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BoI to miss ’22 investment goal

STOCK PHOTO | Image Dmitry Berdnyk from Unsplash

THE BOARD of Investments (BoI) is unlikely to reach its target of approving P1 trillion in new investments this year, reflecting the impact of the ongoing Russia-Ukraine conflict on global investor sentiment.

Ceferino S. Rodolfo, Trade undersecretary and BoI managing head, told reporters on Monday the BoI has approved P644.4 billion in investments from January to Nov. 15 this year, representing only 64.4% of its P1-trillion target for this year.

The BoI said 81% or P518.3 billion of the total approved investments came from domestic investors, while the rest came from foreign sources.   

However, the January-to-November figure is already 73.51% higher compared with the P371.4 billion approved investments in the same period in 2021.   

“What is certain is that we will surpass our 2021 level. That is for certain,” Mr. Rodolfo said in mixed English and Filipino.

The BoI’s total investment approvals stood at P655.4 billion in 2021.

“We did not foresee that there would be the Ukraine-Russia war that will have an impact not just on investment going to the Philippines, but also globally. It really affected us. But it is still good news that we will be able to surpass 2021 levels,” Mr. Rodolfo added.   

Russia’s invasion of Ukraine in late February had widespread economic implications for the rest of the world. The impact was felt through rising prices of commodities such as food and energy, soaring inflation, supply chain disruptions, lower business confidence and higher investor uncertainty.

For the January-to-November period, the BoI said the biggest amount of approved investments were committed to the power sector at P343.8 billion.

This was followed by information and communications technology sector with P197.6 billion, administrative and support services activities with P26.8 billion, transportation and storage with P25.2 billion, and real estate with P23.8 billion.   

Singapore was the top source of BoI-approved foreign investments with P75.3 billion, followed by Japan with P29.9 billion and United Kingdom with P9.9 billion. Investments from the British Virgin Islands stood at P2.6 billion, while those from South Korea hit P2.5 billion.   

For 2023, Mr. Rodolfo said the BoI already has P372.8 billion worth of investment leads.

Of the total, P125.3 billion is from the information technology and business process management (IT-BPM) sector, followed by real estate activities at P105.47 billion, and agriculture, forestry, and fisheries at P66.9 billion.   

Mr. Rodolfo said several big-ticket projects are expected next year, particularly for sectors such as green metals and renewable energy.

The Energy department last week revised a circular, which paved the way for full foreign ownership in the renewable energy sector.

“The BoI remains optimistic that foreign investments in 2023 will show significant growth given the game-changing economic reforms enacted in the Philippines such as the amended Public Service Act, amended Foreign Investment Act, amended Retail Trade Liberalization Act…,” it said.   

Meanwhile, Trade Secretary Alfredo E. Pascual told reporters that fully digitalizing the government’s functions would help improve the processing of foreign investments in the country.   

“The digitalization of the whole government function will be the solution for the speedy processing of foreign investments. The common complaint of people we talk to is that they talk to many people in the process,” Mr. Pascual said. — Revin Mikhael D. Ochave

DBM may slash budget of agencies with low utilization rates

Budget Secretary Amenah F. Pangandaman attends an economic briefing in Pasay City, July 26, 2022. — REUTERS

THE DEPARTMENT of Budget and Management (DBM) may consider slashing the budget allocations for government agencies with low utilization rates.

“Given our really small fiscal space, we need to instill discipline in our National Government agencies so we can put the money to agencies who can really implement them,” Budget Secretary Amenah F. Pangandaman told reporters on Monday.

She said the DBM will “cut” the budget of agencies with low budget utilization.

Data from the DBM showed the government’s cash utilization rate was at 94% as of end-October.

The National Government, local governments and state-owned firms used P3.36 trillion out of the P3.56 trillion in Notice of Cash Allocation (NCA) issued to them in the January-to-October period.

Line departments used 92% or P2.27 trillion of their NCAs as of the end of October, leaving P201.42 billion unused.

The Commission on Human Rights was the only department to post a budget usage rate at 100%.

On the other hand, the Department of Information and Communications Technology (DICT) recorded the lowest rate at 67%.

“If there’s a question why the DICT budget is quite low, it’s because there’s still an existing budget from previous years that can still be used,” Ms. Pangandaman added.

Meanwhile, the government’s funding releases at the end of October hit P5.08 trillion, exceeding the P5.024-trillion budget for the year.

This was mainly due to P200.19 billion in unprogrammed appropriations and P45.29 billion in other automatic appropriations.

Ms. Pangandaman said that the government is not worried about overspending or exceeding its budget cap as its deficit is still within target.

“We’re still within the target, and I am happy with that, because at least the agencies now are trying to use the money and utilize it better to implement their projects… maybe it’s also a reason that the economy is open and then we’re trying to push for them (to utilize their budget more),” she added.

The National Government’s fiscal deficit stood at P179.8 billion in September, versus the P180.9 billion a year earlier and the P72 billion in August.

In the nine-month period, the deficit-to-GDP ratio stood at 6.5%, still below the government’s 7.6% target by yearend.

Ms. Pangandaman said there are no projections yet for additional fund releases for the rest of the year.

“We can still implement and can push (this) before the end of the year. We can still work on that,” she added.

There is also a possibility of upgrading the government’s growth targets, after the faster-than-expected economic expansion in the third quarter, Ms. Pangandaman said.

“Probably, with the numbers we have now. And everything is open now, so maybe,” she added.

