Facebook Instagram Linkedin X Youtube
Home Blog Page 4996

Summer Metro Manila Film Festival 2023: Tense, thrilling, full of talent

Romnick Sarmenta and Elijah Canlas in a scene from About Us But Not About Us.

By Brontë H. Lacsamana, Reporter 

Movie Review
About Us But Not About Us
Directed by Jun Robles Lana
MTRCB Rating: R13

It’s exciting to witness a Filipino film pulling off the challenge of having a few characters in a single location immersed in deep conversation. Given this minimalistic approach, the fact that About Us But Not About Us is able to keep you on the edge of your seat is a feat.

But the plot is a different story. It follows a literature professor and his student who meet at a restaurant for lunch. At first, it seems like the two men engaging in what looks like a controversial teacher-student relationship is already a juicy situation on its own. We eventually learn that that barely scratches the surface.

Things take darker and darker turns when the two characters continue speaking, about a person close to them who committed suicide, and later about secrets that they’re only now admitting to each other. This entire tense exchange takes place over the course of their meal.

Romnick Sarmenta (who won best actor at the MMFF Awards Night for playing Eric, the professor) and Elijah Canlas (who won a special jury prize for his role as Lance, the student) are understandably the stars of the show. They bring to life not just their own characters, but even the third character involved in their story who is not present. They throw sharp verbal blows at each other, and we, the captive audience, fully feel the impact.

Director Jun Robles Lana, already well-respected and acclaimed in the local movie industry for films like Barbers’ Tales and Big Night! definitely took a chance and tried something new, to very strong effect.

The film is technically masterful and riveting. It dominated the 1st Summer MMFF, bringing home 10 awards including best cinematography, screenplay, production design, editing, sound, musical score, and best director for Lana.

And deservedly so — cinematographer Neil Daza adjusts the camera to reflect the shifting psyches of each character as every twist is revealed. Editor Lawrence Ang and sound designers Fatima Salim and Immanuel Verona help build the tension as ordinary moments melt into thrilling exchanges.

The dialogue is believable for a conversation involving talented writers in academia, even veering towards slightly annoying in its endless glorification of literary achievement. Like, who just throws the phrase “The Next Great Filipino Novel” around? This makes it look like being in a Creative Writing department automatically makes one full of yourself and it successfully alienates people who aren’t literary minded.

Besides that, it’s technically a commendable feat. All the detail put into the film is proof that Lana’s take on 12 Angry Men and My Dinner With Andre, which are highly praised “single-location conversation films,” is a worthwhile addition to the genre.

This film, however, runs into a propblem that the other two don’t — the concept of mindful representation. It’s an issue that matters to the Lesbian, Gay, Bisexual, Trans Plus (LGBT+) movement. With many people in the world already wary, judgmental, or worse, downright hostile towards the LGBT+ community, should there be representations of problematic gay people who are unable to solve their issues?

What’s interesting is that this is even brought up by the third character, Marcus, who isn’t physically present in the film, but who is breathed into life by the excellent career-best combo of Sarmenta and Canlas. The three main characters have many issues and badly need therapy, much like many people in the world regardless of sexuality, but their role in this world is a weighty one.

Though the film suggests that problematic gays on film can be portrayed in complex, nuanced, and intriguing ways, perhaps it would have been even more of a win if this concluded on a less defeatist note.

US, Mexico agree to ramp up fight against fentanyl and arms trafficking

MEXICO CITY – Mexico and the United States on Thursday agreed to ramp up the fight against fentanyl trafficking, as well as Mexico‘s Sinaloa and CJNG drug cartels and their supply chains, in joint bid to reduce consumption of the powerful opioid.

The deal came after a meeting of officials from both countries in Washington.

Both countries have in recent weeks asked China to help curb the shipment of precursor chemicals coming from the Asian country, in order to prevent production of the synthetic drug responsible for thousands of deaths in the United States.

