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Delta poses risk to construction rebound

PHILIPPINE STAR/ MICHAEL VARCAS

THE Philippine construction sector is expected to rebound “strongly” this year, but the outlook is threatened by the Delta-driven surge in coronavirus disease 2019 (COVID-19) infections and stricter lockdowns, Fitch Solutions Country Risk & Industry Research said.

Fitch Solutions said in a note on Thursday that the Philippine construction industry is forecast to grow by 24.2% this year, bouncing back from the 25.7% slump in 2020.

“We stress that infrastructure remains at the core of the Philippine government’s plans to revive the economy, and will support our near-term growth outlook,” the think tank said.

The construction sector rose by 25.7% in the second quarter, the highest since the 26.6% growth in second quarter of 2010, mainly due to the low base in 2020. Fitch Solutions, however, said this was still a good indicator of a “very strong recovery” for the industry.

“We expect transport infrastructure, particularly rail and road development, to be the key driver of infrastructure and construction growth over the coming years,” it said.

However, Fitch Solutions flagged downside risks arising from the Delta-driven virus surge and lockdown measures which may weaken the industry’s growth in the second half.

“We have yet to factor this development into our forecasts as many projects have continued to register strong progress as of the time of writing, but the situation remains highly fluid and we may revise our forecasts downwards if necessary, over the coming weeks,” it said.

Metro Manila was under a two-week enhanced community quarantine (ECQ) in August as the government sought to curb the spike in COVID-19 cases.

Unlike last year, the government allows construction work on all essential public and private projects to proceed even during the lockdowns this year. It only banned small-scale projects in areas under ECQ and modified ECQ.

The government is pinning its economic recovery hopes on infrastructure as it increased spending for flagship projects under the Department of Public Works and Highways (DPWH) and Department of Transportation (DoTr).

The DPWH has a proposed budget of P686.1 billion for 2022, up 1.4% from this year’s budget. The DoTr’s proposed budget for 2022 stands at P110.9 billion, 26.2% higher than this year’s allocation.

“Duterte’s ‘Build, Build, Build’ program will remain a key policy driving investments in the construction sector, while the progress on the execution of projects will have a heavy influence on growth of the sector over the short term,” Fitch Solutions said, citing the robust pipeline of projects in the next few years.

The Duterte administration approved the revised list of 112 priority projects worth P4.687 trillion in May, 29 of which are targeted for completion within the current administration, 51 are ongoing and 28 are in the pipeline.

“Based on our Infrastructure Key Projects Database, transport projects account for nearly 75% of the total value of the Philippines’ infrastructure project pipeline, at approximately $118 billion, with rail projects alone accounting for 33%,” Fitch Solutions said.

The think tank noted the construction sector’s growth will likely be sustained next year but at a slower pace of 16.1%.

Public spending on infrastructure surged by 43% to P426.6 billion in the first half from P298 billion a year ago. This also exceeded the P420-billion six-month target by 1.7%. — Beatrice M. Laforga

BSP says ample policy leeway to support recovery

MANILA — The Philippine central bank has ample leeway to support the economic recovery, with conventional policy instruments far from being fully utilized, its governor said on Thursday.

The monetary policy remains oriented towards supporting economic recovery, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno told a regular news conference.

“The BSP believes that the current accommodative policy settings should be allowed to continue to work their way through the economy to bolster the recovery in private consumption and investment,” he said.

The Monetary Board’s next policy-setting meeting is on Sept. 23.

The Monetary Board has left policy rates unchanged at a record low since December, after cumulatively cutting rates by 200 basis points in 2020 to support the economy.

Despite the low rates, credit activity — which supports the economy’s capital formation — remains muted. Mr. Diokno is hopeful that lending growth will pick up once business confidence is restored when more people are vaccinated against the coronavirus disease 2019 (COVID-19).

“Credit activity may also turn around. While lending remains tepid, recent data show some signs of recovery,” Mr. Diokno said.

