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Philippine Stock Exchange targets 20 initial public offerings in 2023

THE PHILIPPINE Stock Exchange (PSE) is targeting 20 new company listings in 2023, its president said on Thursday.

“We (will have) 11 this year, I mean there’s no reason why we cannot target 20 next year,” PSE President and Chief Executive Officer Ramon S. Monzon said during the Road to IPO virtual event. 

The PSE had a record number of initial public offerings (IPOs) in 1994 when 21 companies made their stock market debut.

This year, there have been eight IPOs at the PSE, equaling the total for the entire 2021.

At least three more companies are expected to conduct IPOs this year. If realized, the PSE will end the year with double-digit IPOs, the first time since 1997.

Mr. Monzon said he is looking forward to the potential IPO of major companies, particularly payment platforms.

“What I’m hoping to see in 2023 is a big payment platform like GCash and PayMaya,” he said.

Globe Fintech Innovations, Inc., which operates GCash, earlier said it would consider an IPO only after it expands its services.

Analysts said the PSE’s target  of 20 IPOs next year is possible as the economic recovery is under way.

“Yes, it is possible, as the economy has already further reopened towards greater normalcy,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“Businesses or companies have become more decisive on new investments or expansion plans, as well as for the necessary funding/borrowing requirements to finance these, including through IPOs or share sales in the local stock market,” he added.

AB Capital Securities, Inc. Vice-President Jovis L. Vistan said in a Viber message more companies might raise funds through stock offerings as interest rates rise.

“Economic conditions may take a while to recover and will affect investors’ appetite for risk assets like equities. However, with rising borrowing costs, we should see more companies looking to raise capital by issuing shares,” he said.

Sun Life Investment Management and Trust Corp. President and Chief Investment Officer Michael Gerard D. Enriquez said he is bullish on the PSE index, which he expects to end the year at the 7,600 level.

“Obviously, the economy is recovering with first-half earnings results continuing to be strong. I think it will continue through the rest of the year,” he said.

Retail investors at the bourse rose amid a coronavirus pandemic.

The PSE said online investor accounts rose by 24% year on year to 1.16 million in 2021. These online investors were responsible for 75% of total trades in the stock market, with the value of online trades surging by 44% to P744.5 billion.

The PSE is hoping to add more than nine million new investors with its partnership with GCash, wherein subscribers can use the mobile payment platform to invest in the stock market. — Justine Irish D. Tabile

World Bank earmarks $30B to help offset food shortages worsened by war in Ukraine

DA

SARAJEVO — The World Bank is willing to provide up to $30 billion to combat global food shortages aggravated by Russia’s invasion of Ukraine and has so far disbursed almost $10 billion in financial aid pledged to Kyiv, a senior bank official said on Thursday.

Axel van Trotsenburg, the bank’s managing director of operations, cited “an absolute need for international solidarity with Ukraine” during an interview with Reuters while on a visit to the Bosnian capital Sarajevo.

“And that solidarity has to be sustained not only in the short term but in the long term,” he said.

Mr. Van Trotsenburg said the World Bank began providing support to Ukraine soon after the Feb. 24 Russian invasion and had so far disbursed close to $10 billion of the $13 billion in aid it had committed to Kyiv.

He said the bank had created a platform to combine its direct support and additional support from countries such as the United States, Britain and Japan, along with separate guarantees from European states, and also facilitate co-financing and parallel financing. It had also created a trust fund for donors.

While various countries have channeled support through the trust fund, he said, the largest sums had come from the United States with an average of at least $1.5 billion out of nearly $5 billion in external financing needed by Kyiv each month.

“We set up (a) system through which we could help the continuation of the state functions of Ukraine — paying teacher salaries, pensions, helping the health system. That has worked very well and some of our partner countries wanted to use that mechanism because we can then also trace money,” Mr. Van Trotsenburg said.

He said the bank was also supporting Ukrainians hit by the war both at home and abroad, as well as neighboring countries and developing nations outside Europe suffering from disruptions of Ukrainian grain exports due to the war.

“This is one of the reasons that the World Bank announced we are willing to provide financing of up to $30 billion to deal with food insecurity over the next 12 months.”

A report released by the World Bank, European Commission and the Ukrainian government on Friday said Russia’s invasion had caused over $97 billion in direct damages through June 1, but it could cost nearly $350 billion to rebuild the country. — Reuters

Deck the Halls

Sarah Brightman’s holiday concert coming to Manila

SINGER Sarah Brightman is very aware of the importance of Christmas in the Philippines, so the timing of her concert here is perfect.

