Cebu Air losses shrink to P2.5B

November 11, 2022 | 12:05 am

CEBU AIR, Inc. (CEB), the listed operator of budget carrier Cebu Pacific, announced on Thursday that it managed to cut its attributable net loss for the third quarter of the year to P2.54 billion from a loss of P8.20 billion in the same period last year.

The company’s revenues for the quarter reached P16.85 billion, surging from P3.25 billion previously.

This was “propelled by a strong recovery across its business segments,” the company said in an e-mailed statement.

Expenses increased 111.6% to P19.89 billion from P9.4 billion in the same period last year.

“Despite being a lean season, the continuous easing of travel requirements encouraged strong travel demand. For the third quarter, CEB has flown over four million passengers, a 489% increase versus third-quarter last year,” the company said.

Cebu Pacific’s seat load factor rose to 74% from 57.5% last year. “This consequently resulted in the growth of passenger and ancillary businesses by 724% and 725% year on year, respectively,” Cebu Air noted,

The airline’s cargo business posted revenue of at least P2 billion, 41% higher than last year. It flew over 30,300 flights during the quarter or 318% more than the same quarter last year.

“We are encouraged by some notable improvements in our numbers amidst the ongoing challenges related to fuel and foreign exchange rates. We remain cautiously optimistic that through our ongoing initiatives, coupled with a sustained increase in passenger traffic, we will soon see better days ahead,” said Mark Julius V. Cezar, chief financial officer at Cebu Pacific.

For the January-to-September period, the company reduced its attributable net loss to P12.05 billion from a loss of P21.1 billion previously. Revenues for the period jumped to P37.53 billion from P9.15 billion in 2021.

Expenses for the nine-month period rose 79.1% to P48.73 billion from P27.99 billion last year. — Arjay L. Balinbin

Stuff to do (11/11/22)

November 11, 2022 | 12:04 am

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‘Threads & Strokes’ exhibit at Newport World Resorts

FASHION pushes the boundaries of art at the “Threads and Strokes Avant-Garde Spectacle” of Newport World Resorts, on view until Nov. 13 at The Plaza 2F Newport Mall. Filipino designers showcase their show-stopping pieces in the Deck the Runway Fashion Show on Nov. 11 at 5 p.m. The unconventional fashion display highlights some of the most intricate works of up-and-coming designers as they play with threads and strokes of colors and textures to push their creations over the top. There is Ehrran Montoya’s Metamorphosis, Mark Lixcel Lantican’s Born to Die, Maricris Dela Peña-Slodysco’s Soft Serving in Paradise, Carl Arcusa’s Love after Death, MC Mikael Castillo’s Kaeru, Job Dacon’s Victorian Mourning Gown, and more eye-popping creations. For more information on ‘Threads and Strokes’ at Newport World Resorts Mall, visit www.newportworldresorts.com and follow @newportworldresorts and @newportmall on Facebook and Instagram, and @nwresorts on Twitter.

GMA Network’s Noel Bazaar returns

THIS YEAR, GMA Network’s Noel Bazaar — where Christmas shoppers get to shop for a cause and bring home pre-loved celebrity items at affordable prices — returns beginning Nov. 11 and every succeeding Friday of Novermer. GMA affiliated artists are set to donate and serve as celebrity ambassadors in raising funds for Noel Bazaar’s partner beneficiaries, including the GMA Kapuso Foundation and the Inquirer Foundation. Catch Rhian Ramos at Okada Manila on Nov. 11, Jasmine Curtis at The Filinvest Tent, Alabang on Nov. 18, and Max Collins, and Michelle Dee at the World Trade Center on Nov. 25. Shoppers can find second-hand items at the GMA Celebrity Ukay-Ukay and Celebrity Auction at Okada Manila and The World Trade Center with items donated by artists like Bea Alonzo, Gabbi Garcia, Julie Anne San Jose, Rufa Mae Quinto, Christian Bautista, Patricia Tumulak, Mark Herras, and Manolo Pedrosa. Also donating pre-loved items are GMA News and Public Affairs personalities. The Noel Bazaar 2022 series is presented in partnership with GMA Network, the Inquirer Group of Companies, UnionBank, and Okada Manila.