“That’s our goal,” said Mexican Foreign Minister Marcelo Ebrard in a video released by his office, without mentioning the origin of these chemicals.

The White House said this week it plans to expand efforts to disrupt the illicit financial activities of drug traffickers involved in the fentanyl trade by using more sanctions to obstruct their access to the US financial system.

Mr. Ebrard said the Mexican delegation also asked Washington for a task force to monitor and “substantially” reduce the flow of arms from the United States to Mexico.

Mexico is appealing in a $10 billion civil lawsuit seeking to hold US gun makers responsible for facilitating the trafficking of deadly weapons across the border to local drug cartels. It argues that combating this is a shared responsibility. – Reuters

World Bank’s new boss must push ahead on reforms, fight poverty-French minister

REUTERS

WASHINGTON – France’s development minister said on Thursday she will tell the World Bank’s expected next president, Ajay Banga, to maintain the bank’s anti-poverty mission while forging ahead with next steps by October in its evolution to fight climate change and other global crises.

Chrysoula Zacharopoulou told Reuters in an interview that she wants Banga, the former CEO of Mastercard, to use an international finance summit in Paris to develop ideas and plans for expanding climate finance and harnessing private sector funds.

Ms. Zacharopoulou, a Greek-born gynecologist and former European Parliament member who was appointed France’s Minister of State for Development, Francophonie and International Partnerships 11 months ago, is due to meet with Banga on Friday during World Bank and International Monetary Fund meetings in Washington.

“What I am going to tell him – or what I’m going to encourage him – is that he will have our support in his mission to finalize an ambitious reform of the World Bank by Marrakech, using the June summit in Paris like an important step,” Ms. Zacharopoulou said, referring to the World Bank and International Monetary Fund annual meetings in Morocco in October.

“This is the first thing. The second is that we have to continue to fight extreme poverty,” she said. “That means the poorest countries and their populations have to remain at the center of the agenda of the World Bank and of all of us.”

France on June 22-23 is hosting the “Summit for a New Global Financial Pact,” which aims to boost crisis financing for vulnerable countries in the Global South.

Ms. Zacharopoulou said the conference would focus on ways to create innovative new financing resources for climate change, public health, biodiversity and other public goods and to build political momentum for changes beyond a $5 billion annual lending increase adopted this week by World Bank shareholders.

 

DE-RISKING INVESTMENTS

Ms. Zacharopoulou said that there was a major focus on bringing in private sector funds to scale up climate financing to the vast amounts needed to meet emissions reduction goals.

“Public money has a role to play in de-risking investments in the most vulnerable countries. We can use the public money to de-risk but the private sector has to come,” she said.

Mr. Banga was a “good match” for the World Bank job, with strong private sector finance and management experience. Because he was born and educated in India, “He knows well about the challenges of emerging and developing countries.”

But Mr. Banga, who has promised to deliver more lending resources beyond the initial balance sheet changes, will attend the Paris finance summit only a few weeks after he is expected to start in early June.

Ms. Zacharopoulou said Mr. Banga would be able to build on the work of World Bank staff who advanced the bank’s initial reform steps in just six months.

“Starting from this important moment, he has some momentum to put his signature on it and give his vision,” she said. “I think that he will have all of the international community with him.” – Reuters

US says Photoshop maker Adobe to pay $3 million to settle kickback allegations

Adobe Logo

WASHINGTON – Photoshop maker Adobe Inc. has agreed to pay $3 million to settle US kickback allegations involving federal software sales, the US Justice Department said in a statement on Thursday.

The settlement resolves allegations that Adobe made improper payments under its Solution Partner program to companies that had a contractual or other relationship with the government that allowed them to influence federal purchases of Adobe software, the Justice Department said.

Between January 2011 and December 2020, Adobe allegedly paid the companies a percentage of the purchase price of the software, according to the Justice Department.

The United States contends that these payments constituted prohibited kickbacks that resulted in Adobe causing false claims for payment to be submitted to federal agencies.

