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Stuff to do (10/14/22)

The Pen kicks off Christmas with concert

THE PENINSULA Manila kicks off the holiday season on Oct. 14 with the annual Christmas Tree Lighting Ceremony and festive music by The CompanY, 92AD, and The Peninsula Strings at The Lobby. While the lights, decorations, and stars have changed through the years, The Pen’s Christmas tree lighting ceremony has remained a quintessential Manila experience and a holiday beacon for Manileños and visitors alike since it was first lit 46 years ago in December 1976. Fourty-six years later, the holiday tradition continues as a message of hope and peace with current General Manager Masahisa Oba lighting up the tree with the children from Virlanie Foundation. The ceremony will be followed by a concert featuring The CompanY and 92AD, along with The Peninsula Strings, performing holiday tunes that guests can sing along to while enjoying a merienda buffet at The Lobby. The Christmas Tree Lighting Ceremony will be held at The Lobby on Oct. 14, Friday, from 3 to 6:30 p.m. The special Merienda Buffet costs P3,300 (with Champagne), P2,500 (adults), and P1,250 (children under 12). Prices are inclusive of taxes.

Last chance to see PELÍCULA Spanish Film Festival

THE 21st edition of PELÍCULA-Spanish Film Festival will conclude with screenings at Shangri-La Plaza cinemas on Oct. 14 to 16. PELÍCULA will cap off its two-week long fete with viewers invited to vote for their favorite movie for the Audience Choice Award. The film with the highest number of votes will be screened again during the closing of the Spanish film festival on Oct. 16 at The Red Carpet at Shangri-La Plaza. Meanwhile, lucky winners drawn from the raffle will win these prizes: free Spanish lessons at the Instituto Cervantes, a Christmas hamper, and limited edition PELÍCULA hoodies. PELÍCULA will also be holding “En corto: Short films from the Philippines and Spain,” featuring recent short films from both countries, on Oct. 14. The Filipino short film, Dosena (2022), directed by Kyla Romero, is a coming-of-age tale of a boy who deals with confusion and tragedy on the night of his 12th birthday. The screening will be followed by a discussion with the audience. This will be complemented by the 2020 short drama Totem Loba, the directorial debut film of Spanish actress Verónica Echegui. All the screenings are free. All the movies are in Spanish (or their original language) with English subtitles. For screening schedules and updates visit the website of the Festival (https://pelikula.org) or the Facebook page of Instituto Cervantes de Manila at www.facebook.com/InstitutoCervantesManila.

‘My Journey Beyond Fashion’ lecture and exhibition

IN CELEBRATION of Museums and Galleries month, the National Museum of the Philippines presents a lecture and pop-up exhibition, “My Journey Beyond Fashion,” with Ditta Sandico on Oct. 15, 2 p.m. Admission is free. Ms. Sandico is a Filipino designer, a wrap artist, and an advocate of sustainable fashion.

NSAC holds crypto art lecture

FOR more than five decades, Pilipinas Shell’s National Students Art Competition (NSAC) has allowed the youth to express their thoughts and creativity in various fields of art and has produced countless of ground-breaking artists. Shell NSAC’s Virtual Art Interact Sessions are back for a third year to continue supporting aspiring young artists through training and providing a platform to keep the Philippine Art industry moving forward. The first Shell NSAC Art Interact for the year will be held on Oct. 15, 9:30 a.m., and will tackle How to Navigate Through the Crypto Space from a Digital Perspective, a talk with NFT or non-fungible token artists Jopet Arias and NSAC alumni Aldrine Alarcon. Register for the lecture through this link: https://tinyurl.com/NSACArtInteract1. 

FDCP conducts free filmmaking workshops

THE FILM Development Council of the Philippines (FDCP), in cooperation with the Batangas Provincial Government and the Batangas Forum, brings FDCP Film Talks to the Doon Po Sa Amin sa Batangas Digital Film Festival 2022. This is a series of free online workshops that will run until Nov. 8. The project is designed to heighten the education component of the Batangas Digital Film Festival 2022 and boost interest in filmmaking in the province. The workshops are exclusively open to aspiring Batangueño filmmakers. The workshops will cover various fields of filmmaking including film language, sound design, musical scoring, editing, and scriptwriting. Participants will be mentored by respected filmmakers Raymond Red, Mikko Quizon, Pepe Manikan, Ilsa Malsi, and Clodualdo Del Mundo, Jr. The workshops will be from 9 a.m. to noon via the online platform Zoom, and is exclusive to Batangas residents. Registration is available through this link: https://bit.ly/FDCPFilmTalkspresentsDOONPOSAAMINsaBATANGASDIGITALFILMFESTIVAL2022workshops.

