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ESG officers want gov’t incentives for sustainability drive

SUSTAINABILITY officers from different companies — Metro Pacific Investment Corp. (MPIC), Prime Infrastructure Capital, Inc., and Maynilad Water Services, Inc. — have highlighted the importance of government incentives in achieving sustainability.

“I think the government has to do its part. Sustainability is a collective responsibility and it can’t be just addressed by the private sector; they have to enable everybody,” said June Cheryl A. Cabal-Revilla, MPIC executive vice-president, chief sustainability officer and chief risk officer, during the International Association for Business Communicators General Members’ meeting on Monday.

“They have to enable [it] by providing support and tax incentives. At the end of the day, what the government does is sustainability-related anyway,” she added.

Dave Jesus Devilles, Prime Infra director for environmental, social and governance, said that the government can create more laws and regulations to help in achieving sustainability.

“The government has a lot of policy setting to do to encourage people to be really, really mindful of their carbon footprint,” he said.

“The impact of us as consumers is higher than the impact or carbon footprint of corporations,” Mr. Devilles added, referring to how corporations have a way to control their process enabling them to control their footprint.

Abigal Ho-Torres, Maynilad assistant vice-president and head of customer experience, said one of the problems is that the Philippines is still largely a “sachet economy” because there’s still a “premium” to be socially responsible.

“[If the] government can facilitate easier disposal and recycling of the waste then that would be helpful also because SMEs (small- and medium-sized enterprises) cannot [afford] having sustainable packaging even if they wanted to make their practices more sustainable,” Ms. Torres said.

“Even if it were not a straight-up incentive, just have a network that will support [SMEs],” she added.

“[The government] really just have to understand it and be able to link everything that they do to sustainability. And understand that climate change is real and all of their decisions and laws […] will have an impact not just on themselves, their family but also in their constituents,” Ms. Cabal-Revilla said. — Justine Irish D. Tabile

Filigree launches Two Botanika project

LUXURY real estate property developer Filigree recently launched the second tower of its flagship residential project, Botanika Nature Residences.

Two Botanika is part of Botanika Nature Residences, located in Filinvest City, Alabang, Muntinlupa. Filinvest City is the first township in the Philippines with green certifications from LEED (Leadership in Energy and Environmental Design), the US Green Building Council, and the Philippine Green Building Council (PHILGBC).

“Space is the new luxury,” said Daphne Mae O. Sanchez, Filigree business head, during the Aug. 17 launch. A high-end, high-rise condominium usually has 350 units over a 3,000-square meter (sq.m.) plot.

“The ultimate plan of Botanika [is to have] 350 units scattered over 3 towers in 15,000 square meters of land,” she said. “That’s how much space we are giving our residents, and I think it’s unmatched and translates to a more exclusive and closer-to-nature kind of lifestyle.”

Architects Andy Y. Locsin of Leandro V. Locsin Partners and Bill Higgins of Architecture International are responsible for Botanika’s overall design.

Given the topography and the site’s location — next to the Palms Country Club and the residential areas — “we wanted to create something more organic. There are no straight lines in nature,” said Mr. Higgins, describing the building’s curvilinear design.

“The entire complex is connected by landscape… They come together as an organic cluster of buildings that open to nature and connect you to your neighbors.”

The layout of the buildings allow people to discover spaces, according to Mr. Locsin.

“The concept of bringing light and air in all the way through turns out to be very germane to the pandemic situation,” Mr. Locsin said at the launch.

“The big idea of the masterplan was to weave together the landscape, the spaces, right through the building, so you got this feeling of shared amenities all the way through — the same way as a village,” he added.

Two Botanika has a four-star PHILGBC Building for Ecologically Responsive Design Excellence rating. It offers one-bedroom units with sizes between 72-84 sq.m. (at approximately P22-28 million) and three-bedroom units with sizes between 179-196 sq.m. (at approximately P59-70 million).

Priced at around P100 million, four-bedroom, bi-level units at 322 sq.m. are located on the 7th, 9th, 11th, and 14th floors. All units at Two Botanika will have lanais.

