Century Pacific Food, Inc. to hold annual stockholders’ meeting on June 30

May 27, 2022 | 8:00 am

Notice of Annual Stockholders’ Meeting

Notice is hereby given that the Annual Stockholders Meeting will be held on Thursday, June 30, 2022 at 8:30 in the morning.

The agenda for the said meeting shall be as follows:

Call to Order
Secretary’s Proof of Due Notice of the Meeting and Determination of Quorum
Approval of the Minutes of the Stockholders’ Meeting held on June 30, 2021
Management’s Report
Ratification of Acts of the Board of Directors and Management During the Previous Year
Election of Directors (including Independent Directors)
Appointment of External Auditor
Approval of the Amendment of the Company’s Articles of Incorporation
Other Matters
Adjournment

A brief explanation of the agenda item which requires stockholders’ approval is provided herein. The Information Statement, Management Report, SEC Form 17A will be uploaded to the Company’s Website at https://www.centurypacific.com.ph/ and PSE EDGE under Century Pacific Food, Inc. Company Disclosures.

In light of current conditions and in support of the efforts to contain the outbreak of COVID-19, stockholders may attend the meeting and vote via remote communication only.

Stockholders should pre-register at this link:

https://www.centurypacific.com.ph/investor/register from May 31, 2022 to June 05, 2022.
Upon registration, Stockholders shall be asked to provide the information and upload the documents listed below (the file size should be no larger than 5MB):

A. For individual Stockholders:

Email address
First and Last Name
Birthdate
Address
Mobile Number
Phone Number
Stock Certificate Number and number of stocks held
Current photograph of the Stockholder, with the face fully visible
Valid government-issued ID
For Stockholders with joint accounts: A scanned copy of an authorization letter signed by all Stockholders, identifying who among them is authorized to cast the vote for the account, as well as valid government-issued ID of the authorizing stockholders

B. For corporate/organizational Stockholders:

Email address
First and Last Name of stockholder
Address
Mobile Number
Phone Number
Current photograph of the individual authorized to cast the vote for the account (the “Authorized Voter”)
Valid government-issued ID of the Authorized Voter
A scanned copy of the Secretary’s Certificate or other valid authorization in favor of the Authorized Voter

Stockholders who will join by proxy shall download, fill out and sign the proxy form found in https://www.centurypacific.com.ph/investor/register. Deadline to submit proxy forms is on June 20, 2022.

All registrations shall be validated by the Corporate Secretary in coordination with the Stock Agent. Successful registrants will receive an electronic invitation via email with a complete guide on how to join the meeting and how to cast votes.

Only stockholders of record as of the close of business on May 16, 2022 are entitled to notice and to vote at the meeting.

MANUEL GONZALEZ
Corporate Secretary

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Marcos names more economic managers

May 27, 2022 | 12:34 am

Central bank Governor Benjamin E. Diokno talks during an economic briefing in Pasay City, April 5. — PHILIPPINE STAR/ GEREMY PINTOLO

PRESIDENT-ELECT Ferdinand “Bongbong” R. Marcos, Jr. on Thursday announced he is tapping Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno to be his Finance secretary when he assumes office on July 1.

In a televised briefing, Mr. Marcos said Mr. Diokno will be replaced by Monetary Board member Felipe M. Medalla as governor of the BSP. Mr. Medalla will serve the rest of Mr. Diokno’s unexpired term that is scheduled to end in July 2023.

“The first priority is always going to be the economy. That’s why we have been very careful in choosing the economic team. It’s still down to jobs, the increasing prices of commodities, some relief for the business community. We have to streamline the operations of government,” Mr. Marcos said.

Mr. Diokno, who served as Budget secretary from 2016 to 2019, on Thursday said he will continue the macro and fiscal policies that have helped the Philippine economy recover from the pandemic.

“As Finance Secretary, I will strive to continue prudently and carefully balancing the need to support economic growth, on one hand, and to maintain fiscal discipline, on the other,” he said.

Mr. Diokno and Mr. Medalla were both part of President Joseph E. Estrada’s Cabinet. Mr. Diokno was also Budget secretary, while Mr. Medalla was the Socioeconomic Planning secretary and National Economic and Development Authority director-general.

