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Dollar reserves decline to $99 billion as of end-August

REUTERS

THE PHILIPPINES’ dollar reserves slipped to its lowest level in two years as of end-August, amid the National Government’s debt repayments and the lower valuation of the central bank’s gold holdings.

The gross international reserves (GIR) stood at $98.98 billion as of end-August, slipping by 0.85% from the $99.83 billion as of end-July, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.

The foreign exchange buffer as of end-August was 8.3% lower from the $107.96-billion level a year ago, and marked the sixth consecutive month of decline.

It was also the lowest since the $98.95 billion in gross reserves seen in August 2020.

“The month-on-month decrease in the GIR level reflected mainly the National Government’s foreign currency withdrawals from its deposits with the BSP to settle its foreign currency debt obligations and pay for its various expenditures,” the central bank said.

The end-August GIR, which serves as a buffer for liquidity shocks, is enough to cover about 7.1 times the country’s short-term external debt based on original maturity and 4.6 times based on residual maturity.

It is also equivalent to 8.3 months’ worth of imports of goods and payments of services and primary income.

The central bank also attributed the decline in the dollar reserves to the downward adjustment in the value of the BSP’s gold holdings amid a slump in global gold prices.

As of end-August, the BSP’s gold holdings were valued at $8.53 billion, down by 2.6% from the $8.76 billion as of end-July. This was also 6.8% lower than the $9.16-billion level a year earlier. 

Ample foreign exchange buffers protect the country from market volatility and ensure that it is capable of paying its debts in the event of an economic downturn.

The BSP’s foreign investments stood at $84.12 billion as of end-August, up by 0.73% from $83.51 billion in the prior month. However, it is 7.1% lower than the $90.55 billion as of end-August 2021.

Meanwhile, the level of foreign currency deposits plunged by 39% to $1.86 billion as of end-August from $3.08 billion in July. It also declined by 46% from the $3.45 billion as of end-August 2021.

Special drawing rights (SDRs) — which refers to the amount that the country can tap from the International Monetary Fund (IMF), fell by 11% to $3.73 billion as of end-August, from $4.01 billion last year.

In August 2021, the Philippines received $2.8-billion worth of SDRs from the IMF, as part of the latter’s efforts to help countries recover from the coronavirus pandemic.

“The decline in the GIR somewhat correlated with the weaker peso in recent months,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail note.

Many central banks have deployed the tandem of rate hikes and foreign exchange spot intervention as the US Federal Reserve continued its aggressive monetary policy tightening.

Year to date, the peso has weakened by 12.02% or P6.135 from its P51-per-dollar close on Dec. 31, 2021.

“Nevertheless, GIR is still equivalent to 8.3 months of imports or still way above the minimum international threshold of 3-4 months, thereby could still provide greater buffer/support/cushion on the peso exchange rate vs. any speculative attacks,” Mr. Ricafort said.

Mr. Ricafort said the country’s dollar reserves may still increase in the coming months amid expected rise in inflows from overseas Filipino workers remittances, business process outsourcing revenues, foreign tourism revenues, and foreign investment. 

However, the GIR can be offset by the widening trade deficit and some net foreign debt payments, he added.   

The BSP expects to end the year with $105 billion in dollar reserves and $106 billion in 2023.

As of end-2021, the GIR stood at $108.891 billion, 1.11% lower than the record $110.117-billion level in 2020. – Keisha B. Ta-asan

NEDA proposes changes to arbitration and MAGA clauses in revised rules for BOT Law

Workers are seen at a construction site in Quezon City, Dec. 2, 2020. — PHILIPPINE STAR/ MICHAEL VARCAS

THE NATIONAL Economic and Development Authority (NEDA) proposed new revisions to the implementing rules and regulations (IRR) of the Build-Operate-Transfer (BOT) Law, which reflect the government’s willingness to share the risk in public-private partnership (PPP) projects.

The draft rules, which were uploaded on the NEDA website, showed changes to the provisions on arbitration and material adverse government action (MAGA), which were criticized by some business groups as “anti-market.”

Under the draft, the controversial provision which stated that “acts and decisions of regulators shall not be subject to arbitration” has been removed.

This implied the government is now open to arbitration, provided that it is mutually agreed upon by both parties in the contract.

“In the absence of a mutually agreed upon venue for arbitration in the contract, the venue shall be in the Philippines,” Section 12.23 of the draft rules stated.

