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SEC warns public about three unlicensed investment-takers

IN separate advisories, the Securities and Exchange Commission (SEC) has warned the public not to invest in CashBaka, Hero Mining International Group, and BitBankUps.com as the three entities have not secured the license to solicit investments.

According to the regulator, the three are neither registered as a corporation nor a partnership with the SEC. It also found them to have been soliciting investments without securing the necessary license as prescribed under the Securities and Regulation Code.

CashBaka has been promising the public a 150% to 200% interest within 30 days and a return of capital within 15 days. Investors who put in P500 are promised to get a P25 income per day, while those who put in P10,500 are told to expect a P2,170 income per day.

Meanwhile, Hero Mining offers seven investment options to its investors, starting from $10 up to $789, depending on the chosen scheme. Investors are promised to earn from P1,000 up to P144,905 with a 60% bonus from the profit of every successful recruit.

BitBank has been enticing the public to invest in its virtual currency called BBT.

According to the SEC, the entity has been promising a guaranteed profit through commissions with an initial capital of $100 to $5,000 in the form of a US dollar-pegged cryptocurrency like Tether.

Investors of BitBank were also promised referral bonuses each time they successfully recruited an individual to invest.

In a separate advisory, the commission also warned the public to not engage in advance-fee loan scams wherein victims are asked to pay a certain amount in exchange for the release of a loan.

“An advance-fee scam is a form of fraud and one of the most common types of confidence trick,” the SEC.

According to the regulator, the scam promises the victim a large sum of money, in return for a required small up-front payment.

“If a victim makes the payment, the fraudster either invents a series of further fees for the victim or simply disappears,” the SEC explained.

The commission said that people who are engaged in these scams are liable for the violation of Article 315 on swindling under the Revised Penal Code of the Philippines. — Justine Irish D. Tabile

D.M. Consunji’s order book down 8% as projects ease

SHIVENDU SHUKLA-UNSPLASH

D.M. CONSUNJI, Inc.’s (DMCI) order book declined by 8.1% to P45.3 billion for the past three quarters from P49.3 billion in the same period last year amid a slowdown in project bidding and contract awarding.

In a press release on Thursday, its parent firm DMCI Holdings, Inc. said the “moderate” decrease was recorded for both the private and public sectors. It said the unit recorded P8.4 billion worth of contracts and P1 billion in change orders for the nine-month period.

“[The order book] was a bit lower than last year, but next year there’s a lot in the pipeline,” D.M. Consunji President and Chief Executive Officer Jorge A. Consunji told reporters in a recent gathering.

The company recorded P13.3 billion in construction accomplishments as of September this year.

According to Mr. Consunji, the contractor expects headwinds over the medium term amid high inflation, rising interest rates, and higher office and commercial vacancies.

“Public infrastructure projects could provide some upside but it would still depend on the rollout strategy and spending priorities of the national government,” he said in the press release.

In the nine-month period, D.M. Consunji posted P796 million net income, higher by 1.4% than the P785 million income it recorded last year.

“As far as profit is concerned, it is not ideal because [we were hit by] price volatility. It could’ve been better, but we are positively better than last year,” Mr. Consunji said.

Meanwhile, the company’s nine-month revenue declined by 7% to P15.33 billion from the P16.48 billion revenue it booked last year.

“If you talk about revenue, it will be slightly lower than last year because na-delay kami sa mga right-of-way (we were delayed by right-of-way issues),” he said.

According to Mr. Consunji, although the contractor did not reach its 2022 targets due to fuel price increases and foreign exchange losses, he remains optimistic about the company’s performance in 2023.

“We expect [next year to be] a little better than this year,” he said. “Remember we are doing some jobs with joint ventures — Department of Transportation, [and] Japan International Cooperation Agency — [as long as the projects acquire the] right of way as they promised, we’re okay.”

Mr. Consunji said that the company held back on some of its projects this year as the promised right-of-way acquisitions were not all awarded.

On Thursday, shares in DMCI Holdings rose 1.56% or P0.15 to close at P9.75 apiece. — Justine Irish D. Tabile

Century Properties to open mid-scale hotel in Manila

CENTURY-PROPERTIES.COM

PROPERTY developer Century Properties Group, Inc. (CPGI) is set to open a mid-scale hotel in Mandaluyong City on Dec.15, targeting to cater to tourist influx during the holidays.

