Gov’t makes full award of T-bills as rates drop on easing oil prices

April 26, 2022 | 12:02 am

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday as rates mostly declined after global oil prices eased to two-week lows.

The Bureau of the Treasury (BTr) raised P15 billion as programmed via the T-bills it auctioned off on Monday as bids reached P37.64 billion, over twice as much as the program but lower than the P54.12 billion in tenders seen for last week’s offer.

Broken down, the BTr raised P5 billion as planned via the 91-day debt papers as it attracted P17.2 billion in tenders. The average rate of the three-month T-bill dropped by 8.3 basis points (bps) to 1.14% from 1.223% last week.

The Treasury also made a full P5-billion award of the 182-day securities as bids reached P13.44 billion. The average rate of the six-month tenor likewise inched down by 1 bp to 1.558% from the 1.568% fetched at the previous auction.

Lastly, the government borrowed P5 billion as programmed from the 364-day instruments from P6.998 billion in tenders. The tepid demand caused the average rate of the one-year paper to go up by 2.4 bps to 1.901% from 1.877% a week earlier.

At the secondary market prior to the auction, the 91-, 182-, and 364-day bills were quoted at 1.2466%, 1.5262%, and 1.9169% respectively, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the BTr made a full award of its T-bill offering as yields were mostly lower after global oil prices eased to two-week lows.

Oil prices slumped to about two-week lows on Monday, after prolonged coronavirus disease 2019 (COVID-19) lockdowns in Shanghai, China and potential US rate hikes would hurt global economic growth and demand for fuel, Reuters reported.

Brent crude was down $3.93 or 3.7% at $102.72 a barrel, while US crude fell $3.80 or 3.7% to $98.27 a barrel, the lowest since April 12. The benchmarks lost nearly 5% last week on demand concerns.

A Reuters poll two weeks ago showed analysts expect the US Federal Reserve to make two back-to-back 50-bp interest rate hikes in May and June to respond to runaway inflation. Fed Chair Jerome H. Powell said on Thursday that a half-point increase “will be on the table” during the Fed’s next meeting on May 3-4.

The Fed’s policy-setting Federal Open Market Committee began to unwind its pandemic-driven easy stance in March when it hiked key rates by 25 bps to tame inflation.

Mr. Ricafort said other drivers for the decline in T-bill yields include the seasonal tax collections in April due to the filing of income tax returns “and the recent foreign bond sales by the government that reduce the need to borrow from the domestic market.”

The government recently raised $559 million from an offer of Samurai bonds and $2.25 billion via global sustainability bonds.

A trader said in a Viber message that the auction result was as expected as some P27 billion in T-bills are maturing this week, freeing up liquidity to support demand for the P15-billion offer on Monday.

The BTr wants to raise P200 billion from the domestic market this month, or P60 billion from T-bills and P140 billion via Treasury bonds.

Monday’s T-bill auction was the last one for April. The BTr raised P64 billion via the short-tenored papers this month, above the P60-billion program, as it made full awards of all its offerings and also accepted more non-competitive bids for some tenors at its April 11 auction.

The government borrows from local and external sources to plug a budget deficit capped at 7.7% of gross domestic product this year. — T.J. Tomas with Reuters

Meralco income up 10% on higher power sales

April 26, 2022 | 12:02 am

MANILA Electric Co. (Meralco) on Monday reported a 10% increase in its first-quarter consolidated core net income to P5.62 billion, driven largely by higher electricity sales and contribution from its power generation business.

Reported net income, which includes one-off items, improved by 28% to P5.56 billion after adjustments made relating to the Corporate Recovery and Tax Incentives for Enterprises Act.

Gross revenues during the three-month period rose by 33% to P85.91 billion, with distribution revenues rising by 6% to P15.27 billion.

“What accounts for the movement in volume would be quarantine restrictions, which continue to ease, [and an] increase in economic activities, with commercial volume increasing 6%, and this is coming from real estate, education sector, and full operations of retail and restaurants,” said Meralco Chief Finance Officer Betty C. Siy-Yap in a virtual briefing.

The hike in global fuel prices also caused surging pass-through charges, bolstering Meralco’s electricity revenues by 33% to P83.27 billion from P62.48 billion.

Separately, Meralco Chairman Manuel V. Pangilinan said in a statement that the company is closely working with government units, regulators, and its suppliers to mitigate the “adverse impact” of geopolitical developments towards the Philippine economy.

