MMFF summer edition set for April

January 17, 2023 | 12:02 am

THE METRO Manila Film Festival (MMFF), traditionally held during the Christmas holidays, will now have a second summer edition. The Metro Manila Summer Film Festival is slated for April, and is a partnership between the Metropolitan Manila Development Authority (MMDA), the government agency which runs the festival, and the Cinema Exhibitors Association of the Philippines (CEAP).

This was announced by Romando Artes, Metropolitan Manila Development Authority (MMDA) and MMFF Over-all Chairman in a press release.

“We will release the deadline of submission of entries as early as we can so that interested producers and filmmakers may be guided accordingly,” said Mr. Artes.

The Parade of Stars for the MMFF Summer Edition will be held on April 1, while the Awards Night will take place on April 11.

The summer film festival will run for an 11-day period, from April 8 (Black Saturday) to April 18, in cinemas nationwide.

“Rest assured that the MMFF will exert all efforts by encouraging our stakeholders, especially the local entertainment industry, to create quality films. I urge each and every one of you to patronize Filipino films,” Mr. Artes said.

TARGET REACHED
Last week the MMFF announced that it had reached its P500 million target gross sales for last December’s edition.

“We are delighted to announce that we were able to reach our target gross sales amounting to ₱500 million considering that we are still recovering from the impacts of the COVID-19 pandemic. Indeed, the 2022 MMFF is a certified box-office hit,” Mr. Artes was quoted as saying in a press release.

With the theme “Balik Saya,” eight films were shown in cinemas nationwide from Dec. 25, 2022 up to Jan. 7, 2023.

The four top films based on the gross sales receipts are Deleter, Family Matters, Labyu with an Accent, and Partners in Crime. The MMDA, however, did not disclose official figures of earnings.

Mikhail Red’s Deleter won seven awards in the festival’s Gabi ng Parangal including Best Picture and Best Director. Meanwhile, Nuel Naval’s Family Matters won the Gatpuno Antonio J. Villegas Cultural Award.

An online edition of the festival was held in 2020 and earned less than P50 million. In comparison, the 2019 on-site edition took in P995 million. No official earnings figures were announced for 2021 when the film festival returned to physical screenings in selected movie theaters nationwide. The MMFF’s box office record was set in 2018 when it earned P1.060 billion. — MAPS

Philippines at ‘high’ risk for humanitarian crises and disasters

January 17, 2023 | 12:02 am

The Philippines ranked 34th out of 191 countries, with a risk score of 5.2 (out of 10) in the INFORM Risk Index 2023 by the European Commission’s Disaster Risk Management Knowledge Center.

City & Land to launch 40-storey project in Malate

January 17, 2023 | 12:02 am

LISTED company City & Land Developers, Inc. announced on Monday that it will be launching a residential project next month in Manila.

In a disclosure to the Philippine Stock Exchange, City & Land said that the project will be called One Hidalgo.

The 40-storey condominium will rise along Pilar Hidalgo Lim corner General Malvar streets in Malate, Manila.

“The launching date is scheduled on February 9, 2023,” said City & Land.

In August last year, the company through its parent announced its intent to build One Hidalgo and 40-storey Bonifacio Place in Barangka Itaas, Mandaluyong City.

City & Land, a subsidiary of Cityland Development Corp., acquires and develops land for residential, office, commercial, institutional, and industrial use.

Its projects include Pacific Regency in Malate, Manila; Grand Emerald Tower in Ortigas Center, Pasig; Manila Residences in Veterans Village, Quezon City; and One Taft Residences in Malate, Manila.

On the stock market on Monday, shares in the company rose by four centavos or 4.94% to P0.85 each. — Justine Irish D. Tabile

Princess in villa with unique Caravaggio faces eviction

January 17, 2023 | 12:01 am

ROME — A US-born princess who lives in a Roman villa featuring the world’s only known mural by Italian baroque artist Caravaggio said on Friday she faced eviction from the unique property at the center of a raging inheritance battle.