Filipino design links Asia, the Americas and Europe

INSTITUTO Cervantes in Intramuros will be the venue of multi-national discussion series on design thinking for a complexly challenging world called “EULAT for Culture: Filipino Design links with Asia, the Americas, and Europe.” It is part of Design Week, the yearly festival for Filipino design and creativity that is national in scope, with talks, workshops, tours, and experiences in one week, and satellite events throughout the country from Oct. 15-22. With the theme “Design for All,” Design Week Philippines 2022 celebrates design as a creative tool for positive impact, a robust vehicle for inclusive, sustainable growth, and a rich, diverse expression of Filipino culture and identity in a series of hybrid events. In “EULAT for Culture,” each of the European and Latin American speakers takes up a driving idea from their practices at the forefront of their fields. Each will be part of a group including Filipinos whose work has similar trajectories. The speakers are Spanish architect Salvador Perez Arroyo, German-based green fashion/textile Italian designer Arianna Nicoletti, Austrian multi-media artist Horst Hortner, Daniela Gil Sevilla, Deputy Head of Mission of the Embassy of Mexico and artisan Camelia Ramos, the sustainable development-driven practice of Italian Architect Romulo Nati, and the textile design and sommelier combination of the French-Filipina team of Kévin and Adrienne Charuel. Filipino scholar Fernando N. Zialcita, Ph.D., and chef Margarita Fores, respectively, speak on behalf of Mexico and Italy, as well as the Philippines, in their presentations. Other speakers include veteran urban planner architect Nathaniel Von Einsiedel, food scholar and anthropologist Corazon S. Alvina, graphic designer Jowee Alviar, architect Deo Alam and the architectural partners Sudarshan Khadka, Jr. and Alex Furunes, social entrepreneur Reese Fernandez, textile innovator Ana Lagon, and food scholar Datu Sharif Pendatun. The events series is organized by the EUNIC cluster in Manila (European Union National Institutes for Culture is Europe’s network of national cultural institutes and organizations) and RIDCULT (the Ibero-American Network for Cultural Diplomacy), together with the DTI-Design Center of the Philippines. The Embassy of Spain Manila initiated the project, and its curator is Marian Pastor Roces. This project is made possible with the collaboration of the Embassies of Austria, Chile, and Mexico, as well as the Alliance Française de Manille, the Philippine Italian Association, and the Goethe Institut.

Ortigas Library holds lecture in Negros

In conjunction with the exhibit “People and Places: A Cordillera Legacy, Photographs from 1900 to 1925” which opens at the Negros Museum in Bacolod City on Oct. 15, a lecture, Knowing the Peoples of the Mountain Province, by John L. Silva, Executive Director, Ortigas Foundation Library, will be held on Oct. 16, 11 a.m., at The Negros Museum. The exhibition — sponsored by the Ortigas Foundation Library and Water Dragon, Inc. — features reproductions of vintage photographs, many of them rarely seen, and highlights the peoples of the Cordillera, their culture and their past. Selected from the collection of Jonathan Best, and the Ortigas Library Image Bank as well as private collectors, the exhibit threads visually through the remote Cordilleras at the beginning of the 20th century.

Filipino Sign Language seminar open for registration

#THEGOODSIGN Deaf Awareness and Basic Filipino Sign Language (FSL) Seminar, which guides participants to better understand Deaf culture, the basic interpretation, with its do’s and don’ts, has opened registration for its in-person sessions on two Saturdays, Oct. 15 and 29. The workshop is meant to bridge gaps and celebrate inclusivity through family members, professionals, educators, students and the general public with the knowledge and fundamental skills essential to be more informed advocates and buddies of the Deaf. The School of Deaf Education and Applied Studies (SDEAS) of the De La Salle-College of Saint Benilde was tapped by organizer Overdoughs, a gourmet cookies and artisanal doughnuts shop that provides employment opportunities for Persons with Disabilities. The sessions will be conducted face-to-face on two Saturdays, Oct. 15 and 29, from 10:30 a.m. to noon, at the Overdoughs Café in Promenade Mall, Greenhills, San Juan. Registration fee is P500 per session, inclusive of the educational materials as well as food and drinks. Interested participants may sign up at https://bit.ly/TheGoODSign.

