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Bank lending to get boost from reopening, vaccination progress

PROGRESS in the country’s vaccination drive and the gradual reopening of the economy are expected to help boost confidence and spur lending, a central bank official said.

Bangko Sentral ng Pilipinas (BSP) Department of Economic Research Senior Director Zeno R. Abenoja said bank lending rebounded after several months of decline following “the gradual easing of restrictions on the econ-omy, the increase in confidence as the government continue to provide programs and policies to support the economic recovery.”

“With the advancement in the vaccination program, we hope to see greater momentum in terms of bank lending not only to the production sector, but also the household or the consumer loan sector,” Mr. Abenoja said at a virtual BSP media forum on Thursday.

Outstanding loans disbursed by big banks rose by 2.7% year on year in September, marking the second straight month of loan growth.

Despite record low interest rates, lending contracted for eight straight months since December due to risk aversion among lenders and borrowers amid the crisis.

The government aims to vaccinate 70 million Filipinos against the coronavirus by the end of this year. Data from the Johns Hopkins University showed the Philippines has already fully vaccinated 39.4 million or 36.5% of its popu-lation.

Retail borrowings may recover once employment conditions get better, although this may take some time as economic rebound is not yet solid enough, ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said.

“As the job market improves and the economy recovers, we can see retail loans move back into black with loans for autos and housing return while salary loans may fade as employees can secure their incomes on time,” Mr. Mapa said in an e-mail.

The unemployment rate increased to 8.9% in September, equivalent to 4.21 million Filipinos. This is the highest this year, matching the 8.9% jobless rate in February. — L.W.T. Noble

Infrastructure CEOs say next gov’t must plan long term, fix delays

THE next government will need to address right-of-way issues, slow permit approvals for infrastructure projects, and prepare long-term plans looking as far ahead as 30 years, industry leaders said Thursday.

“We only have what they call the intermediate or mid-term development plan. It’s only for one six-year term of one administration,” D.M. Consunji, Inc. President and Chief Executive Officer (CEO) Jorge A. Consunji said at a virtual forum organized by the Spanish Chamber of Commerce in the Philippines.

He said business groups have been pushing for the government to approve a 30-year national development plan.

The plan will require “each administration — and hopefully… local government units… to follow a major backbone, and probably you can attach branches to that backbone so you don’t have to keep changing priorities,” Mr. Consunji said.

The House Committee on Public Works and Highways approved in August a substitute bill that seeks to adopt a 30-year national infrastructure plan. It covers major national infrastructure projects in transport, energy, water resources, information and communications technology, and social infrastructure.

It will require the National Economic and Development Authority in coordination with oversight and implementing agencies to draft and implement the 30-year plan, divided into six five-year phases.

EEI Corp. President and CEO Roberto Jose L. Castillo said: “Unfortunately, the people who run our government, go (into) government for themselves and not for the people, and they have to learn this lesson.”

“We have to change. If Jorge says there should be a 30-year plan, do it, fund it and fix the right-of-way issues because these are a pain in the neck, and it seems that nobody wants to resolve them,” he added.

“Because contractors are there to carry the load, to carry the financial burden, they let us do it. It’s not fair. But I’m telling you, we’re not going to give up… because we need to feed our people. We need to keep them employed.”

Rodrigo E. Franco, president and CEO of Metro Pacific Tollways Corp. (MPTC), said the process for approving projects remains slow.

“Much as we would like to (see) more projects and much as we want to bring in more investors and more developers, a limiting factor is the speed of processing by the government,” he said.

“That needs to be addressed if we want more investments in the infrastructure sector,” he added.

Manila Water Co., Inc. President and CEO J.V. Emmanuel A. de Dios agreed that permitting delays are a major issue because “any new occupant of any office, whether national or local, would have to understand each sector in-depth sitting in the driver’s seat before things can move again.”

“Hopefully we don’t take too long,” he said.