They join incoming Socioeconomic Planning chief Arsenio M. Balisacan in the Marcos administration’s economic team.

Mr. Marcos also named former University of the Philippines President Alfredo E. Pascual as the head of the Department of Trade and Industry (DTI), and SMC Tollways President and Chief Executive Officer Manuel M. Bonoan as the head of the Department of Public Works and Highways (DPWH).

“He has spent almost his entire professional life in the DPWH,” the president-elect said. “I know him very well so I think he will do a good job.”

Mr. Bonoan served as DPWH undersecretary for operations in the Visayas and Mindanao in 1998.

Mr. Marcos has vowed to continue President Rodrigo R. Duterte’s aggressive infrastructure program to drive economic growth.

VOTE OF CONFIDENCE
Mr. Marcos’ move to appoint familiar names to his Cabinet was largely welcomed by the markets, business groups and economists. The Philippine Stock Exchange index (PSEi) closed 0.72% up.

Philippine Chamber of Commerce and Industry President George T. Barcelon said the appointment of these “seasoned and competent economic leaders” would boost the confidence of local and foreign businesses.

“We believe they would do good in managing our fiscal affairs. As you know, we are faced with critical issues such as the huge debt deficit, and the need for post pandemic reforms and programs to sustain recovery, among others,” Mr. Barcelon said in a statement.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort in a Viber message said the appointees’ “wealth of experience” would be an advantage for the incoming administration’s economic team.

“The appointments will help ensure greater stability, order, and predictability on the local economy and financial markets. These appointments also help provide a more conducive environment for business and investment activities,” he said.

In an e-mail, Pantheon Chief Emerging Asia Economist Miguel Chanco said it may be “a bit of gamble” to move Mr. Diokno from the BSP at a time of rising inflation and policy normalization.

“(Mr. Diokno will) definitely bring some welcome credibility in the post of Finance Secretary, which is much-needed given the Philippines’ huge budget blowout over the past two years and the urgency to consolidate the country’s finances as soon as possible,” he said.

The BSP earlier this month raised interest rates for the first time since 2018, as it sought to curb intensifying inflationary pressure. Inflation surged to a three-year high of 4.9% in April due to the spike in oil and food prices.

The appointments signal a continuity in economic policy, Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila University said in a Messenger chat.

“What we need to do is to address the structural weaknesses that were exposed by the pandemic. What we will see may mostly be a combination of monetary and fiscal policies intended to pay debts and minimize inflation. This will not be enough to produce growth,” he said.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said Messrs. Diokno and Medalla are “well aware of the challenges that the country faces, including high debt levels, accelerating inflation and rising borrowing costs.”

“Next question is who will replace Medalla next year as BSP governor for a full six-year term,” he said via e-mail.

TAX RELIEF
Meanwhile, Mr. Marcos said an economic recovery plan should be put in place before considering the fiscal consolidation plan of the outgoing Finance Secretary Carlos G. Dominguez III.

“We have to have an economic recovery plan (first) and fiscal policy will follow,” he said.

The Finance department on Wednesday presented a fiscal consolidation plan for the next administration, which includes imposing new taxes and deferring personal income tax reductions in order to generate more revenues to pay off the country’s ballooning debt. As of end-March, National Government debt stood at a record P12.68 trillion.

Mr. Marcos said they are considering tax relief for sectors most affected by the pandemic such as micro, small and medium enterprises (MSME) and the agriculture sector.

“For MSMEs, we can reduce (tax), give tax holiday, tax amnesty, we’re studying it right now, microfinancing. We want them to come back… We want to reduce as much of the tax collections from those who are suffering from the pandemic, MSMEs, agri sector, transport,” he said.

Mr. Marcos was also cool to the proposal to immediately suspend the excise tax on fuel products, as the government would need funds for its projects. Instead, he said he is considering subsidy programs for the transport sector.

“In terms of oil excise tax, I think we still have to look at that very well. We can support those areas hit by rising oil prices — number one there was transport,” he said.

President Rodrigo R. Duterte’s administration rejected calls to suspend the excise tax on fuel, saying it could reduce government revenues by billions. Instead, cash subsidies were given to the transport and agriculture sector. — Kyle Aristophere T. Atienza with inputs from Tobias Jared Tomas

For next Finance chief, the top priority is debt management

May 27, 2022 | 12:33 am

vaccination — PHILIPPINE STAR/ MICHAEL VARCAS

BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E. Diokno on Thursday said he will prioritize debt management when he assumes his new post as Finance secretary in July.