The plan is to add new amenities as Filigree constructs new towers, Ms. Sanchez said.

The first tower has a children’s play area that connects to an outdoor playground.

“In Two Botanika, we’re going to add to the experience [through a] fitness gym and… a sky lounge at the rooftop,” said Ms. Sanchez. “It resonates with what we’re looking for now: al fresco spaces to dine and hang out in with friends and family. In the third tower, we will add to those amenities to complete that village feel.”

Construction for Two Botanika starts in 2023, with completion targeted by the third quarter of 2027.

Botanika Nature Residences’ first tower was launched in 2014 and turned over in 2018.

There are plans for a third tower. — Patricia B. Mirasol

Entertainment News (08/23/22)

Bootleg Beatles shows in Davao, Cebu canceled

CONCERT Republic has announced that The Bootleg Beatles concerts scheduled for the SMX Convention Center, Davao, on Oct. 27, and Waterfront City Hotel & Casino, Cebu, on Oct. 29 have been canceled. Their Manila show, scheduled on Oct. 30 at the Philippine International Convention Center, will proceed as scheduled. “Regrettably we have to cancel our forthcoming concerts in Davao and Cebu due to unforeseen production logistics,” said the Bootleg Beatles in a statement. “We apologize for any inconvenience caused and look forward to seeing you all in Manila!” the statement continued. Tickets for the Davao and Cebu concerts will be refunded at point of purchase, said a statement by Concert Republic.

Spandau Ballet’s Tony Hadley performing in Manila

FORMER Spandau Ballet frontman Tony Hadley is 40 years in the music industry with a tour performing his most memorable tunes. Mr. Hadley will perform at the Newport World Resorts’ Newport Performing Arts Theater on Sept. 28, 8 p.m. Mr. Hadley rose to prominence during the New Romantics era of the 1980s with his former band, performing iconic hits “True,” “Gold,” “Lifeline,” “Round and Round” and “Through the Barricades.” In the 1990s, Mr. Hadley pursued a solo career and found his new sound — Euro House music. Tickets to the Newport Performing Arts Theater show are now available at all TicketWorld and SM Tickets outlets. Ticket prices range from P2,500 to P10,500. For inquiries, contact the Newport World Resorts National Sales Team at 0917-823-9602, 0917-807-9387, and 0917-658-9378, or call Ticketworld at (02) 8891-9999, or SM Tickets at (02) 8470-2222.

Delikado plays to a full house at Cinemalaya 2022

DELIKADO, the gut-wrenching documentary on Palawan’s threatened natural resources and valiant environmental defenders brought an emotional audience to their feet multiple times during its screening on Aug. 13 as the closing film of the Cinemalaya 2022 film festival. Delikado, a documentary on illegal logging in Palawan, drew the biggest crowd for Cinemalaya 2022, observed festival director Chris Millado. Directed by Agence France Presse’s Deputy Editor-in-Chief for Asia Pacific Karl Malakunas, the 96-minute environmental thriller documentary zeroes in on critical socio-environmental issues haunting Palawan, the Philippine’s last frontier. The documentary tackles mostly illegal logging, touches on illegal fishing, and mining, which, as the film uncovered, are largely instituted by big developers and politicians. Mr. Malakunas takes a jab at these issues through the lens of three grassroots champions: Palawan NGO Network, Inc. (PNNI) executive director Roberto “Bobby” Chan, former El Nido Mayor Nieves Rosento, and PNNI para-enforcer and land defender Efren “Tata” Balladares. “The power and energy in the room was just incredible. It is beyond my dreams to see how the film resonates with Filipinos and how it connects emotionally,” the film’s director said. The event ended on an emotional note as Tata Balladares’ daughter took the mic to express her deep appreciation for her father’s work. Speaking in the vernacular, she shared how she was unaware of the occupational hazards of being a para-enforcer prior to seeing the film. “Before, my father would say not to tell anyone he was my father because it is delikado (dangerous). But I stand before you now to say that even if it’s dangerous, I am proud to call you my father.” The documentary had a sold-out screening at the recently concluded Melbourne International Film Festival. It was awarded the Sustainable Future Award and Audience Award at the Sydney Film Festival 2022, the Special Jury Prize for Best Documentary Feature from the Los Angeles Asian Pacific Film Festival, and Special Mention for Best International Feature at Doc Edge, New Zealand. Mr. Malakunas hopes to bring the film to a wider audience, particularly among the youth and students, through nationwide screenings in the Philippines. For those interested in hosting a block screening, e-mail screenings@activevista.ph or call 0917-800-4409. To learn more about the film, visit delikadofilm.com or https://www.facebook.com/DelikadoFilm.