“For people in Philippines, it’s a very important time of year. I knew that you start celebrating even in September,” Ms. Brightman said during an online press conference with media from Manila on Sept. 13. “In all the countries are going, this is particularly an important one to bring this.”

The soprano was referring to A Christmas Symphony Tour which will be coming to Manila on Dec. 7 at the Smart Araneta Coliseum in Quezon City.

Ms. Brightman was scheduled to hold a concert in Manila in June 2020 — her first visit since the Harem World Tour in 2004 — however, the show was canceled due to the coronavirus pandemic.

Ms. Brightman, who is a UNESCO Artist for Peace Ambassador, is known as the world’s best-selling soprano, having amassed sales of more than 30 million, and receiving awards in over 40 countries. She originated the role of Christine Daaé in the musical The Phantom of the Opera on both West End and Broadway stages. She has performed at such prestigious events as the Concert for Diana, The Kennedy Center Honors, and the Barcelona and Beijing Olympic Games. Her most recent full-length studio album, HYMN, was released in 2018 and debuted at No.1 on the Classical and Classical Crossover Billboard charts.

Touring a Christmas concert, Ms. Brightman said, is “quite a responsibility” since it is “very personal to many people.”

“I took really great care on what pieces of music that I chose and knowing that some people would like to hear some hits from me as well as Christmas music. I’ve intertwined all of these pieces together. So, my hits may have a slightly different arrangement that has a more Christmas feel,” Ms. Brightman told the Philippine press. “Obviously, some of the Christmas songs are very traditional ones. There are religious ones. There are fun ones… [and] everything intertwines beautifully.”

Presented by Wilbros Live and Smart Araneta Coliseum, the concert will include an orchestra and a choir.

“I wanted it to have a choir because I always think that choirs represent angels… So, there’s a lot of songs that have choirs singing along,” Ms. Brightman said of the concert.

Ms. Brightman added she will be singing “Silent Night” in German (“Stille Nacht”), as well as well as festive arrangements of songs from musicals.

“We’ve got a wonderful choir singing ‘Masquerade’ which was in [Phantom of the Opera], and then we do ‘Phantom of the Opera’ which is kind of interesting,” Ms. Brightman said. “I think it will be a fancy Gothic Christmas piece to do at that time.”

As for the stage production, Ms. Brightman described it as “a very visual treat for everybody.”

“We’ve created some very intimate beautiful lighting for the show, and also the looks of where the orchestra plays onstage, [it’s] a little bit like looking into a snow globe,” she said.

Aside from festive Christmas music and popular songs, the concert will also include songs that reflect sorrow.

“You have to take into consideration people’s feelings at that time of year. Sometimes it isn’t a great time for people, they struggle. We all have been through [a Christmas] that hasn’t been great. Either we’ve lost somebody or we’re feeling alone, there is that to consider,” she said. “[Apart from] having a lot of sort of wonderment and beautiful pieces in this Christmas repertoire, I also have some songs that reflect on struggle.”

Even with a career that has lasted over four decades, Ms. Brightman continues to train with teachers and professors from around the world.

“I’ve always taken great care and I work with different people all over the world to keep this up,” she said.

“You’re always learning especially if you’re very interested in voice and the vocal sounds that are made within that and with other people’s [voices]. It’s very important to understand different forms of teaching that are now present and not so old-fashioned, and also going into the future,” she added. “I’m probably training every day for about two hours. If I work on a repertoire, it will be longer than that.”

Having recorded 12 studio albums, and performed in seven musicals, four plays, and two operettas, Ms. Brightman said longevity in the arts and entertainment industry involves putting “150% into it.”

“If you want to be truly great — and I have a huge, long career — you have to kind of devote a lot of your life to it and there are a lot of sacrifices.

“Nowadays obviously with the internet and everything we have available to us, you could get famous very quick, which doesn’t certainly mean that that [fame] would last that long. Because you have to have the material [and] yourself be at excellence to carry that wonderful moment,” she said.

Tickets to Sarah Brightman: A Christmas Symphony are now on sale via TicketNet.com.ph and TicketNet outlets nationwide. For more information, call 8911-5555. — Michelle Anne P. Soliman

Virata-Yuchengco-Tan group bags Sangley project

PHILSTAR

A CONSORTIUM backed by Philippine, European and South Korean companies bagged the $11-billion contract to develop the Sangley Point International Airport (SPIA), the Cavite provincial government announced on Thursday.

“This new airport is the future of the country. This airport is the hope of the country. The province is just a small player. But if we work together, we can do this for our people,” Cavite Governor Juanito Victor “Jonvic” C. Remulla said in a press release.

