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BSP warns financial firms against doing business with noncompliant corporations

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) is warning its supervised financial institutions (BSFIs) against doing business with corporations in danger of being suspended for noncompliance with reportorial requirements.

The central bank called on BSFIs to “ensure the conduct of appropriate customer due diligence on their corporate clients/juridical entities, including the updating of their customer’s records/information and risk profile,” according to a memorandum.

The memorandum, signed by Deputy Governor Chuchi G. Fonacier, was issued after the Securities and Exchange Commission (SEC) in December released a list of corporations in danger of being suspended for failure to submit annual reports.

There are a total of 11,677 corporations named on the list.

These firms have failed to submit their audited financial statements and general information sheets for eight years or from 2015 to 2022.

The SEC said these businesses are under evaluation for the possible suspension of their certificates of incorporation.

The BSP directed its BSFIs to refer to the list and conduct their own due diligence.

“Identify if they have customers in the (list), as part of their ongoing due diligence and relationship review, to ensure that they have updated understanding of their customers’ profile based on latest records and information,” the central bank said.

It also instructed financial institutions to advise their concerned customers to directly coordinate with the SEC. — Luisa Maria Jacinta C. Jocson

The blood drinkers

KLAUS KINSKI and Isabelle Adjani in a scene from Werner Herzog’s Nosferatu the Vampyre (1979).

Movie Review
Nosferatu: A Symphony of Horrors (1922)
Directed by FW Murnau
Nosferatu the Vampyre (1979)
Directed by Werner Herzog
Nosferatu (2024)
Directed by Robert Eggers

(WARNING: story and plot twists discussed in explicit and gory detail)

FW MURNAU did a low-budget unauthorized adaptation of Bram Stoker’s Dracula titled Nosferatu (1922) which Stoker’s widow pursued with a vengeance, demanding all prints and negatives be destroyed (despite which copies eluded her grasp, and the film went on to achieve an unholy immortality); Werner Herzog did a remake in 1979 employing 10,000 rats and his own inimitable filmmaking style; now Robert Eggers — who professes admiration for the Murnau — has crafted his own version, shifting emphasis from vampire to victim in his 2024 remake.

And how does Eggers’ compare? Well, let me tell you.

1922
Murnau took his constraints — an unauthorized production, a small budget — and fashioned a style out of it: writer Henrik Galeen switched out all the names (Count Orlok, played by Max Schreck, for Count Dracula, Thomas Hutter for Jonathon Harker, Ellen for Harker’s wife Mina), streamlined the narrative (no chase across Europe; most of the side characters either combined or reduced or eliminated), and has the creature perish at dawn — the first but certainly not the last time this method was used onscreen. Wouldn’t be surprised if Murnau thought of it; death by sunlight is something I imagine a filmmaker might dream up, if not actually fantasize about.

Instead of the stylized Expressionist sets of The Cabinet of Dr. Caligari, Murnau chose to shoot on location, and it’s his use of locations that is the source of much of the film’s power. The High Tatras (understudying for the Carpathians) look like a vast hard-muscled back forcing its way up out of the surrounding soil, a violent upheaval freeze-framed for our appreciation. The castle is an Escher fantasy of shadow and stone, with sudden plunges to isolate the unwary guest, and deep passageways to allow late-night snacking. The sea is a shimmering sheet over which the tall-masted Empusa glides, carrying its doomed cargo; the Count’s residence opposite the Hutters’ (actually the Salzspeicher in Lubeck) resembles a cave wall pockmarked with rat holes; you expect to see eyes glittering out of each dark cavity.

Murnau’s miserable creature — designed by artist and occultist Albin Grau — is gaunt and cadaverous, with a head like a shaven rodent’s skull, tiny LED lights for eyes, a pair of huge front fangs. With the simplest effects Murnau reminds us of Orlok’s abilities and strength — fast-forward motion denoting inhuman speed; great earth-filled coffins lifted like so much luggage; Orlok himself pivoting straight out of his casket, the ultimate popup surprise for the ultimate children’s nightmare of a book.

Murnau’s stripped-down retooling of Stoker’s tale is revealed to be a menage a trois between a man, a woman, and a parasite, in a world being drained of its population by plague (the film came out only two years after the Spanish Flu killed anywhere from 50 to 100 million people, one of the deadliest pandemics in history) — said parasite not just cause and carrier but the walking incarnation of the plague. Murnau could not be more direct: the world is a frightening place he tells us, and is out for our blood.

1979
And then there’s Werner Herzog, who considers the Murnau Nosferatu the most important of German films and still feels the need to put out his own version. Herzog’s picture is more intimate, his filmmaking more handheld casual; even the shots of mountain ranges suggest more a passerby stealing glances during a hike than a serious observer determined to contemplate their majesty and scale. Notably the ship’s passage is truncated (where in the original it was a dramatic high point), and the Count’s new-bought residence seems like a rattier, more dilapidated version of the first.

