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London’s grandest suite will look directly at Buckingham Palace

THE billionaire Reuben Brothers have released revised plans for the redevelopment of Admiralty Arch that will include a luxurious suite facing directly at Buckingham Palace.

The two-room suite will occupy the central bridge on the fourth-floor of the building, which was commissioned by King Edward VII in memory of Queen Victoria, according to a statement on Friday. It will be part of a new Waldorf Astoria hotel that’s due to open in 2025.

“Transforming and restoring Admiralty Arch — a true London landmark — into a five-star luxury hotel with restaurants, bars, a ballroom, spa and residences is an incredible honor,” Jamie Reuben said.

Reuben Brothers, the private equity and real estate investment company owned by David and Simon Reuben, acquired the project from Prime Investors Capital, Bloomberg News reported in June, having originally backed it as a lender. They’ve since modified the development plans, reserving the building’s bridge that spans the Mall for a luxury suite rather than a tea room as previously envisioned. The new proposals also include additional hotel rooms.

Hilton Worldwide Holdings, Inc. signed an agreement to operate a London outpost of its Walford Astoria brand at Admiralty Arch, which sits on the south west side of Trafalgar Square, in 2017. The development will also include luxury apartments, a spa, bars and restaurants.

The Conservative-led government announced plans to sell a raft of state-owned property when it was elected in 2010 as part of its planned austerity drive to reduce Britain’s debt after the financial crisis. Admiralty Arch was the first high profile deal agreed as part of the plan. — Bloomberg

Entertainment News (12/06/22)

RAPPER Zelijah releases single ‘Show U’

Zelijah releases new single

RAPPER Zelijah releases his new single “Show U,” a track that has tropical house beats and Jamaican rhythms. “‘Show U’ is an attempt of combining hip hop with nostalgic genres from the 2000s like Y2K Pop, Dancehall, Reggaeton, and a bit of rumba,” Zelijah said in a statement. “It’s also spiced with a bit of Tiktok-ish elements by pitching up the formants of vocals and topping it with a classic drum ‘n’ bass rhythm. And yes, I did produce the whole thing.” “Show U” marks his transition into an artist comfortable with getting in touch with his emotional and soft side. His recent breakup enabled him to rebuild himself and try a different path, lyrically and sonically. The release of the song comes with a music video directed by Leo Malli, who explores the perspectives of different people at a fun and messy party. “I made sure we took real pieces of what Zelijah has seen throughout his life,” Mr. Mailli said in a statement. “Just that it’s all happening in one night. The night we shot the , we were also holding his birthday and listening party, so this was a real party happening. It’s more organic that way.” “Show U” is available on digital music platforms via Sony Music Entertainment.

Waterwalk Records introduces Jason Marvin

CHRISTIAN music label Waterwalk Records welcomes singer-songwriter Jason Marvin to its roster. “Gain,” his new single, is about weathering life’s storms through faith. The singer said that “Gain” was given to him when he asked for a song that directly speaks to his situation.  “He led me to Matthew 16:24–28 to remind me that nothing in this world will ever compare to being with Him,” the 30-year-old musician said. “And that even if I lose all earthly treasures, but I still have God, then I have everything.” Brimming with subtle instrumentation and feathery acoustic guitar, “Gain” is calm, warm, and peaceful. “I made sure it would sound like a worship session among a small group of believers rather than a super clean studio,” Mr. Marvin said. The song is produced and arranged by Mr. Marvin and Victor Noora, mixed by Shadiel Chan, and mastered by Jan Fuertez. Mr. Marvin is backed by EJ de Perio on keyboards, Victor Noora on bass and electric guitars, and Luke Sigua on drums. “Gain” can be streamed on Spotify.

Netflix’s The Fabulous premieres this month

THE Fabulous is a story of the dreams, love, and friendship of friends who are dedicated to the fashion industry. The poster shows marketer Pyo Ji-eun (Chae Soo-bin) and photographer Ji Woo-min (Choi Min-ho) and the glamorous nightscape of Seoul. Lovers-turned-friends Ji-eun and Woo-min reconnect at a fashion show featuring designer Joseph (Lee Sang-woon) and supermodel Ye Seon-ho (Park Hee-jung) and their relationship deepens. The Fabulous premieres on Netflix on Dec. 23.