The provincial government said that the awarding of the project came after the unsolicited proposal of SPIA Development Consortium submitted in November last year.

The Philippine companies leading the consortium are Cavitex Holdings, Inc. (CHI), the Yuchengcos’ publicly listed House of Investments, Inc., and Lucio C. Tan-led MacroAsia Corp., a provider of aviation-related support services.

Samsung C&T Corp., the construction unit of South Korean tech giant Samsung, will also lead the project, together with Munich Airport International GmbH, and Ove Arup & Partners Hong Kong Ltd.

“We express our full commitment and support to modernizing the country’s aviation network in partnership with [the Department of Transportation, Civil Aviation Authority of the Philippines, and Manila International Airport Authority]. We aim to meet the requirements of airlines to make the airport an international hub that will satisfy the needs of the future,” said Leonides Virata, chief executive officer of CHI.

Based on the project’s framework, the consortium and the Cavite provincial government will have one year and six months after the signing of the joint venture and development agreement to finalize the airport’s design and business plan.

The signing of the joint venture is expected in October, which will mark the construction of the airport. The first phase, which includes the first of four runways, is expected to be operational by 2028. Meanwhile, the second phase will result in a two-runway system with airport facilities capable of handling at least 75 million passengers yearly.

The National Government currently operates Cavite City’s Sangley Point as a supplemental runway to the Ninoy Aquino International Airport.

On Thursday, shares in MacroAsia jumped by 3.32% or P0.17 to close at P5.29 each. — Ashley Erika O. Jose

Grounded: R. Kelly found guilty on multiple counts in sexual abuse trial

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

CHICAGO —  R&B singer R. Kelly was found guilty on Wednesday on multiple charges of child pornography and luring underage girls to have sex with him, but not guilty of obstructing a 2008 state case that ended with his acquittal.

In his latest trial, Mr. Kelly — whose full name is Robert Sylvester Kelly — was found guilty by a jury on six out of 13 counts, prosecutors said.

He was found guilty of three child pornography counts and three counts of enticing minors for sex, but acquitted of seven other charges that included obstruction of justice, and conspiracy to receive child pornography.

In Chicago, a conviction of just one count of child pornography carries a mandatory minimum sentence of 10 years.

The verdict of the jury in US District Court in Chicago came after jurors deliberated for 11 hours over two days.

Mr. Kelly is among the most prominent people convicted of sexual misbehavior during the #MeToo movement against sexual harassment and abuse in recent years.

During the five-week trial, several women took the stand and told jurors that Mr. Kelly sexually abused them when they were minors. The jury also saw a video of Mr. Kelly molesting his goddaughter, who testified that the abuse began in the 1990s when she was a teenager.

Mr. Kelly and both his co-defendants, Milton “June” Brown and Derrel McDavid, were acquitted on charges they conspired to receive child pornography. Mr. Kelly and Mr. McDavid were also acquitted on charges they conspired to obstruct justice in an earlier case.

The men were accused of trying to bribe and threaten witnesses in the 2008 Illinois case in which Mr. Kelly was found not guilty on 14 counts of child pornography.

In June, Mr. Kelly was sentenced to 30 years in prison on his conviction in a New York federal court on racketeering and prostitution charges. That trial amplified accusations that had dogged the singer of the Grammy-winning hit “I Believe I Can Fly” for two decades.

Mr. Kelly also faces various state charges in Illinois and Minnesota. — Reuters

SEC warns public about investing in four entities

THE Securities and Exchange Commission (SEC) warned the public against investing in four entities that sell unregistered securities through unlicensed agents.

It identified the entities as 88Dragons Nest Franchising Corp., AADragon’s Franchising Corp., 88Dragon’s Franchising Corp., and Phil Maritime and Ocean Institute of Technology, Inc. (PMOIT).

In an advisory on Wednesday, the regulator said that 88Dragons Nest, AADragon’s, and 88Dragon’s are offering investments to the public through a “co-partnership agreement.”

The regulator said 88Dragons Nest and AADragon’s are both registered with the commission, while 88Dragon’s is not, neither as a corporation nor as a partnership.

The SEC said the three entities offer their investment contract through a company representative or a franchise consultant with a guaranteed 4%-9% monthly income payout for six months.

In the sixth month, the investor is promised to receive the dividend along with the invested capital.

Meanwhile, PMOIT invites the public to invest as its “venture capitalist” for a minimum capital of P350,000, promising a potential annual income of at least P206,000 or a quarterly income of at least P51,000.

Investors of PMOIT are promised to receive a return on investment within two years with a 60:40 profit sharing.

The company’s sources of revenue are said to be from a school, training center, dormitory, and commercial center.

