SHANGHAI – China‘s crackdown on celebrity culture and its moves to rein in giant internet firms are a sign of “profound” political changes under way in the country, a prominent blogger said in a post widely circulated across state media.
The Chinese government has recently taken action against what it has described as “chaotic” online fan club culture, and has also punished celebrities for tax evasion and other offences.
In a wide-ranging series of interventions in the economy, it has also promised to tackle inequality, “excessively high” incomes, soaring property prices and profit-seeking education institutions.
“This is a transformation from the capital at the centre to people at the centre,” nationalist author Li Guangman wrote in an essay originally posted on his official Wechat channel.
“This is also a return to the original intentions of the Chinese Communist Party … a return to the essence of socialism,” he wrote in an article that was republished by the Xinhua news agency and the Communist Party’s official newspaper, the People’s Daily.
Li, identified as a former editor at a state-run publication, said China‘s markets would “no longer be a paradise allowing capitalists to get rich overnight”, adding that culture would not be a haven for celebrities and public opinion would “no longer be a place to worship Western culture“.
“Therefore, we need to control all the cultural chaos and build a lively, healthy, masculine, strong and people-oriented culture,” he wrote.
Since coming to power in 2012, Chinese President Xi Jinping has sought to enhance the role of the ruling Communist Party in all areas of society, including its businesses, schools and cultural institutions.
In a speech marking the centenary of the Party in July, Xi vowed to “enhance” the Party’s powers, uphold his own “core” leadership and strengthen the unity of the Chinese people. – Reuters
NEW YORK, Aug 30 (Reuters) – A U.S. appeals court said the trustee liquidating Bernard Madoff‘s firm can pursue a $343.1 million clawback lawsuit against Citigroup Inc, a decision that could help the late swindler’s customers recover close to the estimated $17.5 billion they lost in his Ponzi scheme.
The 2nd U.S. Circuit Court of Appeals in Manhattan ruled on Monday that lower court judges incorrectly required the trustee Irving Picard to prove Citigroup lacked good faith by being “willfully blind” to “red flags” suggesting a high probability of fraud.
It said the correct standard was whether the New York-based bank knew “suspicious facts” about Madoff that would have caused a reasonable person to follow up.
Seanna Brown, a lawyer representing Picard, in a statement called the decision an “important victory” for Madoff victims that could help the trustee recover $3.75 billion, on top of nearly $14.5 billion he has already recovered.
Brown said the decision affected about 90 lawsuits, and should help bring victims “as close as possible to recovering 100% of their losses.”
Citigroup declined to comment. Brown and Picard are partners at the law firm Baker & Hostetler.
The $343.1 million represented money that Citigroup received between 2005 and 2008 from a Madoff “feeder fund,” Rye Select Broad Market Prime Fund LP, that had borrowed from the bank to invest with Bernard L. Madoff Investment Securities LLC.
Picard said Citigroup accepted that money despite internal suspicions that Madoff‘s trading activity and investment returns were a sham.
U.S. Bankruptcy Judge Stuart Bernstein in Manhattan dismissed Picard’s case after another judge, U.S. District Judge Jed Rakoff, imposed the willful blindness standard.
But in Monday’s 3-0 decision, Circuit Judge Richard Wesley said the plain meaning of good faith in the U.S. Bankruptcy Code required that Citigroup be only on “inquiry notice” of Madoff‘s fraud.
The appeals court also revived similar clawback lawsuits against two other firms.
Madoff died on April 14 at age 82 in prison, where he was serving a 150-year sentence.
The cases are Picard v. Citibank NA et al, 2nd U.S. Circuit Court of Appeals, No. 20-1333; and Picard v. Legacy Capital Ltd et al in the same court, No. 20-1334. – Reuters
Asia Pacific digital trailblazer Union Bank of the Philippines (UnionBank) has partnered with Hex Trust, Asia’s leading digital asset custodian, to pilot its digital asset custody service.
