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Chelsea Logistics works on finding new fund sources

CHELSEA Logistics and Infrastructure Holdings Corp. is keen on getting more sources of investments to fund the company’s recovery program from the pandemic.

“The team is exerting efforts to raise funds, which can be from a combination of fresh capital from existing shareholders, new share issuances, and inviting strategic partners,” Chelsea Logistics President and Chief Executive Officer Chryss Alfonsus V. Damuy said during the company’s annual stockholders meeting via Zoom on Tuesday.

Banking on the economy and businesses’ road to recovery, Mr. Damuy said that the company will be in a position to engage with potential partners — local or foreign.

He added that Republic Act No. 11659 or the Public Service Act excludes shipping services as a public utility, exempting the company from foreign ownership restriction and giving it more flexibility in getting possible strategic partners.

Mr. Damuy said that recurring cash inflow is not substantial enough to cover the recovery program that the logistics company is currently undertaking, thus the need to look for new sources of funds.

“The improvement in the cash flow supports the company’s operating requirements not limited to dry dock and ship repairs,” he said.

“This cash inflow is one of the immediate sources of funds as the group’s business continued to improve and recover. However, we understand that this will not be enough to fully sustain the recovery and our company growth,” he added.

By the end-2030, the company is targeting to shift its business to be fully cloud-based with a partnership with Amazon Web Services.

“We are thrilled to reap not only the operational benefits of being in the cloud but also the significant impact we can contribute to the environment,” Mr. Damuy said.

To date, the company has already shifted 90% of its system to cloud-based.

Mr. Damuy said huge and limitless opportunities exist for the shipping and logistics sector.

“The outlook for the shipping and logistics sector is favorable, as global and domestic markets reopen, improving trades in and out of the ports,” he said.

“Moreover, the e-commerce industry in the Philippines is an exciting and ever-growing sector providing multiple opportunities for businesses to expand their reach,” he added.

In 2022, the company trimmed its net loss attributable to shareholders to P2.53 billion from P3.91 billion in 2021. Its top line reached P6.43 billion, 43.9% higher than the P4.47 billion recorded previously.

On Tuesday, shares in Chelsea Logistics climbed two centavos or by 1.7% to P1.17 each. — Justine Irish DP. Tabile

San Miguel Corp. to hold regular stockholders’ meeting via remote communication on June 13

 

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Merged LANDBANK-DBP could be ‘more perilous than beneficial’ — DBP

HAVING just one state lender through the planned merger between the Development Bank of the Philippines (DBP) and Land Bank of the Philippines (LANDBANK) could endanger the economy in the event of a bank failure, the DBP said.

“Too big to fail, too big to save. If there is one state bank and that collapses, imagine what would happen to the economy? The conventional wisdom here is do not put all eggs in one basket… It is good to have two banks,” DBP Chairman Dante O. Tiñga said at a briefing in Makati City on Tuesday.

Asked whether the government could go bankrupt if the merger proceeds and the new entity fails, he said “there is a danger that it may happen.”

“That superbank would have assets totaling P4 trillion. If it collapses, that would be gone to waste. We cannot (recover) from that loss,” Mr. Tiñga said.

The DBP said in a statement that “the concentration of risks can leave the ‘superbank’ more vulnerable to financial market bubbles and cyberattacks.”

“Having all financial resources of the National Government, its agencies, government instrumentalities and local government units in one official depository bank may be more perilous than beneficial for the country,” it added.

In March, Finance Secretary Benjamin E. Diokno announced that President Ferdinand R. Marcos, Jr. is in “support” of the merger of the state-run lenders.

The merger aims to consolidate resources, simplify transactions with counterparty banks and multilateral lenders, and enhance efficiency. It will also serve as the sole authorized government depository bank.

Last week, Mr. Diokno said that Mr. Marcos will likely issue an executive order on the merger this month. The legal merger of the banks is seen to be completed by November.

The merged entity will have an asset size of P4.185 trillion and deposits of P3.588 trillion, according to data from the Finance department.

The government is also estimated to generate up to P975 million in savings annually due to the consolidation of the banks’ operations and cuts in personnel expenses.

“While the merged bank may become the largest bank in the country in terms of assets and deposit size, it will still suffer from capital shortage, bad loans, and lazy banking,” the DBP said.

Mr. Tiñga said the legal study by the Governance Commission for Government-Owned and -Controlled Corporations (GCG) is “erroneous.”

Last month, the GCG released the results of its study, which showed that it had the authority to merge both state-run banks without legislation, citing a Supreme Court ruling.

“That study concluded that Mr. Marcos can implement the merger of the two banks, though they were created by law, without the need for legislation. We are not in agreement,” Mr. Tiñga said.

“The power to issue a legal opinion on the matter, legally, normally, and ethically, does not belong to the GCG. No government office has the power to interpret its mandate, its charter,” he added.

He also noted that the authority of the GCG is “recommendatory.”

“If the President does approve the recommendation, there is a need for an enabling legislation. There is nothing in the GCG Law itself which supports the proposition that the President can effect the merger even without the law,” he added.

Mr. Tiñga said that the DBP’s employees are also opposed to the merger.