But Herzog’s camerawork — accompanied by West German group Popol Vuh’s hypnotic drone — holds a power all its own, the mobile camera capturing on the fly the twisted faces of Mexican mummies, the plunge of water down a narrow gorge, the leisurely flutter of a bat in flight (actually borrowed from a documentary — but presented just so, with slowed motion and softspoken music and intense blue background — that said stock gives the film a darkly emblematic image to haunt one’s dreams with).

Klaus Kinski’s Count Dracula (with the rights entering public domain, Herzog decided to use the original’s names) owes his basic features to Max Schreck’s Count Orlok, but his eyes are lonelier, his lips more sensuous, his voice wheezy and gratingly high – he’s like the stereotype of an unhappy child, shunned by others for his asthma attacks, who grows up to prey on children. Bruno Ganz, who plays Jonathon Harker, is a virile man able to run energetically up and down stairs and slam his shoulder against the odd barred castle door, yet when Kinski’s Dracula approaches you immediately fear for the former’s life; Ganz’s Harker may look like a formidable physical specimen but Kinski’s vampire is ancient insatiable hunger.

Matching Kinski stare for stare is Isabelle Adjani’s Lucy Harker (for unknown reasons she and Mina have switched names and roles) with dark eyes that admit to little calculation and even less sanity. Kinski’s Dracula is evil, Lucy intensely, even terrifyingly, passionate — angel or devil, her eyes warn you, if you ever get in her way you will be thoroughly fucked.

2024
Arguably Egger’s bravest, most breathtaking achievement is to position himself in direct comparison with the two filmmakers. I’ve liked some of Egger’s work — arguably my favorite to date is his two-hander masterpiece of increasingly sodden misery The Lighthouse — but against Murnau’s elemental sense of beauty and Herzog’s perverse mysticism Eggers sadly comes up short. The digitally enhanced landscapes and digitally enhanced weather have little of the weight or presence of Murnau’s Carpathians or North Atlantic; his citizenry line up their coffins and discuss feeling loss and despair but can’t approximate the awful resignation of Murnau’s, who wordlessly accept Orlok’s gift of death (Herzog took his townfolk’s response a step further, having them celebrate with music and dance, even an elaborate dinner).

Actually, acceptance was only the final stage of a process Murnau inflicts on the people of Wisborg; along the way they panic and pin blame on the most convenient scapegoat among them, poor demented Knock, who flees and hides (in a moment of unsettling mob fury, a scarecrow is pulled down and torn apart in his stead).

It isn’t just digital effects that bar Eggers from realizing his predecessors’ cleareyed vision; what made Herzog’s version work, I suspect, was that he shared with Murnau a maverick’s willingness to strike out anyway and make do with what he’s got, only he did it his way, in the style of a veteran documentary filmmaker. A small budget? Go location shooting. Footage of flapping bats? Borrow from a documentary. Vampire’s death? Cut Kinski loose; he’ll perform a death scene that will make you forget all other death scenes, digitally enhanced or not.

Bill Skarsgard’s Orlok is this version’s profoundest mystery, but when finally unveiled he’s basically a half-rotten corpse with a handlebar ’stache. I’m aware of the controversies about facial hair, and in fact Stoker does describe Dracula as sporting a pair, but the ’stache on Skarsgard (as opposed to Schreck’s and Kinski’s verminous design) softens his ghoulish visage, makes him less threatening than endearing, less like a Transylvanian monster than Frank Zappa.

And oh, the bit about Skarsgard “deepening his voice”! Such a predictable way to intimidate; is why I much prefer Kinski’s gambit — his high wheezy tone, like long fingernails dragged across a chalkboard, is in the end more frightening, especially when you realize (as with Peter Lorre in Fritz Lang’s M) that it’s less the voice of a sexual predator than a sexual carnivore, one who sees all men — and women, and children — as his prey.

As for Lily-Rose Depp — respect her dedication and salute her and Eggers’ determination to focus less on the victimizer and more on the victim, but for all the blood and sweat and tears shed, all the acrobatics and eye-rolling and shrieking she undergoes (at one point I felt my shoulder blades pop in sympathy), she doesn’t quite achieve the impact of Isabelle Adjani with both eyes wide open. Depp has all the intensity of a young up-and-comer with something to prove; Adjani has the serenity of someone who is and has always been this side of unhinged. In this, in The Story of Adele H., and in Possession  — perhaps her most out-there role – she’s the perfect match for the equally freakshow Kinski; between the two of them everyone and everything within range and recent memory just fade like shadows into the surrounding mist.

Nosferatu will be opening in Philippine theaters on Feb. 25.

