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Globe board OK’s stock rights offer for network expansion

REUTERS

GLOBE Telecom, Inc. announced on Monday that its board of directors recently approved a stock rights offer for its eligible common shareholders.

“The company expects to raise up to P32 billion, which will be used for the expansion of [its] mobile and broadband network as well as debt repayment,” Globe said in an e-mailed statement.

“The proposed stock rights offer will also enable the company to further expand its digital ecosystem and further differentiate itself in the market, as it capitalizes on opportunities in and beyond telco,” it added.

According to the company, determination of the final terms and conditions of the rights offer, including but not limited to the final issue size, entitlement ratio, offer price, record date, and all other terms, will be determined prior to the rights offer.

Globe has mandated BPI Capital Corp. as sole global coordinator, domestic lead underwriter and joint bookrunner and UBS AG Singapore Branch as sole international underwriter and joint bookrunner, with PNB Capital and Investment Corp. as domestic co-lead underwriter for the rights offer.

The company also said that Singapore Telecom International Pte. Ltd. and Ayala Corp., its principal shareholders, have both indicated their support for the rights offer.

“The company expects to launch the rights offer after receiving the required approvals, under suitable equity market conditions.”

At the same time, the telco said that the rights offer would put it in a position to quickly realize opportunities in the telecommunications sector and complementary services.

“Globe has made investments in several digital industries in an endeavor to address challenges faced by Filipinos as they navigate their digitalization journey. Supported by the demand for internet connection through mobile and broadband, Globe’s presence in the sectors of financial technology, virtual healthcare, digital marketing solutions, venture capital funding for startups and entertainment is expected to significantly impact the digital lives of Filipinos over the long term,” Globe noted.

The company saw its net income for the first quarter increase by 86% to P13.7 billion year on year, mainly due to an improved topline and the partial sale of its data center business.

Globe Telecom shares closed 5.77% lower at P2,092 on Monday. — Arjay L. Balinbin

Magnolia trying to cool down Abueva following ejection

MAGNOLIA trying to steer Calvin Abueva back into focus. — PBA IMAGES

ASIDE from recharging after a grueling three-game schedule in the last five days, Magnolia will also try to steer Calvin Abueva back into focus following his ejection and outburst in Sunday’s battle with Barangay Ginebra.

Mr. Abueva had an abbreviated stint in the Hotshots’ 89-84 win over the Gin Kings as he was slapped with his second technical foul of the night for taunting and bumping Nards Pinto at the 9:15 mark of the fourth.

It resulted in his banishment and “The Beast’’ left the MOA Arena without even waiting for the final buzzer, uttering “Japan, Japan” and “Bye, PBA” as he did so.

Ian Sangalang, a long-time buddy of Mr. Abueva’s, and coach Chito Victolero expressed confidence the Season 46 Philippine Basketball Association (PBA) Philippine Cup Best Player of the Conference awardee will regain his bearing quickly.

“Maybe frustrated lang si Calvin sa nangyari, but we’ll move on and move forward from this,” said Mr. Victolero, whose charges improved to 2-3 after topping the Gin Kings for the fourth straight “Manila Clasico” duel.

Magnolia needs all available hands on deck in its effort to climb out of 11th spot, especially with Paul Lee still working his way to recovery from back spasms.

“I don’t know (when Mr. Lee is returning), maybe next game. But we will have Paul (back) kung 100% or at least 95% na siya. We don’t want to rush Paul,” said Mr. Victolero. — Olmin Leyba

Entertainment News (06/21/22)

ABS-CBN

ABS-CBN unveils Darna mural

ABS-CBN formally unveiled its Darna mural at its Quezon City headquarters. Jane De Leon, lead star of the upcoming series, Mars Ravelo’s Darna, led the unveiling ceremonies at the ABS-CBN Compound along Eugenio Lopez Drive in Quezon City. “We offer this to our real-life heroes who prove in their own little ways that there is a hero in all of us, that we can always find Darna in everyone,” she said. Darna stars Janella Salvador and Joshua Garcia also joined the special tribute. Multidisciplinary visual artist Anina Rubio designed the huge mural featuring people from all walks of life wearing the Darna insignia. Helmed by director Chito S. Roño together with Avel Sunpongco under ABS-CBN’s JRB Creative Production, Darna will soon air on Kapamilya Channel, A2Z, TV5, Kapamilya Online Live on ABS-CBN Entertainment’s YouTube channel and Facebook page, and iWantTFC.