“Most of the workforce will be losing their jobs if the merger pushes through,” he added.

The merger is expected to slash three-fourths of the workforce of the DBP, which has around 4,000 employees.

Should the merger push through, Mr. Tiñga said the DBP should be the surviving entity.

“(This is) because of its richer legacy, more extensive experience and better track record in development financing. It’s more deserving to be the surviving entity,” he added.

Mr. Tiñga also recommended giving both banks “more powers.”

“Their capital should be increased, and the law should also give them the marching order,” he said.

“There are pending bills where our authorized capital stock will be increased from P35 billion to P100 billion. With that authorized capital increase, we could expand our lending operations and lending activities considering that our lending capacity is limited,” DBP First Vice-President for Corporate Affairs Zandro Carlos P. Sison added. — Luisa Maria Jacinta C. Jocson

Arts&Culture (05/10/23)

PPO recreates its first concert for 50th anniversary

ESTABLISHED in 1973, the Philippine Philharmonic Orchestra (PPO) looks back at its beginnings through the PPO 50th Anniversary Gala, slated on May 12, 8 p.m., at the Metropolitan Theater, Manila. For this milestone, the Cultural Center of the Philippines’ (CCP) resident orchestra recreates in part its very first concert, which happened on May 15, 1973. That debut concert, under the baton of Luis C. Valencia, its first music director, with Julian Quirit as concertmaster, featured Alfredo S. Buenaventura’s Bathaluman and National Artist Lucrecia Kasilag’s Divertissement for Piano and Orchestra. The concert also featured Manuel de Falla’s Noches en los Jardines de España and G. Gershwin’s Rhapsody in Blue, with guest performer pianist Benjamin Tupas. Under the baton of Rodel Colmenar, the PPO will once again relive the first concert, performing the Buenventura and Kasilag masterpieces, with young pianist Aidan Ezra Baracol as guest performer. In addition, Filipino tenor Arthur Espiritu will perform “Salut! Demeure e Chaste et Pure!” from Faust (Charles Gounod), “Che gelida manina” from La Boheme (Giacomo Puccini), and “Kundiman ng Langit” (Augusto Espino). The anniversary concert will culminate with a performance by renowned pianist Dr. Raul Sunico, playing Gershwin’s Rhapsody in Blue under the baton of PPO resident conductor Herminigildo Ranera. Tickets to the concert are available at the CCP Box Office, located at Tanghalang Ignacio Gimenez, Vicente Sotto St., CCP Complex, Pasay City from Tuesday to Friday, from 9 a.m. to 6 p.m., and at TicketWorld via www.ticketworld.com.ph. Tickets range in price from P800 to P3,000.

Philippine folk dance concert at The Met

INDAK PILIPINAS: Mga Tradisyon at Interpretasyon, the biggest folkloric dance showcase this year gathers the best Filipino folk dance groups for performances on May 19 and 2, 7 p.m., with a 2 p.m. matinee on Saturday, at Metropolitan Theater Manila. The bi-annual dance event puts the spotlight on the best folkloric groups and their best dance pieces choreographed and staged by Philippine National Artists for Dance and other respected personalities in the dance community to celebrate the spirit of the Filipino culture through dance. Performing are Bayanihan, The National Folk Dance Company, the Ramon Obusan Folkloric Group, the Philippine Barangay Folk Dance Troupe, the Kaloob, Music and Dance Ministry, and the SINDAW Philippines Performing Arts Guild. Some of the best regional dance groups will also join the festival, including the Kalilayan Folkloric Group, Sining Palawan Dance Troupe, and the Irong-Irong Dance Company, while school and university-based dance groups are also participating: the Bulacan State University Lahing Kayumanggi Dance Troupe, the Centro Escolar University Folk Dance Troupe, the Lyceum of the Philippines University Lahing Batangan Dance Troupe, the Philippine High School for the Arts Sanghiyas Pangkat Mananayaw, the Philippine Normal University Kislap Sining Dance Troupe, the Rizal Technological University Kultura Rizalia Dance Troupe, the Technological University of the Philippines Kalinangan Dance Troupe, the University of the East Silangan Dance Troupe, and the University of Santo Tomas Salinggawi Dance Troupe. Led by overall director Generoso Caringal, with artistic consultant Dr. Larry Gabao, Indak Pilipinas is being held in partnership with the National Commission for Culture and the Arts and the Philippine Folk Dance Society. Tickets range in price from P300 to P500, with discounts for students, senior citizens, PWDs, and government employees. There is a 50% group discount for a minimum of 100 tickets. For tickets and other inquiries, call the CCP Box Office: 8832-3704/8832-1125 local 1409, or check out Ticketworld. Visit the CCP website (www.culturalcenter.gov.ph) for more information.

