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Stuff to do (10/21/22)


Make it Makati celebration

MAKATI city has long been a lifestyle destination, with its dining options, entertainment, art, and parks and open spaces. Experience the best of the city and catch more surprises as Makati closes down Paseo de Roxas on Oct. 22 for an event featuring everything that makes this city draw people in. Festival goers can begin uncovering secret spots and sampling an array of flavors and activities beginning at 4 p.m. Musical performances, headlined by Juan Miguel Salvador and The Authority Band, will follow. For more information, visit @MakeItMakati on Facebook and Instagram.


Cine Europa screenings at the CCP

THE CULTURAL Center of the Philippines (CCP) hosts the 25th Cine Europa Film Festival, seven days of films from the European Union (EU), from Oct. 21 to 28. The films will be shown at the CCP Front Lawn and the CCP Tanghalang Manuel Conde. For this year’s line-up of films, the EU Delegation, the EU Member States Embassies together with Cultúr Éireann, the Irish Film Institute, the Goethe-Institut, Instituto Cervantes de Manila, and the Philippine-Italian Association, have curated a set of award-winning films showcasing different genres, with a particular emphasis this year on youth in celebration of the European Year of Youth 2022.In addition to this, a special film from Ukraine will be the opening film for the festival in solidarity with Ukraine and its people who were victims of the invasion and war by Russia. All film screenings are free to the public on a first-come, first-served basis, still with observance to the New Normal Health Protocols.  For film screening schedules, visit www.facebook.com/cineeuropaph


ManilArt 2022 opens at SM Aura

THE LONGEST-running visual arts fair in the Philippines, ManilART (established in 2009 as an annual flagship project of the National Commission for Culture and the Arts), will be held onsite at the SMX Aura Convention Center, Taguig City from Oct. 19 to 23. It shall be open to the public via online ticketing. The event is open to vaccinated guests from 10:30 a.m. to noon. Failure to present a valid vaccine card shall mean the valid ticket may be used for other General Admission slots subject to availability and time slot capacity. Safety protocols are viewable online through their portal www.manilartfair.com. For tickets, visit Ticketbooth.ph – ManilART 2022 – VIP Access. For more information contact 0977-807-3369, or e-mail manilartsecretariat@gmail.com.

SM group to open seven new SM Markets across Luzon

BW FILE PHOTO

SY-LED SM Investments Corp.’s SM Markets is set to open seven more stores across Luzon before the year ends as it aims to provide better food shopping in developing communities.

“We are targeting to fill the need for better food shopping in developing communities. The rising incomes outside the National Capital Region is definitely a welcome factor in terms of growth in the provinces,” SM Supermarket President Jojo R. Tagbo said in a press release.

The seven stores will be added in Air Residences Makati; Deca Homes Marilao in Bulacan; Tanza, Cavite; EB Town Center in San Jose Del Monte, Bulacan; Sorsogon City; Tuguegarao City; and Taytay, Rizal.

“We continue to expand and maintain our optimism on growth. Regardless of economic circumstances, our approach has always been to have a breadth of offerings that fits all wallet sizes,” Mr. Tagbo said.

Meanwhile, the company said it expects a boost in consumer spending amid ongoing face-to-face classes and the upcoming holiday season.

Year to date, SM Markets saw an improvement in sales of fresh products, snacks, beverages, and other school-related commodities.

“We are optimistic about the consistency of consumer spending. The return of face-to-face classes and the holiday season will push the business in the coming months,” Mr.  Tagbo said.

The company added that it continues to enhance its assortment to serve the evolving preferences of its customers amid its continued expansion. Its stores now offer imported brands such as Coles from Australia and El Corte Ingles from Spain.

SM Markets is the food retailing arm of the SM group. It serves as the umbrella brand of SM Supermarket, SM Hypermarket, and Savemore. To date, it operates 330 stores all over the Philippines. — Justine Irish D. Tabile

BPI posts P10.1-B net profit in Q3 as revenues, customer base grow

BANK of the Philippine Islands (BPI) posted net income of P10.1 billion in the third quarter amid higher revenues, it reported on Thursday.

