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Philex labor union votes to go on strike

PHILEX MINING Corp. said on Monday that its labor unit voted to go on strike, citing bargaining deadlock as the alleged ground.

In a stock exchange disclosure, Philex said Philex Mines Independent Labor Union (PMILU) submitted the results of the strike vote referendum on Dec. 27 to the Department of Labor and Employment (DoLE).

It said that on Dec. 23, PMILU voted to reject Philex’s “improved” offer in the negotiation of their collective bargaining agreement.

In a Viber message, Philex Public and Regulatory Affairs Head Francis G. Ballesteros said the company “remains focused on resolving this issue in coordination” with the DoLE, reiterating what was said in the disclosure.

Last week, Philex announced its plan for a $224-million copper and gold mining project in Surigao del Norte. It will be ready for commercial use by late 2024 or early 2025, it said.

On Monday, shares in Philex rose 2.24% or 11 centavos to close at P5.01 apiece.

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

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Luisa Maria Jacinta C. Jocson

Metro Manila Film Festival 2021: Binging on horror

A SCENE from the film Huwag Kang Lalabas — YOUTUBE/OBRA CINEMA

MMFF Movie Review
Huwag Kang Lalabas
Directed by Adolf Alix Jr.

HUWAG Kang Lalabas focuses on different historical periods, mysterious disappearances, and deaths, told in three short horror stories.

It was my third MFFF movie in a day and just the first horror film to be shown the cinema since it reopened in November. Before entering the theater, I was nervously thinking, “What if I’m the only one who got a ticket to the last full show?” I was relieved to see that there were three other people with whom I was sharing the screening – and screaming — with.

The horror anthology’s standalone stories have a common theme: Do not leave or go outside.

The first story, “Kumbento,” is set in a convent during World War II. It focuses on Sister Teresa (played by Beauty Gonzales), a novice who is assigned to deliver food to people isolated in a separate house beside the convent. Sister Teresa begins to hear random noises and sees figures at night. Curious about the people in the house next door, and why they had to be locked up, she confronts their Mother Superior (Elizabeth Oropesa), and the explanation was a horror befitting the war.

Kumbento” reminded me of the Diplomat Hotel in Baguio which was a rest house for religious congregations in 1915. It is considered haunted considering the building’s history during the Second World War.

Set in 1974, the second story, “Bahay,” revolves around a mother (Aiko Melendez) and her son, Buboy (Joaquin Domagoso) who live beside a river in a provincial community. Teenage boys start to die mysteriously, their bodies are found by the river. The community believes that there is a creature called a “kataw” — merfolk who are guardians of the water — that catches uncircumcised boys who happen to swim in the river. This belief leads the mother to prohibit Buboy from leaving their home — and of course, he doesn’t obey.

The third story is set in the present, during the COVID-19 pandemic, and follows a group of returning Overseas Filipino Workers (OFWs) on their way to an old hotel turned quarantine facility. The story centers on Amor (Kim Chiu) who desperately wants to go home to reunite with her boyfriend and her father. When her fellow OFWs slowly disappear, it is suspected — at first — that they were isolated due to COVID-19 symptoms. Amor then risks her safety to find out what happened to her friends.

With running times of 35 to 40 minutes, each story had adequate time to introduce the characters and the plot. Each story had a slow buildup before they got to the revelation of why the mysterious events occur.

Adolf Alix, Jr. uses dark visual tones with accents in yellow, green, and red which also add to the eerie atmosphere of each story. The production design was kept realistic, adding to the horror. Watching the episodic movie may feel binge-watching a miniseries or short stories from a book come to life onscreen. — Michelle Anne P. Soliman

MTRCB Rating: PG

Davao condominium market remains upbeat

COMPANY HANDOUT

DAVAO CITY — Camella Northpoint, one of the projects here of Villar-led Vista Land & Lifescapes, Inc., continues to be bullish on the condominium market as it recently turned over units in its 5th building.

Princess Grace U. Padua, marketing officer of Camella Manors Davao, said several units on the 5th and 6th floors have been handed over to owners, and only three are left on each 30-unit level.

“The rest are sold out and these are limited units available for sale and ready for occupancy,” she said in a briefing last week.
Finishing work is underway for the rest of the units in the 10-storey Bradford Building.

