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China’s retail, factory sectors unexpectedly perk up in August

REUTERS

BEIJING – China’s economy showed surprising resilience in August, with an unexpected pickup in factory output and retail sales growth shoring up the recovery from the crippling effects of COVID curbs, heatwaves and a deepening property slump.

The better-than-expected figures show the world’s second-largest economy is gaining some steam, after narrowly escaping a contraction in the June quarter and lifting recovery prospects slightly for the rest of the year.

Industrial output grew 4.2% in August from a year earlier, the fastest pace since March, according to the National Bureau of Statistics (NBS). The figure beat a 3.8% increase expected by analysts in a Reuters poll and the 3.8% expansion in July.

Retail sales rose 5.4% from a year ago, beating forecasts for 3.5% growth and the 2.7% gain in July and hitting the highest this year.

The upbeat set data lifts some of the gloom hanging over the sluggish recovery, which had been clouded by weak trade data and slow credit growth. Read full story

Fixed asset investment grew 5.8% in the first eight months of 2022 from the same period a year earlier, above a forecast 5.5% rise and up from January-July’s growth of 5.7%.

However, property investment in January-August fell 7.4% year-on-year, extending a 6.4% decline in January-July and raising pressure on the already challenged sector.

Amid weak consumer and business confidence, companies are wary of expanding and hiring more workers. The nationwide survey-based jobless rate eased slightly to 5.3% in August from 5.4% in July. Youth unemployment stayed high at 18.7%, after reaching a record 19.9% in July.

Policymakers have announced over 50 policy measures since late May to bolster the economy and stressed this quarter was a critical time for policy action. Read full story

A cabinet meeting chaired by Premier Li Keqiang on Tuesday announced extended tax relief for small firms and an additional 200 billion yuan relending quota for manufacturing and social services industries. Read full story

Analysts expect more disruptions from tighter COVID-19 controls in September before the ruling Communist Party’s Congress that starts Oct. 16, where President Xi Jinping is poised to break with precedent and secure a third leadership term.

A new leadership team would inherit a range of challenges, including questions on how to unwind what many see as an unsustainable zero-COVID policy to a property crisis and rising tensions with Washington. Read full story

Uber says responding to ‘cybersecurity incident’ after report of network breach

STOCK PHOTO | Image by freestocks-photos from Pixabay

Uber Technologies Inc. said on Thursday it is responding to a cybersecurity incident, after a media report that its network was breached with the ride-hailing company taking several internal communications and engineering systems offline.

A hacker compromised an employee’s workplace messaging Slack app and then used it to send a message to Uber employees announcing that it had suffered a data breach, according to a New York Times report on Thursday, citing an Uber spokesperson.

It appeared that the hacker was later able to gain access to other internal systems, posting an explicit photo on an internal information page for employees, the report added.

“We are in touch with law enforcement and will post additional updates here as they become available,” Uber said in a tweet without providing further details.

The Slack system was taken offline on Thursday afternoon by Uber after employees received the message from the hacker, according to the Times report, citing two employees, who were not authorized to speak publicly.

“I announce I am a hacker and Uber has suffered a data breach,” the message read, and went on to list several internal databases that were claimed to be compromised, the report added.

The staff at the company was instructed to not use Slack, which is owned by Salesforce Inc., according to the report. Other internal systems, too, were inaccessible. – Reuters

Stylish vivo Y16 boasts of big storage, high performance, super camera features

vivo Y16 in Drizzling Gold and Stellar Black

The vivo Y16 is now available in the Philippines for P8,499

vivo’s surprises this September are not over yet as the brand spotlights that #MemoryIsPriceless with the vivo Y16. The latest addition to vivo’s Y series features an enormous storage which allows its users to continuously create and save memories without the fear of running out of space.

With the new vivo Y16, vivo gives Filipinos access to premium smartphones that offer smooth performance and multitasking support at an affordable price point.