Rudolf Golez, Noam Zur in PPO concert

PIANIST Rudolf P. Golez will be the featured soloist of the Philippine Philharmonic Orchestra (PPO) season concert on Nov. 11, 8 p.m., at the Metropolitan Theater of Manila. For the concert, Mr. Golez will perform George Gershwin’s Rhapsody in Blue. Other works to be featured in the concert are Gioachino Rossini’s The Barber of Seville, Nicanor Abelardo’s Cinderella Overture, and Modest Mussorgsky’s Pictures at an Exhibition. Mr. Golez concertizes mainly in the Philippines and the United States and looks forward to gain exposure in the concert stage of the capitals in Europe even as he carries out his responsibilities as Dean of the Liceo Conservatory of Music in Cagayan de Oro. He also endeavors to record his life’s repertoire in a CD and may include instructional material for his students. In 2021, he finished his Doctoral program in piano performance at the Philippine Women’s University. The concert is the third offering in the PPO’s 38^th concert season entitled Metamorphosis and continues the PPO search for its new Music Director. Metamorphosis features eight conductors, five of whom are shortlisted for the Music Director position. Guest conductor Noam Zur takes the helm of the PPO for this concert. Since 2017, he was the principal conductor and artistic director of the State Symphony Orchestra of Salta, Argentina. He has over 20 years of professional and conducting experience during which he developed an expansive repertoire in opera, ballet and symphony. He is also a composer and arranger, having recorded his own works in Funkhausorchester des WDR Köln in 2016 which he conducted as well. For more information, visit the CCP website (www.culturalcenter.gov.ph) and follow the official CCP social media accounts on Facebook, Twitter, and Instagram for the latest updates.

Leonor Will Never Die screenings in Trinoma

MARTIKA Escobar’s film Leonor Will Never Die will screen on Sundays of November at Trinoma Cinema 5 in Quezon City. The movie won the Sundance Film Festival 2022 Special Jury Prize Award and Toronto International Film Festival 2022 Amplify Voices Award. The film stars Sheila Franciso who plays a retired action film scriptwriter who, after hitting her head with a television, falls into a coma and dreams of starring in her unfinished script. The block screenings are on Nov. 13, Nov. 20, and Nov. 27 at 3 p.m. Tickets are priced at P300. A portion of the proceeds will go to the funds needed for succeeding screenings. Tickets are available at the entrance of Cinema 5, and through this link: https://tinyurl.com/SundanceAnniv. Tote bags, stickers, and postcard merchandise will also be available. The film is now available for private show buying, exclusive booking at Sine Pop, and school screenings. For more information, visit https://www.facebook.com/leonorwillneverdie.

2022 Hybrid National Trade Fair

THE 2022 Hybrid National Trade Fair returns on Nov. 16 to 20 at the SM Megamall Megatrade Halls 1 to 3. Themed “Go Green! Go Local!,” the 2022 Hybrid National Trade Fair advocates for sustainability and inclusivity by featuring green, sustainable, and eco-friendly products as well as artisanal and heritage crafts. Exhibitors from the country’s 16 regions were carefully selected to showcase a rich selection of indigenous products and raw materials, handcrafted and handwoven products, furniture and home decor made from sustainable materials, unique and eco-friendly packaging materials, as well as health and wellness products. There will also be a selection of fresh produce, processed food and beverages, and native delicacies, which are very popular gift options. Everyone is still expected to wear a mask at all times and to maintain social distancing. All exhibitors and their staff are fully vaccinated and observe safety protocols. The five-day event is organized by the Department of Trade and Industry – Bureau of Domestic Trade Promotion (DTI-BDTP) in partnership with the DTI Regional Operations Group, the Design Center of the Philippines, and the National Bamboo Industry Cluster.

Security Bank raises P14.6B from bond offering

November 11, 2022 | 12:04 am

SECURITY Bank Corp. raised P14.6 billion from its bond offering, almost five times as much as its initial P3-billion program. — BW FILE PHOTO

SECURITY BANK CORP. raised P14.6 billion from its offering of fixed-rate bonds, more than its initial P3-billion program, following strong demand from investors.

The bank said in a disclosure to the stock exchange that the bonds maturing in 2024 were successfully issued and listed on the Philippine Dealing & Exchange Corp. on Thursday.

“Security Bank raised P14.6-billion worth of bonds at 5.3% per annum, with a tenor of 1.5 years. Due to strong demand for the bonds, the bank exercised its oversubscription option and accepted offers above its minimum P3-billion issue size,” the lender said.

“Security Bank offered the bonds to support its lending activities and expand its funding base,” it added.

Security Bank Executive Vice-President and Financial Markets Segment Head Raul Martin A. Pedro said the successful issuance and oversubscription is testament to investor confidence in the lender.

The bonds were issued out of Security Bank’s P100-billion peso bond and commercial paper program.

The papers were offered at a minimum investment of P1 million and increments of P100,000 thereafter.

The lender tapped Philippine Commercial Capital, Inc. (PCCI) to be the sole bookrunner for the issuance.

The joint lead arrangers and selling agents for the transaction were PCCI and SB Capital Investment Corp.

