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Pilipinas Shell swings to profit with nearly P4-billion net income

PILIPINAS Shell Petroleum Corp. on Monday announced that its net income for 2021 jumped to P3.85 billion, bouncing back from its P16.18-billion loss in the previous year, on the back of “sustained network growth.”

In a disclosure to the exchange, the listed oil firm logged P2.3 billion in core earnings, or nearly eight times higher than the previous year’s P300 million.

It also maintained a P1.8-billion operational cash flow as it continues “to sustain proactive management of costs, working capital and cash inflows.”

“Our strategy of powering progress for the Philippines is working, despite the challenges brought by an unprecedented global health crisis and the lockdowns it triggered,” Pilipinas Shell President and Chief Executive Officer Lorelie Quiambao-Osial said in a statement.

“It has enabled us to remain agile and resilient throughout the challenging period, placing us in a good position for today’s recovery. We remain firm in our commitment to serve the public who are rediscovering the joys of mobility,” she added.

Pilipinas Shell said that its fuel marketing volumes began to go up when the government has lifted the coronavirus disease 2019 (COVID-19) lockdown and became more aggressive with its vaccination drives.

In a separate disclosure, the firm said it recorded a 12.9% increase in net sales to P17.72 billion from 2020’s P15.7 billion.

In terms of volume among its segments, its lubricant business remained to be its main growth driver with a 30% increase. Bitumen sales followed with a 12% growth. The company is the only bitumen or asphalt producer in the country.

Ms. Quiambao-Osial said she hopes that “marketing volumes continue to improve as more people get fully vaccinated, feel safer and get back on the road.”

In September 2021, Pilipinas Shell opened its first “Site of the Future” in Silang, Cavite, a mobile station that provides fuel and other products and services. It was followed by 42 other new stations.

The presence of some 70 popular Filipino restaurants and lifestyle brands in these stations provides Pilipinas Shell customers a wide variety of non-fuel-retail (NFR) products, the company said.

A double-digit growth across its NFR segment — including 187 Shell Select stores; 224 Select Express stores; 75 Deli2Go kiosks; 455 lube bays; and 370 Shell Helix centers — was recorded as its profitability reached pre-pandemic levels.

At the local bourse, shares in the oil company on Monday went up by 30 centavos or 1.69% to close P18 apiece. — Marielle C. Lucenio

Cignal HD advances to semifinals

CIGNAL HD celebrates in winning over Bali Pure in three sets. — PVL MEDIA BUREAU

CIGNAL HD overpowered a hapless Bali Pure, 25-14, 25-9, 25-14, on Monday to claim the first berth to the semifinals of the Premier Volleyball League Open Conference in a memorable game at the Filoil Flying V Arena in San Juan where fans were let in for the first time in three years.

Crisp-spiking Ces Molina spearheaded the carnage with 12 hits including 11 on attacks while Roselyn Doria scattered 11 as the HD Spikers moved on to the best-of-three semis set on Friday.

There, Cignal will battle the winner between Petro Gazz, the Pool B No. 2, and F2 Logistics, the Pool A No. 3, in the latter two’s intriguing showdown tonight.

And the HD Spikers did not leave anything to chance as they dominated the Purest Water Defenders at the onset and never really relented from there to claim the former’s fifth straight win after sweeping Pool A in four outings.

So dominating were the HD Spikers that no Bali Pure players scored more than five points.

Maria Angelica Cayuna continued to impress as she dished out 26 excellent sets in just three short sets while chipping in three hits while Cignal’s net defense remained nearly impenetrable with nine on this game including four by Riri Meneses.

It was an almost impeccable game for Cignal that Shaq delos Santos came into the post-game interview impressed.

“The whole of elimination was really a tough grind that we had little chance to prepare for our opponents,” said Mr. Delos Santos. “But we got that opportunity to prepare on this one against this team (Bali Pure) that’s why we played our best game thus far.”

The return of fans was also instrumental in boosting the team’s morale. “It’s a great feeling to have fans cheering for us again. They were an added inspiration to us,” said Mr. Delos Santos.

Meanwhile, No. 2 Choco Mucho, shoots to join Cignal to the semis as it clashes with PLDT at 3 p.m. on Tuesday. — Joey Villar

Women’s stories through the lens of SEA women

LINA TAN, Producer, Sa Balik Baju

STORYTELLING through the female gaze, relating to the human experience, and finding your audience are some of the ingredients to an engaging story, said Southeast Asian women creatives in film.