In a document sent to the SEC, PMOIT guarantees that a venture capitalist will receive a deed of assignment and a stock certificate. A venture capitalist has to make a capital contribution of P350,000 while receiving 40% as a profit of the net monthly revenue of the school and the training center.

Meanwhile, all the earnings from the dormitory and the commercial establishment of PMOIT are said to be distributed every three months to the investors.

“Cleary, the above-described scheme involves the sale and/or offer of securities to the general public where the Securities Regulation Code (SRC) requires that these securities must be duly registered and that the concerned corporation and/or its agents must have the appropriate registration and/or license to sell such securities to the public,” SEC said.

The SEC said that the entities are not authorized to solicit investments and warned the public to be cautious. — Justine Irish D. Tabile

Cine Europa opens hybrid screenings on its 25th year

CINE Europa celebrates its 25th year with film screenings in Manila, Cebu, Iloilo and Palawan from Sept. 15 to Oct. 30.

The film festival is presented by the Delegation of the European Union (EU) to the Philippines and the EU Member States Embassies, together with Cultúr Éireann (the Irish Film Institute), Goethe Institut Manila, the Philippine-Italian Association, and Instituto Cervantes de Manila.

“Film is deeply rooted in Europe’s culture which we are very proud about. It mirrors our identity and speaks a lot about our heritage and what we are,” said Dr. Ana-Isabel Sanchez-Ruiz, Deputy Head of the EU Delegation, during the film festival opening at SM Seaside in Cebu City on Sept. 14.

Cebu was one of the festival’s pioneer host cities when Cine Europa was brought outside Manila in 2001.

With the COVID-19 pandemic easing up, the silver anniversary edition of Cine Europa will follow a hybrid format, opening doors both physically and virtually keeping in mind the safety and health of viewers.

This year, Cine Europa will screen 30 films from 15 EU Member States which will be shown for free. Screenings will be held onsite in select venue partners in Cebu City, Metro Manila, Iloilo, and Palawan, or online upon signing up at www.cineeuropaph.com.

To be shown this year are award-winning films showcasing different genres with a particular emphasis this year on youth in celebration of the European Year of Youth 2022. The film festival has a guest participation of a Ukrainian film in solidarity with Ukraine and its people in view of its current war with Russia.

Cine Europa opened on Sept. 14 with a film from Cyprus and Greece titled Páfsi (Pause), directed by Tonia Mishiali, which focuses on a middle-aged woman and her fantasy world that she uses to escape her real world misery.

The other films being shown this year are:

• Sanremo (a co-production between Slovenia and Italy). This film revolves around Vruno who has a condition that causes him to forget.

• Libertad (Freedom). A Spanish film about friendship and how two different people from different places and different lives can create a unique friendship.

• Mysi Patri Do Nebe (Even Mice Belong in Heaven) a co-production between the Czech Republic, France, Slovakia, and Poland. The only animated film in this year’s roster, it focuses on unlikely friendships between enemies who become inseparable friends.

• Kapsalon Romy (Romy’s Salon), a co-production of the Netherlands and Germany. The film is described as a well-made, inter-generational film full of tenderness when dealing with the nature of the disease. Directed by Mischa Kamp who won the Golden Calf Award for Best Director in the Netherlands Film Festival for this film.

• Bicycle Thieves: Pumped Up (a film from Ireland). A comedy about a hot-headed pizza delivery cyclist, this film is described as part investigative thriller, part heist, and part magical-realist action comedy.

• Nematoma (Invisible), a co-produced between Lithuania, Latvia, Ukraine, and Spain. This is a drama that has dancing, deception, and revenge. The choreography of this film is described to be as important as the script.

• Lola Vers La Mer (Lola), a film from Belgium and France, winner and multiple nominations of the Magritte Awards from the Académie André Delvaux of Belgium, which recognize cinematic achievement in the film industry.

• Aatos Ja Amine (Gods of Molenbeek) from Finland, Belgium and Germany. This documentary look at a deprived neighborhood in Brussels at knee’s height or through the eyes of children.

• Las Niñas (Schoolgirls) from Spain. This multi-award winning drama focuses on two girls that form a friendship, and their lives in the 1990s. Directed by Pilar Palomero.

• Marina is a Belgian biographical film that is based on the life of Italian Singer Rocco Granata who moved to Belgium when he was young.

• Un Triomphe (The Big Hit). A comedic story of an actor who runs a theater workshop in a prison and brings together an unlikely troupe on tour with a final performance in Paris.

• Seltsimees Laps (The Little Comrade) from Estonia. A children’s film about a six-year-old who is separated from her mother and vows to be on her best behavior in the hopes of bringing her mother back.

