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Inflation may have breached target in March — BSP chief

REUTERS
Passengers wait for a jeepney in Quezon City, July 3, 2020. — REUTERS

HEADLINE INFLATION could accelerate beyond the central bank’s target in March, driven mainly by successive oil price hikes and the depreciation of the peso, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said in a Viber message to reporters.

Based on the BSP projection, the consumer price index likely quickened by 3.3-4.1% in March, he said.

The central bank’s point inflation forecast is at 3.7%.

If realized, this would be faster than the 3% in February but still slower than the 4.5% a year earlier. Inflation could also be beyond the 2-4% target if it reaches the upper end of the BSP’s projection.

The Philippine Statistics Authority will release March inflation data on April 5, Tuesday.   

“The continued oil price hikes along with high electricity rates in Meralco (Manila Electric Co.) service areas, higher meat prices, and the peso depreciation are the primary sources of inflationary pressures during the month,” Mr. Diokno said.

Gasoline, diesel, and kerosene prices have increased by P18.30, P27.85, and P25.75 per liter since the start of the year.

Crude oil prices became more volatile after Russia invaded Ukraine in late February due to concerns over the impact of the war on global supply. Russia is the world’s second-biggest crude exporter.

Last week, the central bank raised its average Dubai crude price projection for 2022 to $102.23 per barrel from $83.33 at the previous meeting after factoring in the impact of the war.

The surge in global oil prices caused the peso to depreciate, given the country’s position as a net oil importer. There was also greater demand for the US dollar after the Federal Reserve raised interest rates for the first time since 2018 to quell high inflation.

The peso closed March 7 trading at the P52-per-dollar level for the first time in 2022 at P52.18. At its close of P52.01 on Wednesday, the peso has already weakened by 1.98% from its P50.999 finish at the end of 2021.

Meanwhile, Meralco said residential consumers will see higher electricity bills in March due to the increase in generation charge. The overall electricity rate for a typical household in March rose by P0.0625 per kilowatt-hour (/kWh) to P9.6467/kWh from a month earlier.

On the other hand, factors that could have tempered inflation in March are lower water rates for areas serviced by Maynilad Water Services, Inc. and Manila Water Co., Inc., Mr. Diokno said.

The decline in the prices of rice, fish, and vegetables as supply constraints eased may likewise be offsetting factors to faster inflation, he added.

“Looking ahead, the BSP will continue to monitor emerging price developments and possible second-round effects to help achieve its primary mandate of price stability that is conducive to balanced and sustainable economic growth of the economy,” Mr. Diokno said.

The Monetary Board last week kept the policy rates unchanged as widely expected by the market, citing the need to safeguard the momentum of economic recovery.

Mr. Diokno has said they are looking to start increasing interest rates by the second half of the year, noting the key policy rate could reach 2.75% by 2023.

However, it warned that inflation could breach the BSP target this year due to the impact of the war on commodity prices. It now expects 2022 inflation to average 4.3% from its previous 3.7% estimate. — Luz Wendy T. Noble

National Government debt hits record P12.09 trillion as of end-February

REUTERS

THE NATIONAL Government’s outstanding debt hit a record P12.09 trillion as of end-February, as domestic and offshore borrowings increased, the Bureau of the Treasury (BTr) said on Thursday.

Preliminary data from the BTr showed outstanding debt rose by 16.2% from P10.4 trillion a year ago.

The BTr said total debt inched  up by 0.5% or P63.83 billion month on month “due to currency fluctuations, and net financing from both local and foreign sources.”

Of the total, 70% of the debt portfolio were from domestic lenders while the rest were from external sources.

Domestic debt stock rose by 14.3% to P8.41 trillion year on year, and by 0.54% month on month. The Treasury attributed this to the net issuances of government securities totaling P44.89 billion.

Of the amount, P8.11 trillion were from government securities, which jumped by 18.9% year on year and 0.6% month on month.

On the other hand, external debt stood at P3.68 trillion as of end-February, increasing by 20.95% from P3.04 trillion a year earlier.

