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Rebuilding towards a sustainable and resilient world with AREA 2021 aspiring award recipients

This year, the Asia Responsible Enterprise Awards (AREA) celebrates its 10-year anniversary milestone championing the most exceptional CSR programs across Asia. Over the last decade, AREA is proud and honored to be the advocate in encouraging and inspiring business leaders and enterprises to take on their responsibilities in creating a better world for all.

Enterprise Asia, the organizer of AREA, is pleased to recognize 69 outstanding award recipients who exemplified determination and perseverance despite the trying times. The AREA awardees have demonstrated relentless dedication to responsible business practices amidst the ongoing pandemic.

Widely regarded as the gold standard for CSR and sustainability practice, the AREA is the most prominent CSR recognition program across Asia initiated by the region’s leading NGO, Enterprise Asia. With over 500 winners from more than 19 countries since its launch, the AREA aims to recognize and honor Asian businesses and leaders for championing sustainable and responsible business practices. This year, an impressive number of 205 nominees from 16 countries were short-listed in the final round of judging and only 69 were accorded as award recipients.

Richard Tsang, president of Enterprise Asia, stated in his welcome speech, “Today, the majority of a company’s long-term value includes components such as innovation, intellectual capital and culture. Thus, a strong ESG strategy is an important element of a broader long-term value strategy that is tied to a business’ purpose and vision for recovery and success moving towards the post COVID-19 world.” He further mentioned that “sustainability cannot be looked at in isolation. It is akin to engineering a whole new system and cultivating a new way of life. It is a tough balancing act because there will be conflicts, compromises and trade-offs.”

Since 2011, AREA has recognized businesses from various industries while honouring their achievements in the seven categories of Social Empowerment, Investment in People, Health Promotion, Green Leadership, Corporate Governance, Circular Economy Leadership and Responsible Business Leadership.

Richard Tsang, president of Enterprise Asia

The winners for the Responsible Business Leadership Category which recognize leaders who are strong advocates for responsible entrepreneurship and at the forefront of promoting sustainable practices and in promoting the sustainability agenda within their organizations and their communities include Shuang-Lang (Paul) Peng, chairman and CEO of AU Optronics Corp.; Joseph Huang, chairman of E.SUN Commercial Bank; Richard M. Tsai, chairman of Fubon Financial Holding Co., Ltd.; Pitak Ratchakitprakarn, president and CEO of PTG Energy Public Company Limited from Thailand; and Chun-Chi Chou, founder of Sinyi Group from Taiwan.

Among the notable winning projects from the Health Promotion Category is Far Eastern Big City Shopping Malls Co., Ltd.. Its program, ‘Big City, Big Health – A Healthy Community Platform for All Ages’, focuses on devoting its resources to the segments of blood donation, liver disease prevention, and health promotion for all ages. The company held record-breaking blood donation campaigns, funded liver health forums to promote liver disease prevention, and organized over 160 activities promoting health for all ages last year.

The joint initiative of Taipei Lung Shan Temple, Liver Disease Prevention and Treatment Research Foundation, Taiwan, YUAN High-Tech Development Co., Ltd., and Realtek Semiconductor Corporation was also a part of the winning recipients for the Health Promotion Category. Their program, ‘For Peace, For Health, Ten Thousand People Together to Protect Our Livers!’, broke the Guinness World Record for the most people completing a health survey in 12 hours in Taipei, Taiwan on Oct. 31, 2020. The program sought to improve healthy liver awareness and all participants were offered free health checkups after completing the survey.

PTG Energy Public Company Limited emerged as one of the winners under the Social Empowerment category with its program, PT Volunteer Camp, ‘We Care Leave No One Behind,’ concentrates on contributing to the community nearby the company’s operational sites in the development areas of healthcare, education, and environment to empower the villagers’ access to better life opportunities and enable them to grow sustainably with the company. It established the PT volunteer doctor unit and PT creating lungs for the community, and offered eye examinations for the elderly, scholarship, sports equipment and education media deliveries for thousands of villagers.

Bolloré Logistics Singapore Pte. Ltd. is among the exceptional recipients of the Green Leadership Category for its “Powering Sustainable Logistics in Singapore” program. The program contributes to 8 of the United Nations’ Sustainable Development Goals, and the company managed to reduce its greenhouse gas emissions, waste consumables, and water consumption while increasing its recycling rate. In 2020, over 1,500 of the company’s staff were educated on sustainability topics, among which more than 1,300 received formal trainings on the topics.

