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BIR, BoC ordered to fast-track modernization

People line up to file their income tax returns at the Bureau of Internal Revenue office in Intramuros, Manila, April 18, 2022. — PHILIPPINE STAR/ RUSSELL A. PALMA

FINANCE Secretary Benjamin E. Diokno has ordered the country’s revenue collection agencies to accelerate their digitalization transformation programs to improve the Philippines’ tax effort.

“My marching order to the Bureau of Internal Revenue (BIR) the Bureau of Customs (BoC) is to fast-track their respective modernization programs to increase our tax effort,” he said at an event organized by FinTech Alliance.ph on Thursday.

The BIR and BoC began implementing digital programs to facilitate trade and make the filing and payment of taxes easier amid the pandemic in 2020. These efforts helped sustain tax collection efforts despite the lockdowns.

“The government expects to collect more revenues on the back of a faster and more broad-based economic growth. Thus, efficient and effective tax administration will be critical in funding our socioeconomic priorities,” Mr. Diokno said.

The BIR aims to collect P2.43 trillion this year, while the BoC set a collection target of P671.66 billion.

Earlier, Mr. Diokno said he was not inclined to seek new taxes, preferring to improve tax administration instead.

On Thursday, he said digitalization would widen financial inclusion in the Philippines.

“We will accelerate the rollout of the Philippine Identification System to bring us closer to the goal of achieving e-governance and widen access to financial products and services among our people,” he added.

When he was Bangko Sentral ng Pilipinas (BSP) governor, Mr. Diokno said he set the goal to digitize half of all retail payments and onboard 70% of Filipino adults into the formal financial system by next year.

“Under President Ferdinand R. Marcos, Jr.’s administration, we will put greater emphasis on pursuing technological innovations to build new industries, enhance the delivery of public services, and create many employment and investment opportunities,” he said.

“All these will allow us to bounce back stronger from the pandemic and ensure the long-term recovery of our economy.”

The government aims economic growth of 6.5-7.5% this year, and 6.5-8% next year to 2028.

‘ROADMAP’
Meanwhile, the Department of Budget and Management (DBM) will take the lead in crafting the “First 100-day Roadmap on Digitalization,” which will improve bureaucratic efficiency and ensure sound fiscal management.

“Digitalization is our way forward. Like what President Marcos said, it is the Fourth Industrial Revolution. We are entering an age of rapid technological advancement. And so we have to adapt,” Budget Secretary Amenah F. Pangandaman said in a separate statement.

The First 100-Day Roadmap “will explore the capabilities of cloud infrastructure and Application Programming Interfaces for real-time processing of government service, as well as blockchain technology for decentralized transparency,” the DBM said.

The roadmap will include updating the Government Integrated Financial Management Information Systems. A Budget and Treasury Management System (BTMS) will be developed by the DBM, together with the Department of Finance and Commission on Audit.

“BTMS will be a centralized database to facilitate the generation of vital information on all aspects of government financial transactions. Through the platform, all transactions are mapped real-time from purchase to payment,” the DBM said. — DGCR

Hint of a Fed pause opens door to Asia’s emerging markets

STOCK PHOTO | Image by Yibei Geng from Unsplash

SINGAPORE — As the United States pushes ahead with its steepest interest rate hikes in a generation, investors are unusually poised to buy in Asia’s emerging markets, betting authorities can tame inflation without triggering the capital-flight chaos of previous cycles.

While no rally is under way, steadying currency, debt and equity markets suggest investors may have already stopped rushing for the exits.

Beaten-down currencies such as South Korea’s won and the Malaysian ringgit rallied on Thursday, and stock and bond markets in Seoul, Kuala Lumpur, Jakarta and Manila responded positively to the US Federal Reserve’s latest rate hike.

The Fed, which met market expectations with a 75-basis-point (bp) rise overnight, has now lifted rates by a total of 150 bps at two meetings — the fastest since the early 1980s.

The target window for the benchmark funds’ rate is at its mid-2019 level of 2.25% to 2.5%.

But Fed Chairman Jerome H. Powell noted slowing spending and production foreshadowed an eventual slowdown in hikes. Traders have taken the remarks as confirmation that a peak in US interest rates is near and, with it, a top for the dollar and a trough for despair.

“These days, emerging market currencies, especially Asian currencies, have been — from my point of view — oversold,” said Masafumi Yamamoto, chief currency strategist at Mizuho Securities in Tokyo.

“Looking at the rising US equity market and the less-hawkish communication by Mr. Powell, this is supporting Asian currencies and other emerging market (EM) currencies, and the recovery of EM should continue.”