“The challenges notwithstanding, we remain positive that we shall be able to sustain Meralco’s operational and financial performance in the course of the year, as we bank on the further reopening of the economy, and traverse the road towards post-pandemic recovery,” he said.

During the quarter, the electricity distributor saw a 10% rise in core earnings per share to P4.99.

Meanwhile, average retail rate inched higher by 14% to P8.88 per kilowatt-hour (kWh), driven by 21% and 9% higher generation and transmission charges respectively.

The rate hike was offset by the P0.1064 per kWh average refund of distribution over-recoveries under the order of the Energy Regulatory Commission.

Residential sales accounted for 35% of the overall sales mix, with commercial and industrial sales taking a 34% and 31% share, respectively.

During the period, Meralco spent 70% of its P6-billion capital expenditure allotment on new network connections, asset renewals, load growth projects, support for the government’s Build, Build, Build program, and Meralco’s electrification program.

In anticipation of the increased power demand during the election period, Meralco has also conducted inspections and maintenance activities across its distribution network.

Meralco President and Chief Executive Officer Ray C. Espinosa said that the risks to the company’s electricity rates remain to be the significant rise in fuel prices, as well as the persisting supply restrictions from the Malampaya natural gas field.

“As we fulfill the growing requirements of our customers and further improve overall customer experience, we also remain cognizant of the bigger role we play in supporting the continuing economic recovery and nation-building efforts that will help us emerge as a stronger and more resilient country post-pandemic,” he said.

Meralco shares advanced by P2.40 or 0.71% to close at 342.40 each on Monday.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls.— R.C.S. Agustin

‘Green’ building aims to become best office in Cebu

April 26, 2022 | 12:02 am

JEG-Tower---Lobby — JEG Tower @ One Acacia is JEG Development Corp.’s first high-rise building project. — COMPANY HANDOUT

JEG DEVELOPMENT Corp. (JDC) is hoping its new “green” office building in Cebu City will address the needs of companies navigating the post-pandemic work environment.

The company recently launched JEG Tower @ One Acacia, a 22-storey office and retail development that boasts of eco-friendly and sustainable features.

“We’re confident our decision to go green will differentiate (the building) from others… JEG Tower hopes to capture the market of companies returning to office,” JDC Chief Operating Officer Marko Sarmiento said during a virtual briefing on April 21.

While office vacancy rates in the Cebu IT park are now at 20-25%, Mr. Sarmiento said he is confident the building’s focus on wellness would encourage more companies and their employees to return to the office.

“Nothing will replace being with your team…. JEG Tower has features that make it more attractive for workers to go back, like the roof deck, open spaces and the flexibility to design your office spaces,” he said.

Mr. Sarmiento noted they have seen increased interest in JEG Tower in the first quarter, a sign that business activity is picking up in the city.

“There’s more interest in the first quarter than all of last year. We’re hopeful,” he added.

The coronavirus disease 2019 (COVID-19) pandemic had prompted the developer to boost the project’s sustainability and wellness features, such as the use of natural light, reduced water usage and efficient waste management.

“It is set to become Cebu’s first commercial development to use solar energy, as we have entered into a 20-year power purchase agreement with COREnergy for a zero cash-out solar photovoltaic plant,” he added.

Ayla G. Gomez, JDC brand manager, said the company integrated intelligent technology in the building, and installed thermal scanners and automatic sliding doors in an effort to minimize contact touch-points.

To reduce the risk of infection in common areas, the building also included anti-bacterial fixtures and above standards filtration.

“Another unique sustainability feature that makes JEG Tower @ Acacia stand out is its Mitsubishi Destination-Oriented Allocation System (DOAS) elevators. DOAS elevators are developed to ensure strategic and safe movement within the vertical development, with innovative technology designed to utilize less energy consumption,” Mr. Sarmiento said.

The building also has a rooftop garden that the company hopes will give employees a respite from work.

“JEG Tower @ One Acacia is committed to providing the best workplace that addresses the physiological, mental, and social needs of its employees and occupants. We continuously invest in the quality of the work environment, as well as the health and well-being of our tenants, in a bid to help our tenants achieve increased productivity,” Mr. Sarmiento said.