The draft rules also changed the definition of MAGA to refer to any act of the “government,” from “Executive branch” in the current version.

“(MAGA) refers to any act of the government which the project proponent had no knowledge of, or could not reasonably be expected to have had knowledge of, prior to the effectivity of the contract; and that occurs after the effectivity of the contract, other than an act which is authorized or permitted under the PPP contract,” the draft rules stated.

Also removed from the MAGA definition was the provision that excluded acts of government agencies, local government units, as well as acts of the Executive branch made in the exercise of regulatory powers, legislative and judicial branches.

“For purposes of the contract, the provisions on MAGA shall also provide for the rules on materiality or amount threshold, nature and manner of recourse, and cap in case of monetary compensation,” the rules read.

Since it took effect in April, business groups have criticized the current version of the BOT IRR, saying it compels private proponents to shoulder more risk while relieving the government of responsibility for delayed deliverables.

The Foundation for Economic Freedom (FEF), the Makati Business Club (MBC), and the Management Association of the Philippines (MAP) had previously called the IRR’s provisions as “anti-market” and “unfair to the private sector.”

“Leaving the 2022 BOT IRR as is may lessen private sector interest in infrastructure, make bids less competitive, and ultimately make infrastructure more expensive for citizens,” the groups said.

Of the current MAGA clause, the FEF previously said that “the less clear the terms of the partnership, the more it encourages politically connected groups to capture regulatory agencies and change terms after awards.”

The Marcos administration is looking to attract more investments in infrastructure through PPPs.

The NEDA is set to hold a public consultation on the draft IRR on Sept. 13. — Diego Gabriel C. Robles

PHL manufacturing growth slows in July

REUTERS

MANUFACTURING SLOWED in July after coming from a high base a year ago, the Philippine Statistics Authority (PSA) reported on Thursday.

Preliminary results of the PSA’s latest Monthly Integrated Survey of Selected Industries (MISSI) showed the factory output as measured by the volume of production index (VoPI) grew by 2.5% year on year in July, but drastically slower than the 534.4% in the same month a year ago.

However, this was higher than the revised 0.7% growth in June.

Factory output growth eases annually in July

This was the second straight month of year-on-year growth since the revised 0.3% decline in May.

Factory output averaged 24.1% in the first seven months of 2022.

In a statement, the PSA attributed the July factory growth to the annual growth seen in 17 out of 22 industry divisions, led by fabricated metal products except machinery and equipment (30.3% from 45.8% in June); machinery and equipment except electrical (29.1% from 46.6%); and wood, bamboo, cane, rattan articles, and related products (28.5% from 31.3%).

Meanwhile, eight industry divisions reported declines in July, led by manufacture of electrical equipment (-52.7% from -46.8% in June), basic pharmaceutical products and pharmaceutical preparations (-18.6% from 10.8%) and tobacco products (-18.6% from -0.9%).

In comparison, S&P Philippines Manufacturing Purchasing Managers’ Index (PMI) stood at 50.8 in July, signaling expansion although slower than the 53.8 reading in June.

The slower annual increase in the factory output in July was due to base effects after manufacturing output posted a triple-digit growth last year, analysts said.

“[Year-on-year] growth rates are distorted because of high base effects,” China Banking Corp. Chief Economist Domini S. Velasquez said in a Viber message. “Sometimes it’s better to look at month-on-month [growth] especially if we need to see the impact of higher prices.”

On a monthly basis, VoPI in July dipped 0.3% from June.

“Moving forward, higher producer prices will continue to affect the manufacturing sector in terms of expansion plans and hiring more workers,” Ms. Velasquez said.

In a phone interview, Philippine Chamber of Commerce and Industry Honorary Chairman Sergio R. Ortiz-Luis, Jr. said high input costs hurt the manufacturing sector although he expects prices to stabilize in the coming months.

Capacity utilization rate in the manufacturing sector averaged 71.3% in July, up from 71.2% in June, and from 65.8% in July 2021. Twenty out of 22 sectors posted utilization rates of at least 60%.

In an e-mail interview, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that higher utilization rates in all sectors are a good indicator of an improving economy.

“For the coming months, manufacturing capacity utilization could pick up further, as the economy reopened further towards greater normalcy, with Metro Manila and other areas having eased to the lowest Alert Level 1 since March 2022… [T]hereby would allow some manufacturing businesses/industries to operate at higher capacity,” he said.

