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World Bank says Delta variant slowing economic growth in East Asia and Pacific

The East Asia and Pacific region’s recovery has been undermined by the spread of the COVID-19 Delta variant, which is likely slowing economic growth and increasing inequality in the region, the World Bank said on Monday.

Economic activity began to slow in the second quarter of 2021, and growth forecasts have been downgraded for most countries in the region, according to the World Bank’s East Asia and Pacific Fall 2021 Economic Update.

While China’s economy is projected to expand by 8.5%, the rest of the region is forecast to grow at 2.5%, nearly 2 percentage points less than forecast in April 2021, the World Bank said.

“The economic recovery of developing East Asia and Pacific faces a reversal of fortune,” said Manuela Ferro, World Bank Vice President for East Asia and Pacific.

“Whereas in 2020 the region contained COVID-19 while other regions of the world struggled, the rise in COVID-19 cases in 2021 has decreased growth prospects for 2021.”

The report estimates most countries in the region, including Indonesia and the Philippines, can vaccinate more than 60% of their populations by the first half of 2022. While that would not eliminate coronavirus infections, it would significantly reduce mortality, allowing a resumption of economic activity.

The damage done by the resurgence and persistence of COVID-19 is likely to hurt growth and increase inequality over the longer-term, the World Bank said.

“Accelerated vaccination and testing to control COVID-19 infections could revive economic activity in struggling countries as early as the first half of 2022, and double their growth rate next year,” said World Bank East Asia and Pacific Chief Economist Aaditya Mattoo.

“But in the longer term, only deeper reforms can prevent slower growth and increasing inequality, an impoverishing combination the region has not seen this century.”

The World Bank said the region will need to make a serious effort on four fronts to deal with the rise in coronavirus: addressing vaccine hesitancy and limitations to distribution capacity; enhancing testing and tracing; increasing regional production of vaccines; and strengthening local health systems. — Reuters

Lockdown likely hurt Q3 GDP growth

PHILIPPINE STAR/ MICHAEL VARCAS
Restaurants continue to operate in limited capacity amid the lockdown. — PHILIPPINE STAR/ MICHAEL VARCAS

By Beatrice M. Laforga, Reporter

THE PHILIPPINE economy likely grew at a much slower pace in the third quarter compared with the previous three months, after the Delta-driven surge in coronavirus cases prompted a stricter lockdown in the capital region.

Rajiv Biswas, chief economist for Asia and the Pacific at IHS Markit, told BusinessWorld that Philippine gross domestic product (GDP) was seen to have grown by 3.8% in the third quarter, sharply slower than the 11.8% expansion in the second quarter but better than the 11.6% contraction in the third quarter of 2020.

“The slowdown reflects the impact of stricter lockdown measures imposed in Metro Manila and some other areas due to escalating new COVID-19 cases during Q3 2021. This has disrupted consumption spending and also impacted adversely on many segments of industrial production,” he said via e-mail last week.

Sought for comment, Socioeconomic Planning Secretary Karl Kendrick T. Chua did not give his third-quarter GDP estimate but argued that the economy saw increased mobility this time compared with the more stringent lockdowns in 2020. He also indicated there was “some growth” in the third quarter, which ends on Sept. 30.

Local economists expected economic expansion to have slowed down in the July to September period, noting that the rise in COVID-19 cases driven by more infectious variants has hampered consumption and business activities.

Asian Institute of Management economist John Paolo R. Rivera said GDP may rise by 3% to 5% this quarter, while UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion gave a higher 5-8% forecast range.

“We have seen how damaging to the Philippine economy is the imposition of ECQ (enhanced community quarantine) like what happened from August to September. It is for this reason that I personally foresee that the Philippines is expected to see setbacks in economic growth figures for the third quarter due to the resurgence of COVID-19 infections driven by more infectious variants,” Mr. Rivera said via Viber on Sunday.

The government imposed a two-week ECQ in Metro Manila in August as it sought to contain its worst COVID-19 outbreak. This month, the government shifted to a new COVID-19 strategy, implementing granular lockdowns in areas where outbreaks are concentrated.