The company said on Thursday that it had cooperated with the government since it began its probe in 2018 and was pleased “to have this matter behind us.”

“Those who do business with the government are prohibited from paying kickbacks, which can result in unnecessary purchases and increase costs to taxpayers,” said Brian Boynton, head of the Justice Department’s civil division.

“We will continue to use all appropriate tools to safeguard the integrity of the federal procurement process,” Boynton said. – Reuters

Russia says Black Sea grain deal may be nearly over

STOCK PHOTO | Image by Couleur from Pixabay

MOSCOW – Russia on Thursday said there would be no extension of the UN-brokered Black Sea grain deal beyond May 18 unless the West removed a series of obstacles to the export of Russian grain and fertilizer.

The Ukraine grain Black Sea export deal was brokered by the United Nations and Turkey in July last year to help alleviate a global food crisis worsened by conflict disrupting exports from two of the world’s leading grain suppliers.

“Without progress on solving five systemic problems … there is no need to talk about the further extension of the Black Sea initiative after May 18,” the Russian foreign ministry said in a statement.

“We note that, despite all the high-sounding statements about global food security and assistance to countries in need, the Black Sea Initiative both served and continues to serve exclusively commercial exports of Kyiv in the interests of Western countries,” the ministry said.

To help persuade Russia to allow Ukraine to resume its Black Sea grain exports last year, a separate three-year agreement was also struck in July in which the United Nations agreed to help Russia with its food and fertilizer exports.

Russia said the two agreements were “interconnected parts of one ‘package'”, and scolded the UN Secretariat for what it said was a distortion of the facts.

UN spokesman Stephane Dujarric said “discussions, communications are still going on with the parties” and that UN officials were determined to ensure the implementation of both deals.

He said in relation to Russia‘s exports “there’s still a lot of critical issues that need to be resolved over payments and other technical issues” that UN officials were trying to fix.

But he noted that “there’s been some concrete results that contribute to larger grain trade volumes, lower freight rates and an increased number of ships that have called at Russian ports for fertilizer and lowering in insurance.”

“So we’ve made some progress, but we continue to push to make more,” Dujarric said.

 

RUSSIAN DEMANDS

Western powers have imposed tough sanctions on Russia over its Feb. 24, 2022, invasion of Ukraine. Its food and fertilizer exports are not sanctioned, but Moscow says restrictions on payments, logistics and insurance are a barrier to shipments.

The foreign ministry said Russian Agricultural Bank (Rosselkhozbank) had to be reconnected to the SWIFT payment system, that supplies of agricultural machinery and parts needed to be resumed and that restrictions on insurance and reinsurance needed to be lifted.

Other demands include access to ports, the resumption of the Togliatti-Odesa ammonia pipeline that lets Russia pump the chemical to Ukraine’s port, and the unblocking of assets and the accounts of Russian companies involved in food and fertilizer exports.

“The removal of obstacles to domestic agricultural exports was supposed to take place within the framework of the implementation of the Russia-UN Memorandum,” the ministry said.

Russia said there had been a failure of the inspection regime of ships carrying grain from Ukraine.

“Currently, 28 vessels carrying more than 1 million tons of food are awaiting inspection in the territorial waters of Turkey,” the foreign ministry said.

It accused UN staff in the Joint Coordination Center of refusing to draw up an inspection schedule.

“In turn, an even more difficult situation has developed around the registration of bulk carriers,” the ministry said, denying that Russia was responsible for any of the congestion and accusing Ukrainian port officials of accepting bribes to accelerate registration.

Blinken seeking to upgrade Vietnam ties as Hanoi treads narrow path

US Secretary of State Antony Blinken. Official White House — CAMERON SMITH VIA FLICKR

HANOI – US Secretary of State Anthony Blinken visits Vietnam this week hoping for progress towards upgrading relations with a key trade partner that shares US worries about China’s growing might.

