Grammy-winning rapper Coolio dies in Los Angeles at 59

September 30, 2022 | 12:06 am

LOS ANGELES — Grammy-winning rapper Coolio died on Wednesday after being found unresponsive at a friend’s Los Angeles home, the New York Times reported. He was 59.

Coolio, born Artis Leon Ivey, Jr., was best known for his 1995 single “Gangsta’s Paradise,” from an album of the same name.

That song, a massive hit featured in the film Dangerous Minds, won a Grammy Award for best rap solo performance the following year.

The rapper died at about 5 p.m. pacific time (8 p.m. EDT) at a local hospital, his manager Jarez Posey told the Times. Mr. Posey told the paper that Mr. Ivey had earlier been found unresponsive in the bathroom of a friend’s home.

There were no immediate reports on the cause of death. — Reuters

CLI says Palawan project hits 85% reservation sales

September 30, 2022 | 12:05 am

CMT-Palawan-aerial-perspective — CEBU LANDMASTERS’ Casa Mira Towers Palawan

CEBU LANDMASTERS, Inc. (CLI) sold 85% of the first phase of its economic housing project in Puerto Princesa, Palawan in less than a week, the listed property developer said on Thursday.

“We are very pleased that our first venture in Luzon is a success. This shows that there is indeed a broader market for our bestselling housing brand Casa Mira beyond VisMin (Visayas-Mindanao),” CLI Chairman and Chief Executive Officer Jose Soberano III said in a stock exchange disclosure.

He added that the company “is gaining traction beyond our regions of focus.”

The first two buildings of Casa Mira Towers Palawan have 480 units and were able to generate P1.2-billion reservation sales from the expected P3-billion sales of all of the development’s seven towers.

Economic housing projects are provided to moderately low-income families with lower interest rates and longer amortization periods.

The Palawan project has projected gross revenues of P6 billion with phase one set for completion in the last quarter of 2025.

According to the disclosure, the majority of Casa Mira’s buyers are overseas Filipino workers and professionals from nearby localities who want to invest in Palawan.

“This is a strong indicator of important factors that appeal to investors: the development’s value proposition of giving more and its location being close to tourism sites in Palawan,” the firm said.

The development is situated in a 2.09-hectare property offering 20-square meter (sq.m.) studio units and one-bedroom units with up to 32 sq.m. at contract prices ranging from P2.3 million to P5 million.

“It will be operated by CLI Property Management to ensure security and efficient services,” the firm said.

Casa Mira Towers Palawan will be the 15^th community to carry the Casa Mira brand. To date, there are close to 18,000 Casa Mira units throughout cities in the Visayas and Mindanao.

“The very high sales take-up of Casa Mira Towers Palawan clearly shows that there’s a lot of opportunities in Palawan and we’re looking at how we can further serve the markets in the area,” Mr. Soberano said.

On Thursday, shares of CLI climbed by 9 centavos or 3.91% to P2.39 apiece. — Justine Irish D. Tabile

Stuff to Do (09/30/22)

September 30, 2022 | 12:05 am

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CCP screens Ishmael Bernal movie

IN CELEBRATION of National Artist for Cinema Ishmael Bernal’s birth month, the Cultural Center of the Philippines (CCP) Arthouse Cinema presents one of his masterpieces, a film that serves as a social commentary and a bold reflection on the realities of the struggles of the Filipino. Pagdating sa Dulo is about a bourgeois filmmaker who seeks out a stripper to act in his film, subsequently catalyzing her career as an actress. It shows how stardom, glamor, and wealth can contribute to the corruption of one’s soul. The film will be shown at the CCP Tanghalang Manuel Conde on Sept. 30, 2 p.m. The film screening is free to the public. Everyone is advised to wear a facemask upon entering the premises and bring a vaccination card/certificate (e-copies are allowed). Find out more about CCP’s protocols here: https://bit.ly/CCPNewNormalProtocol2022.