For the coming months, factory output is expected to stabilize as inflation steadies and production prices drop.

“Similar to PMI, we expect MISSI to stabilize in the next few months. A continued rise in production prices and interest rates will inhibit robust growth until at least early 2023,” Ms. Velasquez said. — Bernadette Therese M. Gadon

Medilines eyes more capital-intensive projects

FERNANDO ZHIMINAICELA-PIXABAY

MEDILINES Distributors, Inc. said it is expanding its consumables business to boost revenue and profits.

“As the company enters its third decade, it is working on expanding its consumable business to drive both topline and profit growth,” the company said in its 20th anniversary statement on Thursday.

This year, the company inaugurated its new warehouse equipped with cold storage for delicate consumables.

“We are also open to new opportunities. It is… Medilines’ goal to maintain dominance in the healthcare equipment market through its continuous participation in major and capital-intensive projects,” Medilines Chairman Virgilio B. Villar said.

Medilines also intends to tap its “vast suppliers and contacts” in the healthcare industry to generate revenues of “up to P2 billion this year” to surpass its financial performance in 2021.

The company aims to “strengthen its role” in the healthcare industry by supporting private and government institutions in procuring medical equipment.

“The company is set to deliver [this year] cancer therapy equipment to Bicol Regional Training and Teaching Hospital in Legazpi City, Northern Mindanao Medical Center in Cagayan de Oro City, and the Philippine Children’s Medical Center, in Quezon City,” it said.

Diagnostic imaging (CT scan, MRI, X-ray), dialysis (dialysis machines), and cancer therapy (linear accelerators) are all types of medical equipment that the company offers.

These equipment help address the most prevalent diseases among Filipinos such as renal diseases, cancer, and cardiovascular diseases, the company said.

“It is important for us to maintain the strong partnerships we have cultivated with our principals,” Mr. Villar said.

Medilines’ attributable net income for the first semester was 19.1% lower at P80.96 million from P100.05 million last year.

Medilines closed 1.37% higher at P0.74 apiece on Thursday. — Justine Irish D. Tabile

Side A’s then and now members share a stage

AFTER reuniting for two online concerts and a series of small gigs, pop rock band Side A returns with its former and current members for a full-fledged concert, Then and Now: Redux 360 Side A Experience, at the Newport Performing Arts Theater at Newport World Resorts, on Sept. 24.

Side A was founded in 1985 and boasts an impressive lineup of musicians who have been with the group since its beginnings at the Hyatt Hotel’s Calesa Bar. Arguably most popular in the 1990s, the band bagged two Awit Awards and had a triple platinum album. For over 35 years, Side A has made hit ballads such as “Forevermore,” “Hold on,” “Eva Marie,” and “So Many Questions.”

The original band roster was composed of brothers Rodel and Naldy Gonzalez (lead vocals, and keyboards and vocals respectively), Mar Dizon (drums), Pido Lalimarmo (guitars and vocals), Joey Benin (bass), and Kelly Badon (lead guitars).

Alongside founding member Naldy Gonzales, the current band members are Ned Esguerra (bass guitar), Yubs Esperat (lead vocals), and Lee Von Cailao (lead guitar).

According to the band it was a collective decision to play together for the Newport show. The idea came up after the band received good reception from fans during their online concerts in 2021.

“It’s not really pre-planned to continue Side A as long as we could. We just love what we’re doing, we continue doing it. And up to now, we’re so fortunate that people still respond to the music,” Naldy Gonzalez said during a press conference at Newport World Resorts on Sept. 5.

“You have to be true to yourself,” former lead vocalist Rodel Gonzalez said about being honest with one’s artistry. “I would imagine if somebody would have a hit song tapos hindi pala niya gusto ‘yun (but the artist does not like it) personally. So, you would have to pretend that that is your genre.”

Despite the COVID-19 pandemic, the band has been busy lately.

Last year, the original members gathered for the Side A Redux virtual reunion concert streamed on KTX.ph. Then in April, original and new members performed in Side A Redux: Sundown Jam, at Silay City, Negros Occidental, where bassist Joey Benin is based. This was quickly followed that same month with a surprise two-night engagement, Redux 360: A Side A Experience, at 19 East Bar in Parañaque City.

The upcoming concert at the Newport Theater will also feature indie singer-songwriter Clara Benin, daughter of the band’s original bassist Joey Benin.