WIFIBODY PH returns live at CCP

WIFIBODY PH, the choreography competition for contemporary dance in the Philippines, returns live at the Cultural Center of the Philippines’ (CCP) Tanghalang Huseng Batute on Oct. 15, at 2 p.m. for Set A and at 4:30 p.m. for Set B. Twelve new works from emerging choreographers around the Philippines — from Baguio, Bicol, Butuan, Iloilo, Romblon, Samar, and Metro Manila — will be featured in WifiBody PH. An Artists Talkback will follow the Set B show after which winners will be announced. WifiBody PH is a biannual competition exclusively for solo-duet form, a form that pushes choreographers to bare their artistic vision as it emphasizes intimacy and conciseness.  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.

What To See This Week (10/14/22)

Confidential Assignment 2: International

HYUN Bin’s Im Cheol-ryong returns to South Korea to track down the notorious leader of a North Korean criminal organization who escaped and is said to be hiding in Seoul. Directed by Lee Seok-hoon, the film stars Hyun Bin, Hae-jin Yoo, Daniel Henney, Jin Seon-kyu, and Im Yoon-ah. It is the 3rd highest grossing film for 2022 so far in Korea. John Lui of The Straits Times in Singapore says it is “A buddy cop comedy better than anything Hollywood has made in ages.” Meanwhile, James Marsh of the South China Morning Post wrote that “Despite its rather generic action beats, the humor is first rate and the laughs come thick and fast.”

MTRCB Rating: R-13

Lyle Lyle Crocodile

BASED on the best-selling book series by Bernard Waber, the live-action/CGI musical comedy is about a young boy who discovers and befriends a singing crocodile in the attic of his family’s new home. Directed by Will Speck, and Josh Gordon, it features the voice of Shawn Mendes as Lyle, and it stars Javier Bardem, Constance Wu, Winslow Fegley, Scoot McNairy, and Brett Gelman. IGN Southeast Asia’s Ryan Leston writes, “Lyle, Lyle, Crocodile adapts the classic kids book in an unexpected way, adding a touch of humor as well as a heap of catchy songs. Javier Bardem steals the show as a forgotten entertainer who thrives under the spotlight, while Lyle will steal your heart with some touching tunes and a naive innocence that’s hard not to love.” Film review aggregate site Rotten Tomatoes’ Tomatometer gives it a score of 70%, and an audience score of 94%.

MTRCB Rating: PG

A Savannah Haunting

A FAMILY loses their young daughter in a tragic drowning and moves to Savannah, only to be haunted by her presence in their new home. Written and directed by William Mark McCullough, it stars Simbi Khali, Tommi Rose, William Mark McCullough, and Gena Shaw. Mihail Baltateanu of Grimoire of Horror writes: “For an hour and 10 minutes, it holds your attention by blending four different genres, and it offers some stunning photography and colors, a rich setting, and some outlandish characters… That it doesn’t manage to have a compelling ending befitting all the pieces it sets on the board is a pity, but as a film built around a real haunted house, it more than does its job.”

MTRCB Rating: R-13

May-December-January 

THE STORY follows Claire, a single mom and a career woman. She is aware that her son is gay and accepts him — until she finds out that they are both in love with the same man. Written by National Artist for Film and broadcast Arts Ricardo Lee and directed by Mac Alejandre, the film stars Andrea del Rosario, Kych Minemoto, and Gold Azeron.  Fred Hawson of Fred Said writes: “The film did not waste much time to establish the whole premise… The rest of the film was spent exploring the ramifications of this awkward love triangle that had formed between these three people…. When an additional complicating factor of a congenital illness was introduced, you can already see where things were going to go, and somehow predict how the story is likely to end.”