Prior to the AREA, the International CSR & Sustainability (ICS) Summit 2021 was held in the day. The virtual summit was convened with over 300 C-suite level executives and business leaders from 12 countries.

Themed “Towards an Inclusive and Resilient Future,” the summit provided a regional platform for leading thought leaders and CSR practitioners to explore on pressing topics and recovery actions to rebuild towards a sustainable and resilient world.

The Chairman of Enterprise Asia, Tan Sri Dr Fong Chan Onn, expressed at the summit’s opening that “the crisis has been a sobering wake-up call to the importance of sustainable development and the urgent need to pay more attention to planetary health, similarly to the burning reality of the climate crisis, giving us food for thought about our priorities. I believe that the time for talk is over and we should now focus on real actions. We have the opportunity to reset and reshape the post-pandemic recovery towards a better future.”

Among the speakers were Dr. Niven Huang, Regional Leader for KPMG Sustainability Services Asia Pacific, KPMG Taiwan; Dr. Allinnettes Adigue, Head of the ASEAN Regional Hub and Global Reporting Initiative; Edoardo Gai, Managing Director for ESG Benchmarking, S&P Global Switzerland SA; Paul Marriott, President of SAP Asia Pacific and Japan; Marie Victoria Tan, Executive Director and Group Head of Enterprise Risk Management and Sustainability Unit, Ayala Corp., Philippines; Esther An, Chief Sustainability Officer of City Developments Limited (CDL); Margaret Kim, CEO of Gold Standard; Karina Litvack, Co-Founder of Climate Governance Initiative (World Economic Forum) and Non-Executive Independent Director, Eni SPA; Dr. Naoki Adachi, Executive Director of Japan Business Initiative for Biodiversity, and CEO and Founder of Response Ability, Inc.; Alexandra Tracy, President of Hoi Ping Ventures Hong Kong; Lito T. Tayag, Country Managing Director of Accenture, Inc. Philippines; Dr. Renard Siew, Head of Sustainability of Malaysian Resources Corp. Berhad (MRCB); Jessica Robinson, Founder and Managing Director of Moxie Future and Former Head of Asia at UN-PRI; Andrew WK Chan, Sustainability and Climate Change Leader of PwC’s South East Asian Consulting Services; and Rosemary Addis, Co-Founder and Executive Director of Impact Investing Australia, Senior Advisor to SDG Impact at UNDP.

The AREA 2021 and ICS Summit 2021 are supported by ASEAN CSR NETWORK, China Biodiversity Conversation and Green Development Foundation, Circular Economy Club, CSRone, CSR Universal Org, Global Reporting Initiative, India CSR Network, Malaysian Alliance of Corporate Directors, National Institute of Entrepreneurship and Innovation (NIEI) (Cambodia), The Green Earth, and The Malaysian Chamber of Commerce (HK and Macau) Limited (MAYCHAM). Additionally, AsianNGO, Bangkok Post, Biz Hub Vietnam, BusinessWorld, Commercial Times, Earth.Org, Hong Kong Economic Times, Impact Boom, Kumparan, SME Magazine and Viet Nam News as media partners.

RESPONSIBLE BUSINESS LEADERSHIP CATEGORY
NAME ORGANISATION COUNTRY
Shuang-Lang (Paul) Peng

Chairman & CEO

AU Optronics Corporation

 

Taiwan
Joseph Huang

Chairman

E.SUN Commercial Bank Taiwan
Richard M. Tsai

Chairman

Fubon Financial Holding Co., Ltd. Taiwan
Pitak Ratchakitprakram

President & CEO

PTG Energy Public Company Limited Thailand
Chun-Chi Chou

Founder

Sinyi Group Taiwan

 

