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Singapore looking to curb ‘greenwashing’ among banks with stress tests, technology

SINGAPORE’S financial watchdog is turning to regulation and technology to tackle so-called “greenwashing,” which it considers the weakest link in the push to expanding sustainable finance.

Banks in Singapore will have to undergo stress tests from next year while making regulatory disclosures to ensure they’re managing risks related to climate change and other environmental issues, Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), said in an interview. Data verification using technology that can attest to the provenance of green products will also be required, he added.

Mr. Menon said the potential for greenwashing is on the rise as more funds are allocated for sustainability projects. Stocks and funds highly rated on environmental, social and governance (ESG) metrics have attracted trillions of dollars of investments in recent years.

The introduction of stress tests means banks will have to get a better handle on the climate risks tied to their borrowers, their customers and supply chains, said Mr. Menon, who also heads the city-state’s central bank. “That will increasingly become a supervisory expectation,” he said.

Singapore launched a national program that will use artificial intelligence to help with risk analysis for the financial industry at its annual fintech festival Monday. Part of the program is a partnership between local lenders and fintech firms to assess companies’ environmental impact and identify emerging environmental risks, as well as check against greenwashing, Deputy Prime Minister Heng Swee Keat said at the event.

MANDATORY DISCLOSURE
The MAS is joining other central banks in the UK, Europe and Canada in putting their financial institutions through assessments that scrutinize the impact of climate change on everything from real estate to corporate loans.

Starting next year, all listed firms in Singapore, including banks, will need to publicize information in line with recommendations from the Group of 20’s task force on climate-related financial disclosures. Mandatory disclosure will also extend to ESG fund products sold to retail investors, Mr. Menon said.

In Europe, the flow of cash into ESG funds picked up last quarter following the introduction of new disclosure requirements to help restore confidence in a market hit by greenwashing accusations. The ESG market has been dogged by allegations of inflated and even false claims about the benefits that investments bring. The EU adopted in March what’s known as SFDR, for Sustainable Finance Disclosure Regulation, a historic measure that’s setting the pace for global requirements.

In line with major global banks, lenders in Singapore have started to reduce their exposure to some of the industries linked to climate change, such as coal. DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. and United Overseas Bank Ltd., the three major Singapore banks that are also the largest in Southeast Asia by assets, pledged to stop financing new coal-fired power projects, honoring only previously committed ones.

Many emerging economies in the region such as Vietnam and Indonesia still rely on coal, considered the world’s dirtiest fuel. Palm oil is another major industry in Southeast Asia often linked to deforestation and haze.

Asked whether the MAS would ask local banks to curb their financing for palm oil-related activities, Menon said the regulator never makes pronouncements on any particular sector.

“These are issues we study closely,” Menon said. “You don’t want to rush to say ‘this activity is brown, and you should not invest in it, or you should not make loans to finance it.’”

People need to be given “greener alternatives” to whatever they’re doing that isn’t so environmentally friendly, Menon said. Banks can offer financing that helps the industry transition to a replacement of palm, if and when there is one, he said.

“So if in five or 10 years’ time, the way in which palm oil cultivation is done is reformed, then the lenders need to pay more attention to it,” he said, adding they can work with borrowers to improve the way it’s harvested to minimize deforestation. — Bloomberg

Flights resume as more destinations reopen for leisure travel

BUDGET CARRIER Cebu Pacific said more than half of the domestic destinations on its network are now open for leisure travel.

“To date, 21 out of the 33 destinations are already accepting vacationing guests,” the budget carrier said in an e-mailed statement on Nov. 5. The company told BusinessWorld on Monday that it had yet to check if any changes occurred over the weekend.

The budget carrier’s latest list includes destinations that no longer require a coronavirus testing for fully vaccinated travelers, including Bohol, Butuan, Cebu, Clark, Dumaguete, Manila, Misamis Oriental, Ozamis, Roxas, San Jose, and Tacloban.

Destinations that still require coronavirus testing regardless of vaccination status are Boracay, Camiguin, Cauayan, Coron, Cotabato, Legazpi, Puerto Princesa, Siargao, Surigao, and Tuguegarao.

“We firmly believe domestic tourism is the way to go — and we remain cautiously optimistic as we gradually ramp up our network to pave the way for domestic travel recovery,” said Candice A. Iyog, Cebu Pacific vice-president for marketing and customer service.