Maximize the storage space while enjoying uninterrupted performance

Enjoy work-life balance by having all the necessary files for your work and leisure needs all in one device. Feel free to download your next outfit inspiration, get all the Facebook memes that you can share with your friends, and keep work files and references within reach with the vivo Y16’s huge 128GB ROM. With this storage capacity and up to 1TB of memory expansion, there’s surely enough space for everything.

Leave your worries about lagging with the vivo Y16’s extended RAM which offers 4GB+1GB support. This allows users to switch between active apps without lags and crashes for a stress-free device use. Jumping from the ‘bird app’ to a Zoom call? The vivo Y16 supports that ultra-smooth transition.

Memories are best enjoyed with friends and teammates, especially with the sweet sound of victory with vivo’s powerful MediaTek P35 octa-core processor. Enjoy immersive and uninterrupted game time with the vivo Y16’s Multi-Turbo 5.5 and Ultra Game Mode. This feature enables gamers to optimize the phone’s gaming performance by reducing stuttering and lags, blocking distracting notifications during the gameplay and smooth run to ace the game and win the battle.

In addition to its massive storage and powerful performance, vivo Y16 has a 5000mAh competitive battery capacity. Its users can leave their battery anxiety behind and enjoy up to 18 hours of HD YouTube streaming, seven hours of heavy gaming, and an all-day-long music playback. The vivo Y16 also has a 5V/1A reverse charging feature which makes it possible for the device to act as a power bank.

Capture memories with ease through smart lenses

Speaking of fashion and trend, users can now capture their style and aesthetic with vivo Y16’s main camera for a clear shot and a macro camera to capture intricate details. Don’t let the sun down kill the photoshoot’s excitement as the vivo Y16 got you covered. The vivo Y16 front camera is powered with the Aura Screen Light, a selfie softlight feature that allows users to shine and capture the best memories even in low-light conditions. Users can definitely save more priceless IG-worthy OOTD and breathtaking close-ups with the smart camera lenses of the vivo Y16.

On top of its superb camera features, one can surely appreciate the crisp quality of photos in vivo Y16’s 6.51-inch HD Halo FullViewTM display. How about videos you say? Keep up with your favorite Netflix series with ease with its 1600×720 HD+ resolution, and smart brightness adjustment which filters harmful blue light and minimizes eye strain.

Memories are never out of style

True to its vivo family branding, vivo Y16 is up-to-date when it comes to being stylish. Choose what fits your vibe as the vivo Y16 comes in two colorways: the warm and youthful Drizzling Gold, and Stellar Black inspired by the pattern of shooting stars.

Despite being an entry-level giant in terms of performance, vivo Y16 is only 8.19-mm thick, and ergonomic with its elegant 2.5D curvature for a comfortable grip. Such size can also easily fit in one’s pocket and comes in handy especially for people who are always on the go.

Availability

vivo Y16 is now officially available for only P8,499 for the 4GB+128GB variant. The vivo Y16 can be purchased via vivo’s official website, Lazada, Shopee, TikTok shop and through vivo’s offline stores and kiosks nationwide starting Sept. 17, 2022. Early birds who will purchase the vivo Y16 through vivo’s online stores will get a free DITO Simcard and FOOMEE QA05 until supplies last.

For more information on vivo’s latest news and updates, please visit vivo’s official Facebook, Instagram, Twitter and YouTube channels.

 

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Manila Broadcasting Company to conduct annual stockholders’ meeting on Oct. 6

NOTICE OF 2022 ANNUAL STOCKHOLDERS’ MEETING
October 6, 2022 | 3:00 pm | Zoom

AGENDA

  1. Call to order
  2. Certification of notice or quorum
  3. President’s report
  4. Approval of the audited financial statements for the year ended December 31, 2021
  5. Approval and ratification of the acts of the Board of Directors and Officers of the Company from the date of last Stockholders’ Meeting up to October 6, 2022
  6. Election of directors and officers for 2022 to 2023
  7. Appointment of external auditors
  8. Other matters
  9. Adjournment

Visit our website for the registration guidelines:
https://manilabroadcasting.com.ph/

PSE Edge:
https://edge.pse.com.ph/companyDisclosures/form.do?cmpy_id=117

Email:
corp.sec@manilabroadcasting.com

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber to get more updates from BusinessWorld: https://bit.ly/3hv6bLA.