Bellwether markets in South Korea and Indonesia are showing signs that the worst may be over. Rather than collapsing, benchmark 10-year bonds in Indonesia have held up relatively well: the yield premium over Treasuries has actually narrowed this year.

South Korea’s won, which has been battered by equity outflows on expectations that the country’s growth-exposed heavy industry and high-tech manufacturing sectors will suffer as conditions tighten, has also paused for breath.

Having dropped nearly 9% for the year so far, the won was heading for its best onshore session in nearly a month on Thursday and has lifted about 2% from mid-July’s 13-year low.

“In six to 12 months’ time, when inflation comes off globally and Fed tightening slows, that might benefit the won,” said Bank of Singapore strategist Moh Siong Sim.

WAITING GAME
The moves are a far cry from the outset of the last Fed tightening cycle in 2013, when India and Indonesia were counted among the so-called “fragile five” emerging market countries, with assets on the frontline of vulnerability to rising US rates.

Indonesian stocks are set for their best month since April, since they are on course at least not to fall again, and the rupiah currency has dropped only by 5% this year, even as the greenback’s strength has lifted the US dollar index by about 11%.

In 2013, by contrast, Indonesia’s currency fell by 21%, the 10-year yield soared 330 bps and stocks were flat as world equity markets rallied.

“What we’ve been pleasantly surprised with so far is that this time round the Asian markets have actually held up relatively well given the pressure that they’ve been under,” said Thu Ha Chow, head of fixed income for Asia at Dutch asset manager Robeco.

“We’re obviously waiting, like everybody else, for earnings… but high-quality corporates have been relatively stable.”

Risks abound, of course — especially as some central banks, notably in Thailand and Indonesia, are being slow to follow in the Fed in raising interest rates.

Neither country has lifted policy rates from pandemic lows, inviting downward pressure on their currencies that could in turn exacerbate inflation and outflows. Investors expect both to move soon, however.

“When the tide runs out and you’re still not doing the right thing and raising rates, then all bets are off,” said Howe Chung Wan, head of Asia fixed income at Principal Global Investors in Singapore, regarding Indonesia.

He expects inflation can breach Bank Indonesia’s target band this year and force an interest rate rise sooner than policy makers intend. But, he added, if that happens in a market convinced that global inflation can be tamed, then investors will find confidence.

“This is where the EM investors are going to be, when we clear out on the Fed, when we think inflation is peaking, this is where we want to be.” — Reuters

Damage assessment of heritage, historic sites to be conducted after N. Luzon earthquake

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A technical team of conservation and restoration experts will be dispatched to Abra, Ilocos Sur, and Ilocos Norte next week to conduct damage assessments of heritage structures in the aftermath of the earthquake which struck northern Luzon on Wednesday.  

This was announced by Rene R. Escalante, concurrent chairman of the National Commission for Culture and the Arts (NCCA) and National Historical Commission of the Philippines (NHCP), during a press conference at the Metropolitan Theater in Manila on July 28.

The province of Abra was hit by a magnitude 7 earthquake on July 27.   

Mr. Escalante said the technical teams will be dispatched next week “to give way to relief rescue and operations,” and to ensure that the roads are clear and safe for travel.   

The template for the restoration that the agencies are considering, Mr. Escalante said, is similar to the disaster response to the 2013 Bohol earthquake which had also damaged many heritage structures.

“We also have to do a lot of scanning to make sure that the buildings do not have sinkholes and liquefaction,” he said, adding that it will be done through a Ground-Penetrating Radar (GPR) examination. This is to determine whether the affected buildings are still standing on stable ground.  

In the meantime, Mr. Escalante advised the proprietors and staff of the damaged heritage houses, sites, and churches to save the fallen debris as it can be used as a reference for restoration. He also said they should place movable objects such as statues, artworks, and artifacts in safe storage. 

The chairman added that it is premature to make an assessment of the damage at this point, but he said that the earthquake that struck Cebu and Bohol in 2013 was “far worse than this one.”

Reading from a list sent to him by a colleague from the Heritage Conservation Society, Mr. Escalante identified 17 buildings and structures in Ilocos Sur which are partially damaged. 

The Provincial Disaster Risk Reduction and Management Resiliency Council of the province of Ilocos Norte reported 18 damaged structures and buildings, as of July 27, 8 p.m. 

The restoration of churches would be funded by the government.

However, many of the affected structures in Vigan such as the heritage houses in Crisologo Street, Mr. Escalante added, are private properties.  