MTRCB Rating: PG

Polyethylene import duties seen to protect petrochemical industry

FREEPIK

THE recently imposed duties on high-density polyethylene (HDPE) imports will protect the local petrochemical industry from cheap foreign resins entering the country, according to JG Summit Olefins Corp. (JGSOC).

On Wednesday, the Department of Trade and Industry (DTI) ordered the imposition of safeguard duties on imports of HDPE pellets and granules for three years.

“This decision shows the support of the government for the local manufacturing industries to ensure long-term viability especially in these challenging times,” JGSOC President and Chief Executive Patrick Henry C. Go said in a statement.

The firm said that the move will contribute to the new administration’s drive of ensuring the country’s long-term economic recovery.

“HDPE is a strong, multipurpose resin, used in consumer and industrial goods, such as tanks, pipes, industrial packaging, containers, bottles, healthcare articles, toys, tapes, films, and fibers,” JGSOC said.

The domestic petrochemical industry is expected to enhance its international competitiveness in the three years, it said, citing a report by the Tariff Commission.

“This includes having adjusted its selling prices to absorb production costs and operating expenses and generate reasonable margins,” it said.

“With improved price competitiveness, the domestic HDPE industry will remain a reliable partner in the National Government’s development agenda,” it added.

The temporary safeguard measure will also allow HDPE manufacturing plants to be more environmentally friendly, cost-efficient, and technologically advanced.

“The DTI’s affirmation will certainly help the local petrochemicals manufacturing sector work towards becoming globally competitive and achieve business sustainability. Ultimately, the rest of the economy will benefit from this in the long run,” Executive Director of the Association of Petrochemical Manufacturers of the Philippines Homer Maranan said. — Luisa Maria Jacinta C. Jocson

Entertainment News (10/14/22)

Star-studded movies air on G! Flicks

GMA NETWORK’s second free-to-air channel, GTV, airs a slate of box-office films from comedy, drama, romance, horror, and fantasy on weeknights via G! Flicks. This week, viewers get to watch Liam Neeson’s Clash of the Titans on Oct.  14 and Marisol Ramirez’s The Curse of La Llorona’ on Oct. 15.  G! Flicks airs Johnny English Reborn, on Oct. 17, followed by the superhero film of Batman Begins on Oct. 18. Jean-Claude Van Damme’s classic Legionnaire is set to air on Oct. 19 while Passenger 57 starring Wesley Snipes will be shown on Oct. 20. G! Flicks airs Mondays to Fridays at 8 p.m. and every Saturday at 7 p.m. on GTV.

Sony Music re-releases George Michael’s album

PAYING tribute to George Michael, Sony Music Entertainment has re-released the classic album Older which is marking its 25th anniversary. The album has been remastered for the very first time on digital and streaming formats. Dubbed Older (Expanded Edition), the remastered version also includes remixes, live versions, and B-Side tracks, along with the newly improved versions of the late singer-songwriter’s originals. George Michael’s Older (Expanded Edition) is now available on all digital music platforms worldwide via Sony Music Entertainment. The premium box-set can be purchased overseas.

Restored Pinoy classics shown on Netflix

Some of the digitally restored and remastered classic Pinoy movies of ABS-CBN Film Restoration are now streaming on-demand via Netflix. Up until the end of 2022, ABS-CBN Film Restoration and its Sagip Pelikula initiative will introduce an array of restored Pinoy films of all genres on Netflix — from drama, romance, comedy, and horror. Among the films are the 1982 war-drama classic Oro, Plata, Mata, directed by Peque Gallaga and written by Jose Javier Reyes, starring Sandy Andolong, Liza Lorena, Ronnie Lazaro, Joel Torre, and late Cherie Gil; Nora Aunor’s cinematic masterpiece Himala; and Dolphy’s iconic film, Markova: Comfort Gay. Viewers can also watch the restored versions of Star Cinema’s romantic hits such as One More Chance, Now That I Have You, Dubai, and Hihintayin Kita Sa Langit. Comedy fans can watch Ang Cute Ng Ina Mo! and the Judy Ann Santos-Ryan Agoncillo starrer Sakal, Sakali, Saklolo, while thrill-seekers can watch the digitally restored horror blockbuster Feng Shui. The films are available on Netflix for subscribers in the Philippines and other Southeast Asian territories. Viewers in the Philippines can continue watching these restored films on KTX.ph with special pre-show interviews before every screening.

