New Customs chief to crack down on smuggling

July 26, 2022 | 12:31 am

Customs-Commissioner-Yogi-Ruiz — Bureau of Customs (BoC) Commissioner Yogi Filemon Ruiz speaks at the turnover ceremony at the BoC main headquarters in Manila, July 25. — COURTESY OF BUREAU OF CUSTOMS

THE NEW Bureau of Customs (BoC) chief said he will intensify the agency’s efforts against smuggling, particularly of drugs, guns, and agricultural products, as well as improve revenue collection.

Former BoC and Philippine Drug Enforcement Agency (PDEA) official Yogi Filemon Ruiz formally assumed office as acting Customs commissioner on Monday, taking over from Rey Leonardo B. Guerrero.

In a speech at the turnover ceremony at the BoC head office, Mr. Ruiz said his top priorities are “zero tolerance for drug smugglers,” curbing gun smuggling, and eliminating the smuggling of agricultural products.

In the six months to June, the BoC confiscated P8.37 billion worth of smuggled items across 293 joint seizure operations, which included the seizure of P1.67 billion worth of illegal drugs.

As of end June, the BoC also apprehended smuggled agricultural products valued at P284 million.

Mr. Ruiz said he will also focus on increasing much-needed revenues for the government.

In the six months to June, the BoC already collected P396.80 billion, which is already 21.05% more than its midyear target of P327.81 billion due to high oil prices and the peso’s depreciation against the US dollar. The Customs bureau set a collection target of P671.66 billion for 2022.

“One of the policies we’ll be adopting is, we will be giving them (district collectors) their target revenue for the month and if they could not hit their target revenue then (they can) expect to be replaced by someone who can hit the target revenue,” Mr. Ruiz said.

Mr. Ruiz said he will also continue efforts to fully digitalize Customs processes, as well as raise employee morale and eliminate corruption.

“I am not here to please anyone but only one person, the President,” Mr. Ruiz said. “To my colleagues who don’t want to do right, don’t test my patience.”

Earlier this month, the BoC said that it already conducted 333 internal investigations of personnel suspected of corruption or irregular activity in the first half of the year. Some of the personnel were dismissed, suspended, or reassigned to other posts.

The BoC has already started ramping up the digitalization of its import and export processes due to the pandemic.

“To date, 33 ICT projects and systems have been implemented, resulting in the automation of 91.76% or 156 out of the 170 customs processes — more than double from where BoC started just three years ago,” it said last week.

In 2016, the BoC said that only 28% of Customs processes were automated.

Also, Mr. Ruiz said he will “carry on the good governance and process reforms that were started” by Mr. Guerrero during his term.

Mr. Ruiz was the head of the BoC’s Enforcement & Security Service for nearly five years since 2017. He was also regional director for the PDEA for seven years in different regions. — Diego Gabriel C. Robles

EJ Obiena captures bronze medal in World Athletics Championship

July 26, 2022 | 12:06 am

Raised the Asian record, Nilsen takes silver in countback

EJ OBIENA’S name is now written in the stars.

Delivering a performance to remember, Mr. Obiena captured a historic bronze medal while setting a new Asian record in the star-studded men’s pole vault of the World Athletics Championships in Eugene, Oregon in the United States yesterday.

The 26-year-old World No. 6 cleared 5.94 meters on his second attempt that proved enough to seal him the country’s breakthrough podium finish in the biennial meet while eclipsing the Asian mark of 5.93m he himself set in the Golden Roof Challenge in Innsbruck, Austria a year back.

Mr. Obiena, who made it to the final after making the top 12 with a 5.75m Saturday, went for another best, a 6.00m that would have sealed him silver had he cleared it, but failed in three tries.

Tokyo Olympics gold medalist and world-record owner Armand Duplantis expectedly topped the event by setting another new mark at 6.21m while Christopher Nilsen of the US snared the silver with a 5.94m after edging Mr. Obiena via count back as the American cleared it on his first try.

Mr. Obiena’s feat will be most remembered by that moment when he stood up side by side with Duplantis and Nilsen during the awarding ceremony as it validated his status as part of the constellation of the stars of the sport.