“December is an opportune time for Novotel Suites Manila to open as Century Properties can actively participate and address the demand surge for tourism and leisure travel,” CPGI President and Chief Executive Officer Jose Marco R. Antonio said in a press release.

According to Mr. Antonio, the opening of the new hotel is in line with the government’s thrust of promoting the tourism industry.

He also noted that the hotel is expected to meet the growing demand for intimate gatherings in the area coming from the increasing number of multinational companies in Taguig and Makati.

The hotel will sit at a master-planned development called Acqua in Brgy. Hulo, Mandaluyong City, which will make it accessible through various points in the cities of Makati and Mandaluyong.

It will house 152 rooms and will be jointly owned by Century Properties and Century Acqua Lifestyle Corp. The hotel’s upper floors will be allocated for residential condominium units, which are all pre-sold.

The hotel, which was conceptualized with an augmented hospitality group called Accor, will be the sixth and final tower of Acqua Private Residences.

The rooms it will offer will range from 32 square meters (sq.m.) to 87 sq.m. The hotel will also have a pool, restaurant and bar, lounge café, pastry shop, fitness center, and meeting rooms suitable for small-scale events.

Novotel Suites Manila is the pilot hospitality development for Century Properties as it has been originally known for its high-rise condominiums.

“We are proud to carry the Novotel name, along with other 500 establishments globally. It’s a trusted brand, known for excellent rooms and service. It’s our pleasure to work with Accor,” Mr. Antonio said. — Justine Irish D. Tabile

What’s in store for Disney in 2023? A lot.

WISH

SINGAPORE — with titles ranging from Hollywood films to Hallyu and Japanese animé, The Walt Disney Company Asia Pacific unveiled its slate of upcoming movies, series, and new Asia Pacific region titles for Disney+ and Disney+ Hotstar for 2023.

The global titles that are set for release next year from Marvel Studios are Ant-Man and the Wasp: Quantumania (Feb. 17), The Marvels (July), Secret Invasion (streaming on Disney+), Guardians of the Galaxy Vol. 3 (May 5), and Loki Season 2.

Meanwhile, Walt Disney Animation Studios will stream Wish, and Iwaju on Disney+. Pixar will release Elemental on June 6. Walt Disney Pictures will come out with the live action The Little Mermaid in May and Haunted Mansion in August. And Lucasfilm has a slew on its slate: The Mandalorian Season 3, Ahsoka, Star Wars: The Bad Batch Season 2, The Acolyte, and Star Wars Visions Volume Two, all of which will be streaming on Disney+. It will be releasing Indiana Jones 5 in movie theaters on June 30.

The showcase of titles closed with James Cameron’s sequel to Avatar, his 2009 blockbuster. Avatar: The Way of Water stars Zoe Saldana, Sam Worthington, Sigourney Weaver, Stephen Lang, Cliff Curtis, Joel David Moore, CCH Pounder, Edie Falco, Jemaine Clement, and Kate Winslet. The film will open in Philippine theaters on Dec. 14, and go into wide release globally ono Dec. 16.

“The Walt Disney Company has brought iconic stories and characters to consumers all over the world, becoming a part of global culture,” The Walt Disney Company President Asia Pacific Luke Kang said at the Disney Content Showcase 2022 at Marina Bay Sands in Singapore on Nov. 30.

APAC ORIGINALS
The company also announced its upcoming content from Japan, Korea, Indonesia, Australia, and New Zealand.

“Over the last year, the total streaming hours of Asian content on Disney+ has grown over eight times,” Mr. Kang pointed out, adding that the local production is done “with the ambitious long-term plan to uncover the best stories from this region and to showcase creative excellence to shine on the world stage.”

Titles from Korea range from crime dramas, a family opera, and a tale of superheroes, to K-pop documentary series.

Call It Love, directed by Lee Kwangyoung, is about a mistreated daughter who seeks revenge on her father’s mistress after his sudden death. Meanwhile, Moving — which is based on a popular webtoon by Kang Full — tells the story of three teenagers who discover they’ve inherited unusual powers from their secret agent parents. Set in the 1990s is Worst of Evil, which follows an investigative task force as their undercover officer infiltrates a new criminal organization responsible for fueling a trafficking triangle. RACE is about a mediocre employee who suddenly works harder after discovering she was hired at her top-tier publicity company for diversity reasons.