EastSide performs at Newport

MINDANAO’s EastSide Band will have a two-night concert at Newport World Resorts’ The Grand Bar and Lounge and Bar 360. The six-piece band take the stage of The Grand Bar and Lounge on Sept. 30 at 10:15 p.m. and at Bar 360 on Oct. 1, 11:15 p.m., for a minimum cover charge of P1,000 consumable on food and drinks. Since uploading their first cover video in 2018, the EastSide Band has steadily grown its online audience, earning them a performing stint at ABS-CBN’s ASAP Natin ‘To, and a back-to-back concert with the band Music Travel Love in Cagayan De Oro City.

CCP presents ballet Pulso Pilipinas II

THE CULTURAL Center of the Philippines (CCP) presents Pulso Pilipinas II: Alay Nina Alice at Agnes as the second part of the CCP Dance Series (LIVE!) 2022, happening on Sept. 30, 8 p.m. (Gala Night), Oct. 1, 3 and 8 p.m., and Oct. 2, 3 p.m., at the CCP Main Theater. The mixed program presents selected iconic works of two living National Artists for Dance — Alice Reyes and Agnes Locsin. This production will feature Ms. Locsin’s Igorot, Moriones, and Elias at Salome, as well as Alice Reyes’ Carmina Burana. Participating artists are the Alice Reyes Dance Philippines, Guang Ming College Hiraya, and UE Silangan Dance Troupe, and Teatro Baile de Cavite. For tickets, contact ARDP ticketing officer Bonnie Guerrero on Viber at 0915-412-2152, or TicketWorld at https://premier.ticketworld.com.ph/shows/show.aspx…, and the CCP Box Office at 8832-3704. For more information, visit www.facebook.com/ARDancePH.

Concert focuses on music of Troy Laureta

AWARD-winning Filipino-American musical director and record producer, Troy Laureta, presents a multi-singer concert that features performers from the US and the Philippines. Loren Allred stars alongside Regine Velasquez in the concert, East Meets West: A Troy Laureta Experience, at the Newport Performing Arts Theater on Sept. 30 and Oct. 1, 8 p.m. Also performing at the concert will be Matt Bloyd and Cheesa, Ogie Alcasid, Jona, Jed Madela, and Adah Leosala. Tickets are available at TicketWorld.

Italian film festival returns to cinemas

THE ITALIAN Film Festival in Manila returns to the cinema, with screenings daily until Oct. 2 at the Venice Cineplex Cinema, Venice Grand Canal Mall McKinley Hill in Taguig City. The film festival will feature seven films: 3/19 by Silvio Soldini, which deals with the theme of immigration; A Chiara by Jonas Carpignano; the eccentric comedy Il Silenzio Grande (The Great Silence) by Alessandro Gassmann; L’Arminuta (The Return), which has received awards in festivals all over the world; America Latina by the D’Innocenzo brothers, which is a disturbing portrait of the Italian countryside; and the comedies Una Notte Da Dottore by Guido Chiesa and Lasciarsi Un Giorno a Roma (Breaking Up In Rome) by Edoardo Leo. Two films will be screened each on Sept. 30 and Oct. 1 (both in the late afternoon and evening). On the last day, Oct. 2, the two screenings will both be in the afternoon. A special screening will also be held on Sept. 30 at De La Salle University Manila. All screenings are free and open to public on a first-come, first-served basis.

Phil-Korean festival returns onsite

THE 31^st Philippines-Korea Cultural Exchange Festival returns onsite on Sept. 30 at the Aliw Theater, CCP Complex, Pasay City. Presented by the United Korean Community Association (UKCA), the Korean Embassy, and the National Commission for Culture and the Arts (NCCA), the festival returns to the stage after two years of online celebration. The audience can experience some of the best of Korean and Filipino culture and its collaborations through special performances and booths featuring Korean food, beauty, and different industries. The performers include the Korean group Jinmyung, a traditional Korean percussion quartet, Filipino musician Celso Espejo, P-Pop girl group KAIA and Filipino singer MONA. The 2021 Philippines-Korea Cultural Exchange Festival winner will also perform live on stage for the first time since winning the title. Nine finalists composed of Filipinos and Koreans will also showcase their talents on stage in vocal and dance performances. Gates will open at 1 p.m., performances will start at 6 p.m.

