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Megaworld to build P6.5-B upscale village in Cavite

MAPLE Grove Park Streetscape — COMPANY HANDOUT

By Luisa Maria Jacinta C. Jocson, Reporter

PROPERTY developer Megaworld Corp. announced that it is launching its first premium residential village in its Maple Grove township in General Trias, Cavite.

The Andrew L. Tan-led company expects the project to generate P6.5 billion in sales. It will be hiking its capital expenditure budget accordingly. It previously announced that it would spend approximately P15 billion for the township.

Maple Grove Park Village spans 22 hectares and offers 377 lots, ranging from 280 to over 500 square meters. Each lot in the village will cost from P14 million to P27 million and will be ready for turnover to owners by 2026.

The community is “luxury resort-inspired” and is designed by architectural firm Wimberly, Allison, Tong & Goo. It will feature 10 different parks, communal gardens, wellness and fitness areas, among others. Around 40% of the property will also be allocated to green and open spaces.

“Maple Grove Park Village is inspired by contemporary tropical architecture that naturally exudes a sense of ease and warmth perfectly suited for a resort-style residential settings,” said Megaworld Vice-President for Sales and Marketing Eugene Em Lozano.

“The village will be strategically located in the more secluded part of Maple Grove to give residents utmost exclusivity and privacy, while still allowing them to have access to all the modern conveniences that the township has to offer,” he added.

The village is part of Megaworld’s Maple Grove project, which is targeted to be Cavite’s first modern central business district.

The 140-hectare township features commercial, residential, office, and mixed-use developments.

These include The Verdin and La Cassia Residences condominiums, 17-storey office building One Corporate Place, and lifestyle mall Maple Grove Town Center, among other planned projects.

ALLIANCE GLOBAL
Separately, Megaworld’s parent firm Alliance Global Group, Inc. (AGI) reported a 52% surge in net income to owners in the first quarter to P3.9 billion. Consolidated revenues grew by 18% to P37.5 billion.

“AGI continued with its impressive growth momentum in the first quarter of the year as the overall improvement in mobility has allowed all our businesses to perform further closer to pre-pandemic levels, boosting revenues of our lifestyle malls, hotels and our quick service restaurants,” AGI Chief Executive Kevin Andrew L. Tan said in a statement.

“This upturn is reflective of the underlying strength in domestic economy, just waiting to be unleashed,” he added.

The company is engaged in various businesses, including real estate development through property giant Megaworld.

In the first quarter, Megaworld reported that its attributable net income was up by 30% to P3.1 billion. Real estate sales grew 36% to P8.1 billion on the back of increased project completion, while reservation sales went up 12% to P23.2 billion.

The company also noted higher occupancy rates and hotel and mall revenues, driven by pent-up consumer spending and the rebound in tourism.

AGI’s spirit manufacturing arm, Emperador, Inc., reported a modest 2% increase in consolidated revenues to P12.3 billion. It said the growth “indicates the resilience of global demand” for its premium liquor brands, primarily its whisky products, which posted a robust sales growth of 20% year on year.

“Its brandy segment, however, was impacted by rising costs, capping overall profit margins,” it added.

The company’s quick service restaurants through Golden Arches Development Corp. (GADC) tripled their attributable net income to P258 million in the first quarter. Consolidated revenues jumped by 27% to P7.2 billion. The company handles McDonald’s Philippines.

“Armed with the learnings we have acquired in the past couple of years, we target to achieve our pre-pandemic performance this year. We remain confident and optimistic of our growth prospects even in the face of current domestic and global headwinds,” Mr. Tan added.

At the stock exchange on Thursday, Megaworld shares rose 0.37% or a centavo to P2.74 each, while AGI shares ended higher by 1.94% or 20 centavos to close at P10.52 apiece.

Bieber, Westlife holding concerts in PHL

 

TWO major performers will be coming to the Philippines for concerts in the coming months: Canadian pop star Justin Bieber and Irish boy band Westlife. The concerts, which are part of world tours in support of their respective new albums, will be held in October and next February.