During the meeting with the NCCA Board of Commissioners and their legal team prior to the press conference, he said that they have discussed the possibility “to convince the owners of these to apportion a certain area of the heritage house for public use,” for it to receive funding for restoration. 

“We cannot fund all the restorations of this,” he said. “Magkakaroon kami ng issue of who to prioritize assuming na pwede naming galawin ito (We will have an issue of who to prioritize assuming we can interfere).” 

“May mga proposal na baka yung façade pwedeng ayusin para mabalik ito, at least yung interior that would be covered by the private owner (There are proposals to help with fixing the façade, at least the interior would be covered by the private owner),” he added. “We will wait for the official legal opinion to be rendered by our lawyers.” 

Regarding the duration of all structure restorations, Mr. Escalante said, “I think five years would be a reasonable timetable.”

Mr. Escalante said that the funds for restoration work will be determined after the damage assessment. It will be requested from the Office of the President. 

“Wala kaming (the agency) emergency or calamity fund na naka-standby that can be appropriate (We do not have emergency or calamity fund on standby that can be appropriated),” he said.

In 2013, the National Museum of the Philippines (NMP) and the NHCP divided P1 billion given by the Office of the President for the restoration of public edifices which had been damaged by the earthquake. 

“If we will be given the same amount, it will have a significant contribution to the restoration of the places,” Mr. Escalante said.

Meanwhile, the National Museum of the Philippines (NMP) on Wednesday announced that the staff in the regional museums in the earthquake zone were safe. 

“It is our great relief however to inform the public that our colleagues stationed at Ilocos Regional Museum Complex (Vigan City, Ilocos Sur), Cagayan Valley Regional Museum (Peñablanca, Cagayan), Batanes Area Museum (Uyugan, Batanes), Cordillera Rice Terraces Site Museum (Kiangan, Ifugao), and Kabayan Burial Caves Site Museum (Kabayan, Benguet) are all safe,” the NMP said in a Facebook post.  

“These facilities will be closed to the public for the time being until a complete assessment has been made to ensure that the integrity of these structures remains intact. Likewise, our researchers and other personnel who are currently conducting archaeological fieldwork in Rizal, Kalinga are also in a safe condition,” the NMP’s statement added.  

Meanwhile, the rector and parish priest of the Vigan Cathedral, Fr. Gary Noel S. Formoso, wrote on Facebook: “The Vigan Cathedral is temporarily closed. We wait for the pronouncement from the structural engineers that it is safe to use it for our Eucharistic celebrations. Please pray for all Bigueños.” — MAPS

Pretty Little Liars returns with a new story, new liars

A SCENE from the series Pretty Little Liars: Original Sin

Lea Salonga channels own mom for her role

YOU don’t need to have watched the original TV series Pretty Little Liars to enjoy the upcoming Pretty Little Liars: Original Sin, said one of its stars, award-winning Filipino actress and singer Lea Salonga.

Ms. Salonga made a surprise appearance during the advanced screening of the series’ first episode on July 20 in Powerplant Mall in Makati City.

Pretty Little Liars: Original Sin premieres this weekend on HBO GO.

She assured the audience at the screening that watching the original series from 2010 is not required to jump into the new adaptation.

“Hopefully when you see the first episode, you will feel as passionate as we do and that this is something worth investing the time in to sit and binge,” she said. “I’ve been excited since I started filming it… Hopefully, you all enjoy it.”

The original series of the franchise, Pretty Little Liars, premiered in 2010 and ran for seven seasons. Based on the series of novels of the same title written by Sara Shepard, the story of Original Sin takes place within the same continuity as the previous series.

Original Sin introduces a new generation of “liars.” Twenty years ago, a series of tragic events almost ripped the blue-collar town of Millwood apart. Today, a group of teen girls — Tabby, Noa, Imogen, Minnie, and Faran are the new set of Little Liars — find themselves tormented by an unknown assailant known as “A” and made to pay for the secret sin committed by their parents two decades ago. The story in Pretty Little Liars: Original Sin is miles away from Rosewood, but within the existing Pretty Little Liars universe.

In the series, Ms. Salonga plays the recurring character Elodie, one of the Liars’ mothers. She said that the character reminded her of her own mother.

“There are more similarities between Elodie and my own mother than there are between Elodie and myself,” Ms. Salonga said, referring to how her mother would react to a situation depicted in the series. “I had so much of my mother to pull from to create this character.”

The slasher teen drama is relatable with its very human relationships, she said.

“Whatever your relationship is with your mother or father. I think you will find something relatable in anyone of the girls because we see each of their relationships,” Ms. Salonga said. “It makes the horror part or slasher part more horrifying because we are investing in human beings and seeing their vulnerability.”