In July, Security Bank also raised P16 billion from 1.5-year corporate bonds, more than the original plan of P1 billion, as the offer was likewise oversubscribed. The papers were also part of the lender’s P100-billion peso bond and commercial paper program.

Security Bank recorded a higher net income in the second quarter of 2022 on the improved performance of its core businesses and lower credit provisions.

It booked an attributable net income of P3.52 billion in April-June, up by 139.4% from the P1.47 billion in the same period in 2021.

This brought its attributable net profit for the first half to P6.25 billion, more than double the P3.12 billion seen in the comparable year-ago period.

Security Bank was the country’s ninth-largest lender in terms of assets with P796.78 billion and seventh in terms of capital with P123.41 billion as of end-June, based on Bangko Sentral ng Pilipinas data.

Its shares closed at P87.95 apiece on Thursday, down by 1.07% or 95 centavos from the previous finish. — K.B. Ta-asan

Solid Group to acquire electronics retailer

November 11, 2022 | 12:04 am

Solid Group, Inc.’s board of directors has approved a plan to acquire Avid Sales Corp. for P100.2 million, the firm said on Thursday.

In a disclosure to the Philippine Stock Exchange, the company said the acquisition “will expand the current distribution business segment of Solid Group.”

The acquisition price is less than 10% of Solid Group’s total consolidated assets and is less than its threshold amount for material related-party transactions.

According to its website, Avid Sales retails and markets audio and video electronics. It is also into information technology products related to audio and video services. It has a total of 26 retail stores mostly in Metro Manila malls.

Avid Sales is a privately held company of the Lim family, also the majority stockholder of Solid Group.

In its disclosure, the company said that the acquisition will be submitted for ratification at its next stockholders’ meeting, which is scheduled on the last Thursday of June each year. Solid Group, an investment holding company, has other electronics-related subsidiaries including SolidService Electronics Corp., My Solid Technologies & Devices Corp., and Omni Solid Services, Inc.

On the stock market on Thursday, shares in Solid Group added two centavos or 2.47% to 83 centavos each. — Justine Irish D. Tabile

Entertainment News (11/11/22)

November 11, 2022 | 12:03 am

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Cannes films to show at QCinema 2022

IN LINE with its goal to bring world cinema to the Philippines, the Film Development Council of the Philippines (FDCP) will screen Cannes Film Festival official selection titles at the QCinema International Film Festival, which will run from Nov. 18 to 25. Fresh from this year’s Cannes Film Festival, Return to Seoul by Davy Chou and Corsage by Marie Kreutzer, both from the Un Certain Regard section, will be part of the 10^th edition of QCinema under the festival’s main competition section, Asian Next Wave, and in the Screen International section, respectively. Corsage is about the last years of Empress Elisabeth “Sisi” of Austria, played by Vicky Krieps who bagged the Un Certain Regard award for Best Performance. Empress Sissi is idolized for her beauty and renowned for inspiring fashion trends. But in 1877, as she celebrated her 40^th birthday, she must fight to maintain her public image by lacing her corset tighter and tighter. Cannes 2019 Best Screenplay winner and Golden Globe nominee, Portrait of a Lady on Fire, a French film by Celine Sciamma, is also showing under QCinema’s Rainbow QC section and is being co-presented by the French Film Festival and the QCinema LGBTQIA+ Program. The film also won the Queer Palm at Cannes, making it the first film directed by a woman to win the award. Other international films being brought in by the FDCP for the festival are Celine Sciamma’s Petite Maman; Joachim Trier’s Oscar-nominated (Best International Feature and Best Screenplay) film The Worst Person in the World where actress Renate Reinsve won Best Actress in Cannes 2021; 2021 Cannes Un Certain Regard film Women Do Cry, by Vesela Kazakova and Mina Mileva; and Léonor Serraille’s Mother and Son, nominated for Cannes’s Palme d’Or under the In Competition section. QCinema screenings will be held at Gateway, Trinoma, Powerplant, Cinema 76, and SM North EDSA. Online screening, done in partnership with VivaMax, will be from Nov. 22 to 26. Ticket prices for theatrical screenings are P300 while online tickets are P299. For details, visit qcinema.ph and the festival’s social media accounts — www.facebook.com/QCinemaPH, twitter.com/QCinemaPH, and www.instagram.com/qcinemaph.