The collaboration will start with Hex Trust providing digital asset custody as an internal service for UnionBank employees, as a pilot run, to prepare for the next stage – a fully commercialized digital asset custody service for the bank’s customers. UnionBank is in full compliance with the Bangko Sentral ng Pilipinas (BSP) in offering this service. This partnership once again puts UnionBank at the forefront of the industry as banks start to enter the digital asset sector.
UnionBank sees the digital asset space maturing as more and more customers and institutional investors show interest in digital assets and the blockchain. This tie-up enables the Bank to respond to the needs of customers who are now looking for a trusted and regulated institution to safe keep their digital assets. This also allows the industry to continue its growth, and at the same time, together with the BSP, remain safe and regulated for new and existing investors.
“Digital assets are here to stay, whether it be in the form of cryptocurrency, NFTs, or tokenized assets, and we are seeing more market demand for these. We are excited to be the first Philippine bank to pilot a custody service for digital assets for our own employees, overseen by the BSP so that we can prepare the groundwork for a safe and protected system for customers’ digital assets.”– Henry Aguda, Chief Technology and Operations Officer, Chief Transformation Officer, Union Bank of the Philippines
Hex Trust is a fully licensed, insured financial institution that provides bank-grade custody for digital assets. Led by veteran banking technologists and award-winning financial services experts, Hex Trust has built a proprietary bank-grade platform – Hex Safe™ – that delivers a custody solution for banks, financial institutions, asset managers, exchanges, and corporations.
Hex Trust has already established itself as the leading digital asset custodian in Asia and has a range of banks, financial institutions, and digital asset companies as clients. Hex Trust recently won a ‘Best Custody Specialist, Digital Assets’ award in ‘The Asset Triple A Sustainable Investing Awards for Institutional Investor, ETF, and Asset Servicing Providers’.
“Hex Trust’s collaboration with UnionBank enables secure access to the digital asset ecosystem via our award-winning enterprise-level custody platform. Millions of the bank’s customers will soon have access to this new asset class. We are proud to be a part of the bank’s commitment as the Philippines’ leading digital bank.” – Calvin Shen, Head of Sales & Business Development
Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.
Coronavirus cases are surging. Nurses are not getting paid and hospitals are filling up. Cities have been locked down since the beginning of August. And the Philippine economy probably won’t recover until the end of 2022 or 2023.
In this episode of B-Side, Joey Francis Hernandez, treasurer of the Philippine Society of Public Health Physicians, speaks with BusinessWorld’s Russell Louis C. Ku about the Philippine pandemic response and holding our leaders accountable.
Communication has serious consequences.
On Aug. 5, the eve of lockdown, long lines were seen at vaccinations in cities such as Manila and Las Piñas as Filipinos feared that no jab would prevent them from going out to claim their ayuda or cash assistance from the government. This came as President Rodrigo R. Duterte ordered police to escort unvaccinated Filipinos to their homes in a recorded address on July 28.
Mr. Hernandez said that “it’s not enough for us to be able to possess technical knowledge on things … we should also be able to complement it with effective and persuasive communication which is also highly evidence based.”
Government units should evaluate on who should be the primary source of information as conflicting statements would lead to an erosion in public trust.
Determining public policy is a two-way street.
House lawmakers filed a resolution seeking to probe the OCTA Research group — private researchers who have been relied upon by the government in shaping its public policy through projections on the spread of the virus — in a bid to seek accountability after health officials slammed the group for their “incomplete” and “erroneous” data.
Mr. Hernandez said that he understands the need for accountability as inconsistent predictions may lead to “undue panic,” highlighting the need for more research experts in the field of epidemiology and public health.
However, he said that it is the responsibility of the Department of Health (DoH) to listen and to collaborate by making its data clean and accessible.
“It is not only the government that has the monopoly of expertise and authority. Therefore, we need technical and operational support and resources of the private sector. And also, to the private sector to be responsible in whatever pronouncements they make public.”
The budget has to be translated into a proper pandemic response.
“The issue surprised us and caught us off guard considering that we have a lot of needs that are unmet … This could have been the perfect time to institute improvements. However, these deficiencies found by CoA… shows the need to heighten the sense of urgency and efficiency matching the gravity of the pandemic,” Mr. Hernandez said.
