BSP may raise rates by 50 bps next week

June 17, 2022 | 12:33 am

THE UNITED STATES Federal Reserve’s aggressive tightening will put more pressure on the Bangko Sentral ng Pilipinas (BSP) to consider a bigger rate hike at its meeting next week.

The Federal Reserve on Wednesday raised interest rates by 75 basis points (bps), the largest hike since 1994, to curb soaring inflation. Fed Chair Jerome H. Powell also signaled a steep increase in their next meeting.

“Such a more substantial monetary tightening by the US Fed could affect the BSP’s announced stance of gradual normalization of monetary policy,” former BSP Deputy Governor Diwa C. Guinigundo said in a Viber message on Thursday.

The BSP is poised to raise its key interest rate at its next two meetings to address inflation, incoming BSP Governor Felipe M. Medalla said during a virtual roundtable discussion with BusinessWorld editors on Tuesday.

However, Mr. Medalla, a current Monetary Board (MB) member, signaled that the pace of subsequent tightening will be gradual as he ruled out hikes higher than 25 bps.

“While it’s true that signaling such contractionary stance should provide some forward guidance on the BSP’s policy intent and therefore inflation expectation, the size of the Fed’s adjustment could somehow enlarge the expectation by the market of the BSP’s future move,” Mr. Guinigundo said.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said higher Fed rates may lead to further upward adjustments in the local policy rate from the current 2.25%.

“Thus, there is a chance of a local policy rate hike of +0.50 on the next rate-setting meeting on June 23, 2022 and more local policy rate hikes for the rest of the year, partly to maintain a comfortable interest rate differential with the US, to account for the comfortable spreads/interest rate differentials/risk premium — a dilemma faced by many other countries/central banks around the world,” Mr. Ricafort said in a note.

Bank of the Philippine Islands (BPI) in a press release said it now anticipates a 50-bp hike at the next MB meeting.

“We now expect a 50-bp hike from the BSP at its June meeting given the latest move of the Fed. Hiking the policy rate gradually in contrast to what the Fed is doing may exacerbate the headwinds affecting the Philippine economy,” BPI said.

“A very narrow gap between US and local interest rates will likely exert more pressure on the peso, which will eventually translate to more inflation.”

The peso weakened by 3.5 centavos on Thursday as it closed at P53.47 versus the dollar from its P53.435 finish on Wednesday

Incoming Socioeconomic Secretary Arsenio M. Balisacan said the country has to adjust to global policy tightening, and be more mindful of any shocks.

“If interest rates are rising outside of our country, we have to adjust to that because if you don’t, capital will move out of the country,” he said during a roundtable with BusinessWorld editors on Thursday.

“I think we don’t think macroeconomic fundamentals are that bad compared to other countries. We can withstand these shocks. We have to be mindful, always alert, adjusting to the shocks. Failure to do so will be damaging to the economy.”

MORE SELLING?
Meanwhile, the benchmark Philippine Stock Exchange index (PSEi) rose by 73.59 points or 1.16% to close at 6,393.01 on Thursday, recovering from Wednesday’s bloodbath.

Philippine Stock Exchange, Inc. President and Chief Executive Officer Ramon S. Monzon told ANC that the Wednesday’s drop was “in anticipation of what kind of rates the Fed will impose.”

“We’ve been in worse situations and we’ve bounce back to a higher level. I have no doubts what is happening is temporary,” he said.

In a Viber message, AAA Southeast Equities, Inc. President William M. Cabangon said the Fed’s tightening cycle is pulling down global markets, including the PSE.

“I expect selling to continue over the next few months as valuations continue to readjust lower in line with rising interest rates. Although stocks are cheap relative to past earnings, the uncertainty over future earnings due to inflation and slowdown concerns do not make forward-looking valuations very attractive,” Mr. Cabangon said. — with reports from Keisha B. Ta-asan and Luisa Maria Jacinta C. Jocson

Philippine tourism’s share to economy inches up in 2021

June 17, 2022 | 12:32 am

El-Nido — Tourists enjoy kayaking in El Nido, Palawan on April 8. — PHILIPPINE STAR/KRIZ JOHN ROSALES

By Abigail Marie P. Yraola, Researcher

THE SHARE of the tourism industry to the Philippines’ economic output inched up in 2021, as domestic travel restrictions eased alongside the increase in coronavirus disease 2019 (COVID-19) vaccination rates.

Preliminary data compiled by the Philippine Statistics Authority (PSA) showed that tourism’s direct gross value added (TDGVA) accounted for 5.2% of gross domestic product (GDP) in 2021, slightly higher than the revised 20-year low 5.1% of GDP in 2020.

Measuring the tourism-related value created by various industries, the country’s TDGVA was estimated at P1 trillion at current prices, up by 9.2% from the revised P917.20 billion in 2020.