Entertainment News (09/30/22)

September 30, 2022 | 12:04 am

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Columbia Pictures’ Aquaverse opens in Thailand

SONY Pictures Entertainment and Amazon Falls have announced that world’s first fully branded Columbia Pictures movie theme park, Columbia Pictures Aquaverse, will open on Oct. 11 in Thailand. The theme park is located 20 minutes south of Pattaya in the Bangsaray area. The theme park’s rides and attractions will bring to life characters from films like Ghostbusters, Jumanji, Bad Boys, Zombieland, The Emoji Movie, Surfs Up, and Hotel Transylvania. New attractions will continue to open in the future. The park features themed and immersive zones with a range of both water and land-based attractions in addition to a program of live shows, immersive entertainment, interactive props, unique sets, themed restaurants, as well as specialty merchandise and retail locations. The Mega Wave Pool will host music events, movie screenings, and live shows on the main stage featuring giant LED screens and concert-grade Dolby DTS surround sound. For additional information, visit: http://www.columbiapicturesaquaverse.com/

Película opens in PHL, Malaysia, and Australia

THIS year’s Película Spanish Film Festival returns to the theaters in the Philippines and expands regionally with online screenings in Malaysia and Australia. Now in its 21^st edition, the Película Spanish Film Festival, a project of the Instituto Cervantes, will run from Oct. 5 to 16. All the movies are in Spanish (or their original language) with English subtitles. For updates on the Festival, visit the website of the Festival (https://pelikula.org) or the Facebook page of Instituto Cervantes de Manila: www.facebook.com/InstitutoCervantesManila.

TuneCore accepts new payment options

INDEPENDENT DIY digital music distributor TuneCore, a division of global digital music company Paris-based Believe, is expanding its payment methods in the Philippines and Southeast Asia to better serve their growing artist base in the region. TuneCore, whose international presence has more than doubled over the last 18 months, has partnered with global financial technology platform Adyen. The company has launched localized payment methods in the Philippines through GCash. Others include Indonesia through Dana (GoPay coming soon), Vietnam through MoMo, and Global (non-US countries) through China Union Pay. In a statement, Andreea Gleeson, CEO of TuneCore, said, “For TuneCore artists, we not only want to support their artistry but we want to make it easy for them to distribute their music. Last year we launched the New Artist plan, which enables creators to release their music to social platforms for no upfront fee. Now with the launch of our expanded payment services, creators can access full distribution services seamlessly.” In the coming months, TuneCore will push the program out to other countries and regions. Earlier this year, TuneCore launched its new pricing program which allows artists at any stage of their careers to distribute their music. The program allows music creators to release tracks and albums on an unlimited basis via plans ranging from free/no upfront cost (new artist), $14.99 (rising artist), $29.99 (breakout artist) to $49.99 (professional).

PIE Channel premieres interactive show

PIE (PINOY Interactive Entertainment) Channel continues to beef up its offerings for its fourth month on air as it launches a hybrid narrative-reality show The Chosen One: Ang Piliserye ng Bayan. It airs on Saturdays at 8 p.m. with Melai Cantiveros as the host and one of the actors. In the show, PIE viewers can control the story and determine which character stays alive. According to director and cinematographer Topel Lee, The Chosen One has a “‘choose your own adventure’ style, that’s why it is called a ‘piliserye’.” Also, each week, five Philippine-based voters will be selected via randomizer to win P1,000. The show’s pilot features a suspense thriller series called “Soap Opera” that follows Charlie (Kaila Estrada), who signs up for a shady networking group called Astra Nuevo fronted by the strong-willed Miss Jane (Cantiveros). In Astra Nuevo, Charlie meets a group of 10 aspiring entrepreneurs who share her dream of financial freedom, but soon they discover that their ambition could cost them their lives. Also in the cast as characters who can be voted out are former Pinoy Big Brother housemates Andi Abaya, Amanda Zamora, Dustin Mayores, Gabb Skribikin, Kobie Brown, Luke Alford, Maxine Trinidad, Rob Blackburn, Seham Daghlas, and Zach Guerrero. Every Saturday, The Chosen One will air live episodes of “Soap Opera” with “chosen mentor” Jhong Hilario dissecting and rating each players’ performance in the narrative. He will also reveal the current standing of the players based on the audience votes. Viewers can also watch PIE worldwide via its website pie.com.ph, YouTube (http://youtube.com/iampieofficial), Sky Cable Channel 21, and Cablelink Channel 100. Viewers can also watch PIE live on GLife of the GCash App.