Ms. Padua said most of their buyers are overseas Filipino workers and foreign investors for either end-use or a source of income through renting.

“Northpoint is one of the most preferred accommodations in Davao City, so rental occupancy is high, that’s around 90%.

These are our primary market, secondary are self-employed and business owners,” she said.

Carlo V. Refamonte, marketing head for Camella Manors for Visayas-Mindanao, said Camella Northpoint’s location along JP Laurel Avenue, a commercial and business area, is one of its main selling points.

“That is the reason why many investors wouldn’t think twice to invest… they are sure that their investment will be continuously appreciating quarterly or yearly,” he said.

He said Vista Land is preparing to roll out two new projects, one in Buhangin and the other in Lanang. — Maya M. Padillo

Spider-Man: No Way Home becomes first pandemic-era movie to smash $1-billion milestone globally

A SCENE from the film Spider-Man No Way Home

LOS ANGELES — Spider-Man: No Way Home unwrapped the best Christmas gift of all, becoming the first pandemic-era movie to cross $1 billion at the global box office.

Sony’s comic-book epic has eclipsed that milestone in a near-record 12 days, tying with 2015’s Star Wars: The Force Awakens as the third-fastest film to reach the billion-dollar benchmark. Only 2018’s Avengers: Infinity War and 2019’s Avengers: Endgame were quicker, smashing the coveted tally in 11 and five days, respectively.

It’s impressive that Spider-Man: No Way Home managed to blow past $1 billion in ticket sales worldwide given the rapidly spreading Omicron variant of COVID-19. It makes Tom Holland’s Marvel superhero adventure the only movie since 2019’s Star Wars: The Rise of Skywalker to surpass $1 billion globally. No other Hollywood film has come close to nearing those box office revenues in the last two years.

Prior to Spidey’s reign, MGM’s James Bond sequel No Time to Die, which grossed $774 million globally, stood as the highest-grossing Hollywood film of 2021 (and the pandemic). As the first movie to reach $1 billion worldwide, Spider-Man: No Way Home took the earthly throne from another box-office behemoth, China’s The Battle at Lake Changjin ($902 million), to officially cement its place as the year’s highest-grossing film worldwide. It’s also notable that No Way Home surpassed that high-watermark without playing in China, which is currently the world’s biggest moviegoing market.

At the domestic box office, Spider-Man: No Way Home had another dominating weekend, soaring high above the competition during a crowded Christmas corridor.

The newest Spider-Man adventure collected $81 million from 4,336 North American theaters over the weekend. To put that figure in perspective, only select COVID-era releases have managed to generate that kind of coinage in their entire theatrical runs, much less in their second weekend of release. Spider-Man: No Way Home also managed to do so at a time when several new movies — The Matrix Resurrections, Sing 2, and The King’s Man, among others — opened nationwide to decent (and not-so-decent) ticket sales.

It brings the film’s 10-day total to a mammoth $467 million at the domestic box office. That tally is more than double the next highest-grossing movie in Disney and Marvel’s Shang-Chi and the Legend of the Ten Rings, which earned a mighty $224 million domestically.

At the international box office, Spider-Man: No Way Home added $121.4 million over the weekend and has made $587 million to date, bringing its global revenues to $1.05 billion.

Universal and Illumination’s animated musical Sing 2 had the biggest start among new releases, debuting in second place with $23.7 million over the traditional weekend and $41 million since Wednesday. (That number is slightly inflated because it includes $1.6 million banked from advanced screenings over Thanksgiving weekend.) It’s a softer start than its predecessor, 2016’s Sing, which had secured a three-day total of $35 million and five-day tally of $54.9 million. However, it’s not a bad result for a film targeted at parents with young kids at a time when family audiences have been especially wary about going to the movies.

The movie, directed by Garth Jennings and voiced by Matthew McConaughey, Reese Witherspoon, Scarlett Johansson, Nick Kroll and Bono, has been well received by audiences, who awarded it a coveted A+ CinemaScore. Unless the pandemic has something to say, Sing 2 should benefit from a long run on the big screen, especially since it doesn’t have much competition among family films. The original Sing, centering on a bevy of animals with killer pipes, also opened around Christmas and played in theaters well into the new year, ultimately grossing $270 million domestically and $634 million worldwide. At this rate, the sequel will have trouble replicating those results but it should remain the de facto choice for youngsters through the holiday season. 