MPTC is the tollways unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

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

Udenna defends Malampaya deal

BW FILE PHOTO

UDENNA Corp. defended on Thursday its acquisition of the controlling stake in the Malampaya deep-water gas-to-power project, saying similar transactions in the past never went through the same scrutiny nor were imposed the same requirements.

“The government approval was never obtained,” said Udenna President Raymundo Martin M. Escalona in a virtual media briefing to explain why the holding firm of Dennis A. Uy’s diverse investments is poised to become the big-gest shareholder in a vital asset for the country’s energy security.

Mr. Escalona was referring to previous arrangements in which ownership of the Malampaya project changed hands.

“Neither [has] PNOC-EC (Philippine National Oil Co. Exploration Corp.)… exercised their right to first refusal. They never tried to exercise their right to match,” he said, adding that prior government approval and other measures were “simply not necessary nor required.”

State-led PNOC-EC holds 10% of the offshore gas platform. Before the Udenna group’s entry, the local units of two foreign entities held a combined 90%.

In May this year, Shell Petroleum N.V said it had forged a deal with Udenna unit Malampaya Energy XP Pte. Ltd. for the sale of its 100% shareholding in Shell Philippines Exploration B.V. (SPEx), owner of a 45% operating interest in Service Contract 38, or SC 38, that covers the Malampaya gas field.

The deal — valued at a base consideration of $380 million plus additional payments of up to $80 million — is in line with group’s upstream portfolio transition, Shell Petroleum said. The transaction’s effective date started on Jan. 1, 2021.

Udenna unit UC38 LLC also holds 45% of SC 38. UC38 acquired its stake in March last year from Chevron Malampaya LLC.

“Both the Chevron and Shell transactions are private share sales conducted at parent company level with no change in the legal entities’ participating in SC 38 consortium nor any transfer of any rights or obligations,” Mr. Esca-lona said.

He said because of the nature of the deal, the Energy department’s approval is not required. He also said that the transactions followed “highly competitive bidding processes” and “rigorous due diligence.”

He also denied that the transactions were “sweetheart” deal from the government.

“This is certainly not the first time where share sale transfers are done,” Mr. Escalona said. “Prior to moving hands from Shell and Chevron, there were many share transfers in the past.”

Last month, the Philippine Competition Commission (PCC) said it was not notified of the deal between the Udenna and Shell groups. But the PCC said it “found no competition issue” in the Chevron deal.

Mr. Escalona’s defense of the two deals comes a day after Senator Sherwin T. Gatchalian on Wednesday once again described these as “lutong makaw” — referring to a fixed arrangement — “because we have rules and laws that govern this type of transaction.”

“And from the documents that I have seen, the rules were not followed, it was in fact bent towards approving this transaction and this is not in line [with] protecting the interest of the Filipino people,” Mr. Gatchalian said in his office’s transcript of his comments delivered in a forum.

The lawmaker, who chairs the Senate energy committee, described the deal as a “dangerous precedent because Malampaya is only one of its kind and it should be only run by highly qualified [people] in [a] very stable entity.”

Mr. Gatchalian in September said in a Senate hearing that the Malampaya project serves 3.7 million households and supplies 27% of Luzon’s power generation.

Also on Wednesday, the Department of Energy (DoE) came out with a statement on PNOC-EC move not to match the offer of the Chevron and Shell groups.

“Rather than being fixated on PNOC-EC’s decision… we must instead look at the bigger picture,” said DoE Assistant Secretary Gerardo D. Erguiza in a statement.

“There are crucial questions that are being overlooked, and we must not be remiss in asking them. These are: Why did Chevron sell their interest to begin with? Why did Shell choose not to match the offer of Udenna, and why did Shell decide to sell their shares as well,” Mr. Erguiza said.

He said there is double standard in calling Shell’s decision as “prudent” while that of PNOC-EC as “foolish.”

“For PNOC-EC to pounce on Chevron’s shares actually runs counter to their mandate. If acquiring the Chevron shares was so financially lucrative, then why didn’t Shell grab at them at the first opportunity,” Mr. Erguiza said. — Victor V. Saulon

Colliers sees property market recovery next year

PROFESSIONAL services and investment management firm Colliers said property market demand is likely to rise next year amid improving vaccination efforts, growing cash remittances, and expanding economic activities.