Emily in Paris set for season 3

ONE YEAR after moving to Paris from Chicago for her dream job, Emily finds herself at a crossroads in every aspect of her life. Faced with two very different paths, Emily will have to decide where her loyalties lie — at work and in her romantic life — and what those decisions mean for her future in France, all while continuing to immerse herself in the adventures and surprising twists and turns that life in Paris provides. Award-winning creator and showrunner Darren Star returns to helm the third season of the Emmy-nominated series. Producer and star Lily Collins also returns as Emily Cooper, alongside returning series regulars Philippine Leroy-Beaulieu, Lucas Bravo, Ashley Park, Camille Razat, Samuel Arnold, Bruno Gouery, William Abadie, and Lucien Laviscount. The third season of Emily in Paris premieres on Dec. 21 on Netflix.

AboitizPower signs EPC contract for Albay geothermal plant

ABOITIZ POWER Corp.’s (AboitizPower) subsidiary has signed an engineering, procurement and construction (EPC) contract with Ormat Technologies, Inc. and Desco, Inc. for the development of its 17-megawatt (MW) binary geothermal plant in Tiwi, Albay.

AboitizPower’s subsidiary, AP Renewables, Inc. (APRI), said in a statement on Monday that the development of the project will start by the first quarter of next year and will be completed by yearend.   

The project will be built with a new binary plant system, pipes, and transmission lines.   

“Every step count in our bid to grow our renewable energy (RE) portfolio. We are determined to reach our targets, and this project proves that we are ready to pursue every reasonable opportunity,” Emmanuel V. Rubio, president and chief executive officer of AboitizPower, said in the statement.

In April, AboitizPower signed an agreement with its steam provider for the supply of brine, which will fuel the binary plant.   

Jeffrey Estrella, president and chief operating officer of APRI, said its partnership with Ormat Technologies and Desco will reaffirm the company’s commitment to boost Cleanergy to the grid, the company’s renewable brand in the Philippines.   

“We are glad to move this project forward with partners we already know and trust. This collaboration will reinforce our commitment to providing much-needed Cleanergy to the grid,” Mr. Estrella said.

AboitizPower is targeting to spend P190 billion in the next 10 years to expand its portfolio, which will include an additional of 3,700 MW of renewables. The company currently has 1,000 MW of RE projects.

On Monday, shares in the company closed 0.45% higher to end at P33.70 apiece. — A.E.O. Jose

Bank Indonesia chief says digital rupiah currency can be used in metaverse

JAKARTA — Indonesia’s central bank Governor Perry Warjiyo said on Monday its planned digital rupiah currency can be used in the future to buy products in the metaverse.

Bank Indonesia (BI) launched the design for its digital rupiah last week, following many central banks around the world that are developing so-called central bank digital currencies (CBDCs).

Perry, speaking at an event on the digital rupiah, added the currency will use a technology platform that will be compatible with other central banks’ digital currencies.

“[T]herefore in terms of infrastructure, it can be integrated, interconnected, and interoperable [with other CBDCs],” he said.

Perry said there will be an agreement among central banks on the exchange rate used for digital currencies and on its operational supervision, which includes cyber risk and capital flow.

Southeast Asia’s biggest economy currently bans the use of cryptocurrencies as a means of payment, but allows transactions of the digital assets in the commodity futures market for investment purposes.

BI will roll out the digital rupiah in stages, starting from wholesale CBDC to development of the digital rupiah’s business model for monetary operations and money market, and eventually a retail CBDC for everyday use. — Reuters

How PSEi member stocks performed — December 5, 2022

Here’s a quick glance at how PSEi stocks fared on Monday, December 5, 2022.