Store growth boosts Figaro Coffee’s income by 111% to P198M

FIGARO COFFEE FACEBOOK PAGE

FIGARO Coffee Group, Inc. more than doubled its net income for the fiscal year ending June 30 to P198.2 million, driven by the company’s store network expansion.

“We continue to focus on product quality, value-for-money and expansion in key areas in the Philippines,” Figaro Coffee Chairman Justin T. Liu said in a press release on Thursday.

Since the beginning of 2022, Figaro Coffee added 35 stores to its 107-store count last year. By year-end 2022, it is targeting to have a total of 163 stores in its network.

The company’s topline rose by 80% to P2.43 billion. Its gross margins also improved to 49% from 44%, which resulted in a 64% growth in its operating income.

“We are very pleased to report that coming out of the pandemic and our initial public offering early this year, we have continued our excellent growth and positive momentum,” Mr. Liu said.

According to Mr. Liu, dine-in sales in Figaro Coffee and Tien Ma brands and delivery from the Angel’s Pizza brand have contributed to this growth.

Meanwhile, the company’s board of directors has approved a P90-million cash dividend or P0.01936 per share to shareholders as of Nov. 21, 2022.

Figaro Coffee is a wholly-owned subsidiary of Carmetheus Holdings, Inc. It operates a network of retail restaurants through its subsidiary, Figaro Coffee Systems.

The retail restaurants include Figaro Coffee, Angel’s Pizza, and Taiwanese cuisine restaurant Tien Ma’s.

Figaro Coffee operates a total of 141 stores across all of its brands as of Oct. 13.

On Thursday, its shares closed unchanged at 58 centavos apiece. — Justine Irish D. Tabile

US Supreme Court tackles Andy Warhol copyright dispute

ORANGE PRINCE (1984) by Andy Warhol
Andy Wharhol’s Orange Prince (1984).

WASHINGTON — In lively arguments that touched on the meaning of art and referenced famous films, TV shows and paintings, US Supreme Court justices on Wednesday grappled with a copyright dispute between a photographer and Andy Warhol’s estate over the acclaimed artist’s paintings of rock star Prince.

The court heard about two hours of arguments in a case that could help map the boundaries for artistic works that draw upon other material.

The Andy Warhol Foundation appealed a lower court’s ruling that his 1984 paintings — based on a 1981 photo of Prince that celebrity photographer Lynn Goldsmith shot for Newsweek magazine — were not protected by a copyright law doctrine called fair use that allows certain unlicensed use of copyright-protected works.

A key factor courts consider for fair use is whether the new work has a “transformative” purpose such as parody, education or criticism. Some justices expressed skepticism toward the lower court’s ruling that judges should not consider an artistic work’s meaning in determining fair use.

“The purpose of all copyright law is to foster creativity,” Justice Elena Kagan said. “So why shouldn’t we ask,” Kagan added, if a work is really creative and “something new and entirely different?”

Kagan noted that a 2021 Supreme Court ruling on fair use of software cited Warhol as an “example of how somebody can take an original work and make it be something entirely different, and that’s exactly what the fair use doctrine wants to protect.”

Warhol, who died in 1987, was a central figure in the pop art movement that arose in the 1950s. Warhol often created silkscreen print paintings and other works inspired by photos of celebrities including Marilyn Monroe and Elvis Presley as well as consumer products, work with considerable artistic and monetary value.

He made 14 silkscreen prints and two pencil illustrations inspired by Goldsmith’s photograph.

Chief Justice John Roberts said Warhol’s work “sends a message about the depersonalization of modern culture and celebrity status.”

“It’s a different purpose” from the photo, Roberts said. “One is a commentary on modern society; the other is to show what Prince looks like.”

MONA LISA AND JAWS
The arguments referenced various artistic creations, some adapted and some not. These included Leonardo da Vinci’s 16th century Mona Lisa painting, the 1975 film Jaws, the 1970s and 1980s TV shows All in the Family and The Jeffersons, Dutch artist Piet Mondrian’s 20th century abstract paintings, the Lord of the Rings books and films, and even Syracuse University sports merchandise.

