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[B-SIDE Podcast] What women want: femtech in the Philippines

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Femtech, or technology focused on women’s health, is an unexplored space in the Philippines, where the startup ecosystem is mostly male.

“We need more investors to see that femtech presents a viable investment opportunity. And that can be explained by an ongoing trend in diversity and recognition of the importance of preventive health, not just sick care,” said Maria Jessica J. de Mesa, co-founder and chief executive officer of Kindred, a femtech startup.

In this B-Side episode, she tells BusinessWorld reporter Brontë H. Lacsamana what needs to be done in order to translate policy into programs when it comes to women’s health.

“Women have waited long enough for the reproductive health services and information we deserve,” she said.

Recorded remotely in April 2022. Produced by Earl R. Lagundino and Sam L. Marcelo.

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DepEd partners with SM Supermalls to promote anti-Covid 19 reminders amid back to school efforts

In photo from L-R, DepEd Undersecretary Wilfredo Cabral, DepEd Undersecretary Annalyn Sevilla, DOH Secretary Dr. Francisco Duque III, DepEd Secretary Leonor M. Briones, USAID Mission Director Ryan Washburn, SM Supermalls Senior Vice President for Operations Bien Mateo, and DepEd Assistant Secretary Malcolm Garma.

DepEd, along with sole local partner SM Supermalls and the United States Agency for International Development (USAID), recently concluded the BIDA Kid Program – a campaign tasked to relay anti-Covid 19 safety reminders following the expansion of face to face classes. Held at the SM Mall of Asia Music Hall and attended by guests such as DepEd Secretary Leonor M. Briones, DOH Secretary Dr. Francisco Duque III, DepEd Undersecretary Wilfredo Cabral, DepEd Assistant Secretary Malcolm Garma, DepEd Undersecretary Annalyn Sevilla, DepEd Director Roger Masapol, and USAID Mission Director Ryan Washburn, the BIDA Kid Program was launched in support of the Department of Health’s efforts to reopen schools safely this incoming school year.

DOH Secretary Dr. Francisco Duque III and SM Supermalls Senior Vice President for Operations Bien Mateo led the partnership of their institutions with DepEd’s BIDA Kid campaign.

“As the government pushes forth with getting all students safely into the classroom, it has been our top priority to help provide the necessary protection they need against Covid-19. Our pediatric vaccination sites will remain open to cater to the vaccination needs of our children aged 5 to 11 and 12 to 17. We assure you that we remain committed to providing a safe, convenient, and fun vaccination experience for the kids and their family members and friends,” said Bien Mateo, SM Supermalls SVP for Operations.

DepEd, DOH, and SM Supermalls representatives strike a pose with BIDA kids from the Pasay City East High School.

With over 9.4M jabs and 1.2M pedia jabs administered since April 2021, SM Supermalls continues to serve as the government’s largest private-sector partner in its vaccination efforts. In line with their commitment to serving the Filipino people, SM has extended promotional assistance to the DOH and DepEd by reflecting the BIDA Kid safety reminders on their social media pages with a combined following of over 31M individuals, as well as the LED screens found in their malls.

As children begin to return to their classrooms, Bien Mateo ensures that SM Supermalls “will continue to work together with the government to reboot the system and get back on track. It could take time, but we believe that our collaboration and concerted efforts will lead us to a safer, better normal for everyone.”

For more information and up-to-date news on vaccination schedules at the SM Malls in your LGU, follow @smsupermalls on all social media platforms.

 


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GMA Network, Inc. to conduct annual stockholders’ meeting on May 18

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MERALCO to hold annual meeting of stockholders virtually on May 31

 


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Oil deregulation law revision unlikely

Vehicles line up at a gas station on Monday. — PHILIPPINE STAR/ RUSSELL PALMA

THE PHILIPPINE Congress is unlikely to pass a proposed measure that would give the government powers to intervene in the event of a spike in oil prices, according to the Energy department.