AMERICAN TEEN SLASHER DRAMA
“We wanted it to feel different from the original,” executive producer and writer Roberto Aguirre-Sacasa (Riverdale, Chilling Adventures of Sabrina) said in the series’ behind the scenes featurette, which is accessible on HBO Max’s YouTube page.

“We wanted to tell a story about the sins of the mother being visited upon the child,” co-executive producer and co-writer Lindsay Calhoon Bring (Chilling Adventures of Sabrina) said in the same video.

“The direction we went was making ‘A’ a slasher villain akin to Michael Myers,” of the Halloween horror movie franchise, Ms. Bring said of the villain who has no name and face.

Bailee Madison, Chandler Kinney, Zaria, Malia Pyles, and Maia Reficco star as the new generation of Liars. Joining the cast are Mallory Bechtel, Sharon Leal, Elena Goode, Eric Johnson, Alex Aiono, and Ms. Salonga.

To find clues to the identity of A, the lead actresses said in an interview with Entertainment Tonight that audience members should keep an open mind.

“Pay attention to little things in the background that will give you guys clues,” Ms. Reficco said.

“Don’t count anything or anyone out,” Ms. Kinney said.

The first three episodes of Pretty Little Liars: Original Sin’s 10-episode season will be released this weekend. Two new episodes be released on Aug. 4 and 11, and the final three episodes will drop on Aug. 18.

One can stream or download Pretty Little Liars: Original Sin on HBO GO. — Michelle Anne P. Soliman

ABS-CBN cuts debt, ponders if franchise, plans align

PHILIPPINE STAR/BOY SANTOS

ABS-CBN Corp. on Thursday said it managed to cut its debt by 14% to P18.4 billion as of July from P21.5 billion in 2021.

“We… continue to find ways to reduce debt. We started 2020 with P26 billion in interest-bearing loans, and we have reduced that to P21.5 billion in 2021,” ABS-CBN President and Chief Executive Officer Carlo L. Katigbak said during the company’s annual stockholders’ meeting.

“For this year, we are currently already (down to) P18.4 billion, and we hope to reduce debt further to P14 billion or less,” he added.

The media company, formerly a broadcast giant, assured its shareholders that it is committed to achieving its “full potential” and “substantially improving the price of our shares.”

ABS-CBN shares closed 0.77% higher at P9.17 apiece on Thursday.

“Our costs continue to come down. From a highest P33.6 billion in 2020, our total expenses in 2021 came down to P23.3 billion, a 31% reduction,” Mr. Katigbak said.

The company ended 2021 with positive earnings before interest, taxes, depreciation, and amortization (EBITDA) of P610 million versus a negative EBITDA of P6.24 billion in 2020.

Net losses have decreased from P13.5 billion in 2020 to P5.7 billion in 2021.

“These improvements and the continuing upward trajectory in our financial performance are indicators that a return to profitability is possible,” Mr. Katigbak said.

He added that ABS-CBN hopes to continue to collaborate on content or movie production with GMA Network, Inc., a major broadcast company, as well as other partners locally and internationally.

On ABS-CBN’s partnership with TV5 of the Pangilinan group, Mr. Katigbak said: “As of today, our partnership with them is in the form of content licensing or content sharing agreements.”

At the same time, he said the company has yet to decide whether a new franchise aligns with its objectives and plans.

The media company, which survived the martial law regime of the late dictator Ferdinand E. Marcos, was forced to stop its broadcast operations in May 2020 after former President Rodrigo R. Duterte’s friends in Congress denied its franchise renewal application.

ABS-CBN launched in 2020 its Kapamilya Channel on cable TV, and subsequently its digital streaming channel Kapamilya Online Live.

“On Oct. 6, 2020, a new milestone was again reached by ABS-CBN where it was able to secure a partnership with Zoe Broadcasting to blocktime ABS-CBN’s programs under the Channel 11 A2Z. These initiatives allowed ABS-CBN to be welcomed back to Filipino households,” the company said in a statement.

“Launching these platforms allowed the company to generate P1.5 billion in advertising revenues in the first quarter of 2022,” it added. — Arjay L. Balinbin

Sci-fi villain Predator returns in action-thriller prequel Prey

LONDON —  Thirty-five years after the extraterrestrial monster movie Predator made its first outing, the creature is back in action in the upcoming film Prey.

Directed by 10 Cloverfield Lane filmmaker Dan Trachtenberg, Prey is set in 1719 and sees Predator landing in the Northern Great Plains, ready to hunt.