Cinemalaya announces 2022 short film finalists

THE CULTURAL Center of the Philippines (CCP) and the Cinemalaya Foundation, Inc. have announced the competing films in the Short Film Category of the Cinemalaya Philippine Independent Film Festival 2022. The 12 finalists are: Ampangabagat Nin Talakba Ha Likol (It’s Raining Frogs Outside) by Maria Estela Paiso; Black Rainbow by Zig Dulay; City of Flowers by Xeph Suarez; Dikit by Gabriela Serrano; Distance by Dexter Paul de Jesus; Duwa-Duwa by Nena Jane Achacoso; Mga Handum Nga Nasulat Sa Baras (The Dreams That Are Written in the Sand) by Arlie Sweet Sumagaysay and Richard Jeroui Salvadico; Mata Kang Busay (Vision of the Falls) by Nino Maldecir and Cyphor John Gayorgor; Kwits by Raz de la Torre; Roundtrip to Happiness by Claudia Fernando; See You, George! by Mark Moneda; and Si Oddie by Maria Kydylee Torato. The selection committee, composed of Teddy Co, Joel Ruiz, Manet Dayrit, Lee Briones, and Martika Escobar, chose the finalists from 199 submitted entries. The 12 short feature film finalists will be screened during the 2022 Cinemalaya Festival, happening from Aug. 5 to 14 at various CCP venues and select partner cinemas. The best short feature film will be awarded P150,000 and a Balanghai trophy during the Cinemalaya Awards Night on Aug. 14, at the CCP Main Theater. On its 18th year, the Cinemalaya returns to on-site screenings after being held via online streaming. For more information, visit www.culturalcenter.gov.ph and www.cinemalaya.org.

Director Olivia Lamasan shares her passion

THE LATEST installment of Sagip Pelikula Spotlight this June features veteran writer-director and former ABS-CBN Films Productions, Inc. head Olivia M. Lamasan. Her digitally restored works will be shown along with a special pre-show interview with the director. In a one-on-one conversation with ABS-CBN Film Restoration head Leo Katigbak, Ms. Lamasan recalls her humble beginnings as an aspiring filmmaker before becoming the industry’s “Inang”(mother). The full pre-show interview with Ms. Lamasan in the latest installment of Sagip Pelikula Spotlight, featuring the digitally restored 2002 hit Got 2 Believe, starring Claudine Barretto and Rico Yan, is now streaming on KTX for P150. Some of Ms. Lamasan’s other works including Maalaala Mo Kaya… The Movie, Milan, Sana Maulit Muli, and The Mistress are all available on KTX. Sagip Pelikula will also be showing the digitally scanned and enhanced version of LVN’s 1960 classic film The Triplets, which will be streaming for free on June 23, 7:30 p.m., on ABS-CBN Film Restoration’s Facebook page. For more details on its upcoming film showings, follow ABS-CBN Film Restoration on Facebook (facebook.com/filmrestorationabscbn), Twitter (@ABS_Restoration), and Instagram (@abscbnfilmrestoration). 

TM holds concert in CDO

MOBILE network TM will hold the TM is The Key Reunion Concert on July 2 at the Pelaez Sports Center, Cagayan De Oro (CDO) City. TM endorsers including Alden Richards, Seth Fedelin, Matthaios, and The Juans will be performing, along with guest artists such as Zack Tabudlo and December Avenue, and CDO-based bands, Inside City and Cyber Band. Raffle prizes will be given away throughout the show including Huawei Watch, TM 5G phones, and P50,000. TM will also announce the grand raffle winner of the TM is the Key Raffle promo, with a cash prize of P2 million. The TM is The Key Reunion Concert is free and open to the public. The whole event will be streamed online through the TM Tambayan Facebook page, starting at 5 p.m.