This as fuel retailers announced gasoline prices will go up by P3 per liter on Tuesday, while diesel and kerosene prices will increase by P4.10 and P3.50 per liter, respectively.

In a televised news briefing on Monday, Energy Undersecretary Gerardo Erguiza, Jr. said amending the country’s oil deregulation law before the end of President Rodrigo R. Duterte’s six-year term may be challenging because lawmakers are now focused on the election campaign.

He said the law is still under review in both chambers of Congress, with only months left before Mr. Duterte leaves Malacañang.

“Whether or not the (proposed) amendment in this Congress would be finished, the House and Senate would still have to convene,” he said. “Based on our estimates, it will be difficult for any amendments to be passed because the election season has changed their priorities.”

“After the polls, canvassing, lawmakers have to go around of course and maybe thank their constituencies and maybe even take lighter loads,” he added.

In early March, Malacañang asked Congress to review the country’s oil deregulation law after successive increases in global oil prices.

The House Committee on Energy in March approved amendments to the Republic Act No. 8479, also known as the Downstream Oil Industry Deregulation Act of 1998. If passed into law, the measure would prevent oil companies from raising prices of old stock and require them to increase their minimum inventory to prevent fluctuations in local fuel prices. It would also require oil players to unbundle domestic prices.

On March 23, Senate President Vicente C. Sotto III said lawmakers still have time to change the 24-year-old law even if Mr. Duterte decides not to call for a special session.

Congress is currently on a break for the elections until May 22. Lawmakers resume session on May 23 until the 18th Congress adjourns sine die on June 4.

“If the Duterte administration is really serious in pushing for the amendments, it can certify the amendatory bill as an urgent measure. The real question is: Is there a political will for the Duterte administration to do it?” House Minority Deputy Leader and Bayan Muna Rep. Carlos Isagani T. Zarate said in a Viber message.

The oil deregulation law had removed government control on the pricing, exportation, and importation of petroleum products, allowing market forces to dictate oil prices.

Progressive groups have been urging the government to review the law, saying it has allowed oil price increases to go unchecked.

Data from the Department of Energy as of April 19 showed year-to-date adjustments stand at a net increase of P15.45 per liter for gasoline, P27.35 per liter for diesel, and P21.55 per liter for kerosene.

Mr. Erguiza said oil prices in the global markets remain volatile, mainly due to the Russia-Ukraine war and the European Union’s (EU) possible sanctions against Russian oil imports.

Russia is Europe’s biggest oil supplier, providing nearly a fourth of the EU’s oil imports in 2020.

Ukraine has been urging the EU to ban Russian oil and gas as the war continues.

Reuters reported on Monday that Brent crude futures fell by 4.5% to a two-week low of $101.78 barrel, as investors worry that coronavirus lockdowns in China will dampen global demand. — Kyle Aristophere T. Atienza

PHL needs to support recovery while ensuring stable prices — IMF

A couple shops at a supermarket in Makati City. — PHILIPPINE STAR/ RUSSELL PALMA

THE PHILIPPINE government should carefully balance the need to support the economy’s recovery, while maintaining price stability, the International Monetary Fund (IMF) said.

“While the recovery is expected to strengthen in 2022, the authorities will need to carefully balance the policy mix to provide adequate support to the recovery while ensuring price stability,” Cheng Hoon Lim, IMF mission chief for the Philippines, said in an e-mail last week.

The IMF last week raised its 2022 growth projection for the Philippines to 6.5% from the 6.3% forecast given in January. However, this is lower than the government’s 7-9% target for this year.

“Monetary policy can remain accommodative in the short term, provided inflation expectations remain well-anchored,” Ms. Lim said.

The Bangko Sentral ng Pilipinas (BDP) has kept policy rates at a record low to boost the economy’s recovery, but has signaled rate hike adjustments in the second half of 2022.

