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SM Prime plans P10-billion fixed-rate bond sale

SM Prime Holdings, Inc. has applied for a permit with the corporate regulator to sell the third tranche of its P100-billion shelf-registered fixed-rate bonds, the Sy-led property developer said on Monday.

It told the stock exchange that its application with the Securities and Exchange Commission (SEC) for the proposed seven-year third tranche will comprise P5-billion fixed-rate bonds, with an oversubscription option of up to P5 billion.

Philippine Rating Services Corp. assigned the bonds a PRS Aaa rating, which is the highest given by the credit rating agency. This means that the “obligations are of the highest quality with minimal credit risk” and it also signals the company’s “extremely strong” capability to meet financial obligations.

“The proposed issue represents the third tranche of the company’s proposed three-year debt securities program of up to P100 billion,” SM Prime said in a disclosure.

The SEC approved the company’s P100-billion shelf-registered fixed-rate bonds in February last year.

The first tranche consisted of an initial P15-billion offer, with an oversubscription option of up to P5 billion. This included five-year 4.8643% Series K bonds due 2025 and seven-year 5.0583% Series L bonds due 2027.

The second tranche of the bonds was issued in February this year, which comprised of P5-billion fixed-rate bonds and an oversubscription option of up to P5 billion. This consisted of Series M bonds with a 2.4565% rate due 2023 and Series N bonds with a 3.8547% rate due 2026.

On Monday, shares of SM Prime at the stock market were down 1.47% or 50 centavos to close at P33.50 apiece. — Keren Concepcion G. Valmonte

Pacific Online, partners bag lease for PCSO lottery system

LISTED Pacific Online Systems Corp. disclosed on Monday that its joint venture won the public bidding for the lease of Philippine Charity Sweepstakes Office’s (PCSO) P5.8-billion new lottery system.

“The PCSO further advised that pursuant to the requirements of the Government Procurement Law [or Republic Act No. 9184], a formal contract will be executed with the joint venture after the latter shall have complied with the requirement to post Performance Security,” Pacific Online said.

The company has a 50% stake in its joint venture with the Philippine Gaming Management Corp. (PGMC), which has a 49% share, and International Lottery & Totalizator Systems, Inc. (ILTS), with one percent.

Pacific Online and PGMC are currently equipment lessors to PCSO, while ILTS is the equipment supplier of PGMC.

“The benefits and costs to the joint venture will be shared in accordance with the parties’ respective participation,” Pacific Online said.

The PCSO gave the notice of award, which stated that the joint venture was declared as the single calculated and responsive bid for the procurement of a five-year lease of the customized PCSO lottery system or the 2021 PLS Project. The contract price amounts to P5.8 billion.

Pacific Online shares at the stock exchange went up by 13.78% or 27 centavos on Monday, closing at P2.23 apiece. — Keren Concepcion G. Valmonte

Megawide, German firm team up for lower-emission concrete

MEGAWIDE Construction Corp. has partnered up German firm MultiCON to use the latter’s high-speed mixing technology to manufacture concrete at a cheaper rate while emitting less carbon dioxide.

The venture lets Megawide exclusively use MultiCON’s advanced concrete mixing system OptiCon for its projects.

The company said that European countries are currently using OptiCon for their respective horizontal and vertical developments.

“As part of our thrust of helping build a First-World Philippines, we are always looking for First-World expertise and technologies that we can introduce and utilize for our operations, projects, and products,” said Edgar B. Saavedra, Megawide chairman and chief executive officer, said in a disclosure on Monday.

He added that using the OptiCon will be of benefit to the firm financially and environment-wise.

The mixing system uses specialized equipment that combines ingredients at a higher speed, and helps “activate” the cement.

“The system uses less water, less cement and additives, so it releases less carbon dioxide in the atmosphere, which is beneficial to our environment. Since the cement reaction is more activated, it becomes more cost and process efficient,” MultiCON Managing Director Leopold Halser said.

According to him, the OptiCon can help reduce raw material costs and minimize carbon dioxide emissions by up to 30% during production.

Megawide said it plans to internally use the technology in its precast plants, and is looking at making it available to all contractors of its ready-mix plants in the future.

“If we can produce stronger concrete with better performance, this could translate to improved margins and reduced emissions. This is a step towards promoting the advancement of the local concrete and construction industry, which is in line with our mission of inclusivity towards a First-World Philippines,” Megawide Executive Vice-President Markus Hennig said.

Megawide describes itself as one of the largest contractors for private sector construction projects in the country. It serves as the Philippine government’s private partner for flagship infrastructure projects, namely: the Mactan-Cebu International Airport and the Parañaque Integrated Terminal Exchange.