Int’l Film Industry Conference next week

THE 6^th EDITION of the International Film Industry Conference (IFIC), an international platform hosted by the Film Development Council of the Philippines (FDCP) and geared towards bringing together international and local industry professionals to discuss the latest trends, developments, and cooperation opportunities, will be held in a hybrid format from Nov. 18 to 20 at Novotel Manila Araneta Center in Quezon City and online via Zoom and Facebook. This year’s IFIC, done in partnership with QCinema International Film Festival and Full Circle Lab – Philippines, will feature six free public sessions, three masterclasses, and a workshop series. The public sessions will be on documentary filmmaking, global trends on film distribution and exhibition, incentives and grants for Filipino filmmakers, and funding opportunities. They will include a roundtable discussion with the ASEAN-Republic of Korea film commissions and agencies on accessing global opportunities for the Southeast Asian Film Industry and a session on international co-production in Asia. The masterclasses are recommended for film industry professionals and enthusiasts. The topics are co-production with other countries, models of film distribution, and marketing films in the global market. Registration fee for one masterclass is P1,000, while a package of all three masterclasses is P2,500. The workshop series on dossier-making and pitching is exclusive to the FDCP’s selected CreatePH grantees. Those interested in the free public sessions and masterclasses for both online and onsite events must register at the IFIC website (fdcp.ph/ific) to secure a slot. Registration is open until Nov. 14. For more information and updates on IFIC 2022, visit their official Facebook page at www.facebook.com/IFICPHofficial.

Boyce Avenue coming to PHL in February

FLORIDA-based band Boyce Avenue is returning to the Philippines for Valentine’s week. They will perform on Feb. 11 at the Araneta Coliseum in Quezon City, on Feb. 12 at the Waterfront Hotel Ballroom in Cebu, and on Feb. 14 at the SMX Convention Center in Davao City. Joining them are OPM hitmakers Adie, Nobita, and (Manila show only) The Juans. The band frequently tours North America, South America, Europe, Asia, Australia, the Middle East and visits new countries every year. Tickets go on sale on Nov. 19 (10 a.m.) in Manila via TicketNet.com.ph and TicketNet outlets, and via SMTickets.com and SM Ticket outlets in Cebu and Davao.

SKYcable offers FIFA World Cup access

SPORTS fans can enjoy a variety of sports and action programs on SKYcable’s HD Plans and SKY Fiber’s Unli Broadband + HD Cable TV Plans this November. Football fans interested in watching the FIFA World Cup Qatar 2022 can tune in to the live matches, replays, and special features on World Cup TV (WCTV) from Nov. 20 to Dec. 18 via SKY Pay-Per-View. SKY subscribers can purchase the Regular All Access Pass for P1,999 until Nov. 28. E-sports shows are available every Wednesday and Thursday at 10 p.m. on Techstorm. Catch FIFA gaming streamers play for a spot in the G2 Esports squad in Making the Squad: FIFA Edition, and witness the pros battle it out in Esports Championship East Asia – Pro Evolution Soccer. Subscribe to SKYcable’s HD Plans for as low as P500 per month or SKY Fiber’s Unli Broadband + HD Cable TV Plans for as low as P1,699 a month. Get an added treat of up to P400 free Jollibee e-GCs until Dec. 31 when subscribing online to a SKY Fiber Unli Broadband + HD Cable TV Plan via the official website (mysky.com.ph/skyfiber) or SKY’s 24/7 assistant KYLA on the website, Viber, or Messenger.

Drag Race PH runner-up Marina Summers releases single

FILIPINA drag artist and Drag Race Philippines first runner-up Marina Summers has released her debut single under Tarsier Records entitled “Divine.” The dance-pop anthem celebrates the queer community and promotes taking ownership of one’s individuality while playing around with the summer theme and heavenly references. It’s a mix of dancehall and pop sounds with Latin guitar. Tarsier Records label head Moophs produced the track while Marina Summers wrote the lyrics and melody. Ms. Summers is one of the newest additions to Tarsier Records’ roster of artists. She performs regularly at Nectar Nightclub and is one of the founders of Drag Playhouse PH. “Divine” is available on all digital platforms and watching its music video on YouTube.

Julie Anne San Jose, Rayver Cruz hold concert

JULIE Anne San Jose and Rayver Cruz will tell the story of the “JulieVer” journey from friends to lovers in The JulieVerse Concert on Nov. 26, 8 p.m. at the Newport Performing Arts Theater. The concert’s performances will focus on the power of strong partnerships, under the theme of “twin flames” and mirror souls. The show will also feature Mavy Legaspi and Kyline Alcantara. For tickets, visit https://premier.ticketworld.com.ph/.

Wallows make QC stop on Asian tour

AMERICAN alternative rock band Wallows has announced that they will be performing in the Philippines as part of their Tell Me That It’s Over tour Asia 2023. The show in Manila will take place on Feb. 15 at the New Frontier Theater in Quezon City. Promoted by AEG Presents Asia and Ovation Productions, tickets to Wallows’s Tell Me That It’s Over Tour Asia 2023 Manila are priced at P3,550 and will go on sale on Nov. 11, 10 a.m. via ovationtickets.com and ticketnet.com.ph. The band, based in Los Angeles, is composed of Dylan Minnette, Braeden Lemasters, and Cole Preston. It began releasing songs independently in April 2017, with their first single, “Pleaser,” reaching number two on the Spotify Global Viral 50 chart. In 2018, Wallows signed with Atlantic Records and released their major label debut EP, Spring, produced by John Congleton. The band released their debut studio album, Nothing Happens, in 2019. It was followed by their 2020 EP, Remote.

