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BDO’s net income down 10.6% in Q3

BW FILE PHOTO

BDO Unibank, Inc. recorded a lower net profit in the third quarter due to increased expenses and as its net interest income slipped amid lower rates.

The bank’s net earnings in the July to September period went down by 10.6% to P11.033 billion from P12.346 billion a year earlier, based on its quarterly financial report released on Monday.

This brought BDO’s net income for the first nine months to P32.484 billion, jumping 95.7% from the P16.598 billion logged in the same period in 2020. The bank said in a statement that its profit for the period was back to its pre-pandemic level on the back of its “resilient business franchise and normalized provisions.”

Return on average common equity improved to 10.72% as of end-September from 5.97% a year earlier. Return on assets also rose to 1.26% from 0.68%.

BDO’s net interest income slipped by 0.96% to P33.108 billion in the third quarter from P33.43 billion in the same period a year ago, its financial statement showed.

The bank attributed the drop to the decline in lending rates as well as the cap on credit card fees. Net interest margin stood at 4.05% as of end-September from 4.36% a year earlier.

Interest income on loans and other receivables dropped by 8.18% to P31.192 billion in the third quarter from P33.972 billion a year earlier.

However, this was partially offset by its interest earnings from trading and investment securities, which improved by 31% to P5.067 billion from P3.86 billion.

Meanwhile, BDO’s non-interest income in the July to September period increased by 20% to P14.778 billion from P12.332 billion. This was backed by higher commission fees, foreign exchange gains, and insurance premiums, which offset the bank’s net loss from trading.

On the other hand, operating expenses rose 7% year on year to P29.914 billion in the third quarter from P27.951 billion, driven by higher compensation and occupancy expenses as well as the increase in costs related to its insurance business.

“The bank sustained investments in its IT/digital infrastructure and expanded its digital capabilities to further elevate customer experience and raise productivity,” BDO said.

The bank set aside P3.659 billion for impairment losses in the third quarter, surging by 162% from the P1.392 billion a year ago. However, as of end-September, these provisions were 56% lower year on year at P10.44 billion from P23.826 billion.

Loans stood at P2.365 trillion as of end-September, with customer credit starting to pick up, BDO said. Its gross nonperforming loan (NPL) ratio was at 3.1% and its NPL coverage ratio was at 101% in the same period.

On the funding side, total deposits reached P2.734 trillion as of end-September. BDO said its current account, savings account deposits rose 14% year on year, making up 85% of the total.

The bank’s capital base stood at P422.3 billion as of September, with its common equity Tier 1 well above the regulatory requirement at 13.8%. Capital adequacy ratio was also higher than the regulatory requirement at 14.87%, up from 14.34% a year prior, amid increased capital that outpaced growth in risk-weighted assets.

BDO has over 1,500 branches and 4,400 automated teller machines nationwide.

The Sy-led lender’s shares went up by P1 or 0.78% to close at P129 apiece on Monday. — Luz Wendy T. Noble

Competition body ‘not notified’ of Udenna-SPEx deal

THE Philippine Competition Commission (PCC) on Monday said it was not notified of the deal between a unit of Udenna Corp. and Shell Philippines Exploration B.V. (SPEx), which holds a 45% stake in the Malampaya deepwater gas-to-power project.

“In Udenna’s transaction to take over controlling stake in Malampaya from Shell this year, this was not notified to PCC due to the increase in notification threshold to P50 billion under the Bayanihan II,” PCC Chair Arsenio M. Balisacan said in an emailed statement on Monday.

However, the PCC said it was notified of the deal between another Udenna unit and Chevron Malampaya LLC, which earlier sold its 45% stake in the offshore Palawan project.

In May this year, Shell Petroleum N.V said that it had signed with Udenna unit Malampaya Energy XP Pte. Ltd. for the sale of its 100% shareholding in SPEx, which holds a 45% operating interest in Service Contract (SC 38) that includes 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. The transaction’s effective date started on Jan. 1, 2021.

The other firms with interest in SC 38 are Udenna unit UC38 LLC with 45%; and state-led Philippine National Oil Co. Exploration Corp. (PNOC-EC) with 10%. UC38 acquired its stake in March last year from Chevron.

