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PHL banking penetration rate among lowest in region

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THE PHILIPPINES’ banking penetration rate was among the lowest in Southeast Asia in 2021, according to McKinsey & Company.

The country had a banking penetration rate of just 56%, based on central bank data, McKinsey said in a May 3 article on its website written by Guillaume de Gantès, senior partner at its Southeast Asia office, Associate Partner Hernan Gerson and Kristine Romano, a partner at its Manila office.

The Bangko Sentral ng Pilipinas (BSP) wants 50% of payments done online and 70% of Filipino adults to have a formal financial account by the end this year.

Latest BSP data showed banked Filipino adults almost doubled to 56% of the population in 2021 from 29% in 2019. The share of digital payments in total retail transactions also increased to 30.3% from 20.1% in 2020.

“The Philippines is one of the fastest-growing economies in Southeast Asia, yet the banking penetration rate ranks among the lowest in the region at 56% versus 96% in Thailand and 88% in Malaysia,” McKinsey said in a separate statement.

“The banking penetration rate remains among the lowest in the region, and traditional financial institutions focus heavily on commercial lending, leaving a rapidly growing, increasingly affluent, and digitally savvy population with little access to financial services that meet their needs,” it said in the article.

Philippine banks are “underinvested” in digital technologies, McKinsey added.

“Traditional banks remain focused on wholesale banking and have been slow to reach new customers outside their existing client base,” it said. “Rural areas are home to nearly half the population, yet rural households are especially underserved, and many have little or no access to brick-and-mortar banking infrastructure.” 

Data from McKinsey showed that Philippine banks use less than 10% of their revenues on information technology, lower than the 15% average in the Asia-Pacific region.

Meanwhile, digital channels account for only 5-15% of banks’ revenues, below the average of 25% for other banks in emerging Asian markets, it said.

Most Philippine financial technology firms also “concentrate almost exclusively on payments, and infrastructure constraints limit their reach.”

“The result is a widening gap between the country’s enormous underbanked population and the expanding range of innovative financial technologies lying just beyond its borders,” it added.

McKinsey said the Philippines is working to make the financial sector more inclusive through digitalization.

“Regulators are laying the necessary groundwork for digital financial services and digital-first business models. The sectoral regulator has recently introduced new digital banking licenses, created a real-time payment system, and established a standardized QR network,” it said.

The bankable population in the Philippines is expected to grow by 30% to 85 million in 2030 from 65 million in 2022, McKinsey said.

“In this dynamic environment, new entrants that move swiftly and offer products tailored to the needs of underbanked businesses and consumers, both in urban and rural areas, will be able to establish strong market positions, while latecomers will struggle to stand out in an increasingly crowded field,” it said.

“The rise of a young, tech-savvy consumer base is driving a surge in demand for innovative financial services, leading to the rapid expansion of mobile payments platforms ranging from e-wallets to the digital apps of incumbent banks. Meanwhile, other technology-driven financial subsectors have only begun to emerge,” it added.

However, the public’s lack of information about banking services is a challenge to inclusion, said McKinsey.

“Statutory balance requirements have long since been eliminated, and many banks offer accounts with no minimum balance, yet 45% of unbanked Filipinos believe balance requirements would prevent them from opening an account,” it said.

About 40% of the unbanked also said they lack adequate documentation, based on the BSP’s Financial Inclusion survey, but this is likely an exaggeration, McKinsey said.

Meanwhile, the remaining 15% of the unbanked point to a lack of trust in financial institutions as their chief reason for not opening an account, the BSP’s survey said. — K.B. Ta-asan

Living smarter, more sustainably with Garden City 

Rising at Bacoor City, Cavite, Garden City embodies a concept of a nature-inspired lifestyle that bridges a direct connection between people and nature through sustainable features and amenities.

In a competitive real estate market, more and more Filipinos are turning into socially conscious consumers. It is essential that they invest properly by looking for the best value for their hard-earned money, as well as observing socially responsible investing at the same time. Golden Bay Landholdings offers an ideal way to achieve that.

Real estate company Golden Bay Landholdings based their pioneering residential projects on a sustainable and purposeful design that prioritizes its residents’ well-being, which are evident in its leading residential development, Garde City.

“Garden City is quality and sustainable design at an accessible price, a masterpiece for the middle class,” Golden Bay’s Chief Operating Officer Jardin Wong said.

Dubbed as the urban core of the South, the six-tower and 18-story Garden City will be rising at Bacoor City, Cavite. The property is located near the upcoming LRT 1 Bacoor Station, Cavitex Toll Road, Cavite-Laguna Expressway (CALAX), Pasay Integrated Terminal Exchange (PITX), and the Ninoy Aquino International Airport (NAIA). It is also within a 10-minute drive away from the Macapagal Bay Area.

Garden City’s 30-sq.m. studio units are ideal for individuals living alone and for OFWs who are looking for a worthy investment.

The urbanization of Cavite resulted in growth in both residential neighborhoods, as well as commercial and industrial sectors, which make up the majority of the developed region. Emerging residential communities like Garden City are coming in time to accommodate the growing population in the city.

Moreover, Garden City is designed to help residents in achieving a well-rounded and balanced work-and-play lifestyle by providing them with a conducive environment to do so. Poised to be the “Ultimate Urban Paradise,” the property implements the beauty and benefits nature has to offer with everyday modern living.

Golden Bay is known for its commitment to making investments in smart and sustainable materials that won’t hurt the planet.

