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New batch of SM scholars: A step closer to their dreams

As the famous saying goes, “Education is the passport to the future, for tomorrow belongs to those who prepare for it today.”

This is what the SM scholars believe in — that education is their key to uplift not just their own, but also their family’s economic status.

Just recently, SM Foundation Inc. (SMFI), the corporate social responsibility arm of SM, welcomed 250 new college students to their SM College Scholarship Program for school year 2021-2022 which was streamed on SMFI’s official Facebook page.

With the addition of these college freshmen, the total number of current SM scholars is now at more than 1,300. To date, SMFI has already produced over 3,400 college graduates.

SM scholar Kisses Liwanag

One of the 250 new SM scholars is Kisses Liwanag. She is taking up Bachelor of Secondary Education Major in English at the Batangas State University. A daughter to a tricycle driver and a food vendor, Kisses knew that she had to step up for her to finish her tertiary education.

“Mula po noong nalaman ko ang about sa SM Scholarship ay talaga pong inabangan ko ang pagbubukas ng kanilang online application. Ipinagdasal ko po ito sa bawat araw at pinaglaanan ko talaga ng oras ang pagkolekta sa mga kinakailangang documents at agad-agad po akong nag fill-out sa online application the moment na nagbukas ito,” Kisses recalled.

“Nag-apply po ako sa SM scholarship dahil gusto kong makatapos sa kolehiyo at makatulong sa aking mga magulang at kapatid, lalo’t nasasaksihan ko po ang hirap ng aking mga magulang at ang kagustuhan nila na mapatapos kaming magkapatid sa aming pag-aaral,” she further shared.

According to Kisses, the SM scholarship grant is a big help for her and her family especially because of their current situation, “Sa kasalukuyan po, masasabi ko pong hindi gaanong maganda ang estado ng aming pamumuhay lalo’t humina po ang biyahe ng tricycle dahil sa pandemya at ‘di rin po araw-araw na nakapaglalako si mama ng puto.”

SM scholar Mark Lawrence Bacasmo

Same with Kisses, new SM scholar Mark Lawrence Bacasmo also prepared ahead for the scholarship application. “When I learned about the scholarship program of SM from my mom’s friend, I immediately prepared all the documents I needed for the application,” Mark shared.

“The application was smooth. The application portal can be easily navigated as long as you have the requirements. Same with the qualifying exam up until the interview,” he added.

Mark is taking up Bachelor of Science in Accountancy at the Asia Pacific College. His father is a security guard while his mom sells homemade food.

“After I graduate, I hope to pass the board exams and become a Certified Public Accountant. And when I get a job, I am planning to save up and buy my parents a house,” Mark said.

Both Kisses and Mark expressed their gratitude to SM Foundation and the Sy family for giving them an opportunity to continue their college education without having to think of the financial burden of tuition and allowance.

(File photo) SM Scholars General Assembly in 2019

Of the 250 new SM scholars, 40% are from the National Capital Region and 60% are from the provinces across the country. This makes the total current number of SM college scholars to more than 1,300.

Under the flagship program of SM Foundation, scholars enjoy full tuition and miscellaneous fees subsidy. They also receive monthly stipend and are exposed to various enrichment activities and job opportunities at SM malls during their semestral or Christmas breaks. After graduating, they also have chance to land their dream jobs in companies within SM.

SMFI, through its Scholarship program, provides deserving and qualified students with access to college education and technical-vocational studies since 1993.

To know more about the social good programs of SM Foundation, visit www.sm-foundation.org, or follow its social media accounts on Facebook, Twitter, and Instagram (@SMFoundationInc).

 

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House moves to suspend fuel tax

THE HOUSE Committee on Ways and Means on Thursday approved a bill that would temporarily suspend or lower the excise tax on some fuel products for six months, a move that is estimated to cost the government around P45 billion in foregone revenues.

The committee approved a substitute bill that would temporarily scrap the excise taxes on diesel, kerosene, and liquefied petroleum gas (LPG). The excise tax on low-octane gasoline will be lowered to P4.35 per liter (/L), while the tax on premium gasoline will remain in place.

Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) Law raised excise tax on fuel in three tranches from 2018 to 2020. The tax rates are currently at P10/L for gasoline, P6/L for diesel, P5/L for kerosene, and P3/L for LPG.

“It’s immediate relief for Filipino families, especially affected sectors. The bill will cost the government around P45 billion, but what the government loses, the consumer gains,” Albay Rep. Jose Ma. Clemente S. Salceda, chair of the committee, said in a statement.

The suspension of excise tax on fuel will last for six months.

The substitute bill would be mainly based on House Bill (HB) 10438, authored by Mr. Salceda, but would incorporate HB 243, 10411, 10426, and House Resolutions 2318 and 2320.

“We embedded a mechanism (in the bill) for reverting it back to TRAIN rates if the prices normalize. If it goes back to $65 per barrel of crude oil, then the excise tax rates will also normalize,” Mr. Salceda said.

The bill also proposes a social impact stabilization fund that would provide subsidies for affected sectors such as farmers, fisherfolks, and transport workers when prices of fuel increase.

This will be funded by a P2/L charge for diesel and gasoline if global crude oil prices go below $45 per barrel.

“Basically, it addresses the cyclicality of prices. When they are too low, we can charge more so that we have funds in reserve for future assistance. When the prices are high, we can release these funds to the public,” Mr. Salceda said.

Mr. Salceda expressed confidence the House of Representatives will approve the bill and send it to the Senate by the fourth week of November, adding that this is a priority measure of House Speaker Lord Allan Jay Q. Velasco.

Bayan Muna Rep. Carlos Isagani T. Zarate, meanwhile, urged President Rodrigo R. Duterte to certify the bill as urgent to fast-track its approval.

The suspension of the excise tax on oil was first floated by the Energy department, as pump prices soared in recent weeks.

As of Nov. 9, year-to-date pump prices for gasoline and diesel have increased by P20.95/L and P17.50/L, respectively, according to data from the Energy department.

However, the Department of Finance (DoF) is cool to the proposal. The DoF noted a six-month suspension of the fuel excise tax would lead to foregone revenues worth P37.5 billion, which may hamper the country’s economic recovery from the coronavirus pandemic.

Lawmakers are also running out of time to tackle the legislative agenda. Congress adjourns for the Christmas break on Dec. 18. It will hold sessions from Jan. 17-Feb. 4, before adjourning to prepare for the national elections in May. — Russell Louis C. Ku

NPL ratio eases to 4.43% in September

SOURED LOANS held by banks slipped month on month in September, bringing the nonperforming loan (NPL) ratio slightly lower to 4.43%, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Based on BSP data, NPLs declined by 1.3% to P485.532 billion in September from the P491.926 billion in August.

However, bad loans increased by 30% from P374.304 billion in September last year.

The NPL ratio stood at 4.43%, easing from the 4.51% in August which was the highest since the 4.52% in September 2008. It was higher than the 3.51% a year earlier.

The easing NPL ratio in September from August reflected the impact of the relaxed quarantine measures, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

“More businesses reopened, thereby partly reducing NPLs from businesses. This also fundamentally led to some pickup in demand for credit that also expands the denominator and effectively reduces the NPL ratio,” Mr. Ricafort said in an e-mail.

High-risk areas including Metro Manila were placed under a two-week strict lockdown in August due to a surge in coronavirus cases. Restrictions have gradually been eased as infections declined.

However, the increase in NPLs year on year in September shows the extent of the pandemic’s impact on Filipinos’ income and on the asset quality of banks, said Asian Institute of Management economist John Paulo R. Rivera.

“Rising bad loans is still an indication of uncertainties in the income-generating opportunities of people, but it is slowly improving given the relaxing of restrictions because jobs are slowly returning,” Mr. Rivera said in a Viber message.

Earlier data released by the central bank showed bank lending continued to grow for the second consecutive month by 2.7% year on year in September. Prior to August, lending contracted annually for eight straight months since December 2020.

In September, banks’ total loan portfolio rose by 2.63% to P10.959 trillion from P10.678 trillion a year ago.