The Monetary Board now expects inflation to breach the target at 4.3% for 2022 from 3.7% previously, citing the surge in oil and commodity prices due to the Russia-Ukraine war.

At the same time, Ms. Lim said the government should also proceed with its fiscal consolidation plan, “while continuing to fund health-related programs and providing cash transfers or subsidies for the hardest-hit sectors.”

The government is currently working on a fiscal consolidation plan, after the budget deficit widened during the pandemic.

In 2021, the budget deficit reached P1.7 trillion, equivalent to 8.61% of gross domestic product (GDP). For this year, the government’s budget deficit cap is at P1.65 trillion, which is equivalent to 7.7% of GDP.

The Philippines ended 2021 with P11.73 trillion in outstanding debt, pushing the debt-to-GDP ratio to a 16-year high of 60.5%. This is higher than the 60% threshold considered manageable by multilateral lenders for developing economies.

The IMF in a blog dated April 20 said governments recovering from the pandemic are confronted with the need for agile fiscal policies to address the spike in food and fuel prices.

“Governments face difficult choices in this highly uncertain environment. They should focus on the most urgent spending needs and raise revenue to pay for them,” it said.

Ms. Lim said policy support should be focused on ensuring inclusive and sustainable recovery.

“The planned introduction of the national ID system and implementation of the financial inclusion initiative would complement the social assistance programs by facilitating the identification of eligible households and delivery of cash aid,” she said.

More than 60 million Filipinos have already completed the second step of the registration for the national ID as of March — which include the capturing of biometric information.

Ms. Lim also stressed the need for the government to continue investing in education and infrastructure.

“Progress in the digitalization of public services and improving digital and physical connectivity throughout the Philippines’ archipelago would be another important pillar to bolster growth prospects,” she said. — L.W.T.Noble

Food, consumer businesses to bear brunt of war impact

Customers eat at a restaurant in Quezon City, March 1. — PHILIPPINE STAR/ MICHAEL VARCAS

CONSUMER GOODS and food manufacturing businesses in the Philippines will likely be the most affected by a potential price shock in oil and commodities if the Russia-Ukraine war escalates, analysts said.

The Philippines is currently affected by the Russia-Ukraine war mainly through the surge in oil and food prices, and supply chain disruptions, Security Bank Corp. Chief Economist Robert Dan J. Roces said.

“More significant to the Philippines is that Russia and Ukraine are major commodities producers, with wheat from both countries accounting for around 30% of global exports, and thus making food production input costs jump globally,” Mr. Roces said in a Viber message.

First Metro Investment Corp. Head of Research Cristina S. Ulang said food processing firms that heavily rely on imported raw materials and some power generation companies will be hurt by rising costs.   

“Strains [are] evident in gross profit margin compression, and pressure to increase prices versus competition, which can weaken sales volume and capacity utilization,” Ms. Ulang said in a Viber message.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion in a Viber message said industries like transport and manufacturing that use petroleum will also bear the brunt.

Mr. Asuncion said micro, small and medium enterprises (MSME) that are dependent on transport to sell their goods will also be affected by the higher fuel prices.

Headline inflation jumped to a six-month high of 4% in March, already matching the upper end of the central bank’s 2-4% target band. This reflected the surge in global oil prices since the war started on Feb. 24.

Latest data from the Department of Energy showed gasoline, diesel, and kerosene prices increased by P15.45, P27.35, and P21.55 per liter since the year started.

Mr. Roces said oil traders and energy-generating companies are more “vulnerable in the sense that inputs are more costly.”

“Commodity traders, notably steel, cement, fertilizers are also risking costly inputs. Same with flour and wheat importers as well as freight/cargo organizations,” he added.

Mr. Roces said the war has dampened global business confidence and created more investor uncertainty, which will weigh on asset prices and may potentially drive capital outflows from emerging markets.

On the other hand, the war in Ukraine may present opportunities for some industries.