According to Mr. Wong, the company has gone out of its way in finding the best and most suitable partners who share the same vision and commitment to sustainability as they do.

Meanwhile, the 70-sq.m., two-bedroom units are designed for start-up families and retirees.

In collaboration with established industry leader WTA Architecture, Garden City takes pride in its Zen-inspired, organic, and natural flowing designs that strive to rejuvenate and recharge residents from the daily hustle and bustle of city life.

“Our concept was born out of a desire to offer nature-inspired living and to usher in a sustainable brand of lifestyle. This concept represents a direct connection between people and nature, bringing future residents closer to the environment,” Mr. Wong explained.

Notably, their dedication to green architecture has garnered Garden City a win at the prestigious OPAL Awards in London where the members of the jury are international design purveyors. This makes Garden City more than just a mere condo investment but a legacy to pass on.

“It’s our responsibility as a developer to do our part in taking care of the environment. We might incur high costs upfront but it’s definitely a wise investment in the long run,” he added.

On top of Garden City’s sustainable designs, Garden City is also designed for those who want to connect and heal to nature. The majority of the units have balcony views overlooking Manila Bay, where residents can enjoy the beauty of the sunsets; and the opposite views feature the skyline of Makati and Las Piñas.

Despite the size limitation with condos, Garden City is still a smart investment as it offers two efficient layouts that come in a square-cut shape (with minimum width of 3.9 meters) so that residents can maximize their living space. Garden City’s 30-square meter (sq. m.) studio units are ideal for individuals living alone, especially for OFWs who are looking for a worthy investment; while the 70-sq.m., two-bedroom units are designed for start-up families and retirees.

In case they need more room, clients are also free to combine nearby units.

All units, with an average of 18 allocated per floor, are also equipped with smart and convenient features, including air conditioning, full sliding doors to the balcony, and lofty floor-to-ceiling height of at least 2.6 meters. Additionally, residents are offered full privacy and exclusivity.

Committed to its name as a wellness escape for its dwellers, Garden City is dedicated to nature podiums and open space.

“The concept offers residents a nature-inspired lifestyle that will positively impact their well-being. From reducing stress, enhancing positivity, maintaining good health, connecting with family, and creating spaces for relaxation, solitude, and joy; we’ve designed every space purposefully with a selection of around 20 key amenities,” according to Mr. Wong.

The first few floors of the development will host a retail podium reserved for essential retailers like banks, shops, and more.

Soon, the Phase 1 of the development is scheduled to finish around 2028, while Phase 2 completion is aiming to be completed in mid-2031.

Enjoy a greater standard of living in the future with Garden City. Inquire about Garden City at +63 28539 8888 or +63 999 936 6605, or email them at info@goldenbayland.com and marketing@goldenbayland.com. For more information, you can also follow their social media profiles on Golden Bay Land Official on Facebook and @goldenbayland on Instagram.

 

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PLDT posts flat P9-B income, says core profit up

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PLDT Inc. reported an attributable net income of P9.02 billion in the first quarter, down by 0.7% from P9.08 billion in the same period last year when it booked non-recurring gains.

“Last year, we had this income from the prescription of preferred redemption liability worth P7.8 billion, which was not present this year,” said Danny Y. Yu, the newly appointed chief financial officer and chief risk management officer, on the sidelines of the company’s media briefing on Thursday.

“But in terms of telco core income, it’s higher even after the [share] losses in Voyager Innovations, Inc.,” he said, referring to the digital solutions provider under PLDT’s digital bank Maya Bank, Inc.

In the first quarter, the company booked P8.64 billion telco core income, which is 5.1% higher than the P8.22 billion recorded last year.

“We continue to reinforce our core infrastructure. We are now at 17.2 million in terms of homes passed, an increase of about 1.7 million homes from the previous period,” PLDT President and Chief Executive Officer Alfredo S. Panlilio said.

PLDT’s top line was 5.1% higher at P52.36 billion in the first three months of the year from P49.83-billion revenues booked in 2022. Its service revenues, gross of interconnection costs, reached P49.73 billion, up by 4.4% from P47.65 billion previously.

The individual wireless segment of the company contributed P19.8 billion of the service revenues. Home accounted for P15 billion, enterprise shared P11.8 billion, while the international segment accounted for P500 million.

In the first quarter, the company recorded a 4.8% decrease in its expenses, which included interconnection costs and marginal revenue product expenses at P39.7 billion from P41.69 billion.

Cost-cutting measures were implemented during the quarter such as those involving compensation and energy efficiencies, Mr. Panlilio said.

CAPITAL EXPENDITURE
The company’s capital expenditure (capex) during the quarter was at P19.3 billion, 22% higher than its spending of P15.8 billion in 2022. The bulk was used for network and information technology improvements, which amounted to P16.1 billion.

Meanwhile, Mr. Yu said that around P11 billion to P14 billion of the budget overrun was taken into account in the first quarter under property, plant and equipment.

The amount is for 5G orders, which is part of the capex overrun, the assets of which had already been received by the company, Mr. Panlilio said.

Previously, the company said that the agreement with vendors had reduced PLDT’s outstanding commitments to them for the acquisition of property equipment post-2022 to P33 billion.

For 2023, PLDT has earmarked a capex of P80 billion to P85 billion, which is lower than the P96.8 billion it used in 2022.

OUTLOOK
Mr. Panlilio said that the initial profit guidance presented to the company’s board of directors was P33.8 billion.