For Hanoi, it will be a delicate test: how to show openness to the United States without angering China, a giant neighbor that supplies key inputs for Vietnam’s vital export trade, or Russia, another traditional partner.

It is a balancing act Vietnam has excelled at but one that is turning more complex in a world appearing to divide into opposing blocs, with the US and its allies on one side and China and Russia on the other.

Blinken arrives in Hanoi on Friday and will meet Vietnamese leaders on Saturday before heading to Tokyo for a meeting of the Group of Seven rich nations.

It will be the first Hanoi visit by the secretary of state of the Biden administration, which took office in 2021, although Vice President Kamala Harris visited in August of that year.

Washington will be hoping for progress towards boosting relations to a “strategic” partnership from one that for the past decade has been called “comprehensive.”

Officials have not said what this closer relationship might entail. But Southeast Asia expert Murray Hiebert, who visited Vietnam in February and spoke with senior government officials, said it could include increased military cooperation and U.S. weapons supplies.

He noted, however, there were limits given Vietnam’s policy of not allowing foreign bases, foreign troops or alliances against other countries. Hanoi has also been put off by the relatively high price of US arms and concerns that supplies could be blocked by U.S. lawmakers on human rights grounds.

Blinken will also formally break ground on a new U.S. embassy compound in Hanoi, in what the top US diplomat for East Asia, Daniel Kritenbrink, called “a stunning new symbol” of the US commitment to an “enduring partnership and friendship.”

With the Vietnam War era an increasingly distant memory, Washington now considers Hanoi, in Mr. Kritenbrink’s words, “one of America’s most important partners in the region”.

 

BALANCING BEIJING AND WASHINGTON

Experts say the US broached formally elevating ties during the Trump administration, but Hanoi was resistant and has wavered amid escalating tensions between Washington and Beijing, which could react badly to the move.

Vietnam, while alarmed by China’s growing military and opposed to its rival claims in the South China Sea, has its vital economic ties with Beijing to consider.

Even so, Hanoi now appears amenable to upgraded ties with the US, Hiebert and other analysts say, although no announcement is expected during Blinken’s trip and will likely be saved for a higher-level exchange.

Last month saw a call between US President Joe Biden and the head of Vietnam’s ruling Communist party Nguyen Phu Trong, which together with Blinken’s visit could lead to a meeting between the two in July, the 10th anniversary of the existing formal bilateral partnership, analysts say.

“The chance of the United States and Vietnam upgrading their comprehensive partnership to a strategic level is higher with Blinken’s visit because it will pave the way for a higher level meeting,” said Bich Tran, an adjunct fellow at Washington’s Center for Strategic and International Studies.

Mr. Kritenbrink said Washington was working to persuade Vietnam to diversify defense purchases away from Russia, something that “obviously would be in Vietnam’s interests and also would conform to US law.”

Human rights is another sensitive area, and hours ahead of Blinken’s arrival a State Department spokesperson condemned Vietnam’s jailing of a prominent political activist and said the bilateral partnership could only reach its full potential if the country improved its human rights record.

On Thursday, Human Rights Watch called on Mr. Blinken to “publicly and privately urge Vietnam’s leadership to end its systemic abuse of freedom of expression, association, and peaceful assembly.”

Mr. Kritenbrink said he was “confident” Mr. Blinken would raise rights concerns in Hanoi. – Reuters

NFA seeks 330,000 T of rice imports as buffer stocks thin

PHILSTAR

THE PHILIPPINES’ National Food Authority (NFA) has proposed importing 330,000 tonnes of rice to cover an expected deficit in its buffer stock, as the government seeks to curb the cost of the staple grain and limit upward pressure on inflation.

The state grains agency needs to beef up its buffer stocks for emergency relief operations, but ramping up its purchases from local farmers could push domestic prices higher, the presidential palace said in a statement on Friday.