The Matrix Resurrections, the Warner Bros. and Village Roadshow’s sci-fi sequel, landed with a thud in third place. The cerebral film landed significantly below expectations, scraping together $12 million from 3,552 cinemas over the weekend and $22.5 million since Wednesday. The fourth installment in the seminal series, like Warner Bros. entire 2021 slate, is available simultaneously on HBO Max, though the company didn’t provide digital viewership metrics.

Lana Wachowski returned to direct The Matrix Resurrections, which stars Keanu Reeves as the sleek cybercriminal Neo and Carrie-Anne Moss as Trinity. The $200 million-budgeted tentpole has gotten mixed reviews (it has a 67% on Rotten Tomatoes, as well as a B- CinemaScore), which may not move the needle for ticket sales while it’s playing simultaneously on a streaming service at no extra charge.

“Right now, if you’re under 35 and going to the movies, your first choice is Spider-Man, and your second choice is seeing Spider-Man again,” says David A. Gross, who runs the movie consulting firm Franchise Entertainment Research. “You can watch The Matrix later with someone who has HBO. That’s how it is when a single movie is dominating the market the way Spider-Man is.”

Another newcomer, Disney and 20th Century’s The King’s Man finished in fourth place, amassing a paltry $6.3 million from 3,180 screens over the weekend and $10 million since opening on Wednesday. Internationally, the prequel in The Kingsman action franchise didn’t make up much ground. The oft-delayed spy comedy, starring Ralph Fiennes, nabbed only $6.9 million from seven overseas markets for a global tally of $16.9 million. — Reuters

Binance gets its first Gulf crypto regulatory nod

BINANCE Holdings Ltd. received in-principle approval from Bahrain’s central bank to be a crypto-asset service provider in the kingdom, according to a statement from the company.

Binance, the world’s largest cryptocurrency exchange by trading volume, still needs to complete a full application process, Chief Executive Officer Changpeng “CZ” Zhao wrote in an e-mail to Bloomberg News. He said that would be completed “in due course.”

If successful, this would mark the first regulatory approval for a Binance entity within the Middle East or North Africa. The exchange has been attempting to expand its regional footprint, particularly in the Gulf, as executives prepare to set up a potential headquarters.

“I am grateful for the support from the Central Bank of Bahrain and the broader Bahraini ecosystem during the process,” Mr. Zhao wrote in the e-mail.

EARLY ADOPTER
Abdulla Haji, director for licensing at the country’s central bank, said the licensing is “a matter of formalities” once Binance completes the establishment requirements. He touted the kingdom as “the perfect place” for the exchange to set up its headquarters in the region.

Bahrain, the Gulf’s smallest economy, has been one of the Middle East’s early adopters in the digital assets space.

Rain Financial, Inc. became the first licensed crypto-asset platform in the region when it secured approval from the kingdom’s central bank to operate in 2019. Earlier this year, Bahrain’s monetary authority granted another license to Manama-based CoinMENA.

Binance’s move underscores its increased focus on the Middle East.

In recent months, company executives have held talks with regulators in the United Arab Emirates about a potential headquarters in the country, Bloomberg previously reported.

Last week, Binance struck a deal with the Dubai World Trade Centre Authority to cooperate on virtual asset regulation.

Founded in China in 2017, Binance Holdings hasn’t set up a global base yet. Instead, Mr. Zhao has incorporated firms in locations where Binance operates. — Bloomberg

Champion gymnast Yulo coming back home

TWO-TIME WORLD CHAMPION GYMNAST CARLOS YULO — CARLOS EDRIEL YULO FB PAGE

TWO-TIME world gymnastics champion Carlos “Caloy” Yulo is finally coming back home after more than two years.

Gymnastics Association of the Philippines (GAP) president Cynthia Carrion yesterday said Mr. Yulo would fly back to the country either on Jan. 29 or middle of March after staying in Japan to train since late 2019.

Ms. Carrion said Mr. Yulo’s arrival would coincide with the opening of the new gym they are putting up for members of the national gymnastics squad.

“We will open a new gym with him either Jan. 29 or middle of March,” said Ms. Carrion.

Mr. Yulo was supposed to have his homecoming this Holiday Season but was forced to postpone it due to the Omicron scare.