“The budget that we had approved from the board was P33.8 billion. It’s really a clean-up year for us, a lot of things are happening. There’s still work being done on the settlement, in terms of certain work we are reviewing,” he said.

“Obviously, we are pushing to do more but for now that’s the guidance that we are internally looking at, at this point,” he added.

Mr. Panlilio said that the company is hoping to record free cash flow in 2024, as the company continues to strengthen its core business.

“We are looking forward to serving our customers better through being more innovative and bringing more products and services into the market,” he said.

“Enterprise is going to be an interesting growth area for us,” he said. “There are a lot of possible growth initiatives in enterprise. We are pushing for cloud and solutions, and that’s where the growth area could possibly be coming from.”  

NEW APPOINTMENTS
Separately, the company announced in a regulatory filing the appointments of three officials to fill vacated positions.

Mr. Yu, senior vice president and PLDT group controller, was given the chief financial officer and chief risk management officer roles starting May 4.

First Vice President Luis S. Reñon was promoted to a senior vice president position starting Thursday.

Meanwhile, the PLDT board has elected Marilyn A. Victorio-Aquino as a director of the company to cover the unexpired term of the late Ambassador Albert F. del Rosario.

Ms. Victorio-Aquino is a senior vice president and the chief legal counsel, head of legal and regulatory affairs, and corporate secretary of PLDT. Her appointment as a director will start on May 8.

On Thursday, shares in PLDT went up by P55 or 4.59% to close at P1,254 apiece.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Justine Irish DP. Tabile

Megaworld says Iloilo residential building to bring P4-billion sales

MEGAWORLD Corp. expects to generate up to P4 billion in sales as it launches a 22-storey residential building in Iloilo City, the company said on Thursday.

In a press release, the listed real estate developer said that the Firenze residential building will offer 415 “smart home” units and will be located at its 72-hectare development at the Iloilo Business Park in Mandurriao, Iloilo.

The company said that the construction of the building was inspired by the city of Florence, Italy. It expects completion of the Firenze residential building by 2028.

“We have chosen Florence as the inspiration of this new development because of its charm and interesting character that truly reflect what Iloilo Business Park has become through the years,” Megaworld Visayas First Vice-President for Sales and Marketing Jennifer Palmares-Fong said in a statement.

“This is the first time that we have a particular city as an inspiration for our condo in the township — not just Italian, but truly Florentine,” Ms. Palmares-Fong added.

Units would range from an up to 32 square meters (sq.m.) junior one-bedroom to a 60 sq.m. one-bedroom loft with balcony; two-bedroom units from 62 sq.m. up to 90 sq.m.; and 108 sq.m. to 132 sq.m. for the three-bedroom unit.

“Firenze will rise beside The Palladium at the northern portion of Megaworld Boulevard, just a short walk to and from Festive Walk Mall and Festive Walk Parade as well as the Iloilo Museum of Contemporary Art,” the company said.

The township developer said that amenities would include a pool area for adults and children, a hot tub, gardens, pavilion, playground, and an outdoor fitness area on the fifth floor.

“Future residents will also enjoy their time relaxing with their families or friends at the outdoor lounge located on the 21st floor of the tower,” it added.

Meanwhile, the company is also set to construct the 405-room Belmont Hotel Iloilo, its third hotel development within the Iloilo Business Park. The project adds to the 149-room Richmonde Hotel Iloilo, and the 326-room Courtyard by Marriott Iloilo.

Megaworld has launched six residential developments in the township and 11 office buildings offering about 182,000 sq.m. of leasable office spaces, of which three are still being constructed.

Shares in the company fell 1.47% or P0.03 to finish at 2.01 on Thursday. — Adrian H. Halili

ACEN income surges to P2 billion on higher power generation

AYALA-LED ACEN Corp. reported a surge in its net income for the first quarter to P2.03 billion, a fivefold increase from P405.03 million a year earlier, driven by higher net generation on better wind resources.

“After weathering several challenges in 2022, we began the year with encouraging results brought about by the growth in generation output,” Eric T. Francia, president and chief executive officer of ACEN, told the stock exchange on Thursday.

In the first quarter, ACEN recorded a 23.5% increase in its consolidated revenues to P9.14 billion from P7.40 billion in the previous year, fueled by higher revenues from electricity sales.

ACEN said its revenues were lifted by better output from its wind resources and the start of the commissioning of new power plants in the Philippines and Australia.

“As our renewable energy investments begin to bear fruit, ACEN is now on a stronger footing as we continue working towards our aspiration of reaching 20 GW (gigawatts) of renewables by 2030,” Mr. Francia said.

For the January-to-March period, ACEN’s attributable EBITDA or earnings before interest, taxes, depreciation, and amortization from non-consolidate associates and joint ventures increased by 76% to P4.6 billion.

ACEN said its total attributable renewables output increased by 20% to 1,058 gigawatt-hours (GWh) in the first quarter.

“The strong financial results reflect the resilience of our strategy to expand renewables capacity, supported by a robust balance sheet. ACEN’s strong cash position and diverse mix of financing options continue to enable the achievement of our 2030 aspirations,” said Maria Corazon G. Dizon, treasurer, chief finance officer and compliance officer of ACEN.

In the Philippines, ACEN’s renewable energy generation also saw a 31% increase to 310 GWh, while strong wind resources in Vietnam lifted the company’s international output by 15% to 748 GWh.