“We’ve said this before, and we want to say it again — making travel easier for the public will encourage them to fly during this time. On top of ensuring safe travels, we call on the industry to continue working together so we inspire more people to travel responsibly and fly easy,” she added.

AIRASIA
Meanwhile, Philippines AirAsia, Inc. announced on Monday the resumption of its Singapore and Hong Kong flights to service overseas Filipino workers and business travelers.

“AirAsia Philippines is set to return to Singapore and Hong Kong this December to service overseas Filipino workers who will be coming to the Philippines for the Christmas break,” the low-cost airline said in an e-mailed statement.

Starting Dec. 4, the airline’s weekly Manila-Singapore flight will depart from Manila every Saturday at 8 a.m. and arrive at Changi Airport at 11:40 a.m.

Its return flight will depart Singapore at 12:25 pm and is expected to arrive in Manila around 4 p.m.

Philippines AirAsia’s bi-weekly Manila-Hong Kong flight will take off on Sundays from Manila at 8:35 a.m. and is expected to arrive at Hong Kong International Airport at 10:55 a.m.

The airline said its return flight will leave an hour after and is expected to land in Manila at 2 p.m.

“There are 165,000 overseas Filipino workers in Hong Kong and 30,000 in Singapore,” the low-cost carrier said, citing latest data from the Department of Labor and Employment. — Arjay L. Balinbin

Box Office: Eternals reigns supreme with $71 million debut

A still from the film The Eternals — MARVEL.COM

LOS ANGELES — Eternals soared to the top of the weekend box office chart, buoyed by mania for all things Marvel. But its $71 million debut fell just short of projections, which had the superhero film debuting to $75 million. That’s a sign, perhaps, that the iffy reviews muted Eternals’ results or a signal that the underlying intellectual property, the story of a group of god-like extraterrestrials, didn’t have the resonance of other comic book adaptations. Marvel has successfully introduced lesser-known heroes, such as the Guardians of the Galaxy, to movie fans and spawned successful franchises with them, but that series got a lift from critics and also debuted in a time before anyone had ever heard of COVID. So, a much different world order.

Eternals still managed to score the fourth-best opening weekend for any movie during the pandemic era, sliding in behind Marvel’s own Black Widow ($80.3 million) and Shang-Chi and the Legend of the Ten Rings ($75.3 million) as well as Venom: Let There Be Carnage ($90 million), which was made by Sony but based on a Marvel comic creation. It’s an impressive number — and any other studio or feature would be thrilled to have a launch of that size — but for a Marvel venture it’s hard to not view it as falling short of sky-high expectations. Heavy the head that wears the box office crown and all that. Internationally, Eternals took in $90.7 million, bringing its global haul to $161.7 million.

Eternals is directed by Chloe Zhao, fresh of the Oscar-winning Nomadland, but reviewers griped that the film is long on exposition and light on entertainment. It has the ignominious distinction of being the only Marvel movie to draw a “rotten” rating on Rotten Tomatoes, with only 49% of reviews marked as positive. Audiences were also lukewarm on what Zhao cooked up, giving the film a so-so “B” CinemaScore.

Dune, Warner Bros. and Legendary’s adaption of Frank Herbert’s sci-fi novel, came in second with $7.6 million, pushing its domestic haul to $83.9 million. A sequel to the film was officially greenlit days after the first entry in the Dune-verse opened in theaters. Denis Villeneuve directs a cast that includes Timothee Chalamet, Oscar Isaac, Javier Bardem, Zendaya and Rebecca Ferguson.

MGM and United Artist Releasing’s No Time to Die nabbed third place with $6.2 million, which pushes the spy film’s total to $143.1 million. The film, which marks Daniel Craig’s final outing as James Bond 007, will be available to rent on digital platforms next week, just 31 days after it opened in cinemas.

Sony’s Venom: Let There Be Carnage took fourth position on the charts, with $4.5 million. The symbiote sequel has earned $197 million stateside.

20th Century Studios’ animated adventure Ron’s Gone Wrong rounds out the top five, earning $3.6 million. That takes its domestic haul to a doleful $17.6 million. — Reuters

Christmas parols to go on display at Eton Centris

THE Quezon City local government unit’s (LGU) Christmas lantern-making tradition continues this year in partnership with Eton Properties Philippines, Inc.

The QC LGU’s parol-making contest, “Kumukutikutitap: A Hopeful and Golden Pinoy Christmas,” is open to all barangays in Quezon City. The parols will be displayed at the Eton Centris along EDSA, Quezon City on Dec. 13.