In a news release on Thursday, the company said it was “seeing green shoots of recovery in the property market and that demand is likely to start recovering in 2022 especially for office, residential, and retail segments.”

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno shared the same sentiments in his statement on Monday when he said “real estate and construction subsectors have started to recover in the second quarter amid the gradual easing of restrictions on mobility and economic activity after contracting throughout 2020 and the first quarter of 2021.”

As such, Mr. Diokno said the BSP “anticipates that activity in the real estate market will recover in line with rebound in overall economic growth in 2022.”

Colliers said demand for more office space is expected next year as the government ramps up its vaccination efforts against the coronavirus and eases pandemic restrictions, which will enable more workers to physically report to offices.

The recovery of major economies such as the US could also contribute to more demand from outsourcing firms, the company added.

Meanwhile, demand for residential spaces may also increase next year for the same reasons, and with overseas Filipino workers’ (OFWs) cash remittances continuous growth.

BSP data released on Monday showed that OFWs’ cash remittances rose for the eighth straight month in September by 5.2% to $2.74 billion from $2.60 billion in the same month last year, and by 4.9% month on month from $2.61 billion in August.

Colliers added that it expects retail space rentals and purchases to experience a slow growth in the fourth quarter of 2021, which will be sustained until 2022, with increased spending and eased pandemic restrictions during the Christmas season.

“Malls across Metro Manila are seeing an improvement in consumer traffic, with some mall operators saying that foot traffic is now about 50% to 80% of pre-pandemic levels,” the company said. — Bianca Angelica D. Añago

BSP should collect more data from other financial institutions, IMF says

A participant stands near a logo of the International Monetary Fund at the annual meeting in Nusa Dua, Bali, Indonesia, Oct. 12, 2018. — REUTERS/JOHANNES P. CHRISTO/FILE PHOTO

THE International Monetary Fund (IMF) recommended that the central bank should widen the scope of data collected from nonbank institutions to improve its monitoring of the financial system.

“The compilation of financial soundness indicators (FSI) for other financial corporations (OFCs) — with more than P9 trillion in total assets, representing around 25% of total financial system assets — will support macropruden-tial analysis,” the IMF said in its technical assistance report published on Nov. 17.

The technical assistance mission was done from April 30 to May 14. This was the first that focused on FSIs of OFCs.

Nonbank financial institutions include public and private insurance companies, trusts, government financial institutions, holding companies, mutual funds (money market and non-money market), private pension funds, and other intermediaries and auxiliaries.

The IMF said the global financial crisis has shown the need to widen financial sector data to boost surveillance of the financial system.

For money market funds, the IMF recommended the Bangko Sentral ng Pilipinas (BSP) to compile data on sectoral distribution of investments and maturity distribution of investments. It, however, noted this could be given less priority given money market funds are only about 1% of the total financial system.

The BSP was also encouraged to have one of its units track private pension funds and start collecting data on the largest relevant funds for the compilation of FSIs.

A hands-on training was provided for BSP’s data compilers on information about OFCs, the IMF said. — L.W.T. Noble

A hybrid 2021 QCinema film fest

Arthur Harari’s Onoda: 10,000 Nights in the Jungle

WHETHER one misses the experience of watching films on the big screen, or still prefers to enjoy movies through streaming, the QCinema International Film Festival offers both options to moviegoers.

Now on its 9th year, the QCinema International Film Festival returns with a hybrid edition from Nov. 26 to Dec. 5, with theatrical screenings at Gateway Cineplex 10 and online streaming via KTX.ph.

“We’re starting modestly because before we used to have many cinemas all over NCR (National Capital Region), but baby steps now —  we’re just limiting it on in Gateway and KTX,” Ed Lejano, QCinema festival director, said at an online press launch on Nov. 16.

