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S&P sees slower PHL growth in 2023

PHILIPPINE STAR/ MIGUEL DE GUZMAN
Families enjoy taking photos in Luneta Park, Manila, Nov. 28. The government expects the Philippine economy to grow by 6.5-7.5% this year. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

S&P GLOBAL RATINGS revised its Philippine economic growth forecast upwards to 7.1% this year, but sees slower growth in 2023 due to the impact of higher interest rates and elevated inflation.

In a Nov. 27 report titled “Global Slowdown Will Hit, Not Halt, Asia-Pacific Growth,” S&P raised its Philippine gross domestic product (GDP) forecast to 7.1% this year, faster than the 6.3% estimate it gave in September.

However, S&P trimmed next year’s GDP growth projection to 5.2%, from 5.7% previously. This is below the government’s 6.5-8% growth goal for 2023.

The credit watcher said strong consumption in economies such as the Philippines will lift the average Asia-Pacific regional growth next year.

“Asia-Pacific will be a bright spot in the global economy in 2023. S&P Global Ratings assumes that domestic resilience and solid growth in mainland China — albeit off a weak base — will keep regional growth at a healthy level. Strong consumption in the more domestically led economies of India, Indonesia, and the Philippines will also lift the average,” it said. 

The Philippine economy grew by 7.6% in the third quarter, faster than the revised 7.5% in the second quarter. Average growth in the first nine months stood at 7.7%, still above the government’s 6.5-7.5% full-year target.

S&P also said domestic demand recovery would boost growth in the Philippines next year.

“In some countries the domestic demand recovery from COVID has further to go. This should support growth next year in India, Indonesia, Malaysia, the Philippines, and Thailand,” it said.

“Improving inbound tourism should support growth in (Malaysia, the Philippines, Thailand) and Japan, although the resumption of Chinese tourist arrivals will likely not happen before late 2023.”

Rising interest rates will have a “pronounced hit” on growth in some economies, it added.

“We expect GDP growth in Asia-Pacific ex-China to slow to 3.9% in 2023, from 4.8% in 2022, before picking up to 4.4% in 2024,” S&P said.   

The Bangko Sentral ng Pilipinas (BSP) increased its benchmark rate by 75 basis points (bps) to 5% — the highest in nearly 14 years. It has so far hiked rates by 300 bps since May to tame inflation.

Headline inflation accelerated to a near 14-year high of 7.7% in October. In the 10-month period, inflation averaged 5.4%, still lower than the BSP’s revised 5.8% full-year forecast.     

The credit watcher expects Philippine inflation to average 5.5% this year and 4.3% in 2023, still above the BSP’s 2-4% target. It sees inflation easing to 2.7% in 2024.   

S&P said it expects the BSP policy rate to reach 5.5% this year, indicating a 50-bp rate hike at its December meeting. The BSP is seen to maintain the benchmark rate next year, before cutting it to 4% in 2024.

S&P Global Ratings earlier this month affirmed the Philippines’ investment grade “BBB+” rating.

“The Philippines’ economy is rebounding healthily, spurred by strong domestic demand as the country lifts mobility restrictions and fully reopens,” S&P has said.

The credit rater said it kept a “stable” outlook on the Philippines, reflecting expectations of the economy’s recovery, and that the fiscal deficit “will decline significantly” within the next two years.

Under S&P’s global rating scale, “BBB+” is considered an investment grade rating, and reflects a sovereign’s “adequate capacity to meet financial commitments, but more subject to adverse economic conditions.” — Keisha B. Ta-asan

BSP to keep capital requirement for rural banks unchanged

REUTERS

THE BANGKO SENTRAL ng Pilipinas (BSP) will not raise the minimum capital requirements for rural banks in the next three to five years while the Rural Bank Strengthening Program (RBSP) is being implemented.

Monetary Board member V. Bruce J. Tolentino said it will take time for rural banks to comply with the current minimum capital requirement set by the BSP.

“We will not change the capital requirements while the program is going on for the next three to five years,” he said during a Nov. 22 event with the Rural Bankers Association of the Philippines (RBAP).

