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JFC posts 26% income rise to P7.6B as sales grow

LISTED food service company Jollibee Foods Corp. (JFC) reported 26.4% higher attributable net income for 2022 to P7.56 billion from the previous year’s P5.98 billion after an increase in system-wide sales.

In a press release, JFC Chief Executive Officer Ernesto Tanmantiong said in a press release that last year’s sales growth was driven by a 27% same-store sales increase, 6.1% from new stores, the impact of the Milksha acquisition, and a 5.2% gain from foreign currency translation.

“Off-premises channels, particularly delivery showed continued resilience and we expect sustained robust growth as we improve further our digital touchpoints,” he said.

Mr. Tanmantiong added that dine-in sales improved due to the easing of restrictions in locations where the company operates.

In its disclosure to the stock exchange, JFC said its 2022 revenues grew by 38% to P211.9 billion from the P153.58 billion it saw in 2021.

System wide-sales, which measures all sales to consumers, rose by 40.2% to P296.82 billion the P211.72 billion previously.

The company’s net sales increased by 37.9% to P196.66 billion from P142.59 billion in the previous year.

The company’s expenses also increased by 36.7% to P27.01 billion from P19.8 billion in the previous year.

Mr. Tanmantiong said the JFC group sustained its “global expansion momentum.”

“We opened 542 stores and grew store network by +9.2% versus prior year, exceeding our guidance for 2022,” he said.

“This is the highest number of stores opened in a single year in JFC’s history,” he added.

Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 32.2% to P31.2 billion from P23.6 billion.

For the fourth quarter of 2022, attributable net income plummeted by 90.3% to P320 million from P3.28 billion in the same quarter in 2021. The company also reported a 99% fall in net income to P31 million from the P3.25 billion previously recorded.

The lower profit came despite a 38.5% increase in system-wide sales to P85.94 billion from P62.03 billion previously. Revenues increased by 36.8% to P61.55 billion from P45 billion, while EBITDA grew by 3% to P8.21 billion from P7.97 billion.

Operating income in the three-month period decreased by 23.7% to P1.88 billion from P2.47 billion due to provisions to curtail non-priority brands at P600 million and increased advertising and promotional spending as a percentage of system-wide sales at 3.4% versus 2.9% previously.

OUTLOOK FOR 2023
JFC said that based on its target for 2023, the group projects full-year system-wide sales to grow between 15% and 20%, with a same-store sales growth of 7% to 10% and a store network increase of not less than 5%.

The company said operating income is expected to grow in the range of 20% to 25%.

Additionally, it plans to open 550 to 600 owned and franchised stores in 2023. Last year, it opened 542 stores, expanding its store network by 9.2%.

JFC expects this year’s capital spending at P17 billion to P19 billion.

“Looking ahead, while we expect macroeconomic challenges to persist in 2023, we are confident that the JFC Group is resilient and well-positioned to drive near-term growth. We have clear priorities on profitability while we continue to invest strategically to deliver long-term growth and value for our shareholders,” Mr. Tanmantiong said.

On Thursday, Jollibee shares fell by 4.02% or P9 to close at P215 apiece. — Adrian H. Halili

Are they for real? South Korean girl band offers glimpse into metaverse

SOUTH Korean girl group MAVE:

SEOUL —  Less than two months ago, the first music video by South Korean girl quartet MAVE: went viral, racking up nearly 20 million views on YouTube and setting the stage for potential global success.

At first glance, MAVE: looks like any other idolized K-pop band — except it only exists virtually. Its four members — SIU, ZENA, TYRA and MARTY — live in the metaverse, their songs, dances, interviews, and even their hairstyles created by web designers and artificial intelligence.

“When I first saw Mave, it was a little confusing to tell whether they were humans or virtual characters,” said Han Su-min, a 19-year-old in Seoul. “Because I use metaverse platforms with my friends often, I feel like I could become their fan.”

The group’s almost human-like avatars provide an early glimpse of how the metaverse is likely to evolve as South Korea’s entertainment and tech industries join hands in the fledgling technology.

It also represents a serious push by tech giant Kakao Corp. to become a dominant force in entertainment. Apart from backing MAVE:, Kakao launched a 1.25 trillion won ($960 million) tender offer last week to buy South Korean K-pop pioneer SM Entertainment.

SM is home to popular K-pop groups such as Girls’ Generation, H.O.T., EXO, Red Velvet, Super Junior, SHINee, NCT Dream and Aespa.

Kakao declined comment on how it would balance the demands of managing real and virtual bands.

The company’s bet on the metaverse bucks a global trend. Big tech companies from Facebook parent Meta Platforms, Inc. to China’s Tencent Holdings are now reining in their spending on virtual worlds to ride out the economic downturn.

Kakao has said earlier that it has invested 12 billion won in Metaverse Entertainment, a subsidiary it formed with gaming firm Netmarble Corp. to create MAVE:.

But the company declined to make any income forecasts from the venture.

MAVE: is an “ongoing” project to explore new business opportunities and find ways to work around technological challenges, said Chu Ji-yeon, who heads Metaverse Entertainment.

FOUR LANGUAGES
The concept is not new in South Korea. In 1998, virtual singer Adam was launched, and two decades later, K-pop girl group K/DA, inspired by characters from video game League of Legends, also made a debut. Neither took off.

But South Korean technology has made much progress since then in creating virtual characters. MAVE: is more natural-looking thanks to new tools and artificial intelligence that developers used to create facial expressions and small details like streaks in hair, viewers say.

With the aid of an AI voice generator, its members can speak four languages — Korean, English, French, and Bahasa. But they can’t speak in response to prompts and have to rely on scripts prepared by humans.