July remittances hit 7-month high

DEPARTING overseas Filipino workers (OFWs) wait to get their international certificate of vaccination at the Bureau of Quarantine, Aug. 31, 2021. — PHILIPPINE STAR/ MICHAEL VARCAS

By Keisha B. Ta-asan

CASH REMITTANCES jumped to the highest in seven months in July, as overseas Filipino workers (OFW) likely took advantage of the weaker peso to send their families more money amid elevated inflation.

Data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances sent through banks went up by 2.3% to $2.92 billion in July, from $2.85 billion a year earlier.

This was the highest since  $2.99 billion in December. Remittances are typically higher than usual in December as OFWs send more money to their families before the holidays.

Overseas Filipinos’ cash remittances (July 2022)However, the pace of cash remittance growth was the slowest in two months or since 1.8% in May.

“The expansion in cash remittances in July 2022 was due to the growth in receipts from land-based and sea-based workers,” the BSP said in a statement on Thursday.

Remittances from land-based workers jumped by 2.5% year on year to $2.36 billion, while those from sea-based workers went up by 1.3% to $552 million.

“Remittances remained soft in July as global headwinds, especially in Europe, reduced the capacity of Filipino migrants in sending more money home,” China Banking Corp. Chief Economist Domini S. Velasquez said in a Viber message.

She said high inflation in advanced economies might have led to a decline in OFW savings, limiting their ability to send home more money.

“However, data in July could be offset by a more favorable exchange rate, i.e., a more depreciated Philippine peso,” Ms. Velasquez said. 

The peso closed at P55.130 on July 29, losing P0.155 or 0.28% from its June 30 close of P54.975.

“The modest single-digit growth in OFW remittances may be partly attributed to elevated US/global inflation and interest rates in recent months that some-what weighed on the recovery in the global economy and in both OFW employment and incomes,” said Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp.

He also noted that the peso-dollar rate had matched its record high of P56.45 on July 12 and 14, which increased the peso value of OFW remittances.

However, OFWs may have to increase their remittances as their families struggle with rising prices. In July, inflation hit a near four-year high of 6.4%.

“There may still be a need to send more OFW remittances due to higher prices, which erodes whatever foreign exchange gains due to the stronger US dollar versus major global currencies,” Mr. Ricafort said.

In the first seven months of 2022, cash remittances rose by 2.8% to $18.26 billion from a year ago.

By country source, the United States remained the biggest source of cash remittances at 41.4%. It was followed by Singapore (6.9%), Saudi Arabia (5.9%), Japan (5%) and the United Kingdom (4.9%).

BSP data showed personal remittances increased by 2.3% to $3.24 billion in July, as remittances from land-based workers jumped by 2.4% to $2.57 billion.

This brought the seven-month tally to $20.33 billion, up by 2.7% from a year ago.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said remittances in the coming months are “expected to remain in expansion but will likely moderate.”

“We had expected the dollar growth of remittances to slow due to exchange rate nuances. Overseas Filipinos can afford to send just a tad bit more given better exchange rates but higher cost of living will still force them to send more,” he said in a Viber message.

Ms. Velasquez said remittances would likely be higher in August when face-to-face classes resumed. The school year started on Aug. 22 for most schools.

“Year-to-date growth of remittances (2.8%) until July shows that it might be quite difficult to reach the BSP’s forecast of 4% growth especially if the trend continues to remain below potential,” she said.

“We expect remittances to help prop up the peso in November and December. However, aggressive monetary tightening in the US and the strength of the US dollar may lessen remittances’ support to the currency,” she added. 

