Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 5530

Agricultural output likely shrank in Q2

A vegetable vendor waits for customers at a market in Quiapo, Manila. — PHILIPPINE STAR/EDD GUMBAN

By Luisa Maria Jacinta C. Jocson, Reporter

THE PHILIPPINES’ overall agricultural output likely contracted again in the second quarter, as production was affected by soaring prices of fuel and fertilizer, according to analysts.   

“It will likely contract. The situation now is that it will get worse before it gets better. We have to make up for practically six years, especially the last three years where production really declined as producers were discouraged to produce, plant or tend to livestock,” Samahang Industriya ng Agrikultura Executive Director Jayson H. Cainglet said in a phone call interview.

In the first quarter, the value of production of the farm sector — which contributes around a tenth to the country’s gross domestic product (GDP) and a fourth of jobs at constant 2018 prices — contracted by 0.3%.

Agriculture output also shrank by 1.5% in the second quarter of 2021.

Retired Pampanga State Agricultural University professor Roy S. Kempis projected that agricultural output would be flat in the April to June period.

“A positive overall growth is possible but this will still remain flat, closer to a number in the range of -0.3% to +0.8%,” he said in a Viber message.

Federation of Free Farmers (FFF) National Manager Raul Q. Montemayor said in a Viber message that production likely declined due to the high prices of fuel and fertilizer and the delay in the government’s assistance for farmers.

He noted fertilizer prices have also doubled since the start of the Russia-Ukraine war in late February.

Global oil and wheat prices have surged, while fertilizer supply has been disrupted by the ongoing war.

The Philippines imports most of its fertilizer needs.

Roehlano M. Briones, a senior research fellow at the Philippine Institute for Development Studies said the agriculture sector likely saw continued weakness in the second quarter, particularly in the crop and fisheries sector.

“(There is) a potential contraction in crops mainly due to high fertilizer prices and in fisheries amid higher fuel costs,” he said in a Viber message.

As of Aug. 2, year-to-date total adjustments for gasoline stood at a net increase of P19.65 per liter for gasoline, P32.35 per liter for diesel and P27.30 per liter for kerosene.

Mr. Kempis noted crops production may have had a “positive growth performance” in the second quarter. “Fisheries may find a hard time lifting itself from negative territory because capturing fish is more fuel-intensive,” he said.

Poultry production also likely declined as the industry is still recovering from avian influenza or the bird flu outbreak.

“Poultry is a boom and bust. What is significant in the second quarter is avian flu and the continuing imports,” Mr. Cainglet said.

In March, the Department of Agriculture (DA) suspended the movement of domestic and captured wild birds and poultry products as a precaution. The disease was detected in duck and quail farms in Bulacan and Pampanga, respectively. Additional cases were also confirmed in Laguna and Camarines Sur, according to the DA.

Mr. Cainglet said that rising input costs likely hampered poultry production as well.

“In poultry, feeds (comprised) 50% of the cost of production. Fuel and feeds rose, so that impacted production. Everything got more expensive, even day-old chicks. That’s the situation. We won’t be able to reach the same growth (as the first quarter). It might even drop and turn negative,” he added.

In the first quarter, poultry production increased by 12.3%, the only bright spot in the agriculture sector’s performance.

On the other hand, the hog sector may have rebounded in the second quarter, as it recovers from the African Swine Fever (ASF) outbreak.

“There may be some improvement in livestock as the worst of ASF may be over,” Mr. Briones said.

Mr. Kempis noted good weather may have helped boost livestock production.

“With better weather during the second quarter, the livestock sector can possibly leave negative territory and will register a positive growth,” he added.

According to the latest bulletin by the DA, active cases of ASF were reported in only two regions.

The PSA is scheduled to release its second-quarter report for agriculture output on Aug. 8.

Foreign business groups, IATA disappointed with Marcos’ veto of transportation safety bill

An airplane is seen on the runway at the Ninoy Aquino International Airport (NAIA) in Manila, March 14, 2016. — REUTERS/ROMEO RANOCO/FILE PHOTO

FOREIGN BUSINESS chambers and two international organizations expressed disappointment over President Ferdinand R. Marcos, Jr.’s decision to veto a bill creating a transportation safety board, saying it would have addressed gaps in the investigation of transport-related accidents.