These eco-friendly features helped JEG Tower @ Acacia secure a LEED Gold Certification from the US Green Building Council in 2021. It was awarded 68 points, making it the highest-scoring LEED for Core and Shell project in Cebu.

JEG Tower @ One Acacia is JDC’s first venture into high-rise buildings. — Cathy Rose A. Garcia

Alec Baldwin’s lawyer says state’s Rust shooting probe clears actor

April 26, 2022 | 12:02 am

A LAWYER for Alec Baldwin said on Thursday that an investigation by New Mexico has cleared his client of wrongdoing in the fatal shooting on the set of Rust, pointing out that its report stated the actor believed his gun held only dummy rounds.

New Mexico’s Occupational Health and Safety Bureau on Wednesday released the findings of a six-month investigation of the shooting during the filming of the Western movie last October. It blasted Rust Movie Productions LLC for “willful” safety lapses leading to the death of cinematographer Halyna Hutchins and fined the company $137,000, the maximum amount possible.

In response to the findings, Mr. Baldwin’s attorneys said in a statement that his authority on the production was limited to approving script changes and creative casting and that he had no authority over matters that were subject to the investigation.

“We appreciate that the report exonerates Mr. Baldwin by making clear that he believed the gun held only dummy rounds,” the statement posted on Mr. Baldwin’s Instagram account said. “We are pleased that the New Mexico officials have clarified these critical issues.”

The agency was not immediately available to comment on the statement.

Ms. Hutchins was killed during a rehearsal when a revolver that Mr. Baldwin was holding fired a live round that passed through her and struck the movie’s director Joel Souza in the shoulder, wounding him.

The investigation found the production firm had been aware that firearm safety procedures were not being followed and demonstrated “plain indifference” to the hazards, the New Mexico Environment Department said in a statement.

Rust Movie Productions spokesman Stefan Friedman said in a statement on Wednesday that the company disagreed with the findings and planned to appeal.

The probe found that Rust management ignored concerns raised by crew members about firearm and pyrotechnics misfires on set.

The report said Rust management failed to give staff responsible for firearms safety sufficient time to inspect ammunition received to ensure no live rounds were present.

The Santa Fe County Sheriff’s Office and the Santa Fe County District Attorney have ongoing criminal investigations into the death of the cinematographer. — Reuters

UnionBank books lower net income in the first quarter

April 26, 2022 | 12:01 am

UNIONBANK of the Philippines, Inc. recorded a lower net profit in the first quarter as trading gains normalized.

The Aboitiz-led lender said its net income dropped by 45% to P2.608 billion in the first three months of 2022 from a year earlier. Based on its previous financial statement, its net profit in the first quarter of 2021 stood at P4.728 billion.

“Net income was lower by 45% [year on year] due to extraordinary trading gains recorded in the first quarter of 2021,” it said in a filing with the local bourse.

The bank’s net interest income rose by 12% to P8.065 billion from a year earlier. Net interest margin improved by 6 basis points to 4.6% on the back of higher yields from earning assets and lower cost of funds amid the growth in its current account, savings account (CASA) deposits.

Meanwhile, UnionBank’s fee-based income more than doubled to P1.4 billion. This was driven by rising income from InstaPay and interchange fees.

Foreign exchange income also rose by 53% to P369.5 million from a year earlier.

The bank’s loans and receivables increased by 2% to P351.8 billion as of end-March from a year ago. Its total assets jumped by 13% to P844.4 billion.

Meanwhile, total deposits with the bank rose by 15% to P577.2 billion. This was driven by the growth in its CASA deposits, which climbed by 28% to P356.5 billion.

UnionBank President and Chief Executive Officer Edwin R. Bautista said their acquisition process for the local consumer business of Citigroup, Inc. is on track. He earlier said UnionBank would become the third-biggest bank in terms of local credit card business upon the completion of the transaction.

“We remain confident to become the legal owner of the consumer portfolio by July 2022,” Mr. Bautista said.

He said they are also on track to launch Union Digital Bank (UnionDigital) by the second half. UnionDigital received an online banking license from the Bangko Sentral ng Pilipinas last year.

UnionBank Treasurer and Corporate Planning Services Head Jose Emmanuel U. Hilado said they remain optimistic on their growth prospects as the economy continues to recover but acknowledged the uncertainties caused by the Russia-Ukraine war.