“I feel very honored to be performing, not only with my dad but his band. I grew up listening to Side A and attending their concerts. Not I get to not just be backstage, but be on stage with them,” Ms. Benin said during the press conference.

“To do what you love to do at that moment was more than enough,” Rodel Gonzalez said. “Bonus nalang until now na appreciated pa rin ang Side A (It is a bonus that Side A is appreciated until now).”

Tickets for Then and Now: Redux 360 Side A Experience are now available at TicketWorld and SM Tickets outlets, with ticket prices ranging from P500 to P5,000. For inquiries, contact the NWR National Sales Team  (0917-823-9602, 0917-807-9387, and 0917-658-9378), or call Ticketworld (02 8891-9999), or SM Tickets (02 8470-2222). — Michelle Anne P. Soliman

Justin Bieber PHL concert still on for now, says Ovation

WHILE Canadian pop singer Justin Bieber announced Tuesday that he will be taking a break from his Justice World Tour for a second time due to health reasons, the promoter for the concert’s Philippine leg says that as far as they know, the show here will go on.

On Wednesday, Ovation Productions said in a Facebook post that “We are aware that Justin Bieber has decided to take a break from touring… Our understanding is the Asian leg of the tour is set to continue as scheduled.”

“[W]e wish Justin a speedy recovery and respect his decision to put his health first. We can’t wait to see him back on the road,” said Ovation in their post.

No further details were disclosed.

The Philippine concert is scheduled for Oct. 29, 8 p.m., at the CCP Open Grounds in Pasay City.

Already postponed earlier this year due to Mr. Bieber and members of his team testing positive for COVID-19, the world tour finally launched in March.

He had 70 shows set to run until March 2023 in South America, Asia, Australia, New Zealand and Europe.

In June, the 28-year-old Canadian singer disclosed that he was diagnosed with Ramsay Hunt Syndrome, which left half of his face paralyzed, forcing him to cancel performances in order to recover. He posted a video on Instagram explaining to viewers that he could not smile on one side of his face, but assured fans that he just needed time to recover.

He went on to resume the tour, but after performing in Rock in Rio in Brazil over the weekend, the 28-year-old singer wrote on an Instagram post on Sept. 7 that he would be taking a break.

“After getting off stage, the exhaustion overtook me and I realized that I need to make my health the priority right now. So I’m going to take a break from touring for the time being. I’m going to be okay, but I need time to rest and get better,” he said. “I’ve been so proud to bring this show and our message of Justice to the world.”

He thanked fans for support and prayers and closed the announcement writing, “I love you all passionately!”

Mr. Bieber did not say when he might return to the stage, and his publicists did not immediately respond to a Reuters request for comment. — MAPS with a report from Reuters

Meralco power rates to increase in September

PHILIPPINE STAR/ RUSSELL PALMA

RESIDENTIAL customers in areas served by Manila Electric Co. (Meralco) can expect to pay more for electricity this month, with typical households consuming 200 kilowatt-hours (kWh) getting billed higher by P78 or P9.9365 per kWh from P9.5458 per kWh in August.

This was caused by an increase in generation charges brought on by the peso depreciation, Lawrence S. Fernandez, Meralco’s vice-president and head of Utility Economics, said at a briefing on Thursday.

The monthly power bills for homes that consume 300 kWh, 400 kWh, and 500 kWh will go up by P117, P156, and P195, respectively.

For the September billing, the generation charge went up by P0.3581 to P6.9393 per kWh from P6.5812 per kWh in August.

Mr. Fernandez said the September generation charge was based on the end-August exchange rate of P56.15 per dollar.

“If the peso continues to weaken, there will be a corresponding impact. It is part of the cost of the power plants,” Meralco Spokesperson and Head of Corporate Communications Joe R. Zaldarriaga said.

The company said charges from independent power producers rose by P0.8026, while power supply agreements (PSAs) increased by P0.3316 per kWh.

Mr. Zaldarriaga also noted that the ongoing gas supply restrictions from Malampaya gas field contributed to the increase in electricity rates.

“The ongoing Malampaya gas supply restriction necessitated the increased use of more expensive alternative fuel by First Gas Sta. Rita and San Lorenzo to ensure continuous supply,” Meralco said in a statement.

