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Bringing Japan to BGC

COMPANY HANDOUT

THE FIRST Mitsukoshi in the Philippines had its soft opening last Friday, bringing the first department store in all of Japan to the country.

Mitsukoshi Holdings Ltd. has its origins over 300 years ago in 1683 as a kimono fabrics store in Tokyo. According to a presentation by Akio Inuishi, Division Manager of the Overseas Real Estate Division of Isetan Mitsukoshi Holdings Ltd.’s Overseas Business Department, the store also introduced price tags to Japan.

The store was restructured in 1904 to become a department store, the first in Japan.

During a press tour in the Mitsukoshi BGC mall last Thursday, a Mitsukoshi lion statue, which is also found at the main store in Japan, was unveiled by its executives. Inspiration for the lion came from a 1905 trip to London by Osuke Hibi, the store’s first Senior Managing Director.

The mall’s Mitsukoshi identity is tethered by Mitsukoshi Beauty and Mitsukoshi Fresh, respectively, a beauty store showing off Japanese brands and a supermarket.

The supermarket is a special treat: it comes with a dedicated sushi and sashimi section, a cooking section where one can have their purchases prepared and eaten on the spot, among many international delicacies like Spanish jamon (ham), wine selections from France all the way to Chile, and a special section devoted to sake.

THE MITSUKOSHI NAME
This is one of the few stores in Southeast Asia to bear the Mitsukoshi name, as Isetan Mitsukoshi usually sets up shop in Southeast Asian countries with the Isetan name. It has 28 overseas stores, including in Singapore, Malaysia, China, and the US; this one in the Philippines its 29th.

“It took eight years to finally plant the flag of Mistukoshi in our country. It started as a simple courtesy visit by the Nomura real estate executives back in 2014, that led to a dinner in BGC,” said Federal Land, Inc. Chair Alfred Ty in a speech on Nov. 17.

The mall itself is a result of a tripartite development between Federal Land, Nomura Real Estate Development Co., Ltd., and Isetan Mitsukoshi. The mall is built on the podium level of The Seasons Residences, a mixed-use development from the same partnership.

The mall, designed by Asao Tokolo — whose work was seen in the victory ceremony podiums during the Tokyo 2020 Olympics — shows a modified Japanese gateway structure which symbolizes Filipino-Japanese camaraderie, according to a release. Meanwhile, columns at the entrance hall have been covered with thread, taking 600 hours to make, the thread symbolizing a connection between the gods and men.

CUSTOMER SURVEY
During the opening, Mitsukoshi BGC General Manager Morohoshi Mitsunori told BusinessWorld that market research for the tenants began as early as 2017. “We started a customer survey of Manila,” he said. “We went to the customers’ houses to see the inside of their refrigerators, the inside of their closets — something like that.”

Such visits led to tenants such as the country’s first Kinokuniya (a Japanese bookstore chain), opening in the mall with a partnership with local bookstore chain Fully Booked. According to a release, almost half of the retail space in the bookstore will be devoted to Japanese manga and Japanese books.

The mall has 16,950 sqm. of retail space, spread across four stories (including a basement level) with 120 tenants in total, with a 55% opening ratio. Mr. Mitsunori said that the mall plans to open completely by the first quarter of 2023.

“We’re trying to manage and collaborate with tenants so we can achieve the (opening) next year,” Momoko Umemura, Manager of Isetan Mitsukoshi’s Overseas Business Division, told BusinessWorld.

MARKET POTENTIAL
“One of the reasons why we chose the Philippines to launch is the market potential for the business side,” Mr. Inuishi told BusinessWorld in an interview. “Comparing [it] to the other Southeast Asian countries, the Philippines has the most energetic growth in the market, population increase — it’s very attractive for a retail company.”

He also credits Federal Land and their efforts, saying, “Without Federal Land, especially Mr. Alfred (Ty) — he loves Japan, and he loves Mitsukoshi,” said Mr. Inuishi. “He contacted us. Without his existence and Federal Land’s existence, maybe the Philippines is out of our concern.”

Speaking about the difference between shopping in Mitsukoshi here and abroad, Mr. Inuishi said, “We don’t want to push our Japanese style to the Philippine market. In the past, we make mistakes as well.