“Maybe the first item in the agenda will be the sustainability of our public debt,” Mr. Diokno said at a briefing on Thursday afternoon, hours after President-elect Ferdinand R. Marcos, Jr. announced his appointment.

The National Government’s debt stood at a record P12.68 trillion as of end-March, equivalent to 63.5% of gross domestic product (GDP). The debt-to-GDP ratio exceeds the 60% threshold considered manageable by multilateral lenders for developing economies.

“Our debt-to-GDP ratio is slightly above the 60% limit. I don’t think that is really a cause for concern because as long as we continue to grow at around 6-7% on a sustainable basis, we can easily outgrow our debt,” Mr. Diokno said.

However, it is equally important to look at the sustainability of the debt, he added.

“This is, of course, to assure everybody, the domestic audience and our international credit watchers that we are serious about consolidating our fiscal resources so that we are able to reduce our debt and deficit-to-GDP ratio over time,” Mr. Diokno said.

In a recently published discussion paper by the Philippine Institute for Development Studies, the debt-to-GDP ratio is estimated to peak at 66.8% until 2024.

Also, Mr. Diokno said they will look at the fiscal consolidation plan proposed by outgoing Finance Secretary Carlos G. Dominguez III.

“This government has done a lot of reforms. The tax system that we are leaving to the next government, which I’m going to receive for the incoming government, is much much better than the tax system that we inherited from the previous administration. I’m not saying it’s a perfect tax system. There can be some improvements,” he said.

The Department of Finance (DoF) proposed three tax reform packages that it described as “fair, efficient and corrective,” which will be implemented from 2023 to 2025. This includes imposition of new taxes on digital services, luxury goods and single-use plastic; deferment of personal income tax reductions for three years; and a repeal of some tax exemptions.

The Bureau of the Treasury has estimated the government needs to raise P249 billion every year in revenues to avoid resorting to borrowings to pay the P3.2-trillion additional debt incurred during the pandemic.

Mr. Dominguez also warned the government should not cover existing debt by borrowing more or reducing spending. — Keisha B. Ta-asan

Gov’t to borrow P250 billion from domestic market in June

May 27, 2022 | 12:32 am

THE NATIONAL Government plans to borrow P250 billion from the domestic market in June, the Bureau of the Treasury (BTr) said on Wednesday.

Next month’s borrowing plan is 25% higher than the P200-billion program for May. However, the government raised just P141.31 billion from domestic borrowings this month.

The BTr will hold auctions for Treasury bills (T-bills) every week, which is projected to raise P75 billion.

The auctions for Treasury bonds (T-bonds) are projected to generate P175 billion.

According to the BTr, P5 billion worth of 91-day, 182-day, and 364-day T-bills will be offered on May 30, June 6, 13, 20, and 27.

For the long-term tenors, BTr is looking to raise P35 billion in three-year T-bonds on May 31; P35 billion in five-year debt papers on June 7; P35 billion in seven-year instruments on June 14; P35 billion in 10-year securities on June 21; and in seven-year papers again on June 27.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters that the “volume has been calibrated based on domestic requirement and past rejections.”

The government spent heavily on its coronavrius disease 2019 (COVID-19) pandemic response, putting more pressure on revenue generation.

A trader said in an e-mailed message that he does not expect the Treasury to scale down its scheduled borrowings in the coming months.

“Not much has changed in the borrowing program of the BTr versus this month’s schedule,” the trader said. “[The] only (difference) is the added week for June, but weekly auctions are still the play.”

The trader said that markets were concerned with bond supply as the BTr has not “tightened the spigot.”

“With this, and this month’s CPI (consumer price index) focus for June, [the] market will continue to be defensive moving forward.”

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the higher borrowing plan reflects the need to finance the widening budget deficit as the government continues to spend for infrastructure projects and pandemic response programs.

The National Government recorded a P187.7-budget deficit as of end-March. Its total debt surged to a record-high P12.68 trillion as of end-March.

