Home Blog Page 6163

Three teams bid to barge in winner circle in PBA D-League Aspirants’ Cup

ADALEM Construction-St. Clare aims to get a run going while three teams bid to barge into the winner’s circle in the PBA D-League Aspirants’ Cup. — PBA MEDIA

ADALEM Construction-St. Clare aims to get a run going while three teams bid to barge into the winner’s circle in the Philippine Basketball Association (PBA) D-League Aspirants’ Cup at the Smart Araneta Coliseum.

Motivated by a breakthrough win against Centro Escolar University (CEU), the Saints (1-1) eye a quick follow-up against winless AMA Online (0-2) at 10:30 a.m. as Apex Fuel-San Sebastian (0-1) and Builders Warehouse-Santo Tomas (0-1) shoot for maiden triumph at 12:30 p.m.

St. Clare and AMA Online are actually rivals in the National Athletic Association of Schools, Colleges and Universities (NAASCU), where the Saints have been stamping their class over their counterparts laced by five straight championships.

But coach Jinino Manansala is not keen on lowering his guard, especially after AMA’s gallant stand against no less than back-to-back NCAA champion Wangs Basketball @26-Letran.

To dodge a major upset, Mr. Manansala and the Saints will be banking on the leadership of NAASCU MVP Johnsherick Estrada, who punished the Scorpions with 19 points, five assists and two steals in a 20-point blowout.

AMA, for its part, is looking to ride on an impressive showing against Letran highlighted by a 10-point lead in the fourth quarter before running out of steam in a close 89-84 defeat.

Meanwhile, San Sebastian and Santo Tomas are out to atone for their 86-74 and 112-82 losses against Marinerong Pilipino and EcoOil-La Salle, respectively.

Marinerong Pilipino (2-0) and Letran (2-0) currently pace the eight-team D-League cast with La Salle (1-1), CEU (1-1) and St. Clare (1-1) on their coattails. — John Bryan Ulanday

Google launches fund for small, medium news organizations

TRUSTPAIR.COM

GOOGLE has launched an equity fund to support small and medium news organizations, it said in a statement on Tuesday.

The News Equity Fund, also known as the Fund for Equal News, will provide financial aid and opportunities for news organizations “whose primary focus is to serve underrepresented communities,” Google said.

“Google’s goal is to support inclusion, empower a diverse news ecosystem, and in particular, to support small and medium-sized publishers in publishing original journalism content to underrepresented audiences around the world,” it said.

The company said registration is open until July 21, 11:59 p.m. (Pacific Time).

It said eligible news organizations are independent newsrooms employing one to 50 full-time journalists that regularly produce original core news on underrepresented audiences.

These include for-profit and nonprofit traditional news organizations, digital natives, newsletters, podcasts, radio and/or TV broadcasters, and trade press associations whose members cover underrepresented groups, Google said.

Incorporated or registered associations or organizations, registered academic or nonprofit bodies for underrepresented journalists and organizations can also apply.

However, government-owned firms or those affiliated with or owned by a political party are not eligible.

Applicants must have been in full operation for at least a year and have a verifiable digital presence. These organizations must be located in eligible regions, which are: Asia Pacific, Europe, the Middle East and Africa, North America, the Caribbean, and Latin America.

If selected, the grant may be used for the payment of personnel for their work on the approved project; engineering costs and the purchase or licensing of any equipment, tools, hardware, software and other assets or materials needed for the project; and marketing expenses up to a maximum of 20% of the total funding granted.

Philippines falls further in global gender gap report

THE PHILIPPINES slipped two spots in the latest gender gap rankings released by the World Economic Forum (WEF), as the number of women participating in the labor force remained low amid the coronavirus pandemic. Read the full story.

Philippines falls further in global gender gap report

Dining In/Out (07/14/22)

Hendrick’s Gin holds pop-up bars

HENDRICK’S GIN now offers gin for cucumbers. Hendrick’s Cucumber Lemonade Stand pop-up goes to The After Hours Bar in Quezon City where the Cucumber Currency Exchange will return. On July 15-16 from 6 to 9 p.m., The After Hours Bar will accept cucumbers as legal tender, allowing guests to exchange a cucumber for a Hendrick’s Cucumber Lemonade. Those who wish to participate must be over 21 and have proof of identification, and only one drink per person can be redeemed. Each cucumber may only be exchanged for a single measure of Hendrick’s Cucumber Lemonade. Meanwhile, every purchase of two Hendrick’s cocktails will entitle customers to a complimentary glass of Hendrick’s Cucumber Lemonade and a Hendrick’s fan. The promotion is valid from 7 to 10 p.m. on July 15, 16, 22, 23, 29 and 30.