PHL fiction focus of new publisher

EXPLODING Galaxies, a new publishing house focused on republishing out-of-print works of contemporary Philippine fiction, debuts with the first Philippine edition of Wilfrido D. Nolledo’s lost classic But for the Lovers. With this series, Exploding Galaxies will bring lost classics of Filipino writing back into print and in active circulation, as well as into conversations in and around Philippine literature. It will publish two to four books each year, with a focus on novels and short story collections, in English, Tagalog, or regional languages. Considered a long-lost Filipino classic, Nolledo’s novel But for the Lovers finally comes home to the Philippines more than 50 years after its initial publication in the United States in 1970. In Lovers, Hidalgo de Anuncio, a jaded vaudevillian besotted with Hispanic nostalgia, brings home to Ojos Verdes a girl lost in the streets of Japanese-occupied Manila. With his attendant Molave Amoran — wistful guitarist and cunning thief — the payaso fondly guides his ingenue through a war-torn universe as perplexing as it is marvelous. This novel marries delirious lyricism and startling grotesqueries as it commemorates those who had once dared to love in a dying city. For more information, visit explodinggalaxies.com.

Philippine Academic Book Fair returns this May

GIVING the education market the opportunity to update their library collections after emerging from the global pandemic, the Philippine Academic Book Fair returns to Megatrade Hall 2, 5th level Mega B, SM Megamall, Mandaluyong City on May 10-12 with the theme “Global Educational Readiness in an Era of Print and Digital Technology in the Now Normal.” Organized by the Academic Booksellers Association of the Philippines (ABAP), the 24th Philippine Academic Book Fair is the only book fair in the country that gives sole focus to the education market, attracting school officials, librarians, teachers, professionals, reviewers, tutors, trainers and consultants, students and other members of the academe. The fair will feature the latest academic books, magazines, journals, educational video and audio materials, publishing aids, electronic references and computers. Exhibitors include Ateneo de Manila University Press, Bookquick Marketing, Book Trends Enterprises, C&E Adaptive Learning Solutions, CD Books International, Inc., Cengage Learning Asia Pte Ltd., F & J De Jesus, Inc., Fastbooks Educational Supply, Inc., Felnor General Merchandise Services, Forefront Book Co., Inc., and GALE, a Cengage company. Also joining the book fair are Golden Books Services, Inc., IBC Book Consolidators, Inc., Linar International Book Resources, Inc., Manila Bulletin Publishing Corp., Megatexts Phil., Inc., Mind Mover Publishing House, Inc., Reader’s Knowledge Bookstore, Rex Education, Treasure’s and Learning Book Store, University of the Philippines Press, and Vibal Group, Inc. The fair offers deals for cash buyers, with lower than internet prices. Remaindered stocks will also be on sale at the event. For more details call 8896-0682 or e-mail bsantiago@primetradeasia.com.

Artist mounts 3rd exhibit honoring Amorsolo

VISUAL artist Celeste Lecaroz pays tribute again to National Artist Fernando Amorsolo with her exhibit entitled “Redux,” at the Galerie Anna from May 13 to 25. “Redux” is Ms. Lecaroz’s 10th solo show since 2018, and her third featuring derivative paintings of Amorsolo that she creates in spontaneous realism style. All of the works are officially licensed by the Fernando C. Amorsolo Art Foundation. Aside from paintings, the “Redux” also features functional artworks such as furniture. Galerie Anna is at the 4th floor, SM Megamall Building A, Mandaluyong. For more information visit the Facebook page https://www.facebook.com/galerieanna.

ArtistSpace presents group exhibit

“RESTART: A Celebration of Hope” is a group exhibition of 25 Filipino visual artists, currently on view until May 14 at ArtistSpace, at the Ground Level of the Ayala Museum Annex, Makati Ave. corner De La Rosa St., Greenbelt Park, Makati City. The ARTitude Group of Artists was created out of a desire to showcase the artistic talents of a diverse mix of individuals, which include professionals, retirees, homemakers, hobbyists, as well as professional and aspiring artists. As the COVID-19 pandemic heads to its longed-for end, they wish to express their desire for brighter days ahead with an exhibition which is a celebration of hope. The artists are: Anara Noelle Chiongbian, Angela Amor, Annabella Wisniewski, Annette Aguado, Arianna Quintal, Audrey Sin, Isabel Campa, Chiqui Lizada, Clara Mortensen, Daisy Carlos, Esther Leynes, Gigit Sales, Joanna Hirsch, Kathy Garrido, Lourdes Delgado, Marinette Ortigas, Maryrose Gisbert, Mildred Garrido, Nida Cranbourne, Ottilia Taus, Patricia Tan, Pit Montinola, Rene V. Canlas, Rhea Jai Fernandez, and Ysa Gernale. The gallery is open daily from 11 a.m. to 8 p.m. Admission is free.

Palanca winning script staged in UP

NAWAWALANG Gabi, Ninakaw na Araw is a live performance adaptation of Joshua Lim So’s Palanca award-winning script Araw-Araw, Gabi-Gabi. The story revolves around two men — one in his mid 40s and a younger man in his early 20s — imprisoned in a tiny windowless cell with a light bulb that is perpetually switched on after being abducted by paramilitary units on trumped up charges of rebellion. How long can they hold on before they break themselves due to the torture they face from their sadistic captors? Will they ever break free from this and live normal lives again? Directed by Banaue Miclat and starring Janno Castillo and Johnny Maglinao, the play will have 7 p.m. performances on May 19 and 20, and 3 p.m. matinees on May 20 and 21 at the Teatro Hermogenes Ylagan, Pavilion 3, Palma Hall, UP Diliman, Quezon City. Tickets are available on a “pay what you can” basis. The play is open to those over the age of 16.