“While the ongoing Russia-Ukraine conflict could adversely affect investor and consumer sentiment, we think that the country’s economic fundamentals are strong enough to weather the challenges ahead,” Mr. Hilado said.

“We therefore remain optimistic that improving credit appetite and spending patterns will allow us to sustain momentum in our recurring income for the rest of 2022,” he added.

UnionBank’s shares closed at P81.30 apiece on Monday, down 75 centavos or 0.91% from the previous finish. — Luz Wendy T. Noble

Star-studded Smart Badminton Asia Championships kicks off today

April 26, 2022 | 12:01 am

TOPNOTCH badminton action returns as the star-studded Smart Badminton Asia Championships blasts off on Tuesday at the Muntinlupa Sports Center.

High-ranking and bemedaled players from all over the continent and upstarts from host Philippines take the floor in the six-day event, which for the first time will have a World Super Tour 1000 Tournament classification.

Under this upgraded level, winners gain 12,000 Badminton World Federation ranking points while runners up net 10,200. The semifinalists, meanwhile, bag 8,400 while quarterfinalists get 6,600, Round-of-16 finishers take 4,800 while Round-of-32 qualifiers notch 3,000.

Team Philippines carries a modest goal in this competition, the players’ first since the pandemic broke out in 2020.

“This is the first tournament for the players so this is a good start considering they have the opportunity to play against the top players in the world, gain some experience and gain some points,” said the Philippines’ Malaysian coach Rosman Razak.

Carrying the fight for the hosts are Ros Pedrosa and Jewel Albo in men’s singles, Jaja Andres and Mika de Guzman in women’s singles, and Lea Inlayo and Susmita Ramos in women’s doubles, Christian Bernardo and Paul Pantig in men’s doubles and Alvin Morada and Thea Pomar in mixed doubles.

The high-level competition should serve the Filipinos well as they gear up for the Southeast Asian Games.

Slated to compete are world No. 2 Kento Momota of Japan, No. 5 Anthony Sinisuka Ginting of Indonesia, No. 7 Lee Zii Jia of Malaysia, No. 8 Jonatan Christie of Indonesia, No. 9 Lakshya Sen of India, No. 10 Loh Kean Yew of Singapore, No. 11 Srikanth Kidambi of India, and No. 14 Kanta Tsuneyama of Japan in the men’s singles.

Women’s world No. 2 Akane Yamaguchi of Japan, No. 4 An Se-young of South Korea, No. 5 Nozomi Okuhara of Japan, No. 7 P. V. Sindhu of India, No. 9 He Bingjiao of China, No. 10 Pornpawee Chochuwong and Busanan Ongbamrungphan of Thailand, and No. 13 Sayaka Takahashi of Japan banner the distaff side. — Olmin Leyba

Dornier targets customer base expansion in APAC

April 26, 2022 | 12:01 am

PHILIPPINE aircraft maintenance, repair and overhaul (MRO) company Dornier Technology on Monday said it is targeting to further expand its customer base in the Asia-Pacific (APAC) region, as the aviation industry is now starting to recover from the global health crisis.

“We are looking to grow the business and capture especially the Asia-Pacific market,” Dornier Technology’s newly appointed chief operating officer, Joseph M. Espiritu, told BusinessWorld in an e-mailed reply to questions.

“We are already reaching out to potential customers and working to get more approvals from overseas regulators,” he added.

Dornier Technology is certified by the civil aviation regulators of the Philippines, South Korea, and Indonesia. The certification allows it to maintain aircraft registered in these countries.

The company is looking forward to also working with Malaysia, Papua New Guinea, China and other Asia-Pacific airline operators, he noted.

Dornier Technology’s operations in the Philippines are headquartered in Clark.

“The pandemic has brought challenges to all players in the aviation industry, but due to our strategic location in the Philippines (being situated in Clark Air Base), the impact is minimized,” Mr. Espiritu said.

Sydney-based aviation think-tank Center for Asia-Pacific Aviation (CAPA) has said the MRO industry in the Asia-Pacific region is projected to experience a “temporary capacity crunch when airlines return more of their fleets to service” after the coronavirus pandemic.

“However, the longer-term capacity outlook is brighter as MRO providers are keeping facility expansion plans largely on track.”

CAPA pointed out that the region’s major MRO providers have seen a “significant dip in business” as a result of airlines parking large numbers of aircraft and deferring heavy maintenance.