In a statement, seven members of the Joint Foreign Chambers in the Philippines (JFC), the Safe Travel Alliance (STA) and the International Air Transport Association (IATA) said the proposed Philippine Transportation Safety Board (PTSB) would have been in charge of “impartial and science-based” investigations into transport-related accidents and incidents.

“As an independent and impartial transport safety body following the example of various countries, the PTSB would have addressed regulatory gaps in the transport safety bureaucracy, facilitated the enhancement of transportation safety measures and standards, and coordinated all the actions of relevant public and private entities toward the common goal of ensuring transport safety,” they said.

Under the vetoed measure, the PTSB aimed to improve transportation safety measures and standards, as well as create implementing rules to prevent accidents. It would have been a non-regulatory agency under the Office of the President.

However, Mr. Marcos did not sign the measure creating the PTSB, saying it will have the same functions as existing agencies under the Department of Transportation (DoTr), Philippine National Police (PNP) and the National Bureau of Investigation (NBI).

The business groups noted that different agencies currently handle accident investigations, but there are limits to their ability “to delve deeper and find forensic evidence on the real cause of the accidents or by witnesses of the accidents.”

“Because most of these agencies are also tasked to regulate and/or operate the sector, there is an inherent conflict of interest in the performance of their duties as an investigating body,” they added. 

The foreign chambers, STA and IATA noted that the bill creating the PTSB has failed to hurdle Congress for over two decades, but it was only the 18th Congress that approved the measure and forwarded it to Malacañang for the President’s signature.

“The groups remain committed to pursuing enactment of the bill in the 19th Congress,” they said.

Aside from IATA and STA, the statement was signed by JFC members — the American Chamber of Commerce of the Philippines, Australian-New Zealand Chamber of Commerce of the Philippines, Canadian Chamber of Commerce of the Philippines, European Chamber of Commerce of the Philippines, Japanese Chamber of Commerce and Industry of the Philippines, Inc., Korean Chamber of Commerce of the Philippines, Inc., and the Philippine Association of Multinational Companies Regional Headquarters, Inc.

In his veto message, Mr. Marcos said the creation of the PTSB “is likely to create functional duplication, confusion as to authority, ineffectiveness, and deficiency in the performance of the responsibilities.”

“Considering that one of the primary policies (of this administration)… is to enhance the government’s institutional capacity through optimal and efficient use of resources and strategic rationalization of the functions of governments, I am constrained to veto the bill,” Mr. Marcos said.

The President urged the 19th Congress to enact measures that will review the functions and processes of the DoTr, PNP and NBI “with the end view of strengthening the same and providing a holistic and well-coordinated approach in the promotion of transport safety.” — Revin Mikhael D. Ochave

Digital tax may be difficult to implement, experts say

A smartphone with the Netflix logo is seen in this illustration taken March 24, 2020. — REUTERS/DADO RUVIC/FILE PHOTO

By Diego Gabriel C. Robles

THE PHILIPPINE government’s plan to impose taxes on digital transactions may be difficult to implement since it requires the voluntary compliance of foreign companies, experts said.

“Taxing digital transactions is a development that we cannot stop. Transactions are mostly digital and huge income are made and derived on the digital space. So, if the government wants to capture all businesses and impose tax on them, then the next big move is taxing the digital transaction,” said Eleanor L. Roque, head of the Tax Advisory and Compliance Division of P&A Grant Thornton in an e-mail.

President Ferdinand R. Marcos, Jr. signaled the administration’s intent to pursue a value-added tax (VAT) on digital service providers during his first State of the Nation Address on July 25. He estimated the tax will generate around P11.7 billion in revenues if implemented in 2023.

Many countries, including Vietnam, Thailand and Indonesia, began imposing VAT on non-resident digital service providers such as Netflix, Facebook and Spotify.

“We are actually late in this development. Various countries, including ASEAN (Association of Southeast Asian Nations) countries already approved laws during the pandemic imposing tax on digital transactions. So, we are just catching up on the developments in taxation,” Ms. Roque said.

Since the government needs to generate additional revenues, Ms. Roque noted it cannot ignore the taxes that digital companies should pay.

Tax Management Association of the Philippines, Inc. President Fulvio D. Dawilan said consumers have previously been able to “escape the burden of taxes” by making transactions on digital platforms.