Based on an original idea by Mr. Trachtenberg and Patrick Aison, the movie is the latest installment in the Predator franchise which began with John McTiernan’s 1987 movie of the same name starring Arnold Schwarzenegger.

“Technically speaking, it’s a prequel, though I’m quick to say this is not an origin story,” Trachtenberg told Reuters at the film’s London premiere.

“I’m a huge Predator fan and I was obsessed with making a movie that was primarily told through action. But I didn’t want it to just be a visceral experience. I want it to be an emotional one as well,” the 41-year-old filmmaker said.

Mr. Trachtenberg set the movie in the Comanche Nation and it features a cast comprised almost entirely of Native and First Nations actors.

“I thought, wouldn’t it be great to have Native Americans and Comanche specifically, who are so often relegated to playing the sidekick or the villain and never the hero, be the leads of a giant franchise,” he said.

Amber Midthunder stars as the lead character Naru, a fierce young woman who is determined to prove herself a worthy warrior. While out hunting she comes across Predator and must use her wits and hunting skills to defeat the alien beast before it reaches her camp.

“For the franchise, being 35-years old and having a Native female lead, I mean, the new Arnold, take a look at her. It’s amazing!” the film’s producer Jhane Myers, an enrolled member of the Comanche Nation, said. “It’s a giant vote of confidence and it is historic,” Ms. Midthunder, 25, who is Assiniboine and Sioux, said of the role.

Prey starts streaming on Hulu in the United States and Disney+ in the United Kingdom on Aug. 5. — Reuters

Filipino-owned Gur Lavi ties up with China Mobile

FILIPINO-OWNED telco solutions distributor Gur Lavi Corp. (GLC) announced a partnership with China Mobile International Ltd. (CMI) on Thursday, hoping to tap into the latter’s market base in the Philippines, including cable operators.

The two companies had signed a memorandum of understanding to formalize their partnership, GLC officials announced during a briefing.

GLC is the company behind TeLavi Cloud, an all-in communication platform introduced amid the pandemic. It provides cloud telephony solutions, team messaging, videoconferencing, and call center solutions to enterprise and residential customers.

The goal is to provide businesses with “powerful yet affordable and customizable” communication solutions.

“CMI is our first key partner in the Philippines for TeLavi this year. We see the big potential to engage with them because of their rich relationship with the cable operators nationwide,” GLC President and Chief Executive Officer Erwin Co said.

“This is not to mention their rich telco portfolio where we can attach not only TeLavi but our very own solution offerings as well,” he added.

The company also sees the partnership as a start of a “fruitful and long-term business relationship.”

It said there are ongoing projects that are expected to be finished this year.

“The collaboration is seen to benefit CMI as they go to the market faster while GLC expands its reach to CMIs customer base in an accelerated pace as well,” the company noted.

“One of the highlights of the partnership is to make CMIs offering to their market stickier via TeLavi Cloud, Voice, Business Direct and Home.”

GLC expects to break into the international market soon. It said it has already laid the groundwork, set up infrastructures, and connected to service providers and customers globally. — Arjay L. Balinbin

Stuff to do (07/29/22)

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Joseph the Dreamer is back onstage

TRUMPETS, INC.’s popular musical Joseph the Dreamer returns onstage until Aug. 7, at the Globe Auditorium, Maybank Performing Arts Theater, BGC, Taguig City. The production tells the Biblical story of Joseph, who brought the Israelites out of Egypt. Written by Freddie Santos, it is based on Cam Floria’s cantata entitled Dreamer: What Really Happened to Joseph. This production is a re-imagined version directed by Paolo Valenciano, featuring updated musical arrangements by Myke Salomon as well as an updated script. For tickets, visit https://bit.ly/JTD2022. For more information, visit www.facebook.com/trumpetsinc .

Modern Contemporary Art Fest at Fairmont Hotel

ART magazine and publishing house Art+ presents the inaugural Modern and Contemporary Art Festival or MoCAF from July 29 to 31 at the Grand Ballroom of the Fairmont Hotel in Makati City. The event will showcase 122 Filipino artists from across the country, local and international galleries, special exhibitions, and art talks. Local galleries include Ysobel Art Gallery, Village Art Gallery, DF Art Agency, Leon Gallery, Secret Fresh, and Qube Gallery. International galleries include YOD Gallery, which will showcase pop art by Japanese artists, and Gallery Kogure of Japan. Filipino artists Ramon Orlina, Michael Cacnio, Anton Del Castilo, Robert Alejandro, and National Artist Federico Aguilar Alcuaz are part of the festival’s Special Exhibitions. The section will also include rare works by Juvenal Sansó. Meanwhile, Elmer Borlongan, Angela Silva, Maya Muñoz, and Henrielle Pagkaliwangan will host a contemporary printing making exhibition. The festival features Art+ Discoveries, which showcases young and emerging artists, and MoCAF Dialogues, a lecture series that includes topics such as “Economic Outlook and Its Impact in the Art World,” as well as “Art World Today and The Luxurious Market.” For more information and for ticket registration, visit www.mocaf.net. Tickets are P250. Visit @mocaf.net on Facebook and @mocafmanila on Instagram.

BTS property now on Airbnb

THE EXPANSIVE property where pop icons BTS stayed during the filming of entertainment company HYBE’s original series, IN THE SOOP BTS ver. Season 2, is now available on Airbnb for an overnight stay. The one-night stay on Aug. 29 (this one-night stay is available for one participant and their fellow guest and is not a contest) for only $7 (plus taxes and fees) — a nod to the band’s seven members — will immerse two lucky guests in the various elements the K-pop group personally enjoyed during their time on property including: some of the same furniture and amenities that appeared on the show; a karaoke machine, sound system and all of BTS hit tracks and albums; catered dishes; and the egg tarts that are currently served at HYBE Insight music museum. Guests can request to book this stay on Aug. 2 from 11 a.m. at airbnb.com/inthesoopbts. Guests are responsible for their own travel to and from Seoul, South Korea. Round trip car transportation will be provided for the 20-minute journey from KTX PyeongChang station to the property. While only one overnight stay will be offered, there will be an opportunity to check out the IN THE SOOP BTS property while staying at other listings near the property soon. Those hoping to stay in the IN THE SOOP BTS ver. ‘Pyeongchang’ Filming Location should note that this stay’s rules require following applicable local rules and guidelines as well as Airbnb’s COVID-19 Safety Practices, which will include wearing a mask and practicing social distancing when required by local laws or guidelines.

Binibining Pilipinas 58th Coronation Night

THE BINIBINING Pilipinas 58th Grand Coronation Night will be held on July 31, 9 p.m., at the Smart Araneta Coliseum. Forty candidates will compete for the titles Bb. Pilipinas International 2023, Grand International 2022, Intercontinental 2022, and Globe 2022. Miss Universe 2018 Catriona Gray and Miss Grand International 2016 1st runner-up Nicole Cordoves will host the show. P-Pop group SB19 will be performing an updated version of the Binibini anthem. The Coronation Night will be streamed through TV5, A2Z, the Kapamilya Channel, and Metro channel, iWantTFC, and the official Binibining Pilipinas YouTube channel. For tickets to the show, visit TicketNet at https://bit.ly/3PwoEGf.

PXP Energy trims net loss as petroleum revenues rise

PXP Energy Corp. (PXP) trimmed its net loss to P3.68 million in the second quarter from P18.81 million in the same period last year as a result of higher profit from its Galoc oil field operations and the reduction in general and administrative expenses.

In a disclosure to the stock exchange, PXP said that in the first half, it managed to reduce its consolidated net loss attributable to parent firm equity holders to P6.41 million from P23.15 million a year ago.

The upstream oil and gas company’s Galoc operations lie within the service contract (SC) 14C-1 block located in the offshore northwest Palawan basin.

In the second quarter, PXP’s trimmed net loss comes as the company recorded a 34.1% increase in petroleum revenues to P26.3 million from P19.61 million previously.

Petroleum revenues during the first half surged 130% to P45.11 million from P19.61 million after two completed liftings of crude totaling 291,216 barrels in SC14-C.

In the same semester last year, PXP recorded one lifting totaling 222,038 barrels.

The price per barrel was also higher in the first half of this year at $97.13 from $63.48 a year earlier.

For the outlook this year, PXP said it will continue to coordinate, along with Forum (GSEC 101) Ltd., with the government to resume activities in SC 75 and 72.

SC 72 in Recto Bank has a total area of 8,800 square kilometers. It is operated by PXP’s subsidiary Forum (GSEC 101) with a 70% participating interest.

SC 75 in the offshore northwest Palawan basin is operated directly by PXP with a participating interest of 50%.

Meanwhile, the group has assured that it will continue to pursue exploration work with respect to its other projects in the Philippines, including SC 40 and SC 74.