SOCIAL EMPOWERMENT CATEGORY
ORGANISATION WINNING CSR PROGRAMME COUNTRY
Alaska Milk Corporation AlasKaunlaran (Alaska + Development) Philippines
Aspire Systems Sewing Machine Operator Training for Women India
Celcom Axiata Berhad Digital Entrepreneurship and Equity in Education Malaysia
CPC Corporation, Taiwan Love in Middle Africa Taiwan
Far Eastern Department Stores Ltd. FEDS Christmas Charity Event for 13 Years – Passing the Love to the Rural Area Taiwan
Farglory Life Insurance Co., Ltd. Farglory Life Rural Area Care Program Taiwan
Foxconn Education Foundation Hon Hai Scholarship Program Taiwan
G-Group Technology Corporation Gpay E-Wallet Vietnam
King Power International Co., Ltd. King Power Thai Power Thailand
MasterLink Securities Corporation Empower Your Life! Let’s Go Fun in Finance Education Taiwan
Metropolitan Electricity Authority Khoiruttakwa Community Project, Community Development Project for Sustainability according to the Sufficiency Economy Philosophy Thailand
President Chain Store Corp. PCSC Good Neighbor O2O Funfest Taiwan
Prince Holding Group Building A Better Life Cambodia
Prudential Assurance Malaysia Berhad PRUKasih – Financial Protection & Financial Education Malaysia
PT Badak NGL Saung Pandu (Usaha Unggulan Pertanian Terpadu) Indonesia
PT PJB Unit Pembangkitan Gresik Pijar Berdaya – Social Innovation & Women Entrepreneurship Indonesia
PT Pupuk Kalimantan Timur Server Mang Budi (Mangrove Conservation & Diversification and Crab Cultivation) by Telok Bangko Group Indonesia
PTG Energy Public Company Limited PT Volunteer Camp, “We Care Leave No One Behind” Thailand
Shinhan Vietnam Finance Company Limited Drawing A Sustainable Future Vietnam
Standard Chartered Bank (Taiwan) Limited Futuremakers Programme Taiwan
Taiwan Business Bank Establish An Urban Renewal Financial Ecosystem Taiwan
Taiwan Depository & Clearing Corporation ReLife Project – Experimental Project for Self Pension Saving Investment Taiwan
Taiwan Life Insurance Co., Ltd. Hand in hand, Provide Zero Distance Solicitudes during the COVID-19 Pandemic Taiwan
Taiwan Power Company Bring Taipower Closer – Sensory Experience of Energy Education Taiwan
WPP India Foundation Education to Livelihood India

 

HEALTH PROMOTION CATEGORY
ORGANISATION WINNING CSR PROGRAMME COUNTRY
ADATA Technology Co., Ltd. Innovating the Future Taiwan
An-Shin Food Services Co., Ltd. Food Education for Preschoolers – MOS Burger DIY Project Taiwan
Apex Circuit (Thailand) Co., Ltd. Wear the Face Mask 100% Thailand
Baxter Healthcare Ltd. Improving the Nutrition Care for Premature Infants by Numeta G13E Ready-to-use Parenteral Nutrition Taiwan
BDO Foundation COVID-19 Pooled Testing Program and Initiatives for Undeserved Sectors of Society Vulnerable to the Effects of the Pandemic Philippines
Bloomberry Resorts Corporation Bloomberry Comprehensive COVID-19 Response Philippines
Far Eastern Big City Shopping Malls Co., Ltd. Big City, Big Health – A Healthy Community Platform for All Ages Taiwan
Fubon Life Insurance Demonstrate the Insurance Function and Involve in Taiwan’s Pandemic Prevention Project, Leverage Positive Forces to Stabilize Society and Warm the Hearts of the People Taiwan
IRPC Public Company Limited IRPC Unite in the Fight against COVID-19 Thailand
Nan Shan Life Insurance Co., Ltd. All-Age Health Promotion Project Taiwan
Pacific SOGO Department Stores Co., Ltd. Infer Needs beyond the COVID-19, Make Corresponding Arrangements Beforehand Taiwan
PTT Exploration and Production Public Company Limited Community Health Development Thailand
Samitivej Public Company Limited Samitivej New Life Fund Thailand
·         Taipei Lung Shan Temple

·         Liver Disease Prevention and Treatment Research Foundation, Taiwan

·         YUAN High-Tech Development Co., Ltd.

·         Realtek Semiconductor Corporation

For Peace, For Health, Ten Thousand People Together to Protect Our Livers! Taiwan
Taiwan Life Insurance Co., Ltd. Master Personal Health & Enjoy the Fun of Three Generations Taiwan
TOGL Technology Sdn Bhd Toga Resonance Technology​ (T-RT) Malaysia

 

GREEN LEADERSHIP CATEGORY
ORGANISATION WINNING CSR PROGRAMME COUNTRY
ASE Technology Holding Co., Ltd. ASEH’s Water Leadership: From Green Transformation to Sustainable Development Taiwan
Bolloré Logistics Singapore Pte Ltd Powering Sustainable Logistics in Singapore Singapore
Chang Jung Christian University International GREEN Sustainable University Taiwan
CHIMEI Corporation CHIMEI Green Energy Park Taiwan
CPC Corporation, Taiwan Smart Green Energy Gas Station Taiwan
E Ink Holdings Inc. Green Technology for Environmental Sustainability Taiwan
Far Eastern Big City Shopping Malls Co., Ltd. Big City, Big Green – A Sustainable Shopping Journey Taiwan
Far Eastern Department Stores Ltd. Lead A Green Life.

Building A Fashionable and Eco-friendly Department Store

Taiwan
Frasers Property Vietnam Melinh Point Asset Enhancement Initiatives Vietnam
Heineken Malaysia Berhad Water Stewardship Programme Malaysia
Philippine National Bank Project P.L.A.N.E.T. (Protect, Love, And Nurture the Environment Together) Philippines
Provincial Electricity Authority (PEA) Towards the Renewable and Sustainable Energy Community Thailand
PT Pupuk Kujang Development of Citarum Harum Biodiversity Park Indonesia
PT Rimba Makmur Utama Katingan Mentaya Project Indonesia
Selic Corp PCL. Bio-Based Adhesive Thailand
SinoPac Holdings Building Solar Industry Chain Financial Ecosystem Taiwan
Taiwan Cement Corporation Low-carbon and Safety: TCC Innovative Product Traceability System Taiwan

 

CORPORATE GOVERNANCE CATEGORY
ORGANISATION WINNING CSR PROGRAMME COUNTRY
ASE Technology Holding Co., Ltd. The Foundation of ASEH’s Corporate Governance: A Top-down Approach on Sustainability Taiwan
British American Tobacco (BAT) Vietnam Delivery with Integrity Vietnam
Lotus Pharmaceutical Co., Ltd. Commit Corporate Transparency to Stakeholders Taiwan
Matrix Concepts Holdings Berhad Corporate Governance in A Challenging Corporate Environment Malaysia
SinoPac Holdings Ethics and Decency, Fulfillment of A Beautiful Life Through Finance Taiwan
Sinyi Realty Inc. Integrate Ethics into Sinyi Taiwan

 

INVESTMENT IN PEOPLE CATEGORY
ORGANISATION WINNING CSR PROGRAMME COUNTRY
Accenture, Inc. Being A Responsible Business for Our People Philippines
AIA Thailand AIA Thailand’s Management Associate Program Thailand
Bangchak Corporation Public Company Limited Read and Write with Ease Program Thailand
Bolloré Logistics Singapore Pte Ltd Happiness @ Bolloré Singapore
British American Tobacco (BAT) Vietnam Build and Elevate Future-fit Talent Vietnam
E Ink Holdings Inc. Smart Workforce Enables Sustainable Workplace Taiwan
Frasers Property Vietnam Experience Matters Vietnam
Innolux Corporation Innolux 4.0 Digital Transformation Talent Development Project Taiwan
Pacific SOGO Department Stores Co., Ltd. Establish Pioneering Safe Mall in Taiwan, and Nurse Best Talents in Service Industry Taiwan
Plus Property Co., Ltd. Empower Your Value: 1st Environmental Management Trainee Thailand
SinoPac Holdings SinoPac Holdings Senior Executive Training & Development Program Taiwan
Sinyi Realty Inc. Industry-academia Collaboration Program Taiwan
Thai Life Insurance Public Company Limited “Opportunity for Better Life” 2nd Edition Thailand
The Electricity Generating Public Company Limited Khanom Learning Center Thailand
Yuanta Securities Co., Ltd. The Pioneer of the Securities Industry – Yuanta Human Capital Boosting Program Taiwan

 

CIRCULAR ECONOMY LEADERSHIP CATEGORY
ORGANISATION WINNING CSR PROGRAMME COUNTRY
Taiwan Power Company Creating Circular Innovation Opportunities from the Value Chain of Electric Power Industry Taiwan

 

 

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Strong metal prices fuel mining growth

DAVID HELLMANN-UNSPLASH

THE country’s metallic mineral industry grew by 24.50% in the first half due to higher metal prices, the Mines and Geosciences Bureau (MGB) said.   

