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Marcos gets pledges in Davos but investment analysts unimpressed

PCO.GOV.PH

By Kyle Aristophere T. Atienza, Reporter

PHILIPPINE President Ferdinand R. Marcos, Jr. has secured investment commitments from at least two foreign companies during his trip to Switzerland, according to the presidential palace.

But investment analysts were unimpressed, saying these commitments were insignificant and could be had without a foreign trip.

New York-based investment firm Morgan Stanley & Co. LLC would set up an office in Manila to support the government’s development agenda, the Presidential Communications Office (PCO) said in a statement on Thursday.

Gokul Laroia, Morgan Stanley chairman for the Asia-Pacific region, made the commitment during a meeting with Mr. Marcos on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland, it said.

He expressed interest in a still unapproved sovereign wealth fund bill that Mr. Marcos pitched in Davos, noting that it could boost investments in the infrastructure sector, according to the palace.

“Investment pledges are always good, but until we actually see these pledges on the ground and start to get implemented, only then can we realize and reap real benefits,” Ruben Carlo O. Asuncion, chief economist at UnionBank of the Philippines, Inc., said in a Viber message.

Mr. Marcos had also secured a commitment from Emirati logistics company DP World, which is already operating in the Philippines, the palace said. The company seeks to set up an industrial park in Clarkfield, Pampanga province north of the Philippine capital.

“We are committed to investing in the Philippines. We’re committed to expand,” Chairman and Chief Executive Officer Sultan Ahmed bin Sulayem had told the president on the sidelines of the Davos conference, Malacañang said. “We’re interested in the Philippines, in industrial parks.”

Mr. Sulayem said DP World, which moves 10% of the global trade and serves at least 69 countries, could add value to the Philippine supply chain, noting that sea transportation is the cheapest means of moving cargo, according to the palace statement.

Outdated ports continue to be a problem for the archipelagic nation.

Mr. Marcos told Mr. Sulayem the government would decide on possible sites for DP World’s expansion.

“If it’s viable and those areas are actually useful for your operation, then that would be something that we can immediately develop,” Mr. Marcos said, adding that he prefers public-private partnerships for infrastructure development.

The Philippines, he added, had been “slowly improving” the ease of doing business for companies. “I say slow because it’s never fast enough, but at least I think we can already see some progress on that.”

Mr. Laroia had told Mr. Marcos private sector participation “automatically happens” when governance issues are addressed. “There’s a lot to work with in the Philippines, as you said, the supply-side dynamics need to improve,” he told the president.

“We’re seeing some evidence of diversification of supply chains, the need to have the infrastructure benefit from that. So all of these can be a vicious cycle,” he said. “We’re opening an office there, we’re trying to work with both the government (and) the private sector. And we will be supporters and we will continue to be.”

Morgan Stanley has been advising clients on transactions, including mergers, acquisitions, restructuring, initial public offerings, share repurchases, debt offers and derivatives, among other services.

‘INVESTMENT OF OTHERS’
Mr. Marcos, 65, arrived in Switzerland on Sunday for the Davos conference, where he pitched the wealth fund — “one tool among many” in the Philippines’ efforts to diversify its financial portfolio. Philippine institutions are pursuing investment that will generate stable returns, he added.

Terry L. Ridon, a public investment analyst, said the commitment from Morgan Stanley to build a Manila office “does not constitute a commitment to undertake foreign direct investment (FDI) in the Philippines.”

“The investment bank’s primary business involves not FDIs but portfolio investments,” he said in a Facebook Messenger chat.

He added that DP World, the logistics company, is “already well-established in the country, operating ports in Manila and Batangas province.”

Mr. Ridon said the president does not need to go to Davos “if only to convince DP World to expand its operations in the country.”

“In the final analysis, the president’s Davos trip should be judged based on the total cost of funding the delegation against actual investment pledges originating from the WEF itself,” he said.

“It is difficult to put a specific number on the value of raising the president’s and the country’s international prestige through Davos, because this can also be done in other more significant and consequential international meetings and conferences,” he added.

Mr. Ridon said Mr. Marcos’ office should have been “more forthright” in presenting the trip as nothing more than a speaking tour to manage public expectations. “The public can see from the trickle of news out of Davos that the trip has essentially been a speaking engagement for the president to promote the country to the world.”

He said foreign investment commitments should have already been perfected by government negotiators before the Philippine leader’s foreign trips, adding that the trips should only serve as a venue for the formal signing of diplomatic or economic agreements.

“In Davos, there has been little word on whether previous arrangements and commitments had already been made with foreign governments or firms.”

Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila University, said “these commitments could be had without going to Davos.”

“Morgan Stanley has offices all over the world including Singapore, Indonesia and Thailand,” he said in a Messenger chat. “It makes money by charging fees on advisory services such as restructuring and mergers and acquisitions. In other words, it makes money not by its forming own investments but from the investment of others.”

The Philippines faces growth risks from elevated inflation, rising borrowing costs and a global recession. The World Bank expects the economy to slow to 5.4% this year from an estimated 7.2% last year.

The government has lowered its growth target this year to 6% to 7% from 6.5%-7.5%. Inflation hit 8.1% in December, the fastest since November 2008.

Philippines cuts EV tariff to zero 

EREN GOLDMAN-UNSPLASH

Philippine President Ferdinand R. Marcos, Jr. has approved zero tariff on electric vehicles  to encourage consumers to use “cleaner and greener” cars. 

The tariff removal will run for five years, according to a copy of Executive Order No. 12 dated Jan. 13 sent by the presidential palace. Electric vehicles will be slapped a 30% tariff after five years. 

Zero tariff would also boost the local electric vehicle market and support the shift to emerging technologies, according to the order. 

“The transportation sector is one of the largest sources of air pollution and energy-related greenhouse gas emissions in the country at 34%,” according to the order signed by Executive Secretary Lucas P. Bersamin. Cars account for 80% of these emissions, it said. 