Ogie Alcasid and Ian Veneracio share a stage

LONGTIME friends Ogie Alcasid and Ian Veneracion show off their musical chemistry in a concert called KilaboTitos. at the Newport Performing Arts Theater on Oct. 28, 8 p.m. A music industry veteran, Mr. Alcasid has produced countless OPM classics and establish the Alcasid Total Entertainment Artist Management (ATeam). Mr. Veneracion, better known as an actor and painter, recently signed under ATeam to follow his passion for music. Concert tickets are now available at all TicketWorld and SM Tickets outlets with prices ranging from P1,800 to P7,800. For inquiries, contact the Newport World Resorts National Sales Team at 0917-823-9602, 0917-807-9387, and 0917-658-9378, or call Ticketworld at 8891-9999, or SM Tickets at 8470-2222.

#MabutingMakinig campaign focuses on listening

THE REUTERS Institute’s 2022 Digital News Report confirmed that there’s been a sharp increase in “selective avoidance” towards the news. Sometimes it’s easier to tune out. That means the challenge now is getting people to start listening again, especially to the things that matter. A year after their fact-checking initiative “Kailangan Totoo,” audio production company PumaPodcast brings in more partners to help them build a world that listens: Linya-Linya and Pushpin Visual Solutions. Their 2022 campaign “#MabutingMakinig” recognizes that people are opting out of listening. At its core, the campaign is a friendly reminder to audiences that while it’s difficult to give attention to certain stories or people, it’s in active listening that people find common ground, that they learn and remain informed. Throughout September, along with the artwork series by Or and Pushpin Visuals, the campaign team released playlists that revolve around listening to the environment, history, creatives, research, and listening to your fellow Filipinos. To support and learn more about the #mabutingmakinig campaign, look for the hashtag on social media platforms.

LOIR releases new single

R&B singer-songwriter LOIR submits to the pull of her heart in her new single “MAMA.” On the stripped-down ballad, the singer asks big questions about life’s purpose and her conflicting sense of direction. “I’ve made some decisions in the past that I’m not happy about,” LOIR said in a statement. “This song is my way of closing that chapter in life, and hoping that I’ve made my parents proud as I welcome change with positivity, dreams, and love. I’m more than inspired to do well in my chosen craft.” Before signing up with Sony Music Entertainment, LOIR collaborated with some of the biggest names in the local hip-hop/R&B scene including Gloc-9 on “Sanib” and “Oka,” and GuddhistGunatita’s on the single “Dalampasigan.” To date, she has amassed more than four million streams on YouTube and Spotify combined. “MAMA” is available on all digital music platforms via Sony Music Entertainment.

Khalid releases new single

SINGER-songwriter Khalid has released his new single “Satellite” along with the music video via Right Hand Music Group/RCA Records. “‘Satellite’ is a visual portrait of my growth as a human being and the self-love journey I have experienced in my life,” Khalid said of the song. The video sees Khalid embracing a futuristic world, being one with the planets and other incredible advancements. “Satellite” is available on all digital music platforms worldwide via Right Hand Music Group/RCA Records/Sony Music.

Gyeongseong Creature on Netflix

NETFLIX will premiere the new Korean thriller series Gyeongseong Creature on Nov. 4. Set in the spring of 1945, in the city of Gyeongseong, the series follows individuals going up against monstrous creatures that were born out of human greed. It stars Park Seo-jun, who received acclaim for his roles in the dramas Itaewon Class and What’s Wrong With Secretary Kim, and Han So-hee, known for the Netflix series My Name, The World of the Married and Nevertheless. The series is directed by Chung Dong-yoon.

ACEN board clears funding for solar farm in Australia

September 30, 2022 | 12:04 am

ACEN Corp.’s board has approved a commitment of up to 800 million Australian dollars for the construction of the 520-megawatt direct current (MWdc) Stubbo solar farm in Australia.

In a regulatory filing, the Ayala-led listed energy company said that the amount can be a combination of equity, credit support, guarantees, and similar arrangements.