Manila had second-most affordable office spaces in Asia-Pacific in Q3

The country’s capital ranked 17th most affordable office space out of 92 markets in the Global Occupier Market Dashboard by real estate consultancy firm Knight Frank in the third quarter. The report compares the occupancy costs* for office space across the world’s leading real estate markets. Manila’s occupancy costs for office space amounted to $30.77 per square foot (sq. ft.) a year, making it the second most affordable office space among 22 Asia-Pacific markets, behind Kuala Lumpur, Malaysia (5th overall).

Manila had second-most affordable office spaces in Asia-Pacific in Q3

Peso weakens on strong US data

BW FILE PHOTO

THE PESO ended weaker against the dollar on Monday following stronger US employment data and the downward revision to Philippine economic managers’ growth forecast for next year.

The local unit closed at P56.02 versus the dollar on Monday, losing 28 centavos from its P55.74 finish on Friday, data from the Bankers Association of the Philippines’ website showed.

The peso opened Monday’s session at P55.74 against the dollar. Its weakest point was at P56.05, while its intraday best was at P55.72 versus the greenback.

Dollars exchanged went down to $1.15 billion on Monday from $1.28 billion on Friday.

“The peso depreciated following the release of robust US employment reports for November 2022,” a trader said in an e-mail.

US employers hired more workers than expected in November and increased wages, shrugging off mounting worries of a recession, Reuters reported on Monday.

Household employment decreased for a second straight month. About 186,000 people left the labor force, keeping the unemployment rate unchanged at 3.7%.

The peso also depreciated on Monday after the country’s economic managers revised their growth forecast for 2023, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

After a meeting on Monday, the Development Budget Coordination Committee lowered its gross domestic product growth forecast for 2023 to 6-7% from 6.5-8% previously.

For Tuesday, the peso might weaken further due to expectations of faster Philippine inflation in November, the trader said.

The trader gave a forecast range of P55.90 to P56.15 per dollar on Tuesday, while Mr. Ricafort said the peso could move from P55.90 to P56.10. — KBT

Local shares fall on last-minute profit-taking

REUTERS

LOCAL STOCKS declined further on Monday on profit-taking ahead of the release of November inflation data.

The 30-member Philippine Stock Exchange index (PSEi) lost 47.52 points or 0.73% to close at 6,442.13 on Monday, while the broader all shares index decreased by 15.72 points or 0.46% to 3,403.93.

“Local stocks continued to falter amid persisting selling flows from foreign funds,” Papa Securities, Inc. Equities Strategist Manny P. Cruz said in a Viber message.

“Investors stayed apprehensive ahead of the release of the local inflation report on Tuesday, which is estimated to surpass the October print of 7.7%,” he added.

Inflation likely quickened beyond the Bangko Sentral ng Pilipinas’ (BSP) target for an eighth straight month in November, mainly due to costlier food items and higher electricity rates, analysts said.

A BusinessWorld poll of 15 analysts last week yielded a median estimate of 7.8% for the consumer price index in November, faster than the 3.7% print a year earlier and the 7.7% print in October.

If realized, November would be the eighth month in a row that inflation surpassed the BSP’s 2-4% annual target, and would be the fastest in 14 years or since the 9.1% print in November 2008.

“Last-minute profit taking pulled the market down… The local bourse was trading in the green earlier in the session as investors cheered the easing of COVID-19 (coronavirus disease 2019) restrictions in China but it gave up gains at the last minute amid worries over the Philippine inflation rate that will be released this week,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

Chinese cities including Urumqi announced an easing of coronavirus curbs on Sunday as China tries to make its zero-COVID policy more targeted, Reuters reported.

Steps to ease restrictions have varied across the country, with Zhengzhou, Shanghai and Nanning removing the requirement of showing test results to visit public areas or to take public transport.

Back home, the majority of the sectoral indices closed lower on Monday. Services declined by 31.25 points or 1.85% to 1,656.21; mining and oil lost 127.36 points or 1.22% to close at 10,275.91; holding firms decreased by 72.44 points or 1.15% to 6,181.26; and financials fell by 11.76 points or 0.71% to end at 1,624.86.

Meanwhile, property added 10.74 points or 0.38% to close at 2,836.09 and industrials increased by 47.94 points or 0.51% to 9,360.04.