The National Economic and Development Authority board earlier proposed to cut the Most Favored Nation (MFN) tariff rate to 0% for five years on completely built-up electric vehicles. — Kyle Aristophere T. Atienza 

2022 balance of payment deficit hits record $7.3B

US dollar banknotes are seen in this illustration taken July 17, 2022. — REUTERS

By Keisha B. Ta-asan, Reporter

THE PHILIPPINES posted a $612-million balance of payment (BoP) surplus in December, bringing the full-year level to a record deficit of $7.3 billion.

The full-year gap was a reversal of the $1.3-billion surplus in 2021, the Bangko Sentral ng Pilipinas said in a statement on Thursday.

“This cumulative BoP deficit was due to the widening trade in goods deficit as goods imports continued to surpass goods exports on the back of the increase in international commodity prices and resumption in domestic economic activities,” it said.

Philippines: Balance of payments position

The BoP gives a glimpse into the country’s transactions with the rest of the world. A deficit means more funds left the country, while a surplus shows that more money came in.

Gross international reserves rose to $96.1 billion at the end of December from $95.1 billion a month earlier.

The end-2022 reserves represented “a more than adequate external liquidity buffer” equivalent to 7.3 months’ worth of imports and payments of services and primary income,” the BSP said. The level was 5.9 times the country’s short-term external debt based on original maturity and 3.9 times based on residual maturity.

The central bank attributed the BoP surplus in December, which was lower than the $991-million surplus a year earlier and a turnaround from the $756-million gap a month earlier, to inflows from its net foreign exchange operations and net income from its investments overseas.

The narrower trade deficit and the state’s global bond sale had led to last month’s surplus, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. said in an e-mail.

Merchandise imports slid by 1.9% to $10.78 billion in November from a year earlier, while exports jumped by 13.2% to $7.10 billion, according to data from the local statistics agency.

This brought the trade-in-goods deficit — the difference between exports and imports — to $3.68 billion, narrower than the $4.71-billion shortfall in November 2021.

The 2022 BoP deficit was better than the $11.2-billion deficit estimated by the Philippine central bank.

Based on International Merchandise Trade Statistics (IMTS), the trade deficit for January-November 2022 reached $53.7 billion, up 44.7% from the $37.1-billion deficit posted in the same period last year.

“Aside from inflows from BSP’s operations, the country’s BoP surplus in December was likely helped by a narrower trade deficit as import prices continue to soften,” Domini S. Velasquez, chief economist at China Banking Corp. said in a Viber message.

“Moreover, the pickup in remittances in November and possibly in December added to the inflows,” she said. “The 2022 deficit was much lower than BSP’s latest projection of $11.2 billion, providing some support to the peso by yearend.”

November cash remittances grew by 5.7% to $2.644 billion, the lowest in six months, according to central bank data.

“In 2023, we expect the BoP deficit to continue narrowing due to a lower import bill in terms of prices and demand as economic growth moderates, Ms. Velasquez said. “Moreover, there is some upside opportunity for exports due to China’s reopening.”

The BSP expects a balance of payment deficit of $5.4 billion this year.

Ebe Dancel revisits Sugarfree’s Sa Wakas

SINGER-songwriter and former Sugarfree lead vocalist Ebe Dancel.

20th anniversary concert sticks to the original songs in a school fair themed event

TO write original songs, and play at intimate venues were the alternative rock band Sugarfree’s goals when they began playing music in the 1990s. Their demo album Sa Wakas — which later was launched as their first studio album in 2003 — sparked the band’s rise to fame.

This year, singer-songwriter and former Sugarfree lead vocalist Ebe Dancel celebrates the 20th anniversary of the release of the album with the concert Sa Wakas: 20th Anniversary Celebration on Jan. 28 at the 123 Block, Mandala Park in Mandaluyong City.

“I spoke to Mitch [Singson], who was the former drummer of the Sugarfree because he owns the 123 Block,” Mr. Dancel said of the initial idea for a show.

“So, I mentioned that to him. Tapos sabi niya (And then he said), ‘Yeah, I remembered its [turning] 20. You don’t?’ ‘Sabi ko (I said), ‘Actually, no…Sige (Sure), let’s do a small show here. Tayo-tayo lang (Just us), just to celebrate with especially fans of that album na matagal ko nang hindi nakikita (whom I haven’t seen in a long time),” he said during an online media conference on Jan. 11.

Before the band — composed of Mr. Dancel, Mr. Singson, Jal Taguibao and Carlo “Kaka” Quisimbing — became a big hit, selling albums and playing in big events, they recorded Sa Wakas as just a demo.

“With my lifetime savings, we recorded a demo in a studio — which was far more expensive than the technology we have these days,” Mr. Dancel recalled, adding that back then recording music from your own home was impossible, and the required equipment was only found in a professional studio. After recording, Mr. Dancel personally brought copies of the demo CD to radio stations.

“I’m so blessed that that night I was giving away demos at Freedom Bar, Francis ‘Brew’ Reyes of [radio station] NU107 happened to be there. He had a show called In the Raw where he features independent bands. So, I said, ‘If you like it, you can play it on your show, please’,” he said.

That the songs from Sa Wakas aired on the station, Mr. Dancel said, was an integral part of their success as a band. “They were the first radio station that played [our songs] regularly. Even before the albums was released, our albums were already on NU107’s playlist.”

In 2003, the commercial version of the 12-track album was launched at Freedom Bar. The first two singles, “Telepono” and “Mariposa,” were played in radio stations. In the same year, Sugarfree released their hit song “Burnout.” The band went on to win Best New Artist, Album of the Year, and Best Alternative Recording for “Burnout” at the NU Rock Awards.

After hitting the mainstream, Sugarfree released five albums before disbanding in 2011.

A SCHOOL FAIR THEMED CONCERT
Sa Wakas: 20th Anniversary Celebration is presented by GNN Entertainment Productions and Backspacer Records, in partnership with 123 Block and Balcony Entertainment.