The BSP expects remittances to grow by 4% this year.

Moody’s affirms PHL credit rating   

COMMUTERS wait for available public transport along Taft Avenue in Manila. — PHILIPPINE STAR / MIGUEL DE GUZMAN

MOODY’S INVESTORS SERVICE on Thursday kept the Philippines’ “Baa2” credit rating with a “stable” outlook, as economic recovery is unlikely to be hampered by “challenging global credit conditions.”

In a statement on Thursday, the credit rater affirmed the country’s long-term local and foreign currency issuer and senior unsecured ratings at “Baa2.”   

“The rating action is driven by Moody’s view that the challenging global credit conditions will not derail the Philippines’ ongoing recovery from the coronavirus pandemic, although the severity of the pandemic shock has led to an erosion in the rating agency’s assessment of economic strength,” it said.

Moody’s has kept its “Baa2” rating for the Philippines since December 2014.

Meanwhile, the “stable” outlook suggests the rating is likely to be maintained in the next six months to two years. 

“Moreover, continued policy orthodoxy and commitment to reform amid political transition will help to assure gradual fiscal repair following the reversal of the strengthening of the government’s fiscal and debt metrics resulting from the pandemic,” Moody’s said.

It said the Philippines remained fundamentally strong “with regards to the stability of its banking system and the capacity to meet external debt repayments, notwithstanding cyclical pressures on the balance of payments and consequent exchange rate depreciation.”

Moody’s said the economic rebound has been strong, adding the Philippines would be resilient amid near-term global credit tightening.

While the Philippines is not significantly exposed to Russia, the European Union is a major source of investments and one of the main destinations for goods and services, it said.

“Moody’s sees sufficient momentum to support real GDP growth of 6.6% for 2022 and 6.2% for 2023, as price pressures are set to moderate as commodity prices ease from peaks recorded earlier this year,” it said.

Moody’s 6.6% gross domestic product (GDP) forecast for the country is at the lower end of the government’s 6.5-7.5% full-year target.

“Over the long term, Moody’s continues to view the Philippines as characterized by higher economic growth relative to most Baa-rated peers, with favorable demographics balanced against a heightened susceptibility to environmental risks given the high incidence of climate-related shocks,” it said.

“However, strict and prolonged pandemic containment restrictions contributed to a delayed recovery from the coronavirus shock, in turn leading to severe economic scarring — as represented by one of the largest cumulative economic output losses among rated sovereigns — and a deterioration in Moody’s assessment of economic strength.”

The Philippine government implemented one of the longest and most stringent lockdowns in the world to contain the coronavirus pandemic in 2020 when the country’s GDP contracted by 9.6% .

Moody’s also pointed out that economic scarring from the pandemic, such as the prolonged shutdown of schools and rise in poverty, “has the potential to curtail potential growth over the long-term if left unaddressed.”

The credit rater said it expects the government deficit to gradually narrow from 5.8% of GDP in 2020 to 4% in 2022 and below 3% in 2023. As of the first quarter, the budget deficit as a ratio of GDP stood at 6.4%.

“Based on Moody’s projection of general government debt peaking at around 54% of GDP in 2022, the Philippines’ government debt burden remains consistent with its Baa-rated peers, while its debt affordability did not significantly deteriorate following the large pandemic-induced rise in debt since 2019,” Moody’s said.

“Moreover, the Philippines’ external position remains comfortably positioned to meet forthcoming cross-border debt servicing obligations and weather capital flow volatility owing to tightening global liquidity conditions, notwithstanding the weakening of the current account, an erosion in the stock of foreign currency reserves and related depreciation of the peso since early 2022.”

For the year so far, the peso has weakened by P6.16 or 12.07% from its Dec. 31, 2021 close of P51 a dollar.

Moody’s said the “stable” outlook “reflects the view that the recovery from the acute shock posed by the coronavirus pandemic will restore rapid economic growth relative to peers, complemented by the stabilization and eventual reversal of the deterioration in fiscal and debt metrics.”