Air Supply returns to Manila

AUSTRALIAN rock duo Air Supply returns for a two-night concert at Newport World Resorts on December 15 and 16. Graham Russel and Russel Hitchcock are famous for hits such as “Every Woman in the World,” “All Out of Love,” and “Just Another Woman,”. Tickets are still available at all TicketWorld and SM Tickets outlets: P11,000 (PLATINUM) P10,000 (SVIP), P9,000 (VIP), P7,500 (GOLD), P5,000 (SILVER), and P2,500 (BRONZE). For inquiries, contact the Newport World Resorts National Sales Team via Archli Enriquez at 0917 823 9602, Kenneth Navoa at 0917 807 9387, and Jefferson Federizo at 0917 658 9378, or call Ticketworld at 8891-9999, or SM Tickets at 8470-2222.

Glass Onion: A Knives Out Mystery trailer released

IN THE follow up to Rian Johnson’s Knives Out, Detective Benoit Blanc travels to Greece to peel back the layers of a mystery when someone suddenly turns up dead. It involves a new cast of colorful suspects. The film stars Daniel Craig, Edward Norton, Janelle Monáe, Kathryn Hahn, Leslie Odom Jr., Jessica Henwick, Madelyn Cline with Kate Hudson and Dave Bautista. Glass Onion: A Knives Out Mystery premieres on Netflix Dec. 23. Watch the trailer at https://www.youtube.com/watch?v=gj5ibYSz8C0.

Guitarist Ivar Fojas at CCP Special Concert Series 2022

CLASSICAL guitarist Ivar Fojas will hold his solo concert as part of the Special Concert Series on November 16, Wednesday at the CCP Tanghalang Ignacio Gimenez (Black Box Theater) at 7:30 pm. Dr. Ivar-Nicholas Fojas currently works as a guitar professor at the Philippine Women’s University School of Music Graduate School. He mentors masters and doctoral-level guitar students and teaches Ph.D. courses in music and is an associate Professorial Lecturer 5 at De La Salle University Literature Department. He received a Fulbright scholarship to pursue his doctoral studies at the Bolton Guitar Studies Program at the University of Arizona in 2011. He was also a full scholar in his previous studies at the Philippine Women’s University and the University of the Philippines from 2008 to 2011. He taught at the University of the Philippines College of Music and later became a lecturer of humanities at the University of the Philippines Los Baños. Mr. Fojas conducted research on the lute works of J.S Bach that culminated in a lecture. This led him to baroque guitar performances with the Helios Ensemble and Arizona Baroque. He presented numerous solo recitals and performed guitar concertos in the Philippines by Mauro Castelnuovo-Tedesco, Federico Moreno-Torroba, and Joaquin Rodrigo with the Manila Symphony Orchestra and Peace Philharmonic Philippines, among other events. In 2020, Mr. Fojas was featured in an online concert under the Sunshine Classics concert series on October 16-31 together with the Kabataang Gitarista (KG); Fernando Sy-Changco III, David Tiongson, and Edel Mark Bitao who are a group of skilled public high school students. For more information about the event, please follow the official CCP social media accounts on Facebook, Twitter, and Instagram.

BoJ’s Kuroda lays out framework for future exit from easy policy

November 11, 2022 | 12:03 am

BANK of Japan Governor Haruhiko Kuroda said discussions on their exit from easy monetary policy will focus on the pace of tightening and their balance sheet. — REUTERS

TOKYO — Bank of Japan (BoJ) Governor Haruhiko Kuroda said on Thursday any future debate on an exit from ultra-loose monetary policy will center on the pace of increase in short-term interest rates and adjustments in the bank’s massive balance sheet.

Mr. Kuroda brushed aside the chance of a near-term interest rate hike, stressing that the BoJ must continue to underpin a fragile economic recovery with loose monetary policy.

But he said the BoJ can debate an exit strategy from its massive stimulus and head toward policy normalization when achievement of its 2% inflation target, accompanied by wage increases, comes into sight.

“It’s premature to lay out details of an exit strategy. But one major factor of debate will be the pace of increase in the BoJ’s short-term policy rate, now set at -0.1%,” Mr. Kuroda told parliament.

“Another factor would be how to adjust its balance sheet,” he said, adding that most major central banks were moving ahead with rate hikes, before shifting toward a full-blown decrease in their balance sheets.