Ambisyon Natin 2040

I recently attended the Annual Tax Symposium of SGV & Co., where National Economic and Development Authority (NEDA) Undersecretary Rosemarie Edillon spoke eloquently about Ambisyon Natin 2040. Ambisyon Natin 2040 was conceptualized in 2015 and involved surveying about 10,000 Filipinos to understand their aspirations for 2040 to anchor the government’s developmental plans to help achieve those objectives.

To summarize our ambitions, we want the Philippines to be a prosperous, middle-class society that is more inclusive, requiring at least a tripling of per capita income from 2015 to 2040. Filipinos desire to be firmly rooted with work-life balance, allowing them to spend time with their loved ones. They also want to be comfortable, living in homes that are accessible via transportation, with children receiving quality education while everyone can also travel. Lastly, Filipinos desire to be secure with comfortable retirements, security, and a government free of corruption.

These lofty ambitions should not be out of reach for Filipinos; they are what my chairman and CEO, Ramon del Rosario, Jr., refers to as the essentials of dignified lives. Ten years into this 25-year plan, the Philippines continues to have a young, growing population with declining global competitiveness in employability, infrastructure needing further investment, and a housing backlog of more than 6.5 million affordable homes. The national poverty incidence among families was 10.9% in 2023, meaning that almost 3 million Filipinos do not have sufficient income to meet their basic needs.

The NEDA has also identified sectors that are important for achieving Ambisyon Natin 2040: housing and urban development, manufacturing, connectivity, education services, tourism and allied services, agriculture, and health and wellness services.

The challenge we face is significant, and we cannot depend solely on the government for solutions. The private sector plays a crucial role by investing in essential growth industries and upholding ethical business practices, such as paying appropriate taxes and refraining from promoting corrupt behavior. These are essential business imperatives that are likely to benefit companies, as growth industries indicate a strong demand for the products and services they will offer. Additionally, the Institute of Business Ethics found that companies with high ethical standards tend to be 10.7% more profitable.

Investments should focus on achieving the right outcomes by prioritizing both social and financial returns. This approach is becoming increasingly crucial for investors, especially as Bloomberg Intelligence predicts that global ESG (environmental, social, and governance) assets will reach $40 trillion by 2030, representing over 25% of total assets under management.

The Philippine Government has released the Philippine Development Plan (PDP) for 2023 to 2028, focusing on returning the economy to a high growth trajectory and enhancing global competitiveness. The PDP had several key focus areas: economic growth, human capital development, environmental sustainability, infrastructure, governance, health, food security and trade and investment.

These plans act as long-term guides for the government’s short-term strategies. During the SGV Tax Symposium, we heard from various government agencies, including the Bureau of Customs. They reported their accomplishments for 2024 and outlined digitalization initiatives aimed at improving revenue collection. The Philippine Economic Zone Authority (PEZA) announced that investments in 2024 exceeded P200 billion, reflecting significant foreign investment in the Philippines, which will boost employment and generate exports. The recent signing of the CREATE MORE law was also discussed as a means to attract more foreign investments by further lowering corporate taxes and providing incentives for foreign companies, making the Philippines a more competitive destination for investment.

The plans are in place and now the Philippines has to execute by working together, both the public and private sectors, to bring the plans to fruition. As Victor Hugo said, “He who every morning plans the transactions of the day and follows out that plan, carries a thread that will guide him through the labyrinth of the most busy life.”

The views expressed herein are his own and do not necessarily reflect the opinion of his office as well as FINEX.

 

EJ Qua Hiansen is the CFO of PHINMA Corp. and President of the Financial Executives Institute of the Philippines.

Woke governance, not climate change, caused the California wildfires

DANIEL LINCOLN-UNSPLASH

Trump Derangement Syndrome is such that, even before the US president-elect is sworn into office, the California wildfires was his fault. For some reason. And for some reason, that included the fact that the California wildfires is because of climate change.

So the fact-checkers, not the most intelligent people ever, all uniformly blamed Trump for politicizing the tragedy, while simultaneously urging people to believe that the fires — a regular occurrence in California — were caused by climate change. CNN in one recent broadcast even expressed disappointment that Google searches on wildfires went up 2,400% but searches on climate change went down 9%, thus — as the CNN hosts ruefully said — people are not wont to connect the wildfires to climate change.

The people are right.

Wildfires have been happening since time immemorial. And as far as the climate goes, “a study by MIT researchers in Science Advances confirms that the planet harbors a ‘stabilizing feedback’ mechanism that acts over hundreds of thousands of years to pull the climate back from the brink, keeping global temperatures within a steady, habitable range.”