• Dating Amber, an Irish film set in the mid-1990s, is a love letter to all the kids who grew up in a small town and who needed to escape in order to find or be themselves

• Tytöt Tytöt Tytöt (A Girl Picture) from Finland. A coming-of-age film released in 2022, nominated in multiple International Film Festival and a winner in the Sundance Film Festival.

• Nech Je Svetlo (Let There Be Light) from Slovakia and the Czech Republic. A drama about Milan, his teenage son, and his journey to find the truth about what happened and about himself.

• Oskar & Lilli – Ein Bisschen Bleiben Wir Noch (Oskar & Lilli – Where No One Knows Us) from Austria. A bittersweet odyssey about two refugee kids and the many ways of perceiving the world to survive.

• La Vita Facile (Easy Living) from Italy. A comedy about a young woman, a bizarre American, and an illegal immigrant set between the French and Italian border

• Granny Project from Hungary. A seven-year long investigation of three young men coming into terms with their heritage through the lives of their grandmothers. Both a coming-of-age story for the three young men and a coming out of age story for their grandmothers

• Bashtata (The Father), a co-production from Bulgaria and Greece. A comedy about Vasil, his son Pavel, and their journey with the loss of Ivanka, Vasil’s wife and Pavel’s mother.

• Never Gonna Snow Again from Poland. A dark fairy tale about a masseur who hails from the East and enters the lives of residents in a walled off community, going door-to-door to heal the residents using his hands

• Im Feuer (Sisters Apart), co-produced by Germany and Greece). About a German soldier and native Kurd who volunteers to train female Kurdish soldiers in Iraq to fight ISIS.

• Exil (Exile), from Germany. A film by director Virar Morina, it describes the importance of the protagonist’s personality as he integrates into a new society.

• Dopunska Nastava (Extracurricular), from Croatia. A dark comedy about a father-daughter relationship and a school hostage crisis.

• Klondike from Ukraine. An angry war film about a Ukrainian family living on the border of Russia and Ukraine as their village is taken by armed forces, then a plane crashes.

• The Most Beautiful Boy in the World, from Sweden. A documentary set in 1970 as filmmaker Luchino Visconti travelled Europe looking for the perfect boy to personify absolute beauty.

• Luzzu from Malta, a drama about a Maltese fisherman and his wooden boat, focusing on his livelihood and family traditions from generations before him.

• Sluzibnici (Servants), a co-production between Slovakia, Romania, Czech Republic. and Ireland. About two students at a theological seminary in Czechoslovakia, and their story as the possibility of dissolution of their school looms over them.

• Krajina Ve Stinu (Shadow Country), a co-production from the Czech Republic and Slovakia. A fictional tale of killings, a growing evil, and the roles of humility and hope in one’s life.

• The Spiders’ Man, from Italy. A dark comedy about two half-brothers and their American friend and their encounter with a group of inexperienced thugs.

PetroEnergy sells 25% equity in renewables unit to Japan’s Kyuden

YUCHENGCO-LED PetroEnergy Resources Corp. said on Thursday that its board had approved to sell 25% of its shareholdings in PetroGreen Energy Corp. to Kyuden International Corp. (KIC), a subsidiary of Japan’s Kyushu Electric Power Co., Inc.

In a stock exchange disclosure, PetroEnergy said that divestment of shares from its renewable energy arm prescribes the issuance of primary shares “in favor of KIC equal to 25% equity stake in PetroGreen upon completion of the conditions precedent.”

PetroEnergy said that the transaction will reduce its interest in PetroGreen to 67.5% from 90%.

In a separate regulatory filing, EEI Corp. said its subsidiary EEI Power Corp. entered into a shareholders’ agreement with KIC.

Upon the completion of KIC and PetroGreen’s transaction, EEI Power’s interest in PetroGreen will be reduced to 7.5% from 10%.

KIC is the investment arm of Kyushu Electric and has investments in the United States, Mexico, Taiwan, Vietnam, and the Philippines.

Kyushu Electric is the exclusive power provider and distributor in Kyushu island and operates 18.32 gigawatts of power facilities using thermal, geothermal, hydro, and nuclear with 154,434 kilometers of high- and low-voltage transmission systems.

On Thursday, shares in PetroEnergy closed unchanged at P4.94 apiece. — Ashley Erika O. Jose

Philippine Coffee Expo in Davao City attracts country’s coffee industry

A MAN belonging to the Ovu Manobo tribe proudly shows the locally produce coffee bean of Kidapawan City during the opening of the Philippine Coffee Expo 2022 at SM Lanang Premier’s SMX Convention Center in Davao City. — MAYA PADILLO

DAVAO CITY — The recently concluded face-to-face Philippine Coffee Expo (PCE) 2022 attracted participants from the coffee industry around the country.