The Philippine economy expanded by 7.6% in July to September, slightly faster than the revised 7.5% growth in the second quarter and 7% a year earlier.

Economic managers earlier said the stronger-than-expected third-quarter growth makes it likely the Philippine economy will exceed the 6.5-7.5% full-year target.

The DBM said it is also pushing for digitization for effective financial management.

“This is crucial as greater collaboration and innovation on public service delivery is even more pronounced now as the public demands for a more responsive government, quick to deliver as we cushion the unprecedented impact of the pandemic,” she said.

Ms. Pangandaman said this can be achieved by pushing for citizen participation, investing in digital innovations, and fast-tracking the rollout of data systems. — Luisa Maria Jacinta C. Jocson

Converge’s Dennis Uy named Entrepreneur Of The Year Philippines

DENNIS ANTHONY H. UY, chief executive officer (CEO) and co-founder of Converge ICT Solutions, Inc. (Converge), was named the Entrepreneur Of The Year Philippines 2022 in an awards banquet at the Grand Hyatt Manila on Monday evening.

Mr. Uy will represent the country in the prestigious World Entrepreneur Of The Year awards in Monte Carlo, Monaco in June 2023.

Mr. Uy was recognized for his passion for technology, his desire to bring internet connectivity to Filipinos and his visionary ability to stay ahead of the competition. He had the foresight to invest in fiber optics and micro-trenching while the industry was still using older technologies, leading to Converge being one of the first to offer fiber-to-the-home fixed broadband services in the country.

Mr. Uy also received the Master Entrepreneur Award for maintaining management excellence over a sustained period of time in key areas of the company including finance, marketing, human resources and sales. He co-founded the company that would become Converge as a small provincial player offering dial-up connections during the internet’s early days. Converge is now the fastest-growing fiber internet provider in the Philippines.

Trade Secretary Alfredo E. Pascual delivered the keynote address at the awards banquet, where other awards were presented for the Young Entrepreneur, Technology Entrepreneur, Small Business Entrepreneur, Woman Entrepreneur, and Emerging Entrepreneur categories.

Leandro Antonio L. Leviste, CEO and president of Solar Philippines Power Project Holdings, Inc., received the Young Entrepreneur Award for establishing one of the largest solar energy production companies in Southeast Asia. The company is now building utility-scale solar farms in multiple provinces and a large-scale solar-battery baseload project, with the goal of generating cheaper and more reliable electricity to Filipinos.

Steve S. Sy, CEO of Great Deals E-Commerce Corp., was named the Technology Entrepreneur for establishing the leading e-distributor in the Philippines which carries multinational brands and offers various services such as digital content production, digital marketing, warehousing and fulfillment, inventory, and marketplace listings management.

Francisco D. Magsaysay, CEO of Carmen’s Best Dairy Products, Inc., received the Small Business Entrepreneur Award for best demonstrating management excellence in a business with assets (excluding land) of less than P100 million in value. He started Carmen’s Best from his garage, and now it is the first artisanal ice cream brand to become a household name, distributed through 400 channels and served on multiple airlines.

Lisset A. Laus-Velasco, chairman and CEO of Global Cars Philippines, Inc., was named the Woman Entrepreneur. She spent years in various business units before taking over leadership of the company and the many dealerships under its portfolio, and always measures success by the happiness of its customers and its people.

George Royeca, CEO of DBDOYC, Inc. (Angkas), was named the Emerging Entrepreneur for establishing and leading the first Philippine app-based motorcycle ride-hailing platform. Through his passion and perseverance, Angkas has survived shutting down thrice and has become a vehicle for his advocacy to legitimize and professionalize motorcycle taxi service and provide a livelihood and vital skills and safety training for many motorcyclists.

The recipients of the category awards were chosen from among 18 outstanding finalists representing enterprises from diverse industries from around the country.

Other finalists were Ricardo D. Abelardo, Jr. (Artemisplus Express, Inc./Kitchen City), Roberto J. Chan (Atlanta Industries, Inc.), Allyxon T. Cua (Accent Micro Technologies, Inc.), Ana L. de Ocampo (Wild Flour Bakery + Café Corp.), Jacqueline Jade Y. Gutierrez (Beauty Refinery, Inc./BLK Cosmetics), Raymond G. Jarina (INTECO Isuzu Group of Dealerships), Robert Lo (RDF Feed, Livestock & Foods, Inc.), Jeffrey T. Ng (Cathay Land, Inc.), Ibrahim M. Nuño, (Metro Stonerich Corp.), Aileen Y. Suy (Ana’s Breeders Farms, Inc.), Maria Francesca Tan (MFT Group of Companies), and Antonio D. Ynoc (Prime Movers Total Logistics, Inc.)

SGV Chairman and Country Managing Partner and SGV Foundation President Wilson P. Tan emphasizes the importance of resilience in the face of constant change.

“The current business environment is filled with immense challenges and opportunities, allowing us to see our country’s entrepreneurs transform with unprecedented speed and scale despite the global COVID-19 pandemic. Our finalists are examples of the undaunted and unstoppable individuals who thrive in this age of disruption. Mr. Uy innovated to stay ahead of the competition, putting his company in perfect position to continue growing while many others struggled to survive during lockdown,” Mr. Tan said.

All nominees went through a strict financial data ranking system used by all Entrepreneur Of The Year participating countries. The finalists were further evaluated by an independent panel of judges composed of distinguished business personalities.