According to Mr. Zaldarriaga, Meralco has already solicited offers from various suppliers if the power arm of San Miguel Corp. terminates its PSAs.

“Meralco will enter into an emergency power supply agreement to replace the supply that may be lost from the termination of those two contracts,” he said.

On Thursday, Meralco shares closed 0.69% lower at P315.20 apiece.

Meralco is the largest power distribution company and the largest private-sector utility in the Philippines. Its controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

I dream of Djinnie

TILDA SWINTON and Idris Elba in a scene from Three Thousand Years of Longing

Movie Review
Three Thousand Years of Longing
Directed by George Miller

GEORGE MILLER’s Three Thousand Years of Longing isn’t exactly an action extravaganza like Mad Max: Fury Road   but then Miller isn’t exactly an action filmmaker, or isn’t only an action filmmaker. He’s done medical dramas (Lorenzo’s Oil), children’s films (Babe: Pig in the City, Happy Feet), bizarre literary adaptations (The Witches of Eastwick); he’s done arguably the best episode of The Twilight Zone ever filmed (a remake of “Nightmare at 20,000 Feet”). His forays into fantasy and horror are at least as interesting for the distinct ways they handle special effects (Babe: Pig in the City looks and feels like Maurice Sendak was high on mushrooms) as for what they have to say (the fantasy and especially the horror genre being arguably better at addressing our anxieties than mere action flicks).

Miller’s latest, an adaptation of A.S. Byatt’s The Djinn in the Nightingale’s Eye, poses the question: what if a scholarly connoisseur of stories —  a “narratologist” named Alithea (Tilda Swinton) were to meet a living embodiment of those stories, the aforementioned Djinn (Idris Elba)? What happens when a woman who’s literally heard it all meets a man (or manlike creature) who’s literally seen it all?

You’d imagine design and digital effects unfolding spectacularly across the wide screen and for a little over half the film you’d be right. The Djinn, to win the wary narratologist’s trust, weaves one tale after another Scheherazade fashion, only this teller means to spur his mistress to action, not delay her; like his female equivalent however he does intend to beguile and seduce, to slowly bend her will to his own, and you can tell from the theme emerging from his stories where his narrative thrust (heh) is directed: in each anecdote he’s the unintended victim, the powerful supernatural seduced by one beautiful woman after another, moved by their plight to risk everything to help them, paying the price for his pity with another thousand years in a bottle.

From Queen Sheba (a literally goldskinned Aamito Lagum) to mistress Gulten (a pixieish heavily pregnant Ece Yuksel) to imprisoned housewife Zefir (the perpetually yearning Burcu Golgedar), the women evolve from impossibly beautiful to eclectically striking to being suspiciously designed to resemble Alithea in her plight. Particularly Zefir —  her story of a wife and her Djinn cocooned in a private paradise indulging in a secret orgy not of sex or drugs or even food but of knowledge, the heady heedless guzzling of science and technology sounds almost like a promise (this is what life could be like if you only wish it). You suspect Miller (who has a medical degree) favors the latter tale as well: his depiction of a mind responding to the wonders of the universe on display has the intensity of personal experience.

And then? And then Miller runs aground, so to speak, for most critics: after one wonderment after another, after that riot of color and fantasy, we’re brought to London and confined to a run-of-the-mill modern-day flat? Does this, should this work, this pulling down a tale lost in centuries of dreaming and voluptuous hedonism to the level of everyday life?

It’s the point I think —  for a woman who’s heard it all and a creature who’s seen it all, the ultimate in adventure and peril is ordinary human interaction, two people seeing each other across a room and perhaps venturing to form an attachment. And for all the effort and money poured into the digital wizardry (some folks complain that they look fake; I think Miller had aimed for a less photorealistic more brazenly stylized look), the most fascinating effect are these two excellent actors doing a pas de deux in immaculately white Turkish cotton bathrobes, conversing in the common language of dreams and metaphysical hyperawareness (“There’s no story about wishing that is not a cautionary tale.” “We all have desires even if they remain hidden from us. But it is your story and I cannot wait to see where it goes.”). Miller had intended to shoot in three countries — Australia, Turkey, the United Kingdom —  but the pandemic confined him mainly in Australia, and I think the change may have been beneficial: forced to use sets, the locales (and especially the London scenes) add yet another level of stylization, yet another reminder that this tale about tales is itself a tale meant to beguile and distract on its way to telling a truth.