Domestic rice prices have crept higher, with the cheapest variety now selling at P36-44 ($0.65-$0.80) per kilogram, up from P35-38 at the start of the year, government data showed.

Inflation eased in March to 7.6%, but was still well outside the official 2%-4% target.

The government is now looking at non-monetary measures to address price pressures, while the central bank has signaled a pause in interest rate hikes.

The Philippines’ year-end rice inventory is estimated at 1.69 million tonnes, equivalent to a 45-day buffer stock, just half of the ideal 90-day stock needed to stabilize prices, the statement said.

President Ferdinand R. Marcos, Jr, who is also the agriculture secretary, said he was looking at “all measures” to curb rice prices.

“We will plan if there’s a need to import, to extend and increase the NFA’s buffer stock, which is already too low,” he said.

The NFA is seeking a government-to-government arrangement for the rice importation. At present, only private traders are allowed to import rice, while the NFA’s function has been limited to stocking of the emergency buffer.

Under the law, however, the presidential office or its designated agency can decide to bring in rice for NFA’s stockpiling.

The Philippines is one of the world’s biggest rice buyers, usually importing most of its requirements from Vietnam. It also buys some volumes from Thailand, India and other producers in Asia.—Reuters

Easing prices may spur BSP rate cuts

PHILIPPINE STAR/WALTER BOLLOZOS

By Keisha B. Ta-asan, Reporter

WASHINGTON, D.C. — The Philippine central bank may cut the key policy rate this year if inflation continues to ease in the next six months, according to its chief.

“We already have two very low month-on-month [inflation],” BSP Governor Felipe M. Medalla told reporters on the sidelines of an economic briefing in Washington D.C. on Wednesday evening (Manila time). “If that continues, then there’s a reason to pause.”

“If April has a similar pattern, then we have four more of that, five more of that, we can even talk about cuts,” he said. If inflation eases month on month by 0.2 point in the next six months, “why not?”

Inflation slowed for a second month to 7.6% in March from 8.6% in February, the slowest in six months. It averaged 8.3% in the first quarter, higher than the central bank’s full-year forecast of 6% and its 2-4% target.

“We will need more good data points for cuts,” Mr. Medalla said. “For a pause, just one more [month], because we already have two very good data points.”

The Monetary Board has raised borrowing costs by 425 bps since May last year — including the 25-basis-point hike last month — bringing the benchmark rate to 6.25%, the highest since 2007.

At the economic briefing, Mr. Medalla said the Bangko Sentral ng Pilipinas (BSP) would revise its inflation projections this year to less than 6%.

“The main reason for the revision is that the most recent inflation number from March is at the low end of the forecast range. That affects the forecast,” he said.

The 7.6% inflation in March was within the BSP’s 7.4-8.2% forecast. The central bank expects full-year inflation to average 6% this year before easing to 2.9% next year.

But rising global oil prices could still affect the country’s inflation, Mr. Medalla said.

Global oil prices spiked earlier this month after the Organization of the Petroleum Exporting Countries and their allies including Russia announced further output cuts of about 1.16 million barrels per day from May through the rest of the year.

Meanwhile, Mr. Medalla said he is not worried about the effects of the African Swine Fever (ASF) because it should soon wane.

The infectious hog disease has been affecting 21 provinces, 54 towns and cities and 137 villages in the Philippines, according to the Bureau of Animal Industry.

Last month, the bureau confirmed an outbreak in Cebu after 58 of 149 blood samples taken from hogs in Carcar City were found infected.

The flu was first detected in the Philippines in 2019, leading to the culling of thousands of pigs and prompting the government to boost meat imports.

FOOD SHORTAGES
The BSP might cut policy rates by the fourth quarter to support economic growth, said Domini S. Velasquez, chief economist at China Banking Corp.

“Inflation for 2024 looks to be firmly within target and the BSP can already start cutting rates by the end of the year to support economic growth; especially since we expect the gross domestic product to moderate this year and next year,” she said in a Viber message.