Health is political, but public health precedes politicking.
You cannot separate health and politics, Mr. Hernandez said, especially with the devolved nature of our health system that is mostly under the responsibility of local government units.
This comes especially as Mr. Duterte ordered the Department of Social Welfare and Department and Department of Interior and Local Government on Aug. 10 to distribute ayuda to a particular city in Metro Manila, which was seen as an attack on Manila Mayor Francisco Moreno Domagoso.
“If there are political clashes… it can affect how things get rolled out in certain areas of the country especially since progress is not seen uniformly in the country,” Mr. Hernandez said.
Shopping malls have yet to see a return to pre-pandemic foot traffic amid the Delta-driven surge in COVID-19 infections. — PHILIPPINE STAR/ MICHAEL VARCAS
By Jenina P. Ibañez, Reporter
RETAILERS are asking for expedited vaccine deliveries as the industry is running out of cash reserves after three major lockdowns since March 2020.
“The retail industry — stores, fastfood and restaurants — are on a verge of collapse,” Philippine Retailers Association Vice-Chairman Roberto S. Claudio said in an e-mail on Saturday. “Retailers have lost 85-90% of our pre-pandemic levels.”
Business and government officials have been proposing vaccine “bubbles” or sectors where people vaccinated against the coronavirus disease 2019 (COVID-19) can move freely.
But Mr. Claudio said the lockdowns and minimal customer foot traffic have depleted cash reserves, noting that online sales have accounted for just 8-15% of total store revenue.
“The answer to this problem is not the gamut of selecting on who can enter our establishments (vaccinated or not, 10% or 30% capacity, seniors or children, etc.). We can come out with many suggestions, but this will not address the retailers’ main problem, which is lack of customers,” he said.
“For so long as the strict lockdowns persists and customers are not allowed to come out, there is no business for stores and restaurants.”
Mr. Claudio backed the imposition of granular or localized lockdowns for areas with higher COVID-19 infection rates.
He emphasized the need for the government to accelerate its vaccination rollout.
The Johns Hopkins University COVID-19 tracker showed that the Philippines has fully vaccinated just 12.37% of its population as of Aug. 30.
“Rush (the) delivery dates of vaccines ordered to be delivered as soon as possible, even if the government have to pay extra cost,” he said. “Allow private sector to acquire vaccines directly to vaccinate our employees.”
Private firms are currently allowed to buy COVID-19 vaccines only if they enter into tripartite agreements with the National Government and vaccine manufacturers, as manufacturers require indemnification from government.
PRA President Rosemarie B. Ong said that the industry group supports vaccine bubbles.
“We in PRA fully support the call to increase mobility, to keep our economy moving, to reopen the different business establishments as we of course continue to implement stricter health protocols in our health establishments,” she said at a virtual briefing on Monday.
“It’s not just separation, but basically also protecting those that are unvaccinated.”
Listed retailers had mixed results in the first half of the year, which saw a return to a strict lockdown in late March to mid-April.
SM Investments Corp. (SMIC) said SM Retail’s net income surged to P3.6 billion in the first six months, despite a 0.7% dip in revenues to P138.2 billion. This was attributed to better mix of products, less sales promotions, higher level of support from partner-suppliers, cost management and rent concessions, SMIC said in its latest quarterly report.
Robinsons Retail Holdings, Inc. reported attributable net income of P1.67 billion in the first half, up 1.65% from a year earlier, as gross revenues slipped 5% to P71.8 billion.
SSI Group, Inc. narrowed its net loss attributable to parent equity holder to P174 million in the first half from a loss of P476 million in the same period last year. This on the back of a 28% rise in net sales to P6.4 billion despite ongoing quarantine restrictions and reduced foot traffic in malls.
The number of COVID-19 cases in the Philippines has continued to rise with 22,366 new infections reported on Monday. This brought the active COVID-19 cases to 148,594.
THE IMPACT of the ongoing coronavirus pandemic continued to weigh on banks in the second quarter as assets grew at a slower pace and bad loans piled up.