The panel was chaired by Asian Institute of Management President, CEO and Dean Dr. Jikyeong Kang. Other panel members were Trade Undersecretary Blesila A. Lantayona; Antonette C. Tionko, former Finance undersecretary; Securities and Exchange Commission Commissioner McJill Bryant T. Fernandez; and SteelAsia Manufacturing Corp. Chairman, President and CEO Benjamin Yao, who is also the 2019 Entrepreneur Of The Year Philippines.

The Entrepreneur Of The Year was founded in the United States by professional services firm Ernst & Young (EY) in 1986 to recognize the achievements of the most successful and innovative entrepreneurs worldwide. In 2001, EY expanded the program and launched the World Entrepreneur Of The Year awards.  In the Philippines, the SGV Foundation, Inc. established the Entrepreneur Of The Year program in 2003.

Jollibee Foods Corp. Chairman and CEO Tony Tan Caktiong, the first-ever Entrepreneur Of The Year Philippines, went on to win as World Entrepreneur Of The Year 2004 in Monte Carlo, Monaco.

Socorro Cancio-Ramos, founder of National Book Store, was named Entrepreneur Of The Year Philippines in 2005, followed subsequently by Lance Gokongwei, president and CEO of Cebu Air, Inc.; Senen Bacani, chairman and president of La Frutera, Inc.; Wilfred Steven Uytengsu, Jr., president and CEO of Alaska Milk Corp.; Ambassador Jesus Tambunting, former chairman and president of Planters Development Bank; Tennyson Chen, president of Bounty Fresh Foods, Inc.; Erramon I. Aboitiz, president and CEO of Aboitiz Power Corp.; Jaime I. Ayala, founder and CEO, Hybrid Social Solutions, Inc.; Ben Chan, chairman of the Board of Suyen Corp.; Nico Jose Nolledo, chairman and CEO of Xurpas, Inc.; Natividad Cheng, chairperson and CEO of Multiflex RNC Philippines, Inc.; and Benjamin O. Yao, Chairman, president and CEO of SteelAsia Manufacturing Corp.

Supporting the program as co-presenters are the Asian Institute of Management, the Department of Trade and Industry, the Philippine Business for Social Progress, and the Philippine Stock Exchange. Media sponsors are BusinessWorld and the ABS-CBN News Channel. Gold Sponsors are SteelAsia Manufacturing Corp., Uratex, and Navegar. Silver Sponsors are Intellicare, OneWorld Alliance Logistics Corp., and Regan Industrial Sales, Inc. Banquet Co-Presenter is PMFTC, Inc. Banquet Sponsors are Uratex, MerryMart Consumer Corp., Robert Blancaflor Group, Inc., International Container Terminal Services, Inc., Joy-Nostalg, Vista Land & Lifescapes, Inc., Global Ferronickel Holdings, Inc., and Universal Harvester, Inc.

16 years of music and silent films

A SCENE from Nosferatu.

THE INTERNATIONAL Silent Film Festival returns to the big screen with nine films from different countries (including three from our own) and local talent providing the accompanying score.

The film festival will run from Nov. 24 to 27 at the movie theaters of the Shangri-La Plaza Mall in Mandaluyong.

Piccadilly, a film about a maid turned dancer, will be scored by Anahata. Horror classic Nosferatu will be scored by The Brockas, while Malvaloca, a 1926 Spanish film once thought to be lost, will be scored by Talahib. Japan’s entry to the film festival, The Lady and the Beard, by renowned filmmaker Yasujiro Ozu, will be scored by Bullet Dumas and is about a conservative student who saves a young girl from ruffians. I Figli di Nessuno will be scored by Pepe Manikan and is based on an Italian novel by Ruggero Rundi. All these films were made from a period between 1919 to 1931.

The Filipino entries are much more recent: all were made in 2021. Vahn Pascual’s Alingasngas ng mga Kuliglig (scored by Karl Arthur Javier and Nik Rosacay) is about a boy-healer who falls in love with a tikbalang (a mythical half-horse, half-person). Gabriela Serrano’s Dikit is about a cursed woman obsessed with her new neighbors, to be scored by Paolo Almaden. EJ Gagui and Marienel Calma’s Ing Tianak, about the supernatural demon-infant in Filipino folklore, will be scored by Pau Protacio.

Musical accompaniment will be provided by BConcept and Vincent del Rosario.

Partner institutes with the Film Development Council of the Philippines (FDCP) that provided the films in the lineup include the Embassy of France, the Goethe-Institut Philippinen, the Embassy of Italy with the Philippine Italian Association, the Japan Foundation Manila, Instituto Cervantes de Manila, and the British Council in the Philippines.

16 YEARS OF FILM AND MUSIC
This is the film festival’s 16th year. Martin Macalintal, Cultural Attache of the Embassy of France to the Philippines, said during a press conference on Nov. 8, “When we started this, we thought of having the films scored by Filipino musicians. This is being honest — we wanted to attract more viewers. Who was going to show silent films 16 years ago?”

“We would probably attract what, 50 viewers, who would have some kind of film culture and would want to watch these silent films,” he said, with the idea that local artists who had a following would bring their fanbase along to the films. “Through the years, we realized that there is an audience for silent films. We (also) realized that basically, the Filipino musician is very talented.”

Mr. Macalintal gives as an example the pairing of a French film with Philippine indigenous music, which would change the experience from the film’s original context.