GMA’s Gozon-Valdes elected Senior Vice-President

GMA NETWORK, INC.’s Executive Committee elected Annette Gozon-Valdes on Aug. 17 as its new Senior Vice-President effective Sept. 1. In this role she will oversee the Talent Management and Development, Program Management, Human Resources, and Legal departments, and also the Worldwide Division and some subsidiaries in the Kapuso Network. Ms. Gozon-Valdes has been a director of GMA since 2000. She set up GMA New Media, the network’s digital media and technology arm and future-proofing agent, she led the team that distributed GMA’s shows to territories in Asia, North America, Middle East, and Africa, and was also instrumental in pushing for new partnerships with new global platforms and in bringing some of the best foreign shows to the Philippines such as Full House, Stairway to Heaven, and Jewel in the Palace.  She was recently appointed as Consultant of Sparkle, GMA’s talent management arm and serves as President of GMA Films, Inc. She is also the Corporate Secretary of GMA Network, director of GMA Ventures, Inc. and Philippine Entertainment Portal, Inc. (PEP), Treasurer of Citynet Network Marketing & Productions, Inc., and a Trustee of the GMA Kapuso Foundation.

Complex to launch in PHL via KROMA

KROMA Entertainment, Inc. is bringing global youth culture brand Complex to the Philippines, launching Complex PH. “We are very proud to collaborate with Complex in a partnership that will expand their unique voice, content and other movements to the Philippines through the KROMA ecosystem of platforms,” Ian Monsod, CEO of Kroma Entertainment, Inc. said in a statement. “KROMA is all about elevating Filipino talent and content on the world stage and giving Filipino audiences new ways to access world-class entertainment. Working with a leading global youth brand like Complex, under media and entertainment giant BuzzFeed, is aligned with this goal.” The partnership with Complex was sealed with KROMA Publishing, the digital publishing network under Kroma Entertainment, Inc. Its portfolio features titles like Wonder.ph and FreebieMNL, as well as partner communities and creators LunchboxerPH, PinoyGamer, and TNC PRO ML. Complex is part of Complex Networks, which was recently acquired by BuzzFeed, Inc., and features a portfolio of brands and intellectual properties in key categories: fashion, food, music, and pop culture. The collaboration is expected to deliver new content available across different channels and media.

Ben&Ben to release new single this week

CRYPTIC billboards and posters alluding to a new Ben&Ben release have recently appeared in strategic locations all over Metro Manila. The material, which contains discarded film photos with texts exposing some personal thoughts, is said to be part of the lyrics of an upcoming Ben&Ben song to be released this week. The nine-piece Filipino collective tweeted what looks like a snippet of a lyric offering an intimate take on the painstaking process of letting go. Ben&Ben also dropped a performance video of “Stand By You,” featuring Indonesian artist Pamungkas. The collaborative visuals, recorded earlier this month at SoundCheck Studio, has racked up more than 220,000 views as of press time. Set for their North American tour, the band will be performing in nine cities in the US and Canada. Their send-off concert will be on Sept. 3 at the CCP Open Grounds.