In September, the BSP raised the minimum capital requirement for rural banks to at least P50 million, as it seeks to further strengthen the local banking industry.

Under the new rules, a rural bank with a head office and up to five branches needs to have a minimum capitalization of P50 million, regardless of location.

Rural banks with six to 10 branches are required to have a minimum capital of P120 million, while those with more than 10 branches should have capital of at least P200 million.

“As of now, banks are being asked to declare whether or not they comply or not with the capital requirement. That’s the process that’s going on right now,” Mr. Tolentino said.

He added that the owners of rural banks will need to engage with their relevant examiner or with BSP officials such as Deputy Governor Chuchi G. Fonacier or Assistant Governor Lyn I. Javier to “talk things over as to what needs to be done.”

BSP Circular No. 1151 amended the minimum capitalization of rural banks as part of the RBSP.

Rural banks whose capital falls below the new minimum requirements can refer to available options under the RBSP, and submit their capital buildup plan within six months to the BSP. The rural banks are given five years to meet the minimum capital requirements.

Mr. Tolentino said many weak banks with relatively low capital are rural banks.

Low levels of capital limit a rural bank’s ability to cover costs of operation and maintenance, and the heavy cost of compliance, he said.

“The RBSP is designed to address the key issues that confront all of you, starting with a push for a stronger capital base. The capital base requirements have been stagnant for so long that they need to be attuned to the current times and the current financial landscape,” Mr. Tolentino said.

Mr. Tolentino heads the interagency working group that runs the RBSP, along with officials from the Agriculture and Trade departments.

A technical working group, chaired by Ms. Fonacier, also helps the committee by creating an action plan and capacity-building program for the rural banks.

“Under the RBSP, you are being given a lot of time, substantial time, to assess your condition, to assess your opportunities, and decide whether or not this is a good process for you and the tracks which you will choose,” Mr. Tolentino said.

“Moreover, the BSP has set aside resources and a fund which will support incentives and assistance for those who will participate in the RBSP. The funds will support the cost of technical assistance and expert services for due diligence, training, digital innovation, and the design and documentation requirements for mergers and acquisitions,” he added.

He said the BSP and the Monetary Board are committed to working with rural banks to ensure a strong environment for the country’s banking system. — Keisha B. Ta-asan

Wholesale prices rise 8.2% in September

Wholesale prices of goods continued to rise in September. — PHILIPPINE STAR/ WALTER BOLLOZOS

WHOLESALE PRICES of general goods picked up in September, reflecting possible second-round effects from inflation, and the peso depreciation against the US dollar.

Data from the Philippine Statistics Authority (PSA) showed the general wholesale price index (GWPI) jumped 8.2% year on year, faster than the 7.6% growth in August and 3.3% growth in September 2021.

The growth in September was the fastest in three months or since the 9% expansion in June.

“The increase was primarily brought about by the higher annual uptick in the index for chemicals including animal and vegetable oils and fats at 5.1%, from 2.7% in August 2022,” the PSA said.

The GWPI tracks the wholesale trade sector and serves as a benchmark for price adjustments in business contracts and project costing.

Year to date, the GWPI averaged 7.4%.

Four of the eight commodity categories reported faster year-on-year price growth in September.

The food index rose by 12.9% in September, faster than the 12.4% in August. Prices of mineral fuels, lubricants and related materials surged by 38.9% in September, from 38.5% in the previous month.

In September, prices of manufactured goods and miscellaneous manufactured articles jumped 4.3% (from 3.9% in August) and 3.3% (from 2.8%), respectively.

On the other hand, the annual drop in crude materials, inedible except fuels slowed to -4.8% in September from -5.8% in the previous month.

“Annual increases eased in the indices for beverages and tobacco and machinery and transport equipment at 8.4% and 1.1%, respectively,” the PSA said.   

Wholesale price inflation in Luzon outpaced the national average with a reading of 8.5% in September, against an 8% print in August and the year-earlier 3.4%.

The GWPI growth in the Visayas accelerated to 6.9% in September, from 6.2% in the previous month and 0.4% in the same month in 2021.

In Mindanao, the GWPI slowed to 4% in September, from 4.3% in August and 4.9% a year ago.

