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BTr partially awards T-bill offer as rates climb across all tenors

BW FILE PHOTO

THE GOVERNMENT partially awarded the Treasury bills (T-bills) it auctioned off on Monday as investors asked for higher yields as they expect the Bangko Sentral ng Pilipinas (BSP) to hike rates anew at its policy meeting this week.

The Bureau of the Treasury (BTr) raised just P10.54 billion from its offer of T-bills on Monday as rates climbed across all tenors, even as total bids reached P22.605 billion, above the P15-billion program.

Broken down, the Treasury partially awarded its offer of the 91-day T-bills, raising just P3.07 billion against the P5-billion program, even as tenders reached P11.285 billion. The average rate of the tenor climbed by 18.7 basis points (bps) to 1.759% from the 1.572% seen at the last auction.

The BTr likewise awarded only P3.62 billion in 182-day securities versus the P5-billion offer even as bids hit P5.82 billion. The average rate of the six-month tenor went up by 19.8 bps to 2.132% from the 1.934% fetched at last week’s auction.

Lastly, the government made a partial award of its offer of one-year debt papers, raising just P3.85 billion against the P5-billion plan even as tenders hit P5.5 billion. The average rate of the one-year T-bill went up by 12.9 bps to 2.454% from the 2.325% seen at the previous auction.

At the secondary market prior to Monday’s auction, the 91-, 182- and 364-day T-bills were quoted at 1.5705%, 1.9366%, and 2.2014%, respectively, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters that the investors wanted higher rates as they expect the BSP and the US Federal Reserve to continue raising borrowing costs.

“While Governor Medalla spoke of gradual tightening, some analysts still see a 50-bp move following [the] 75 bps delivered by [the] Fed to slash elevated inflation,” Ms. De Leon added.

A trader said in an e-mail that the increase in T-bill rates reflected market expectations of a more aggressive rate hike by the BSP on Thursday following the Fed’s move.

“Even if [the] rhetoric is we do not need to follow the moves of the Fed, it is very difficult not to look at the interest rate differential between the [US dollar] and the [peso],” the first trader added. “BTr’s partial award is a good move as it does not stoke panic in the markets.”

The BSP’s Monetary Board will meet to review policy settings on Thursday, June 23.

Outgoing BSP Governor Benjamin E. Diokno and his successor Monetary Board member Felipe M. Medalla last week said a 25-bp hike at the Thursday meeting is almost a “sure thing.” Both made their comments ahead of the Fed’s decision last week.

Mr. Medalla said the BSP could raise rates again in its Aug. 18 meeting and several more times this year, but tightening will be gradual as he ruled out hikes bigger than 25 bps. He said in a roundtable discussion with BusinessWorld editors last week that the BSP still has the “luxury of time and large reserves.”

On Monday, Mr. Diokno and Mr. Medalla affirmed their intent to raise rates gradually, both signaling a 25-bp hike this week despite market expectations of a 50-bp increase.

The BSP began its tightening cycle with a 25-bp hike on May 19 to help stem rising prices as headline inflation already reached 5.4% in May, higher than its 4.6% forecast and 2-4% target for the year. Year to date, inflation has averaged 4.1%.

Increases worth 25 bps at the Monetary Board’s June and August meetings would bring the benchmark rate to 2.75% from the current 2.25%.

Meanwhile, Federal Reserve Governor Christopher Waller on Saturday said he would support another 75-bp hike at their July review amid rising inflation.

The BTr wants to raise P250 billion from the domestic market in June, or P75 billion through T-bills and P175 billion via Treasury bonds.

The government borrows from local and external sources to help fund a budget deficit capped at P1.65 trillion this year, equivalent to 7.6% of gross domestic product. — T.J. Tomas

Horizon Land plans to launch Siena Towers 2

ACTUAL photograph of Siena Towers along Sumulong Highway, Marikina City
ACTUAL photograph of Siena Towers along Sumulong Highway, Marikina City

HORIZON LAnd Property Development Corp. is planning to add new inventory to its master planned community in Marikina City this year.

In a statement, the subsidiary of Federal Land, Inc. said Siena Towers Two is set to be launched by  middle of 2022.

The 22-storey tower will offer 297 units in one- and two-bedroom variations. The one-bedroom units range from 23 square meters (sq.m.) to 39.50 sq.m., while the two-bedroom units range from 48 sq.m. to 72.50 sq.m. with balcony or lanai options.