DELTA SHOCK
Economic shocks caused by the Delta outbreak were felt across the Association of Southeast Asian Nations economies in the third quarter, including Indonesia, Malaysia and Vietnam, according to IHS Markit’s Mr. Biswas.

He said the Philippines can only achieve a sustained economic recovery if vaccination ramps up and a bigger portion of the population is inoculated to allow the reopening of more businesses.

Around 17.7% of the Filipino population has been vaccinated as of Sept. 23. Mr. Biswas said the country’s vaccination rate remains low compared with advanced economies.

“The Philippines will continue to be vulnerable to new COVID-19 waves until the fully vaccinated share of the population reaches around 70% to 80% of the population,” he said.

“A key factor to achieving sustainable economic recovery will be ramping up the COVID-19 vaccination rate rapidly,” he added.

Mr. Rivera said outlook for the rest of the year remains highly uncertain and will depend on the country’s ability to contain new outbreaks, but the already-downgraded 4-5% growth target set by the economic team can still be achieved.

However, Mr. Biswas said IHS Markit is only expecting the Philippine economy to sustain its recovery next year, with GDP growing by 7.8% on expectations of a faster vaccine rollout by late-2021 or early 2022.

The National Economic and Development Authority estimated the long-run total economic cost of the pandemic and lockdowns could hit P41.4 trillion in 40 years.

Mr. Chua has said GDP may only go back to its pre-pandemic level by the end of 2022 or early 2023, while the growth path could only return to the pre-crisis trajectory in 10 years.

Gov’t asked to tweak WFH rules for BPOs

BW FILE PHOTO

THE PHILIPPINE Economic Zone Authority (PEZA) on Monday said it has asked the Finance and Trade departments to allow information technology-business process outsourcing (IT-BPO) companies to implement work-from-home (WFH) operations that are equivalent up to 90% of their total revenues.

This comes after the Fiscal Incentives Review Board (FIRB) released guidelines allowing registered IT-BPO firms in economic zones to extend WFH arrangements until March 2022, but required them to have at least 10% of their total employees onsite.

In a statement, PEZA said it has asked the FIRB, which is chaired by Finance Secretary Carlos G. Dominguez III, to reinstate the basis of the threshold of the WFH arrangement to gross revenue as a form of support for IT enterprises that have also been affected by the pandemic.

“This is to support their recovery and protect their employees from the risks of contracting COVID-19 (coronavirus disease 2019) in the workplace. The revenue-based computation of the threshold shall afford more protection to the employees and is more in keeping of the intent of the resolution,” the investment promotion agency said.

The statement quoted PEZA Director-General Charito B. Plaza’s letter to the Finance and Trade departments, wherein she endorsed the IT-BPO firms’ request to maintain the original WFH arrangement approved by PEZA since the start of the pandemic.

Under PEZA’s guidelines approved on March 5, 2020 and extended until Sept. 12, 2021, registered IT enterprises were allowed to engage in WFH operations to the extent of “up to 90% of their total revenues.”

Ms. Plaza said the FIRB’s new directive is a problem for IT-BPO companies because many employees are still not keen on reporting to the office amid the surge in COVID-19 cases around the country.

“While the enterprises are grateful for the extension of the WFH arrangement, the health and safety of their employees is still their primordial consideration,” she said.

“This will defeat the purpose of the extension of the WFH arrangement which is to limit the mobility of workers and lessen the pressure on public transport because they will contribute to the number of people outside even if it is possible for them to perform their jobs within the confines of their respective homes.”

The statement also quoted the IT and Business Process Association of the Philippines (IBPAP) as saying the clarification on the threshold for WFH arrangement is “a fair treatment considering that any breach that might happen would only be due to compelling circumstances such as putting the health and safety of employees as more paramount.”

IBPAP said the member companies are only following the government’s call to continue implementing WFH arrangements as the number of COVID-19 cases continue to rise.

“Our members are registered enterprises that aim to maintain their export revenue commitments and keep their people to ensure seamless delivery of services. However, there are factors affecting revenue and employee attrition that are beyond the control of the enterprise,” the organization said.