Sought for comment, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the increase in wholesale prices reflected second-round effects from elevated inflation.

“The results of the report could be due to second-round inflation effects after higher minimum wages and higher transport fares from June to July 2022 that also led to higher prices of other goods and service; as well as the weaker peso exchange rate back then that added to prices of imports and overall inflation,” Mr. Ricafort said. 

The country’s headline inflation rate accelerated to 6.9% in September from 6.3% in August and 4.2% in September 2021, amid rising food costs.

Mr. Ricafort said that wholesale prices could ease in the coming months as global crude oil prices have declined.

“For the coming months, wholesale prices could ease after the decline in global crude oil prices to new 11-month lows and also lower prices of other global commodities on concerns over a possible recession in the United States, which is the world’s biggest economy, and the continued lockdowns in China, which is the world’s second-biggest economy and the world’s biggest importer of oil and other major global commodities,” Mr. Ricafort said. — Revin Mikhael D. Ochave

ILO: Philippines has potential to boost jobs in manufacturing sector

REUTERS

THE PHILIPPINES has the potential to increase jobs in the manufacturing sector as the economy recovers from the coronavirus pandemic, the International Labour Organization (ILO) said on Monday.

“There could be some potential in boosting manufacturing employment, for example, in India, Mongolia and the Philippines. Yet, it will remain difficult for the Philippines, India, and Mongolia to compete for manufacturing foreign direct investment against countries with lower costs and more advanced manufacturing infrastructure and logistics,” the ILO said in its Asia-Pacific Employment and Social Outlook Report 2022.

The Philippines’ jobless rate dropped to 5% in September, the lowest since the start of the pandemic. This is equivalent to 2.5 million unemployed Filipinos in September.

However, job quality worsened in September as Filipinos seeking more work rose to a six-month high of 15.4% or 7.33 million underemployed workers.

Despite this, the manufacturing sector posted the highest monthly increase in jobs, adding 780,000 to 4.45 million workers in September.

In its report, the ILO said Asia-Pacific labor markets have partially bounced back from the impact of the pandemic, but full recovery is still uncertain.

In the Asia-Pacific region, the ILO said the jobless rate this year was 2% above the pre-pandemic level in 2019, recovering from the loss of over 57 million jobs in 2020.

However, the region still lacks 22 million jobs in 2022, “a jobs gap of 1.1% compared to if the pandemic had not occurred,” the ILO said. This is expected to rise to 26 million in 2023 amid the gloomy global outlook.

“Although Asia-Pacific employment trends look positive, the region’s labor market is not yet back on its pre-crisis track with numerous additional challenges casting shadows on future growth prospects. It is vital that we bring inclusive and human-centered growth back to the region and not settle for a ‘quasi’ recovery based on informal and poor-quality jobs,” Chihoko Asada Miyakawa, ILO assistant director-general and regional director for Asia and the Pacific, said in a statement.

Bienvenido S. Oplas, Jr., founder of free market think-tank Minimal Government Thinkers, said the Philippines’ manufacturing sector is struggling to attract more foreign direct investments due to high power costs.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message that the Philippines “may position itself on the higher end of the global value chain if brings more jobs to the manufacturing sector.”

Meanwhile, the ILO report noted the Philippines, Thailand, and Vietnam were among the only countries to have a national plan in support of “Industry 4.0” or the integration of new technologies and automation in manufacturing.

It also said the Philippines was also one of the only countries in the region to have mandatory social security coverage for domestic workers.

The Philippines is the only country in Asia and the Pacific that ratified the Domestic Workers’ Convention in 2011. A year later, the country passed the Domestic Workers Act that set a minimum wage, benefits, and improved terms of employment for domestic workers. — J.V.D.Ordoñez

DMCI unit targets more subway contract packages

DOF.GOV.PH

D.M. CONSUNJI, Inc. (DMCI) is planning to bid for three more sections of the country’s first subway project while waiting for the Department of Transportation’s (DoTr) call for bidders, its top official said.

“We are waiting for the DoTr’s announcement. We won one section already, then there’s still three more sections that we are bidding for,” D.M. Consunji President and Chief and Executive Officer Jorge A. Consunji told reporters in a recent interview.