The Ayala-led lender said in a disclosure to the local bourse that its net profit for the July-August came on the back of a 26.8% year-on-year growth in revenues to P29.8 billion amid double-digit expansion in its net interest and non-interest incomes and as its customer base exceeded 9 million.

This brought the bank’s bottom line for the first nine months to P30.5 billion, backed by higher revenues and lower provisions for loan losses.

This translated to a return on equity (RoE) and return on assets (RoA) of 13.73% and 1.66%, respectively.

“Excluding the impact of the one-off gain from sale of property in the second quarter and adjustments due to the CREATE (Corporate Recovery and Tax Incentives for Enterprises) Law, net income would have been P26.8 billion for an RoE of 12.05% and RoA of 1.46%,” the bank said.

Other third-quarter figures were not immediately available.

The bank’s total revenues for the first nine months grew by 22.1% to P87.5 billion, driven by the 20.5% year-on-year jump in net interest income to P61.6 billion. This came on the back of sustained loan growth and a 23-basis-point (bp) expansion in its average net interest margin to 3.53%.

Meanwhile, BPI’s non-interest earnings rose by 26.2% year on year to P25.8 billion at end-September, driven by a one-off gain from an asset sale, foreign exchange transaction gains, and fees from its credit cards business.

Total operating expenses also increased by 9.9% to P40.1 billion in the first nine months, driven by the bank’s investments for technology and on higher regulations.

Cost-to-income ratio was at 45.8%. Excluding the impact of the asset sale, the ratio was at 48.6%.

BPI’s total loans hit P1.6 trillion at end-September, up 15.4% year on year, as its credit card loans, corporate loans, and auto portfolios rose by 29.1%, 16.4%, and 12.1%, respectively.

Despite the increase in credit, its nonperforming loan (NPL) ratio stood at 1.94%, while NPL coverage ratio was at 176.9% as of end-September.

According to the lender, its loan loss provisions as of September declined by 26.8% to P7.5 billion.

On the funding side, deposits with the bank likewise increased 13.2% to P2 trillion as of September.

Its low-cost current account, savings account (CASA) deposits grew 7.5%, bringing its CASA ratio to 76.1%.

BPI’s loan-to-deposit ratio was at 78.7% as of September.

The bank’s assets increased 11.8% year on year to P2.5 trillion in the January to September period, while total equity stood at P313.4 billion.

Its common equity Tier 1 ratio was at 15.9% at end-September, while its capital adequacy ratio was at 16.8%. Both are above the regulatory minimum.

BPI last month announced its planned merger with Robinsons Bank Corp. (RBC), which is expected to be finished by end-2023. BPI will be the surviving entity.

According to BPI, the deal “will unlock various synergies across several products and service platforms and expand the customer and deposit base of both banks through the merged entity.”

Upon its closing, RBC’s shareholders will hold approximately 6% of the resulting outstanding capital stock of BPI.

BPI’s shares closed at P93.40 apiece on Thursday, up by P1.40 or 1.52%. — K.B. Ta-asan

What To See This Week (10/21/22)

Black Adam

Black Adam

AFTER getting released from 5,000 years of imprisonment, Black Adam uses the powers of the ancient gods which he has to uphold his unique form of justice in the modern world. Directed by Jaume Collet-Serra, the film stars Dwayne Johnson, Noah Centineo, Aldis Hodge, Sarah Shahi, Quintessa Swindell, and Pierce Brosnan. We Live Entertainment’s Scott Menzel wrote on Twitter: “Black Adam is everything that I hoped it would be and more. A Snyder-esque antihero spectacle that delivers big action and impressive set pieces. Dwayne Johnson transforms into Black Adam, a role that he was born to play. Centineo and Swindell are so damn fun to watch.”