“How do we mix? Sometimes 50-50, sometimes 70-30, sometimes 100 and 0. How do you make a balance?” he said of mixing Japanese and Filipino shopping style. — Joseph L. Garcia

Sta. Lucia expects sales from upscale 128 Nivel Hills at P8B

128 Nivel Hills

STA. LUCIA LAND, Inc. and its Cebu-based partners launched what they call a high-end, five-star development in Cebu City from which sales are expected to reach at least P8 billion.

Siguro pagbebentahan diyan not less than mga P7 [billion] pero, kasi may mga price increase, aabot ng more than P8 [billion],” said Sta. Lucia Land President Exequiel D. Robles in a media briefing on Saturday in Cebu City.

(Sales would possibly be no less than around P7 billion, but because of price increases, these could reach more than P8 billion).

The project — 128 Nivel Hills — is a two-tower master-planned development that is now in its early stage of construction in the city’s Lahug district, after being stalled during the height of the pandemic in 2020. A branded hotel is planned to be the third tower.

Mr. Robles said revenues from the project would be realized through the years when buyers pay their property purchase in installments. He added that taxes, marketing, advertising, and maintenance expenses could account for nearly 10% of what the project will bring.

Sta Lucia Land’s partner in the project that overlooks Cebu City’s skyline is Diamond Hiland, Inc., which is a partnership between Carlos Yeung’s MSY Holdings Corp. and former ambassador Philippe J. Lhuillier’s PJL Leisure, Inc.

Liezel Tuazon-Magpoc, president and chief executive officer of Sta Lucia Land’s marketing arm, said separately that the completion of the project is targeted in 2026.

“We start turnover by 2027. So, [for the] whole two towers, we expect about P8 [billion] to P9 billion proceeds,” she told reporters when the project’s showroom was opened on Saturday.

128 Nivel Hills will have two towers and a branded hotel for which the partners are in talks with possible managers. Its first tower will offer 576 units, of which 366 are residential units with the rest, or 210 units, for the condotel.

The second tower will have 613 residential units sized from 28 square meters (sq.m.) for a studio to 163.9 sq.m. for a four-bedroom unit. In between are two-bedroom, and three-bedroom cuts.

The partners expect the project to become one of Cebu City’s “coveted addresses” because of its location.

For the condotel — a condominium that offers facilities usually provides by hotels — investors can expect their units as a source of income aside from their upscale lifestyle offerings.

Ms. Tuazon-Magpoc said the project’s construction started at the height of the pandemic, although it was stopped in 2020 during the excavation phase.

“This is a three-basement building so the excavation really took a lot of time,” she said about the initial two-year phase of construction. “We started doing pre-selling internationally, but then the pandemic happened.”

Selling efforts went full-blast in 2022, Ms. Tuazon-Magpoc said, adding that in just four months, the first tower’s inventory of units was 30% sold.

“Right now, majority of the units sold are with the condotel. The second to 12th floors are condotel units,” she said. “And then, [from the]14th floor to the 36th floor are residential units.”

For the condotel, the buyers from the start were mostly overseas Filipino workers — from France, Italy, and the United Kingdom, she said.

“When we actively started selling here in Cebu, we were surprised that even the doctors, the professionals are also investing in the condotel,” she said.

Ms. Tuazon-Magpoc said the strong take-up of the project’s unit could be due to the company’s lead in starting the condotel concept in Cebu. She said those who have invested in condominium units might be looking at the potential of a condotel, which could also diversify their investment portfolio.

Martin Philip S. Yeung, president and chief executive officer of MSY Holdings, said the pricing of Sta. Lucia Land’s units are “extremely competitive” for Cebuano buyers.

“You have to really strategically situate your pricing where it is actually reasonable that professionals can also afford,” he said, adding that Sta. Lucia Land’s pricing is one of the reasons why the project was able to sell 30% of its units in a short time.

Ms. Tuazon-Magpoc said prices of the project’s units range from  P3.5 million for a studio unit and nearly P10 million for the large multi-bedroom units.

Asked about the next phase of the partnership with Sta. Lucia Land, Mr. Yeung said: “The hotel.” Discussions are going on with different hotel operators for the third tower.

“The third tower is already in planning. The design, everything, is already set,” he said.

