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BSP may need to be more hawkish to curb inflation

Fuel retailers will roll back the pump prices of petroleum products on Tuesday. — PHILIPPINE STAR/ WALTER BOLLOZOS

THE PHILIPPINE central bank should deliver more aggressive rate hikes in order to curb inflation that is now expected to reach 5% this year, economists said.

The Bangko Sentral ng Pilipinas (BSP) on June 23 raised its benchmark rate by another 25 basis points (bps), bringing it to 2.50%. Interest rates on the overnight deposit and lending facilities were also hiked by 25 bps to 2% and 3%, respectively.

“A more aggressive stance from BSP may help allay concerns about runaway inflation expectations. Monetary policy adjustments operate with a lag and thus we believe front-loaded action would be more beneficial than gradual rate increases,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.

The BSP can also help combat demand-side pressures and mitigate the impact from second-round effects such as wage and transport fare hikes, he added.

“Lastly, an aggressive rate hike could help calm frayed nerves and mitigate inflation expectations,” Mr. Mapa said.

In a note, Fitch Solutions said it expects the central bank to raise its policy rate to 3.25% by the end of the year, up from its previous forecast of 2.75%.

“Over the coming months, mounting inflationary pressure and rising global interest rates will prompt the BSP to adopt a more hawkish stance in our view,” it said on Monday.

Fitch Solutions also noted the “ongoing robust economic recovery,” as seen in the first quarter, gives the BSP more room to tighten its monetary policy.

Inflation averaged 4.1% in the first five months of the year, exceeding the BSP’s 2%-4% target after quickening to a three-and-a-half-year high of 5.4% in May.

The BSP raised its average inflation forecast for this year to 5%, from 4.6% previously, to reflect the continued rise in oil and commodity prices.

For 2023, the inflation forecast was adjusted to 4.2% from 3.9% previously. Average inflation is expected to decline to 3.3% in 2024.

Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message that he now sees inflation averaging higher, around 5.1%, this year due to the wage hikes, sugar shortage and more expensive rice production.

“So faster inflation, and non-aggressive response, authorities may be seeing a long transitory inflation view and an aggressive fiscal response is underway. There also seems to be a bias for a weak PHP (Philippine peso),” Mr. Roces said.

“So there is scope for more aggressive hikes should the inflation situation get more tenuous,” he added.

Fitch Solutions also revised its inflation forecast to 5% this year, from 4.5% previously, due to supply-side problems and higher commodity prices.

“Over the coming months, we expect inflation to remain elevated relative to historical levels owing to high energy and grains prices as well as a weaker Philippine peso exchange rate, which will drive imported inflation,” Fitch Solutions said.

The local unit closed at P54.78 against the US dollar on Monday, gaining 20.5 centavos from its P54.985 finish on Friday, data from the Bankers Association of the Philippines showed.

During Monday’s trading, the peso sank to as low as P55.15, the weakest since Oct. 27, 2005.

“The tightening of global monetary conditions has exerted significant downside pressure on PHP and this will also likely prompt the BSP to hike interest rates to prevent the currency from weakening too much,” Fitch Solutions said.

The peso’s decline in the past weeks was due to a stronger dollar as a result of a more aggressive tightening by the US Federal Reserve.

“As long as market feels assured that the (Federal Open Market Committee) will continue tightening more aggressively than the BSP, PHP depreciation pressure will likely persist to keep imported inflation, not just from food, elevated,” Bank of the Philippine Islands (BPI) Lead Economist Emilio S. Neri, Jr. said in a Viber message.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the BSP may not need to be aggressive at this time.

“At a 3.5% (minimum expectation), the BSP is still within our expectation and may not need to be “more aggressive” (not also to take its sweet time), but to stay the course to adhere to its main mandate of price stability,” Mr. Asuncion said.