“It’s about breathing new life to film heritage that is 102 years old this year. That’s something that I think this festival is unique (for). It’s something that keeps culture alive,” he said. “That is where you see the exchanges between cultures. It provides additional wealth into what we are finally producing.”

The films will be screened between Nov. 24 to 27 — Piccadilly (Nov. 24), Nosferatu: A Symphony of Horror (Nov. 25), La sultane de l’amour (Nov. 25), Malvaloca (Nov. 26), The Lady and The Beard (Nov. 26), I Figli di Nessuno (Nov. 27), Alingasngas ng Mga Kuliglig, Dikit, and Ing Tianak (Nov. 27). Screenings are at 5 p.m. for Nosferatu and Malvaloca; and 8 p.m. for Piccadilly, Sultan de l’amour, The Lady and the Beard, and the final films on Nov. 27.

There will be several pocket events throughout the week, including a talk on film restoration on Nov. 27, as well as a talk with the musicians involved in the project on Nov. 26. Tickets are available onsite.

For more information, visit facebook.com/InternationalSilentFilmFestivalManila. — Joseph L. Garcia

From Marvel superheroes to Mickey Mouse to Elton John: Disney+ gives viewers access to a universe of viewing choice

WITH the Philippine launch on Nov. 17 of Disney+, viewers can now revisit favorite animated classics, schedule a movie marathon on comic book superhero titles, or binge watch a well-loved series as the streaming service offers entertainment content from brands including Disney, Marvel, Star Wars, Pixar, National Geographic, and Star.

Disney+ is the exclusive streaming home of the growing library of global, regional, and Asian language content ranging from blockbuster films from the Marvel Cinematic Universe and award-winning Pixar animation, to Korean content featuring BTS and other top Asian stars under the Star brand. Star also offers movies and series such as Emmy-award winning Grey’s Anatomy, Only Murders in The Building, The Bear, The Simpsons and The Kardashians. It also delivers exclusive originals produced in collaboration with producers and directors in the Asia Pacific region.

“Growing up as a young boy here in Manila, I remember spending an hour in traffic to go to my uncle’s house on weekends, because he had the only VHS copy of Aladdin in my family,” Jay Trinidad, the senior vice-president and general manager Direct-To-Consumer at The Walt Disney Company Asia Pacific, said during the launch on Nov. 17 at The Fifth at Rockwell in Makati City.

“But today, there’s no more traffic [and] no more waiting. Families across the Philippines can stream thousands of hours of general entertainment content, anytime, anywhere even if you’re stuck in traffic,” Mr. Trinidad said.

“Our films encouraged people to strive to become who they think they can be — to dream really big dreams. And I like to believe [that] this is why we as Filipinos have a strong affinity to the Walt Disney company’s storytelling and content,” he added.

SPECIALS AND MORE
The launch opened with A Night of Wonder with Disney+, a special feature hosted by Catriona Gray and Robi Domingo, with performances by Filipino singers. The original song for Disney+ Philippines, “Imagine More,” recorded by Morrissette, was performed during the event. The special is available to stream until Nov. 23.

Among the shows set to premiere on the service are Marvel Studios’ The Guardians of the Galaxy Holiday Special on Nov. 25. In the special, the Guardians head to Earth in search of the perfect present for celestial-human hybrid Peter Jason Quill.

Willow, an all-new sequel series to George Lucas’1988 fantasy adventure, premieres on Nov. 30. In it, the Nelwyn sorcerer returns, years after rescuing the infant empress Elora Danan, to lead a group of misfit heroes on a harrowing rescue mission.

Premiering on Dec. 7, the Star Original film titled Connect follows a man kidnapped by a gang of organ harvesters. He wakes up to discover his eye missing and that he has the vision of an infamous serial killer.

Other programs that are currently available on the platform are the National Geographic Original Series Limitless with Chris Hemsworth; the documentary Mickey: The Story of a Mouse; Disenchanted, the sequel to 2006’s film Enchanted; and Elton John Live: Farewell from Dodger Stadium, the singer’s final North American show in Los Angeles.

SUBSCRIPTION PLANS
“This has been a long-awaited partnership… At the end of the day, experience matters to our consumers and users in the Philippines,” Jing Yin, General Manager of Global Strategic Accounts of International Business Group at Ant Group, told members of the press.

He added that a collaboration with GCash and Alipay was established “to make sure it is a seamless experience” along with bringing out good content.

There are several subscription plans for the Disney+ streaming service: a monthly Mobile Plan for P159, an annual Mobile Plan for P1,150, and a Premium Plan which is available for P369 monthly, or P2,950 annually.

In addition, Alipay+ and Globe are offering a range of special packages to subscribe to Disney+.

“I think we provide the most convenience in terms of payment because Philippines is a prepaid country. We have 71 million subscribers who can access the content and pay for it,” Martha Sazon, President and CEO of GCash, told members of the press. “There is a button on the GCash [called] ‘A+ Rewards’, that’s where you see all the Alipay Plus enabled services.”

Interested parties can visit gcash.com/promos/disneyplus to subscribe to Disney+ through GCash e-wallets via Alipay+. New and existing Globe customers can learn how to get Disney+ by visiting http://globe.com.ph/DisneyPlus.