The TDGVA indicator is based on the results of the Philippine Tourism Satellite Accounts report, which the PSA compiles from the Department of Tourism (DoT).

Asian Institute of Management’s Dr. Andrew L. Tan Center for Tourism Associate Director John Paolo R. Rivera attributed the growth in tourism’s contribution to the reopening of tourism activities.

“This is also driven mostly by domestic tourists, who eagerly want to travel after being cooped up in their homes during the lockdowns,” Mr. Rivera said in an e-mail interview.

The government loosened mobility restrictions in the Philippine capital and nearby areas late last year, as COVID-19 infections dropped and the vaccination rate increased. This allowed many hotels, resorts, restaurants and other tourism-related facilities to reopen, albeit at lower capacity last year.

Mr. Rivera said tourism sector’s growth can further improve this year once more foreigners visit the country for tourism.

The Philippines began accepting foreign tourists from visa-free countries in February this year. This was further expanded in April to include vaccinated tourists from all countries in a bid to help in the recovery of the tourism sector and the overall economy.

In a separate e-mail interview, University of Asia and the Pacific Senior Economist Cid L. Terosa said the more relaxed mobility restrictions helped drive the tourism sector’s slightly better performance last year.

“Tourism-related activities that were choked by the pandemic in 2020 started to regain their vim and vigor in 2021,” he said.

Domestic tourism expenditures, which cover spending of resident visitors within the country either as a domestic trip or part of an international trip, surged by a record 38.7% year on year to P782.51 billion in 2021. However, this was still significantly lower than the P3.14 trillion seen in 2019.

Tourism expenditures by non-residents, on the other hand, declined by 79.2% to P27.62 billion from 2020’s P132.59 billion, as foreign tourists were still not allowed to enter the country.

The share of inbound tourism expenditure to total exports dipped to a record low of 0.6% in 2021 versus the 2.9% share in 2020.

Meanwhile, employment in the tourism industries for the year 2021 was estimated at 4.90 million, which is 11.1% of the total employment. This was higher than the 4.68 million employed in the tourism sector in 2020 or 11.9% of the total jobs.

Mr. Terosa believes that the tourism sector will continue to perform better this year, as long as mobility restrictions and alert levels remain at their most lenient.

“Revenge travel or vacation vengeance will continue to gradually gain momentum this year. Inflationary pressures, however, threaten to curb further rise in tourism demand,” he said. “Given the current situation, however, the tourism sector will probably have a clearer chance to exceed pre-pandemic levels in 2023 and 2024.”

Chicken output set to decline as cost of feed rises

June 17, 2022 | 12:31 am

THE PHILIPPINES will likely produce fewer chickens in the coming months with numbers reduced by pricier, lower-quality feed and poor weather, an industry leader said — a slowdown that could drive food costs higher.

Raising poultry will be “very challenging” in the coming months, said United Broiler Raisers’ Association President Elias Jose Inciong, as producers in the Southeast Asian nation compete with the rest of the world for chicken feed, as the war in Ukraine disrupts supplies.

Across Southeast Asia, food costs are rising, hitting domestic supplies and exports. Malaysia recently banned chicken exports due to rising local prices and that hit poultry supplies in neighboring Singapore.

In the Philippines, the cost issue is compounded by high humidity that’s unfavorable to growing chickens, as rainy season came earlier this year. “Normally, the answer to high humidity would be very good nutrition. The problem is it’s now more difficult to get good-quality feeds because of the high cost of raw materials,” Mr. Inciong said in a phone interview on Thursday.

Whole chicken prices in Manila have risen by 25% to P200 ($3.75) since the start of the year, Agriculture department data showed. Meat price increases quickened by 5.4% in May, boosting overall inflation to its fastest since November 2018.

Higher chicken prices could, however, ultimately boost production, Agriculture Assistant Secretary Noel Reyes told The Philippine Star. The Philippines’ total chicken output fell by 3.6% last year to 1.7 million metric tons. — Bloomberg

Alliance Global increases capital spending to P60B

June 17, 2022 | 12:10 am

TAN-LED Alliance Global Group, Inc. (AGI) announced on Thursday that it is hiking its capital spending to P60 billion this year, 33% higher than the previous year as it “strengthens and expands existing businesses to achieve and surpass pre-pandemic levels.”

“We are a conglomerate in motion. We believe that with the sectors we are in, we will very much benefit from pent-up spending resulting from the further reopening of the economy,” AGI Chief Executive Officer Kevin L. Tan said.

Of the total spending, P50 billion will be allocated for real estate arm Megaworld Corp.’s development and investment activities. AGI announced that Megaworld will be launching 14 new projects valued at P30 billion this year.