The Sta. Lucia group said it has so far completed more than 300 projects spanning over 12,000 hectares of land across 70 cities and municipalities in 10 regions and 15 provinces. — Victor V. Saulon

Trident tested strategy

The Maserati MC20, powered by a 621hp twin-turbo V6, is the brand’s first-ever super sportscar. — PHOTO BY KAP MACEDA AGUILA

Maserati PHL brings in MC20 supercar; Grecale crossover coming in Q1 ’23

DESPITE THE HIT that businesses of all stripes took because of the pandemic, there were admittedly some bright spots which kept the wheels of our economy moving. An area of note is the luxury segment, which ostensibly funneled the spending of not just the moneyed set, but even those on the fringes of wealth. As disposable income suddenly couldn’t be spent on travel and such, what remained as viable enticements for many were watches, gadgets, and, as one would imagine, cars. Thus, opportunities remained, and were taken advantage of, by those who saw the writing on the wall.

Take the case of Modena Motorsports, Inc., official country importer and distributor of Maserati, which continued to stay busy even during the darker days of the COVID-19 spread. “On the ground, during the pandemic, we were quite active,” underscored Maserati Philippines Assistant General Manager Natalia Bryzgalova in an exclusive interview with “Velocity.” She continued, “Even when other brands were hesitant to hold events, we still tried to reach out to our clients — and not let them forget about us. We still had some get-togethers — of course, following restrictions and we tried to keep people as safe as possible; big open areas, outdoors.”

In tandem, the brand was evolving its marketing strategy. Shared Maserati Philippines Assistant Marketing Manager Bea Tamonan to this writer, “For the longest time, we’ve been heavy with on-ground activities — particularly because of the culture of the luxury market in the Philippines. But Maserati has been transitioning into digital. We’re trying to capture a market we can’t reach if we solely rely on onsite activation.”

She added, “Lately, we’ve been trying programmatic buy-ins — geo-targeting kind of ads and lead-generation forms. We’re also doing more dynamic content online — more collaborations through videos and not just usual lendout articles. We’re trying to improve the customer journey when you visit the website as well.”

And with the recent addition of the MC20 supercar in the local portfolio, you can very well say that Maserati is adopting a three-pronged (hello, trident) strategy to further its visibility. “I’m really very proud of the whole team for that. We’ve been ‘Maserati-ly’ audacious,” added Ms. Bryzgalova with a smile. Toward the end of next year, Maserati Philippines is also set to open shop along EDSA’s famed automotive row. “We’ll be moving to a new house — a 3S (sales, service, and spare parts) facility adhering to Maserati corporate standards. It will allow us to serve our customers better. We’ll have more time, more touchpoints with clients.”

That new establishment, continued the executive, will be embodying the “new direction, style, and DNA of Maserati” when it comes to showrooms. “I don’t want to give spoilers, but from what I know, there is still no showroom in the world that is 100% compliant with those new standards. It will be something very surprising, a very unconventional car showroom.”

Maserati Philippines has also been cashing in on the SUV craze that crosses all price points. Its Levante SUV, whose hybrid version was brought in earlier in the year, has enjoyed “steady demand,” revealed Ms. Bryzgalova. “I don’t think that it’s a secret to anyone, but the volume driver has been the Levante SUV… the hybrid variant has also helped us bring down the price of entry into Maserati… Hybrids will enable us to tap a new market.”

Speaking of hybrids, the executive divulged to “Velocity” that the company is looking to bring in its new compact luxury SUV, the Grecale, by the first quarter of next year (as early as January, if everything works out). This will effectively become the entry point for the premium Italian car maker — with its hybrid variant expected to get all the fiscal and non-fiscal relief due it.

The MC20 and Grecale are definitely part of the messaging of the brand. “We’re targeting a younger market, obviously. This is a new design of Maserati and the direction it’s going to have toward cleaner lines, more appealing to a wider audience. It’s also one of the ways to reach out to more people,” she said.

While the Grecale will sit on one end, the MC20 (or Maserati Corse 2020, a nod to the brand’s return to racing) is considered the halo car of the brand. The two-seater is the first vehicle equipped with Maserati’s Nattuno engine, said to be “a ground-breaking, patented 630hp V6 engine with the new MTC (Maserati Twin Combustion) technology. Nettuno was conceived, developed, designed and built entirely by Maserati, and uses a pre-chamber combustion technology derived from Formula 1 engines.” It can speed from a standstill to 100kph in an incredible 2.88 seconds — on the way to a top rate of 326kph.