Outsourcing revenue rose just 1.4% to $26.7 billion last year from the 2019 figure, IBPAP earlier said. The industry employs around 1.3 million workers. — RMDO

Pandemic slows work on foreign-funded projects — NEDA

DPWH HANDOUT

DISRUPTIONS caused by the coronavirus disease 2019 (COVID-19) pandemic has slowed down the implementation of 59 ongoing programs and projects funded by official development assistance (ODA), the National Economic and Development Authority (NEDA) reported.

In its ODA Portfolio Review Report for 2020 released on Monday, the NEDA said the country’s outstanding ODA portfolio jumped 46.6% to $30.7 billion last year from $20.9 billion in 2019.

The increase was mainly due to the 25 ODA loans worth $9.08 billion the government obtained for its COVID-19 pandemic response last year.

The total number of ongoing projects aided by foreign loans and grants increased by nine to 357 in 2020.

Amid the ongoing crisis, NEDA identified 97 COVID-19-related issues that slowed down the implementation of 59 ongoing projects. More than half or 57 of the issues were left unresolved.

“The COVID-19 pandemic gave rise to new implementation issues, which required implementing and oversight agencies to adjust existing strategies/processes/policies and to ensure that ODA remains effective and adaptive to the new normal,” the NEDA said.

The implementation of 35 projects were either delayed or suspended when the enhanced community quarantine or the strictest form of lockdown was imposed in parts of the country. 

These projects were implemented by the departments of Transportation, Public Works and Highways, Agriculture, Agrarian Reform, Environment and Natural Resources, Health, Science and Technology, and Trade and Industry. Other projects involving the Metropolitan Waterworks and Sewerage System, Land Bank of the Philippines and National Irrigation Administration were also affected.

Other setbacks that hounded ODA-funded projects include 17 incidents of delayed delivery of materials and services; 15 instances where projects were affected since foreign and local staff were not able to travel; and 11 issues involving visas for foreign staff.

Five projects were affected by budget cuts or realignments, while another five faced procurement delays. There were three issues involving permits and clearances, while three projects faced COVID-19-related problems.

Due to these implementation issues, the NEDA said there are 21 projects that will likely be restructured this year.

“Project restructuring requests cover changes in cost and scope, extension of loan/grant and implementation duration period, and loan reallocation that are submitted by the agencies to approving bodies such as the ICC (Investment Coordination Committee) and the DBCC (Development Budget Coordination Committee),” it said.

Issues cited by implementing agencies in their restructuring requests include COVID-19 disruptions; site availability and right-of-way acquisitions; insufficient budget; procurement concerns; project uptake, processing of approvals; manpower issues; project design and other technical issues.

The government will consider this year the proposal to increase the cost of the Binondo-Intramuros and Estrella-Pantaleon Bridges project; Light Rail Transit (LRT) Line 1 South Extension project and LRT Line 2 East Extension project; and the Jalaur River water reservoir project.

Implementing agencies are asking for more time to implement the rehabilitation program of Marawi City, as well as the construction of the Central Luzon Link Expressway, Davao City Bypass, and the third phase of the Arterial Road Bypass project.

Adjustments are also being sought to extend the implementation period of the Metro Manila Interchange Construction project phase 4, the Water District Development Sector project, and the North-South Commuter Railway project.

Other key infrastructure projects that are up for restructuring this year include the proposed Metro Manila Subway, Metro Manila Bus Rapid Transit, Chico River Pump Irrigation and the planned Samar Pacific Coastal Road.

There were also expected changes to the planned rehabilitation of the national irrigation sector; the proposed project to improve flood-risk management in Cagayan de Oro River; the education program in Mindanao, among others.

Last year, NEDA received 33 restructuring requests from government agencies to reevaluate 26 foreign-funded projects, which mainly involved adjustments in infrastructure projects. — B.M.Laforga

Nearly all businesses provided aid for workers — survey

Free COVID-19 vaccines were the top support given by companies to regular employees. — COMPANY HANDOUT

NEARLY ALL businesses provided support for their workers despite the economic challenges brought by the coronavirus disease 2019 (COVID-19) pandemic, according to a survey among business groups.

The survey showed 99% of the 200 respondents said their companies extended some form of support for their regular employees, while 71% said they did the same for contractual employees. Only 65% said they gave support for workers hired through agencies.

