Former NLEX Corp. chief takes the helm of MPT South

May 3, 2022 | 12:02 am

METRO Pacific Tollways Corp.’s (MPTC) unit MPT South Corp. announced on Monday the appointment of Raul L. Ignacio, the former chief operating officer of NLEX Corp., as its new president and general manager.

He replaces Robert V. Bontia, who “has been designated as chief transformation officer to head on a full-time capacity the Business Transformation Office of Metro Pacific Tollways Corp.,” the company said in an e-mailed statement.

MPT South also said Mr. Ignacio “has extensive years of experience and expertise in our organization with a tenure that started with NLEX Corp. and has led our company’s initial venture into the mobility space by heading MPT Mobility since 2020.”

On Mr. Bontia, the company said: “As one of the most senior executives of the organization, [he] will ensure the effective implementation of vital groupwide transformation projects.”

MPT South’s existing projects include the 7.7-kilometer C5 Southlink and the 45.4-kilometer Cavite-Laguna Expressway.

The company is hoping to open the road section connecting Aguinaldo Highway to Silang East interchange of the P35-billion CALAX project by the third quarter of the year.

MPTC’s capex for the year is estimated to be P32 billion.

MPTC is the tollways unit of Metro Pacific Investments Corp., which is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

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. — Arjay L. Balinbin

Netflix drops Meghan Markle’s animated series Pearl

May 3, 2022 | 12:02 am

header_photo — Rachel Meghan Markle — PHOTO FROM ROYAL.UK/DUCHESS-SUSSEX

STREAMING platform Netflix, Inc. said on Sunday it had decided to stop work on Meghan Markle’s family series Pearl as it reviewed animated content.

Dropping several projects, including Ms. Markle’s, was part of strategic decisions on production of animated series, the company said in a statement, without providing further details on its decision.

Archewell Productions, the company formed by Ms. Markle and her husband, Prince Harry, said last year that she would be an executive producer of Pearl. The series was to be centered on the adventures of a 12-year-old girl who is inspired by influential women from history.

The couple is formally known as the Duke and Duchess of Sussex. Archewell did not immediately respond to a request for comment.

Netflix also decided not to move forward with the two animated children’s series Dino Daycare and Boons and Curses.

The decision to cancel these shows comes after Netflix reported a loss of 200,000 subscribers in the first quarter, falling well short of its forecast of adding 2.5 million.

Last year, Netflix extended a deal for animation films with Comcast subsidiary Universal Pictures, a move that was expected to help Netflix hold on to child viewers.

Netflix said on Sunday it would continue to work on projects with Archewell, including the previously announced documentary series Heart of Invictus. This will focus on athletes competing in the Invictus Games for injured veterans in The Hague in 2022.

Netflix did not respond to a query on whether it would cut more animated shows. — Reuters

PSC releases P200 million for Hanoi Games campaign

May 3, 2022 | 12:02 am

THE Philippine Sports Commission (PSC) have cough up more than P200 million to fuel the country’s ambitious campaign to defend its overall title in the Hanoi Southeast Asian Games (SEA) set on May 12 to 23.

“The PSC had already released more than P200 million and could reach P230 million to fund the country’s SEA Games participation,” a source on Monday told The STAR.

Part of the Philippines’ 987-strong delegation, which included 646 athletes, had left for Hanoi on Sunday and on Monday while the bulk of it will follow suit next week in time for the opening ceremony on May 12.

There rests of the delegation will arrive on May 13.

Kickboxing, which will be led by former mixed martial arts champion Honorio Banario and 2019 SEA Games gold medalist Jean Claude Saclag and Gina Iniong Arao, flew on Monday.

The national kickboxers are out to eclipse, if not duplicate, their three-gold, two-silver and one-bronze harvest in the last edition of the biennial meet.

Jomar Balangui, Renalyn Dacquiel, Carlos Alvarez, Kurt Lubrica, Daryl Chulipaz, Emmanuel Cantores, Claudine Veloso, Gretel de Paz, and Zephania Ngaya are the other members of the team.

PSC commissioner and the country’s Hanoi Games chef de mission Ramon Fernandez and Philippine Olympic Committee President Abraham Tolentino are both optimistic of the Filipinos’ chances.

Other teams expected to fly this week are men’s football and beach handball, which will have games on Friday, diving (Sunday), rowing (Monday), chess, men’s and women’s futsal, pencak silat and kurash (May 10), and women’s football (May 11).