In celebration of International Women’s Month, online streaming service Netflix gathered four Southeast Asian creators and talent (all of whom have work featured on Netflix) to talk about storytelling for, by, and about women in a panel session titled “Women Who Rule the Screen” on March 23.

The panel was composed of Thai-American director Pailin Wedel (Hope Frozen), Indonesian actress Marissa Anita (Ali & Ratu Ratu Queens), Malaysian producer Lina Tan (Sa Balik Baju), and Filipino writer and executive producer Tanya Yuson (Trese).

Growing up in a household of music enthusiasts and performers, Indonesian presenter, journalist, and actress Marissa Anita said, “I grew up watching a lot of films and I learned more about values of life from films and not from school,” Ms. Anita said. Her passion for theater and acting developed while taking drama courses at university and she “never looked back since.”

Thai-American director Pailin Wedel’s start was unexpected when she landed a job as photojournalist at a broadsheet despite finishing a degree in biology.

Covering news stories, she then went from photography to producing videos for news websites. “Eventually, I just realized that whatever I was producing was frustratingly [too] short to cover the depth that I wanted to cover,” Ms. Wedel said. This realization led to her exploration in producing documentaries.

To date, her longest piece is the 75-minute award-winning documentary Hope Frozen (2018).

Filipino writer Tanya Yuson began her career as a production assistant for commercials. She then moved to New York and Los Angeles where she worked in development for studios such as New Line Cinema and The Walt Disney Company. After 14 years abroad, she came back home and co-founded BASE Entertainment. “I knew I always wanted to come back and look at the stories coming out of Southeast Asia,” Ms. Yuson said.

Meanwhile, Malaysian film producer Lina Tan had a background in advertising prior to establishing Red Communications, a production company producing women-centric stories.

“At that point, I was looking at content. Television was very keen on developing young minds and I was looking at images of young women in TV a lot,” Ms. Tan said.

THE EARLY DAYS
During the discussion, the panelists made observations on the status of women’s inclusivity and representation early in their careers.

Ms. Wedel recalled googling “Thai Women directors” when she was starting out in the early 2000s, and “less than 10 people showed up” on the Google search.

“I remember just feeling lonely and not really knowing how to find community or mentors,” Ms. Wedel said. “The very first thing I would like to see is numbers, just more of us anywhere in the industry.”

Ms. Tan recalled the difficulty she had in producing serious topics about women.

After premiering the series 3R – Respect, Relax, Respond (2000) about three girls that tackle issues important to them such as relationships, and sexual identity, Ms. Tan recalled having to deal with content censorship.

“We were constantly getting letters from the censorship board,” Ms. Tan said, adding that there had been episodes that were banned due to the sensitivity of the topic. “There are levels of conservativeness that we have to be really careful of.”

WHAT MAKES A CHARISMATIC STORY?
Connecting with the character and the human experience are factors that create an engaging story.

“Look at stories that connect, that feel real, even if it was something that was like a wish fulfillment or a fantasy,” said Ms. Yuson, who is the executive producer of Trese, an animated series based on a comic book of the same name. It follows detective Alexandra Trese who protects the human world against supernatural criminals.

Within a week of its release in June 2021, Trese was at the Netflix Top 10 in 19 territories.

Trese tackles such themes as family relationships and a young woman finding her place in the world which are universality relatable. “Even though we were specifically telling it in a very Filipino context. It still connected to audience members on that level,” Ms. Yuson said.

“A lot of people internationally might have these preconceived notions of what is Asia, they don’t even know the distinction of Southeast Asia. But presenting this in a very specific and very modern way was kind of refreshing,” she added.

Meanwhile, Ms. Wedel focuses on character-centric documentaries despite not having control over the subject’s narrative. For her documentaries, she follows interesting and complex characters.

Her first full-length documentary, Hope Frozen (2018), follows a Thai couple who decided to have their three-year-old daughter’s body cryogenically preserved after she died of brain cancer in 2015. Hope Frozen won Best International Feature Documentary at the Hot Docs Canadian International Documentary Festival 2019. It also won Best Documentary at the 49th International Emmy Awards in 2021, becoming the first Thai production to win an International Emmy.

“It’s just like mind-blowing to me that this all has happened,” Ms. Wedel said. “I’ve gotten so many commissioning editors tell me that the film is mostly subtitles, it’s not in English, and that people don’t relate,” she added. “The international Emmy is such a global award; I just feel like they weren’t all right.”

