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E-vehicle industry bill bicam report approved by Senate

REUTERS

THE SENATE approved Thursday the harmonized version of a proposed bill creating a road map to develop the electric vehicle (EV) industry.

The reconciled version of Senate Bill 1382 and House Bill 10213, known as the proposed Electric Vehicle Industry Development Act, dictates the pace for growing the Elective Vehicle industry, Senator Sherwin T. Gatchalian, who chairs the bicameral conference committee, said.

He said in the Senate plenary session that the Comprehensive Roadmap for the Electric Vehicle Industry (CREVI) will set common standards and specifications of EVs, charging stations and equipment, parts and components, batteries, and related facilities.

CREVI will also set the timetable for offering dedicated parking slots and building charging stations.

“The two Houses of Congress managed to find common ground on the two most contentious provisions — the installation of charging stations in dedicated parking slots and the installation of charging stations in dedicated spaces in gas stations,” Mr. Gatchalian said.

According to the reconciled bill, CREVI will determine when dedicated parking lots and charging facilities at gasoline stations are to be offered to EV users, while specific public buildings and establishments will also be permitted to install public charging stations operated on a commercial basis.

“Through this, the CREVI shall address the needs of first movers in the rollout of charging stations,” he said.

The owners of buildings and gasoline stations have the option to install, operate or maintain a charging station on their premises or allow a service provider to do so, he added.

An entire section of the House bill was also adopted, which designated the Department of Environment and Natural Resources (DENR) as the lead agency in setting the rules for recycling and disposing of waste products from EVs, to ensure compliance with Republic Act 6969 or the Toxic Substance Hazardous and Nuclear Waste Control Act of 1990.

The Department of Energy (DoE), together with the Department of Transportation (DoTr), various other national government agencies, and industry stakeholders, must agree on implementing rules and regulations within 120 days after the law takes effect.

The bicameral report is awaiting ratification by the House of Representatives before the bill is sent to the Palace for the President’s signature. — Alyssa Nicole O. Tan

MREIT to acquire 4 Megaworld assets for P9B

Company Handout

MREIT, Inc. is acquiring four “prime, grade A buildings” registered in economic zones for P9.12 billion, the company said in a statement on Thursday.

MREIT is the real estate investment trust (REIT) sponsored by Megaworld Corp.

MREIT’s board of directors has approved to acquire four assets that will increase its property value by 19% to P58.5 billion.

“This transaction marks the beginning of our significant growth journey,” MREIT President and Chief Executive Officer Kevin Andrew L. Tan said.

“Consequently, the infusion of these prime assets will result in a 5.3% increase in our expected dividends for calendar year 2022 from P0.95 per share to P1.00 per share,” he added.

MREIT will infuse Iloilo Business Park buildings Two Techno Place, Three Techno Place, and One Global Center into its portfolio, along with World Finance Plaza located in McKinley Hill at Fort Bonifacio in Taguig City. The buildings have an average occupancy rate of 99%, the company said.

The four assets have a total of 55,700 square meters (sq.m.). It will boost MREIT’s gross leasable area (GLA) by 25% to nearly 280,000 sq.m. from 224,431 sq.m.

It will form part of MREIT’s current portfolio with 10 Grade A office assets, located in Megaworld’s Eastwood City, McKinley Hill, and Iloilo Business Park townships.

MREIT’s board of directors also approved to close a 10-year loan worth P7.25 billion with fixed rates to fund the acquisition. The balance will be paid using the company’s cash.

“We do not have any debt on our balance sheet at the moment, so we decided to lever up in order to take advantage of the current favorable interest rate environment and enhance our returns,” Mr. Tan said.

MREIT said its total debt will be at 12% of its deposited properties upon full drawdown, still below the 35% limit under the REIT law.

“Should MREIT secure a credit rating from a duly accredited or internationally recognized rating agency, the limit goes up further to 70%,” the company said.

MREIT said the four new assets will start contributing to revenues once the deed of absolute sale comes into effect before the year ends. According to Megaworld’s regulatory filing on Thursday, it expects the document to be executed on or before Dec. 29.

Shares of MREIT on Thursday declined 0.11% or two centavos to close at P18.32 apiece. — Keren Concepcion G. Valmonte

New $304-million bond backed by music rights for The Who, Tim McGraw

British rock band, The Who

Bond investors will soon be able to buy a piece of the music catalogs of a wide range of pop, country and classic rock acts including The Who and Tim McGraw.

Private equity and credit firm Northleaf Capital is selling $303.8 million of asset-backed securities supported by publishing and sound recording rights, as well as other income streams on a total of 52,729 songs, according to a presale report from Kroll Bond Rating Agency. The offering is being led by Guggenheim Securities, and Kroll expects to give the deal a grade of A, the sixth-highest rating.

This isn’t the first time music rights have been used to back debt obligations. David Bowie pioneered similar deals in the late 1990s when he securitized royalty streams from his catalog of music in a model that was later replicated by musicians including James Brown and The Isley Brothers.

More recently, bonds backed by recording artists’ performing rights have hit the market. Separately, a wide range of performers, from Bob Dylan to Shakira have been selling all or some of the rights to their catalogs. The latest music ABS sale comes amid a banner year for bankers bundling assets into bonds. They’ve sold securities backed by everything from fast food franchises to fitness-center fees, at the fastest clip since the global financial crisis as investors chase yield and inflation protection.

Northleaf’s sale is its first music ABS deal. The Toronto-based company originally started as TD Capital, a unit of TD Bank Financial Group, before becoming a management-owned firm in 2009. The catalog boasts more than 200 No. 1 Billboard songs and more than 800 charted hits.

Another firm, Lyric Copyright Services, which is in the business of acquiring music royalty generating assets, has been administering and collecting money for the catalog for the last decade, and is also involved in the transaction. The full catalog is valued at $467.4 million, Kroll said.

The proliferation of streaming will only help the performance of the bonds, Kroll analysts said. “Consumption is increasing at a subscriber level and the entire music industry is growing as the number of users increase as well as the frequency at which they stream.”

While the catalog is not currently subject to any meaningful litigation, there are two outstanding infringement claims with respect to two songs, which has the potential of impacting cash flow in the future, Kroll said.  — Bloomberg

Telcos watching developments as Senate OK’s full foreign entry

By Arjay L. Balinbin, Senior Reporter

The Philippines’ major telecommunications companies on Thursday said they are monitoring developments following the Senate’s approval of a bill allowing 100% foreign ownership in public services, including telecommunications.

The proposed legislation seeks to amend the 85-year-old Commonwealth Act No. 146, commonly referred to as the Public Service Act (PSA), to ease restrictions on foreign investment in public services such as telecommunica-tions, air carriers, domestic shipping, railways, and subways.

“We are closely watching the development and the opportunities and challenges that could result from its passage,” PLDT Inc. and Smart Communications, Inc. President and Chief Executive Officer Alfredo S. Panlilio said in a statement sent to reporters, when asked to comment on the matter.

“But there is no desire to increase foreign equity in PLDT at present; so, in that sense, PLDT is neutral on this issue,” he added.

For its part, Globe Telecom, Inc. said the proposed legislation will “benefit more future telcos.”

“We hope that Congress will enact more laws that will make Bayanihan II permanent and strengthen it further,” Globe General Legal Counsel Froilan Vicente M. Castelo said in a statement.

He was referring to Republic Act No. 11494 or the Bayanihan to Recover As One Act (Bayanihan II), an economic stimulus program that also granted the government the power to simplify the permit process for building cell tow-ers.

“Also, we need more laws for less taxes and permit fees on telcos so that we can offer less expensive telecom and broadband services,” Mr. Castelo added.

Both Globe and PLDT are within the 40% foreign ownership limit based on their latest public ownership reports.

PLDT said its foreign ownership level was 22.19% of the 366,055,775 total outstanding shares of voting common and preferred stocks as of Sept. 30.

Globe said its foreign ownership level on all voting shares (total of common and voting preferred shares) was 26.62% as of the third quarter of the year.

PLDT shares on Thursday closed 5.11% higher at P1,810 apiece. At the same time, Globe shares went up 8.89% to close at P3,600 apiece.

Senator Mary Grace Natividad S. Poe-Llamanzares, primary author and sponsor of the bill, said in a statement on Wednesday that the proposed measure includes safeguards to protect national security, such as prohibiting foreign state-owned enterprises from owning capital in any public service classified as critical infrastructure.

Foreign investments will also be reviewed by the National Security Council.

Senator Ana Theresia N. Hontiveros-Baraquel, who voted against the bill, said that she was “saddened” that many critical services, such as telecommunications, were opened up to 100% foreign ownership when foreign participa-tion could have been limited to 70%.

Foreign business groups said the measure “will create jobs, improve technology, modernize and lower the prices of services to the benefit of Filipino consumers.”

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls.

Bringing characters to life in new Korean crime drama

The actors in the new original Korean crime drama Bad and Crazy found themselves doing things differently in the show, which premieres today on Chinese streaming platform iQiyi.

Directed by Yoo Sun Dong and written by Kim Sae Bom, Bad and Crazy follows police inspector Ryu Su Yeol (played by Lee Dong Wook) who is looking to get ahead in life. Then, he meets a man named K (Wi Ha Jun) who solves injustice through physical fights. Meanwhile, Han Ji Eun plays the hot-blooded narcotics police officer Lee Hui Gyeom; while Cha Hak Yeon plays an optimistic junior police officer, O Gyeong Tae.

During the online press conference with Southeast Asian press on Dec. 13, the actors talked about their characters and the ways they brought them to life.

Lee Dong Wook said that he discussed character details with the director.  “He allowed me to act however I thought to act,” Mr. Lee said, as translated from Korean.

Meanwhile, Wi Ha Jun had to take on the challenges of action scenes.

“K has a lot of action scenes to pull off. So, I trained a lot before shooting. And K as a character is quite different from all the characters that I’ve played before. And there are a lot of comical aspects of this character. So I wanted to really bring that aspect of him to life,” Mr. Wi said.

For Han Ji Eun, the role is far more serious compared to her previous roles.

“I tend to try to form a character by paying attention to the physical appearance,” she said. “In previous works, I played a lot of cute and lovely characters. So, I wanted to stay away from that stereotype that people might have on my characters,” she continued. “So, for this series, I wanted to stay away from being cute and perky, and I wanted to be serious.”

From not getting along initially, to becoming a team to fight against police corruption, a bromance develops between Mr. Lee’s and Mr. Wi’s characters.

“They are stark opposites of each other, but then gradually they work together and become very good team players,” Mr. Wi said of their characters.

“Bad and Crazy’s plot unfolds as the spectacular action scenes. The comic factor is not stereotypical. And it has so many different layers you will enjoy it in very different way,” Mr. Wi said.

Bad and Crazy premieres on Dec. 17, with new episodes simulcast with Korea on Fridays and Saturdays at 9:50 p.m. (SGT), globally across 191 territories on the iQiyi International app and www.iq.com. — Michelle Anne P. Soliman

PAL losses since Chapter 11 filing reach P3.45B in Nov.

PHILIPPINE Airlines (PAL) reported a loss of $11.67 million, or P582.65 million, for November, three months after filing for Chapter 11 bankruptcy protection, resulting in a cumulative loss of $69.09 million, or P3.45 billion.

According to PAL Chief Financial Officer Nilo Thaddeus P. Rodriguez’s end-November report to the United States Bankruptcy Court for the Southern District of New York, the embattled airline had a gross income of $143.48 mil-lion for the month.

To recall, PAL ended October with a loss of $27.87 million, or P1.4 billion.

PAL filed its November operating report on Dec. 15, according to a copy of the document from the airline’s claims agent Kurtzman Carson Consultants LLC.

The US Bankruptcy Court for the Southern District of New York is expected to decide this month on either to approve or reject the reorganization plan of PAL.

The airline recently received approval from the US court to access its debtor-in-possession (DIP) financing totaling $505 million.

The DIP financing is “comprised of a $250-million first lien secured Tranche A multi-draw term loan, of which $20 million was drawn following approvals on the “First Day” court hearing last Sept. 9, and a second lien secured Tranche B multi-draw term loan facility of $255 million,” it said.

PAL also said that the DIP financing could be converted to “long-term unsecured debt and equity — rather than repay in cash — upon emergence from Chapter 11.”

PAL expects to exit the recovery phase by the end of 2022, as operating activities “generate more consistent positive monthly cash flow.”

It anticipates to generate an operating income of $220 million next year and $364 million in 2023. — Arjay L. Balinbin

ADB approves $2-M grant for farm consolidation

BW FILE PHOTO

The Asian Development Bank (ADB) has approved a $2-million grant to support studies on farm clusters and to evaluate the impact of the Rice Tariffication Law.

The Agriculture department will be implementing the project, known as the Philippine Competitive and Inclusive Agriculture Development Program (CIADP2).

The project hopes to “reduce income inequality by expanding economic opportunities in the farm-fishery sector amid the COVID-19 pandemic,” according to a statement issued by the department Thursday.

The scope of the CIADP2 includes farm consolidation and clustering studies, as well as an impact assessment of the tariffication law and one of its key features, the Rice Competitiveness Enhancement Fund (RCEF).

Around $1.493 million will find a pilot of clustered rice farms to serve as showcases for the farm and fishery consolidation and clustering (F2C2) program. Luzon, Visayas, and Mindanao will each receive two model farms.

“The aim of the farm clustering is to replicate the lessons learned from relevant projects or other undertakings in the Philippines, highlighting the importance of the participation of LGUs and private sector as partners,” Secretary William D. Dar said.

At least $250,000 will fund a medium-term evaluation of the tariffication law and its impact on the rice market and stakeholders. This also includes an assessment of the RCEF.

The remainder of the funds of the grant will support studies on coconut and sugar; to set up a centralized database for agricultural commodities; and to assist government agencies in achieving gender targets.

The technical assistance package will also be funded in part by the Japanese government through its Japan Fund for Poverty Reduction. — Luisa Maria Jacinta C. Jocson

Rave reviews may help Spider-Man deliver holiday gift to theaters

Spider-Man: No Way Home (2021) - imdb.com

LOS ANGELES — The newest Spider-Man movie adventure won glowing reviews from film critics, and box office analysts predicted the superhero action spectacle would set pandemic-era sales records at cinemas this weekend.

Spider-Man: No Way Home, produced by Sony Corp.’s movie studio and Walt Disney Co., stars Tom Holland as Marvel’s web-slinging superhero and Zendaya as his girlfriend, MJ. The film opens exclusively in North American theaters on Friday. (The movie is opening in the Philippines after the Metro Manila Film Festival, on Jan. 8. —  Ed.)

As of Tuesday afternoon, No Way Home had earned a 98% positive score from 65 reviews collected on the Rotten Tomatoes website. Supporters said the storyline would please old and new fans alike.

“Spider-Man: No Way Home is a goliath that feels destined to eat the world, a potent combination of the ongoing Marvel Cinematic Universe and nostalgia for what came before,” said Esther Zuckerman of Thrillist.

Brian Truitt of USA Today called the film “a rousing entry that doubles as a love letter to the comic-book character, a film very much about second chances and a cleverly crafted reminder of that famous adage: ‘With great power comes great responsibility.’”

Advance ticket demand has been strong, a welcome sign for movie theater chains, including AMC Entertainment, Cinemark and Cineworld that are still struggling to lure back audiences amid the coronavirus disease 2019 (COVID-19) pandemic.

The holiday season around Christmas typically ranks as the second-biggest movie-going period of the year, but recent box-office tallies are hovering well below pre-pandemic levels.