The group’s voices heard in the debut single “Pandora” and the choreography in the music video were created by human performers and processed by motion capture and real-time 3D rendering technologies.

Experts say the COVID-19 pandemic aided the growth of such virtual characters, as many K-pop companies pivoted to online content to satiate home-bound fans.

“Fans became more used to consuming non-face-to-face content and communication with their idol groups for nearly three years,” said Lee Jong-im, a pop culture critic who teaches at Seoul National University. “It seems they have become more accepting of the concept that virtual and actual idol groups can integrate.”

While virtual groups like MAVE: are making headlines for their novelty, questions remain over whether they can match the interaction between conventional popular bands and their legions of fans.

“Virtual idols will move exactly as they are manufactured. And without any unpredictability, they will become something close to video technology, not K-pop,” said Lee Gyu-tag, an associate professor of cultural studies at George Mason University Korea.

Yet, MAVE:’s creators and entertainment industry officials are upbeat about its potential.

“With so many comments received from all over the world, I’ve realized that viewers do want something new and that they are rather open-minded,” said Roh Shi-yong, chief producer of a weekly music show on local TV station MBC that aired MAVE:’s performance twice.

“The metaverse era is coming.” —Reuters

AI comes for the DJ: London partygoers rave to robot beats

POSSESSED PHOTOGRAPHY/UNSPLASH

LONDON — In front of an empty DJ booth at an East London nightclub, partygoers danced to AI-generated beats in a unique experimental rave that sought to test whether an app can match the vibe of real-life records and a mixer.

Artificial intelligence (AI) has been touted as a great disruptor in recent months. ChatGPT, a text-based chatbot developed by OpenAI that can draft prose, poetry or even computer code on command, has gained widespread attention in Silicon Valley, spurring investors to pour money into AI-focused startups.

On Feb. 17, AI came for the DJ.

“Algorhythm” — hosted in The Glove That Fits bar — was billed as one of the first of its kind by its promoter George Pinnegar.

“If we can have AI make beautiful music and we can play that to each other, I think that’s probably why it’s there. That’s why it’s a gift,” Mr. Pinnegar told Reuters.

Powering the night’s pulsating techno and rhythmic drumbeat was Mubert, the app created by a team of Ukrainian and Russian developers.

Mubert uses human-made loops and samples to generate brand-new tracks. Users can like or dislike the app’s generative music, and the app adapts accordingly.

Musicians who created the samples then get a cut when their sounds are used.

For Mubert’s CEO, Paul Zgordan, the rise of AI will inevitably result in some musicians losing jobs.

“We want to save musicians’ jobs, but in our own way,” Mr. Zgordan told Reuters via videolink from the Armenian capital Yerevan.

“We want to give them this opportunity to earn money with the AI. We want to give people new (jobs),” the 35-year-old executive, who is also a DJ and musician, said.

PRETTY GOOD JOB
The DJ booth, usually the focus of parties, was left empty as an experiment to see how revelers would react to the AI DJ.

A few hours into the night, some of the revelers had made up their minds.

“It could be more complex,” said Rose Cuthbertson, a 24-year-old AI master’s student. “It doesn’t have that knowledge of maybe other electronic genres that could make the music more interesting. But it’s still fun to dance to.”

Taking a break from dancing, Pietro Capece Galeota was more complimentary.

“It’s been doing a pretty good job so far,” the 26-year-old computer programmer said outside the venue.

Yet for Mr. Zgordan, there’s more work to be done if Mubert wants to have similar functionalities to ChatGPT.

“There is no ChatGPT for music because music is more complex,” he said. “For now technology is not ready.” — Reuters

San Miguel reports P43-B core income

SAN MIGUEL Corp. (SMC) said on Thursday that it booked a consolidated core net income of P43.2 billion and a reported net income of P26.8 billion in 2022, without disclosing comparative figures.

In a press release, it said the income figures reflected “the impact of unrealized losses on the revaluation of its foreign currency-denominated long-term debt.”

Ramon S. Ang, SMC president and chief executive officer, said: “Our strong top line performance is a clear indication of our economy’s continuous recovery as well as the strong consumer demand for our products and services.”

Consolidated revenues last year reached P1.5 trillion, a 60% growth from the P941 billion reported in 2021.

Income from operations increased by 10% to P134.5 billion due to the performance of its subsidiaries, as well as cost management efforts.

The company’s earnings before interest, taxation, depreciation, and amortization (EBITDA) grew by 3% to P165 billion.

San Miguel Food and Beverage, Inc. posted a 16% growth in revenues to P358.9 billion due to higher selling prices of products and sustained volume growth.

The unit’s net income rose by 10% to P34.7 billion and its operating income increased by 11% to P48.7 billion.

The company’s beer unit, San Miguel Brewery, Inc., reported a 17% increase in revenues to P136.2 billion, due to volume growth while its net income rose by 6% to P21.8 billion.

Additionally, Ginebra San Miguel, Inc. registered 11% higher revenues at P47.3 billion. Its net income hit P4.5 billion, 9% higher than the previous year.

San Miguel Foods reported a 16% growth in revenues to P175.3 billion and a 21% increase in net income to P9.2 billion.

Power subsidiary San Miguel Global Power Holdings Corp. posted a 66% surge in consolidated revenues to P221.4 billion from P133.7 billion previously. Its operating income declined by 22% to P28.9 billion, while net income plunged by 80% to P3.1 billion.

It said that by the end of 2022, coal prices reached $404.07 per metric ton (MT), coming from $170.23 per MT at end-2021.

Additionally, Petron Corp. posted a 96% surge in revenues to P857.6 billion from P431.1 reported the previous year, due to higher oil prices.