“The company also intends to launch about four townships during the year, covering some 500 hectares of land in Metro Manila, Calabarzon and Mindanao, which will provide the fresh source of revenue for the company moving forward,” it added.

The balance of the capital expenditure will be distributed to its other businesses, namely: Travellers International Hotel Group, Inc., Emperador, Inc., and Golden Arches Development Corp.

Approximately P4 billion will be designated for Travellers International’s ongoing expansion projects, primarily in leisure and entertainment.

The firm said that its entire Newport City complex is now open to MICE (meetings, incentives, conferences, and exhibitions) activities and its hotels — Marriott Manila, Sheraton Manila, Hilton Manila, and Hotel Okura Manila — are continuing to accept more guests as mobility restrictions ease.

On the other hand, around P3 billion will be set aside for Emperador’s ongoing expansion projects overseas.

“Since the pandemic, Emperador continued to grow from strength to strength, driven by its international operations through Whyte and Mackay for whisky, and Bodegas Fundador for brandy,” AGI said.

The remaining P3 billion will be spent by Golden Arches, which holds the exclusive franchise to operate restaurants in the Philippines under the McDonald’s brand. It is planning to further expand its store network by launching 45 stores this year.

“Our group anchored itself on stability and recovery over the last two years of grappling with the impact of the pandemic. We have since focused on renewal and revitalization — both pointing to our upbeat, more confident view of the future. This shift in mindset would not have been possible without the insights and innovations derived from such challenging times, and the affirmation that our businesses continued to stand on strong ground,” Mr. Tan added.

In the first quarter, AGI reported its net income to owners jumped by 52% to P3.9 billion. Consolidated revenues likewise grew by 18% to P37.5 billion.

At the stock exchange on Thursday, AGI shares dropped by 3.68% or 36 centavos to P9.43. — Luisa Maria Jacinta C. Jocson

Vivant to invest P25B for water, power projects

June 17, 2022 | 12:09 am

VIVANT Corp. has earmarked P25 billion for infrastructure and power development projects starting this year until 2027 as the Cebu-based holding firm aims to diversify its businesses and expand its reach.

“It’s P25 billion for the group. That will bring us to 2025, 2026, [and] possibly 2027,” said Vivant Chief Executive Officer Arlo A.G. Sarmiento in a media briefing after the company’s annual stockholders meeting on Thursday.

The P25 billion will be spent to build power facilities of which 196 megawatts (MW) will come from wind energy, 212 MW from solar, and 62 MW from a hybrid of solar and battery storage. Another 129 MW will come from solar rooftop installations.

As of 2021, the company had a total installed capacity of 382 MW. The capacity is targeted to reach 500 MW next year, ahead of hitting the 1,000-MW goal by 2030.

Mr. Sarmiento said the company is looking at project financing for its capital expenditure for 70-80% of the budget, with internally generated funds accounting for the rest.

“But some of these projects may not be financed the same way, depending on the kind of off-take we can get,” he said. “We may have to look at other forms of financing for these types of projects.”

Vivant’s projected capital spending for the next five years comes as the company aspires to develop more renewable energy projects.

By 2030, it targets to install a total of 1,000 megawatts (MW), of which 30% will be from renewable energy (RE) sources.

Minuel Carmela N. Franco, Vivant’s executive vice-president, said the company is still under-leveraged and plans to tap the debt market.

“Whether to fund it (capital expenditure) by a green bond… that’s one of the options that we’re looking at. Other options would be either issuance of a corporate note or a syndicated loan,” she said.

“Most of the RE will be developed solely by Vivant. There may be one or two projects that we’ll be looking at partnerships, especially the wind projects we’re looking at since these are more technically challenging,” said Vivant President Emil Andre M. Garcia in the same briefing.

“For most of our solar projects, we’re looking at something that would be 100%-owned by the company,” Mr. Garcia said.

By the end of the decade, Vivant will still be driven by its energy subsidiary, Mr. Sarmiento said, referring to the company’s electricity generation business.

“We will still be primarily a power company… or most of our revenues will be generated by power,” he said, adding that by then, the group hopes that the infrastructure business would have increased contributions.

“Personally, I would like to see a number close to about 80-20 if that’s possible, 80% power, 20% infra — primarily water — in 2030,” he said.

Vivant, through its subsidiaries and affiliates, also has interests in various companies engaged in power distribution and retail electricity supply. In 2019, it put up a water-industry arm that is intended to invest in and manage a diversified water portfolio in bulk water supply, wastewater treatment, and water distribution.

Through a subsidiary, the group is building a utility-scale seawater desalination plant in Cebu at a cost of about P1.8 billion that will deliver 20,000 cubic meters per day of treated and potable water.

“For infra, most of our initiatives right now are concentrated in water,” said Jess Anthony N. Garcia, Vivant’s senior vice-president for infrastructure.