Disney+ is accessible on a wide selection of compatible mobile and televisions subject to the different subscription plans, including smartphones and tablets (Android or iOS), smart TVs such as Samsung and LG, and connected TV devices including Google TV and other Android TV OS, Apple TV 4K and Apple TV HD, and Chromecast. For more information, visit www.DisneyPlus.com. — Michelle Anne P. Soliman

Alsons profit jumps on Mindanao power demand

ALSONS Consolidated Resources, Inc. recorded a third-quarter attributable net income of P270.43 million, more than four times higher than the P55.49 million recorded in the same period last year, as revenues from its operations in Mindanao grew.

In its regulatory filing on Monday, Alsons recorded revenues of P3.85 billion for the third quarter, 59.09% higher than the P2.42 billion logged in the same period last year. It attributed the rise to improved power demand, which it expects to continue for the rest of the year.

The firm said its power generation facilities in Mindanao, the 210-megawatts (MW) coal-fired power plant of Sarangani Energy Corp. continued to be the revenue and income driver for the company.

Sarangani Energy energizes several areas in Mindanao such as Sarangani, General Santos, Cagayan de Oro, Iligan, Dipolog, Dapitan, Pagadian, Samal, Tagum, Kidapawan, and Butuan.

In the nine months to September, Alsons’ net income climbed by 39.9% to P451.11 million from P322.55 million. Its revenues for the period rose by 31.2% to P9.25 billion from P7.05 billion.

Alsons said the continuous operation of the 100-MW diesel plant of Western Mindanao Power Corp. (WMPC) also lifted the company’s revenues for the period as it is the only major power generation facility in Zamboanga.

WMPC supplies power to Zamboanga City and ancillary services to National Grid Corp. of the Philippines.

Meanwhile, Alsons is focusing on increasing its renewable energy capacity with eight run-of-river hydroelectric power facilities now under development. These include the 14.5-MW Siguil hydropower plant in Maasim, Sarangani, which is expected to begin operations in 2023.

Two other hydropower facilities in the pipeline are the 21-MW plant in Zamboanga del Norte and the 42-MW project in Negros Occidental.

“Eventually, renewable energy sources will comprise at least half of Alsons’ long-term energy mix,” Nicasio I. Alcantara, chairman and president of Alsons, said in a media release.

Alsons’ portfolio consists of four power facilities with a combined capacity of 468 MW. It provides power to 14 cities and 11 provinces in the Philippines.

On Monday, shares in the company slipped by 1.22% or P0.01 to close at P0.81 each. — Ashley Erika O. Jose

Entertainment News (11/22/22)

Cinema ‘76 Film Society reopens new branch with QCinema

IT’S A double celebration as Cinema ‘76 Film Society opens its new branch at the second floor of the Terraces Building at Tomas Morato corner Scout Borromeo in Quezon City with a lineup of movies from the 10th QCinema International Film Festival.  The micro-cinema will have its soft launch from Nov. 23 to 25, screening some of the fest’s titles under the Asian Next Wave Competition, QC Shorts, Asian Shorts, and Rainbow sections. Among the Asian Next Wave films to be screened in Cinema ’76 are Autobiography by first-time Indonesian director Makbul Mubarak. The film uses a fictitious election campaign as the backdrop for his moody thriller with metaphorical context; filmmaker Sorayos Prapapan’s feature debut with Arnold is a Model Student, dwells on its titular math student character amidst the background of student protests and authoritarianism in Thai schools; the Cannes award-winning film Plan 75 by Chie Hayakawa, a Japanese dystopian drama focuses on how the government lures the elderly to sign up for a mysterious life-and-death scheme. One of the lead cast members, Filipina actress Stefanie Arianne, will be at the screening for a Q&A with the audience. Other films to be shown are the French LGBT drama Stranger By The Lake and QCinema 2018 film Billie and Emma. Tickets are priced at P240. This is a special discounted price for the QCinema International Film Festival movies screened between Nov. 23 to 25. Cinema ‘76 will start regular operations on Nov. 30. For tickets, visit bit.ly/c76qciff. For a complete list of films and screening schedule, follow Cinema ’76 Film Society on Facebook, Instagram, and Twitter. 

Mamamoo kicking off first world tour in Manila

KOREAN girl group Mamamoo will visit the Philippines as they kick off their first world tour titled MY CON in Manila on Feb. 12, 2023 at the Smart Araneta Coliseum. This year, Mamamoo released its 12th EP, Mic On, with the chart-topping hit “Illella.” This came after the release of the group’s seventh anniversary album, I Say Mamamoo: The Best.” Mamamoo debuted in 2014 as a quartet with members: Hwasa, Moonbyul, Solar and Wheein. The group’s hits including “Um Oh Ah Yeh” (2015), “You’re The Best” (2016), “Décalcomanie” (2016), “Yes I Am” (2017), “Starry Night” (2018), “Egotistic” (2018), “Wind Flower” (2018), “gogobebe” (2019), “HIP” (2019) and “AYA” (2020). Tickets go on sale on Nov. 30, 10 a.m., via TicketNet.com.ph and TicketNet outlets nationwide.

