she meets a young man with whom she gets romantically involved with.

QCinema  festival director Ed Lejano said that “some of the Asian Next Wave competition directors will be attending their gala screenings.”

Another competition section is QCShorts. The films competing in this section received production grants of P350,000.

The films in competition are Ang Pagliligtas sa Dalagang Bukid by Jaime Morados, BOLD EAGLE by Whammy Alcazaren, Luzonensis mula 7 hanggang 9 by Glenn Barit, Mga Tigre ng Infanta by Rocky De Guzman Morilla, Ngatta Naddaki y Nuang? (Why did the Carabao cross the Carayan?) by Austin Tan, and Sa Ilog na Hindi Nagtatapos by JT Trinidad.

EXHIBITION SECTIONS
Aside from the competitions, QCinema also has several themed, non-competition sections.

One of these is “Screen International” which showcases the world’s renowned directors with distinctive styles. This year the section will screen David Cronenberg’s Crimes of The Future and Jerzy Skolimowski’s EO.

Hong Sang-soo graces the festival’s screens for the first time with his latest film, Walk Up. One of Costa Rica’s renowned filmmakers Valentina Maurel will be represented by the film I Have Electric Dreams.

Denmark-based Iranian film director and screenwriter Ali Abbasi’s third feature film, Holy Spider, will also be screened. The film was selected to compete for the Palme d’Or at the 2022 Cannes Film Festival. It won the festival’s Best Actress Award for Zar Amir Ebrahimi. It was also selected as the Danish entry for Best International Feature Film at the 95th Academy Awards.

Austrian filmmaker Marie Kreutzer’s 2022 drama Corsage is also a Screen International selection. It had its world premiere at the 2022 Cannes Film Festival’s Un Certain Regard section.

Close by Lukas Dhont, a French-language Belgian drama film, also premiered at the Cannes Film Festival to critical acclaim and the Grand Prix. It is Belgium’s submission for the Academy Award for Best International Feature Film at the 95th Academy Awards.

NEW HORIZONS
The festival’s “New Horizon” section features new directors and their acclaimed works.

This year the section features Saint Omer by Alice Diop, Venice Silver Lion Grand Jury Prize winner and French Oscar entry; Utama by Alejandro Loayza Grisi, Sundance Grand Jury Prize winner and Bolivia’s entry to the 95th Academy Awards; and Next Sohee by July Jung, the closing film of Cannes Critic’s Week.

Two films from Germany are also in this section: the comedy The Ordinaries by Sophie Linnenbaum and the offbeat fantasy film Piaffe by Anne Oren.

One of QCinema’s most distinctive sections is “RainbowQC.” The films featured in the category are: Joyland by Saim Sadiq, which was the both the Un Certain Regard Jury Prize winner and the Queer Palm winner at this year’s Cannes Film Festival; and Angry Son, by Japanese director Kasho Iizuka, which was awarded the Grand Prix Award in the Osaka Asian Film Festival.

Included in this section are You Can Live Forever, by Canadian co-directors Mark Slutsky and Sarah Watts; and the Stranger By The Lake by Alain Guiraudie, the 2013 Cannes Un Certain Regard Best Director award winner.

Other LGBT titles, co-sponsored by the French Embassy Manila, are Portrait of a Lady on Fire, Billie and Emma, and The Divide.

The RainbowQC Shorts program is composed of the QCShorts 2021 Best Picture i get so sad sometimes by Trishtan Perez; QCShorts 2019 film Isang Daa’t Isang Mariposa by Norvin delos Santos; the 2021 silent film Alingasngas ng mga Kuliglig by Vahn Leinard Pascual; Dikit by Gabriela Serrano; and the QCinema Asian Shorts film entry How to Die Young in Manila by Petersen Vargas.

SPECIAL SCREENINGS, MIDNIGHT SERIES, CLASSICS
Films to be shown in the “Special Screenings” section are The Sales Girl by Janchivdorj Sengedorj, the top prize winner of the New York Asian Film Festival; Love Life by Kōji Fukada, the Golden Lion winner at the 79th Venice International Film Festival; The Damned Don’t Cry by Fyzal Boulifa; and When The Waves Are Gone or Kapag Wala Nang Mga Alon, Lav Diaz’s black-and-white opus starring John Lloyd Cruz.

Another must-watch section is the “Midnight Series” which features three spine-tingling titles. In this section is Nocebo by Lorcan Finnegan, which stars Chai Fonacier as a Filipino caregiver who knows traditional folk healing. The film guarantees Fonacier more international exposure. Then there is Huesera by Michelle Garza Cervera, a Spanish-language supernatural thriller that premiered in Tribeca earlier this year and won the Best New Narrative director for Ms. Cervera. British-Iranian director Ana Lily Amirpour returns to local screens with her latest film, Mona Lisa and the Blood Moon, starring Kate Hudson and Jun Jong-seo.