“For water, we’d like to be present in the different segments of the industry, namely bulk water supply, water distribution, wastewater, and water engineering,” he said. “Although we don’t have a specific breakdown internally yet, most of our initiatives are concentrated on bulk water supply and what was mentioned earlier, our utility-scale desalination plant here in Cebu.”

He said the desalination plant is expected to start commercial operation in the first or second quarter of next year.

“We will see if we can replicate the same in other provinces, but is probably a few years down the road,” he added.

In a press release distributed after the stockholders meeting, Vivant said it is seeing an opportunity for growth of its retail energy business “amid growing demand for adaptable energy solutions that include rooftop solar.”

Last year, Vivant subsidiary Corenergy Inc. posted a net income after tax of P47.7 million, surging from P2.04 million in 2020.

“This remarkable increase is attributed to Corenergy’s growing customers for energy engineering services and solar solutions. We expect growth in the sector as industries adapt to the changed landscape and see the value of the adaptable energy solutions that Corenergy provides,” said the company’s president, Mr. Garcia.

Vivant reported a net income of P1.8 billion in 2021, up 23% from the previous year. It attributed the increase to the improved performance of its subsidiaries, particularly in power, due to “better generation output and increased business activities.”

The company said it expects increased demand for energy solutions, particularly rooftop solar, “as more consumers see the need to better manage their energy-related costs.” — Victor V. Saulon

NLEX Corp. to spend P1.2B on technology systems this year

June 17, 2022 | 12:08 am

NLEX Corp. announced on Thursday that it has allocated P1.2 billion for this year’s capital expenditures to improve customer experience.

“The tollway company sets out various initiatives to upgrade its infrastructure, toll collection system, and account management system,” NLEX Corp. said in an e-mailed statement.

These projects, which comprise, among other things, the upgrading of the North Luzon Expressway’s (NLEX) core system and equipment, are anticipated to enhance the processing of lane transactions.

Radio frequency identification (RFID) users, who make up 70% of expressway motorists, can expect speedier recording of passages, balances, and reloads, as well as better tracking of individual and corporate accounts, the company said.

“Aside from conducting software upgrade and system migration, NLEX Corp. will also replace its toll system equipment within the year,” it added.

At the same time, the company said that nearly 100 toll system equipment along the expressway will be upgraded. The project will cover its toll plazas in Balintawak, Karuhatan, Paso de Blas, Meycauayan, Marilao, Bocaue, Balagtas, Tabang, Sta. Rita, Pulilan, San Simon, San Fernando, Mexico, and Angeles.

The company intends to upgrade the expressway’s toll fare indicators, lane status indicators, traffic control gates, automatic vehicle classification devices, and loop detectors, among others.

“The new equipment will boost operational efficiency as these will enable faster and more accurate transactions and guide motorists better at the plazas,” it said.

“In line with this progress, RFID users are constantly being reminded to be responsible motorists by maintaining sufficient balance in their account before traveling since the tollway company had observed that a number of motorists repeatedly pass the RFID lanes without load or without enough load to cover their trips.”

NLEX Corp. is part of Metro Pacific Tollways Corp., the tollway unit of Metro Pacific Investments Corp. (MPIC).

MPIC 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

K-pop pioneers BTS’ time-out leaves fans tearful, investors irate

June 17, 2022 | 12:07 am

bts-yet to come — PHOTO FROM FACEBOOK.COM/BANGTAN.OFFICIAL

SEOUL — K-pop pioneers BTS faced tears and sympathy from fans but anger from shareholders in their management company on Wednesday, a day after the band, pleading exhaustion, announced a break from group musical activities to pursue solo projects.

Many in South Korea reacted with shock and dismay at Tuesday’s news that, with some of its seven members approaching military service age, also triggered speculation about the future of a band whose upbeat hits and messages of youth empowerment have turned them into global stars.

“I could relate to them as they shed tears and honestly told us how they felt,” fan Nini Lee told Reuters from a café in Seoul where she had gathered with other fans.

“Their voice gave me huge strength when I had tough times, and I’m no longer afraid of such headwinds …Now I want to give my voice of courage to them.”

Kim Young-sun, who runs the cafe, said she felt sorry that she as a fan had only wanted more from BTS at a time when they were struggling, wishing them a well-deserved break to recharge their batteries.

BTS Leader and rapper RM, in a tearful video released on Tuesday on the ninth anniversary of a group that last year became the first Asian band to win artist of the year at the American Music Awards, said he had “felt guilty and afraid” to ask for the rest that he desperately needed.

Singer Jimin said they were struggling to find their identity in what he called an “exhausting process,” while RM also lamented that the K-pop industry could not provide young artists with “time to mature.”