Smart Live backs major concerts

AS LIVE events return to the Philippines with a vengeance, Smart Communications launches Smart Live which gives Smart Prepaid, Smart Postpaid, Smart Infinity, Smart Bro, and TNT subscribers privileges such as early ticket access, eligibility for discounts, raffle promos, express lanes, and on-ground activities to concerts, sports events, among other events. To start, Smart Live offers perks for three of the biggest concerts in the country this December: The Seventeen World Tour Be the Sun at the Philippine Arena on Dec. 17; Ben&Ben Send-Off Concert at the SMDC Festival Grounds on Dec. 18; and Eraserheads’ Huling El Bimbo concert at the SMDC Festival Grounds on Dec. 22.  For Seventeen World Tour Be The Sun, Smart is set to offer raffles for sought-after tickets.  For Ben&Ben’s Send-Off Concert, subscribers can enjoy access to the “Smart Lane” to breeze past long queues at the entrance. For Eraserheads’ Huling El Bimbo, Smart subscribers are entitled to a 10% discount on concert tickets through a unique promo code. To claim this, register at https://smrt.ph/eheadspromocode from Nov. 17 to 22 and wait for the unique promo code via SMS. Then type the code into the ticketing platform before completing payment from Nov. 26 to 27. Smart subscribers can also look forward to watching the live on-court games of the FIBA Basketball World Cup, which will be held in the Philippines in 2023. For more information, visit smart.com.ph/pages/smartlive and following Smart on Facebook, Instagram, Twitter, and TikTok.   

Julie Anne San Jose, Rayver Cruz in JulieVerse concert

JULIE Anne San Jose and Rayver Cruz will hold their much-awaited concert, JulieVerse, live at the Newport Performing Arts Theater on Nov. 26. JulieVerse is produced by GMA Synergy. Directed by Paolo Valenciano, the concert’s special guests are real-life couple and fellow Sparkle artists Kyline Alcantara and Mavy Legaspi. For tickets, visit www.gmanetwork.com/synergy or www.ticketworld.com.ph. The Premium and Bronze categories already sold out.

Christmas showcases at Ayala Malls

AYALA Malls and Pandora are spreading the spirit of Christmas starting with the staging of The Nutcracker ballet by STEPS Dance Studio. From November to December, STEPS Dance Studio is touring the malls to bring the show to more Filipinos with accompaniment by the Mandaluyong Children’s Choir in Manila and the Loboc Children’s Choir in Cebu. The Nutcracker has shows on Nov. 26 at TriNoma; Dec. 3 at the UP Town Center; Dec. 4 at Ayala Malls Circuit; Dec. 10 at Ayala Center Cebu; Dec. 11 at Alabang Town Center; Dec.17 at Ayala Malls Manila Bay; and Dec. 18 at Glorietta. In staging the fantastical world of The Nutcracker, event partner Pandora will set up charm-filled pop-up vignettes at every location of the mall tour. One of the picture-worthy elements is the Pandora Christmas Tree, covered in Nutcracker charms from the brand’s latest Christmas jewelry collection. Pandora’s new collection also features stars, snowflakes, reindeers, and gingerbread houses. Meanwhile, BPI bank holders are in for a holiday treat when they visit Glorietta, TriNoma, Greenbelt, Alabang Town Center, Ayala Center Cebu, Abreeza, Maquee Mall, Ayala Malls Manila Bay, Ayala Malls Vertis North, Ayala Malls Solenad, Ayala Mals The 30th, and Ayala Malls Serin. For a minimum spend of P1,500 on dining, or P3,000 on retail and department store purchases, or P5,000 on supermarket transactions in single receipts using any BPI credit card, customers get free P300 worth of vouchers that they can use for one out of four options: a P300-worth Timezone gift card, a P300 department store voucher, a P300 Ayala Malls Cinema gift certificate, or a P300 supermarket voucher. The prizes are redeemable in select participating malls only.

Hazel Faith releases Christmas song

HAZEL Faith spreads the joy of the Yuletide season with the release of her upbeat Christmas tune “Pasko Kasama Mo” via Waterwalk Records and Sony Music Entertainment. Revisiting the holiday experience with technicolored bounce, funky chords, and 1980s city pop lilt, “Pasko Kasama Mo” reminds listeners why it’s the best time of the year. The track was written by Hazel Faith and was arranged, produced, mixed, and mastered by Albert Tamayo. The song is available to stream at http://lnk.to/HFxJA-PaskoKasamaMo.

Ace Banzuelo releases new single

SINGER-songwriter/producer Ace Banzuelo breaks through the mainstream pop with the release of “Kulang,” an unabashedly vulnerable track with trap, R&B, and bedroom pop influences. Using retro-futurist synthesizers and laid-back, hip-hop beats, “Kulang” finds the 22-year-old wallowing in loss or lack of personal direction. The song is available on all digital music platforms worldwide via Sony Music Entertainment.

Megaworld to build P20-billion ‘Old Manila’ community

ONE Crown Suites in Winford Resort, Manila. — COMPANY HANDOUT

PROPERTY developer Megaworld Corp. plans to invest P20 billion to build an integrated lifestyle community in Manila that will also have a condominium tower from which it expects about P3 billion in sales.

The Winford Resort development will sit in a three-hectare lot near Chinatown within the San Lazaro Tourism and Business Park. It will feature residential condominiums, hotels, commercial establishments, and a casino complex inspired by the pre-war era structural designs.

“This commitment to revive the old beauty of Manila will be apparent in the designs of the commercial developments of this community,” said Wilson Sy, Megaworld’s Manila first vice-president and head of sales and marketing, in a press release.

Winford Resort’s major feature called “Promenade” is envisioned to become a tourist destination. Its walkways will be made of cobblestones, which were used during the Hispanic era.

The development can be accessed through Felix Huertas in Sta. Cruz, Manila. It will be surrounded by schools such as the University of Sto. Tomas, Far Eastern University, San Beda University, University of the East, and Centro Escolar University.