Mr. Balisacan added that the body also only looks at the competition side of transactions and defers other aspects, such as firms’ capability to operate, to sector regulators.

As such, he said the PCC “found no competition issue” in the transaction of Udenna to buy all the shares of Chevron as “Udenna was not engaged in the natural gas business.”

The statement came after Senate energy committee chair, Senator Sherwin T. Gatchalian, held that the Energy department’s approval of the deal between Udenna and Chevron was “defective” and is therefore “invalid.”

In the Senate energy committee’s budget hearing on Thursday, Mr. Gatchalian again questioned the said deal between Udenna and Chevron as under Presidential Decree 87, sale transactions involving oil exploration require prior approval from the government, which in this case is the DoE.

The DoE had earlier claimed that it was not informed of the transaction and that it did need to approve the agreement as it was an agreement between two private companies.

However, during the hearing on Thursday, Energy Secretary Alfonso G. Cusi said the DoE did approve the sale through a “farm-in process,” but Mr. Gatchalian said the new process used was not stated in any of the documents submitted by the DoE on the Malampaya buyout.

The Malampaya gas field covers an area of about 830 square kilometers. It provides up to 20% of the Philippines’ energy requirements and reduces its oil imports. — Bianca Angelica D. Añago

2GO Travel says 5 destinations grant easier entry to fully vaccinated passengers

2GO Group, Inc.’s 2GO Travel said the cities of Bacolod, Butuan, Cagayan de Oro, Iloilo, and the province of Cebu are now granting entry to fully vaccinated travelers without the need for reverse transcription-polymerase chain reaction (RT-PCR) tests.

“Fully vaccinated passengers bound for Bacolod, Butuan, Cagayan de Oro, and Iloilo can easily apply for their travel coordination permit via S-PaSS,” 2GO Travel said in a statement e-mailed to reporters recently.

S-PaSS is a travel management system developed by the Department of Science and Technology.

“Meanwhile, all passengers are welcome to Cebu province by simply presenting a medical certificate issued within 24 hours before arrival,” 2GO Travel added.

It also launched a P99 promo inclusive of 50-kilogram baggage allowance and free unlimited rebooking.

2GO Travel announced recently that it was offering a “free room upgrade” to fully vaccinated individuals.

“[2GO believes] that the key to local tourism recovery is for us to achieve herd immunity by getting vaccinated,” it said in an advisory.

2GO Travel is 2GO Group’s brand for its passage business. — Arjay L. Balinbin

Squid Game mania has shoppers snapping up Vans’ white slip-on shoes

Netflix

WHITE slip-on shoes are becoming a hot commodity thanks to the wildly popular South Korean survival drama Squid Game, with sneaker maker VF Corp. reporting a small increase in demand for its Vans brand.

The series, which became a global sensation and the No.1 program on Netflix, shows hundreds of cash-strapped players competing in hyperviolent games, sporting shoes resembling Vans’ all-white slip-ons.

“We saw a nice spike — well, I’d call it a small spike, but I’ll promise this is not a damned annual event,” VF Chief Financial Officer Matt Puckett said on Friday, adding the apparel maker would use this moment to build on Vans’ connection to pop culture.

VF Corp. missed Wall Street estimates for quarterly revenue and profit on Friday due to global supply chain disruptions and production shortfalls in Vietnam.

The “Made in Korea” green tracksuits and pink boiler suits worn by characters in the show have proven a pre-Halloween bright spot for the South Korean garment industry struggling during the health crisis. — Reuters

NGO flags non-compliance with lead paint phase-out

INDUSTRIAL PAINTS with high lead concentrations remain available on the market despite a phase-out of the products starting last year, a non-government organization (NGO) said.

“As some of the extremely leaded industrial paints found were produced during the phase-out period, we urge concerned manufacturers to initiate a systematic retrieval of such paints to stop their sale and use,” EcoWaste Coalition Chemical Safety Campaigner Thony Dizon said in a statement Monday, citing a study conducted by the coalition with Sweden’s International Pollutants Elimination Network (IPEN) on 68 solvent-based industrial paints.