The latest edition of BusinessWorld’s quarterly banking report showed the combined assets of 42 universal and commercial banks (U/KBs) rose 2.71% to P18.657 trillion in the April-June period, from P18.165 trillion in the same three months of 2020.
The second-quarter asset growth performance was the slowest in 15 years or since the year-on-year expansion of 1.02% recorded in the first quarter of 2006. Assets fell by 0.6% from a year earlier in the first quarter of 2008.
Meanwhile, aggregate loans of these banks fell by 5.60% year on year to P9.223 trillion in the second quarter, slower than the 5.98% decline posted in the preceding quarter. This extended the losing streak to four consecutive quarters.
Profitability, based on the median return on equity, further dipped to 2.77% in the second quarter from 3.89% in the preceding quarter and 4.89% in the second quarter of last year.
Asset quality also continued to take a hit in the second quarter as bad loans, also known as nonperforming loans (NPL), rose by 7.53% year on year to P389.16 billion from P361.89 billion in the first quarter of 2021. Compared with the same period last year, soured loans surged by 83.32%.
This brought the NPL as a portion of the total loan portfolio to 4.67% in the second quarter, more than the 2.02% in the second quarter of last year and the record 4.12% in the first quarter.
Loans are deemed as nonperforming once they are left unpaid at least 30 days beyond the due date. They are considered as a risk to the lenders’ asset quality as borrowers are likely to default on these debts.
Likewise, the U/KBs’ nonperforming asset (NPA) ratio — or the NPLs and foreclosed properties in proportion to total assets — stood at 1.46% in the second quarter, higher than the previous quarter’s 1.38% and last year’s 0.91%.
Relative to total assets, foreclosed real and other properties are smaller at 0.26% in the second quarter from 0.28% in the previous quarter.
Total loan loss reserves reached P338.535 billion in the second quarter, bigger than the P325.262 billion in the first quarter.
On the other hand, the big banks’ median capital adequacy ratio — or the ability to absorb losses from risk-weighted assets — stood at 22.34% in the second quarter, higher than 19.78% in the previous three-month period, as well as above the required minimum of 10% set by the Bangko Sentral ng Pilipinas and the international standard of 8% set under the Basel III framework.
BDO Unibank, Inc. remained the biggest bank in terms of assets with P3.399 trillion, followed by Land Bank of the Philippines (LANDBANK) with P2.518 trillion and Metropolitan Bank & Trust Co. (Metrobank) with P2.480 trillion.
BDO also remained on top in terms of loans issued with P2.175 trillion with Bank of the Philippine Islands and Metrobank coming in at second and third with P1.355 trillion and P1.138 trillion, respectively.
Among banks with assets of at least P100 billion, the Development Bank of the Philippines (DBP) continued to post the fastest year-on-year asset growth with 35.93%, followed by the Hongkong & Shanghai Banking Corp. Ltd. (22.71%) and Rizal Commercial Banking Corp. (RCBC, 17.85%).
DBP also saw the fastest growth in loans during the period with 19.25%, followed by RCBC’s 9.12% and the Philippine National Bank’s 4.20%.
The banks with the most deposits during the period were BDO (P2.682 trillion), LANDBANK (P2.232 trillion), and Metrobank (P1.818 trillion).
BusinessWorld Research has been tracking the financial performance of the country’s big banks on a quarterly basis since the late 1980s using banks’ published statements.
The statements of conditions of four U/KBs were not available as of Aug. 25 when the compilation of the financial data was concluded. The four banks are Bank of China Ltd., Citibank NA, CTBC Bank and Robinsons Bank Corp.
The full version of BusinessWorld’s quarterly banking report will soon be available for download at www.bworldonline.com.
A health worker attends to a patient outside a hospital in Quezon City, Aug. 29. — PHILIPPINE STAR/ MICHAEL VARCAS
THE PHILIPPINE economy’s rebound continues to be clouded by its “less effective” management of the coronavirus disease 2019 (COVID-19) outbreak, Moody’s Analytics said on Monday.