A court in Rome served an eviction notice to Princess Rita Jenrette Boncompagni Ludovisi after part of an outside wall of the residence, known as Casino dell’Aurora, collapsed, forcing the closure of a nearby street.

Princess Boncompagni Ludovisi told Reuters she had been given 60 days to vacate the property, saying was “stunned” by the decision and would definitely appeal.

She adding that she believed the court’s decision had been influenced by the fact she had offered unauthorized paying tours of the mansion, which is under court oversight as part of a judicial process to sell it at auction.

She said the tours were organized to raise money for maintenance.

The Casino dell’Aurora was put under the hammer in January 2022, with a minimum bidding price of around €350 million ($380 million), making it potentially one of the most expensive homes in the world.

That auction attracted no bids, and the four that followed also failed, despite a progressively lower asking price. A fifth auction closed on Thursday with a minimum bidding price of €108.5 million.

Princess Boncompagni Ludovisi, a former actress, Playboy model, ex-wife of a US congressman and New York real estate broker, married the late Prince Nicolo Boncompagni Ludovisi, scion of one of Europe’s most aristocratic families, in 2009.

Following the prince’s death in 2018, she has been locked in an inheritance feud with her three stepsons that is meant to be resolved with the sale of the 2,800-square meter villa that has been her home.

Its 2.75-meter-wide Caravaggio painted ceiling, commissioned in 1597 and valued at €310 million, depicts an allegorical scene with the gods Jupiter, Neptune and Pluto representing the transformation of lead into gold. — Reuters

Metro Retail Stores Group, Inc. to hold special stockholders’ meeting on Feb. 7 via remote communication

January 17, 2023 | 12:01 am

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Overseas Filipinos’ cash remittances (Nov. 2022)

January 17, 2023 | 12:01 am

MONEY SENT HOME by overseas Filipino workers (OFWs) in November grew by 5.7% to $2.644 billion, the lowest amount in six months, data from the Bangko Sentral ng Pilipinas (BSP) showed. Read the full story.

NY court junks motion to dismiss case versus RCBC over $81-M heist

January 17, 2023 | 12:01 am

THE SUPREME COURT of the State of New York (NY) on Saturday denied Rizal Commercial Banking Corp.’s (RCBC) motion to dismiss the case filed by the Bangladesh Bank related to the $81-million cyber heist in 2016 over jurisdictional matters.

The ruling only resolved jurisdictional issues on whether the case will be held in New York or in the Philippines as the witnesses and evidence involved in the case are from here, RCBC said in a disclosure to the local bourse on Monday.

“Without ruling on the merits, the Court confirmed its jurisdiction over RCBC and the individual defendants. It also exercised its discretion to find that New York is a convenient forum to try the case,” the bank said.

RCBC said the ruling is “not a decision on the merits of the case and is not in any way a finding of liability on the part of RCBC or any of the individual defendants.”

“The New York Court also directed the parties to mediate the dispute,” it added.

The listed lender said it will “continue to defend the case vigorously and is considering all options, including the possibility of an appeal against the denial of the motion to dismiss.”

“[What] remains unexplained until today, more than six years after this incident in February 2016, is what actually happened within the walls of Bangladesh Bank. It has not released any report of the incident and has repeatedly pointed fingers at other parties instead of revealing what truly occurred within the confines of their offices and people they control,” RCBC added.

Bangladesh Bank’s case was filed before the Supreme Court of the State of New York in May 2020.

This followed the decision of the Federal Court of New York to dismiss a lawsuit filed by Bangladesh Bank on the 2016 incident.

The dismissed case was filed by Bangladesh Bank to seek compensation for the $81 million it allegedly lost to North Korean hackers who sent multiple remittance orders out of the central bank’s account with the Federal Reserve Bank of New York.

These funds were allegedly remitted to accounts in RCBC and were also said to have been channeled into local casinos through gambling.