In October, D.M. Consunji was awarded contract package 102 of the subway project spanning the Quezon Ave. and East Ave. stations.

According to Mr. Consunji, the three sections being eyed by the company will also be with a foreign partner. He did not disclose whether it will be its partner in the first section, Japan’s Nishimatsu Construction Co., Ltd.

Meanwhile, he said that the company was advised to start the construction of contract package 102 in the second quarter of next year.

“Sinabihan na kami, ‘next year kayo mag-uumpisa ha.’ Meanwhile, we will get all of these right-of-way [issues] cleared’ (We were told, ‘start the construction next year.’ Meanwhile, we will get all of these right-of-way issues cleared’),” Mr. Consunji said.

Mr. Consunji said he believes that the deferred construction was a good decision as the company does not want to start the project with pending right-of-way issues.

Asked about the time to complete the project, he said a subway is perceived to be built within four to five years. But he clarified that the duration is up to the changes made along the way, adding that it is the company’s first subway contract.

D.M. Consunji is one of the major subsidiaries of listed holding firm DMCI Holdings, Inc.

According to Mr. Consunji, bidding preparation for the project is still in the works as the company awaits the DoTr announcement on the public-private partnership projects lined up for 2023.

“We are waiting for the announcement. [I think] all of these will be clearer in the first quarter next year,” Mr. Consunji said.

The subway line will start in Quezon City’s Mindanao Ave.–Quirino Highway and will end in FTI, Taguig City. Its proposed depot is in Brgy. Ugong, Valenzuela City.

The subway project aims to meet the growing transportation demand in Metro Manila and ease traffic in the Philippine capital. — Justine Irish D. Tabile

SEC cancels Koen Solutions’ company registration 

THE Securities and Exchange Commission (SEC) has revoked the incorporation certificate of Koen Solutions OPC for violating Section 44 of the Revised Corporation Code of the Philippines (RCC).

Section 44 of the RCC on the ultra vires acts of corporations states that a corporation cannot exercise corporate powers other than what was conferred in its articles of incorporation.

In an issuance on Monday, the regulator said the primary purpose of Koen Solutions was to engage in the business of information technology products and services.

Its articles of incorporation stated that the corporation could not solicit investments and could not issue investment contracts.

According to the SEC, its Enforcement and Investor Protection Department (EIPD) found that Koen Solutions had been offering marketing schemes.

Investors were given three marketing options — by being an agent, by referring other investors for a fee, and by investing through the Koen application.

As an agent, the investor will have to recruit 30 members and have them sign up for an agency contract. Referral fees or commissions for every referral were said to bring as high as a 12% daily income.

Meanwhile, the income from investments through the company’s application will depend on the investor’s choice of a robot. The investments are said to have a daily income of 2.5% to 3% and a monthly income of 75% to 90%.

On Sept. 9, the SEC issued an advisory against Koen wherein it advised the public not to invest in the company. But the regulator later said that it was still receiving e-mails from the public that the company continued to solicit investments.

A show-cause order was then issued against the company and its president, Rafael Albin Nepomuceno Khoe, on Oct. 10. In response to the order, Koen Solutions denied the solicitation reports and sent a compliance motion to EIPD on Oct. 20 seeking to lift the SEC advisory.

In its investigation, EIPD was able to gather evidence that proved the company’s engagement in offering and selling securities to the public without the required registration approved by the SEC.

CEASE-AND-DESIST ORDER ON SILVERLION
Separately, the SEC issued a cease-and-desist order on Nov. 26 against Zamboanga-based Silverlion Livestock Trading Corp. for soliciting investments without a license.

According to the order, Silverlion has been offering securities to the public for as low as P5,000 to P100,000 with a promise of 2.3% daily earnings.

It has also been offering a special promo wherein investors may receive a Ford Raptor or any car of their choice once they lock in a P400,000 investment in 60 days.

According to the SEC, the scheme used by Silverlion pools resources from new investors to pay guaranteed returns to its existing investors.

The regulator described the scheme as a form of selling securities that require prior registration with and approval by the SEC.