Instituto Cervantes holds online film series

THIS month, Instituto Cervantes de Manila is presenting an online film series on its Vimeo channel, which explores contemporary rural life of Spain and the new migration trends between cities and rural spaces. Entitled “Geolocalizations and New Ruralities,” this series of four documentaries proposes new ways of understanding rural communities, and the challenges and opportunities brought by socioeconomic change. The series kicked off last Saturday, with the screening of Soñando un lugar (2018), by Alfonso Kint; and continues on May 13 and 14 with Os fillos da vide (2017), by Ana Domínguez, in which the director shows a piece of her childhood through the grape harvest and festivities of her hometown in Galicia. The film will be freely available for 48 hours on vimeo.com/799821212. The third film of the cycle, 150 i una Grossa (2020), by Aurora Sulli and Núria Deulofeu, goes to Ametlla de Merola, one of the smallest towns in Catalonia with just over 150 inhabitants. The town’s central core is its theater, but due to lack of resources, it must close down. Everything changes when the town wins the Christmas lottery and the residents decide to use the winnings to refurbish the theater and prevent it from disappearing. The film will be freely available for 48 hours on May 20 and 21 through the link vimeo.com/799848938. The film cycle will come to an end on May 27 and 28 with Los saldos (2022) by Raúl Capdevila. The film tells the story of his return home and how he and his father face the forced industrialization of their town in the form of a Western-style tale. The film will be freely available for 48 hours on vimeo.com/800448839. The films, presented in collaboration with the Embassy of Spain, will have English subtitles. Admission is free.  For further information and updates, visit Instituto Cervantes’ Facebook site (www.facebook.com/InstitutoCervantesManila) or the event page: https://www.facebook.com/events/1456518371820323.

Ballet Manila performs Don Quixote

BALLET Manila re-stages the classical ballet Don Quixote on May 27, 8 p.m. and May 28, 5 p.m. at the Aliw Theater in Pasay City. American danseur and a rising star of San Francisco Ballet Esteban Hernandez will fly into Manila to perform as Basilio, Kitri’s love interest. The iconic role of Kitri, on the other hand, will be performed by Ballet Manila’s principal dancer, Jasmine Pia Dames, who is also a Gawad Buhay 2015 awardee as Best Featured Female in Classical Ballet for her role in Romeo and Juliet. Don Quixote is part of Ballet Manila’s 25th season performance on its 27th year which was kicked off by Martin Lawrance’s Filipino and contemporary take on Romeo and Juliet in February. To purchase tickets, visit www.ticketworld.com.ph, or call 8891-9999. For more information about Ballet Manila and its upcoming shows, visit www.balletmanila.com.ph.

Big Bad Wolf Books returns to Manila

THE BIG Bad Wolf book sale returns from June 24 to July 3, with its large and unique selection of literary works. The upcoming sale will feature over two million books up to 95% off, spanning different authors, genres, and writing styles. From bestsellers to cookbooks, and more for all age groups. The sale will be held daily from 10 a.m. to 1 a.m. at the PICC Forum Tent, Pasay City. Big Bad Wolf’s book sales have toured 15 countries and 37 cities.

PHLPost marks National Heritage Month with stamps

TO MARK National Heritage Month (NHM), the Philippine Postal Corp. (PHLPost) has unveiled a new set of commemorative stamps featuring eight heritage structures and historic sites associated with the birth of the Filipino nation, the first democracy and constitutional republic in the whole of Asia. These historic structures are the Aguinaldo Shrine in Kawit, Cavite; the Sideco House in San Isidro Nueva Ecija; the Cabanatuan Cathedral Convent in Cabanatuan City, Nueva Ecija; the Pamintuan Mansion in Angeles City, Pampanga; the Tarlac Cathedral, Tarlac City, Tarlac; the Cuenca House in Bacoor, Cavite; the Malolos Cathedral Convent and Barasoain Church, both in Malolos City, Bulacan. For the series, entitled Kalayaan ay Pamana, PHLPost partnered with the Filipino Heritage Festival, Inc., the National Commission for Culture and the Arts, and FUNtastic Philippines, Inc., a group of amateur and professional photographers. PHLPost has printed 80,000 copies of the Stamps in eight different designs with a P16 denomination, and souvenir sheets with a P55 denomination. PHLPost in-house graphic designer Ryman Dominic Albuladora did the layout of the stamps, with photos credited to Rolino Bucao, Jr., Rosemarie de Guzman, Godwin Hernaez, Bobby Taron, and Ruwen Verdaguer of FUNtastic Philippines, Inc. Stamps and official first-day covers are now available at the Philatelic Counter, Manila Central Post Office in Liwasang Bonifacio and Iloilo City Post Office. For inquiries on the stamps, call 8527-0108 or 8527-0132 and follow its Facebook page https://www.facebook.com/PilipinasPhilately/ for updates.