The BSP will have its next policy review on Aug. 18. — Keisha B. Ta-asan

How Filipinos are tightening their belts amid soaring prices

COMMUTERS pay for their ride at a jeepney terminal along Visayas Ave. in Quezon City, March 16. — PHILIPPINE STAR/ MICHAEL VARCAS

By Arjay L. Balinbin, Senior Reporter

FILIPINOS are now experiencing a sharp and sustained rise in prices of food, fuel, electricity and almost everything else.

As inflation hits Filipinos’ wallets, many are now looking for ways to stretch their hard-earned peso as far as they can.

Mayzel D. Revuelto, a 33-year-old call center agent, was shocked to see her electricity bill hit P1,200 in May — a 50% increase from the previous month’s P800 bill.

“It seems that everything has become even more expensive,” the resident of San Mateo, Rizal said in Filipino in a phone interview. “The price of the 2.7-kilogram (liquefied petroleum gas) we buy every month has gone up to P270 from P190. Our P1,500 budget for groceries for two weeks before is now just enough for one week.”

Inflation hit a three-and-a-half-year high of 5.4% in May, breaching the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target band.

Inflation is expected to continue to accelerate amid higher forecasts for global oil and commodity prices, and the approved provisional jeepney fare hike. The BSP raised its average inflation projection for this year to 5% (from 4.6%) and for 2023 to 4.2% (from 3.9%).

A small family with an eight-year-old child, Ms. Revuelto and her husband, who works part-time, are now looking for other sources of income.

“We have no choice but to tighten our belts during these hard times,” she said, adding that she had to dip into her savings to make ends meet.

Reynald B. Imperial, a 26-year-old salesman at an electronics store in Marikina City, said he decided to leave his apartment in February and move in with his uncle’s family to save on rent.

Mr. Imperial, who benefited from the recent increase in daily minimum wage, said he noticed a “slight” increase in electricity and water bills to P900 (from P800) and P500 (from P300), respectively.

To cope with the soaring prices, Mr. Imperial said he stopped buying clothes from pricey online stores and instead, orders on Shopee. He also walks to work, allowing him to save P20 per day on jeepney fare.

“I expect — but not too much — another wage increase so I can save more for the future,” he said.

WAGE HIKE NOT ENOUGH
Laban Konsyumer, Inc. President Victorio Mario A. Dimagiba offers pragmatic advice for consumers during these hard times.

“What will consumers do to cope with these price increases? I believe consumers just need to use their inner gut feel… If the consumers cannot afford to buy the item, then don’t buy it,” he said in a statement.

He said the P33 hike in daily wages in Metro Manila was not felt by the laborers due to the “big-time” fuel price hikes. Commuters also had to pay a peso more for jeepney fares.

Oil companies on Monday announced another round of hikes, P0.50 per liter for gasoline and P1.65 per liter for diesel.

Since the start of 2022, per-liter prices of gasoline, diesel, and kerosene have gone up by P28.70, P41.15, and P37.95, respectively, as of June 14.

Ding Q. Antonio, a 39-year-old Quezon City resident, drives a jeepney at night but the soaring price of diesel has made it difficult to earn enough for his family’s daily needs. He used to earn around P700-P800 a night, but this has now fallen to around P400-P500 a night.

So, he started working as a construction worker during the day, earning P500 per day or P3,000 per week.

“I have no choice but to do two jobs every day, because I can’t support my family just by driving a jeepney,” he said in Filipino.

Mar S. Valbuena, president of the Samahang Manibela Mananakay at Nagkaisang Terminal ng Transportasyon, said the minimum jeepney fare should have been raised to P15 instead of P10. 

“Not all of us benefited from the service contracting program. It would have been a big help for all transport workers if they raised the fares for all modes of public transportation,” he said in a phone interview.

CHANGING JOBS
Anicito Z. Lagos, 46, quit his job as a taxi driver and will start a new one as a family driver on July 1. As a taxi driver, he typically spends P1,800 on fuel and P850 for the operator per day, so he takes only around P600, less than half of the P1,400 he would earn before the pandemic.