“For February, the increment in external debt was due to the impact of peso depreciation against the (US dollar) amounting to P17.91 billion and the net availment of external obligations amounting to P3.25 billion,” the Treasury said. “These more than offset the P2.74-billion reduction caused by adjustments in other foreign currencies.”

In February, the peso’s weakest closing against the dollar was P51.50 on Feb. 8.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the debt stock will likely go up after the US dollar-denominated bond issuances in March.

“Government debt could still increase in view of the P457.8-billion retail Treasury bond (RTB) issuance and the $2.25 billion, both for the month of March 2022 to finance the budget deficit amid increased infrastructure spending,” he said in a Viber message.

The Treasury raised $2.25 billion from its first triple tranche, US dollar-denominated bond offering last week, which included its first-ever green bonds.

The government said it raised $1 billion from the inaugural 25-year green bond offer, as well as $500 million from five-year bonds, and $750 million from 10.5-year bonds.

The next administration would inherit a fiscal handicap, “given the projected deficit and debt levels,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.

“Hopefully, debt levels will not deteriorate further as the Philippines can ill afford  a credit rating downgrade in the environment of rising global rates.”

Fitch Ratings last month said it maintained the Philippines’ “BBB” credit rating, but with a “negative” outlook.

A “negative” outlook means Fitch could downgrade the Philippines’ credit rating in the next 12 to 18 months. The outlook was revised to “negative” from “stable” in July 2021 due to the impact of the pandemic on the economy.

Mr. Ricafort said that the next administration should “sustain the country’s economic and fiscal efforts,” to improve tax collections and good governance measures, and to help ease the country’s debt-to-GDP (gross domestic product) ratio from the internationally accepted 60%.

In 2021, the Philippines’ debt-to-GDP ratio hit a 16-year high of 60.5%. This is higher than the 60% threshold considered manageable by multilateral lenders for developing economies. — Tobias Jared Tomas

National government outstanding debt

BSP warns vs play-to-earn games after major cryptocurrency heist

Bitcoin cryptocurrency representation is pictured on a keyboard in front of binary code in this illustration taken Sept. 24, 2021. — REUTERS

PHILIPPINE CENTRAL BANK officials warned the public to remain cautious when dealing with play-to-earn games involving digital tokens, following the hack of a blockchain project linked to the popular cryptocurrency game Axie Infinity.

“We wish to emphasize that there are risks associated with non-fungible tokens (NFTs) such as price volatility, which may resort to significant financial losses and also other types of risk relating to cyber fraud and scams,” Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said at a virtual briefing on Thursday.

Reuters reported hackers have stolen cryptocurrency worth almost $615 million from Ronin, a blockchain network that lets Axie Infinity users transfer crypto in and out of the game.

According to Axie Infinity, it has 2.8 million daily active players, with some $3.6 billion previously traded on its marketplace. Players can collect, trade and play with virtual creatures called Axies, which are traded in the form of NFTs and sell for hundreds of thousands of dollars.

Vietnamese startup Sky Mavis, which created the game, has previously said that about 35% of the game’s traffic comes from the Philippines.

Bridget Rose M. Mesina-Romero, deputy director at the BSP’s Payment System Oversight Department, said people should be aware of the risks involved in these play-to-earn games.

“They should only place funds that they are willing to lose because of the risk. Since this is a digital field, it creates borderless area where fraudsters can really enter and perform illicit activity so the public should practice cyber hygiene in order to protect your personal data,” she said.

Mr. Diokno said the central bank is continuously monitoring NFT activities that are used in online games, adding they are still discussing with other regulators the appropriate approach for Axie Infinity and other gaming platforms.

He said that under BSP Circular 1108, the “smooth love potion” tokens which can be earned through the Axie Infinity game could not be considered as a digital unit of exchange.

Meanwhile, Ms. Romero said those who wish to exchange their virtual assets into fiat currency or money should only do so with entities that are registered with the BSP to ensure their safety.

While cognizant of the risks, the BSP earlier also acknowledged that innovations like play-to-earn games can have the potential to boost financial inclusion and payments digitalization when harnessed in a responsible manner.

At the same briefing, Mr. Diokno said the social media platform LYKA/Things I Like Co. Ltd. (TIL) has yet to receive a license from the BSP.