Value turnover declined to P5.64 billion on Monday with 514.23 million shares changing hands from the P6.32 billion with 874.3 million issues traded on Friday.

Decliners outnumbered advancers, 105 versus 83, while 54 names closed unchanged.

Net foreign selling declined to P687.43 million on Monday from P846.26 million the previous trading day.

Philstocks Financial’s Ms. Alviar placed the PSEi’s support at 6,400 and immediate resistance at 6,600. — J.I.D. Tabile

Ecozones underutilized but more in pipeline, NEDA’s Balisacan says

OFFICIALGAZETTE.GOV.PH

ECONOMIC ZONES are currently underutilized and must be planned with more of an eye towards their long-term attractiveness to locators, National Economic and Development Authority (NEDA) and Socioeconomic Planning Secretary Arsenio M. Balisacan said.

“So many are underutilized; the scope for improvement is vast. The point is that there is a good basis for the development of the zones but we need to make sure we have the resources to make it a viable destination for investors,” Mr. Balisacan told the House committee on economic affairs on Monday.

He called on other agencies to take up a “whole-of-government approach” in ensuring a healthy industry consisting of “effective and cost-efficient zones,” without leaving their development solely to the Philippine Economic Zone Authority (PEZA).

“We have received a lot of bills on the creation of zones in many areas, and our usual response is we (need) more details on such proposals, so that we can ensure the resources of the Republic are used most efficiently. We have many of those zones around the country; what might be needed is to consolidate all possible assistance so (they become) more attractive to investors,” he added.

Earlier this month, PEZA announced a proposal to create 13 ecozones, which are expected to generate nearly P18 billion worth of investment.

Separately, Mr. Balisacan said that the Philippine Development Plan (PDP) for 2023 to 2027 will be presented to President Ferdinand R. Marcos, Jr. next week.

He said that this PDP focuses on digitalization and connectivity.

“The digital transformation of the government will result in a faster and more efficient delivery (of services) to the people. It can also help the government build better data systems (to improve the targeting of) social protections,” he said.

“Digitalization is a high priority of this administration; we must push for this. It’s the way of the future. The pandemic has shifted all economies in the world to that level, so we must not be left out. We must make sure our people, firms can compete with the global marketplace,” he added. — Luisa Maria Jacinta C. Jocson

Red, yellow alerts raised over Visayas grid after four power plant outages

THE National Grid Corp. of the Philippines (NGCP) said it declared red and yellow and over the Visayas grid on Monday, with the red alert subsequently canceled before it was due to begin after sufficient power was found to offset the loss of four power plants.

The Luzon grid was also placed on yellow alert for most of the afternoon and early evening, it said.

In a statement, the Department of Energy said that aside from the four plants that reported forced outages, three were running below capacity.

Yellow alerts were issued on the Visayas grid for 2 p.m. to 5 p.m., and 6 p.m. to 9 p.m.

The red alert was due to take hold for the 5 p.m. to 6 p.m. period, but was canceled beforehand.

Yellow alerts are declared when supply available to the grid falls below a designated safety threshold. If the supply-demand balance deteriorates further, a red alert is declared, warning consumers of rolling brownouts.

The Energy department said that power plants on the Visayas grid that went on forced outage were unit 1 of PB 101 in Iloilo; units 2 and 3 of Therma Power-Visayas, Inc.; and unit 3 of Panay Energy Development Corp.

On the Luzon grid, the NGCP said four power plants in Luzon experienced forced outages while three were operating on derated capacity, leaving 2,080 megawatts (MW) unavailable to the grid.

The yellow alerts on Luzon covered the periods 1 p.m. to 4 p.m. and 5 p.m. to 7 p.m. The NGCP said capacity was 11,572 MW while peak demand was 10,548 MW.

Power plants that went on forced outage in Luzon were Calaca 2 in Batangas; Masinloc 3 in Zambales; GNPower Mariveles Energy Center Ltd. Co. Unit 1, and GNPower Dinginin Ltd. Co. in Bataan, according to the Energy department.  