ACEN also authorized its subsidiary in Australia to enter into a photovoltaic (PV) module supply agreement for the project.

The Stubbo solar project is expected to produce 400 megawatts and 1 million megawatt-hours of energy, yearly. ACEN said the generated electricity is enough to power around 150,000 households.

ACEN’s board also approved an investment in and the construction of the 300-megawatt-peak (MWp) and 237-megawatt alternating current (MWac) Giga Ace 8 solar power project in Palauig, Zambales.

ACEN also said that the project will include the construction of the 1,200-MWac transmission line of Giga Ace 8, Inc.

Its board also approved the funding for the 208-MWdc Naredco solar power plant project in La-lo, Cagayan, and an investment in a 60-MWp solar plant in Pangasinan through the acquisition of Sinocalan Solar Power Corp.

The listed company said the project and the execution of a technical services agreement are still pending regulatory approvals.

Meanwhile, in the company’s disclosure to the stock exchange, ACEN announced the appointment of Delfin L. Lazaro as chairman of the board, and chairman of the executive committee, while Cezar P. Consing was appointed as vice-chairman of the board and vice-chairman of the executive committee.

To recall, Fernando Zobel de Ayala resigned as chairman and member of ACEN’s board to allow him to focus on his health and recovery.

ACEN’s board also elected Mr. Lazaro as director to replace Mr. Zobel.

Jaime Alfonso Antonio Zobel de Ayala was also elected director to replace Jaime Augusto Zobel de Ayala, whose resignation was accepted, and serve the latter’s unexpired term.

On Thursday, shares in the company gained 3.45% or P0.19 higher to finish at P5.70 apiece. — Ashley Erika O. Jose

What To See This Week (09/30/22)

September 30, 2022 | 12:03 am

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Don’t Worry Darling

SET in the 1950s, the film follows married couple Alice and Jack who live in the idealized community of Victory, which is owned by a mysterious company. The longer they stay, the more Alice suspects that Victory is hiding a sinister secret. Directed by Olivia Wilde, the film stars Florence Pugh, Harry Styles, Olivia Wilde, and Chris Pine. Vulture’s Bilge Ebiri writes, “Movies about utopias that turn out to be dystopias either have to find a way to make their utopias initially compelling or get things rolling in such dramatic or deranged fashion that we can’t help but be riveted by the characters’ journeys of discovery. Don’t Worry Darling, alas, does neither of these things. It merely asks us to watch as Alice slowly realizes that something creepy lurks within the Victory Project, and that can get boring and repetitive after a while.” Rotten Tomatoes Tomatometer gives the film a rating of 37%, and an audience score of 78%.

MTRCB Rating: R-16

Smile

AFTER witnessing a bizarre, traumatic incident involving a patient, Dr. Rose starts experiencing frightening occurrences that she can’t explain. As an overwhelming terror begins taking over her life, Rose must confront her troubling past to survive and escape her horrifying new reality. Directed by Parker Finn, the film stars Sosie Bacon, Jessie T. Usher, Kyle Gallner, Caitlin Stasey, Rob Morgan, and Kal Penn. Variety’s Owen Gleiberman writes, “Smile will likely be a hit, because it’s a horror film that delivers without making you feel cheated. At 90 minutes, though, with less repetition, it might have been a more ingenious movie.” Rotten Tomatoes’ Tomatometer gives the film a score of 81%.

MTRCB Rating: R-16

Always

ADAPTED from a 2011 Korean film of the same name, Always is about a depressed former boxer who finds romance with an optimistic blind woman who is set to undergo an operation to have her sight restored. This Viva Films release is directed by Dado Lumibao and stars Kim Chiu and Xian Lim. ABS-CBN’s Fred Hawson writes: “I had not seen the original film, but on its own, this Filipino version, despite some errors in continuity, medical inaccuracies and a rather overlong ending melodrama, succeeds because of star power and dramatic chops of the two lead stars… Their irresistible chemistry sweeps, absorbs the audience into their bittersweet love story.”