Shares of Megawide at the local bourse shed 0.97% or six centavos to finish at P6.10 apiece on Monday. — Angelica Y. Yang

The return of ABBA

PHOTO FROM FACEBOOK.COM/ABBAVOYAGE

FANS who followed the Swedish pop group ABBA in their heyday may have been introduced to them through their victory at the 1974 Eurovision Song Contest with the song “Waterloo.” For others, their introduction came through the popularity of “Dancing Queen” on the radio (1976) and their subsequent hits, or through the jukebox musical Mamma Mia! (1999), or the musical’s film adaptation of the same title (2008) and its sequel (2018), or through growing up hearing their parents’ favorite music. In a way, the music never disappeared — there are over 16 million global streams of ABBA songs weekly over music streaming platforms.

With songs written and produced by Benny Andersson and Björn Ulvaeus and performed by Agnetha Fältskog and Anni-Frid “Frida” Lyngstad, ABBA sold nearly 400 million albums worldwide, with 17 No. 1 songs. In 2010, the group was inducted to the Rock N’ Roll Hall of Fame.

Still, after the members of the quartet went their separate ways in 1982, there was no new music. Until now.

The members have reunited and will release a new album this year, and a digital concert set for 2022.

Last week, the group released the first two songs, “I Still Have Faith in You” and “Don’t Shut Me Down” from their upcoming album, Voyage — their first new album in four decades.

During the launch for ABBA Voyage in London which was streamed via the group’s official YouTube page on Sept. 2, Messrs. Andersson and Ulvaeus explained that the idea of creating more songs only came when they were already in production for the digital concert. At that point, they had only written the first two songs. This eventually led to the creation of a new album.

Messrs. Ulvaeus and Andersson, now 76 and 74 respectively, described that going back to the studio felt like no time had passed. “…[It] was so joyful to be together in the studio again,” Mr. Andersson said.

“Hearing Frida and Agnetha go for it again, not knowing really if it was still there. Five minutes before they came into the studio, I was thinking, ‘I should have asked if they can still sing!’,” he joked. “But they could, and they can.”

“They (Fältskog and Lyngstad) are such genuine musicians and creative souls that it is a privilege to hear them sing your music and words,” Mr. Ulvaeus said of his co-members.

“At our age, there is a certain depth to it, [I think] — to the whole thing musically and lyrically. And, of course, to the way they sing and the way they deliver. There is a lot of years and a lot of experience in that, that I hope people can feel,” he added.

“We went into the studio knowing that if we didn’t think it’s up to scratch, we would never release it,” Mr. Ulvaeus said of the record. “Also, there is an old saying in the music industry that you should not leave more than 40 years between albums,” he joked.

The new album, which will contain 10 tracks, will be released on Nov. 5 under Universal Music Group’s Capitol Records label.

Mr. Andersson said that the record remains loyal to their pop sound from the 1970s and 1980s. “I don’t understand what’s out there. I don’t understand what the ingredients in the songs that work today are. It’s impossible to emulate,” Mr. Andersson said, clarifying that they are not competing with the styles of modern pop artists.

But they utilized modern technology for recording the music since “it is at hand now.”

“It’s not really a question of finishing a song. It’s a question of abandoning [it] because you can work forever,” Mr. Andersson said, noting that doing changes in a track is easier nowadays.

THE ADVENT OF ABBA-TARS
Aside from the new album, the group will also stage a series of virtual concerts next year using digital avatars called “ABBA-tars.” The performance will include a 10-piece band and will be held at the ABBA Arena in London beginning May 27, 2022.

The virtual concert was created through performance capture technology that creates digital characters of the group which mimic the members’ physical features as they were in 1979.

Messrs. Ulvaeus and Andersson agreed in unison that they appreciate music today as much as they did when they were starting out.

“To be creative is, in itself, the drive. It pushes you and it gives you energy,” Mr. Ulvaeus said.

“And the other thing is, if you don’t know how to do anything else but write music, that’s what you wanna do,” Mr. Andersson added.

“It never goes away. The most fun thing you can do is to write songs.” Mr. Ulvaeus paused before finishing, “That is, as you said, the lifeblood.”

Tickets to the virtual ABBA concert are on sale today, and the new album, Voyage, is available for pre-orders. For more information on tickets and the new album, visit https://abbavoyage.com/. “I Still Have Faith in You” and “Don’t Shut Me Down” are available to stream on Spotify. — Michelle Anne P. Soliman

Argentine satire lightens up Venice fest; Gyllenhaal picks Ferrante for directing debut

Peter Sarsgaard and Jessie Buckley in The Lost Daughter (2021) — PHOTO FROM IMDB.COM

VENICE — The Venice Film Festival got a break from its anguish-filled line-up with Saturday’s premiere of Official Competition, a behind-the-curtains Argentine satire about film-making that had the audience laughing out loud.