Super Junior: The Last Man Standing takes viewers behind-the-scenes with the members of the K-pop supergroup, offering new insights into the modern K-pop industry. BTS Monuments: Beyond the Stars is an exclusive Disney+ original music docu-series featuring the group’s library of music and footage over the past nine years. It will also feature the daily lives, thoughts, and future plans of BTS members. Finally, j-hope Solo Documentary (its working title) follows pop star j-hope in the preparation process of his recently released solo album.

The upcoming titles from Indonesia are Hubungi Agen Gue! (The Talent Agency), an adaptation of the hit French series Dix Pour Cent  (Call My Agent!). The comedy follows four agents in an Indonesian talent agency as they struggle to save the business following the unexpected death of the company’s founder. Meanwhile, Wedding Agreement The Series Season 2 returns with Refal Hady and Indah Permatasari.

There are two titles from Australia and New Zealand. The Artful Dodger is a drama set in the frontier colonies of Australia in the 1850s. Across eight episodes the scripted series explores the adult double life of Charles Dickens’ famous prince of thieves from Oliver Twist — The Artful Dodger — who is now a surgeon who can’t shake his predilection for crime. Meanwhile, the psycho-thriller The Clearing is based on J.P. Pomare’s acclaimed novel In the Clearing, which was inspired by cults throughout history.

ANIMÉ COLLABORATION
The Walt Disney Company Asia Pacific also announced the expansion of its strategic collaboration with Japanese publishing house Kodansha to include Japanese animé. The collaboration will include licensing exclusive SVOD animé titles based on manga produced by Kodansha that will be available exclusively on Disney+ and Disney+ Hotstar.

The first title to be released as part of the collaboration is Tokyo Revengers: Christmas Showdown Arc. It follows a former bad boy who uses his accidentally acquired powers of time travel to go back and save his high school girlfriend from being murdered.

Another title from Japan is the live-action adaptation Gannibal, the manga about dark and mysterious disappearances in a remote Japanese village. Co-produced by Teruhisa Yamamoto (producer of Academy Award winner Drive My Car) and Tatsuya Iwakura, and adapted for the screen by Academy Award nominee Takamasa Oe (Drive My Car), the series will launch on Dec. 28.

Finally, there is the original live action and fantasy series Dragons of Wonderhatch and House of the Owl. Dragons tells the story of a high school girl who struggles to fit in before being swept up on an adventure with a boy from another world. House of the Owl follows Japan’s number one fixer who faces his most daunting challenge in dealing with a chain of events that could forever change Japan’s politics, all while unable to control his family.

“Our aspiration is for these stories in the Asia Pacific region to be a key pillar to the Walt Disney Company’s next 100 years and to continue to move the hearts and minds of audiences worldwide,” Mr. Kang said. — Michelle Anne P. Soliman

NLEX Corp. keen on 1.2-km interconnection link 

NLEX Corp. is willing to build the 1.2-kilometer (km) link that is under the concession agreement between the government and San Miguel Corp. for the Metro Manila Skyway System.

NLEX Corp. is the toll road operator and builder of the North Luzon Expressway (NLEX) and Subic–Clark–Tarlac Expressway (SCTEX). It is a subsidiary of Metro Pacific Tollways Corp. (MPTC).

In a briefing on the NLEX Connector’s update, MPTC Chief Financial Officer Christopher Daniel C. Lizo expressed the group’s interest to build the interconnection structure.

“The Toll Regulatory Board can always amend their concession. The government can award to us the 1.2-km interconnection link,” he said.

According to NLEX Corp., the link is a vital part of the 8-km NLEX Connector project for it to be connected to the Skyway.

If awarded, MPTC expects the additional 1.2-km road to cost P2 billion, which will increase the total cost of the entire 9.2-km road to around P19 billion.

Edward F. Castro, NLEX Corp. head engineer for the NLEX Connector project, said that the interconnection link and the connector road should have already been finished.

Lahat naman kami sumobra sa timeframe because of the pandemic, kasi lahat ng usapan prior to pandemic, (All of us exceeded the timeframe because of the pandemic because all of the talks happened prior to the pandemic),” Mr. Castro said.

Sana kapag natapos itong connector road, matapos din sila to interconnect the two projects, (We hope that when we complete the connector road, they will also finish so that we can interconnect the two projects),” he added.