Outstanding loans by big banks slipped for the eighth consecutive month by 0.7% in July, softer than the 2% in June, BSP data showed. Borrowings for production activities slightly rose by 0.8% while retail loans continued to decline by 8.2%.

Even as economic managers lowered the full-year growth target to 4-5%, Mr. Diokno said the monetary policy decision “will always remain contingent on the outlook for inflation and its impact on economic growth.”

“In deciding on the stance of monetary policy, the BSP typically looks beyond the calendar year and focuses instead on the outlook for inflation and growth over the entire monetary policy horizon of two years,” Mr. Diokno said.

The central bank expects inflation to be above target at 4.1% this year before slowing to 3.1% by 2022 and 2023, which is within its 2-4% target.

It estimates August inflation likely breached the target at 4.1-4.9%. If realized, this would be quicker than the 4% in July, which was the first time that inflation rose within target since the 3.5% in December.

Inflation for the first seven months of the year was at 4.4%.

“Price pressures from supply side are manageable and less persistent, with a number of non-monetary measures already in place. This provides the BSP scope to look through the impact of high commodity prices and maintain its accommodative monetary policy stance while economic recovery remains feeble,” he said.

Meanwhile, Mr. Diokno assured its policy response “will not lead to excessive inflation and trigger financial stability risks.”

“When domestic developments warrant a recalibration or withdrawal of policy support, the BSP will ensure a smooth normalization of its time- and state-bound measures,” he added.

Mr. Diokno reiterated that fiscal support will play a key role to prevent “long-term” scarring in the economy.

“Direct fiscal support continues to be imperative given rising risks to household and corporate sector balance sheets and labor displacements resulting from a prolonged recourse to lockdown measures,” he said. — L.W.T.Noble and Reuters

Stars return to Venice red carpet as film festival opens

PENELOPE CRUZ poses as she arrives for the opening ceremony of The 78th Venice Film Festival in Venice, Italy on Sept. 1. — REUTERS

VENICE — Decked out in a black and white Chanel gown, Oscar-winning actress Penelope Cruz led the comeback of movie stars to the red carpet of the Venice film festival on its opening night on Wednesday, as cinema hopes to shake off the gloom of the coronavirus pandemic.

Unlike rival Cannes, the world’s oldest film festival did not skip the 2020 edition due to the health crisis but it is only this year that celebrities are returning in force to the Lido waterfront, in a show of support for an industry hammered by lockdowns.

Organizers are banking on a strict anti-COVID protocol to help keep the 11-day movie marathon trouble free.

Theaters are operating at half capacity and a wall blocks the view to the red carpet to stop crowds from gathering outside the main venue. Face masks and a health pass or a negative COVID test are required to attend screenings, and there will be fewer late-night parties.

“They are taking measures really seriously. Everyone is being really careful, really responsible. I think it’s great for the industry that things can start to come back,” Ms. Cruz told Reuters ahead of the opening ceremony.

“I am happy that it’s happening. It’s a celebration of cinema but it also gives jobs to a lot of people around the world.”

Ms. Cruz stars in Parallel Mothers, the festival’s opening film by multi-awarded Spanish director Pedro Almodovar.

Hollywood stars Kirsten Dunst, Timothee Chalamet, Matt Dillon and Maggie Gyllenhaal are also among those who have made the trip to Venice so far.

“Everybody everywhere is eager to come back, to reopen, to restart, to release the films that stayed on the shelf for a year and a half or maybe two years,” festival director Alberto Barbera told Reuters.

He said most of the world premieres to be screened at the festival were already sold out, and promised that there would be no shortage of celebrities — even though fans will not be able to get anywhere near them.

“The red carpet will be one of the most crowded in years because everybody is here,” he said.

Titles vying for the Golden Lion award for best film include Jane Campion’s The Power of the Dog, with Benedict Cumberbatch as a ranch owner who torments a young widow played by Kirsten Dunst, and Kristen Stewart’s turn as Princess Diana in Spencer.

Also in the main line-up is Ms. Gyllenhaal with her debut as director, of The Lost Daughter, based on an Elena Ferrante novel and starring Olivia Colman and Dakota Johnson.