MTRCB Rating: PG

The Lake

AFTER a child picks up a strange egg, a dangerous creature rises from a lake to kill anyone on its path. This Thai science fiction-horror film is directed by Lee Thongkham and Aqing Xu. It stars Sushar Manaying, Vithaya Pansringarm, and Zang Jinsheng.

MTRCB Rating: PG

Sugat sa Dugo

A FAMILY faces different challenges when one of them is infected with HIV. The maiden offering of Dragon Entertainment Productions, the film is directed by Danni H. Ugali, and stars Janice de Belen, Khai Flores, and Gary Guarino.

MTRCB Rating: PG

CTA affirms dismissal of firm’s appeal on wealth sharing case

September 30, 2022 | 12:03 am

THE COURT of Tax Appeals (CTA) has affirmed its denial of CE Casecnan Water and Energy Co., Inc.’s appeal to cancel its supposed national wealth share worth P183.26 million in connection with the development of a multi-purpose resource delivery project from 2002 to 2008.

In a 12-page decision dated Sept. 23 and made public on Sept. 28, the CTA full court ruled it did not have jurisdiction to hear the case.

“Although the original case heard in the lower court seems to pertain to the validity of an assessment, a simple perusal of the aforesaid assessment itself disclosed that it does not involve a tax dispute,” according to the ruling penned by Associate Justice Maria Belen M. Ringpis-Liban.

Under the CTA’s rules, the tax court can exercise jurisdiction to review by appeal, the decisions, resolutions, or orders of lower courts in local tax cases.

The case stemmed from CE Casecnan’s agreement with the state-owned National Irrigation Administration that involves the development of an irrigation and power project in Pantabangan, Nueva Ecija and Alfonso Castañeda, Nueva Viscaya.

The CTA First Division ruled in 2020 that it did not have jurisdiction over the case since it did not involve a tax dispute.

In 2008, the treasurer of the Alfonso Castañeda municipality issued an assessment letter that demanded P183.26 million from the firm, as part of its national wealth share for the development of the irrigation and water delivery facility.

The official added that appropriate judicial remedies would be pursued if the municipality’s demand was not met. The dams that supplied the water were located in Alfonso Castañeda.

The project sought to “harness the full potential” of the Pantabangan Dam and divert about 801 million cubic meters of water from the Casecnan and Taan rivers of Nueva Viscaya to the Pantabangan reservoir in Nueva Ecija, the CTA noted.

It would benefit several local government units as power plants would be located in two provinces.

Under the Local Government Code of 1991, the national wealth share comes from the proceeds from projects developed by government-owned or controlled corporations.

In 2017, a Nueva Viscaya trial court canceled the treasurer’s assessment as it ruled CE Casecnan is not a state-owned corporation.

“Accordingly, the court en banc shall no longer discuss the other issues raised by petitioner (CE Casecnan) since the CTA has no jurisdiction over the subject matter of the case,” said the tax court. — John Victor D. Ordoñez

Bad loans to ease until 2024 — Moody’s

September 30, 2022 | 12:03 am

NONPERFORMING loans (NPL) in the Philippine banking industry may continue to ease in the coming months, an analyst from Moody’s Investors Service said on Thursday.

“As for NPL ratio, we actually think that 4.5% (in 2021) is the peak for NPL and we think that it will continue to slowly go down over the next one to two years,” Moody’s Investors Service Financial Institutions Group Analyst Joyce Ong said at a briefing on Thursday.

“If you look at the NPL ratio of the banks, there has been a rapid buildup because of the pandemic and peaking at 4.5% at the end of July last year,” Ms. Ong said.

“But since then, with the reopening of the economy in the second half last year, we’ve seen a decline in NPL ratio because of the rebound of economic activities that really slow the whole formation of that loans,” she added.

The banking industry’s soured loan ratio fell for a fifth straight month in July to its lowest in almost two years as bad debt continued to decline, latest central bank data showed.

The July ratio was the lowest since 3.51% in September 2020.

Bangko Sentral ng Pilipinas (BSP) data showed banks’ past due loans dropped by 14.3% to P491.289 billion from P573.785 billion a year ago. This brought its share in total loans to 4.17% from 5.31% a year ago.

Loans are considered nonperforming once they remain unpaid for at least 30 days after the due date. They are deemed as risk assets given borrowers are unlikely to settle such loans.