“(Government security) maturities and issuances tend to be less shortly before the elections and tend to increase again after the elections, a pattern consistently seen in recent years,” Mr. Ricafort said.

The government borrows from local and external sources to help fund a budget deficit capped at 7.7% of gross domestic product this year.

The National Government has a gross domestic borrowing program of P1.91 trillion this year. Of this amount, T-bills are expected to bring in P52 billion, while the fixed-rate T-bonds are seen to raise P1.86 trillion. — Tobias Jared Tomas

BSP signals rate hike in June

May 27, 2022 | 12:31 am

Skyway-vehicles — The Makati skyline is seen from Skyway Stage 3, July 8, 2021. — PHILIPPINE STAR/ MICHAEL VARCAS

THE PHILIPPINE central bank is likely to raise its key interest rate by another 25 basis points (bps) at its next policy meeting in June.

“We are probably inclined to have another 25-basis-point adjustment on our next Monetary Board meeting which is on June 23,” Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said at a briefing on Thursday.

The BSP delivered its first interest rate hike since November 2018 when it raised its benchmark interest rates by 25 bps on May 19 as it tries to temper rising inflationary pressures.

The BSP upwardly revised its average inflation forecast for 2022 to 4.6% from the previous forecast of 4.3%, exceeding the 2-4% target band. For 2023, the BSP’s inflation forecast was hiked to 3.9% from 3.6% previously.

The Development Budget Coordination Committee (DBCC) adjusted the average inflation rate assumption to 3.7-4.7% this year, from 2-4% previously, reflecting the impact of soaring oil and food prices caused by the ongoing Russia-Ukraine war and supply chain disruptions.

Inflation climbed to 4.9% in April, the highest in more than three years.

“The economy is strong enough to weather any further hike in local policy rates,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“Furthermore, policy rate hike/s in the coming months could also be needed to address risk of second-round inflation effects after the approved minimum wage hikes and possible hike in transport fares, all of which would lead to higher prices of other affected goods and services in the economy,” Mr. Ricafort added. — Keisha B. Ta-asan

Duterte OK’s strategic investment priority plan

May 27, 2022 | 12:30 am

Makati-skyline-buildings — PHILIPPINE STAR/ MIGUEL DE GUZMAN

PRESIDENT Rodrigo R. Duterte has approved a 2022 strategic investment plan that lists activities eligible for tax incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

The 2022 Strategic Investment Priority Plan was approved through a memorandum circular signed by Executive Secretary Salvador C. Medialdea on May 24.

The plan included all activities listed in the 2020 Investment Priorities Plan’s Tier 1, such as those related to the containment of coronavirus disease 2019 (COVID-19) pandemic and production and manufacture of export products, services exports, and activities designed to support exporters.

Items in the 2020 plan, considered as the Tier I, include healthcare and disaster risk reduction management services like the establishment of hospitals, drug rehabilitation and evacuation centers; mass housing; infrastructure and logistics including public-private partnerships implemented by local governments; innovation drivers like research and development activities and clinical trials; inclusive business models like the activities of medium and large enterprises in agribusiness and tourism sectors that provide opportunities to micro and small enterprises as part of their value chains; environment or climate change-related projects and energy projects.

Activities under the Tier II of the 2022 plan aim to promote a competitive economy and boost the Philippines’ industrial value chains.

These include those related to green ecosystems such as electric vehicle (EV) assembly, manufacture of EV parts, components and systems, establishment and operation of EV infrastructure; manufacture of energy efficient maritime vessels and equipment; and energy efficiency and conservation projects.

Tier III, meanwhile, includes technology and research and development investments, such as those related to robotics, data analytics, artificial intelligence,

It includes highly technical manufacturing and production of innovative products and services like manufacture of equipment, parts and services, commercialization of intellectual property and research and development products and services; aerospace, medical devices, internet of things devices and systems, full-scale water fabrication and advanced materials; and establishment of innovation support families like research and development hubs and science and technology parks.

The order directs all agencies to issue the necessary regulations to ensure the implementation of the plan.

It mandates investment promotion agencies to facilitate and expedite the setting up and conduct of registered projects or activities through a one-stop action center. — Kyle Aristophere T. Atienza

SEC, Google to tighten screening for crypto ads

May 27, 2022 | 12:10 am

THE Securities and Exchange Commission (SEC) said it is working alongside Google to enforce stricter regulatory compliance to online lending apps.