Westworld season 4 kicks off June 27

THE EMMY-winning HBO Original drama series Westworld will debut its eight-episode fourth season at the same time as the US on Monday, June 27, 9 a.m., on HBO and HBO GO, with a same-day encore at 10 p.m. on HBO. Subsequent episodes will follow every Monday at the same times. Returning cast members include Evan Rachel Wood, Thandie Newton, Ed Harris, Jeffrey Wright, Tessa Thompson, Luke Hemsworth, Aaron Paul, and Angela Sarafyan. Oscar-winner Ariana DeBose joins the Westworld cast as a recurring guest star this season. Westworld is based on the film written by Michael Crichton.

Cafe Minamdang coming soon on Netflix

IN the new Korean series Cafe Minamdang, a suspicious business that offers the services of a purportedly all-knowing shaman catches the attention of a tenacious police inspector. The show will star actors Seo In-guk and Oh Yeon-seo. Cafe Minamdang will be available only on Netflix, starting June 27.

Kung Fu Panda series to stream on Netflix

JACK Black returns to Kung Fu Panda in the new series Kung Fu Panda: The Dragon Knight. When a mysterious pair of weasels set their sights on a collection of four powerful weapons, Po the panda must embark on a globe-trotting quest that finds him partnered up with an English knight named Wandering Blade voiced by Rita Ora. Together, these two mismatched warriors set out on an epic adventure to find the magical weapons first and save the world from destruction. Kung Fu Panda: The Dragon Knight will be available on Netflix starting July 14.

BSP reviewing currency denominations

THE BANGKO SENTRAL ng Pilipinas (BSP) is reviewing currency denominations that have seen low usage and demand as more individuals shift to online transactions, its chief said on Monday.

“As the sole issuer of currency in the country, the BSP ensures the timely and ample supply of good quality bank notes and coins in the most cost-effective and efficient way,” BSP Governor Benjamin E. Diokno said at a briefing on Monday.

He said the emergence of contactless payment technology has revolutionized retail payments and with it, the use of cash.

“The changing mix of currency denomination should be compatible with real demand in response to changes to circumstances such as e-payment usage, price development, consumer preferences,” he said. “The use of banknotes and coins is expected to taper off over time, particularly the low denomination currencies.”

Mr. Diokno cited the central bank’s issuance of P20 coins in 2019 to reduce the cost of replacing unfit 20-piso banknotes. The coin and banknote versions of the denomination remain in circulation, but the P20 bill will be demonetized once the central bank runs out of materials for its printing.

At the moment, the BSP issues six banknote and seven coin denominations.

The seven coin denominations are 1-sentimo, 5-sentimo, 25-sentimo, 1-piso, 5-piso, 10-piso and 20-piso.

The six bill denominations are 20-piso, 50-piso, 100-piso, 200-piso, 500-piso and 1,000-piso.

Meanwhile, the BSP is now doing a pilot circulation of polymer P1,000 banknotes, with wider use targeted by 2023. Polymer bills are deemed to be more durable as they can last 2.5 to four times compared with paper money, and are also water and dirt-resistant.

The central bank is continuing to develop its currency forecasting methods and capabilities as it aims to promote price stability and maintain the integrity of the Philippine currency, Mr. Diokno said.

These efforts include monitoring technological advancements in the global payment systems, he said.

Aside from periodic reviews of its forecasting models, the BSP also conducts specialized learning and development programs on currency forecasting and mandatory econometrics training for its team. — Keisha B. Ta-asan

Original Top Gun house is now a ‘High Pie’ shop

The house featured in the original Top Gun movie has been restored and turned into a “High Pie” shop in Oceanside, California, US, June 13. — REUTERS/MIKE BLAKE

IN Oceanside, California, a tiny pastel blue bungalow is nestled between lofty hotels and apartment blocks. It is the Top Gun house.

The house was owned by Maverick’s love interest, Charlie, in the 1986 original film. Now restored and moved a block down from its original location, it has been opened to the public.

“You get to relive that magical, quintessential southern California moment, where Tom Cruise is coming up the coast in his Kawasaki 900… There’s a replica right outside the house that you can jump on and really relive that moment of the coastal breezes going through your hair, which is a lot of fun,” said Ben Fairchild of the Mission Pacific Hotel and Seabird Resort, where the structure is now located.