“As late as October, we weren’t sure exactly how to do QCinema this year, even if we had a lineup on films. We had to negotiate for the rights months before. [Then] there was… the announcement for the reopening of theaters in mid-October so that’s when we had the [final answer] that we can go theatrical,” Mr. Lejano said about the decision to pursue a hybrid format for the festival.

“We understand how hesitant some people are still [about] going back to the theaters. But there are protocols in place that will help us make the movie watching experience safe and still enjoyable,” he added.

THEATRICAL SCREENINGS

The 10-day festival officially opens with the theatrical screening of Apichatpong Weerasethakul’s first English language film, Memoria — the Cannes Festival 2021 Jury Prize winner and Colombian entry to the 94th Academy Awards. It stars Tilda Swinton who plays a Scottish woman who begins to hear strange sounds while traveling through the forests of Columbia. The film makes its Southeast Asian premiere with QCinema 2021.

Also screening at the Gateway Cineplex 10 are the films under the Screen International, RainbowQC, New Horizons, and Special Screenings sections.

The films in the Screen International section are Joachim Trier’s The Worst Person in the World, Lorenzo Vigas’ The Box (which won the Venice Film Festival 2021 Leoncino d’Oro Agiscuola award), Audrey Diwan’s Happening (Venice Film Festival 2021 Golden Lion winner), Vengeance is Mine, All Others Pay Cash, by Indonesian auteur Edwin (Locarno International Film Festival 2021 Golden Leopard winner); and Ryūsuke Hamaguchi’s two films, Wheel of Fortune and Fantasy  (which won the Silver Bear award at the Berlinale 2021) and Drive My Car (which won Best Screenplay at the Cannes Film Festival 2021).

QCinema will also screen the Cannes Film Festival 2021 Un Certain Regard Jury Prize winner, Great Freedom by Sebastian Meise under the RainbowQC section; and the Cannes Un Certain Regard Originality award winner Lamb by Valdimar Jóhannsson, under New Horizons section. Meanwhile, films under the Special Screenings section are Arthur Harari’s Onoda: 10,000 Nights in the Jungle and Lav Diaz’s Historya ni Ha.

Onoda: 10,000 Nights in the Jungle is the true story of a Japanese soldier who spent 30 years hiding in the Philippine jungle unaware that World War II was over. The film opened the Un Certain Regard of the Cannes Film Festival in 2021. Filipino actress Angeli Bayani is part of this film. Meanwhile, Historya ni Ha, which stars John Lloyd Cruz, makes its Asian premiere in QCinema. The story follows a heartbroken puppeteer who travels home to a remote island with a sex worker, a nun, and a teenage boy. It had its world premiere at the 65th BFI London Film Festival in the United Kingdom.

Aside from these films, QCinema will also screen select Patrick Alcedo films for free. These are the A Will to Dream, and the short films They Call Me Dax and Am I Being Selfish.

KTX ONLINE STREAMING

The festival is also presenting an online lineup for this year’s film festival.

Under the Screen International section are the coming-of-age-story My Salinger Year by Philippine Falardeau, The Great Movement by Kiro Russo  (Venice Horizon Awards 2021 Special Jury Prize winner), and Miracle by Bogdan George Apetri (Warsaw International Film Festival 2021 Best Film).

In the New Horizons section are Apples by Christos Nikou (Chicago International Film Festival 2020 Best Screenplay winner), Magnetic Beats by Vincent Maël Cardona (Director’s Fortnight of the Cannes Film Festival 2021 SACD Award winner), El Planeta by Amalia Ulman (Buenos Aires International Festival of Independent Cinema 2021 Best Director winner), and Playground by Laura Wendel (Cannes Film Festival 2021 FIPRESCI Prize winner).

The new section called Asian Voices features new films from Asian directors. This section will showcase Yuni by Kamila Andini, and Islands by Martin Edralin.

Yuni is a coming-of-age drama about a high school girl who rejects societal norms. This is Indonesia’s official submission to the 94th Academy Awards. It won the Platform Prize, Toronto International Film Festival 2020.