Mr. Asuncion said potential “winners” include companies that are “high on electric-based products or ones seeing potential in renewable energy; firms with production not skewed to petroleum-based inputs.”

Coal, nickel and gold miners are also among potential winners, Ms. Ulang said.

Global supply has faced disruption due to the war as Russia is a major exporter of metals.

In a note on Monday, Moody’s Investors Service said nonfinancial companies in Asia-Pacific may face deepening risks caused by rising prices and economic disruption as the war in Ukraine escalates.

“The credit implications for companies depend on their direct exposure to each channel, and their capacity to mitigate shocks,” Moody’s said.

Moody’s noted that a quarter of rated Asia-Pacific companies will likely be at risk in case of a global recession and a severe liquidity squeeze in case of a prolonged war.

“A small number of rated companies face material credit pressure under our baseline scenario because of refinancing risks amid current market volatility. However, under a more severe downside scenario, more than 27% are vulnerable, particularly speculative-grade companies and those with limited balance-sheet buffers or exposed to a supply chain shock,” Chris Park, a Moody’s associate managing director, said in a statement. — L.W.T.Noble

A Mother’s Day series

iWantTFC offers a Mother’s Day limited series with Misis Piggy which streams this week.

The series is described as a “poignant love letter to all mothers who strive to shower their kids with all the love and care despite enduring their own seemingly insurmountable struggles and pains.” It is produced by ABS-CBN Entertainment, iWantTFC, Dreamscape Entertainment, Nathan Studios, and Epic Media.

Writer and director Carlo Catu said that the series revolves around a mother who was separated from her husband and how the children react to the separation.

In an online press conference on April 21, Mr. Catu said that it is not the usual story where a parent works hard to provide for her young children and this does not end when the children in the story are already grown-ups.

“Graduate na sila (the children), pero nakaka-graduate din ba ang mga nanay sa responsibilidad nila? (The children have already graduated. But do mothers also graduate from their responsibilities?),” Mr. Catu said. “I think this series will have that answer.”

“It’s my love letter not only to mothers, but to my mom as well,” he added.

In the iWantTFC original series, Sylvia Sanchez plays Marivic, a selfless and strong-willed single mom of three adult children. Marivic wants nothing but the best for her children which is why she whole-heartedly dedicates her time to running a meat stall at a market.

As her children get older, Marivic struggles to accept the fact that they are mature enough to live their own lives as they carve their own career paths in different countries. Her eldest daughter Lani (Ria Atayde) aims to boost her career as a nurse by going to Canada; Steffi (Iana Bernardez) is a teacher taking up a master’s degree who gets a scholarship offer in the United States; and Jeffrey (Elijah Canlas), Marivic’s youngest son, intends to pursue an internship in Australia as he finishes his studies. Marivic’s relationship with her children is further complicated when they suddenly make an effort to reconnect with their estranged father Rupert (played by Ricky Davao).

Ms. Sanchez stars alongside her real life daughter Ria Atayde for the first time.

“It made the whole experience easier. I did not have to think that ‘Ok, she is my mom,’ because she is my real mom,” Ms. Atayde said, referring to doing emotional scenes alongside her mother.

“This time, more than being my mom on the set, we’re able to have a more professional relationship. She really gave me my space and I appreciate that. It really helped with what we were doing. As much as she is my mom, she treated me like an actress, more than anything,” Ms. Atayde added.

Ms. Sanchez responded by saying that she was confident of her daughter’s capabilities.

Nakita ko naman yung capacity ng anak ko. Hindi ko sasabihin na magaling siya kung hindi siya magaling, kasi ako ang critic niya (I saw my daughter’s capacity. I will not say that she is good if she is not, because I am her critic),” Ms. Sanchez said.

Prior to the pandemic, Misis Piggy was meant to be a movie with Mr. Catu as director. It eventually evolved into a TV series instead, with Mr. Catu also the scriptwriter. The story became loosely based on Mr. Catu’s experience growing up in a family with two siblings.