Lyka uses Giftcards in Electronic Mode (GEMS) on its platform, which can be used to purchase, exchange, and pay for goods and services with selected merchants. This makes it function like an operator of payment system (OPS), which are entities that are monitored by the central bank.

Last year, the BSP reiterated that TIL itself should be the one to apply for an OPS license instead of its marketing arm.

As of March 25, Mr. Diokno said there are 200 OPS registered with the BSP — where 39 are banks, 24 are nonbank electronic money issuers (EMIs), while 137 nonbank non-EMI institutions. — Luz Wendy T. Noble

Live events return with P-Pop convention and concert

MNL48

AFTER two years during which most live activities have not been allowed because of the COVID-19 pandemic, live events are making a comeback with the launch of the 2022 PPOP CON.

Sixteen Filipino artists will be coming together to meet their fans and hold a concert not only remotely through multiple remote boxes but in a physical space.

The 2022 PPOP CON is two-day hybrid event which will be held on April 9 and 10. It is fan gathering and celebration of Filipino pop culture and music, and will feature established and promising P-POP artists, fan engagement activities, and booths. The event will conclude with a concert at the SMART Araneta Coliseum.

“It is with great pride that we host these amazing group of talents among our inaugural attractions as we reopen SMART Araneta Coliseum and New Frontier Theater to live entertainment since the pandemic and to welcome back fans inside our venues,” Irene Jose, Chief Operating Officer of Uniprom Inc. (UI), said in a speech during the press launch on March 30 at Novotel Manila. Uniprom Inc. manages the entertainment and leisure ventures of Araneta City.

The 16 participating P-Pop artists are: SB19, 4th Impact, Alamat, Press Hit Play, 1st.One, VXON, MNL48, BGYO, BINI, KAIA, PPOP Generation, DAYDREAM, R Rules, G22, Calista, and DIONE

“The past few years have been significant for emerging PPop entertainment, especially as more homegrown talents debut and make [their] ways locally and internationally. The P-pop community has actively grown in the digital space that even amidst a pandemic, P-Pop artists have thrived through virtual performances that garnered overwhelming fan support,” Andhie Salutin, 2022 PPOP CON project head, said in a speech.

“It has been a plan for some time, and we actually thought of doing it online. But pinakiramdaman namin (we tested the waters) if offline is possible because what we wanted is for them to be together,” Ms. Salutin told BusinessWorld after the launch.

Despite the artists are under different management agencies, Ms. Salutin said that it “perfectly aligned” that all artists were available on the same dates when they were given the schedule.

The convention will be held at the New Frontier Theater on April 9 beginning at 10 a.m. Fan activities will be held simultaneously at the venue and on livestream. The activities include performances, merchandise selling, fan booths, and games.

The concert will be held at the Araneta Coliseum on April 10, from 3 to 7 p.m. The concert lineup features the following P-Pop groups: SB19, MNL48, BGYO, BINI, 4th Impact, Alamat, 1st.One, and Press Hit Play, with opening performances by VXON and KAIA.

VIP Ticketholders will be able to enter by noon prior to the Live Soundcheck at 1 p.m. The Live Soundcheck will be exclusive for VIP and Online Special Pass ticket holders. It will only feature some of the P-Pop groups from the main concert lineup. Any type of recording will be prohibited at the Live Soundcheck.

Ms. Salutin said that hybrid events are a viable option to reach international audiences.

“We are in the live events scene, it’s in our system. Especially now that we are making P-Pop known globally, this (hybrid events) is the perfect way for the international fans to see them without flying here,” Ms. Salutin told BusinessWorld.

“I think hybrid events will always be the perfect event now. Iba pa rin ang live (nothing beats live events). But it also is giving them (the international audience) the opportunity to see the artists they want to follow,” she added.

“I think P-Pop is getting attention globally because we have a lot of world class talent here in the Philippines. It has just yet to be discovered, and we feel that platforms like this and the promotion of P-Pop in general will all help us in terms of P-Pop rising,” the girl group DAYDREAM said about reaching global audiences.