The Southeast Asian Games gold medalist could cement his status even further if he could replicate his recent feat in the 2024 Paris Games where he would seek the country’s first Olympic medal since Miguel White bagged a 400m hurdles bronze in the 1936 Berlin Games.

There was a point during the competition though that Mr. Obiena gained the upper hand over Mr. Duplantis when he cleared 5.87m on his first attempt while the magnificent Swedish faltered on his first try after his hand touched the bar during his descent.

It was a rare occurrence that Mr. Obiena momentarily experienced as Mr. Duplantis took charge from there and blew him and the field away with a fantastic vault after fantastic vault.

The medal though was enough to make the whole country back home happy and proud of this unforgettable moment in history.

American Chris Nilsen jumped 5.94m to take silver on countback ahead of the Philippines’ Ernest John Obiena, who won his nation’s first World Championships medal.

“This was something I really wanted but I do not know if I was expecting it,” Mr. Obiena said.

“I definitely did not expect that I would jump that high. And I would not think that it would actually take that high to win a medal.”

“This is for you, thank you for sticking with me for all those tough times,” said Mr. Obiena when asked by ABS-CBN’s TJ Manotoc during yesterday’s interview what’s his message is to the country. — Joey Villar with report from Reuters

Udenna says Clark debt issue settled on Monday

July 26, 2022 | 12:06 am

By Arjay L. Balinbin, Senior Reporter

UDENNA Corp. said the default declaration in connection with certain obligations of its subsidiary Global Gateway Development Corp. (GGDC) with state-run Clark International Airport Corp. (CIAC) was settled on Monday.

“In relation to the various reports recently published, which involved Clark Global City Corp. (CGCC), CIAC, and a consortium of banks led by BDO Unibank, we wish to announce that Udenna Corp. settled the matter today, 25 July 2022, prior to the mandated deadline, and to the satisfaction of the majority lender and the consortium banks,” Udenna said in a statement.

“We would also like to clarify that the declaration of default was in relation to certain obligations of GGDC with CIAC, which are due only on Wednesday, 27 July,” it added.

GGDC, a subsidiary of CGCC, holds leasehold rights to the 177-hectare land within the Clark Civil Aviation Complex, Clark Freeport Zone in Pampanga. It is developing the Clark Global City.

The Philippine Daily Inquirer reported on July 23 that banks led by BDO Unibank, Inc. had moved to declare Udenna in default after missing Clark lease payments.

“To be clear, CGCC or GGDC did not fail to make any interest or principal repayments with its debt to the consortium banks, and thus, in contention, CGCC replied to the consortium banks to dispute the default conclusion, and clarified that, under the circumstances, there has been, in fact, no event of default or, at the very least, no irremediable event of default, under the master lease agreement on the part of CGCC or GGDC,” Udenna said.

It noted that the stated financial liability “was not a liability to the consortium banks, but an obligation of GGDC to CIAC, which, as stated above, has already been settled.”

BDO Unibank confirmed on Monday that it had issued a notice of default to CGCC.

“CGCC has assured BDO that it is in the process of updating its obligations to its lessor, CIAC, on or before 27 July 2022,” it said in a disclosure to the stock exchange.

“The relevant obligations of CGCC to BDO are secured and a default will not have a material adverse effect on the financial condition and business of BDO,” it added.

‘KNEE-JERK REACTIONS’
Monday morning saw a decline in the share prices of listed companies related to Udenna, the flagship company of Davao-based businessman Dennis A. Uy.

There was a knee-jerk selling reaction that caused large declines in the share prices of companies related to Udenna, Regina Capital Development Corp. Equity Analyst Anna Corenne M. Agravio said in a phone message when sought for comment.

“Naturally, nervous investors made a beeline for the exit as a default might have a material impact on Udenna’s ability to optimize the potential operation of its subsidiaries going forward,” Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said in a separate phone message.

Mercantile Securities Corp. Analyst Jeff Radley C. See said “all of Uy’s listed firms recovered” as a result of Udenna’s Monday afternoon press release announcing that the company had “settled” the matter.