The country lorded it over the 2019 edition following a historic 149-gold, 117-silver and 121-bronze medal harvest. — Joey Villar

RLC-DMCI project on track for completion by 2024

May 3, 2022 | 12:01 am

CONSTRUCTION of Robinsons Land Corp. (RLC) and DMCI Homes’ joint venture project in Las Piñas is ongoing despite limitations posed by the pandemic.

Sonora Garden Residences is a 1.45-hectare condominium development within Robinsons Place Las Piñas complex along Alabang-Zapote Road, Las Piñas City.

Structural work on the first building, Cadence, is over 60% completed as of March 2022.

“With construction in full swing, the building is on track for ‘on time’ completion by June 2024,” the companies said in a statement.

The size of the condominium units ranges from 28 to 81.5 square meters with balcony. Units are now pre-selling at P4 million and up.

Sonora Garden Residences offers residents a chance to experience “resort-living,” while still near retail shops, restaurants, supermarkets, airports and business districts.

Around 70% of the property’s land area is allocated for open spaces, gardens, and various resort-inspired amenities such as swimming pools, basketball court, children’s play area, gym, sky lounges, etc.

Ateneo regroup getting ready for a tough FEU

May 3, 2022 | 12:01 am

By John Bryan Ulanday

ONCE unshakeable atop of the UAAP stratum for four long years, the mighty Ateneo had fallen. But as “humbling” as its collapse was, the three-time defending champion still sees a silver lining that would only clear the way for its flight to greater heights along the way.

Holder of 39 straight wins since 2018, the Blue Eagles got sent crashing back to Earth over the weekend by rival University of the Philippines with a tough 84-83 heartbreaker that they are hoping to serve as a much-needed wake-up call moving forward.

“This a good humbling experience for our organization, for me and for the team,” said coach Tab Baldwin as Ateneo lost a golden chance to go undefeated at 14-0 and book an outright finals berth with their lone yet biggest defeat of the season.

Riding on a 13-0 start including a 90-81 win in the opener against the Fighting Maroons, the Blue Eagles marched into the second part of the “Battle of Katipunan” brimming with hopes only to be spoiled by the slimmest of margins.

Baldwin said it’s his fault as the erstwhile invincible Ateneo team that trounced its first 13 assignments by an average gap of 18 points played catch-up basketball in a rare scenario against a spirited University of the Philippines (UP) side.

Ateneo trailed early by as many as 18 points before clawing back and figuring in a nip-and-tuck battle for only the first time in a long while with Ricci Rivero draining two crucial free throws to win it for UP.

“I made some tactical mistakes early and that hurt us. It contributed to digging a hole for our team and UP was really ready. They played really well and it’s just a case of trying to dig out of that hole right throughout the game,” Baldwin admitted.

“We haven’t been in that situation. I thought we didn’t have good composure and good decision making in that situation. Like anything else, you need those in order to be good at those,” he added.

Fortunately for the Blue Eagles, they are still the No. 1 seed in the traditional Final Four format with a twice-to-beat incentive against No. 4 Far Eastern University (FEU) for a still handsome four-peat chance as their ultimate goal from the beginning.

“That’s just the way it is. You don’t win them all and it’s not a question if you can’t win them all (because) you can but nobody ever has. So the truth is, you don’t win them all and now it’s just a case of regrouping, bouncing back and getting ready for a tough FEU team,” he vowed.

COL Financial earnings rise 38% as revenues climb

May 3, 2022 | 12:01 am

COL FINANCIAL Group, Inc. reported on Monday that its net income surged by 38% to P582 million in 2021, driven by a jump in commission revenues.

“While ranking #1 is not the benchmark that we measure our success on, we believe that this is the natural result of our strategy to focus on serving our customers,” COL Financial President and Chief Executive Conrado F. Bate said in a statement.

“By giving our self-directed investors the tools and knowledge that they need to invest wisely, this group of investors continues to become a bigger and more influential part of the country’s investing landscape,” he added.

Meanwhile, consolidated revenues rose to P1.3 billion, while its client assets hit P112 billion as the company saw P6.7 billion in net new flows.

The financial group reported that its client base also hit almost half a million investors by the end of 2021.