Siena Towers is the newest two-building development in Horizon Land’s mixed-use, mid-to-high rise community in Marikina.

“We strive to deliver an uncompromised modern living experience unique to the city of Marikina and its people, especially as Filipinos across the country adjust to the ‘new normal.’  This is why, over the years, we have consistently evolved and grown the dynamic city center by constantly launching more residential and commercial projects that respectfully blend the advantages of contemporary urban landscapes with the appeal and livability of the laid-back suburban backdrop inherent to Marikina,” Horizon Land General Manager John Cabato said in a statement.

The community also features Marquinton Residences and Tropicana Garden City, which offer ready-for-occupancy units.

Marquinton Residences is a medium-rise legacy residential community, while Tropicana Garden City is a multi-tower residential property that boasts of green architecture.

Horizon Land’s Marikina community also includes Blue Wave Mall and the newly opened S&R Marikina. American fast-food chain Panda Express is also set to open its first drive-thru outlet in the country beside Siena Towers.

“We aim to uplift living standards within this vibrant mixed-use neighborhood by continuously introducing and infusing our projects with thoughtfully designed amenities, relevant features, and seamless connectivity to a diverse set of commercial establishments and recreational spots that complement the community’s daily activities, lifestyles, and workstyles moving forward,” Mr. Cabato said.

Shakey’s expects Q2 earnings growth amid increased mobility

SHAKEY’s Pizza Asia Ventures, Inc.’s second-quarter performance is likely to outpace the previous quarter due to eased mobility restrictions, its top official said on Monday.

“The second quarter is going to be even better than the first, that’s what we see so far. The first quarter was still hit by the Omicron variant. People were still scared to go out,” Shakey’s President and Chief Executive Vicente L. Gregorio said during a virtual briefing.

“In the second quarter, we see the loosening of lockdowns and the recovery rate jump up. We are already benefiting from our reopening play,” he added.

In the first quarter, the firm reported that its net income after tax more than doubled to P76.23 million from P28.72 million the year prior. The profit jump came as revenues increased 25.8% to P1.61 billion from P1.28 billion.

“This was mainly driven by dine-in recovery, coupled with the integration of Potato Corner’s operations starting March,” the company said in a disclosure.

Earnings before interest, tax, depreciation and amortization (EBITDA) rose 22.1% to P293 million from P240 million even as gross margins softened due to the general rise in input prices globally.

“I firmly believe we are coming in strong and we are ready for a reopening play and beyond. We have a great roster of brands, each with a role to play,” Mr. Gregorio added.

In 2019, Shakey’s acquired Peri-Peri Charcoal Chicken, a local fast-casual and full-service restaurant brand. In 2020, the company entered into a master franchise agreement with Singapore-based Koufu Group Ltd. to bring the R&B milk tea brand to the Philippines.

Last year, the company entered into an agreement to purchase assets and intellectual property relating to food kiosk brand Potato Corner.

“We are learning and beginning to see the potential of the Potato Corner brand. We are ahead of projection and this has made us very optimistic about this brand. We have drawn up plans to further expand the business domestically and internationally. In just a few months, we have seen the many synergies we can make with the business,” Mr. Gregorio said.

In a separate disclosure, Shakey’s announced that its board of directors approved the declaration of a regular cash dividend of P0.03 per share, to all stockholders of record as of July 4, payable on July 20.

At the stock exchange on Monday, Shakey’s shares declined by 3.41% or 24 centavos to close at P6.80. — Luisa Maria Jacinta C. Jocson

Lady Bulldogs eye date with destiny after six decades

NU Lady Bulldogs’ Mhicaela Belen — THE UAAP

A DATE with a long-coveted destiny after six decades awaits undefeated National University (NU) when it goes for the jugular against La Salle in Game 2 of the University Athletic Association of the Philippines (UAAP) Season 84 women’s volleyball tournament best-of-three finals series at the Mall of Asia Arena on Tuesday.

The Lady Bulldogs last won a UAAP women’s volleyball title in 1957, making their tussle versus the Lady Spikers at 6:30 p.m. a huge chance to end the agonizing drought for good in a grand, sweeping fashion.

Should the stars align, NU would achieve it through a dream 16-0 season — the same feat completed by the Ateneo team led by Alyssa Valdez back in Season 77.

But that bid, as huge as the stakes and the rewards are, is anticipated to be a tough nut to crack.

