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Approved foreign investments declined anew in Q3

UNSPLASH

FOREIGN INVESTMENT pledges declined anew in the third quarter after recovering in the preceding three-month period, data from the Philippine Statistics Authority (PSA) published on Tuesday showed.

Approved foreign investments declined by 45.8% year on year to P16.82 billion in the July-September period from the P31.03 billion recorded a year ago.

The period’s drop was a reversal of the 45.5% growth posted in the second quarter. This annual decline, however, was smaller compared with the 83% plunge seen in the third quarter of 2020.

With the exception of the preceding quarter, the third quarter marked the sixth time approved foreign investment pledges declined since the start of the coronavirus pandemic.

The P16.82 billion in approved investments in the period was the smallest in five quarters, or since the second quarter of 2020 when pledges totaled P15.46 billion.

Meanwhile, investment pledges from Filipino nationals fell by 42.5% year on year to P83.66 billion in the third quarter. It accounted for 83.3% of the combined local and foreign pledges worth P100.48 billion, which was also down by 43.1%.

Approved projects with foreign interest in the third quarter are estimated to generate 10,268 jobs, 51.7% less than a year ago.

When accounting for commitments from Filipinos, these pledges are expected to generate 88,324 jobs should they materialize. This was 175.2% more than the 32,100 additional employment projected a year ago. 

PSA’s foreign investment commitments differ from the actual foreign direct investments (FDIs) tracked by the Bangko Sentral ng Pilipinas for balance of payments purposes. The central bank’s monitoring also goes beyond the projects and includes other items such as reinvested earnings and lending to Philippine units via their debt instruments.

Only four of the seven investment promotion agencies were able to secure investment commitments from foreigners in the period. Of these, the Philippine Economic Zone Authority contributed the most with P14.68 billion, followed by the Board of Investments with P1.007 billion, Clark Development Corp. with P847.33 million, and the Subic Bay Metropolitan Authority with P290.03 million.

By industry, P11.01 billion or 65.5% of the total foreign investment pledges in the period went to the manufacturing sector, followed by real estate activities with 16% (P2.70 billion), and administrative and support service activities with 14.2% (P2.38 billion).

More than half of the foreign investments pledged in the third quarter came from Japan (P11.16 billion), followed by the Netherlands (P1.56 billion), and the British Virgin Islands (P698.3 million).  

Only six of the 17 regions cornered these foreign pledges, the largest of which is expected to fund projects in Calabarzon (P8.45 billion). Other regions that recorded foreign pledges were Ilocos Region (P3.40 billion), Central Luzon (P2.12 billion), the National Capital Region (P2.10 billion), Central Visayas (P609.9 million), and Soccsksargen (P136.7 million).

“[T]he outlook for foreign investments has not completely recovered because of the uncertainties brought about by the pandemic. [The third quarter] was when we had another lockdown to control the infection surge and may have affected outlook [for the period],” UnionBank of the Philippines Chief Economist Ruben Carlo O. Asuncion said via mobile phone message.

“I think that [the fourth quarter] will be a lot better as the country continues to experience a decline in COVID infections,” Mr. Asuncion added.

For University of Asia and the Pacific economist Victor A. Abola: “We should not expect much improvement for the [fourth quarter] as foreign investors will have a wait-and-see attitude due to the uncertainties regarding economic policy in view of the coming presidential elections [in May],” he said in an e-mail.

AMENDMENTS RATIFIED
Meanwhile, House lawmakers approved on Tuesday the bicameral conference committee report on a bill amending the country’s foreign investments law.

The House of Representatives ratified the Bicameral Conference Committee report on the disagreeing provisions of House Bill 300 and Senate Bill 1156, which seek to amend Republic Act 7042 or the Foreign Investments Act of 1991.

The measure is a priority of President Rodrigo R. Duterte and has been backed by several business and foreign chamber groups.

The Senate has yet to ratify the measure. Once the measure is approved by both chambers of Congress, it will be sent to Malacañang for Mr. Duterte’s signature.