All-Filipino cast in Here Lies Love

THE PRODUCERS of Here Lies Love, the groundbreaking musical from David Byrne (concept, music and lyrics) and Fatboy Slim (music), have announced full casting for the show, marking the first all-Filipino cast to perform on Broadway. The 23-member company, which has begun rehearsals for the musical includes Melody Butiu, Moses Villarama, Jasmine Forsberg, Reanne Acasio, Jaygee Macapugay, Julia Abueva, Renée Albulario, Aaron Alcaraz, Carol Angeli, Nathan Angelo, Kristina Doucette, Roy Flores, Timothy Matthew Flores, Sarah Kay, Jeigh Madjus, Aaron “AJ” Mercado, Geena Quintos, Shea Renne, and Angelo Soriano. They join the previously announced Arielle Jacobs (who plays Imelda Marcos), Jose Llana (who plays the dictator Ferdinand Marcos), and Conrad Ricamora (who plays his nemesis Benigno “Ninoy” Aquino”). Tony Award winner Lea Salonga also joins the cast in a special five-week-only guest engagement from July 11 to Aug. 13. Here Lies Love tells the story of Imelda Marcos’ rise to power and subsequent fall at the hands of the Philippine People Power Revolution. Developed and directed by Tony Award winner Alex Timbers, with choreography by Olivier Award nominee Annie-B Parson, Here Lies Love will transform the Broadway Theatre (1681 Broadway at 53rd St., New York City) into a dance club where the audience is immersed in the story on the dance floor or in traditional theater seating. The musical begins performances on June 17 ahead of an official opening night on July 20. Tickets are on sale now at Telecharge.com or by phone at 212-239-6200. The Broadway Theatre box office will open on May 20.

Robinsons Land’s REIT reports 10% profit rise to P1B on asset infusion

ROBINSONS Cyberscape Gamma, located in Ortigas central business district, is the Philippines’ first EDGE-certified REIT building. — BW FILE PHOTO

RL Commercial REIT, Inc. (RCR) registered a 10% increase in first-quarter net income to P1.09 billion from P989.69 million a year ago after the infusion of new properties, the company said on Tuesday.

In its financial statement, Robinsons Land, Inc.’s real estate investment trust reported an 11% increase in total revenues to P1.37 billion due to the infusion of Cybergate Bacolod and Cyberscape Gamma in Pasig.

Rental income accounted for the majority of revenues for the quarter as it increased by 12% to P1.19 billion from P1.06 billion previously, with the Bacolod and Pasig assets driving the growth.

Robinsons Cyberscape Gamma was added to RCR’s portfolio in April 2022 after an asset-for-share swap, while Robinsons’ Cybergate Bacolod was transferred in March 2022.

The company’s costs and expenses for the three-month period rose by 18% to P290.62 million from P246.34 million the prior year.

Its direct operating costs likewise grew by 23% to P190.59 million in the period ending March from P154.44 million in the same period last year, on the back of higher utilities along with costs associated with the newly infused assets.

Costs directly attributed to operations include management fees, repairs and maintenance, contracted services, utilities, amortization of right-of-use assets, and accretion of interest expense.

General expenses increased by 10% to P98.26 million from P89.54 million previously.

“These consist of rent expense for the land and building lease, taxes and licenses, insurance expense, advertising and promotions, and other general and administrative expenses,” it added.

At the local bourse, RCR shares fell by 0.17% or P0.01 to P5.89 per share on Tuesday. — A. H. Halili

House approves bank secrecy amendments on third reading

HOUSE OF REPRESENTATIVES

THE HOUSE of Representatives on Monday approved on third and final reading a bill seeking to ease deposit secrecy rules and a measure regulating the use of financial accounts.

During its Monday plenary session, 257 congressmen approved House Bill No. 7446, which seeks to ease deposit secrecy rules to give the Bangko Sentral ng Pilipinas (BSP) the power to investigate deposit accounts of bank officials and employees for fraud.

The bill, which seeks to amend Republic Act (RA) No. 1495 or the Bank Secrecy Law, had zero “no” votes and abstentions. 

The measure proposes to exempt from the Bank Secrecy Law the BSP’s inquiry or examination of deposits in relation to possible fraud, serious irregularity, or unlawful activity being committed by bank officials.

The BSP said in an e-mail last month that the Philippines needs to amend its “unusually stringent” deposit secrecy law.

It cited studies conducted by the International Monetary Fund and the World Bank that “show significant weaknesses in the legislative and regulatory framework of the Philippines, arising notably from the existing bank deposits secrecy laws, which present a material hindrance to effective supervision by the Bangko Sentral ng Pilipinas.”

Meanwhile, 256 lawmakers approved House Bill 7393 or the Anti-Financial Account Scamming Act, while there were zero “no” votes and abstentions.

The bill prohibits the use of bank accounts and e-wallets for suspicious activities, with those found guilty set to pay fines or face imprisonment.

Money mule schemes involve opening, buying, renting, selling, or lending a financial or e-wallet account to receive, transfer or withdraw proceeds from criminal activity.

Meanwhile, social engineering schemes involve a person falsely presenting him or herself as a representative of a financial institution to gain the trust of others and take over their accounts or electronic communication to ask an account owner for their information.

Lastly, acts of economic sabotage involve offenses committed by syndicates in large scale or using a mass mailer.