The “Digitally Restored Classics” section features newly restored versions of unforgettable films by two celebrated directors. These are Mike de Leon’s classic movies Itim (The Rites of May) and Wong Kar-wai’s romantic drama In The Mood for Love.

The Asian Shorts Program also returns this year. The short films in this program are Dancing Colors by M. Reza Fahriyansyah; the 2021 Cannes Leitz Cine Discovery Prize winner Lili Alone by Zou Jing; Four Nights by Deepak Rauniyar; the Sundance Festival 2022 Short Film Grand Jury Prize winner The Headhunter’s Daughter by Don Josephus Raphael Eblahan; the Cannes 2022 Palme d’Or Best Short Film winner The Water Murmurs by Story Chen; and Papaya by Timmy Harn.

NEW SECTION
A new festival section offers a first look at upcoming titles to be launched later this year. “Advance Screenings” features 2022 Sundance Grand Jury Prize winner Nanny; and Argentina, 1985 which won the Fipresci at the Venice Film Festival and is the Argentine entry at the 95th Academy Awards.

Presented in partnership with Warner Brothers Philippines are She Said by Maria Schrader, and Bones and All by Luca Guadagnino. Bones and All won the Silver Lion for best direction at the 79th Venice International Film Festival.

“We would like to reach out more to our Asian neighbors, not only in Southeast Asia but also in East Asia. So, we can strengthen our foothold in the region,” festival director Mr. Lejano said of the film festival’s outlook in the coming years.

WHERE TO CATCH SCREENINGS
Film screenings will be held both in-person and online. Theatrical screenings for all films will be held at the mall cinemas in Gateway, Trinoma, and SM North EDSA, and at Cinema 76.

This year, the Powerplant Cinema in Rockwell will also host film screenings for viewers within or near Makati City.

The QCShorts 2022, QCShorts 2021, and RainbowQC Shorts will all have online screenings in partnership with VivaMax from Nov. 22 to 26.

Ticket prices for theatrical screenings are P300, while online tickets are P299.

The QCinema Awards night will be held on Nov. 23 at Novotel in Araneta City.

Details about in10City, QCinema’s 10th anniversary presentation will be available at qcinema.ph and updates will be posted at its social media accounts — www.facebook.com/QCinemaPH, twitter.com/QCinemaPH, and www.instagram.com/qcinemaph. — Michelle Anne P. Soliman

Demand for flexible workspace surges in PHL

ORTIGAS Business district is pictured on June 23, 2021. — PHILIPPINE STAR/ MICHAEL VARCAS

DEMAND for flexible workspace surged in Metro Manila this year, unlike other Asian cities which continued to see a slump, according to The Instant Group.

“Metro Manila is predicted to see record demand levels this year, up 112% on pre-pandemic levels. The flex industry across Metro Manila has continued to strengthen, driven by the widespread adoption of hybrid working models from a wider selection of industries and larger occupiers,” Instant said in a Nov. 3 report.

It noted the Philippines is still a very attractive market for international companies and business process outsourcing (BPO) firms due to the low labor costs and diverse talent pool.

Instant noted that many BPOs are now using flexible workspaces as part of their long-term hybrid work solutions amid the coronavirus pandemic.

“Strong demand growth across Metro Manila has resulted in desk rates increasing across all business hubs as it becomes a seller’s market. As demand shifts outside Makati City, rates in Ortigas and Taguig City are overtaking those in the Central Cluster,” it said.

According to Instant, Manila had the highest desk rate at $291 per month, followed by Taguig City and Bonifacio Global City with $273.

The desk rate in Ortigas stood at $264, while the rate in Makati City is at $235. Quezon City is the most affordable with an average desk rate of $216 per month.

Demand for flexible workspaces in Ortigas increased 83% this year from a year ago, the fastest growth in Metro Manila, Instant said.

Instant noted that growing demand and supply struggles will push desk rates for flexible office spaces even higher.

“Although supply is expanding, demand is predicted to potentially outstrip supply, so further investment is needed to keep pace. High vacancy rates in the traditional sector means that there is significant room for growth,” it said.

Data from Instant showed KMC Solutions had a 15% share in the country’s flexible workspace market, followed by IWG’s 10%, vOffice’s 3% and WeWork’s 2%.

“The Philippines is proving to be an attractive location for multinationals. As demand increases, the real estate solutions available are becoming more sophisticated in terms of both flexibility and cost reduction, but employers are also realizing that they need to provide a real estate solution that will attract employees as the labor market becomes more and more competitive,” Sean Lynch, managing director of The Instant Group Asia Pacific, said.