Trade Secretary Ramon M. Lopez said in a Viber message that he expects the measure to be signed by the President by January or February.

The members of the House committee agreed to use the Senate’s version as the working draft for the reconciled measure.

Under the reconciled version, foreigners are allowed to invest 100% equity in domestic market enterprises, except in areas included in the foreign investment negative list.

The required number of local direct hires for foreign companies will be reduced to 15 from the current 50.

An Inter-Agency Investment Promotion Coordination Committee will be created under the proposed law, which will be led by the Department of Trade and Industry.

The measure will not cover financial institutions regulated by the Bangko Sentral ng Pilipinas and jobs under the jurisdiction of professional regulatory boards.

Mr. Lopez said the ratification of the bill will help technology companies and start-ups to invest in the Philippines.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said the ratification of the measure will aid the country’s economic recovery through increased business opportunities and the creation of jobs.

“Going forward, foreign investment could go up amid measures to further reopen the economy towards greater normalcy, with the national adoption of the Alert Level System,” he said in a Viber message. — MIUC and R.L.C. Ku

Medilines shares plunge 30%

(from left, by row): MEDIC President and CEO Ma. Patricia Dolor V. Yambing, PSE COO Atty. Roel A. Refran; MEDIC Director Ma. Theresa V. Villar, MEDIC Chairman Virgilio B. Villar, PSE President and CEO Ramon S. Monzon and PSE Issuer Regulation Division Atty. Marigel B. Garcia; Philippine National Bank President Jose Arnulfo A. Veloso, MEDIC General Manager Daniel C. Zulueta, MEDIC Treasurer and CFO Margarita D. Villarico and Securities Clearing Corporation of the Philippines COO Ms. Renee Rubio

Sell-off marks PSE debut of ‘relatively overvalued’ stock

By Keren Concepcion G. Valmonte, Reporter

SHARES in Medilines Distributors, Inc. plunged on its debut at the Philippine Stock Exchange (PSE) on Tuesday, closing 30% lower than its initial public offering (IPO) price.

Medilines shares closed at P1.61 apiece, shaving off 69 centavos from its P2.30 IPO price.

MEDIC, the company’s ticker symbol, opened at P1.99, down by 13.48% or 31 centavos.

“Buyers pushed the issue to its intraday high at P2.12, but eventually sellers dominated and brought the stock to as low as P1.68, before moving sideways for the majority of the day,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message.

“During the last few minutes of trading, the stock further slid to end at its floor price of P1.61,” he added.

Meanwhile, Philstocks Financial, Inc. Senior Research and Engagement Supervisor Japhet Louis O. Tantiangco said the stock “is considered relatively overvalued.”

“Our PE (price-to-earnings) Ratio estimates for MEDIC for 2021 and 2022 are at 27.68x and 21.90x respectively. These are above the PE ratio average as of the first half of 2021 of its regional peers of 21.60x,” Mr. Tantiangco said in a separate Viber message.

“With this, MEDIC is considered relatively overvalued. This is the reason we see for its sell-off today,” Mr. Tantiangco said.

Meanwhile, Regina Capital Development Corp. Head of Sales Luis A. Limlingan said the selling of the stock on Tuesday was “overdone.” In another Viber message, he said concern over the Omicron variant of the coronavirus disease 2019 (COVID-19) might have clouded investor sentiment.

Last week, the benchmark Philippine Stock Exchange index (PSEi) dropped to the 6,900-level over worries on the Omicron variant. The 30-member index closed at 7,147.30 on Tuesday, gaining 16.56 points or 0.23%.

Medilines was branded as the country’s first “pure-play healthcare” IPO. The company sold 550 million primary shares and its chairman, Virgilio B. Villar, sold 275 million secondary shares. The company will not receive proceeds from the secondary share sale.

However, it aims to use net proceeds from the P1.20 billion raised to fund the procurement of its existing products, to build up its medical consumables inventory, and to repay debt.

PSE President and Chief Executive Officer Ramon S. Monzon said its listing came “at an opportune time,” noting that the global health crisis put the healthcare system at the forefront.