“Our new development is in a strategic location within the City of Manila. It is not only close to schools, but also to hospitals and public transport, such as the Light Rail Transit,” Mr. Sy said.

Meanwhile, Megaworld is also launching a 17-storey residential condominium within Winford Resort’s vicinity.

One Crown Suites will offer 389 units equipped with wireless smart home systems. Unit sizes will range from a 30.5-square-meter (sq.m.) studio-with-balcony unit to a 60.5-sq.m. two-bedroom unit, also with a balcony.

Its amenities include a swimming pool with pool deck and shower area, study room, fitness center, playground-outdoor lounge, function room, sauna and massage room, private dining area, daycare center, game room, roof deck garden, and a co-working space. Sports amenities will also be available on the roof deck such as a covered badminton court, a basketball half-court, and an outdoor fitness area.

“Megaworld expects to generate around P3 billion in sales from this project, which is expected for completion in 2028,” the company said.

With the condominium’s proximity to various locators, Megaworld expects it to attract students, young professionals, and teachers who study or work around the area.

Megaworld shares declined by 1.77% or P0.04 to finish at P2.22 on the stock exchange on Monday. — Justine Irish D. Tabile

Cyberscape Gamma is PHL’s 1st EDGE-certified REIT building

ROBINSONS Cyberscape Gamma, located in Ortigas central business district, is the Philippines’ first EDGE-certified REIT building. — BW FILE PHOTO
ROBINSONS Cyberscape Gamma, located in Ortigas central business district, is the Philippines’ first EDGE-certified REIT building. — COMPANY HANDOUT

ROBINSONS Cyberscape Gamma has become the first EDGE-certified real estate investment trust (REIT) building in the Philippines, according to RL Commercial REIT (RCR).

In a statement, RCR said Cyberscape Gamma was given the EDGE (Excellence in Design for Greater Efficiencies) certification by the Philippine Green Building Initiative (PGBI), after an assessment of its audit report.

Cyberscape Gamma is a 37-storey Philippine Economic Zone Authority-registered office tower located along Topaz and Ruby Roads, within the Ortigas central business district in Pasig City.

“Our assessment confirms the auditor’s report that Robinsons Cyberscape Gamma’s resource-efficient design will result in reductions of 34% in energy, 31% in water and 69% in materials’ embodied energy compared to a local base case,” PGBI Vice-Chairman Ar. Amado de Jesus, Jr. said.

EDGE is an internationally recognized green building certification system created by the International Finance Corp. (IFC), a member of the World Bank Group. It seeks to promote resource efficiency in buildings by adopting designs that help reduce materials, water, and electricity consumption.

“This is an important milestone for Robinsons Offices and especially for RCR,” Robinsons Land Corp. (RLC) Senior Vice-President and General Manager for Offices and RCR President Jericho Go said.

RLC is looking at boosting the impact of its sustainability initiatives, “while delivering value to the business by incorporating sustainable development features in all its properties to fight climate change,” Mr. Go added.

The EDGE certificate shows that Cyberscape Gamma has successfully reduced energy consumption because of its lower window-to-wall ratio, use of high-performance glass, fresh air pre-conditioning system, efficient lighting, and power factor correction.

The building also features water-efficient faucets and urinals and a rainwater harvesting system. It also uses material-efficient floor and roof slabs, window-glazing, and interior and exterior walls.

“Together with IFC, we rely on the expertise of those in the industry so that we are continuously advancing the capabilities of EDGE and increasing our standard in marketplaces around the world,” Mr. De Jesus said.

The Global Real Estate Sustainability Benchmark (GRESB) includes EDGE as a qualifying certification system for improved scoring for the GRESB Real Estate Assessment and the GRESB Developer Assessment. GRESB is the global standard for environmental, social and governance (ESG) benchmarking and is used by investors to obtain data on the ESG performance of real assets.

The International Capital Markets Association recognizes EDGE as a qualifying certification system in its green bond principles, which are a set of guidelines recommended for issuing a green bond.

The Climate Bonds Initiative includes EDGE as a qualifying certification system to achieve the Climate Bonds Standard and Certification Scheme. EDGE certification fulfills both residential and commercial requirements for the allocation of proceeds from green bonds.

“RLC continues to engage green-certified contractors and/or consultants, as well as establish guidelines on landscaping, to achieve carbon neutrality and improve resiliency,” Mr. Go said.

RLC has crafted its roadmap towards achieving a net zero carbon by 2050, in line with the global efforts to limit global warming to within 1.5 degrees Celsius.

Robinsons Offices is also planning to use clean power in all its current and future office projects, as part of its goal to shift power requirements to renewable energy sources by 2035. — CRAG

Jake Gyllenhaal explores family dynamics, new terrains in Strange World

LONDON — Disney’s new animated movie Strange World is an action-adventure film with universal themes about family at its heart, says its star Jake Gyllenhaal.

Mr. Gyllenhaal voices Searcher Clade, a farmer who grew up in the shadow of his larger-than-life explorer father and forged a very different path for himself. An environmental emergency threatening his crops forces Searcher, now a father himself, to embark on a mission in a faraway, strange world.

“The themes that resonated with me the most were communication and family, how generations feel like they know better than the one before and the one after,” Mr. Gyllenhaal, 41, told Reuters at the film’s premiere in London.