In a report on Thursday, the MGB said metallic mineral production value stood at P68.63 billion in the January to June period, higher than the P55.13 billion posted a year ago.

“The telling factor for this sterling performance was the continued strong metal prices during the period,” it said.

Nickel and its products accounted for 53.44% or P36.68 billion of the total production value, followed by gold at 34.84% or P23.91 billion and copper at 10.87% or P7.46 billion. The combination of silver, iron ore, and chromite made up less than 1% or P584.75 million.   

According to MGB, nickel ore production volume rose 39% to 151,646 metric tons (MT), which is valued at P21.42 billion.

Prices of nickel surged 40% year on year to $17,490.15 per MT, compared with $12,473.17 per MT recorded in 2020.   

Taganito Mining Corp. was the top nickel producer with 28,935 MT, followed by Rio Tuba Nickel Mining Corp. at 25,301 MT, and Platinum Group Metals Corp. at 12,977 MT.   

“Out of the 28 listed operating nickel projects, only 19 reported productions, nine or 32% were with zero production,” MGB said.   

“In terms of production by province, Surigao del Norte led with 51,162 MT, followed by Palawan with 39,190 MT. Surigao del Sur took the third spot with 21,060 MT,” it added.    

Meanwhile, first-half gold production volume increased by 3% to 8,545 kilograms, with an estimated value of P22.15 billion.

Average price of gold for the first half rose 9.8% to $1,808.59 per troy ounce, compared with $1,647.59 per troy ounce a year ago.

The top gold producer was Philippines Gold Processing and Refining Corp. with 3,558 kilograms, followed by Mindanao Mineral Processing and Refining Corp. with 1,268 kilograms, and FCF Minerals with 1,090 kilograms.   

On the other hand, copper production volume slumped 24% to 23,557 MT, although production value increased by 4% to P7.46 billion in the first six months.

The price of copper for the period rose 65.5% to $9,094.61/MT from $5,496.36/MT.

“The P0.27 billion surge was courtesy of the upbeat price of copper during the period from $5,496.36 per metric ton in 2020 to $9,094.61 per metric ton in 2021, a substantial $3,598 increase. The positive price was partly due to supply disruptions in major producing countries like Peru and Chile,” the MGB said.   

Carmen Copper Corp. contributed 75% or 17,568 MT of total production volume while the remaining 25% or 5,989 MT came from Philex Mining Corp.   

Silver production volume dropped 6% to 11,069 kilograms, although the value went up 46% to P451.47 million.

Apex Mining Co., Inc. was the top silver producer, followed by Philippines Gold Processing and Refining Corp.

In a mobile phone message, Foundation for Economic Freedom (FEF) President Calixto V. Chikiamco said he expects the strong performance of the minerals industry will continue.   

“I am not surprised with the result since (there) is a strong demand for minerals due to the shift to electric vehicles and demand for information technology devices,” Mr. Chikiamco said.   

“I foresee a long-term boom in minerals because of these strong trends buoying demand and in the short term, shortage of supply with few projects coming online,” he added.   

Moving forward, MGB said the local minerals industry is expected to be vital contributors to the national economy, especially with the reopening of the Didipio Copper-Gold Project of OceanaGold Philippines, Inc. (OGPI) in Nueva Vizcaya and the issuance of the implementing rules and regulations of Executive Order (EO) No. 130 that lifted the ban on new mineral agreements.   

“The renewal of the application of OGPI was approved in July 14. This is projected to boost local copper, gold, and silver mine production,” it said.

The MGB expects gold prices to remain strong “given its safe-haven appeal to investors during these uncertain times.”

However, it noted that economic activity around the world will be hampered by the prolonged pandemic.

“Reduced economic activities would mean the demand for industrial metals like copper, iron ore, nickel, and among others being utilized by the steel, construction and other downstream industries to decline. Mineral analysts are also projecting, demand cutback from China, for these metals,” MGB said. — Revin Mikhael D. Ochave

Funds sought for BPO upskilling

BW FILE PHOTO
The Contact Center Association of the Philippines expects 2.7-3.2% revenue growth rate from 2020 to 2022, based on an Everest Group report. — COURTESY OF CONTACT CENTER ASSOCIATION OF THE PHILIPPINES

By Jenina P. Ibañez, Reporter

THE business process outsourcing (BPO) industry will need funding to scale up its upskilling program and reach hundreds of thousands of employees to address industry demands, an industry group official said.