Ridley Scott’s medieval epic The Last Duel starring Matt Damon and Ben Affleck, and Denis Villeneuve’s hotly anticipated science-fiction tale Dune, with Mr. Chalamet and Zendaya, will both screen out of competition.

The festival is a showcase for Oscar contenders as awards season approaches, and South Korean Parasite director Bong Joon-ho — who presides over the jury — said he was ready for a fight with fellow jury members to pick the award winners.

“As a film-maker I don’t believe cinema can be stopped so easily. COVID will pass, cinema will continue,” he said. — Reuters

Medilines sets ‘pure-play healthcare’ IPO in 2021

MEDICAL equipment distributor Medilines Distributors, Inc. is planning for an initial public offering (IPO) “that could take place before the end of the year,” the company said in a statement.

The company filed an application for an IPO with the Securities and Exchange Commission in August. It has recently appointed PNB Capital and Investment Corp. as sole issue manager, lead underwriter, and sole bookrunner for its stock market debut.

“We envision this to be the first pure-play healthcare IPO in the Philippines,” said Gerry B. Valenciano, president of PNB Capital. 

Medilines was founded in 2002 and distributes medical devices from Siemens, B. Braun, and Varian, among others. Its product portfolio includes devices for diagnostics imaging, dialysis, and cancer therapy.

It will be selling 825 million common shares for P2.45 each at most. The IPO comprises 550 million common shares in its primary offer and 275 million shares owned by Medilines Chairman Virgilio B. Villar by way of secondary offer.

Total proceeds from the sale of primary shares will amount to P1.35 billion. Medilines plans to use the funds as its initial working capital for its existing products as well as its product portfolio expansion into the medical consumables segment, and for debt repayment.

“The intended use is consistent with our strategy of foraying into the distribution of medical consumables and accessories that are regularly used by our customers to operate the high-value medical equipment we also sell,” Medilines said in its prospectus. 

Medilines aims to become a “one-stop shop” for its customers.

Meanwhile, the sale of secondary shares may raise up to P673.8 million. The company said it will not receive any of the proceeds from the sale of the secondary shares.

According to its prospectus, the company aims to conduct its offer period by Nov. 11 to 17 and is targeting to list at the Philippine Stock Exchange by Nov. 25 under trading symbol “MD.” However, the schedule is still subject to regulatory approvals and market conditions. 

“We are excited to work with Medilines in drawing out another opportunity to bring to the capital market an essential and pandemic-resilient business,” said PNB Capital’s Mr. Valenciano. — Keren Concepcion G. Valmonte

iQiyi debuts Taiwan prison-themed show

TAIWANESE ACTOR Vic Chou in Danger Zone

A PRISON-THEMED Chinese-language original series, Danger Zone premieres on iQiyi today, and its star is looking forward to binge watching his own show.

Taking the lead role is Taiwanese actor Vic Chou who rose to fame as a member of the boy band F4 and starred in the drama series Meteor Garden (2001). 

Danger Zone follows psychological profiling expert Yan-dong Liang (played by Mr. Chou) who is imprisoned for an incident of abuse. To flip the case, he takes an under-table deal with police captain Chong-hui Tang (played by Christopher Lee) and rookie officer Fei Ran (Berant Zhu). However, the decision triggers a series of crises.

“Even if I am a part of this series, I still find it fascinating to watch the trailer. I can’t wait to binge watch alongside everyone,” said Mr. Chou during an online press conference with Asian media on Sept. 1 held via Zoom. With this show, Mr. Chou returns to acting after a nine-year hiatus.

“From the filming process to the trailer, I think this series is a major breakthrough for every one of us,” co-director Chen Kuan Chong said.

“In our previous collaboration, I was his younger sister. So, it was a family story,” said Sandrine Pinna, who plays police officer Yang Yulu in Danger Zone, of reuniting with Mr. Chou on a drama series 20 years after they worked together on the Taiwanese drama Poor Prince. “But this time in our series, our characters have a lot of confrontation and tension. There was a lot of opposition between both of us.”