Net income for Petron grew 9% to P6.7 billion from P6.1 billion while operating income rose by 12% to P19.2 billion from P17.2 billion.

“We remain strongly committed to executing on the long-term growth strategy we’ve laid out for our company, that will also significantly benefit our country,” Mr. Ang said.

On Thursday, SMC shares were unchanged at P111 apiece. — Adrian H. Halili

Leonor lives!

Movie Review
Leonor Will Never Die
Written and Directed by Martika Ramirez Escobar

Leonor (Sheila Francisco) is a retired Filipina action filmmaker who nurses a script she dreams of directing someday; meantime she receives a disconnection notice from the power company and her eldest Rudie (Bong Cabrera) schemes to work overseas but can’t bring himself to tell his mother. Humble junkyard welder Ronwaldo (Rocky Salumbides) watches in horror as his younger brother is falsely accused of being a drug pusher and gunned down; Leonor is struck down by a stray television set (don’t ask), suddenly finds herself inside Ronwaldo’s increasingly hazardous storyline; meantime Rudie, staying by his unconscious mother’s side, decides to make a movie of his mother’s unfinished script…

If you’re thinking Filipino version of Everything, Everywhere, All at Once, you’re not too far off, only Martika Ramirez Escobar pulls her film off at a fraction of the Daniels’ budget, which in turn was done at a fraction of Sam Raimi’s Dr. Strange and the Multiverse of Madness catering budget. Metaverses are in, doncha know, the only question being where you happen to be coming from (Marvel Cinematic Universe, indie, Filipino indie) and where you happen to be going (mother coping with grief over lost children, mother attempting to reconcile with estranged child, mother attempting to reconcile with departing child and resurrect her career).

When I say “fraction of the budget” I mean it; where the Daniels (Daniel Kwan and Daniel Scheinert) can afford to depict over a dozen alternate realities, Escobar can only manage two or three; where the Daniels choreograph elaborate wuxia fight scenes involving extended-strap fanny packs, Escobar stages Fernando Poe Jr.-style meat-and-potato fistfights with plenty of gunfire on the side.

Despite which Ms. Escobar manages to serve up her share of oddball details, stuff even the Daniels haven’t thought of: Leonor’s youngest son —  also called Ronwaldo (Anthony Falcon) —  happens to be dead, but spends his time in a semitransparent state, talking to mother and sundry family members when he isn’t busy printing his face out on the photocopier; Rudie, Leonor’s estranged son, has to handle his mother’s eccentricities at the same time he’s attempting to produce her unfinished script at the same time he’s realized his mother has somehow fled her hospital bed into the TV screen playing in the visitor’s lounge.

All wonderfully weird but more wonderful yet is the nonchalance with which Leonor and her family accept it all (the beer session between Rudie, ghost Ronwaldo, and their politician father is worth the price of a ticket). What grounds the proceedings —  what stops the whole confounding confection from just drifting indifferently away —  is Sheila Francisco’s Leonor. She’s not just a dreamer she’s a mother, and not just to her own family but her family up on the big screen. She created them, feels responsible for them, loves them uncritically, even – apparently —  the bad guys.

The scenario Leonor writes is rooted in 1970s and ’80s Filipino action melodrama, in the grand tradition of Ramon Revilla, Joseph Estrada, the aforementioned Fernando Poe, Jr. (“Ronwaldo” incidentally being the pseudonym Poe used when he directed) —  men are men, villains are neanderthal, women are beautiful and otherwise useless in a brawl (I’m looking at you, Rea Molina-as-Isabella, who looks great in a canary feather bikini but is given little else to do, which is the joke). The hero is unfailingly noble if a tad weak on anger management, the villains leer and sneer and dream up sadistic scenarios (Dido de la Paz being the loudest and most sadistic sneerer). Ms. Escobar, a veteran cinematographer, evokes an old-school feel in the action sequences by switching from modern-day wide screen to 4:3 aspect ratio with heavily saturated color palette, adding her own touch by allowing the camera to smoothly pull back or press in (underlining the action), adding editing tweaks to help make Ronwaldo’s evasions and attacks a little more plausible.

Leonor reacts to the escalating near-biblical violence (one incident recalls the story of Jael), expresses grief over the various deaths, at one point apologizing and reminding us that on a certain level she’s responsible. Ms. Escobar doesn’t explore this aspect much — she’s got too many other fish to fry, or otherwise mutilate —  and quickly paints herself in a narrative corner, to the point that she has to take a step back further —  open up yet another alternate verse, so to speak —  and ask herself: how can we end this? What’s the best way out? Her answer recalls Larry Gelbart’s musical City of Angels or Dennis Potter’s finale to Pennies From Heaven and might induce groans or applause, depending on how you’ve been responding so far.

I applauded, for the record.

For every plot hole or loose end left dangling, Escobar delivers yet another startling image for us to either pick up or totally miss: the dream about the snail, the languid flow of MRI images of Leonor’s brain, the young man on the hospital bed congratulated for being pregnant (“it’s a miracle, son!”), the TV interview of a semitranslucent ghost, the mute child who follows Leonor’s adventures through various video screens, the moment when Ronwaldo runs down the long street and screams at the camera “What do I do now?!,” the bonkers physician (Tami Monsod) who updates us on Leonor’s medical condition and dispenses spiritual advice on the side. Critics complain that it’s too strange, too incoherent but Leonor has the answer as always: when in doubt or confused, you can always just shut up and sing.

Converge ends 2022 ‘on an uptrend,’ earmarks P15-B spending budget

CONVERGE ICT Solutions, Inc. recorded a 32% decline in fourth-quarter net income to P1.33 billion, but ended the year with a 3.9% profit rise, earning P7.44 billion.