“The trend towards [a] technology-driven healthcare industry is clearly driving the healthy sales growth of the company,” Mr. Monzon said during the listing ceremony. 

Medilines attracted an “overwhelming reception,” with its offer being 2.5 times oversubscribed.

“The local small investor tranche of the offering at PSE EASy was likewise oversubscribed, thereby providing Medilines with 2,889 retail investors from 64 provinces, 16 countries, and one territory,” Mr. Monzon said.

By the end of the trading day, a total of 387,434,000 Medilines shares worth P692.79 million were traded. Net foreign selling stood at P7.52 million.

“It ended up taking the third spot in the most active issues [on Tuesday],” Timson Securities’ Mr. Pangan said.

Worst case for Omicron is ‘light surge’ — OCTA

PRELIMINARY DATA shows that the Omicron variant of coronavirus disease 2019 (COVID-19) is a relatively lower threat compared to the previous Delta variant, given the Philippines’ increasing vaccination rates and strict protocols, according to experts from the OCTA Research Group at a Cardinal Santos Medical Center forum on Friday.

“The worst-case [scenario] is a light surge,” said Dr. Fredegusto Guido P. David, a University of the Philippines (UP) professor, scientist, and OCTA research fellow. “Provinces with lower vaccine coverage may be vulnerable to surges and lockdowns, but threat of another lockdown in NCR (National Capital Region) is much, much lower.”

No cases of the Omicron, or B.1.1.529 variant, have been detected in the Philippines yet, the Department of Health (DoH) said Monday.   

Health Undersecretary Maria Rosario S. Vergeire stressed at the press briefing that border control, biosurveillance, and community response are key in preparing the country for the variant’s arrival and possible spread during the holidays.

Mandatory quarantine in accredited hotels for inbound travelers, for example, was extended to five days for the vaccinated and seven days for the unvaccinated from the initial three days.   

NO CAUSE FOR PANIC
Though the World Health Organization (WHO) named Omicron a variant of concern, this should be no cause for panic, said UP Professor and OCTA Research Fellow Ranjit S. Rye.

“Complacency should have no place in our current strategy and we should continue to be vigilant and learn as much as we can about Omicron,” he said, maintaining that the Philippines’ mask mandate is already a good form of protection.

With over 50 mutations in the Omicron variant’s spike protein, nucleocapsid protein, and membrane protein, biologists fear that the virus may now be “more infectious” and vaccines “not as effective.” 

While studies are ongoing, the country must prepare infrastructure, improve staffing capacity, and continue vaccination efforts, said Fr. Nicanor R. Austriaco, Jr., a professor at the College of Science of the University of Santo Tomas, molecular biologist, and OCTA research fellow.

“This is the best shape the Philippines has been since the first wave. We have substantial immunity, our hospitals are much better equipped, our nursing staff and healthcare workers are much more experienced, and they know how to deal with COVID-19,” he said. — Brontë H. Lacsamana

San Miguel plans P30-B fixed-rate bond offer

SANMIGUEL.COM.PH
PROCEEDS will be used to refinance the company’s short-term loans, among others. — SANMIGUEL.COM.PH

SAN Miguel Corp. (SMC) is looking to offer P30-billion fixed-rate bonds, comprising a base offer of P25 billion with an oversubscription option of up to P5 billion.

“The Board of Directors approved and delegated to Management the determination of the terms and conditions of the issuance and offering of the Fixed Rate Bonds during the [Nov. 11] Regular Board of Directors’ Meeting of the Company,” SMC told the exchange on Tuesday. 

SMC said it had submitted the registration statement and preliminary prospectus for the shelf-registration of P60-billion fixed-rate bonds to the Securities and Exchange Commission (SEC) on Tuesday, along with the offer supplement for the initial tranche.

The P60-billion shelf-registered bonds will be offered within three years and will be issued at 100% of face value.

Meanwhile, the initial P30-billion fixed-rate bonds will consist of Series J Bonds due 2027 and Series K Bonds due 2029.