“This scenario is balanced against the risk that the economy’s potential is damaged more significantly than Moody’s currently assumes, or that fiscal and economic reform momentum does not resume, leaving the Philippines’ economic and fiscal strength somewhat weaker,” it added.

In May, S&P Global Ratings affirmed its “BBB+” long-term credit rating with a “stable” outlook for the Philippines, while Fitch Ratings kept the country’s credit rating at “BBB” and its “negative” outlook. – K.B.Ta-asan

Outsourcing firms may continue WFH scheme if they register with BoI

BW FILE PHOTO

BUSINESS PROCESS OUTSOURCING firms can continue work-from-home (WFH) arrangements and receive fiscal incentives if their registration is transferred to the Board of Investments (BoI), Finance Secretary Benjamin E. Diokno said on Thursday.

“The FIRB (Fiscal Incentives Review Board) met (on Wednesday) and we decided there will be a smooth transfer of benefits from the PEZA (Philippine Economic Zone Authority) to BoI, and so that problem is solved,” he said during a Senate Finance Committee hearing on Thursday.

“[They have] tax incentives [and] they can opt to do work from home,” he added.

There are about 2,000 Information Technology and Business Processing Management (IT-BPM) firms registered with PEZA that may transfer to BoI.

Finance Undersecretary and FIRB Technical Committee Chairperson Antonette C. Tionko said the FIRB had agreed that IT-BPM enterprises can continue their 30% WFH arrangement until end-December, because the state of calamity has been extended.

President Ferdinand R. Marcos, Jr. extended the nationwide state of calamity to Dec. 31 from Sept. 13, 2022.

“During the interim between now and December, the BPO companies that are registered with PEZA will be allowed to transfer their registration to BoI. Even if they transfer to BoI, they will be enjoying the same incentives they’ve been enjoying under the CREATE (Corporate Recovery and Tax Incentives for Enterprises) Act,” she said.

Under Republic Act No. 11534 or CREATE, registered business enterprises, including IT-BPM firms, must conduct their businesses within economic zones (ecozones) in order to avail themselves of fiscal incentives.

“The incentives right now under CREATE between BoI and PEZA are already basically the same,” Ms. Tionko said, noting that new firms can simply opt to register with BoI to avoid jurisdictional requirements with PEZA.

She also said there is no need for IT-BPM firms to leave the PEZA economic zones.

On Sept. 9, the FIRB indefinitely extended the WFH arrangement for IT-BPM enterprises in PEZA economic zones.

FIRB Resolution No. 017-22, which expired on Sept. 12, allowed IT-BPM firms to have WFH arrangements for 30% of their workforce, while still enjoying fiscal incentives guaranteed by the CREATE Act.

The FIRB Resolution is bound to CREATE’s implementing rules, which require the extension of the state of calamity or a declaration by the president of an exceptional circumstance. — D.G.C. Robles

Philippine Stock Exchange targets 20 initial public offerings in 2023

THE PHILIPPINE Stock Exchange (PSE) is targeting 20 new company listings in 2023, its president said on Thursday.

“We (will have) 11 this year, I mean there’s no reason why we cannot target 20 next year,” PSE President and Chief Executive Officer Ramon S. Monzon said during the Road to IPO virtual event. 

The PSE had a record number of initial public offerings (IPOs) in 1994 when 21 companies made their stock market debut.

This year, there have been eight IPOs at the PSE, equaling the total for the entire 2021.

At least three more companies are expected to conduct IPOs this year. If realized, the PSE will end the year with double-digit IPOs, the first time since 1997.

Mr. Monzon said he is looking forward to the potential IPO of major companies, particularly payment platforms.

“What I’m hoping to see in 2023 is a big payment platform like GCash and PayMaya,” he said.

Globe Fintech Innovations, Inc., which operates GCash, earlier said it would consider an IPO only after it expands its services.