Kailangan nating pahalagahan yung magulang natin (We need to value our parents),” Mr. Catu said of the show’s message.

“It’s very cliché, but we are growing up, they are growing old. Our time with them is limited,” he said.

Misis Piggy streams on iWantTFC with new episodes released daily at 8 p.m. — Michelle Anne P. Soliman

ACEN allots P55-B investment for renewable energy

AC ENERGY Corp. (ACEN) is allocating P55 billion as capital expenditure budget for the expansion of its renewable energy business, its chairman said during the Ayala-led firm’s annual meeting on Monday.

“We have earmarked P55 billion for our renewable energy expansion,” ACEN Chairman Fernando Zobel de Ayala told stockholders during the virtual event.

“Last year was a noteworthy period, as we added 1,200 megawatts (MW) of renewable attributable capacity. The company also increased its project pipeline to 18,000 MW, putting its position to aggressively expand its renewable investments,” he said.

During the same meeting, ACEN President and Chief Executive Officer Eric T. Francia said the company had raised “significant capital” of about P48 billion last year “to help enable and convert” a pipeline of renewable energy developments into operating projects.

“Given our strong growth momentum, the company is beginning to look ahead to 2030, and we will soon firm up our 2030 vision and strategy,” he said, noting that the company’s 2030 vision will be unveiled later in the year.

Currently, 87% of ACEN’s capacity, or 3,300 MW, is sourced from renewables such as solar, wind, and geothermal.

The Philippines remains to be ACEN’s core market, accounting for 40% of the listed energy platform’s capacity, while the other 60% comes from various international ventures.

The company plans to continue building on three key strategies for its aggressive growth plans: expanding its geographic footprint, investing in new technologies, and forming strategic partnerships.

To complement its renewable energy generation projects, ACEN has embarked on battery storage development, floating solar, and offshore wind energy.

In 2021, the company tapped Nefin for distributed generation, German-based IB Vogt for Asia Pacific solar projects, and Super Energy for solar energy facilities particularly in the Greater Mekong area in Southeast Asia.

“These recent developments strengthen both ACEN’s organic development and operating capabilities and our partner network across the region,” Mr. Francia said.

Last year, the company started building more than 500-MW worth of projects, including the 283-MW San Marcelino solar farm in Zambales and the 160-MW Pagudpud wind farm in Ilocos Norte.

Mr. Francia said the two projects are set to be the country’s largest solar and wind farms once operational in 2023.

Within the region, ACEN has reached 1,000 MW of attributable capacity in Vietnam as it completed several wind farms with a combined 360 MW of attributable capacity, including the acquisition of a 49% stake in Super Energy’s 837-MW solar platform in Vietnam.

The company is also constructing the 520-MW-peak New England solar farm, which it expects to be the largest solar farm in Australia and the 420-MW-peak solar farm in India.

“To unlock the potential of our core solar and wind projects, we will be complementing these with battery storage to help manage the intermittency,” Mr. Francia said.

ACEN last year started operating the 40-MW Alaminos energy storage project, its first battery storage, which complements a 120-MW solar plant.

“We also started the construction of a 15-MW-hour battery storage project in Vietnam. This is a pilot utility-scale project supported by the US government,” Mr. Francia said.

On Monday, shares in the company slipped P0.04 or 0.49% to close at P8.16 each at the stock exchange. — Ram Christian S. Agustin

SM Prime sets aside P80-B capex for 2022

SM PRIME Holdings, Inc. announced on Monday that it is allocating P80 billion as spending budget this year, of which 20% will be used for land banking.

SM Prime President Jeffrey C. Lim said that the remaining 80% of the planned capital expenditures (capex) will be used for the development of malls, residential and office spaces.

“Things are positive. We believe that even if we aren’t able to reach pre-pandemic levels before the end of the year, we remain optimistic about the prospects for 2022. Moving into the second half [of the year], things will be much better,” Mr. Lim said in a virtual stockholders meeting.