“Caloy’s (Mr. Yulo) not here due to Omicron scare in Japan. No foreigners can enter Japan and as Caloy is a foreigner, he cannot return and will miss his classes and have a 14-day quarantine,” said Ms. Carrion.

Mr. Yulo’s return was a long time coming after traveling straight to Japan after competing in the 2019 Southeast Asian Games where he copped two gold and five silver medals.

He was there to train for the Tokyo Games where he missed a medal early this year.

But Mr. Yulo redeemed himself several months later after hauling a vault gold and a parallel bars silver in the 50th FIG Artistic Gymnastics World Championships in Kitakyushu, Japan.

And Mr. Yulo deserves a vacation after putting in the work in the last couple of years. — Joey Villar

NIA seeking to acquire New Clark City office space

THE National Irrigation Authority (NIA) is seeking to acquire a property at the New Clark City for its future office, the agency’s top official said on Monday.

The Bases Conversion and Development Authority (BCDA) said in an e-mailed statement that NIA recently submitted a letter of intent for 969 square meters of space the agency wants to occupy at the National Government Administrative Center (NGAC) at New Clark City in Capas, Tarlac.

The NGAC building is managed by BCDA with its development partner MTD Clark, Inc.

“Heeding the call of the President as a requirement in Executive Order 119, the NIA management had decided to acquire a property with the BCDA-MTD NGAC Phase 1,” NIA Administrator Ricardo R. Visaya said.

“This move, significantly, is being one with other government sectors in helping decongest Metro Manila. Moreover, if some disaster hits the metro, the operations of NIA will not be hampered as we will have an office outside of the metropolis which will continue to deliver the mandate of the agency,” he added.

According to BCDA, NIA also intends to acquire a condominium-type unit in The Residences, a condo building for government workers and New Clark City locators, for the agency’s officials or visiting staff.

NIA’s acquisition of such properties is included in the 2022 budget, BCDA noted.

“Should its plans materialize, NIA will be able to strategically position more of its operations in Central Luzon, one of the country’s leading regions in terms of agriculture.”

BCDA announced recently that it is offering a 36-hectare lot within the buffer zone of the New Clark City for long-term lease and development.

The agency said it aims to introduce development within the New Clark City’s buffer zone to maximize its best use “through a lease term of “25 + 25 years.”

“Prospective proponents may submit their expression of interest to BCDA on or before Jan. 14, 2022,” it noted.

The New Clark City, which is envisioned to be the Philippines’ first smart, green, sustainable, and disaster-resilient metropolis, is a 9,450-hectare masterplanned property within the Clark Special Economic Zone in Pampanga and Tarlac. — Arjay L. Balinbin

Damosa Land bullish on growth

DAMOSA LAND, Inc. (DLI) is optimistic on the recovery of the real estate industry, after seeing a rebound in its residential, commercial, and industrial businesses this year.

“Now more than ever, the Davao region shows promise as a prime investment spot as it continues to grow higher than the country’s GDP even with pandemic-related adversities. It is Damosa Land’s goal to support this growth by focusing on the progress of our real estate projects and ensuring that our developments are ready for new locators who will further expand the opportunities for our community,” Ricardo F. “Cary” Lagdameo, president of DLI, said in a statement.

This year, Damosa Land completed Seawind, its first condominium development, and the Damosa Diamond Tower. Construction continued on Ameria, the residential component of its agropolis township project Agriya.

Seawind turned over more than 52% of its 1,162 total units. Consolidated sales for Seawind and Ameria jumped 50% from 2020 levels.

Excluding Damosa Diamond Tower, the company said its retail and traditional office segment is at 94% occupancy versus around 88% in 2020. Damosa Land said demand is expected to continue to recover as more businesses open up.

Damosa Land also signed a franchise partnership with International Workplace Group (IWG). Under the deal, the company will develop and operate eight IWG centers across Mindanao in Davao, Cagayan de Oro, and General Santos over the next five years.

It also ramped up development of the Anflo Industrial Estate, adding state-of-the-art cold storage facilities.

How PSEi member stocks performed — December 27, 2021

Here’s a quick glance at how PSEi stocks fared on Monday, December 27, 2021.