“We are honored to partner with the Quezon City LGU on this project. As we come closer to the end of this year, it is important for both the government and the private sector to unite and together, boost the morale of the communities where we operate in,” Eton Properties Chief Operating Officer Karlu Tan Say said.

Around 142 entries, representing all the barangays in Quezon City, are expected to join the contest.

BSP partners with Singapore’s central bank for cross-border payments 

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THE BANGKO SENTRAL ng Pilipinas (BSP) and the Monetary Authority of Singapore (MAS) will boost their collaboration to improve cross-border transactions. 

The central banks signed an enhanced FinTech Cooperation Agreement to facilitate interoperable payments between the Philippines and Singapore.   

“This is a significant initiative given the sizeable remittance flows between the Philippines and Singapore, which totaled $2.15 billion in 2020; and cater to the pre-pandemic yearly average of approximately 900,000 travelers between both countries,” the BSP and MAS said in a joint statement. 

The new agreement updates a 2017 deal to broaden the scope of collaboration and partnership between the BSP and MAS. 

“Effectively linking our QR and real-time payment systems will enhance the safety and efficiency of cross-border payments through the smoother and seamless international transfer of funds, ultimately promoting the financial welfare of Filipinos that regularly use cross-border payment services,” BSP Governor Benjamin E. Diokno said. 

“These beneficiaries may include overseas Filipinos; export, import and tourism businesses; as well as firms with affiliates or investors abroad,” he added. 

As of August, Singapore is the second biggest remittance source for the Philippines, based on BSP data. 

Both BSP and MAS will also explore multilateral interoperability of these projects, in keeping with regional efforts to establish further linkages within ASEAN and with countries outside the region. 

“The enhancements to the MAS-BSP FinTech Cooperation Agreement will help fast-track payments connectivity between Singapore and the Philippines,” MAS Managing Director Ravi Menon said.  

The collaboration between the two central banks is in line with the G20’s efforts to address existing frictions in global cross-border payments, and contributes to Association of Southeast Asian Nations’ goal of establishing regional payments integration by 2025.  

In 2020, the BSP also signed an agreement with Bank Indonesia to improve payment systems and digital financial innovation. — L.W.T. Noble 

SEC revokes registrations of three entities

THE Securities and Exchange Commission (SEC) revoked the certificates of registration of three entities led by a certain Princess Joana Jo Alfajid Campos, the regulator said in an issuance published online.

The certificates of incorporation and registrations of Royal O’ Consultancy Services OPC, Royal O’ International Import and Export OPC, and Oromagnet International E-games as one-person corporations (OPC) have been canceled due to their unauthorized investment programs.

The SEC’s Enforcement and Investor Protection Department said it received various inquiries about the investment programs offered by the entities led by Ms. Campos, some of which promise returns of 200% to 300% in less than a year.

“The schemes which were being offered by Princess Joana Jo Alfajid Campos (called as “Mommy Doc” by Royal O’s members) started through Oro Magnet International E-games OPC’s alleged ‘trading platform’ named as Royal O’ Financial Consultancy Services, a DTI-registered entity,” the regulator said.

Other entities, such as Plasmatech Medical Supplies Trading and Royal O Dry Goods Trading, were also found to be under Ms. Campos. The two are registered with the Department of Trade and Industry (DTI) with a national scope and a barangay scope in Bacolod City, respectively.

Under the Securities Regulation Code, entities are required to obtain a secondary license to issue investment contracts to the public. None of the Campos-led firms have this license.

Royal O’ Consultancy, Royal O’ International, and Oromagnet International’s articles of incorporation also specifically state that the one-person corporations “shall not solicit, accept or take investments/placements from the public, neither shall it issue investment contracts.”

In February this year, the SEC issued an advisory against Royal O’ Financial Consultancy Services for soliciting investments from the public without the proper license. The SEC also issued a cease-and-desist order against the entities affiliated with Ms. Campos in August.

The SEC has issued at least 100 advisories this year against entities offering unlicensed investment programs. On Monday, the SEC launched this year’s Investor Protection Week to help aid the public in identifying investment scams and making smart investments.

The regulator introduced seven member-organizations of its “SEC campaign network,” which include Good Governance Advocates and Practitioners of the Philippines, the Fund Managers Association of the Philippines, Investment House Association of the Philippines, the Philippine Dealing and Exchange Corp., Philippine Finance Association, Philippine Medical Association, and the Junior Financial Executives of the Polytechnic University of the Philippines.