The study found that 21 bright-colored paints or 31% of the sample contained lead concentrations above the maximum limit of 90 parts per million (ppm) stipulated as the ceiling by Department of Environment and Natural Resources Administrative Order 2013-24.

Of the 21 paints, 13 contained extremely high levels of lead concentration at or above 10,000 ppm. The highest concentration was at 220,000 ppm detected in a yellow epoxy paint.

To address the problem of lead paint, the EcoWaste and IPEN recommended that the National Government review and strengthen their monitoring and enforcement measures and conducting random inspections, penalizing manufacturers and traders that continue to produce and sell such paints.

The two groups also for support from public health groups to eradicate lead paint and for consumers to seek out paints with compliant lead levels.

“While citing different reasons why lead was detected in their analyzed products, the companies signified their commitment to abide by the country’s lead paint regulation,” EcoWaste said.

Lead is toxic when used beyond the threshold 90 ppm, harming both public health and the environment. — Bianca Angelica D. Añago

National government fiscal performance (in billion pesos)

THE NATIONAL Government’s deficit widened in September as spending outpaced a smaller increase in revenue collection, the Bureau of the Treasury (BTr) reported. Read the full story.

Sustainable houses to rise in Rejoice Village

BASE BAHAY Foundation, Inc. has partnered with humanitarian organization 4P for People to create a sustainable community for vulnerable Filipinos in Nasugbu, Batangas.

In a statement, Base Bahay Foundation said Rejoice Village will have children’s homes and affordable houses made of bamboo, agricultural infrastructure and livelihood activities.

Base Bahay Foundation General Manager Pablo Jorillo said they want to showcase the possibilities of using bamboo for different kinds of structures, and to help the community.

The first beneficiaries of Rejoice Village will be from Happyland in Tondo, Manila.

The “children’s village” or the orphanage will be built using Base Bahay’s cement bamboo frame technology. Thirty houses are also currently being built within the village. The bamboo being used for the structures are sourced and treated in Nasugbu through Base Bahay’s supply partner.

“The construction industry is one of the biggest contributors to climate change, and to create an impact, sustainability issues must be addressed. Through our partnership with 4P, we can now see a sustainable future that in-cludes better infrastructure and better living conditions for the most underprivileged members of society,” Mr. Jorillo said

Balancing WFH compliance and tax incentives for PEZA IT-BPM entities

Amid new government issuances and pandemic constraints, flexible work arrangements, especially remote work or “work-from-home” (WFH) setups as we call them, continue to be implemented by businesses. Government orders allowing only essential businesses to keep their physical locations open forced unprepared employers to adopt flexible work options on the fly.

Despite the challenges that the business sector faces today, it is refreshing to see that the information technology-business process outsourcing (IT-BPO) industry is showing growth.  IT-BPO firms are generally registered with the Philippine Economic Zone Authority (PEZA), and given the realities on the ground, the Fiscal Incentives Review Board (FIRB), under Resolution No. 19-21, approved the extension of WFH arrangements for enterprises registered with the Information Technology-Business Process Management (IT-BPM) until March 31, 2022.

The resolution was reproduced in PEZA Memorandum Circular (MC) No. 2021-049.  In the resolution, instead of the previous revenue threshold, the threshold for WFH arrangement shall now apply to the total workforce under the following conditions:

  • From Sept. 13, 2021 to Dec. 31, 2021, the total number of employees in WFH arrangements may not exceed 90%. For PEZA-registered IT enterprises, this is to be on a per-site basis;
  • Reduction to 75% of the total workforce between Jan. 1, 2022 and March 31, 2022, except in cases where the government declares a state of calamity, in which case the sector will revert to the 90% cap;

[The government has declared that the country will be under a state of calamity until Sept. 12, 2022.]

  • The number of laptops/other equipment of the RBE outside the ecozone should not exceed the number of its employees who are under WFH arrangements;
  • Bonds are to be posted for all equipment deployed by the RBE to ensure payment of taxes and duties if any such equipment is not returned to the site of the registered business enterprise after the WFH arrangement; and
  • Revenue from exports will be maintained with no reduction of workforce even with a majority of employees under WFH arrangements.