Mcoy Fundales releases latest single

GMA NETWORK-affliated singer-songwriter and the original vocalist of Orange and Lemons, Mcoy Fundales releases a new single, “Ang Forever Ko’y Ikaw,” under AltG Records, a sublabel of GMA Music. The song was composed by Mr. Funadeles as a theme song for GMA’s romantic comedy series Ang Forever Ko’y Ikaw in 2018. Back then, the song was made up of only one stanza and chorus. He recently found the opportunity to finish it. “I want to put another stanza, arrange and record it properly,” Mr. Fundales said in a statement. The track which is produced by Kedy Sanchez, A&R Manager of GMA Music, is about the serendipity of falling in love and instantly knowing that the person is meant for you. Mr. Fundales is also planning to release an album. At present, he is one of the writers of the TV shows Pepito Manaloto, Bubble Gang, and All-Out Sundays. “Ang Forever Ko’y Ikaw” is available on all digital streaming platforms worldwide.

JINBO and Tala Gil release collaboration

TAIWANESE R&B singer-songwriter JINBO has shared the track “Over the Sea,” his collaboration with Universal Records Philippines artist Tala Gil. The song paints a picture of what it’s like to be in a long-distance relationship. The two artists’ connection formally began in September 2020 when JINBO messaged Tala Gil after discovering her music on Spotify. They hope that the indie-pop/R&B vibe of “Over the Sea” can give listeners comfort and delight. “Over the Sea” is available on all digital streaming platforms.

Prime Infra says Wawa water project to be completed by 2025

A UNIT of Prime Infrastructure Capital, Inc. is targeting to complete the second phase of the Wawa bulk water supply project by 2025 following the completion of its initial phase last June.

In a media release on Monday, Prime Infra said that in June, subsidiary WawaJVCo, Inc. completed the first phase of the project or the Tayabasan weir, a 25-meter-high roller compacted concrete structure designed to deliver 80 million liters per day. It was done ahead of its schedule in October.

The project aims to ensure water security by providing ample water supply to Metro Manila and Rizal province. Prime Infra said that phase two will eventually deliver at least 518 million liters per day to offtaker Manila Water Co., Inc. and Metropolitan Waterworks and Sewerage System (MWSS).

This project is also expected to address problems of flooding in the lower areas of the province of Rizal, and the cities of Marikina and Pasig. Data from the MWSS website said that the project is expected to increase water supply in Metro Manila’s east zone by 30%.

Meanwhile, WawaJVCo was hailed as the best infrastructure project plan developer by the International Finance publication based in the United Kingdom for the Wawa water project.

“This recognition is a testament to Prime Infra’s commitment and strong reputation in building critical and socially relevant infrastructure. We thank our project partners and our community stakeholders for their continued trust as we progress further in the construction of this much-needed water supply project,” said Prime Infra President and Chief Executive Guillaume Lucci in the press release. — Ashley Erika O. Jose

Gov’t partially awards T-bill offer

BW FILE PHOTO

THE GOVERNMENT partially awarded its offer of Treasury bills (T-bills) as yields rose after the central bank hiked benchmark interest rates anew last week, and with demand weak ahead of a retail Treasury bond (RTB) offering.

The Bureau of the Treasury (BTr) raised P12.02 billion from the T-bills it auctioned off on Monday, lower than the P15-billion program, even as bids reached P30.76 billion or more than twice the planned amount.

Broken down, the Treasury borrowed just P4.3 billion from the 91-day securities as the tenor attracted P8.27 billion in bids. The average rate of the tenor went up by 19.6 basis points (bps) to 2.07% from the 1.874% fetched at the previous auction. Accepted rates ranged from 1.95% to 2.2%.

The BTr also raised only P2.721 billion from the 364-day debt papers out of the P5-billion program, even with demand for the tenor reaching P7.221 billion. The one-year paper’s average rate rose by 7 bps to 3.782% from 3.712% fetched at the previous auction as the government accepted offers ranging from 3.7% to 3.95%.

Meanwhile, the government made a full P5-billion award of the 182-day securities on offer on Monday as tenders reached P15.265 billion. The average rate of the tenor went up by 11 bps to 3.336% from the 3.226% fetched at the previous auction as accepted rates ranged from 3.24% to 3.45%.