Mr. Kuroda held talks with Prime Minister Fumio Kishida later on Thursday, where the two discussed a range of issues including the weak yen, global economic risks and the need to drive up wages, the BoJ governor told reporters after the meeting.

“We discussed the need for the government and the BoJ to work closely together, and guide policy flexibly to structurally raise wages,” said Mr. Kuroda.

While Mr. Kuroda continues to stress the need to maintain easy policy, the central bank chief has been commenting more often in recent months on the chance of a future exit from ultra-low rates as rising raw material costs push inflation above his 2% target.

BoJ policy makers last month debated the need to examine the side-effects of prolonged easing and the impact of a future exit from easy conditions, a summary of opinions showed, a sign they are becoming more open to the possibility of an eventual withdrawal of Mr. Kuroda’s radical stimulus.

Mr. Kuroda said wages are likely to increase ahead as companies respond to intensifying labour shortages and recent rises in living costs, though the outlook remained highly uncertain.

“It’s extremely important for the BoJ to underpin the economy with ultra-loose monetary policy and ensure the necessary environment falls into place for companies to hike wages,” Mr. Kuroda said.

The BoJ remains an outlier in the global wave of monetary tightening to combat soaring inflation. The divergence between the BoJ’s dovish stance and the US Federal Reserve’s aggressive rate hikes has pummelled the yen to 32-year lows, exacerbating a jump in import prices and households’ cost of living.

Mr. Kuroda said recent “rapid and one-sided” yen declines were undesirable as they make it difficult for firms to set business plans.

But the BoJ would not directly target yen moves in guiding monetary policy, he said, and predicted that slowing US growth will eventually bring the dollar’s broad uptrend to a halt.

“I don’t think it’s necessarily correct to assume the dollar’s current single-handed rise will continue,” Mr. Kuroda said of the next year’s market outlook.

Under its yield curve control policy, the BoJ guides short-term rates at minus 0.1% and caps the 10-year bond yield around zero as part of efforts to sustainably achieve its 2% inflation target.

The BoJ chief also told parliament that he had no desire to get re-appointed for another term to head the central bank, after his current one ends in April next year. — Reuters

EdgePoint keen on buying more towers

November 11, 2022 | 12:03 am

TELECOMMUNICATIONS infrastructure company EdgePoint Infrastructure on Thursday said it is keen on buying more telecom towers that PLDT, Inc. and Globe Telecom, Inc. may sell in the future.

“I think we are always open to acquiring more,” EdgePoint Chief Executive Officer Suresh Sidhu said during a briefing when asked to comment on the two companies’ plan to sell more of their tower assets.

He said the company also focuses on building its own towers in the Philippines.

“We are in discussion with operators. We expect to build some by middle of next year.”

EdgePoint is headquartered in Singapore with operations in Malaysia, Indonesia, and the Philippines.

In April, Smart Communications, Inc. and Digitel Mobile Philippines, Inc. announced that they had signed sale and purchase deals in connection with the sale 5,907 telecom towers and related passive telecom infrastructure for P77 billion to the subsidiaries of edotco Group and EdgePoint.

Ayala-led Globe has sold 7,059 towers. It recently signed a sale and leaseback deal with Phil-Tower Consortium, Inc. for the telco’s 1,350 towers.

Both Globe and PLDT plan to sell additional telecom towers.

“Our market position as an independent tower company aligns well with the Department of Information and Communications Technology’s common tower policy that seeks to enhance connectivity while easing mobile network operators from the heavy capital expenditure required for building communications towers, allowing them to focus on improving services and reaching more underserved areas,” Mr. Sidhu said.

“The number of internet users in the Philippines has more than tripled in the past decade from 23 million in 2010 to 76 million in 2022, and significant investments are needed to meet the demands of this growth. The Philippines has a dense number of users per tower which affects overall user experience, and the country needs a large number of new towers built to fill this gap,” he added.

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

Singing Queen’s music to save the world

November 11, 2022 | 12:02 am

Theater Review
We Will Rock You
Presented by GMG Productions
Ongoing until Nov. 20, with Tuesday to Friday
performances at 8 p.m., and Saturday and
Sunday shows at 1 and 7 p.m.
Samsung Performing Arts Theatre in Circuit Makati

IN A WORLD where live music and self-expression are non-existent, a group of free thinkers fights back. That is the gist of the jukebox musical We Will Rock You, which uses the songs of British rock band Queen to tell the tale.

The musical follows Galileo Figaro and Scaramouche, along with a group called Bohemians, who struggle to restore the free exchange of thought and fashion, and live music in a post-apocalyptic world.