The afternoon news “may have saved” Udenna’s listed subsidiaries from a virtual free fall, “but not enough to reverse declines,” Mr. Arce said.

DITO CME Holdings Corp. shares closed 3.43% lower at P3.94, Chelsea Logistics and Infrastructure Holdings Corp. closed 11.81% lower at P1.12, Phoenix Petroleum Philippines, Inc. closed 10.94% lower at P8.71, and PH Resorts Group Holdings, Inc. closed 2.50% lower at P0.78.

Earlier on Monday, Reuters reported: “DITO CME fell as much as 9%, Chelsea Logistics sank 16%, Phoenix Petroleum dropped 6% and PH Resorts retreated as much as 7.5% in the first 30 minutes of trade.”

“BDO continues to tank due to the exposure that the bank has,” Mr. See said in a phone message.

BDO Unibank shares closed 4.62% lower at P115.60 apiece.

“At the end of the day, these are all knee-jerk reactions. Investors want to know what will happen to Dennis Uy and his listed firms with huge debts,” Mr. See added.

Two new Avengers films coming to Marvel’s slate

July 26, 2022 | 12:06 am

SAN DIEGO — Two new Avengers movies will reach theaters in 2025, Walt Disney Co.’s Marvel Studios announced on Saturday at a presentation to fans highlighting parts of its upcoming slate of superhero TV shows and films.

Avengers: The Kang Dynasty and Avengers: Secret Wars will wrap up phase six of the hugely successful Marvel Cinematic Universe (MCU), Marvel Studios President Kevin Feige said from the stage at the annual Comic-Con pop culture convention in San Diego.

Phases four through six will be known as the Multiverse Saga, he said.

The announcements drew loud cheers and applause from a crowd of more than 6,000 in a packed convention hall, though Mr. Feige provided few details. Avengers: Endgame, released in 2019, is the second-highest grossing movie of all time, and MCU films have generated more than $25 billion in global box office sales.

Mr. Feige also revealed plans for an 18-episode TV series called Daredevil: Born Again, which will stream on Disney+ in the spring of 2024, and a Thunderbolts movie scheduled for July 2024.

The studio spotlighted some of the nearer-term films in Marvel’s phase five, including next February’s debut of the third Ant-Man and The Wasp film, subtitled Quantumania.

“We finally get to spend some time in the quantum realm,” which is “not always what you think it is,” teased director Peyton Reed.

Guardians of the Galaxy Vol. 3 will delve deeper into the back stories of the movie’s oddball characters, including the gun-touting raccoon named Rocket, who director James Gunn described as “the saddest creature in the universe.”

Marvel ended the presentation with a look at Black Panther: Wakanda Forever, a sequel to the 2018 blockbuster that starred Chadwick Boseman, who died of cancer two years later.

“It feels monumental to be back in Wakanda,” said Lupita Nyong’o, who reprises her role as the warrior Nakia in the sequel, due in theaters in November.

Director Ryan Coogler recalled watching scenes from the first Black Panther with Mr. Boseman at an earlier Comic-Con and the actor gripping his shoulder with excitement.

“I promise you I can feel his hand on me right now,” Mr. Coogler said. “His spirit, his passion, his genius, his pride in his culture, and the impact he made on his industry, it will be felt forever.” — Reuters

NLEX’s Guiao targets equalizer in quarter series with Magnolia

July 26, 2022 | 12:05 am

yengguiao_2022-04-04_00-03-35_philstar-file — NLEX coach Yeng Guiao — PHILIPPINE STAR FILE PHOTO

NLEX coach Yeng Guiao remains upbeat even as the Road Warriors face a win-or-go-home situation in their PBA Philippine Cup quarterfinal series against Magnolia.

The Hotshots, led by Mark Barroca’s milestone-clinching 24 points, took Sunday’s opener, 98-89, pushing NLEX to the brink in the race-to-two contest.

“Beterano sila (Magnolia) pagdating sa diskarte, sa pagbasa ng sitwasyon, sa pag-finish ng pressure game, Lamang talaga sila sa experience. But I’m not in a panic mode. I’m not worried,” said Mr. Guiao as he shifts focus to the targeted equalizer in Friday’s Game 2.

To have better chances of pulling this caper off, the Road Warriors need their backcourt aces Kevin Alas and Kris Rosales to be back in the fold after sitting out Game 1 due to health and safety protocols.

Mr. Guiao expects the duo to be good to go in the must-win second match and provide the antidote to Barroca and the rest of the Hotshots’ speedy guard line.

In a similar survival predicament is Barangay Ginebra, which surrendered a 93-82 loss to hungry Meralco in their own series kickoff.

“We just didn’t play well in every facet of the game,” lamented coach Tim Cone. “Good news is, we have time to prepare and work on it. So we’ll spend four days trying to get ready for Game 2. After that, we’ll see what happens.” — Olmin Leyba

Phase 1 of Davao Global Township on track for completion by 2026

July 26, 2022 | 12:05 am

DavaoGlobalTownship-inauguration-BUSINESSWORLD-MMPADILLO — OFFICIALS of YHEST Realty Development Corp., a joint venture between Cebu Landmasters, Inc. and the Villa-Abrille clan of Davao City inaugurated the Davao Global Township project on July 23. — BUSINESSWORLD/MMPADILLO

LISTED property developer Cebu Landmasters, Inc. (CLI) and its local partners formally inaugurated the 23-hectare Davao Global Township (dgt) project on Saturday, with road networks almost done and the first phase on track to be completed by 2026.

The initial phase includes a condominium complex, a commercial area, and a cultural center, according to Frederick H. Yuson, president of YHEST Realty Development Corp., the joint venture between CLI and the Yuson, Huang and Tan families of Davao City’s Villa-Abrille clan.

“The inauguration signifies that we have arrived since we’ve been lagging behind Manila and Cebu when it comes to townships,” Mr. Yuson said.

The P33-billion mixed-use complex occupies what used to be the Davao Golf Club owned by the Villa-Abrille clan.

Succeeding phases of the Davao Global Township will cover office buildings, including spaces earmarked for business process outsourcing companies, and a hospital.

“The other component (in phase 1) like an outdoor mall will be started together with the retail across it and a cultural center,” CLI Chairman and Chief Executive Officer Jose R. Soberano III said in an interview at the launch.

The cultural center will serve as a “civic center” for various activities and feature artifacts and memorabilia of the city’s history, he said.

The condominiums, called East Village, will be the first of several residential components in the township. It will have more than 2,000 units in a six-tower structure.

Mr. Soberano III said three of the six-towers with 1,087 units were already sold out in the first quarter of 2022 while the fourth tower is 90% taken.

YHEST has also started selling an initial 27 commercial lots with a total area of 47,194 square meters (sq.m.) with lot sizes ranging from 1,054 sq.m. to 3,446 sq.m.

YHEST Executive Director and CLI Chief Operating Officer Jose Franco B. Soberano said the township is also planned as a sustainable complex.

One of its features is an underground tank that can store up to 10 million liters of rain water, which will be used to irrigate green spaces.

“Even the street lights are not just any kind of street lights, these are designed by Philips and are programmable… Another is the responsible development, the bike lanes are not together with the cars as they will be placed along the sidewalk,” Mr. Soberano said. — Maya M. Padillo

Game of Thrones prequel meets Targaryens at height of power

July 26, 2022 | 12:05 am

SAN DIEGO — The upcoming prequel to HBO’s Game of Thrones will explore the origins of the Targaryen dynasty starting at the time of the family’s greatest power, the cast and creators told fans at the annual Comic-Con pop culture convention on Saturday.

House of the Dragon, which debuts Aug. 21, takes place 200 years before the events of Game of Thrones, a medieval fantasy series that became a global phenomenon during an eight-season run that ended in 2019.

The new 10-episode series tells the story of a “generational war” among the Targaryens, executive producer Ryan Condal said.

“It begins at the absolute pinnacle of the dynasty, the height of their power, wealth and influence. They have the most dragons they will ever have,” Mr. Condal said. “It’s just before the bloom starts to come off the rose.”