NLEX Corp. is targeting to open the first section of the connector road by December. The section will span from Caloocan to España. The company has already acquired 97% of the right-of-way needed for the first section and 86% for the second section.

The second section — Magsaysay Blvd. to Sta. Mesa — is expected to be fully opened by mid-February of 2023. The entire project is seen to be completed by mid-April of 2023.

The connector project aims to decongest the major thoroughfares in Manila such as España Blvd., Abad Santos Ave., Rizal Ave., and Lacson Ave. It is also expected to reduce travel time from NLEX to South Luzon Expressway from two hours to 20 minutes. — Justine Irish D. Tabile

Disney CEO Iger makes profitable streaming a priority

MIKA BAUMEISTER-UNSPLASH

WALT DISNEY Co. Chief Executive Bob Iger said on Monday that one of his top priorities is to make the company’s streaming business profitable.

Mr. Iger is responsible for Disney’s all-in embrace of streaming, and the launch of its marquee service, Disney+, but he acknowledged the measurement of success has changed. Wall Street investors now focus on profitability, not merely subscriber gains.

“Instead of chasing (subscribers) with aggressive marketing and aggressive spend on content, we have to start chasing profitability,” Mr. Iger told a town-hall meeting on the company’s Burbank, California, lot, according to a transcript of remarks seen by Reuters.

“In order to achieve that, we have to take a very, very hard look at our cost structure across our businesses.”

Disney joins a number of media companies seeking to grow their streaming services without sacrificing its film or television businesses.

The board announced it had installed Iger as chief executive on Nov. 20 after removing his handpicked successor, Bob Chapek, who had lost the support of senior staff.

“Filled with gratitude and excitement to be back @WaltDisneyCo!,” Mr. Iger tweeted on Monday with a picture of the company’s headquarters.

From a sound stage on Disney’s lot, Mr. Iger said he returns to the company he led for 15 years with a sense of urgency. He said he had recently been listening to Lin-Manuel Miranda’s musical Hamilton, and was struck by the song “What’d I Miss?,” as Thomas Jefferson, the US minister to France, is called home.

“The status quo is gone. A lot has changed. But the sun is still shining,” Mr. Iger said.

Mr. Iger, in a question-and-answer session, said it was a “surprise” to have been asked to return to Disney for a two-year period. His top focus, he said, is creativity.

His predecessor, Mr. Chapek, had a rocky tenure at Disney’s helm, even as he was credited with navigating the company through the worst of the pandemic.

Mr. Chapek clashed with Black Widow star Scarlett Johansson over the decision to simultaneously release the film in theaters and online, and with Florida Governor Ron DeSantis over legislation limiting classroom discussion of sexual orientation or gender identity.

Disney also has been under pressure from activist investors, who have been pushing for change.

Mr. Iger said he planned to keep a hiring freeze, which Mr. Chapek instituted, in place, while he assesses Disney’s cost structure. He offered no timing on the restructuring of the company’s film and television distribution group, Disney Media and Entertainment Distribution. CNBC was the first to report details, which Reuters independently confirmed.

Asked about Disney’s initial attempts to remain neutral on a Florida law that critics refer to as the “Don’t Say Gay” bill, Mr. Iger reiterated his commitment to the company’s LGBTQ+ employees — “we care deeply about them. That is a given.”

The returning chief executive declined to respond to speculation that Disney might explore a sale to Apple Inc., noting, “We never comment on acquisitions or divestitures or whatever. You can quickly get into a lot of trouble there — and I don’t want to leave this job and end up in jail.”

Mr. Iger left the stage to a standing ovation, according to one person who attended the session. — Reuters

Meet the Fabels

GABRIEL LABELLE in a scene from The Fabelmans.

Movie Review
The Fabelmans
Directed by

Steven Spielberg

ARGUABLY Steven Spielberg doesn’t need to do an autobiographical film, he’s been doing them all his life — Sugarland Express features a mother as a driven force of nature, Jaws includes the subplot of ship’s captain bullying a nerdy scientist, Close Encounters of the Third Kind follows a man so obsessed with his quest that he abandons his family, ET described a lonely child with his head crammed full of dreams, and, as it turns out, Duel and 1941 (knew it!) allude to one of his most formative traumas — the massive car-and-train collision in The Greatest Show on Earth, which he saw as a child. That said, Spielberg at this point in his career insists on an autobiographical feature — a direct one this time — hence The Fabelmans.