“The survey results show that Philippine Business, in this pandemic, is a caring, nurturing and compassionate sector in our society. This reflects the true character of the good Filipino: caring, nurturing and compassionate,” Rex Drilon, chairman of the Shared Prosperity subcommittee of the Management Association of the Philippines (MAP), said in a statement.

Conducted from April 6 to May 16, the survey covered 200 respondents, mainly from the MAP, Makati Business Club (MBC) and Financial Executives Institute of the Philippines (FINEX).

The survey showed that while 61% of the respondents posted lower revenues due to the pandemic, but 55% said they maintained their workforce or even hired more.

“For employees, support was strongest for regular employees across different classes of companies. For agency and contractual employees, companies gave support especially if they were large, presumably because of more resources, or they managed to boost revenue,” the report said.

Free COVID-19 vaccines were the top support given by companies to regular employees. The survey was conducted at the time when the government’s vaccine rollout did not cover frontline personnel in essential sectors.

Less than half or 45% of the respondents said they continued to pay non-reporting regular employees, while 31% said they did the same for contractual employees and 30% for agency workers. The survey showed 43% of the respondents gave special financial assistance, cash advances and loans for employees, while only 27% extended the same to contractual employees and 25% for agency employees.

“Support provided for contractual and agency employees are almost the same, except less on flexible work arrangements,” the survey said.

For external stakeholders, the survey showed 34% of the respondents provided support for suppliers and contractors in the form of materials, logistics and advanced payments.

Also, 52% of the respondents gave assistance to clients and customers, such as extended payment terms, discounts, and waived rental payments.

The survey also showed that 73% of respondents extended support for healthcare workers, 69% released assistance to low-income communities, and 33% provided aid to other organizations. The support for healthcare workers were mostly donations of personal protective equipment (PPE) and meals, but others also provided medical, testing, and quarantine/isolation facilities as well as accommodations.

Majority or 85% of the respondents believe work-from-home and flexible work arrangements will continue, while 28% expect to continue providing financial and other aid to employees.

“The Philippine private sector always plays an outsize role in helping government respond to crises: this is already automatic,” Francisco Ed. Lim, former MAP president and current FINEX president, said. — Revin Mikhael D. Ochave

AEV to sell 25% AboitizPower stake to Japan firm

Deal with JERA for nearly $1.5B seen to boost energy projects, including LNG

ABOITIZ Equity Ventures, Inc. (AEV) is planning to sell a 25.01% stake in subsidiary Aboitiz Power Corp. to Japan-based JERA Co., Inc. for around $1.463 billion to help fund the listed holding firm’s growth plans and boost its energy arm’s initiatives.

“This transaction unlocks significant capital that will be used toward fueling the AEV Group’s growth initiatives,” AEV President and Chief Executive Officer Sabin M. Aboitiz said in a statement on Monday.

The planned sale covers 1,840,334,941 common shares in AboitizPower. AEV will still own 52% of the unit once the transaction is completed.

The transaction is subject to “necessary customary approvals,” including stockholders’ approval. A special stockholders meeting is set for Dec. 9.

Meanwhile, the Aboitiz family’s privately held parent firm will also sell to JERA an additional 1.99% stake in AboitizPower, which will bump up JERA’s stake in the listed power firm to 27%.

JERA, said to be Japan’s largest power generation company, will also be working with AboitizPower for its clean energy projects.

“We look forward to the new strategic partnership with JERA as we welcome their trust, expertise, and commitment to help the AEV Group drive change for a better world by accelerating Philippine economic growth and promoting the development of clean energy,” said Mr. Aboitiz.

The partnership includes the joint development of liquefied natural gas (LNG) for power projects as well as their fuel sourcing and management.

JERA and AboitizPower will also collaborate on the potential participation in the plant’s operations and management and in the “exploration of the use of new generation technologies.”

“We look forward to working collaboratively with JERA to achieve our 10-year vision of increasing our generation portfolio to 9,200 megawatts (MW), by adding 3,700 MW of RE (renewable energy) capacity resulting to a 50:50 balance between our Cleanergy and thermal portfolios,” said AboitizPower President and Chief Executive Officer Emmanuel V. Rubio.