At the secondary market prior to Monday’s auction, the 91-, 182- and 364-day T-bills were quoted at 2.0531%, 3.0595%, and 3.7651%, respectively, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

The BTr made a partial award of the three-month and one-year papers as yields climbed across all tenors after the Bangko Sentral ng Pilipinas (BSP) raised benchmark rates by 50 bps last week, National Treasurer Rosalia V. de Leon told reporters in a Viber message after Monday’s auction.

“There was less demand compared to previous week’s auction,” the first trader said, noting investors likely want to put their funds in the RTBs that will be offered starting this week. “Yields are also higher across following the 50-bp hike by the Monetary Board.”

“The latest T-bill auction results continue to reflect investors’ appetite for short-dated securities, albeit seeking a relatively higher premium as monetary policy rates are still seen to increase in the coming months,” the second trader said.

The central bank’s policy-setting Monetary Board last week raised borrowing costs by 50 bps and signaled it has room to further hike as it battles inflation.

This brought total increases for the year so far to 175 bps, following back-to-back 25-bp hikes in May and June and an aggressive off-cycle 75-bp move in July.

At the same meeting, the BSP raised its inflation forecast for 2022 to 5.4% from 5% previously. This is beyond its 2%-4% target band.

Headline inflation stood at 6.4% in July, bringing the seven-month average to 4.7%.

Meanwhile, the central bank lowered its 2023 inflation outlook to 4% from 4.2%, and the 2024 projection to 3.2% from 3.3% previously.

On Tuesday, the BTr will hold its price-setting auction for its offer of 5.5-year retail Treasury bonds maturing in 2028, from which it expects to raise at least P30 billion. The public offer period will run from Aug. 23 to Sept. 2, unless ended earlier by the Treasury.

The Treasury is also holding a bond swap offer for the RTBs for debt due this year and 2023.

Asked for her expectations for the RTBs, Ms. De Leon said the “stars are aligned.”

The BTr has canceled its scheduled Aug. 23 auction of P35 billion in 5.5-year Treasury bonds (T-bonds) to make way for the retail bond offer. Following this, its T-bill and T-bond borrowing program for the month is now at P180 billion, or P75 billion from T-bills and P105 billion from T-bonds.

The government borrows from local and external sources to help fund a budget deficit capped at P1.65 trillion this year, equivalent to 7.6% of gross domestic product. — Diego Gabriel C. Robles

Robinsons Land tops off green office building in Bridgetowne

ROBINSONS Land Corp. (RLC) recently completed the top floor of the GBF Center 1, located within its Bridgetowne Destination Estate.

In a statement, RLC said the Grade A, green office building is designed to address the evolving workplace needs in the post-pandemic era.

The 30-storey GBF Center 1 is at the entrance of Bridgetowne, serving as the gateway to the mixed-use destination estate.

“The GBF towers are envisioned to be a landmark structure along the C5 IT corridor. The building design, technology and green building features are meant to stand out,” RLC Senior Vice-President and General Manager for Offices Jericho Go said.

“Bridgetowne has been carefully master planned to offer the best in class for your live-work-play and inspire experience. In our well designed workspaces we can truly say that work can be fun,” he added.

GBF Center 1, which is registered with the Philippine Economic Zone Authority, offers flexible office spaces with large floor plates of about 2,500 square meters.

“GBF Center 1 is calibrated to adapt to the demands of the modern workforce, which will reinforce RLC’s commitment to increasingly go contactless. Some of the modern features within the building include hands free toilet fixtures and QR-activated turnstiles and elevators,” it added.

In line with RLC’s sustainability goals, GBF Center 1 is designed to minimize its environmental impact. It is equipped with a rainwater collection facility and LED lights, as well as bicycle racks and electric charging stations for electric vehicles.

GBF Center is hoping to secure the LEED (Leadership in Energy and Environmental Design) Gold Certification.

Upon the completion of GBF Centers 1 and 2, RLC is planning to add more office buildings to its current portfolio to accommodate the needs of tenants in the next five to ten years.