Past due loans increased by 8% to P570.199 billion from P528.097 billion a year earlier. These borrowings were equivalent to 5.2% of the industry’s total loan portfolio, up from 4.95% a year earlier.

Meanwhile, restructured loans surged by 158% to P338.462 billion from P130.883 billion in September last year. This brought the ratio to 3.09% from 1.23%.

Banks continued to beef up loan loss reserves to P409.571 billion, up by 20.8% from P339.027 billion. With this, its ratio rose to 3.74% from 3.17% in September 2020.

Lenders’ NPL coverage ratio — which shows the allowance for potential losses due to bad loans — dropped to 84.36% from 90.58% a year earlier.

Mr. Ricafort said he expects the continued easing of restriction measures and the faster pace of vaccination to boost business and consumer confidence, which may help improve banks’ asset quality. He also noted the seasonal increase in economic activities during the fourth quarter could support borrowers’ capacity to pay debts, and drive demand for loans.

Central bank officials earlier said the bad loan ratio could reach 5-6% by the end of this year before peaking at 8.2% in 2022. If realized, this will still be much lower than the 17.6% seen in the aftermath of the Asian Financial Crisis in 2002. — Luz Wendy T. Noble

PEZA says investment pledges decline by 13.7%

REUTERS

THE Philippine Economic Zone Authority (PEZA) reported a 13.7% decline in approved investments in the first 10 months of 2021, reflecting the impact of the coronavirus pandemic on investor sentiment.

In a statement, PEZA said it approved 215 projects worth P62.72 billion in the January to October period, lower than the P72.64-billion worth of projects during the same period in 2020.

PEZA Director-General Charito B. Plaza said the drop in investments was more pronounced this year compared with 2020 amid the prolonged coronavirus disease 2019 (COVID-19) pandemic.

“The decline in investment pledges and projects in PEZA was felt more in 2021. This is because when the first quarantines began in Philippines in March 2020, there were pending applications for investments and projects that were approved. Thus, 2020 performance didn’t immediately decrease,” she said.

In 2020, the investment promotion agency registered P95.03 billion in pledges, falling by 19.15% from the P117.54 recorded in 2019.

“Due to the strict lockdowns implemented last year, the approval of projects filed in early 2020 were delayed until mid to late last year. Business groups, entrepreneurs, and exporters were on a wait-and-see mode and had lower risk appetite in their investments during the pandemic. Hence, the impact of the pandemic was really felt this year,” Ms. Plaza said.

According to PEZA, most of the investments will be for ecozone development with P28.75 billion, and the manufacturing sector with P24.13 billion. The projects will be located in Regions IV, VII and the National Capital Region.

“We will constantly perform our best to attract investors to the country. We still have two months left this year, and there’s still a lot to happen. Let’s continue to have a positive outlook as we unite in reviving our economy,” Ms. Plaza said.

Meanwhile, PEZA said its actual employment for the January to August period increased by 11.1% to 1.69 million, while export income climbed by 17.4% to $40.69 billion.

“PEZA continues to contribute 65% of export income on commodities and goods, and export service income of 85% from information technology-business process outsourcing (ITBPO) and tourism-oriented companies registered with PEZA,” Ms. Plaza said.

As of September, 90% of PEZA-registered companies are operating across the country under different work arrangements, an increase of 3% compared with 87% reported in the same period last year. — R.M.D. Ochave

 

Vehicle sales slip in October

AUTOMOTIVE SALES dropped by nearly 10% year on year in October, although the industry remains confident full-year sales will be better than a year ago.

Based on a joint report from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) released on Thursday, carmakers sold 22,581 units in October, down by 9.8% from the 25,023 units sold in the same month last year.

October sales of passenger cars declined by 15.2% year on year, while commercial vehicle sales slipped by 6.7%.

Month on month, vehicle sales rose by 5.1%, as the 15.9% growth in passenger car sales offset flat sales in commercial vehicles. However, the pace of sales growth slowed from the 35.6% month-on-month increase seen in September.