“The Philippines and Indonesia will struggle with less effective COVID-19 policies — vaccine shortages and ineffective social distancing measures — that create much uncertainty on the timing of a rebound,” Moody’s Analytics Chief Economist Steven Cochrane said in a note.
Based on the Relative COVID-19 Economic Risk Index released by Moody’s Analytics, the Philippines ranked near the bottom — 15th out of 20 economies in the Asia-Pacific region.
The index gauged the situation in Asia-Pacific economies based on the fully vaccinated as percentage of the population, new cases per million, and new deaths per million.
Singapore topped the index, followed by China, Cambodia, Hong Kong, and Japan. These countries are assessed to have the lowest relative economic risks from the ongoing pandemic.
The Philippines only fared better than Indonesia, Vietnam, Sri Lanka, Thailand, and Malaysia in the index.
According Moody’s Analytics, the Philippines ranked 13th in terms of the percentage of the population that has been fully vaccinated — which was at 12%.
The Philippines was also in 15th spot in terms of the 7-day moving average of new cases and new deaths per million.
The Health department on Monday reported a new record in daily COVID-19 infections at 22,366 and 222 additional deaths. Active COVID-19 cases stood at 148,594.
Moody’s Analytics also identified the Philippines as one of the countries that have seen the “most volatile” recovery paths this year.
“The Philippines, Malaysia, Singapore and Hong Kong have been the most volatile; each experienced a quarter-to-quarter decline of GDP in the second quarter of this year,” Mr. Cochrane said.
The economy exited recession in the second quarter after growing by 11.8%, mostly due to base effects. However, gross domestic product (GDP) declined by a seasonally adjusted 1.3% quarter on quarter in the April to June period, coming from the 0.7% growth in the first quarter.
Earlier this month, Moody’s Analytics downgraded its growth outlook for the Philippines to 4% from the 4.9% it gave in July due to the renewed restriction measures and limited government support.
Economic managers have also downgraded their full-year growth target to 4-5% from 6-7% previously, taking into account the economic cost of the two-week enhanced community quarantine earlier this month.
VACCINE ROLLOUT In a separate note, Fitch Solutions Country Risk and Industry Research said the sluggish vaccine rollout in countries that have large population such as the Philippines, India, and Indonesia will hinder further economic reopening and a rebound in business activities.
Fitch Solutions said Indonesia, the Philippines, Thailand, and Malaysia are under “severe domestic health crises” caused by the more transmissible Delta variant.
“As a result, the risks of further outbreaks remain and the outlook for the region reopening in a meaningful way this year is remote,” Fitch Solutions said in a note on Monday.
Fitch Solutions has trimmed its growth forecast for the Philippines this year to 4.2%.
The government is still hoping to have 70% of the population fully vaccinated by the end of this year.
BSP BOOST NEEDED Meanwhile, the recent strict lockdowns and a surge in COVID-19 cases continue to threaten recovery, which may prompt the central bank to ease monetary policy, according to a joint report by First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) economists.
“We also think the Bangko Sentral ng Pilipinas (BSP) may ease slightly, likely through a reduction in reserve requirements, given the need to continue fueling the recovery,” they said on Monday.
The BSP retained key policy rates at a record low of 2% during the rate-setting meeting earlier this month but its chief Benjamin E. Diokno has said there is “no urgency” for the central bank to make drastic changes in the current monetary policy.
The same is true for the banks’ reserve requirement ratio (RRR) since the market remains awash with cash, he said, reassuring that the BSP will continue to support the economic recovery.
RRR of big banks is currently at 12%, following the central bank’s last cut in April 2020 with a 200-basis-point reduction.
Reserve requirements of thrift and rural banks stood at 3% and 2%, respectively.
FMIC and UA&P economists noted the economy’s improving growth prospects after promising GDP and manufacturing data. A sustained rebound in exports and imports should support a “brighter outlook” for the rest of the year until 2022, they added.
“The rise in COVID-19 cases due to the new variants, however, may still upend high hopes,” FMIC and UA&P economists said.