Islands tells the story of a Filipino immigrant in Canada who has lived with his parents all his life, and quits his job after learning that his father’s health is declining. The film won the Special Jury award at the SXSW Film Festival 2021.

Other films available for online streaming are Ramon and Silvan Zürcher’s The Girl and the Spider under the RainbowQC section; and Bagane Fiola’s Baboy Halas and Sheng Qiu’s Suburban Birds under the Netpac Reloaded section.

SHORTS PROGRAM

For this year, QCinema will host two Shorts programs — #QCShorts and Asian Shorts. Both will have theatrical screenings and online streaming.

The #QCShorts films received production grants worth P600,000 from QCinema. The entries are: Skylab by Chuck Escasa, Ampangabagat Nin Talakba Ha Likol by Maria Estela Paiso; i get so sad sometimes by Trishtan Perez; MIGHTY ROBO V by Miko Livelo and Mihk Vergara; Henry by Kaj Palanca; and, City of Flowers by Xeph Suarez.

Meanwhile, in the lineup for the Asian Shorts are: Dear to Me by Monica Vanesa Tedja, Sunrise in My Mind by Danech San, New Abnormal by Sorayos Prapapa, and Live In Cloud-Cuckoo Land by Vu Minh Nghia and Pham Hoàng Minh Thy. It also includes the Philippine premiere of How to Die Young in Manila by Petersen Vargas, and Filipiñana by Rafael Manuel.

SAFETY FIRST

Quezon City Mayor Joy Belmonte said that the city government made a list of protocols for confined, crowded, and close contact areas, as well as coordinated with building officials to inspect the establishments.

“The theater cannot operate in Quezon City if it doesn’t meet the standards that are set by the building official pertaining to good ventilation,” Ms. Belmonte said.

“We have a Safety Seal. It is a seal that is given to establishments including offices and commercial establishments if they meet certain criteria that we have set forth. And the safety seal is granted also to the movie theater,” Ms. Belmonte explained.

“Last I heard from the building official, they have gone around and checked all of our theaters, and many theaters have already retrofitted and are fit for operations, and definitely Gateway is one of those,” she said.

Health and safety protocols for theater viewing under the ongoing COVID-19 pandemic such as wearing of masks, distanced seating, and the taking of body temperatures will be observed. Moviegoers are to present a vaccination card prior to ticket purchase.

Tickets to the screenings are priced at P150. More details about the festival can be found at qcinema.ph. — Michelle Anne P. Soliman

Lenders’ agri-agra compliance still low

BANKS’ COMPLIANCE with mandated credit quotas for the agriculture and agrarian reform sector has shown “no improvement” as loans for these sectors remain limited, a Monetary Board member said.

Bangko Sentral ng Pilipinas (BSP) Monetary Board member V. Bruce J. Tolentino said the central bank has been pushing for amendments to Republic Act (RA) 10000 or the Agri-Agra Credit Act of 2009 to include loans to those in the agricultural value chain as compliance with the quotas.

“There has been no improvement in compliance. Why? Because that law is difficult to comply with. Republic Act 10000 says 25% of banks’ loanable funds should be set for agriculture…but our agriculture sector is less than 25% of the economy,” Mr. Tolentino said at a virtual BSP media forum on Thursday.

The law’s provisions are focused on production and does not consider the entire agricultural value chain, he said.

“So when you look at distribution, manufacturing, processing, manufacturing — that is not included under compliance,” Mr. Tolentino said.

“Any aspect of the production chain should be covered so that the entire agribusiness can be served by the banking system,” he added.

BSP data showed banks extended P789.66 billion in loans to the agriculture and agrarian reform sector as of end-June, higher by 13.6% than the P695.06 billion in credit in the same period of 2020.

However, it was only equivalent to 10.63% of their total loanable funds in the period, still below the 25% mandated under RA 10000.

The BSP earlier said banks paid around P2 billion on average in penalties annually since 2011 due to their noncompliance with the Agri-Agra law.