Under the bill, the central bank will have the authority to examine and investigate financial accounts or e-wallets suspected to be involved in these prohibited acts.

According to the BSP, HB 7393 and 7446 “will also strengthen consumer protection and further inspire trust and confidence in the financial system, as scammers and fraudsters will be held to account more easily for victimizing an already pandemic-weary public.” — Beatriz Marie D. Cruz

Writers’ strike freezes Handmaid’s Tale, Game of Thrones spinoff

THE Handmaid’s Tale (2017) —IMDB

LOS ANGELES — Writing for a new season of The Handmaid’s Tale and a coming Game of Thrones prequel was halted as a nearly week-long strike by thousands of film and television writers rippled across Hollywood on Monday.

THE Handmaid’s Tale (2017) —IMDB

The writers of Emmy-winning Hulu drama The Handmaid’s Tale had penned some early episodes for a new season ahead of filming that was supposed to start in late summer, said co-executive producer and writer Yahlin Chang.

Writing of the dystopian drama stopped when the Writers Guild of America (WGA) called a strike last week, Chang told Reuters on Monday.

A representative for Hulu declined to comment.

Also on Monday, Game of Thrones author George R.R. Martin said in a blog post that the writers’ room for prequel series A Knight of the Seven Kingdoms: The Hedge Knight was “closed for the duration of the strike.”

The WGA began a work stoppage on May 2 after failing to reach a new labor agreement with higher pay from Hollywood studios such as Netflix, Inc. and Walt Disney Co. The studios have said they made a “generous” offer to boost compensation.

Late-night talk shows immediately went dark, and some TV series and movies have followed. The final season of Netflix hit Stranger Things was paused. Marvel movie Blade, starring Mahershala Ali, shut down just before filming was set to start.

The Hedge Knight was touted by Warner Bros. executives last month as one of the marquee shows in development for Max, the new name for what had been HBO Max.

The series is set 100 years before the events of Game of Thrones, a time when the Targaryen line holds the Iron Throne, and focuses on a young knight and his squire.

Warner Bros has not announced a release date for The Hedge Knight.

The second season of House of the Dragon another Game of Thrones prequel, began filming in April, Mr. Martin said, and will continue in London and Wales. All eight episodes already were written and revised, he said.

Mr. Martin also expressed his “unequivocal support” for the WGA.

“I hope the writers are given a fair deal as soon as possible,” US President Joseph R. Biden said at a screening of the film American Born Chinese at the White House as part of a celebration of Asian American, Native Hawaiian, and Pacific Islander Heritage Month.

It is unclear how long the strike will last. No new talks have been scheduled between the Guild and the Alliance of Motion Picture and Television Producers (AMPTP), the group negotiating on behalf of studios.

“Maybe the AMPTP members will come to their senses tomorrow and offer some meaningful concessions, and the whole thing can be wrapped up next week,” Mr. Martin said. “I would not bet the ranch on that, however … I have never seen the Guild so united as it is now.” — Reuters

Philippine merchandise trade performance

THE PHILIPPINES’ trade-in-goods deficit in March widened to its highest in two months as exports and imports continued to fall. Read the full story.

Philippine merchandise trade performance

Overcoming challenges in initial stages of business

AISLES of tiangge (flea market) in Taytay, Rizal are filled with customers looking for cheap clothes. — PHILIPPINE STAR/ MICHAEL VARCAS

By Miguel Hanz L. Antivola

GROWING and sustaining a small business in the Philippines can be an intimidating process for some entrepreneurs, even with government intervention, according to a franchising expert.

Perseverance is key for any business to succeed, as the journey from coming up with a viable business idea to securing funding and attracting customers is full of challenges, Armando “Butz” O. Bartolome, founder and president of GMB Franchise Developers, said in an interview.

Nearly all of the businesses in the Philippines are categorized as micro, small, and medium enterprises (MSMEs), comprising 99.58% of the total, as reported by the Philippine Statistics Authority. These MSMEs created 5,461,731 jobs and generated P2.09 billion in sales in 2021 alone.

Managing issues that arise during the early stages of MSMEs is critical, according to Mr. Bartolome. Here are some suggestions to tackle these challenges.

RAISING CAPITAL
Obtaining enough capital to launch a business is one of the strains any entrepreneur can face, Mr. Bartolome noted.

Potential sources of funding may include personal savings or loans from friends and family, he said. This phase can be particularly anxiety-inducing as entrepreneurs find themselves in debt before even launching their businesses.

“Try to find out what funds are available in your area. Are there people who are willing to lend you money at a soft interest? Are there people who will help you build a strong partnership and collaborate?” Mr. Bartolome said. 

Due to the difficulty in securing funding, whether through loans or other means, businesses tend to start very small, using whatever resources are available to them, he added. 

“If I have a carinderia, I will not probably buy a whole set of appliances or cookware, but I’ll just start with some of the few items that are essential.”

FINDING THE RIGHT PEOPLE
Starting with limited resources can also result in compromises when it comes to recruiting the right employees, Mr. Bartolome said.

Entrepreneurs must carefully consider various factors when hiring employees. Distance from the workplace, alignment with business goals, and adaptability are critical when searching for the right candidates, he noted.