Christine Renee C. Blabagno, deputy chief financial officer of Converge, said in a media briefing on Thursday that the income decline was because of expenses incurred in poor-quality subscriber acquisitions early in the year and lower seasonal demand in the fourth quarter.

The decline was despite a 20% increase in its topline to P9.22 billion in the fourth quarter from P7.65 billion a year earlier.

For the full-year 2022, consolidated revenues rose by 27.3% to P33.7 billion from P26.48 billion in 2021.

“Converge ended the year on an uptrend despite the high-inflation environment,” Converge President and Co-Founder Maria Grace Y. Uy said.

For 2023, the company set a revenue guidance of 10% to 15% growth, with the residential business expected to be the largest contributor.

“The residential business is expected to continue to be the largest contributor, while the enterprise business is expected to grow by 25,” Ms. Uy said.

In 2022, revenues from the residential business amounted to P29.46 billion, up by 27.4% from P23.13 billion in the previous year.

Meanwhile, enterprise revenues grew by 26.4% to P4.23 billion in 2022 from P3.35 billion in the previous year.

CAPITAL EXPENDITURE FOR 2023
For 2023, the company said it is earmarking up to P15 billion for its capital expenditure (capex) budget, more than half of which will be used for new ports and access points.

“We expect to spend around P12-15 billion in capex, lower than in 2022. The declining trend is due to the upfront investments we made in ports due to the last two or three months,” Ms. Blabagno said.

The capex will be internally funded, as the company still has liquidity from last year, Ms. Blabagno said.

“Even today we still have untapped bank lines,” she said, adding that the company keeps an eye on its borrowings.

Last year, the company spent P22 billion, 61% of which was used for the deployment of new access points.

Ms. Uy said that more than half of the capex will be used for the installation of 1 million ports. The company grew the number of its ports to 7.9 million by end-2022, with 312,000 deployed in the last quarter.

Meanwhile, a fourth of the capex will be used to fund Converge’s backbone in the Visayas and Mindanao areas, while the balance will be used for investments in subsea cable and digitalization, said Ms. Blabagno.

PREPAID FIBER PRODUCT
On Thursday, the company also introduced a low-cost prepaid fiber product to make fiber connectivity affordable.

Called, Surf2Sawa, the new prepaid fiber product will allow subscribers to make use of unlimited fiber internet at 25 megabytes-per-second speed for as low as P50 per day or P700 for 30 days.

“We are seeing good traction in the uptake of our prepaid fiber with an average month-on-month growth of 20% in total subscribers since we rolled out last year. We are able to do this through our partnership with the now micro-entrepreneurs in the communities,” Converge Co-Founder and Chief Executive Officer Dennis Anthony H. Uy said.

The prepaid fiber product will be rolled out in over 400 cities and municipalities, including those in Batangas, Bulacan, Quezon provinces, and the Bicol, Panay, and Negros regions.

On Thursday, shares in Converge declined by 5.87% or 88 centavos to P14.12 each. — Justine Irish D. Tabile

Aboitiz group sets capex at P78B

PHILSTAR

ABOITIZ Equity Ventures, Inc. (AEV) said on Thursday that the group and its subsidiaries had set a P78-billion capital spending budget for 2023 to drive investments and innovation.

“By embracing a bold vision of sustainable progress, we are not only transforming our business but also making a positive impact on our country,” said AEV President and Chief Executive Officer Sabin M. Aboitiz in a press release.

This year’s capital expenditure (capex), which is 10% higher than the previous year’s P70 billion, comes as the group is focusing on investing in renewable energy and new businesses.

Of this year’s budget, 42% or P32 billion is allocated for Aboitiz InfraCapital, Inc., the infrastructure arm of the Aboitiz group. The funds will be used for the continued expansion of its economic estates, telecommunication towers, and new investments in digital infrastructure.

“The capital will also be utilized for the completion and maintenance of Apo Agua, the Infrastructure unit’s bulk water project in Davao City,” AEV said.

Its power unit Aboitiz Power Corp. will develop and construct projects in renewable energy, which includes solar, geothermal, hydro, and wind projects. The capex for its power unit was not stated.

“To help fuel growth and realize its aspiration of having a 50:50 balance between its renewable and thermal portfolios by 2030,” it said.

The company’s banking business, through Union Bank of the Philippines, will have a capex investment of P5 billion for the migration of Citi’s consumer banking business, which it had acquired.

Its food and agribusiness have allocated P5 billion for capex to expand its international feed mills in Vietnam and China.

Real estate subsidiary Aboitiz Land, Inc. is setting aside about P3 billion for the construction and completion of residential projects. The company subsidiary is set to launch a new residential project in Cebu and Batangas this year.

“Our investments in renewable energy and innovation are paving the way towards a brighter future, and we are excited to be leading the charge towards a more sustainable tomorrow,” Mr. Aboitiz said.

AEV shares rose 1.11% or 55 centavos to close at P49.90 apiece. — Adrian H. Halili

PNB posts lower net earnings

BW FILE PHOTO

PHILIPPINE NATIONAL Bank (PNB) saw its attributable net income decline by 63.55% year on year to P11.53 billion in 2022 due to the absence of one-time gains realized the previous year.

The bank’s consolidated income dropped from the P31.63 billion seen in 2021, based on its financial statement disclosed to the local bourse on Thursday.

In 2021, PNB’s income included a one-off gain of P33.6 billion from the transfer of prime real estate properties in exchange for shares of PNB Holdings Corp.