Mr. Bieber’s concert will be held at the Open Grounds of the Cultural Center of the Philippines in Pasay City on Oct. 29 said Ovation Productions on Wednesday.

The concert is part of his Justice World Tour which is in support of his 6th studio album, Justice.

Mr. Bieber had been scheduled to perform in the Philippines in 2017 as part of the pop star’s Purpose World Tour, but the tour was cancelled “due to unforeseen circumstances.”

The Justice World Tour kicks off this month and is scheduled to travel to over 30 countries — with more than 125 shows — by the time it wraps up in March next year.

WESTLIFE
Meanwhile, a stop at the Philippines has been added to Westlife’s The Wild Dreams Tour. Supporting their latest album, Wild Dreams, and celebrating their greatest hits, the band will be performing on Feb. 20, 2023 at the Araneta Coliseum in Quezon City, concert promoter Wilbros Live announced.

Following their record-breaking 2019 reunion tour, The Twenty Tour, which saw the boy band’s members Shane Filan, Nicky Byrne, Mark Feehily, and Kian Egan perform in 27 countries, the new tour will see them perform songs from the new album, plus all their hits including “Swear It Again,” “Flying Without Wings, “Uptown Girl,” “Unbreakable,” and “You Raised Me Up.”

Westlife has sold over 55 million records worldwide, and are the only band to have their first seven singles enter the UK chart at No.1. They also have the most singles of any artist to debut at No.1 in the UK. Overall the band has had 14 No.1 singles, behind Elvis Presley and The Beatles.

Promoted by AEG Presents Asia and Ovation Productions, tickets to the Bieber concert can be purchased starting 10 a.m. on May 30 via Ocationtickets.com and SMTickets.com. Tickets will range in price from P2,695 all the way to P18,850.

Meanwhile, tickets to Westlife: The Wild Dreams Tour in Manila, presented by Wilbros Live, will go on sale beginning 10 a.m. on June 4 via TicketNet.com.ph and at all TicketNet outlets nationwide. Tickets range in price from P1,575 to P13,650.

Safeguard duties sought on imported resins

THE local petrochemical industry is seeking government protection through safeguard duties on imported resins used for the production of plastic goods.

In a statement on Thursday, JG Summit Olefins Corp. (JGSOC) said that along with the local petrochemical industry, they are hoping that the government can protect and support Philippine manufacturers from “unfair foreign competition” amid the reported surged in the import volume of high-density polyethylene (HDPE) and linear low-density polyethylene (LLDPE).

“The duties are being requested to safeguard the local manufacturing industry. Historically, HDPE and LLDPE imports tend to undercut the prices of the domestic industry,” the company said.

“HDPE is used in consumer and industrial packaging, while LLDPE is used for laminated films and general-purpose bags. Within the ASEAN, both raw materials are charged zero tariffs,” it added.

In September last year, the Tariff Commission began its investigation on the imposition of a safeguard duty after getting notification from the Trade department regarding JGSOC’s petition.

“JGSOC claimed in its filing of the safeguard measures petition, that the volume of HDPE and LLDPE — key raw materials used in many consumer products — being imported into the country in recent years were in quantities that are substantial to cause serious injury to the local petrochemical industry,” the company said.

Citing the Indian government as an example, JGSOC said India is expected to impose anti-dumping duties (ADD) on LDPE imports from Saudi Arabia, Singapore, Thailand and the US. 

“The country’s Ministry of Commerce and Industry said the ADD to be levied are commensurate to the estimated damage incurred on sole domestic LDPE producer Reliance Industries, Ltd., between the years 2016-2017 and 2018-2019. The ADD was fixed between US$17.05 and US$216.76 per ton on various producers and suppliers from said countries,” the company said.