The government is targeting 6-7% growth for this year, slower than 7.6% in 2022.

But low month-on-month inflation will have to come from nonmonetary interventions, Ms. Velasquez said. “We’re seeing risks that need to be addressed proactively such as seeming food shortages again (garlic, onion) and the impact of the ASF. A lot relies on initiatives of the new interagency committee on inflation and market outlook.”

President Ferdinand R. Marcos, Jr. last month formed a committee on inflation that would ensure food and energy security. The body is co-headed by the chiefs of the National Economic and Development Authority and the Department of Finance.

The central bank has room to pause the rate increase at their May meeting, said Nicholas Antonio T. Mapa, senior economist at ING Bank N.V. in Manila.

“The delayed impact of previous tightening has yet to filter through to the rest of the economy but already, we’ve seen its toll on bank lending, which has slowed considerably despite a solid economic growth momentum,” he said in an e-mail.

Bank lending slowed for a third straight month in February as outstanding loans by big banks eased by 10% to P10.69 trillion from a month earlier. It was also the slowest credit growth in 11 months.

The central bank must ensure that inflation slows to its 2-4% target and inflation expectations are controlled before they consider easing policy, Mr. Mapa said.

“Stringing together six straight months of low month-on-month inflation could be possible although we do recognize that supply side issues remain very apparent, such as the resurgence of the African Swine Fever and storms,” he said.

“The BSP will thus likely be looking at the type of inflationary pressures, making sure to distinguish between cost push and supply-side pressures, while also ensuring that inflation expectations are reanchored,” he added.

The local statistics agency will release April inflation data on May 5. The Monetary Board will meet on May 18 to discuss policy.

Gov’t may sell dollar bonds to migrant Filipinos in May

REUTERS

THE PHILIPPINE GOVERNMENT may launch next month a retail dollar bond offering that targets Filipino workers overseas, according to the national treasurer.

The decision to sell the bonds would be subject to market conditions, National Treasurer Rosalia V. de Leon told reporters on the sidelines of an economic briefing in Washington, D.C. on Wednesday evening Manila time.

“We’re looking to have our second tranche of the retail dollar bonds,” she said. “We look forward to a very successful launch again this time around.”

Ms. De Leon said the diaspora of overseas Filipinos would find it easier to buy the retail bonds because they could do so through partner apps.

The government might sell $1.5 billion worth of 5.5-year debt. “These are indicative terms and $1.5 billion was the size of the last retail dollar bond so it is just a benchmark,” she said in a Viber message after the event.

The Philippines’ last retail dollar bond sale was in 2021, when it raised $1.6 billion.

Last month, Finance Secretary Benjamin E. Diokno said the government was targeting to raise $2 billion to $3 billion from the retail dollar bond sale. Proceeds of the bond offer will be used to finance the national budget.

Ms. De Leon said they have no further plans so far to issue more global dollar bonds this year. But government economic managers would hold a roadshow trip to the Middle East.

Mr. Diokno earlier said that the government was eyeing other global bond offerings.

In January, the government raised $3 billion from its second global bond offering under the government of President Ferdinand R. Marcos, Jr.

The state borrows from external and local sources to fund a budget deficit capped at 6.1% of the gross domestic product for 2023.

The government plans to borrow P2.207 trillion this year, 75% locally. The government plans to borrow P1.654 trillion domestically and P553.5 billion overseas. — Keisha B. Ta-asan

Filipino workers need 270 years to earn $1M

PHILIPPINE STAR/WALTER BOLLOZOS

FILIPINO WORKERS will need to work in the next 270 years to earn $1 million (P55 million), based on the country’s minimum wages, according to research firm Picodi.com.

The Philippines ranked 89th out of 102 countries in the time it would take for an average worker to earn a million dollars, based on a report dated April 12.

Picodi said it summed up all the money an average worker of each country took home and got the average to rank each of them.