A breadwinner, Mr. Lagos said daily survival requires “diskarte” since he sends money to his wife and four children in Bohol.

“I told them that we need to tighten our belts because it’s now very difficult to earn money in Manila. I used to send home at least P700 a day, now I’m happy if I’m able to send P350 to P400, but most of the time P250,” he added.

Mr. Lagos said working as a family driver is his best option, as he will have a fixed salary, meals and accommodation.

For now, he asks for tips from his passengers. “I think they understand my situation.”

The Philippine National Taxi Operators Association has been asking the government to increase the flag-down rate to P60 from the current P40.

“Many fleet operators sold their units already due to pandemic restrictions and driver shortage,” Jesus Manuel C. Suntay, president of the association, said in a phone interview.

‘BAWAS-DAGDAG’
Wealth coach and book author Chinkee Tan said there are two ways for Filipinos to cope with the higher cost of living.

“It’s through using the ‘bawas-dagdag’ (reduce-add) method,” he said in a phone interview. This involves cutting back on unnecessary expenses and prioritizing what one really needs.

Mr. Tan said it is important right now to be more practical. “Rather than looking for branded things, you might look for alternatives that are less expensive… Look for cheaper ways to do things,” he noted.

Filipinos also need to save more, especially for emergency funds that cover at least six months of their living expenses.

“Because of the pandemic, we may never know, hopefully not, that there will be another surge… Once it persists, there will be some limitations again and, at the same time, some people will have a problem earning on a daily basis,” Mr. Tan said.

Filipinos should also consider other ways to augment their income, such as online gigs such as writing, graphic design or video editing, he said.

For people who are entrepreneurial, he recommended getting into the food business.

“They can start cooking at home and sell it. They can also look at the health and wellness industry, because health and wellness products are among the easiest products to sell right now due to the pandemic,” Mr. Tan said.

MPIC enters agribusiness, takes 51% of dairy firm

By Arjay L. Balinbin, Senior Reporter

LISTED conglomerate Metro Pacific Investments Corp. (MPIC) announced on Monday that it signed an agreement with the Magsaysay-led Carmen’s Best Group, with the former acquiring a 51% stake in the dairy company.

MPIC seeks to help the country reduce its reliance on imports, including dairy products, said Manuel V. Pangilinan, MPIC chairman, president, and chief executive officer, during a press briefing.

“Carmen’s Best concept has always been to start from the farm all the way to consumers. That’s the kind of model we would like to see,” he added.

MPIC entered into a partnership with the Carmen’s Best Group, which consists of Carmen’s Best Dairy Products, Inc., Carmen’s Best International Dairy Co., Inc., Real Fresh Dairy Farms, Inc., and The Laguna Creamery, Inc., as it hopes to “further develop and expand the operations of its dairy farm and dairy products manufacturing facilities,” the company said in a statement.

The group is the maker of Carmen’s Best Ice Cream and the Philippines’ only locally pasteurized and homogenized fresh milk, Holly’s Milk.

“Under the partnership, the Carmen’s Best Group will integrate its assets and operations into The Laguna Creamery, Inc. (TLCI), with MPIC owning a 51% equity interest in TLCI and the Carmen’s Best Group retaining a 49% equity interest,” MPIC added.

June Cheryl A. Cabal-Revilla, MPIC’s chief finance, risk, and sustainability officer, said at the briefing that the listed company will be investing P198 million in TLCI. The transaction values Carmen’s Best at P288 million.

“The agricultural sector presents a wide range of possibilities that can help us achieve several goals — to strengthen the food supply chain and augment the accessibility of resources for all Filipinos as well as provide more opportunities for growth in an otherwise underserved business,” Mr. Pangilinan said.

“Ultimately, the country should aim for substantial independence in food. And we must feed our people first,” he added.

MPIC and Carmen’s Best intend to transform TLCI into a fully integrated dairy business.

TLCI will serve local demand and eventually compete globally, according to MPIC.