“After updating its screening process for online lending apps to help address the proliferation of predatory lending, Google will soon require advertisers offering cryptocurrency exchanges and wallets targeting the Philippine audience to present proof of their registration and/or license to operate in the country,” the SEC said in a media release on Thursday.

Effective on July 7, this rule adds to Google’s existing policy that requires all advertisers to comply with local laws for any area that their advertisements target.

“As the national government regulatory agency tasked with supervising the corporate sector, entities doing business in the Philippines must first register with the SEC, in general,” the regulator said.

Meanwhile, operators of cryptocurrency exchanges must register with the Bangko Sentral ng Pilipinas as remittance and transfer companies.

The SEC said it is seeking to educate the public on legitimate investment options through investor protection and financial literacy campaigns online.

“Over the course of the pandemic, the commission has observed that several entities have taken advantage of the online space to spread investment scams supposedly engaged in cryptocurrency trading when in reality, these do not exist,” it added.

SEC Chairperson Emilio B. Aquino said that its partnership with Google will help the commission fulfill its mandate as registrar and overseer of the Philippine corporate sector, as well as protector of the investing public, in the digital age.

“We believe the new policy can reduce the number of Filipinos falling prey to unregistered investment schemes online, who are usually victims of aggressive online advertising and intrusive tactics that make them believe in products that are often too good to be true,” he added.

In 2019, the SEC reached out to Google to work on countermeasures against the rising cases of unregistered personal loan apps.

In May 2022, Google revised its policy for personal loan apps targeting users in the Philippines, requiring them to submit a “Personal Loan App Declaration” and other necessary documents before they could publish apps on Google Play. — Luisa Maria Jacinta C. Jocson

Megaworld to build P6.5-B upscale village in Cavite

May 27, 2022 | 12:09 am

Maple-Grove-Park-Streetscape-3 — MAPLE Grove Park Streetscape — COMPANY HANDOUT

By Luisa Maria Jacinta C. Jocson, Reporter

PROPERTY developer Megaworld Corp. announced that it is launching its first premium residential village in its Maple Grove township in General Trias, Cavite.

The Andrew L. Tan-led company expects the project to generate P6.5 billion in sales. It will be hiking its capital expenditure budget accordingly. It previously announced that it would spend approximately P15 billion for the township.

Maple Grove Park Village spans 22 hectares and offers 377 lots, ranging from 280 to over 500 square meters. Each lot in the village will cost from P14 million to P27 million and will be ready for turnover to owners by 2026.

The community is “luxury resort-inspired” and is designed by architectural firm Wimberly, Allison, Tong & Goo. It will feature 10 different parks, communal gardens, wellness and fitness areas, among others. Around 40% of the property will also be allocated to green and open spaces.

“Maple Grove Park Village is inspired by contemporary tropical architecture that naturally exudes a sense of ease and warmth perfectly suited for a resort-style residential settings,” said Megaworld Vice-President for Sales and Marketing Eugene Em Lozano.

“The village will be strategically located in the more secluded part of Maple Grove to give residents utmost exclusivity and privacy, while still allowing them to have access to all the modern conveniences that the township has to offer,” he added.

The village is part of Megaworld’s Maple Grove project, which is targeted to be Cavite’s first modern central business district.

The 140-hectare township features commercial, residential, office, and mixed-use developments.

These include The Verdin and La Cassia Residences condominiums, 17-storey office building One Corporate Place, and lifestyle mall Maple Grove Town Center, among other planned projects.

ALLIANCE GLOBAL
Separately, Megaworld’s parent firm Alliance Global Group, Inc. (AGI) reported a 52% surge in net income to owners in the first quarter to P3.9 billion. Consolidated revenues grew by 18% to P37.5 billion.

“AGI continued with its impressive growth momentum in the first quarter of the year as the overall improvement in mobility has allowed all our businesses to perform further closer to pre-pandemic levels, boosting revenues of our lifestyle malls, hotels and our quick service restaurants,” AGI Chief Executive Kevin Andrew L. Tan said in a statement.

“This upturn is reflective of the underlying strength in domestic economy, just waiting to be unleashed,” he added.