Thus, “‘we know that today’s global warming will eventually be canceled out through this stabilizing feedback,’ says Constantin Arnscheidt, a graduate student in MIT’s Department of Earth, Atmospheric and Planetary Sciences.” (“Earth can regulate its own temperature over millennia, new study finds,” MIT News, November 2022; see also “Scientists have captured Earth’s climate over the last 485 million years. Here’s the surprising place we stand now,” Washington Post, September 2024, which pointed out that: “Even under the worst-case scenarios, human-caused warming will not push the Earth beyond the bounds of habitability.”)

As for charges that conservatives, particularly Trump, has politicized the fires, it has to be remembered that Trump has been warning California Governor Gavin Newsom for years:

“‘The Governor of California, @GavinNewsom, has done a terrible job of forest management. I told him from the first day we met that he must ‘clean’ his forest floors regardless of what his bosses, the environmentalists, DEMAND of him. Must also do burns and cut fire stoppers’, the former and upcoming president posted to X in 2019.”

And then, “just roughly two weeks before Trump will be inaugurated as the nation’s 47th president, he again took aim at Newsom’s wildfire prevention leadership in the state, pinning blame for the LA County fires on Newsom and his environmental policies.” (“Trump repeatedly warned Gov. Newsom about ‘terrible’ wildfire prevention in wake of deadly Palisades fire,” Fox News, January 2025).

No. It’s not climate change that caused the wildfires or what gave it its present ferocity. It’s bad governance:

“Though the cause of the current blaze has yet to be established, commentators are already making familiar claims that climate change is igniting more wildfires in California — a thesis with no basis in fact. Some state and local officials even argue that high winds themselves caused the wildfires. Not so: Wind, by itself, doesn’t create sparks that trigger wildfires, though it certainly worsens them once they’ve started, as is happening here.

“The most common causes of recent wildfires in the Golden State have been human activities (including arson) and poorly maintained power lines, such as those belonging to the Pacific Gas and Electric Company, which caused the 2018 Camp Fire that killed 85 people.

“Another likely culprit: bad forest management.” (“Bad Leaders — Not Climate Change — Are the Reason the LA Fires Are Burning California,” Manhattan Institute, January 2025).

That would include Gavin Newsom’s utter incompetence, diverting water flows to support endangered delta smelt (a species of small fish), thus lowering water supply for fire hydrants and others needed for firefighting.1 Terminating the jobs of hundreds of firefighters for refusing to take the COVID vaccines obviously didn’t help as well.2

The prioritization by Kristin Crowley, LA’s fire chief, of DIE (diversity, inclusion, and equity) rather than competent firefighting hiring, training, and policies, plus the incompetence of Karen Bass, LA’s Democrat mayor, who was on a trip to Ghana while the fires raged, all fueled the tragedy (“Trump blames Democrats for protecting ‘useless fish’ over water for LA fires,” The Telegraph, January 2025).

A Daily Caller report even found that LA spent money on “trans cafes and social justice art” while substantially slashing its firefighting budget.3

Ultimately, it’s incompetence and woke progressive hubris that did California in. Comedian Nikki Glaser noted that the recent the Golden Globes acceptance speeches were “on fire” and then declared that almost everybody got thanked but “God, Creator of the universe” had “zero mentions.” She joked that the absence of God from acceptance speeches is “no surprise in this Godless town.”

Which leads then to the liberal or progressive complaint that finger-pointing at this time is inappropriate. But such is not true. If the problem cannot be identified, then how can an effective solution be reached so as to prevent a similar tragedy in the future?

To point out therefore that the California fires were caused by DEI hires’ incompetence, environmentalist’s prioritizing small fishes, the job termination of hundreds of competent firefighters due to their valid refusal to be vaccinated, is not inappropriate gloating.

It is expressing the fact that actions have consequences, that good intentions are nothing if not hinged on reality and rooted in competence, all the foregoing so as to hopefully avoid similar mistakes being made in the future.

Finally, to NOT point out that blasphemy could be connected to the California fires is actually irresponsible. Blasphemy accepted by a population signals hubris, which in turn leads to bad governance, and bad governance is simply what California has by the buttload.

So yes, we should, we must, continue to point out the disastrous effect of woke policies. Because what else is there to do? Emergency powers are with the elected and appointed officials of California. Nobody competent — Trump, Musk, DeSantis, etc. — has the power to intervene.

One can donate money or even efforts for California but with those donations essentially at the mercy of California’s incompetent officials, even such well-meaning gestures become futile.

The views expressed here are his own and not necessarily those of the institutions to which he belongs.