In 2016, RCBC was slapped with a record P1-billion fine by the Bangko Sentral ng Pilipinas for lapses that led to the incident. It was able to pay the penalty in 2017.

The lender’s net income increased by 95% year on year to P3.9 billion in the third quarter of 2022.

This brought the RCBC’s consolidated net profit for the first nine months of 2022 to P10 billion, surging by 88% from the year prior.

RCBC’s shares went down by 60 centavos or 2.65% to close at P22 apiece on Monday. — AMCS

Entertainment News (01/17/23)

January 17, 2023 | 12:01 am

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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.

Duty Free Philippines holds 3-day sale

DUTY Free Philippines (DFP) welcomes the Year of the Water Rabbit with the “Chinese New Year Jan-Pack Sale” on Jan. 21-23. International travelers, — balikbayans, overseas Filipino workers (OFWs), and foreign tourists — can take advantage of deals as participating brands will offer discounts of as much as 20% on selected items. The sale will run on Jan. 21 at DFP’s downtown Fiestamall store in Parañaque City and on Jan. 22-23 at Luxe Duty Free in Pasay City. Traditional lion and dragon dances will be held be on Jan. 23 at both the Fiestamall and Luxe Duty Free stores. There will also be a Chinese Wishing Ceremony officiated by Feng Shui master Patrick Lim Hernandez at Luxe Duty Free where shoppers can join and offer their New Year wishes.

Bautista celebrates 20 years

SINGER Christian Bautista celebrates his 20^th year in showbiz with an anniversary concert, The Way You Look at Me, on Jan. 28 at the Samsung Performing Arts Theater in Circuit Makati. The show includes guest performances from The CompanY, Julie Anne San Jose, Sam Concepcion, and Morissette Amon. For tickets, visit https://bit.ly/TWYLAMtickets. For more information, visit https://www.facebook.com/stagestalents/.

February concerts at Newport

NOSTALGIA reigns in the Newport Performing Arts Theater in February as several concerts feature music from the 1970s to the ’90s. Three of the biggest heartthrobs from the 1970s — Christopher De Leon, Tirso Cruz III, and Edgar “Bobot” Mortiz — will perform in Some Kind of Valentine, a two-night Vegas casino-style spectacle showcasing the trio’s flair for humor, wit, and comic frolic. Lovi Poe will join them onstage for the pre-Valentine concert at Newport Performing Arts Theater on Feb. 3 and 4. On Feb. 11, the theater will be the venue for The Music of Love, a sentimental concert featuring Richard Poon, Kyla, and Sitti. Finally, on Feb. 14 and 15, Gary Valenciano will ignite the stage with his music and passion in the Gary V: Re-energized Manila concert. His special guests will be pop-rock princess Yeng Constantino and his daughter and award-winning songwriter Kiana Valenciano. Tickets to Some Kind of Valentine are now available at all TicketWorld and SM Tickets outlets, with prices ranging from P1,500 to P8,000. Tickets to Gary V: Reenergized are also available at all TicketWorld and SM Tickets outlets, with prices ranging from P1,800 to P9,800. For inquiries, contact the Newport World Resorts National Sales Team via 0917-658-9378, 0917-872-8309, and 0917-872-8734, or call Ticketworld (8891-9999), or SM Tickets (8470-2222).

Your Place or Mine on Netflix

REESE Witherspoon and Ashton Kutcher star in Your Place or Mine, which debuts on Netflix on Feb. 10. They play Debbie and Peter, who are best friends and total opposites. She craves routine with her son in LA, he thrives on change in New York. When they swap houses and lives for a week, they discover what they think they want might not be what they really need.

Miley Cyrus releases new single

MULTI-platinum selling recording artist and songwriter Miley Cyrus has released “Flowers,” the first single from her forthcoming 8^th studio album, Endless Summer Vacation. The track finds Miley opining on self-love and courage. The song comes with a fashion-forward video , created by Cyrus and directed by Jacob Bixenman, with Stephen Galloway serving as creative movement director. Endless Summer Vacation will be available globally on both digital and at physical retailers on March 10. Fans can pre-order multiple physical configurations on shop.mileycyrus.com.