“Even without a new law, digital transactions are supposed to be subject to taxes, except that there is difficulty in implementing taxation. Although there would still be challenges, the proposed law makes it clear that these are covered by our taxation rules and somehow provides mechanics on how the taxes can be collected,” he added.

Mr. Dawilan was referring to House Bill (HB) No. 7425 which was approved on third and final reading by the House of Representatives of the 18th Congress in September 2021.

Albay Rep. Jose Maria Clemente S. Salceda, chairman of the House Ways and Means Committee, refiled the measure as HB 372 last month. He said the measure seeks to “level the playing field between traditional and digital businesses.”

Under HB 372, all digital service providers with operations locally and abroad would be subject to a 12% VAT. This includes online advertising, subscription services, and the supply of other electronic and online services that can be delivered through the internet.

Foreign digital service providers, whose gross sales exceed P3 million, would be responsible for assessing, collecting, and remitting the VAT on transactions that go through their online platforms.

P&A Grant Thornton’s Ms. Roque said the P3-million threshold is too low, saying that it might cause administrative difficulties.

“Since we are talking about non-resident foreign corporations who will voluntarily register and comply with the payment of VAT, we can start with big companies who already [have] the means and technology to comply as they have been complying with other jurisdictions already,” she said.

“We don’t have to start with casting a wide net at this point. Let’s capture the big fish and then steadily widen our net as our regulators learn to fully implement the law.”

Both tax experts called for clearer guidelines with regards to when non-resident digital service providers are taxed.

“It will be very difficult for the government to capture all these transactions with foreign corporations especially if the client or buyer here in the Philippines is an individual who is not in business. So, I think it may be worth considering identifying big companies first so we can directly coordinate with them to ensure compliance,” Ms. Roque said.

Previously, Finance Secretary Benjamin E. Diokno said that the Department of Finance was already considering such tax, particularly on streaming services such as Netflix and Spotify.

“When you’re buying from regular stores, you include tax. So, why not include a tax on digital goods and services?” Mr. Diokno said during a press briefing at Malacañan Palace on July 6.

Asia central banks deploy foreign exchange reserves to help prop up their currencies

REUTERS

ASIA’S EMERGING ECONOMIES are drawing on large foreign exchange (FX) reserves to help prop up their currencies rather than going all out with interest rate hikes.

India, Thailand and South Korea have seen their reserves drop by a combined $115 billion this year as they sold dollars to curb currency declines. While most central banks in Asia are also raising rates, economists see this aimed more at tamping down inflation than narrowing the rate differential with the US Federal Reserve.

The hope in the region is that a relatively slow and shallow hiking cycle will be enough to keep a lid on price gains without sending economies into reverse.

“Emerging markets Asia central banks are arguably less willing to indulge in competitive hikes,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore. “The buildup of FX reserves provides some scope for these central banks to exploit this as a means to backstop currencies and contain imported inflation.”

China, the biggest emerging market (EM) of all and the top-ranked nation for currency reserves, remains on a different course to the rest of region. Its reserves have fallen by $179 billion this year to $3.07 trillion but the central bank has also lowered some key lending rates amid efforts to offset the impact of Beijing’s COVID-zero stance.

“Many Asian central banks have accumulated foreign reserves during periods of capital inflows and low US interest rates, which can now be drawn upon,” said Chua Hak Bin, an economist at Maybank Investment Banking Group. “Maintaining currency stability is important to shoring up economic confidence and lowering the threat to exporters and borrowers, especially for smaller, more open economies.”

To be fair, almost no economy in the world has been spared the impact of the dollar’s relentless rise, but emerging Asia currencies have held up well on relative basis and despite a reticence to push hard on policy rates.

India has run down its reserves by $62 billion this year while raising its benchmark interest rate by just 90 basis points (bps). Even with an expected 50-bp hike by the Reserve Bank of India (RBI) on Friday, this will still be well short of the 225 bps of increases by the Fed.

The rupee has dropped to a series of record lows during the period, but has managed to hold its place in the top half of the field for year-to-date performance among currencies in the region.

Lower rates and renewed appeal for equities and the tech sectors in India and South Korea should help rupee and the won, said Ashish Agrawal, head of FX and EM macro strategy research at Barclays Plc in Singapore.