Shares of AEV at the stock market went up by 2.12% or P1.10 on Monday, closing at P53.10 apiece. Meanwhile, AboitizPower shares rose 4.75% or P1.55 to finish at P34.20 each. — Keren Concepcion G. Valmonte

PSEi to hit 7,150-7,680 by yearend — Philstocks Financial

BW FILE PHOTO

PHILSTOCKS Financial, Inc. revised its year-end target for the benchmark Philippine Stock Exchange index (PSEi), which the brokerage now expects to range within 7,150 to 7,680 by yearend.

The updated year-end target is lower than the 7,150 to 7,750 target it set in February as the country continues to grapple with the effects of the coronavirus disease 2019 (COVID-19) pandemic, particularly with the impact of the more transmissible Delta variant.

“The reversion of Metro Manila and other key cities to the strictest lockdown measures has adversely hit consumers, businesses, and the economy in general,” Philstocks Financial’s report said.

Metro Manila was placed under enhanced community quarantine restrictions in August in an attempt to curb the spread of the Delta variant of COVID-19. The National Capital Region (NCR) is under Alert Level 4 until end-September under the government’s piloted granular lockdowns.

“We are optimistic about the recovery of the economy, which in turn could drive the market further upward this year,” Philstocks Financial said.

“This is hinged on the expectations that our vaccination campaign will continue and establishments will be further reopened in the country for the rest of the year,” it added.

According to the Health department’s national COVID-19 vaccination dashboard, the country has administered over 43.93 million COVID-19 jabs as of Sept. 26, of which nearly 20.31 million are fully vaccinated.

The brokerage said the market “may settle” at 7,150 if the government does not reach its vaccination target and if restrictions are not eased to accommodate more economic activities.

The PSEi closed at 6,956.26 on Monday, gaining 4.73 points or 0.06%.

“In order for the main index to breach and sustain its ground above the 7,000 to 7,100 levels, the other sectors, particularly the laggards like banks and properties, should show signs of recovery as well,” Philstocks Financial said.

The index’ race to breaching its psychological resistance of 7,000 also relies on reaching vaccination targets and eased restrictions.

Philstocks Financial also adjusted its projection for the economy, lowering its growth forecast to 4% to 4.4%, from its initial 5.8% to 6.3% estimate, due to the reimposed restrictions in the third quarter.

“Assuming restrictions would be eased in [the fourth quarter], our economy would be able to take advantage of the power of household consumption during the Christmas season,” the brokerage said, adding that a “sustained improvement” in the country’s COVID-19 situation may also boost “confidence towards the economy.” — Keren Concepcion G. Valmonte

PSALM names seven possible bidders for Casecnan’s O&M

POWER Sector Assets Liabilities and Management Corp. (PSALM) has named seven firms that have expressed interest in bidding for the operation and maintenance service contract (OMSC) of the 165-megawatt (MW) Casecnan hydroelectric power plant.

In a statement on Monday, the state-run entity said the prospective bidders that attended PSALM’s pre-bid conference for the facility on Sept. 24 are: SN Aboitiz Power-Magat, Inc.; First Gen Hydro Power Corp.; KEPCO KPS Carabao Corp.; Soosan ENS Co., Ltd.; China Energy Engineering Group Heilongjiang Energy Engineering Co., Ltd.; Marine-Power Industry Asia-Pacific Corp.; and Atdinum Energy, Inc.

The pre-bid conference tackled the terms and conditions of the procurement. It also gave the prospective bidders a chance to clarify concerns and ask questions related to the bidding requirements.

Bids for Casecnan’s OMSC will open at 10:15 a.m. on Oct. 12 through a hybrid arrangement where participants can attend the event at PSALM’s office or opt for a videoconferencing option. Late bids will not be accepted.

The contract for the hydro plant has a budget of P462 million, which will come from PSALM’s 2021 and 2022 corporate operating budgets.

The OMSC is scheduled to begin on Nov. 26, and will be effective for one year as the agency works on the facility’s privatization.

The contract’s target date will give the operator adequate time to familiarize itself with the power plant and allow it to mobilize its personnel for the actual operation and maintenance (O&M) beginning Dec. 12, according to PSALM.