As of press time, three units have been spoken for in the Philippines. Consider that, aside from its steep acquisition price, only six examples of the exotic-looking MC20 are hand-assembled each day. That makes it a true halo car, indeed — an indispensable part of enhancing the Maserati stock and image in the Philippines.

Making a name for herself

CHARRIOL’s St. Tropez Mariner Collection

Coralie Charriol Paul is determined to put her stamp on the jewelry business her father founded

PHILIPPE Charriol’s daughter, Coralie Charriol Paul, is out to make a name for herself in the jewelry business left behind by her father.

The Charriol founder died in a race car accident in 2019. Since then, Ms. Charriol Paul has ascended to become Charriol International’s Chief Executive Officer and Creative Director. Ms. Charriol Paul was in town on Nov. 3 to host a “sunset soiree” populated with celebrities and influencers at Okada.

She also showed off the new collections she designed, namely the St. Tropez Mariner line, and the brand’s Apple Watch strap.

A YOUNGER CROWD
Actress Iza Calzado, part of the brand’s #AheadOfHerTime global campaign, was also presented with a bangle named in her honor, the Izadora. Other women who were given such an honor include American poet Amanda Gorman and climate activist Greta Thunberg. The Izadora bangle is executed in rose Gold PVD stainless steel, with a 4mm diameter braided cable which is the brand’s signature.

Meanwhile, the St. Tropez line sees the brand’s cables combined with chains.

Ms. Charriol Paul said that the brand’s new vision is part of her design ethos to follow the younger generation. “This is the crowd I want to cater to. Some of their parents wore Charriol; I want this generation to wear Charriol,” she said. The brand was founded in 1983, and is set to celebrate its 40th year next year. “I want them to fall in love with the designs that I’m designing today.”

“I really try to follow the trends, see what the young people are wearing,” she said about how she steers the brand towards continued relevance. “You’re wearing pearls, I see a lot of men wearing pearls — not that I will do pearls. For me right now, the trends are chains: small, medium, large chains; that’s what you see in the showcase there,” she told BusinessWorld.

LESSONS FROM FATHER
Ms. Charriol Paul looks back on things she learned from her father. “Never losing hope, and never losing focus. Even though people say ‘that’s not going to work’; and pushing through,” she said. “He was very determined like that.”

Another lesson was: “Always working for the number one spot. You don’t want to be second, or third. He wanted to be number one,” she said.

“I want to be number one too.”

Asked if there’s any pressure in bearing the Charriol name, she acknowledged that there was: “A little bit, yeah. Especially when the founder was such a legend. But you know, he’s gone, and now it’s my chance so we’ll see what I do.”

It will be a balancing act. “It’s a responsibility. I want to honor him, but I also want to be my own person, and bring my own flair to this company. I worked 20 years with him, and now I’m going to look to the future and see how I can move it along to the future, that maybe my children one day will take over — who knows?”

It will take “lots of hard work, and a lot of luck,” she said. — JL Garcia

Ayala Land to kick start Areza estate with retail project

AYALA LAND, Inc. is planning to build a 1,500-square-meter (sq.m.) retail project in its estate in Lipa City, Batangas to kick start commercial operations in the development.

“We’re already planning a small retail project in this area to basically activate the project. We’re looking at a small retail development, probably about 1,500 sq.m. of gross leasing area,” Ayala Land Estate Head for Areza Jay S. Teodoro said in an interview.

“But that’s just to start the project. We normally continue depending on the market conditions,” he added.

On Friday, Ayala Land broke ground for Areza, its 92-hectare master-planned and mixed-use estate in Batangas in which it is investing P9.8 billion for the initial phase.

The development, which is the company’s first estate in the province, is envisioned to be the new downtown of Lipa City.

Areza’s first locator will be the Lipa City Hall, which broke ground in March and is expected to be completed by 2025. The city hall will sit on a five-hectare lot donated by Ayala Land through a partnership.

“In addition, the Department of Agriculture will be operating the food terminal in this location,” Ayala Land President and Chief Executive Officer Bernard Vincent O. Dy.

The initial phase will be the development of 21 hectares of the estate that includes the five-hectare city hall, two-hectare Lipa CIty Trading Center, church, fresh produce market, and small retail area. Up to 15 hectares will be allocated for the gross floor area of commercial projects.