“The entire proceeds for [the initial offer] will be used for refinancing of the Company’s short term loan facilities, other general corporate purposes, and expenses of the shelf registration of the Bonds and offering of the Offer Bonds,” SMC said in its offer supplement dated Dec. 6.

The company’s short-term loans were used to redeem its Series 2-C and Series 2-E preferred shares in September.

SMC engaged BDO Capital & Investment Corp. and China Bank Capital Corp. to be the joint issue managers of the offer and the two will be joined by BPI Capital Corp., Philippine Commercial Capital, Inc., PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as joint lead underwriters and bookrunners.

On Tuesday, shares of SMC at the local bourse declined 0.53% or 60 centavos to close at P112.40 apiece. — Keren Concepcion G. Valmonte

Organizations provide lifeline to persons with HIV

TO END the acquired immunodeficiency syndrome (AIDS) epidemic affecting over 85,000 Filipinos, agencies and groups from various sectors renewed their commitment to deliver prevention and treatment services to persons living with human immunodeficiency virus (PLHIV).

“Keeping people on HIV treatment, we had to contend with the challenges around mobility, especially during our lockdowns,” said Teresita Marie P. Bagasao, country director of an epidemic control project funded by the US President’s Emergency Plan for AIDS Relief (PEPFAR) and the US Agency for International Development (USAID).

At a forum on AIDS control held Dec. 1, World AIDS Day, she cited the importance of partnering with community-based organizations like HIV & AIDS Support House, LoveYourself, and Lakan Community Center.

“We knew that services had to be brought to the clients. Our work could only be useful if we were to bridge essential HIV prevention, testing, and care to them,” she added.

LoveYourself, Inc., expanded operations to six community centers this November. Four are already operational — Athena in North Caloocan, Bagani in Bacolod City, Luxecare Starmall EDSA-Shaw, and Luxecare Alabang. A center in Baguio and a center for the Home for the Golden Gays will be finished by first quarter of 2022.

LoveYourself shifted testing and treatment services online due to the still-ongoing pandemic, with clients able to book in-person appointments and telehealth consultations online. Medicine refills are also possible through their Xpress service.

As of this March, more than 85,000 cases of HIV/AIDS were reported in the Philippines, based on data from the Department of Health (DoH).

At the end of 2020, DoH and the Philippine National AIDS Council detected 22 new HIV daily, lower than the pre-pandemic 36 cases per day. However, this decrease was due to a lack of access to testing, according to DoH Disease Prevention and Control Bureau Director Beverly Lorraine C. Ho.

“The pandemic has taught us to bring services closer to the people,” she said, referring to health literacy, outreach, telemedicine, and both primary care and specialist services.

Of the 70% of Filipino PLHIV found through testing, 61% are alive due to ART (antiretroviral therapy), which is the intake of multiple antiretroviral drugs in order to control HIV infection. The goal is to increase this to 95%, said Dr. Ho.

DoH, through an P875-million initiative with USAID and PEPFAR launched this year, is scaling up case-finding and anti-stigma counseling efforts in the Philippines and providing HIV prevention drugs known as pre-exposure prophylaxis. — Brontë H. Lacsamana

Seeing faces outside the screen

AFTER nearly two years of staring at people on screens during the prolonged isolation forced by the coronavirus disease 2019 (COVID-19) pandemic, the Metro Manila-based photographers’ collective FotomotoPH saw that portraits were a fitting theme for this year’s exhibition.

“We thought that it would be refreshing for people coming out of the lockdown to start seeing faces,” Jason Quibilan, one of the collectives’ founding members, said in a video about the exhibit — “Fotomoto21: Portraits” — posted on the group’s social media accounts.

“[Portraits] celebrate human beings especially since we have not seen each other for such a long time,” said Raena Abella in the same video.

“Faces also represent primary ways in which we interact with each other,” another member, Edric L. Chen, added.

The exhibition is presented in partnership with Shutterspace Studios, Inc. and the De La Salle-College of Saint Benilde’s Arts Management program.