As for Ms. Tan, the accessibility of online streaming platforms has given her latest film, Sa Balik Baju (2021) an audience despite the cinemas having been closed during the coronavirus disease 2019 (COVID-19) pandemic.

Sa Balik Baju is a series of interconnected stories of six women braving the modern pressures of social media, work, and relationships in the digital age.

“I was [really] excited when I managed to get it on Netflix. And because I felt that was where my audience was first time,” Ms. Tan said. “They’re at home watching. It’s a pandemic and the cinemas are closed. At the same time, that smaller screen is within their own control.

LOOKING AHEAD
The panelists hope for the increased accessibility of and more stories by Southeast Asian women, latching on to women’s growing power as an audience.

“I think in terms of how it’s changed is [that] women have got more power as an audience, and that’s a big thing,” Ms. Yuson said. “If they’re driving the viewership, then they should want the gaze to shift to be more on how they see themselves, and how they are.”

“I really do believe that the concept of male gaze and female gaze is very, very real. We do see things differently. So, I want to see more female writers and directors or present more rounded female characters in Indonesian films,” Ms. Anita said.

For those women who hope for an opportunity to tell their stories, Ms. Yuson had this advice: “It’s scary when you start out, but don’t be afraid to do things your way because it might not be ready for you at this point. But if you keep at it… eventually you will find your audience.”

Hope Frozen, Ali & Ratu Ratu Queens, Trese, and Sa Balik Baju can be seen on Netflix. — Michelle Anne P. Soliman

Philippine property sector on the cusp of recovery

REUTERS
A SILHOUETTE of the skyline is pictured at sunset in Quezon City, Metro Manila, Philippines, Nov. 27, 2020. — REUTERS/ELOISA LOPEZ

By Paul Vincent Ramirez MRICS

RISING LAND VALUES across Metro Manila’s major business districts indicate recovery in the property market. Although our data show that land values corrected by between 1.7% and 9.8% in 2020, this is attributable to developers holding off on acquiring new parcels of land given the disruptions in the property market.

For 2022, we project land values to rise by 5.1%, which is indicative of a property market that is bound for rebound. We are starting to see a spike in interest in developable land and this bodes well for the property market. Acquiring parcels of land within and outside Metro Manila will be crucial in developers’ pipeline of new projects beyond 2022 as they capture market demand post-pandemic.

All property indicators — from office, residential condo, retail to hotels — are still correcting, but because of scarcity of developable land in Metro Manila’s major business districts, land values, while slightly down from 2019 peak, remain relatively stable and is expected to pick up starting this year barring any severe coronavirus disease 2019 (COVID-19) outbreaks.

We urge real estate developers to remain agile and be mindful of the economy’s recovery prospects beyond the pandemic. They should also be more strategic with their land-banking initiatives if they are to capture pent-up demand.

Furthermore, we believe that the implementation of infrastructure projects will be a major driver of economic growth beyond 2022. We emphasized in a previous report that the completion and upgrading of railways, toll roads, and airports across the Philippines should contribute to higher land and property values; therefore, these projects will play an important role in dictating the development strategies of property firms beyond the pandemic.

BULACAN ON THE RISE
One of the provinces that property developers, end-users, and investors should take a close look at is Bulacan given that two major infrastructure projects are scheduled to be completed in the province from the near to the medium term.

First is the Metro Rail Transit (MRT) Line 7 project, which should contribute to boosting Bulacan’s attractiveness as a residential investment destination. Once completed, this 22.8-kilometer, 14-station railway project is expected to reduce travel time between North Triangle in Quezon City and San Jose del Monte in Bulacan from about 2–3 hours to just 35 minutes, and it can service 300,000 passengers daily once fully operational by the fourth quarter of 2022 (although this target might not be reached right away due to pandemic-related social distancing protocols).

The second infrastructure project that will push up property prices in the province is the Bulacan Airport, or New Manila International Airport. This airport will cover 2,500 hectares of an envisioned 12,000-hectare township and is expected to help decongest Ninoy Aquino International Airport. It is designed to have an initial capacity of 35 million passengers per year, and a target of 100 million passengers per year once fully complete. It is likely to be completed by 2025.

Major government infrastructure projects, especially in sparsely developed areas, have the potential to really unlock property values. Once these projects are completed, these infrastructure corridors are ripe for transit-oriented developments, but as early as now, developers are already starting to position themselves in these areas, which has been observed to have already caused an uptick in land prices.