South Korea, which began raising rates 12 months ago but let itself fall behind the Fed this year, has seen a near $25 billion of drop in reserves. The won is down by over 9% since the beginning of January and has hit levels last seen in 2009.

Thailand has seen $28 billion of depletion in its reserves while maintaining rates at a record low and seeing the baht drop by 8% to the lowest since 2006. The Philippines, Indonesia and Malaysia have also seen a drop in their reserves this year.

Mizuho’s Mr. Varathan cautioned that Thailand, the Philippines and to a lesser extent South Korea are showing a concerning degree of “cash burn” of dollars in their reserves when compared with times of previous crises for the region.

To be sure, reserves are not made up entirely of dollars and part of the reserve decline across countries reflects the drop in the value of other reserve currencies against the greenback, not just market intervention.

Policy makers have also looked beyond both reserves and rate hikes to support their currencies. The RBI has eased rules to attract more dollar inflows from non-residents and foreigners into its debt. South Korea has asked its National Pension Service for more active hedging when investing abroad.

“Rates hikes don’t always work in currency defense,” said Sonal Varma, chief economist for India and Asia ex-Japan at Nomura Holdings, Inc. “So central banks are using a mix of allowing some depreciation and expending FX reserves.” — Bloomberg

PAL, CEB ‘monitoring’ Taiwan airspace closure note

PHILIPPINE STAR/ MICHAEL VARCAS

By Arjay L. Balinbin, Senior Reporter

FLAG carrier Philippine Airlines, Inc. (PAL) and budget carrier Cebu Pacific (CEB) said on Thursday that they are closely monitoring the situation in Taiwan after its announcement of an airspace closure from Aug. 4 to 7.

“We are closely monitoring the situation in Taiwan. We have received the notice to airmen from Taiwan aviation authorities regarding a specific airspace closure from 12 p.m., August 4, to 12 p.m., August 7,” PAL Spokesperson Cielo C. Villaluna said in a phone message.

“Our flight to and from Taipei today August 4 — PR890/892 — operated as scheduled utilizing a designated cleared flight routing,” she added.

PAL also assured customers that regular coordination is being carried out with Taiwan authorities.

“Our flight to and from Taipei on Aug.5, Friday, will proceed as scheduled. We will carry out flight rerouting to avoid restricted airspace. This is made possible via PAL’s coordination efforts with Taiwan aviation authorities,” Ms. Villaluna said.

The flag carrier’s regular flight schedule to and from Taipei is thrice weekly, every Thursday, Friday, and Saturday.

Meanwhile, budget carrier Cebu Pacific said in a separate statement: “We currently only accommodate essential travel between Manila and Taipei, Taiwan on a once weekly flight (every Wednesday).”

“We are monitoring the situation but there are no changes in our network as of now,” it added.

According to reports on Wednesday, Taiwan was negotiating with neighboring Japan and the Philippines to find alternative aviation routes.

China previously announced drills that the trade-reliant island said amounted to a “blockade.”

Philippine President Ferdinand R. Marcos, Jr.’s administration said it was “closely monitoring” China’s moves in light of a United States lawmaker’s visit to Taiwan, which Beijing considers part of its territory. — with Reuters

San Miguel income up 24% to P33B on volume growth

SAN MIGUEL Corp. (SMC) reported a 24% increase in its recurring consolidated net income in the first half to P32.5 billion driven by topline gains across its businesses.

“Overall, it’s been a very challenging period, with geopolitical conflict resulting in uncertainties and serious supply and cost issues that are affecting industries all over the world,” SMC President and Chief Executive Officer Ramon S. Ang said in a press release on Thursday.

“Despite this, and even with the lingering effects of the pandemic, we’re encouraged by the strong and increasing demand for our products and services, as evidenced by our higher volumes and revenues in the first half,” Mr. Ang added.

The company’s consolidated sales revenue reached P711.4 billion, 73% better than the previous year due to sustained volume growth and better selling prices.

SMC’s operating income went up by 41% to P85.9 billion which it attributed to the performance of its fuel and oil subsidiary Petron and sustained recoveries of its food, beverage, packaging, and infrastructure businesses.

“This shows that our country’s economic recovery and growth are gaining pace. We will maximize every opportunity to further strengthen our performance in the second half,” Mr. Ang said.