“At the core of Sa Wakas is nostalgia shaped by bittersweet memories and adolescent discoveries,” Ian Urrutia, PR and Marketing Director of GNN Entertainment Productions, said in a statement.

“We want to honor the impact of Sugarfree’s debut album by reliving the simple joys of going to college or university fairs with friends, family, and loved ones. Looking back doesn’t have to be getting stuck in the past. Sometimes, it’s okay to experience the old times with fondness and a different perspective as it gives new meaning to these memories. We’re finding means not to reimagine Sa Wakas, but to celebrate it: a record that feels like a tight embrace at the end of the dark days,” Mr. Urrutia said.

The concert will feature a full-length all-Sugafree set (16 songs) by Ebe Dancel, with the special participation of Mitch Singson. It will also feature guest performances by the Cheats, Johnoy Danao, and The Itchyworms.

“It’s definitely more of reminiscing… Many of the songs, I don’t really perform them anymore. Some of them, I forget the lyrics,” Mr. Dancel admitted. “Promise ko iyun sa Sugarfree fans, just for one night puro old hits iyung tutugtugin ko (It’s my promise to Sugarfree fans that just for one night I will be playing just the old hits).”

Not only will there be live music, but Mandala Park will also be turned into an amusement park with carnival games and rides, arts and crafts booths, food stands, and other immersive activities. Special band merchandise will be sold exclusively at the venue and select Ebe Dancel albums will be available via Backspacer Records.

Mr. Dancel said that it was the producers’ idea to pursue a school fair concept for the concert.

“I think a lot of the fans, una nila akong napanood sa UP Fair (they first saw me perform at the UP Fair). So, I guess, my intention [is] to recreate that vibe [of] when they met me for the first time,” Mr. Dancel said.

Having been in the music industry for more than 20 years, Mr. Dancel says not much has changed. “May nagbago ba? Tumanda lang siguro ako (Did anything change? I guess I just got older),” he joked. “Ganoon pa rin naman ang pananaw ko, na ’yung next show ko might be my last (My perspective remains the same, that my next show might be my last).”

LESSON LEARNED
Mr. Dancel, now a solo artist, said he has learned three valuable lessons throughout his career.

The first is humility, which 46-year-old singer admits he “didn’t have a lot of it when we started out.”

“We went from a band what was largely ignored by labels. Suddenly there was a switch that turned on and we were doing big shows. Personally, I don’t think I was ready for it. Baka wala akong humility noon (I don’t think I had the humility back then) to be grateful and to accept things,” Mr. Dancel explained.

Having worked with members of the Eraserheads, Rivermaya, and National Artist for Music Ryan Cayabyab, among many others, the band has always been told to keep learning. “Don’t stay put. You can’t be happy with just one hit song or one hit album. Go out and talk to people and explore,” he said.

And finally, keep a guitar tuner handy. Bumili kayo ng tuner, importante iyun (Buy a tuner, it’s important),” he said.

For more information on Sa Wakas: 20th Anniversary Celebration, visit bit.ly/sawakas20. — Michelle Anne P. Soliman

Thirty years on, author Neal Stephenson discusses his metaverse vision with Meta

SARA KURIG/UNSPLASH

DAVOS, Switzerland — The author who first envisioned the metaverse 30 years ago sat down on Wednesday with a top executive from the company investing billions in building it and agreed there were formidable hurdles to bringing it to the masses.

Neal Stephenson, who coined the term in his 1992 novel Snowcrash, and Chris Cox, the chief product officer at Meta, laid out an array of engineering breakthroughs needed to allow millions of people to move seamlessly through immersive virtual worlds displayed on head-mounted devices.

“We’re in the very early version, the Xerox PARC era,” said Mr. Cox at a World Economic Forum panel, referring to the company that developed the mouse and other fundamental computer technologies 50 years ago.

“We’ve got a ways to go,” said Mr. Stephenson, who as well as writing science fiction has worked for technology companies including rocket maker Blue Origin. “It’s really just in the last couple of years that everything has come together.”

Mr. Cox, whose company is spending billions of dollars developing software and hardware for the metaverse, said one of the biggest problems is the trade-off between speed and graphics quality.

Virtual environments such as a comedy club, for example, need to support large numbers of user avatars to engagingly simulate the real-world atmospherics of chatter and laughter. But updating those avatars in synchronicity with the movements of their operators limits the processing power available for high-quality graphics.

“We’re trying to figure out if comedy can work,” he said.

A DECADE TO PAY OFF
Meta Chief Executive Mark Zuckerberg has said he expected his metaverse investments to take around a decade to pay off. By that time, Mr. Cox says people will be able to take a walk with friends and family in virtual worlds as readily as they now make video or voice calls.

Meta racked up losses of $9.44 billion at its Reality Labs metaverse unit from January to September last year and is expected to see that number grow significantly in 2023.

That has hammered its shares and contributed to its decision to cut 11,000 jobs.

The ability to move fluidly between experiences in different virtual worlds while retaining clothes and other items associated with an avatar is an issue Mr. Stephenson is trying to address through a company he has founded to develop blockchain applications. He said a key question was whether the metaverse was going to be a decentralized technology built from the bottom up or one created top-down by a single company.

“A more open metaverse is better,” HP Chief Executive Enrique Lores said on the panel. “If someone controls the full metaverse the ability for others to add value is much smaller.” — Reuters

SEC warns on unregistered mining entity

THE Securities and Exchange Commission (SEC) has warned the public not to invest in Oriental Peak Mining as the entity is operating without business registration.

In its review, the regulator found out that the entity has been soliciting investments for its supposed nickel mining operations.

Investors are asked to place their investments online at an amount ranging from P500 to P1 million with a promise of up to 5% daily profit for 60 days or a total earning of 300% in just 60 days.

According to the SEC, the entity’s offer has been modified to a daily profit of 5% for 45 days or total earnings of 225% in 45 days.

The regulator also said that a person named Ranillo Paz, who identifies himself as the entity’s president, offers a 15-day payout where investment will be doubled in 15 days.