The Instant Group is described as a global workspace innovation firm and largest global marketplace for flexible workspace. — Cathy Rose A. Garcia

Gov’t makes partial award of T-bill offer

BW FILE PHOTO

THE GOVERNMENT partially awarded the Treasury bills (T-bills) it offered on Monday as investors asked for higher yields amid faster October inflation and an anticipated rate hike by the Bangko Sentral ng Pilipinas (BSP).

The Bureau of the Treasury (BTr) raised just P6.7 billion via the T-bills it auctioned off on Monday even as total tenders reached P21.507 billion, higher than the P15-billion offer.

Broken down, the BTr borrowed just P2.1 billion through the 91-day T-bills, even with total bids reaching P9.35 billion, above the P5-billion program. The average rate of the tenor rose by 203.2 basis points (bps) to 4.35% from the 2.318% seen on Sept. 5, the last successful award, with the government only accepting offers with a 4.35% yield.

The Treasury also raised only P2.5 billion via the 182-day securities despite tenders reaching P7.457 billion versus the P5-billion plan. The average rate of the six-month T-bill went up by 84.2 bps to 4.8% from the 3.958% quoted for the last successful award on Sept. 26, with accepted rates ranging from 4.7-4.85%.

Lastly, the BTr awarded just P2.1 billion through the 364-day debt papers as demand for the tenor reached P4.7 billion, slightly lower than the P5 billion on the auction block. The average rate of the tenor increased by 121.8 bps to 5% from the 3.782% seen for the last successful award on Aug. 22. Accepted rates were all at 5%.

At the secondary market before Monday’s auction, the 91-, 182- and 364-day T-bills were quoted at 3.8559%, 4.5504%, and 4.8684%, respectively, based on the PHP Bloomberg Valuation (BVAL) Service Reference Rates data provided by the Treasury.

“The Auction Committee partially awarded bids for T-bills at today’s auction The auction was 1.4 times oversubscribed, attracting P21.507 billion in total tenders,” the BTr said in a press release on Monday.

National Treasurer Rosalia V. de Leon said in a Viber message that the Treasury hopes to make full awards in succeeding auctions amid less uncertainty in the market.

“Hopefully, we will be able to make full awards in succeeding bills auctions. More and clearer information will better guide market in submission of bids,” Ms. De Leon added.

Meanwhile, a trader said T-bill rates had to adjust higher in light of tighter monetary policies being implemented by central banks worldwide.

“Moreover, dealers and investors continued to ask for a higher risk premium as domestic inflation continues to run hot, bolstering expectations of higher interest in the months to come,” the trader added in a text message.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message that the auction was mostly undersubscribed after the latest increase in inflation and with the BSP chief saying they will implement a large rate hike next week.

Headline inflation quickened to 7.7% in October, its fastest pace in almost 14 years or since the 7.8% seen in December 2008, or during the global financial crisis.

For the first 10 months, inflation averaged 5.4%, faster than 4% a year ago and the BSP’s 2-4% target. Still, this was lower than the central bank’s 5.6% forecast for the year.

BSP Governor Felipe M. Medalla last week said the Monetary Board will hike benchmark interest rates by 75 bps at its Nov. 17 meeting to keep in step with the US Federal Reserve as it seeks to stabilize prices. The central bank has raised rates by 225 bps since May.

The Fed delivered a fourth straight 75-bp rate hike last week to combat stubbornly high inflation, bringing total increases since March to 375 bps.

On Tuesday, the BTr will auction off P35 billion in reissued 20-year Treasury bonds (T-bonds) with a remaining life of 4 years and 10 months.

The Treasury wants to raise P215 billion from the domestic market this month, or P75 billion through T-bills and P140 billion via T-bonds.

The government borrows from local and external sources to help fund a budget deficit capped at P1.65 trillion this year, equivalent to 7.6% of gross domestic product. — Luisa Maria Jacinta C. Jocson

Card industry poised for growth

DCSTUDIO-FREEPIK

THE CREDIT CARD industry is expected to continue growing this year and next amid rising interest rates, an official from Asia United Bank Corp. (AUB) said on Monday.

“I think the credit card industry is on the right track for growth this year and next year,” AUB Senior Vice President and Cards and Acquiring Business Group Head Maria Magdalena V. Surtida said.

“We’re seeing very positive figures as far as the credit card industry is concerned. We’ve definitely recovered from the pandemic era. We are now in the post-pandemic and all we’re waiting for is the comeback of travel and everything will be okay,” she said.

She added that the bank saw a growing number of online transactions in terms of volume despite rising interest rates. The lender was also able to manage their nonperforming loans (NPLs) this year better compared with 2021.

AUB launched on Monday the Unified Card QR Link as the newest feature of AUB PayMate, enabling businesses to accept Mastercard and Visa payments using only one QR code.

According to Ms. Surtida, the latest product will allow all types of merchants, including the micro, small and medium enterprises (MSMEs), to accept digital payments from their customers.