In it, an 80-year-old billionaire businessman in search of social prestige decides to make a movie to leave his mark. To fulfil his ambition, he hires the best: maverick director Lola Cuevas, played by Penelope Cruz, and two actors with big talent but even bigger egos.

One is a Hollywood star, played by Antonio Banderas. The other, played by Argentine actor Oscar Martinez, is a high-brow theater purist, with radical views about celebrity and commercial entertainment. From the get-go, the two are on a collision course, and the director’s eccentric methods for immersing them in character only add to the tension, making for some farcical scenes. To elicit fear, they are made to rehearse while sitting beneath a precariously suspended boulder. In another scene, the pair are cling-wrapped together for bonding.

Argentine directors Gaston Duprat and Mariano Cohn said they wanted to show what happens on set and the tactics actors with different backgrounds use to prepare for rehearsals.

Speaking to reporters after a press screening at the Venice movie showcase, where Official Competition is vying for the top Golden Lion award, they said inspiration had come from the personal experiences of their own cast.

Mr. Banderas said he once worked opposite an actor who would bellow before a scene. “The first time he did it, I thought it was a cow,” he said.

He added that it had been refreshing to make a funny movie at a time when “laughing seems to be forbidden”: a reference to the global gloom from the coronavirus pandemic.

The film explores universal themes and emotions, such as envy, under-confidence, competition between professionals and people’s relationship with success, he said.

Ms. Cruz, who also stars in another competition film in Venice — Pedro Almodovar’s Parallel Mothers — said it was liberating to interpret Lola, whom she described as smart but a bit of a “psychopath.” “It was somehow a tribute to our profession,” she said. 

Maggie Gyllenhaal picked an unconventional novel about motherhood for her debut as a director in The Lost Daughter, which premiered at the Venice Film Festival on Friday.

In the film, Olivia Colman plays Leda, a middle-aged British literature professor vacationing on her own in Greece who becomes transfixed with a young mother (Dakota Johnson) and her daughter on the same beach. Watching them makes Leda dwell on her own emotional conflicts as the mother of two young daughters years before and the guilt-ridden decisions she made to be able to live her life.

The script is adapted from the eponymous 2006 book by Elena Ferrante — a pseudonym of the notoriously secretive Italian author best known for her Neapolitan novels with whom Ms. Gyllenhaal only corresponded by letter. Ms. Gyllenhaal said that at first when she read the book, she thought the protagonist was mentally damaged but then realized how she could relate to her.

“I realized that many people have this experience and nobody talks about it. These are secret truths about a feminine experience,” she told reporters after a press screening. “I think that I would be really shocked to hear that there was one mother who hadn’t once thought, what if I walked out the door?”

Making the movie was an epiphany for the Oscar nominated actress, who comes from a family of film makers and is married to fellow US actor Peter Sarsgaard, who also stars in the film.

“I think I’ve always been a director and I just didn’t feel entitled to admit it to myself,” she said. “I think it’s a better job for me actually.”

Ms. Colman said she had relished the prospect of playing someone who at times does something awful. “All people want to be one person, turns out they’re not that person and they’re probably someone else,” she said. “It was intriguing to play a character who does something that I wouldn’t do, although you do sometimes think about it.”

The Lost Daughter is one of the 21 films vying for the Golden Lion top award at the Venice festival, which runs through Sept. 11. —  Reuters

JG Summit Petrochemicals’ new unit enters fuel sector

PEAK Fuel Corp., a new subsidiary of the JG Summit Petrochemicals Group (JGSPG), has entered the country’s fuel sector after completing its first sale of liquefied petroleum gas (LPG) to a customer based in Southern Luzon last month, according to an e-mailed statement from its public relations firm.

Peak Fuel is a new business unit dedicated to supplying LPG to refillers and marketers. Its vision is to be the “preferred LPG supplier in the Philippines,” and its mission is rooted in “supporting local industries through the reliable supply of essential fuels.”

The firm, located within the JGSPG Complex in Batangas City, imports refrigerated LPG through large gas carriers received through the complex’s jetty facility and stored in two refrigerated tanks with a combined capacity of 32,000 metric tons.

Peak Fuel can supply customers with LPG through land-based or sea-based channels.

Patrick C. Go, JGSPG and Peak Fuel president and chief executive officer, said he expects the new subsidiary to “positively contribute to the overall performance of JGSPG in this year.”

Meanwhile, Samuel C. Chan, general manager of Peak Fuel, said the company hopes to establish itself as a reliable LPG supplier in the country while making LPG readily available and more affordable to Filipinos.