It is expecting the economy to grow at the lower end or slightly below its 5-6% projection for the year. — L.W.T.Noble and B.M.Laforga
THE GOVERNMENT is still proceeding with a plan to privatize state-owned mines, with Basay Mining Corp. being the first in line, as it looks for new sources of revenues amid the prolonged pandemic, Finance Secretary Carlos G. Dominguez III said.
“Regarding the Basay mines project, I don’t know yet how much the exact valuation is and how we will bid it out, but that is the first mine we are doing,” Mr. Dominguez told reporters on Aug. 17.
Last year, the Department of Finance (DoF) chief ordered the Privatization and Management Office (PMO) to review all government-owned mines ahead of a plan to sell these assets to raise more revenues.
In October, the DoF said Basay Mining’s copper mines in Negros Oriental, as well as the nickel mine of Marinduque Mining and Industrial Corp. (MMIC Bagacay Mine) cannot be operated due to the “legal concerns” which are hindering the privatization of these assets.
PMO estimates at that time showed Basay Mining may have at least 105 million tons of copper ore and could generate at least P1 billion. Its operations were suspended in 1983 due to insufficient funds.
The government has been scrambling to find new revenue sources as expenditures surged and tax collections plunged when the pandemic struck in 2020.
Mr. Dominguez said there are more than 30,000 land titles that are yet to be disposed by both the PMO and the state deposit insurer Philippine Deposit Insurance Corp., adding that majority of which are assets that are difficult to dispose of.
He noted the process of privatizing these mining assets is more complicated due to various legal and security issues.
“We are continuing to privatize whatever assets that we have but quite frankly, we don’t have any more crown jewels. That has been privatized by previous administrations already and the ones we are left with are really the difficult ones to privatize,” he added.
Meanwhile, Mr. Dominguez said there is no final decision yet on the possible privatization of the Philippine Amusement and Gaming Corp. (PAGCOR) and Philippine Charity Sweepstakes Office (PCSO).
The privatization of PAGCOR and PCSO is also among the measures considered by the government to generate additional revenues.
Preliminary data from the Bureau of the Treasury showed proceeds from privatization efforts of the government fell by 28% to P230 million in the seven months to July, all of which came from PMO’s operations. — BML
STATE AUDITORS reported that Philippine National Construction Corp. (PNCC) left idle its 9.9-hectare property at the Financial Center Area in Pasay City, depriving it of a possible income of around P1.543 billion.
In its 2020 audit report, the Commission on Audit (CoA) said that only three hectares out of a 12.95-hectare property allotted to the company in the area were used through a long-term lease contract with Pacific Concrete Products, Inc. The contract was forged on Oct. 8, 2019.
“Portions of the 9.9 hectares are under litigation with ejectment cases filed by PNCC against some former lessees who continuously occupied the premises despite expiration of their lease contracts,” CoA said.
The contested leases were entered through short-term agreements that ended on May 31, 2018 as PNCC’s board of directors had plans for property development in the area.
On July 10, 2019, the board passed a resolution that would approve the terms of reference for the bidding of the 9.9-hectare portion, prompting PNCC President and Chief Executive Officer Miguel E. Umali to seek the approval of the Office of the President (OP) on July 18 of the same year.
PNCC followed up on its request for approval on the terms of reference on Feb. 26, 2020, which was met with a letter from Deputy Executive Secretary for General Administration Mcjill Bryant T. Fernandez addressed to Finance Secretary Carlos G. Domínguez III on the lease and development of the property.
The company has yet to receive an update on its request from the executive department.
“Persistent and collective efforts to obtain necessary approvals from the OP should have been exerted, considering that it has been three years since the expiration of the previous leases,” the state auditors said.
They added that leaving the prime property vacant and partly used by illegal occupants deprived PNCC of potential income.
CoA recommended for PNCC to meet with the Department of Finance about the letter from Mr. Fernandez to bid out the lease contract and to immediately proceed with bidding activities once approved by the executive department.
In an audit comment, PNCC said that it had been communicating with the Finance department’s Privatization and Management Office, which it said had been made aware of the OP’s letter seeking approval on the plan to develop its property at the Financial Center Area.