The exhibition is scattered around the metro, with each participating venue showing a unique set of images, with some venues showing the photographs until the end of the year while others will be open to public until early 2022.

The main exhibition venues are Kondwi PH in Makati City, Manila House in Bonifacio Global City, and The Alley at Karrivin Plaza along Chino Roces Ext., Makati. Other participating venues are Le Petite Café Fleur, OTO, Spirits Library, Commune, FUTUR:ST, La Collina, and Agimat at Ugat in Poblacion, Makati.

BusinessWorld spoke to several members of Fotomoto — Edric Chen, Apa Ongpin, Neal Oshima, Raena Abella, and Jes Aznar — in a group interview via Zoom in November. They explained that the group decided to explore the idea of using multiple venues to get a diverse group of exhibitors.

They invited photographers and asked them to recommend other people that they knew in Manila and in the provinces “who were doing interesting work.”

For “Fotomoto 21: Portraits,” over 100 Filipino and Philippines-based photographers (professionals and photojournalists), as well as artists, amateurs and hobbyists took part. From about 500 submissions, the selection was narrowed down to 300. The images were taken using professional, smartphone, and Polaroid cameras.

These include works by Fotomoto founding members Jes Aznar, Raena Abella, Edric Chen, Tom Epperson, Paco Guerrero, Miguel Nacianceno, RJ Fernandez, Wawi Navarroza, Apa Ongpin, Neal Oshima, Sandra Palomar, Gio Panlilio, Jason Quibilan, Jake Verzosa, and Veejay Villafranca.

One of the founding members, Mr. Ongpin said that photography has been democratized because of technology.

“The phone gives [people the] capability to take great photographs, or at least very good ones, with comparatively little effort or understanding of the process… So, the number of images that are produced in the world today has exploded exponentially,” Mr. Ongpin said in the interview.

“Then it became clear that just because it was easy technologically, great photography actually stands out,” he said, adding that great photos are those that can tell stories, and connect with the viewer.

Part of Fotomoto’s plans is to mount an exhibition annually as a festival celebrating Philippine photography, eventually extending well beyond Metro Manila. This week, its regional iteration opened at PFAStudios in Dumaguete featuring the works of Paris-based artist Ryan Arbilo.

“Our goal really is to strengthen the community of photography, and to have platforms and venues to exhibit their work and see their work printed,” Ms. Abella said, adding that most photographers nowadays often view images on screens.

“It’s really different to see their works printed and hanging on the wall,” she said.

Entrance to the various “Fotomoto21: Portraits” exhibit sites is free. Visitors must comply with health guidelines and safety protocols implemented by respective LGUs. All images will also be shown online at https://fotomoto.ph. Many of the images will be available for sale as mounted archival prints (separate from the exhibition prints). For more information and schedule of exhibitions, follow Fotomoto’s social media pages (facebook.com/fotomotophilippines and @fotomoto.ph on Instagram) or e-mail info@fotomoto.ph. — Michelle Anne P. Soliman

Cebu Pacific expects to operate 84% of pre-COVID domestic capacity in 2022

CEBUPACIFICAIR.COM
NATIONAL vaccination campaign among the drivers of budget carrier’s optimism. — CEBUPACIFICAIR.COM

BUDGET carrier Cebu Pacific announced on Tuesday that it remains “cautiously optimistic” about the prospects for 2022 despite the threat of the Omicron coronavirus variant, saying it expects to operate 84% of its pre-pandemic domestic capacity.

The airline, which currently operates above 60% of its pre-pandemic domestic network and capacity, anticipates meeting increased travel demand in the coming year with the addition of six new aircraft to its fleet.

“We are forecasting that for… 2022, we would probably be at about 84% of our outputs in 2019, as far as the domestic network is concerned,” Cebu Pacific Head of Strategy Alex B. Reyes said at a virtual briefing.

“One of the drivers for this optimism is really the national vaccination campaign,” he added.

Aviation think tank Center for Asia Pacific Aviation (CAPA) said the emergence of the Omicron variant of the coronavirus disease 2019 (COVID-19) has caused many countries in the Asia-Pacific region to adjust their border settings.