“Unchecked imports can disable the ability of local petrochemical producers from continuing operations, and corrode domestic self-sufficiency. If left uncorrected, the backlash will inevitably lead to unemployment and income loss for thousands of Filipinos who make their living directly and indirectly from the industry,” it added.

On Jan. 1 this year, JG Summit Petrochemical Corp. and JG Summit Olefins Corp. announced that they had merged into JGSOC. In a summary report released by the Tariff Commission on its website dated May 23, the commission said it recommends “no definitive general safeguard measure be imposed on the importations of the LLDPE pellets and granules subject to this investigation.”

“There was no increase in imports of LLDPE pellets and granules, both in absolute terms and relative to domestic production, during the period of investigation from 2015 to June 2021,” the commission’s report said.

“Since it has been established that LLDPE pellets and granules were not imported in increased quantities (whether absolute or relative to domestic production) during the period of investigation, the determination of serious injury or threat thereof, causation, and unforeseen developments has become moot and academic,” it added.

The Tariff Commission has yet to release its summary report for the petition of safeguard measures against HDPE pellets and granules imports. — Revin Mikhael D. Ochave

Globe launches film lab for aspiring filmmakers

AFTER giving mentorship opportunities for fashion, e-sports, and music, interactive platform Globe Prepaid Virtual Hangouts is now focusing on aspiring filmmakers with the launch of the GoWATCH Film Lab.

GoWATCH Film Lab is Globe Prepaid’s fifth learning program under its Virtual Hangouts platform. In the past, it conducted the GoESPORTS Game On! Training Camp for ESports streamers and casters; GoHUSTLE Boss Up Bootcamp for entrepreneurs; GoKOREAN K-Fashion Institute for Korean fashion lovers; and the recently concluded musical talent search called GoJAM On Stage.

“It’s time for our cinephiles and emerging filmmakers to take the spotlight. We want to give them the world-class mentorship that they deserve,” Head of Globe Prepaid Givielle Florida said in a statement.

In 2019, Globe’s film production arm, Globe Studios —  now called ANIMA —  launched its first Short Film Lab during the .giff Festival of New Cinema. ANIMA is Globe Prepaid’s partner in putting up this year’s GoWATCH Film Lab.

“We believe that the Gen Zers have a strong and unique voice,” ANIMA Executive Director Quark Henares said in a statement. “(During our 2019 Short Film Lab) we paired our participants with seasoned filmmakers for a hands-on mentorship to guide them, from their short film’s concept and script development, to finding their audiences here and abroad. For the GoWATCH Film Lab, we are extending the same opportunity to our participants.”

THE TEACHERS
The film lab consists of four workshop sessions on specific filmmaking techniques to be facilitated by filmmakers Jade Castro, JP Habac, Antoinette Jadaone, and Erik Matti. The aspiring filmmakers will learn about mise-en-scène and the elements of film, protecting directorial vision in micro-budget shoots, and directing while in post-production.

On the Job director Erik Matti will be teaching techniques of mise-en-scène or “setting the scene,” a concept referring to the arrangement and elements present in a frame or shot.

“Mise-en-scène is rarely used nowadays,” Mr. Matti said at the online launch on May 20.

“It shows the skill of the director on which element to bring up… in one shot,” he said. The elements in a shot include lighting, staging, camera angle, and dialogue, sound, and music.

“In the class, I’ll be teaching 25 elements that you can go into strict detail. The rule there is the more you use the mise-en-scène, the better you are as a filmmaker,” Mr. Matti added.

Fan Girl director Antoinette Jadaone will be teaching how directors can keep their directorial vision despite restraints and budget limits.

“As a filmmaker, your vision needs to be intact even if there are lessened shooting days and instances of weather, you need to think of a way to protect your vision,” Ms. Jadaone said in English and Filipino, adding that directors should be able to come up with a good compromise.

LSS director Jade Castro will be facilitating post-production directing.

“Your film only becomes a film in the final stages,” he pointed out. “Directing is making a lot of choices, and a lot of choices happen in post-production.”