MARKET COMPETITION
Businesses often find themselves competing in a crowded market alongside other players with similar goals.

This can end in shortcuts and trade-offs in branding, which can hinder growth. Businesses must constantly strive to differentiate themselves in a competitive environment, Mr. Bartolome said.

“A lot of people like to do shortcuts — copy and paste. You sort of muddle up your brand, and that’s the reason why those brands going global are the ones that really establish the right way of doing business,” he said.

“If you notice in the market right now, there are a lot of [businesses employing the] gaya-gaya (copycat) method. ‘Why reinvent the wheel? Just copy from somebody.’”

He also said that MSMEs need to study their market, identify clear objectives, and narrow their focus to find their niche.

“‘Sino market mo?’ (Who is your target market?) Most of the time, when I ask this question, sabi nila, ‘Kahit sino ho’ (they say, ‘Anyone.’) But you only have a specific target market… And ito ba [this business] is the need of the target market?”

However, there is also a need to zoom out on the market and see the competition in the grand scheme of things. This builds an awareness of the trends, prices, and strategies needed for the business to keep up with the challenges of time.

“The MSMEs are faced with what we call the red ocean where they try to bite each other [for] a small piece of pie. Nagkakaroon tayo ng (There is) price war — putting down each other,” Mr. Bartolome said.

“Start a business where you come from, where you’re a member of the community. Know who you are, your contacts, your connections, at saan mo ilalagay negosyo mo (and where to put up your business),” he added.

Entrepreneurs are also advised to broaden their network by embracing digitization and utilizing social media platforms as growth tools.

While this may seem intimidating, especially for older entrepreneurs, the benefits of having a wide reach far outweigh relying solely on word of mouth.

“But what happens is a lot of MSMEs are scared because [of] their privacy, they might be hacked, or they don’t know how to do it,” Mr. Bartolome noted.

FACING FAILURE
Risks can be seen as opportunities for growth, Mr. Bartolome said. “Failure is really something people are afraid of. Experiencing a failure can be frightening for MSMEs.”

He said that it would be beneficial for novice entrepreneurs to seek guidance from a knowledgeable mentor.

A mentor can provide valuable insights and perspectives gained through experience, which can help entrepreneurs navigate the challenges of starting and growing a business, he noted.

“If you have a good mentor who guides you and understands you with compassion, iba ’yon (it makes a difference).”

SCALING UP
Mr. Bartolome’s one piece of advice: “Once you start your business, start to scale up. In other words, don’t stay where you are.”

The ultimate goal of business is growth, and remaining stagnant goes against that purpose, he noted, as a result, they must always be open to expansion.

Failing to do so will eventually lead to losing market share and becoming prey to competitors, he added.

One way to expand a business is through franchising, which involves forming a system and a relationship with partners to distribute the brand to new areas that may not have been accessible otherwise.

UNEXPECTED CIRCUMSTANCES

While internal challenges continue to affect MSMEs, the coronavirus pandemic also added new difficulties and opportunities for businesses nationwide.

According to a 2021 survey conducted by senior economist Shigehiro Shinozaki and statistician Lakshman N. Rao for the Asian Development Bank (ADB), 73.1% of local MSMEs were forced to halt their operations due to strict quarantine rules.

They immediately faced delays in the delivery of products and services, and a sharp drop in the domestic demand, the study said.

There is a noticeable difference in aggressiveness among businesses born before and during the pandemic. Businesses were very aggressive before the pandemic, but they became more cautious afterward, Mr. Bartolome said.

On the other hand, businesses that were established during the pandemic are exhibiting high levels of aggressiveness, primarily motivated by the need for survival, he added.

It then becomes an important skill to pivot your business strategy by revisiting your objective, innovation, and sustained engagement with your customers, Mr. Bartolome noted. 

“Allocate resources. If you’re used to advertisements before on regular or traditional media, now is probably the time to look at multimedia… The social media platform has evolved. It’s no longer the posting — there are a lot of videos, new market players, and a lot of ways how to attract people.”

Social media can also be used to get feedback from customers — engage and receive suggestions for improvement, but some entrepreneurs are not open to feedback, Mr. Bartolome said.

“Don’t just put up [posts] on your social media. Try to find out all the comments, good or bad… Customers love to be part of it — the engagement… ’Yun bang nagsabi (those who said), ‘I appreciate your service; however, I got delayed.’ How do you answer that? And then you have to answer it quickly. Not answer them after six months.”

INTERVENTION
Despite the availability of government programs, people are still fearful due to uncertainties surrounding funding and the long-term sustainability of their businesses, Mr. Bartolome said.

On one hand, the Bayanihan CARES (COVID-19 Assistance to Restart Enterprises) by the Small Business Corp., the financing arm of the Trade department, provides interest- and collateral-free loans to MSMEs adversely affected by the pandemic.

Additionally, advocacy Go Negosyo by the nonprofit Philippine Center for Entrepreneurship encourages Filipinos to engage in entrepreneurship to address poverty with business coaching programs such as Kapatid Mentor Me, 3M On Wheels, and Kapatid Agri Mentor Me Program, among others.