The order also prohibits the company and its representatives from transacting any business that involves funds. It also directs them to cease their internet presence. — Justine Irish D. Tabile

SMC Global Power points to ERC for looming rate hike

THE decision of the Energy Regulatory Commission (ERC) to reject the temporary relief sought by SMC Global Power Holdings Corp. has exposed consumers to higher power rates, the company said on Monday.

In a statement, SMC Global Power said that the regulator was “made aware of the looming power rate hikes. It was also made aware of how it can ensure that the public gets the lowest possible rate while energy players continue to supply power viably amid rising geopolitical risks beyond anybody’s control.”

San Miguel Corp. (SMC), through its power arm SMC Global Power, filed a petition for certiorari with the Court of Appeals (CA), which issued a temporary restraining order (TRO) in favor of the company.

The TRO suspended the power supply deal between SMC Global Power unit South Premiere Power Corp. and Manila Electric Co. (Meralco), which the ERC said could lead to an increase in consumers’ monthly power bills.

In a Viber message on Monday, the ERC said that it would wait for the final decision of the CA for its next step.

Senator Sherwin T. Gatchalian said the Department of Energy, Meralco, ERC, and SMC must ensure a steady supply of power following the issuance of the TRO.

“Pending the final resolution of the case, [these entities] must see to it that a steady supply of electricity is maintained and that there are no significant power interruptions,” Mr. Gatchalian said.

In August, SMC Global Power said it had sought to recover the losses incurred by its units SPPC and San Miguel Energy Corp. (SMEC), the administrators of the natural gas-fired power plant in Ilijan, Batangas, and the coal power plant in Sual, Pangasinan, respectively.

It said the losses stemmed from a change in circumstance that resulted in losses for the group. It cited supply issues that were not factored in when they forged their power supply agreement (PSA).

The company placed the losses at P15 billion but said it was only seeking to recover P5 billion through a temporary relief — an increase in the PSA’s electricity rate.

However, the ERC denied the temporary relief jointly sought by SMC Global Power and Meralco, saying a rate increase is not based on a valid change of circumstance as called for under their PSA. — Ashley Erika O. Jose

Globe says 1,064 new cell towers built 

GLOBE TELECOM, Inc. on Monday said it concluded September with 1,064 new cell towers built nationwide to further improve connectivity.

“Globe network rollout remains on track as it closed the first nine months of 2022 with P74.4 billion capital expenditure (capex), 14% higher than last year, to address growing connectivity needs of Filipinos amid greater digitalization,” the company said in an e-mailed statement.

It said its investment has yielded 1,064 new cell sites, 10,600 mobile sites upgraded to long-term evolution of LTE, and 1,887 new fifth-generation sites nationwide.

“At least 84% of this period’s total cash capex was allocated for data requirements to further enhance overall customer data experience. These include additional LTE upgrades, new 5G sites, tower builds, and Fiber to the Home (FTTH) rollout,” the company noted.

The company also reported that it has deployed nearly 1.4 million FTTH lines as of the end of September.

“This is in line with the company’s bid to make fast and reliable connectivity pervasive and accessible to more households and businesses,” Globe said.

At the same time, the Ayala-led telco expects its $150-million domestic submarine cable project to cover a total cable distance of about 2,500 kilometers.

“The project is seen to deliver connectivity crucial to the country’s recovery from the pandemic, as it will support the growing need for reliable communications facilities,” Globe said.

Globe undertakes the project with Eastern Telecommunications Philippines, Inc. and InfiniVAN, Inc.

For the nine months ended Sept. 30, Globe saw its attributable total comprehensive income increase 37% to P24.9 billion from P18.2 billion previously.

Total revenues for the period went up 3% to P130.2 billion from P126.4 billion in 2021.

The growth was led by corporate data and mobile services, supplemented by the sustained growth from non-telco services, according to the company. — Arjay L. Balinbin

Appetite for luxury condos returns

A MOON rises beyond towering condominium buildings as seen from Manila, Sept. 13. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

THE appetite for luxury condominiums in the Philippines rebounded strongly despite rising interest rates, according to Colliers.