1Trump Says Newsom’s ‘Refusal’ To Sign ‘Water Restoration Declaration’ Led to Shortage in LA Fires | Snopes.com

2LA City Council ends COVID-19 vaccine mandate for city workers; fired workers say decision comes too late — ABC7 Los Angeles

3Rumors About LA Fire Department Budget Cuts Are Missing Context | Snopes.com

 

Jemy Gatdula is the dean of the Institute of Law of the University of Asia and the Pacific and is a Philippine Judicial Academy lecturer for constitutional philosophy and jurisprudence.

https://www.facebook.com/jigatdula/

Twitter  @jemygatdula

Discovery World says Kip&Kin Siargao to open by 2027

DISCOVERYHOTELS-RESORTS.COM

DISCOVERY WORLD Corp. (DWC) announced that its new hospitality property on Siargao Island under the Kip&Kin brand will open by 2027.

The new property, called Kip&Kin Siargao, will be built on approximately 7,000 square meters of the company’s 2.6-hectare lot in General Luna, Siargao, DWC said in a regulatory filing on Thursday.

Kip&Kin Siargao will feature 34 hotel rooms, 48 hostel beds, and retail spaces. The rest of the property is planned for future expansion phases, including additional rooms and retail spaces.

DWC, through its wholly owned subsidiary Lucky Cloud 9 Resort, Inc. and its property management company Discovery Hospitality Corp., broke ground on the project on Jan. 10.

With its dual concept of hotel rooms and hostel stays, Kip&Kin appeals to a new generation of tourists as well as families and mature travelers.

“Kip&Kin is more than just a place to stay; it’s a lifestyle brand where guests can immerse themselves in the energy of Siargao’s vibrant culture and natural splendor. We are excited to have Discovery Hospitality’s expertise to create an experience that captures the essence of Siargao and makes a significant contribution to the local economy,” DWC Chairman and Chief Executive Officer John Y. Tiu, Jr. said.

Meanwhile, DWC said that Discovery Hospitality also plans to open other Kip&Kin properties in Vanilla Beach El Nido and San Vicente, Palawan.

Discovery Hospitality manages brands such as Discovery Resorts, Primea, Discovery Suites, Kip&Kin, and Signature Collection.

On Thursday, DWC shares rose by 1.77% or two centavos to P1.15 apiece. — Revin Mikhael D. Ochave

Resignation without notice

I’m the newly hired human resource (HR) manager of a medium-sized enterprise with a high attrition rate. Our problem involves resigned workers who simply stop showing up as soon as they get a new job elsewhere. What’s the best solution for this issue?  — Pearly White.

You might find it hard to believe, but many companies, especially the big ones, don’t bother with this issue because the damage done by resigning employees is too insignificant. They would rather focus their attention on hiring and training the replacements right away. If not, they simply don’t fill the vacant position.

However, with that kind of come-what-may attitude, many don’t realize they’re encouraging people to resign without following correct procedure.

When a worker resigns, that person must file a written intent addressed to their direct boss, with a copy furnished to the HR department. All resigning employees, regardless of their employment status, whether regular, probationary, or subject to project employment, must give at least 30 days’ advance notice.

This is required by Article 300 of the Labor Code of the Philippines. It is to allow the employer to hire and train replacements. Even if the employer decides not to hire replacements, the law requires resigning workers to give 30 days’ notice.

The objective of this law is to ensure a smooth transition, including the proper turnover of company equipment, records, tools, and even the employee identification card to management. This is a basic requirement so that an organization can issue a clearance and require resigned workers to sign a quit claim agreement.

If necessary, the resigned workers may be requested to train their replacements. I would not recommend doing this as we don’t want the new workers to be badly influenced and demotivated if they come in contact with some disgruntled resignees.

SOLUTIONS
However, some employers would object to the disrespect manifested by workers who simply disappear. That’s the law of supply and demand for you. Sometimes, unprincipled employers accept new employees even without clearance from their previous employers.

To solve this issue, I’m recommending two solutions — preventive and corrective approaches that employers can apply right away:

The preventive approach. This requires the issuance of a clearly-worded circular reminding all employees to strictly observe the requirements of Article 300 of the Labor Code. Let the people understand that the organization will not allow resignations without at least 30 days’ notice. Of course, an employer can waive this right, if it’s more practical and in their general interest, such as when sabotage or theft of trade secrets are a concern.

Also, resigned workers who do not comply may be charged with absence without leave in accordance with the company’s code of conduct. Again, this can be waived by management if it’s too troublesome. In addition, the worker could be liable for damages.

The damages could include monetary losses arising from customer complaints, recurring overtime premiums paid to current employees, training of new employees, lost or unreturned equipment (like a laptop or mobile phone), and other related expenses.

Also, payment of terminal pay may be withheld to answer for damages.

The corrective approach. Make an inventory of all workers who resigned without giving 30 days’ notice. If the case is very recent, you may also file a case for AWOL in compliance with the employer’s code of conduct.

If a case is old, say from four months to over one year, AWOL proceedings may no longer apply as the employer may have acted too late and perceived to have slept on its rights.

Consult all the bosses involved to get the complete picture. Put together a statement of all liabilities of each resigned worker with a detailed computation of all liabilities.