House Bill 1634, which provides for the expansion of eligible agri-agra loans, was passed on third reading in March 2020 and was transmitted to the Senate. Its counterpart bill remains pending at the committee level.

In March 2021, the BSP through Circular 1111 said loans for activities involved in the agricultural value chain — from farming, fishing, as well as other processes involved in converting an agricultural product from raw materials to its consumption form — will now be counted as agri-agra credit.

Mr. Tolentino has said the circular is an interim measure as they wait for the law to be amended. — LWTN

ACEN, AMI start operations of 252-MW wind farm in Vietnam

ACEN Corp. and AMI Renewables of Vietnam have started the commercial operations of a 252-megawatt (MW) wind farm in Quang Binh, Vietnam, the Ayala group’s listed energy platform said on Thursday.

“The 252-MW Quang Binh wind farm plays a critical role in helping Vietnam achieve its renewable energy target, and is a testament to our ability to execute large scale developments amidst challenging times,” said Patrice R. Clausse, head of the international group of ACEN, formerly AC Energy Corp.

ACEN and AMI’s wind farm is said to be one of the largest in Vietnam, with its wind turbines standing at 145 meters in hub height, “which allows the optimization of wind energy production.”

ACEN said it expects the wind farm to produce about 648 gigawatt hours of electricity annually, which is enough to power 270,000 homes and will help reduce carbon dioxide emissions by 580,000 tons annually.

The wind farm project “marks another important step towards AMI AC Renewables’ 1,000-MW renewables capacity target by 2025,” said AMI AC Renewables Board Director and Chief Executive Officer Nguyen Nam Thang.

The project costs about VND8.11 trillion (P18.03 billion) as per the investment registration certificates of ACEN and AMI.

The wind farm is ACEN and AMI’s third renewable energy farm in Vietnam, the first two being the 50-MW and 30-MW solar farms in Khanh Hoa and Dak Lak, respectively, which started operating in 2019.

The two companies also plan to put up a battery energy storage system in Khanh Hoa.

ACEN currently has a total of 2,900 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia, and has about 80% of renewable shares of capacity.

It is also one of the energy companies that committed to achieve net-zero greenhouse gas emissions by 2050.

ACEN has about 2,900 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India and Australia. Of that capacity, the share of renewables is at around 80%, which it claims to be among the biggest in the region.

The company aspires to be the largest renewables platform in Southeast Asia as it aspires to reach a renewable energy capacity of 5,000 MW by 2025. It is also committed to achieve net-zero greenhouse gas emissions by 2050.

ACEN’s shares on Thursday rose by 0.33% or four centavos to close at P12.04 each at the stock exchange. — Bianca Angelica D. Añago

Rust script never called for Baldwin gun to be fired, lawsuit alleges

An image of cinematographer Halyna Hutchins, who died after being shot by Alec Baldwin on the set of his movie "Rust", is displayed at a vigil in her honour in Albuquerque, New Mexico, U.S., October 23, 2021. REUTERS/Kevin Mohatt

LOS ANGELES — A crew member working on the Western movie Rust said in a lawsuit on Wednesday that the script never called for a gun to be fired during a scene that Alec Baldwin was rehearsing when he killed a cinematographer last month.

Script supervisor Mamie Mitchell alleges Mr. Baldwin should have checked the gun himself for live ammunition rather than relying on the assistant director’s assertion that the Colt .45 revolver was safe to use.

“In our opinion, Mr. Baldwin chose to play Russian Roulette when he fired a gun without checking it and without having the armorer do so in his presence,” Ms. Mitchell’s attorney Gloria Allred told a news conference.

Ms. Mitchell, who said she was in the line of fire, alleges assault, intentional infliction of emotional distress, and deliberate infliction of harm and is seeking unspecified damages in the lawsuit filed in Los Angeles Superior Court.

“I relive the shooting and the sound of the explosion from the gun over and over again,” said Ms. Mitchell, who made the emergency call to authorities immediately after the Oct. 21 incident.