The SEC identifies the scheme adopted by the entity as a fraudulent transaction as it involves the solicitation, offering and selling of unregistered securities in the form of an investment contract which violates sections 8, 12 and 28 of the Securities and Regulation Code (SRC).

The commission warned entities and individuals that strict penalties are imposed for violations of the SRC, the Revised Corporation Code of the Philippines and other laws it enforces.

It added that the salesmen, brokers, dealers or agents of Oriental Peak who will convince their clients to invest in their offered scheme may be prosecuted and held criminally liable under the SRC with a maximum fine of P5 million or a penalty of 21 years of imprisonment.

The SEC is asking the public to report any information regarding the solicitation of Oriental Peak and its president to the commission’s Enforcement and Investor Protection Department.

The warning comes after the SEC earlier this week warned the public against the investment-taking activities of Trading Cartel and Lele Gold Farm as the entities are not registered with the regulator.

In its verification, the regulator found out that the people affiliated with Trading Cartel had been promising a return of 5%-10% monthly interest.

The SEC said that since Trading Cartel’s scheme involves the sale of securities, the entity is required to register the securities with the regulator and its agents must also have the appropriate license to sell.

Meanwhile, Lele Gold Farm is a mobile application that offers the public “the luxury of earning while playing the games.” It also uses the names Lele Gold Coin and Gold Farm. — Justine Irish D. Tabile

Paparazzi, ‘blooding’ and a body count: hunting and being hunted dominate Prince Harry’s royally discontented memoir

Book Review
Spare
By Prince Harry, The Duke of Sussex
Penguin Random House

PRINCE Harry’s long-awaited memoir Spare has been published. There’s much to discover in the memoir as a whole, though its key “events” were revealed in the leaked copies that appeared in Spanish bookstores prior to the Jan. 10 official publishing date.

One of those “events” was Harry’s candid discussion with the late queen about his inability to get his father to understand that his and Meghan’s problems with the press are not the same as the way previous royal “wives” have been objectified and maligned.

At the heart of the Meghan coverage, he tells the queen, have been distinct overtones of racism and misogyny. The queen, on learning more details about commentary on social media and in the hate mail the Sussexes are receiving, says she is “appalled.”

Harry’s thoughts about Camilla marrying Charles (good that you’ve met the woman you love, Pa, but don’t marry her, Harry begged) were also an early leak from the book.

Many of the leaks focused on specific incidents, but the memoir, when read as a whole, does offer some more context for the events and dramas — context that Harry has been asking for in his interviews with Colbert and America’s 60 Minutes.

Harry’s memoir, ably shaped by ghost writer J. R. Moehringer, his “collaborator and friend, confessor and sometimes sparring partner,” tells a story of a troubled young man, traumatized by the death of his mother when he was just 12.

He paints a portrait of a man now closer to his 40s, who remains traumatized, angry and anxious — despite assuring us repeatedly he’s in the happiest place he’s ever been — about the residue of his life as the royal “spare” to William’s “heir.” A life where he was harassed and haunted by the British press, whom he believes killed his mother.

Themes of hunting, fighting and death pervade the narrative.

At a young age (probably around 11 or 12) Harry makes his first kill: a rabbit, whose blood the “nanny” Tiggy smears on the young prince’s face in his first act of being “blooded.”

Later, at Balmoral, he stalks and kills a deer and his guide then shoves Harry’s face inside the carcass, where his mouth is filled with blood and guts; while wiping away the deer’s entrails from his face he’s told to “Let it dry, lad! Let it dry!” Harry’s “blood facial” was, Harry insists, “baptismal.”

Fleet Street continues the “blooding.” A soon-to-be infamous Fleet Street editor whom he refers to as Rehabber Kooks (yes, it’s an anagram) sets her sights on Harry, bombarding him with paparazzi coverage and untrue press reports. “She was hunting the Spare, straight out, and making no apologies for it.” The publication “Kooks” had edited, News of the World, was found to have hacked Harry’s phone (after she had left).

While flying an Apache helicopter in Afghanistan, Harry killed 25 members of the Taliban, an admission that has since attracted criticism from some members of the military in the UK. Harry is keen, however, to contextualize his war experience in terms of his military training. He’s not, he insists, bragging about the number of people he’s killed; rather, he wants to ponder and understand his role in war.

Reflecting on one skirmish, a fellow soldier asks Harry, “Did you factor into your feeling that these killers were on motorbikes? The chosen vehicle of paps all over the world? [Harry reflects:] Could I honestly say that, while chasing a pack of motorbikes, not one particle of me was thinking of the pack of motorbikes that chased one Mercedes into a Paris tunnel?”

At different times during their 20s, and once together, Harry and William both recreated the drive through the Alma Tunnel by asking their drivers to drive at the same speed Diana’s car was traveling on the night she died; neither can fathom how a driver could simply crash their car in this short, safely designed tunnel. Something, someone, the brothers believe, distracted the driver — and that “something” were the press on motorbikes.

There will be blood.

Even his asking the Queen’s permission to marry Meghan takes place during a shoot at Sandringham: “I saw Granny [begin] looking for dead birds, while her dogs hunted […] I walked out to the middle of the stubble field […] began helping. While we scanned the ground for dead birds, I tried to engage her in some light chat to loosen her up.”

Harry thinks to pet the hunting dogs, but realizes he has “a dead bird in each hand, their limp necks nestled between my fingers, their glazed eyes rolled all the way back.” Yes, the Queen says, I “suppose” you can marry Meghan.

The connection between the dead, hunted birds and his future wife’s treatment down the barrel of the press’ camera lenses seems lost on Harry: it’s implied rather than stated in the text. I suspect it is Moehringer who picks up the hunter/hunted metaphor circulated at the time of Diana’s death and places it at the core of Spare.

I found myself feeling concern for Harry and Meghan’s rescue chickens housed at their Montecito property, given Harry’s repeated references to his and Meghan’s favorite meal of “roast chicken” and the wholesale slaughter of nearly all things with wings throughout this memoir.