Some justices worried about the stakes for the creators of material that inspires other works, suggesting that their eventual ruling, due by the end of June, would take that into account.

The case could have broad implications for artists as well as the entertainment industry. The justices pondered whether Warhol’s use of Goldsmith’s work was more like a film adaptation of a book, which normally requires a license.

“I think moviemakers might be surprised by the notion that what they do can’t be fundamentally transformative,” Kagan said. “So why is it that we can’t imagine that Hollywood could just take a book and make a movie out of it without paying?”

Justice Clarence Thomas noted that he was a Prince fan in the 1980s.

“No longer?” Justice Kagan interjected mischievously.

“Well, only on Thursday night,” Thomas responded to laughter from the audience.

“But let’s say that I’m also a Syracuse (Orange) fan and I decide to make one of those big blowup posters of (Warhol’s) Orange Prince,” and “put ‘Go Orange’ underneath. Would you sue me?” Thomas asked the estate’s lawyer Roman Martinez.

Goldsmith, 74, has said she learned of Warhol’s unlicensed works only after Prince’s 2016 death. She countersued Warhol’s estate for copyright infringement after it asked a Manhattan federal court to rule that his works did not violate her rights. A judge found Warhol’s works were protected by fair use, having transformed the “vulnerable” musician seen in Goldsmith’s work into an “iconic, larger-than-life figure.”

The Manhattan-based 2nd US Circuit Court of Appeals reversed that ruling last year.

The Supreme Court has not ruled on fair use in art since 1994, when it found that rap group 2 Live Crew’s parody of singer Roy Orbison’s “Oh, Pretty Woman” made fair use of the 1960s song.

President Joseph R. Biden’s administration has backed Goldsmith, as have trade groups for the recording industry, actors and publishers. Documentary filmmakers, fan fiction writers and the estates of other major figures in the pop art movement have come out in support of Warhol.

A ruling is due by the end of June. — Reuters

IKEA franchisee posts 41% revenue increase

IKANO Retail, the franchisee behind IKEA Philippines, announced on Wednesday that its total revenues rose by 41.2% to P60.1 billion or €1.01 billion for its financial year ending August.

For IKEA Philippines, turnover was placed at P6.4 billion for the year.

“After two years of retail disruptions and COVID restrictions, people made 113 million visits to our stores and shopping centers,’’ Ikano Retail Chief Executive Christian Roejkjaer said in a media release.

Aside from the Philippines, Ikano Retail also brought the Swedish home furnishing brand to Mexico, Singapore, Malaysia, and Thailand.

“Our shelves were not fully stocked as we would have liked it and our costs went way up. Still, we are leading our markets for affordable, quality home furnishing solutions — and our customers appreciate that,” Mr. Roejkjaer said.

According to the firm, its performance was driven by sales growth, the opening of two new stores, and more foot traffic. It also said it exceeded the €1-billion mark for the first time in its latest financial year.

In the Philippines, Ikano Retail owns and operates the world’s largest IKEA in Pasay City, click and collect service, IKEA food, and IKEA for business.

The top earning categories for IKEA Philippines were bedroom furniture and workspaces. The Brimnes wardrobe with three doors and the Alex drawer unit were among the top-selling products.

“People were also getting organized in their kitchens, taking home 83,865 pieces from the IKEA 365+ series of food storage solution,” the firm said.

It added that the food segment “was a hit among customers in the Philippines in its opening year, with nearly 8 million plant, vegetable and meatballs sold.”

The firm said that its total e-commerce sales expanded by 16% and recorded 122.5 million visitors on IKEA websites across its five markets.

Ikano Retail is one of 12 IKEA franchisees operating around the world. It has 13 IKEA stores and five IKEA-anchored shopping centers in its portfolio. — Luisa Maria Jacinta C. Jocson

ByteDance plans music-streaming expansion to take on Spotify

CHINA’s ByteDance Ltd. is in talks with music labels for expanding its music-streaming service globally to compete with industry leaders such as Spotify Technology SA, the Wall Street Journal reported on Wednesday.

The TikTok parent plans to eventually integrate music streaming within its short-video service and scale it to serve as a major platform for distributing music globally, according to the report that cited people with knowledge of the discussions.