“Carmen’s Best has always had family at the heart of its brand — from the humble beginnings of my father and his friend’s dairy farming project, to the touch of creativity I added to turn it into a modest ice cream business,” said Francisco Delgado Magsaysay, Carmen’s Best’s chief executive officer.

“This union makes us appreciative that MPIC sees the value of what we already built, while also elevating Carmen’s Best to a level beyond what we envisioned,” he added.

MPIC is one of three key Philippine units of First Pacific, the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

PXP Energy needs protection in exploring WPS — Pangilinan 

PXP Energy Corp. will need protection from the government if it resumes oil and gas exploration in the disputed waters of the West Philippine Sea (WPS), its chairman said on Monday.

“Even with the best of intentions on our part, because we want to continue with our work program precisely to determine once and for all if there’s gas in the area, eh kung pipigilan ka naman ng outside forces, anong magagawa namin? (if outside forces stop us, what can we do?),” Manuel V. Pangilinan told reporters on Monday.

“Who will protect us? We are a private sector company. Those boats are leased by us, those are not Filipino-registered boats,” he added.

PXP Energy and its subsidiary Forum (GSEC 101) Ltd. have put on hold activities for two petroleum exploration service contracts as directed by the Energy department until the issuance of the “necessary clearance to proceed.”

PXP Energy is the operator under Service Contract (SC) 75 and Forum is the operator under SC 72.

Foreign Affairs Secretary Teodoro L. Locsin, Jr. last week announced the termination of joint oil and gas negotiations with China.

“We need to determine whether there’s gas in the area because it’s very important to the country especially because of what’s happening in the country if we really mean to attain some degree of energy independence,” Mr. Pangilinan said.

SC 75 was awarded by the Department of Energy (DoE) on Dec. 27, 2013 and covers an area of 6,160 square kilometers in the offshore northwest Palawan basin.

On Sept. 9, 2015, the department granted force majeure to SC 75’s work commitments effective December of that year until the DoE notifies PXP Energy to resume its petroleum exploration-related activities.

“If there’s no gas there, maybe the degree of difficulty will be lessened. Kung walang pag-aawayan, eh di (If there’s nothing to dispute about then) we assert. If China wishes to assert, eh di ganon na lang. Pero kung may energy doon, dapat pag-usapan, (then that’s it. But if there’s energy there, then we need to talk) whoever with — foreign partners, China,” Mr. Pangilinan said.

“As recent as April this year, we have several boats out there. Non-combatant boats doing survey works, principally with ecological objectives in mind to determine where to drill, where to work on, and identify suitable site to work on,” he added.

Mr. Locsin noted that despite attempts to reconcile issues in the disputed sea, not much has changed.

“I tried for three years to come to an agreement to facilitate exploration for and exploitation of oil and gas in the West Philippine Sea,” he said in a speech, referring to areas of the waterway within the country’s exclusive economic zone. “We got as far as it is constitutionally possible to go.” — Arjay L. Balinbin

GCash to further expand financial services

INSTAGRAM.COM/GCASHOFFICIAL

MYNT (Globe Fintech Innovations, Inc.) announced on Monday that it will be introducing four more insurance packages in the third quarter.

GCash, which is operated by Mynt, aims to expand its financial services, especially for young professionals and micro, small, and medium enterprises (MSMEs), GCash officials said during a press briefing.

Set to be launched in the third quarter are education, variable universal life (VUL), travel, and business insurance products, the company said.

“Most Filipinos realized they need insurance when it is too late. Now, a recent study by the Philippine Life Insurance Association in April 2022 showed that more and more Filipinos are open to availing of insurance. In fact, 67% of the Filipinos surveyed are open to buying health insurance products because of the pandemic,” GCash Vice-President and Head of New Business Neil Trinidad said.

“Coming very soon, we’ll be having GInsure for business. This is our way to enable and empower MSMEs to now finally avail of insurance for their employees at a fraction of the cost with all the different plans and policies from our different partners,” he added.