Early in the book Harry describes his poor academic performance during his school years at Ludgrove and Eton. He writes, “Study, concentration, requires an alliance with the mind, and in my teen years I was waging all-out war with mine. I was forever fending off its darkest thoughts, its basest fears — its fondest memories […] I’d found strategies for doing this […] For instance, when I was forced to sit quietly with a book — I freaked out […] At all costs, I avoided sitting quietly with a book.”

Harry then pours out his heart and soul to Moehringer, and we’re left sitting quietly with a book, watching a person rake over his darkest thoughts and basest fears, about the press, the House of Windsor, the press. And just in case we missed it, the media and the press.

And the press.

Life in Britain in the royal goldfish bowl is torture; calm and harmony are found in frequent visits to Botswana. The only time there is any disharmony about Africa is over his and William’s arguments about who “gets” Africa.

“Africa and Invictus, these had long been the causes closest to my heart,” writes Harry — but William insisted that “Africa was his thing.” Why, friends ask them, “can’t you both work on Africa?”

“Willy had a fit […] Because rhinos, elephants, that’s mine! … I let you have veterans, why can’t you let me have African elephants and rhinos?”

Continents, like endangered creatures, wounded veterans, and children with AIDS, are commodities to be fought over in the high-stakes battle to retain public prominence and high moral ground.

Harry and William’s mother, too, is a source of competition for the brothers; William may have inherited his mother’s looks (which Harry at one point notes are fading with age), but Harry is the self-appointed keeper of her soul.

He thinks and behaves like her; he feels her presence on more than one occasion. During a visit to their mother’s grave at Althorp, Harry and William seem to clash about who’s feeling Diana’s presence and guidance the most.

Mummy’s mine!

Leading up to Harry and Meghan’s wedding in 2018, there’s a series of fracas. Beard-gate (William is furious that Harry is allowed to keep his beard for the wedding despite marrying in military uniform: beards are forbidden in the British army, and Harry writes that his brother “ordered” him to shave it off). Tiara-gate (the Queen’s dresser Angela Kelly is obstructive and does not allow Meghan access to her chosen tiara when Meghan needs it for fittings).

There’s Thomas Markle-gate (Meghan’s dad enters into deals with the paps, has a heart attack and then doesn’t come to the wedding). And Bridesmaids’-dresses-gate (Meghan and Kate argue, and cry, and the press fails to mention that Kate made Meghan cry first, or perhaps it was Meghan who made Kate cry first, or something).

Kate’s knuckles turn white in an exchange with Meghan when the Duchess of Sussex refers to Kate’s suffering from “baby brain” at the time of Meghan’s and Harry’s wedding. A frosty Kate reminds her sister-in-law that she does not know her well enough to discuss her hormones. William points his finger at Meghan and tells her she’s rude.

On another occasion, during a heated argument, William (“Willy”) shouts and knocks Harry into a dog bowl. Meghan tries to hug everyone, including Prince Charles, and the royals recoil from such Californian informality.

And the press are really, really nasty.

Really.

Quoting a line by the character Conrade in Shakespeare’s Much Ado About Nothing, whom Harry played in his final term at Eton, Harry writes: “Can you make no use of your discontent?” Harry applies Conrade’s advice to his own life narrative.

Spare offers 407 pages of him airing his discontent in the name of, he says, speaking truth to power about the corrupt relationship between the palace and the press.

The book’s ghost writer — a Pulitzer prize-winning journalist and author of his own memoir — pulls his weight, giving Harry’s commentary a writerly polish. Harry, who claims in the memoir to have never read a book in his life, becomes surprisingly adept with figurative language.

An outback Australian homestead door gives “out a kittenish squeak every time you pulled it open and a loud bang every time you let it fly shut.” The paparazzi are likened to terrorists:

“You could see it in the [paps’] eyes, their body language. They were more emboldened, more radicalized, just as young men in Iraq had been radicalized. Their mullah’s were editors, the same ones who’d vowed to do better after Mummy died.”

He warns Meghan early in their relationship, “We’re going to be hunted. No two ways about it.”

But the press was ruthless in its sexist and racist reporting of Meghan, making Harry “wild with rage. And guilt,” and furious that his royal fame had in turn “infected Meg […] with my contagion.” Images abound of toxicity, disease, “genetic pain and suffering,” a royal institution with blood on its hands for its collusion with the press, and for its failure to protect Harry and his family.

His father’s response to Harry’s trauma is “don’t read [the press coverage], darling boy.” Ignore it. Instead, Harry pores over the tabloid coverage of his life and commentary on social media and rails against being portrayed as the “naughty” one, the “stupid” one. For being, in short, not William.

One suspects that William, Kate, Camilla, and Charles will all heed Charles’ advice to not read popular accounts about the royals’ lives such as Spare. Yet, while they will pretend to ignore Spare, I suspect their advisors and private secretaries will parse every line.

Harry and Meghan may well be off the Christmas card list this year and William may be feeling tempted to release a memoir of his own. (I proffer the suggestion that the title of William’s memoir be titled “Roiling,” pun intended.)

By page 310, Harry’s therapist finally tells him what readers of Spare have already started to suspect by page 26: “Harry, I […] fear that part of you is trapped in 1997 […] there’s the truth.”

“Paps here, paps there, paps everywhere. Groundhog Day.” Ostensibly a comment by Harry about his life during his 20s and 30s, but one that could just as easily be about the reader’s experience of trawling through Spare. — The Conversation via Reuters Connect

 

Giselle Bastin is an Associate Professor of English at Flinders University.

ACEN eyes long-term deals for project in Australia

ACEN Corp. is aiming to bid for long-term energy service agreements in Australia for a pumped hydro project that was chosen to receive funding to undergo feasibility studies.

In a media release on Thursday, the Ayala-led company said studies for its proposed large-scale, long-duration renewable energy storage facility have been progressing with the support of the New South Wales (NSW) government.