Based on its website, PNCC was incorporated in 1966 and had been granted a franchise in 1977 to operate, construct, and maintain toll facilities. — Russell Louis C. Ku
INTELLECTUAL property (IP) filings increased by 20% in the first half after eased lockdown restrictions supported economic recovery, the Intellectual Property Office of the Philippines (IPOPHL) said.
IP applications in the first six months stood at 22,919, driven by a 23% increase in trademark filings to 19,649 from 15,969 in the same period last year.
The bulk of trademark filings were in pharmaceutical, health, and cosmetic products, along with agricultural products and services.
“This development is a strong indication that some businesses in the Philippines are recovering and seeing the importance of IP as a competitive tool,” IPOPHL Director General Rowel S. Barba said in a press release on Monday.
IP filings declined in 2020 as inventors and creatives delayed applications amid the lockdown declared to contain the coronavirus disease 2019 (COVID-19).
In the first half of 2021, utility model filings went up 26% to 744, almost 240 of which were in food chemistry.
Patent filings inched up 2% to 1,945, the top fields for which were pharmaceuticals and organic fine chemistry.
Copyright deposits surged 163% to 751.
In contrast, industrial design applications dropped 10% to 581. Although resident filings went up by 8% to 339, non-resident filings fell 27% to 242. Fields that received the most industrial design applications were furnishing and means of transport or hoisting, with 26 each.
Mr. Barba said that the agency’s online registration system helped increase IP filings, but he recognizes the potential impact of recent stricter lockdowns on intellectual property activities.
“We’ve been seeing how disruptive companies and those who have built their brands on IP are bucking the crisis’ adverse effects on businesses. As we gear up for faster economic recovery, the country will inevitably realize more how IP is a catalyst for resilient growth,” he said. — Jenina P. Ibañez
ONLINE film screenings, workshops, and international film festival participation are lined up for the first celebration of Philippine Film Industry Month in September.
President Rodrigo R. Duterte signed Presidential Proclamation No. 1085 on Feb. 3,declaring every September as Philippine Film Industry Month. The celebration aims to recognize the “invaluable contribution and sacrifices of all stakeholders and sectors of the film industry, as well as provide avenues to showcase and celebrate the achievements and progress of the discipline of film and filmmaking.”
The Film Development Council of the Philippines (FDCP) will lead in promoting and implementing programs and activities with the theme “Ngayon ang Bagong SineMula!”
All activities will be held online on the FDCP social media pages. Screenings will be hosted exclusively on the FDCP Channel virtual platform (fdcpchannel.ph).
“This is indeed in a seemingly dark year that affected not just our local industry but all industries around the world. But like the resilient industry that we always have been, we always find and sought ways to continue,” said Mary Liza Diño-Seguerra, FDCP chairperson and CEO, at an online press conference on Aug. 26 via Zoom.
THE ACTIVITIES The Philippine Film Industry Month opening celebration on Sept. 1 will feature the launch of the Nood Tayo ng Sine Campaign, plus announcements on the International Film Industry Conference (IFIC), First Cut Lab Philippines (FCL PH), the FDCP Film Philippines Incentives Program, and Mit Out Sound: International Silent Film Lab. It will be streamed on FDCP’s Facebook pages and YouTube channel.
The 5th Pista ng Pelikulang Pilipino (PPP) returns to the FDCP Channel, with free screenings from the Sine Kabataan Short Film Competition and Sine Isla: LuzViMinda Short Film Competition from Sept. 17 to 26.
Also screening for free for the entire month on the FDCP Channel are eight films that were restored by the FDCP Philippine Film Archive, including Insiang and Manila by Night, directed by National Artists for Film Lino Brocka and Ishmael Bernal respectively. Films in the special Elwood Perez Retrospective will be screening from Sept. 25 to 30.