He pointed out that during the post-production for LSS, many scenes at the end were rearranged to come up with the proper flow, and that the music by Ben&Ben was re-recorded to fit the edits.

The Globe Prepaid Virtual Hangouts GoWATCH Film Lab is open to individuals between 16 to 27 years old “who have a story to tell and who are interested in finding and developing their voices and talents in filmmaking.” To register, visit www.globevirtualhangouts.ph. Registration is ongoing until June 1. The actual film lab will be held on June 4 to 5 and June 11 to 12.

After the workshops, participants have a chance to pitch their own story. From the pitches, eight finalists will be given a chance to win a script development mentorship and a P200,000 seed grant. The program will end with a physical culminating activity featuring the works of the chosen filmmakers.

As per the qualities of a good filmmaker, the directors cite honesty and originality in the work. — Michelle Anne P. Soliman

ACEN to lend P2.3B to Greencore solar project

AYALA-LED AC Energy Corp. (ACEN) and its unit ACE Endevor, Inc. have agreed to lend P2.3 billion to an affiliate firm for the construction of a solar power plant and related facilities in Pampanga.

In a stock exchange disclosure on Thursday, the Ayala group said it signed the omnibus agreement with Greencore Power Solutions 3, Inc. and Citicore Solar Energy Corp. for the financing of a 30-megawatt (MW), alternating current, solar farm located in the province’s Arayat and Mexico towns.

The project is the second phase of a solar power plant project. ACEN also financed its first phase.

Greencore Power is the special purpose vehicle of the project and the borrower in the agreement. It is owned by Citicore Solar with 50% of the shares, while ACEN and ACE Endevor hold a 45% and 5% interest, respectively.

Under the agreement, ACEN as the lender will be extending a term loan facility to the borrower to finance the design, engineering, financing, construction, procurement and supply, manufacturing, commissioning, start-up, testing, delivery, ownership, operation and maintenance of the plant.

The loan will be secured by a real estate mortgage over the real assets of the borrower, a pledge over the shares of the borrower, and the cashflows of the project.

The plant is expected to be operational in February 2023.

The loan agreement is the latest development in the partnership between ACEN and the Citicore group.

In February 2020, Citicore Renewable Energy Corp. (CREC) and ACE Endevor entered into a “framework agreement” for the joint development, ownership and operation of solar and other power plants in the Philippines.

Citicore Solar is a wholly owned subsidiary of CREC.

Under the agreement, CREC and ACE Endevor are to be shareholders of Greencore, which was incorporated to own and undertake the development of the solar farm in Arayat and Mexico. It was planned to have an installed capacity of 50 MW-alternating current (72 MW-direct current).

In February 2021, ACEN and ACE Endevor signed a shareholders’ agreement with Citicore Solar and Greencore for the development, construction, and operation of the project, which started constructed last year.

In its website, ACEN placed the project’s estimated cost at P2.75 billion. It also said that the plant “will be ready to begin its operations and supply power to the grid by the summer of 2022.”

On Thursday, ACEN shares fell by 2.14% or 15 centavos to close at P6.85 each. — Victor V. Saulon

More opportunities seen as esports market grows

By Arjay L. Balinbin, Senior Reporter

GALAXY Racer, an esports, gaming and lifestyle company, sees more opportunities to expand its services and partnerships in the Philippines, where the esports market has grown at a rate of nearly 13% annually since 2017.

“Galaxy Racer Southeast Asia has a total exclusive reach of over 330 million where the Philippines roughly shares 50% of this. The Philippines is primed to be a stronghold in Southeast Asia as it is where we have begun in the region,” Galaxy Racer Southeast Asia Chief Executive Officer Mitch Esguerra told BusinessWorld in an e-mail interview.

The company’s Philippines country manager, Marcia C. Guillermo, said that it is “relatively easy” to penetrate the Philippines, as the market is “mature.”

“However, the organizations surrounding it present different challenges such as strong competition from the local pioneers,” she said, adding that initiatives step back “in consideration of multiple governing bodies in this realm.”