New TV series Bad Sisters tells dark tale through comedy

LONDON — Actor, comedian and filmmaker Sharon Horgan says her new dark comedy thriller Bad Sisters is a celebration of family ties.

Set in Ireland, the 10-episode series centers around the Garvey sisters, a tight-knit fivesome who lost their parents at a young age.

When the husband of one of the sisters suddenly dies, insurers set their sights on the five, discovering that each of them had reason to want to kill the unkind and coercive John Paul, played by Claes Bang.

The series was adapted from the Belgian TV show Clan by Ms. Horgan, who also stars as one of the sisters alongside Anne-Marie Duff, Eva Birthistle, Sarah Greene, and Eve Hewson.

“It’s about four sisters who try and rescue their fifth sister from a monstrous relationship. A lot of funny happens off the back of that but really it’s about love and family,” Ms. Horgan, herself one of five siblings, told Reuters on the eve of the show’s debut.

Brian Gleeson and Daryl McCormack play the insurance agents and half-brothers Thomas and Matt Claffin who have their own motives to dig deeper into John Paul’s death.

The series opens with John Paul’s funeral and shifts back in time to reveal his controlling behavior in the lead up to his death.

Starting out as banter between the sisters, their plans to be rid of John Paul gain momentum as the show advances.

“Even if it is funny, it is about a very abusive relationship. So, I hope there’s something perhaps in there that can actually say something and resonate with people in a way that could mean something to them,” said Mr. Bang.

Ms. Duff, who plays his wife, Grace, said there was a great sense of responsibility in playing the role.

“I had to invest it with as much integrity as if I were doing a serious drama, because there could be people watching the show, men and women, who are in maybe bullying circumstances for whom it’s very powerful and helps them recognize things,” she said.

Bad Sisters started streaming on Apple TV+ on Friday. — Reuters

DMCI Homes reports progress in Satori Residences

DMCI Project Developers, Inc. said on Monday that the first building of Satori Residences, which is scheduled to be turned over in February next year, is already at 84.8% complete.

The developer, commonly known as DMCI Homes, said the 15-storey building, Hacana, is the first of its five-building transit-oriented development.

“The building as of August 2022 is undergoing final touch-ups and is already showing a glimpse of the development’s Neo-Asian minimalist theme,” the company said in a press release.

Meanwhile, the other four buildings of Satori Residences — Lana, Rahu, Yasu and Amani — were reported to be at 69.9%, 54%, 42.4% and 14.39% completion, respectively.

The Lana building is scheduled for turnover in August 2023, Rahu in February 2024, and Amani and Yasu buildings in August 2024.

The development is situated in Santolan, Pasig City which the company said has been becoming a “favored living destination” because of its proximity to institutions like the University of the Philippines and the Ateneo de Manila University, and business districts like Eastwood City and Ortigas.

Units in Satori Residences will be ranging from 27.5 square meters (sq.m.) to 78 sq.m. with an average price of P5.3 million.

The property will have amenities such as a pool complex, landscaped atriums, jogging path, gazebo game area, basketball court, audio-visual room, fitness gym, function hall, picnic grove, and a children’s playground.

DMCI Homes is a wholly owned subsidiary of the Consunji-led DMCI Holdings, Inc. Its main activities include the development, management, and selling of various real estate properties.

On Monday, shares in DMCI Holdings slipped by 15 centavos or 1.49% to P9.95 each. — Justine Irish D. Tabile

Philippines’ banked adults rise to 56% in 2021 as online payments grow

BW FILE PHOTO

ABOUT 22 MILLION Filipinos gained access to formal financial accounts between 2019 and 2021, but 34.3 million adults remained unbanked, the Bangko Sentral ng Pilipinas (BSP) said.

The country’s banked population was at about 56% of all adults in 2021, up from just 29% in 2019, the BSP said in a statement on Monday, citing the results of its 2021 Financial Inclusion Survey (FIS). It said this was the best two-year increase since it began to conduct the survey in 2015.