Analysts said the PSE’s target  of 20 IPOs next year is possible as the economic recovery is under way.

“Yes, it is possible, as the economy has already further reopened towards greater normalcy,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“Businesses or companies have become more decisive on new investments or expansion plans, as well as for the necessary funding/borrowing requirements to finance these, including through IPOs or share sales in the local stock market,” he added.

AB Capital Securities, Inc. Vice-President Jovis L. Vistan said in a Viber message more companies might raise funds through stock offerings as interest rates rise.

“Economic conditions may take a while to recover and will affect investors’ appetite for risk assets like equities. However, with rising borrowing costs, we should see more companies looking to raise capital by issuing shares,” he said.

Sun Life Investment Management and Trust Corp. President and Chief Investment Officer Michael Gerard D. Enriquez said he is bullish on the PSE index, which he expects to end the year at the 7,600 level.

“Obviously, the economy is recovering with first-half earnings results continuing to be strong. I think it will continue through the rest of the year,” he said.

Retail investors at the bourse rose amid a coronavirus pandemic.

The PSE said online investor accounts rose by 24% year on year to 1.16 million in 2021. These online investors were responsible for 75% of total trades in the stock market, with the value of online trades surging by 44% to P744.5 billion.

The PSE is hoping to add more than nine million new investors with its partnership with GCash, wherein subscribers can use the mobile payment platform to invest in the stock market. — Justine Irish D. Tabile

World Bank earmarks $30B to help offset food shortages worsened by war in Ukraine

DA

SARAJEVO — The World Bank is willing to provide up to $30 billion to combat global food shortages aggravated by Russia’s invasion of Ukraine and has so far disbursed almost $10 billion in financial aid pledged to Kyiv, a senior bank official said on Thursday.

Axel van Trotsenburg, the bank’s managing director of operations, cited “an absolute need for international solidarity with Ukraine” during an interview with Reuters while on a visit to the Bosnian capital Sarajevo.

“And that solidarity has to be sustained not only in the short term but in the long term,” he said.

Mr. Van Trotsenburg said the World Bank began providing support to Ukraine soon after the Feb. 24 Russian invasion and had so far disbursed close to $10 billion of the $13 billion in aid it had committed to Kyiv.

He said the bank had created a platform to combine its direct support and additional support from countries such as the United States, Britain and Japan, along with separate guarantees from European states, and also facilitate co-financing and parallel financing. It had also created a trust fund for donors.

While various countries have channeled support through the trust fund, he said, the largest sums had come from the United States with an average of at least $1.5 billion out of nearly $5 billion in external financing needed by Kyiv each month.

“We set up (a) system through which we could help the continuation of the state functions of Ukraine — paying teacher salaries, pensions, helping the health system. That has worked very well and some of our partner countries wanted to use that mechanism because we can then also trace money,” Mr. Van Trotsenburg said.

He said the bank was also supporting Ukrainians hit by the war both at home and abroad, as well as neighboring countries and developing nations outside Europe suffering from disruptions of Ukrainian grain exports due to the war.

“This is one of the reasons that the World Bank announced we are willing to provide financing of up to $30 billion to deal with food insecurity over the next 12 months.”

A report released by the World Bank, European Commission and the Ukrainian government on Friday said Russia’s invasion had caused over $97 billion in direct damages through June 1, but it could cost nearly $350 billion to rebuild the country. — Reuters

Deck the Halls

Sarah Brightman’s holiday concert coming to Manila

SINGER Sarah Brightman is very aware of the importance of Christmas in the Philippines, so the timing of her concert here is perfect.

“For people in Philippines, it’s a very important time of year. I knew that you start celebrating even in September,” Ms. Brightman said during an online press conference with media from Manila on Sept. 13. “In all the countries are going, this is particularly an important one to bring this.”

The soprano was referring to A Christmas Symphony Tour which will be coming to Manila on Dec. 7 at the Smart Araneta Coliseum in Quezon City.