For PEZA IT-BPM entities, the above conditions mean that they will be required to maintain at least 10% of their workforce onsite while complying with the reportorial, inspection, and bond requirements corresponding to employees who are under WFH arrangements. This is different from the previous situation in which PEZA IT-BPM entities are allowed to operate 100% under WFH arrangements, although only 90% of the total revenue of their registered activity is subject to incentives.

All PEZA IT-BPM entities are expected to strictly comply, as any violation of the above conditions may result in suspension, withdrawal, or cancellation of their tax incentives.  Thus, what are at stake here include the following tax incentives:

  • Income Tax Holiday (ITH) and/or Special Income Tax rate of 5% of gross income, as applicable;
  • A special tax rate of 5% of gross income after ITH, in lieu of all national and local taxes, except real property taxes;
  • Tax-free and duty-free importation of machinery, raw materials, and equipment that are directly and actually needed and will be exclusively used for the registered operations;
  • VAT zero-rating of local purchases of goods and services, under certain conditions;
  • Exemption from wharfage dues on import shipments of equipment; and
  • Exemption from expanded withholding tax.

The management of a PEZA IT-BPM entity thus faces the need to balance the health and safety of its personnel while remaining eligible for the tax incentives. Without the incentives, the income generated by IT-BPM entities will be subjected to the 25% regular corporate income tax which could amount to millions in taxes.

According to recent news reports, PEZA IT-BPM entities and PEZA itself are still trying to appeal to the FIRB to adopt their proposal to use the revenue threshold instead of the threshold based on number of workers.

It is thought that the revenue-based threshold affords more protection to employees, as it places more importance on their health and safety. Further, with the existing threat of being infected with the COVID-19 virus, employees will be reluctant to report onsite. In addition, the implementation of the new threshold will entail major adjustments to PEZA IT-BPM entities in terms of retrofitting and/or renovation works in their offices.

On the other side of the argument, it is also thought that the return to the revenue-based threshold is not consistent with the economic strategy of the government to gradually and safely reopen the economy.

In conclusion, it appears that a balance is needed between compliance with government rules and eligibility for incentives on the one hand, and the various practical innovations the private sector has adopted to deal with the pandemic. While the IT-BPO industry is currently growing, the government should continue to work hand in hand with stakeholders to ensure that concerns regarding WFH compliance and tax-incentive eligibility are fully addressed.

 

Let’s Talk Tax is a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.

 

Leula Dianne Cantos-King is an associate of Tax Advisory & Compliance division of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd.

pagrantthornton@ph.gt.comç

HSBC sees no material fallout from Evergrande crisis

REUTERS

HSBC Holdings Plc has guarded itself against mounting risks in the Chinese real estate market, picking firms that can steer clear of any fallout from the crisis enveloping China Evergrande Group.

Calling the trouble at Evergrande, “well telegraphed,” the London-based lender has been “highly selective” in the sector and doesn’t hold any exposure to firms that run afoul of the three red lines introduced on the industry.

HSBC doesn’t expect to see “any material fallout” from Evergrande, Chief Financial Officer Ewen Stevenson said in an interview on Monday on Bloomberg TV after the bank reported a 36% rise in third-quarter earnings. Hong Kong’s real estate market has been resilient through many cycles and there won’t be any spillover into financial hub, he said.

The lender said it had mainland real estate exposure of $14.7 billion, plus Hong Kong incorporated property company exposure of $4.9 billion which has been booked in mainland China.

Despite recent crackdowns in China — including anti-monopoly probes against big technology firms — that have rattled global investors, Mr. Stevenson reiterated the bank’s commitment to the world’s second-largest economy.

“We are China bulls,” he said. “We’re clearly not shying away.”

The lender is going after opportunities in the integration of the Greater Bay Area and the recently launched wealth link. HSBC has also been hiring for a wealth fintech platform in China.