Visitors can also buy pie as the house has been turned into a “High Pie” shop. — Reuters

House of Investments buys A.T. Yuchengco Centre

HOUSE of Investments, Inc. (HI), the investment holding and management company of the Yuchengco group, has approved the purchase of A.T. Yuchengco Centre from its affiliate bank Rizal Commercial Banking Corp. (RCBC) for P6.07 billion.

The purchase is part of the firm’s long-term plans to consolidate the property interests of the conglomerate.

“This is part of our strategy to realign the businesses of YGC, and strengthen the conglomerate’s position with a more holistic approach in the property development and management sector,” HI President and Chief Executive Officer Lorenzo V. Tan said in a disclosure on Monday.

Mr. Tan said that for the purchase, an investment vehicle will be incorporated to hold the asset as HI’s wholly owned subsidiary.

“This is part of HI’s plans to grow its property business segment in line with the conglomerate’s mission to build and grow a portfolio of strategically diversified and sustainable investments,” he added.

A.T. Yuchengco Centre is a 34-storey tower in Taguig. As one of a limited number of structures accredited by the Philippine Economic Zone Authority (PEZA), it gives special access to tax incentives and government assistance, and is designed especially for BPO offices.

HI is an investment holding and management company and one of the four major flagship corporations of the Yuchengco group. Its core businesses involve car dealership, construction, education and property services. Its portfolio investments are in pharmaceuticals, energy, and afterlife services.

At the stock exchange, HI shares went down by 2.29% or eight centavos to close at P3.41. — Luisa Maria Jacinta C. Jocson

SWP President Puentevella to be inducted into Hall of Fame

SAMAHANG Weightlifting ng Pilipinas President Monico Puentevella with Tokyo Games gold medalist Hidilyn Diaz. — MONICO PUENTEVELLA OFFICIAL FB

SAMAHANG Weightlifting ng Pilipinas (SWP) President Monico Puentevella will be inducted into the International Weightlifting Federation (IWF) Hall of Fame for his memorable contribution to the sport.

No less than IWF interim president Michael Irani and secretary-general Mohammed Jaloud relayed the good news in a letter to Mr. Puentevella on Wednesday.

“It is our pleasure to inform you that you have been elected to be part of the IWF Hall of Fame for your lifetime achievement in the sport of weightlifting,” said Messrs. Irani and Jaloud.

The Hall of Fame inauguration is set on Saturday in Tirana, Albania.

Apart from pushing for more stringent measures against doping and corruption in the IWF, Mr. Puentevella has also been credited the country’s meteoric upheaval in the international scene.

Under his watch, the Bacolod City sportsman and politician produced the country its first Olympic gold medalist in Hidilyn F. Diaz in last year’s Tokyo Games and several potential world-beaters headed Asian champion Vanessa Sarno and World Juniors titlist Rose Jean Ramos.

And the honor was just a fitting reward for the man who quietly but effectively worked behind the scenes to help put the Filipinos in the global sports map. — Joey Villar

Kate Bush tops UK charts with 1985 hit thanks to Stranger Things

LONDON — British singer and songwriter Kate Bush topped the UK singles chart with her 1985 hit “Running Up That Hill” on Friday, setting several records with the song that has enjoyed a resurgence thanks to Netflix show Stranger Things.

“Running Up That Hill (A Deal With God)” peaked at No. 3 upon its original release but has found a new fan base among a younger generation in the latest season of the 1980s-set show about supernatural horrors in the fictional Indiana town of Hawkins.

The song, from Ms. Bush’s album Hounds of Love, has performed well in music charts in several countries, including the United States, since the first volume of Stranger Things season four episodes premiered on Netflix in late May.

Ms. Bush, who rose to fame in 1978 with debut single “Wuthering Heights” in which the then 19-year-old won fans with her unique voice and expressive dance moves, made a rare public comment about the song’s renewed popularity and that she was a fan of the sci-fi drama created by brothers Matt and Ross Duffer.

“It’s very touching that the song has been so warmly received, especially as it’s being driven by the young fans who love the shows,” Ms. Bush, 63, said in a statement earlier this month.