Miller is usually the star of his films, with his kinetic camera movement and pop-up shock cuts that somehow remain remarkably lucid; here he, the production design, and the digital effects surrender center stage to its two key performers. Idris Elba makes for a courtly yet sensuous Djinn, complete with shimmering blue furry legs; his heavy-lidded eyes promise mystery and allure and enchantments galore but when opened wide startle you with their vulnerability and carefully hidden sense of compassion. His accent is apparently made-up with its softly rolled r’s, its eccentrically pronounced vowels, its lazy almost insolent sense of familiarity —  an endlessly comic instrument with which Elba seems to parody Middle Eastern accents, or Western notions of what Middle Eastern accents should sound like. Tilda Swinton acts like an oyster, a tight-clamped mollusk that speaks in a crisp Scottish accent; even her body language suggests something ramrod tense, almost totally withheld, as if terrified to uncoil and reveal anything of herself to anyone less she embarrass herself —  or worse, embarrass anyone around her.

I’ve heard accusations of Orientalism, and a casual viewing of the film suggests the accusations may have basis —  white filmmaker adapting fiction from a white author, about a powerful black Middle Eastern creature in a constant state of slavery, the exotic locales, the luscious snacks (not sure, but I believe they’re nan-e nokhodchi   Persian cookies made from chickpea flour with pistachios and cardamom), the tales of warm humid sensuality. One explanation, not excuse —  not quite prepared to die on this hill —  the Djinn is deliberately tailoring the tales to Alithea’s notions of Middle Eastern culture, hence the cliches, or rather the Djinn is tailoring the tales to his notions of what Alithea’s notions of Middle Eastern culture might be like. Not an unimportant issue —  the whole question of the Djinn’s freedom or continued lack of hinges on Alithea’s notions, opinions, beliefs, and he must continue playing on this neurotically tuned guitar softly and carefully if he is to win his freedom.

Worth watching? I’d say any Miller film is worth watching, and on the biggest screen you can find one (which you might want to do ASAP, as the box-office news isn’t great and the critics aren’t helping much) —  Mad Max, The Road Warrior, and Miller’s “Nightmare at 20,000 Feet” remake are practically definitive texts on the art of hurtling hurting action filmmaking; Babe: Pig in the City is quietly demented lyrical fantasy; Lorenzo’s Oil is one of the most intensely complex yet clearly told medical dramas ever committed to celluloid. Even his misfires (Witches of Eastwick anyone?) are memorable for their ambition and oddball choices (the Devil alive and vomiting cherry pits in New England?). Ideally, I’d see it with a big bag of those delicious-looking cookies, snuck in past the usher (Unless they’re served at the snack counter as a promo, what are the chances?), piping-hot delicious.

SEC warns public vs investing in KOEN Solutions OPC

THE Securities and Exchange Commission (SEC) has advised the public not to invest in KOEN Solutions OPC because it is not permitted to sell securities.

“[It] is not authorized to solicit investments from the public, not having secured prior registration and/or license to sell securities or solicit investments as prescribed under Section 8 of the SRC (securities regulation code),” the regulator said in an advisory.

Securities should not be offered for sale without a registration statement filed with and approved by the commission, according to the regulator, citing the SRC.

It said that Koen Solutions is offering investments that guarantee returns of 2.5% to 3% daily or 75% to 90% monthly.

The said entity, which operates in a Facebook group called “KOEN Philippine Financial Investment Powerful and Intelligent AI robot,” claims to be a “world-leading encrypted financial quantitative service platform.”

Since it is offering investment contracts, KOEN Solutions must have an appropriate registration and license to sell such securities to the public pursuant to Section 8 and 28 of the SRC, the regulator noted.

KOEN Solutions’ primary purpose upon incorporation is to engage in the business of information technology products and services provided that it will not solicit investment contracts.

“In view of the foregoing, the public is advised not to invest or to stop investing in the investment scheme of KOEN Solutions OPC and to exercise extreme caution when approached by individuals claiming to represent the said entity,” the commission said. — Justine Irish D. Tabile

Entertainment News (09/09/22)


Bituin Escalante topbills The Pen at 46 concert

HIGHLIGHTING The Peninsula Manila’s 46th anniversary dinner-show on Sept. 16 at The Lobby is singer Bituin Escalante who will also celebrate her 22nd year in showbusiness. The actress and singer — a legend of Philippine musical theater — will perform an all-new high-energy show, filled with songs and stories from her career that will take her audience on an emotional and music-filled journey. The four-course dinner and concert is P6,500 (exclusive of taxes). The dinner starts at 6:30 p.m., while the show goes on at 7:30 p.m. For inquiries or reservations, call 887-2888, extensions 6691 or 6694 or e-mail DiningPMN@peninsula.com or contact the hotel through PenChat, its 24-hour e-concierge via Facebook Messenger: https://bit.ly/PeninsulaOnlineFacebook.