Its food and beverage business, San Miguel Food and Beverage, Inc. reported an 8% increase in its first-half net income to P18.8 billion.

The growth came after a 17% increase in its consolidated revenues to P172 billion and a 15% increase in its consolidated operating income to P26.6 billion driven by volume growth and better selling prices across its beer, spirits, and food divisions.

Meanwhile, San Miguel Brewery, Inc.’s net income grew by 12% to P10.7 billion and consolidated revenues increased by 20% to P65 billion.

The company attributed the growth to a strong rebound in volumes, which had an 11% increase to 108.2 million cases in the first half.

Ginebra San Miguel, Inc. reported an increase in its net income by 19% to P2.5 billion and a 14% increase in its revenues to P23.1 billion.

San Miguel Foods posted a 16% increase in consolidated revenues to P84 billion and a 3% increase in consolidated operating income to P8.6 billion.

SMC Global Power Holdings Corp. made a big jump in its revenue by 70% to P102.6 billion, which the company attributed to improvements in Manila Electric Co.’s nominations and higher demand from distribution utilities and contestable customers.

On the other hand, it posted a decline in its operating income by 26% to P12.8 billion due to an unprecedented increase in fuel input costs and Malampaya gas field supply issues.

Petron Corp. reported a first-half net income of P7.7 billion, double last year’s P3.87 billion as its consolidated revenues surged to P398.5 billion, more than double the P174.1 billion reported last year.

“Consolidated volumes from its Philippine and Malaysia operations grew 34% to 51.4 million barrels on the back of demand recovery due to sustained easing of travel restrictions and the improved pandemic situation,” the company said.

SMC’s infrastructure arm reported a 58% increase in its topline to P13.4 billion as its operating income soared by 160% to P6 billion.

“We will maximize every opportunity to further strengthen our performance in the second half,” Mr. Ang said.

At the stock market on Thursday, shares in SMC ended unchanged at P104.50 apiece. — Justine Irish D. Tabile

Joaquin Phoenix to return to big screen as Joker in 2024 sequel

LOS ANGELES —  A motion picture sequel to the Oscar-winning psychological thriller Joker, based on one of the world’s best known comic book villains, is set for release in theaters on Oct. 4, 2024, a spokesperson for film distributor Warner Bros. said on Wednesday.

Joker: Folie a Deux, will star Joaquin Phoenix reprising his role as the title character, which earned him the Academy Award as best actor in the original 2019 film depicting an origin story for the arch enemy of DC Comics’ superhero Batman, according to the studio spokesperson.

The 2019 film, which was Oscar-nominated in the best film category and won for best original score as well as for best lead actor, was directed and produced by Todd Phillips, who co-wrote the script with Scott Silver.

The story charted the psychological descent of the film’s protagonist, a failed party clown and wannabe comedian Arthur Fleck, and the social forces that transformed him from a dejected loner into a cold-blooded killer who inspires a wave of violence in the fictional metropolis of Gotham City.

No further details about the sequel were immediately made available by Warner Bros. But Hollywood trade publication Variety has reported that the new production will be a musical with Lady Gaga expected to play Joker’s co-conspirator, Harley Quinn.

Phoenix, 47, known for playing brooding or emotionally troubled characters, was widely acclaimed for what many critics hailed as one of the most chilling and disturbing performances in modern film.

He was the second performer to earn an Academy Award for playing the Joker, following in the footsteps of Heath Ledger, who posthumously won the Oscar for best supporting actor for his 2008 rendition of the character in The Dark Knight. — Reuters

Pangilinan media group plans joint venture with ABS-CBN

LOCAL media conglomerate MediaQuest Holdings, Inc. (MediaQuest), which operates TV5 Network, Inc., a major player in the television market, will soon establish a joint venture with ABS-CBN Corp.

“The model we are working on… (is) a joint venture… using the platform of TV5 as the broadcast platform of both TV5 and ABS-CBN,” MediaQuest Chairman Manuel V. Pangilinan told reporters on Thursday.

“We are not acquiring ABS-CBN, we are not acquiring any shares in ABS-CBN,” he noted.

In terms of equity, he said it will start at approximately 35% for ABS-CBN and 65% for MediaQuest.

ABS-CBN, a former broadcast giant, will utilize some of its assets for the partnership.