On social media, some other fans blamed BTS’ management group HYBE for relentlessly pushing for new albums and other moneymaking opportunities.

The company did not immediately respond to a request for comment.

“The K-pop and idol industry had long been running on a profit-making system where the stars cannot take a rest even when they burned themselves out,” said Jung Duk-hyun, a South Korean cultural critic.

SHAREHOLDER ‘DYNAMITE’
Tuesday’s unexpected announcement fueled anger among investors in HYBE, which went public two years ago and whose shares plunged 25% on Wednesday, wiping nearly 2 trillion won ($1.55 billion) off its market value.

“They’ve planted ‘dynamite’ in the hearts of shareholders,” one wrote on a Samsung Securities stock trading platform, referring to one of the group’s hit songs.

HYBE shares had performed relatively poorly in recent months, and the company’s chief executive and some BTS members unloaded stock totaling 10 billion won ($7.75 million) in December.

All able-bodied South Korean men are subject to about two years of military service, and the oldest member of BTS, Jin, is required to begin his duty next year.

A bill pushing for providing military exemptions to globally renowned artists is pending in parliament, amid prolonged debate over whether BTS deserves similar benefits that sport athletes enjoy.

Lee Ki-hoon, an analyst at Hana Financial Investment Co. Ltd., wrote in a report that BTS’ lack of public activity including the impact of military service could result in a 750 billion won revenue loss in 2023. — Reuters

First Gen unit seeks more time to build LNG terminal

June 17, 2022 | 12:07 am

FIRST GEN Corp. said on Thursday that its unit had requested the Energy department to extend the validity of its permit to build its interim offshore terminal for imported liquefied natural gas (LNG).

In a disclosure, the Lopez-led energy firm said FGEN LNG Corp. made the request for an extension to March 23, 2023 from Sept. 23, 2022, the previous validity of its permit to construct, expand, rehabilitate and modify the proposed facility.

“The request is due to projected delay in the completion of the Project caused by events and circumstances not within the reasonable control of FGEN LNG,” First Gen said, without disclosing the specific cause of delay.

The company added FGEN LNG and the provider of its floating storage regasification unit BW FSRU IV Pte. Ltd. had agreed to move delivery of the vessel to the second or early third quarter of next year.

The delivery was previously set for the first quarter of 2023.

FGEN LNG is developing the project “to accelerate its ability to introduce LNG to the Philippines, to serve the natural gas requirements of existing and future gas-fired power plants of third parties and FGEN LNG affiliates,” First Gen said.

The First Gen unit said the LNG project would play a critical role in ensuring the energy security of the Luzon grid and the Philippines, “particularly as the indigenous Malampaya natural gas resource is expected to decline in the next few years.”

Last month, a company official said First Gen had allocated $550 million, or around P29 billion, for capital spending this year, with its renewable energy subsidiary cornering nearly half of the budget followed by its LNG terminal project.

The company also said last month that the LNG terminal had been allotted a $135-million capex this year as it completes construction. The facility was expected to be ready to commercially operate in the fourth quarter of 2022.

First Gen, the country’s leading gas power generation company, has around 2,000 megawatts (MW) in operating gas facilities comprising four gas-fired power plants, namely: the 1,000-MW Santa Rita power plant, the 500-MW San Lorenzo, the 414-MW San Gabriel, and the 97-MW Avion power plant.

First Gen earlier said that its LNG project could also potentially supply natural gas to the 1,200 MW Ilijan power plant.

The country’s existing gas-fired power plants are currently fueled by the Malampaya gas-to-power project off Palawan’s shore.

On Thursday, shares in the company rose by 1.45% or 24 centavos to close at P16.80 apiece. — Victor V. Saulon

Final Pitch’s new season highlights tech ideas

June 17, 2022 | 12:06 am

BUSINESS reality show The Final Pitch (TFP) launches its 8^th season with an all-tech lineup of startups and entrepreneurs. And after two years of filming remotely because of the coronavirus disease 2019 (COVID-19) pandemic, the show will be filming episodes on-site this season.

The Final Pitch Season 8: Tech Edition is accepting applications until June 24. Interested participants are to pitch their ideas for their prospective startups or for the next stage of growth of their existing startups.

A report by venture capital fund Foxmont Capital Partners (FCP) and global management consulting firm Boston Consulting Group, “Philippine Venture Capital Report 2022” said startup businesses in the country raised over $1 billion in funding in 2021, a 179% increase from 2020.

“The eighth season of the show is a very deliberate slant towards [technology] and we are looking forward to backing startups that will help our economy transition back to pre-pandemic growth levels,” the show’s creator and host John Aguilar said in a statement.