Tribute concert for Luis Eduardo Aute

SEPT. 13 marks the 79th birth anniversary of Luis Eduardo Aute, one of the most important Spanish artists of the 20th century, who happened to have been born in Manila. On this occasion, Instituto Cervantes and the Embassy of Spain present the video concert Con tu latido: Filipinas canta a Luis Eduardo Aute. A tribute. The event will be held on Sept. 13, 2 p.m. at the Intramuros, Manila branch of Instituto Cervantes. The video concert will feature Filipino singers covering select iconic songs by the celebrated musician. They are Bituin Escalante, Mark Anthony Carpio, Toma Cayabyab, Julius Sinoy, James Barbecho, Sheila Ferrer, and Ella Castro. Among the songs they will perform are: “Rosas en el mar;” “La belleza;  and “Sin tu latido.” The concert will be completed by Spanish singer Rosa León’s rendition of Mirándonos los dos. A respected artist and popular musician in Spain in the latter part of the 20th century, Luis Eduardo Aute was born in Manila in 1943. His father, a Catalan working for Tabacalera since 1919, married a Spanish-Filipina. In his childhood, Mr. Aute studied at the De La Salle School, where he learned English and Tagalog. His family eventually settled in Spain in 1954. Mr. Aute’s musical career kicked off in the 1960s, and he continued composing songs and recording albums until the 2010s. Mr. Aute passed away in April 2020, leaving behind a vast collection of works in several fields, in literature, music, cinema and painting. For more information about the event, visit the website of Instituto Cervantes at https://manila.cervantes.es or Facebook page at www.facebook.com/InstitutoCervantesManila.


New streaming service comes to PHL

A STREAMING service made specifically for Filipinos by a US-based global media company, the Jungo Pinoy can now be downloaded. It claims to have the largest Tagalog-dubbed movie library in the world and more free content, according to a company release. It was launched by Los Angeles-based media company Jungo TV. Content span everything from K-pop and Asian films, Hollywood hits, global blockbusters, rare Filipino movies, Impact Wrestling matches, and free concerts. The Jungo Pinoy app is available on the Google Play Store and Apple App Store.

SPNEC says P2.8-B stock rights offering fully subscribed

SOLAR Philippines Nueva Ecija Corp. (SPNEC) announced on Thursday that its P2.81-billion stock rights offering (SRO) was fully subscribed.

“The SRO was fully subscribed by [the company’s] public shareholders in its first round and second round,” SPNEC said in a statement.

The company’s SRO consists of the issuance of 1.88 billion shares priced at P1.50 per share, for a total offer size of P2.81 billion.

According to the company, the completion of the SRO means that it “will have P2.81 billion of proceeds to help complete the total P10 billion that the company plans to invest to complete the development of its 10 gigawatts (GW) of projects.”

These include 400-megawatt operating or under construction projects.

Other projects are 3.5-GW solar, 4.5-gigawatt-hour (GWh) battery Terra Solar, 1.8-GW solar, and 1.8-GWh battery Batangas Baseload.

It also has 1.8 GW of projects contracted under the Department of Energy’s Green Energy Auction.

“With its Nueva Ecija solar project, these would potentially bring SPNEC’s contracted capacity to 8 GW scheduled to commence operations mostly between 2025 to 2026, which it estimates would be 2/3 of the total contracted renewable energy capacity of the Philippines,” the company said.

SPNEC shares closed 0.65% higher at P1.56 apiece on Thursday. — Justine Irish D. Tabile

Stuff to do (09/09/22)


Restored classics to be screened at Trinoma

SAGIP Pelikula partners anew with the Film Development Council of the Philippines (FDCP) to show its digitally restored classics in the 6th year of the Pista ng Pelikulang Pilipino at Cinema 6 of Trinoma Mall in Quezon City. The be screened are Tatlong Taong Walang Diyos (Sept. 9, 7 p.m.), followed by Cain at Abel (Sept. 14, 5 p.m.), and Karnal (Sept. 15, 7 p.m.).