In keeping with the show’s sci-fi theme, entering the Samsung Performing Arts Theatre in Circuit Makati felt like boarding a spacecraft. The images and text flashed on the screen onstage — which looked like the computer screens from the Terminator movies — setting the tone of the show.

The musical opens to an exterior scene of a rainy evening in an urban city lit with neon lights, reminiscent of Blade Runner 2049. The earth is now named the iPlanet and is controlled by Globalsoft Corporation — the same company that generates all content consumed by the population. Globalsoft’s operations are practically summed up in a modified and techno rendition of “Radio Gaga.” The production’s set design in this scene — with workers covered from head to toe in white uniforms — transports the audience to a futuristic spacecraft-like office space. The modified version of “Radio Gaga” is catchy and engaging, and its lyrics are also eerily accurate to current advancements in technology.

The audience is introduced to Galileo Figaro (Stuart Brown), a student who aspires to “break free” and create original music. He pulls out a notebook full of lines and song lyrics from western pop culture — hilarious references ranging from The Beatles songs to Kelis’ “Milkshake” — ideas which he says he encounters in his dreams.

Unable to defend his ideas, Galileo is held captive in a hospital where he meets a goth woman whom he names “Scaramouche” (Nicolette Fernandes).

Elsewhere on the iPlanet live the Bohemians who have settled in the hidden remains of the Heartbreak Hotel — the last place where freedom of expression is welcome. The design of the Heartbreak Hotel includes remnants of past civilization and equipment that is now considered antiques such as television sets and video tape players.

When Galileo and Scaramouche escape the hospital, they meet Bohemians Brit (Richard Gay) and Oz (Danelle Cronje) who welcome them to the Heartbreak Hotel. While there they meet someone who tells them about a prophecy of a dreamer who will save the world.

Unfortunately, everyone is captured by the head of police Khashoggi (Craig Urbani).

The second act focuses on the Bohemians’ taking clues from an old video tape about a prophecy of their freedom in which Galileo travels to the now abandoned Wembley Stadium.

It was interesting to watch the legendary rock band’s songs interpreted in a dystopian science fiction story. There were also references to George Orwell’s 1984 with flashes of a poster saying “Globalsoft is watching you,” and the themes of related to thought crime, and the banning of self-expression and individualism.

Tom Rogers’ futuristic set design suggests Star Wars, Blade Runner, Tron: Legacy, and Mad Max. The moving backdrop makes the audience feel like they are in a video game.

Inasmuch as the songs in the final sequence were enjoyable, I found the ending underwhelming. I expected that Galileo, Scaramouche, and the Bohemians would end up in an ensemble protest to defeat the Killer Queen (Londiwe Dhlomo).

But just when you think that the show is over, the theater becomes an energetic concert hall as the cast returns for an encore performance. And don’t worry, no one will police you for singing along. — Michelle Anne P. Soliman

For tickets to We Will Rock You, visit ticketworld.com.ph, call 8891-9999, or contact groups@gmg-productions.com for group and corporate bookings. Special ticket prices are offered on Tuesday performances.

Manulife IM Philippines expects customer growth

November 11, 2022 | 12:02 am

MANULIFE Investment Management and Trust Corp. (Manulife IM Philippines) expects their customers to rise this year despite high inflation and rising interest rates as more Filipinos seek to grow their finances.

“Our goal (is) to continue expanding our range of investment solutions, because different asset classes, different sectors react to market developments in varying ways,” Manulife IM Philippines President and Chief Executive Officer Aira Gaspar said in an interview on Oct. 14.

“But that said, given that the Federal Reserve has expressed commitment to continue tightening on monetary policy into weakening economic conditions, we expect risk assets to remain under pressure and volatility to continue in the months ahead,” she said.

The Fed has raised policy rates by a total of 375 basis points (bps) since March.

Back home, the Bangko Sentral ng Pilipinas is likely to match the Fed’s monetary tightening and deliver its second 75-bp rate increase this year at its Nov. 17 meeting to tame inflation and support the peso.

Ms. Gaspar said Manulife IM Philippines has several funds with different sensitivities to inflation and rising interest rates.

“For example, we launched the Global Health Care Fund, which provides access to the healthcare sector, which is one of the most recession-proof sectors. So, healthcare sector benefits from medical advances, ageing population, rising healthcare costs and unmet medical needs,” she said.

“We also have been building up our income paying funds which provide regular income streams, and even during periods of heightened inflation pressures and rising interest rate environment,” she added.

However, Ms. Gaspar noted that some investors are less aggressive and would prefer relatively more defensive strategies against the expected heightened volatility in the equities market.

“This includes our money market fund, which investors can use as a stable holding facility while waiting for better market conditions,” she said.