“We already started offering lots. In fact, we got huge interest in the commercial lots in the development,” Mr. Teodoro said.

About 99 lots in the estate will be offered with an average size of 500 to 1,000 sq.m. The starting price for the lots is P60,000 per sq.m. Ayala Land expects around P3 billion from the sale.

“[The P9.8 billion investment] does not include the future investment in the future buildings in the project,” Mr. Teodoro clarified.

According to Mr. Teodoro, Ayala Land has been targeting to develop projects in Lipa City as the property company sees it as one of the most progressive cities in the province.

“We’ve been trying to position in Lipa a long time ago. Though we are able to do so, though we have presence through our residential brands, this is really the first mixed-use estate of Ayala Land in Batangas,” Mr. Teodoro said.

According to Mr. Dy, Areza will be developed with a variety of uses to respond to the needs of locators in the estate.

“We will bring in our projects — our residential from high-end to affordable, we will bring in retail, we will bring in offices as well as hotels and that’s within our product line,” Mr. Dy said.

“Of course, we can’t do this on our own. We need to partner with institutions to make sure that we complete the uses,” he added.

Areza is the 48th estate of Ayala Land nationwide and its fourth estate south of Manila. — Justine Irish D. Tabile

CAMPI, TMA register 42.4% sales jump in October

Chamber of Automotive Manufacturers of the Philippines, Inc. President Atty. Rommel Gutierrez — PHOTO FROM TOYOTA MOTOR PHILIPPINES

AMID LINGERING global challenges in microchip supply and supply chain issues, vehicle sales continue to trend upward in the Philippines. The latest joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) revealed that total new motor vehicle sales for October reached 32,146 units, growing by 42.4% over last year’s 22,581 units sold in the same month.

In a release, CAMPI President Atty. Rommel Gutierrez said, “The continued double-digit growth recorded anew in October is boosting optimism for the automotive industry, further accelerating full recovery this year from the pandemic disruptions.”

Toyota Motor Philippines led the sales charge in October, selling 15,541 units and cornering 48.35% of the market. While month-on-month sales decreased by 3.7%, the figure is 39.3% more than the October 2021 sum. In second place is Mitsubishi Motors Philippines Corp. with 5,527 units sold in October, growing by 12.1% month on month and by 102.1% versus October 2021. It accounted for 17.19% of total sales in October. Ford Motor Company ranked third with 2,401 vehicles sold in the period (-17.1% month on month, +51% versus October 2021), and cornered 7.47% of market share. Nissan Philippines, Inc. is in fourth place with 1,694 units moved (+7.1% month on month, -10.2% versus October 2021). Rounding out the top five is Suzuki Philippines (1,692 units sold, +3.4% month on month, +15.6% versus October 2021).

“Sustaining this growth trend in the remaining months of the year gives us confidence that the industry will be able to emerge strong, exceeding its forecast speaking from the current business-as-usual standpoint,” Atty. Gutierrez added.

Year to date, CAMPI-TMA member companies have moved 280,300 units, reflecting 30.9% growth versus the same period last year. In a text message, Atty. Gutierrez previously said to “Velocity,” “We expect continued year-on-year growth performance… with the drivers being overall improvement in employment and domestic demand, and continued containment of the pandemic, improved consumer confidence as the country shifts to a lower-risk COVID classification.” — Kap Maceda Aguila

Banksy says fashion retailer Guess ‘helped themselves’ to his work

RECLUSIVE graffiti artist Banksy made this Instagram post after Guess used his work without permission in a window display. — INSTAGRAM.COM/BANKSY

LONDON — Renowned graffiti artist Banksy on Friday criticized fashion retailer Guess, saying it had used his work without permission, and invited shoplifters to pay the London shop a visit.

Banksy, whose true identity is a closely guarded secret, posted a photo of Guess’ Regent Street store in central London on Instagram, suggesting shoplifters should pay it a visit.

“Attention all shoplifters. Please go to GUESS on Regent Street. They’ve helped themselves to my artwork without asking, how can it be wrong for you to do the same to their clothes?” the post told Banksy’s 11.6 million followers.

The store window display featured Banksy’s Flower Thrower graffiti, and showcased a new capsule collection from Guess, which its website says was “created in partnership with Brandalised, an urban graffiti license whose mission is to offer Banksy fans affordable graffiti collectibles.”