“The procurement of an O&M operator will ensure the continuous generation of energy as well as the uninterrupted irrigation service of the Casecnan Project upon Casecnan’s turnover from the CEWEC (CE Casecnan Water and Energy Co., Inc.) to the government on 11 Dec. 2021,” PSALM President and Chief Executive Officer Irene Joy J. Besido-Garcia said.

CEWEC currently operates the facility through an independent power producer build-operate-transfer deal with the National Irrigation Administration, which is set to expire on Dec. 11 this year.

Situated at Pantabangan, Nueva Ecija, the Casecnan hydro plant is a combined irrigation and power generation project. Its two run-off weirs and intake structures are constructed along the Casecnan and Taan rivers in Nueva Vizcaya. — Angelica Y. Yang

Musical comedy, immigration drama, and a missing skull are highlights in Spanish Film Fest

A MUSICAL comedy about a struggling musician, a drama on the difficult realities of immigration, and a detective-style documentary about a Spanish painter’s missing skull are a few stories included in this year’s PELÍCULA Spanish Film Festival, which will be held online for a second year.

The online film festival will run from Oct. 1 to 10 at www.pelikula.es.

Presented by the Instituto Cervantes branches in Manila and Sydney and the Spanish Embassies in the Philippines, Malaysia, Thailand, and Australia, PELÍCULA will stream 16 feature films and four short films which were originally released between 2018 to 2021.

“In these trying times and in our fight against COVID-19, we believe that culture and cinema is an important tool against the isolation. And sometimes, the alienation, that the pandemics have brought to many of us. Films and visual arts are indeed a good refuge in these dire times and PELÍCULA is the perfect festival to share that kind of content,” Ambassador of Spain to the Philippines Jorge Moragas Sanchez said at an online press conference on Sept. 13.

THE FILM LINEUP
The film festival will open on Oct.1 with El Cover (The Cover), a musical comedy and directorial debut of actor Secun de la Rosa which follows Dani, a young musician who struggles to pursue his passion as he fears failure.

Among the other films to be shown during the festival are: Gracia Querejeta’s Invisibles (The Invisible), which follows three women friends who discover secrets about each other during their daily morning walks; Guillermo Rojas’ Una vez más (Once Again), which follows Abril who returns to Seville for her grandmother’s funeral and reunites with a former lover; Ruiz Barrachina’s Tristesse follows a filmmaker who is criticized for directing a controversial film.

Also to be shown are Judith Colell’s 15 horas (15 Hours), which follows a famous musician couple whose marriage is falling apart; David Pérez Sañudo’s Ane, about a railway construction security guard who searches for her teenage daughter after her disappearance; and David Trueba’s A este lado del mundo (On this Side of the World), about a laid off engineer who takes an out-of-town job.

The featured documentaries are Oscuro y Lucientes (international title: Goya’s Skull), directed by Samuel Alarcón (2018), about the burial and the missing skull of Spanish painter Francisco Goya, and Antonio Machado. Los días azules (Antonio Machado. The Blue Days), directed by Laura Hojman (2020), which looks at the memory and works of the Spanish poet.

Also to be shown are films from the four participating countries: Arvin Belarmin’s Tarang (Life’s Pedal) from the Philippines; Genevieve Clay-Smith and Rawley Reynolds’ Groundhog Night from Australia; Ratchapoom Boonbunchachoke’s Aninsri Daeng from Thailand; and Javier Marco’s A la Cara (Face to Face) from Spain.

PELÍCULA will also feature Latin American films including the Mexican documentary Observar las aves (Birdwatching), directed by Andrea Martínez Crowther; and Lina de Lima (Lina from Lima), a feature film directed by María Paz González and co-produced by Chile, Argentina, and Perú.

All the films are in Spanish with English subtitles. The films are available to screen for free within 48 hours of their scheduled release.

Just like in the previous editions of the film festival, viewers may vote for their favorite films for the festival’s Audience Choice Awards. Established in 2004, the award is given to the film that the viewers voted as the best of the festival. For the online edition, viewers may rate the films right after having viewed them. The film with the highest ratings will receive this year’s Audience Choice Award and will be screened again on Oct. 10 at 6 p.m. on the website.