The lawsuit, the second to be lodged over the incident, names Mr. Baldwin, the movie’s producers, assistant director Dave Halls and Hannah Gutierrez, the armorer who was in charge of the weapons used in the movie.

Representatives for Mr. Baldwin, the producers, and Halls did not immediately respond to requests for comment. A lawyer for Ms. Gutierrez said he had yet to see the lawsuit.

Mr. Baldwin has said he is heartbroken and is cooperating with the law enforcement investigation. Production company Rust Movie Productions is conducting its own probe.

Authorities in New Mexico have said they are investigating how a live bullet ended up in a gun Mr. Baldwin was using as he rehearsed a scene inside a church on Bonanza Creek Ranch near Santa Fe. No criminal charges have been filed.

Cinematographer Halyna Hutchins was killed and director Joel Souza was wounded when a gun Mr. Baldwin had been told was safe fired off a live bullet, investigators have said.

Other live rounds have also been found on the set.

The lawsuit said the Rust script called for three tight camera shots for the scene  one of Mr. Baldwin’s eyes, another of a bloodstain, and a third on Mr. Baldwin’s torso “as he reached his hand down to the holster and removed the gun.”

Mr. Baldwin “intentionally, without just cause or excuse, cocked and fired the loaded gun even though the upcoming scene did not call for the cocking and firing of a firearm,” the lawsuit asserts. Ms. Allred said she believed Mr. Baldwin’s behavior on the set was “reckless” and alleged that other safety protocols had been flouted or ignored. Last week, chief electrician Serge Svetnoy filed a negligence lawsuit against the producers. — Reuters

Calapan port terminal in Mindoro to be largest in PHL upon completion in 2022

DOTR

THE TRANSPORTATION department said Thursday that Oriental Mindoro’s Port of Calapan passenger terminal building, which is currently being expanded to accommodate 3,500 passengers at any given time from the cur-rent 800, will be the biggest in the country once completed in the first quarter of 2022.

“Once the ongoing expansion of the passenger terminal building of the Calapan Port in Oriental Mindoro is complete, it will be the biggest port passenger terminal to date as it can accommodate 3,500 passengers at any given time,” Transportation Secretary Arthur P. Tugade said in a statement.

“This will form part of the 484 port projects completed by the (Department of Transportation, or DoTr) and PPA (Philippine Ports Authority) since July 2016,” he added.

The current biggest passenger terminal building is that of Cagayan de Oro, with a capacity of 3,000 passengers at any given time.

Government officials, including Mr. Tugade, unveiled Tuesday eight port projects in the provinces of Occidental and Oriental Mindoro.

The DoTr said the improved and expanded seaports include the Port of Abra de Ilog in Occidental Mindoro.

Seaport projects unveiled in Oriental Mindoro include the Ports of Calapan, Balatero, Bansud, Bulalacao, Mansalay, and Roxas.

“The simultaneous inaugurations of the seaports pave the way for business and employment opportunities for Filipinos. The upgraded seaports will also improve inter-island travel as well as the movement of essential goods between Occidental Mindoro, Oriental Mindoro and neighboring provinces,” the DoTr said. — Arjay L. Balinbin

Consolidation seen to improve local banking sector’s stability

BANGKO SENTRAL NG PILIPINAS GOVERNOR BENJAMIN E. DIOKNO — PHILIPPINE STAR/ GEREMY PINTOLO

THE CENTRAL BANK has approved 17 bank mergers since 2019 to improve the industry’s resilience and financial stability.

“From 2019 to the present, the BSP has approved a total of 17 mergers, three consolidations, and one acquisition,” Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said at a forum held in Boracay on Thursday.

“As to the approved consolidations, two were consolidated under the program for rural banks,” he added.

The central bank chief said they are currently reviewing four mergers, two consolidations and one acquisition in the industry.

Mr. Diokno said while there is no ideal number of participants in the banking sector, the BSP’s focus is to maintain financial stability and has long advocated for mergers, consolidations, and acquisitions among banks.