“But demand could spike quickly when coronavirus restrictions ease, with many Asia-Pacific airlines needing MRO providers to help reactivate aircraft that have been in storage for several months.”

Mr. Espiritu said the aviation industry is now “growing” and that the Philippines has skilled and qualified maintenance engineers and technicians.

Aircraft that the company supports include turboprop aircraft from ATR and De Havilland Aircraft and narrow-body aircraft such as the Airbus A320 and Boeing 737 family.

“We understand the importance of operational costs, so we will adjust our maintenance fees based on just what you need, while not compromising on the quality. And since our services can be customized and individually priced, our pricing is competitive, and that gives us an edge over our competitors,” Mr. Espiritu said. — Arjay L. Balinbin

Is Atlantis Royal the most luxurious hotel in Dubai?

April 26, 2022 | 12:01 am

AT THE APEX of Dubai’s Palm Jumeirah, a hulking new edifice has appeared. The $1.4-billion hotel-and-residence combo dubbed Atlantis Royal has been 14 years in the making. It is aimed at raising the bar for luxury in the world’s most famously opulent city.

The 43-storey, 87,097-square-meter construction sits next door to its iconic family-friendly sibling, the Palm, and looks like an architectural blend between a Jenga game and the Millennium Falcon. Its futuristic curves and sky gardens offer sweeping vistas of the Persian Gulf from 795 guest rooms and 231 apartments.

Were a hotelier to make a laundry list of every luxury amenity and multiplied it by 10 in both ambition and sheer quantity — 92 pools, check; outdoor crystal chandeliers that transform into sunshades, check; 17 restaurants and bars from chefs including Heston Blumenthal and José Andrés, check — it would look on paper a whole lot like the Royal. But executing such a project has been nothing short of challenging.

Like the other Atlantis in Dubai — which has no connection to the one in the Bahamas — the Royal started as a joint venture between hospitality developer Kerzner International Ltd., which owns the One&Only Resorts brand, and investment firm Istithmar World. After funding dried up amid the global financial crisis of 2008, the property was left to languish for years.

Swooping in for the rescue came the Investment Corp. of Dubai (ICD), the emirate’s sovereign wealth fund. Since taking over construction in 2016, it’s considered Atlantis Royal a lynchpin in the overall strategy to grow Dubai’s tourism scene by focusing less on families and more on partygoing singles. Particularly in the 25-44 age group, these have been tracked by Emirates Airlines as a fast-growing demographic in recent years, particularly since COVID-19 struck.

Pandemic restrictions on labor movement and the attendant supply chain crisis plagued and delayed the already pricey construction. Now, with plans to start taking reservations in third quarter 2022, here’s an inside look at what the Royal might add to Dubai’s mix, based on an exclusive hard-hat tour of the sybaritic excesses currently in the works.

OVER-THE-TOP AMENITIES
Though it was barely more than concrete foundation on the day I toured it, the influencer-ready Cloud 22 was a good place to start wrapping my head around the Royal. Its 90-meter rooftop pool hovers 22 floors above the skyline. (Hence the name.) It’s already outfitted with a fiberglass DJ booth shaped like a robot’s head, with red LED “veins” to pulse to the music, and each of its 14 cabanas has a private acrylic plunge pool. A bi-level “VVIP” cabana has a special acrylic-bottomed pool that appears to be floating out over the structure’s edge.

From the ground level, it’s easier to appreciate the architecture, which is wider than it is tall. Done by New York-based Kohn Pedersen Fox Associates, which designed the master plan for Manhattan’s Hudson Yards, it’s meant to look like a skyscraper that’s been deconstructed into side-by-side bits and pieces, some connected by a swooping, futuristic sky bridge.

Most restaurants will be on the ground floor, including a branch of Andrés’s Spanish tapas spot Jaleo, a classic sushi entry from Nobu Matsuhisa, and an offshoot of Heston Blumenthal’s experimental flagship in London, Dinner. Additional spots will carry more regional name recognition, such as Ariana’s Persian Kitchen, whose namesake proprietor Ariana Bundy has a popular cooking show that airs throughout Asia and the Middle East. Ling Ling by Hakkasan, a restaurant and lounge overlooking Cloud 22, will provide the highest-profile drinking and dancing spot.