HSBC’s China property exposure is focused on top-tier developers. As of June 30, 63% of exposure is to counterparties whose core business activity focuses on residential development, and 66% of the book is categorized as investment grade, with 94% of exposure broadly equivalent to an external credit rating of BB- or above. — Bloomberg

Entertainment News (10/26/21)

GMA Pinoy TV launches Stronger Together podcast

The international channel GMA Pinoy TV marks its 17th year with a podcast. Stronger Together: The GMA Pinoy TV Podcast showcases conversations with GMA personalities, global celebrities, and Filipinos around the world. The program aims to inspire and encourage its listeners to see pockets of hope in their day-to-day lives. Featured in the pilot episode is actress Bea Alonzo as she talks about her personal life. For the second episode, the lead stars of To Have and To Hold, Carla Abellana, Rocco Nacino, and Max Collins will share the things that kept them hopeful and positive during the pandemic. The guest lineup also includes “Kuya” Kim Atienza where he shares the issues he went through during the lockdown. The Clash judge, singer Lani Misalucha, is also set to talk about her recovery and adjustments in the pandemic, as well as living in the US. Hosted by Tonie Pua, the podcast is available to stream on Spotify, Apple Podcast, and Google Podcast.

Band renames and releases two tracks

The band Nathan & Mercury has changed its name to “of Mercury” and has released two tracks under the title CHANGIN’ Vol. 1 via Sony Music Philippines. In a statement posted across social networking platforms, the band cited creative and personal disagreements as the two main reasons for going on a hiatus. After working on their differences internally, the members decided to restart under a name that they feel would represent them better as artists. The dual release, which features the songs “I’m Fine” and “Heaven on Earth,” finds the band pushing their sound to an unexpected direction. “Think of this release as a re-introduction to us,” of Mercury said in statement. “This release is a statement from us that we’re growing, we’re changing: a foretaste of what the album is going to be.” CHANGIN’ Vol. 1 serves as a reintroduction to the quartet. It is available on all digital music platforms worldwide via Sony Music Philippines.

Pinoy film reaches 100M homes in US

Circle of Bones, an independent horror/action film written and directed by Filipino filmmaker Vincent Soberano made history as the first Filipino film with a day-and-date release in the US, opening in US theaters from Oct. 22-28 in 10 major cities, followed by a digital release to cable and streaming platforms that reached more than 100 million homes in the United States. It is now available in US platforms such as Amazon Prime, iTunes, Google Play, Microsoft Movies & TV, Vudu, Redbox, and cable services such as Comcast, Cablevision, AT&T, and RCN. It will next release in Canada, the UK, and Ireland, before going worldwide in early 2022. The movie is in Tagalog and English and was filmed in Panglao, Bohol and Cainta, Rizal. Circle of Bones is based on Mr. Soberano’s unpublished book, Yawa, a tale of local superstitions and modern-day urban legends of the Visayas region. The story is told by a lone survivor of a mysterious cult suspected of mass murders and human sacrifices. It stars Sarah Chang, Jana Victoria, Marela Torre, Ian Ignacio, and Epy Quizon, with a cameo by Joel Torre.

Short films to screen for free

Short films and video work from around the world will be screened for free at the MCAD Commons: 2021 Artists’ Film International (AFI) Program, from Oct. 30 to Dec. 4. For its 2021 exhibition, AFI explores the various ways of addressing the concept of care. It features short films handpicked by Whitechapel Gallery in London, England; Museum of Contemporary Art and Design (MCAD) De La Salle-College of Saint Benilde in Manila, Philippines; Bag Factory in Johannesburg, South Africa; Bonniers Konsthall in Stockholm, Sweden; Fundacion Proa in Buenos Aires, Argentina; Hammer Museum in Los Angeles, USA; Contemporary Art Centre in Vilnius, Lithuania; and Tromsø Kunstforening in Tromsø, Norway. These are: 4Runners (2021) by Bratislava-based Mihály Stefanovic, which follows ultra-runners on treadmills who move through different spatial and temporal landscapes; Sharla, Shabana, Sojourner, Selena (2016) by London-based Rehana Zaman narrates the personal audition roll call experiences of six female leads; Dear Friend (2019) by Lithuanian Agnė Jokšė speaks of diverse forms of love, affection and care in the modern world; Breakfast in Bed (2016) by Kenneth Tam investigates male-to-male intimacy and constructions of masculinity; TORONTOIDES (2019) by Julia Sbriller and Joaquin Wall studies the body, the space and its mysteries; Approaching a Ghost (2019) by Swedish filmmaker Victoria Verseau attempts to capture the memory of their friend; Mag-uuma (Farmer) (2014) by Filipino filmmaker and human rights activist Kiri Dalena features songs of protest by a young female dissenter from Mindanao; KASSARAM (2020) by South African artist Thania Petersen presents a historical orientalist lens on the various communities around the world. The Philippine screening of the 2021 AFI Programme will be presented by MCAD Manila. It is free and open to the public and will be on view via on-site video installations at the independent artist-run platform Project Space Pilipinas in Lucban, Quezon. It will be open Tuesdays to Saturdays from 10 a.m. to 5 p.m. For more information, visit http://www.mcadmanila.org.ph/aficare/. For reservations, e-mail projectspacepilipinas@gmail.com.