It also launched the “SEC Check App” where the public can access the regulator’s notices and other issuances. The app may also be used to report suspicious investment schemes and check the legitimacy or legality of an investment offer.

The SEC’s Philifintech Innovation Office, which focuses on the use of financial technologies in the country, will also be launched this week. — Keren Concepcion G. Valmonte

Entertainment News (11/09/21)

NICOLE LAURE and Ranty Portento

Nicole Laurel releases new Christmas song

SINGER Nicole Laurel is set to release her new song, “Christmas Without You” on Nov. 26 on all digital platforms. “Christmas Without You” is a prequel of sorts to last year’s original composition “See You This Christmas.” The new composition describes a couple saying their goodbyes and exchanging well wishes as one of them needs to leave to work abroad to support their loved one. The song’s music video will be released on Dec. 2.

Mariah Carey releases new holiday song

AFTER establishing a reputation for spreading yuletide cheer every year with “All Want For Christmas Is You,” the multi-platinum singer Mariah Carey teams up with award-winning R&B singers Khalid and Kirk Franklin for the holiday-inspired single, “Fall In Love at Christmas.” Recorded in Atlanta and Los Angeles at Ms. Carey’s Butterfly Lounge recording studios, the R&B and gospel-infused ballad arrives just in time for the season. The all-star collaboration was released by Ms. Carey’s imprint, MARIAH, in partnership with RCA Records and RCA Inspiration, and was written and produced by Carey, Franklin, and Daniel Moore II. What promises to be a new holiday classic, “Fall in Love at Christmas” is now streaming on all digital platforms worldwide. The three artists also released the music video for “Fall in Love at Christmas,” which was directed by Carey and Bryan Tanaka. A special three-track release can be purchased on the official Mariah Carey Store. It is available for pre-order now at the website. Following the release of “Fall in Love at Christmas,” Mariah Carey will continue celebrating the season with a new holiday event on Apple TV+ in December, featuring the exclusive performance of “Fall in Love at Christmas” with Messrs. Khalid and Franklin. Listen to “Fall in Love at Christmas” at https://smarturl.it/FILAC. Watch the “Fall in Love at Christmas” video at https://smarturl.it/FILAC/YouTube.

Love is a gamble in Dionela’s latest single

DIONELA is riding the soul train with the release of his new single “Sugal,” released by MCA Music, Inc. The soothing R&B track equates loving someone to betting one’s heart in a gamble: it’s a risky endeavor that has no assurance of winning or losing, but it’s part of growing up. “The song is about being courageous in falling in love again after so many heartbreaks from your past toxic relationships,” the “Agaw” singer-songwriter/producer says in a release. “Sugal” is written and produced by Dionela. The song follows the online success of “Agaw,” which has amassed over a million streams to date, and the moody tune “Gone,” released in 2020. “Sugal” is out now on all streaming platforms worldwide.

Columbia Pictures announces film lineup

THREE tentpole Marvel films, sequels to classic thrillers, and action-adventures based on popular games are in Columbia Pictures’ lineup of upcoming titles to be released on the big screen from Nov. 2021 to Feb. 2022. The films are: the thriller Don’t Breathe 2 (Nov. 17); Marvel’s action film Venom: Let There Be Carnage (Dec. 8); horror film Resident Evil: Welcome to Raccoon City (Dec. 15); superhero film Spider-man: No Way Home (Jan. 8, 2022); Ghostbusters: Afterlife (Jan. 26, 2022); Marvel’s Morbius (Feb.9, 2022); and video-game spin-off Uncharted (Feb. 23, 2022).

James Arthur releases 4th album

BRITISH singer-songwriter James Arthur is back with his fourth studio album, It’ll All Make Sense in the End. Having written and recorded bulk of the songs during the lockdown, the singer spent some time ruminating on the changes in his personal life, while using it as inspiration for his music-making journey. This enabled him and his collaborators to work at their convenience. “And all of a sudden, the music started sounding great,” the former X Factor UK winner said in a statement. “From day one there was a sound that I wanted to go for. Even early on, it sounded like a real album, a proper body of work. This is the first time I’ve made an album all in one place and you can hear this in the music. There’s something really comfortable about working in your own home — I was able to be more vulnerable than ever.” It’ll All Make Sense in the End is available on all digital music platforms worldwide via Sony Music. For more details, visit his website.