“May mga silly mistakes kami noong Game 1 na kailangan pa namin i-workout. We have to sustain our energy and focus. Our mindset is always staying ready,” said coach Karl Dimaculangan after a resounding Game 1 win.

NU, which enjoyed a week-long rest as an automatic finalist, hardly broke a sweat in the series opener by scoring a 25-20, 25-12, 25-21 win over a La Salle side that still needed to come out from the stepladder semifinals.

That was the Lady Bulldogs’ ninth straight win in as many sets in three games against the Lady Spikers as the glaring indication of their season-long dominance.

Still, NU braces for a fiery La Salle fightback built on its established winning tradition following its 11th finals appearance in the last 12 seasons.

NU’s prized spiker Mhicaela Belen, who is a strong contender for both the Rookie of the Year and MVP awards in the ceremony at 5:30 p.m. before the game, shares the same sentiment.

Down but not out, La Salle for its part vows a strong resistance to extend the series with an expected bounce back game from gunners Alleiah Malaluan, Leila Cruz, Jolina Dela Cruz, Fifi Sharma, and Thea Gagate after struggling in the opener. — John Bryan Ulanday

Pixar’s Lightyear underwhelms with $51 million debut as Jurassic World stays No. 1

Pixar’s Lightyear

LOS ANGELES — To infinity and beyond? Not exactly…

Lightyear, a spinoff story set in Pixar’s Toy Story universe, fell short of that boundless milestone in its box office debut, collecting a lackluster $51 million from 4,255 North American theaters. Family audiences, the movie’s prime demographic, have been largely absent since COVID. But even so, those ticket sales are disappointing for a brand as recognizable as Pixar, the home of The Incredibles, Finding Nemo, and Up. It’s particularly problematic given that Lightyear cost $200 million to produce and tens of millions more to market.

Heading into the weekend, the Disney film was expected to generate at least $70 million. But its ambitions were thwarted by heightened competition from Universal’s behemoth Jurassic World Dominion and Paramount’s high-flying Top Gun: Maverick, as well as little intrigue to watch a slightly esoteric origin story about Buzz Lightyear, one that had only a tenuous connection to the four films in the popular kid-friendly franchise. With its wobbly liftoff, Lightyear landed in second place, becoming one of the rare Pixar films to not take the top spot at the domestic box office.

Notably, Lightyear is the first Pixar movie to play on the big screen in more than two years — since Onward in March 2020. During the pandemic, three Pixar movies — Soul, Luca, and Turning Red — skipped theaters to land directly on Disney+, leaving some box office analysts to question if consumers have been trained to watch Pixar movies at home. Other industry experts question if Disney is relying too heavily on brand recognition and not enough on execution. Lightyear landed an “A-” CinemaScore, indicating that audiences enjoyed the movie.

“This is a soft opening for a spin-off of one of the most successful animation series of all time,” says David A. Gross, who runs the movie consulting firm Franchise Entertainment Research. He notes: “Toy Story defied gravity at the box office during its 24-year run, each episode topping the last, the last two clearing a billion dollars worldwide. But like all spin-offs, the Lightyear story is narrower now.”

Even with a colossal 60% decline, Jurassic World Dominion managed to capture the box office crown again. Universal’s prehistoric sequel generated $58.6 million from 4,697 cinemas in its second weekend of release, bringing its domestic total to $259 million.

In third place, Top Gun: Maverick continues to fly high with a mammoth $44 million from 4,035 venues in North America. Those box office returns, a scant 15% drop from its prior outing, are especially significant because the film has been playing in theaters for a month. Only one film, Avatar with $50 million in its fourth weekend of release, has generated more at this point in its theatrical run. To date, the sequel to 1986’s Top Gun has grossed $466 million in the US and Canada and $885 million globally, making the film the biggest blockbuster in Tom Cruise’s decades-long career.

Disney’s Doctor Strange in the Multiverse of Madness took the No. 4 slot with $4.2 million from 2,455 locations. After seven weekends on the big screen, the Marvel comic book sequel has amassed an impressive $405.1 million in North America. However, the Strange sequel is no longer the highest-grossing movie of the year in the US. That title now belongs to Pete “Maverick” Mitchell. — Reuters

NSSLAs post higher end-2021 assets as loans continue to expand

REUTERS

NONSTOCK savings and loan associations (NSSLAs) continued to grow in terms of assets, driven by a rise in loans and capital contributions, the Bangko Sentral ng Pilipinas (BSP) said.