The figure also includes contributions from the partial commissioning of the first phase of its New England solar project in Australia and better availability of its geothermal facility in Indonesia.

To date, ACEN has 4,000 megawatts of attributable capacity spread across the Philippines, Vietnam, Indonesia, India, and Australia.

At the stock exchange on Thursday, shares in the company gained two centavos or 0.33% to end at P6.02 apiece. — Ashley Erika O. Jose

Hollywood braces for long, contentious summer as writers strike

THE FILM and TV writers strike, which began Tuesday, could be just the start of a long summer of labor troubles in Hollywood.

Negotiations between the Writers Guild of America (WGA) and the Alliance of Motion Picture & Television Producers, a trade association that represents entertainment companies such as Walt Disney Co. and Warner Bros. Discovery Inc., broke down Monday night.

But other entertainment-industry negotiations are right around the corner, increasing the likelihood of production delays and adding to pressure on TV and film studios to work out labor agreements.

Separate unions representing actors, SAG-Aftra, and directors, the Directors Guild of America, are expected to begin negotiating new contracts for their members with the same motion picture alliance in coming weeks. Like the writers, the directors and actors are putting compensation for creators in the streaming-video era at the center of their talks.

The studios are considering negotiating agreements with those other unions before returning to the writers, believing the actors and directors will be easier to deal with, according to a person familiar with the studio alliance’s thinking. That strategy could push any resolution of Hollywood’s labor woes into August, however, said the person, who asked not to be identified because the deliberations are private.

Writers for some of the most popular shows on television began walking picket lines Tuesday afternoon, seeking higher pay and saying they’ve been shortchanged by the shift to streaming as the dominant source of entertainment viewing. Hundreds turned out in front of one of Netflix, Inc.’s offices in Los Angeles, some carrying signs and chanting, “Hey ho, hey ho, corporate greed has got to go.” One sign read: “Don’t you want to know how The Last of Us ends?”

The most immediate casualty of the strike has been the evening comedy shows. NBC’s The Tonight Show Starring Jimmy Fallon and Late Night with Seth Meyers have stopped producing new programs, with the network planning to air reruns in their place. Fans also won’t get to see new episodes of Real Time with Bill Maher and John Oliver’s Last Week Tonight, which air on Warner Bros.’ HBO.

The writers say their pay has fallen over the last decade, with members buffeted by changes in the business, including shorter seasons for shows on streaming services. The guild is seeking at least a 5% increase in basic pay, commitments for at least 13 weeks of work, and a minimum of six writers per show.

They also want additional compensation for programs on streaming services that turn out to be hits, something they say the studios rejected. The studios said their proposal for increased minimums and payments for streaming residual earnings has been “generous.”

TV viewers have migrated to streaming services and are watching fewer regularly scheduled shows on broadcast and cable. In a sign of how rapidly the TV business is changing, Fox on Monday canceled 9-1-1, one of its most watched programs, because of the cost to produce the show. Disney, which owns the program, will run a 7th season on its ABC network instead.

The previous writers strike, in 2007, lasted 100 days, and cost the Los Angeles economy an estimated $2.5 billion in lost output. This strike, which is national in scope, could crimp the economies of states such as New York and Georgia, which are also hubs for film and TV production.

In recent days agents scrambled to sign last-minute deals with writers before they were forbidden from doing so. Lawyers working on entertainment-related acquisitions were asked by clients to include financial accommodations in the event of an extended strike.

Other Hollywood unions are taking a cautious approach to the writers strike so far. SAG-Aftra, which represents over 160,000 actors, said that while it supports the writers, it won’t be joining them in a work stoppage. The union, which has its own contract with the studios, said actors should still show up on set. They’re allowed to walk picket lines with writers in solidarity, but only when they’re not supposed to be working.

The actors begin negotiating June 7, for a new contract to replace one that expires at the end of that month. The Directors Guild said it will begin its negotiations with the studios on May 10. Among other issues, the directors want greater payments from streaming services with subscribers globally. — Bloomberg

How will TV shows be affected by the Hollywood writers strike?

LOS ANGELES — Thousands of Hollywood film and television writers went on strike starting Tuesday, an action that disrupts TV production. How will the walkout by the Writers Guild of America’s affect viewers’ favorite TV shows and movies?

Which shows will feel the first impact of the strike?

Late-night talk shows such as Jimmy Kimmel Live and The Tonight Show with Jimmy Fallon went dark immediately and are now airing re-runs. New installments will not be available on traditional networks, nor on streaming services such as Hulu and Peacock that make the shows available the following day.

Next to be disrupted could be daytime soap operas since they are traditionally written not long before they are filmed.

Primetime comedies and dramas currently on air should be able to wrap up seasons uninterrupted — their episodes for the coming weeks will have already been written and filmed.

What could happen if a strike drags on?

A protracted strike could delay the start of the fall television season, when networks debut new scripted shows and fresh seasons of their hits. Writing for the fall season typically starts in May or June.

What about streaming services?

Netflix, which makes shows around the world, has said it can feed its service with shows produced outside the United States. But its US-based series would be affected if a strike drags on.

HBO Max, which is switching its name to Max in late May, has been saving up programming to release with its re-branding.

Which shows are safe from the strike?

News programs will continue as normal because their writers are covered by a different union. The same is true for unscripted reality shows such as Big Brother and The Bachelor.

What about movies?