On the other hand, the proposal of an organization to closely monitor the growth of MSMEs is still suggested by experts.

“If MSMEs will borrow money, there must be somebody or a group that will really take care of them until they have grown and started to establish their roots… Establish a way where they can report and monitor their growth,” Mr. Bartolome said.

The ADB also noted the need to monitor MSMEs’ business conditions periodically with focus group assistance.

“Now is the time to consider an optimal approach that offers targeted assistance yet ensures fiscal sustainability in a post-COVID-19 environment,” it said.

Shell Pilipinas expects 7% rise in core income

SHELL PILIPINAS Corp. expects its core earnings to grow by up to 7% this year due to improved fuel demand, a company official said.

“If you look at first-quarter performance, in a way, there is a bit of slowdown but for the remainder of the year, we expect that we will grow core earnings by at least between 6-7% and that is mainly driven by improved overall demand recovery in the country,” Reynaldo P. Abilo, treasurer, vice-president for finance and chief risk officer of Shell, said in a virtual briefing on Tuesday.

For full year 2022, Shell reported a 5.7% increase in its net income to P4.08 billion due to strong marketing performance and sustained high premium fuel penetration.

Mr. Abilo said that the Philippines remains an attractive market for the company.

For 2023, Shell has earmarked up to P6 billion for capital expenditures (capex).

“If you look at last year, 2022, we invested P5.6 billion of capex. For 2023, this year, we are planning to invest the same level, around P5-P6 billion,” he said.

Mr. Abilo said that the majority of the spending budget or about 60% is for the company’s mobility business.

Lorelie Q. Osial, Shell’s president and chief executive officer, said that the company is transforming its retail stations into a mobility business, which she described as “stations” to support its carbon-neutral drive by introducing electric vehicle charging stations and renewable energy-powered systems.

At the local bourse on Tuesday, shares in the company closed unchanged at P16.94 apiece. — Ashley Erika O. Jose

CIMB expects loans to double

CIMB BANK Philippines, Inc. (CIMB Bank PH) expects its loan book to double by yearend while keeping nonperforming loans (NPLs) low after it saw significant customer growth.

The lender said in a statement that it ended the first quarter with seven million customers, driven by a growth in its deposit and lending portfolio.

Of the total, 2.5 million of its customers in the last 12 months were loan customers, doubling from the fourth quarter of 2022.

The bank added that it recorded its highest monthly active users in March, growing more than 50% in the last 12 months.

CIMB Bank Chief Executive Officer Vijay Manoharan said the loan customer growth was seen across all its lending products, including the aforementioned GCredit and SPayLater, as well as its app-based Personal Loan and REVI Credit products.

“We expect to double our loans balance sheet by end 2023 from the previous year, while keeping our nonperforming loans at very healthy levels,” he said.

“Since our launch, we have always focused on providing our customers an unmatched banking experience through offering market-leading deposit rates and affordable loan interest rates, and being accessible through our different partners, like GCash, via CIMB GSave and GCredit, and more recently, Shopee, through SPayLater loans,” Mr. Manoharan added.

CIMB Bank PH currently offers loans ranging from P2,000 to P1 million through cash loans, revolving credit lines, and buy now, pay later products.

“As pioneers of digital-only banking in the country, our strong performance inspires us to continuously bring our clients the banking experience that they deserve by providing true value, convenience, and a highly secured digital banking experience that is easy to access anytime and anywhere,” Mr. Manoharan said.

“Through our embedded banking model, we will continue to provide Filipinos with meaningful financial solutions that provide real value, so that they can fulfill their life’s purpose,” he said.

CIMB Bank PH added that it has accumulated a transaction value of more than P120 billion.

The bank’s total assets as of end-2022 stood at P30.258 billion, according to data from the central bank. — AMCS

Roman marble bust among 11,000 stolen artefacts recovered in European crackdown

A view of a marble bust believed to represent Salonia Matidia, niece of Roman emperor Trajan, which was among the stolen artefacts that were recovered during a crackdown on international art trafficking, at an unknown location, in Spain. —REUTERS

AMSTERDAM — A crackdown on international art trafficking has recovered 11,049 stolen artefacts, including ancient coins and books and a marble bust believed to represent the niece of a Roman emperor, European police force Europol said on Thursday.

Sixty people were arrested in the raids across 14 European countries last year, part of so-called Operation Pandora launched by Europol in 2016 and renewed annually since then.

A view of a marble bust believed to represent Salonia Matidia, niece of Roman emperor Trajan, which was among the stolen artefacts that were recovered during a crackdown on international art trafficking, at an unknown location, in Spain. —REUTERS

Among the recovered artefacts were over 3,000 ancient coins, 77 ancient books stolen from the archives of a monastery, 89 religious sculptures and other religious artefacts, and a Roman marble bust of a woman believed to represent Salonia Matidia, niece of Trajan, Roman emperor from 98-117 A.D.

Spain led the latest reported Pandora crackdown with the support of Europol and Interpol, while Austria, Bulgaria, Czech Republic, Croatia, Cyprus, Greece, Ireland, Italy, Poland, Portugal, Romania, Sweden and Bosnia took part. — Reuters

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