Danger Zone has 24 episodes which are divided into two chapters — “In the Dark Night” and “The Silver Lining.” “In the Dark Night” reveals how the three male leads become a team. Meanwhile, “The Silver Lining,” which begins on episode 13, follows how the characters discover the truth. 

Also in the cast are Wu Hsing-kuo, Tseng Jing-hua, and Teresa Daley.

“You really have to watch the series to know which one is the reliable one and which one is the smart one,” co-director Chuang Xuan Wei said.

Danger Zone premieres today on iQiyi International at 8 p.m. (Taipei Time). It is available in 10 subtitled languages (Traditional Chinese, Simplified Chinese, English, Bahasa Indonesia, Bahasa Malaysia, Thai, Vietnamese, Korean, Arabic, and Spanish). To watch, download the iQiyi app or log in to iq.com. Michelle Anne P. Soliman

Megaworld leases out 415,000 sq.m. office space since pandemic struck 

MEGAWORLD said it fully leased its Southwoods Office Towers based within its 561-hectare Southwoods City earlier this year.

TAN-LED Megaworld Corp. said it leased out 415,000 square meters (sq.m.) of office space since the pandemic began last year, which were mostly booked by information technology (IT) and business process outsourcing (BPO) firms.

Some 60% of the lease contracts booked since last year were renewals, while 50% accounted for new leases.

Megaworld said new leases and renewals were recorded in Eastwood City, McKinley Hill, Uptown Bonifacio, Cebu-based The Mactan Newtown, Southwoods City in Biñan in Laguna, and Davao Park District in Davao City in the first six months of this year.

“Around 80% of these leases in the first half of the year are renewals. This means, BPO companies opted to stay and held on to their spaces,” Megaworld Chief Strategy Officer Kevin Andrew L. Tan said in a statement on Thursday.

“This also clearly indicates the strength and resilience of the office market within our pioneering townships,” he said, adding that the township model plays to the company’s advantage.

Megaworld said it fully leased its Southwoods Office Towers based within its 561-hectare Southwoods City earlier this year, as an American renewable energy company and a BPO firm specializing in customer care solutions leased out the remaining spaces.

In the first half of the year, one of the country’s largest BPO firms also leased out four levels of Megaworld’s Davao Finance Center inside its 11-hectare Davao Park District.

The company said occupancy rates of its Megaworld Premier offices are still at 90%.

Meanwhile, some of its townships are achieving occupancy rates as much as 100%, such as Iloilo Business Park. Shares of Megaworld at the stock exchange climbed by 0.7% or two centavos on Thursday, closing at P2.87 each. — Keren Concepcion G. Valmonte

Call me by your name

Candyman
Directed by Nia DaCosta

The script of Nia DaCosta’s Candyman is problematic, to put it mildly. It seeks to repurpose a dark pop gothic figure to a more politically correct ideology; it seeks to deliver a more positive and hopeful overall message while still administering intense doses of violence and gore, not to mention social satire, to a (presumably) bloodthirsty audience.

Does it succeed? Tell you what I think:

Faulting this sequel of Candyman for trying to rehabilitate a horror flick is silly when you consider that the original production itself was a chimeric creature, an attempt to explore (Cash in on?) current social issues. Writer-director Bernard Rose transposed Clive Barker’s short story about urban poverty from London to Chicago, introducing the issue of race; actor Tony Todd came up with the character’s background, about forbidden love and horrific retribution (his arm is sawed off, his naked body smeared with honey to be stung to death). Powerful story even if it has an arbitrary slapped-together quality, a composite of actual news events (Ruthie Mae McCoy, who died when a burglar climbed through a bathroom medicine cabinet into her apartment) and tales of racist lynchings, and you wonder at the Candyman’s motives — if he’s the victim of racism why prey on white and black folk alike? If he lives on the beliefs of others, how does going back on one’s word help his cause?

And yet the film works, partly because Rose is a tremendous fabulist and partly because Tony Todd as Daniel Robitaille (aka The Candyman) and Virginia Madsen as grad student Helen Lyle researching his legend are compelling together onscreen. If parts of the film feel uncomfortable — if Mr. Todd’s hooked monster raises the specter of racial stereotypes and his scenes with Ms. Madsen have a galvanizing charge — that only adds to the film’s ability to burrow under one’s skin.

You can see the genetic code in the new film — again, the eponymous figure acts out in response to racist injustice, again the mantle is passed on, from recent urban legend to rising star in the contemporary urban art scene (Chicago, which, as implied at one point, is a secondary market compared to New York). This time however Candyman isn’t a single figure but a hive — a collection of melancholy drones young and old, seeking vengeance for the wrong done to them in the past.

Maybe what’s lacking in this sequel-remake (not just an extension of the original but a redefining and broadening in significance) is the whiff of forbidden sexuality implied between Helen the grad student and Candyman, echoed in Helen the virginal plantation owner’s daughter and Robitaille. Producer-writer Jordan Peele (collaborating with Win Rosenfeld and director DaCosta) don’t attempt to establish anything sexual between the new Candyman Sherman Fields (Michael Hargrove) and his new acolyte/victim Anthony McCoy (Yahya Abdul-Mateen ll), though we are offered a happily married gay couple (Nathan Stewart-Jarrett, Kyle Kaminsky) as a presumably more wholesome (and admittedly charming) alternative.

I do miss the sexuality. It’s a constant in Clive Barker’s work (whose Books of Blood short story “The Forbidden” was basis for the 1992 film) and what stitched the somewhat disparate limbs of Bernard Rose’s plot together. Ms. DaCosta’s film does have sexuality — mostly affectionate, between Anthony and his art-gallery director/girlfriend Brianna Cartwright (Teyonah Parris); a touch lurid, as between a couple testing the Candyman legend — but it isn’t a central element in the film’s concept and doesn’t have the same profane feel.

Quick aside in an attempt to explain — Candyman 1992 ostensibly has a potential victim (Helen) being seduced by her victimizer (Candyman/Daniel Robitaille), but the subtext means several things to the audience depending on who you’re talking to: if white, they’re thinking “Ooo, black man, white woman!” If black woman: “there he goes, trying to get above himself.” If black man: “Yes!” Not that this is what they should be thinking — more a shadowy creature lurking in the far corner of their respective minds that they likely refuse to acknowledge, much less consciously act upon.

And behind or beneath all that is Mr. Barker’s inadmissible subtext, mentioned once in the film: “They will say that I have shed innocent blood. What’s blood for, if not for shedding?” It’s Candyman’s rationale for killing black and white folk, innocent and guilty alike, but it’s also very possibly Mr. Barker’s suspicion or even belief about the way the world works — on social media he’s implied he’s been a victim of sexual abuse; he’s dabbled in sadomasochistic sex, and you can tell from reading his works and watching the films based on his works (at one point Candyman suggests to Helen “The pain, I can assure you, will be exquisite”). No, Mr. Barker is not polite company to keep.

Candyman 2021 sidesteps this likely troublesome baggage (I’d love to have seen them go the homoerotic route though) and (as in the original) rides over rough narrative patches through sheer aural and visual style. I remember Mr. Rose’s visuals back in 1992 and looking back recently was surprised at how rough and even primitive some of the effects were — the bees coming out of Tony Todd’s mouth look as if they’re coming out of a mannequin (though, yes, that is Todd’s mouth and, yes, they’re real bees) and the climactic conflagration is clumsily staged — but the imagery still retains power. An early sequence of Helen climbing into the gap left by a medicine cabinet deep inside a neighboring apartment and out a hole in the wall that turns out to be a larger-than-life spraypainted mouth holds the disturbing suggestion of having wandered through the Candyman’s gut to come out the wrong hole. Later Candyman floats above Helen’s leather-strapped body, and Rose pulls off the visual coup of Helen’s prone figure with head pointed to the right wall of the cell when trapped in reality, head pointed to the left wall when under a trance state (later video footage confirms that, yes, her head was pointed to the right wall all the time) — something an understandably stressed first-time viewer might miss. 