The government placed the National Capital Region (NCR) under Alert Level 4, which was the second highest level under the new alert levels system, until Oct. 15. NCR was downgraded to a more relaxed Alert Level 3 until Oct. 31 as new coronavirus disease 2019 (COVID-19) cases continued to decline.

“Based on the October 2021 sales performance, the auto industry remains strong and will certainly surpass last year’s overall performance,” CAMPI President Rommel R. Gutierrez said in a statement on Thursday.

“Likewise, we continue to discuss relevant issues with the government aimed at ensuring full recovery of the industry as the country’s economic growth outlook is upgraded,” he added.

The industry is targeting to sell 295,400 units this year, higher by 20.9% compared with the 244,374 units sold in 2020.

For the first 10 months so far, total vehicle sales stood at 214,186 units, 23.8% up from the 173,035 units sold a year ago.

Sales of passenger vehicles increased by 29.3% to 68,608 units as of end-October, while commercial vehicles jumped by 21.3% to 145,578 units.

Toyota Motors Philippines Corp. continued to be the sales leader, accounting for 48.3% or 103,475 units of total vehicle sales. Mitsubishi Motors Philippines Corp. ranked second with a 13.8% market share, followed by Ford Motor Co. Phils., Inc. with 7.6%, and Suzuki Phils., Inc. with 7.4%.

Mr. Gutierrez said earlier in the year that the local car industry may see a return to pre-pandemic sales level as late as 2023. — Revin Mikhael D. Ochave

World’s record food bill is hitting poorer countries

The world’s food-import bill is set to jump even more than expected to a record this year, increasing the threat of hunger, especially in the poorest nations.

Higher shipping rates and prices of foodstuffs from grains to vegetables are likely to drive the cost of importing food up by 14% to $1.75 trillion, the United Nations (UN) said. It also warned of higher bills as farm inputs get more expensive.

Food prices have climbed to the highest in a decade, further pressuring household budgets strained by the pandemic and rising energy bills. A particular worry is that food-import costs in poor countries are climbing faster than those in developed economies, something that’s becoming an increasing problem in regions that are reliant on shipping in supplies.

Grain prices rallied in the past year as bad weather curbed harvests, freight rates rose and labor shortages hurt supply chains. That’s happened as global hunger hit a multiyear high, while an energy crunch also had a knock-on effect of raising fertilizer prices, giving farmers another headache.

“Food prices will inevitably rise with higher production costs, and do so without significant delays,” the UN’s Food and Agriculture Organization said in a report on Thursday. — Bloomberg

Converge income rises as pandemic boosts demand

https://www.convergeict.com/

By Arjay L. Balinbin, Senior Reporter

CONVERGE ICT Solutions, Inc. on Thursday said its attributable net income for the third quarter surged to P1.95 billion from P931.47 million in the same period a year earlier as demand continued to rise amid the public health crisis.

In a stock exchange filing, the listed fiber internet provider said its gross revenues for the third quarter of the year increased by 68% to P7.05 billion from P4.19 billion previously.

Broken down, the company’s third-quarter residential revenue climbed by 79% to P6.16 billion from P3.44 billion in the same period a year earlier, while revenue from its enterprise segment grew by 18% to P887 million from P752 million previously.

Cost of services for the quarter reached P2.64 billion, up by 37% from P1.93 billion in the same period last year, bringing the company’s gross profit to P4.41 billion, up by 95% from P2.26 billion previously.

Converge said it added almost 280,000 subscribers in the third quarter, bringing its total residential subscriber count to nearly 1.6 million, by 75% higher compared to the same period last year.

“This was made possible as Converge reached peak levels in its port deployment at over 650,000 ports in the third quarter,” the company said.

Meanwhile, Converge’s attributable net income for the first nine months of the year went up by 137% to P5.20 billion from P2.19 billion in the same period in 2020.

January-to-September revenues increased by 76% to P18.83 billion from P10.68 billion last year. Cost of services reached P7.46 billion, up by 51% from P4.94 billion previously, bringing the company’s gross profit to P11.37 billion, up by 98% from P5.73 billion in the same period last year.