“This project has the potential to facilitate more renewable projects in the Central West Orana region and provide valuable firming services in NSW,” said Anton Rohner, chief executive officer of ACEN’s Australia unit.

The project — Phoenix Pumped Hydro — is an 800-megawatt (MW), 12-hour pumped hydro project. It will enable dispatchable energy generators to complement renewable energy projects, “providing energy when the sun isn’t shining and when the wind isn’t blowing,” ACEN said.

If found feasible and constructed, it will offer energy storage solutions to support nearby wind and solar assets, the company added.

Mr. Rohner said Phoenix Pumped Hydro will be bidding for long-term contracts for long-duration storage under Australia’s Electricity Infrastructure Investment Safeguard.

“Our focus is on ensuring that we develop a project that offers the right mix of benefits and opportunities for the region and the State of NSW. We’ll be calling for inputs from community and stakeholders soon to help shape the project,” he said.

ACEN said that should Phoenix Pumped Hydro be found viable, it is expected to start construction in 2025 and be operational before 2030. It added that the project is aligned with the NSW government’s target of at least 2 gigawatts (GW) of new long-duration storage by 2030.

The project has been chosen via a competitive selection process to receive feasibility funding to determine “if it can support NSW energy security, help replace retiring coal-fired generation capacity, and support the achievement” of the NSW government’s renewable energy objectives outlined in its electricity strategy, ACEN said.

The project is being supported through a 7-million Australian dollars in feasibility study funding by EnergyCo under its pumped hydro recoverable grants program, it added.

“These funds will help deliver the valuable renewable energy firming capacity needed and we commend the NSW government for supporting such exceptional technologies,” said Patrice R. Clausse, chief executive officer of ACEN International, adding that the project is part of ACEN’s target to deliver 20 GW of renewables by 2030.

ACEN Australia is said to have more than 1.5 GW of projects in the pipeline, under construction, or at an advanced stage of development.

In a separate disclosure on Thursday, ACEN said that its directors approved at a special board meeting held on Wednesday the memorandum of agreement with its unit North Luzon Renewable Energy Corp. for a conservation estate program.

According to ACEN’s website, the North Luzon wind farm is its largest wind farm in the Philippines with an installed capacity of 81 MW.

The energy firm’s board also approved the investment for and construction of an access road and transmission line for subsidiaries Gigasol1, Inc. and SolarAce2 Energy Corp. for a solar power plant project to be developed in Botolan, Zambales.

At the local bourse, shares in the company rose by 21 centavos or 3.04% to end at P7.11 apiece. — Ashley Erika O. Jose

Entertainment News (01/20/23)

(FROM left) Jarlo Bâse, Barbie Almalbis, Pochoy Labog and Mark Escueta

Parokya ni Edgar’s Gab Chee Kee ill

PAROKYA ni Edgar’s Chito Miranda released an update on his fellow bandmate, Gabriel Chee Kee’s health, saying in a public Facebook post that he had been diagnosed with lymphoma late last year and has been undergoing chemotherapy. Complications have led to pneumonia, and the singer has been intubated in the ICU for the past week. “He was financially prepared naman for the chemotherapy,” said Mr. Miranda in the post, “but now, his family needs help with the overwhelming hospital bills.” He announced that Parokya ni Edgar “and our friends in the music scene will be doing a series of fundraising gigs to help Gab out… most of which won’t even be announced as fundraisers,” and went on to thank Ebe Dancel, Kamikazee, Gloc9, Shanti Dope, Flow G, Gracenote, December Avenue, POT, Moonstar, and Moira. Chee Kee, he said, had been performing even while undergoing chemotherapy until his doctors told him to stop. “Gab is the heart of the band, and it doesn’t feel like Parokya kung wala siya (if he is not there),” wrote Mr. Miranda. Mr. Miranda provided bank account numbers, Paypal, and Gcash information for donations in the post.


Stars team up on powerhouse track

ALT-ROCK icon Barbie Almalbis, Rivermaya lead singer/drummer Mark Escueta, Dicta License vocalist Pochoy Labog, and singer-songwriter/producer Jarlo Bâse have collaborated on a soulful track released under Waterwalk Records, “Piraso.” The song tackles a journey that all four artists have personally experienced in recent years. The song not only articulates the collective frustrations and sacrifices that people have to go through in order to cope with depression caused by the pandemic, but also reveals how faith has become a source of comfort and strength during trying times.


UP Concert Chorus marks 60 years with a concert 

THE UNIVERSITY of the Philippines Concert Chorus (UPCC), one of the university’s official performing groups, celebrates its 60th anniversary with a concert titled Sama-Sama Together, to be held on Feb. 4, 5 p.m., at the UP Theater in Diliman, Quezon City. The concert will feature different UPCC batches from the 1960s to the present performing songs and choreography of various musical genres including liturgical music, classical, opera, Filipino folk, Broadway, and pop. “From Thompson to Fettke, from Abelardo to Lucio San Pedro to John Lennon, from VST to APO Hiking Society, from Gary Valenciano to Itchyworms, from Nonong Pedero to Willy Cruz to Ryan Cayabyab… we are going sing these songs. The concert is going to be a musical extravaganza to remember 60 years by,” said Noriz D. Castillo, chairperson of the UPCC 60th Anniversary Concert Committee, in a statement. Three conductors who all UPCC alumni, will be leading the grand Anniversary Chorus: Joel Navarro, Ed Manguiat, and current UPCC artistic director Jai Sabas-Aracama. Whitelight Events Agency CEO and Creative Director Rico Mortel, also a UPCC alumnus, will be directing the show. Concert proceeds will go to the Dean Rey T. Paguio Scholarship Fund. For ticket details and inquires, contact Lowell Reyes at 0922-805-0471.