Picodi: Filipinos will need to work for 270 years to earn $1 million

Switzerland topped the list with the shortest time at 14 years and three months, followed by Singapore at 16 years and 11 months.

There was an almost 250-year gap between the Philippines and eighth-ranked Australia’s 24 years and 3 months to $1 million.

It would take more than 600 years for a worker in Pakistan to earn the amount, 523 years and three months in Uganda and 519 years and a month in Nigeria, Picodi said.

The report should have also taken into account the cost of living in each country, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. said in a Viber message.

“Relatively high inflation levels and the cost of food, housing and transportation may have contributed to the Philippines’ low ranking,” he said. “Countries that have a relatively higher cost of living would see a reduction in their purchasing power.”

Philippine inflation eased to 7.6% in March from 8.6% in February, but core inflation, which excludes items with volatile prices such as food, quickened to a 22-year high of 8% from 7.8 a month earlier.

Jobless Filipinos increased by 4.3% or 102,000 to 2.48 million in February from a month earlier. Job quality improved to 12.9% from 14.1% in January and 14% a year earlier.

The International Labour Organization has said inflation continues to cut the purchasing power of low-paid workers.

It said in the first half of last year, global wages fell in real terms for the first time in the 21st century.

Lawmakers have proposed wage increases for those in the private sector to help them cope with rising commodity prices.

Last month, the Unity for Wage Increase Now labor coalition sought to raise the P570 daily minimum wage in Metro Manila to P1,100. The region’” wage board approved a P33 hike in minimum wages last year.

Wage boards can only act on wage increase petitions a year after a region’s last wage order.

The minimum living wage of a family of five in Metro Manila should be at least P1,008, the labor group said, citing data from think tank IBON Foundation.

“The current meager P570 minimum wage does not correspond to workers’ necessary essential expenditures such as food consumed at home, clothing and footwear, transportation expenses and education, among others,” it said in a wage petition dated March 21. — John Victor D. Ordoñez

Route investments from liberalization push to countryside, Marcos gov’t told

KABIUR RAHMAN RIYAD-UNSPLASH

By Kyle Aristophere T. Atienza, Reporter

THE PHILIPPINE GOVERNMENT should ensure that foreign investments spurred by the liberalization of key public services benefit the countryside, economists said on Thursday.

“The amended Public Service Act is expected to push infrastructure further,” Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila University, said in a Facebook Messenger chat. “However, its impact will be significant only if it is directed to increase infrastructure in remote rural areas.”

“Otherwise, increased foreign participation will only duplicate and crowd out local projects,” he said. “Foreign investment and the technology that comes from it should make these forms of capital in areas that need it cheaper.”

The amended Public Service Act, signed by ex-President Rodrigo R. Duterte in March 2022, allows full foreign ownership in telecommunications, domestic shipping, railways and subways, airlines, expressways and tollways, and airports.

The sectors used to be subject to the 40% foreign ownership cap for public utilities under the 1987 Constitution.

Mr. Lanzona said government intervention is needed to ensure that rural areas benefit from the law. “It should incentivize foreign investments in rural areas.”

It took almost a year for the National Economic and Development Authority (NEDA) to release the rules that will enforce the law, which took effect on April 4.

Mr. Lanzona said the amended law complements the push by President Ferdinand R. Marcos, Jr. for more private-public partnerships.

“This should expand opportunities for private sector participation in terms of investments and infrastructure,” Emy Ruth Gianan, an economics professor at the Polytechnic University of the Philippines, said in a Facebook Messenger chat. “More than opening the economy for broader competition, it should also encourage collaboration.”

Mr. Lanzona said the government should create the right environment to allow public-private partnerships to complement the amended Public Service Act.

Under the implementing rules, telecommunications are the only public service classified as “critical infrastructure.” Telecommunication services are deemed “vital to the Philippines that the incapacity or destruction of such systems or assets would have a detrimental impact on national security.”