NSSLAs’ assets grew by a total of 9.1% to P283.8 billion as of end-2021 from the pre-pandemic level of P260.2 billion as of end-2019. Assets were comprised mainly of loans, which rose by 8.9% to P246.3 billion from P226.1 billion during the same period.

Year on year, their assets grew by 6.3% in 2021 and by 2.6% in 2020, while loans grew by 4% in 2021 and by 4.9% in 2020, respectively.

The central bank said the growth in their NSSLAs’ assets was driven primarily by deposits that rose 36.7% to reach P80.6 billion at end-2021 from end-2019, and capital contributions that expanded by 2.8% to reach P134.6 billion.

Year on year, deposits grew by 14.1% in 2021 and 19.8% in 2020. Meanwhile, capital contributions grew by 2.9% in 2021 after a slight contraction of 0.2% in 2020.

The BSP also noted that NSSLAs sustained their profitability, citing their 7.6% average dividend rate in 2021. The industry’s liquidity and capital position also remained strong and enough to cover their funding requirements and risk-taking activities.

“These figures underscore the trust and confidence of NSSLAs’ members in the industry, as well as the support of these institutions to cultivating the habit of saving,” BSP Governor Benjamin E. Diokno said on Monday.

NSSLAs are nonstock and non-profit corporations that provide financial products and services. NSSLAs are in the business of collecting savings from their members and financing their personal loans, while profits are generated primarily from lending and investing activities.

There are currently 60 non-stock savings and loan associations. Of this amount, 11 serve the military and uniformed personnel, 23 provide financial intermediation to other government employees, while the remaining 26 serve the private sector.

NSSLAs have a nationwide network of 72 branches and 158 satellite offices, providing affordable and accessible products to underbanked and underserved members.

“NSSLAs continue to play a vital role in fostering inclusive finance and in empowering the marginalized sector,” Mr. Diokno said. “Rest assured that the BSP shall pursue further regulatory enhancements as well as strategic partnerships with relevant government agencies and key industry players to support the industry. — Tobias Jared Tomas

Robinsons Land sets sustainability goals

ROBINSONS Land Corp. currently has 24 malls with solar rooftop installations. — COMPANY HANDOUT

ROBINSONS Land Corp. (RLC) has defined specific environmental impact targets across its business units as part of its commitment to sustainability.

In a statement, RLC said the pandemic highlighted the need for companies to adopt a more focused approach to sustainability.

“We continue to invest in creating low-carbon and resilient spaces to further reduce our greenhouse gas (GHG) emissions, protect the environment, and promote efficient land use,” RLC President and CEO Frederick D. Go was quoted as saying in the company’s sustainability report.

RLC said it has been promoting responsible land use by integrating green and open spaces in all its properties. For new projects, it will engage green-certified contractors and consultants, as well as establish guidelines on landscaping, to achieve carbon neutrality and improve resiliency.

The Gokongwei-led developer has also crafted a roadmap towards a net zero carbon ambition by 2050. This is in line with the Paris Agreement, which calls on countries to take climate action to reduce greenhouse gas emissions to limit global warming to within 1.5 degrees Celsius.

RLC said it is also planning to use clean power in its current and future shopping mall projects, as part of its goal to shift power requirements to renewable energy (RE) sources by 2035.

“Cognizant of the Philippines’ target of 35% share of RE in the power generation mix by 2030 and 50% share by 2040, RLC will pursue more investment opportunities through the Wholesale Electricity Spot Market (WESM) or the RE Market — once it is established — and engage with clean energy providers for both Luzon and provincial areas,” the company said.

Robinsons malls and offices used 30.24 gigawatt hours of renewable energy in 2021.

RLC currently has 24 malls with solar rooftop installations, generating nearly 30 megawatts of clean and renewable energy.

“By 2030, RLC intends to divert all discarded non-biodegradable materials in our properties away from landfills and towards recycling and other waste processing facilities,” Mr. Go said.

For its hotel and leisure properties, RLC is aiming to reduce annual food spoilage by 5%.

RLC Residences will also conduct solid waste management briefings on the proper use of facilities for housekeeping personnel. It will also launch an education campaign on reusable materials for employees, homeowners, and residents.

“Through these programs, we will be able to better manage the volume of waste generated in our residential developments even after the units have been turned over to the homeowners. We look forward to expanding these initiatives to all RLC properties,” Mr. Go said.

The developer also wants design plans of new and existing RLC developments to have wastewater treatment and materials recovery facilities by 2025.

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

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