Paddy Considine plays King Viserys Targaryen, who the actor described as “a man of good temperament, and a kind man, trying to keep the peace time going within the kingdom.”

Doctor Who star Matt Smith plays Prince Daemon Targaryen, the king’s younger brother. The pair have “quite a complicated relationship,” Mr. Smith said. Emma D’Arcy portrays Princess Rhaenyra Targaryen, her father’s chosen successor.

Also in the family tree is Princess Rhaenys Velaryon (Eve Best), who was passed over for the throne.

“She should have been the queen,” Ms. Best said of the character. “It’s kind of annoying that she isn’t. It’s also kind of annoying that people keep reminding her that she isn’t.”

The new series is based on author George R.R. Martin’s book Fire & Blood. Mr. Martin, who had criticized parts of Game of Thrones, said he had seen nine of the House of the Dragon episodes and found them “pretty amazing.”

“These books, these characters, are like my kids,” he said. “When you give your kids to people for adoption, you wonder how they will they be treated, will you recognize them?”

So far, “I’m really very happy,” he said. — Reuters

Meralco core income up nearly 19% on higher energy sales

July 26, 2022 | 12:05 am

MANILA Electric Co. (Meralco) reported an 18.6% increase in core net income to P7.46 billion for the second quarter of the year from P6.29 billion a year ago on strong energy sales and contributions from its power generation business.

“Sales volume was maintained at 6%, with continuing contributions from PacificLight, San Buenaventura and BulacanSol,” said Meralco Senior Vice-President and the Chief Finance Officer Betty C. Siy-Yap during a virtual media briefing on Monday.

She was referring to the company’s power generation units PacificLight Power Pte. Ltd., San Buenaventura Power Ltd. Co., and PowerSource First Bulacan Solar, Inc.

Reported net income during the second quarter rose 34.6% to P7.56 billion from P5.62 billion previously, factoring in one-off items such as the impact of the Corporate Recovery and Tax Incentives for Enterprises Act and foreign exchange gains.

“Things are looking good,” Ms. Siy-Yap said on the company’s profit outlook for the rest of the year.

For the first half, Meralco’s consolidated core net income increased by 14.8% to P13.09 billion from the P11.4 billion recorded in the same period last year.

Reported net income increased by 31.9% to P13.12 billion from P9.95 billion a year ago.

“Energy sales surpassed pre-pandemic levels,” Meralco Chief Commercial Officer Ferdinand O. Geluz said. “Energy sales increased by 6% … driven by double-digit growth from [the] commercial segment.”

Energy sales in the first half reached 23,968 gigawatt-hours (GWh) from 22,663 GWh a year ago.

He said the improvement was the effect of the continuing economic reopening with the easing of mobility restrictions in Metro Manila.

“This first half … sales are 5% higher than 2019 which is our pre-pandemic sales,” Mr. Geluz said.

The company also reported a 3% increase in its customer count to 7.52 million as of the first half from 7.27 million a year earlier.

“This was driven by record-high energization of project-covered and ordinary service applications mostly from mixed-use buildings, subdivisions, and telecommunications customers,” the company said in a press release.

The average retail rate increased by 18% to P9.33 per kilowatt hour, which is mainly caused by the 30% increase in generation charges due to higher fuel costs, peso depreciation, and higher spot market prices.

“To this end, Meralco relentlessly looks for ways to cushion the impact of external volatilities on our operations. We will move ahead with the execution of sourcing strategies that include our planned CSPs (competitive selection process), consistent with our power supply procurement plan, in a timely manner to ensure availability of cost-competitive power for our customers in the long-term,” Meralco President and Chief Executive Officer Ray C. Espinosa said.

In the press release, the company said consolidated revenues rose 34% to P199.6 billion from P149.1 billion mainly “due to the higher pass-through generation and other charges on account of persisting increase in global fuel prices, as well as the revenue contribution of the power generation business which was at P13.6 billion.”

Power generation subsidiary Meralco PowerGen Corp. (MGen) contributed P2.3 billion to Meralco’s core income in the first half, surging from P311 million a year ago.