We expect developers to be more aggressive and strategic now with their land-banking initiatives, especially as they plan to take advantage of the government-projected economic recovery.

And as they seize opportunities, they should also take into consideration key business and economic policies such as the implementation and direction of new infrastructure projects and decentralization initiatives, which should spur more economic opportunities outside Metro Manila.

 

Paul Vincent Ramirez is Colliers Philippines’ senior director and head of valuation services.

JFC says audited income slightly higher last year

FOOD SERVICE company Jollibee Foods Corp. (JFC) reported on Monday an audited net income of P5.98 billion attributable to equity holders, or 0.67% higher than the P5.94 billion it announced last month.

“The minor difference is due to adjustments resulting from the year-end audit,” it said in a press release.

Last year’s income marked a return to profitability for the restaurant operator, which recorded a net loss of P11.51 billion in 2020.

JFC said its positive performance was due to cost savings generated from a business transformation program implemented in 2020 and the continuing strong cost and profit management last year.

“JFC’s operating income decreased slightly by 0.7% to P6.3 billion compared to the operating income disclosed in February 2022. The difference is due to additional leases from recently opened new stores in 2021 not yet considered in the unaudited financial statements for purposes of accounting for leases under PFRS-16,” the company said in a disclosure on Monday.

JFC said its system-wide sales and revenues were the same as previously disclosed in February.

Compared to the unaudited consolidated balance sheet, total assets increased by 1.3% due to a P3.3-billion increase in right-of-use assets (ROU), particularly for foreign business. Total liabilities increased by 2.1% or P2.8 billion due to increase in lease liabilities of the foreign business relative to the increase in ROU assets.

JFC’s operating income of P6.3 billion is a turnaround from the operating loss of P12.8 billion for 2020 and about the same level as 2019 or pre-pandemic operating income of P6.5 billion.

Earnings before interest expense, taxes, depreciation and amortization (EBITDA), an approximation of cash flow from operations, improved to P23.6 billion in 2021 from P4.8 billion in 2020.

JFC has 18 brands operating in 34 countries, with a total store network of 5,961 outlets as of February 2022. Of this, 3,220 stores are in the Philippines and 2,741 are abroad.

The company’s principal business is the development, operation and franchising of quick service restaurants under the trade names: Jollibee, Chowking, Greenwich, Red Ribbon, Yong He King, Hong Zhuang Yua, Mang Inasal, Burger King, Highlands Coffee, PHO24, Hard Rock Cafe, Dunkin’ Donuts, Smashburger, Tim Ho Wan, Tortas Frontera, The Coffee Bean & Tea Leaf, and Panda Express.

At the stock exchange, JFC shares were up by 2.71% or P5.80 to close at P219.80 on Monday. — Luisa Maria Jacinta C. Jocson

Bombers, Altas clash today; Lyceum and St. Benilde shoot for their first win

CSB hopes to make up for a heartbreaking 67-63 setback to defending champion Letran. — NCAA

JOSE Rizal University and University of Perpetual Help take their turn to get the feel of the action as they clash today (March 29) even as opening day losers Lyceum of the Philippines University (LPU) and College of St. Benilde (CSB) shoot for their first win in the 97th NCAA basketball tournament.

The Louie Gonzales-coached Bombers and the Mike Saguiguit-mentored Altas will practically parade their new-look rosters when they clash at noon at the La Salle Greenhills Gym in Mandaluyong.

The winner will seize a piece of the lead and join early leaders Letran, San Beda, Mapua and Arellano University. “The boys are excited to play,” said UPHSD coach Mike Saguiguit.

Expect Jielo Razon to carry the brunt of the responsibility in the Altas’ campaign this season as he was the only one left from the team that last played before the pandemic three years ago.

Meanwhile, LPU seeks to bounce back from an 84-76 defeat at the hands of San Beda while CSB hopes to make up for a heartbreaking 67-63 setback to defending champion Letran in the season inaugurals on Saturday. — Joey Villar

Diana musical and Space Jam snag the most Razzie awards

A MUSICAL about Diana, the late Princess of Wales, and a remake of the semi-animated Space Jam starring LeBron James took home the most Razzies, the awards that skewer the year’s lamest films on the eve of the big Oscar ceremony.