New release from Jason Marvin

FILIPINO singer-songwriter Jason Marvin starts 2023 with the release of his new single, “Oras.” Brimming with lush, gentle arrangements and laid-back vocals, the piano-driven ballad finds the Cornerstone Entertainment artist traveling back in time to amend a romantic relationship. It also touches on the idea of admitting one’s mistakes and using them as motivation to become a better person. “Oras” is available on all digital music platforms worldwide via Sony Music Philippines.

MAP names Du-Baladad president for 2023

January 17, 2023 | 12:01 am

THE Management Association of the Philippines (MAP) has elected Benedicta Du-Baladad as its president for 2023.

In a statement on Monday, it said Ms. Du-Baladad, the group’s 75th president, is the founding partner and chief executive officer of the Du-Baladad and Associates (BDB) law firm.

She replaces former Public Works and Highways Secretary Rogelio L. Singson, who served as MAP president from July 1 to Dec. 31, 2022 after former MAP president Alfredo E. Pascual was appointed Trade secretary under the Marcos administration.

Ms. Du-Baladad is an accountant and lawyer with a joint degree — Masters of Law and International Tax Program at Harvard University.

“Her experience, expertise, determination, and strong will, all contributed to making BDB Law one of the leading tax and corporate law firms today leading to its consistent recognition as an outstanding tax law firm by international ranking bodies, including the Chambers and Partners, International Tax Review, Legal 500 and Asia Legal Business,” the association said.

Ms. Du-Baladad served as president of the Financial Executives Institute of the Philippines (FINEX) in 2017 and was the co-chairperson of the Capital Market Development Council from 2019 to 2022.

She was an official of the Bureau of Internal Revenue (BIR), where she served various roles in operations, policy formulation, and legal. She moved to the private sector in 2001 and became the president of the Tax Management Association of the Philippines.

“These valuable insights into both the public and private sectors and her notable objective thinking are attributes that serve her well in her role as a consultant of the government on various projects, including those on tax reforms, pension reforms and capital market development initiatives,” the MAP said.

Currently, Ms. Du-Baladad serves as a director for various firms and non-governmental organizations such as Asia Pacific director for WTS Global (Netherlands), vice chair of Bank of Commerce, and trustee of the Philippine Chamber of Commerce and Industry, Institute of Corporate Directors, and Women Business Council of the Philippines. — Revin Mikhael D. Ochave

How PSEi member stocks performed — January 16, 2023

January 17, 2023 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Monday, January 16, 2023.

Peso rises to new six-month high vs dollar

January 16, 2023 | 9:00 pm

THE PESO posted a fresh six-month high against the dollar on Monday as easing US inflation in December 2022 fanned hopes of smaller rate hikes from the US Federal Reserve as early as this month.

The local currency closed at P54.575 versus the greenback on Monday, climbing by 31.50 centavos from Friday’s P54.89 finish, data from the Bankers Association of the Philippines showed.

This is the peso’s best close since it finished at P54.47 on June 22, 2022.

The peso opened Monday’s trading session at P54.90 per dollar, which was already its weakest showing for the day. Its intraday best was at P54.475 against the greenback.

Dollars traded went down to $1.27 billion from $1.37 billion on Friday.

A trader said in an e-mail that the peso strengthened on expectations that the Fed would hike rates by just 25 basis points (bps) in its first policy meeting for the year to be held on Jan. 31 to Feb. 1.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort likewise said in a Viber message that the peso was supported by latest US consumer inflation data that bolstered hopes of slower tightening by the Fed,

The US central last month hiked its federal funds rate by just 50 bps to a 4.25%-4.5% range following four straight 75-bp increases. This brought cumulative hikes for 2022 to 425 bps.