“As of end-September 2021, the nationwide network of Converge reached more than 9.6 million homes, allowing it to accelerate its target to cover approximately by 55% of Filipino households to 2023, two years ahead of the original 2025 schedule announced during the initial public offering last year,” the company said.

Converge also said it completed “in the past quarter” its P6-billion, 1,800-kilometer subsea cable project with its final landing in Coron, Palawan, connecting the country’s major islands to its domestic fiber backbone.

“As of September 2021, Converge’s domestic fiber backbone is at 90,000 kilometers, passing through some 440 cities and municipalities nationwide and introducing its broadband service to new markets including Iloilo, Cagayan, and Cagayan de Oro,” it noted.

At a virtual briefing, Converge Chief Executive Officer Dennis Anthony H. Uy said the company is “exploring potential new partnerships to serve [its] customers beyond broadband internet, such as fintech, e-games, con-tent, and others.”

Converge ICT shares closed by 3.24% higher at P35 apiece on Thursday.

SMC net income rises to P34.2B

San Miguel Corporation head office in Ortigas, Mandaluyong City, October 26, 2014

SAN MIGUEL Corp. (SMC) on Thursday said its consolidated net income for the first nine months of the year surged 218% to P34.2 billion from P10.7 billion in the same period last year, despite its three companies’ volumes growing at a “slower pace.”

“Consolidated revenues rose by 22% to P650.6 billion,” SMC said in an e-mailed statement. The company attributed the increase to volume growth across its major businesses.

SMC has yet to disclose its quarterly report.

The company said its operating income climbed by 112% to P87.7 billion in the first nine months.

SMC President Ramon S. Ang said the operating environment remains very challenging. “[B]ut we’ve managed to stay resilient, focus on our goals, and quickly adapt to changing conditions.”

“We’re determined to keep this momentum going, especially with the easing of quarantine restrictions,” he added.

Metro Manila mayors lifted the general curfew in the capital region last week along with the easing of the lockdown to Alert Level 2. Malls in the Philippine capital and nearby cities will adjust operating hours starting mid-November.

National Capital Region was placed under Alert Level 2 from Nov. 5 to 21 amid decreasing infections. Under the lockdown level, businesses may operate indoors at 50% capacity. They will get an additional 10% capacity if they have a so-called safety seal from the government. For outdoor operations, they may operate at 70% capacity.

“Petron and Power… delivered quarter-on-quarter volume and revenue growth. San Miguel Brewery, Inc. (SMB), Ginebra San Miguel, Inc. (GSMI), and San Miguel Foods likewise continued to grow volumes, albeit at a slower pace, due to mobility restrictions and liquor bans implemented in July and August,” SMC said.

San Miguel Food and Beverage, Inc. saw its revenues increase by 14% to P221.7 billion. Its operating income rose by 60% to P32.8 billion, while net income went up 68% to P24.2 billion.

Meanwhile, SMC Global Power Holdings Corp.’s revenues went up by 7% to 93.9 billion, while operating income decreased by 14% to P24.9 billion “due to higher spot purchases and rising coal prices,” SMC said.

“Net income amounted to P13.7 billion, down by 5%,” it said, noting that the company’s performance was “partly affected by ongoing gas restrictions at the Malampaya field, and the extended outage of the Sual plant.”

Petron Corp. reported a net income of P5 billion for the first nine months, a turnaround from a P12.6 billion net loss previously.

“Sales volumes in its Philippine operation posted recoveries from lubricants and retail stations, which increased by 28% and 9%, respectively, along with a significant growth in its petrochemicals business,” SMC said.

Meanwhile, SMC Infrastructure’s revenues for the first nine months totaled P13.3 billion, a 29% increase from last year.

“Average daily traffic volumes grew by 35% at all operating toll roads,” SMC said. “Operating income rose by 102% to P4.3 billion from the same period in 2020.”

SMC shares closed unchanged at P117.20 apiece on Thursday. — Arjay L. Balinbin

Shakey’s cuts net loss to P49.28 million in Q3 on better system-wide sales

FACEBOOK.COM/SHAKEYSPH

SHAKEY’S PIZZA Asia Ventures, Inc. saw its net loss narrow by 71% to P49.28 million in the third quarter from P171.95 million last year on the back of improved system-wide sales.