Then write a demand letter and send it to the resigned employee’s last known address. Request the person to settle the damage within 30 days. If there’s no reply, send another letter with a warning that the organization is ready to bring the matter to court. No, you don’t have to hire a lawyer to do that.

All you have to do is file a case before a small claims court that accepts cases valued at not more than $6,800. In addition, employers must pay a filing fee. The lowest is $30 for claims for not more than $1,500 and up to $100 for those with numerous cases.

In conclusion, don’t ignore cases of resigned workers not following the 30-day notice rule. If you do that, sooner or later, violators could re-emerge to damage everything you’ve built.

 

Join Rey Elbo’s April 20-26, 2025 Kaizen Study Mission to Toyota City, Japan. Reward your top-performing managers with a memorable trip that could help them exceed expectations. Send e-mail to elbonomics@gmail.com or operations@reyelbo.consulting

Entertainment News (01/17/25)


PPO holds first concert for 2025

THE Philippine Philharmonic Orchestra (PPO) begins the year with an evening of majestic melodies. For Europa, the 4th concert in its 40th season which started last year, the PPO will perform Zoltán Kodály’s Dance of Galanta, Tchaikovsky’s Violin Concerto No. 1, and Dvořák’s Symphony No. 8, op. 88, G Major. Cleveland concertmaster David Radzynski will be a guest for this symphonic journey. The concert will take place on Jan. 17 at the Samsung Performing Arts Theater in Circuit, Makati.


Odette Quesada holds homecoming concert

THE QUEEN of pop and R&B in the 1980s and ’90s will be holding a “coming home” concert, Odette Quesada Hits 60, marking her 60th birthday at the Globe Auditorium, Maybank Performing Arts Theater, Taguig, on Jan. 17, 18, and 24.


J-Pop and K-Pop concerts this weekend

RETRO horror-inspired J-pop group Phantom Siita will hold a concert, Moth to a Flame, produced by Japanese singer-songwriter Ado, in Manila on Jan. 18. The Manila leg of their first-ever world tour will be held at the Samsung Hall at SM Aura, Taguig City. Meanwhile, the Manila leg of the K-pop boy group SEVENTEEN’s RIGHT HERE WORLD TOUR will take place at the Philippine Arena in Bocaue, Bulacan, on Jan. 18 and 19.


Greenhills Mall hosts Lion Dance Competition

TO welcome the Year of the Wooden Snake this Chinese New Year, the Greenhills (GH) Mall, in partnership with Pawchester and Huang Lion & Dragon Dance Group, is hosting the country’s first-ever Lion Dance Competition, with a grand prize of P100,000, on Jan. 19. It will feature 10 Lion Dance teams who will showcase their talent and creativity in adding their own flare to the well-known cultural performance, with five categories: Snake, Centipede, Bridge, Drunken, and Scorpion. The first runner-up will receive P80,000 and the second runner-up will get P50,000. The Lion Dance Competition will be held at the East Wing Atrium of GH Mall on Jan. 19, from 10 a.m. to 5 p.m.


Bistro Group marks 30 years with 30% off on Jan. 19

THE BISTRO GROUP is marking its 30th anniversary by offering a 30% discount at participating Bistro restaurants on Jan. 19. Starting out with TGIFriday’s, the Bistro Group has since grown to over 25 brands. The 30% discount will be offered all day on Jan. 19 at following The Bistro Group restaurants: TGIFriday’s, Watami, Italianni’s, Texas Roadhouse, Modern Shang, Red Lotus, Fish & Co., Siklab, Krazy Garlik, Bulgogi Brothers, Buffalo Wild Wings, Denny’s, Olive Garden, Hard Rock Cafe, Secret Recipe, Tomatito, Las Flores, Rumba, Rambla, The Test Kitchen, Ember, and Helm (a reservation fee is required for Helm). Diners who spend a minimum of P3,000 will get 30% off (up to P2,500), valid for dine in only. The discount will be applied on food and beverage inclusive of VAT.


AFM’s Le Cine Club to screen Ati film Tumandok

ALLIANCE Française de Manille’s Le Cine Club will be showing the Cinemalaya 2024 winner Tumandok as part of their weekly film screenings. Featuring an all-Ati non-professional acting ensemble speaking in their own language, Inati, the film reveals the struggle of this indigenous people to reclaim their land. The screening will be held on Jan. 22, 7:30 p.m., at the AFM Cinema, 209 Nicanor Garcia Ave., Bel-Air II, Makati City. There is a P250 registration fee. Part of the proceeds will be donated to the indigenous people’s community featured in the film.