The US consumer price index (CPI) slipped by 0.1% last month, the first decline since May 2020 and coming from a 0.1% rise in November.

On an annual basis, the CPI increased 6.5%, easing from the 7.1% print seen in November 2022.

The dollar is already at its lowest since May at 127.22 yen, having shed 3.2% last week, and threatens to break major support around 126.37, Reuters reported.

The euro also lost 1.5% on the yen last week, but was aided by gains on a broadly softer dollar, which saw it reach a fresh nine-month peak of $1.0872 on Monday.

All of which saw the US dollar index ease to its lowest since June at 101.780.

For Tuesday, the trader said the peso could weaken against the dollar on expectations of weak Chinese gross domestic product (GDP) data that could fuel recession fears.

The trader sees the peso moving between P54.45 and P54.70 versus the greenback on Tuesday, while Mr. Ricafort gave a forecast range of P54.45 to P54.65. — AMCS with Reuters

PSEi surges to 7,000 level on Fed policy hopes

January 16, 2023 | 9:00 pm

EEI--PSE---BW-FILE-PHOTO — BW FILE PHOTO

PHILIPPINE SHARES climbed on Monday amid Wall Street’s rise last week and a stronger peso amid expectations of smaller rate hikes from the US Federal Reserve.

The 30-member Philippine Stock Exchange index (PSEi) went up by 93.94 points or 1.35% to 7,045.48 on Monday, while the broader all shares index rose by 37.53 points or 1.03% to end at 3,675.15.

This was the first time the PSEi closed at the 7,000 level since April 25, 2022. It was also its best finish since the 7,061.49 close recorded on April 21, 2022.

“The uplift in the market was provided by US shares closing at the highest in a month, with the S&P 500 ending within a whisker of 4,000,” First Metro Investment Corp. (FMIC) Head of Research Cristina S. Ulang said in a Viber message.

Philstocks Financial, Inc. Research Analyst Claire T. Alviar said the market surged on Monday amid expectations that the Fed will be less aggressive following slower consumer inflation in December.

“The strengthening of the peso against the dollar lifted the market as well,” she added.

The S&P 500 and Nasdaq finished at their highest levels in a month on Friday, Reuters reported.

The Dow Jones Industrial Average rose 112.64 points or 0.33% to 34,302.61; the S&P 500 gained 15.92 points or 0.4% to 3,999.09; and the Nasdaq Composite added 78.05 points or 0.71% to 11,079.16.

The S&P 500 closed at its highest level since Dec. 13, while the Nasdaq closed at its highest level since Dec. 14.

The consumer price index and other recent data have bolstered hopes that a sustained downward trend in inflation could give the Fed room to dial back on its interest rate hikes.

The US central bank raised borrowing costs by 425 basis points last year, which brought the federal funds rate to 4.25-4.5%. It will hold its first policy review for this year from Jan. 31 to Feb. 1.

Fed hike hopes also helped boost the peso against the dollar. The local unit closed at P54.575 versus the greenback on Monday, an over six-month high.

Most sectoral indices closed higher on Monday except mining and oil, which went down by 80.18 points or 0.69% to 11,457.63, and services, which slipped by 1.79 points or 0.1% to 1,725.26.

Meanwhile, financials gained 50.12 points or 2.79% to 1,841.46; holding firms added 163.03 or 2.43% to end at 6,870.52; property went up by 11.21 points or 0.36% to 3,063.99; and industrials increased by 32.24 points or 0.32% to end at 10,005.80.

Value turnover went up to P10.23 billion on Monday with 1.11 billion shares changing hands from the P9.24 billion with 1.63 billion issues traded on Friday.

Advancers outnumbered decliners, 138 versus 65, while 46 names closed unchanged.

Net foreign buying climbed to P1.08 billion on Monday from the P706.98 million seen on Friday.

FMIC’s Ms. Ulang placed the PSEi’s support at 6,700 and resistance at 7,100. — J.I.D. Tabile with Reuters