After the Banksy post, store staff covered the window display.

Guess could not be immediately reached for comment. Last week Banksy unveiled a work in the Ukrainian town of Borodyanka, which had been occupied by Russia until April and heavily damaged by fighting in the early days of Moscow’s invasion. — Reuters

SEC warns public about Teck Mining

THE Securities and Exchange Commission (SEC) warned the public not to invest in an entity called Teck Mining or in any investment offers on teckph.com

In an advisory, the SEC said Teck Mining and teckph.com are not connected to Canada-based Teck Resources Ltd. and Sun Life Management Co., Inc.

The SEC said that it received reports that officers or agents of Teck Mining have been enticing the public through social media posts to invest in the company through teckph.com.

The regulator also received reports that representatives of Teck Mining have been saying that it is related to Teck Resources. The entity’s representatives were also using Sun Life’s insurance certificate form to make it appear that investments in Teck Mining are insured.

“Teckph.com uses a modified website material of the legitimate mining company Teck Resources without due authority,” the regulator said.

Investors are instructed to download Teck Mining’s trading application from Google Play Store. They will then be contacted through messaging platforms to introduce the investment scheme.

Potential investors are asked to invest as low as P100 with a promised income of not less than a 2% interest rate daily.

“Thus, an investment of P5,000 has the potential to earn as much as 40% or equivalent to P2,000 within a 20-day cycle,” the SEC said.

The commission said that teckph.com or Teck Mining is not registered as a corporation or partnership and does not have the necessary license to solicit or take investments from the public as called for under the Securities Regulation Code.

“It appears that teckph.com or Teck Mining does not constitute a legitimate business that would generate a genuine income,” the regulator said.

The commission added that the contracts being offered by the entity are “non-existent” and the materials being used in its postings were lifted from the website of Teck Resources. — Justine Irish D. Tabile

Seaoil Lifetime Free Gas promo back for sixth run

One of the Lifetime Free Gas Year 5 winners, Jomar Alluag — PHOTO FROM SEAOIL

THREE RAFFLE winners will join the growing ranks of people gifted with a lifetime’s worth of free fuel from Seaoil, the leading independent fuel brand. The sixth edition of the Seaoil Lifetime Free Gas promo will award one winner each from Luzon, Visayas, and Mindanao.

“On top of the coveted lifetime free gas grand prize, customers get a chance to win various prizes,” said Seaoil in a release. The major consolation prize this year is an exclusive price of P10 per liter of fuel for one year through PriceLocq, Seaoil’s mobile app that allows customers to purchase fuel in advance for later use. A total of nine winners — three each from Luzon, Visayas, and Mindanao — plus three TNVS drivers and delivery riders (one per draw), will receive the prize.

Other prizes include P3,000 worth of Seaoil gift certificates and PriceLocq vouchers. A total of 75 winners will be selected, plus recipients of P3 million worth of instant prizes such as discounts on fuel, free engine oils, PriceLocq vouchers, and Maya vouchers. Said Seaoil CEO Glenn Yu, “The Lifetime Free Gas promo is one of the many ways we thank and look after our customers. A lifetime supply of fuel will empower them to convert their savings to additional resources for their families, such as funds for vacation or investments.”

The sixth Lifetime Free Gas promo runs from Nov. 14 to Feb. 13, 2023. To qualify, customers must be 18 years old and above, and have a valid Philippine driver’s license. One raffle coupon is earned for every P500 worth of purchase (single or accumulated receipts) of Seaoil fuels, or for every one liter of Seaoil Lubricants from stations nationwide. Purchases from Seaoil’s official stores in Lazada and Shopee are also eligible for raffle coupons. For more information, visit the company’s official Facebook page or www.lifetimefreegas.com.

On the Job: The Missing 8 is the big winner at 2022 Gawad Urian

GAWAD URIAN winners John Arcilla (Best Actor) and Lotlot de Leon (Best Supporting Actress) in the crime thriller On the Job: The Missing 8

THE CRIME thriller On the Job: The Missing 8, directed by Erik Matti, was the night’s big winner at the 45th Gawad Urian awards. It won nine awards from its 12 nominations including Best Picture, Best Director, and Best Actor for John Arcilla.

The ceremony was held on Nov. 17 at the University of the Philippines-Diliman’s Cine Adarna in Quezon City.