Other public services are not considered critical infrastructure unless the president says so through an executive order. The NEDA can also recommend that a public service be considered critical infrastructure upon the request of a government agency.

The implementing rules include a reciprocity requirement for foreign investment in critical infrastructure, which means foreign nationals cannot own more than 50% of a company engaged in services classified as critical infrastructure unless their country extends reciprocal treatment to Filipinos.

The rules also outline the process and criteria for a national security review of foreign investment in public services and critical infrastructure.

Terry L. Ridon, convenor of infrastructure think tank InfraWatch PH, said the government should address governance issues that would make the law less effective in attracting foreign investments.

“Governance issues remain a problem at all levels of government, as red tape continues to delay the processing of permits and licenses,” he said in a Messenger chat. “Corruption remains a problem. Without resolving governance issues, no amount of economic liberalization will foster broader foreign investment into capital-intensive sectors.”

He said the government should hold investment roadshows. “We are making a bet that while the amendments might make foreign investors take a second look at the Philippines, unresolved governance issues will remain the most significant stumbling block to increasing capital flow to the country,” Mr. Ridon said.

Ms. Gianan said the NEDA and Philippine Competition Commission have important roles in ensuring a level playing field for both domestic and foreign entities.

“The amended PSA should also be an opportunity for local government units to improve their business climates to attract new entrants,” she added.

Cebu Landmasters sets P13.5-billion capex for 2023

LISTED Visayas-Mindanao property developer Cebu Landmasters, Inc. (CLI) has set its capital expenditures (capex) for the year at P13.5 billion, a 23% increase from last year’s P10.98 billion.

As per the company’s statement on Thursday, the majority of the capex (83%) will be used for project development, while a smaller proportion (11%) will be used for land acquisition.

The company has a pipeline of 19 projects with a total worth of P29.75 billion, it noted.At the same time, Cebu Landmasters said it intends to launch three hospitality projects this year, namely The Pad, Lyf Cebu City at Base Line Center, and Citadines Bacolod City, as part of its efforts to expand its gross leasable area with an additional 4,000 square meters.

“The company is also setting its sights on a Luzon entry with a landbank buildup that will begin this year,” it added.

Cebu Landmasters recorded a normalized attributable net income of P3.17 billion for 2022, representing a 32% rise from P2.40 billion the previous year.

“Our robust 2022 performance is a testament to our growing commitment and leadership in the Vis-Min region,” Cebu Landmasters Chairman and Chief Executive Officer Jose R. Soberano III said.

“We have been recording double-digit growth across all segments since our 2017 IPO (Initial Public Offering). We are finally setting our sights on Luzon in the next (two) years,” Mr. Soberano added.

The company reported a 40.3% increase in revenues to P15.66 billion from P11.16 billion, attributed to strong sales, exceptional collections, and important achievements; in addition, its unrecognized revenues for future recognition amounted to P29 billion.

Real estate sales grew 40.4% to P15.44 billion from the P11 billion in 2021, driven by significant progress in the company’s construction projects.

Last year, the company constructed around 5,000 residential units across 16 ventures worth a total of P19.36 billion.

“Sales velocity of these launches hit peak levels with most developments fully taken up within days. CLI’s first project in a new area, Puerto Princesa, for instance, was 85%-sold out in less than a week,” the company said.

Revenues from hotel operations surged by 71% to reach P83 million, whereas rentals increased by 7% to P79.28 million from its previous figure of P74.27 million, primarily as a result of higher lease rates and new tenants at the new corporate center.

Casa Mira, the company’s economical brand, made up the majority of revenue at 47%, with the mid-market Garden Series and high-end Premier Masters contributing 27% and 24%, respectively.

Cebu Landmasters shares closed 5.32% lower at P2.49 apiece on Thursday. — Adrian H. Halili

1...4,9954,9964,997...14,236Page 4,996 of 14,236
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube