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Converge income rises as pandemic boosts demand

https://www.convergeict.com/

By Arjay L. Balinbin, Senior Reporter

CONVERGE ICT Solutions, Inc. on Thursday said its attributable net income for the third quarter surged to P1.95 billion from P931.47 million in the same period a year earlier as demand continued to rise amid the public health crisis.

In a stock exchange filing, the listed fiber internet provider said its gross revenues for the third quarter of the year increased by 68% to P7.05 billion from P4.19 billion previously.

Broken down, the company’s third-quarter residential revenue climbed by 79% to P6.16 billion from P3.44 billion in the same period a year earlier, while revenue from its enterprise segment grew by 18% to P887 million from P752 million previously.

Cost of services for the quarter reached P2.64 billion, up by 37% from P1.93 billion in the same period last year, bringing the company’s gross profit to P4.41 billion, up by 95% from P2.26 billion previously.

Converge said it added almost 280,000 subscribers in the third quarter, bringing its total residential subscriber count to nearly 1.6 million, by 75% higher compared to the same period last year.

“This was made possible as Converge reached peak levels in its port deployment at over 650,000 ports in the third quarter,” the company said.

Meanwhile, Converge’s attributable net income for the first nine months of the year went up by 137% to P5.20 billion from P2.19 billion in the same period in 2020.

January-to-September revenues increased by 76% to P18.83 billion from P10.68 billion last year. Cost of services reached P7.46 billion, up by 51% from P4.94 billion previously, bringing the company’s gross profit to P11.37 billion, up by 98% from P5.73 billion in the same period last year.

“As of end-September 2021, the nationwide network of Converge reached more than 9.6 million homes, allowing it to accelerate its target to cover approximately by 55% of Filipino households to 2023, two years ahead of the original 2025 schedule announced during the initial public offering last year,” the company said.

Converge also said it completed “in the past quarter” its P6-billion, 1,800-kilometer subsea cable project with its final landing in Coron, Palawan, connecting the country’s major islands to its domestic fiber backbone.

“As of September 2021, Converge’s domestic fiber backbone is at 90,000 kilometers, passing through some 440 cities and municipalities nationwide and introducing its broadband service to new markets including Iloilo, Cagayan, and Cagayan de Oro,” it noted.

At a virtual briefing, Converge Chief Executive Officer Dennis Anthony H. Uy said the company is “exploring potential new partnerships to serve [its] customers beyond broadband internet, such as fintech, e-games, con-tent, and others.”

Converge ICT shares closed by 3.24% higher at P35 apiece on Thursday.

SMC net income rises to P34.2B

San Miguel Corporation head office in Ortigas, Mandaluyong City, October 26, 2014

SAN MIGUEL Corp. (SMC) on Thursday said its consolidated net income for the first nine months of the year surged 218% to P34.2 billion from P10.7 billion in the same period last year, despite its three companies’ volumes growing at a “slower pace.”

“Consolidated revenues rose by 22% to P650.6 billion,” SMC said in an e-mailed statement. The company attributed the increase to volume growth across its major businesses.

SMC has yet to disclose its quarterly report.

The company said its operating income climbed by 112% to P87.7 billion in the first nine months.

SMC President Ramon S. Ang said the operating environment remains very challenging. “[B]ut we’ve managed to stay resilient, focus on our goals, and quickly adapt to changing conditions.”

“We’re determined to keep this momentum going, especially with the easing of quarantine restrictions,” he added.

Metro Manila mayors lifted the general curfew in the capital region last week along with the easing of the lockdown to Alert Level 2. Malls in the Philippine capital and nearby cities will adjust operating hours starting mid-November.

National Capital Region was placed under Alert Level 2 from Nov. 5 to 21 amid decreasing infections. Under the lockdown level, businesses may operate indoors at 50% capacity. They will get an additional 10% capacity if they have a so-called safety seal from the government. For outdoor operations, they may operate at 70% capacity.

“Petron and Power… delivered quarter-on-quarter volume and revenue growth. San Miguel Brewery, Inc. (SMB), Ginebra San Miguel, Inc. (GSMI), and San Miguel Foods likewise continued to grow volumes, albeit at a slower pace, due to mobility restrictions and liquor bans implemented in July and August,” SMC said.

San Miguel Food and Beverage, Inc. saw its revenues increase by 14% to P221.7 billion. Its operating income rose by 60% to P32.8 billion, while net income went up 68% to P24.2 billion.

Meanwhile, SMC Global Power Holdings Corp.’s revenues went up by 7% to 93.9 billion, while operating income decreased by 14% to P24.9 billion “due to higher spot purchases and rising coal prices,” SMC said.

“Net income amounted to P13.7 billion, down by 5%,” it said, noting that the company’s performance was “partly affected by ongoing gas restrictions at the Malampaya field, and the extended outage of the Sual plant.”

Petron Corp. reported a net income of P5 billion for the first nine months, a turnaround from a P12.6 billion net loss previously.

“Sales volumes in its Philippine operation posted recoveries from lubricants and retail stations, which increased by 28% and 9%, respectively, along with a significant growth in its petrochemicals business,” SMC said.

Meanwhile, SMC Infrastructure’s revenues for the first nine months totaled P13.3 billion, a 29% increase from last year.

“Average daily traffic volumes grew by 35% at all operating toll roads,” SMC said. “Operating income rose by 102% to P4.3 billion from the same period in 2020.”

SMC shares closed unchanged at P117.20 apiece on Thursday. — Arjay L. Balinbin

Shakey’s cuts net loss to P49.28 million in Q3 on better system-wide sales

FACEBOOK.COM/SHAKEYSPH

SHAKEY’S PIZZA Asia Ventures, Inc. saw its net loss narrow by 71% to P49.28 million in the third quarter from P171.95 million last year on the back of improved system-wide sales.

The company said in a disclosure on Thursday that its topline for the quarter improved by 13% to P1.21 billion from P1.06 billion a year ago.

Shakey’s said its third quarter system-wide sales rose 15% from last year, while its same-store sales grew by 7% despite the more stringent dine-in restrictions implemented in the period.

“The strength of and continued trust of our guests in our brands helped us navigate through a challenging third quarter ladened with heightened lockdowns as the Delta variant began to spread,” Shakey’s President and Chief Executive Officer Vicente L. Gregorio was quoted as saying.

In the first nine months, the company cut its net loss to P35.26 million from P462 million in the same period last year. However, its revenues inched down by 2% to P3.75 billion from P3.83 billion.

Shakey’s said its year-to-date system-wide sales amounted to P4.85 billion, higher than the P4.79 billion last year.

“Despite a tough operating environment, we remain confident in PIZZA’s (Shakey’s ticker symbol at the stock exchange) ability to emerge from this pandemic,” Mr. Gregorio said. “I believe we are taking the right steps in paving the foundation for a reopening play to purposefully grow our brand reach through store network expansion.”

The company launched 28 new stores in the nine-month period, which brought its store network to 307.

Meanwhile, Shakey’s said it doubled the number of Peri-Peri outlets since acquiring it in 2019. It also built the first stand-alone store of its milk tea franchise, R&B, in Metro Manila.

Shakey’s shares on Thursday declined by 0.81% or seven centavos to close at P8.60 apiece. — Keren Concepcion G. Valmonte

Meralco considering nuclear en route to zero coal by 2050

THE Manila Electric Co. (Meralco) said it is considering nuclear energy as well as renewable energy in order to go completely coal-free by 2050.

In a webinar Thursday, Meralco President and Chief Executive Officer Ray C. Espinosa said: “The approach to clean energy cannot simply be based on renewable energy (RE); we must also focus on coming up with the fossil-free dependable baseload energy that we can rely on dependably 24/7 to complement renewable energy.”

“We in Meralco believe that nuclear energy in its latest technology is the way to go.”

Mr. Espinosa said Meralco is committing to obtain 1,500 megawatts (MW) of renewables over the next five years to bring RE to a 29% share of its total supply mix.

He added that the company has secured at least 400 MW of solar supply for its retail customers for 2022 to 2026.

Mr. Espinosa called RE intermittent, adding that storage technology for saving up what is generated in odd hours is currently so expensive that it threatens to raise power costs.

“We have to balance our move to clean energy and the economic needs of our people and country,” he said.

“In order to address this dependable energy issue as we move to clean energy, we are now seriously looking at nuclear energy as providing that dependable baseload capacity.”

Between 2031 and 2040, Mr. Espinosa said Meralco seeks to adopt other clean energy technologies such as battery storage and nuclear energy “using small modular reactors.”

By 2041-2050, Meralco will initiate a deep decarbonization process with a goal of achieving net zero emissions.

Meralco services Metro Manila and adjacent provinces, which are home to 30% of the country’s total population and account for almost half of Philippine GDP and 55% of national energy sales.

Meralco shares rose 0.4% or P1.20 to P298.80 Thursday.

Meralco’s 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. — Bianca Angelica D. Añago

Dune, A Quiet Place II are the first films shown as Cinemas open after 20 months

PHILIPPINE STAR/ MICHAEL VARCAS

AFTER being shuttered for 20 months, select cinemas in Metro Manila and provincial areas are opening — following strict guidelines — with screenings of the horror film A Quiet Place Part II and the science fiction film, Dune.

The rules for movie watching under the new normal, according to the Cinema Exhibitors Association of the Philippines (CEAP), include no eating or drinking in the theater, and sitting apart for social distancing. Movie goers will have their temperature checked upon entering the cinema and they must present an authentic vaccination card before being allowed inside. The cinemas must enforce IATF and LGU regulations on facial coverings and encourage contact-less transactions in ticket-purchasing. The cinema management must have improved air ventilation inside the theaters, make hand sanitizers available at the cinema entrance, make hand-washing every 30 minutes manda-tory for cinema employees, and, deep clean the theater between screenings.

In a text message to BusinessWorld from the CEAP’s public relations representative, moviegoers of all ages are allowed into theaters, as long as they are fully vaccinated.

UPGRADED CINEMAS

Megaworld cinemas has reconfigured the seats in its cinemas in order to follow a one seat apart arrangement for moviegoers and the 50% seating capacity limit per screening.

“To ensure the utmost safety of moviegoers, we rolled out new upgrades and innovations. These include newly renovated movie theaters with reconfigured seats to ensure the proper observance of social distancing, intensified sanitation of seats and surroundings using UV technology, a contactless movie ticket purchase system and modified air filtration and circulation system,” said Brix Valdenarro, Head of Lifestyle and Entertainment at Megaworld Life-style Malls, in an e-mail to BusinessWorld.

Even with all these changes, ticket prices remain the same as they were prior to the pandemic closure.

“There will be no ticket price increase even if we have less seating capacity. Ensuring a safe movie experience for our moviegoers is our top priority as of this moment,” Mr. Valdenarro said.

In accordance with health and safety protocols, food and drinks are not allowed in the cinema but can be eaten at the snack bar.

“Moviegoers can still enjoy their popcorn and drinks at our Snack Studio dining area. We will be providing tables and chairs outside the movie theater so they can still enjoy their food and drinks before or after the movie,” Mr. Valdenarro said.

BusinessWorld reached out to other mall cinemas which said that details for their re-opening are being finalized.

THE OPEN THEATERS

On its official Facebook page, CEAP posted a list of cinemas opening in Metro Manila, which are: Fishermall in Malabon; Cloverleaf, Eastwood, Fairview Terraces, Fishermall, Gateway, and Trinoma in Quezon City; Greenhills Shopping Center and Santolan Town Plaza in San Juan; Cinerama and Luck Chinatown in Manila; Circuit, Century Mall, Glorietta 4, and Power Plant Mall in Makati; Festival Mall in Muntinlupa; Bonifacio High Street, Uptown Mall, Venice Grand Ca-nal, Vista Cinemas in Taguig; Ayala Malls Manila Bay in Parañaque; Newport Mall in Pasay; and Vista Cinemas in Las Piñas.

Outside Metro Manila, the cinemas that are opening are at Alturas, Bohol Quality, and Island City in Bohol; Festive Walk in Iloilo; Fora in Tagaytay; Magic Star in Tarlac; Southwoods in Laguna; Sta. Lucia in Rizal; and Vista Cine-mas Daang Hari, General Trias, Tanza, Dasma, Nomo in Cavite, and Vista Cinemas Naga, Malolos (Bulacan), Bataan, Pampanga, Sta. Rosa (Laguna), and Iloilo.

THE MOVIES

The sequel to the movie of the same title from 2018, A Quiet Place Part 2, follows the Abbott family after the deadly events in their home in the first film. The remaining family members must now face the terrors of the outside world, and these are not limited to the monsters who hunt by sound.

The film is directed by John Krasinski who also stars in the film along with Emily Blunt, Cillian Murphy, Millicent Simmonds, Noah Jupe, and Djimon Hounsou.

NPR’s Justin Chang writes, “The fact that the characters can’t speak out loud is one reason the Quiet Place movies are so effective: Not being able to fall back on verbal exposition has forced Krasinski to become a ruth-lessly efficient visual storyteller. It’s often said that Alfred Hitchcock’s movies are so sharply directed, you could turn the sound off and still follow the action — a truth that applies to these movies as well.”

Rotten Tomatoes’ Tomatometer gives the film a score of 91%, while the audience gives it 92%. Its MTRCB Rating is PG.

An adaptation of the 1965 science fiction novel by Frank Herbert, Dune follows Paul Atreides, who was born into a great destiny and must travel to a dangerous planet to ensure the future of his family and his people. Shortly after he arrives, malevolent forces explode into conflict over the planet’s exclusive supply of the most precious of resources — spice, which makes space travel possible.

Directed by Denis Villeneuve, it stars Timothée Chalamet, Oscar Isaac, Zendaya, Rebecca Ferguson, Josh Brolin, Dave Bautista, and Jason Momoa.

The New York Times’ Manohla Dargis writes, “Throughout Dune, you can feel Villeneuve caught and sometimes struggling between his fidelity to the source material and the demands of big-ticket mainstream moviemaking and selling. It’s easy to imagine that he owns several copies of the novel, each copiously dog-eared and heavily outlined… At the same time, Villeneuve is making a movie in a Marvel-dominated industry that foregrounds obviousness and blunt action sequences over ambiguity and introspection. There’s talk and stillness here, true, but also plenty of fights, explosions and hardware.” Rotten Tomatoes’ Tomatometer scores the film 83%, while the audience gives it 90%. The MTRCB Rating is PG. To book tickets, visit www.dunemovie.com.ph.

In a press release from the Movie and Television Review and Classification Board (MTRCB) dated Nov. 5, it stated: “As more cinemas and movie theaters move to open its doors to the public, we encourage all moviegoers to strictly observe minimum public health standards while keeping in mind the MTRCB film ratings as guide when choosing age-appropriate film content.” — MAPS

Monde Nissin posts 8.7% increase in Q3 profit

MONDE NISSIN Corp. saw an 8.7% increase in its net income attributable to owners to P2.86 billion in the third quarter on the back of lower tax rates and interest rates.

The company’s sales also grew by 4.1% to P17.69 billion, with its Asia-Pacific Branded Food and Beverage Business (APAC BFB) recording the strongest growth of 4.2% to P14.1 billion in the third quarter.

Monde Nissin said noodles sales from its domestic business saw “robust growth,” while sales for biscuits “stabilized” for the first time amid the pandemic. Sales in the Philippines climbed by 4.4% to P13.19 billion.

Meanwhile, APAC BFB sales overseas inched up by 1.2% to P892 million as it came from a high base. The company said international sales were also impacted by logistical challenges.

“The pickup in growth was encouraging during the third quarter for our APAC BFB operations, showing the strength of our foundation products, we have much still to do in our meat alternatives business,” Monde Nissin Chief Executive Officer Henry Soesanto said in a statement.

Sales from Quorn Foods declined by 3.8% in the third quarter due to the “unprecedented labor shortages” in the United Kingdom. However, favorable exchange rates translated to a 3.6% revenue growth to P3.61 billion.

Monde Nissin said Quorn Foods also saw a 63.8% foodservice revenue growth. In the US, Quorn Foods launched five new products. It also tapped actress Drew Barrymore as its newest brand ambassador, dubbed as “Chief Mom Officer.”

Back home, Monde Nissin said it relaunched its Quorn Foods in stores and online shopping platforms such as Lazada and Shopee.

For the first nine months, Monde Nissin’s attributable net income declined by 5.3% year on year to P7.12 billion, while its topline inched up by 2.2% to P51.45 billion. The company also revised its topline guidance for the year.

“Recall that our previous guidance is that we are targeting mid-single-digit growth. We have modified it to low to mid-single-digit growth,” Monde Nissin Chief Financial Officer Jesse C. Teo said in a briefing on Thursday.

“We believe that we should be able to have respectable growth rates because of our balanced portfolio and we should be able to sustain what we have done in [the third quarter] into [the fourth quarter],” he said.

Monde Nissin said it continued to invest in its business operations.

“We have two high-speed airflow lines coming in into our Philippine operations,” said Mr. Teo, adding that the company is on track to have its high-speed airflow line in Thailand by early next year.

“Our Malvar operations has started out, the new noodle line is up and running and we’re just waiting for regulatory approval to ship our first products there,” Mr. Teo said.

Meanwhile, the company plans to focus on “mainstream expansion” for its international businesses as logistical challenges continue.

Monde Nissin shares lost 1.66% or 28 centavos to close at P16.60 each on Thursday. — Keren Concepcion G. Valmonte

Staying Still, but Still keeping at it

Gab Pangilinan as Sab and Mike Shimamoto as Iggy in Still

PLAYWRIGHT Pat Valera and his fellow artist friends were sharing original songs, stories, and poems with each other remotely during the first months of the pandemic. With live events venues closed, they initially saw no platform to share their creations — until they thought of creating a TV series which used their work.

“What we did during the first part of the pandemic amongst artists, songwriters, and poets, we shared our works of what we’re feeling right now,” Mr. Valera (Mula Sa Buwan, Dekada ’70 Musical) said. “We would find solace from these works. And then we thought, ‘Why are we the only ones reading these?’” he continued in Filipino, adding that they thought that if they did not have a platform or physical venue to share them, “Why not make a series?”

The result was titled Still, which follows musicians who find themselves stuck in a music camp during the first months of the pandemic.

Mr. Valera pitched the series to lead producer Monster Jimenez and then partnered with streaming platform Viu Philippines and production company This Side Up. Assembling the production team and cast soon followed.

“From something that we thought that was just going to be seen in the Philippines, it’s now going to be seen in different countries. Something that we didn’t think was possible back then,” Mr. Valera said at an online press confer-ence on Nov. 5.

THE MUSICAL MINISERIES

In the series, Sab and Laura find themselves stranded at the Daloy Himig music camp in Balay during the nationwide lockdown, along with other misfits, Iggy, Tugs, and Leigh. While in isolation, their lives and stories intertwine through powerful and poignant music. At music camp, they are guided by mentors Nikolas and Annette. They hope to prove to the world somehow that they still have a voice, that they still matter.

Directed by Treb Monteras II (Respeto), the eight-episode musical narrative series will stream over eight Fridays beginning tonight at 8 p.m., until Dec. 31, on Viu.

Mr. Monteras said that his vision for the series was “to take the theater to the audience” and make it immersive.

“When the pandemic happened, it was as if music also stopped in our lives, especially for [the singers and theater actors] because that is their job,” Mr. Monteras said in English and Filipino. “We just want to continue the music in our lives and hopefully, through Still, be inspired to create music and create anything that we want.”

A FIRST FOR VIU PHILIPPINES

Still is Viu Philippines’ first original musical series.

“We claim ourselves to be premium Asian content and we want the Filipino content that we produce to be premium. We look into our data to understand what our consumers are interested in. And what we had noticed in the last 18 months was not only did that sort of great migration to streaming platforms happen, but also the increase in music streams on Spotify were also happening. And we felt that there was a great crossover (potential) between creating music con-tent,” Viu Philippines Country Manager Arianne Kader-Cu on creating their first original miniseries.

“While theater goers or musical lovers are a very specific category, we feel that there’s so much collaboration in music in general, and we feel that the music that was created by This Side Up and their team was just really some-thing that needed to be shared and something that will be continuously streamed,” Ms. Kader-Cu added.

The musical miniseries stars Julie Anne San Jose as Laura; Gab Pangilinan as Sab; Gabby Padilla as Debbie, Lance Reblando as Leigh, Mike Shimamoto as Iggy; and Abe Autea as Tugs. Christian Bautista takes on the role of the camp head and mentor Nikolas, and Bituin Escalante plays Annette, the owner of Balay.

Joining the cast are MC Dela Cruz, Chaye Mogg, Roco Sanchez, Ian Hermogenes, Matthew Chang, Nica Del Rosario, and Shaira Opsimar.

“We could have chosen any story to create but we chose something that was meaningful, something relatable, something that will resonate with every single person not just in the Philippines but all over the world. Because at the end of the day, when words fail… It’s the music that carries us,” Viu Philippines chief content officer Garlic Garcia said.

The miniseries features 30 original songs. Six titles — including its title track “Still,” performed by the cast, “Bagong Mundo,” performed by Julie Anne San Jose, and “Aawit Kang Muli,” performed by Bituin Escalante — are already available on Spotify.

“Music has been such a force during the pandemic because it’s a place where you can tell your truth twice. When you are able to express yourself through song, you are able to not only help yourself, but also aid other people — hopefully they get inspiration from it,” Mr. Valera said.

“Through Still, we, most importantly, hope that it’s able to help people who are experiencing a lot of anxiety, a lot of doubt, especially the young. So, the series is particularly also made for that audience so that they can see and believe and hope and know that they can sing today,” he said. Tickets to Still are available at https://ticket2me.net/e/33588/still-a-viu-original-musical-narrative-series-exclusive-previu. — Michelle Anne P. Soliman

GERI posts 125% profit jump on hotel, real estate revenues

LISTED Megaworld Corp. subsidiary Global-Estate Resorts, Inc.’s (GERI) attributable net income in the third quarter jumped to P168 million on the back of strong hotel revenues and real estate sales.

In a disclosure to the exchange on Thursday, GERI said its attributable net income soared by 125% from the P75 million seen in the same period last year. Its net income for the quarter rose by 22% to P207 million from P169 mil-lion.

GERI’s topline stood at P1.14 billion as construction activities increased in the July-to-September period. This is a 21% increase from the P943.39 million logged the previous year.

The company said it saw hotel revenues surge by 335% to P23.5 million during the quarter from last year’s P5.41 million. Real estate sales likewise went up by 16% to P888.67 million from P764.42 million.

For the first nine months, GERI’s attributable net income amounted to P771.98 million, up by 25% from last year’s P619.46 million. The company’s topline went down by 7% to P3.57 million from P3.86 billion.

Real estate sales went down by 8% to P2.71 billion from P2.94 billion last year. However, GERI said the demand for leisure properties and residential lots “bolstered reservation sales for the period,” which was up by 33% year on year to P13.2 billion.

“We continue to see strong demand for our property offerings outside of Metro Manila and this has been supported by the resumption of construction activities during the year,” said Monica T. Salomon, president of GERI.

Majority of the sales were attributed to GERI’s developments in Boracay Newcoast, Alabang West, and Eastland Heights townships totaling P8.9 billion.

Meanwhile, it also posted “strong sales” worth P3.5 billion for property offerings in Southwoods City, Twin Lakes, and Arden Botanical Estate.

However, leasing revenues dropped by 47% to P236.52 billion from P443.27 billion a year ago. Earnings from its hotel operations also dipped by 59% to P68.24 million from P166.94 million.

“The sustained reopening of the economy amidst the onset of the Christmas season will help in the recovery of our leasing and hospitality segments in the current quarter,” Ms. Salomon said.

GERI has eight integrated tourism developments across the country spanning over 3,300 hectares.

Shares of GERI closed unchanged at 90 centavos apiece on Thursday. — Keren Concepcion G. Valmonte

DTI estimates mall crowds at 50-80% of pre-pandemic levels

PHILSTAR

THE DEPARTMENT of Trade and Industry (DTI) said malls and restaurants are recording foot traffic of about 50-80% of pre-pandemic levels following the further easing of quarantine protocols in Metro Manila.

Trade Secretary Ramon M. Lopez said in a Laging Handa briefing Thursday that he has received positive feedback from restaurants, malls, and fast-food chains in terms of crowd levels.

“During the last weekend, some of the establishments were saying that a crowd percentage ranging from 50% to 80% versus pre-pandemic levels have been observed,” Mr. Lopez said.

“The feedback is positive. It is just the first weekend. Hopefully, the people will get used to this, since this is like moving towards the new normal,” he added.

Mr. Lopez also reminded establishments to be responsible in implementing minimum health protocols, adding that they need to appoint full-time safety and health protocol officers.

He said the officer will be in charge of ensuring that customers and workers comply with minimum health standards.

“We are counting on the responsibility of each establishment so minimum health protocols will always be observed,” Mr. Lopez said.

Metro Manila was downgraded to Alert Level 2 between Nov. 5 and 21. Under the new alert setting, restaurants, personal care establishments, and fitness studios can now operate at 50% indoor capacity for fully vaccinated persons.

Alert Level 2 in Metro Manila also allows the operation of cinemas, theme parks, libraries, museums, and other tourist attractions. — Revin Mikhael D. Ochave 

Economy sufficiently buffered in case trade disrupted, BSP says

Benjamin E. Diokno, Bangko Sentral ng Pilipinas Governor — BLOOMBERG

THE ECONOMY is sufficiently insulated in the event the post-pandemic trade recovery falters due to supply chain disruptions and China’s slowing growth, the central bank governor said.

“Allow me to emphasize that the Philippine economy has sufficient buffers to ward off the potential adverse effects of increased external headwinds,” Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said in an online briefing Thursday.

The Philippine Statistics Authority said the trade deficit in September stood at $4 billion, widening from the $2.27 billion deficit a year earlier and the $3.51 billion deficit in August. Exports rose 6.3% year on year to $6.68 billion, while imports rose by about a quarter to $10.67 billion.

Mr. Diokno said the base effects from the trade slump last year are expected to wane in the next few quarters, though he remains bullish that strong demand for tech products will boost exports.

“Firmer commodity prices, particularly in mineral and agro-based products, as well as a pickup in domestic production capacity amid phased easing of mobility restrictions, likewise lend support to the exports outlook,” he added.

However, Mr. Diokno also warned that the trade recovery is still uncertain and will depend on whether new, more infectious variants of coronavirus disease 2019 (COVID-19) emerge, heralding the return of restrictions and further supply chain disruptions.

Another factor that could dampen the recovery in trade is China’s slowing economy, in terms of the impact on exports and the manufacturing industry, Mr. Diokno said.

On the other hand, Mr. Diokno said positive factors include the increase in vaccination rates and progress being made in new treatments for COVID-19.

Mr. Diokno said the Philippines has strong fundamentals to sustain it through the negative impact of any trade disruptions. He cited ample dollar reserves, foreign direct investment flows, as well as remittances and business process outsourcing receipts.

Mr. Diokno said the central bank will also continue to provide guidance that could help exporters in making sound economic and financial decisions.

He said the BSP’s rediscount facilities and hedging mechanisms as well as products offered by banks promote access to credit by exporters.

“As a matter of policy, the BSP adheres to a market-determined exchange rate regime and utilizes a mix of policy tools to temper undue volatility in the foreign exchange market,” Mr. Diokno said. — Luz Wendy T. Noble

Harry Potter and the legacy of the world’s most famous boy wizard

RUPERT GRINT, Daniel Radcliffe, and Emma Watson in Harry Potter and the Sorcerer’s Stone (2001)

HARRY Potter and the Philosopher’s Stone, the first film in the eight-part series, has reached its 20th anniversary. Released in 2001, it became the highest-grossing film of that year and the second-highest-grossing ever at the time (it’s now number 76). The film follows Harry’s first year at Hogwarts School of Witchcraft and Wizardry as he begins his formal wizarding education.

The first film in the series came four years after the first book (of the same name) in JK Rowling’s Harry Potter series, which is 25 years old next year. Gone, of course, are the heady days when children grew up alongside Harry Potter, queuing outside bookshops the night before the one-minute-past-midnight release of the next volume in the series.

But this enthusiasm gave rise to a very particular phenomenon, with suggestions that the Harry Potter series prompted previously reluctant readers — in particular boys — to read fiction. Indeed, massive book sales led to media declarations of dramatic changes in children’s attitudes to reading.

While this claim does have some substance, the phenomenon was not quite as suggested. Parents and grandparents often bought Harry Potter books for their children, unasked. And while many children watched the films, they did not read the books.

That said, of course, many children did read them. And while some young purists post-2001 refused to watch the first film until they had read the book, it’s likely the films prompted other children to then go on to read the books.

In our own 2014 study of around 600 British primary and secondary school students, around half reported having read at least one of the books, and more of these readers were boys. The most likely number of books in the series to have been read was all seven — the second likeliest, just one.

A substantial minority of children clearly engaged hugely with the series as readers — and it can only be assumed this benefited their reading more generally. This level of engagement was partly because it was a series, bringing with it a sense of continuity and achievement.

Neither were enthusiasts put off by the sheer length of the later books. Indeed, this may have added to children’s enjoyment and sense of achievement. As Ms. Rowling herself has said, “When I was a child, if I was enjoying a book, I didn’t want to finish it.”

While the films are frequently televised, and with news that Warner Bros. is planning to develop a television series set in the wizarding world, the Harry Potter books no longer top the best-selling children’s book lists. After 24 years, Amazon however still ranks the Philosopher’s Stone at number 10 in their list of best-selling children’s books, with the others in the series not far behind.