During the physical events, health and safety protocols such as temperature checks and the wearing of face masks will be observed by guests, production staff, and artists. Fully vaccinated audience members are to present vaccination cards. Sanitation areas and health protocol signage on distancing will be in place. Concession food items will be packaged to minimize exposure.

Tickets for the convention at the New Frontier Theater and the concert at the Araneta Coliseum are on sale via www.ticketnet.com.ph and www.ktx.ph. Availability of tickets for concert and convention access at the Araneta Coliseum and New Frontier Theater will depend on the COVID-19 Alert Level during the event date. For more details on tickets, and health and safety guidelines on the event, visit https://ppopcon.ph/. — Michelle Anne P. Soliman

Bruce Willis to retire from acting due to cognitive disease

BRUCE Willis in a scene from the 1988 blockbuster film Die Hard. — IMDB.COM

LOS ANGELES — Bruce Willis, the star of the Die Hard franchise and dozens of other action movies, will retire from acting after being diagnosed with aphasia, a disease that has hampered his “cognitive abilities,” his family said on Wednesday.

Willis, 67, rose to fame in the 1980s comedy-drama TV series Moonlighting, and has appeared in about 100 films across his four-decade career, garnering acclaim for his roles in Pulp Fiction and The Sixth Sense, and winning a Golden Globe Award and two Emmys.

But Willis is perhaps best known for playing the tough-as-nails New York cop who pursued bad guys in the five Die Hard movies, released from 1988 to 2013.

“This is a really challenging time for our family and we are so appreciative of your continued love, compassion and support,” his family said in a statement.

Mr. Willis and actress Demi Moore were one of Hollywood’s most high-profile celebrity couples in the 1990s until their divorce in 2000, but they remained close after the break-up. He is currently married to model and actress Emma Heming and is father to a total of five children with both women.

“We are moving through this as a strong family unit, and wanted to bring his fans in because we know how much he means to you, as you do to him,” said the statement, which was signed by the actor’s family and shared on Instagram by Demi Moore and their daughter Rumer.

Aphasia is a disorder most commonly caused by a stroke that can also stem from head trauma or, in rare cases, from neurological disease, said Brenda Rapp, a professor of cognitive science at Johns Hopkins University. Symptoms vary widely and can affect speech, comprehension and reading ability, Ms. Rapp said in a telephone interview. In some instances, aphasia can be treated with speech therapy.

Mr. Willis had been especially active in recent years. He appeared in eight movies released in 2021 alone, none of which were critically acclaimed.

The satirical Razzie film awards gave Willis his own special category this year, nominating him eight times for “Worst Performance by Bruce Willis in a 2021 Movie.” The one called Cosmic Sin was awarded the Razzie on Saturday.

Larry Gordon, producer of the first Die Hard movie and its 1990 sequel, said he was saddened by the news of Mr. Willis’ condition, telling the Hollywood Reporter that the actor was “the consummate pro and a gutsy guy.”

“Grace and guts! Love to you all!,” actor Jamie Lee Curtis wrote on Demi Moore’s Instagram account beneath a picture of Willis and the family statement.

On social media, his fans shared their feelings of sadness and shock after news of his diagnosis broke, and many of them paid tribute to Willis.

“His work has meant more to me than I could ever put into words,” wrote a fan with the Twitter handle Cody Leach. “If this is in fact the end of your acting career, all I can say is thank you.”

Over the course of his career, the Hollywood veteran has appeared in films grossing more than $2.5 billion, according to online database IMDB. In 2006, he received a star on the Hollywood Walk of Fame, a Los Angeles landmark honoring legends of film, television and music.

Born on a US military base in Germany in 1955, Willis was raised in New Jersey. After moving to New York to pursue an acting career, he appeared in off-Broadway productions and landed a few minor roles before getting his big break playing the wise-cracking private detective David Addison in Moonlighting.  Reuters

Will Smith refused to leave Oscars, academy says as it weighs discipline

Will Smith in King Richard — IMDB.COM

LOS ANGELES — Will Smith refused a request to leave the Oscars ceremony after he slapped presenter Chris Rock, Hollywood’s film academy said on Wednesday as it started a process that could lead to the best actor winner’s expulsion from the group.