The flow of films to theaters will not take an immediate hit because movies take two to three years to produce, studios have a pipeline of films already written and shot. It would take an extended strike to interrupt movie release schedules. — Reuters

Converge expects tourism to boost entry in Boracay

CONVERGE ICT Solutions, Inc. has formally launched its entry in Boracay island where it projects tourists and transients to be the base market for its product offerings.

“The biggest potential here is the tourism areas. But the transient areas will have a market here also, but for prepaid products,” Converge Co-Founder and Chief Executive Officer Dennis Anthony H. Uy told reporters on the sidelines of the media launch on Wednesday.

He said that the company’s Boracay entry is part of its P2-billion underground infrastructure investment in Panay in Western Visayas.

“The infrastructure we built here covers the entire Panay island. It does not only cover Boracay, it covers the entire five provinces,” Mr. Uy said.

“We just selected Boracay because it is a tourist destination and there were a lot of complaints here regarding connection service and the like,” he added.

The company’s rollout in the area will initially be for businesses and small- and medium-sized enterprises (SMEs).

“As of today, we are targeting the enterprise market which are the big hotels and then the SMEs. Next month, we can open residential, low-end postpaid, and prepaid offerings,” Mr. Uy said.

Aside from these, Mr. Uy said that the company sees potential in the condominium owners in Boracay who use their units as vacation homes.

For its next rollout, the company is targeting another tourism destination located in Palawan.

“The next would be Palawan, it will be in a tourism area. This is in El Nido. It’s actually up and running, we will just formally launch it,” Mr. Uy said.

“The marketing team is just working on the schedule. But I think in June this year, we will try to launch it,” he added.

PREPAID OFFERING
Mr. Uy said that Converge is looking into more offerings under its prepaid segment, after reaching 30,000 subscribers.

“The traction is very strong; I think we already have 30,000 subscribers. But we want to see our customer’s behaviors to see how many percent are loading and how many percent have complaints,” he said.

The company has yet to study its prepaid customers’ behavior as all of the services offered for this segment are online and do not have a call center, Mr. Uy said.

“I think we need to increase our banners to really make this available nationwide. Slowly we’ll go there,” he said.

Previously, the company launched its first low-cost prepaid fiber product which aims to make fiber connectivity affordable to the masses.

Called Surf2Sawa, the product allows subscribers to make use of unlimited fiber internet at a 25-megabyte-per-second speed for as low as P50 per day to P700 for 30 days. — Justine Irish D. Tabile

Coronations — real and imagined — on the screen

The outrageously disrespectful, the controversial and the tasteful

INFORMATION about King Charles III’s coronation is coming out bit by bit from who will do what to the choice of music and the coronation emoji design.

One fact was never in doubt: we can watch it on television.

Queen Elizabeth II’s coronation in 1953 drew 20 million viewers on the BBC channel. Behind the scenes there were fierce arguments about televising the service. Prime Minister Winston Churchill opposed the idea.

The 27-year-old queen insisted there would be cameras inside Westminster Abbey. But one thing was clear: the cameras would avert their gaze at the most sacred moment of the ceremony.

Everyone agreed the anointing, the moment the monarch becomes sacred, was too holy for television cameras.

In 2023, coronation planners feel the same: the cameras will again avert their gaze as Archbishop Justin Welby anoints Charles III.

But while this will only be the second British coronation to be televised, popular culture has provided many opportunities to see fictional depictions.

Elizabeth (1998) about Queen Elizabeth I had a major set piece as the crown was placed on the queen’s head even as there was turmoil in her 16th-century kingdom.

In close-up, Elizabeth closes her eyes and draws on her inner strength as the crown and scepter are handed to her and her political enemies watch with hostility.

In England My England (1995) the coronation of Charles II in 1685 is farcical, as the king processes behind an ancient and tottering archbishop.

The King’s Speech (2010) showed behind-the-scenes preparation for George VI’s coronation in 1937, including George’s concerns at speaking without a stutter.

The tasteful planning in 1953 to preserve the holiness of the coronation contrasts with other versions of the coronation on British television. British television’s respect in 1953 has given way to parody, comedy, and sensationalism.

One of the most outrageously disrespectful depictions of a televised coronation is a 1977 episode of the famous comedy series The Goodies. The Goodies made their parody of the coronation in the year of Elizabeth’s silver jubilee in an episode packed with bizarre and disrespectful comedy.

The actual royal family are injured when performing an entertainment routine and so it is up to one of the Goodies, Tim Brooke-Taylor, to impersonate the injured queen in a re-creation of the coronation.

Another Goodie (also a man) takes the place of Princess Anne. Because of budget cuts, everyone at Westminster Abbey is a cardboard cut-out.

In a chase scene between the royal family and the Goodies, the false Princess Anne leaps on the back of the Archbishop of Canterbury and makes him canter around a field.

There was more comedy and more disrespect in King Ralph (1991), which not only showed the death by electrocution of the entire royal family but also the crown placed on the head of a loud-mouthed American slob who was the only surviving heir to the throne. He then promptly wore it in a bubble bath.

More serious in tone, The Crown in 2016 showed what the BBC’s cameras did not in 1953 with close-up views of the most sacred moments of the ceremony. The high-definition cameras make viewers close and intimate when the 1953 ceremony was veiled and sacred.

In 2009 the drama series The Queen showed Elizabeth II’s accession and coronation not as holy but as part of domestic drama and scandal.

Like both the comedy of the Goodies and the drama of The Crown, it showed both a coronation and a royal family that had shifted from the sacred to the profane. Public ritual masked the private dramas in the royal family including Princess Margaret’s liaison with a divorced man.