GCash financial services include savings, loans, and even investment.

“GSave, a digital savings account, offers a higher savings rate of up to 2.6% per annum than traditional banks, and that lets users access their money 24/7 anytime, anywhere,” the company said.

Currently, its GInsure offers insurance products for personal accidents, medical services, car insurance, income loss, online shopping, bills, cars, and pets.

It also enables individuals and MSMEs to have access to credit.

“GGives is an easy pay-later option that allows users to purchase gadgets, appliances, furniture and even plane tickets, among others worth up to P50,000 from 85,000 partner stores nationwide and pay for them later up to 24 gives over 12 months,” the company said.

It also has GLoan, which offers fast cash loans for up to P50,000 repayable over 12 months. The company said this product is suitable for digital entrepreneurs with growing online businesses. — Arjay L. Balinbin

Century Properties aims to sustain expansion, launch new in-city projects

CENTURY Properties Group, Inc. (CPG) plans to sustain its expansion efforts and introduce new projects in urban areas this year as part of its growth strategy.

During the company’s annual stockholders meeting on Monday, CPG President and Chief Executive Officer Jose Marco R. Antonio said that there is interest in house-and-lot offerings and vertical communities across business and growth areas across the Philippines.

“As industry watchers, we have reported shifts in the property preferences of the market post-pandemic, one finding is that we have seen a sustained interest in house and lot options and thoughtfully planned vertical communities in key business and growth areas around the country. New standards in living and lifestyle inclinations have developed that we wish to serve via resuming launches of our in-city products,” Mr. Antonio said.

Monica L. Trajano, CPG’s in-city product line lead, said that the company seeks to tap into new markets which have sprung up in recent years.

CPG’s in-city product line aims to deliver unique products such as the integration of mid- to high-end horizontal and vertical homes, commercial spaces, and curated amenities.

“Our goal is to become the market-maker in key growth areas, but we will veer away from cookie-cutter development. We are not just filling the gap but enhancing the communities where we go into,” Ms. Trajano said.

Further, CPG said its affordable housing unit and joint venture with Mitsubishi Corp., PHirst Park Homes, Inc. (PPHI), aims to launch four new developments this 2022. By end-2021, it completed 3,500 housing units and turned over more than 2,400 units.

It said the four new developments will have projected combined revenue of P13.2 billion and a total of close to 7,100 units. Before these, PPHI opened 10 master-planned communities, covering seven provinces across Central Luzon and Calabarzon, with over 18,000 housing units and a P33.3 billion sales value, it added.

CPG said PPHI is one of the chief beneficiaries of the proceeds of its five-year, P3-billion bond offering earlier this year. Up to P1 billion has been earmarked for the company’s expansion, it added.

“The company recently launched its 11th and 12th sites in Naic, Cavite, and Balanga City, Bataan, respectively. The two other projects, both in Central Luzon will be announced soon,” it said.

Meanwhile, CPG said that PPHI’s revenue contribution amounted to P3.90 billion in 2021, up 73% from the P2.26 billion logged in 2020. This brought CPG’s consolidated revenues to P9.4 billion in 2021, while its net income increased 10% to P1.27 billion.

CPG Executive Chairman Jose E.B. Antonio said that with rising interest rates, inflation, and the peso’s depreciation against the dollar, “real estate has historically proven to be [the] best hedge against inflation.”

He said the company “is poised to take advantage of this by delivering great products in great locations.” He added that it has no dollar-denominated debt, thus not exposed to risks associated with the peso’s depreciation.

On Monday, CPG shares at the local bourse rose 1.32% or P0.005 to close at P0.385 apiece. — Revin Mikhael D. Ochave

Globe says 138M spam, scam messages blocked

GLOBE Telecom, Inc. announced on Monday that it blocked more than 138 million spam and scam messages from January to June 15 this year.

“The anti-spam blocking peaked in May, with 74.48 million total unwanted messages filtered out. The total figure includes app-to-person and person-to-person messages of both local and international origin,” the company said in an e-mailed statement.

The telco also reported that it deactivated 12,877 spamming mobile numbers during the same period.

“Many Filipinos were quick to adopt all things digital. Unfortunately, with the increase in adoption, the cybersecurity landscape has become bleaker. A lot of attacks have happened over the past 10 years but the pandemic has been a force multiplier,” Globe Chief Information Security Officer Anton Reynaldo M. Bonifacio said.

“This is why we have intensified even more our efforts to block spam messages through a stringent filtering system. We are also glad that the public has been vigilant, making use of our reporting portal to flag these unwanted messages,” he added.

According to Globe, the situation is not unique to the Philippines, noting that cybercrime is a global threat.

The company is investing in various tools to “proactively detect suspicious content on the Internet,” it said.

“Reporting tools and processes were also enabled for employees, customers, and partners to immediately capture customer concerns about fraud and scams.”

Senator Grace S. Poe-Llamanzares, who chairs the Senate committee on public services, has said she will refile her proposed law that seeks to thwart text scams by mandating the registration of subscriber identity module or SIM cards.

“Unless a law is passed, the bombardment of unwanted text messages will persist. We need more than band-aid solutions to these unrelenting scams,” she said in a recent statement.  

The proposed measure sets penalties for anyone who registers a SIM card using false information.

Ms. Poe said she intends to talk with her fellow senators in the incoming 19th Congress to “rally support for the measure to help expedite deliberations.”

According to Globe, the National ID system rollout should be completed for this proposed measure to be successful, “as we need a reliable and verifiable source of identification to lay the foundation for a credible database.”

“This is a critical component in ensuring mobile phone users are protected against text scams and crimes perpetrated in anonymity.” — Arjay L. Balinbin

EEI to reallocate offering proceeds

THE board of directors of EEI Corp. has approved the reallocation of the balance of the proceeds from its follow-on offering which amounts to around P4.16 billion.

In a disclosure on Monday, the company the remaining proceeds will now be allocated to “general corporate and working capital for existing and future projects.”

It added that the move would provide the company “with enough agility and flexibility to deploy capital into the most value accretive uses” for its shareholders’ interest.

The balance was originally allocated for partial financing of future projects, capital expenditure for new equipment, and general corporate and working capital purposes.

The board approval was given on June 24, 2022 when the directors held their regular meeting.

EEI previously said that it sees itself to be in a “prime position” to grow this year as it projects the construction industry to be among the economy’s main growth drivers due to the government’s “strong push” for infrastructure development.

The listed construction company also said it plans to take advantage of the suppressed demand caused by the delayed projects during the pandemic.

“The reopening of the Philippine economy is in a full swing as mobility across the country continues to increase, already exceeding pre-pandemic levels while still under the lowest alert level 1 pandemic restriction,” EEI said.

The firm said its outlook is reflected in its first-quarter performance.

EEI earlier reported that its net income jumped by 53.2% to P209.14 million in the first quarter. Net income attributable to equity holders jumped by 55.1% to P210.63 million.

The profit growth was recorded despite consolidated revenues dropping by 13.4% to P3.16 billion, primarily due to delays in infrastructure projects.

On Monday, shares in the company rose by 0.62% or two centavos to close at P3.27 apiece.

Synergy Grid cleared on ownership dispersal in NGCP stake acquisition

SYNERGY GRID & Development Phils., Inc. said on Monday that the energy regulator had ruled that its acquisition of 40.2% of the outstanding capital stock of the country’s power grid operator satisfies the requirement of the law on ownership dispersal.

In a disclosure, Synergy Grid said that it had received on June 24 an order issued by the Energy Regulatory Commission (ERC) declaring the acquisition to have satisfied Section 8 of Republic Act No. 9511, the law that granted privately owned National Grid Corp. of the Philippines (NGCP) its franchise.

Synergy Grid said that as a listed company, it had met the minimum public ownership requirement under the rules of the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange when it had a follow-on public offering in November 2021 to disperse at least 20% of its capital stock to the public.

It also said that when it acquired indirect ownership of 40.2% of NGCP’s outstanding capital stock, the ERC declared the grid operator as compliant with the requirement of its franchise law.

NGCP is in charge of operating, maintaining, and developing the state-owned electricity grid, which is an interconnected system that transmits high voltage power from plants to where it is needed.

Section 8 of its franchise law requires NGCP to make a public offering of its shares representing 20% of its outstanding capital stock or a higher percentage that may be provided by law.

The listing must be within 10 years from the start of its operation. NGCP started operating as a power transmission service provider in 2009. Its statutory deadline to list should have been in 2019.

In November 2018, NGCP sought ERC approval to extend its listing deadline. In the regulator’s final order, the company’s period of compliance was extended until November 2021.

The law also provides that the listing on the exchange of any company that directly or indirectly owns or controls at least 30% of NGCP’s outstanding shares of stock “shall be considered full compliance of this listing requirement.”

NGCP is Synergy Grid’s sole operating asset.

On Monday, shares in Synergy Grid slipped by 0.33% or four centavos to close at P12.16 each. — VVS

Alsons lists P1.3-B debt papers

ALSONS CONSOLIDATED Resources, Inc. (ACR) has listed P1.265 billion of its commercial papers on the bond exchange as the listed firm embarks on small hydroelectric power projects to mark its expansion into renewable energy.

“We at Alsons are now focused on developing several run-of-river hydroelectric power plants which will be sources of clean, reliable, affordable and renewable energy for the people of Mindanao and the rest of the Southern Philippines,” said ACR Executive Vice-President Tirso G. Santillan, Jr. during the listing ceremony.

ACR, the listed company of the Alcantara group, will use proceeds from the issuance for general working capital.

The commercial paper, which was listed with the Philippine Dealing & Exchange Corp. (PDEx), is the last tranche of ACR’s P3-billion commercial paper program. It listed its first tranche worth P1.4 billion in July 2021, followed by a P600-million issuance in November of the same year.

ACR currently has a portfolio of four power plants in Mindanao with a total capacity of 468 megawatts (MW).

It is constructing a P4.5-billion 14.5-MW hydroelectric power plant at the Siguil River basin in Sarangani province that it expects to switch on in the second quarter of next year.

The hydropower plant will be the first of eight hydropower facilities that the company plans to develop, the company previously said.

ACR, which is said to be Mindanao’s first private sector power generator, provides electricity to more than eight million people in 14 cities and 11 provinces on the country’s second-largest island.

On Monday, shares in the company were unchanged at P0.96 each at the stock exchange.

Gilas Pilipinas girls team sweeps Pool A with outright semis berth

GILAS Pilipinas girls youth team. — FIBA

UNDEFEATED Gilas Pilipinas girls youth team bolstered its Division A promotion bid with an outright semifinals berth in the 2022 FIBA U16 Women’s Asian Champion in Amman, Jordan.

The Filipina teens completed a sweep of Pool A highlighted by a 94-65 win against Samoa over the weekend to advance straight to the Final Four of the Division B tilt.

Kristian Yumul led the way with 22 markers, five assists and two steals in only 20 minutes of action as the Gilas girls scored a 29-point victory.

Naomi Panganiban (14) and Princess Villarin (13) threw in help for the wards of coach Brian Rosario and Julie Amos.

Gilas girls youth team previously smothered Indonesia, 104-68, before besting Syria with a close 92-86 victory.

Already in the semis, Gilas will enjoy a one-day breather as second and third-seeded teams scramble for the last two Final Four tickets.

Gilas will face either Kazakhstan or Samoa anew tomorrow while Pool B leader and also semifinalist Lebanon awaits the winner between Syria and Iran.