The SMX Convention Center at SM Lanang Premier in Davao City was filled with coffee carts, stalls, and booths of the participating exhibitors from Davao City, Luzon, Visayas, and Mindanao, offering coffee sampling and displaying coffee products.

Terrence J. Ryan, chief of party of the Philippine Coffee Advancement and Farm Enterprise (PhilCAFE), said there were 60 booths and 27 coffee carts at the expo, which ran from Sept. 14 to 15.

“We have a diverse group of participants displaying their products and coffee carts open to the public. We urge the public to come and try the coffee here. We got coffee from the Mountain Province, Manila, Visayas, and Mindanao. The whole coffee sector [is] represented,” Mr. Ryan said in an interview.

The expo invited Philippine and international speakers who discussed coffee, climate change, coffee quality, marketing, the role of the Q Standard in the Philippine Specialty Coffee Sector, and everything about coffee.

“There was a whole range of topic representations in the whole sector that included universities, researchers, coffee producers, and coffee quality. It was an excellent two-day event,” Mr. Ryan said.

The expo was highlighted by competitions on latte art, a “brewdown,” and cup tasters.

Originally scheduled for April 2020, the expo was rescheduled due to the COVID-19 pandemic.

“We’ve been waiting for two and a half years and we’re able to gather exhibitors. We will be able to promote the coffee sector together,” Mr. Ryan said.

The expo is considered the largest gathering of key stakeholders in the Philippine coffee sector.

Mr. Ryan said they are eyeing holding another PCE in May 2023.

DOT 11 COMMITS TO PROMOTE DAVAO COFFEE
Aside from promoting various tourist destinations, the regional office of the Department of Tourism (DoT 11) has now committed to promoting Davao coffee brands to help local coffee farmers in Davao Region.

There was the recent signing of a memorandum of understanding (MOU) with PhilCAFE, represented by Mr. Ryan, and DoT 11 director Tanya Rabat-Tan.

The partnership covers the implementation of their respective projects, relative to the development of the coffee industry and farm tourism promotion. This includes the identification and selection of project beneficiaries in areas where both projects operate; supporting training on good agricultural practices; project planning and assessment; exchange and sharing of expertise, practices, and technology; facilitating access to finance support to project beneficiaries; and initiatives on coffee related farm tourism policy, rules, and regulations.

“DoT 11 wants to promote and preserve tradition through food. We want to highlight Davao coffee as it is very much part of our daily lives,” Ms. Tan said during the PEP Talks at SM Lanang Premier’s SMX Convention Center on Tuesday.

DoT 11 is promoting agri-tourism- or farm tourism-related programs and identified coffee as one of the flagship initiatives that has potential for domestic and international tourism, specifically “from seed to cup” experiences in the Mount Apo range and related coffee producing areas in the region.

Ms. Tan said the partnership also aims to bring awareness and appreciation for coffee to the market level.

As part of DoT 11’s initiatives, Ms. Tan said she will encourage hotels and resorts in the Davao Region to use Davao coffee in their menus.

“We will also bring out to them training for the appreciation of our coffee and it’s value as well. We are hoping they will learn more how to prepare the coffee —  it’s not enough that you have the beans coming from this place because it is also important how to prepare them as well,” Ms. Tan said.

The partnership will also advocate good agricultural practices on coffee production, management, and postharvest handling and processing activities as features of the Coffee CRAWL or Farm Tourism “seed to cup” experience in Southern Mindanao

Mr. Ryan expressed excitement over the MOU signing.

“There is a great relationship between coffee and tourism. Coffee can be more fun in the Philippines as well,” he said. — Maya M. Padillo

CAMPI expects higher car prices as peso weakens

PHILIPPINE STAR/ MICHAEL VARCAS

THE Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) is projecting higher vehicle prices amid the depreciating peso, but the industry is staying optimistic ahead of rising demand towards year-end.

CAMPI President Rommel R. Gutierrez said the weaker local currency would affect the operations of the local automotive industry, including the costs and prices of vehicles.

“With the depreciation of the (Japanese) yen and the (Philippine) peso, definitely it will increase our costs. So that will have an impact on even the price perhaps, then we will have to adjust the price if really the impact is so big,” Mr. Gutierrez said in an interview on the sidelines of the 8th Philippine International Motor Show (PIMS) in Pasay City on Thursday.