“We do expect that going forward. This trend will continue in tandem with the economic recovery that we will see in the Philippines. But having said that, [there’s] rising inflation, interest rates and also global economic uncertainty,” Ms. Ong said, adding that inflation will pose risks to banks in the country.

The BSP increased its overnight borrowing rate by 50 basis points (bps) to 4.25% and its corresponding lending rate to 4.75% last week.

The Monetary Board has so far raised 225 bps this year to rein in stubbornly high inflation.

The consumer price index climbed to 6.3% year on year in August, marking the fifth straight month that inflation exceeded the BSP’s 2-4% target this year.

“We actually think that inflation would dampen the post-pandemic asset quality of banks, but we don’t expect it to derail it entirely,” Ms. Ong said.

She said post-pandemic improvements in asset quality will offset the “incremental” risk from inflation. She added that she expects inflation to ease next year, which will help support asset quality.

“If you look at restructured loans level, it’s only about 3% of the system,” she said, adding that Moody’s does not expect the number to further increase.

“We think that most of these restructured loans will eventually either [be] written off or they will actually gonna see some recovery as well,” she said.

Restructured loans climbed by 3.5% to P341.973 billion from P330.164 billion in the same month in 2021. These accounted for 2.9% of the banking system’s loan portfolio.

The industry’s NPL coverage ratio also improved to 99.16% from 82.44% the year before.

The central bank has said the NPL ratio of Philippine banks might peak at 8.2% this year. The ratio stood at 3.99% as of end-December 2021. — Keisha B. Ta-asan

IRR on single-parent benefits issued; law to take effect in Oct.

September 30, 2022 | 12:03 am

THE Department of Social Welfare and Development said on Thursday that it has issued the implementing rules and regulations (IRR) of the Expanded Solo Parent Act, outlining job benefits that solo parents are entitled to.

Republic Act 11861, which lapsed into law on June 4, provides solo parents additional work leave, scholarship and cash subsidies and priority status in government housing projects.

The law also offers a 20% discount on hospital bills for the parent and child and a 15% discount on school supplies.

It will also grant a 10% discount and an exemption from value-added tax on various goods for children up to six years old.

“We recognize that solo parents are among the vulnerable members of our society,” Gabriela Party-list Rep. Arlene D. Brosas said during the signing of the IRR.

“With the additional benefits provided under this measure, solo parents will at least (be shielded from) the impact of rising prices, huge income losses, and a lack of state support,” Ms. Brosas said, adding that single mothers make up two-thirds of solo parents in the Philippines.

Social Welfare Secretary Erwin T. Tulfo said in a Facebook post that the law’s implementation will start by the end of October. — Matthew Carl L. Montecillo

Singer R. Kelly, already behind bars, ordered to pay victims

September 30, 2022 | 12:02 am

R Kelly attends Brooklyn's Federal District Court during the start of his trial in New York — SINGER R. Kelly attends Brooklyn’s Federal District Court during the start of his trial in New York, US, August 18, 2021 in a courtroom sketch. — REUTERS

NEW YORK — R. Kelly, the multiplatinum R&B singer convicted twice this year of sex crimes, will be required to pay at least $300,000 in restitution to some of his victims, a federal judge said on Wednesday.

The money will compensate two women, known as Jane and Stephanie, for the costs of therapy and herpes treatment, US District Judge Ann Donnelly said at a hearing in Brooklyn.

That figure is likely to rise after prosecutors recalculate the cost of medication for Stephanie.

Ms. Donnelly denied prosecutors’ requests to compensate Jane for lost income, and provide any compensation to a third victim known as Sonja.

Mr. Kelly attended the hearing via Zoom from a federal prison in Chicago.

Ms. Donnelly sentenced Mr. Kelly in June to 30 years in prison, after a jury convicted him of racketeering and other charges.

Prosecutors said the 55-year-old Mr. Kelly exploited his stardom and wealth over more than two decades to lure women and underage girls into his orbit for sex.

The monthlong trial amplified accusations that had dogged the singer of the Grammy-winning hit “I Believe I Can Fly.”

Mr. Kelly was also convicted last month in Chicago on separate charges of child pornography and luring underage girls for sex.