Shares of Spotify pared gains to trade flat in after-market trading on Wednesday, while Warner Music Group Corp. gained 4%.

ByteDance did not immediately respond to a Reuters request for comment.

The company had discussed in recent months launching its Resso music-streaming service, currently available in India, Indonesia and Brazil, in more than a dozen additional markets, but expansion to the United States isn’t immediately on the cards, according to the report. — Reuters

Globe says 10.12 million shares sold for P17 billion

GLOBE TELECOM, Inc. has sold 10.12 million common shares worth nearly P17 billion, the company announced on Thursday.

The proceeds will be used for “pre-payment or repayment, repurchase of all or a portion of certain borrowing, including interest, and other liabilities availed of by the company for capital expenditures,” Globe said in a disclosure to the stock exchange.

A portion will be used for the company’s capital expenditure plans.

The rights shares will be issued out of the company’s increase in its authorized capital stock. The telco previously increased its authorized capital stock to P11.25 billion from P10.25 billion.

“Under the terms of the offer, the subscription to and issuance of the rights shares will become complete only upon listing of the rights shares on The Philippine Stock Exchange, Inc.,” Globe said.

“That listing is expected to occur, subject to receipt by the company of all relevant regulatory approvals, on or about Oct. 28,” it added.

Globe saw its second-quarter attributable net income rise 5.3% to P6 billion from P5.7 billion in the same period last year.

Total revenues for the period increased 5% to P43.8 billion from P41.7 billion previously.

For the first half, its attributable net income climbed 51.5% to P19.7 billion from P13 billion in the same period in 2021. Total revenues for the period reached P87.3 billion, up 3.2% from P84.6 billion previously.

Globe shares closed 2.25% lower at P2,170 apiece on Thursday. — Arjay L. Balinbin

ABS-CBN told to reinstate worker in 2010 case

PHILIPPINE STAR/ MICHAEL VARCAS

THE Supreme Court (SC) ruled that ABS-CBN Corp. (ABS-CBN) must reinstate without back pay a production assistant who claimed she was forced to resign in 2010.

The ruling reversed a Court of Appeals (CA) decision, which itself had overturned a resolution by the National Labor Relations Commission (NLRC).

In an 18-page decision on March 29 and made public on Tuesday, the SC First Division said ABS-CBN should allow Clara L. Magno to return to her former position since she did not officially resign from the company.

The High Court noted she was not entitled to full back wages since she failed to prove her illegal dismissal.

“However, upon closer scrutiny, it is clear that the factual basis of Magno’s claim of constructive dismissal was utterly unsubstantiated,” according to the ruling penned by Associate Justice Samuel H. Gaerlan.  “She failed to prove that she was forced to resign from the company.”

Constructive dismissal is when an employee is compelled by an employer to resign due to a specific incident, said the court citing 2018 jurisprudence.

“Although she claimed that she was forced to file this resignation letter, it is noted that the tenor of her resignation letter was amiable and cordial,” the SC added.

ABS-CBN argued that Ms. Magno was not a regular employee and she failed to prove that she was constructively dismissed.

The case stemmed from an illegal dismissal complaint filed by the production assistant after she was allegedly forced to resign by upper management for having dinner with a TV host who had left ABS-CBN for another network.

Ms. Magno said that ABS-CBN stopped giving her any work assignments and canceled her roles in active projects.

The labor arbiter had denied the complaint as it said she was not a regular employee of the media firm and she failed to prove her forced resignation.

The CA overturned the decision as it said the production assistant was a regular employee and was entitled to full back pay.

“Although Magno was not constructively dismissed, she cannot be considered to have abandoned or forfeited her employment with ABS-CBN,” the court said. — John Victor D. Ordoñez

Sam Mendes’ Empire of Light a love letter to movies and his mother

A SCENE from the film Empire of Light

LONDON — Oscar-winning director Sam Mendes celebrates cinema and the families we choose and that choose us with his new film Empire of Light, a star-studded drama he wrote, directed and produced.

A love story set in an English seaside town in the early 1980s, Empire of Light stars Olivia Colman, Colin Firth, and Toby Jones as workers in a local movie theater, the Empire.