“If they go further down this path in coming weeks, it could derail promising signs of recovery in the airline and travel industries,” CAPA said in its analysis released on Dec. 4.

Mr. Reyes expects that there will be a “slower recovery on the international side.”

“We think that for the full year, we will only be at about 39% of our seats restored compared to 2019,” he noted.

In 2020, the Philippines received 1.32 million foreign visitors, down from 8.26 million in 2019, with Japan, South Korea, and China being the country’s top tourism markets.

Cebu Pacific has increased flights to key domestic destinations such as Boracay, Bohol, Cebu, Cagayan de Oro, Davao, and General Santos in anticipation of increased travel demand as a result of the easing of restrictions.

“For international destinations, Cebu Pacific will also resume its operations to Fukuoka every Tuesday starting today, Dec. 7; to Bangkok every Thursday and Saturday, starting Dec. 11; and to Taiwan every Wednesday, starting Dec. 15,” it said.

The airline received two A321neos, an A330, and an A320 this year.  “Another A330neo, along with the ATR 72-600, are expected to arrive,” Mr. Reyes said.

“At this point, we want to emphasize that while times have been extremely challenging, we have to continue our work to transform our fleet. We want to position our airline for the greener future,” he added. — Arjay L. Balinbin

Hospitals seek volunteers for COVID-19 prevention drug trials

VOLUNTEERS are being sought by the Asian Hospital and Medical Center (AHMC) and Quirino Memorial Medical Center (QMMC), clinical trial sites for molnupiravir, an oral antiviral pill being evaluated for prevention of coronavirus disease 2019 (COVID-19).

MSD and Ridgeback Biotherapeutics launched the global trial to test the efficacy and safety of the investigational drug in preventing infection among close contacts. Those above 18 years old who live with a symptomatic COVID-19 patient qualify for the study, which aims to recruit 1,332 volunteers globally, 30 of whom will come from the Philippines.

“Post-exposure prophylaxis [preventative treatment] will make a large difference in how we handle the pandemic eventually,” said Dr. Benjamin Co, the clinical investigator at AHMC. “Imagine a situation wherein you get exposed to somebody who has COVID-19, and you’re able to take a medicine for it and you’re not going to develop COVID.”

Participants should have no symptoms or history of infection, and be unvaccinated or have not received the first dose of the vaccine within the last seven days.

The infected patient in the household can be of any age, but must test positive within five days before the trial. Volunteers will take molnupiravir or placebo orally every 12 hours for five days and live with the positive case in their household for a month.

“The criteria’s a little bit strict in the sense we want to find out if it’s because of the drug you’re not developing COVID,” explained Dr. Co.

Dr. Joel Santiaguel, clinical investigator at QMMC, shared that the latest data on the use of molnupiravir in mild to moderate COVID-19 patients showed 30% probability of reducing progression of the disease.

This November, the US Food and Drug Administration narrowly endorsed the pill to treat COVID-19. In the Philippines, it has not been granted emergency use authorization.

To volunteer, contact AHMC at 0968-5583091 or 0927-0076602; or QMMC at 0917-8413314. — Brontë H. Lacsamana

Spielberg brings life-long fandom to reimagined West Side Story

Rachel Zegler and Ansel Elgort in West Side Story (2021) — WWW.IMDB.COM

LOS ANGELES —  Steven Spielberg has been remaking classic musical West Side Story in his head for decades but says that finally taking it on was his riskiest challenge in a career that has spanned 50 years.

Half a century after the musical written by Leonard Bernstein and Stephen Sondheim won 10 Oscars, Mr. Spielberg has reimagined the love story set among rival street gangs for a new generation but with the reverence of a true fan.

“The lyrics have been part of my life for 65 years,” he said. “All my kids memorized the album and I have home videos of my children performing West Side Story in our living room.”

Mr. Sondheim, who wrote the lyrics for the musical, died at age 91 three days before the world premiere of the new film.