“Definitely it (weaker peso) has an effect on our operations because we still import parts and components and even the completed units. So any change in the foreign exchange definitely has [an] impact on the automotive industry,” he added.

On Thursday, the peso closed at P57.16 versus the US dollar, losing five centavos from its P57.11 close the prior day, based on data from the Bankers Association of the Philippines.

The local currency reached a new record low on Sept. 8 after it closed at P57.18 per US dollar.

Despite the peso’s decline, Mr. Gutierrez said that he remains optimistic about the local industry’s recovery, adding that stronger demand is expected during the holiday season.

“We also have adjusted to some exchange rate volatility. We will manage our adjustments. But we are still optimistic,” he said.

“Normally [in] December, towards the end of the year, sales are picking up. We are happy that as of now, recovery is doing good and we hope that this will continue until the end of the year,” he added.

Meanwhile, Mr. Gutierrez said the declining peso has some positive impact on local car brands through vehicle parts and components exports.

“The export of the auto industry only involves parts and components. We do not export completely built-up units. It’s not as big as the imports that we do. If there is, it’s still positive, at least for the export of parts and components. But it is not that big,” Mr. Gutierrez said.

He expects sales to reach pre-pandemic levels by next year.

CAMPI previously announced that it was aiming to sell 336,000 units in 2022, up by 17% from the 268,488 units sold in 2021.

In the eight months to August, the local industry sold 212,872 units, marking a 25.1% improvement from 170,112 units sold in the same period last year, based on the latest industry data.

“Pre-pandemic levels was really more than 400,000 units sold. We think it’s just a matter of time — maybe next year we will be able to reach the pre-pandemic levels. We are confident that we will reach our target [this year],” Mr. Gutierrez said.

“The supply is improving and consumer confidence is there,” he said, adding that promos are being implemented. “The models being introduced are already impressive.” — Revin Mikhael D. Ochave

Entertainment News (09/16/22)

Rico Blanco

Jack White of the White Stripes coming to Manila

THE FOUNDING member of The White Stripes, The Raconteurs, and The Dead Weather, Jack White is coming to Manila for a concert on Nov. 5, at the Samsung Hall in SM Aura Premier, Taguig, for his The Supply Chain Issues Tour, presented by Wilbros Live. Tickets go on sale to the general public on Sept. 23, 10 a.m., via SMTickets.com and all SM Tickets outlets nationwide. The 12-time Grammy Award-winner and 36-time nominee, and Third Man Records founder, released his fourth and fifth solo studio albums this year. Fear of the Dawn (Third Man Records), featuring his latest single, “Taking Me Back,” was released on April 8, and Entering Heaven Alive (Third Man Records) followed on July 22. In addition to writing global anthems such as The White Stripes’ “Seven Nation Army” and The Raconteurs’ “Steady, As She Goes,” all three of White’s previously released solo albums — 2012’s Blunderbuss, 2014’s Lazaretto, and 2018’s Boarding House Reach — debuted at No. 1 on the SoundScan/Billboard 200 along with a variety of other charts.

ABS-CBN presents new online anthology

REAL love stories are presented in the new ABS-CBN digital anthology, Love Bites, to premiere exclusively on YouTube on Fridays beginning Sept. 16, 8 p.m. The love stories include those between husband and wife, high school sweethearts, and a same-sex couple. The first episode, “Lost But Found,” stars Vivoree and Anthony Jennings.

We Will Rock You World Tour announces cast

GMG Productions has announced the cast of the new production of We Will Rock You, which makes its premiere in Manila in October. “The production has assembled a new generation of performers to step into these incredible roles,” Carlos Candal, GMG Productions CEO and We Will Rock You World Tour co-producer, said in a statement. “We can’t wait for them to bring new energy and a fresh take on these characters and their songs — iconic songs known the world over, and we’re confident their talent will deliver in a big way.” The principal cast consists of Nicolette Fernandes (Scaramouche), Stuart Brown (Galileo), Londiwe Dhlomo (Killer Queen), Craig Urbani (Khashoggi), Tiaan Rautenbach (Buddy), Richard Gau (Brit), and Danelle Cronje (Oz).  Tickets are now on sale at www.ticketworld.com.ph.

Rico Blanco releases new single

SINGER-SONGWRITER Rico Blanco reflects on the uncertainty that thrives between friendship and relationship in his new single “Palibot libot.” According to the award-winning artist, the track was inspired by one of the characters in a series that he filmed in La Union recently. With its storytelling “anchored precariously on someone’s steadfast devotion,” albeit a one-sided one, the song minces no words about the reality of love: It’s not always synchronized. Originally intended to be recorded with a simple acoustic guitar arrangement, “Palibot libot” explores a more synth-pop direction that unfolds with a soaring chorus. The single is available on all digital music platforms worldwide.