With the country in recession, Colman’s character Hilary recovering from an episode of mental illness, and racial tensions building outside the doors of the Empire, the new decade has got off to an uncertain start for the staff.

The arrival of Stephen, an upbeat young Black ticket collector played by Micheal Ward, injects new life into the cinema. Stephen instantly bonds with Hilary, a lonely middle-aged woman, and their budding relationship helps both find solace and inspiration.

Mendes, who won the best director Oscar for 1999’s American Beauty and co-wrote the Oscar-nominated 2019 film 1917 makes his solo screenplay debut with Empire of Light, which he wrote during the COVID-19 pandemic. Much of it reflected on growing up and his mother, he said.

“It was very personal, it really was stimulated by memories from my childhood of growing up around someone who was mentally falling apart and yet somehow heroically was also bringing me up at the same time. So, it is a love letter to her and to the courage of people struggling with mental illness,” the director, 57, told Reuters at the movie’s London Film Festival premiere on Wednesday.

“And at the same time it’s also set in and around the cinema that’s seen better days, written during a time when we were worried that all those things were going and we’d never see them again,” he said.

Mendes wrote the role of Hilary for Colman and asked Ward for input on his character.

“It’s rare that you get to see an older woman with a younger man, especially an older white woman but younger Black man. So for me to tell that story was just super important and working with Olivia made that a lot more easier,” said Ward.

Empire of Light will open in US cinemas on Dec. 9 and globally in early 2023. — Reuters

House targets to pass amendments to country’s Bank Secrecy Law by next month

THE BILL seeking to ease the country’s deposit secrecy law to give the Bangko Sentral ng Pilipinas (BSP) the power to look into accounts of bank officials and employees for fraud is expected to hurdle the House of Representatives by next month.

“The expected date of passage will be in November. If there are no oppositions, the bill may be approved in the same month,” House Committee on Banks and Financial Intermediaries Chairperson and Manila Rep. Irwin C. Tiengco told BusinessWorld.

House Bill 4313 filed by Mr. Tiengco, which proposes amendments to Republic Act No. 1405 or the Bank Secrecy Law, has been pending with the committee since Sept. 6.

It seeks to exempt from the Bank Secrecy Law the BSP’s inquiry or examination of deposits in relation to possible fraud, serious irregularity, or unlawful activity being committed by bank officials.

The amendments will be limited to the BSP’s exercise of supervisory powers over financial institutions.

The results of such inquiry and examination will be used exclusively by the BSP and shall not be made available to any other person or entity, except to the Securities and Exchange Commission, Philippine Deposit Insurance Corp., Anti-Money Laundering Council, the Department of Justice, and the courts.

“The exemptions are also recommended to apply to foreign currency deposits in banks operating in the Philippines, including offshore branches of domestic banks,” Mr. Tiengco said.

The bill aims to make the financial system more transparent, he added.

“The country’s Bank Secrecy Law was passed during the 1950s, and needs to be changed as it can be abused,” Richard Leo M. Baldueza, secretary of the House Committee on Banks and Financial Intermediaries, said in an interview.

“If we have tight bank secrecy laws, investors might not invest in the country since they don’t know if their money will be abused,” Mr. Baldueza added. “Once the bill is enacted, it aims to attract more investors.”

A similar bill was taken up in the previous Congress, but it only reached the committee level as it was tacked during the third regular session, Mr. Baldueza said.

“But now, we are early. We are on our first regular session, and we’re hoping the House of Representatives and the Senate can approve it immediately,” he added.

The BSP has long sought these amendments that have also been recommended by multilateral institutions, noting the Philippines is the only country where the prudential regulator, or the central bank, has no authority to look at bank deposits despite being the regulator of financial institutions.

With most lenders closed by the Monetary Board being due to insider abuse, the exemption will boost the BSP’s supervisory powers over banks.

The central bank has also said the proposed changes will improve the Philippines’ defenses against money laundering, which could help the country exit the Financial Action Task Force’s (FATF) “gray list” early.

The FATF put the Philippines on its gray list of jurisdictions under increased monitoring for “dirty money” risks in June 2021 and officials hope the country can be removed by January 2023.

The dirty money watchdog has said stringent bank secrecy has prevented authorities from implementing anti-money laundering measures. — K.A. Bulan

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