Returning to the show as investor judges this season are John Janusczcak, president and CEO of fintech company UBX; former TFP mentor Amor Maclang of the public relations firm Geiser-Maclang; and Rosemarie Bosch-Ong, SEVP and COO of Wilcon Depot. Joining the show this season as investor judges are Wei Zhou, CEO of crypto wallet Coins.ph; Francis Plazaco, founder and CEO of PayMongo; and Avin Ong, founder and CEO of the Fredley Group of Companies.

Kaiser Estrada, managing director of Streamlined Campaigns Philippines, will serve as one of the mentors. Mr. Estrada will provide his expertise to help maximize the benefits of online strategies and social media platforms for the competing businesses.

UNIQUE SELLING PROPOSITIONS
The investor judges said that they are looking for technological solutions in specific industries and startup business ideas that can potentially grow to have a global market.

“New technologies like blockchain, guarantees of authenticity, immutable data, etc. These are the types of things that technology addresses. We’re looking for startups that have creative solutions for real problems. We want to work with a founding team with a strong vision, clear goals, and the drive to get things done,” said Coins.ph’s Wei Zhou during an online press conference on June 6.

“What I hope to do on this experience, is not to just bring products and services and startups to users in the Philippines, but maybe even bring those products to a much larger global audience,” he added.

Wilcon Depot’s Rosemarie Bosch-Ong said that her previous experience as an investor judge was very rewarding. “[Being a digital immigrant], I got to learn more from those who presented. It’s [about] continued learning and being inspired by the promising startup companies,” she said.

“I want to see a solution that focuses on digital technology and some applications that can enable us to provide that same experience virtually. For example, augmented reality and automated business operations, and the incorporation of technology in finance,” she said of this season’s applicants.

The Fredley Group’s Avin Ong advised participants to “stay hungry, stay curious, and do more to achieve more.”

The show will be filmed on July 5 and 6 at the Okada Manila. Okada Manila SVP for Hotel Operations Ivaylo S. Ivanov will also participate as a guest judge on the second day of the participants’ pitches.

This season will be a prelude to The Final Pitch: ASEAN, which will involve participants from Singapore, Malaysia, Indonesia, Thailand, and Vietnam in 2023. It will be filmed and broadcast across Asia.

“We are aiming for the show to be the regional platform that will enable cross-border investment and cooperation across Southeast Asia. Proudly Filipino produced, for a global audience,” Mr. Aguilar said.

To join The Final Pitch Season 8: Tech Edition, interested parties may fill up the application form at TheFinalPitch.ph/application or get in touch with the show via e-mail at submit@TheFinalPitch.ph or admin@DragonsNest.co. The deadline for submission of applications is June 24.

The Final Pitch 8 premieres on July 31, 8:30 p.m., on CNN Philippines. — Michelle Anne P. Soliman

Converge expands call center operations in Pampanga as demand heightens

June 17, 2022 | 12:06 am

LISTED fiber internet provider Converge ICT Solutions, Inc. said it has expanded its call center operations through its partner Universal Access and Systems Solutions, Inc. (UAS Solutions) in Pampanga to meet heightened demand.

“Every month, we receive over 700,000 inquiries through e-mail, social media, and the hotline,” Converge Chief Customer Experience Officer Albert L. Santos said in an e-mailed statement on Wednesday.

UAS Solutions has a new site in New Street, Balibago, and expanded its seat allocation in ComClark, Clark Freeport Zone in Angeles City.

“Since 2020, we have tripled our customer service teams and embarked on a multi-million digital transformation project to refine our processes and make the customer journey as seamless and convenient as possible,” said Dennis Anthony H. Uy, chief executive officer and co-founder of Converge.

The company aims to expand its presence nationwide and grow its subscriber base.

“With the recent expansion, UAS will grow its agent seats to over 1,000 or a year-on-year increase of about 80% by the end of the year. As of end-March 2022, UAS reported a response rate of 98% from its call center agents,” Converge noted.

For Mr. Uy, the additional call center seats will go a long way in making the company’s customer support experience “more efficient to meet the growing number of customers we have nationwide.”

“Additionally, we will also give much needed employment in our home province of Pampanga.”

According to the company, it is serving 1.8 million subscribers nationwide as of March 2022.

The company’s network has reached over 12 million homes as of the first three months of the year, with a household coverage of 47%, it noted. — Arjay L. Balinbin

Entertainment News (06/17/22)

June 17, 2022 | 12:05 am

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Advance tickets for Thor: Love and Thunder on sale

MARVEL fans can book tickets in advance to watch Marvel Studios’ Thor: Love and Thunder, which opens in theaters on July 6. The film is the fourth installment in the Marvel Cinematic Universe’s Thor saga. Advanced tickets may be bought by checking the show timings at https://movies.disney.ph/thor-love-and-thunder and at the nearest cinema. In Thor: Love and Thunder, Thor (Chris Hemsworth) embarks on a journey of self-discovery, but his efforts are interrupted by a galactic killer known as Gorr the God Butcher (Christian Bale), who seeks the extinction of the gods. Thor enlists the help of King Valkyrie (Tessa Thompson), Korg (Taika Waititi, who also directs the film), and ex-girlfriend Jane Foster (Natalie Portman), who inexplicably wields his magical hammer, Mjolnir, as the Mighty Thor.