The bank’s 2022 performance translated to a return on average equity of 7%, down from 19.98% the previous year. Return on average assets also declined to 0.99% from 2.62%.

PNB’s net interest income climbed by 7.15% to P37.33 billion last year from P34.84 billion in 2021.

Interest income on loans and receivables inched up to P34.42 billion from P34.16 billion the year prior.

Net earnings from service fees and commissions also rose by 5.29% to P5.57 billion from P5.29 billion.

The bank’s other operating income more than doubled to P9.18 billion from P3.58 billion amid higher gains from foreign exchange and the sale or exchange of assets that helped offset a net loss from trading and investment securities.

On the other hand, operating expenses rose by 8.49% to P28.37 billion in 2022 from P26.15 billion the year prior.

The bank’s total assets declined to P1.15 trillion from P1.19 trillion the previous year.

Loans and receivables went down to P593.1 billion from P606.95 billion.

Its gross nonperforming loan (NPL) ratio improved to 6.34% last year from 10.07%, while its net NPL ratio also went down to 2.58% from 5.27%.

On the funding side, deposit liabilities also dropped to P871.23 billion from P894.92 billion.

The bank’s capital adequacy ratio stood at 15.38% last year, up from 13.66% in 2021, while its common equity Tier 1 ratio climbed to 14.58% from 12.96%.

PNB’s shares dropped by 32 centavos or 1.68% to close at P18.72 each on Thursday.

An old-fashioned new sitcom

SHADES of John en Marsha! A new sitcom promises to give viewers a sense of nostalgia with good old-fashioned family fun (and antagonistic overtures from in-laws).

The beloved long-running sitcom, which ran from 1973 to 1990 and had a number of spin-offs and movies, followed the adventures of John Puruntong (played by the comedian Dolphy) and his wife Marsha (played by Nida Blanca) who try to live their life and raise their children in a poor community next to the train tracks, all the while dealing with the interference of Marsha’s rich mother, Doña Delilah (played by Dely Atay-Atayan)

Team A, the newest comedy series from Viva Entertainment, the Sari Sari Channel, and TV5, tells the story of young parents Ian and Janet (played by former Rak of Aegis stars and real-life couple Jerald Napoles and Kim Molina) and how they fare in raising a child (Gianna Iguiron). Compounding the conflict is that they are the adult children of intrusive parents, namely Ian’s father Arman Ambida (played by Anjo Yllana), and Janet’s mother Violeta (played by Yayo Aguila).

The show was introduced to media guests during a press conference on March 9 at the TV5 studios, where the four main players played a game of charades for the audience (with the answers being terms related to family).

Also in the cast are Gene Padilla as Mon Bagsic, Violeta’s husband, and Janet’s father; Cindy Miranda as Rochelle, Janet’s beauty-queen YouTuber sister; Marc Acueza as Estong, Rochelle’s innocent-looking but rich husband; Ethan David as Jaime Sobel, Ian’s over-confident co-driver; and Ashtine Olviga as Diane, Janet’s youngest sister.

The show premieres on March 18 on TV5 at 9:30 p.m., with a new episode airing every Saturday and re-runs at 9 p.m. every Sunday on the Sari Sari Channel (Cignal Ch 3).

On the schedule, Dino Laurena, TV5’s Chief of Marketing Operations, noted: “Ang naisip namin, maganda mag-introduce ng mga (it’s nice to introduce) programs on Sundays and (Saturday) timeslots that are of the same genre of old. Something that you would look forward to every weekend because they are really something that would be close to our hearts,” he said during the press conference.

Team A is directed by Mervyn Brondial, known for TV rom-coms and telenovelas (his credits include Be Careful with My Heart and The General’s Daughter; as well as the raunchy Vivamax series Lovely Ladies Dormitory). “Mas relatable at experiential ang mapapanood natin (what we’ll see is more relatable and experiential),” he said.

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. —  Joseph L. Garcia

Alaska Milk ties up with Internews to fight disinformation

LOCAL milk product manufacturer Alaska Milk Corp. (AMC) has committed to direct its digital advertising expenditure to local news websites across the Philippines under a partnership with non-profit group Internews in a bid to counter disinformation.

The manufacturer said in a statement late Wednesday that the partnership is part of its efforts to invest “more sustainably” and to reduce spending in websites that “spread disinformation and hate speech.”

“AMC, with its mission of providing affordable quality nutrition and contributing to nation-building, has committed to direct digital advertising spend to trusted, local news websites across the Philippines,” the company said.

The manufacturer partnered with Internews’ Ads for News global program, which is done in collaboration with the World Economic Forum and GroupM. The program aims to provide ad support for trusted local news media organizations and to curb funds from inadvertently going to websites that publish “fake news.”

“To complement our mission which guides how we operate in the last 50 years, AMC is proud to be contributing to a healthy information environment through this partnership with Internews. This is our pledge to help all sectors not just in the food manufacturing but also in other sectors such as health, environment, livelihood, and food security,” AMC Managing Director Tarang Gupta said.

“AMC understands that nation-building is anchored on truth-telling and a work-in-progress. The prospects and effects of progressive nation building are enhanced considerably if members of the private sector, civil society and government find innovative ways to work harmoniously through partnerships such as this,” he added.

Locally, Ads for News has partnered with the Asian Center for Journalism to examine local news websites using quality journalism standards and the Global Alliance for Responsible Media brand safety and sustainability standards. The Makati Business Club is also a country partner in advocacy for the private sector.

“Trusted local news provides advertisers with greater reach into diverse consumer segments, and ad environments in which brands and their products are associated with quality content,” Ads for News Director Chris Hajecki said.