JGSPG is collectively made up of JG Summit Petrochemical Corp. and JG Summit Olefins Corp., two wholly owned subsidiaries of listed conglomerate JG Summit Holdings, Inc.

JG Summit also holds investments in snack food and beverages, air travel, property, and banking, among others.

Previously, the firm posted an attributable net income to its parent of P814.51 million in the second quarter, swinging from losses of P2.62 billion incurred in the same period last year, after registering higher earnings.

Shares of JG Summit at the local bourse improved 0.08% or five centavos to finish at P65 apiece on Monday. — Angelica Y. Yang

Keeping its promises

Ys IX: Monstrum Nox — PHOTO FROM NISAMERICA.COM

Video Game Review
Ys IX: Monstrum Nox
Nintendo Switch/Personal Computer via Steam

Samurai Warriors 5
PC via Steam/Sony PlayStation 4/Nintendo Switch

YS VIII: Lacrimosa of Dana, was, on its initial release on the personal computer, an enjoyable game held back by porting limitations. It was a compelling experience that felt like it could have been much, much better sans technical concerns. Which is why Ys IX: Monstrum Nox, coming three years later, holds significant promise, pledging to bring with it all the good that has made the series a venerable one — the addictive gameplay excellent writing, among others — but without the bad that kept Ys VIII: Lacrimosa of Dana from reaching full potential.

First things first, and gamers will be pleased to know that Ys IX: Monstrum Nox now offers near-complete accessibility; it’s playable on the PC via Steam, the Nintendo Switch, the Sony PlayStation 4, and even Google Stadia, and the specific ports give up little to nothing in terms of its pluses. Franchise protagonist Adol Christin is once again front and center, and the game has you following his escape from the dungeons of Balduq, where he uncovers the Monstrum, beings with powerful abilities bequeathed unto them by a mysterious woman, and tasked to fight off monsters that only they can handle. Only by helping her cause can Adol find a way to break the curse that grips Balduq, and seal the monsters within. And, to do that, Adol will have to use his newfound powers as a Monstrum to overcome the challenges that come his way.

Naturally, this means combat, and Ys IX: Monstrum Nox’s action-role-playing-game style takes after its immediate past predecessor. You’ll be using skills and abilities to get you through combat, with Adol’s fighting style being heavily accentuated by various new Monstrum powers to help you en route. Eventually, you’ll get to master these skills, and the game heavily encourages you to use them to your heart’s content whenever possible; not doing so is tantamount to flirting with disaster. Combat in the game is fast-paced, and while it’s not overly punishing, it’s one that will constantly test your reflexes and your ability to string together combos, especially on stages with bigger challenges. Enemies on the harder game modes are much more inclined to punish you for overextending, and it’s here where you are most rewarded by a nuanced understanding the game’s combat system, especially when it comes to some particularly annoying bosses.

Exploration happens between Ys IX: Monstrum Nox’s frequent combat segments, and while its playtime is relatively short as far as Japanese RPGs go, it does its best to make Balduq feel like an exciting place to learn more of. When you explore, you’re not only finding new secrets and side quests; you’re slowly unravelling the mystery that surrounds the city, and finding out more about it in a manner that further immerses you. Each new chapter will slowly open the area you can travel in, giving you access to new dungeons and new powers. The development, in turn, leads you to delve further into the game’s story, with feedback loops combining to string you along an engrossing, if not wholly unexpected, narrative about gods and monsters.

That’s pretty much what Ys IX: Monstrum Nox promises right from the start. It’s a great, solid action JPRG experience, filled to the brim with content that will leave you wanting more. It boasts of an interesting plot, combat that will keep you on your toes, and characters that you want to get to know more about. And really, aside from the occasional crashes and iffy frame drops in some of the more crowded sequences, Ys IX: Monstrum Nox delivers what Ys VIII: Lacrimosa of Dana could not: a mostly smooth experience.

If there’s anything to critique about Ys IX: Monstrum Nox, it’s that it plays and feels a little too much like its forerunner in a lot of places. The characters, the exploration, even the combat — they all come off as much more polished iterations of Ys VIII: Lacrimosa of Dana’s components. And while it’s not a minus in and of itself, it does dull your excitement a bit.

Still, Nihon Falcom and Nippon Ichi Software have done an outstanding job, and there can be no discounting the bottom line. In the final analysis, Ys IX: Monstrum Nox gives you exactly what it promised to: an Ys story that anyone, longtime fan of the franchise or newcomer curious to try out a solid JRPG — an enjoy.