“This is to foster…stronger and more resilient banking institutions that are adapting to ever-changing financial environments,” Mr. Diokno said.

“Mergers, consolidations and acquisitions result in banking institutions with higher capitalization, better economies of scale and wider market reach,” he added.

Earlier this month, financial regulators agreed to simplify the process for mergers, consolidations, and acquisitions. Under the agreement, these will now be processed within 55 business days from about 160 business days pre-viously.

As of end-September, the cumulative net income of the banking system rose by 35% year on year to P168.213 billion, based on BSP data.

The banking industry’s assets increased by 7.2% year on year to P20.079 trillion as of end-September. — L.W.T. Noble

What to see this Week

Stephen Lang (left) and Adam Young in Screen Gems DON'T BREATHE 2.

Spencer

Kristen Stewart in Spencer (2021) via imdb.com

In December 1991, the British royal family prepares to spend the Christmas holidays at the Sandringham Estate in Norfolk. Among the attendees is Diana, Princess of Wales, whose marriage to Prince Charles has become strained due to his affair with Camilla Parker-Bowles. During the weekend, there’s eating and drinking, shooting, and hunting. However, things are different for Princess Diana that year. The film presents what might have happened in the three-day weekend in the queen’s estate. Directed by Pablo Larrain, it stars Kristen Stewart as Princess Diana, Sally Hawkins, Jack Farthing, Timothy Spall, and Jack Nielen. Entertainment Weekly’s Mary Sollosi writes, “For all of Larraín’s artistry, Spencer would crumble in the hands of the wrong actress, and Stewart gives one of the best performances of her career so far as this highly subjective version of Diana. Physically, she’s the perfect almost-match; not so unlike the princess that it’s distracting to see her in the role, but not such a vivid doppelganger that her image seems to claim total verisimilitude for the film as a whole.”  Rotten Tomatoes gives the film a score of 84%, while its audience score is 50%.

MTRCB Rating: PG

Don’t Breathe 2

Stephen Lang (left) and Adam Young in Screen Gems DON’T BREATHE 2.

Eight years have passed since the events in the first thriller. Norman Nordstrom has recreated the family stolen from him and found some twisted justice. When intruders once again come to his home focused on his 11-year-old daughter, Norman reveals for a second time what’s hidden inside him, in new and unexpected ways. Directed by Rodo Sayagues, the stars Stephen Lang, Brendan Sexton III, Madelyn Grace, Adam Young, Bobby Schofield, and Rocci Williams. Vulture’s Alison Willmore writes, “The sequel is even more of a stress test for automatic audience identification with a protagonist. Norman is protective of Phoenix, but also caves someone’s face in with a shovel while the girl looks on, screaming for him to stop. Norman cries over his dog, and also superglues someone’s mouth and nose so that they can’t breathe. The brutal gratification of Don’t Breathe 2 comes from watching Norman do to the gang what he did in Don’t Breathe, only this time, with characters who deserve it. If they deserve it.” Rotten Tomatoes gives the film a score of 45%, while the audience gives it 85%.

MTRCB Rating: R-16

Black Widow

Black Widow via imdb.com

Avenger Natasha Romanoff (Black Widow) rounds up her family of superspies when a conspiracy that’s tied to her past arises. This pits her against Taskmaster, a masked assassin who can imitate Natasha’s movements as well as the other Avengers. Directed by Cate Shortland, the film stars Scarlett Johansson, Florence Pugh, Rachel Weisz, and David Harbour. RogerEbert.com’s Brian Tallerico writes, “Director Cate Shortland’s movie confirms that Black Widow could have carried her own flick ages ago. There’s enough character, back story, and intrigue in her world for a whole series. A lot of movies in 2021 have felt a bit different because of their existence in a post-COVID world, but for all of these reasons, Black Widow feels distinctly like a pre-COVID product, a dip into the history of one of Marvel’s most popular characters that’s truly better so very late than never.” Rotten Tomatoes gives it a score of 79%, while its audience is 91%.

MTRCB Rating: PG

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