A selection of previous PELíCULA Audience Choice winners will also be screened as part of the online film festival’s 20th edition. The films are Nacho G. Velilla’s Fuera de carta (Chef’s Special) from 2008; Juan José Campanella’s El secreto de sus ojos (The Secret in their Eyes) from 2009; Icíar Bollaín’s También la lluvia (Even the Rain) from 2010; Sebastián Borensztein’s Un cuento chino (Chinese Take-Away) from (2011); and Javier Fesser’s Campeones (Champions) from 2018.

WEBINARS
Aside from the film screenings, the festival will be holding free webinars and online talks with the directors of the films presented in the festival.

A roundtable discussion on Oct. 4 will cover the possibility of co-production of Asian films in Europe and Spanish films in Asia, in which various Spanish, Thai, and Filipino producers and experts on the topic will be participating.

Meanwhile, the webinar scheduled on Oct. 7, titled “En corto: Short films in the Philippines, Thailand, Australia and Spain” will feature four recent short films from each of the four countries, and a discussion with the films’ respective directors.

Aside from a cultural exchange through films, the filmfest aims to bring inform filmmakers about international distribution.

“In terms of systems, we all know that Spain, like other European countries, have already matured system when it comes to making films, not just in the creation but also in the business of distributing and exhibiting content,” said Mary Liza Bautista Diño-Seguerra, Chairperson and CEO of the Film Development Council of the Philippines (FDCP).

“This is something that we’re really working on right now as a sector for us to keep up with this change in this changing landscape, and to be prepared for our local industry to be more equipped with the tools to be more globally competitive, and work with international producers,” she added.

As part of the festival, the Department of European Languages of the University of the Philippines Diliman is holding a contest of film reviews in Spanish, which will be open to students of Spanish in the Philippines. For more information on the contest, visit https://upddel.wordpress.com/2021/09/13/review-contest-in-spanish-pelikula/.

For the screening schedules and other details, visit www.pelikula.es, or the Facebook page of Instituto Cervantes at www.facebook.com/InstitutoCervantesManila. — Michelle Anne P. Soliman

Senate approves franchise of Manila Water, Maynilad

PHILSTAR

THE Senate has approved on third and final reading proposed measures seeking to grant water concessionaires Manila Water Co., Inc. and Maynilad Water Services, Inc. a 25-year franchise.

House Bill No. 9422 and 9423 received a unanimous approval from the chamber, allowing the concessionaires to establish, operate and maintain a waterworks system, and sewerage and sanitation services in their franchise areas, including the right to bill and collect fees from consumers.

If enacted, Maynilad would continue operating in the west zone of Metro Manila including Cavite province, and Manila Water in the east zone including Rizal province.

Under the provisions, all waterworks and sewerage systems for water and sewerage services owned, maintained, operated, or managed by the concessionaires must be operated and maintained in accordance with industry standards provided in the law, and as specified in the concession agreement, certificate of public convenience and necessity, license, or permit.

A section was included by the Senate that employment opportunities and on-the-job trainees must be created in the water providers’ franchise operations.

The independent directors, as amended, must be elected in accordance with the provisions of the revised corporation code and other pertinent rules provisions. The directors must have at least three years of management or supervisory experience in water security, water science policy and management, environmental science, or any similar fields.

The bill provides that concessionaires conform to the ethics of honest enterprise by providing water supply and sewerage services in a “prudent, efficient, and satisfactory manner.”

The measure adds that tariffs, rates and other charges must also remain fair and reasonable to ensure economic viability and a fair return on investments. For the protection of consumers, consumer desks must be established to handle complaints and provide protection for consumer interest.

The franchise will be revoked if the grantee fails to operate continuously for two years, or in case of default, as provided in the concession agreement.

The state-led Metropolitan Waterworks and Sewerage System was also given authorization to approve the amendment of the concession agreement to extend its term up to the term of the franchise, if public interest for affordable water security so requires, and upon the application of the grantee.