Spielberg’s memoirs turn out to be a straightforward affair: Sammy Fableman (Mateo Zoryan as a child, Gabrielle LaBelle as adolescent and young man) tags along with his chaotic family as they move from Haddon Township, New Jersey to Phoenix, Arizona to Saratoga, California. Sammy (it’s suggested) was terrified by the first film he ever saw (the aforementioned Greatest Show) and by way of therapy records his own staged Lionel Train collision on 8 mm and projects it onto his bedroom closet; with this scene Spielberg points out one power of movies — capturing moments to replay again and again, in total safety and under our complete control.

Filmmaking becomes a ruling passion in the boy’s childhood: Sammy’s three sisters are lassoed into acting in a stagecoach holdup; the household’s entire supply of toilet paper is requisitioned to make mummy wrappings. The results (both the filming and screening of it) are delightful in that toy train-set manner, children using their inventiveness to improvise a story — holes punched into film strips suggest gunshots (an audience of classmates and neighbors gasping in appreciation), buried sticks kicking up sand in imitation of ricochets, youths slap blood-filled condoms on their chests to simulate bullet wounds — all captured by cinematographer Janusz Kaminski in the slightly burnished glow of fond recollection. Which is Spielberg’s way of showing us another power of movies — their making is a most elaborate form of play, capable of inspiring the players to give their all.

Spielberg has been directing movies for upwards of 50 years (officially; unofficially he’s been directing since he was six), so it makes sense that his grasp of dramatic storytelling has improved. His scenes of family meals and domestic squabbles here have the off-the-cuff quality of improvisation, with generous helpings of overlapping dialogue (his movies have had had plenty from Sugarland Express to ET, but for some reason the practice has tapered off; glad to see it back).

Easily the film’s finest scene is when Sammy tries to tell his mother Mitzi (Michelle Williams) a secret so big and corrosive and difficult he can’t tell her in words, so he sits her down in his preferred screening venue (bedroom closet), and sets up his projector. Spielberg has the camera at chin level pointed to Mitzi’s upturned face when the projector clatters into life behind her.

The shot is classic Spielberg, one he’s repeated a bit too often in his career, with the actor (police chief, scientist, lonely boy) gazing in slack-jawed wonder at an often-fantastic creature (giant shark, mother ship, creature with luminescent chest); here mother watches her son’s assembled footage and the moment has the force of revelation, the subtly monumentalized feel of the image for once completely and overwhelmingly earned. Here Spielberg shows yet a third power of movies: to observe and expose and, on occasion, cause tectonic fractures in our lives.

Can’t resist comparing this to the other autobiographical film from a director of Ukranian-Jewish ethnicity: James Gray’s Armageddon Time is set not in the 1950s and ’60s but in the ’80s. Both feature a stylized palette representing their respective filmmaker’s attitudes to their respective periods: Spielberg the washed-out colors of Arizona (and later, California) sunlight, Gray the lightly honeyed glow of Queens, New York in the ’80s. Spielberg cuts to the frenetic pace of off-the-cuff filmmaking and evokes the intensity of self-confession; Gray assumes a steadier tread, gazing at his family and himself with a cooler contemplative eye.

Gray’s onscreen equivalent Paul Graff (Michael Banks Repeta) has an angelic face framed with a halo of red curls and right off we see a difference: where Sammy is consistently sweet if needy in his youth, Paul can be a loud rebellious brat, his sense of entitlement more than a little overwhelming, his adventures a half-step short of being a juvenile delinquent’s (where Sammy pours all his time and effort into fashioning amateur movies, Paul has enough leftover energy to raise hell in school and the outside world). Sammy’s family has issues — what family doesn’t? — but the hostility comes mostly from the outside, in the form of anti-Semitic classmates who oppress and even hit the youth; Gray’s Paul is beaten not by some school bully but by his father.

The outside world intrudes on Sammy in the form of abusive anti-Semitism; Paul encounters this too but subtler, in the form of the condescension shown him by white upper-class students in the private school he eventually enters. The public school he just left had issues but to its credit Jews were not singled out — too many ethnicities jostled each other for room — and it’s in public school where Paul meets Johnny (Jaylin Webb), an older student held back a year. They would bond over astronaut badges and the space program, and through Johnny Paul would be taught a variety of lessons, not necessarily the positive kind — the inequities of race and social class, the Faustian bargain middle-class Jewish families had to make with the larger society, the frustration and sense of impotence a high school student can feel in the face of it all.