On the Job: The Missing 8 shared the Best Picture award with Jun Robles Lana’s Big Night! which also won the award for Best Cinematography. Big Night! centers on Dharna, a gay beautician played by Christian Bables, whose name is mistakenly placed on the drug war watchlist and how he stops at nothing to prove his innocence. The film was last year’s Metro Manila Film Festival Best Picture.

The Missing 8, a 208-minute crime thriller, is a sequel to the film On the Job (released in 2013). It follows journalist Sisoy Salas (played by Mr. Arcilla) who investigates the sudden disappearance of his colleagues and of Roman Rubio (Denis Trillo), a prisoner temporarily brought out of prison to carry out executions.

The other categories it won were Best Supporting Actress for Lotlot De Leon, Best Supporting Actor for Dante Rivero, Best Screenplay for Michiko Yamamoto, Best Editing, Best Music, and Best Sound.

The film premiered at the 78th Venice International Film Festival in September last year. There, Mr. Arcilla received the Venice International Film Festival Volpi Cup for Best Actor.

On the Job: The Missing 8 is also the Philippines’ entry to the 95th Academy Awards, slated on March 2023. Its TV series version has been nominated for Best TV/Movie Mini-Series at the 50th International Emmy Awards.  — MAPS

 


And the winner is…

The 45th Gawad Urian awards were held on Nov. 17 at the University of the Philippines-Diliman’s Cine Adarna in Quezon City. The annual film awards are given by the Manunuri ng Pelikulang Pilipino, a group of film critics.

This year’s winners are:

• Best Film: On The Job: The Missing 8, and Big Night!

Best Director: Erik Matti (On The Job: The Missing 8)

• Best Actress: Yen Santos (A Faraway Land)

• Best Actor: John Arcilla (On The Job: The Missing 8)

• Best Supporting Actress: Lotlot De Leon (On The Job: The Missing 8)

• Best Supporting Actor: Dante Rivero (On The Job: The Missing 8)

• Best Screenplay: Michiko Yamamoto (On The Job: The Missing 8)

• Best Cinematography: Carlo Canlas Mendoza (Big Night!)

• Best Documentary: The Right to Life by Arbi Barbarona

• Best Short Film: Dandansoy by Arden Rod Condez

•Best Editing: Gerone Centeno, Jay Altarejos (Walang Kasarian ang Digmang Bayan); and Jay Halili (On The Job: The Missing 8)

• Best Production Design: Whammy Alcazaren (Kun Maupay Man It Panahon)

• Best Music: Erwin Romulo, Malek Lopez, Arvin Nogueras (On The Job: The Missing 8)

• Best Sound: Corinne De San Jose (On The Job: The Missing 8)

• Natatanging Gawad Urian: Roque “Roxlee” Federizon Lee

Rates of T-bills, bonds may rise after BSP move

BW FILE PHOTO

RATES OF GOVERNMENT securities on offer this week could rise after the Bangko Sentral ng Pilipinas (BSP) delivered a jumbo increase on Thursday.

The Bureau of the Treasury (BTr) will auction off P15 billion in Treasury bills (T-bills) on Monday, made up of P5 billion each in 91-, 182-, and 364-day debt papers.

On Tuesday, the BTr will also offer P35 billion in fresh 20-year Treasury bonds (T-bonds).

A trader said the T-bills and T-bonds on offer this week could fetch higher yields.

“For T-bills, we expect them to fetch yields most likely higher by 5 basis points (bps). For the 20-year bond, we expect yields to range between 8% and 8.25%,” the trader said in a phone call.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message that rates of government securities on offer this week could go up following the BSP’s latest tightening move.

Mr. Ricafort said in a text message that T-bill and T-bond yields at the secondary market were mostly slightly higher after the widely expected local policy rate hike and some seasonal window-dressing activities.

Analysts from UnionBank Economics Research said in a market report that investors also remain cautious about hawkish signals by the US Federal Reserve.

The Philippine central bank on Thursday fired off a big rate hike to match the Fed’s latest move and tame inflation.

The BSP raised its key interest rate by 75 bps to 5%, the highest in nearly 14 years. The rates on the central bank’s overnight deposit and lending facilities were also increased to 4.5% and 5.5%, respectively.