Netflix renews Sweet Home for 2 more seasons

THE HIT Netflix Series Sweet Home has been officially renewed for a second and third season, following the success of the pilot season in 2020. The show — a South Korean apocalyptic horror series that follows a teen and his neighbors as they fight to survive in a world where humans turn into monsters — has garnered international awards such as the 2021 Asian Academy Creative Awards (AACA) and the 3^rd Asia Contents Awards. The continuation of the hit Korean thriller will see the return of its original cast members: Song Kang, Lee Jin-uk, Lee Si-Young, Ko Min-si, and Park Kyu-young. New cast additions Yoo Oh-seong, Oh Jung-se, Kim Moo-yeol, and Jung Jin-young will round out the ensemble moving forward. “Season 2 will include a new setting, and the technical details that we couldn’t refine in Season 1 will be further honed in Season 2,” says director Lee Eung-Bok, hinting at a wider franchise universe and even more stunning visuals.

Tom Hanks co-stars in Elvis biopic

OSCAR-winning actor Tom Hanks plays Elvis Presley’s manager, Colonel Tom Parker, in Warner Bros.’ film Elvis, a biopic on the King of Rock (played by Austin Butler), directed by the Oscar-nominated Baz Luhrmann. “While this story is called Elvis, it’s also Colonel Tom Parker’s story — the telling of it at least,” says Mr. Luhrmann on the importance of Mr. Hanks’ role in the film. The Presley biopic will be in cinemas across the country starting June 22.

HERO and Matthaios collaborate on song

UP and coming rap star HERO collaborates with fellow artist Matthaios on a new single “Dito,” released under Universal Records Philippines. The new track is an anthemic rap love song, with both Matthaios and HERO delivering their signature vocal performances. An accompanying music video has the two artists dating girls who happen to be twins, played by Ritchelle and Rochelle San Pedro. “Dito” can be streamed now on Spotify and Apple Music.

Netflix PHL releases new web series Alas Netflix

INSPIRED by the success of recent popular Netflix titles, Netflix Philippines launches a new web series called Alas Netflix, hosted by Jaz Reyes and Pipay. Each episode of Alas Netflix has popular celebrity friends playing K-variety show-inspired games to test their teamwork, friendship, and knowledge on the latest Netflix titles. The first episode featured P-Pop group BGYO competing in a game while dressed as Squid Game contestants. Weekly episodes of Alas Netflix drop every Tuesday at 7 p.m. on Netflix and YouTube.

Ro Woon fan meet set on June 26

IN CELEBRATION of the 3^rd anniversary of Globe’s KmmunityPH, Ro Woon, the lead actor of Netflix series Tomorrow will have a fan meet-and-greet at the SM Mall of Asia Arena, on June 26. The event will be exclusive to Globe One App subscribers. Launched in 2019, KmmunityPH is a multi-platform interest community for customers interested in K-culture. Globe customers can win tickets to the event until tomorrow, June 17, through the Ultimate Stan Promo, or watch Ro Woon via livestream when Globe customers register to Daebak499 from June 20-26 via the New Globe One app. Globe customers will receive 3GB for three days, a unique ticket code to the livestream event, and a lifestyle voucher of choice from partners Agoda, Boozy, or Klook.

Knives Out sequel to be released year end

DIRECTOR Rian Johnson is set to follow up his 2019 film Knives Out with Glass Onion: A Knives Out Mystery. Starring in the film are Daniel Craig, Edward Norton, Janelle Monáe, Leslie Odom Jr., Kate Hudson and Dave Bautista. The movie is a mystery/thriller, following detective Benoit Blanc as he travels to Greece to peel back the layers of a mystery involving a new cast of colorful suspects. Glass Onion: A Knives Out Mystery will be available on Netflix this coming holiday season.

Joji releases new single

JAPANESE-born internet sensation-turned critically acclaimed singer Joji comes out of a two-year hiatus with a new piano ballad entitled “Glimpse of Us,” released under his music collective 88rising. An accompanying music video also came out last week on Joji’s YouTube channel. Joji is one of the world’s most viral artists, with over 7 billion streams to date. His last album, Nectar, debuted at No. 1 on Spotify’s inaugural US Weekly Top 50 Albums chart, No. 1 on Billboard’s Independent albums chart, and No. 3 on the Billboard 200. Nectar debuted at No. 1 in Australia and in the top 10 in New Zealand, Canada, UK, and Norway.