But she said, “Galaxy Racer is prepared to tackle all these harnessing from the assets and capabilities of our growing team.”

Asked if there are any potential obstacles to the company’s growth in the Philippines, Ms. Guillermo said: “One of the biggest challenges is the diverse interests of the target market.”

“The ‘gamers’ which we are looking at are multifaceted, meaning a person could be interested in a certain type of gaming but would be more interested if it were tied in to another string of interest like music or fashion and so approaches will need to be done strategically.”

The target market has evolved, which means that gamers from five years ago are not the same ones today.

“Their behaviors have evolved, like how they engage and interact with different esports or game titles, platforms, types of content, and even how their other interests overlap with gaming. The target market already treats gaming as a part of their daily lives, so naturally, another string of interest like music and fashion freely overlaps,” Ms. Guillermo said.

Such overlaps have resulted in potential opportunities for Galaxy Racer and its stakeholders.

“Right now, we are expanding to multiple business verticals like GXR Limited and GXR Records to tap specific customer segments,” Ms. Guillermo said.

The company is a content partner of SIBOL, the Philippines’ national esports team that represented the Philippines at the recent Southeast Asian Games.

“In the Philippines, we are also partnering with the Collegiate Center for Esports that would solidify Galaxy Racer’s plans in expanding to collegiate esports by producing grassroots leagues and programs that would support and develop student-athletes, and provide scholarship opportunities through esports,” Ms. Guillermo said.

“Lastly, after its huge success in Dubai last March, we are looking into bringing GAMERS GALAXY, our very-own international esports event and tournament, to the Philippines which we see as one of our biggest esports products yet,” she added.

Stuff to do (05/27/22)

Ben Farrales’ masterpieces on exhibit

“FARRALES@BENILDE,” a physical exhibition focusing on the fashion of the legendary couturier Ben Farrales, opens on May 27 at the 12th floor Main Gallery of the Design and Arts Campus, De La Salle-College of Saint Benilde (DLS-CSB). Known as the Dean of Philippine Fashion, Mr. Farrales was considered ahead of his time when he started in the industry in the 1950s. His 60 years of success introduced signature Muslim-inspired gowns, traditional ternos, and sophisticated traje de mestizas as well as a series of contemporary loungewear, cocktail dresses, and draped frocks. Produced by the Center for Campus Art of DLS-CSB, the exhibit showcases Filipiniana ensembles, beaded ball gowns, pleated dresses, satin garments, and single items from skirts to capes. The exhibit likewise features 40 14-inch miniature designs by Benilde Fashion Design and Merchandising students, inspired by the works of the late icon. “FARRALES@BENILDE” will be on view until Sept. 10. For viewing appointments, visit Benilde CCA on Facebook and Instagram. For more information, visit www.benildecampusart.com. 

Chance to sing on RWM stage

GUESTS have a chance to live out their stage dreams with resorts World Manila’s (RWM) Calle-Oke Nights. For a P500 cover charge, guests can take the stage and perform three of their go-to karaoke songs every Sunday and Monday night from 7 p.m. to midnight at the El Calle Food and Music Hall, 2F Newport Garden Wing, Resorts World Manila. El Calle Food and Music Hall’s stage is also home to some of the Metro’s hottest acoustic acts every other day of the week. On Friday, May 27, Cass is on deck from 8 p.m., followed by Rox Puno as he serenades the crowd with his acoustic renditions of songs by 10:15 p.m. On Saturday, May 28, it’s Musica’s turn at 8 p.m. followed by Alex Arias at 10:15 p.m. Schedules are subject to change without prior notice. For more information on RWM’s Calle-Oke Nights and other entertainment offers, visit www.rwmanila.com or follow @rwmanila on Facebook and Twitter, and @resortsworldmanila on Instagram.