“We’ve had very good reception when we introduced our Mastercard Card QR Link in the market in 2021, which was the first of its kind in the country. This is the reason we immediately developed a Unified Card QR Link so our AUB PayMate merchants can accept both Mastercard and Visa prepaid, debit and credit card payments from their customers,” she said. 

“For the MSMEs, this is our strategy because we know that there’s still a big opportunity out there. There’s a whole big size untapped market that we want to do a good job on. And we’ve just launched this so we want to spend the next few months saturating the market with our product,” she added. 

Merchants usually use point-of-sale (POS) terminals to accept Mastercard and Visa payments from their customers. However, the high transaction volume required by card merchant acquirers to deploy a POS terminal to merchants has been deterring MSMEs from accepting these card payments, AUB said.

“With the Unified Card QR Link, merchants, big or small, need not worry if they can meet the required volume of transactions as we made the card acceptance at no additional cost to them,” Ms. Surtida said.

The bank said customers only need to scan the Card QR code displayed on any AUB PayMate merchant stores to use the new feature. After completing a transaction, merchants can view the customer’s payment status in real time.

Since the product’s pilot launch in January, the bank recorded a 30% to 40% increase in transactions month on month from the unified card QR link, it said.

“Customers today are used to paying merchants by using their e-wallet app to scan the QR code,” said AUB Executive Vice-President and IT & Operations Group Head Wil Rodriguez said in a statement.   

“We leveraged this same customer experience and introduced the card QR link to accept Visa and Mastercard payments. The all-in-one PayMate App/portal can now support different types of payment transactions, including Mastercard and Visa,” Mr. Rodriguez said.

CREDIT CARD CAP
When asked if AUB is asking for an increase in the 2% monthly ceiling on credit card interest, Ms. Surtida said it is “always on the table” every time they meet with the Bangko Sentral ng Pilipinas (BSP).

“But of course, BSP knows what they’re doing. They review macroeconomic factors and the different elements in the country or in the economy. So, we trust that the BSP will do the right thing every time, as they always do,” she said.

The Monetary Board in September 2020 set a 24% annual interest rate cap on all credit card transactions in an effort to ease the financial burden amid the pandemic-induced health crisis.

The rates are reviewed by the central bank every six months, in accordance with the BSP’s supervisory authority.

AUB Group booked a net income of P1.7 billion last quarter, 70% higher than the P998.3 million booked in the same period in 2021, based on its quarterly report disclosed to the local bourse.

This brought its net profit for the first nine months to P4.6 billion, up 57% from the P2.9 billion a year prior, which it noted already surpassed its pre-pandemic performance.

AUB’s shares closed at P41.05 apiece on Monday, up by P1.15 or 2.88% from its previous finish. — Keisha B. Ta-asan

Black Panther stars say film changed perceptions of Africa

A SCENE from Black Panther: Wakanda Forever.

LONDON — Cameras flashed as stars of the highly anticipated sequel to Marvel’s Black Panther walked the red carpet at the Wakanda Forever premiere in London.

Set in the fictional African land of Wakanda, Black Panther became a global hit and was hailed as a milestone for racial diversity in Hollywood when it came out in 2018.

Released by Disney-owned Marvel, it was the first superhero film to feature a predominantly Black cast.

For cast members of Wakanda Forever, the Marvel blockbuster had a positive impact on perceptions of the continent.

“Embracing the diversity that is African culture has resulted in other people embracing their indigenous cultures as well,” said Kenyan actress Lupita Nyong’o who plays Nakia, one of the lead roles.

“We are celebrating our culture, we are celebrating where we are from in a way that is extremely inclusive,” she said.

Black Panther was 2018’s top-grossing movie in the United States and Canada, and second-highest worldwide, with $1.3 billion in ticket sales.

“I would have needed that movie as a child because there are not so many role models,” Florence Kasumba, who stars in the film, said at the premiere on Thursday night.

For Ayodeji Aiyesimoju, a lecturer in media studies at Joseph Ayo Babalola University in Nigeria, the film marked a turning point in Black history and disputed some stereotypes about Africa.

“It opened conversations for questions. People were genuinely interested in knowing about the continent,” he said in an interview.

But African film industries could do more to capitalize on the opportunity, he said, adding that he would like to see more Black actors in Hollywood and more partnerships between major studios in the US and Britain and in countries like Ghana and Nigeria.

Others were less positive.

Rather than supporting the African film industry, Black Panther was just another exploitation of Africa by Westerners out to profit from their own idealized version of it, said one member of the Nigerian film industry.

“But you have to understand that it was Africa that impacted Black Panther,” said American-born Zimbabwean actress Danai Gurira, who plays the superhero Okoye in both movies.

“The role I play was all about looking at what Africa was and bringing (that) into the world.” — Reuters

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