The company is engaged in various businesses, including real estate development through property giant Megaworld.

In the first quarter, Megaworld reported that its attributable net income was up by 30% to P3.1 billion. Real estate sales grew 36% to P8.1 billion on the back of increased project completion, while reservation sales went up 12% to P23.2 billion.

The company also noted higher occupancy rates and hotel and mall revenues, driven by pent-up consumer spending and the rebound in tourism.

AGI’s spirit manufacturing arm, Emperador, Inc., reported a modest 2% increase in consolidated revenues to P12.3 billion. It said the growth “indicates the resilience of global demand” for its premium liquor brands, primarily its whisky products, which posted a robust sales growth of 20% year on year.

“Its brandy segment, however, was impacted by rising costs, capping overall profit margins,” it added.

The company’s quick service restaurants through Golden Arches Development Corp. (GADC) tripled their attributable net income to P258 million in the first quarter. Consolidated revenues jumped by 27% to P7.2 billion. The company handles McDonald’s Philippines.

“Armed with the learnings we have acquired in the past couple of years, we target to achieve our pre-pandemic performance this year. We remain confident and optimistic of our growth prospects even in the face of current domestic and global headwinds,” Mr. Tan added.

At the stock exchange on Thursday, Megaworld shares rose 0.37% or a centavo to P2.74 each, while AGI shares ended higher by 1.94% or 20 centavos to close at P10.52 apiece.

Bieber, Westlife holding concerts in PHL

May 27, 2022 | 12:08 am

1 of 2

TWO major performers will be coming to the Philippines for concerts in the coming months: Canadian pop star Justin Bieber and Irish boy band Westlife. The concerts, which are part of world tours in support of their respective new albums, will be held in October and next February.

Mr. Bieber’s concert will be held at the Open Grounds of the Cultural Center of the Philippines in Pasay City on Oct. 29 said Ovation Productions on Wednesday.

The concert is part of his Justice World Tour which is in support of his 6^th studio album, Justice.

Mr. Bieber had been scheduled to perform in the Philippines in 2017 as part of the pop star’s Purpose World Tour, but the tour was cancelled “due to unforeseen circumstances.”

The Justice World Tour kicks off this month and is scheduled to travel to over 30 countries — with more than 125 shows — by the time it wraps up in March next year.

WESTLIFE
Meanwhile, a stop at the Philippines has been added to Westlife’s The Wild Dreams Tour. Supporting their latest album, Wild Dreams, and celebrating their greatest hits, the band will be performing on Feb. 20, 2023 at the Araneta Coliseum in Quezon City, concert promoter Wilbros Live announced.

Following their record-breaking 2019 reunion tour, The Twenty Tour, which saw the boy band’s members Shane Filan, Nicky Byrne, Mark Feehily, and Kian Egan perform in 27 countries, the new tour will see them perform songs from the new album, plus all their hits including “Swear It Again,” “Flying Without Wings, “Uptown Girl,” “Unbreakable,” and “You Raised Me Up.”

Westlife has sold over 55 million records worldwide, and are the only band to have their first seven singles enter the UK chart at No.1. They also have the most singles of any artist to debut at No.1 in the UK. Overall the band has had 14 No.1 singles, behind Elvis Presley and The Beatles.

Promoted by AEG Presents Asia and Ovation Productions, tickets to the Bieber concert can be purchased starting 10 a.m. on May 30 via Ocationtickets.com and SMTickets.com. Tickets will range in price from P2,695 all the way to P18,850.

Meanwhile, tickets to Westlife: The Wild Dreams Tour in Manila, presented by Wilbros Live, will go on sale beginning 10 a.m. on June 4 via TicketNet.com.ph and at all TicketNet outlets nationwide. Tickets range in price from P1,575 to P13,650.

Safeguard duties sought on imported resins

May 27, 2022 | 12:08 am

THE local petrochemical industry is seeking government protection through safeguard duties on imported resins used for the production of plastic goods.

In a statement on Thursday, JG Summit Olefins Corp. (JGSOC) said that along with the local petrochemical industry, they are hoping that the government can protect and support Philippine manufacturers from “unfair foreign competition” amid the reported surged in the import volume of high-density polyethylene (HDPE) and linear low-density polyethylene (LLDPE).