Most serious of all, the 2017 television film King Charles III imagined a near future where Charles comes to the throne only to cause political chaos through erratic and unconstitutional acts.

Controversial because it showed Charles’ reign as brief and turbulent, and forced to abdicate by William, the film ends with Charles disgruntled and cast aside, gate-crashing William’s coronation and slamming the crown down on William’s head.

Charles III’s coronation will be a magnificent spectacle. But today’s television viewers will also know the real-life soap opera behind the scenes of today’s royal family. Whether we laugh at comedy or are absorbed by drama, we have seen television as less than respectful of sacred mysteries. — The Conversation via Reuters Connect

Marcus Harmes is a Professor in Pathways Education at the University of Southern Queensland, Australia.

The Asset: UnionBank only local bank in Asia to win “Digital Bank of the Year” 6 years in a row!

Union Bank of the Philippines (UnionBank) has consistently proven itself to be the undisputed digital leader in the country’s banking industry. Its recent win of an unprecedented sixth consecutive “Digital Bank of the Year” award from renowned financial news and research publication The Asset Triple A is proof that UnionBank has indeed established a Digital Dynasty in the Philippine banking industry.

“Digital transformation has been a mantra at the bank and what’s behind its rapid growth these past years. With a strong focus on client experience, embracing innovation, and delivering better outcomes, UnionBank has altered mindsets to become the winning digital bank in the Philippines. A testament to that was its success in acquiring Citi Philippines’ consumer banking business, which was completed less than a year following its winning bid at the end of 2021. With the integration firmly underway, the bank has set the stage for its next phase of growth expanding its market share and staying ahead of the competition,” said Daniel Yu, The Asset’s editor-in-chief.

UnionBank embarked on its digital transformation journey over seven years ago, long before other Philippine banks and industries recognized digital transformation as critical for survival. The vision has always been to be the pioneer in digital banking on the journey to be a great retail bank.

What made the Bank’s digital transformation journey notable was the promise that “no one gets left behind.” Beyond simply digitizing its assets and capabilities, the Bank made sure that no one—not its customers, not its colleagues, not its countrymen—gets left behind.

Since winning its first “Digital Bank of the Year” award from The Asset in 2017, UnionBank has consistently been streets ahead of the competition in introducing innovative solutions that continue to redefine the future of banking today.

UnionBank President and CEO Edwin R. Bautista attributes the Bank’s phenomenal success to its customers, “When we were starting, our internal rallying cry was ‘we need to move from being a bank, to a tech company with a banking franchise.’ Innovation became an obsession. But without customer centricity, innovation could become an end and not a means to an end. Often, we need to remind ourselves, lest we forget and get carried away—that Digital Transformation is anchored on having the customer at the center.”

The Asset Triple A Digital Awards is an annual ceremony that recognizes “financial institutions and technology firms that have excelled in innovation and developing a unique digital experience for customers across the Asia-Pacific and the Middle East.” Countless financial institutions, technology vendors, and digital service providers are nominated every year, and all undergo a rigorous selection process conducted by The Asset’s board of editors to determine the best of the best.

 

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AirAsia to reschedule, cancel flights for airspace shutdown

BW FILE PHOTO

BUDGET carrier AirAsia Philippines (AirAsia) has proposed the rescheduling of at least 34 flights and the cancellation of six flights in preparation for the airspace shutdown on May 17.

Under the proposal, 21 of the affected flights are originally scheduled on May 16, while 13 flights are on May 17.

“Included in the proposed rescheduling are flights to and from Taipei, Incheon, Bangkok (Don Mueang), Kota Kinabalu, and Incheon for international and Cebu, Bacolod, Davao, Puerto Princesa, Cagayan, Iloilo, and Tacloban for domestic,” the airline said.

Meanwhile, AirAsia said that it had proposed six flights that will be canceled during the shutdown.

“Canceled flights include those flying from Manila to Davao, Cebu, and Bacolod and its corresponding return flights which cover the 6-hour repair on May 17,” it said.

These flights are just proposals that AirAsia presented in a consultative meeting with representatives from the Department of Transportation, Civil Aviation Authority of the Philippines (CAAP) and Manila International Airport Authority and other industry leaders.

AirAsia said that it will update the list as soon as it receives approval from the slot committee.

Meanwhile, corrective maintenance and repair of the uninterruptible power supply of the Communication Navigation System-Air Traffic Management (CNS-ATM) are scheduled on May 17 from 12 midnight to 6:00 a.m., the CAAP.

“The repair of the CNS-ATM system is a positive development towards ensuring safer skies for all, especially within the Philippine Flight Information Region,” said Steve F. Dailisan, communications and public affairs country head of AirAsia.

“We’ve been working closely with them since the beginning to mitigate any inconvenience among our guests. This involves our request with the slot committee for the retiming of our flights that will be affected due to the repair,” he added.