Internews supports independent media across 100 countries. The group trains journalists and digital rights practitioners, fights disinformation, and provides business expertise to help media outlets thrive financially. — Revin Mikhael D. Ochave

Credit Suisse secures lifeline as authorities rush to avert crisis

REUTERS

CREDIT SUISSE on Thursday said it would borrow up to $54 billion from the Swiss central bank to shore up liquidity and investor confidence after a slump in its shares intensified fears about a global banking crisis.

The Zurich-based bank’s announcement helped reverse some of the heavy share market losses and restored confidence in wider financial markets, which were battered on Wednesday and into Asia trade on Thursday as investors fretted about potential runs on global bank deposits.

In its statement, Credit Suisse said it would exercise an option to borrow from the central bank up to 50 billion Swiss francs ($54 billion). That followed assurances from Swiss authorities on Wednesday that Credit Suisse met “the capital and liquidity requirements imposed on systemically important banks” and that it could access central bank liquidity if needed.

Credit Suisse is the first major global bank to be given an emergency lifeline since the 2008 financial crisis and its problems have raised serious doubts over whether central banks will be able to sustain their fight against inflation with aggressive interest rate hikes.

The bank’s shares surged 21% in pre-open trade in early European hours. Throughout most of the Asian day, stocks wallowed in the red as investors rushed to gold, bonds and the dollar. While Credit Suisse’s announcement helped trim some early losses, trade was volatile and sentiment fragile.

“It removes an immediate risk. But it confronts us with another choice. The more we do this, the more we blunt monetary policy, the more we have to live with higher inflation — and what is it going to be?” said Damien Boey, chief equity strategist at Barrenjoey in Sydney.

“Do bailouts make things better? On the one hand, you are removing a source of risk to the markets which is a clear and present danger. On the other hand we are feeding into this paradigm of monetary policy bucking within itself.”

Credit Suisse’s borrowing will be made under the covered loan facility and a short-term liquidity facility, fully collateralized by high quality assets. It also announced offers for senior debt securities for cash of up to three billion francs.

“This additional liquidity would support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs,” the bank said.

Credit Suisse Chief Executive Ulrich Koerner had earlier on Wednesday sought to reassure investors about the lender’s strong liquidity.

“Our capital, our liquidity basis is very, very strong,” Koerner told media. “We fulfill and overshoot basically all regulatory requirements.”

Meanwhile, Credit Suisse bankers in Asia reached out to clients to reassure them after the latest inflow of funds.

“We’ve been telling them to read the statements and look at the fact that we are buying 3 billion francs worth of bonds because they are so cheap,” said a Hong Kong-based senior banker. “That’s all we can say and try and plough on with work.”

The banker declined to be named as they were not authorised to speak to the media.

EUROPEAN EPICENTER
The 167-year-old bank’s problems have shifted the focus for investors and regulators from the United States to Europe, where Credit Suisse led a sell-off in bank shares after its largest investor said it could not provide more financial assistance because of regulatory constraints.

The concerns about Credit Suisse added to broader banking sector fears sparked by last week’s collapse of Silicon Valley Bank (SVB) and Signature Bank, two US midsize firms.

Investor focus is also on any action by central banks and other regulators elsewhere to restore confidence in the banking system.

Policy makers in Australia and South Korea sought to reassure markets on Thursday that banks in their jurisdictions were well-capitalized.

SVB’s demise last week, followed by that of Signature Bank two days later, sent global bank stocks on a roller-coaster ride as investors feared another Lehman Brothers moment, the Wall Street giant whose failure had triggered the global financial crisis more than a decade ago.

On Wednesday, Credit Suisse shares led a 7% fall in the European banking index, while five-year credit default swaps for the flagship Swiss bank hit a new record high.

The investor exit for the doors raised fears of a broader threat to the financial system, and two supervisory sources told Reuters that the European Central Bank had contacted banks on its watch to quiz them about their exposures to Credit Suisse.

The US Treasury also said it is monitoring the situation around Credit Suisse and is in touch with global counterparts, a Treasury spokesperson said.

NEXT STEPS
Rapid rises in interest rates have made it harder for some businesses to pay back or service loans, increasing the chances of losses for lenders who are also worried about a recession.

Traders are now betting that the US Federal Reserve, which just last week was expected to accelerate its interest rate hike campaign in the face of persistent inflation, may be forced to hit pause and even reverse course.

Bets on a large European Central Bank (ECB) interest rate hike at Thursday’s meeting also evaporated quickly on growing fears about the health of Europe’s banking sector. Money market pricing suggested traders now saw less than a 20% chance of a 50-basis-point rate hike at the ECB meeting.

For now, investors are focussed on what will happen at Credit Suisse next.

“The next important step needs to come out from their CEO and display their new strategy to the public sooner than later to reassure the markets,” Tareck Horchani, head of prime brokerage dealing at Maybank Securities in Singapore.