During the live telecast, Mr. Smith strode up to the stage after Mr. Rock made a joke about the appearance of Mr. Smith’s wife, then smacked the comedian’s face. The actor returned to his seat and twice yelled an obscenity at Mr. Rock.

Less than an hour later, Mr. Smith accepted the best actor trophy, prompting questions about why he had not been escorted out.

“Things unfolded in a way we could not have anticipated,” said the Academy of Motion Picture Arts and Sciences, which hands out the Oscars, in a statement.

“While we would like to clarify that Mr. Smith was asked to leave the ceremony and refused, we also recognize we could have handled the situation differently.”

The academy said it started a process that could lead to discipline against Mr. Smith for violations of its standards of conduct, “including inappropriate physical contact, abusive or threatening behavior, and compromising the integrity of the Academy.”

Suspension, expulsion or other sanctions may be approved at its next board meeting on April 18.

Mr. Smith apologized to Rock, the academy, and viewers in a statement on Monday, saying he was “out of line” and “reacted emotionally.”

Rock had referred to the 1997 film G.I. Jane in which actress Demi Moore shaved her head. It was unclear whether Rock was aware that Ms. Pinkett-Smith has a condition that causes hair loss.

At a stand-up show in Boston on Wednesday evening, Mr. Rock made his first public comments about the matter, saying he was still “processing” what happened and would talk about it later.

“It’ll be serious. It’ll be funny, but right now I’m going to tell some jokes,” he told a sold-out crowd.

Under the academy’s rules, Smith has the chance to provide a written response before the group takes action. Smith’s representatives did not respond to a request for comment on Wednesday.

The academy in its statement apologized to Mr. Rock and thanked him for “resilience in that moment.”

After the incident, the comedian quickly regained his composure and announced the winner of best documentary, Questlove’s Summer of Soul.

Oscars co-hosts Amy Schumer and Wanda Sykes said they were sickened by the turn of events at the film industry’s highest honors.

“Still triggered and traumatized,” Ms. Schumer said in a post on Instagram on Wednesday. “I love my friend @chrisrock and believe he handled it like a pro. Stayed up there and gave an Oscar to his friend @questlove and the whole thing was so disturbing.”

“So much pain in @willsmith anyway I’m still in shock and stunned and sad,” she added. “Waiting for this sickening feeling to go away from what we all witnessed.”

Ms. Sykes also said the incident was “sickening” and that she felt physically ill at the time. “I’m still a little traumatized,” she said in clips released on Wednesday from an interview on the Ellen DeGeneres talk show.

Ms. Sykes said she felt Mr. Smith should have been removed from the event and not permitted to accept his award for playing the father of tennis stars Venus and Serena Williams in King Richard.

“For them to let him stay in that room and enjoy the rest of the show and accept his award, I was like how gross is this? This is just the wrong message,” she said.

The clash with Mr. Rock overshadowed the night’s awards, in which the heartwarming movie CODA won best picture. Ms. Schumer and Ms. Sykes co-hosted the ceremony with Regina Hall. — Reuters

Duterte clears franchise of Cignal TV, four others

BW FILE PHOTO

PRESIDENT Rodrigo R. Duterte has approved the franchise bids of five broadcast stations, including a direct-to-home (DTH) satellite provider established in the 2000s.

Mr. Duterte, on March 29, signed laws extending the franchise of Franciscan Broadcasting Corp., Soundstream Broadcasting Corp., National Broadcasting Corp., Real Radio Network, Inc., and Cignal TV, Inc. for another 25 years.

Cignal TV was established in 2009 and is “currently the country’s premier DTH satellite provider,” according to a website post. The broadcast firm said it transmits 134 channels including free-to-air, HD (high definition) and SD (standard definition) channels to household and commercial venues nationwide.

“It also offers a mix of 17 audio channels and on-demand service through pay-per-view channels,” said the broadcast firm, which is a subsidiary of MediaQuest Holdings, Inc., the media partner of the PLDT group of companies.

Under the law, the firms are given the privilege to construct, install, establish, operate and maintain radio broadcasting stations anywhere in the country where frequencies or channels are still available for radio broadcasting.