As part of its preparations, AirAsia said that it has notified guests in advance through text message and registered email of the flight schedule changes. It is also planning for a massive information dissemination campaign through its quad media partners and social media pages. — Justine Irish D. Tabile

Entertainment News (05/05/23)

 

Call for submission of smartphone movies

BUILDING on its previous initiatives of surfacing climate stories through film, the Oscar M. Lopez Center (OMLC) has partnered with Samsung for the 2023 Mga Kwento ng Klima (MKK) Short Film competition. Open to all professional and independent Filipino filmmakers, the 2023 MKK Shorts is seeking short climate films, running for up to five minutes, shot entirely using the latest Samsung Galaxy S23 Ultra. No submission fee is required to join. Interested participants must submit a pitch deck for the climate film that they will be producing. Films about the environment, biodiversity, and other related topics with no climate lens will not be accepted. Each participating filmmaker can submit a maximum of two film pitch decks using the template provided by the OML Center. Submission templates can be accessed here: https://bit.ly/MKK2023PitchDeckTemplate. Films must be in live-action film narrative format aligned with the following genres: drama, comedy, musical, action, suspense, historical or science fiction. The 2023 MKK Short Films is not open for documentary and animated film submissions. Deadline of submission of film pitch deck is 11:59 p.m. of May 12 via e-mail at be.aware@omlopezcenter.org, with the subject format “Balangay Project — 2023 MKK Shorts Pitch | Tentative Title of the Film.” All filmmakers passing the preliminary screening will be provided with a Galaxy S23 Ultra to produce their films. Qualifying filmmakers will also be required to join a month-long Climate Film Lab which will provide participating filmmakers with resource persons and mentors. Up to 10 entries will be selected as finalists and will be awarded cash prizes during the awarding ceremony happening in July 2023. All finalists will be streamed through iWant TFC for free. For more details about the MKK Shorts 2023, visit https://www.omlopezcenter.org/MKKSF2023/.

The CompanY performs at Live Love Local Fiesta

QUEST Plus Conference Center Clark hosts the Live Love Local Fiesta which celebrates Filipino culture through food, Original Pilipino Music, and the traditional Flores de Mayo. It will be held on May 13, Mother’s Day weekend, and feature vocal ensemble The CompanY, as the musical headliner of the Live Love Local Fiesta concert. Another highlight of the program is the Flores De Mayo parade, featuring creations by Kapampangan fashion designers Frederick Policarpio, Marlon Tuazon, Jojo Macapinlac, Mich Viray, Rosette Biag, Rich Sabinian, and Philip Torres. The Fiesta will take place at the Filinvest Mimosa+ Open Grounds, with gates opening at 5 p.m. Tickets are available at P3,000 net with free-flowing snacks and drinks. For ticket inquiries or reservations, call 599-8000 or 0998-587-8071, log on to questhotelsandresorts.com/clark or follow the hotel’s social media accounts on Facebook and Instagram.

Baekhyun, Jeon Somi, B.I headline OVERPASS 2023

EXO’s Baekhyun, Jeon Somi, and B.I are set to headline the OVERPASS: K-Pop Music Concert on June 11 at the Smart Araneta Coliseum in Quezon City. OVERPASS brings together R&B, soul, and hip-hop artists of Asian descent from different sides of the globe. Apart from being the lead vocalist of the nine-piece boy group EXO, Baekhyun has made a name for himself as a soloist, having released three successful mini-albums. The soloist Jeon Somi rose to fame after finishing 1st by popular fan vote at the survival reality show Produce 101, and later achieved commercial success as the center vocalist of the group I.O.I. In 2018, she signed with THEBLACKLABEL to pursue a solo career and debuted with the chart-topping single “Birthday” and went on to release viral hits “DUMB DUMB” and “XOXO.” It hasn’t been a year but B.I (real name Kim Han-bin) is once again coming back to the Philippines. The rapper, singer, songwriter, producer, director, composer, plus the CEO of record label IOK Entertainment, the Korean hip-hop act has released three hit mini-albums over the past two years. Tickets to the OVERPASS: K-Pop Music Concert range in price from P2,668 to P12,273. Tickets are now available for purchase at TicketNet outlets nationwide and online at www.ticketnet.com.ph.

SB19 announces world tour

FILIPINO boyband will be releasing a new six-track EP, PAGTATAG, on June 9, with its carrier single dropping this month. SB19 also announced the schedule for their upcoming world tour, which will kick off at the Araneta Coliseum in Cubao, Quezon City on June 24-25 and will have its stops in multiple cities across the Philippines, the United States, and Canada. The tour dates are June 24-25, Manila; July 21, Chicago; July 22, Dallas; July 28, San Francisco; July 29, Los Angeles; Aug. 5, New York City; Aug. 6, Washington DC; Aug. 11, Toronto; Aug. 13, Winnipeg; Aug. 18, Vancouver; and, Aug. 19, Edmonton. More dates, countries, and cities will be announced soon on SB19’s official social media pages.

Beyond the bottom line: AboitizPower eco-warriors at work

The surface of our tiny, blue dot in the vast universe is made up of about 70 percent water. Water is crucial for the sustenance of all living things on the planet, most obvious perhaps with that of marine life. While we humans are naturally surface-dwellers, modern day heroes scout the life aquatic by virtue of a profound purpose: the care and protection of our common home.

In celebration of Earth Day, employees of Aboitiz Power Corporation (AboitizPower) in different parts of the country dedicated their time and the  best of their abilities in making a better and cleaner Earth for all humans and animals.

The Balili River Clean-up

In northern Luzon, AboitizPower renewable energy subsidiary Hedcor, Inc. acted on their environmental protection goals with the collection of almost 246 kilograms of waste in its Balili River Clean-up Drive last March 24, a joint project with the Municipality of La Trinidad, Benguet.