The voice of an older generation speaks to Sammy in the form of his Uncle Boris, with Judd Hirsch (as he did decades ago in Ordinary People) representing Jewish warmth and wisdom; Gray has Anthony Hopkins dispensing advice to Paul as Grandpa Aaron, encouraging the boy to speak up when encountering racism. Uncle Boris speaks with the force of prophecy (he foresees the birth and agony of Steven Spielberg) but Grandpa Aaron’s advice comes across with more ambivalence: Paul is already in trouble for speaking out, will get into his worst trouble yet out of friendship with Johnny. Is speaking up really the best thing for him at this point in time? Grandpa Aaron pays for Paul’s tuition at his elite school — should the old man really be talking about the marginalized and social inequality? Gray raises more questions than answers, more unease than comfort — compare Sammy’s cheerfully Chaplinesque saunter into the sunset (yes, tomorrow is another day) — with Paul’s sombre walk out of the school gym into the dark.

How do the two autobiographies compare in a fairly crowded field? Folks seem to forget that Richard Linklater came out with his own childhood story (Apollo 10 1/2: A Space Age Childhood) — aside from the obvious stylization of the rotoscope-style animation (actually veering from rotoscoped into outright abstraction) Linklater doesn’t appear to have much of an overt agenda beyond capturing the look and feel of his time and rewriting a largely uneventful childhood to include a little adventure, but in some ways that makes his film more evocative (you’re free to read whatever you like into its stylized surface), not to mention more creative (an autobiographical fantasy?). A few years ago, there was Alfonso Cuaron’s Roma, which was beautiful in its persistently austere way but felt too passive for my tastes.

Not an especially big fan of Ingmar Bergman’s Fanny and Alexander but its scope and at times frosty, at times candlelit-warm look marks it as a major example; much prefer Federico Fellini’s earthier Amarcord, and (leaving out childhood) I Vitelloni and the narcissistic, impossibly beautiful 8 1/2 (like Spielberg, you might say much of Fellini’s work is autobiographical). Francois Truffaut’s The 400 Blows is hugely influential, and you see Gray paying homage at one point in his picture.

If I had to pick favorites, I’d pick two: Jean Vigo’s Zero for Conduct and Orson Welles’ The Magnificent Ambersons. Vigo’s draws directly from his childhood at a boarding school but can hardly be called a docu-drama: radical and surreal and dreamlike, it assumes a heedlessly, even heroically defiant, attitude and raises the banner of anarchism whatever the consequences. The Magnificent Ambersons may have been an adaptation of the Booth Tarkington novel but Welles identified with it so intensely he adapted it twice — once on radio and once, magnificently, on film — and claims the character of Eugene Morgan was based on his own father Richard Welles, who was a friend of Tarkington’s.

In terms of witheringly confessional self-exposure, few onscreen portraits match that of George Minafer, the monster brat in Ambersons who becomes an equally monstrous young man, of which everyone has at one point or the other wished his “comeuppance” — that quaint term for karmic justice feeling inadequate (hence beautifully appropriate) to describe the scene of unblinking heartbreak awaiting him in his future. Spielberg approximates some of the delights of Amberson’s early passages (that snow sled!), Gray channels a bit of Welles’ dispassionate tone — the two do their best and are quite good in their own ways, but Welles in my book sets the standard for the autobiographical film.

Sta. Lucia Land eyes P5-billion loan, 11 joint venture projects

STA. LUCIA Land, Inc. said on Thursday that its board had approved taking out a P5-billion loan from institutional lenders while authorizing joint ventures to develop 11 projects, including two in Mindanao.

In a disclosure to the stock exchange, the property developer also said its board of directors had authorized the acquisition of a parcel of land in Batangas at 23,770 square meters (sq.m.) and in Bulacan at 16,349 sq.m.

The special board meeting held on Nov. 29 identified the 11 areas — seven in Luzon, two in the Visayas, and two in Mindanao. Of the planned joint ventures, the biggest is in Negros Occidental at 618,710 sq.m. followed by 578,254 sq.m. in Iloilo.