GMA Public Affairs shows now on earlier time slot

GMA Public Affairs launches its new programming strip, “GTV Reality,” airing weekdays at 10:30 a.m. beginning Oct. 25 on GTV. It features some of GMA’s multi-awarded and flagship public affairs shows now on an earlier time slot. It starts on Mondays with Stories of Hope, highlighting resilience, grit, determination and hard work. On Tuesdays, it is the docu-magazine show On Record, which features heartwarming and inspirational content. Every Wednesday, award-winning broadcast journalist Pia Arcangel tells the stories of people from all walks of life in the docu-reality program Tunay na Buhay. On Thursdays, its investigative program Reporter’s Notebook, hosted by veteran journalists Maki Pulido and Jun Veneracion. Capping off the week is Good News Kasama si Vicky Morales every Friday. “GTV Reality,” airs Monday to Friday at 10:30 a.m. before Balitanghali, starting October 25 on GTV.

The Suicide Squad premieres on HBO Go on Nov. 4

The Suicide Squad — featuring the most degenerate delinquents in the DC lineup — will be blasting their way onto HBO GO from Nov. 4. Belle Reve prison is where the worst supervillains are kept and where they will do anything to get out, even if it means joining the super-secret, super-shady Task Force X. Made up of a motley crew of cons, including Bloodsport, Peacemaker, Captain Boomerang, Ratcatcher 2, Savant, King Shark, Blackguard, Javelin, and Harley Quinn, Task Force X is dropped on the remote, enemy-infused island of Corto Maltese on a search-and-destroy mission with only Colonel Rick Flag on the ground to make them behave and Amanda Waller’s government tech in their ears, tracking their every movement. The film stars Margot Robbie, Idris Elba, John Cena, Joel Kinnaman, Jai Courtney, Peter Capaldi, Michael Rooker, Nathan Fillion, Sean Gunn, with Sylvester Stallone and Viola Davis. The Suicide Squad and more DC films, series, and animated features can be streamed or downloaded on HBO GO.

Sequel A Quiet Place Part II comes on Nov. 10

A Quiet Place Part II is opening in Philippine theaters on Nov. 10. John Krasinski who wrote and directed the film says “It’s very exciting to be able to come back to the theaters and to see A Quiet Place Part II because it was always designed for a theatrical experience.” The second chapter of 2018’s A Quiet Place, in A Quiet Place Part II  the Abbott family must now face the terrors of the outside world as they continue their fight for survival in silence. Forced to venture into the unknown, they quickly realize that the creatures that hunt by sound are not the only threats that lurk beyond the sand path. The film is directed, written and produced by John Krasinski and stars Emily Blunt, Cillian Murphy, Millicent Simmonds, Noah Jupe, Djimon Hounsou, and John Krasinski.

BINI, Lola Amour to headline online concert

P-pop girl group BINI, Filipino rock band Lola Amour, solo singer-songwriter Pixie Labrador, and Gen Z DJ Sev Laudico will headline a free public digital concert entitled UNITE 2021: Back to the Future on Oct. 29. Organized by the Student Trainers (STRAINS) under the Center for Student Life-Student Involvement Unit (CSL-SIU) of the De La Salle-College of Saint Benilde, the futuristic-themed event will likewise showcase a number from the Saint Benilde Romançon Dance Company (SBRDC) — contemporary as well as a series of performances from homegrown artists and bands including Catharsis, a.v.d.i., SINODA, Motion Picture Blur, and The Strays to channel creativity, talent and unity. UNITE 2021 will be livestreamed on the official Facebook page of Student Trainers. Pre-show starts at 5:45 p.m. while the event proper kicks off at 6:15 p.m. For more information, visit https://www.facebook.com/StudentTrainers/.