MTRCB Rating: PG


Life is Beautiful 

THIS KOREAN jukebox musical film follows a couple on a strange quest. Learning that she is terminally ill, Oh Se Yeon asks her husband to help her find her first love from high school, and he reluctantly agrees. Directed by Choi Kook-hee, the film stars Yum Jung-ah, Ryu Seung-ryong,  Ong Seong-wu, Yang Hee-kyung, Park Yeong-gyu,  Shim Dal-gi.

MTRCB Rating: PG

Ties with tech companies sought for legal sector

PHILIPPINE law firms should collaborate and consult with more information technology (IT) firms to keep up with the changing times, a corporate law firm said on Thursday.

“The future of the law practice will be now focused on more IT-aided business today and even established firms seeking to upgrade their capacities,” Carlos Alfonso T. Ocampo, founding partner of the Ocampo Manalo law firm, told reporters at a media roundtable discussion celebrating its 25th anniversary.

He added that local law firms should also provide legal solutions through the new online platforms firms have adopted into their way of doing business, especially during the coronavirus pandemic.

“It is like we are part of the construction crew of a house being built and we are serving this purpose to firms that want to enhance their services,” the lawyer said. “The world is changing very fast and we need to evolve with the times.”

When it was established in 1997, the firm started out representing clients from the aviation industry and provided legal consultation for the construction of several airports such as the Ninoy Aquino International Airport Terminal 3.

Managing Partner Manolito A. Manalo told the same event that the aviation industry was the firm’s gateway to growing its clientele.

Some of the firm’s notable clients include Qatar Airways, Turkish Airlines, and Philippines AirAsia.

“We were able to get more and more clients in different industries, which proved that the kind of legal consultancy we provide is what helped us expand and still be in the business,” he said.

The law firm also offers legal services to companies engaged in infrastructure, transportation, energy, mining, labor and employment, and international trade, it said in a statement sent to reporters on Thursday.

“We are following the path of the nation’s development and I would like to see us breaking new ground in these new industries,” said. Mr. Manalo. — John Victor D. Ordoñez

IC delays implementation of new catastrophe cover pricing to 2023

BW FILE PHOTO

THE Insurance Commission (IC) has moved the implementation of a new rating structure and revised rates for nonlife insurers’ catastrophe risk policies to next year.

The IC said in a circular that the changes will now be implemented by Jan. 1, 2023 from the initial schedule of Nov. 1.

“Nonlife insurers were given time to advise their clients of the implementation of the revised schedule of minimum rates for earthquake and typhoon and flood risk covers,” the regulator said in IC Circular Letter 2022-48 dated Oct. 14.

The commission said it received a letter from the Philippine Insurers and Reinsurers Association, Inc. raising concerns about the original schedule.

“This commission was apprised of and consequently recognized the need to adjust the notification systems and procedures of nonlife insurers, as well as the annual budget limits of their respective clients,” it added.

In 2021, the IC formed a technical working group with stakeholders to determine risk-appropriate and sustainable catastrophe insurance rates and rating structure.

In July this year, the commission approved a revised rating structure for all catastrophe policies.

According to the revised pricing system, all insurance policies will use the flat catastrophe minimum rate of 0.1% for earthquake risks and 0.05% for typhoon and flood risks.

All nonlife insurance companies were instructed to adopt and implement the new rates and apply these to all insurance policies which provide cover for catastrophe risks. — Luisa Maria Jacinta C. Jocson

K-pop star BTS member Jin to release first solo single next week ahead of military duty

IBIGHIT.COM/BTS

SEOUL — K-pop singer Jin, a member of the hit boy band BTS, will release his first official solo single next week, the seven-member band’s agency said on Wednesday, following this week’s announcement that he will soon start military duty.

The song, titled “The Astronaut,” will be released on Oct. 28 at 1 p.m. (0400 GMT), with pre-orders to begin later on Wednesday.

“Since it’s a song made with so much love toward the fans, we hope ‘The Astronaut’ can be a gift to all of you,” according to the Bighit Music statement posted on global fandom platform Weverse.