Yugyugan Nation 2 at Newport World Resorts

OPM artists from the 1970s come together for a showcase of their biggest hits in Yugyugan Nation 2 at Newport World Resorts. The concert relives classic Manila sound and the decade of disco fever at the stage of Newport Performing Arts Theater on Oct. 7, 8 p.m. Yugyugan Nation 2 features performances by Joey Abando of Boyfriends, Nonoy Tan and Rey Magtoto of Wadab, Mon Espia of Labuyo, and Monet Gaskell and Male Rigor of VST & Company, with special guests Mike Hanopol and Sampaguita.  Tickets are now available at all TicketWorld and SM Tickets outlets and range in price from P800 to P5,800. For inquiries, contact the Newport World Resorts National Sales Team at 0917-823-9602, 0917-807-9387, and 0917-658-9378, or call Ticketworld (02) 8891-9999, or SM Tickets (02) 8470-2222.

Netflix’s The School for Good and Evil out in October

BASED ON the international bestselling series by Soman Chainani, The School for Good and Evil premieres on Oct. 19 on Netflix. The story follows best friends Sophie and Agatha who find themselves on opposing sides of an epic battle when they’re swept away into an enchanted school where aspiring heroes and villains are trained to protect the balance between Good and Evil. Directed by Paul Feig, it stars Charlize Theron, Kerry Washington, Laurence Fishburne, Michelle Yeoh, Sofia Wylie, Sophia Anne Caruso, Jamie Flatters, Kit Young, Patti LuPone, Rachel Bloom, Peter Serafinowicz, Rob Delaney, Mark Heap, and the voice of Cate Blanchett as “The Storian.”  

Oliver Amoroso is GMA News Group acting head

GMA Network appointed Oliver Victor B. Amoroso as Acting Head of the GMA News Group effective Oct. 16. Mr. Amoroso will oversee the Network’s News Group, which includes its on-air programs as well as its digital platform, GMA News Online. Concurrently, he will continue to function as First Vice-President and Head of Regional TV and Synergy. Mr. Amoroso is in charge of the operations, business development, and content and production, including local news, of GMA Network’s regional arm, GMA Regional TV. As head of Synergy, he also leads the group that handles the Network’s sports partnerships including GMA’s coverage of the National Collegiate Athletic Association. GMA Synergy also produces local and international ticketed events. After over 32 years of service in the network, Senior Vice-President of GMA News and Public Affairs Marissa L. Flores retired last June and will end her consultancy with the company on Oct. 15. GMA Network First Vice-President for News Grace dela Peña Reyes likewise retired in June 2021 after over 33 years of service and is currently a consultant for the GMA News Department.

Dallas Zoo re-names croc after movie character

IN CELEBRATION of the release of Columbia Pictures’ motion picture Lyle, Lyle, Crocodile, based on the book series by Bernard Waber and starring Javier Bardem, Constance Wu, and Shawn Mendes, the Dallas Zoo re-named one of its Nile crocodiles Lyle for a day. The ceremony took place in the Dallas Zoo on Sept. 13 where a sign was displayed for the day, marking the occasion. Dallas Zoo’s Lyle is a male Nile crocodile that weighs a whopping 1,000+ pounds. Along with the announcement, Columbia Pictures released a clip of the film (LYLE, LYLE CROCODILE – Meeting Baby Lyle!) in which Hector P. Valenti (played by Mr. Bardem) meets Baby Lyle for the first time. Lyle is voiced by musical artist Shawn Mendes.

GCash breaches P3-trillion gross transaction value

MOBILE-wallet company GCash said on Thursday that it surpassed the P3-trillion mark in gross transaction value in the first half, or nearly matching the P3.8 trillion recorded for full-year 2021.

“We’ve seen higher user engagement now that things have started to normalize, further proof that GCash has become embedded in the everyday lives of Filipinos,” GCash President and Chief Executive Officer Martha Sazon said in a press release.

The company is expecting to end the year with a P6-billion gross transaction value, or six times more than the level in 2020.

Last June, GCash said that it breached the P500-billion mark in gross transaction value in March.

The company also said that its finance cash-in and cash-out outlets increased to 339,000 or more than five times higher compared with last year.

Meanwhile, GCash said that its “lifestyle” portal GLife has 520 merchants and is introducing new categories such as content, health, insurance, and e-government.

In the first half, GCash ended with 66 million registered users, adding that four out of five adults in the country have a GCash account. It recorded 5.2 million merchants and social sellers. — Ashley Erika O. Jose

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