Ed Sheeran, Imagine Dragons to perform at 2021 TV EMAs

FIVE more acts have been added to the upcoming MTV EMAs 2021 show. Ed Sheeran, Imagine Dragons, YUNGBLUD, Griff, and girl in red are joining Maluma, Kim Petras, Måneskin, and World Stage’s OneRepublic for a star-studded night on Nov. 14 at 9 p.m. CET in Budapest, Hungary at the Papp László Budapest Sportaréna. Fans in Asia can catch the same-day premiere on the MTV Asia channel at 8 p.m. (SG, MY, PH) on Nov. 15. Additional performers and presenters will be announced at a later date. Voting is now open at mtvema.com until Nov. 10 at 11:59 p.m. CET.

Parasouls wax nostalgic of teenage past on debut EP

THE INDIE pop trio Parasouls has released their six-track debut EP, Drifters, Dream Makers under Lilystars Records. The Filipino indie band’s record documents the easygoing days of being young and carefree, while waxing nostalgic of the people, places, and events that shaped their consciousness through the years. According to guitarist and vocalist Dani Dimaano, Drifters, Dream Makers also serves as a love letter to a closed chapter in her life. “It’s like opening a time capsule: an adventure through time and space to a simpler, more reminiscent happy time of life. Drifters, Dream Makers is about the little things that you want to remember. It’s for the drifters and the dream makers. And who says you can’t be both?” The album was written and produced by the band. Drifters, Dream Makers is out now on all streaming platforms worldwide.

LENS Create contest accepting entries

RAKUTEN Viber is now accepting entries to LENS Create, a virtual search for the next favorite Viber Lens design. Viber Lenses add augmented reality (AR) to its in-app camera, allowing users to make their chats more expressive and creative. Viber Lenses include AR filters featuring funny faces, animal masks, Viber characters, and seasonal lenses. Rakuten Viber partners such as the World Health Organization, FC Barcelona, and local partner Globe have also created their own Viber Lenses. To join LENS Create, submit an artwork to the official Lens Create Community and get as many likes as possible. The most liked entries have a higher chance of winning, but muralist, illustrator and Viber Lens designer, Jappy Agoncillo, and the Rakuten Viber Creative team will declare the final winning designs. Rakuten Viber will be giving out up to P100,000 worth of prizes. They will also get tools, resources, and special offers from design and online education platforms to help the winners develop their craft. Selected designs will be turned into Viber Lenses and will be pinned as featured Lenses for up to two weeks. Entries will be accepted starting Nov. 5. The first batch of winners will be announced on Nov. 15 and these user-created designs will be available as Viber Lenses on Nov. 29.

Sony Music PH signs HBOM, REN, and Michael Bars

SONY Music Philippines has signed hip-hop artists HBOM, REN, and Michael Bars. The record label promises to introduce these new music discoveries to the streaming generation through its sustainable promotional, marketing, and artist development efforts. The new roster is led by hip-hop veteran HBOM, an artist, entrepreneur, songwriter/composer, and music visionary who has over 8 million streams across all music platforms worldwide and four acclaimed albums under his belt, HBOM is responsible for leading his own music movement. HBOM’s new single “Witness,” a chill-hop jam about minding one’s own business, and settling down, will be released on Nov. 10.  Also joining the roster is 19-year-old Michael Bars, who recently worked with Filipino hip-hop artist Michael Pacquiao on the viral banger “Pac-Man.” The young South Africa-based rapper and producer has more than 8.7 million streams across all combined digital platforms worldwide. His new single “Never Stop,” recently dropped on Nov. 3, and features 10-year-old R&B singer Sky. Rounding up the roster is Filipino rap artist REN, formerly known as Balasubas. As a talented rapper, the Dongalo Wreckords member has amassed over 5 million views on YouTube alone in less than two years. REN recently released his first official single “In Throw” under Sony Music Philippines.