COL Financial said that it benefited from the increase in market activity in the Philippine Stock Exchange (PSE), due to its strategy of focusing on its retail investor base.

“As a result, COL ranked as the #1 stockbroker in the Philippines for the second year in a row, with a record market share of 8.6%,” the company said.

On the fund distribution side, the company said it started offering access to global funds through its platform.

“For the first time, COL clients were able to invest in a global multi-asset fund, resulting in a strong take-up from customers looking for investments outside of the local stock market,” it said.

Working with its fund partners, the firm said it intends to “continue its expansion of global products by adding over 20 global, theme-based equity funds in the first half of 2022.”

On April 27, the company said that it would pay out P0.085 per share in cash dividends to its shareholders. The dividends are equivalent to 65% of the company’s profits last year, and is 30.7% higher than its cash dividends from the previous year.

For 2022, COL Financial said it would continue its adoption of more efficient and scalable technologies, in addition to increasing its product offerings to address the different needs of its existing and prospective customers.

“While the current market conditions are more challenging than last year’s, we believe that we’ll be able to weather different market environments as long as we stick to our long-term strategy of putting our clients first at all times,” said Mr. Bate.

COL Financial shares ended lower on Monday by 1.63% or six centavos to close at P3.62 apiece at the stock exchange. — Luisa Maria Jacinta C. Jocson

Digital banks expected to boost PHL credit information system

May 3, 2022 | 12:01 am

CREDIT Information Corp. (CIC) urged digital lenders to join the public credit registry to boost the database and help give unbanked Filipinos access to lending.

“The registration of digital banks as submitting entities is a valuable addition to the CIC database, especially as digital banks have the potential of penetrating the unbanked sectors,” CIC President and Chief Executive Officer Ben Joshua A. Baltazar said in a statement on late Thursday.

“Being a key driver of the country’s digital transformation, their participation in the Credit Information System can serve as a catalyst for broad-based financial inclusion and improved access to credit,” Mr. Baltazar said.

CIC’s submitting entities are institutions that lend to borrowers, including banks, nonbanks, trust entities, investment houses, financing companies, cooperatives, nongovernmental, micro-financing organizations, credit card companies, insurance companies, and government lending institutions.

The agency’s database currently includes the credit data of 33.1 million individuals. This is equivalent to about 49% of the Filipino adult population.

The CIC, through Letter Circular No. 2022-05, series of 2022 dated April 11, notified digital banks that they are covered by Republic Act 9510 or the Credit Information System Act.

Six entities were given licenses by the Bangko Sentral ng Pilipinas (BSP) to operate digital banks, namely the Overseas Filipino Bank (OFBank), Tonik Digital Bank, Maya Bank, UNO Digital Bank, Union Digital Bank, and GoTyme. OFBank, Tonik Digital Bank and Maya Bank are already operating while the rest are expected to be launched within the year.

Digital banks offer products and services through online platforms and do not need to set up branches.

The CIC is also bullish that digital banks will provide more lending opportunities to micro-, small-, and medium-sized enterprises (MSMEs).

“With the appeal and accessibility of financial services offered by digital banks for MSMEs, the CIC hopes that digital banks promptly comply so that MSMEs with low or no recorded credit data can build and improve their creditworthiness,” Mr. Baltazar said.

MSMEs make up about 99% of all registered businesses in the country and were among the most affected by the pandemic crisis. Many small businesses face difficulties in accessing formal lending due to lack of credit history.

The BSP has partnered with the Japan International Cooperation Agency for a credit risk database project that is aimed at boosting credit scoring models for small businesses. — Luz Wendy T. Noble

Comedian James Corden to leave late-night show next year

May 3, 2022 | 12:01 am

Late-Late-Show’s-YouTube-Special — British comedian James Corden in Late Late Show’s YouTube Special — MONTY BRINTON/CBS VIA CBS WEBSITE

LOS ANGELES — British comedian James Corden said on Thursday he will exit The Late Late Show on CBS television in 2023 after eight years as host to explore other opportunities.

Mr. Corden announced the news at an episode taping in Los Angeles. He told a studio audience that he saw the show, which he began hosting in 2015, as an “adventure” and not his “final destination” in entertainment.

“I never want this show to overstay its welcome in any way,” Mr. Corden said in a clip released on YouTube. “I always want to love making it. And I really think in a year from now that will be a good time to move on and see what else might be out there.”