In a statement, Colliers said the luxury condominium market bounced back in the first nine months of 2022, thanks to strong demand for projects in central business districts such as Fort Bonifacio and Ortigas Center.

The luxury segment, which refers to condominiums priced at P8 million and above, accounted for 28% of total condominium take-up in the January to September period. This is a turnaround from the 1.6% decline seen in the first nine months of 2021.

Colliers said pre-selling condominium take-up rose 7% to 6,100 units in the third quarter, from 5,700 units sold in second quarter. This brought the nine-month take-up to 14,900 units, surpassing the 12,400 units sold in 2021.

Improving consumer and business sentiment will support demand for residential properties, but rising interest rates may pose a risk to this outlook.

The Bangko Sentral ng Pilipinas (BSP) last week raised its benchmark rate by 75 basis points (bps) to 5% — the highest in nearly 14 years. Since May, the BSP has hiked rates by 300 bps to curb inflation and prevent the peso from further depreciating against the US dollar.

“Despite higher interest rates, we have seen a stable demand for upscale to ultraluxury condominium projects in Metro Manila… We believe that the ultraluxury segment will likely remain resilient amid the rising interest and mortgage rates,” Joey Roi Bondoc, associate director and head of research at Colliers, said in a statement.

PRICE INCREASE
In the last few years, Colliers said there has been a “healthy level of price increases” for luxury residential projects.

“We believe that the increase in prices will only result in investors and end-users looking for greater amenities as well as innovative facilities. Due to Metro Manila traffic, there will be greater demand for connectivity to master-planned communities and topnotch concierge services,” Mr. Bondoc said.

As more luxury and ultraluxury projects are launched in Metro Manila, Mr. Bondoc said they see “the rise of more discerning buyers.”

“Hence, developers need to further innovate and differentiate in a highly competitive luxury residential segment,” he added.

According to Colliers, the most expensive condominium project in Metro Manila is at P495,000 (or $8,400) per square meter, “much cheaper” than most expensive condo units in Hong Kong, which is 23 times more expensive. — Cathy Rose A. Garcia

SM’s portfolio to be powered by 50% renewables by year-end 

SM PRIME Holdings, Inc. is on track to achieve its goal of increasing the use of renewable energy to 50% of its property portfolio by the end of 2022, a company official said.

Hans T. Sy, president of SM Engineering Design and Development Corp., said SM Prime’s long-term deal with Aboitiz Power Corp. calls for the supply of Cleanergy across its portfolio.

“This long-term contract will power SM Prime properties, including malls, leisure homes, offices, hotels, and other establishments under the retail competition and open access (RCOA) by yearend,” Mr. Sy said on Monday during Sustainability Forum PH 2022, an event led by the SM group.

Cleanergy is AboitizPower’s brand of power supply sourced from its hydro, geothermal, and solar power generation facilities. RCOA allows consumers with big electricity usage to source power from their choice of qualified retail suppliers.

Timothy Mark Daniels, head of investor relations and sustainability at SM Investments Corp. (SMIC), said SM Prime is on track to achieving its renewables target.

“The way that we’ve approached looking at our carbon targets and use of renewable energy in the SM group is to make sure that we make announcements, they are very grounded in achievability and science,” Mr. Daniels told reporters.

“So, when SM Prime announced that that was what we are going to achieve by the end of this year, we already had very concrete plans around how to achieve it,” he added.

SMIC is the holding firm of the SM group with diverse interests, including property under SM Prime.

Mr. Daniels said, “We are very practical in the SM group, so SM Prime when they said they are going to do it, they are already working very hard and they will achieve it.”

SM Prime has been leading the sustainability activities of the group as it has the largest physical footprint, he said.

“They are clearly a very large energy user within the group and they are the ones who are able to take practical actions around the energy issues,” he said.

He added that every business under the SM group has different climate actions. For instance, in the retail business, the footprint and impact that can be achieved are centered on the customers.

“How can we, as a very large marketplace and presence, actually start to influence supply chains and meet the desire of customers to have more renewable projects,” Mr. Daniels said. “We have different goals for different parts of [the] business, wherever they have the most material impact on the issue.”

Mr. Daniels said that the SM group would strive to push its sustainability targets as much as it can.