They must secure permits from the National Telecommunications Commission (NTC) for the construction and operation of their stations or facilities. According to the law, the NTC must not “unreasonably” delay or withhold the granting of necessary permits.

The law allows the NTC to revoke or suspend, following due process, the permits or licenses of the grantees violating franchise provisions. It is also given the authority to recommend to Congress the revocation of erring franchises.

Under the law, the franchise will be deemed revoked in the event holders fail to operate for two consecutive years.

The law also gives the Philippine president a “special right” to temporarily take over and operate the stations or facilities of franchise holders “in times of war, rebellion, public peril, calamity, emergency, disaster, or disturbance of peace and order” and suspend the operation of any station “in the interest of public safety, security, and public welfare.”

Grantees, meanwhile, are required to submit to Congress an annual report on their compliance with the terms and conditions of the franchise and its operations.

Also on March 29, Mr. Duterte signed a law allowing a southern Mindanao university to construct, operate, and maintain radio broadcasting stations in the province of Cotabato in southern Philippines for educational and other related purposes.

The President also signed a law authorizing Iriga Telephone Co. Inc. to construct, install, operate, and maintain wired and wireless telecommunications systems, fiber optics, and all other telecommunication system technologies in the province of Camarines Sur and its cities for commercial and other purposes. — Kyle Aristophere T. Atienza

Game of Thrones prequel House of the Dragon to debut in August

IMDB.COM
IMDB.COM

HBO announced on Wednesday that its hotly anticipated Game of Thrones prequel, House of the Dragon, will debut on Aug. 21.

House of the Dragon takes place 200 years before the events of Game of Thrones, a medieval fantasy series that became a global phenomenon during its eight-season run.

The new 10-episode series will be based on George R.R. Martin’s book Fire & Blood and will tell the story of House Targaryen, HBO said.

The network announced House of the Dragon at an event in 2019 to stir enthusiasm for the HBO Max streaming service. The drama also will be available on HBO television.

The series stars Paddy Considine as King Viserys Targaryen, a warm and kind man chosen by the lords of Westeros to succeed the Old King, Jaehaerys Targaryen, and Matt Smith as Prince Daemon Targaryen, younger brother to King Viserys and heir to the throne. — Reuters

DMW core income rises 44% as land sales boost growth

D.M. Wenceslao and Associates, Inc. (DMW) on Thursday reported a 43.5% jump in its core net income last year to P1.88 billion, driven by its resilient leasing businesses, improved residential gross margin, and land sale transactions closed in the fourth quarter.

“We remain in an evolving landscape which while crowded with opportunities is also filled with potential re-emerging risks as well as new risks, including geopolitical conflicts. Amidst precarious circumstances, we remain steadfast in our two-pronged approach anchored on nimbleness,” Chief Executive Officer Delfin Angelo C. Wenceslao said in a statement.

Last year’s financial performance excludes the after-tax impact of one-off gains, which in 2020 amounted to P1 billion, related to the termination of a joint venture agreement as well as the adjustment of tax expense in 2021 due to the Corporate Recovery and Tax Incentives for Enterprises Act or CREATE Law.

“We remain mindful of risks through maintaining a more-than-capable balance sheet, implementing a business continuity plan, and prioritizing the welfare of stakeholders while hand-in-hand remaining on track with our expansion goals to capture opportunities beyond current risks,” Mr. Wenceslao said.

In the company disclosure, DMW said its core net income was also 12% higher than the pre-pandemic figure of P1.7 billion in 2019.

“Note that DMW booked earnings — bulky land sales amounting to P787.6 million and P935.9 million in 2021 and 2019, respectively. As such, core earnings in those fiscal years are closely comparable,” it added.

Its recurring income, consisting of rentals from land, building, and other revenues, improved 2% to P1.99 billion, accounting for 58% of total revenues.

Meanwhile, residential revenues declined 18% P615 million year on year, due to revenue recognition timing.

“Pixel Residences was already fully turned over as of 2021 and most of the residential revenue bookings for the year was accounted for by MidPark Towers,” DMW said.

Despite the revenue decline, residential gross profit climbed 14% to P388 million due to a higher gross profit margin of 63% in 2021 compared with 45% in 2020.