In April last year, SM Prime said that it had allocated P80 billion for its 2021 capex, focusing on its mall and residential business segments, and factoring in the challenges brought about by the pandemic.

This year, the group is planning to open SM City Tuguegarao, SM City Sorsogon and SM City Tanza.

In the same meeting, SM Prime approved the declaration of a regular cash dividend of P0.097 per share, or 15% of the company’s net income in 2021, amounting to P2.801 billion to all stockholders of record as of May 11, 2022 and payable on May 24, 2022.

In 2021, the company reported a 21% increase in consolidated net income to P21.79 billion from P18.01 billion while consolidated revenues were up to P83.32 billion from P81.9 billion.

SM Prime’s residential business unit led by SM Development Corp. (SMDC) was the biggest contributor to overall revenues at 56% or P49.5 billion.

In 2021, SMDC worked on expansions in various key areas, including Manila, Las Pinas, Pasay, Parañaque, Bulacan, Laguna, and Iloilo.

“With the easing of mobility restrictions in Metro Manila, SM Prime officially opened SM City Daet in Camarines Norte, opened Mall of Asia Square, which houses the first IKEA store in the Philippines, and opened SM City Grand Central in Caloocan,” Mr. Lim said.

“SM Prime’s other businesses like hotels, offices, and business centers remained resilient in 2021,” he added.

Last year, the company also launched the Mega Tower in Mandaluyong and officially opened Park Inn by Radisson in Bacolod.

“Our joint efforts since the pandemic started have generated tremendous support with the government and private sector to collectively work to contain the spread of COVID-19 (coronavirus disease 2019),” Mr. Lim said.

Over the pandemic, the company repurposed the Mall of Asia Arena to become a swabbing location and made its hotels serve as quarantine facilities.

“Our integrated development properties served a much larger purpose, this time for the health and welfare of our Filipinos,” he added.

SM Prime also embarked on its renewable energy program in support of the Department of Energy’s goal of expanding the renewable energy component of the country’s energy mix to 35% by 2030.

“We are committed to increase the share of renewable energy in electricity consumption by up to 50% across various business segments by end-2022,” Mr. Lim said.

“Let us all continue pushing for a better tomorrow and work together and embark on a new era filled with remarkable partnerships and a safer and brighter future,” he added.

At the stock exchange, SM Prime shares were up by 0.28% or 10 centavos to finish at P36.15 on Monday. — Luisa Maria Jacinta C. Jocson

Ateneo battles red-hot Adamson; La Salle meets Far Eastern today

UNBEATEN and reigning champion Ateneo Blue Eagles - THE UAAP

By John Bryan Ulanday

RED-HOT Adamson tries to catch its biggest fish in unbeaten reigning champion Ateneo to solidify its place inside the Final Four when they tussle in the critical last week of the University Athletic Association of the Philippines (UAAP) Season 84 at the Mall of Asia Arena in Pasay City.

Game time is at 4:30 p.m. with the Soaring Falcons out to stretch their streak to five straight wins even against the mighty Blue Eagles, who are on a 37-game winning spree of their own since 2018 including an 11-0 start this season.

La Salle (7-4) and Far Eastern University (FEU) (5-6), for their parts, are out to boost their own playoff drives in the opener at 10:30 a.m. while National University (NU) (4-7) and Santo Tomas (3-8) fight for survival in the main game at 7 p.m.

Though already assured of a Final Four seat, University of the Philippines (UP) (9-2) eyes to secure the No. 2 seed against winless and also-ran University of the East (UE) (0-11) at 12:30 p.m.

With Ateneo and UP already in the playoffs while La Salle sporting an inside track at No. 3, four teams scramble for the last spot led by Adamson that is peaking at the right time to gain a grip of its own destiny in the last three matches.