“In terms of our plans for this year, so this quarter, we’re going to expand further the range of our UITFs (unit investment trust funds) that can be accessed at more affordable investment sizes. So hopefully with that, with that initiative, we can attract more young investors like you to start investing and build your wealth portfolio as early as now,” Ms. Gaspar added.

She said Manulife IM Philippines targets to build on its track record and offer “differentiated solutions to investors, those that really resonate with the needs of Filipinos.” — Keisha B. Ta-asan

Gross domestic product (GDP) quarterly performance

November 11, 2022 | 12:02 am

THE PHILIPPINE ECONOMY expanded faster than expected pace in the third quarter, putting it on track to beat the government’s full-year target, but faces headwinds from soaring inflation and rising interest rates. Read the full story.

Holcim incurs net loss in Q3 on higher expenses

November 11, 2022 | 12:02 am

HOLCIM Philippines, Inc. swung to an attributable net loss of P173.28 million in the third quarter from a profit of P669.26 million in the same period last year.

Despite its total revenues increasing by 6.93% for the third quarter to P6.94 billion from P6.49 billion a year ago, Holcim posted a net loss due to higher expenses, its third-quarter report showed. Its gross expense increased by 13.3% to P6.37 billion from P5.62 billion a year ago.

For the nine-month period, Holcim’s net income declined by 21.2% to P487.39 million from P2.3 billion in the same period last year.

Meanwhile, the company’s revenues from January to September dropped by 5.2% to P19.11 billion from P20.15 billion a year ago, while its gross expense for the period went up by 1.6% to P17.33 billion from P17.06 billion last year.

Horia-Ciprian Adrian, president and chief executive officer of Holcim, said in a statement that the company is focusing on accelerating growth through sustainability and innovation.

Holcim said it would sustain its focus on manufacturing and logistics excellence to manage costs brought by the volatility of fuel and energy prices.

“Our positive momentum gives us confidence to further raise operational efficiency and expand offering building solutions with lower environmental footprint and better construction performance,” Mr. Adrian said.

Holcim said that it is accelerating digitalization initiatives to improve its operational efficiency and will continue to expand its waste management partnerships with local governments to increase usage of low-carbon alternative fuels and raw materials to temper the effect of fuel price increases.

On Thursday, shares in the company closed unchanged at P3.82 apiece. — Ashley Erika O. Jose

MSMEs on frontlines of improving job quality

November 11, 2022 | 12:02 am

THE Department of Labor and Employment said on Thursday that it plans to make micro, small, and medium enterprises (MSMEs) the focus of improving the quality of jobs, following the release of underemployment data earlier this week.

“MSMEs are at the forefront of entrepreneurial innovation and serve as a buffer during economic downturns and displacement,” Labor Secretary Bienvenido E. Laguesma said in a speech at the 2022 National Productivity Conference streamed online.

“The challenge remains the quality of jobs and we hope to see more full-time, decent and quality jobs.”

Job quality continued to worsen in September as the percentage of the employed who said they are seeking more work rose to a six-month high of 15.4%. This translates to about 7.33 million classified as underemployed, the Philippine Statistics Authority (PSA) said on Tuesday.

The unemployment rate for that month dropped to 5%, the lowest since the start of the coronavirus pandemic.

Mr. Laguesma said the recovery from the pandemic remains on track.

“Our current growth path does not only show that we are nearing pre-pandemic growth levels but we are actually poised to exceed them in the coming months,” he said.

“We all know how important MSMEs are in driving growth, employment generation and creating income opportunities for our workers.”

MSMEs have outsized representation in rural areas, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message.

The PSA reported last year that MSMEs account for 99.58% of the 1.08 million businesses in the Philippines.

“Improving logistics, capacitating in digital technology (even in paying taxes), and reducing red tape, among others, will help MSMEs provide more jobs,” China Banking Corp. Chief Economist Domini S. Velasquez said in a Viber message.

Separately, Mr. Laguesma said that National Wages and Productivity Commission (NWPC) and regional tripartite wage boards are closely monitoring inflation as labor groups continue to press for higher wages.

Mr. Laguesma has said that he asked the NWPC to study the need for another wage increase in light of soaring prices.

At least nine regions are set to receive the second and third tranches of pay hikes ordered in June.

The department has said all regional minimum wages will be reset by between P30 and P110.

Workers need higher wages to deal with the increasing prices of food and utilities, Federation of Free Workers Vice-President Julius H. Cainglet said via phone on Tuesday.

Headline inflation surged to 7.7% in October from 6.9% in September, the largest increase in nearly 14 years.

“We will prudently take into account the need to balance the interests of workers and employers, especially at this time when our economic recovery is still at its very early stages,” said Mr. Laguesma said. — John Victor D. Ordoñez