The Balili River became infamous when it was pronounced biologically dead in 2004 by the Department of Environment and Natural Resources (DENR). According to accounts of local old-timers, the river used to be so pristine that fishes thrived in it abundantly. An indigenous people’s mandatory representative from Barangay Balili even recalls washing her white school uniform in the river in the 1960s.

“The river used to be clean and unpolluted,” a local shared. The state of the river gradually deteriorated when establishments and settlers in La Trinidad grew exponentially.

This inspired the personnel of Hedcor to support the Balili River Clean-up.

“At Hedcor, we are taking concrete steps to further environmental sustainability for future generations,” said Hedcor official Jay Kabamalan. “Hedcor recognizes that the health of the environment is vital to the well-being of local communities. As such, Hedcor aims to create a culture of environmental stewardship and encourage people to take responsibility for their surroundings.”

Hedcor’s efforts were conducted in partnership with the local Municipal Environment Natural Resources Office (MENRO) and the Benguet State University (BSU). Hedcor also supports Barangay Balili’s local ordinance mandating its officials and residents to conduct a clean-up drive every first Saturday of the month. To date, Hedcor has collected over two million kilograms of waste, all of which were properly disposed.

Scubasureros

The “scubasureros” of AboitizPower subsidiary Therma Visayas, Inc. (TVI) conducted a coastal clean-up activity at the Bato Marine Sanctuary in Brgy. Bato, Toledo City in Cebu. The idea behind this environmental project came from TVI employees who are also scuba diving enthusiasts.

“Scubasurero is a portmanteau combining ‘scuba diving’ and ‘basurero’ or garbage collector,” explained Therma South, Inc. (TSI) Reputation and Stakeholder Management Manager Lou Jason Deligencia. “We conducted this activity as part of our personal advocacy to help protect marine life.”

The Bato Marine Sanctuary is a marine-protected area in the host community of TVI, and is home to various fish species, corals and marine creatures. With the increasing upsurge of marine pollution due to plastic and other non-biodegradable waste, the TVI scuba divers saw the need to support the Bato Marine Sanctuary and preserve the area’s marine life through the reduction of solid waste on the sanctuary’s sea bed.

The Scubasurero project is being managed in close coordination with the DENR – Tanon Strait Protected Seascape (TSPS), the Toledo City local government through the City Environment and Natural Resources Office (CENRO), as well as the Toledo City Agriculture Office, Bantay Dagat, and the Philippine Coast Guard. The TSPS is the biggest National Integrated Protected Areas System – Marine Protected Area (NIPAS-MPA) in the Philippines covering 534,589 hectares.

“Scuba divers and free divers from the local community, local fisherfolk and members of the Philippine Coast Guard continue to support us in this endeavor,” said TVI Vice President and Facility Head Noel Cabahug, who also partook in the activity being a scuba diving enthusiast himself.

In total, 280 kilograms of garbage were collected which is composed of 167 kg of residual waste and 113 kg of biodegradable waste.

Nursing endangered sea turtles back to health

Another AboitizPower subsidiary, Davao Light and Power Co., Inc. (Davao Light), along with Aboitiz Foundation Inc. and in partnership with the DENR Region XI, continues to support the conservation efforts for sea turtles at the Aboitiz Cleanergy Park which is a pawikan rescue center facility.

Out of the seven sea turtle species in the world, three species of pawikan — the olive ridley, the green sea turtle, and the critically endangered hawksbill sea turtle — are at the park. The park is a known nesting ground for the hawksbill turtle and has released over 7,000 hatchlings since 2015.

There are currently seven rescued pawikans under the care of the Aboitiz Cleanergy Park. The latest addition is a female hawksbill sea turtle (scientific name Eretmochelys imbricata) that was turned over to the eight-hectare ecological preserve and biodiversity conservation site at Sitio Punta Dumalag, Matina Aplaya, Davao City. The turtle was found caught weakly floating in a fish trap by fisherfolk led by Kagawad Ronel P. Simo in the sea near Purok Libra, Sitio Tambangan, Lasang, Davao City.

In coordination with the DENR Region XI, the endangered reptiles are provided with veterinary care and are being observed at the facility until they are fully recovered and can be released back into the wild.

“Pawikans are known to return faithfully to the same beach where they were born or previously nested,” said Davao Light President and Chief Operating Officer Rodger S. Velasco. “With the sea turtles coming back and laying eggs through the years, the Aboitiz Cleanergy Park has successfully lived up to its objective of protecting and preserving the area and its flora and fauna, despite daily environmental threats such as pollution and soil erosion.”

The pawikan protection efforts, along with coastal clean-up and tree planting activities conducted frequently at the park, are aligned with the United Nations (UN) Sustainable Development Goal (SDG) [14], which aims to conserve life below water.

According to the World Wildlife Fund (WWF), sea turtles help maintain the health of seagrass beds and coral reefs. The critically endangered hawksbill sea turtles live on coral reefs, eating the overgrown sponges that suffocate slow-growing corals, resulting in a healthy reef and also helping to prevent the overpopulation of jellyfishes in the ocean.

The care and protection of the planet, our common home, is a joint human responsibility. Working together and taking responsibility is vital in ensuring a healthy and sustainable future for ourselves, the generations to come, and the animal kingdom.

“This year’s Earth Day theme, ‘Investing in our future,’ highlights the importance of dedicating our time, resources, and energy to the care of our environment,” said AboitizPower President and CEO Emmanuel Rubio. “We are happy that we are afforded with opportunities to help and contribute in leaving a positive impact to its protection.”

 

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