Also on the ground floor is the largest privately owned beachfront in Dubai, a 2-kilometer (1.25-mile) stretch of sugary sand just for guests and residents that extends to the original Atlantis resort. The only comparable space is at the new Anantara World Islands; accessible only by speedboat, a 2,000-square-meter private beach is accessible only to guests staying in its 70 rooms and suites.

RECOVERY
Indulgence is just one side of the coin; wellness is the other. “Property features that target emotional and spiritual wellness, such as spaces for meditation and massage, are more important than ever,” says Timothy Kelly, executive vice-president and managing director of Atlantis. The pandemic, he adds, sparked greater interest in holistic wellness among travelers.

The 3,000-square-meter wellness center offers a six-room “Hammam Sensorium” where the typical Turkish bathhouse experience will be upgraded with aromatic poultices blended in accordance with your preferences. There are also Korean spa-style “halotherapy” salt caves and a snow sauna.

Typical of Dubai’s hospitality competition, such amenities as hypnotherapy treatments (available to address anything from insomnia to anxiety) are meant to distinguish from the more superficial $422 caviar facials at the “seven star” Burj al Arab; whether they’re as relaxing as a simple high-quality massage remains to be determined. I did find it surprisingly calming to look at some of the art already in the lobby, including a 11.5-meter-tall, 5.5-ton stainless steel sculpture called Droplets, which has the bulbous and shiny essence of a Jeff Koons Balloon Dog and plays off the movement of 4,000 jellyfish serenely flagellating through nearby tanks.

Atlantis Royal’s ambitions mirror Dubai’s. Sheikh Mohammed bin Rashid al-Maktoum, vice-president and prime minister of the UAE and ruler of Dubai, plans to double Dubai’s tourism over the next 20 years in hopes of making it the most-visited city in the world.

The COVID-19 pandemic hobbled some of those ambitions. In 2021, Dubai expected 27 million visitors but saw only 7.28 million, though its borders were open all year, Even with the help of Expo 2020, which began in October, the city failed last year to recoup tourism levels to those of 2019, much less exceed them, as was hoped. During the fourth quarter, Dubai welcomed 3.4 million visitors — 74% of what the city hosted during the same period in 2019.

One explanation is the drop-off in Chinese visits that represented 989,000 of the 16.7 million tourist visits to the city in 2019 — the fifth-largest source market for visitors. A fresher wrinkle is the decline in high-spending Russian tourists, whose purchasing power has evaporated because of sanctions triggered by Russia’s invasion of Ukraine. (The UAE is serving as a prominent haven for some the wealthiest Russians).

The silver lining for Atlantis Royal is that it can offset some lagging tourism by selling residences to help recoup the $1.4 billion project outlay. Apartments in the tower, listed from $2 million to $49 million and including Dubai’s most expensive unit, have all sold. Real estate agents report interest from a flurry of cryptocurrency investors and blockchain entrepreneurs looking to set up shop in a city that’s becoming increasingly crypto-friendly. (Sheikh Mohammad has been pushing to promote the industry through “free zones,” which can license and approve crypto transactions and are lax on taxes.)

Industry insiders say additions such as the Royal are just what Dubai needs to reach its lofty tourism goals. “The tourism industry is much bigger than oil and gas in Dubai,” explains Kostas Nikolaidis, who focuses on the Middle East for global hospitality data and insights firm STR. “Iconic hotels like this not only bolster the image of the destination but can also often stimulate new demand.” — Bloomberg

Entertainment News (04/26/22)

April 26, 2022 | 12:01 am

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‘Tradigital’ entertainment channel launched

CONTENT provider ABS-CBN, entertainment company KROMA, and corporate venture builder 917Ventures have teamed up to introduce what they call “tradigital” viewing to Filipinos through PIE, the Philippines’s first real-time and multi-screen interactive channel that will officially launch in May. PIE or Pinoy Interactive Entertainment offers viewers a digital upgrade by allowing them to watch TV shows, join all-day contests, build a following, and even steer the storyline of a teleserye across multiple screens including TV sets, laptops, desktops, and mobile devices. On PIE, the audience are not just viewers but an engaged community that plays an active role in storytelling, game shows, and talk shows. PIE is bringing back the classic game show Pera o Bayong, is introducing the country’s first interactive teleserye UZI, and reality show Palong Follow, where viewers will work together to find the Philippines’ next big digital content creator. PIE’s test broadcast began this month. It is also available on YouTube. It will be accessible to some 11 million households with digital TV boxes in Metro Manila, Cebu, Davao, Iloilo, Zamboanga, Naga, Baguio and nearby provinces and to 85 million digitally-connected Filipinos this May.