All this is not surprising. Harry Potter is both enduringly imaginative — the spells, the magic, the different creatures — and reassuringly familiar — basically, it’s a school story. It has memorable, appealing characters and the style is unde-manding. And now, a new generation of young parents who grew up with Harry Potter may want their children to have their own Potter experience. Though it seems likely that more children will continue to watch the films than read the books.

However, Harry Potter has come in for criticism in more recent years. Many readers today may be more aware of the elitism of Hogwarts. There is an imbalance between the number of male and female characters in the series, especially teachers. Its racial diversity has been accused of being tokenistic. And it lacks even hints of LGBTQ+ characters. Ms. Rowling’s claim in 2007 that she thought of Dumbledore as gay is not even suggested in the books.

Rowling herself has also generated controversy through her comments about gender and sex in relation to the debate around transgender rights, first on Twitter and later in a 3,700-word essay in 2020.

Yet Harry Potter is far from alone in the canon of consistently popular children’s literature when it comes to most of these issues. And none of them appear to have affected book sales so far.

It remains to be seen whether such issues will discourage millennial parents from introducing Harry Potter to their own children or affect its popularity among future generations. And in this sense, only time will tell if the appeal of the books and the films will continue to endure.

 

Jane Sunderland is an Honorary Reader in English, Lancaster University

Manila Water earnings up 6% at end-September

MANILA Water Co., Inc. reported a 6% year-on-year increase in its net income to P3.39 billion for the first nine months of the year on the back of higher contribution from its international affiliates and some domestic units.

The listed water provider said in a disclosure on Thursday that total revenues for the January to September period dropped by 5% to P15.28 billion compared to P16.07 billion last year.

“On a group level, the revenues declined due to lower billed volume in the east zone concession and in several domestic subsidiaries, with the continuing impact of the coronavirus disease 2019 (COVID-19) restrictions be-ing felt across the company’s customer base,” Manila Water said.

“This decline in revenues was partially offset by the strong performance from the international affiliates, with equity share in net income of associates growing by more than four times versus last year to P486 million,” the com-pany added.

Manila Water’s costs and expenses for the nine-month period stood at nearly P6.2 billion, 7% higher compared to a year ago, due to an increase in business and operating activities, which were suspended during the enhanced community quarantine last year.

“This increase was partially offset by lower power and chemical costs in line with lower production during the period, as well as the 40% decline in provision for income tax with the adoption of Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law,” the listed water firm said.

For its east zone water concession, Manila Water said it recorded 4% decline in billed volume in the period due to lower consumption in the commercial and industrial segments amid COVID-19 mobility re-strictions.

The water firm added that its east zone concession executed nearly P7-billion worth of projects for the period, which are mainly for wastewater expansion, network reliability, and water supply under its service improvement plan.

Meanwhile, Manila Water said the growth of Manila Water Asia Pacific (MWAP) and Manila Water Philippine Ventures (MWPV) offset the decline in its east zone concession.

“Specifically, growth in MWAP came by way of a higher equity share in the net income of associates, notably from East Water (Thailand), Thu Duc Water (Vietnam), and Kenh Dong Water (Vietnam). This was coupled with the additional contribution from the management, operations, and maintenance contract with the National Water Co. in the Kingdom of Saudi Arabia,” Manila Water said.

“The improvement in contribution of MWPV was driven by the good performance of its domestic subsidiaries for the period, such as Laguna Water and Clark Water,” it added.

J.V. Emmanuel A. De Dios, Manila Water president and chief executive officer, said the company is hopeful that water consumption will increase with the easing of quarantine restrictions, the coming holiday season and the further opening of the economy.

“Despite the challenges brought about by the pandemic, we are also extremely excited with the addition of the Pangasinan bulk water project to our local ventures as well as the second water contract for the Eastern Cluster in the Kingdom of Saudi Arabia,” Mr. De Dios said.

“These twin developments are perfectly aligned with Manila Water’s vision of being recognized as a global Filipino company in the field of water and wastewater services,” he added.

Manila Water provides water and wastewater services in the eastern part of Metro Manila, which includes Marikina, Pasig, Taguig, Makati, San Juan, Mandaluyong, portions of Quezon City and Manila, and Rizal province.

On Thursday, shares of Manila Water at local bourse dropped by 2.20% or 55 centavos to close at P24.50 apiece. — Revin Mikhael D. Ochave

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