“I’m really happy that the Duffer Brothers are getting such positive feedback for their latest creation. They deserve it.”

The Official Charts Company said Ms. Bush had achieved three all-time Official Chart records on Friday: longest time for a single to reach No. 1 on the Official Singles Chart — 37 years — as well as oldest female artist to score a No. 1 on the Official Singles Chart.

And 44 years since she last had a No. 1 single in the UK with “Wuthering Heights,” Ms. Bush now also holds the record for the longest-ever gap between No. 1 singles in Official Chart history, it added.

“The way that a new generation of music fans have taken her classic track to their hearts really does cement Kate’s position as an all-time great, if that were at all necessary,” Official Charts Company Chief Executive Martin Talbot said in a statement. — Reuters

SC orders BankCom to restore deposits of clients defrauded by its former employee

THE SUPREME COURT (SC) has ordered Bank of Commerce (BankCom) to restore its clients’ deposits worth P2.14 million and $14,149.39 with 12% interest and pay P150,000 in moral and exemplary damages due to a fraudulent scheme offered by a former employee.

In a resolution on Nov. 29 of last year and made public on June 16, the court affirmed an appellate court’s decision that said the lender had failed to establish that one of the clients had signed the loan documents.

“Under the circumstances, there is no question that Bank of Commerce’s banking practices were clearly conducted in an unsafe and unsound manner,” according to the SC ruling.

“Having been proved to be grossly negligent, Bank of Commerce is thus liable for damages under Article 1170 of the Civil Code, which provides that those who in the performance of their obligations, are guilty of negligence, and those who in any manner contravene the tenor thereof are liable thereof.”

The Court of Appeals (CA) had ruled in favor of the complainant, ordering the bank to release the deposits with a 12% interest per year from Jan. 28 2002 until June 30, 2013.

The High Court modified the CA’s ruling, ordering BankCom to pay the couple P100,000 as moral damages, P50,000 as exemplary damages, and attorney’s fees at 10% of the total monetary award plus the costs of the lawsuit.

It added that the lending scheme offered by BankCom’s former branch manager was “undoubtedly a product of his fraudulent machinations.”

Edgardo L. Silva and Manuela M. Silva filed a damages complaint against BankCom and its former branch manager to restore P2.14 million to their deposit account and $14,149.38 representing Mr. Silva’s dollar time deposit, and moral and exemplary damages.

In 2001, the couple had transferred their deposits from other banks to BankCom’s time deposit product that offered higher interest.

Mr. Silva proceeded to make his initial investment of P1.3 million under the deposit account and P1.36 million in the bank’s Platinum Fund, which offered higher interest.

Natividad G. Almodavar, the branch manager at the time, then convinced Mr. Silva to invest in another fund program that promised a rate above the Platinum Fund at 3% per month and added that their loans might not be immediately released.

Mr. Silva had agreed to participate in the lending scheme, initially investing P1.244 million and some of his dollar deposits.

During the couple’s next visit to the BankCom branch, an acting branch manager informed the couple that Mr. Almodovar had already left the lender and that he had offered them a fraudulent lending scheme.

“To stress, failure on the part of the banking institutions to exercise the highest degree of diligence in their dealings with clients will make them liable for damages on the grounds of contractual breach,” the tribunal said.

“Well-settled is the rule that moral damages may be recovered if the defendant acted fraudulently or in bad faith, or is guilty of gross negligence amounting to bad faith, or in wanton disregard of his contractual obligations.” — John Victor D. Ordoñez

Green Antz teams up with Colgate-Palmolive PHL for plastic neutrality

COLGATE-PALMOLIVE Philippines and Green Antz Builders expanded a program on plastic waste collection to include Manila, Quezon City and Taguig City.

The program also includes more drop-off points for plastic waste in several Ayala Malls in Metro Manila.

Colgate-Palmolive Philippines and Green Antz marked the first year of a closed loop plastic waste management initiative in Bulacan, which collected hundreds of tons of plastic waste in cooperation with five local government units (LGUs) and 112 public schools.

Plastic waste is collected by communities, schools and LGUs, which include Baliuag, Malolos City, Plaridel, Pulilan, and San Ildefonso. This is exchanged for bond paper, printers, segregation bins, clock towers, thermal scanners or alcohol dispensers for schools.