The growth was largely driven by the earnings of Singapore-based PacificLight, which recorded a core net income of P5.7 billion, turning around from a P231-million net loss in the same period last year.

The 455-megawatt (MW) supercritical coal-fired plant of San Buenaventura in Mauban, Quezon recorded a first-half core income of P1.5 billion.

Meanwhile, BulacanSol’s 55 MW of alternating current in San Miguel, Bulacan had a core income of P186 million as of end-June.

As of the first half, MGen had a total power generation capacity of 2,251 MW.

In the press release, Meralco Chairman Manuel V. Pangilinan said: “While uncertainties and risks remain, we expect that our country will raise the pace of economic recovery under the new government of President Ferdinand Marcos, Jr.”

“Meralco will be ready to support the growing power requirements of our customers and the government’s ramped-up infrastructure projects and initiatives to help our nation weather the lingering impacts of the pandemic and push forward,” he added.

Mr. Pangilinan said he remains optimistic that the company will be able to sustain its financial performance throughout the year “and deliver our commitment to our customers and shareholders as we pursue investments aimed at further improving our distribution infrastructure and services, building new power capacities to improve aggregate power supply — all to ensure the country’s long-term energy security.”

“In this regard, Meralco will work closely with the government of President Marcos and private sector partners towards a united, more resilient, and stronger Philippines,” he said.

On the stock exchange, shares in Meralco finished unchanged at P354.00 apiece.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Justine Irish D. Tabile

Army battles Chery Tiggo in must win PVL game

July 26, 2022 | 12:04 am

blackmamba2_pvl — ARMY Black Mamba Lady Troopers — PVL

ARMY Black Mamba and Chery Tiggo aim to keep their semifinal aspirations alive as the two gut it out in an all-important Premier Volleyball League (PVL) Invitational elimination round duel today at the Filoil EcoOil Centre.

The Lady Troopers are currently at fourth with a 2-2 card while the Crossovers are tied for fifth with the idle Choco Mucho Flying Titans with a 1-3 mark and the two are expected to give it their all in their 2:30 p.m. showdown.

The 2021 Open Conference champion hopes to ride the crest of its 25-22, 25-14, 25-21 win over Petro Gazz in Sta. Rosa, Laguna Thursday that gave it a first win that kept them in the semis race.

Army, in contrast, fell to PLDT 25-17, 11-25, 20-25, 18-25, at the MOA Arena Saturday that denied it of a chance of closing in on a semis seat.

Pace-setting Cignal, meanwhile, eyes a fifth straight win against an already-eliminated Petro Gazz at 5:30 p.m.

But since the HD Spikers were already assured of a semis berth, they are expected to rest some key players like they did in the past when they sat down starting center Gel Cayuna and went to an equally able back up in Ayel Estranero.

Ms. Estranero didn’t disappoint and led Cignal to a 25-23, 25-16, 25-18 triumph over Chery Tiggo last July 16.

The Angels are 0-4 and out of it.

The top four teams after the single-round elimination will advance to the semis where they will join Taiwan’s King Whale and Japan’s Kobe Shinwa in another single-round format. — Joey Villar

Filinvest REIT’s Cebu properties attract blue-chip BPOs

July 26, 2022 | 12:04 am

FILINVEST REIT Corp. (FILRT) continues to boost its presence in Cebu and attract multinational and blue-chip business process outsourcing (BPO) firms to its office developments.

FILRT, the real estate investment trust of Filinvest Land, Inc. (FLI), reported that 91% of its tenant mix comprises of BPOs that occupy 240,998 square meters (sq.m.) of gross leasable area (GLA) out of over 300,000 sq.m. consisting of 17 Grade A office buildings in its portfolio.

“The BPO sector remains to be the top demand driver for office space in the country. Thus, we are aggressively expanding our footprint and will continue to build sustainable premium BPO-ready developments in Cebu,” FILRT President and Chief Executive Officer Maricel Brion-Lirio said in a press release on Monday.

At the end of 2021, its Cebu Tower 1, with close to 20,000 sq.m. of office space GLA and 675 sq.m. of retail GLA is 100% occupied by BPOs. The tower is a 13-storey Grade A, PEZA-accredited office building located near Cebu IT Park in Lahug City, Cebu.