Netflix’s Red Notice releases trailer

Netflix has dropped the latest trailer of its suspense series Red Notice, WHEN an Interpol-issued Red Notice — the highest-level warrant to hunt and capture the world’s most wanted — goes out, the FBI’s top profiler John Hartley (played by Dwayne Johnson) is on the case. His global pursuit finds him smack dab in the middle of a daring heist where he’s forced to partner with the world’s greatest art thief Nolan Booth (Ryan Reynolds) in order to catch the world’s most wanted art thief, “The Bishop” (Gal Gadot).  Directed and written by Rawson Marshall Thurber, the series also stars Ritu Arya and Chris Diamantopoulos. Red Notice premieres on Nov. 12. To watch the trailer, visit www.facebook.com/watch/?v=1497524747286376.

Nobita releases new single

OPM rock band Nobita has come a long way from its beginnings as a semi-finalist in the battle of the bands, Muziklaban. With the success of “Ikaw Lang,” which has amassed over 40 million streams on all digital music platforms combined, Nobita is putting its own spin to the school of hugot pop songwriting. Now officially signed to Sony Music Philippines, Nobita has released its new single “Di Na Mag-iisa.” Blending sparse, soulful instrumentation with romantic, earnest lyrcs, the song stays loyal to the formula that made “Ikaw Lang” and “Unang Sayaw” hits. The song was written, arranged, and produced by the band with guidance from producer Isagani Palabyab of Monostery Studio. Nobita is currently working on some new songs, including a Christmas-inspired tune. The band is also slated to release a variety of material soon under Sony Music Philippines. “Di Na Mag-iisa” is available on all digital music platforms worldwide.

ABS-CBN shows available on online platforms

ABS-CBN is reaching a wider audience worldwide as it evolves into a global content creator for different digital platforms like iWantTFC, KTX, YouTube, Kumu, WeTV iFlix, Netflix, and Spotify. Asian streaming platform iQiyi has announced that ABS-CBN will produce two original series, Hello Heart starring Gerald Anderson and Gigi De Lana, and Saying Goodbye which stars Seth Fedelin and Andrea Brillantes. ABS-CBN also continues to strengthen its ties with Filipino livestreaming platform Kumu, where it has channels like FYE, MYX Global, and SeenZone. More than 100 of its contract artists have their own livestreaming channels in Kumu as well. Pinoy Big Brother has started its second season in partnership with Kumu, called PBB Kumunity Season 10, wherein its online auditions, 24/7 livestreaming, and online shows are all done on Kumu. Later this year, ABS CBN’s latest co-production with Kumu, Love at First Stream, directed by Cathy Garcia-Molina, will be released. Primetime Bida teleseryes are also now available for streaming before they air on TV on WeTV iFlix aside from iWantTFC, where users can stream ABS-CBN’s wide library of content for free. The playlist “Kapamilya YOUniverse” on ABS-CBN Entertainment’s YouTube channel offers content made for the platform.

Kelvin Miranda releases new single

Actor Kelvin Miranda has released his latest single, “Slow Dance,” written by Jomari Felices Jintalan, under GMA Music. After making a mark as an actor in Stories from the Heart: Loving Ms. Bridgette and on GMA Public Affairs’ fantasy-romance series The Lost Recipe, the acclaimed actor who made a mark in the independent films Dead Kids and The Fate returns to music with this song, which tells the story of the transition from friends to lovers after prom night. “Slow Dance” is available to stream on Spotify, YouTube Music, and Apple Music.

How PSEi member stocks performed — October 25, 2021

Here’s a quick glance at how PSEi stocks fared on Monday, October 25, 2021.

Philippines now at low-risk from coronavirus

PHILIPPINE STAR/ MICHAEL VARCAS

THE PHILIPPINES is now at low risk from the coronavirus amid declining infections, health authorities said on Monday.