Steven Spielberg’s West Side Story remake disappointed with $10.6 million in domestic ticket sales last weekend, prompting new questions in Hollywood about what it will take to attract crowds back to theaters.

First-day presales for No Way Home were the highest recorded by ticket seller Fandango since 2019’s Avengers: Endgame, the second-highest grossing movie of all time.

“We’ve worked so hard on this film,” Mr. Holland said in an interview with Reuters. “For it to be so well-received is awesome.”

Paul Dergarabedian, senior box office analyst at Comscore, said he expected No Way Home to haul in more than $130 million in US and Canadian ticket sales over its opening weekend. A debut at that level would mark the first $100 million-plus weekend since Dec. 2019.

“That will wash away much of the negative news that came before and hit a positive reset for theaters as we head into the box-office year of 2022,” Mr. Dergarabedian said.

Hollywood will closely watch this weekend’s results to help gauge the future of movie-going amid the rise of streaming television. Tom Rothman, the head of Sony’s movie division, said he believed the rush for advance tickets to No Way Home showed “people are ready to get back to the big screen.”

“This movie was made for movie theaters,” Mr. Rothman said. — Reuters

DTI, Jobstreet tie up to offer free job postings to MSMEs

The Department of Trade and Industry (DTI) has entered into a partnership with JobStreet, an online job portal, to provide free job ad postings to micro, small, and medium enterprises (MSMEs) to help them recover from the economic crisis.

In a statement Wednesday, the DTI said the Lite Ad feature of the site will accept free postings by MSMEs, the number of which is estimated at over 120,000 by the DTI.

“We hope that this initiative will be of great help to many businesses as they recover,” JobStreet Country Manager Philip A. Gioca said.

Early next year, the project will host webinars and virtual training to teach employers how to attract the right candidates, optimize the hiring process, and engage the workforce.

“The DTI and our Negosyo Center have always been dedicated to strengthening our MSME sector. We thank JobStreet for working with us in this meaningful initiative and for supporting us with our goal of empowering more,” Bureau of Small and Mid-size Enterprises (SME) Development Director Jerry T. Clavesillas said.

In October, the unemployment rate hit 7.4%, the third-lowest level reported in 2021. — Luisa Maria Jacinta C. Jocson

A Minute with: Maggie Gyllenhaal, Olivia Colman on The Lost Daughter

Olivia Colman in The Lost Daughter (2021) - imdb.com

LONDON —  Maggie Gyllenhaal brings Elena Ferrante’s novel The Lost Daughter to the big screen for her directorial debut, a gripping drama about motherhood choices starring Oscar winner Olivia Colman.

Ms. Colman plays Leda, who while alone on holiday in Greece, befriends a young mother and daughter. The meeting brings back painful memories of her own decisions towards her children.

Ms. Gyllenhaal and Ms. Colman spoke to Reuters about the story and communicating with the famously secretive Ms. Ferrante.

Below are excerpts edited for length and clarity.

Q: Why did you pick this story for your feature directing debut?

Gyllenhaal: When I read Ferrante for the first time, I guess I felt like she was saying things out loud that I knew to be true, but that I had never heard said out loud. And I found that both disturbing and comforting, and I thought, in fact more than that, it was kind of like… a really exciting shock.

Q: What was it like liaising with Ferrante?

Gyllenhaal: All my interactions with her, which have all been via e-mail, have been everything you would want them to be. There’s something amazing about her being anonymous because she can be the fantasy that I want her to be. And she has been nothing but supportive at every turn… really intelligently, thoughtfully supportive.

Q: What attracted you to the role and as a mother, did any aspects of the story resonate with you?

Colman: I don’t think I’d ever seen anything where someone says “I left and it was amazing” so I found it fascinating. Leda is very different to me… I couldn’t leave and I wouldn’t want to. But I do understand the thought process behind it and I think most parents will also feel the same. Everyone’s gone “if I could just have, oh my god, just an hour on my own” though she took it to an extreme.