Ms. Brightman was scheduled to hold a concert in Manila in June 2020 — her first visit since the Harem World Tour in 2004 — however, the show was canceled due to the coronavirus pandemic.

Ms. Brightman, who is a UNESCO Artist for Peace Ambassador, is known as the world’s best-selling soprano, having amassed sales of more than 30 million, and receiving awards in over 40 countries. She originated the role of Christine Daaé in the musical The Phantom of the Opera on both West End and Broadway stages. She has performed at such prestigious events as the Concert for Diana, The Kennedy Center Honors, and the Barcelona and Beijing Olympic Games. Her most recent full-length studio album, HYMN, was released in 2018 and debuted at No.1 on the Classical and Classical Crossover Billboard charts.

Touring a Christmas concert, Ms. Brightman said, is “quite a responsibility” since it is “very personal to many people.”

“I took really great care on what pieces of music that I chose and knowing that some people would like to hear some hits from me as well as Christmas music. I’ve intertwined all of these pieces together. So, my hits may have a slightly different arrangement that has a more Christmas feel,” Ms. Brightman told the Philippine press. “Obviously, some of the Christmas songs are very traditional ones. There are religious ones. There are fun ones… [and] everything intertwines beautifully.”

Presented by Wilbros Live and Smart Araneta Coliseum, the concert will include an orchestra and a choir.

“I wanted it to have a choir because I always think that choirs represent angels… So, there’s a lot of songs that have choirs singing along,” Ms. Brightman said of the concert.

Ms. Brightman added she will be singing “Silent Night” in German (“Stille Nacht”), as well as well as festive arrangements of songs from musicals.

“We’ve got a wonderful choir singing ‘Masquerade’ which was in [Phantom of the Opera], and then we do ‘Phantom of the Opera’ which is kind of interesting,” Ms. Brightman said. “I think it will be a fancy Gothic Christmas piece to do at that time.”

As for the stage production, Ms. Brightman described it as “a very visual treat for everybody.”

“We’ve created some very intimate beautiful lighting for the show, and also the looks of where the orchestra plays onstage, [it’s] a little bit like looking into a snow globe,” she said.

Aside from festive Christmas music and popular songs, the concert will also include songs that reflect sorrow.

“You have to take into consideration people’s feelings at that time of year. Sometimes it isn’t a great time for people, they struggle. We all have been through [a Christmas] that hasn’t been great. Either we’ve lost somebody or we’re feeling alone, there is that to consider,” she said. “[Apart from] having a lot of sort of wonderment and beautiful pieces in this Christmas repertoire, I also have some songs that reflect on struggle.”

Even with a career that has lasted over four decades, Ms. Brightman continues to train with teachers and professors from around the world.

“I’ve always taken great care and I work with different people all over the world to keep this up,” she said.

“You’re always learning especially if you’re very interested in voice and the vocal sounds that are made within that and with other people’s [voices]. It’s very important to understand different forms of teaching that are now present and not so old-fashioned, and also going into the future,” she added. “I’m probably training every day for about two hours. If I work on a repertoire, it will be longer than that.”

Having recorded 12 studio albums, and performed in seven musicals, four plays, and two operettas, Ms. Brightman said longevity in the arts and entertainment industry involves putting “150% into it.”

“If you want to be truly great — and I have a huge, long career — you have to kind of devote a lot of your life to it and there are a lot of sacrifices.

“Nowadays obviously with the internet and everything we have available to us, you could get famous very quick, which doesn’t certainly mean that that [fame] would last that long. Because you have to have the material [and] yourself be at excellence to carry that wonderful moment,” she said.

Tickets to Sarah Brightman: A Christmas Symphony are now on sale via TicketNet.com.ph and TicketNet outlets nationwide. For more information, call 8911-5555. — Michelle Anne P. Soliman

Virata-Yuchengco-Tan group bags Sangley project

PHILSTAR

A CONSORTIUM backed by Philippine, European and South Korean companies bagged the $11-billion contract to develop the Sangley Point International Airport (SPIA), the Cavite provincial government announced on Thursday.