Musica FEUropa Choral Fest returns

MUSICA FEUropa is Far Eastern University’s (FEU) annual national choral festival supported by the European Union (EU) in the Philippines. Now in its 13th year, Musica FEUropa shifts temporarily from live to virtual performances because of the COVID-19 pandemic. Each choir in the festival has to sing two songs: one from any EU composer in an official EU language and one from the Philippines. Over the last 13 years, choirs have sung songs in Czech, Latvian, English, Basque, Spanish, Italian, German, Finnish, French, French-Flemish, Flemish, Hungarian, Lithuanian, Tagalog, Cebuano, Bisaya, Ifugao, Ilokano, Itneg, Kinaray-a, T’boli, Maguindanaoan, Yakan and Hiligaynon, among others. One innovation this year will be the special awards awaiting the participating choral groups: Best in Virtual Performance and the Best in Video Production. Musica FEUropa 13 takes place on May 28, 2 p.m. via Zoom and will also be streamed on Musica FEUropa’s Facebook page.

Talks on opera and musical theater

THE CULTURAL Center of the Philippines (CCP) presents Behind Arias and Showstoppers: Conversations with the Pinoy Stars of Opera and Musical Theater, a two-part show featuring the leading Filipino performing artists and theater personalities in the Philippines. Moderated by Floy Quintos, the second part of the series will stream on May 28, 6 p.m. Both episodes will be available for streaming at the official CCP Facebook page and YouTube Channel. Part 2: Quartet For Leading Lights features opera singers Rachelle Gerodias and Camille Lopez-Molina, and musical theater artists Sheila Francisco and Reb Atadero who have all devoted their lives to their arts. The conversations include the differences and similarities of the training, the preparation, rehearsal process and performance of the musical and the opera.

Ayala Museum holds virtual art workshops

LEARN about Filipino culture through art with the Ayala Museum’s virtual summer art workshops for kids, teens, and adults. The Kids’ Workshops (for ages seven to 12) will consist of two sessions, while the Teens’ (ages 13- 19) and Adults’ Workshops will have three sessions each. The workshops feature works by Juan Luna, Damian Domingo, Jose Honorato Lozano, and Fernando Amorsolo from the museum’s current exhibition, Intertwined: Transpacific, Transcultural Philippines. The virtual workshop “Drawing for Adults: Domingo and Drawings with Carla Gamalinda” is scheduled on May 28 (9 a.m. to noon). For all virtual art workshops, students may avail themselves of Art Kits (P1,500) containing exclusive Ayala Museum Shop items as well as the essential art materials needed for the chosen workshop. Each workshop includes consultation sessions with the teachers and is limited to 10 slots only for a better learning experience. Art Kits are of limited quantity and delivery will only be in Metro Manila areas via same day delivery couriers. Register at www.ayalamuseum.org/summer-workshops-2022. The workshop sessions are priced at P3,500. 

CTA denies Melco’s P898-M VAT refund

THE Court of Tax Appeals (CTA) has denied Melco Resorts Leisure Corp.’s P898-million refund claim in excess input value-added tax (VAT) for the fourth quarter of 2014 up to the second quarter of 2015.

In a 26-page decision on May 23 and made public on May 25, the CTA Third Division said the company’s sales did not qualify as zero-rated or effectively zero-rated.

“In the instant case, the records are bereft of any showing that petitioner (Melco) is engaged in zero-rated or effectively zero-rated transactions, as provided under sections 106 and 108 of the National Internal Revenue Code,” according to a copy of the ruling written by CTA Associate Justice Erlinda P. Uy. “This is fatal to the petitioner’s cause and bars it from claiming refund of input VAT.”

The tax court’s First Division previously consolidated the tax assessments for both years after a separate motion submitted by the petitioner.

The tribunal noted that the petitioner was able to file its administrative claim for refund within the two-year period prescribed by law.

Under the country’s tax code, zero-rated sales are transactions made by VAT-registered taxpayers that do not result in any output tax.