“It’s imperative that we’ll be more energy-efficient, that we use more renewables and we fund more renewables and we are very open to partnerships to do that,” he said. — Justine Irish D. Tabile

Streaming TV shows are 21st century ‘cathedrals,’ screenwriting guru McKee says

PINHO-UNSPLASH

TEL AVIV — The sun may be setting on Hollywood movies — and on his own storied career there — but scriptwriting guru Robert McKee is unfazed and even upbeat about the rise of alternative small-screen entertainment for television or smartphone.

While film producers fret about box-office takes and parents about their kids’ ability to focus beyond TikTok clips, Mr. McKee, 81, insists that dynamics of plot and character remain the same, at heart — and that the new formats may in fact enrich the form.

“I see the future as rather brilliant, but it’s not in the cinema,” Mr. McKee told Reuters during a visit to Israel, the final leg for the farewell tour of his lecture series.

“The future is long-form streaming. To me, it’s breathtaking. These works will be the cathedrals of the 21st century. These will be the masterworks of art.”

He cited the complex construction of multi-season series like Breaking Bad or Ozark, which amount to scores of hours of air-time — compared to the 90- to 120-minute lengths of traditional feature films.

Binge-watching, he argued, is a testament to concentration.

“For the human attention span to actually shorten would require change at a genetic level. This is nonsense,” he said.

“What has changed is interest span. Young people are not polite. They aren’t going to sit for 60 seconds and watch anything they don’t enjoy. If you engage the interest of people today, they will give you days out of their lives.”

“And great television does exactly that,” added Mr. McKee, the author of five books who has, for decades, delivered what the New York Times dubbed “the most popular screenwriting seminar in the country” to tens of thousands of students.

Cinema, dominant through much of the 20th century, has seen attendance sag as audiences opted for the privacy and convenience of home-viewing — a plight enforced by COVID-19 shutdowns. Video piracy has also sapped film studios’ profits.

“I don’t care,” about the changing economics, said Mr. McKee, who plans to develop a new seminar which he will deliver online.

“There are people out there with talent. If anything — at least in quantity if not quality — they are more well-educated. But they are under-educated in terms of the art-form,” he said.

“My quest is: How can I make these irreducible components of story clearer so that people will get it faster and better?” — Reuters

AyalaLand Logistics launches ESG initiatives under ACT

AYALALAND Logistics Holdings Corp. works with merchant partners and supports Divisoria enterprises through the TutuBuy e-commerce website. — COMPANY HANDOUT

AYALALAND Logistics Holdings Corp. (ALLHC) is addressing environmental, social, and governance (ESG) concerns for its stakeholders through the ALLHC Cares for Tomorrow (ACT) program.

“ACT is our way of showing we care for our future. As we launch this program, we deepen our commitment towards environmental protection, social engagement, and good governance. Aligned with our culture of integrity and malasakit, our mission is to contribute to society by providing a positive impact and doing the right thing for the greater good of next generations,” ALLHC Chief Operating Officer Patrick C. Avila said in a statement.

ALLHC piloted its ACT program by supporting the Department of Education’s Brigada Eskwela campaign as it provided basic school necessities and hygiene kits for 460 students of Dungan Elementary School in Mabalacat, Pampanga.

ALLHC also gives assistance to the Missionaries of Charity located within the Tutuban Center complex in Tondo, Manila, and established e-libraries in Naic, Cavite and Mabalacat, Pampanga. It also supports social enterprises through the TutuBuy e-commerce website and Alagang AyalaLand Centers in Tutuban Center and South Park.

ALLHC is also committed in supporting Ayala Land’s goal its 2030 carbon neutrality goal, and Ayala Corp.’s net zero by 2050 target. Most of ALLHC’s electricity consumption is through renewable energy sources, and 30% of its industrial estates are allocated for green and open spaces.

ALLHC also sends plastic discards to Green Antz Builders to convert plastic wastes to eco-pavers and eco-bricks used in Ayala Land projects. ALLHC’s Tutuban Center and South Park Center also hold Recyclables Fairs where participants can trade in their traditional recyclables and non-traditional wastes such as broken electronics and appliances.

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