Benedict C. Hernandez, chair of the Information Technology and Business Process Association of the Philippines (IBPAP), said the industry has been working with the Department of Information and Communications Technology to train thousands of workers.

“I think we can do this at a bigger level if we can actually fund it,” he said in an online video interview.

“It needs to go up into the hundreds of thousands,” he said. “I think it will just position us better to accelerate growth and maintain our top global position.”

The industry group had once again cut its revenue and employment targets up to 2022, reflecting the impact of the coronavirus pandemic. The compound annual growth rate (CAGR) for employment is projected at 2.7-5%, which would mean 1.37-1.43 million full-time employees.

This is the second time IBPAP cut targets from the 8% employment CAGR set in 2016, after pressures arising from geopolitical issues, automation, protectionist policies, and the rapid transformation of business models lowered projections.

BPO revenues inched up 1.4% after the pandemic disrupted operations last year.

Mr. Hernandez noted that the industry’s hiring accelerated in the latter half of 2020, and expects a “decent return to growth” in 2021.

“We were busy hiring and growing last year, and we will be even busier in hiring and growing this year.”

The Contact Center Association of the Philippines expects 2.7-3.2% revenue growth rate from 2020 to 2022, based on an Everest Group report. Some industry group members expect higher growth despite the strict lockdowns in Metro Manila.

For the whole industry, the revenue projection stands at 3.2-5.5% CAGR.

“While staying afloat was the focus for many businesses like the contact center sector in 2020, the attention has now shifted to growth and helping jumpstart the economy through hybrid work setup and intensified vaccination efforts,” CCAP President Jojo Uligan said in a statement.

TELUS International Philippines’ Vice-President for Digital Solutions Nalakumar “Nala” RS said that automation will not threaten job security, as these technologies are backed by people training artificial intelligence (AI) algorithms to perform tasks.

But he said that the increasing digital requirements also widened the skills gap.

“Although the pandemic didn’t create the skills gap, its far-reaching implications have widened the gaps and amplified the demands,” the Telus executive said in an e-mail. “Customer support is a perfect example of the urgent need for upskilling and reskilling.”

Grocery stores move employees from the floor to online order fulfillment while contact centers transferred employees to clients that have increased demand, he added.

“TELUS International reallocated team members from travel and hospitality brands that were seeing a decline in business during COVID-19 to support brands that saw an increase in business like gaming and e-commerce companies.”

He said that he expects companies to change recruitment criteria to target people with more technology skills, and he added that benchmarks for industry skills should be set to help government and private firms align training needs.

Mr. Hernandez, who also leads intelligent operations client experience for Accenture Asia Pacific, said that talent access has been the top issue seen by industry players.

Accenture has changed thousands of transactions-based jobs to specialized business advisor and data science roles by updating its training and recruitment strategies.

“Everybody’s fighting over data scientists, more experienced people in BPO, whether it’s clinical nursing kind of talent or banking, insurance, financial services kind of experts. So, there is demand for general talent overall, and there’s also a bigger fight for specialized talent,” he said. 

“The trick is you leverage all of these digital technologies — whether it’s AI, analytics, cloud, and all — but you have to invest in your own people so that they can be prepared to do the next interesting thing. If you don’t upskill them, then you will encounter a situation where ‘I don’t have a role for you anymore.’”

Delta poses risk to construction rebound

PHILIPPINE STAR/ MICHAEL VARCAS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BSP says ample policy leeway to support recovery

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Stars return to Venice red carpet as film festival opens

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Medilines sets ‘pure-play healthcare’ IPO in 2021

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

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

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

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

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

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

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

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

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

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

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

iQiyi debuts Taiwan prison-themed show

TAIWANESE ACTOR Vic Chou in Danger Zone

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Call me by your name

Candyman
Directed by Nia DaCosta

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

Does it succeed? Tell you what I think:

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

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

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

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

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

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

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

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

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

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

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

Commercial property price index to help ensure financial stability

BW FILE PHOTO

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

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

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

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

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

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

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

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

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

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

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

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

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

Discovery’s streaming service enters Philippine market via Globe

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

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

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

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

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

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

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