The daily COVID-19 (coronavirus disease 2019) tally fell by 48% in the past two weeks, Health Undersecretary Maria Rosario S. Vergeire told an online news briefing. “Nationally, we are at a low-risk case classification.”

The country’s average daily attack rate — the number of infected people out of 100,000 — dropped to 5.89, she said. The country’s health system capacity was at a moderate risk level, she added.

Coronavirus cases peaked from Sept. 6 to 12, when 20,946 infections were reported daily on average, she said.

“Current average daily cases have further decreased to reach our baseline average before cases started to rise back in July,” she added.

The Philippines had an average of 5,251 daily coronavirus infections from Oct. 18 to 24, Ms. Vergeire said.

Meanwhile Ms. Vergeire said the Philippines posted its first case of the B.1.1318 coronavirus variant that triggered a virus surge in Mauritius.

She said the 34-year-old patient from Bacolod City returned to the country from Saudi Arabia on March 5. He was tested on March 10 and recovered from the virus 11 days later.

“It’s a variant under monitoring,” Ms. Vergeire said. “We have no cause for panic.

We need to be vigilant and follow minimum public health protocols.”

DoH reported 4,405 coronavirus infections on Monday, bringing the total to 2.8 million.

The death toll rose to 41,942 after 149 more patients died, whi le recover ies increased by 7,561 to 2.7 million, it said in a bulletin.

There were 57,763 active cases, 76.2% of which were mild, 6.5% did not show symptoms, 5.3% were severe, 9.72% were moderate and 2.3% were critical.

The agency said 52% of the intensive care units in Metro Manila were occupied, while the national rate was 46%.

DoH said 21 duplicates had been removed from the tally, 14 of which were reclassified as recoveries while 118 recoveries were relisted as deaths. Five laboratories failed to submit data on Oct. 23.

Ms. Vergeire said coronavirus deaths have also been decreasing since the start of October. “Highest recorded deaths were in August with 5,189 deaths or 167 deaths per day,” she said.

Coronavirus infections have decreased in the past two weeks in all regions, which were now at either low or moderate risk from the virus, she added.

Metro Mani la, Cagayan Valley, Zamboanga Peninsula, the Cordillera Administrative Region (CAR), Mimaropa and Ilocos were still at moderate risk from COVID-19.

“Majority of provinces in CAR, Regions 1, 2, 4B, and 9 remain at moderate risk classification, with beds and/or intensive care unit rates at high to critical risk,” Ms. Vergeire said.

In early August, the Philippines became at high risk from As of Oct. 25 2,761,307* total COVID-19 cases, up 4,405 new cases from Oct. 24’s 2,756,923. (*21 duplicates were removed from the total case count. Of these, 14 are recoveries.) Active cases: 57, 763 (from 60,957 previously) Recov ered: 2,661,602 (from 2,654,173 previously) Deaths: 41,942** (from 41,793 previously) (**118 cases that were previously tagged as recoveries were reclassified as deaths after final validation.) Source: Department of Health Case Bulletin as of Oct. 25, 4 PM the coronavirus after a fresh spike in infections spurred by a more contagious Delta variant.

An inter-agency task force recently relaxed the lockdown in the capital region, whose average daily attack rate decreased to 8.56 out of 100,000 people from a week earlier. The Philippines is set to allow the pilot run of face-to-face classes in low risk areas.

On Monday, Educat ion Secretary Leonor M. Briones said 90 schools, five of which are in the Calabarzon region, have been cleared to participate in the limited face-to-face classes. The agency earlier said 120 schools would participate in the test.

The OCTA Research Group from the University of the Philippines on Sunday said infections in the Philippines have declined due to its vaccination program and public compliance with health protocols.

The Philippines, which scored poorly in a global index that measured the recovery of more than 100 countries from the coronavirus pandemic, targets to inoculate at least 50% of its adult population by year-end.

The delivery of coronavirus vaccines to provinces remained a challenge, vaccine czar Carlito G. Galvez, Jr. said at the weekend.

The Philippines has 10 million coronavirus vaccine doses in its warehouses that are ready for distribution, while 40 million doses were ready to be given out, he said. — Kyle Aristophere T. Atienza

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