ABS-CBN was forced to stop its broadcast operations in May 2020 after former President Rodrigo R. Duterte’s allies in Congress denied its franchise renewal application.

ABS-CBN President and Chief Executive Officer Carlo L. Katigbak said during the company’s annual stockholders’ meeting last week that the company had yet to decide whether a new franchise aligns with its strategies and plans.

“As of today, our partnership with them is in the form of content licensing or content sharing agreements,” Mr. Katigbak said of ABS-CBN’s partnership with TV5.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

PLDT income rises to P7.7B

PLDT, Inc. saw its attributable net income for the second quarter of the year rise 8.5% to P7.7 billion from P7.1 billion in the same period a year earlier despite tough economic conditions.

Revenues for the quarter climbed 7.3% to P51.2 billion from P47.7 billion previously, PLDT officials said during a briefing on Thursday.

Expenses increased 45.7% to P55.8 billion from P38.3 billion in the same period last year.

The company said it sustained quarter-on-quarter growth in data and broadband, which grew by 10% or P6.6 billion to P74.9 billion in the first half, contributed 79% to consolidated service revenues.

“Consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization), in the first six months grew 8% or P3.9 billion year on year to P50.5 billion, another all-time high, crossing the P100-billion mark for the last 12-month period,” it added.

The company is on track to meet its 2022 targets, according to PLDT and Smart Communications, Inc. President and Chief Executive Officer Alfredo S. Panlilio.

He said service revenues are expected to post a mid-single digit growth.

“Home broadband will lead this growth, with Enterprise also expected to register stronger performance, underpinned by ICT. And although Wireless faces tough market conditions, it should benefit from the continued opening up of the economy,” he added.

PLDT Chief Finance Officer Anabelle L. Chua said the company’s consolidated net debt as of the first half amounted to $3.9 billion while net debt-to-EBITDA stood at 2.16x.

She said gross debt was at $4.8 billion, “with maturities well spread out.”

“Only 16% of gross debt are denominated in US dollars and 5% are unhedged,” she noted. “PLDT maintained its credit ratings from Moody’s and S&P Global at investment grade.”

PLDT shares closed 2.33% higher at P1,760 apiece on Thursday. — Arjay L. Balinbin

Sitcom focuses on the lives of showbiz hopefuls

CIGNAL Entertainment and Crown Artist Management’s new sitcom, Oh My Korona, that follows the lives of show business aspirants who live under one roof, will start airing on TV5 beginning Aug. 6.

Oh My Korona highlights some true showbiz experiences based on current news headlines, celebrity issues and scandals, and other viral topics.

During an online press conference on Aug. 3, director Ricky Victoria said that the concept for the story was realized during the COVID-19 pandemic lockdown during a conversation with actors who eventually went on to star in the show.

“We were able to create a story on the lives of actors behind the scenes separate from what audiences see in the movies or on television,” Mr. Victoria said in English and Filipino.

“Hindi ganoon kadali mag-showbiz. So, sa bawat character, kahit sa sitcom, bibigyan pa rin namin ng konting kurot. Tungkol ito sa pag-asa sa mga pangarap (It’s not that easy to do showbiz. So, with each character, even in a sitcom, we will still give a little tug. It’s about hoping for dreams,)” actress Maja Salvador said, on working on a sitcom. “This show is about hopes and dreams.”

Leading the cast is Ms. Salvador who plays Lavinia, an out-of-work hotel manager who inherited a boarding house from her late beauty queen-actress mother and is now landlady to a group of show business aspirants.

Lavinia then meets the Sunrise talent agency owner Louie (played by Joey Marquez). Seeing Lavinia’s potential as an actress, Louie wants to make Lavinia one of his talents as are the other tenants. However, she dislikes show business due to issues with her parents.

The sitcom is the first of the series of commitments of Ms. Salvador  with TV5 and Cignal Entertainment, as announced earlier this year.

Oh My Korona is also the first line production venture of talent management company Crown Artist Management. Ms. Salvador is the President and CEO of Crown Artist Management, and runs the agency with her fiance, Rambo Nuñez, who is also a producer of the sitcom.

Also in the cast are RK Bagatsing, Kakai Bautista, Pooh, Thou Reyes, Christine Samson, Jessie Salvador, Jai Agpangan, Guel Espina, and Queenay.