On Thursday, shares in PXP declined by 1.75% or P0.10 to close at P5.60 each on the stock exchange. — Ashley Erika O. Jose

Entertainment News (07/29/22)

Drag Race Philippines premieres in August

TWELVE drag queens will compete to become the first Drag Race Superstar from the Philippines on Drag Race Philippines, premiere on Aug. 17, on discovery+, HBO GO, and WOW Presents Plus. New episodes will be released every Wednesday. Its spin-off and after-show, Drag Race Philippines: Untucked, will premiere on Aug. 19, with new episodes every Friday. The show is hosted by Paolo Ballesteros, with judges Jiggly Caliente and Kaladkaren.

Puregold Channel to release TikTok series  

FOLLOWING the release of the digital series GVBOYS: Pangmalakasang Good Vibes and Ang Babae sa Likod ng Face Mask, Puregold Channel is set to launch 52 Weeks, the first Filipino series made for TikTok. The 36-episode series is directed by Lemuel Lorca and produced by Chris Cahilig. It stars Queenay Mercado, a TikTok personality with 12.3 million followers, and Jin Macapagal, the first Ultimate BidaMan winner of It’s Showtime. Derick Lauchengco, the reigning Misters of Filipinas Second Prince, and Herbie Cruz, a TikTok personality with more than 700,000 followers, are also part of the series. Set in the island of Cagbalete in Mauban, Quezon, the series follows the story of Mina, a bubbly and hopeless romantic who has never had a boyfriend. Her best friends then decide to look for the perfect boyfriend for her within 52 weeks. Watch 52 Weeks on Puregold Channel on Tiktok @puregoldph.

Kiddie YouTube channel launched

MUSICIANS and podcasters Jim Bacarro and Saab Magalona believe that there’s no bonding experience quite like listening to music with their children, who are three and two years old. Inspired by their children’s enthusiastic response to their homemade silly songs, the couple are now sharing their creations in Puddy Rock, a music channel featuring nursery rhymes for learning and promoting inclusivity. To see the podcasters, subscribe to the Puddy Rock YouTube channel. All Puddy Rock songs and future releases will be available on all music streaming platforms.

4th Impact releases new single 

FILIPINO pop group 4th Impact is now part of Sony Music Philippines and ShowBT Philippines’ roster of local pop talents. The group’s latest song, “Tapat Sa’yo,” is a ballad that distills themes of betrayal and loss into an empowering statement of moving on. It is produced by K-Pop producer Lee Oh Won, who also worked on tracks by SHINee’s Taemin, Stray Kids, TVXQ, Wanna One, and SB19. “Tapat Sa’yo” is available on all digital music platforms worldwide via Sony Music Entertainment.

Clinton Kane releases single, announces tour dates

FILIPINO-Norwegian singer/songwriter/multi-instrumentalist Clinton Kane has released his debut album, Maybe Someday It’ll All Be OK, via Columbia Records. The nine-track LP features RIAA Gold-certified lead singles “Chicken Tendies” and “I Guess I’m In Love” as well as “Go To Hell” and “14,” in addition to five brand new tracks. The album is available on all digital streaming platforms. Earlier this month, Mr. Kane announced a global headline tour slated for the fall. The tour begins in Edmonton on Sept. 3 with stops in Los Angeles, Las Vegas, New York, Toronto and more. On Nov. 1, Mr. Kane will kick off the international leg of the tour in Dublin, with shows throughout Europe and Asia, including Manila on Dec. 3 at the New Frontier Theater in Quezon City. Mr. Kane will contribute a portion of touring proceeds to various charities serving the different continents and cities he will be performing in.  Visit https://www.clintonkane.com/ for tickets and more information.

Journey releases first new album in 11 years 

ROCK band Journey has released Freedom, the band’s first album of new material in 11 years since 2011’s Eclipse. In addition to legendary founder, guitarist, writer, and producer Neal Schon, longtime keyboard player, primary lyricist Jonathan Cain, vocalist Arnel Pineda, and bassist Randy Jackson (who had played on the band’s 1986 album Raised on Radio) recorded the album. Following the album release are four exclusive Las Vegas show dates featuring special symphony orchestra performances at the new Resorts World Theater in Las Vegas. The residency kicked off on July 15. Tickets for the special engagement are on sale at JOURNEY with Symphony Orchestra | Resorts World Las Vegas (rwlasvegas.com). 