The Senate Committee on Public Services earlier looked into the possible synchronization of the expiry dates of the two water concessionaires’ revised concession agreements ending in 2037, and their proposed franchise extensions, which will end in 2046.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

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

PAL Holdings board approves capital stock increase to P30B

REUTERS

PAL Holdings, Inc., the holding company of Philippine Airlines, announced on Monday that its board of directors had approved an increase in its authorized capital stock to P30 billion.

“Please be advised that at the meeting of the Board of Directors of PAL Holdings, Inc. held today, Sept. 27, 2021, the board approved… [the increase] of the authorized capital stock of the corporation from P13,500,000,000.00 with a par value of P1.00 per share to P30,000,000,000.00 with a par value of P1.00 per share,” PAL Holdings said in a disclosure to the stock exchange.

To recall, PAL Holdings announced in February last year that its stockholders had approved the increase of its authorized capital stock to P30 billion.

The company said last year that the increase was necessary to raise funds for its “transformation towards sustainable profitability.”

PAL Holdings cut its first-half attributable net loss to P16.6 billion from a loss of P20.9 billion in the previous year.

Total revenues for the first six months dropped 51.1% to more than P18 billion from P36 billion in the same period a year earlier.

First-half expenses decreased 48.7% to P26.8 billion from P52.2 billion in the previous year. — Arjay L. Balinbin

Moulin Rouge!, The Inheritance win biggest Tony Awards as Broadway shows off its best

ADRIENNE WARREN won Best Performance by an Actress in a Leading Role in a Musical for her work in Tina - The Tina Turner Musical. — PHOTO FROM TONYAWARDS.COM/WINNERS/

AIDS play The Inheritance and musical Moulin Rouge! won the top honors at Broadway’s Tony Awards on Sunday in a four-hour ceremony that promoted the return of live theater and called for better opportunities for Black writers and performers.

“Tonight feels like a homecoming,” said host Audra McDonald. “The lights are on, we are here, we are back.”

The annual awards show was never held in 2020 because of the coronavirus pandemic that shut down live performances for 18 months.

Many of the big shows, including Hamilton, The Lion King, and Wicked had emotional reopenings earlier this month marked by tears and joy both on and off stage. Audiences must be fully vaccinated and masks are required.

“It’s been over a year but the Tonys are here,” sang Hamilton star Leslie Odom, Jr., opening the TV special called Broadway’s Back that featured appearances by stars ranging from John Legend and Jake Gyllenhaal to Chita Rivera and Sir Andrew Lloyd Webber.

Moulin Rouge! The Musical, based on the 2001 movie, won 10 awards, including best musical, and for lead actor Aaron Tveit.

Carmen Pavlovic, a co-producer of Moulin Rouge!, said every show deserved to get an award after the punishing last 18 months, including “the shows that opened, the shows that closed not to return, the shows that nearly opened, and of course the shows that paused and were fortunate enough to be reborn.”

The Inheritance, a portrait of gay life in the 21st century, was named best play and won two other Tonys. It also brought an impassioned appeal from its playwright Matthew Lopez, who is of Puerto Rican heritage.

“This is the 74th Tony Awards and yet I am only the first Latinate writer to win in this category,” said Mr. Lopez. “This must change. We are a vibrant community… We have so many stories to tell. They are inside of us, aching to come out.”

A Soldier’s Play, about the murder of a black officer on a US army base in 1944, was voted best play revival. Yet it was a disappointing night for Slave Play, a provocative show about race and sexuality that went into Sunday’s ceremony with a leading 12 nominations, but won none of them.

“The table’s got to be bigger,” said Kenny Leon, director of A Soldier’s Play, saying Broadway needs to do better to elevate Black voices.

The anti-racism non-profit Broadway Advocacy Coalition that fights to make theater more diverse, was given an honorary award.

The TV special saw live song and dance performances from many shows, including Jagged Little Pill, Ain’t Too Proud, American Utopia, and a duet by Idina Menzel and Kristen Chenoweth, the original stars of Wicked.

A Christmas Carol, a stage adaptation with music of the Charles Dickens novel, won five awards, while newcomer Adrienne Warren won best actress in a musical for playing rock singer Tina Turner in Tina – The Tina Turner Musical.

None of the Tony-nominated plays are currently playing on Broadway or plan to return, after closing because of the pandemic or finishing their runs shortly before it broke. —  Reuters

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