“The duties are being requested to safeguard the local manufacturing industry. Historically, HDPE and LLDPE imports tend to undercut the prices of the domestic industry,” the company said.

“HDPE is used in consumer and industrial packaging, while LLDPE is used for laminated films and general-purpose bags. Within the ASEAN, both raw materials are charged zero tariffs,” it added.

In September last year, the Tariff Commission began its investigation on the imposition of a safeguard duty after getting notification from the Trade department regarding JGSOC’s petition.

“JGSOC claimed in its filing of the safeguard measures petition, that the volume of HDPE and LLDPE — key raw materials used in many consumer products — being imported into the country in recent years were in quantities that are substantial to cause serious injury to the local petrochemical industry,” the company said.

Citing the Indian government as an example, JGSOC said India is expected to impose anti-dumping duties (ADD) on LDPE imports from Saudi Arabia, Singapore, Thailand and the US.

“The country’s Ministry of Commerce and Industry said the ADD to be levied are commensurate to the estimated damage incurred on sole domestic LDPE producer Reliance Industries, Ltd., between the years 2016-2017 and 2018-2019. The ADD was fixed between US$17.05 and US$216.76 per ton on various producers and suppliers from said countries,” the company said.

“Unchecked imports can disable the ability of local petrochemical producers from continuing operations, and corrode domestic self-sufficiency. If left uncorrected, the backlash will inevitably lead to unemployment and income loss for thousands of Filipinos who make their living directly and indirectly from the industry,” it added.

On Jan. 1 this year, JG Summit Petrochemical Corp. and JG Summit Olefins Corp. announced that they had merged into JGSOC. In a summary report released by the Tariff Commission on its website dated May 23, the commission said it recommends “no definitive general safeguard measure be imposed on the importations of the LLDPE pellets and granules subject to this investigation.”

“There was no increase in imports of LLDPE pellets and granules, both in absolute terms and relative to domestic production, during the period of investigation from 2015 to June 2021,” the commission’s report said.

“Since it has been established that LLDPE pellets and granules were not imported in increased quantities (whether absolute or relative to domestic production) during the period of investigation, the determination of serious injury or threat thereof, causation, and unforeseen developments has become moot and academic,” it added.

The Tariff Commission has yet to release its summary report for the petition of safeguard measures against HDPE pellets and granules imports. — Revin Mikhael D. Ochave

Globe launches film lab for aspiring filmmakers

May 27, 2022 | 12:07 am

AFTER giving mentorship opportunities for fashion, e-sports, and music, interactive platform Globe Prepaid Virtual Hangouts is now focusing on aspiring filmmakers with the launch of the GoWATCH Film Lab.

GoWATCH Film Lab is Globe Prepaid’s fifth learning program under its Virtual Hangouts platform. In the past, it conducted the GoESPORTS Game On! Training Camp for ESports streamers and casters; GoHUSTLE Boss Up Bootcamp for entrepreneurs; GoKOREAN K-Fashion Institute for Korean fashion lovers; and the recently concluded musical talent search called GoJAM On Stage.

“It’s time for our cinephiles and emerging filmmakers to take the spotlight. We want to give them the world-class mentorship that they deserve,” Head of Globe Prepaid Givielle Florida said in a statement.

In 2019, Globe’s film production arm, Globe Studios — now called ANIMA — launched its first Short Film Lab during the .giff Festival of New Cinema. ANIMA is Globe Prepaid’s partner in putting up this year’s GoWATCH Film Lab.

“We believe that the Gen Zers have a strong and unique voice,” ANIMA Executive Director Quark Henares said in a statement. “(During our 2019 Short Film Lab) we paired our participants with seasoned filmmakers for a hands-on mentorship to guide them, from their short film’s concept and script development, to finding their audiences here and abroad. For the GoWATCH Film Lab, we are extending the same opportunity to our participants.”

THE TEACHERS
The film lab consists of four workshop sessions on specific filmmaking techniques to be facilitated by filmmakers Jade Castro, JP Habac, Antoinette Jadaone, and Erik Matti. The aspiring filmmakers will learn about mise-en-scène and the elements of film, protecting directorial vision in micro-budget shoots, and directing while in post-production.