“There is still the possibility they recover but the road will be very bumpy.” — Reuters

EntertainmentNews (03/17/23)

FACEBOOK.COM/FDCP.PH

FDCP gets rights to foreign titles

WITH the goal to bring world cinema and make critically acclaimed titles even more accessible to Filipino audiences, the Film Development Council of the Philippines (FDCP) has licensed the rights to four new films from Belgium, Austria, Cambodia, and United Kingdom. Charlotte Wells’ Aftersun (2022) tells the story of Sophie as she reflects on the joy and melancholy of a holiday she took with her father 20 years earlier. The film took home the French Touch Prize of the Critics’ Week Jury at the 75th Cannes International Film Festival. Another Cannes-winning title is Marie Kreutzer’s Corsage (2022) which depicts the life of Empress Elizabeth of Austria, told in a fictional account. The film won the Cannes Un Certain Regard Section’s Best Performance Award for Vicky Krieps’ portrayal of Empress Elizabeth. It had its Philippine premiere during the 10th QCinema International Film Festival. Davy Chou’s Return to Seoul follows a French woman as she returns to her birthplace, South Korea, after being adopted into a French family. She then decides to track down her biological parents but her journey takes a surprising turn. Mr. Chou’s film won international acclaim in various film festivals. Likewise, it also had its Philippine premiere during the 10th QCinema International Film Festival and bagged the Jury Prize award. The fourth film is 75th Cannes International Film Festival Grand Prix Prize Winner Close (2022), directed by Lukas Dhont, which depicts the lives of two 13-year-olds as they slowly drift apart after their relationship is questioned by their schoolmates. The film was nominated for Best International Feature at the Oscars. These films will be shown in select theatres nationwide and the FDCP’s Cinematheque Centres in Manila, Nabunturan, Davao, Iloilo, and Negros. Follow the FDCP on social media for the screening schedules.

House Manila marks anniversary with DJ Cuebrick

ON MARCH 17, Friday, House Manila at Newport World Resorts in Pasay City is throwing an Anniversary Weekend headlined by Cuebrick, one of the hottest DJs recognized in the Top 100 DJ Mag in 2022. His first-ever gig in the country will happen alongside a lineup of DJs of House Manila. Entrance is free and doors open by 9:30 p.m.

GMA, Viu collaborate on The Write One

ACTORS Ruru Madrid, Bianca Umali explore life’s “what ifs” in their first drama series together The Write One, the first collaboration between GMA Network and pan-regional over-the-top (OTT) video streaming service Viu. The series will start streaming on Viu Philippines on March 18, and premiering on March 20 on GMA, GTV, Pinoy Hits, and I Heart Movies. The Write One is about a frustrated writer who is given a chance to rewrite his love and life story with the help of a mysterious typewriter. Also in the case are Mikee Quintos, Paul Salas, Lotlot De Leon, Ramon Christopher, Mon Confiado, Alma Concepcion, Art Acuna, Kokoy De Santos, Royce Cabrera, Kaloy Tingcungco, Analyn Barro, Yvette Sanchez, and Euwenn Mikaell Aleta. The Write One is produced by GMA Public Affairs, which was behind 2022’s Lolong and the mystery-romance miniseries Love You Stranger. Directed by King Marc Baco, The Write One is an original concept of Executive Producer Mark Anthony Norella. The series will air on Mondays to Thursdays, 9:35 p.m., on GMA with simulcast airing on Pinoy Hits and I Heart Movies, and at 11:30 p.m. on GTV. Viewers abroad can also catch the program via GMA Pinoy TV. Advanced episodes will stream on Viu Philippines from Saturdays to Tuesdays beginning March 18. The Viu app is available on App Store, Google Play and select Smart TVs, as well as on the web at www.viu.com.

British Council presents LGBTQIA+ short films

FIVE Films for Freedom, the world’s widest-reaching LGBTQIA+ digital campaign, returns this March. For this year’s run, the British Council in the Philippines is partnering with Film Development Council in the Philippines (FDCP) to bring free screenings at Cinematheque Centres in the country from March 21 to 22. Outside of the in-person screenings, audiences can also catch the films online from March 15-26, coinciding with the BFI Flare: London LGBTQIA+ Film Festival. The films will be shown at the FDCP Cinematheque Centre – Manila on March 22, 6:30 p.m., and at the FDCP Cinematheque Centres in Iloilo, Davao, Zamboanga, and Nabunturan, Negros on March 21, 4 p.m., and March 22, 6:30 p.m. The selection of films, chosen by the British Council from BFI Flare’s program, explores subjects such as violence and security, love across borders, and shifting identities. The films are: All I Know by Obinna Robert Onyeri (Nigeria/USA); Butch Up! by Yu-jin Lee (South Korea); Eating Papaw on the Seashore by Rae Wiltshire and Nickose Layne (Guyana); Just Johnny by Terry Loane (UK – Northern Ireland); and Buffer Zone by Savvas Stavrou (UK/Cyprus). This year the five selected titles have been translated and made available with subtitles/closed captioning in 23 languages.

Thursday performances at Newport World Resorts

THE CASINO, hotel, and entertainment destination Newport World Resorts starts the weekend early on Thursdays with world-class performances and acts at House Manila, Bar360, The Grand Bar and Lounge, and El Calle Food and Music Hall. Bar360 has performances running all weekend starting Thursdays. The Draybers band and DK3 perform on Thursdays, followed by Variation Six and Juan Miguel Salvador and The Authority Band on Fridays. Saturdays feature In Heat at 9 PM and Tirso Cruz IV & The TAC 4 while Sundays see Zyncxation going nostalgic. Great music and groovy tunes take over The Grand Bar and Lounge from Thursday to Sunday with Bellissima on Thursdays, Spirit on Fridays, Soul Republiq on Saturdays, and Judith Banal and the Powerplay Band on Sundays. From Thursday to Sunday, The Grand Bar and Lounge opens its dancefloor for the Ballrooom Dance Nights featuring live music by some of the country’s top bands. Over at El Calle Food and Music Hall, singer, songwriter, and actor JV Decena headlines on Thursdays while Musica and Rox Puno perform on Fridays. Nino Alejandro and Cass perform back-to-back sets on Saturday after Karaoke Night at 7 p.m. For more information on March entertainment shows, visit www.newportworldresorts.com.