Q: You filmed in Greece early in the pandemic when travel was difficult and formed a bubble, what was that like?

Colman: We all fell in love with each other and we all got on really well and everyone had loved ones at home and so we were missing all of them and just had such a nice time… as soon as Maggie said “wrap,” people would go in the sea. I feel a bit bad that it was so nice. — Reuters

Regional hub potential seen for PHL creative industries

THE creative industry has the potential to make the Philippines a regional hub for such activities and should be nurtured to maximize its contribution to the recovery, the Department of Trade and Industry (DTI) said.

“In reaching our goals for the creative sector, we need a healthy collaboration between and among government, industry associations, and academic institutions to strengthen the competitive advantage and unlock the full potential of the creative industry,” Trade Secretary Ramon M. Lopez said in his keynote address for the Creative Industry Summit 2021 Thursday.

Mr. Lopez said the DTI is banking on cultural richness, ingenuity, and human capital to grow the creative industry.

“With the talent and capacity of Filipino creatives, the contribution of the creative industry can be maximized to position the country as a major creative hub in the ASEAN region. This will prime the sector to be the engine of growth that generates employment, investment, and trade,” Mr. Lopez said.

Mr. Lopez said some of the challenges faced by the industry are the high cost of intellectual property (IP) protection, especially in technology-intensive industries like films and game development.

He added that limited data on the creative sector hinders a data-driven approach to policymaking.

Mr. Lopez said the revenue of creative industries fell 90% during the pandemic, with freelancers losing income of about P268 million.

Mr. Lopez called this a “very alarming circumstance for the creative sector, given that 75% of our online freelancers in the Philippines are creative workers.”

Mr. Lopez said creative companies are making inroads in key aspects of the digital economy like augmented reality (AR) and virtual reality (VR), which have applications in gaming, live events, retail, film, and video entertainment.

He also noted opportunities in blockchain technology, which has “led to the creation of non-fungible tokens, which are revolutionizing how digital art is valued and have even opened up a new business model in the game industry.” — Revin Mikhael D. Ochave

PERA contributions at P237M as of September

CONTRIBUTIONS of voluntary members in the Personal Equity and Retirement Account (PERA) reached P237 million as of September, the central bank said on Thursday. 

Bangko Sentral ng Pilipinas (BSP) data released on Thursday showed PERA contributions jumped 62% year on year from P144 million in September 2020. 

“The noted increase may be attributed to the BSP and partner providers’ promotion of the retirement savings program for Filipino families, especially those working abroad,” it said in a statement. 

PERA contributors reached 4,001 as of the third quarter, BSP data showed.  

About 2,800 of the contributors are full-time employees. This is followed by self-employed individuals (590) and overseas Filipino workers (584). 

“We continue to actively promote financial security and encourage more Filipinos to plan for retirement and set aside funds for their sunset years through PERA,” BSP Governor Benjamin E. Diokno said in the statement. 

The BSP launched the digital platform for PERA in September 2020 to make it more accessible to investors. 

The government eyes to have five million Filipinos as members of the voluntary retirement fund by 2025. 

Republic Act 9505 provided for the creation of PERA, a voluntary retirement savings program that supplements existing retirement benefits from the Social Security System, Government Service Insurance System, and private employers.  

To attract investors, PERA offers tax incentives, including a 5% income tax credit on contributions which could be used for paying income tax liabilities. 

Under the law, contributors can inject maximum annual investments worth P100,000, while overseas Filipinos are allowed to pour in up to P200,000 a year in their PERA accounts. 

Based on data from the Philippine Statistics Authority, only 20% of the 7.6 million Filipinos aged 60 years and above are covered by state-backed mandatory pensions.  

Mr. Diokno earlier said they are backing a suggestion to increase the annual maximum allowable contribution of Filipinos in the PERA. 

He said as the PERA Law was enacted in 2008, there may be a need to adjust the contribution cap upwards to take into account the impact of inflation. — L.W.T. Noble 

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