Only the Blue Eagles gave a beating to the Soaring Falcons in the first phase, where they lost five games by an average of only three points before stringing four victories in a row to make a late Final Four surge.

Ateneo, which is also out to move closer to another season sweep for an automatic finals ticket that would only fortify its bid for a fourth straight UAAP crown, assures its readiness for a heavy Adamson fightback. “We always take it one game at a time and we know that Adamson is preparing for us of course, so it’s the same thing that we’ll be doing. We look forward to meeting them,” coach Tab Baldwin said.

The Bad Guys topples Fantastic Beasts 3 with $24-Million debut

The Bad Guys

LOS ANGELES — Universal’s kid-friendly caper The Bad Guys pulled off a heist for the ages, capturing the No. 1 spot at the domestic box office.

The animated comedy has collected $24 million from 4,009 North American theaters in its debut, enough to take the crown from Fantastic Beasts: The Secrets of Dumbledore. In its second weekend of release, the latest chapter in the Harry Potter prequel series plummeted to third place with $14 million, a troubling sign for the Warner Bros.’ Wizarding film franchise.

The Bad Guys may have towered over the competition, but it was not the only newcomer to movie theater marquees. The Northman, a blood-soaked Viking epic from director Robert Eggers, and The Unbearable Weight of Massive Talent, a meta comedy in which Nicolas Cage plays a fictionalized version of himself, opened in theaters nationwide to varying results. With three original movies in wide release, this weekend indicates that Hollywood does, indeed, still have new ideas — but audiences aren’t always willing to make the trek to watch them.

The Bad Guys carries a $70 million price tag, so although the Dreamworks Animation film has topped the box office, it may have to claw its way to profitability in its theatrical run. The international box office will be critical to getting into the black. Already, the movie has grossed $63 million overseas, bringing its global tally to $87.1 million. It helps that in addition to strong reviews, audiences appear to be high on the film, which secured an “A” CinemaScore from ticket buyers. Sam Rockwell, Marc Maron, Anthony Ramos, Craig Robinson, and Awkwafina lead the voice cast of The Bad Guys, which follows a crackerjack crew of animal outlaws as they attempt their most challenging con yet —  becoming model citizens.

The Northman opened in fourth place, generating $12 million from 3,865 locations. That’s a great result for an arthouse film, but alas, The Northman does not carry the budget of an arthouse film. The movie reportedly cost $90 million, though sources close to the production say the final number was closer to $70 million after factoring in tax incentives. And Focus Features, who split the cost with New Regency, did not skimp on promotional efforts. The Northman has posters with stars Alexander Skarsgard, Nicole Kidman, Anya Taylor-Joy, Ethan Hawke, Björk, and Willem Dafoe plastered in Times Square.

“Reviews are excellent, but with a budget of around $75 million, The Northman will struggle to recover costs,” said David A. Gross, who runs the movie consulting firm Franchise Entertainment Research.

The Unbearable Weight of Massive Talent, from Lionsgate, took the No. 5 spot with $7.1 million, a wobbly start given its reported $30 million budget. Directed by Tom Gormican, the wacky buddy comedy of sorts follows Cage, whose star is declining as a billionaire super fan (played by Pedro Pascal) offers him $1 million to attend a birthday party in the Maldives. When events take a turn, Cage teams up with the CIA and channels his most beloved movie characters to save his family from his biggest fan, who may be a dangerous arms dealer.

Despite stacked competition, Paramount’s family friendly sequel Sonic the Hedgehog 2 sped past Fantastic Beasts 3 and others to land in second place with $15.2 million from 3,809 venues. After three weeks in theaters, the Sonic follow-up has generated a mighty $145.8 million. The film is less than $3 million away from surpassing its predecessor’s $148 million pre-pandemic domestic box office total, though 2020’s Sonic the Hedgehog likely would have enjoyed a longer run on the big screen without COVID-19 spoiling those plans. —  Reuters