“This sitcom is about those who are hopeful to become artists in show business,” said comedian Pooh (real name: Reynold Garcia) about what sets it apart from other shows featuring people in show business.

“It is relatable to the masses because each of the characters in the sitcom also lives the life of an ordinary person,” Mr. Garcia added about the show’s relatability. “The audience will see themselves in the characters [in the show.]”

Oh My Korona premieres on Aug. 6 and will air on Saturdays at 7:30 p.m. — Michelle Anne P. Soliman

Del Monte Pacific’s unit buys assets of US brand

A SUBSIDIARY of Del Monte Pacific Ltd. acquired certain assets of a US broth brand to expand its retail presence, said the Philippine-listed holding firm on Thursday.

Del Monte Foods, Inc., the US subsidiary of Del Monte Pacific, acquired the assets associated with ready-to-use stock and broth brand Kitchen Basics from McCormick & Co.

The acquired assets comprise intellectual property and inventory with an aggregate amount of $99 million. The acquisition was financed by the unit’s “available credit facilities.”

“We’ve seen heightened interest in broth and stocks over the last few years as consumers double down on home meal preparation, health and wellness,” Del Monte Foods Chief Marketing Officer Bibie Wu said in a press release.

Kitchen Basics was founded in 1996 and pioneered liquid stock in the United States. Its products are distributed nationally in the US and include a range of conventional and organic stock and broth offerings.

“The acquisition of Kitchen Basics will enable us to leverage synergies across our business to scale our broth and stock portfolio across North America,” Del Monte Foods President and Chief Executive Officer Greg N. Longstreet said.

“As we plan for the next decade of growth, we’re committed to strengthening our branded product portfolio to meet consumers’ changing needs,” Mr. Longstreet added.

Del Monte Pacific, together with its subsidiaries, is a global branded food and beverage company that caters to today’s consumer needs for premium quality, healthy products.

Its heritage brands include Del Monte, S&W, Contadina and College Inn — some of which originated in the US.

Del Monte Foods owns other trademarks such as Orchard Select, Fruit Refreshers, Veggieful, and Bubble Fruit.

Del Monte Pacific’s Philippine subsidiary, Del Monte Philippines, Inc., owns trademark rights to Del Monte, Today’s, Fiesta, 202, Fit ‘n Right, Heart Smart, Bone Smart and Quick ‘n Easy in the Philippines.

At the stock exchange on Thursday, Del Monte Pacific shares lost 66 centavos or 4.65% to P13.54 apiece. — Justine Irish D. Tabile

Star Wars series Andor explores dark days in the galaxy’s revolution

A SCENE from the Star Wars series Andor

LOS ANGELES — The newest Star Wars television series will tell the story of a dark period in the life of future Rogue One hero Cassian Andor as he decides how far to go in his lifelong battle against oppressive forces, the star and creator said on Wednesday.

Andor will debut on Walt Disney Co.’s Disney+ streaming service on Sept. 21. The 12-episode series stars actor Diego Luna as the title character, a rebel who sacrificed himself for the greater good at the end of 2016 film Rogue One.

Creator Tony Gilroy, speaking to reporters at a Television Critics Association event, said he drew on tidbits from the movie to craft a backstory for the character. In Rogue One, Cassian mentions he has been fighting in the galaxy’s ongoing revolution since he was six years old.

“At the end of the film he says ‘Oh my God, if we don’t go out and make this final effort, then all of the horrible things that I’ve done for the Rebellion will be for naught’,” Mr. Gilroy said. “So we know there’s a very dark period.”

The series begins five years before the events of Rogue One, Mr. Gilroy said, and the first season will cover a year’s time. Disney has already ordered a second season, which will cover the next four years leading up to the beginning of Rogue One.

“Above anything, this is a show about regular people” living their daily lives, Mr. Gilroy said, but are forced to make epic decisions.

Mr. Luna said Andor would not be predictable even though audiences know that Cassian’s story ends as a young man who gives his life for others.

“I’m going to challenge everything you think you know about Cassian,” Mr. Luna said. “I’m going to tell you something you don’t know about what triggers that.” — Reuters

1...5,5295,5305,531...13,707Page 5,530 of 13,707
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube