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BSP raises policy rates by 50 bps

BW FILE PHOTO

By Keisha B. Ta-asan

THE BANGKO SENTRAL ng Pilipinas (BSP) raised its benchmark interest rate by 50 basis points (bps) on Thursday, and signaled it has room to further hike rates as it battles inflation.

The Monetary Board (MB) increased the overnight reverse repurchase rate by 50 bps to 3.75%, as expected by 13 out of 18 analysts in a BusinessWorld poll.

The rates on the overnight deposit and lending facilities were also increased to 3.25% and 4.25%, respectively.

The central bank has raised rates by a total of 175 bps so far this year.

“The Monetary Board deemed further monetary action to be necessary to anchor inflation expectations and avoid a further breach in the inflation target over the policy horizon,” BSP Governor Felipe M. Medalla said during a briefing after the MB meeting.

The BSP on Thursday also raised its inflation outlook for 2022 to 5.4% from 5% previously. This is beyond the central bank’s 2%-4% target band.

It lowered the 2023 inflation projection to 4% from 4.2%, as well as the 2024 outlook to 3.2% from 3.3% previously.

“The inflation target remains at risk over the policy horizon owing to broadening price pressures. Elevated inflation expectations likewise highlight the risk of further second-round effects,” Mr. Medalla said, adding that inflation will likely peak in October or November this year.

Upside risks may continue to weigh on inflation outlook due to rising global commodity prices, a shortage in local fish supply, a spike in sugar prices, and pending petitions for transport fare hikes, he added.

A weaker global economic recovery and the resurgence of local coronavirus disease 2019 (COVID-19) cases are still the downside risks to the outlook, Mr. Medalla said.

“The favorable growth outcome in the first half of the year also gives the BSP the flexibility to act against inflation pressures while allowing domestic demand to sustain its recovery momentum amid prevailing headwinds,” he added. 

The Philippine economy expanded by 7.4% in the second quarter, bringing first-half growth to 7.8%.

The Development Budget Coordination Committee (DBCC) is targeting 6.5-7.5% gross domestic product (GDP) growth this year.

While the economy is robust enough to absorb policy rate hikes, Mr. Medalla said the government may not be able to achieve the 6.5-7.5% growth targets this year.

“It’s impossible for tightening not to reduce economic growth. However, it’s still possible that even with possibly additional measures, respectable growth is still possible,” he said.

“Achieving a target-consistent path of inflation is of great importance to us. In our view, respectable growth is still possible, whether that is lower or within the DBCC target of 6.5 to 7.5% is important to us. But at the same time, to us, price stability is the primary concern,” he added.   

Meanwhile, BSP Director Dennis D. Lapid of the Department of Economic Research said higher-than-expected inflation, jeepney fare hikes, and peso depreciation were taken into consideration in monetary policy action and revisions in inflation projections.

“These factors were partly offset by lower assumptions for both global crude oil and non-oil prices as well as slower domestic and global economic growth and also the impact of BSP’s recent policy interest rate adjustments which were carried out in May, June, and July,” Mr. Lapid added.

Inflation rose by 6.4% year on year in July, the fastest in nearly four years and exceeded the central bank’s 2-4% target band for a fourth straight month. The average inflation rate in the first seven months is 4.7%, still below the BSP’s full-year forecast of 5.4%.

The implementation of a daily minimum wage hike in 14 regions and an increase in fares for public utility jeepneys in Metro Manila, Central Luzon, Calabarzon and Mimaropa in June also added to inflationary pressures.   

The peso also continued to weaken against the dollar on Thursday amid the US Federal Reserve’s hawkish signals. The local unit closed at P55.888 per dollar on Thursday, shedding 2.80 centavos from its P55.86 finish on Wednesday, based on Bankers Association of the Philippines data.

MORE HIKES SOON
Mr. Medalla said further policy adjustments will depend on the data and the US Federal Reserve’s next moves.

“The BSP reassures the public of its commitment and readiness to take all necessary actions to steer inflation towards a target-consistent path over the medium term in keeping with its price and financial stability mandates,” Mr. Medalla said.

Economists expect the BSP to maintain a hawkish stance.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa in an e-mail said the central bank would likely carry out 25-bp increases at each of the remaining policy meetings this year.

“ING expects inflation to accelerate further with inflation likely peaking at 6.8% by October,” Mr. Mapa said.

For MUFG Bank analyst Sophia Ng, inflation may peak at 5.5% this year.

“The BSP’s commitment to ‘take all actions’ to curb inflation suggests more rate hikes are likely down the line with another 75 bps of rate hikes likely by yearend,” Ms. Ng said.

ANZ Research Chief Economist Sanjay Mathur and economist Debalika Sarkar said they expect the BSP to continue raising rates at least until the early part of the first quarter of 2023, “with the magnitude of hikes contingent on the evolving external landscape and inflation trajectory.”

“On balance, we forecast 25-bp hike in each policy meeting until February 2023. The evolution of inflation, balance of payments and extent of further tightening by the US Federal Reserve will potentially reshape our assessment,” the ANZ Research economists said.

Makoto Tsuchiya, Oxford Economics assistant economist, said he expects another 25-bp hike in the fourth quarter.

“Inflation is yet to reach its peak of around 7.7% in Q4, and we see the peso remaining weak in 2022 entering into 2023, keeping import prices elevated. As such, the BSP still has more work to do. But thereafter we expect the Bank to take an extended pause,” he said.

“Given the negative output gap and unstable recovery, we only see one more hike in this cycle.”

Philippines plans 1st retail bond under Marcos

BW FILE PHOTO

By Diego Gabriel C. Robles

THE BUREAU of the Treasury (BTr) is planning to raise at least P30 billion in the first retail Treasury bond (RTB) issue under the Marcos administration.

The BTr will sell at least P30 billion worth of RTBs due in 2028, and allow existing holders to exchange the debt due this year and in 2023 for the new bonds, according to a source.

The offer period for the peso-denominated debt is from Aug. 23 to Sept. 2, with a tenor of 5.5 years. The BTr is expected to hold a price-setting auction on Aug. 23.

National Treasurer Rosalia V. de Leon confirmed with Reuters that planning for the RTB issue was ongoing, but did not give details.

The bonds are targeted for small investors who want low-risk, higher-yielding savings instruments backed by the government.

A teaser posted on the BTr’s Facebook page hinted that bonds will be sold in denominations of at least P5,000 and in multiples of P5,000 thereafter.

This will be the second RTB offer this year.

In March, the government raised P457.8 billion from the issuance of five-year RTBs, which have a coupon rate of 4.875%.

Meanwhile, there was no announcement of an offering for Treasury bonds (T-bonds) for Aug. 23 (Tuesday) on the Treasury website.

Yields of the five-year bonds at the secondary market stood at 5.4240% on Wednesday, based on data from the PHP Bloomberg Valuation Service Reference Rates posted on the Philippine Dealing System’s website.

Asked about the timing of the RTB offer, a trader said there is a need for the government to borrow.

“Timing wise, it is better now because yields dropped from the peak. They want to lock in borrowing so long as there is strong demand as evidenced by previous auctions,” the trader said in a Viber message.

In August so far, all T-bond auctions fully awarded the debt papers at lower rates.

The BTr raised a total of P105 billion from T-bonds in three separate auctions in the month, with all three leading to the opening up of the BTr’s tap facility to raise an additional P35 billion.

“This offering has all the potential to be huge, in terms of the amount to be issued. We’ve had very strong FXTN (Fixed Rate Treasury Notes) issuances as of late so I won’t be surprised if this will be a record-breaking RTB offering in terms of investor interest,” a second trader said in a Viber message.

“Government borrowing, while it ballooned in this time of the pandemic, continues to be judicious as they raised funds while rates are low,” the second trader added.

On Tuesday, Ms. De Leon told the Senate Committee on Ways and Means that the borrowing requirement was reduced to P2.2 trillion this year from P2.5 trillion last year, with 75% of the debt expected to be sourced domestically.

The government seeks to bring down the debt-to-gross domestic product (GDP) ratio to 61.8% by the end of 2022, from 62.1% at the end of the second quarter. The ratio is expected to drop to 61.3% by next year and 52.5% by 2028.

The first trader said that the yield of the RTB should be between 5.875% and 5.75% for the RTB to be attractive, citing July inflation.

In July, inflation accelerated by 6.4%, bringing the average to 4.7% as food and transport prices continued to rise.

Metro Manila’s retail prices accelerate in April

PHILIPPINE STAR/ MICHAEL VARCAS

By Ana Olivia A. Tirona, Researcher

METRO MANILA’S retail price of goods in April grew at its fastest pace in three and a half years, preliminary data from the Philippine Statistics Authority (PSA) showed.

The PSA on Thursday reported that the general retail price index (GRPI) rose by 3.5% in April, faster than the 2.7% posted in March and the year-earlier rate of 2.2%. It was the fourth straight month of retail price growth in Metro Manila.

“The April print shows inflation creeping into consumption, with the uptick in the retail prices of goods and services getting more pronounced as inflation began to bite,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

General retail price index in the National Capital Region

The April GRPI was the fastest growth in three and a half years or since the 3.6% expansion seen in October 2018.

For the January to April period, retail prices grew by an average of 2.5% versus 1.8% in the same period last year.

Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr. said in a Viber message that the economic reopening “combined with a surge in transport cost resulting from the armed conflict in Eastern Europe” drove the GRPI print higher in April.

Metro Manila has been under the most lenient pandemic Alert Level 1 since March 1, allowing many businesses to resume full operations. 

However, Russia’s invasion of Ukraine in late February drove oil prices to over $100 per barrel amid concerns over supply.

April inflation rose by 4.9% from 4% in March and 4.1% in April a year ago, due to the rising prices of fuel and food.

PSA data showed higher prices of food and fuel contributed to the faster GRPI in April.

Prices of food rose by 3.6% in April, from 2.5% in March, while mineral fuels, lubricants, and related materials surged by 33.5% from 26.4%.

Likewise, higher annual increments were seen in beverages and tobacco (3.8% in April from 2.9% in March); manufactured goods classified chiefly by materials (2.6% from 2%); chemicals, including animal and vegetable oils and fats (2.1% from 1.7); machinery and transport equipment (0.7% from 0.5%); and miscellaneous manufactured articles (0.8% from 0.7%).

On the other hand, prices of crude materials, inedible except fuels contracted by 0.5% in April after prices were unchanged in March.

Mr. Roces said the GRPI reflects the household final consumption expenditure seen in the second-quarter gross domestic product (GDP), which meant “households possibly scrimping on nonessentials.”

Preliminary data showed the economy expanded by 7.4% in the second quarter, slower than the 8.2% in the previous quarter and the 12.1% expansion in the same quarter in 2021.

Household final consumption expenditure, which accounted for three-fourths of the GDP, grew by 8.6% annually in the second quarter, slower than 10.1% in the first quarter but faster than 7.3% last year.

Both economists expect the uptick in headline inflation to further drive GRPI growth in the coming months.

“More increases are expected through July as global inflation headwinds, the weaker peso, approval of transport fare and wage hikes likely added to additional retail price pressures,” Mr. Neri said.

Retailers back move to legalize ukay-ukay importation

A worker carries a bale of used clothing (ukay-ukay) along Bangbang Street in Sta. Cruz, Manila, Aug. 17, 2022. — PHILIPPINE STAR/EDD GUMBAN

By Revin Mikhael D. Ochave, Reporter

LOCAL RETAILERS are backing a senator’s proposal to legalize the commercial importation of secondhand garments, also known as “ukay-ukay,” as this would mean sellers will now have to pay taxes.

“If they will legalize it, it should be a welcome development because that means they will be paying the same taxes that (legal) retailers also pay,” Philippine Retailers Association (PRA) President Rosemarie B. Ong told BusinessWorld in a mobile phone message.

Ms. Ong said retailers are not worried about the competition from ukay-ukay sellers, once their operations are legalized.

“We are not worried as long as it (ukay-ukay) is legalized,” Ms. Ong said.

Alice T. Liu, chief retail officer of The Penshoppe Group (GOLDEN ABC, Inc.), said in a statement sent to BusinessWorld that they are supportive of the proposal to legalize commercial imports of used clothing.

“Legitimization will benefit the economy because any legitimate business should rightfully pay correct taxes with no exceptions,” Ms. Liu said.   

Aside from used clothing, Ms. Liu said legitimate retailers are also concerned about counterfeit products now flooding the market.

“A concern that is equally pressing for us is the influx of counterfeit goods that have flooded the market along with the secondhand garments,” Ms. Liu said.  “As such, measures to strengthen the protection of intellectual property rights should also be considered in the discussion of this proposal.”

Earlier this week, Senator Rafael T. Tulfo suggested the legalization of commercial importation of ukay-ukay, noting that the Bureau of Customs (BoC) has been unable to stop smuggling of used clothing.

“I think it’s about time, if the BoC can’t control the importation of ukay-ukay, we make them pay taxes so that the government can earn from this in some way,” Mr. Tulfo has said.

Republic Act No. 4653, which was enacted in 1966, prohibits the commercial importation of used clothing to “safeguard the health of the people and maintain the dignity of the nation.”   

ACEN secures AU$100-M loan for RE projects

ACEN Corp., through its subsidiary in Australia, has secured a 100-million Australian dollar green long-term revolving loan from DBS Bank Ltd. through common provisions and facility agreements.

“The initial green loan facility with DBS will help advance our fund-raising capacity of over AU$600 million in Australia to develop and construct existing and additional pipeline of renewable energy (RE) projects in Australia,” said Anton Rohner, chief executive of ACEN Australia Pty. Ltd. in a media release on Thursday.

ACEN said that the loan will provide capital financing for its eligible green assets in Australia as part of the company’s strategic aspiration to grow its renewables capacity to 20 gigawatts by 2030.

Patrice Clausse, chief operating officer of ACEN’s international business, said: “ACEN is leading the charge with the decarbonization opportunities across Asia and the Pacific. We aim to make a significant impact in this space, and create long-term value for our stakeholders.”

DBS is the arranger and sustainability advisor for the revolving loan facility and will also provide capital financing for ACEN’s eligible green assets in Australia.

Kelvin Wong, managing director and deputy head of energy, renewables, and infrastructure at DBS, said that as the leading bank in sustainable financing, the group is “excited to support ACEN’s continued efforts” to expand its renewables infrastructure to accelerate the transition of the energy industry towards a climate-aligned future.

“Having pledged to achieve net zero financed emissions by 2050, DBS is also committed in supporting like-minded clients like ACEN in the long haul to enhance Asia’s renewable energy mix to realize a low-carbon economy,” he added.

Separately on Thursday, ACEN told the stock exchange that it had executed on Aug. 18 a common provisions agreement and a facility agreement with ACEN Australia and the Australian branch of DBS for the revolving loan.

Ayala-led ACEN said it is the guarantor to ACEN Australia for the loan.

ACEN aspires to be the largest listed renewables platform in Southeast Asia by 2030. It announced in 2021 its commitment to achieving net-zero greenhouse gas emissions by 2050.

The company has around 4,000 megawatts of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia. Renewables account for 87% of that capacity.

On Thursday, shares in ACEN gained P0.05 to close higher by 0.58% at P8.65 apiece. — Ashley Erika O. Jose

Balai ni Fruitas opens Balai Pandesal store in Cebu

BALAI NI FRUITAS, Inc. has put up its first Balai Pandesal store in Cebu, marking the bakery chain’s initial move to cover the Visayas and Mindanao region as part of its planned expansion across the country.

The Balai Pandesal store in Tisa, Cebu City is the latest addition to the Fruitas group’s seven community stores in Cebu: five Soy & Bean outlets, one House of Fruitas, and one Fruitas House of Desserts.

“Balai Pandesal’s nationwide expansion will be through brick and mortar and digital locations,” the company said in a press release on Thursday.

It added that the Cebu Balai Pandesal store will be the template for counter service bakery’s store expansions outside Metro Manila and surrounding areas.

At present, Balai Pandesal products are available through Balai ni Fruitas Soy & Bean, House of Fruitas, and Fruitas House of Desserts. They can also be accessed through Fruitas Holdings, Inc.’s group-wide e-commerce site, www.babotsmart.com.

The company said that it is also looking at cafés, with baked goods serving as the anchor products for partnerships and that “there will be more locations offering Balai Pandesal on GrabFood and foodpanda.”

To date, Balai Pandesal’s third-party partners are UCC Philippines, Bahay Pastulan, Zesto Philippines, Mondelez Philippines, and Century Pacific Food.

“[Balai ni Fruitas] is eyeing to further expand the list to provide a more convenient buying experience to its customers,” the company added.

By 2023, the company targets to reach P500 million in annual revenues and P1 billion by 2025.

“We see numerous pockets of opportunity within the Philippines’ more than P300-billion baked goods market. The proceeds from the initial public offering in June, our strong internal cash generation and additional lines from our bank partners, will allow us to seize the opportunities to achieve our goal,” Balai ni Fruitas President and Chief Executive Officer Lester C. Yu said.

Balai ni Fruitas is a 75%-owned subsidiary of Fruitas Holdings. As of June 2022, it reported a 38-store network and three brands in its portfolio: Balai Pandesal, Buko ni Fruitas, and Fruitas House of Desserts.

As of July, its store count reached 85 spread among the three brands.

On the stock market on Thursday, shares in Balai ni Fruitas rose by 1.22% or P0.01 to P0.83 apiece. — Justine Irish D. Tabile

Smart partners with US firm Omnispace to explore space-based 5G technologies

PLDT, Inc.’s wireless arm Smart Communications, Inc. is collaborating with US-based global communications provider Omnispace to explore the capabilities of space-based fifth-generation (5G) communications using low-Earth orbit (LEO) satellites for the Philippine market.

“This collaboration with Omnispace will allow our companies to work together to define use cases for the Philippine market,” Arvin L. Siena, head of PLDT’s Technology Strategy and Transformation Office, said in an e-mailed statement on Wednesday.

He said possible use cases include providing 5G connectivity in far-flung areas, adding Internet of Things or IoT and sensors to monitor weather disturbances and natural disasters, and expanding network coverage for disaster relief, maritime, and telematics for vessels and equipment.

“This is also part of PLDT’s broader initiatives to future-proof our services, including Smart 5G. This includes exploring opportunities to team up with companies like Omnispace, to test the interoperability of our network with their 3GPP-compliant 5G non-terrestrial network, which will support the 5G ecosystem of the future,” Mr. Siena added.

According to its website, Omnispace is headquartered in the Washington, DC area. Its mission is to redefine mobile connectivity for the 21st century.

“By leveraging 5G technologies, the company is combining the global footprint of a non-geostationary satellite constellation with the mobile networks of the world’s leading telecom companies to bring an interoperable ‘one network’ connectivity to users and IoT devices anywhere on the globe,” it said.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

CTA upholds ruling on scrutiny of Smart documents in tax case

CTA.JUDICIARY.GOV.PH

THE Court of Tax Appeals (CTA) affirmed its decision allowing the Makati City government to inspect Smart Communication, Inc.’s documents over its alleged P3.25-billion tax deficiencies from 2012 to 2015.

In a 16-page decision on Aug. 15 and made public on Aug. 17, the CTA full court denied Smart’s petition due to lack of merit as it ruled a Makati Regional Trial Court (RTC) did not abuse its discretion in allowing the inspection of the company’s documents.

“In fine, no grave abuse of discretion was committed by Makati Regional Trial Court in granting the motion for production or inspection of documents,” according to the ruling penned by CTA Associate Justice Marian Ivy F. Reyes-Fajardo.

The tax court cited the Local Government Code, which provides that a “court of competent jurisdiction” may require a taxpayer to produce documents necessary for the issues of a disputed assessment.

“Rightly so, the issuance of the resolution granting the production or inspection of documents is well within the power and jurisdiction of RTC-Makati when all the requisites for filing said the motion was satisfied by respondent (Smart),” said the court.

In a separate dissenting opinion, Associate Justice Roman G. del Rosario argued that the Makati RTC abused its discretion in allowing Makati City to inspect Smart’s documents.

“To reiterate, in the proceedings before the RTC, the only evidence that the parties are allowed to present are those which will establish the existence or non-existence of the requisites that justify the action of respondent Makati City in issuing a presumptive assessment,” said Mr. Del Rosario.

He noted that the city treasurer of Makati issued a presumptive assessment of Smart’s alleged deficiency in local franchise taxes for 2012 to 2015.

The documents sought did not pertain to the validity of the treasurer’s assessment, but were only related to the gross receipts of the company during the said period, Mr. Del Rosario added.

Smart earlier asked for a temporary restraining order in its petition to the CTA but was denied due to lack of merit.

The telecommunications company, in its appeal, challenged the “relevancy” of producing documents, particularly the nationwide revenues and from other localities, adding the information was outside Makati City’s jurisdiction.

Makati City claimed the trial court did not commit an error as the documents sought are not confidential in nature.

“Courts, as arbiters and guardians of truth and justice, must not countenance any technical ploy to the detriment of an expeditious settlement of the case or to a fair, full and complete determination on its merits,” the CTA noted. — John Victor D. Ordoñez

The best of Philippine drag celebrated on Drag Race PHL

DRAG RACE Philippines queens with host Paolo Ballesteros, and judges KaladKaren and Jiggly Caliente — PHOTO BY MICHELLE ANNE P. SOLIMAN

A DRAG artist will soon make “herstory” as the first champion of Drag Race Philippines. The reality competition show premieres this week on discovery+, HBO Go, and WOW Presents Plus.

Drag Race Philippines is the Filipino version of the Drag Race franchise which aims to find the next “Drag Superstar.” It is based on the original American competition series RuPaul’s Drag Race. The show is produced by Fullhouse Asia Production Studios, Inc. in conjunction with World of Wonder Productions, Inc. Randy Barbato, Fenton Bailey, Tom Campbell, and RuPaul Charles serve as executive producers on the series.

“We bring some of the world’s most popular brands to our Filipino audiences and Drag Race is the perfect example of this… We are all so excited to finally have a homegrown local version of Drag Race featuring some of the most fabulous Filipino drag artists. They are not just drag performers, they are drag artists from all around the world,” HBO Max Vice-President and marketing for Southeast Asia Daniel Tan said at the viewing party and launch on Aug. 16 at Xylo at the Palace, Bonifacio High Street, in Taguig City.

THE QUEENS
In the first season of Drag Race Philippines, 12 drag queens will race to the finish line for the title of first “Drag Race Superstar” from the Philippines. They are:

Brigiding from Mandaluyong City has been featured in Pride parades and drag events in the Philippines and abroad.

A crowned pageant queen with a list of titles on her sash, makeup artist and a designer Corazon has won pageant titles from both male bikini contests and provincial Miss Gay events and talent shows.

Marikina City’s Eva Le Queen worked as an Overseas Filipino Worker (OFW) in Singapore for eight years before giving up her corporate work to follow her dream of becoming a drag artist —  she won first runner-up in Singapore’s Drag It Out All-Stars competition, only four months after she started doing drag. Eva’s Drag is inspired by literary and cinematic villains. She is a resident queen at Nectar Nightclub and is also one of the founders of Drag Playhouse PH.

Hailing from Melbourne, Gigi Era is popular in the Australian drag scene for her death-defying stunts and real hair wigs. Gigi was a former dancer and airplane cabin crew member based in Dubai. She is now back in the Philippines representing her hometown, Davao.

Doing drag for 15 years, Lady Morgana is known for her comedic and hosting skills. She works as a financial advisor during the day.

Makati City’s Marina Summers’s drag name stems from her love for the beach. She began performing as a drag queen in 2019 and recently released her debut single, “I Have Arrived,” on Spotify and iTunes. She performs regularly at Nectar Nightclub and is another one of the founders of Drag Playhouse PH.

Minty Fresh from Quezon City is a model, designer, pop singer, make-up artist, and performer. A staunch supporter of LGBTQIA+ rights, she slays the stage weekly at Nectar Nightclub.

Camariñes Norte’s Precious Paula Nicole has been performing drag for more than 11 years. A performer at the O Bar, she is a professional dancer and is also known for her comedy shtick and impersonation of singers such as Mariah Carey, Beyonce, and Regine Velasquez.

Prince from Calumpit, Bulacan is known on social media for her make-up transformations. Before joining Drag Race Philippines, Prince, who is relatively new to the Philippine drag scene, was a social media strategist. Prince’s drag is heavily influenced by sci-fi and animé and she believes that “extraterrestrial” looks have a space in Philippine drag. Prince is also one of the co-founders of Drag Playhouse PH. Aside from doing drag, she manages her own make-up and merchandise line.

Turing from Cainta, Rizal has been a professional drag artist for over seven years and performs at the O-Bar. She is also a strong advocate for body positivity.

Viñas DeLuxe from San Jose Del Monte, Bulacan started doing drag while at university. She is a member of the drag group the Divine Divas, who gained popularity during the pandemic by mounting digital performances and live streams worldwide. She also owns a wig business.

Xilhouete from Cabanatuan, Nueva Ecija is the Creative Director and one of the owners of Nectar Nightclub. She is an advocate for the legacy of the drag queens who have paved the way for the drag community in the Philippines.

In the competition, the 12 drag queens have to channel their creativity and confidence at photoshoots, talent shows, lip-sync showdowns, and other segment challenges. The contestants work on mini challenges and go through a main competition every week. Their weekly performance will be evaluated per episode.

THE JUDGES
The show is hosted by actor Paolo Ballesteros who is currently a co-host of the Philippines’ longest running noontime show, Eat Bulaga! He has also starred in films such as Die Beautiful where he played Trisha, a trans pageant queen whose last wish was to have different celebrity transformations at his wake. The role earned him the Best Actor award at the 29th Tokyo International Film Festival.

One of the show’s resident judges is American singer, actress, and drag performer Jiggly Caliente who competed in RuPaul’s Drag Race Season 4 and RuPaul’s Drag Race All Stars Season 6. She is joined by writer, presenter, and producer, and impersonator of newscaster Karen Davila, KaladKaren. Guest judges in the first season include photographer BJ Pascual, comedian John Santos, and fashion designer Rajo Laurel.

“To be a good drag queen, you have to be original, have conviction, and have a strong point of view,” Jiggly Caliente said at the launch.

“I am so proud of them… We are also the first franchise to have two transwomen at the helm of the judges’ table…,” Ms. Caliente said of her experience as a judge on the show. “But the fact is these girls are so talented, they are so amazing, they are so beautiful human beings… I’m so glad that the World of Wonder decided to put their eyes on the Philippines and showcase the amazing Philippine drag.”

A drag queen should have a purpose where she draws her creativity and talent from, KaladKaren said, “Yung pagkakaroon ng purpose ang makakatulong sa kanya to find her true self (Having a purpose will help her find her true self).”

The winner of Drag Race Philippines will receive a one-year supply of cosmetics from One Size Beauty by Patrick Starrr and P1 million.

Why should we watch the show? Drag Race Philippines host, Mr. Ballesteros —  whom the drag queens call “Mama Pao” —  answered, “Because, why not?”

New episodes of Drag Race Philippines are released every Wednesday, and the spin-off and after-show, Drag Race Philippines: Untucked, premieres on Aug. 19, with new episodes released every Friday. The shows stream on discovery+, HBO GO, and WOW Presents Plus.  — Michelle Anne P. Soliman

Globe-backed Expedock raises $17.5-M funding to modernize freight forwarding

GLOBE Telecom, Inc. announced on Thursday that Expedock, one of the portfolio companies under its wholly owned corporate venture capital firm Kickstart Ventures, Inc., has raised $17.5 million for the modernization of its freight forwarding process.

The amount consists of $13.5 million in Series A funding and $4-million seed money, according to an e-mailed statement from Globe.

This is intended for the “expansion of Expedock’s team so that supply chain businesses could further understand their data more efficiently at scale,” the company added.

“Having the right automation partner will drive efficiency and profitability, reduce labor costs and help the industry keep up with today’s global shipper,” it noted.

Expedock is an “innovator” in the international freight software industry. It uses artificial intelligence to digitize paper documents, classify them, and import them into existing freight forwarder tools.

For the company, automating bills and statements of account ensures on-time payment and accurate visibility to margins, allowing supply chain professionals to focus on moving items.

“The funding round was led by global software investor Insight Partners, with participation from existing investors Neo and Pear and executives from Salesforce, Meta, eBay, Clearmetal, and Project44, among others,” Globe noted.

Kickstart President Minette Navarrete said that the global health crisis and ongoing geopolitical conflict are causing problems in the global supply chain.

“Expedock helps alleviate the problem by transforming paper forms into usable digital data, reducing the risk of error, and improving performance across the supply chain ecosystem,” she said. — Arjay L. Balinbin

Marvel’s She-Hulk hopes Disney+ fans like her when she’s angry

WEST HOLLYWOOD, Calif. —  She-Hulk: Attorney at Law is the latest Marvel Comics superhero to get the TV series treatment.

Tatiana Maslany stars as Jen Walters, who struggles to embrace her Hulk-like superpowers and instead wants to continue her life as a high-powered attorney.

Ms. Maslany, though, wishes Marvel fans don’t see it as “the female superhero show” when it begins streaming on Walt Disney Co.’s Disney+ on Thursday.

“Why do we like hit it over the head that it’s like a female series or whatever?” she told Reuters in a virtual interview. “The whole idea of her existence is threatening, not even when she’s in a fighting mode,” she added.

The show features several scenes with either media or male online trolls criticizing She-Hulk for her very existence.

Ms. Maslany’s character gains Hulk powers from cousin Bruce Banner (the original Hulk and an Avenger, played by Mark Ruffalo), who mentors her on being a superhero. She is also put in charge of her law firm’s superpower division, allowing the show to bring in a slew of Marvel Universe cameos.

However, it’s not all about law, cameos, and superpowers.

“To me, it’s the like really kind of mundane, human moments that we get to experience with somebody who has superpowers that make it so special and the thing I found funniest and kind of most engaging and like compelling about the show was like just seeing Jen at a family dinner or like trying to learn to swipe-date,” Ms. Maslany said. — Reuters

Peso weakens on hawkish signals from US Fed

BW FILE PHOTO

DESPITE the Bangko Sentral ng Pilipinas (BSP) delivering a rate increase on Thursday, the peso continued to weaken against the dollar after the US Federal Reserve’s hawkish signals to tame inflation.

The local unit closed at P55.888 per dollar on Thursday, shedding 2.80 centavos from its P55.86 finish on Wednesday, based on Bankers Association of the Philippines data.

The peso opened Thursday’s session at P55.85 per dollar. Its weakest showing was at P55.975, while its intraday best was at P55.755 against the greenback.

Dollars exchanged slightly increased to $939.3 million on Thursday from $918.65 million on Wednesday.

In a Viber message, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso depreciated after hawkish signals from the US Federal Reserve.

Minutes released on Wednesday from the Federal Reserve’s July 26-27 meeting, bank policy makers committed to raising rates as high as necessary to tame inflation.

Federal Reserve officials saw “little evidence” late last month that US inflation pressures were easing, even as they began to acknowledge more explicitly the risk if they might go too far and curb economic activity too much.

The headline inflation rate in the US slowed more than expected to 8.5% in July from an over 40-year high of 9.1% hit in June.

“The peso slightly weakened after the BSP increased its inflation outlook for 2022,” a trader said in an e-mail.

The BSP raised its key interest rate by 50 basis points (bps) on Thursday to cool stubborn inflation, which is now expected to quicken to 5.4% this year.

The central bank also raised its average inflation forecast for this year to 5.4%, from 5% previously, exceeding its 2-4% target band.

For 2023, the BSP’s inflation forecast was revised downward to 4% from 4.2% previously. Average inflation is expected to decline to 3.2% in 2024.

Inflation rose by 6.4% year on year in July, the fastest in nearly four years, and exceeded the central bank’s 2-4% target band for a fourth straight month.

“The local currency might appreciate as various Federal Reserve officials are highly expected to echo the relatively dovish signal from the latest policy meeting minutes released this week,” the trader added.

The pace of rate increases by the Fed could ease as soon as next month, with the minutes stating that, given the need for time to evaluate how tighter policy is affecting the economy.

At some point, the large 75-bp increases approved at the Fed’s June and July meetings may come to half-percentage-point and eventually quarter-percentage-point hikes in its next meetings this year, Reuters reported.

For Friday, the trader sees the peso moving between P55.80 and P56.00, while Mr. Ricafort gave a forecast range of P55.75 to P55.95 per dollar. — Keisha B. Ta-asan with Reuters

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