Mr. Corden was relatively unknown in the United States when he began hosting the Late Late Show but generated buzz with his viral “Carpool Karaoke” segments in which he sang along with stars including Adele and Lady Gaga.

The comedian’s contract was due to expire in August but he agreed to host the show for one more season that will run through spring of next year.

Mr. Corden promised his remaining shows would be a “blast” filled with sketches and surprises.

“And there will be tears,” he said. “There will be so many tears. Because this has been the hardest decision I’ve ever had to make … I’ve never taken this job for granted.”

Mr. Corden, 43, also hosted the Tony and Grammy awards and appeared in films including the critically panned movie musical Cats.

“Seven years ago, James Corden came to the US and took television by storm, with huge creative and comedic swings that resonated in a big way with viewers on-air and online,” said George Cheeks, president and CEO of CBS.

“We wish he could stay longer, but we are very proud he made CBS his American home and that this partnership will extend one more season on The Late Late Show,” Mr. Cheeks added. — Reuters

Domestic trade in the regions: Which have (un)favorable trade balances?

May 3, 2022 | 12:00 am

DOMESTIC TRADE by value in 2021 rose by 21.6% to P718.44 billion, the Philippine Statistics Authority (PSA) said, reflecting a recovery in the economy from the low base formed by 2020, the first year of the pandemic. Read the full story.

How PSEi member stocks performed — May 2, 2022

May 3, 2022 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Monday, May 2, 2022.

Philippines falls in effective governments ranking

May 3, 2022 | 12:00 am

The Philippines’ rank dropped by two notches to 63rd out of 104 countries in the 2022 edition of the Chandler Good Government Index (CGGI), which measures governments’ effectiveness. With a score of 0.484 — in a scale of 0 (worst) to 1 (best) — the country placed the third-lowest in the region, only ahead of Mongolia and Cambodia. Across the seven main pillars used in the index, the Philippines performed best in ﬁnancial stewardship at 39th.

Peso sinks on bets of aggressive Fed hike

May 2, 2022 | 9:00 pm

THE PESO declined against the dollar on Monday as investors expect the US Federal Reserve to announce a bigger rate increase at its policy meeting this week. — BW FILE PHOTO

THE PESO weakened on Monday as the market positioned ahead of an expected interest rate hike by the US Federal Reserve at its meeting this week.

The local unit closed at P52.365 per dollar on Monday, shedding 17.5 centavos from its P52.19 finish on Friday, based on Bankers Association of the Philippines data.

The peso opened Monday’s session at P52.25 against the dollar. Its weakest showing was at P52.40, while its intraday best was at P52.22 versus the greenback.

Dollars exchanged dropped to $840.7 million on Monday from $1.199 billion on Friday.

The peso depreciated as the market anticipates the Fed to hike rates again at its meeting this week, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Investors expect the Fed to hike rates by 50 basis points (bps) when it meets on May 3-4 and the uncertainty is around how hawkish Fed Chair Jerome H. Powell will sound in comments following the decision, Reuters reported.

Markets are pricing in an aggressive run of rate hikes from the Fed as it tries to tame soaring inflation amid the ongoing Russia-Ukraine crisis, continuing lockdowns in China, and soaring global commodity prices.

The Fed began its tightening cycle at its March meeting, hiking borrowing costs by 25 bps.

Mr. Ricafort said losses in the local stock market also caused the peso to depreciate.

Shares continued to decline on Monday ahead of the Fed’s policy meeting and the release of Philippine inflation data.

The benchmark Philippine Stock Exchange index dropped by 10.17 points or 0.15% to close at 6,721.08, while the broader all shares index went down by 8.31 points or 0.23% to 3,596.83.

Meanwhile, a trader in an e-mail said the peso weakened following stronger-than-expected US personal consumption expenditure data.

The US Commerce department on Friday said consumer spending, which is more than two-thirds of the economy, increased by 1.1% in March. This is faster than the 0.7% forecast by economists polled by Reuters.

Meanwhile, the personal consumer expenditure price index jumped by 6.6% in March, its quickest pace since January 1982.

Philippine financial markets are closed on Tuesday in observance of Eid’l Fitr.

For Wednesday, Mr. Ricafort gave a forecast range of P52.22 to P52.42 per dollar, while the trader expects the local unit to move within P52.25 to P52.45. — L.W.T. Noble with Reuters