“I feel like when we open ourselves up and are vulnerable, that we can actually learn from each other. I know it’s a sort of simple idea, but within family, it becomes very complex.”

Searcher is joined on the journey by his adventure-yearning, gay teenage son Ethan (Jaboukie Young-White) and skillful pilot wife Meridian (Gabrielle Union). Ms. Union said she was drawn to the project by the opportunity “as a parent of an LGBTQIA child, showing a happy, loving family that truly embraces their child.”

Strange World, which will be released globally on Nov. 23, was directed by Oscar winner Don Hall and written and co-directed by Qui Nguyen.

“It’s a love letter to our kids, to our fathers. We are definitely children of strong men, and we are also parents of very obnoxious kids. With those powers combined, we knew we had the resources to tell a very funny and moving adventure,” said Nguyen.

Mr. Gyllenhaal will continue to explore family dynamics next year with his first book, a children’s story called The Secret Society of Aunts & Uncles, co-written with his friend Greta Caruso.

The actor said he was inspired by reading to his nieces when they were little and finding no books for children about their relationships with aunts and uncles. “I’m really proud of it,” he said. — Reuters

Ayala, Araneta to infuse P20B to expand Altaraza

AYALA LAND, Inc. (ALI) and the Araneta Group (ARC and GAInc) during ADC’s recently held board meeting (L-R) ALI SVP and ADC board member Anna Ma. Margarita Dy, ALI and ADC CFO Augusto Bengzon, ALI President and ADC Chairman Bernard Vincent Dy, ALI SVP and ADC President Robert Lao, ARC Chairman and ADC board member Gregorio Ma. Araneta III, ARC VP and ADC Treasurer Crisanto Roy Alcid, and GAInc Director and ADC Vice Chairman Luis Araneta — COMPANY HANDOUT

AYALA LAND, Inc. and the Araneta group are investing P20 billion to expand their joint venture’s mixed-use estate in San Jose del Monte, Bulacan.

The investment, under the two companies’ Altaraza Development Corp., will be used to develop 600 hectares that will widen the estate.

“This expansion will provide a complete and diverse range of offerings with additional residential products to cater to new market segments, as well as more commercial developments and leisure components,” Ayala Land said in a press release on Monday.

The expansion aims to become the newest growth center north of Metro Manila. It will integrate diverse land uses while preserving the ecosystem of Bulacan province.

The Altaraza estate was launched by Ayala Land in 2014. The mixed-use development sits on 40 hectares in San Jose del Monte. It currently houses two residential communities under the Avida and Amaia brands of Ayala Land. Its commercial district has WalterMart store and QualiMed hospital.

The development is home to two schools: STI Academic Center and Colegio de San Agustin San Jose del Monte.

According to the press release, Ayala Land expects to attract more investments in the estate with the rise of infrastructure projects surrounding it.

The estate is banking on its proximity to Metro Manila aside from the benefits brought by government infrastructure projects such as the Metro Rail Transit Line 7 and the New Manila International Airport.

Ayala Land said that Altaraza recorded a 7-10% compounded annual growth rate. It also saw the value of the commercial lots within the estate grow by 200%.

“Because of Altaraza’s strategic location and growing community in a span of eight years, prices of residential units have appreciated,” the company said.

On the stock market on Monday, shares in Ayala Land lost P1.6 or 5.39% to P28.10 apiece. — Justine Irish D. Tabile

Metro Manila office space vacancy slips

PHILIPPINE STAR/ MIGUEL DE GUZMAN

THE office space vacancy rate in Metro Manila slipped to 19.9% in the third quarter, from 20.6% in the second quarter, as rates eased in all business districts for the first time since the pandemic, according to real estate services and investment firm CBRE.

“In the past two years, I would say new entrants would be 10-15% of overall demand in the market. Though transactions for the last two quarters have been quite low, we’ve seen more inquiries from our US office than we did at the start of the pandemic,” said Jie C. Espinosa, CBRE Philippines’ country head, at a briefing on Friday.

CBRE data showed all Metro Manila business districts saw easing vacancy rates for the first time since the coronavirus disease 2019 (COVID-19) pandemic started in early 2020.

As of the third quarter, there is around 1.69 million square meters (sq.m.) of available office supply in Metro Manila.

The Bay Area, covering Pasay and Parañaque cities, had the biggest amount of vacant office space at 367,000 sq.m., followed by Makati City with 359,000 sq.m. and Ortigas in Pasig City with 341,000 sq.m.

Quezon City had 263,000 sq.m. in vacant office space, followed by Alabang with 191,000 sq.m. and Fort Bonifacio in Taguig City with 162,000 sq.m.

“Fort Bonifacio vacancy approaching pre-pandemic levels, buoyed by strong demand, with 85% of its transactions done in vacated spaces,” CBRE said.

Office space demand reached 502,000 sq.m. as of the third quarter, surpassing the full-year demand of 455,000 sq.m. seen in 2021.

The information technology and business process management sector has driven the demand for office space, making up for the exodus of Philippine Offshore Gaming Operators (POGOs).

Around 41% of the vacant spaces, mostly in the Bay Area and Makati, were previously occupied by POGOs.

CBRE data showed POGO take-up is still nowhere near the pre-pandemic level of 38% in the last quarter of 2019. Only 3% of the office space demand is from POGOs as of the third quarter this year.

CBRE noted developers are now looking at more stringent requirements in accepting POGO occupiers, such as six months’ worth of deposits and background checks on the company. — B.H.Lacsamana

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