A championship by the Nationals in Division B would catapult them to the elite Division A featuring Australia, Japan, South Korea, New Zealand and India.

Gilas is eyeing the same route taken by India in 2017 after ruling the Division B to join the prestigious Division A, which is also ongoing with four tickets to the FIBA U17 World Cup at stake.

Meanwhile, the Gilas Pilipinas women’s, under the watch of program director Pat Aquino, for its part is already in the Division A of the senior division with Australia, South Korea, China, Japan, New Zealand, Chinese Taipei and India. — John Bryan Ulanday

Top Gun: Maverick soars past $1B, overtakes Doctor Strange 2 as the highest-grossing movie of the year globally

A SCENE from the film Top Gun: Maverick.

LOS ANGELES — Paramount’s all-American blockbuster Top Gun: Maverick is still flying high at the box office, crossing the coveted $1 billion over the weekend.

With those ticket sales, the movie has overtaken Disney’s Marvel adventure Doctor Strange in the Multiverse of Madness ($943 million) as the highest-grossing movie of the year at the global box office.

Prior to this weekend, the sequel to Tom Cruise’s 1986 action flick Top Gun was already the highest-grossing movie of the year at the domestic North American box office, with revenues currently at $521 million. Along with $484.7 million at the international box office, Maverick has grossed $1.006 billion worldwide.

ELVIS VS MAVERICK
In an unusually close box office battle, Elvis and Top Gun: Maverick have tied for first place in North America, with each film bringing in $30.5 million over the weekend.

The two films were locked in a close battle all weekend as the King of Rock and Roll took the No. 1 spot on Friday and dropped to second place on Saturday. The final results will be tallied on Monday.

Regardless of which film comes out on top, it’s a strong result for both. For Elvis, a $30 million debut is impressive for a movie catering to older audiences. For Maverick, it’s almost unheard of for a movie to generate $30 million in its fifth weekend of release.

Overall, it’s an encouraging weekend at the box office as five movies are putting up sizable results. Four — Elvis and fellow newcomer Universal’s Blumhouse thriller The Black Phone, as well as holdovers Top Gun: Maverick and Jurassic World Dominion each grossed $20 million or more, while a fifth, Disney’s Pixar film Lightyear, came close with $17 million.

Moreover, those ticket sales wouldn’t be far off from pre-COVID projections. Those healthy box-office returns come as audiences have reportedly started to feel safer than ever going to their local cinema. According to a study by the National Research Group, 88% of moviegoers are “very or somewhat comfortable” going to the movies — marking a new all-time high. Around a year ago, that percentage was closer to 59%.

Baz Luhrmann directed Elvis, a kaleidoscopic take on the 20th century icon. Austin Butler stars as the king of rock and roll in Elvis, which chronicles the performer’s meteoric rise to fame through the eyes of his manager, Colonel Tom Parker (played by Tom Hanks). Audiences dug the film, awarding it an A- CinemaScore.

David A. Gross, who runs the movie consulting firm Franchise Entertainment Research, called Elvis a “risky proposition,” one that seems like it will pay off.

“The music is dated, the character is not directly familiar, and the lead actor is unproven on the big screen. But critics and audiences are responding,” Mr. Gross said. “This is the Baz Luhrmann show, a music, dance and sex appeal spectacular — it’s a hit.”

The nostalgia-fueled sequel to 1986’s Top Gun has benefitted greatly from stellar word-of-mouth, which has resulted in minuscule week-to-week drops. Now in its fifth weekend of release, Maverick added $30.5 million from 3,948 venues between Friday and Sunday, pushing its domestic total to $521 million. It was already the highest-grossing movie of the year in the US and Canada, but after this weekend, it’s now the highest grossing movie at the global box office as well with $1.006 billion to date. Notably, it’s the first movie of the year and only the second in COVID times (following Sony’s Spider-Man: No Way Home with $1.9 billion) to fly past the $1 billion mark. — Reuters

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