GMA releases new drama, Raising Mamay

GMA ENTERTAINMENT Group presents a new drama that highlights selfless love, devotion, and the sacrifice people are willing to do for family in Raising Mamay. The series stars Ai Ai De las Alas as Mamay Letty and Shayne Sava as Abigail. Abigail and her Mamay Letty have a very close relationship, but when Letty unravels a secret that her husband kept from her, everything starts to change — she sees Abigail in a new light and can no longer stand being around her. Things get even more dire when Letty suffers a traumatic brain injury that leads to her age regression. The series is directed by Don Michael Perez. Raising Mamay premieres on April 25 after Prima Donnas on GMA Afternoon Prime.

Maluma releases new single

LATIN music artist Maluma has just released his new single and video titled “Mojando Asientos,” featuring fellow singer-songwriter Feid. The video for the reggaeton track was shot in Medellín, Colombia with Juan Luis Londoño as both its director and producer. “Mojando Asientos” is the first music video shot by Maluma’s own production company Royalty Films. Among his goals with Royalty Films, is to produce Latino stories that have not been told. “Mojando Asientos” is available on all digital music platforms worldwide via Sony Music. To watch the official video, visit https://www.youtube.com/watch?v=8rODvcIcOF4.

New single from Shanti Dope

SHANTI Dope has released a new single titled “Maya,”a song written with the goal of becoming an anthem for a new generation. Clocking in just a little over three minutes, “Maya” is a rap track with a hypnotizing hook. The song’s producer is Lester Paul “Klumcee” Vaño. “Maya” is now available on digital streaming platforms.

Unang Hirit introduces new segments

GMA NETWORK’s longest-running morning show Unang Hirit relaunches this summer with a bigger line-up. Among the new games on the show is CASHWORD where viewers guess one magic word to win P10,000, with a consolation prize of P2,000 in case a wrong answer is given. Celebrity guests will be going to different places for new segments and games like the Ang Lu-PET! segment which will feature a variety of talented pets. Unang Hirit is anchored by Arnold Clavio, Susan Enriquez, Connie Sison, Ivan Mayrina, Mariz Umali, Suzi Entrata-Abrera, Lyn Ching, Love Añover, and Nathaniel Cruz. It airs Monday to Friday at 5:30 a.m. on GMA.

Rich-poor income gap narrows in 1^st half of 2021

April 26, 2022 | 12:00 am

The average income of Filipino families in the ﬁrst half of 2021 increased by 0.2% to P149,980 from P149,710 in the same period in 2018, according to the preliminary data from the Philippine Statistics Authority’s 2021 Family Income and Expenditure Survey (FIES). The income gap between the richest and poorest decile groups was nine times larger in the ﬁrst semester of 2021 from 10.1 times in the same period in 2018. Meanwhile, the average family expenditure was estimated at P113,670 during the January-June 2021, 5.9% lower than the P120,750 in 2018’s comparable period. The spending gap of the richest 10% and bottom 10% income households reached 5.8 times in 2021, higher than 5.3 times in 2018. The Gini coefﬁcient, which measures income inequality among families, was at 0.4414 in the ﬁrst half of 2021, smaller than the 0.4596 recorded in the ﬁrst six months of 2018. Gini scores range from 0 (perfect income equality) to 1 (absolute income inequality).

Philippines ranks 61^st in gender equality list

April 26, 2022 | 12:00 am

The Philippines placed 61^st out of 144 countries in the 2022 SDG Gender Index by Equal Measures 2030. The index provided a snapshot of where the world stands on gender equality with respect to the United Nations Sustainable Development Goals (SDGs), which aim to achieve a decent quality of life for all and a healthy environment by 2030. On a scale of 0 to 100, where 100 would indicate a country has met the gender equality target for that issue, the Philippines scored 69.8 in 2020, up 1.1 points. This was above the 2020 global average score of 67.8. However, the report noted that no one among the 144 countries in the index fully achieved the promise of gender equality envisioned in the SDGs.

How PSEi member stocks performed — April 25, 2022

April 26, 2022 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Monday, April 25, 2022.