The company said in a disclosure on Thursday that its topline for the quarter improved by 13% to P1.21 billion from P1.06 billion a year ago.

Shakey’s said its third quarter system-wide sales rose 15% from last year, while its same-store sales grew by 7% despite the more stringent dine-in restrictions implemented in the period.

“The strength of and continued trust of our guests in our brands helped us navigate through a challenging third quarter ladened with heightened lockdowns as the Delta variant began to spread,” Shakey’s President and Chief Executive Officer Vicente L. Gregorio was quoted as saying.

In the first nine months, the company cut its net loss to P35.26 million from P462 million in the same period last year. However, its revenues inched down by 2% to P3.75 billion from P3.83 billion.

Shakey’s said its year-to-date system-wide sales amounted to P4.85 billion, higher than the P4.79 billion last year.

“Despite a tough operating environment, we remain confident in PIZZA’s (Shakey’s ticker symbol at the stock exchange) ability to emerge from this pandemic,” Mr. Gregorio said. “I believe we are taking the right steps in paving the foundation for a reopening play to purposefully grow our brand reach through store network expansion.”

The company launched 28 new stores in the nine-month period, which brought its store network to 307.

Meanwhile, Shakey’s said it doubled the number of Peri-Peri outlets since acquiring it in 2019. It also built the first stand-alone store of its milk tea franchise, R&B, in Metro Manila.

Shakey’s shares on Thursday declined by 0.81% or seven centavos to close at P8.60 apiece. — Keren Concepcion G. Valmonte

Meralco considering nuclear en route to zero coal by 2050

THE Manila Electric Co. (Meralco) said it is considering nuclear energy as well as renewable energy in order to go completely coal-free by 2050.

In a webinar Thursday, Meralco President and Chief Executive Officer Ray C. Espinosa said: “The approach to clean energy cannot simply be based on renewable energy (RE); we must also focus on coming up with the fossil-free dependable baseload energy that we can rely on dependably 24/7 to complement renewable energy.”

“We in Meralco believe that nuclear energy in its latest technology is the way to go.”

Mr. Espinosa said Meralco is committing to obtain 1,500 megawatts (MW) of renewables over the next five years to bring RE to a 29% share of its total supply mix.

He added that the company has secured at least 400 MW of solar supply for its retail customers for 2022 to 2026.

Mr. Espinosa called RE intermittent, adding that storage technology for saving up what is generated in odd hours is currently so expensive that it threatens to raise power costs.

“We have to balance our move to clean energy and the economic needs of our people and country,” he said.

“In order to address this dependable energy issue as we move to clean energy, we are now seriously looking at nuclear energy as providing that dependable baseload capacity.”

Between 2031 and 2040, Mr. Espinosa said Meralco seeks to adopt other clean energy technologies such as battery storage and nuclear energy “using small modular reactors.”

By 2041-2050, Meralco will initiate a deep decarbonization process with a goal of achieving net zero emissions.

Meralco services Metro Manila and adjacent provinces, which are home to 30% of the country’s total population and account for almost half of Philippine GDP and 55% of national energy sales.

Meralco shares rose 0.4% or P1.20 to P298.80 Thursday.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc. is partly owned by PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc. has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Bianca Angelica D. Añago

Dune, A Quiet Place II are the first films shown as Cinemas open after 20 months

PHILIPPINE STAR/ MICHAEL VARCAS

AFTER being shuttered for 20 months, select cinemas in Metro Manila and provincial areas are opening — following strict guidelines — with screenings of the horror film A Quiet Place Part II and the science fiction film, Dune.

The rules for movie watching under the new normal, according to the Cinema Exhibitors Association of the Philippines (CEAP), include no eating or drinking in the theater, and sitting apart for social distancing. Movie goers will have their temperature checked upon entering the cinema and they must present an authentic vaccination card before being allowed inside. The cinemas must enforce IATF and LGU regulations on facial coverings and encourage contact-less transactions in ticket-purchasing. The cinema management must have improved air ventilation inside the theaters, make hand sanitizers available at the cinema entrance, make hand-washing every 30 minutes manda-tory for cinema employees, and, deep clean the theater between screenings.