West Side Story, Mr. Spielberg’s first shot at directing a musical, opens in movie theaters worldwide this week with all the Latino characters played by Latinx actors and choreography that gives an affectionate nod to the ground-breaking original without directly reproducing it.

“No-one playing a Shark, girl or boy, is not of Latino or Latinx descent… We didn’t want to have to put make up on anyone’s face to convince an audience that they were Puerto Rican,” Mr. Spielberg said.

Based on Shakespeare’s Romeo and Juliet, the new movie puts more emphasis on issues of race, immigration, poverty and marginalization that dominate life in a 1950s slum neighborhood of New York.

“Even though we still set our film in 1957, it was very important to put it in the vernacular of the way this generation speaks and interacts with each other today,” Mr. Spielberg said.

“We needed to update the play to make it acceptable to the complexities that people have with each other in today’s society, from school campuses to politics to the ideological divide.”

Mr. Spielberg said it was an intimidating task, but he needn’t have worried. The film, which sees original Puerto Rican star Rita Moreno, now 89, bridging the generations by taking on a different role, has won rave reviews.

Britain’s Daily Telegraph called it “Spielberg’s finest film in 20 years” while the Los Angeles Times said it was “both glorious throwback and gentle corrective.”

Newcomer Rachel Zegler, 20, plays Maria with a rare feistiness.

“I think she’s usually been portrayed as very black and white, virginal ingénue, and this is just not your Momma’s Maria,” said Ms. Zegler. “She’s very different, very nuanced.”

Ms. Moreno, who in 1962 became the first Latina to win an Oscar for her role as the fiery Anita, said she had mixed feelings about returning to the story that launched her career.

“I’m not gonna say I wasn’t envious. I wished I could be that young again and do it again, obviously. But that wasn’t going to be, and I get this beautifully written part,” she said. — Reuters

Chroma Hospitality plans rollout of Crimson hotels abroad

CHROMA Hospitality, Inc. is looking to “roll out” its Crimson Hotels & Resorts brand abroad just as it plans the brand’s expansion here at home, a company executive said on Tuesday.

“We’ve created a road map of how we can take this brand internationally, so we have a road map to open up property in Phuket, Koh Samui, [and] Bali as our first target cities,” Chroma Hospitality Country Manager James M. Montenegro said.

At the Asia CEO Real Estate Forum 2021 on Tuesday, he said the company has plans to expand the brand in Thailand and in Indonesia.

Chroma Hospitality already scored an “opportunity in Phuket” before the pandemic, but the global health crisis led to plans being put in the backburner.

Its newest homegrown name, Grafik Hotels & Resorts, is also a brand the company would want to “take internationally.”

The company said these mark its efforts to “catapult the Filipino hospitality” outside the country.

“We’re trying to take [Crimson] out into the region. We’ve already mapped out our Filipino rollout for the Crimson, so now it’s just a matter of timing,” Mr. Montenegro said.

“We have an expansion project in Mactan; for example, we’re trying to do a couple of locations in Palawan,” he added.

The company noted the country still lacks the “support infrastructure” in some of its target locations. This includes access to key international airports, Mr. Montenegro said.

However, Chroma Hospitality was able to “capitalize” on the surge in bookings at its available properties when restrictions allowed. The company said it adapted well to the pandemic via digitalization and in preparing its staff and properties for the reopening of tourism.

Chroma Hospitality claims to have the highest social media engagement versus its hospitality peers in Boracay, a result of its efforts to produce different social media campaigns to attract guests to the properties.

Meanwhile, Project Rise, a program wherein the company “trained” all of its staff “to become sales people,” generated P27 million for its various hotels, Mr. Montenegro said.

“We’re able to capitalize now on the different surges and I think that’s one of the things people have to look out for,” Mr. Montenegro said.

“When a surge happens, like when the government released all the new regulations on Oct. 15, on Oct. 16… [we had] phone calls coming in until midnight — people calling in to book a room and if you’re not ready for it, you’re going to miss out on a lot of business,” he added.

One Chroma Hospitality hotel went “from zero to about 15 million, 16 million in two days in terms of booking” when government restrictions were eased.