Hallypop adds new programs

HALLYPOP adds four new programs to its lineup of shows.  Beginning Nov. 7,  KBS Song Festival, a mainstay yearender music show in Korea since 1965, will air every Sunday, 6:30 p.m. Viewers can get a glimpse at the lives of four K-pop idols as they create their own fashion style in the interactive fashion-beauty show,  A Style for You featuring Heechul (Super Junior), Bora (Sistar), Hara (Kara), and Hani (EXID). The pilot episode will air on Nov. 8, 7 p.m. It is an hour of music and conversation at Yu Huiyeol’s Sketchbook. Hosted by Yu Huiyeol, and his one-man band, Toy, the show airs every Wednesday, starting Nov. 10 at 7 p.m. Finally, Korean celebrity fathers will look after their children for 48 hours while the mothers spend needed “me time” in the reality-variety show, The Return of Superman. This will air every Friday, starting Nov. 12, 7 p.m.

Short PH animated film wins in Italy, vies at Animahenasyon

A SHORT animation written and directed by a De La Salle-College of Saint Benilde film student will compete at Animahenasyon 15: The 2021 Philippine Animation Festival from Nov. 12 to 14. This after the animated film, CITSALP, by Jean A. Evangelista won the Porto Cesareo Film Festival Marine Protected Area Award or “the best audiovisual work dedicated to the sea” in Italy. CITSALP tells about the negative effects of plastics in the world and the responsible consumption and production of plastics. CITSALP was also selected to vie in different international animation and film festivals in Belgium, Brazil, Canada, Croatia, Greece, Indonesia, Poland, Romania, and the US, aside from Italy and the Philippines. Animahenasyon 15, which is organized by the Animation Council of the Philippines, Inc., is comprised of animated films in competition or Anikompetisyon and a three-day conference. To purchase tickets, visit their website at https://www.animationcouncil.org/animahenasyon. CITSALP and 19 other finalists of Anikompetisyon will be shown online at the Animahenasyon Facebook page on Nov. 12 from 2:45 to 6:15 p.m. The Top 5 winners will each receive a trophy, certificate and P20,000 while the other finalists will each receive a certificate.

Mobile Legends world championship will be held in Singapore

THE MOBILE Legends: Bang Bang World Championship (M3) will be held in Singapore once again from Dec. 6 to 19, with 16 teams across the globe participating in the international flagship tournament. In its third iteration, M3 will see new regions — such as the Middle East, North America, LATAM, and Turkey — compete for the title and a combined prize pool of $800,000. The participating teams will be seeded into three pools, and further grouped into four different batches through a lottery to ensure that no teams from the same region will be in the same group. All teams will be competing offline. There will be new in-game campaigns introduced which fans will be able to find out more details in the coming weeks, such as: M3 Battle Pass, M3 Exclusive Skin, and Guess the M3 winner. Mobile Legends: Bang Bang Esports is one of the fastest-growing esports leagues worldwide, with MPL Indonesia S8 recently smashing records peak-concurrent views of 2.39 million.

Filipino animated short makes waves

IAMANNIKA, a Filipino animated short film that promotes gender equality and women empowerment, tackles the long-persisting social discrimination against women through the lens of a 10-year-old girl named Annika. Annika comes across a school requirement for her online class that leaves her pondering the normalized unrealistic expectations for women. With the guidance of her mother, the girl understands the role and strengths of women in the modern world. The five-minute short — directed by Dan Verzosa, a De La Salle-College of Saint Benilde Digital Filmmaking student —  took home the Southeast Asia Audience Award at the recently concluded Southeast Asia Competition of Short Animations – CRAFT International Animation Festival in Yogyakarta, Indonesia. IAMANNIKA likewise bagged several awards at Realifilm; the top prize at the Safe Communities category of Global Peace Foundation and Consuelo Zobel Alger Foundation’s short film competition; and was selected as part of the 16th International Student Animation Festival in Brazil and the 9th Seoul Guro International Kids Film Festival.

Airbnb offers special Sex and the City rental

IT’S BEEN 20+ years since unlucky-in-love advice columnist Carrie Bradshaw and her friends arrived on Sex and the City. In the buildup for the newest chapter, And Just Like That…, actress Sarah Jessica Parker is adding Airbnb Host to her repertoire and offering US-based fans a once-in-a-lifetime stay at Carrie’s apartment. She will host two, one-night stays for up to two guests each at a re-creation of Carrie’s brownstone on Nov. 12 and 13 for $23 a night, in honor of the 23 years since we were first introduced to the fashion-forward icon and her friends. The experience includes a virtual greeting at check-in from Sarah Jessica Parker, and a narration reminiscent of each episode’s thought-provoking intro; the opportunity to descend the steps of her brownstone and stroll the streets of Manhattan; Cosmopolitans for a toast; the chance to admire and play dress-up in Carrie’s iconic closet, complete with her favorite looks; and a styling session and photoshoot. To celebrate Carrie’s return to television screens, Airbnb will make a one-time donation to The Studio Museum in Harlem, a contemporary art museum championing the work of artists of African descent. Sex and the City fans interested in walking in Carrie’s shoes can request to book these stays beginning Monday, Nov. 8, at noon ET at airbnb.com/sexandthecity.