The margin improvement resulted from the markedly higher selling price per square meter of MidPark Towers compared to that of Pixel Residences.

DMW completed a P787.6-million land sale transaction, which it said boosted revenues and fortified its balance sheet.

In the fourth quarter, DMW reported a 79% increase in commercial building gross leasable area (GLA), expanding to 162,351 square meters (sq.m.) as of end-2021 from 90,712 sq.m. in 2020.

In the fourth quarter, 8912 Asean Ave. building, its largest office development, and the 58 Jupiter St. mixed-use building were both completed.

“Located along Jupiter Street in Makati City, 58 Jupiter is our first constructed commercial building outside of Aseana, further advancing our diversification efforts,” DMW said.

Landers also signed a 25-year contract of lease for a 15,064-sq.m. parcel of land in Aseana City. DMW said the membership shopping chain, with its significant following, is an anticipated draw.

“These developments are expected to contribute markedly to DMW’s recurring earnings moving forward,” the company added.

At the stock exchange, DMW shares remained unchanged at P6.86 apiece on Thursday. — Luisa Maria Jacinta C. Jocson

‘Euphoric’ Eddie Redmayne premieres third Fantastic Beasts movie

Eddie Redmayne and Jude Law in a scene from Fantastic Beasts: The Secrets of Dumbledore. — IMDB.COM

LONDON — Eddie Redmayne returns for his third outing as magizoologist Newt Scamander in Fantastic Beasts: The Secrets of Dumbledore, a highly anticipated movie the Oscar winner said he feared would not be released at one point due to the COVID-19 pandemic.

At the film’s premiere in London on Tuesday night, Mr. Redmayne posed for photos and signed autographs, delighting fans of the Harry Potter spin-off, which is set some 60 years before J.K. Rowling’s books but features younger versions of some of the same key characters, like Hogwarts headmaster Albus Dumbledore.

“It always feels incredibly surreal but particularly euphoric this time because the making of this movie during COVID, it was incredibly stressful and hugely enjoyable,” Mr. Redmayne said on the red carpet.

“But there were moments when I wasn’t even sure it would make it out into the world and so I’m thrilled that it has. It’s filled with the whimsy and the magic that I loved in the Potter films.”

Trailers for Fantastic Beasts: The Secrets of Dumbledore, which is released next week, show a brewing wizard war with Scamander and Dumbledore, played by Jude Law, teaming up against villainous wizard Gellert Grindelwald.

“There are a lot of wonderfully familiar characters who evolve, reveal. There are new fantastic beasts. They’re really fantastic, some scary, some cute,” Mr. Law said.

“There’s an extraordinary heart at the center of this film. It’s a sort of broken heart and it reveals an awful lot about the empathy that Dumbledore builds on his sort of wound, his regrets and it culminates in an extraordinary battle that I think has a wonderful emotional physicality at its heart.”

Danish actor Mads Mikkelsen plays Grindelwald, taking over from Johnny Depp. The Hollywood star was forced to exit the role in late 2020 after losing a libel case in Britain against a tabloid newspaper that branded him a “wife beater.”

Mr. Mikkelsen was also at the premiere alongside co-stars Katherine Waterstone, Dan Fogler, and Alison Sudol, who reprise their roles from previous Fantastic Beasts films, as well as Rowling, a writer and producer on the movie. —Reuters

AllHome profits up 44%

ALLHOME Corp. on Thursday reported that its net income after taxes was up 46% to P1.44 billion last year after it moved to increase profit margins while boosting sales.

“AllHome’s performance in 2021 is a full display of our core advantages as we navigated through the many challenges of the pandemic. As this global challenge draws to a close, we view 2022 with optimism. All signs point to an increased pace of economic recovery throughout the country, and this bodes well for AllHome,” AllHome Chairman Manuel B. Villar, Jr. said in a disclosure.

In 2021, the company posted 15% growth in net revenue to P14.3 billion from P12.4 billion in 2020, while gross profit improved 28% to P5.01 billion from P3.9 billion in the year before.

“2021 saw AllHome employing a number of initiatives to improve gross profit margins, which increased to 35% of revenue from only 31.6% in 2020. Strategic pricing and increasing in-house brands sales contribution all served to contribute to the marked improvement,” the company said.