“I think we will go through these surges for another year,” Mr. Montenegro said. — Keren Concepcion G. Valmonte

Gov’t rejects bids for reissued 10-year T-bonds

BW FILE PHOTO

By Jenina P. Ibañez, Senior Reporter

THE GOVERNMENT on Tuesday rejected all bids for reissued 10-year Treasury bonds as rates went up after November inflation exceeded market expectations.

The Bureau of the Treasury turned down all tenders at the auction for the securities, which have a remaining life of nine years and seven months.

The bureau did not award the bonds even as tenders reached P42.44 billion, more than twice the P20 billion up for auction. These were still lower than the P55.37 billion in bids the last time these were sold on Nov. 9.

Had it fully awarded the bonds, the average yield would have declined by 5.9 basis points to 5.071%.

This would have been higher than the 4.99% quoted for 10-year bonds at the secondary market before the auction, based on PHP Bloomberg Valuation Service Reference Rates posted on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon said the tenders got rejected because of high bids even as inflation eased to 4.2% last month, the slowest since July and the third-straight month of easing.

The government has consistently expressed its accommodative stance to support the economic recovery, she told reporters in a Viber group message.

November inflation still exceeded the Philippine central bank’s forecast of 3.3-4.1% and the 4% median estimate by economists in a BusinessWorld poll last week.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said risks for next year include typhoons that could lead to higher food prices.

“Strong global demand amid persistent supply chain bottlenecks could also exert further upward pressures on international commodity prices,” he said in a statement.

A bond trader noted that while the auction had been oversubscribed, the Treasury rejected all bids after rates submitted by the market were slightly higher than those in the secondary market.

“With the consumer price index for November above market expectations and BSP Governor Diokno reiterating some upside risks to inflation next year, traders and investors priced in accordingly,” the trader said in a Viber message.

“Speculations on the pace of US Fed tapering were also weighing on sentiment in the bond market.”

The US Federal Reserve would probably quicken the tapering of its bond-buying program this month after unemployment declined, Reuters reported on Friday.

The Treasury plans to raise P70 billion from the local market this month — P30 billion in Treasury bills and P40 billion in T-bonds.

The government plans to borrow P3 trillion from local and external sources this year to help fund a budget deficit that is expected to hit 9.3% of economic output.

Teens Ruelle Canino, Alekhine Nouri on the brink of chess jr. crown

A 13-year-old wunderkind from Cagayan de Oro may be the next national junior girls champion.

Ruelle Canino bucked overwhelming odds as she beat older rivals to move on the verge of ruling the girls division of the National Juniors Championships at the PACE center in Quezon City.

Ms. Canino, a six-time Asian Age Group Championships gold medalist, outlasted 20-year-old Bea Mendoza in 71 moves of a London System in the eighth and penultimate round to snare the solo lead with seven points.

Erstwhile co-leader Mhage Sebastian, 15, dropped to No. 2 with 6.5 points after she fought to a 35-move draw with 2019 winner Vic Glysen Derotas of a Slav Defense.

It left Ms. Canino, who beat Ms. Sebastian in the sixth round, the luxury of drawing her final-round game against Ms. Derotas to win it all.

If she accomplishes the feat, Ms. Canino will be the youngest to win the tournament, which was reminiscent of the achievement of her idol, Wesley So, when the latter emerged the national juniors titlist at age 14 in 2007.

BOYS’ SIDE
International Chess Federation (FIDE) Master Alekhine Nouri likewise moved on the cusp of ruling the boys’ side as he kept his stranglehold of the lead after seven rounds with six points, or half a point ahead of Adrian Yulo.

The 15-year-old Mr. Nouri turned back Christian Olaybal and Ronald Canino, elder brother of Ruelle, the sixth and seventh rounds to zoom to the top.

Philippine Sports Commission (PSC) chairman William Ramirez, Philippine Olympic Committee (POC) president Abraham Tolentino, and Chess Movement, Inc. chairman Ariel Potot have backed this nine-round event. — Joey Villar

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