THE GOOD:

• Enjoyable, if simple, combat mechanics

• Solid story, featuring twists and turns and layered characters

• Playable on multiple platforms, underscoring its accessibility

THE BAD:

• Minor framerate issues on the Switch in handheld mode, combined with some frame drops during some of the busier in-game segments

• Combat feels like it could be expanded on

• Relatively short for a JRPG

RATING: 9/10

POSTSCRIPT: Musou titles have always been big come-ons for gamers out to find adrenaline rushes. Even as the basic foundations of Koei Tecmo’s intellectual properties have largely stayed the same, new releases have invariably been awaited with bated breath. From the first Dynasty Warriors release on the Sony PlayStation way back in 1997 to spin-off titles like Hyrule Warriors and Fire Emblem Warriors, the anticipation with which they are greeted as they hit store shelves reflects their continuing capacity to meet their value proposition.

There are, of course, differences between branches of the Musou franchise. From its release in 2004, Samurai Warriors showed the series’ tendency to be gritty and dark. Even as the tone of the series would lighten up somewhat over time, the first Samurai Warriors title set the stage for what Samurai Warriors would be like in future installments: gripping, intense, and story-driven, filled to the brim with action-packed sequences and emotional moments that would leave you invested in its characters.

Stories from the Samurai Warriors series would be largely similar from game to game, but the dramatic flair and presentation make each memorable. Not surprisingly, Samurai Warriors 5 succeeds in reinforcing the tradition. Changes have come — some good, some bad — but the soul and spirit of Sengoku Musou still beats strong.

In Samurai Warriors 5, you follow the tale of Nobunaga Oda as he rises from his station as an unknown backwater Daimyo to become one of Japan’s greatest unifiers. You cleave through hundreds of soldiers via your chosen officer, and improve his skills and prowess in combat to better prepare him for tougher encounter. It’s the classic Samurai Warrior experience in a new coat of paint. And despite its modifications, the core design still remains the same.

Each stage you encounter in Samurai Warriors 5 has you reliving key battles from early Sengoku history. With a brand-spanking-new set of active skills to play with, as well as new and expansive battlefields to roam, you may well view Samurai Warriors 5 as a novel experience and appreciate the many liberties it takes vis-à-vis the series. The departure is most felt with the roster cut and character redesign that Samurai Warriors 5 implements. Due to the more limited scope of its story, many officers from the later parts of Sengoku history do not appear. Prominent characters like Mitsunari Ishida and Ginchiyo Tachibana are nowhere to be found even in the game’s Free Mode, and in their place come such notables as Dosan Saito and Nobuyuki Oda. The personalities are certainly enjoyable, albeit far from replacing a whole roster that series veterans have grown to love.

This is especially true with the new character redesigns, as they give even the old, prominent officers a new face lift. Make no mistake: Samurai Warriors 5’s art style is actually quite good, and it takes pains to incorporate the changes with style and pizzazz. The problem, however, is in the nature of the redesign, as it touches not only on the character’s appearance, but also on the way he is controlled. Gone are the unique move sets that used to underscore the uniqueness of each character’s fighting style. Instead, new fighting styles boil down to what kind of weapon type is being used, with each character having his own preferred weapon to wield at his leisure. This might not seem so bad until you dive in deep, and realize that when characters wield the same weapon, they likewise share the same move sets — thus greatly limiting the characters’ distinctive traits.

That said, while characters in Samurai Warriors 5 do share cloned move sets, the core gameplay of the Samurai Warriors series has not degraded. At all. You’re still put under immense pressure to do well and cut through your enemies. In-game missions are still very fast-paced and rely on speed and precision to complete. This is balanced out by the abilities you’re able to use in combat, giving you powerful move sets that let you buff your attack, increase your Musou gauge, or even perform special attacks tied to a cooldown. True, the gameplay is limited by relative homogeneity, but its intensity has not been reduced, and it’s still as fun as ever.

Through all these, it bears noting that the story is a standout. Samurai Warriors 5 does a callback to Samurai Warriors: Spirit of Sanada’s more intimate, personal storylines. Experiencing Nobunaga’s personal journey might not be unique to Samurai Warriors 5, but the way it introduces its characters, events, and relationships helps in contextualizing how they behave the way they do, and even helps in empathizing with them and understanding their thought processes.

Moreover, in true Musou fashion, you are given the opportunity to enjoy Samurai Warriors 5 in Free Mode and Citadel Mode. These add a tremendous amount of extra content to play through, especially in the game’s harder-difficulty stages, during which enemies are more aggressive and rewards are enhanced. At times, Samurai Warriors 5 even feels like too much content to pore through, especially given how much grinding is required to fully max out a character, or to create a strong weapon that anyone can use. Then again, it’s all content that you can play at your leisure, and it’s not mandatory to experience the game at its fullest.