FLI has three other office buildings in Cebu that are in various stages of development: Cebu Towers 2, 3 and 4, with Tower 2 currently 73% occupied by top global BPO locators. These may be infused in FILRT’s portfolio in the future once they are accretive to the REIT company.

The company expects the completion of its Cebu Towers 3 and 4 with a combined GLA of 38,718 sq.m. of office space and 5,471 sq.m. of retail space in 2023.

“We are also in talks with some major global BPO players for an early pre-leasing of these buildings,” Ms. Brion-Lirio revealed.

The company reported that in its Filinvest Cyberzone Cebu Towers 1 and 2, around 29,000 new jobs were created. It expects towers 3 and 4 to generate approximately 21,000 new jobs from the office spaces alone.

FILRT also expects economic activity to be spurred by the completion of infrastructure projects such as the Cebu Cordova Link Expressway, which will connect Cebu to Mactan Island, and a bus rapid transit making it accessible to go to and from the city proper.

“We expect that the easing of restrictions for COVID-19, return to work policies, and the untiring support of the provincial government of Cebu will boost the resurgence of the province’s BPO office industry as we have managed to retain 100% occupancy in FILRT-owned Cebu Tower 1 and increased occupancy in FLI’s Cebu Tower 2 while pursuing construction of FLI’s Cebu Tower 3 and 4,” Ms. Brion-Lirio said.

At the stock market on Monday, shares in FILRT ended lower by P0.05 or 0.74% to P6.70 apiece. — Justine Irish D. Tabile

TLDC targets 25% annual sales growth

July 26, 2022 | 12:04 am

TORRE LORENZO Development Corp. (TLDC) is targeting to grow sales by 25% annually for the next five years, as it continues to launch new residential and commercial projects.

TLDC Chief Operations Officer Cathy Casares-Ko said the sales momentum has been growing since the latter part of 2021.

“We are really targeting to grow 25% every year for the next 5 years,” she said during the July 21 tour of TLDC’s newly turned over premium university residence Torre Lorenzo Malate.

Despite the pandemic, TLDC saw reservation sales for all of its active properties grew 4.7 times as of July compared to the same period in 2021, and projects 170% growth by year-end.

TLDC President and Chief Executive Officer Tomas P. Lorenzo said the company continues to expand its residential and commercial projects in Manila, Lipa, and Davao.

“We’re doing a residential here, we’re doing a commercial property there. Ideally, we should have 50-50, but it really depends on the areas we’re covering and the market,” he said during the same event.

Torre Lorenzo Malate offers condominium units under Residences at TLM, serviced residences at The Suites, and Lyf at TLM managed by The Ascott Ltd.

“The theme for this building that’s 45 floors high is ‘old Manila mansion’. … It doesn’t feel stark and cold. We tried to make it as homey as possible,” Mr. Lorenzo said.

Aside from Torre Lorenzo Malate, the company turned over and inaugurated 3Torre Lorenzo last year. It also launched a second residential tower at Tierra Lorenzo Lipa in Batangas.

Mr. Lorenzo said the company is on track to complete premium residential development Torre Lorenzo Loyola in Quezon City by 2023.

TLDC is known in Metro Manila for university residences, but in Davao it is known for luxury hotels and resorts, he added. Two residential towers — The Crown Residences and The Crest Residences — will soon to rise at mixed-use development Tierra Davao. — Brontë H. Lacsamana

Coming of age story wins GoWATCH Film Lab grant

July 26, 2022 | 12:04 am

1 of 2

A STORY about a teenage schoolgirl who develops feelings for a nun at her school has won a film grant at Globe Virtual Hangouts GoWATCH Film Lab.

In 2019, Globe’s film production arm, Globe Studios — now called ANIMA — launched its first Short Film Lab during the .giff Festival of New Cinema. ANIMA is Globe Prepaid’s partner in putting up this year’s GoWATCH Film Lab.

ANIMA has given a new batch of aspiring Filipino filmmakers an opportunity to makhe their dream short films through the Globe Virtual Hangouts GoWATCH Film Lab.