MTV VMA nominations announced

MTV ANNOUNCED the nominations for the 2022 Video Music Awards (VMA) featuring artists whose cultural impact and work over the past year have transformed the music industry and created global conversations. Jack Harlow, Kendrick Lamar and Lil Nas X lead this year’s nominations with seven nods each, closely followed by Doja Cat and Harry Styles with six each, and Billie Eilish, Drake, Dua Lipa, Ed Sheeran, Taylor Swift, and The Weeknd with five each. Jack Harlow and Lil Nas X both earned multiple nominations for hit collaboration “Industry Baby,” which premiered live on the 2021 VMAs stage, alongside Kendrick Lamar, who is nominated for the first time since 2018. Madonna, who reigns as the most awarded artist in MTV history with 20 wins, becomes the only artist to be nominated in each of the VMAs five decades (1980s-2020s), as she earns her 69th nomination for Madame X. This year also sees K-pop acts such as BTS and SEVENTEEN with four and three nominations, respectively. The 2022 VMAs will be held on Aug. 28 at New Jersey’s Prudential Center. Southeast Asian fans can follow @mtvasia and @VMAs on Instagram and Facebook. The show airs on the Paramount Network channel on Sept. 2 at 6 p.m. (TH, WIB), 7 p.m. (SG, PH) and 8 p.m. (MY). Voting is now open at vote.mtv.com.

Fil-Am podcasters bring show to FYE Channel

EVERY Saturday morning everyone can now listen to the conversations featuring global Filipinos in Over A Glass Or Two (OAGOT), the new FYE Channel show premiering on kumu on July 30 at 10 a.m. Hosted by Filipino-Americans Jessy Daing and Jesse “Jcas” Castro, the show features interesting celebrities and personalities, inspiring overseas Filipino workers, and successful entrepreneurs who talk about their journey to success and outlook on relevant issues over a glass of their favorite drink. The pandemic-born podcast in the US has become a hit among Filipinos worldwide who tune in via Apple Podcast, Pandora, Spotify, and Stitcher, and through iHeartRadio, Facebook and YouTube. Its previous guests include Angel Locsin, Martin Nievera, and Regine Velasquez-Alcasid. They will chat with The Master Alex Calleja, who will talk about his journey as a stand-up comedian, writer, and host in the pilot episode of Over A Glass Or Two. The show will air every Saturday at 10 a.m. on FYE Channel (app.kumu.ph/fyechannel) on kumu.

The School for Good and Evil to premiere on Netflix

IN THE village of Gavaldon, two misfits and best friends, Sophie (Sophia Anne Caruso) and Agatha (Sofia Wylie), share the unlikeliest of bonds. Sophie, a golden-haired seamstress, dreams of escaping her dreary life to become a princess, while Agatha, with her grim aesthetic and offbeat mother, has the makings of a real witch. One night a powerful force sweeps them away to the School for Good and Evil — where the true stories behind every great fairy tale begin. The series also stars Charlize Theron, Kerry Washington, Laurence Fishburne, Michelle Yeoh, Patti LuPone, Freya Parks, Earl Cave, Jamie Flatters, and Kit Young. Based on the international best-selling series by Soman Chainani, the series is directed by Paul Feig. The School for Good and Evil premieres on Oct. 21.

Bill offering incentives for hiring seniors filed

PHILIPPINE STAR/MIGUEL DE GUZMAN

A BILL offering incentives to companies that hire older workers has been filed in the Senate, with perks like expanded deductions on the salaries of seniors and training expenses incurred on such workers.

“There is a need to provide opportunities for our senior citizens who are still able and willing to obtain gainful employment and wish to continue to become economically active and productive during their golden years,” Senator Emmanuel Joel J. Villanueva said in a statement on Thursday.

“This bill will further support and promote equal work opportunities for our senior citizens,” he added.

Senate Bill 360, which seeks to amend Republic Act 9994 or the expanded Senior Citizens Act of 2010, increases the allowable deduction from gross income of private entities that employ senior citizens to 25% from 15% on the cost of salaries and wages, as well as training provided to senior citizens.

The measure also proposes to waive fees and charges charged to senior citizen jobseekers on documents needed for hiring like licenses, proofs of identification, clearances, certificates, and others.

If passed, the bill will allow the employment of all qualified seniors, and gives employers discretion on benefits, working conditions and terms of employment for such workers beyond the minimum standards required by law.

The bill requires the Department of Labor and Employment to provide job-matching and employment facilitation services for seniors.

The Philippine Statistics Authority estimates that 7.5 million Filipinos are aged 60 and above as of 2015, with 4.8 million over 64 years old. Some 42% or 3.2 million of these age cohorts remain at work, including 1.2 million skilled agricultural, forestry, and fishery workers, 499,000 in elementary occupations, and 427,000 managers.

The Philippine Institute for Developmental Studies has projected that the Philippines will “join the ranks of countries with an aging population” by 2032 with at least 7% of the population older than 64. This percentage is expected to double by 2069, with the country eventually becoming “an aged society.” — Alyssa Nicole O. Tan

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