Malcolm Todd releases new single

INDIE rising star Malcolm Todd has dropped a new single, “Chest Pain (I Love)” via Columbia Records. The alternative-pop newcomer’s buzzy track has already trended on TikTok. The track, which dives into the emotional rollercoaster of love and heartbreak, was produced by Mr. Todd, his bandmate Jonah Cochran, and frequent collaborator Charlie Ziman. “Chest Pain (I Love)” is out now on all digital music streaming platforms.


Operation Blood Hunt premieres on Lionsgate Play

ON the streaming platform Lionsgate Play, World War II gets a supernatural twist in Operation Blood Hunt, a film where werewolves bring the terror. The horror film is set on a remote South Pacific Island in 1944, and stars Jonathan Rhys Meyers as the hard-drinking occult expert Reverend Conte. He teams up with a ragtag crew of military rejects to uncover the mystery behind the disappearance of a Marine unit. Supporting actors include former UFC light heavyweight champion Quinton “Rampage” Jackson, Sonia Couling, and Louis Mandylor, who also directs this thriller. Operation Blood Hunt is out now via Lionsgate Play.


Viu offers lineup of Korean variety shows

THERE are many Korean variety shows now available on the streaming platform Viu. There are a couple of idol competitions — the interactive audition program Project 7 that aims to form a seven-member boy group, and the survival show Universe League that seeks to form a boy band under the guidance of K-pop legends. The heartwarming show Whenever Possible puts the spotlight on ordinary Korean citizens while Rented in Finland follows four Korean stars who move to rural Finland. Finally, there’s the cooking competition Paik’s Les Miserables, hosted by Chef Paik who leads participants on Spartan-style missions.

How PSEi member stocks performed — January 16, 2025

Here’s a quick glance at how PSEi stocks fared on Thursday, January 16, 2025.


Manila jumps in 2025 list of top real estate investment destinations

Manila increased two notches to 15th out of 22 cities in the 2025 edition of Emerging Trends in Real Estate Asia Pacific report by Urban Land Institute and PricewaterhouseCoopers (PwC).

Manila jumps in 2025 list of top real estate investment destinations

PSEi falls to near 7-month low after late selloff

REUTERS

PHILIPPINE SHARES sank to the 6,200 level anew on Thursday despite trading higher for most of the session as investors booked profits at the last minute.

The Philippine Stock Exchange index (PSEi) fell by 1.02% or 64.94 points to end at 6,265.52, while the all shares index decreased by 0.08% or 3.02 points to 3,675.78.

This was the PSEi’s lowest close in nearly seven months or since it finished at 6,158.48 on June 21, 2024.

The index opened Thursday’s session higher than Wednesday’s close at 6,370.58. It climbed to an intraday high of 6,419.26 but succumbed to a late selloff to end at its lowest level for the session.

“The market was in the green territory for the most part of the day, driven by the positive spillovers from Wall Street and the ceasefire deal between Israel and Hamas. However, investors turned cautious towards the end of the session, leading to last-minute profit taking which brought the bourse down,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“Philippines shares made a complete turnaround, closing at the 6,200 level despite trading in the green and reaching 6,400 earlier in the session,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

US stocks surged on Wednesday, with all three major indexes registering their biggest daily percentage gains in more than two months, as lower-than-expected December core inflation data and solid earnings from major US banks fueled a rally, Reuters reported.

The Labor Department said the consumer price index increased the most in nine months as energy costs rose, although a measure of underlying inflation pressures subsided.

The Dow Jones Industrial Average rose 703.27 points or 1.65% to 43,221.55; the S&P 500 gained 107.00 points or 1.83% at 5,949.91; and the Nasdaq Composite advanced 466.84 points or 2.45% to 19,511.23.

Almost all sectoral indices closed lower on Thursday. Financials slumped by 1.69% or 36.43 points to 2,113.85; property dropped by 1.10% or 26.04 points to 2,331.66; holding firms went down by 0.65% or 34.5 points to 5,270.83; industrials declined by 0.35% or 31.87 points to 8,916.97; and services inched down by 0.08% or 1.74 points to 2,089.12.

Meanwhile, mining and oil rose by 1.28% or 99.78 points to 7,886.01.

“ACEN Corp. was the day’s index leader, jumping 4.26% to P3.67. BDO Unibank, Inc. was at the bottom, falling 4.03% to P138.00,” Mr. Tantiangco said.

Value turnover climbed to P6.19 billion on Thursday with 966.92 million shares exchanged from the P5.44 billion with 592.49 million issues traded on Wednesday.

Advancers bested decliners, 104 versus 96, while 40 issues were unchanged.

Net foreign selling increased to P1.10 billion on Thursday from P540.58 million on Wednesday. — Revin Mikhael D. Ochave with Reuters

Peso drops slightly as global crude prices climb

BW FILE PHOTO

THE PESO weakened slightly against the dollar on Thursday due to higher global oil prices.