The Razzies announced the winners ahead of Sunday’s Academy Awards, handing out five prizes to Diana: The Musical, the film version of a Broadway production that closed in December after just 33 regular performances.

After its ignominious demise on stage, the film version snagged Razzies for worst picture, worst actress for Jeanna deWaal in the title role, worst supporting actress for Judy Kaye, and worst director for Christopher Ashley.

The Diana duo of Joe DiPietro and David Bryan claimed worst screenplay for what the Razzies called “some of the year’s most ridiculed dialogue and lyrics, including rhyming ‘Camilla’ with both ‘Manilla’ and ‘Godzilla,’” the Razzies said in a statement announcing the winners.

Space Jam: A New Legacy won three Razzies: worst actor for LeBron James, worst rip-off or sequel, and worst screen couple for James combined with any of the cartoon characters.

The movie put the NBA star, shot in live action, in a cosmic basketball game with Looney Tunes characters, remaking the 1996 original with Michael Jordan.

As usual, the Razzies ridiculed a former Oscar winner, naming Jared Leto worst supporting actor for his over-the-top performance as Paolo in House of Gucci.

The Razzies gave Bruce Willis his own special category, nominating him eight times for “Worst Performance by Bruce Willis in a 2021 Movie,” in eight forgettable films. The one called Cosmic Sin took the prize.

Four-time Razzie winner Will Smith received the only true honor, the redeemer award, for his role in King Richard, for which Smith is also nominated for a best actor Oscar.

The Razzies, the self-described “ugly cousin to the Oscars,” started in 1980 as the Golden Raspberry Awards, created by UCLA film school graduates and film industry veterans John J.B. Wilson and Mo Murphy.

More than 1,100 Razzie members from across the United States and about two dozen other countries vote on the awards, according to the Razzie website. — Reuters

LIMA Tower One looks to attract BPO companies

LIMA Tower One is set to become the first office tower registered with the Philippine Economic Zone Authority (PEZA) within the 794-hectare LIMA Estate in Lipa-Malvar, Batangas.

Aboitiz InfraCapital recently appointed Leechiu Property Consultants (LPC) as the exclusive broker of the 11-storey office tower.

Currently under construction, LIMA Tower One offers a gross leasable area of 23,000 square meters. It will be the first of seven towers in LIMA’s emerging Central Business District.

Rafael P. Fernandez de Mesa, president of LIMA Land, Inc. and head of Aboitiz InfraCapital Economic Estates, said the towers are designed to host business process outsourcing (BPO) companies.

“LIMA Estate is within a 10-kilometer radius of 23 colleges and universities. Their graduates represent a fresh untapped labor pool for BPOs whom we hope to attract to LIMA Tower One,” he said in a statement.

LPC Chief Executive Officer David Leechiu noted that BPOs have continued to drive office space demand even during the pandemic.

“For as long as outsourcing remains an attractive solution for companies in the West, office take-up will keep expanding in the Philippines especially in PEZA-accredited locations outside Metro Manila like LIMA Estate,” Mr. Leechiu said.

Aboitiz InfraCapital also partnered with the Philippine Green Building Council in securing BERDE certifications for its buildings, including LIMA Tower One. It will also be involved in a pilot program for district certification for the entire LIMA Estates.

PHL AirAsia expects over 235,000 passengers in first 2 months at NAIA T4

NEWSROOM.AIRASIA.COM

LOW-COST carrier Philippines AirAsia, Inc. on Monday said it anticipates to exceed the 235,000 passengers expected to depart and arrive at the Ninoy Aquino International Airport (NAIA) Terminal 4 (T4) in the first two months of the resumption of the terminal’s operations, citing the Holy Week and summer exodus.

“Around 235,000 AirAsia Philippines guests are expected to depart and arrive at NAIA T4,” the low-cost airline said in an e-mailed statement on Monday.

The airline also “anticipates this figure to increase given the Holy Week and summer exodus which starts next week,” it added.

The return of domestic operations to NAIA Terminal 4, which was closed for two years due to the pandemic, is “a strategic move in managing the expected influx of passengers at Terminal 3 in the coming months,” according to Ricardo P. Isla, Philippines AirAsia chief executive officer.

“This will optimize overall airline operations from check-in to boarding, helping airlines to significantly improve on-time performance,” he added.

All Philippines AirAsia domestic flights to and from Manila will now operate at NAIA Terminal 4, while all its international flights will remain at NAIA Terminal 3.