All things considered, it’s easy to say that Samurai Warriors 5 seems to have changed a lot. The flipside is that the things it changed doesn’t really impact how it plays. Not everything is perfect, but the fact that it holds true to its roots as a Samurai Warriors game ensures its capacity to give you exactly what you expect from the series, if in a more stylized, personal form. It runs smoothly on the PC and the Sony PlayStation 4 Pro, and is perfectly playable on the Nintendo Switch docked or on the go (although with some stuttering). It still promises tens of hours of entertainment, and it’s a visual treat. Samurai Warriors: Spirit of Sanada remains the gold standard, but Samurai Warriors 5 is very, very close.

THE GOOD:

• Interesting setup and take on Nobunaga’s story

• Still as action-packed and intense as ever

• Beautiful character redesigns art style

THE BAD:

• Cloned move sets and smaller roster can put off series veterans, especially if their favorites are cut

• Still requires tons of grinding in order to max out weapons/characters

• Misses some iconic characters

RATING: 8.5/10

THE LAST WORD: Preorders for Horizon Forbidden West, slated for release on both the PS4 and PS5, have begun. The much-awaited sequel to Horizon Zero Dawn has gamers continuing to follow Nora tribe castout Aloy as she treks to the Forbidden West to delve deeper into the cause of a plague that threatens humanity.

Horizon Forbidden West, an open-world action RPG slated to be played from a third-person perspective, will feature a larger map that includes familiar locations in Nevada, California, and Utah. It likewise includes underwater exploration, freeform climbing, and various other mechanics not in Horizon Zero Dawn (which, incidentally, has released a patch to enable running on the PS5 at 60 frames per second).

Meanwhile, the Idea Factory International online store has opened preorders for Mary Skelter Finale Limited Edition. The last game in the Mary Skelter Trilogy is set to hit store shelves on Sept. 30 in North America and Oct. 1 in Europe. The Limited Edition, available for the PS4 and Switch, packs the title in a collector’s box along with a steel case, an art book, a three-disc soundtrack, a boxed set of the three novels, a poster, and a trading card.

In celebration of the Disgaea series reaching 5,000,000 units sold worldwide, NIS America is holding a two-week sale of digital titles, promotions on the NISA Online Store, and a contest that has a signed print by Disgaea artist Takehito Harada as its top prize.

PrimeBMD names new chief in bid to expand

PRIMEBMD.COM.PH

PRIME Metro BMD Corp. (PrimeBMD) has appointed Sebastian Arsenio R. Lacson as chief executive officer (CEO) with the task of overseeing the Razon-led company’s next phase of expansion.

PrimeBMD said in a statement on Monday that Mr. Lacson will take over the position recently vacated by J.V. Emmanuel A. De Dios.

Mr. De Dios was recently named chief executive and president of east zone water concessionaire Manila Water Co., Inc. He replaced ports tycoon Enrique K. Razon, Jr. in the leadership role as the water concessionaire reorganizes its senior management.

PrimeBMD is a joint venture between the Razon group’s infrastructure unit, Prime Infrastructure Holdings, Inc. (Prime Infra) and Australian construction firm, BMD Group.

With his new role, Mr. Lacson will continue to head the waste-to-fuel project of Prime Infra.

PrimeBMD also announced that its board of directors elevated Mick Slocombe to executive vice-president for engineering and member of the board operations committee to concentrate on the strategic and operational matters of the business.

Mr. Slocombe previously held the position of PrimeBMD’s chief operating officer.

“We are confident that Mr. Lacson’s extensive experience combined with Mr. Slocombe’s invaluable leadership and history with PrimeBMD will drive the company’s strategic growth and next expansion phase,” Prime Infra President Guillaume Lucci said.

Meanwhile, Hans Christian Lopez moved to PrimeBMD and assumed the role of chief operator officer, after serving as the deputy project director of WawaJVCo, a joint venture between Prime Metroline Infrastructure Holdings Corp. and San Lorenzo Ruiz Builders and Developers Corp.

PrimeBMD has business interests in the construction of roads and bridges, marine infrastructure and dredging services, airport infrastructure, building works, water and wastewater infrastructure, rail infrastructure, and commercial/residential land subdivision projects. — Revin Mikhael D. Ochave

Marcventures Holdings cuts board seats

MARCVENTURES Holdings, Inc. reduced the number of seats in its board of directors to comply with the corporate governance practices recommended by the government.

The listed mining firm said in a stock exchange disclosure on Monday that its stockholders approved the decision to cut the number of directors to nine from 11 under the sixth article of its articles of incorporation.

“The articles of incorporation are being amended in order to reduce the number of seats in the board of directors to facilitate compliance with Securities and Exchange Commission (SEC)-recommended best practices on corporate governance and to make it easier for the company to reach quorum in board meetings,” the company said in the disclosure.