The increase was driven by the accelerated growth in digital payments, the central bank said.

The BSP wants 70% of Filipino adults to have a formal financial account by 2023.

“Amid the latest figures, the BSP will continue to broaden its efforts to foster the wider adoption of digital technology, which has effectively enabled the onboarding of more Filipinos into the formal financial system,” BSP Governor Felipe M. Medalla said.

“With the National Strategy for Financial Inclusion 2022-2028, the BSP continues to work not only with other government agencies but also with private sector and development partners to achieve our shared vision of accelerating financial inclusion toward broad-based growth and financial resilience,” Mr. Medalla added.

Among the banked population, 36% had e-money accounts in 2021, up from the 8% share in 2019. This became the most used type of account among adults in the middle class, the low-income population and those aged 15 to 49 years old.

Meanwhile, the share of Filipino adults with a bank account is now at 23% from just 12% in 2019.

“Banks remained the preferred formal institution for saving money by a third of those with savings, followed by cooperatives and microfinance institutions,” the BSP said. 

The FIS also showed that six out of 10 Filipinos changed their financial behavior during the coronavirus pandemic, the central bank said.

“Filipinos started saving more for emergencies (37%), began or increased their usage of online banking and digital payments (17%), and borrowed more (15%),” it said.

Among Filipinos with mobile phones and internet access in 2021, 60% made financial transactions online, higher than 17% in 2019, the survey’s results also showed.

In 2021, account ownership in the socioeconomic class ABC (80%) was almost twice the share of class E (44%). E-money was the most common type of account in socioeconomic classes C2, D and E, while classes A, B, and C1 mostly had bank accounts.

The central bank said despite the increase in the country’s banked population, challenges to financial inclusion remain, and their effects are more apparent among lower income groups, highlighting the importance of improving the financial resilience of vulnerable people.

“The main barriers to account ownership such as lack of income and transaction costs persist. In addition, the lack of documents to open an account is still prevalent for a large segment of the population. Moreover, the survey found that over half of savers still keep their money at home,” the BSP said.

FARMERS LEAST BANKED
The survey’s results showed farmers and agriculture workers were the least banked among all types of workers, with 73% having no accounts, the highest financial exclusion level seen in 2021.

Other segments that had a high percentage of unbanked adults were workers for private households (48%) and self-employed individuals (45%). Non-working adults without accounts stood at 52%, equivalent to 15.6 million adults.

Fewer Filipinos also had savings and insurance in 2021. Despite the increase in account ownership, the percentage of adults with savings fell to 37% in 2021 from 53% in 2019, which was equivalent to a 9.7 million decline in savers.

Informal saving remained high, with 52% of savers keeping their money at home. Still, the share of bank savers increased to 31% in 2021 from 21% in 2019. About 81% of savers said they allocate savings for emergencies.

Financial investors among adults rose to 36% in 2021 from 25% in 2019. More Filipinos had borrowings, as the share of adults with outstanding loans jumped to 45% in 2021 from 33% in 2019.

According to the survey, almost half of Filipino adults had difficulty in meeting their cost of living and were concerned that finances controlled their lives and their savings will not last.

More Filipinos generally have a positive outlook as they believed that they were on track to meet their financial goals and felt secure about their future. — K.B. Ta-asan

Construction firm to lease one floor at Blakes Tower

A TRIPLE-A construction company recently signed a three-year lease contract for one floor at Blakes Tower in Makati City, according to Eton Properties Philippines.

“Office leasing remains a priority segment of Eton’s business, as we see a sustained demand following the country’s easing of restrictions. We aim to provide flexible office spaces that would increase productivity of our tenants’ workforce,” Eton Properties Executive Director Kyle Tan said in a statement.

The 36-storey Blakes Tower is a mixed-use building in Eton WestEnd Square. Located along Malugay St., the building offers 11,000 square meters (sq.m.) in gross leasable office area, “which can be retrofitted into hybrid cuts at varying office size requirements ranging from 1,000 sq.m. and above for more functionality.”