In a text message to BusinessWorld from the CEAP’s public relations representative, moviegoers of all ages are allowed into theaters, as long as they are fully vaccinated.

UPGRADED CINEMAS

Megaworld cinemas has reconfigured the seats in its cinemas in order to follow a one seat apart arrangement for moviegoers and the 50% seating capacity limit per screening.

“To ensure the utmost safety of moviegoers, we rolled out new upgrades and innovations. These include newly renovated movie theaters with reconfigured seats to ensure the proper observance of social distancing, intensified sanitation of seats and surroundings using UV technology, a contactless movie ticket purchase system and modified air filtration and circulation system,” said Brix Valdenarro, Head of Lifestyle and Entertainment at Megaworld Life-style Malls, in an e-mail to BusinessWorld.

Even with all these changes, ticket prices remain the same as they were prior to the pandemic closure.

“There will be no ticket price increase even if we have less seating capacity. Ensuring a safe movie experience for our moviegoers is our top priority as of this moment,” Mr. Valdenarro said.

In accordance with health and safety protocols, food and drinks are not allowed in the cinema but can be eaten at the snack bar.

“Moviegoers can still enjoy their popcorn and drinks at our Snack Studio dining area. We will be providing tables and chairs outside the movie theater so they can still enjoy their food and drinks before or after the movie,” Mr. Valdenarro said.

BusinessWorld reached out to other mall cinemas which said that details for their re-opening are being finalized.

THE OPEN THEATERS

On its official Facebook page, CEAP posted a list of cinemas opening in Metro Manila, which are: Fishermall in Malabon; Cloverleaf, Eastwood, Fairview Terraces, Fishermall, Gateway, and Trinoma in Quezon City; Greenhills Shopping Center and Santolan Town Plaza in San Juan; Cinerama and Luck Chinatown in Manila; Circuit, Century Mall, Glorietta 4, and Power Plant Mall in Makati; Festival Mall in Muntinlupa; Bonifacio High Street, Uptown Mall, Venice Grand Ca-nal, Vista Cinemas in Taguig; Ayala Malls Manila Bay in Parañaque; Newport Mall in Pasay; and Vista Cinemas in Las Piñas.

Outside Metro Manila, the cinemas that are opening are at Alturas, Bohol Quality, and Island City in Bohol; Festive Walk in Iloilo; Fora in Tagaytay; Magic Star in Tarlac; Southwoods in Laguna; Sta. Lucia in Rizal; and Vista Cine-mas Daang Hari, General Trias, Tanza, Dasma, Nomo in Cavite, and Vista Cinemas Naga, Malolos (Bulacan), Bataan, Pampanga, Sta. Rosa (Laguna), and Iloilo.

THE MOVIES

The sequel to the movie of the same title from 2018, A Quiet Place Part 2, follows the Abbott family after the deadly events in their home in the first film. The remaining family members must now face the terrors of the outside world, and these are not limited to the monsters who hunt by sound.

The film is directed by John Krasinski who also stars in the film along with Emily Blunt, Cillian Murphy, Millicent Simmonds, Noah Jupe, and Djimon Hounsou.

NPR’s Justin Chang writes, “The fact that the characters can’t speak out loud is one reason the Quiet Place movies are so effective: Not being able to fall back on verbal exposition has forced Krasinski to become a ruth-lessly efficient visual storyteller. It’s often said that Alfred Hitchcock’s movies are so sharply directed, you could turn the sound off and still follow the action — a truth that applies to these movies as well.”

Rotten Tomatoes’ Tomatometer gives the film a score of 91%, while the audience gives it 92%. Its MTRCB Rating is PG.

An adaptation of the 1965 science fiction novel by Frank Herbert, Dune follows Paul Atreides, who was born into a great destiny and must travel to a dangerous planet to ensure the future of his family and his people. Shortly after he arrives, malevolent forces explode into conflict over the planet’s exclusive supply of the most precious of resources — spice, which makes space travel possible.