“The amendment on reduction of seats in the board of directors is not expected to have any material adverse effect on the business, operations, and/or capital structure of the issuer,” it added.

For the first half of the year, Marcventures reported a P166.31-million net loss, a reversal of the P137.52-million net income it had a year ago.

The mining firm’s revenues during the January-to-June period fell 74.2% to P299.85 million due to lower volume of nickel ore shipments.

According to its website, the subsidiaries of Marcventures include Marcventures Mining & Development Corp., BrightGreen Resources Corp., Alumina Mining Philippines, Inc., and Bauxite Resources, Inc.

On Monday, shares of Marcventures at the stock exchange fell 1.05% or one centavo to finish at 94 centavos apiece. — Revin Mikhael D. Ochave

As the 20th anniversary of 9/11 rolls around, filmmakers take different approaches

Michael Keaton and Stanley Tucci in What Is Life Worth (2020) — photo from IMDB.com

A SLEW of new films and TV series are being released around the 20th anniversary of the Sept. 11, 2001, attacks, taking different approaches as the United States looks back on that day that changed everything.

One of the more high-profile projects being released is Worth. A Netflix film, Worth tells the story of mediator Kenneth Feinberg, played by Michael Keaton, who was tasked with developing and administering the September 11th Victims Compensation Fund.

“You talk to some people, you do investigation, you know, the investigation required. And it’s really a learning experience and it’s really emotional,” said Mr. Keaton.

Steven Rosenbaum, co-director of documentary The Outsider, said his film is different from others that will come out this year. “We think that America deserves a free, open, honest conversation about 9/11, and we think that we haven’t had that,” he said.

Mr. Rosenbaum’s movie, which will be released in cinemas and on-demand, is an insider’s look at the creation of New York’s 9/11 Memorial & Museum and disputes among staff in how it approached retelling the story of what happened. The museum asked for cuts to be made to some scenes, which were declined by the filmmakers.

“We made clear to the filmmakers that we were disappointed by many of their decisions, which we think are disrespectful towards victims and their families,” said museum spokeswoman Lee Cochran.

Filmmaker Spike Lee has also faced criticism for his new HBO Max docuseries NYC Epicenters 9/11-2021½ which weaves together dozens of interviews to create a mosaic account of New York, the events of 9/11, and the years since. The New York Times reported that he had included some conspiracy theorists but had removed them from the final edit after facing an uproar.

Meanwhile, National Geographic is airing 9/11: One Day in America, a six-part docuseries that will feature first-person testimonials from first responders and survivors.

The different approaches reflect how people react in varied ways depending on their individual circumstances, where they were, and even if they are old enough to remember it at all, psychologists say.

“I think for some of us, 9/11 feels like yesterday and that depended on how much trauma we were exposed to at the time and if we’ve had to deal with symptoms since then,” New York-based psychiatrist Dr. Karinn Glover said.

“There are other people for whom it’s a distant memory and seeing a movie about 9/11 could be just art.” — Reuters

Delta upends office recovery

The sun sets behind towering condominium buildings in Cubao, as seen from Antipolo, Rizal on March 25, 2021. — PHILIPPINE STAR/ MICHAEL VARCAS

By Jenina P. Ibañez, Reporter

A RECOVERY in office space demand will likely be delayed to late 2022, amid on-going uncertainty over new variants of the coronavirus disease 2019 (COVID-19), experts said.

Real estate services firms are anticipating that employers will keep remote work options until enough Filipinos are fully vaccinated against COVID-19.

JLL Philippines Head of Research and Consultancy Janlo de los Reyes said that the company has kept its subdued projection for office demand until the end of 2021. But he noted that longer term recovery could slide from early next year to the latter half of 2022, depending on market developments in the next few months.

“We anticipate return-to-office timelines to be deferred and have seen more organizations taking position on remote work arrangement either indefinitely or in the interim,” he said in an e-mail.

“Key factors that we expect to influence return-to-office timelines are vaccine development and rollout, government policies, new processes and protocols, technology, and new levels of risk acceptance/tolerance by companies and employees.”

He noted mixed responses among organizations when it comes to the future of work arrangements, noting that the companies’ stance will likely be fluid.

COVID-19 cases in the Philippines have been surging as the more contagious Delta variant spreads, prompting strict lockdowns, especially in the capital region.

Claro dG. Cordero, Jr., director and head of research at Cushman & Wakefield, said in an e-mail that mid- to late-2022 could signal recovery for the office segment if the Delta variant represents the final or most virulent mutation of COVID-19.