Green Antz then turns this plastic waste into eco-bricks, which are used to build handwashing stations for LGUs.

“Plastic waste is one of our most serious environmental problems, globally and locally… We are allocating resources to divert plastic waste away from landfills and the ocean, to help collect, recover and recycle the equivalent amount of plastic we generate in the market and achieve our vision of achieving plastic neutrality,” Colgate-Palmolive Philippines President and General Manager Arvind Sachdev said in a statement.

Colgate-Palmolive Philippines and Green Antz also recently renewed their partnership agreement as well as a memorandum of understanding with the Municipality of Plaridel.

Aboitiz InfraCapital reshaping LIMA Estate

ABOITIZ InfraCapital (AIC), Inc., the infrastructure arm of the Aboitiz group, said on Monday that it intends to transform its 794-hectare LIMA Estate in Batangas into a “smart” economic center to attract more investments.

“The move towards sustainable, smart, and future-ready estates should draw more investments into manufacturing and industries that would create tens of thousands of jobs,” the company said in an e-mailed statement.

“An additional 22,000 jobs are expected to be generated for the surrounding communities in the Lipa-Malvar, Batangas, following another 57-hectare industrial expansion to accommodate more locators in the LIMA Estate,” it added.

The company noted that early this year, it participated in a pilot program in partnership with the Philippine Green Building Council (PhilGBC) to secure BERDE (building for ecologically responsive design excellence) district certification for the LIMA Estate. Developed in 2009, the BERDE program hopes to address the adverse impacts of climate change.

The program, the company also said, established the country’s own national voluntary green building rating system to facilitate sustainable projects.

AIC Economic Estates Head Rafael Fernandez de Mesa noted that the company is putting environmental, social, and governance goals at the center of its operations, as it aims to create resilient spaces “where we can also ensure the overall health and wellness of our community and the environment.”

The company is currently working with PhilGBC to obtain BERDE building certification for the LIMA Tower One, the first of seven multi-storey office buildings planned for LIMA’s Central Business District.

The LIMA Estate is host to the country’s first EDGE Advanced-certified factory building, built and developed by Springhill Holdings. This certification is an initiative of the World Bank Group’s International Finance Corp. in response to the need for a measurable and credible solution to prove the business case for building green and unlocking financial investment.

“The Springhill LIMA Standard Factory Building (SFB) received a preliminary EDGE Advanced certification from the Philippine Green Building Initiative and was built to serve any industry’s manufacturing processes or warehousing with high vertical racking systems,” AIC said. — Arjay L. Balinbin

Lyceum faces off Arellano for solo second in NCAA volleyball

SYNERGY/GMA NETWORK, INC.

LYCEUM of the Philippines University (LPU) and Arellano University (AU) face off for solo second place on Tuesday’s National Collegiate Athletic Association (NCAA) Season 97 volleyball resumption at the Paco Arena.

The Cromwell Garcia-mentored Lady Pirates will try to ride the crest of their 25-19, 25-22, 20-25, 25-23 victory over the San Beda Red Spikers on Saturday that sent them in a heavy five-way logjam at second spot with identical 2-1 slates.

The Lady Chiefs, the reigning three-peat champions and winners of four of the last five, for their part, aim to redeem themselves from a painful 26-24, 26-24, 25-20 defeat at the hands of the San Sebastian College (SSC) Lady Stags the same day.

They share No. 2 with SSC, Jose Rizal University and Mapua.

The winner in their 2:30 p.m. showdown will jump to solo second behind a pace-setting College of St. Benilde, the league’s lone unbeaten team with a 3-0 card.

Expect LPU to rely anew on Janeth Tulang, who waxed poetic by firing 15 points in the Lady Pirates’ most recent win.

The power-spiking Mr. Tulang is one of the league’s top scorers and is currently ranked third in that category behind SSC’s prolific pair of Reyann Cañete and Katherine Santos.

Meanwhile, University of Perpetual Help System DELTA (UPHSD) guns for its second win in three starts while Emilio Aguinaldo College (EAC) shoots for its first triumph after three losses in row as the two collide at 12 p.m. — Joey Villar

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