The movies Ang Turkey Man Ay Pabo Rin by Randolph Longjas and the restored versions of Bata Bata Paano Ka Ginawa and Dekada ’70 by Chito S. Roño will be available for rent at the Pamana ng Lingkod Bayani screenings at the FDCP Channel from Sept. 1 to 12. This is a partnership between the Civil Service Commission (CSC) and FDCP to celebrate the 121st Philippine Civil Service Anniversary.
Meanwhile, the Philippine Film Industry Gala will be the only on-ground event for the month. It will be held at the Manila Metropolitan Theater on Sept. 12, and feature the by-invitation screening of Olive La Torre’s Dalagang Ilocana, and the launch of the Elwood Perez Retrospective.
Part of the gala are the book launches of Clodualdo “Doy” del Mundo, Jr.’s Ang Daigdig ng mga Api, books on Philippine cinema by Nick Deocampo, and the SouthEast Asia-Pacific Audiovisual Archive Association (SEAPAVAA)’s Keeping Memories: Cinema and Archiving in Asia-Pacific.
Aside from online film screenings, the Philippines will participate in the 78th Venice International Film Festival in Italy. Erik Matti’s On The Job: The Missing 8 is the only Southeast Asian film participating in the festival, which will be held from Sept 1 to 11. Filipino delegates will also participate in the China International Fair for Trade in Services from Sept. 2 to 7, the Kre8tif! Elevator Pitch in Malaysia from Sept. 8 to 10, and the Philippine International Comics Festival on all weekends of September.
Ms. Dino-Seguerra said that regular participation in international film festivals brought recognition to the Philippine film industry. The challenge now, she said, is to make Philippine films commercially available internationally.
“We have projects now that have international collaboration, that legitimizes our international path. While there are challenges that we face locally, there is a new generation of filmmakers with a goal to collaboration. The goal is to work with a global market in mind and work in a globally competitive environment,” she said.
The closing event on Sept. 30 will include the awarding of Sine Kabataan and Sine Isla winners, the launch of the revamped FDCP website, and special announcements from the FDCP Channel and CreatePHFilms.
For more information and for the schedule of activities, visit https://www.fdcp.ph/.— Michelle Anne P. Soliman
MASS housing developer 8990 Holdings, Inc. said it already entered the high-end property market via Monterrazas de Cebu in Cebu City, with a new development Monterrazas Prime in the pipeline.
“It’s the last remaining contiguous mountain property remaining in Cebu,” 8990 Holdings Chairman Mariano D. Martinez, Jr. said in a text message sent via a representative on Sunday.
The company told reporters on Friday that it launched a joint venture with Jan Slater Lee Young, engineer and former Pinoy Big Brother housemate, to develop Monterrazas Prime.
“This Monterrazas Prime is a very exclusive enclave of a group of houses. The prices are ranging from, I think, P40 [million] to P50 [million per unit],” 8990 Holdings Deputy Chief Executive Officer Anthony Vincent S. Sotto said during the briefing.
Monterrazas Prime is a house-and-lot project by Young-led SkyEstates Construction Corp., LLG Architects, and GENVI Development Corp.
8990 Holdings acquired in February 2019 a 72.83% stake in GENVI, the property firm behind Monterrazas de Cebu.
Monterrazas Prime offers 15 Soprano units with a lot size of 408 square meters (sq.m.) to 440 sq.m. and 15 Alto units with 350 sq.m. to 371 sq.m. in lot sizes. Its land development is at 15%, according to a video presentation on Friday.
However, the company said it has no plans of expanding the Monterrazas Prime brand yet.
“As with our other properties on our landbank, this was more opportunistic — our license to sell is just for selling the lots,” said Mr. Martinez.
The company currently has a landbank of 670.91 hectares, which it expects to provide P201 billion in potential sales within the next seven to 10 years. The majority or 59% of this is located in the Visayas with 397 hectares, Luzon at 25% with 170 hectares, and Mindanao at 16% with 104 hectares.
Luzon is expected to generate over half of the projected sales with P103 billion, Visayas is seen to account for 45% with P91 billion, and three percent from Mindanao with P7 billion.
Shares of 8990 Holdings at the local bourse closed unchanged at P7.20 each on Friday. — Keren Concepcion G. Valmonte