Netflix confirms part 2 of The Glory

NETFLIX has confirmed that the second part of its Korean series, The Glory, which follows a woman with a broken soul who dedicates her life to a meticulous web of vengeance for her childhood nightmare, is set for release on March 10. Following its release on Dec. 30, 2022, Part 1 of The Glory recorded 148 million hours watched, ranking within the Netflix top 10 charts three weeks in a row, and staying in the top 10 list of 34 countries on Netflix’s Top 10 Non-English TV list. In a statement, series director An Gil-ho said of Part 2: “The fight between Dong-eun and Yeon-jin really takes off and the perpetrators dynamically meet their end. You won’t be able to take your eyes off of the screen. All elements of the story will now come full circle.” The Glory Part 1 is currently available on Netflix. 


Universal Records PH launching online mini-series

UNIVERSAL Records PH recently produced its first online mini-series which is set to launch in February. It is a love story, Pag-ibig Na Kaya, led by the real-life couple Julie Anne San Jose and Rayver Cruz, written by JP Lopez and directed by Niq Ablao. Korean actor Kim Won-Shik is set to guest star in the miniseries. The actor is known for his roles in hit K-Drama series True Beauty, and the Netflix fantasy-romance Netflix series Alchemy of Souls. Won-Shik is the latest addition to the growing Universal Records Philippines’ managed artists. Mr. Kim speaks Filipino since he studied in the country for six and a half years. For updates visit the Universal Records Philippines’ official YouTube channel.


Darna cast attends Dinagyang Festival

THE CAST of the latest version of Darna is set to join Iloilo’s Dinagyang Festival on Jan. 22, 4 p.m. at Vista Mall Iloilo. The hit primetime series, Mars Ravelo’s Darna, stars Jane De Leon in the dual role of the mortal Narda and the superhero Darna. Darna, which airs weeknights on the Kapamilya Channel, Kapamilya Online Live, CineMo, A2Z, and TV5, has also generated content on TikTok, with 2.3 billion combined views in 2022. The ABS-CBN series is also available on iWantTFC, and TFC.


Mimi Webb releases new single

BRITISH singer and songwriter Mimi Webb has released her latest pop song, “Red Flags,” from her forthcoming debut album Amelia, set for release on March 3 via EPIC Records.  Amelia, will feature 12 tracks including her hit “House On Fire,” and latest single, “Ghost of You.” The album is titled after her full first name, Amelia. Amelia is available for pre-order now. In just two years the breakout artist has racked up over 852 million global streams, and multiple hit tracks including “House on Fire” and “Good Without.” She has performed at the Queen’s Platinum Jubilee in London, festivals such as Capital FM’s Summertime Ball, Isle of Wight Festival, and Montreux Jazz Festival, and on The Tonight Show Starring Jimmy Fallon and Ellen.


Coachella live stream returns on YouTube

THE 2023 COACHELLA Valley Music and Arts Festival will stream live exclusively on YouTube with the renewal of the partnership between YouTube and producer Goldenvoice. The festival will be held on April 14-16, and 21-23 at the Empire Polo Club in Indio, California, USA. “It’s an absolute honor to continue our partnership with Goldenvoice to bring the magic of Coachella to music fans around the world,” said Lyor Cohen, Global Head of Music at YouTube. “Our shared passion for innovation and connecting artists with their fans through multiple formats is the foundation of this decade-plus partnership. Coachella reminds us of what’s fun and special about YouTube and every year leaves us more inspired for the next.” YouTube has been the livestream partner of Coachella for the last 11 years. The latest partnership gives YouTube exclusive live streaming rights until 2026. The 11th edition of the music festival will see performances from K-Pop group BLACKPINK, Bad Bunny, and Frank Ocean among other headliners the two-week festival. Paul Tollett, Goldenvoice President said, “The 2023 lineup sees performers from Brazil, France, Iceland, India, Jamaica, Nigeria, Puerto Rico, South Korea, Spain, and beyond, and bringing international fans closer to their hometown artists is important to our team.” Beyond the livestream, Coachella taps into YouTube’s suite of multi-format features, giving fans a closer look at what’s happening on the ground through YouTube Shorts, and making it possible to relive the experience with on-demand performance videos after the show.

Income of listed universities grows as enrollment rises

CENTRO Escolar University (CEU) and Far Eastern University, Inc. (FEU) posted higher attributable net income in the second quarter after booking higher enrollment numbers, boosting revenues from tuition fees.

The fiscal year of both universities starts in June and ends in May of the following year.

In the three months that ended in November, CEU’s attributable net income grew by 43.43% to P152.01 million from P105.98 million in the same quarter a year earlier.

The company’s topline grew by 36.03% to P568.56 million in the second quarter from P417.95 million previously. The increase was on the back of a 35.14% growth in its revenues from tuition and other school fees to P563.2 million.

Along with the increase in its revenue, CEU also posted higher expenses in the quarter to P416.55 million, up by 33.52% from P311.97 million in 2021.

For the first semester, CEU’s net income grew by almost nine times to P224.46 million from P25.08 million last year. Its topline also went up by 49.7% to P981 million from P655.22 million.

Meanwhile, FEU’s second-quarter attributable income grew by 15.07% to P707.35 million from P614.72 million in the same quarter in 2021.

The university’s topline rose to P1.46 billion, up by 24.12% from P1.18 billion previously, after booking 25.9% higher revenues from tuition fees to P1.43 billion during the quarter.

FEU’s operating expenses likewise rose to P847.21 million, 34.59% higher than the P629.46 million it booked a year earlier.

For the six months ending in November, FEU’s attributable income reached P613.36 million, 6.79% higher than the P574.36 million it posted in the same semester in 2021.

FEU’s revenues rose by 19.02% to P1.87 billion in the first six months of its fiscal year from P1.57 billion in the prior year.

On the stock market on Thursday, shares in CEU climbed by 25 centavos or 3.87% to P6.54, while shares in FEU closed unchanged at P530.50 each. — Justine Irish D. Tabile

Stuff to do (01/20/23)


Shanghai Nights at The Pen

SHANGHAI NIGHTS: From Madame Ning with Love (A Chinese New Year Celebration with Desire, Danger, and Dance) will be held on Jan. 20, 8 p.m., at The Peninsula Manila’s Salon de Ning. The evening will feature the improv group SPIT in an immersive two-hour melodrama featuring a love triangle, set in 1920s Shanghai on the eve of Chinese New Year. The audience will help decide the fate of lovers to the tune of the music of the Jazz Age, as they sip on cocktails and have their fortunes told. The evening’s festivities cost P888 (inclusive of taxes and one drink). For inquiries and reservations call 8887-2888 local 6694.