Eleven floors are allocated for office spaces, while 15 floors are for residential units.

“By offering flexible office units and residences for employees within the same building located in a prime location, Blakes Tower assures work-life integration for individuals and uninterrupted business operations for companies,” Mr. Tan.

Eton Properties is the real estate brand of the LT Group.

Dragon Ball Super: Super Hero crushes Idris Elba’s Beast with $21-million debut

LOS ANGELES — Dragon Ball Super: Super Hero topped the box office in its debut, beating expectations by collecting an impressive $21 million in North American ticket sales.

The animé film, playing on 3,007 screens, is backed by the production company Crunchyroll, which specializes in Japanese animé film and television. Super Hero is a necessary bright spot in an otherwise dreary August at the movies. The newest Dragon Ball Super installment earned twice as much as the weekend’s other new nationwide release, Universal’s survival thriller Beast, starring Idris Elba. Dinged by mixed reviews, Beast opened to a lackluster $11.5 million from 3,743 North American cinemas.

Dragon Ball Super: Super Hero is the latest example of the passionate audience for animé films in the United States, and Crunchyroll, which is mostly owned by Sony Pictures, has been owning the market in North America. Earlier this year, the company’s PG-13 Jujutsu Kaisen 0 notched a remarkable $17.6 million in its debut, while its 2021 release Demon Slayer the Movie: Mugen Train generated $21.2 million to start, which is even more impressive since cinemas were still operating at reduced capacity. However, these movies tend to play like horror films in terms of ticket sales, withstanding big declines in subsequent weeks.

Dragon Ball Super: Super Hero benefitted from its outsized presence on premium formats, including Imax, 4DX, and Dolby Cinemas. The movie played on 327 Imax screens, which accounted for $3.4 million in domestic ticket sales. At Imax, those returns rank as the widest and highest-grossing opening weekend for an animé film.

“This is another outstanding Crunchyroll animé opening. This has become an impressive niche theatrical business,” says David A. Gross, who runs the movie consulting firm Franchise Entertainment Research. But, he adds, “Crunchyroll movies play fast in the US; their domestic multiples are low.”

Like critics, audiences were similarly mixed on Beast, giving the film a so-so B CinemaScore. Directed by Icelandic director Baltasar Kormákur (Adrift), Beast follows a recently widowed father and his two teenage daughters (Iyana Halley and Leah Jeffries), who find themselves hunted by a massive rogue lion. The movie, which cost $36 million to produce, has raked in $10.2 million to date at the international box office.

Elsewhere on domestic box office charts, Sony’s action-thriller Bullet Train slid to third place after two consecutive weekends at No. 1. The movie brought in $8 million from 3,781 locations in its third weekend of release, taking its domestic tally to $68.9 million. That’s a decent result for a star-driven, original action film in today’s fractured moviegoing landscape. But it cost $90 million to make — and many millions more to promote to the masses — meaning it needs to keep chugging along in theaters to justify its hefty budget. Overseas, Bullet Train has amassed $60 million for a global tally of $123 million.

In fourth place, Paramount’s Top Gun: Maverick pulled in $5.85 million from 2,969 locations in its 13th weekend of release. Tom Cruise’s blockbuster action sequel, which hits home entertainment in the coming days, has grossed an eye-popping $683 million to date, enough to overtake Marvel’s 2018 superhero epic Avengers: Infinity War ($678 million) as the sixth-highest grossing domestic release in history. Since it opened in theaters over Memorial Day weekend, Maverick has only spent one weekend out of the top five on North American box office charts.

The Warner Bros. animated adventure DC League of Super-Pets took the No. 5 slot with $4.9 million from 3,537 venues. After four weeks in theaters, the family friendly film has generated $66.6 million in North America. — Reuters

2023 Proposed National Government budget

THE MARCOS administration proposed to increase the allocations for education, health, agriculture, and infrastructure under the P5.268-trillion national budget for 2023, while lowering allotments for other priority sectors such as social protection. Read the full story.

2023 Proposed National Government budget

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