“The rate at which the current inoculation program is being implemented will be the foremost consideration, as the achievement of herd immunity can increase the level of optimism and consumer activity,” he said in an e-mail.

“The availability and safety of mass transit arrangements is also an important consideration for the decision of most companies and employees to return to the office.”

Some firms have already taken the recent strict lockdowns in Metro Manila into account in coming up with the 2021 projection.

Colliers Philippines Senior Research Manager Joey Roi H. Bondoc said the company will not make significant changes in its office space report as it already factored in lockdown restrictions in its reports.

“We already factored in the possibility that it will be a slower demand starting second quarter or could extend to even third quarter because of the lockdown,” he said in a phone interview.

A Colliers report said office market recovery will be based on vaccination progress, with outsourcing and traditional firms continuing to lead new office space absorption. It projects rental recovery to start in 2022 after a projected 20% drop this year.

The Philippines has fully vaccinated just over 13% of its population, the Johns Hopkins University COVID-19 tracker showed.

Lobien Realty Group in an e-mail said that companies will continue to use hybrid work measures — or mixed home and office-based work — while there is still no herd immunity in the country.

“We need the vaccination efforts to be successfully implemented at the fastest possible time as this is the most important ingredient for our economic recovery,” the company said.

But Cushman & Wakefield’s Mr. Cordero said hybrid work arrangements will still be the norm post-pandemic.

“The pandemic has shown that there are functions that may just as well be effective, even when done remotely. Another consideration is that hybrid workplaces is a cost-effective strategy for corporate occupiers, which may have to allocate higher spend to content with health and safety regulations in their physical workspaces,” he said.

Gov’t fully awards T-bills as yields move sideways

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday as rates continued to move sideways despite expectations that inflation went beyond the central bank’s target in August.

The Bureau of the Treasury (BTr) raised P15 billion as planned via the T-bills it auctioned off on Monday as tenders reached P56.91 billion, nearly four times as much as the initial offer and inching up from the P55.185 billion recorded in the previous week.

Broken down, the BTr raised P5 billion as planned via the 91-day papers from P14.384 billion in bids. The three-month debt fetched an average rate of 1.078%, inching up by 0.1 basis point (bp) from its 1.077% rate a week ago.

The Treasury also raised the programmed P5 billion via the 182-day T-bills as the tenor attracted tenders worth P21.34 billion. The average rate of the six-month instruments was unchanged at 1.405%.

Lastly, the government made a full P5-billion award of the 364-day securities it offered on Monday from P21.185 billion in tenders. The one-year debt was quoted at an average rate of 1.609%, down by 0.7 bp from the 1.616% it fetched last week.

National Treasurer Rosalia V. de Leon said the BTr made a full award of its offer of T-bills on Monday as rates were almost unchanged following “good participation” from the market even as the central bank said inflation likely picked up and went beyond its 2-4% target last month.

A bond trader said the average rates of the T-bills fell within market expectations amid expectations of higher inflation and with demand for short-tenored debt papers still strong.

Headline inflation likely quickened in August and settled above the central bank’s official target range anew, as a weaker peso pushed food prices up, according to analysts.

A BusinessWorld poll of 16 analysts yielded a median estimate of 4.4% for August inflation, near the lower end of the 4.1% to 4.9% estimate given by the Bangko Sentral ng Pilipinas (BSP).

If realized, headline inflation would again breach the central bank’s 2-4% annual target range after slowing to 4% in July. It will be the quickest in three months or since the 4.5% in May, and much faster than the 2.4% in August 2020.

The Philippine Statistics Authority will release August inflation data on Sept. 7.

Meanwhile, Ms. De Leon added that the recent speech of Federal Reserve Chairman Jerome H. Powell and the US jobs report on Friday also affected yield movements on Monday.

US Labor department data showed nonfarm payrolls increased by 235,000 last month, its smallest rise since January, Reuters reported.

On the other hand, Mr. Powell said during the US central bank’s annual Jackson Hole symposium that asset purchases could be reduced this year if the US economy continues to improve as anticipated. However, he did not give details on the timing and pace of the central bank’s plan to wind down bond purchases and hike interest rates, a message interpreted by the market as being dovish.

The bond trader said the yield curve may steepen as the Treasury offers long-dated papers weekly, but T-bill rates will only move sideways.

On Tuesday, the BTr will auction off P35 billion in reissued seven-year Treasury bonds (T-bonds), which have a remaining life of six years and 11 months.

The Treasury is looking to raise P250 billion from the local market this month: P75 billion via weekly offers of T-bills and P175 billion from weekly auctions of T-bonds.

The government wants to borrow P3 trillion from domestic and external sources this year to help fund a budget deficit seen to hit 9.3% of gross domestic product. — B.M. Laforga with Reuters

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