Todd strides (or glides) through the film with vampiric majesty and Ms. Madsen is unsettlingly luscious as his victim/accomplice. Vanessa Williams is forced to shriek a little once too often, but her early scenes as a mother determined to raise her child properly in the Cabrini-Green housing projects and her later scenes as a figure of moral authority give the film its emotional spine.

Ms. DaCosta turns to Black Lives Matter for her subtext and her film has less of a timeless quality, more of a from-the-headlines urgency; her camera glides with considerably more confidence than Rose, and I believe she matches Mr. Rose in terms of visual inventiveness — where Mr. Rose opens his film with the camera gliding high above the city of Chicago, Ms. DaCosta has her camera gliding far below, looking up at a vertiginous angle at mist-shrouded towers like so many surrounding gravestones. Folks gaze into a mirror to say his name five times — Ms. DaCosta plays into that trope by at one point having Anthony walk into an elevator that’s all mirrors, front, right, left, and ceiling; you feel claustrophobic and agoraphobic at the same time, not knowing if the threat will appear from far off or at your side. Later, Anthony faces Candyman and in a nightmare parody of the Marx Brothers, mirrors the gestures of his hook with a bee-stung bandaged hand. If you miss Todd’s seductive, satanic presence, you have by way of alternative Ms. DaCosta’s sliding, gliding, seductive camera wandering through the shadows and darkly colored sets — though at one point, Ms. DaCosta pauses the camera long enough to take in the haunted image of Brianna’s father Gil (Cedric Mays) sitting sadly at a windowsill before her life changes forever. Robert Aiki Aubrey Lowe takes off from Philip Glass’ hypnotic incantatory score and gives it ambient sounds used as instruments, actor’s recited dialogue, and his own voice recorded in layers, with sometimes just the hint of insect buzz.

Does Ms. DaCosta’s film work? It’s opportunistic, and I can’t blame it for being so; it presents a more gentrified vision of black America, with most of the characters either upper middle class or (in the case of Vanessa Williams’ Anne-Marie) comfortably well off, as if in compensation for all the ghetto porn dramas made through the years about African-Americans — though, to be fair, Ms. DaCosta and Mr. Peele do suggest a darker side of this gentrification, the sense that these prosperous young folk are being exploited by the white society that allows them to exist, and that Anthony is alienated from his lower-class roots to his imminent peril. Yes, there are Candymen but they are posed more like victims than victimizers and if anything, it’s Ms. DaCosta’s camera that floats about and around them, cherishing them, sadomasochistically drinking in their endless, exquisite suffering.

Commercial property price index to help ensure financial stability

BW FILE PHOTO

THE CENTRAL BANK’S upcoming commercial property price index (CPPI) will help it gauge the impact of the coronavirus crisis on the real estate industry and give the regulator another indicator to monitor in fulfilling its financial stability mandate.

“It is crucial to monitor the commercial property prices and the commercial real estate sector during this crisis and as we move towards the new economy is the adverse effects of the pandemic on the outlook for the real estate sector,” the Bangko Sentral ng Pilipinas (BSP) said in an e-mail.

The CPPI will include details such as the actual use of a commercial property and appraised land value. Its bank-level data will include indices for commercial properties within Metro Manila and their uses such as office, retail, mixed use, and commercial vacant lot.

The BSP announced in June that it will release its first CPPI within the year, which will be patterned after its quarterly residential real estate price index (RREPI).

The Philippines is one of 59 countries that release quarterly RREPI data. This came after experts, following the Global Financial Crisis, said some indicators in the property sector could serve as warnings for a potential economic downturn.

While the consumer price index is the main indicator considered by the BSP when setting policy as an inflation-targeting central bank, it said the CPPI will also help it ensure the financial system’s stability.