Of the seven areas for development in Luzon, the biggest is in Batangas at 352,323 sq.m. followed by Pangasinan at 135,617 sq.m. and Laguna at 131,163 sq.m. The smallest is in Quezon City at 2,538 sq.m.

In Mindanao, Sta. Lucia Land is planning joint ventures in Surigao del Norte with a total area of 115,293 sq.m. and in South Cotabato with an area of 91,889 sq.m.

The company said the resolution approving the authority to enter into an unsecured syndicated term loan facility agreement with primary institutional lenders is up to P5 billion.

It named Rizal Commercial Banking Corp.’s trust group as the facility agency, separate from China Banking Corp., from which the company plans to obtain a short-term loan facility. Sta. Lucia Land’s board also authorized transactions with AP Securities, Inc. and Maybank Securities, Inc.

In the same meeting, the board also authorized the company to distribute its unrestricted retained earnings for a total P331.86 million via cash dividends to stockholders of record as of Dec. 16, 2022. The dividends at P0.04 per share are for distribution not later than Dec. 27, 2022.

On Thursday, shares in the company closed unchanged at P3.10 each.

San Miguel rolls out seamless tollways program

SAN MIGUEL Corp. (SMC) has rolled out a program that will eliminate the multiple toll stops within South Luzon Expressway (SLEX), Southern Tagalog Arterial Road (STAR), and Metro Manila Skyway System.

Starting Thursday, the usual five stops for southbound vehicles traversing the expressways will be cut down to just two — the entry and exit points.

The program is expected to reduce travel time along the three expressways. It is part of the company’s efforts of minimizing traffic and enhancing motorists’ user experience along its tollways.

“With this, we can make trips for motorists faster, more seamless, and less stressful, as they will no longer need to endure long queues at multiple toll plazas within the expressways,” SMC President and Chief Operating Officer Ramon S. Ang said in a press release.

The seamless tollways program will be implemented for southbound traffic on Dec. 1, while it will be implemented on Dec. 15 for northbound traffic.

“The same will be implemented for northbound traffic, which currently [motorists] have to make toll stops at the Sto. Tomas main plaza, SLEX Greenfield, the Skyway main plaza in Alabang, and then the Skyway 3 exit,” SMC said.

When implemented, all toll plazas for northbound traffic will be pass-through and payment stops will only be at the Skyway main plaza and the exit point.

The program will add up the total fees the motorists used to pay, including fees in the eliminated toll stops.

“Some motorists may find this confusing at first, and they might wonder why the toll fee is ‘higher’. This may even lead to traffic buildup at some exit points as some motorists will inevitably take longer to make inquiries,” Mr. Ang said.

“We want to make sure, as much as we can, that all motorists understand that there are no toll fee increases, and that we still also have to pay for use of the various expressways. It’s just that all the remaining payments will be collected in one go at the exit,” he added.

In the press release, SMC quoted Department of Transportation Secretary Jaime J. Bautista as saying, “This is a welcome development for so many of our countrymen who will be heading home to the provinces this December. Usually, our expressways experience the heaviest traffic, particularly in the weeks leading up to Christmas.”

“Beyond the holidays, this initiative will make the transportation of people and goods to and from Southern Luzon provinces much faster and more efficient, with no impact or change in toll rates,” he added. — Justine Irish D. Tabile

Aquira Land to develop 57-hectare land for low-cost homes in Pampanga

AQUIRA Land Development Corp. (ALDC) has signed a memorandum of agreement for its second low-cost housing project which will rise in Pampanga.

“Our aim from the start has been to hit the ground running,” ALDC Chief Executive Officer Erick C. Armigos said in a press release.

He added that since the agreement’s signing with the National Home Mortgage Financing Corp. (NHMFC), “it has been our intention to pursue as many social and low-cost housing projects as our resources allow.”

The project is expected to create 6,150 low-cost housing units in a 57-hectare property in Brgy. Pandacaqui, Mexico, Pampanga.

According to Mr. Armigos, the prices of the units in the development will be from P1.5 million to P2.9 million.

“There is no masterplan at the moment, but as of now, the plan is for low-cost houses and not the cheaper social houses,” Mr. Armigos said in a text message.

It will be a joint venture with Benjamin Construction Equipment, Inc. and the property owner, Armed Forces of the Philippines – Retirement and Separation Benefits System.