New documentary offers hope for vanishing mangroves

MANGROVE deforestation is a global crisis, but this scientist-turned-filmmaker has found hope in a small Southern Tagalog town where culture and nature intersect in surprising ways. Dr. Lemnuel Aragones’ Bakawan is set to have its free public premiere on March 27, 1 p.m., at the Institute of Biology (IB) Auditorium, UP Diliman (view the teaser here: https://youtu.be/VlnSo3gn73U). Bakawan (the Tagalog term for mangroves) tells the story of the people of Alabat Island in Quezon Province, a five-hour drive and an hour’s ferry ride away from the nation’s capital. Shot during the COVID-19 pandemic lockdown, the film delves into the townspeople’s renewed relationship with the mangroves that they call home. Bakawan explores the human story of living in and with Alabat’s estuarian mangrove forest.

Ebe Dancel to repeat of Sa Wakas: 20th Anniversary Concert

DUE to insistent public demand, Filipino singer-songwriter Ebe Dancel will stage a repeat of the concert Sa Wakas: 20th Anniversary Celebration on March 31, 6 p.m., at 123 Block, Mandala Park, Mandaluyong. Celebrating the enduring legacy of Sugarfree’s iconic debut album, Sa Wakas The Repeat: 20th Anniversary Celebration will feature a longer, full-length set by Mr. Dancel and drummer Mitch Singson, as well as guest performances and surprises. Presented by GNN Entertainment Productions and Backspacer Records, in partnership with 123 Block and Balcony Entertainment, the show will accommodate more people in the venue as requested by fans who were not able to attend the first one, which sold out in less than a day. Part of the earnings will be donated to Parokya Ni Edgar guitarist Gab Chee Kee’s hospital and medical expenses. Sa Wakas: official merch is also available via Backspacer Records official website, and will also be sold at the venue. Tickets to the concert are available via bit.ly/sawakas20. Tickets range in price from P1,500 to P3,500.

Disney+ premieres series American Born Chinese in May

DISNEY+ has announced that its original series, American Born Chinese, will premiere on May 24. The genre-hopping action-comedy is from Disney Branded Television series produced by 20th Television. Based on the graphic novel of the same name by Gene Luen Yang, American Born Chinese “tells the story of Jin Wang, an average teenager juggling his high school social life with his home life. When he meets a new foreign student on the first day of the school year, even more worlds collide as Jin is unwittingly entangled in a battle of Chinese mythological gods. The series stars Michelle Yeoh, Ke Huy Quan, Ben Wang, Yeo Yann Yann, Chin Han, Daniel Wu, Jimmy Liu and Sydney Taylor.

MYX brings JR De Guzman’s show to Manila

INTERNATIONAL comedian JR De Guzman is ready to share his wit and musicality with his fellow Filipinos as MYX Global brings his hit US show, Later That Evening, to Manila this year. Named one of Variety’s 10 Comics to Watch in 2022, he is set to serenade audiences with his songs and amuse them with his anecdotes at The Theatre at Solaire on June 3, 7 p.m. Known for his unique brand of stand-up musical comedy, De Guzman entertains live audiences while introducing Asian culture and conveying his take on racism in his narratives. He was previously featured in the Netflix special The Comedy Lineup and Comedy Central’s Kevin Hart Presents: Hart of the City. The Pangasinan-born comic moved to California at an early age and often injects stories about his experiences as a Filipino immigrant growing up in America. Tickets to Later That Evening are available on www.ticketworld.com.ph  and the Solaire Box Office Level 2.

Miley Cyrus releases new album Endless Summer Vacation

MILEY Cyrus’ eighth studio album, Endless Summer Vacation, is on track to become one of the biggest albums in the Philippines this week in terms of digital sales and streaming. The critically acclaimed record reached No. 1 on iTunes Philippines during its first day of release, while its carrier single “Flowers” recently peaked at No. 1 and No. 2 on the iTunes and Spotify Philippines charts, respectively. Alongside the album’s release, Cyrus launched the official video for new track “River,” directed by Jacob Bixenman. Endless Summer Vacation features the hit single “Flowers” plus 12 additional tracks. A true worldwide smash, “Flowers” spent six weeks at No. 1 on the Billboard Hot 100, a personal best for Cyrus. “Flowers” is No. 1 on US Pop Radio and is the fastest running song in nearly a decade to achieve that position. Additionally, it is the fastest song in history to hit 500 million streams on Spotify. “Flowers’” is officially the longest running UK No. 1 single by a female solo artist. Fans can also watch the TV special Miley Cyrus Endless Summer Vacation (Backyard Sessions) on Disney+. On the show she performs songs from Endless Summer Vacation, including “Flowers,” seven additional tracks from the album, one of her chart-topping classic hits and a special performance with Rufus Wainwright.

Aussie singer-songwriter Ruel drops music video

AUSTRALIAN singer-songwriter Ruel has released the music video for “I Don’t Wanna Be Like You,” his new single released under RCA Records/Sony Music Entertainment. Directed by James Chappell, the visuals find the pop singer escaping an army dressed in blue jumpsuits with his getaway vehicle. “I Don’t Wanna Be Like You” is an upbeat alt-pop tune with a breezy chorus. The song is part of his debut studio album, 4th WALL, which debuted at No. 3 in Australia and No. 10 in New Zealand upon its release. The 14-track offering features an array of writing collaborators and producers including M-Phazes, Sammy Witte, Gabe Simo, Spencer Stewar and artists PJ Harding and Mikky Ekko. Following his well-received show in Manila last month, the singer recently announced the North American and European/United Kingdom legs of his headlining 4th Wall World Tour. Watch the music video of “I Don’t Wanna Be Like You” at https://ruel.lnk.to/IDWBLYVideo

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