Mr. Isla said the airline has been preparing for months to handle increased passenger volume.

“Foot traffic of passengers at T4 is expected to benefit not only the local industries of their destination, but also small and medium enterprises around T4 such as restaurants, convenience stores and travel & tour agencies,” the company said. — Arjay L. Balinbin

Gov’t partially awards T-bills

BW FILE PHOTO

THE GOVERNMENT partially awarded the Treasury bills (T-bills) it offered on Monday as yields continued to rise amid expectations of more aggressive rate hikes from the US Federal Reserve.

The Bureau of the Treasury (BTr) only awarded P5 billion in 91-day T-bills at its auction on Monday even as total tenders reached P35.804 billion, over two times as much as the P15-billion program.

The government raised P5 billion as planned via the 91-day securities as bids reached P17.802 billion. The average rate of the tenor went up by 5.1 basis points (bps) to 1.587% from 1.536% last week.

Meanwhile, the BTr did not award 182-day T-bills even as tenders reached P9.4 billion versus the P5-billion program. Had the government made a full award, the average rate of the six-month paper would have gone up by 24.9 bps to 1.856% from the 1.607% fetched at the previous auction.

The government also rejected P8.602 billion in bids for the 364-day debt against the P5-billion plan. Has the BTr fully awarded its offer, the average rate of the one-year T-bill would have increased by 37.5 bps to 2.137% from the 1.792% quoted for the tenor last week.

At the secondary market prior to the auction, the 91-, 182, and 364-day bills fetched rates at 1.3212%, 1.5266%, and 1.7378% respectively, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters that the government made a partial award of its offer as T-bill yields continued to climb amid “market jitters” due to bets of aggressive US Federal Reserve rate hikes to curb rising inflation.

A trader said rates of the 182- and 364-day papers were high as investors want higher yields amid growing inflation risks here and abroad.

The US central bank must move “expeditiously” to bring too-high inflation to heel, US Federal Reserve Chair Jerome H. Powell said last week, adding that it could use bigger-than-usual interest rate hikes if needed to do so, Reuters reported.

In particular, he added, “if we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 bps at a meeting or meetings, we will do so.”

The US consumer price index was at 7.9% year on year in February, the fastest in four decades. Inflation risks have been growing due to the ongoing war between Russia and Ukraine, which has caused prices of oil and other commodities to spike.

However, oil prices slid on Monday as a nine-day coronavirus lockdown in Shanghai hit economic activity, Reuters reported. The spread of restrictions in the world’s biggest oil importer saw Brent skid $3.39 to $117.26, while US crude fell $3.41 to $110.49.

Ms. De Leon said the BTr’s recent dollar bond issue puts the government in a “stronger position to meet disbursements, even amid rejections.” She added that investors are more inclined to put their cash at the belly of the curve as they want higher yields.

The Treasury raised $2.25 billion from its first triple tranche US dollar-denominated bond offering last week, which included its first-ever green bonds, despite heightened market volatility from the Russia-Ukraine crisis and the start of the US Federal Reserve’s policy tightening cycle.

The government raised $1 billion from the inaugural 25-year green bond offer, as well as $500 million from five-year bonds, and $750 million from 10.5-year bonds.

The BTr wants to raise P250 billion from the domestic market this month, or P75 billion though T-bills and P175 billion from Treasury bonds. However, it has made several rejections and partial awards at its auctions due to rising yields.

Monday’s T-bill auction was the last one for March. The Treasury only raised P28.04 billion via T-bills out of the P75-billion program.

The government borrows from local and external sources to help fund a budget deficit capped at 7.7% of gross domestic product this year. — T.J. Tomas with Reuters

Ateneo and FEU battle for early UAAP lead today

Dave Ildefonso (10) — UAAP

By John Bryan Ulanday

THREE-TIME title holder Ateneo puts its 27-game win streak on the line against last tormentor Far Eastern University (FEU) in a clash for early leadership in the University Athletic Association of the Philippines (UAAP) Season 84 at the Mall of Asia Arena in Pasay City.

The Eagles last tasted a loss (63-60) in the UAAP against the Tamaraws back in October 2018 before going on a 10-game sweep of the rest of Season 81 and scoring a 16-0 wipeout of the entire Season 82 to complete a three-peat.

Nearly four years later, the Eagles meet the Tamaraws anew at 1 p.m. with hopes of sustaining a steady drive to a fourth consecutive title in the compressed season under a bubble setup due to the pandemic.