Grandparent’s Day offer at Ayala Museum

BRING YOUR grandparents to the Ayala Museum for the whole month of September (from 10 a.m. to 2 p.m.) as the museum is granting free admission to senior citizens, each accompanied by a paying adult. Advance booking is required. Book a ticket at www.ayalamuseum.org/visit. Claim the free tickets by visiting the same page and selecting “Free Admission for Lolo/Lola” for the same timeslot. The ratio is for every one fully paid adult ticket (P650), one senior citizen (with a valid PH ID) can get in for free. Children under three years old can come in for free. Tickets are good for one-time use only and are transferable but only valid until Sept. 30. For more information, visit www.ayalamuseum.org/events/grandparents-day.


Grandparents’ Day at Shangri-La Plaza

IN CELEBRATION of Grandparents’ Day, Shangri-La Plaza will hold a number of activities at the mall this weekend. Learn how to paint at a landscape painting workshop for both children and adults led by Sylvia Amorsolo Lazo, on Sept. 10 and 11 at 10:30 a.m. to 12:30 p.m. for the children and 1:30 to 4:30 p.m. for adults at the East Atrium. The fee is P600 for children and P800 for adults, inclusive of materials for the first 10 people who will sign up. Catch a Mexican film at the Cine México festival at Shang’s Red Carpet. The festival is screening six films of various genres for free until Sept. 11. Among the films are the 2015 comedy Ella es Ramona (She is Ramona) and the award-winning films La Promesa (The Promise) and Después de Lucia (After Lucia). Treat granny or grandpa to a day of shopping at the Grand Pop-Up Fair at the East Atrium, including relaxing comfort chairs from La-Z-Boy. For updates and inquiries, follow Shangri-La Plaza on Facebook at www.facebook.com/shangrilaplazaofficial and on Instagram @shangrilaplazaofficial.


Derek Tumala talks of climate, art, and science

FILIPINO multidisciplinary artist Derek Tumala will discuss his creative process behind Tropical Climate Forensics, a virtual world that portrays the climate crisis in the Philippines, in a hybrid event on Sept. 9, 3 to 5 p.m. Tropical Climate Forensics is the Philippines’ contribution to the international online exhibition of 28 arts agencies launched by the World Weather Network, a community of creatives reporting on weather and climate. In his talk, Mr. Tumala will discuss the relation between art and science, particularly in utilizing the creative platform to spread awareness on pressing environmental problems. This project was commissioned by the Museum of Contemporary Art and Design of the De La Salle-College of Saint Benilde (DLSB). To register for the talk, visit https://bit.ly/MCADDerekTumala. For inquiries, email mcad@benilde.edu.ph.  Tropical Climate Forensics will be available on view until July 2023 at https://worldweathernetwork.org/station/mcad/. For more information, visit the World Weather Network at http://worldweathernetwork.org/.


Kita Kita Korea

WITH the theme “Kita Kita Korea,” visitors will get the chance to see, feel, and experience Korea in the Philippines through the projects and events at the Korea Festival on Sept. 10 to 11 at the Glorietta Activity Center and Palm Drive Activity Center. Hosted by the Korean Embassy, the Korean Cultural Center (KCC) and the Korea Tourism Organization (KTO), the Korea Festival will include making songpyeon (Korean half-moon rice cakes), the Ganggangsullae Flash Mob Traditional Performance (a UNESCO Intangible Cultural Heritage folk play). A traditional Korean taffy seller will roam the activity center, and visitors can try the makgeolli (Korean rice wine) and the jeon (Korean pancake) from the jumak (a traditional Korean pub). Visitors can also check out performances such as The Painters, a non-verbal dance, comedy and mime performance that stages the entire process of painting via, and Super Stick, a group of Traditional Korean drum performers. Learn more about Korean cuisine and cook japchae (Korean stir-fried glass noodles and vegetables) with chef Sharwin Tee. Also performing are Filipino acts and celebrities such as Kyline Alcantara, Mona, Z2Z, VXON and KAIA, and K-pop star Soyou, formerly of SISTAR. Visitors also have a chance to try on a hanbok (traditional Korean dress) or Korean school uniforms. For more information, vist https://phil.korean-culture.org/EN.

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