Art conversations at The M

THE M presents “M Conversations with Phantasmapolis x Manila: Select Works from the 2021 Asian Art Biennial,” an on-site conversation between Filipino artists Catalina Africa, Mark Salvatus, Alvin Zafra, and curator Tessa Maria Guazon on Jan. 21, 2:30 p.m. at the Metropolitan Museum of Manila in Bonifacio Global City. The active practitioners in the local arts scene will explore the possibilities of working together on the shared theme of the future “by articulating spaces and temporalities through the language and methodologies of contemporary art.” To attend, register at https://www.facebook.com/events/666843771902942/?acontext=%7B%22ref%22%3A%2252%22%2C%22action_history%22%3A%22[%7B%5C%22surface%5C%22%3A%5C%22share_link%5C%22%2C%5C%22mechanism%5C%22%3A%5C%22share_link%5C%22%2C%5C%22extra_data%5C%22%3A%7B%5C%22invite_link_id%5C%22%3A1169425693693946%7D%7D]%22%7D. The M is located at the MK Tan Centre, 30th St., Bonifacio Global City in Taguig.


Lunar New Year 2023 with Google

GOOGLE celebrates the Year of the Rabbit with doodles, augmented reality, and more. One can snap a photo with this year’s zodiac animal when searching “Lunar New Year” or other related keywords on a mobile device, and the results page will also show a 3D model of a rabbit. Through the power of augmented reality, the user can also take a photo with the rabbit in their actual surroundings. Throw a Puzzle Party using Google Arts & Culture and have activities and games that everyone can do together. Up to 50 people at once can try the Puzzle Party: Lunar New Year Edition on Google Arts & Culture. Players can complete digital puzzles that feature Lunar New Year artworks made by a wide roster of Asian artists. Notable Lunar New Year artworks include Lunar New Year in Chinatown by Alan Ohashi, Together Apart Together: A Tray of the Asian Diaspora by Emily B. Yang, Still Life with Cut Apple and Orange by Georgette Chen, Art (APAHM 2022) by Loe Lee, and New Year’s Market in a Time of Peace-6 of 9 by Ding Guanpeng. Thirdly, Google users learn how to cook staple Lunar New Year dishes. Search for the recipes of Lunar New Year favorites such as pancit and lumpiang shanghai, just to name a few, and cook a feast for friends and family.


Century City Mall celebrates Chinese New Year

CENTURY City Mall welcomes the Year of the Rabbit with special events and promos. Witness Philippine Tong Sun’s traditional Lion & Dragon Dance performance on Jan. 22, 4 p.m., and get new duds for the new year as mall brands go on sale from Jan. 22-31. The Lunar Fortunes and Flavors Festival, a special bazaar filled with snacks, delicacies, and trinkets, is ongoing until Jan. 25. Century City Mall is filled with restaurants to mark the occasion. Ho-Land, an established name in the world of hopia, offers Chinese pastries and snacks. Vina Trang’s spring rolls are at 10% off from Jan. 22 to 31, and Saigon Bistro customers get to enjoy a free Café Sua Da when they dine in on Jan. 21. Mann Hann wishes diners long life with their signature pancit, a staple in celebrations in Filipino and Chinese households alike. Test your luck with the Century City Mall Lucky Draw. Mallgoers just need to present their receipts dated Jan. 22-31 from any store in the mall and they automatically get the chance to win. Two shoppers will win a P2,000 pass from Anytime Fitness. The raffle draw will be held on Jan. 31, 5 p.m., at the Century City Mall Level 1 Concierge. No minimum purchase is required. Century City Mall is located at Century City, Kalayaan Ave. corner Salamanca St., Makati City.

Globe: Subsea cable project set for April completion

GLOBE Telecom, Inc. said its $150-million domestic submarine cable network project is on track for completion in April this year.

The project, which is being undertaken by Globe, Eastern Communications Philippines, Inc., and InfiniVAN, Inc., is seen to provide equitable and reliable connectivity across the country, including unserved and underserved areas.

The project has a total cable distance of 2,500 kilometers, and it will soon kick off landing cables in nine remaining segments that cover 13 sites, Globe said in an e-mailed statement on Thursday.

The sites include Calatrava, Romblon; Pasacao, Camarines Sur; Bulan, Sorsogon; Calbayog City, Samar; Palanas, Masbate; Mactan, Cebu; Maasin City, Leyte; Claver, Surigao del Norte; Kinoguitan, Misamis Oriental; Camiguin; Dipolog, Zamboanga del Norte; Liloy, Zamboanga del Norte; and Zamboanga City, Zamboanga del Sur.

Globe said the project kicked off in Subic Bay, Zambales in July last year, and it recently completed 15 segments across the country.

“We are committed to supporting the government’s initiatives towards innovation, e-governance, and greater digital adoption among Filipinos through our investments in [the submarine cable network project] and other network infrastructure,” said Globe President and Chief Executive Officer Ernest L. Cu.

According to Globe, the submarine cable network project is part of its network expansion efforts.

It aligns with the company’s “commitment to improving infrastructure and fostering innovation towards development under the United Nations Sustainable Development Goals,” Globe said.

“As the project nears completion, Globe is shifting its focus towards capital efficiency and optimization, with plans to reduce its capital expenditures budget to $1.3 billion in 2023 and $1 billion in 2024 from approximately $1.9 billion in 2022,” the company added.

The telco also said that its move aims to optimize spending in the next few years by maximizing the utilization of fiber assets and taking advantage of arrangements with tower companies to boost tower construction. — Arjay L. Balinbin

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