It’s beginning to look a lot like Christmas

THE MAKATI Central Business District officially welcomed the holiday season this year as Ayala Land and local government officials lit up the Christmas decorations at Ayala Avenue. For over six decades now, the two-kilometer stretch of Ayala Avenue has been decorated for Christmas. This year it features palm trees adorned with capiz and string lights highlighted by a centerpiece that showcases Filipino parols, combining elements of the Kapampangan parol and cathedral stained-glass windows. “Christmas is a time for hope, and many consider the lighting of the decorations at Ayala Avenue to be synonymous with the beginning of the Christmas season. It is a familiar and well-loved tradition that has brought joy to Filipinos for decades. More than just ornaments, these lights symbolize brighter days to come,” said Ayala Land Chairman Fernando Zobel de Ayala. The decorations were designed by event stylist Zenas Pineda. Sustainability plays a big part in this year’s display —  most of the materials that were used are recycled, including the elegant capiz chandeliers from previous years.

Performance of Philippine Agriculture (Q3 2021)

THE PHILIPPINES’ agricultural output shrank by an annual 2.6% in the third quarter as crops, livestock and fisheries production declined due to bad weather, the statistics authority reported. Read the full story.

Performance of Philippine Agriculture (Q3 2021)

How PSEi member stocks performed — November 8, 2021

Here’s a quick glance at how PSEi stocks fared on Monday, November 8, 2021.

Peso rises vs dollar on eased restrictions, findings on Pfizer’s COVID-19 treatment

THE PESO continued to strengthen versus the greenback on Monday on developments of a treatment for the coronavirus disease 2019 (COVID-19) and the relaxation of mobility restrictions in Metro Manila.

The local unit ended trading at P50.16 per dollar on Monday, appreciating by 17 centavos from its P50.33 close on Friday, data from the Bankers Association of the Philippines showed.

The currency’s Monday close is its strongest in more than a month or since it ended trading at P50.14 on Sept. 21.

The peso opened Monday’s session stronger than Friday’s close at P50.30 per dollar. Its weakest showing was at P50.34, while its intraday best was at P50.13 against the greenback.

Dollars exchanged dropped to $933.2 million on Monday from $1.2 billion on Friday.

The peso was backed by risk-on sentiment among investors following a report on progress in research for a COVID-19 treatment.

Reuters reported Friday that Pfizer, Inc.’s experimental antiviral pill was found to reduce chances of hospitalization or death by 89% for adults at risk of developing severe infection.

Pfizer’s pill, with the brand name Paxlovid, could secure US regulatory approval by the end of the year. Pfizer said it plans to submit interim trial results to the Food and Drug Administration before the Nov. 25 US Thanksgiving holiday. The trial was stopped early due to its high success rate.

President Joseph R. Biden said the US government has secured millions of doses of Pfizer’s drug.

Pfizer said it was currently expecting to manufacture more than 180,000 packs by the end of 2021 and at least 50 million packs by the end of 2022.

Meanwhile, a trader said the market was optimistic after the government decided to lift Metro Manila curfew hours last week.

Metro Manila officials lifted the general curfew in the area on Thursday after 19 months since the first lockdown in March 2020.

For Tuesday, Mr. Ricafort gave a forecast range of P50.10 to P50.30, while the trader expects the local unit to move within P50.20 to P50.45 per dollar. — L.W.T. Noble with Reuters

PSEi rises on Q2 GDP revision, lower virus cases

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STOCKS continued to rise on Monday on hopes of a further easing in mobility restrictions as coronavirus cases remained low and after the government said the economy grew faster than initially reported in the second quarter.

The 30-member Philippine Stock Exchange index (PSEi) rose by 55.45 points or 0.75% to close at 7,396.22 on Monday, while the broader all shares index gained 19.88 points or 0.44% to end at 4,510.89.

Monday’s close topped Friday’s as “the highest closing rate since Feb. 20, 2020,” which was weeks before the country was first placed on strict lockdown due to the coronavirus pandemic, Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a Viber message.