On the Job director Erik Matti will be teaching techniques of mise-en-scène or “setting the scene,” a concept referring to the arrangement and elements present in a frame or shot.

“Mise-en-scène is rarely used nowadays,” Mr. Matti said at the online launch on May 20.

“It shows the skill of the director on which element to bring up… in one shot,” he said. The elements in a shot include lighting, staging, camera angle, and dialogue, sound, and music.

“In the class, I’ll be teaching 25 elements that you can go into strict detail. The rule there is the more you use the mise-en-scène, the better you are as a filmmaker,” Mr. Matti added.

Fan Girl director Antoinette Jadaone will be teaching how directors can keep their directorial vision despite restraints and budget limits.

“As a filmmaker, your vision needs to be intact even if there are lessened shooting days and instances of weather, you need to think of a way to protect your vision,” Ms. Jadaone said in English and Filipino, adding that directors should be able to come up with a good compromise.

LSS director Jade Castro will be facilitating post-production directing.

“Your film only becomes a film in the final stages,” he pointed out. “Directing is making a lot of choices, and a lot of choices happen in post-production.”

He pointed out that during the post-production for LSS, many scenes at the end were rearranged to come up with the proper flow, and that the music by Ben&Ben was re-recorded to fit the edits.

The Globe Prepaid Virtual Hangouts GoWATCH Film Lab is open to individuals between 16 to 27 years old “who have a story to tell and who are interested in finding and developing their voices and talents in filmmaking.” To register, visit www.globevirtualhangouts.ph. Registration is ongoing until June 1. The actual film lab will be held on June 4 to 5 and June 11 to 12.

After the workshops, participants have a chance to pitch their own story. From the pitches, eight finalists will be given a chance to win a script development mentorship and a P200,000 seed grant. The program will end with a physical culminating activity featuring the works of the chosen filmmakers.

As per the qualities of a good filmmaker, the directors cite honesty and originality in the work. — Michelle Anne P. Soliman

ACEN to lend P2.3B to Greencore solar project

May 27, 2022 | 12:07 am

AYALA-LED AC Energy Corp. (ACEN) and its unit ACE Endevor, Inc. have agreed to lend P2.3 billion to an affiliate firm for the construction of a solar power plant and related facilities in Pampanga.

In a stock exchange disclosure on Thursday, the Ayala group said it signed the omnibus agreement with Greencore Power Solutions 3, Inc. and Citicore Solar Energy Corp. for the financing of a 30-megawatt (MW), alternating current, solar farm located in the province’s Arayat and Mexico towns.

The project is the second phase of a solar power plant project. ACEN also financed its first phase.

Greencore Power is the special purpose vehicle of the project and the borrower in the agreement. It is owned by Citicore Solar with 50% of the shares, while ACEN and ACE Endevor hold a 45% and 5% interest, respectively.

Under the agreement, ACEN as the lender will be extending a term loan facility to the borrower to finance the design, engineering, financing, construction, procurement and supply, manufacturing, commissioning, start-up, testing, delivery, ownership, operation and maintenance of the plant.

The loan will be secured by a real estate mortgage over the real assets of the borrower, a pledge over the shares of the borrower, and the cashflows of the project.

The plant is expected to be operational in February 2023.

The loan agreement is the latest development in the partnership between ACEN and the Citicore group.

In February 2020, Citicore Renewable Energy Corp. (CREC) and ACE Endevor entered into a “framework agreement” for the joint development, ownership and operation of solar and other power plants in the Philippines.

Citicore Solar is a wholly owned subsidiary of CREC.

Under the agreement, CREC and ACE Endevor are to be shareholders of Greencore, which was incorporated to own and undertake the development of the solar farm in Arayat and Mexico. It was planned to have an installed capacity of 50 MW-alternating current (72 MW-direct current).

In February 2021, ACEN and ACE Endevor signed a shareholders’ agreement with Citicore Solar and Greencore for the development, construction, and operation of the project, which started constructed last year.

In its website, ACEN placed the project’s estimated cost at P2.75 billion. It also said that the plant “will be ready to begin its operations and supply power to the grid by the summer of 2022.”

On Thursday, ACEN shares fell by 2.14% or 15 centavos to close at P6.85 each. — Victor V. Saulon