The announcement came after band’s management group HYBE, which owns Bighit, on Monday said Jin will cancel a request to further delay his enlistment in late October. The other younger band members also plan to serve their compulsory service.

In June, BTS announced a break from group musical activities to pursue solo projects, but reunited last Saturday to perform a free concert in the city of Busan in support of South Korea’s bid to host the World Expo 2030 in the port city. — Reuters

La Salle wins CA dismissal case against teachers

PHILSTAR FILE PHOTO

THE Court of Appeals (CA) has upheld the dismissal of former teachers at De La Salle University’s Center for Language and Lifelong Learning, after they failed to meet the employment requirement of having master’s degrees.

In a 13-page decision issued on Oct. 17, the CA Tenth Division said the National Labor and Relations Commission (NLRC) did not abuse its discretion when it ruled that teachers Luz Dela Cruz Raymundo and Meredith Ruth C. Lagarde were not illegally dismissed.

“If the NLRC’s ruling has basis in the evidence and the applicable law and jurisprudence, then no grave abuse of discretion exists and this Court should so declare and, accordingly, dismiss the petition,” Associate Justice Jamie Fortunato A. Caringal said in the ruling.

He added that teachers’ right to due process was not violated since the twin notice rule is only applicable to regular employees.

Under the Labor department’s rules, employers are required to issue two written notices that show the grounds for terminating employment, and must consider all circumstances before ordering dismissal.

The case stemmed from a complaint filed by the teachers after the school chose not to renew their contracts.

In 2018, an officer of the language school told Ms. Raymundo that her contract would not be renewed as master’s degrees were now required to work at the school.

The school official said the teachers were only hired for a fixed period of one month since they taught short certificate courses. The contracts of the teachers had been renewed every month for 17 years as they continued working at the school.

The NLRC in 2019 ruled that the teachers were illegally dismissed and classified them as regular employees of the school, a position it reversed in 2021. In the second ruling, Ms. Raymundo was deemed to have been employed on a part-time basis.

“The practice of hiring teachers per semester or school year, or in this case per month, by educational institutions, is generally governed by the rules on fixed-term employment unless the circumstances provide for either a probationary or a regular employment status,” the appellate court ruled. — John Victor D. Ordoñez

Shakey’s Peri-Peri opens 60th store

COMPANY HANDOUT

LISTED food service group Shakey’s Pizza Asia Ventures, Inc. said on Thursday that its Peri-Peri Charcoal Chicken and Sauce Bar opened new outlets in September.

In a media release, Shakey’s President and Chief Executive Officer Vicente L. Gregorio said that to date, Peri-Peri has 60 outlets in the Philippines.

“Over the last two years, we have witnessed significant growth from Peri-Peri, despite the headwinds brought about by the pandemic. We see opportunities to further its market penetration. For us, strategic expansion is key — having the right stores in the ideal locations with apt formats,” Mr. Gregorio said.

Shakey’s said Peri-Peri opened its newest store at the Clark International Airport, the first airport outlet of Peri-Peri. Last month, Peri-Peri opened its 60th store in Malate.

The casual dining restaurant chain was acquired in 2019 with just 29 stores. Peri-Peri is the second largest chain of Shakey’s, which has the Gokongwei group as a strategic investor.

For the fourth quarter, Mr. Gregorio said Shakey’s is preparing for the holiday season, which it expects to be a “robust period” as pandemic mobility restrictions have eased.

“This year, we are expecting to see even more revenge spending in the coming months because of reunions and gatherings. It will be celebratory. We’re already preparing our stores for functions and expanding our footprint to seize this opportunity,” Mr. Gregorio said.

At the stock exchange on Thursday, Shakey’s shares closed unchanged at P7.50 apiece. — Ashley Erika O. Jose

More US firms charging workers job training costs if they resign

REUTERS

WASHINGTON — When a Washington state beauty salon charged Simran Bal $1,900 for training after she quit, she was shocked.

Not only was Ms. Bal a licensed esthetician with no need for instruction, she argued that the training was specific to the shop and of low quality.

Ms. Bal’s story mirrors that of dozens of people and advocates in healthcare, trucking, retail and other industries who complained recently to US regulators that some companies charge employees who quit large sums of money for training.

Nearly 10% of American workers surveyed in 2020 were covered by a training repayment agreement, said the Cornell Survey Research Institute.

The practice, which critics call Training Repayment Agreement Provisions, or TRAPs, is drawing scrutiny from US regulators and lawmakers.

On Capitol Hill, Senator Sherrod Brown is studying legislative options with an eye toward introducing a bill next year to rein in the practice, a Senate Democratic aide said.

At the state level, attorneys general like Minnesota’s Keith Ellison are assessing how prevalent the practice is and could update guidance.

Mr. Ellison told Reuters he would be inclined to oppose reimbursement demands for job-specific instruction while it “could be different” if an employer wanted reimbursement for training for a certification like a commercial driving license that is widely recognized as valuable.

The Consumer Financial Protection Bureau (CFPB) has begun reviewing the practice, while the Justice department and Federal Trade Commission have received complaints about it.

The use of training agreements is growing even though unemployment is low, which presumably gives workers more power, said Jonathan Harris who teaches at the Loyola Law School Los Angeles.

“Employers are looking for ways to keep their workers from quitting without raising wages or improving working conditions,” said Mr. Harris.

The CFPB, which announced in June it was looking into the agreements, has begun to focus on how they may prevent even skilled employees with years of schooling, like nurses, from finding new, better jobs, according to a CFPB official who was not authorized to speak on the record.

“We have heard from workers and worker organizations that the products may be restricting worker mobility,” the official said.

TRAPs have been around in a small way since the late 1980s primarily in high-wage positions where workers received valuable training.

But in recent years the agreements have become more widespread, said Loyola’s Mr. Harris.

One critic of the CFPB effort was the National Federation of Independent Business, or NFIB, which said the issue was outside the agency’s authority because it was unrelated to consumer financial products and services.

“(Some state governments) have authority to regulate employer-driven debt. CFPB should defer to those governments, which are closer to the people of the states than the CFPB,” it added.

Ms. Bal said she was happy when she was hired by the Oh Sweet salon near Seattle in August 2021. But she soon found that before she could provide services for clients, and earn more, she was required to attend training on such things as sugaring to remove unwanted hair and lash and brow maintenance.

But, she said, the salon owner was slow to schedule the training, which would sometimes be postponed or canceled. They were also not informative; Ms. Bal described them as “introductory level.”

While waiting to complete the training, Ms. Bal worked at the front desk, which paid less. When she quit in October 2021, Ms. Bal received a bill for $1,900 for the instruction she did receive.

“She was charging me for training for services that I was already licensed in,” said Ms. Bal.

Karina Villalta, who runs Oh Sweet LLC, filed a lawsuit in small claims court to recover the money. Court records provided by Ms. Bal show the case was dismissed in September by a judge who ruled that Ms. Bal did not complete the promised training and owed nothing.

Ms. Villalta declined requests for comment.

In comments to the CFPB, National Nurses United said they did a survey that found that the agreements are “increasingly ubiquitous in the healthcare sector,” with new nurses often affected.

The survey found that 589 of the 1,698 nurses surveyed were required to take training programs and 326 of them were required to pay employers if they left before a certain time.

Many nurses said they were not told about the training repayment requirement before beginning work, and that classroom instruction often repeated what they learned in school.

The International Brotherhood of Teamsters said in comments that training repayment demands were “particularly egregious” in commercial trucking.

They said firms like CRST and C.R. England train people for a commercial driver’s license but charge more than $6,000 if they leave the company before a certain time.

Neither company responded to a request for comment.

The American Trucking Associations argues that the license is portable from one employer to another and required by the government.

It urged the CFPB to not characterize it as employer-driven debt.

Steve Viscelli, a sociologist at the University of Pennsylvania who spent six months training and then driving a truck, said the issue deserved scrutiny.

“Anytime we have training contracts for low-skilled workers, we should be asking why,” he said. “If you have a good job, you don’t need a training contract. People are going to want to stay.” — Reuters

Warburg Pincus to invest $350M to set up Southeast Asia digital insurance firm

JOHN SCHNOBRICH-UNSPLASH

SINGAPORE — Warburg Pincus LCC is investing $350 million to set up a Southeast Asian digital general insurance platform called Oona Insurance, marking the US-based private equity firm’s largest investment in the insurance sector in Asia.

Warburg Pincus is partnering with Abhishek Bhatia, a former group chief officer of Asian insurance company FWD Group’s new business models unit, to set up the new business, the buyout firm said in a statement on Thursday.

The private equity firm is one of the largest in Southeast Asia, having invested nearly $3.5 billion in 17 companies in the region since 2013. Headquartered in New York, it has more than $85 billion in assets under management, according to the statement.

Warburg Pincus said Oona comprises its insurance assets — Indonesia’s PT Asuransi Bina Dana Arta Tbk and Philippines’ Mapfre Insular Insurance Corp. — which will give the platform an immediate foothold in Southeast Asia to build business and scale up.

“With consistently rising incomes and accelerating digital adoption, we believe Oona is well positioned to capture the tremendous growth opportunity for digital insurance across Southeast Asia,” Saurabh Agarwal, Managing Director at Warburg Pincus, said in the statement.

The two assets, which will be rebranded as Oona, will provide the digital insurance platform with an initial product portfolio including motor, property and group health insurance, according to Warburg Pincus.

Oona plans to introduce new products such as travel, health and others that are emerging on the back of increasing adoption of internet, e-commerce and digital payments in Southeast Asia, Warburg Pincus added.

“General insurance is a significantly underpenetrated industry in the region and a sector that’s ripe for digital disruption,” Mr. Bhatia, Oona’s group CEO, said.

“All the assets and operations will be consolidated under a coherent operating model and a common brand and tech stack, positioning us well to capture the rapidly growing opportunities for digital general insurance in the region,” he added. — Reuters

Simon Cowell’s new TikTok project gives users unreleased music

SOLEN FEYISSA-UNSPLASH

RENOWNED talent scout Simon Cowell is back, but this time he is focused on the social media platform, TikTok.

With the international Got Talent TV series, American Idol, and many more projects already under his belt, Mr. Cowell is ready to help aspiring musicians on TikTok share their unique sounds with the world.

Mr. Cowell is partnering with TikTok to give users access to new unnamed songs by famous producers through the service StemDrop, which launches through the TikTok app on Oct. 26. After getting each song, TikTokers can take the elements of it and interpret them in any way they like, including different genres, tempos, and more. The idea is for them to make the music their own.

The challenge is meant to invite social media musicians to record something special and possibly have it noticed by a talent scout, but unlike Mr. Cowell’s other projects, there is no guaranteed record deal. The goal is to give each participating user a head start in their careers without any set outcome.

The first song is written by Swedish record producer, Max Martin, who has worked with big-name stars ranging from Britney Spears to Bon Jovi.

“You will have the ability to co-write a song with one of the greatest songwriters of all time and that just doesn’t happen in the real world,” Mr. Cowell explained during an exclusive TV interview with Reuters.

From his Malibu mansion, Mr. Cowell shared that his and Mr. Martin’s mutual interest in a project outside of a conventional TV show came after TikTok sparked in popularity.

When Mr. Cowell pitched Mr. Martin, they both loved the idea of writing a song for the TikTok community instead of giving it to an artist that is already well-known in the industry, like Ariana Grande or The Weeknd.

StemDrop is expected to drop a new song roughly every 10 weeks, though Mr. Cowell has not revealed who he has lined up to work with on each tune.

Other partners include Samsung and Universal Music Group/Republic. — Reuters