Host La Salle and National University (NU) also shoot for joint lead at 4 p.m. with the winner of Ateneo-FEU tussle as University of the Philippines (UP) and University of Santo Tomas (UST) bid for first win at 7 p.m. In the curtain-raiser at 10 a.m., Adamson and UE seek to barge into the winner’s circle as well.

The Eagles over the weekend have extended their run to 27 straight games following their 90-81 triumph over UP but against FEU, coach Tab Baldwin warned a tall order for win No. 28.

“They look comfortable playing the game together. They look at ease. If there’s anybody that I’ve seen so far that looks almost in mid-season form, FEU really looks that way,” said Mr. Baldwin as FEU scored the UAAP’s biggest win so far against Santo Tomas, 76-51.

FEU mentor Olsen Racela expects the same from the Eagles as the Tamaraws’ early test in the UAAP’s compressed four-game, three-day slates a week.

Super rookie RJ Abarrientos will lead FEU’s upset bid after a scintillating debut in their 25-point victory against Dave Ildefonso, who returned to Ateneo from NU with a bang in their win against UP.

Sandra Bullock and Channing Tatum’s The Lost City takes down The Batman

LOS ANGELES —  Sandra Bullock and Channing Tatum’s screwball romantic comedy The Lost City collected $31 million at North American theaters over the weekend, a promising sign that Netflix hasn’t completely seized on the meet-cute market.

Of course, Paramount, which is behind The Lost City, did not rely only on positive reviews — or the tease of Tatum’s bare behind — to fuel ticket sales. The on-screen chemistry between Ms. Bullock and Mr. Tatum, who were inescapable on social media, billboards and in trailers while promoting the film, were key in getting audiences to cinemas. That’s a huge accomplishment in an era where familiar franchises have been dictating commercial success (at least, compared to the promise of A-list stars). At the same time, The Lost City, an original adventure that has been described as Romancing the Stone meets Raiders of the Lost Ark, indicates that romantic comedies haven’t entirely fallen out of favor with moviegoers.

“This is an excellent opening,” says David A. Gross, who runs the movie consulting firm Franchise Entertainment Research. “Romantic comedies have been in decline for a dozen years, well before the pandemic. The combination of big cast plus crowd-pleasing romance plus comedy plus adventure has worked before, and it’s working again.”

The Lost City cost $68 million, which is fairly expensive for a rom-com. But Ms. Bullock and Mr. Tatum get compensated handsomely to headline in movies, and filming the explosion-heavy The Lost City on location in the Dominican Republic during coronavirus disease 2019 (COVID-19) did not come cheap. That price tag does not include the serious coin spent to market the movie, which premiered at South by Southwest Film Festival in Austin earlier this month.

Aaron and Adam Nee directed The Lost City, an amorous action-adventure that takes place on a remote tropical jungle. The story follows Ms. Bullock as Loretta Sage, a middle-aged author who gets kidnapped by an eccentric billionaire (Harry Potter himself Daniel Radcliffe, in a villainous role) in the hopes she can discover the ancient lost city’s treasure from her latest story. Ticket buyers were mostly receptive to The Lost City, which landed a B+ CinemaScore.

In a win for Paramount, The Lost City marks the studio’s third movie in 2022 to open in first place, following Scream and Jackass Forever. During the pandemic, Paramount largely stepped back from theatrical releases, instead selling titles like Aaron Sorkin’s courtroom drama The Trial of the Chicago 7, Eddie Murphy’s comedy sequel Coming 2 America and Michael B. Jordan’s action thriller Without Remorse to streaming services. Other than A Quiet Place Part II, which powered to nearly $300 million worldwide, the studio’s slate was propped up by kid-friendly animated adventures Paw Patrol and Clifford the Big Red Dog.

At the domestic box office, The Lost City took down reigning champion The Batman, which held the No. 1 spot for three weekends in a row. The superhero adventure, starring Robert Pattinson, took in $20 million between Friday and Sunday, enough for second place. Those ticket sales, a 44% decline from last weekend, are strong considering the movie has already been playing in theaters for a month. The Batman has generated $332 million in North America to date.

In third place, the Indian war epic RRR — which stands for Roudram Ranam Rudhiram — grossed approximately $10 million from 1,200 theaters in its North American debut. That footprint marks one of the widest domestic rollouts for an Indian movie. RRR, which clocks in over three hours, cost $73 million to produce. — Reuters