The commissioner of internal revenue reiterated in its counter-argument that the petitioner did not list any sales subject to zero-percent VAT.

The tax court noted that the company was entitled to a tax exemption due to it being licensed by the Philippine Amusement and Gaming Corp.

The petitioner is a domestic corporation that handles the operation of City of Dreams Manila resort and casino in Parañaque City.

It argued that even if its revenue from gaming operations were not considered zero-rated sales, it is still entitled to a refund due to its license.

The tribunal said that being exempt from VAT does not remove the tax burden relieved by zero-rated sales.

“Simply put, both the tax liability to pay the output VAT on the sales and the tax burden as a result of shouldering the input VAT on the purchases are removed in favor of the taxpayer-claimant engaged in zero-rated sales,” it noted.

“As petitioner is simply VAT exempt and has not been shown to be engaged in any of the zero-rated or effectively zero-rated transactions, it cannot claim a refund of its input VAT.” — John Victor D. Ordoñez

What to See This  Week (05/27/22)

TOM CRUISE in a scene from 2022’s blockbuster Top Gun: Maverick — IMDB.COM

Top Gun: Maverick

THIRTY-SIX years after Top Gun was released, Tom Cruise reprises his role as Pete “Maverick” Mitchell. Having worked his way up the ranks to captain, Maverick is now a trainer of a new generation of Top Gun graduates for a special mission, among them Bradley “Rooster” Bradshaw, the son of his late best friend “Goose.” In the film, Maverick faces an uncertain future and must confront the ghosts of his past, culminating in a mission that demands the ultimate sacrifice from those who will be chosen to fly it. Directed by Joseph Kosinski, the movie stars Tom Cruise, Jennifer Connelly, Jon Hamm, Val Kilmer, Miles Teller, and Glen Powell. The New Yorker’s Anthony Lane writes, “Top Gun: Maverick works. Designed to coax a throng of viewers into a collective and involuntary fist pump, it far outflies the original, while retaining one old-fashioned virtue: the lofty action unfolds against real skies, rather than giant smears of C.G.I.” Review aggregate site Rotten Tomatoes’ Tomatometer gives it a score of 97%.

MTRCB Rating: PG

Blackwater inks top pick Rosser

Brandon Ganuelas-Rosser — PBA IMAGES

By Olmin Leyba

BLACKWATER signed Philippine Basketball Association (PBA) Season 47 top rookie pick Brandon Ganuelas-Rosser to a three-year max deal on Thursday, hopeful of a major turnaround coming off a record 29-game skid last year.

Mr. Rosser, a 6-foot-7 big man who can operate both inside and outside, is tipped to play a key role as the Bossing try to work their way up after a long winless spell over the last two seasons.

“Definitely, with Mr. Rosser and the role players and the chemistry na nabi-build so far (we expect to do better),” said Blackwater coach Ariel Vanguardia, whose team actually goes into the new season riding on a 101-100 win over Magnolia that ended their long-standing losing streak in the Governors’ Cup elims windup.

Mr. Rosser is fresh from a bronze medal feat in the Southeast Asian Games as part of Gilas Pilipinas men’s 3×3 team.

The Bossing have also inked deals with freshmen Mark Dyke and Ato Ular for two years each and trade acquisition Yousef Taha for one to beef up the core of JVee Casio, Baser Amer, Mike Ayonayon, Barkley Ebona Rey Suerte and Rashwan McCarthy.

Terrafirma, meanwhile, signed newbie Javi Gomez de Liaño to a two-year contract. The Dyip acquired the former University of the Philippines standout in a trade with Barangay Ginebra for No. 2 overall Jeremiah Gray.

Phoenix Super LPG formally hired rookie selections Tyler Tio (two years), Encho Serrano (one year), and Chris Lalata (one year), while Rain or Shine continued its youth movement via Gian Mamuyac, Shaun Ildefonso and Jhonard Clarito, who all came in board for two years.