“Although the project is primarily for retired military and police in the area, units will not be offered exclusively to them,” ALDC said.

ALDC is currently a partner of NHMFC’s Housing Loan Receivables Purchase Program. Under this program, NHMFC buys ALDC’s receivables from its developments which allow ALDC customers to pay for their homes monthly at low-interest rates.

The Pampanga project will be 10 minutes away from Marquee Mall and Lake Shore Estates. It will be ALDC’s second low-cost housing project after its 16-hectare development in Tanay, Rizal.

According to the press release, ALDC’s low-cost housing developments aim to support the government’s push to develop a million low-cost houses per year over the term of President Ferdinand R. Marcos Jr.

The program called Pambansang Pabahay para sa Pilipino seeks to address the country’s housing backlog placed at 6.5 million units. — Justine Irish D. Tabile

Fleetwood Mac singer-songwriter Christine McVie, 79

KEYBOARDIST and singer Christine McVie of the rock band Fleetwood Mac performs on NBC’s Today show in New York City, Oct. 9, 2014. — REUTERS/MIKE SEGAR

LONDON/LOS ANGELES — Christine McVie, whose songwriting and signature vocals helped make British-American group Fleetwood Mac one of the best-selling rock bands of all time, died on Wednesday. She was 79.

Ms. McVie passed away at a hospital following a short illness, her family said in a statement posted on the singer’s Facebook page.

“We would like everyone to keep Christine in their hearts and remember the life of an incredible human being and a revered musician who was loved universally. RIP Christine McVie,” the family said in the statement.

Fleetwood Mac, in a separate statement, said that there were “no words” to describe the band’s sadness at Ms. McVie’s passing. Members of Fleetwood Mac including Stevie Nicks and Mick Fleetwood posted the statement on social media.

“She was the best musician anyone could have in their band and the best friend anyone could have in their life,” the band’s statement said. “Individually and together, we cherished Christine deeply and are thankful for the amazing memories we have.”

Born Christine Perfect in northwest England on July 12, 1943, Ms. McVie started making music while in art school and was playing with a band called Chicken Shack before joining Fleetwood Mac in 1970 and marrying its bassist, John McVie.

It was two of Christine McVie’s songs, “Over My Head” and “Say You Love Me,” that first saw the band, which started as a blues outfit, getting featured on US radio stations.

The band relocated to California and added two new members — Ms. Nicks and Lindsey Buckingham. Their 1977 album Rumours, recorded as John and Christine McVie were divorcing, sold more than 40 million copies and became one of the best-selling albums of all time.

The album, which featured vocals from both Christine McVie and Stevie Nicks, included such hits as “Don’t Stop (Thinking About Tomorrow),” “Go Your Own Way,” “The Chain,” “You Make Loving Fun,” and “Gold Dust Woman,” and was a fixture on the charts for 134 weeks, spending 31 weeks at No. 1.

Ms. McVie left Fleetwood Mac in 1998 and largely stayed out of the public eye despite releasing a solo album in 2004. She rejoined the band for a 2014 tour. — Reuters

ACEN signs deal to acquire solar farm developer in Pangasinan

ACEN CORP. has signed a share purchase agreement with Sungrow Power Renewables Corp., and Havilah AAA Holdings Corp. for the acquisition of Sinocalan Solar Power Corp. (SSPC).

In a disclosure on Thursday, ACEN said that SSPC, the developer of a 60-megawatt-peak (MWp) solar power plant in Pangasinan, will become its wholly-owned subsidiary upon the completion of the acquisition scheduled on Dec. 15.

The Ayala-led renewable company said that Sungrow and Havilah signed an agreement with ACEN for the sale of their shares and subscription rights in SSPC.

Meanwhile, ACE Enexor, Inc. informed the stock exchange on Thursday that it had secured approval to change its corporate name to ENEX Energy Corp., which will be effective on Dec. 9.

The change of its corporate name was approved by its board of directors in March.

ACE Enexor is primarily engaged in the business of oil and gas exploration and production, both domestically and internationally.

At the local bourse on Thursday, shares in ACEN rose 34 centavos or 4.78% to close at P7.45 per share. ACE Enexor shares gained 62 centavos or 4.32% to finish at P14.98 per share. — Ashley Erika O. Jose

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