“A wide set of economic variables is also taken into account in the BSP’s policy-making decisions regarding the appropriate stance of monetary policy, with the view to maintaining price stability conducive to sustainable growth and employment. These include monitoring the trends in the Philippine property sector,” the BSP said.

The price index for the commercial real estate sector could also be used as “an indicator of macroeconomic activity; an input to socioeconomic policies such as monetary and financial policies, and a basis for investment decisions and cross-country comparisons,” the central bank added.

The CPPI would also help the BSP assess how its policies affect the real estate sector, it said.

“A loose monetary policy could encourage a shift of capital flows into the real estate, which in turn could exert pressure on real estate prices to rise,” the BSP said. “Conversely, a hike in policy rates lowers the value of asset holdings of individuals and financial institutions, it could potentially make credit financing more costly for both buyers and property suppliers.”

The Financial Stability Coordination Council in July said the commercial real estate industry is among the sectors that will see a significant change in the “new normal” due to work-from-home and health protocols.

Officials noted that the exodus of foreign workers is a growing concern as they mainly drove demand for office space before the pandemic. They also noted the need to retrofit existing spaces and improve ventilation in order to comply with physical distancing and health protocols.

Residential property prices declined in the first quarter, mainly dragged by the lower costs of condominium units and duplexes due to weak demand amid the crisis. The RREPI was down by 4.2% year on year in the January to March period, the steepest decline recorded since the index was launched in 2016. — Luz Wendy T. Noble

Discovery’s streaming service enters Philippine market via Globe

THE streaming service of American multinational mass media factual television company Discovery, Inc. is entering the Philippine market through Globe Telecom, Inc.

Discovery and Globe announced their partnership on Thursday by launching “discovery+” in the country.

“While the streaming service will be accessible widely in October, select Globe customers can, for a limited time, exclusively enjoy one year of access and offers from Sept. 2, giving them early web access to an extensive library of shows,” Discovery and Globe said in an e-mailed press statement. 

At the time of its launch, the discovery+ service has more than 45 original titles.

Simon Robinson, president for Asia-Pacific at Discovery, said: “The launch of discovery+ in the Philippines represents another step forward in the platform’s global expansion and further strengthens our direct-to-consumer proposition across Asia-Pacific.”

Globe and Discovery said the service will launch widely in the country in October “across app stores and a number of platforms.”

Singapore-based Discovery Networks Asia-Pacific Pte. Ltd., a subsidiary of Discovery, operates the streaming service. — Arjay L. Balinbin

Tom Cruise films Top Gun, Mission: Impossible delayed amid COVID wave

LOS ANGELES — Paramount Pictures has postponed the release of Tom Cruise films Top Gun: Maverick until May 2022 and Mission: Impossible 7 until Sept. 2022, a spokesman for the ViacomCBS, Inc. studio said Wednesday, as coronavirus disease 2019 (COVID-19) infections rise.

The Top Gun sequel, which has been delayed multiple times during the pandemic, had been set to debut in theaters on Nov. 19, just ahead of Thanksgiving, to kick off the holiday moviegoing season. Top Gun will now debut on May 27, the date that M:I 7 had been set to light up screens over next year’s Memorial Day weekend. That forced a shift for M:I 7, which was moved to Sept. 30, 2022.

Movie studios have repeatedly shuffled their schedules as they try to gauge when crowds will return to cinemas. The Delta variant of the coronavirus has disrupted a hoped-for comeback. Theater chains, including AMC Entertainment, Cineworld Plc, and Cinemark Holdings, are counting on blockbusters such as Top Gun to help lure audiences back. The movie is a follow-up to the 1986 hit starring Cruise as an elite US Navy fighter pilot.

Jeff Bock, senior media analyst at Exhibitor Relations Co., called Paramount’s decision on Top Gun a “smart move.” He wrote on Twitter: “Paramount needs this to be a big worldwide hit. Global marketplace just isn’t there yet.”