He said the market remains optimistic on expectations of a further reopening of the economy as new coronavirus cases have eased to around 1,000 to 2,000 daily from over 10,000 at the height of the surge in August.

“Philippine shares continue to be bought up, closing at a new [year-to-date] high with the revision of [second-quarter] GDP (gross domestic product) to 12% and the continued earnings releases. In addition, positioning is being made ahead of any announcements from the MSCI, and [third-quarter] GDP which will also be out this week,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said.

The Philippine economy grew at a faster pace in the second quarter than first reported, the Philippine Statistics Authority (PSA) said on Monday.

GDP — the value of all finished goods and services produced in the country at a given period — rose 12% in the second quarter, faster than the 11.8% preliminary estimate.

Third-quarter GDP data will be released by the PSA on Tuesday. A BusinessWorld poll of 18 analysts yielded a GDP growth estimate of 4.7% in the third quarter, lower than the 12% jump in the second quarter of 2021 and a turnaround from the 11.4% decline in the third quarter last year.

Majority of sectoral indices increased on Monday except for mining and oil, which went down by 75.76 points or 0.76% to 9,883.14, and holding firms, which lost 24.01 points or 0.33% to close at 7,125.90.

On the other hand, financials gained 35.76 points or 2.23% to end at 1,636.34; property rose by 34.63 points or 1.4% to 3,383.96; services increased by 27.44 points or 1.40% to 1,979.35; and industrials went up 18.81 points or 0.17% to close Monday’s session at 10,849.48.

Value turnover amounted to P8.30 billion on Monday with 1.34 billion shares switching hands, slightly lower than the P9.42 billion with 1.40 billion issues traded on Friday.

Advancers beat decliners, 107 to 101, while 44 names ended unchanged.

Net foreign buying rose to P908.47 million yesterday from the P695.24 million logged on Friday.

The next important resistance is at 7,500, “prior to further upside potential towards new pre-pandemic highs, going forward,” RCBC’s Mr. Ricafort said. — B.A.D. Añago

San Miguel trades Arwin Santos to NorthPort for Vic Manuel

ONE SPORTS

SAN Miguel Beermen (SMB) let go of Arwind Santos to acquire Vic Manuel from NorthPort yesterday in a trade that shocked many considering it involved one of the key players in the Beermen’s last championship runs.

Mr. Santos played the last 12 seasons with SMB, forming a formidable “Death 5” with June Mar Fajardo, Chris Ross, Alex Cabagnot and Marcio Lassiter that sparked the franchise to a historic PBA Philippine Cup five-peat.

Overall, Mr. Santos collected nine Philippine Basketball Association (PBA) titles with SMB since jumping over from Burger King in 2009. Along the way, he won the 2013 MVP award plus two Finals MVP plums and two Best Player of the Conference accolades.

The 40-year-old “Spiderman” had a solid stint in the recent All-Filipino, averaging 12.3 points, 8.5 rebounds, 1.8 assists and 1.3 blocks in what turned out to be his “farewell” conference for his long-time squad.

For his part, Mr. Manuel found himself in a new team merely three days after landing at NorthPort in a separate trade from Phoenix.

Mr. Manuel, nicknamed “The Muscle Man,” averaged 12.82 markers and 5.47 boards in an injury-hit one-conference outing with the Fuel Masters, who shipped the forward to the Batang Pier for Sean Anthony last Friday.

The PBA teams are ramping up their buildups ahead of the targeted Nov. 28 kickoff of the import-flavored Governors’ Cup.

At least six of the 12 squads started doing five-on-five training sessions in their regular practice facilities in Metro Manila yesterday. Some of the imports, meanwhile, are expected to arrive in the next few days.

The pro league is hopeful to hold  the second conference — possibly with a live audience back — at the Ynares Sports Arena, especially with NCR under the more relaxed Alert Level 2.

“We’ll seek guidance from the IATF (Inter-Agency Task Force) on everything, with the safety of everyone the primordial concern of the league,” said Commissioner Willie Marcial, who is arranging a meeting with IATF officials to fine-tune the safety protocols for the conduct of the games.

Additionally, Mr. Marcial said they will be batting for the return of spectators.

“We’ll also bring that up to the IATF. Kung papayagan, we’ll seek guidance on the protocols — gaano kadami ang papayagan, paano ang sitting arrangements, kailangan ba para sa bakunado lang, etc.,” he said.

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