He is awaiting sentencing in that case, and also faces various state charges in Illinois and Minnesota.

Mr. Kelly, whose full name is Robert Sylvester Kelly, is among the most prominent people convicted of sexual misbehavior during the #MeToo movement against such conduct by prominent men. — Reuters

August ‘hot money’ outflows lowest in 3 months

September 30, 2022 | 12:02 am

SHORT-TERM foreign investment outflows slowed in August, as the Bangko Sentral ng Pilipinas (BSP) and central banks globally further increased borrowing costs.

Data released by the Philippine central bank showed transactions on foreign investments registered with the BSP through authorized agent banks (AABs) saw a net outflow of $86 million in August, the smallest outflow in three months.

The August figure was 16% lower than the $103-million net outflows recorded in July. It was also a reversal from the $11.5 million net inflows in the same month in 2021.

Foreign investments registered with the BSP through AABs are also known as “hot money” due to the ease with which they enter and exit financial markets. Investors typically want to secure the best short-term rates possible.

“Outflows were lower than the previous month as investors took into account the pivot of the BSP to be more aggressive, with its off-cycle hike in July and another 50-bp (basis point) hike in August,” China Banking Corp. Chief Economist Domini S. Velasquez said in a Viber message.

The Monetary Board has so far raised the benchmark policy rate to 225 basis points (bps) this year, including its surprise 75-bp hike in July and back-to-back 50-bp increases in August and September.

“However, this did not prevent net portfolio outflows from continuing for the fourth month as markets were generally risk-off on emerging economies,” Ms. Domini said.

Gross outflows of hot money increased by 10.4% to $878 million in August from $795 million a year ago.

“Aggressiveness in the monetary tightening cycle in advanced economies and investors’ perception that these economies are safer to invest in, prompted greater outflows from the Philippines,” she added.

The US Federal Reserve has raised rates by 300 bps since March, taking into account its three consecutive 75-bp increases in June, July, and September.

Meanwhile, gross inflows decreased by 1.85% to $792 million in August from $807 million a year earlier.

The top five investor economies during the month are the United Kingdom, United States, Hong Kong, Malaysia, and Luxembourg, which accounted for 82.6% of foreign portfolio investment inflow.

The bulk of investments went to securities of banks; holding companies; property; food, beverage and tobacco; and electricity, energy, power, and water. The rest were invested in peso government securities.

For the eight months to August, foreign investments yielded a net inflow of $539 million, a turnaround from the $434-million net outflows in the same period last year.

“Moving forward, we expect this risk-off sentiment to continue affecting hot money as central banks globally remain hawkish,” Ms. Domini said.

She added that record-high yields in developed countries and financial turmoil might drive investors away from emerging economies such as the Philippines.

The BSP said registration of inward foreign investments delegated to AABs by the BSP is “optional under the rules on foreign exchange transactions.”

The central bank expects hot money to yield a net inflow of $4.5 billion in 2022. — Keisha B. Ta-asan

GM delays return-to-work plans to 2023

September 30, 2022 | 12:02 am

GENERAL MOTORS Co. (GM) on Tuesday said it will not mandate workers return to offices before 2023 after it had told them last week that they would be expected to work three days on-campus each week later this year.

The automaker told employees who have been working remotely that it does “not plan to mandate which days of the week will be collaboration days. In no scenario will our Work Appropriately evolution begin before Q1 2023.”

GM on Friday had cited the dramatic improvement in the COVID landscape for the change “to drive the best collaboration, enterprise mindset and impact.”

Many companies are still grappling with how much to require white-collar employees to return to offices. Marriott CEO Anthony Capuano told Reuters last week that the company has no requirements but is “encouraging folks to be here several days a week.”

GM said on Tuesday’s clarification was “based on the dialogue that took place since Friday. We intend to spend the next few weeks continuing to listen to your feedback so that we incorporate it into our implementation plans.”

GM said it would “communicate more information at the end of next month. Between now and then, we continue to ask for constructive dialogue about our culture, collaboration, speed and innovation.”

Thousands of GM workers including hourly workers assembling cars have continued in-person work during COVID-19. — Reuters