Theater operators hope other big-budget films will cling to their 2021 schedules. James Bond movie No Time to Die is currently set for release in cinemas on Oct. 8, and studio MGM has insisted that date will stick. Other upcoming films include Sony’s Venom: Let There Be Carnage in October, Marvel’s Eternals in November and Spider-Man: No Way Home in December. — Reuters

AMLC files 63 cases against alleged launderers in H1

THE ANTI-MONEY Laundering Council (AMLC) filed 63 cases against suspected criminals in the first half of the year, AMLC Chairman and Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.

“Through these cases, the AMLC has deprived money launderers and other criminals of over P3.3 billion and various assets,” Mr. Diokno said in a speech on Thursday.

“Further, this year, there has been a money laundering case conviction predicated on the violation of the E-Commerce Act in relation to cybercrime,” he added.

Asked for details, the AMLC said the P3.3 billion mentioned by Mr. Diokno was the value of cash, bank and various assets, as well as properties and motor vehicles pending valuation covered by civil forfeitures and freeze orders from 2019 to 2021.

Mr. Diokno said these include 121 hectares of real properties that were the subjects of freeze orders related to terrorism financing and a five-hectare land connected to two United Nations (UN) Security Council Resolution-designated individuals.

A property owned by an alleged associate of a designated terrorist group was also subject of a freeze order in March, in compliance with another UN Council Resolution, he added.

The Philippines was placed in the “gray list” of the Financial Action Task Force (FATF) in June. This means the country will be under increased monitoring to prove its progress in implementing tighter anti-money laundering and counter-terrorism financing measures.

Mr. Diokno earlier said they hope to address the 18 action plan items identified by the FATF to exit the gray list in less than two years.

“It must be emphasized that all anti-money laundering/counter-terrorism financing players, such as law enforcement and government agencies; and covered persons, are required to demonstrate effectiveness to address these 18 action plan items, whichever is applicable,” Mr. Diokno said on Thursday.

“A significant challenge then is ensuring accountability among government agencies on the action plan items that they need to deliver,” he added.

The country’s first report to the FATF is due this September. The AMLC earlier said this will focus on the guidelines for the delisting and unfreezing procedures for targeted financial sanctions related to proliferation financing of weapons of mass destruction.

AMLC Executive Director Mel Georgie B. Racela earlier said they are confident the report will show the country’s progress. — LWTN

PNCC flagged for plan to rent out Pasay property at below-market prices

THE Privatization and Management Office (PMO) has sought a review of the plan of state-run Philippine National Construction Corp. (PNCC) to develop and lease out the government’s 9.9-hectare property in Pasay City at below fair market value.

The PMO said PNCC’s proposal was to rent out the real estate in the Financial Center Area (FCA) along Macapagal Avenue, Pasay City for P300 per square meter under a 25-year contract, that can be renewed for another 25 years, the Department of Finance (DoF) said in a press release on Thursday.

“[The rental fee of P300 per square meter] does not reflect fair market values and may be disadvantageous to the government,” said PMO Chief Privatization Officer Gerard L. Chan in his July 26 letter.

He added the firm’s P500-per square meter rental fee for construction company Pacific Concrete Products, Inc., which currently occupies three hectares of the FCA property, also seems to be outdated compared with current market rates.

The PMO also said the plan also did not consider how PNCC will pay off the P66-billion debt it owes the national government and other state-run firms Development Bank of the Philippines, Philippine Guarantee Corp., and National Development Corp. on top of the P8.35 billion it owes to the Toll Regulatory Board, based on a 2018 audit report.

The Commission on Audit also noted that PNCC left the property idle for three years, which resulted in foregone revenues of P1.5 billion.

“The PMO is unable to give its concurrence (to the PNCC proposal) because, number one, that asset is a government asset and they (PNCC) haven’t taken any steps regarding the settlement of their obligations to the national government; and, number two, their proposed rent is below market value,” Mr. Chan said in his report to the DoF.

BusinessWorld sought PNCC for comment but did not get a response by the paper’s deadline.

The state-run firm aims to develop, construct and manage toll roads, as well as engage in other infrastructure projects of the government. — Beatrice M. Laforga