Meanwhile, Meralco welcomed big man Kyle Pascual, who exercised his right to be an unrestricted free agent to bolt the Dyip camp and join the Bolts via a two-year pact.

Action in Asia’s first play-for-pay league gets going again on June 5 with the centerpiece Philippine Cup.

DITO CME losses widen to P3.7B

DITO CME Holdings Corp. saw its attributable net loss for the first quarter of the year widen to P3.67 billion from a loss of P869.22 million in the same period a year ago.

The company’s total revenues surged to P1.33 billion in the first three months of the year from P7.81 million in the same period last year, its first-quarter report showed.

But its non-operating expenses climbed to P3.49 billion from P23.33 million previously.

The company ended 2021 with an attributable net loss of P9.67 billion, higher than the previous year’s loss of P2.63 billion.

“The group’s current liabilities exceeded its current assets by P126.4 billion and P114.0 billion as at March 31, 2022 and Dec. 31, 2021, respectively,” DITO CME said.

“These conditions indicate that a material uncertainty exists that may cast significant doubt on the group’s ability to continue as going concern and, therefore, the group may be unable to realize its assets and discharge its liabilities in the normal course of business. Albeit these conditions, management believes that the group will be able to meet all its outstanding obligations and continue to operate as a going concern,” it added.

The company said that it continues to ramp up its commercial operations through targeted subscriber acquisition and promotional activities aimed at increasing revenue.

On how the company will fund its expenditures related to the construction of its network, it said that it secured commitments from creditors for a project finance loan facility up to $4.1 billion (P209.1 billion), which is expected to be closed within this year.

At the same time, it said that it has remaining credit line facilities from a bridge loan amounting to $200 million (P10.2 billion), which can be drawn any time to address capital expenditures and operating expenses directly related to network build.

“The group has plans to do various fund-raising activities within 2022, which include a follow-on offering at the parent company level, wherein proceeds will be used to fund the group’s telecommunications and digital businesses funding requirements,” it also said.

“Lastly, Udenna and the minority shareholders of DITO Tel are also committed to infuse additional capital in accordance with the schedule of infusion indicated in the investment agreement,” the company added.

DITO CME shares closed 2.42% higher at P4.66 apiece on Thursday. — Arjay L. Balinbin

Alicia Vikander tackles fame and fears in Irma Vep TV series remake

Alicia Vikander in a scene from Irma Vep. — IMDB.COM

CANNES — Oscar-winner Alicia Vikander said her latest leading role allowed her to draw from her own experiences as an actor.

The Swedish actress plays the title role in Irma Vep, a HBO mini-series remake of Olivier Assayas’ 1996 cult film of the same name.

The eight-episode show centers on American movie star Mira, who, hoping to give her blockbuster film career a new direction and recover from a recent breakup, travels to Paris to star in an arthouse remake of the French silent movie Les Vampires. As the film set slowly descends into chaos, so does Mira’s state of mind.

The role was originally played by Hong Kong actor Maggie Cheung, who starred as herself in the 1996 movie.

“I don’t play myself, I play Mira. But in our series she is anxious because her part has already been played by an Asian actress. So I got to meta, meta, meta play that in layers and actually express my own anxiety over remaking something that already a very extraordinary actor has done,” Ms. Vikander told Reuters in Cannes where she launched the series with Mr. Assayas and its cast.

Like the film, the series examines the challenges of film-making and production, and the many, often absurd, aspects of fame.

Scenes show Mira being mobbed by fans as she is chauffeured around for promotional events, fittings and meetings.

“You get to kind of pull back the curtain and get introduced to what this world can look like behind the scenes and the silliness, the craziness, the stress,” said Ms. Vikander of the screenplay written by Mr. Assayas.

“It’s been nice to have someone point out the things that are pretty strange, things that you see all the time but when he puts it down to paper, I’m like, yeah, I know, that’s pretty out there and quite funny.”

Irma Vep, which was presented out of competition at Cannes, debuts on HBO on June 6. — Reuters

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