“This new airport is the future of the country. This airport is the hope of the country. The province is just a small player. But if we work together, we can do this for our people,” Cavite Governor Juanito Victor “Jonvic” C. Remulla said in a press release.

The provincial government said that the awarding of the project came after the unsolicited proposal of SPIA Development Consortium submitted in November last year.

The Philippine companies leading the consortium are Cavitex Holdings, Inc. (CHI), the Yuchengcos’ publicly listed House of Investments, Inc., and Lucio C. Tan-led MacroAsia Corp., a provider of aviation-related support services.

Samsung C&T Corp., the construction unit of South Korean tech giant Samsung, will also lead the project, together with Munich Airport International GmbH, and Ove Arup & Partners Hong Kong Ltd.

“We express our full commitment and support to modernizing the country’s aviation network in partnership with [the Department of Transportation, Civil Aviation Authority of the Philippines, and Manila International Airport Authority]. We aim to meet the requirements of airlines to make the airport an international hub that will satisfy the needs of the future,” said Leonides Virata, chief executive officer of CHI.

Based on the project’s framework, the consortium and the Cavite provincial government will have one year and six months after the signing of the joint venture and development agreement to finalize the airport’s design and business plan.

The signing of the joint venture is expected in October, which will mark the construction of the airport. The first phase, which includes the first of four runways, is expected to be operational by 2028. Meanwhile, the second phase will result in a two-runway system with airport facilities capable of handling at least 75 million passengers yearly.

The National Government currently operates Cavite City’s Sangley Point as a supplemental runway to the Ninoy Aquino International Airport.

On Thursday, shares in MacroAsia jumped by 3.32% or P0.17 to close at P5.29 each. — Ashley Erika O. Jose

Grounded: R. Kelly found guilty on multiple counts in sexual abuse trial

SINGER R. Kelly attends Brooklyn’s Federal District Court during the start of his trial in New York, US, August 18, 2021 in a courtroom sketch. — REUTERS

CHICAGO —  R&B singer R. Kelly was found guilty on Wednesday on multiple charges of child pornography and luring underage girls to have sex with him, but not guilty of obstructing a 2008 state case that ended with his acquittal.

In his latest trial, Mr. Kelly — whose full name is Robert Sylvester Kelly — was found guilty by a jury on six out of 13 counts, prosecutors said.

He was found guilty of three child pornography counts and three counts of enticing minors for sex, but acquitted of seven other charges that included obstruction of justice, and conspiracy to receive child pornography.

In Chicago, a conviction of just one count of child pornography carries a mandatory minimum sentence of 10 years.

The verdict of the jury in US District Court in Chicago came after jurors deliberated for 11 hours over two days.

Mr. Kelly is among the most prominent people convicted of sexual misbehavior during the #MeToo movement against sexual harassment and abuse in recent years.

During the five-week trial, several women took the stand and told jurors that Mr. Kelly sexually abused them when they were minors. The jury also saw a video of Mr. Kelly molesting his goddaughter, who testified that the abuse began in the 1990s when she was a teenager.

Mr. Kelly and both his co-defendants, Milton “June” Brown and Derrel McDavid, were acquitted on charges they conspired to receive child pornography. Mr. Kelly and Mr. McDavid were also acquitted on charges they conspired to obstruct justice in an earlier case.

The men were accused of trying to bribe and threaten witnesses in the 2008 Illinois case in which Mr. Kelly was found not guilty on 14 counts of child pornography.

In June, Mr. Kelly was sentenced to 30 years in prison on his conviction in a New York federal court on racketeering and prostitution charges. That trial amplified accusations that had dogged the singer of the Grammy-winning hit “I Believe I Can Fly” for two decades.

Mr. Kelly also faces various state charges in Illinois and Minnesota. — Reuters

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