Fans mark new BTS album with 3 million tweets

ON June 10, superstar Korean boyband BTS dropped their new anthology album, Proof. Fans across the world shared in the excitement for the project, with 3 million tweets made at the hour of the project’s release. Twitter even launched custom BTS emojis for the album’s promotional hashtags, such as #BTS, #방탄소년단, and #BTS_PROOF.

DoT presents podcast on tourist spots

THE DEPARTMENT of Tourism (DoT) recently launched their first podcast, entitled Escape: Stories from the Road, highlighting the best tourist destinations in the Philippines from the perspectives of different personalities. Every episode follows a theme, some examples being adventure, identity, and food. The podcast-documentary is hosted by travel filmmaker and photographer Aaron Palabyab, along with guest co-hosts national athlete Maureen Schrijvers; designer, musician, and filmmaker Kate Torralba; and sports broadcaster and podcaster Cesca Litton. The podcast is now available on Spotify, Apple Podcasts, Google Podcasts, Castro, Overcast, and Anchor.

Steve Aoki, Taking Back Sunday team up for song

TWO-TIME Grammy-nominated electronic music producer Steve Aoki returns to his alternative roots, collaborating with the American pop-punk band Taking Back Sunday for a new single entitled “Just Us Two.” “I come from a punk background and it’s always so good to work with artists that share the same passion for live music,” says Aoki, speaking about his collaboration with Taking Back Sunday. In the past, Aoki has collaborated with artists such as BTS, Maluma, Snoop Dogg, Linkin Park, and blink-182, among others.

Celebrate Father’s Day with hit movies on HBO GO

HBO GO invites viewers to celebrate Father’s Day by browsing through their catalog of movies, from the classics to the latest titles. There are action-adventure titles like The Batman and The Croods: A New Age, more father-and-child-centered movies like King Richard, My Son, and Stillwater; and family comedies like Hitman’s Wife’s Bodyguard and The Addams Family. These titles and more are available on HBO GO^.

Netflix greenlights Squid Game based competition

Initially aired in September 2021, the award-winning Korean thriller Squid Game became Netflix’s most popular series of all time and has been officially renewed for a second season as of June 12. In relation to this, Netflix, Inc. recently greenlit the production of a reality competition adaptation of the series entitled Squid Game: The Challenge, with the largest cast and lump sum cash prize in reality TV history: 456 real contestants vying for $4.56 million, much like in the original Netflix series where desperate people join a contest where they play children’s games hoping to win a huge prize. Unlike in the original show, Netflix assures that losing contestants in the reality competition will not be killed. Recruitment for the reality show is now open at SquidGameCasting.com.

Theatrical release dates for Dragon Ball Super out

ON JUNE 14, streaming service Crunchyroll and Toei Animation Co. revealed details on the global theatrical release of Dragon Ball Super: SUPER HERO, an upcoming animé film. The second film in the Dragon Ball Super franchise will open in theaters worldwide in August and September, distributed by Crunchyroll and Sony Pictures Entertainment. The sequel will open in the Philippines on Aug. 31. For more information on Dragon Ball Super: SUPER HERO, visit https://www.2022dbs-global.com/.

PSE bullish on reaching P200-B capital raising

June 17, 2022 | 12:05 am

THE top official of the Philippine Stock Exchange (PSE) said he is bullish on hitting the target of around P200 billion in capital raised by the end of the year.

“We’ll do more capital raising this year, except the peso magnitude in total will not be as big as last year, but we expect to hit about P200 billion in capital raised,” PSE President and Chief Executive Ramon S. Monzon said in a televised interview on ANC’s Market Edge.

In 2021, the PSE raised a total of P234.48 billion, more than double the P103.76 billion total capital raised in 2020.

“We have to understand last year was a record year. We had one big initial public offering (IPO), Monde Nissin Corp. In the present IPO scenario, that would comprise seven to eight IPOs,” he added.

Mr. Monzon said that the exchange has a robust pipeline of IPO applications for the remainder of the year.

“For the first half of the year, we’ve raised about P62 billion of capital so far. We are presently processing another P36 billion in capital raising applications and in the pipeline we’ve commenced talks with three big capital raising activities,” he added.

Mr. Monzon said that the exchange also continues to encourage small and medium enterprises (SMEs) to list on the stock exchange.

“We are not ignoring SMEs. They might add little in terms of contribution of capital raised or listing fees, but encouraging more SMEs to list in the market will be good for the economy,” he said.

“Interest rates are rising and companies are going to need working capital or expansion capital. When interest rates are rising, they will be reluctant to raise capital in the debt market, that would be the bright side of the interest rate spike. Hopefully like last year, they would go to the equity market,” he added. — Luisa Maria Jacinta C. Jocson