Manila Electric Co. (Meralco) said it notified interruptible load program (ILP) participants of possible activation after the alerts were declared.

“As of 11:30 a.m., we have 229 MW of committed de-loading capacity under the ILP,” Meralco said in a statement issued on Viber.

ILP participants are large power users that have their own generating facilities. These entities stop drawing power from the grid for a time, tapping their own power plants for their needs, reducing the overall load on the grid.

The power distributor said it is ready to implement manual load dropping or rotating power interruptions if needed.

The Luzon grid was also placed under yellow alert on Dec. 1 and Nov. 28. The Energy Regulatory Commission has said it will investigate the cause of the plant outages that triggered the alerts. — Ashley Erika O. Jose

House committee clears reform bill for real property valuation by LGUs

THE House committee on ways and means approved a substitute bill seeking to reform the real property valuation system to allow local government units (LGUs) to better sustain themselves via property taxes, with the bill calling for uniform valuation standards and an electronic database of all real property transactions.

The still-unnumbered substitute bill replaces legislation originally filed in June as House Bill (HB) No. 54 by the committee chairman, Rep. Jose Ma. Clemente S. Salceda of Albay, author of HB 54.

Mr. Salceda said the substitute bill also grants LGUs more authority to set property tax rates, though they must adhere to the standard valuation to be developed by the Bureau of Local Government Finance.

The committee also cleared HB 2385, which extends the validity of the Agricultural Competitiveness Enhancement Fund (ACEF) to 2028.

ACEF, which currently holds P4.4 billion in assets, finances enhancement projects for small farms. Its effectivity had previously been extended to 2022 by Republic Act No. 10848.

The committee also approved HB 23, a measure setting limits on passport fees, granting a 50% discount to senior citizens and persons with disabilities on passport processing and renewal fees. HB 23 also barred the Department of Foreign Affairs from charging more than 50% of the current service fees for the processing of passports requiring special consideration, waiver, or issuance outside office hours.

The bill also proposes stricter penalties for forgery and improper use of passports and travel documents, as well as possession of multiple passports. — Beatriz Marie D. Cruz

Target for training tourism workers set at 100,000

PIXABAY

THE Department of Tourism (DoT) hopes to train 100,000 tourism workers in 2023 to improve the visitor experience, Secretary Maria Esperanza Christina G. Frasco said.

Speaking at the recent 22nd World Travel and Tourism Council Global Summit, Ms. Frasco said:

“Next year, our goal is to train 100,000 tourism workers harnessing the seven values of Filipino hospitality… (We will continue to train) our people to be purveyors of happiness and… hope. And to build upon all of that the sense of community… the Bayanihan spirit,” she added.

In June, the DoT, citing data from the Philippine Statistics Authority (PSA), said that jobs in the tourism industry numbered 4.9 million in 2021, up 4.1% from a year earlier.

The PSA data estimated tourism direct gross value added (TDGVA) at P1.30 trillion in 2021, up 9.2%.

The 2021 TDGVA is equivalent to a 5.2% share of gross domestic product, up from 5.1% in 2020.

Separately, the DoT said it broke ground on a rest area for visitors near the Lion’s Head along Kennon Road, the mountain highway to Baguio City.

The rest area will be built in collaboration with the Tourism Infrastructure Enterprise Zone Authority, and Baguio City.

The rest area will have “clean and decent restrooms,” a gift shop, and a tourist information center, Ms. Frasco said.

Baguio City will take over operations and maintenance of the facility after construction.

“The pandemic hampered the usually vibrant tourism environment of Baguio, with the city only recording over 267,000 visitors in 2021 and 268,000 in 2020, as compared to the over 1.5 million in 2019. The first 10 months of 2022 posted growing traffic to the city, with more than 474,000 visitor arrivals recorded,” the DoT said.

In October, the DoT broke ground on other rest areas — two in the Visayas, one in Bukidnon, and one on Samal Island.

“The Baguio tourist rest area is the first ever in Luzon, with others scheduled to be put up soon in the provinces of Bohol, Ilocos Norte, and Palawan,” the DoT said. — Revin Mikhael D. Ochave

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