AllHome’s same store sales growth (SSSG) improved to 8.1% from 3.5% while transaction count rose by 8% to 3.9 million from 3.6 million year on year.

“Despite the operational challenges that the pandemic presented, AllHome’s growth in revenue, earnings before interest, taxes, depreciation, and amortization, and net income after taxes, all point to the company’s inherent adaptability and agility to weather extraordinary circumstances,” AllHome President Benjamarie Therese N. Serrano said.

AllHome said that its shift into the digital landscape will carry a smaller carbon footprint and will require less capital expenditures.

In 2021, it deployed operational efficiency programs to optimize store formats, allowing for additional store warehousing and dedicated fulfillment and logistics areas for e-commerce.

As of December, e-commerce revenue for AllHome accounted for 11% of total revenue.

“With the increasing adoption of online shopping across all consumer channels, AllHome will continue to leverage innovative customer-facing measures and automated digital marketing campaigns to strengthen our omni-channel presence and grow our consumer base. Aside from AllHome’s strong performance in a time of pandemic, we are notably gaining ground in the e-commerce space, with 11% of our revenue now coming from online channels,” AllHome Vice-Chairman Camille A. Villar said.

“With the government’s steady pace of downgrading restrictions towards a more normal scenario, we are starting to see our operations returning to full strength. Our 2021 SSSG and increasing transaction counts for the same period are reflective of customers returning to stores, and we are confident in the strategies we have in place to push towards our 100-store milestone in 2026,” AllHome added.

The home improvement and construction company offers a line of products for maintenance, repairs and renovations, and decorating. Product categories include furniture, hardware, appliances, tiles and sanitary wares, homewares, linens and construction materials.

The company also offers services such as interior design consultations, door-to-door delivery and installation, customizable furniture, free furniture assembly, and gift registry.

At the stock exchange on Thursday, AllHome shares dropped by 0.52% or P0.04 to close at P7.60 per share. — Luisa Maria Jacinta C. Jocson

ICTSI says Mindanao terminal undertakes upgrades

LISTED International Container Terminal Services, Inc. (ICTSI) on Thursday said its container handling facility in Misamis Oriental, the Mindanao Container Terminal (MCT), is taking steps to improve yard productivity and overall terminal efficiency.

MCT recently “took delivery of two Mitsui hybrid rubber-tired gantries (RTG) — the first in Mindanao. The new deliveries expand MCT’s RTG fleet to six units,” ICTSI said in an e-mailed statement.

“MCT is also set to take delivery of a new side lifter within the year,” it added.

At the same time, ICTSI announced that MCT has bought a mobile harbor crane, which is expected to arrive next year, “to improve vessel-handling capability.”

“It will augment MCT’s two quay cranes and enable the simultaneous handling of two longer vessels,” the company noted. 

ICTSI said the purchase of new equipment comes after the 100-meter berth extension and installation of dolphin mooring and inland bollards back in 2020.

“These improvements are all geared towards addressing the increase in volume and service demand as the global economy slowly begins to recover from the impact of the pandemic.”

The company is also undertaking P15-billion expansion projects at the Manila International Container Terminal, mainly to meet growing demand and serve new-generation container ships.

ICTSI’s capital expenditures (capex) for 2022 are expected to be approximately $330 million from $165 million in 2021.

It said the estimated capex budget will be utilized mainly for the payment of concession extension upfront fees, ongoing expansion projects, equipment acquisitions and upgrades, and maintenance requirements.

The company saw its attributable net income for 2021 surge to $428.6 million from $101.8 million a year earlier, mainly due to higher operating income.

Its gross revenues from port operations increased 23.9% to $1.9 billion in 2021 from $1.5 billion previously.

Meanwhile, the company’s expenses were reduced 4.7% to $1.1 billion from $1.2 billion in 2020.

ICTSI handled a total of 11.16 million TEUs in 2021, higher by 10% compared with the 10.19 million TEUs handled in 2020.

ICTSI shares closed 1.26% higher at P224.80 apiece on Thursday. — Arjay L. Balinbin