The local unit closed at P58.61 per dollar on Thursday, inching down by 3.5 centavos from its P58.575 finish on Wednesday, Bankers Association of the Philippines data showed.

The peso opened Thursday’s session stronger at P58.45 against the dollar. Its intraday best was at P58.41, while its worst showing was its closing level of P58.61 versus the greenback.

Dollars traded inched up to $1.38 billion on Thursday from $1.37 billion on Wednesday.

The rise in global oil prices dragged down the peso, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The peso weakened, tracking the renewed spike in global crude oil prices after the fresh sanctions on Russian gas exports,” a trader likewise said in an e-mail.

Oil prices rose more than 2% on Wednesday, supported by a large draw in US crude stockpiles and potential supply disruptions caused by new US sanctions on Russia, while a Gaza ceasefire deal limited gains, Reuters reported.

Brent crude futures settled $2.11 or 2.64% higher at $82.03 a barrel, the highest since August 2024. US West Texas Intermediate crude (WTI) settled up $2.54 or 3.28% at $80.04 a barrel, the highest since July.

In post settlement trade, Brent rose to the highest since July and WTI gained more than $3 a barrel.

US crude oil inventories fell last week to their lowest since 2022, the US Energy Information Administration reported, as exports rose and imports fell.

The latest round of US sanctions on Russian oil could disrupt Russian oil supply and distribution significantly, the International Energy Agency said in its monthly oil market report.

For Friday, the trader said the peso could rise anew as softer-than-expected US core consumer inflation data fueled bets of further Federal Reserve rate cuts.

The trader sees the peso moving between P58.45 and P58.70 per dollar on Friday, while Mr. Ricafort expects it to range from P58.45 to P58.65.

Overnight, data showed the consumer price index (CPI) rose in line with expectations at an annual rate of 2.9% in December, from November’s 2.7%. But core inflation, which excludes food and energy prices, rose by 3.2%, below forecasts for 3.3%.

Investors were particularly encouraged by the latest inflation reading since data released on Tuesday showed that US producer prices increased moderately in December.

The inflation report led traders to price close-to-even odds the Fed would cut interest rates twice by the end of this year. — Aaron Michael C. Sy with Reuters

PEZA seeking to raise share of electronics locators in ecozones

REUTERS

THE Philippine Economic Zone Authority (PEZA) said that it is hoping to increase electronics manufacturing services and semiconductor manufacturing services (EMS-SMS) investments in economic zones (ecozones).

In a statement on Thursday, PEZA Director General Tereso O. Panga said the investment promotion agency (IPA) plans to increase the share of EMS-SMS, information technology and business process management (IT-BPM), and American registered business enterprises (RBEs) within its ecozones.

“Undoubtedly, the Philippine economy and electronics industry are on the rise with sustained growth momentum. Even the global electronics industry is projecting 7.5% growth this year, indicating a rosier outlook from its sluggish performance for the past two years,” Mr. Panga said.

“PEZA endeavors to increase further the 32% share of EMS-SMS, the 12% share of IT-BPM, and the 317 American RBEs in total ecozone investments — banking especially on the stronger US-Philippine cooperation and economic ties under the Trump administration,” he added.

He cited the need to seize the opportunities presented by the new US government’s trade policy.

“I highly doubt that a reversal in US policy as regards the Philippines in terms of trade will occur under a Trump administration,” he said, citing the country’s performance, renewed ties between the US and the Philippines, and a looming US-China trade war.

He said improving ease of doing business and the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act will make the Philippines a viable for US businesses.

“PEZA will continue to engage, promote, and entice US companies to invest in the country. And for US companies that have made PEZA their home in the Philippines, encourage their expansion in this part of the world,” he said.

“I believe that our long-standing alliance have mutual benefits for both countries, especially in business and trade in the long term,” he added.

In a mission to Las Vegas and San Francisco, PEZA met with IPC (International Association for Electronics Manufacturing), Applied Materials, ASML, Suba Technology, and their suppliers.

PEZA also briefed ON Semicon, Winstron NeWeb Corp., Quintel Technology, Enphase Energy, Inc., Logoline, Valmiz, and LJ1D Consulting on opportunities in the Philippines.

Mr. Panga highlighted the need to address the potential impact of the planned US tariff hikes on the EMS-SMS industry.

These include how the policy will affect Philippine EMS-SMS exports, how the Philippines will benefit from the increased import tariffs on EMS-SMS products from China, Mexico, and Vietnam, and whether US policy will erode the Philippines’ ability to attract more US investment.

“Alternatively, the government can counter the planned import tariff hikes by forging a bilateral free trade agreement with the US and reviving the Generalized System of Preferences Program to allow for greater market access for our commodity exports to the US,” he added.

PEZA hosts 482 EMS-SMS companies that provide critical back-end support to their principal clients in the US. — Justine Irish D. Tabile