The attendees were encouraged to submit project proposals for short films. From among over 40 submissions, eight were shortlisted. In May, Globe Prepaid and ANIMA offered the eight finalists a chance to attend the Globe Virtual Hangouts GoWATCH Film Lab master classes with directors Jade Castro, JP Habac, Antoinette Jadaone, and Erik Matti. Two filmmakers were mentored by each director for their respective film pitches.

Antoinette Jadaone chose Myra Angeline Soriaso’s A Catholic Schoolgirl and Mark John Manaligod’s Ang Regalo Ko Kay Papa. Erik Matti took on Kent Michael Cadungog’s Hosanna and Tyra Alvarade’s Si Maria’t Si Lucia. Jade Castro picked JT Trinidad’s Sa Ilog na Hindi Nagtatapos and Lester Cristal’s #bagets rider FREE HD, while JP Habac selected John Peter Chua’s Huling Araw ng Reyna and Trishtan Perez’s I Didn’t Want to Say Hello.

For four days in June, the Film Lab students gained valuable knowledge on concepts such as finding stories to tell, protecting directorial vision during micro-budget shoots, mise-en-scene, and decision-making during the post-production stage.

THE WINNING PITCH
During the “The Greenlight Pitch Day” contest on July 15 at the Globe Telecom office in Bonifacio Global City in Taguig, Ms. Soriaso’s A Catholic Schoolgirl won the Best Pitch.

A Catholic Schoolgirl follows 15-year-old student Kaya who defies the views of her all-girls Catholic school as she confronts her feelings for a school nun.

“Pre-colonial Philippines was matriarchal. Women were leaders and had roles as warriors and healers. It was only after the Spanish colonization that gender bias, gender roles, and sexism became prominent in the Philippine society. After that, women were restricted into their homes, reduced into reproductive systems and bodies that they do not have a say to,” Ms. Soriaso wrote in her director’s statement.

“Our country, now entering another six years of new leadership, have never seen progress into how Catholicism is applied since. While the world cries against the Roe v. Wade case overturn, we are still on the issue of conservative church hypocrisy. And as a young Catholic woman, it terrifies me that this will still be the world that my peers and other younger Catholic girls will grow up to and abide by,” she added.

Directors Mihk Vergara and Sigrid Andrea Bernardo, actor Paulo Avelino, and Kroma Entertainment’s Office-in-Charge for ANIMA, Eileen Borromeo served as judges at the program.

“This filmmaker in the film pitch has the strongest, clearest, and bravest voice, and intentions,” Mr. Avelino said of the winning pitch.

The 20-year-old director will receive a three-day film set immersion on one of ANIMA’s film shoots, and a seed grant of P200,000.

It was an unexpected result for Ms. Soriaso.

“I didn’t notice that I was just blurting out what I have been practicing,” she said of her experience for The Greenlight Pitch Day. “This is my first pitch, and it was unexpected for me.”

Ms. Soriaso, a sophomore Communication and Media Studies student from the University of the Philippines Visayas, hopes to submit the short film to various film festivals once it is made. “If given the chance we want to try to pass it to any film festival,” she said.

“Challenges or labs like this provide an opportunity for us to harness that talent. Young filmmakers deserve all the mentoring they can get to compete on a global stage… We want to invest in Filipino creativity because we have so much to say and to share to the world,” Kroma Entertainment’s Office-in-Charge for ANIMA Eileen Borromeo said.

As for future iterations of the Film Lab, Head of Globe Prepaid Givielle Florida said: “There will be a Season 2, not just for our Film Lab but for the rest of our Virtual Hangouts pillar.”

GoWATCH Film Lab is Globe Prepaid’s fifth learning program under its Virtual Hangouts platform. In the past, it conducted the GoESPORTS Game On! Training Camp for ESports streamers and casters; GoHUSTLE Boss Up Bootcamp for entrepreneurs; GoKOREAN K-Fashion Institute for Korean fashion lovers; and the recently concluded musical talent search called GoJAM On Stage. — Michelle Anne P. Soliman