Directed by Denis Villeneuve, it stars Timothée Chalamet, Oscar Isaac, Zendaya, Rebecca Ferguson, Josh Brolin, Dave Bautista, and Jason Momoa.

The New York Times’ Manohla Dargis writes, “Throughout Dune, you can feel Villeneuve caught and sometimes struggling between his fidelity to the source material and the demands of big-ticket mainstream moviemaking and selling. It’s easy to imagine that he owns several copies of the novel, each copiously dog-eared and heavily outlined… At the same time, Villeneuve is making a movie in a Marvel-dominated industry that foregrounds obviousness and blunt action sequences over ambiguity and introspection. There’s talk and stillness here, true, but also plenty of fights, explosions and hardware.” Rotten Tomatoes’ Tomatometer scores the film 83%, while the audience gives it 90%. The MTRCB Rating is PG. To book tickets, visit www.dunemovie.com.ph.

In a press release from the Movie and Television Review and Classification Board (MTRCB) dated Nov. 5, it stated: “As more cinemas and movie theaters move to open its doors to the public, we encourage all moviegoers to strictly observe minimum public health standards while keeping in mind the MTRCB film ratings as guide when choosing age-appropriate film content.” — MAPS

Monde Nissin posts 8.7% increase in Q3 profit

MONDE NISSIN Corp. saw an 8.7% increase in its net income attributable to owners to P2.86 billion in the third quarter on the back of lower tax rates and interest rates.

The company’s sales also grew by 4.1% to P17.69 billion, with its Asia-Pacific Branded Food and Beverage Business (APAC BFB) recording the strongest growth of 4.2% to P14.1 billion in the third quarter.

Monde Nissin said noodles sales from its domestic business saw “robust growth,” while sales for biscuits “stabilized” for the first time amid the pandemic. Sales in the Philippines climbed by 4.4% to P13.19 billion.

Meanwhile, APAC BFB sales overseas inched up by 1.2% to P892 million as it came from a high base. The company said international sales were also impacted by logistical challenges.

“The pickup in growth was encouraging during the third quarter for our APAC BFB operations, showing the strength of our foundation products, we have much still to do in our meat alternatives business,” Monde Nissin Chief Executive Officer Henry Soesanto said in a statement.

Sales from Quorn Foods declined by 3.8% in the third quarter due to the “unprecedented labor shortages” in the United Kingdom. However, favorable exchange rates translated to a 3.6% revenue growth to P3.61 billion.

Monde Nissin said Quorn Foods also saw a 63.8% foodservice revenue growth. In the US, Quorn Foods launched five new products. It also tapped actress Drew Barrymore as its newest brand ambassador, dubbed as “Chief Mom Officer.”

Back home, Monde Nissin said it relaunched its Quorn Foods in stores and online shopping platforms such as Lazada and Shopee.

For the first nine months, Monde Nissin’s attributable net income declined by 5.3% year on year to P7.12 billion, while its topline inched up by 2.2% to P51.45 billion. The company also revised its topline guidance for the year.

“Recall that our previous guidance is that we are targeting mid-single-digit growth. We have modified it to low to mid-single-digit growth,” Monde Nissin Chief Financial Officer Jesse C. Teo said in a briefing on Thursday.

“We believe that we should be able to have respectable growth rates because of our balanced portfolio and we should be able to sustain what we have done in [the third quarter] into [the fourth quarter],” he said.

Monde Nissin said it continued to invest in its business operations.

“We have two high-speed airflow lines coming in into our Philippine operations,” said Mr. Teo, adding that the company is on track to have its high-speed airflow line in Thailand by early next year.

“Our Malvar operations has started out, the new noodle line is up and running and we’re just waiting for regulatory approval to ship our first products there,” Mr. Teo said.

Meanwhile, the company plans to focus on “mainstream expansion” for its international businesses as logistical challenges continue.

Monde Nissin shares lost 1.66% or 28 centavos to close at P16.60 each on Thursday. — Keren Concepcion G. Valmonte

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