PSE posts month on month market cap decline in November

PSE posts month on month market cap decline in November

Philippine offshore wind industry potential capacity seen at 3 GW

REUTERS

THE Philippines’ offshore wind power potential has been estimated at least 3 gigawatts (GW), which could make wind a significant component of its clean energy transition, an independent renewable energy strategic consultancy said.

The UK’s BVG Associates (BVGA) said in its Offshore Wind Road Map study said the 3 GW threshold for offshore wind (OSW) could be met by 2040, doubling to 6 GW by 2050 in a low-growth scenario, consistent with the government’s clean energy scenario (CES) goals.

Under CES, the energy scenario outlined in the Philippine Energy Plan 2020-2040, the Philippines needs to add at least 92,000 megawatts or 92 GW of renewable energy to the energy mix by 2040 to hit the 50% mark for renewable energy share. Some 11.8 GW is expected to be sourced from various types of wind projects.

BVGA said that in order to meet the CES goals, the Philippines needs to be operating four large offshore projects by 2040.

Under the high-growth scenario, the Philippine potential for offshore wind is 20 GW by 2040 and 40 GW by 2050.

The high-growth scenario will lead to 15% of total electricity demand supplied by offshore wind, and could offset about 60% of the anticipated power demand increase due to decarbonization of transport and heating by 2040, BVGA said.

It noted that reaching the high growth scenario is the ideal least-cost way to deliver high volume, low-carbon energy.

“More OSW than 20 GW is likely to be needed eventually — also need large increase in onshore wind and solar,” the group said.

Offshore wind power benefits from higher wind speeds compared to onshore.

The Department of Energy (DoE) commissioned BVGA to study the technical, economic, environmental, social, employment, and financing potential of the offshore wind market.

The consultancy also said during its discussions with the DoE, World Bank Group, and 150 representatives from the public and private sectors on Dec. 8, that the target cost is around $70 per megawatt-hour for the first fixed projects installed by 2028.

The Philippine Offshore Wind Road Map project is being funded by the World Bank Group’s Energy Sector Management Assistance Program.

“Offshore wind can help the country achieve key objectives and this study will help the DoE power the economy through clean, cost effective, financeable technology that will also create new local supply chain opportunities and transform the lives of men and women and the generations to come,” Energy Undersecretary Felix William B. Fuentebella said in a statement.

The DoE endorsed on November three offshore wind projects to the National Grid Corp. of the Philippines for System Impact Studies: ACX3 Capital Holdings, Inc.’s 600-MW Lubang and Looc Island Wind Power Project; Giga Ace 7, Inc.’s 1,024-MW Calatagan Offshore Wind Power Project; and Gigawind5, Inc.’s 1,248-MW Manila Bay Wind Power Project. — Marielle C. Lucenio

NCR construction materials retail price growth hits 34-month high

RETAIL PRICE growth in construction materials in Metro Manila rose 2.1% year on year in October, the largest increase in almost three years, the Philippine Statistics Authority (PSA) reported Monday.

According to preliminary PSA data, the rise in the October construction materials retail price index (CMRPI) accelerated from 2% in September and 1.4% a year earlier.

The 2.1% reading in October was the largest since December 2019, when retail construction materials prices grew 2.5%.

In the year to date, the CMRPI was up 1.4%.

The October result was driven by faster growth in plumbing materials (1.8% from 1.3% in September), tinsmithry materials (3.6% from 3.1%), and miscellaneous construction materials (2.8% from 2.5%).  

Retail price growth in electrical materials was unchanged at 1.3%.

“(The increase) in construction retail prices may be due to the resumption of many construction activities as the pandemic situation improves,” Asian Institute of Management (AIM) Economist John Paolo R. Rivera said in an e-mail.

Mr. Rivera noted that even with increased demand, the supply of construction materials “may be slow to catch up” due to disruptions in the supply chain brought by the Omicron variant of the coronavirus disease 2019 (COVID-19).

“If the Omicron variant is contained and supply constraints from abroad are managed, we might see improvements in retail construction prices,” he said.

BDO Unibank, Inc. Chief Market Strategist Jonathan L. Ravelas concurred, adding that the supply chain bottlenecks are “still being felt in the prices.” 

“Prices will continue to be elevated,” Mr. Ravelas said in a Viber message.

The Department of Health announced on Dec. 15 the detection of the first two cases of the Omicron variant in the Philippines. As of Monday, four cases have been detected. — Lourdes O. Pilar