The central bank has raised rates by a total of 300 bps so far this year. Its last meeting for the year is scheduled on Dec. 15.

Headline inflation in October accelerated 7.7%, its fastest pace in nearly 14 years, mainly driven by rising food costs. For the first 10 months, inflation averaged 5.4%, well above the BSP’s 2-4% target.

At its meeting last week, the BSP also raised its average inflation forecast for this year to 5.8%, from 5.4%. For next year, inflation is now seen averaging 4.3%, up from 4.1% previously.

Meanwhile, eyes are on the Fed as investors await clarity on their next move, with the market expecting a less aggressive 50-bp hike at their Dec. 13-14 meeting following four consecutive 75-bp increases.

The US central bank has raised rates by 375 bps since March.

At the secondary market on Friday, the 91- 182- and 364-day T-bills were quoted at 4.1205%, 4.8101%, and 5.0535%, respectively, based on the PHP BVAL Reference Rates published on the Philippine Dealing System’s website. Meanwhile, the 20-year paper fetched a yield of 7.897%.

Last week, the government partially awarded the T-bills it auctioned off even as bids reached P24.047 billion, higher than the P15-billion offer.

Broken down, the Treasury borrowed P5 billion as planned via the 91-day securities, with bids reaching P13.7 billion. The average rate of the tenor rose by 11.4 basis points (bps) to 4.464% from the 4.35% fetched previously, with the government accepting offers with yields from 4.35% to 4.54%.

Meanwhile, the government awarded just P2.2 billion in 182-day T-bills, even as tenders for the tenor hit P7.147 billion, above the P5-billion program. The six-month paper fetched an average rate of 4.838%, up by 3.8 bps from the 4.8% quoted for the previous award, with accepted rates ranging from 4.825% to 4.85%.

Lastly, the BTr borrowed only P1.4 billion via the 364-day debt papers, with demand reaching just P3.2 billion versus the P5 billion on the auction block. The average rate of the one-year paper climbed by 10 bps to 5.1% from 5% the prior week, with the Treasury only accepting bids with a yield of 5.1%.

The Treasury plans to raise P215 billion from the domestic market in November, or P140 billion through T-bills and P75 billion from T-bonds.

The government borrows from local and external sources to help plug a budget deficit capped at 7.6% of gross domestic product this year. — Luisa Maria Jacinta C. Jocson

CEB increases local flights from Cebu, int’l flights to Hong Kong, Seoul

First A330neo delivery to Cebu Pacific

BUDGET carrier Cebu Pacific (CEB) announced on Sunday its plan to add more domestic and international flights due to anticipated increased demand during the holiday season.

“We know that many are raring to travel again to their favorite local and foreign destinations, so we are very excited to mount these additional flights as we approach the holiday season,” Xander Lao, Cebu Pacific’s chief commercial officer said in an emailed statement.

Starting Dec. 1, the airline will increase weekly flights between Cebu and Iloilo, Dumaguete, Legazpi, Surigao, Pagadian, and Tacloban.

To widen its international footprint, Cebu Pacific will also add more flights between Manila and Brunei, Jakarta, Seoul, Taipei, and Hong Kong. The increased weekly flight frequency (from two times to four times) to and from Brunei is expected to start on Nov. 27.

Weekly flights between Manila and Hong Kong will be increased to 32x from 28x currently starting Dec. 11.

Flights between Manila and Seoul (Incheon) will increase to 14 times per week from seven times currently starting Dec. 1.

Cebu Pacific currently flies to a total of 34 domestic and 19 international destinations.

The airline said it continues to implement a multi-layered approach to safety while it operates with a 100% fully vaccinated crew, 97% of whom have been boosted.

Cebu Air, Inc., the listed operator of Cebu Pacific, managed to cut its attributable net loss for the third quarter of the year to P2.54 billion from a loss of P8.20 billion in the same period last year.

The company’s revenues for the quarter reached P16.85 billion, surging from P3.25 billion previously. This was propelled by a strong recovery across the airline’s business segments, according to the company.

Expenses increased 111.6% to P19.89 billion from P9.4 billion in the same period last year.

“Despite being a lean season, the continued easing of travel requirements encouraged strong travel demand. For the third quarter, Cebu Pacific has flown over four million passengers, a 489% increase versus the third quarter last year,” the company said in a statement. — Arjay L. Balinbin