Seasonal menus, new restaurants at City of Dreams

CITY of Dreams Manila has opened new restaurants and highlights new-style Japanese, Filipino, and Southeast Asian seasonal menus this July. Japanese-Peruvian fine dining restaurant Nobu Manila is offering a new eight-course seasonal tasting menu at P6,210 per head, available until September. Haliya’s seasonal Alimango Festival menu is available until the end of July, and Asian hawker food-inspired restaurant Red Ginger also offers assorted Southeast Asian dishes, ranging from Malay-style prawn fritters to a Singaporean-style curry sandwich. Meanwhile, new restaurants have opened at The Shops at the Boulevard. The Roman-style pizzeria Rossi Pizza seats up to 72 guests and is open daily from noon to 9 p.m. Signature dishes include the Capricciosa pizza and Rossi’s carbonara. Mango Tree serves contemporary Thai food, with some menu highlights being the Stir-fried crab in curry sauce and the Steamed sea bass with lime sauce. The new Mango Tree outlet is open from 11 a.m. to 11 p.m. Sundays to Thursdays, and until midnight every Friday and Saturday. Diners on the lookout for the newest authentic Korean barbecue experience at the resort can head out to J. Park Garden and savor popular samgyeopsal with traditional grill-in-table in a modern setting. The restaurant is open daily from 9 a.m. to 3 a.m. Known for its ensaymada and cheese rolls, a new branch of the iconic Filipino café Mary Grace is also opening at The Boulevard. Café Mary Grace is open from 11 a.m. to 11 p.m., Sundays to Thursdays and from 10 a.m. to midnight every Friday and Saturday. For inquiries and reservations, call 8800-8080 or e-mail guestservices@cod-manila.com. For more information, visit www.cityofdreamsmanila.com.

Marco Polo Ortigas marks 8th year with dining offers

TO marks its eight years of service, the different Marco Polo restaurants present special offers to their diners. Café Pronto serves a Frozen Raspberry Chocolate Crunch Cake throughout July. The whole cake is available for P1,965. For the whole month of July, Cantonese restaurant Lung Hin is offering a 20% discount on its Whole Peking Duck. The Connect Lounge serves an elevated English or Asian Afternoon High Tea experience which includes savory snacks, sweet treats, and a choice of two glasses of Prosecco (P2,288) or Tropical Mimosa (P1,888) — available daily from 2:30 to 5:30 p.m. for July. Finally, guests can order signature cocktails, ranging from the free-flowing Classic Mojito (P998) and Raspberry Margarita (P1,118) to cocktails by the glass — Mabuhay Manila (P320) and Coffee Martini (P200). These will be available Wednesdays to Saturdays from 5 to 7 p.m. at Vu’s Sky Bar and Lounge. For more information about Marco Polo Ortigas, Manila, its promotions, and available stay packages, call 7720-7777 or visit marcopolohotels.com.

Hearty comfort food from Newport City

FOR the entire July, Newport City’s two main wings are serving up hearty dishes fit for every mood. At the Newport Grand Wing, Casa Buenas is doing a unique take on the classic Pinoy soup with Sopa de Pollo for P488 net per serving. At Silk Road in the gaming area, bowls of Claypot Congee are available in chicken, pork, or fish variants for P228 net. Over at the Newport Garden Wing, on the second floor, Happy 8 is serving Chicken Abalone Soup for P888 net. At the ground floor, the Garden Wing Cafe’s Hearty Bowl vegetable and corn soup is available for P250 net. Victoria Harbour Cafe within the Newport Garden Wing’s ground floor gaming area offers Black Chicken Soup for P350 net. The Asian Veggie Stir-fry in Asian sauce is available for P280 net. Throughout July, Hilton Manila’s Hua Yuan Brasserie Chinoise is offering special Clay Pot Delicacies, while Oori at Sheraton Manila treats guests to a Healthy Ginseng Chicken with Abalone Soup. Hotel Okura Manila’s Japanese fine dining restaurant Yamazato has a traditional Shabu Shabu Menu. Indulge in a luxurious Double-boiled Abalone with Dates and Coconut Broth and other traditional Cantonese dishes at Marriott Manila Hotel’s signature Chinese restaurant, Man Ho. For more information on the latest offers at Newport City, visit www.rwmanila.com.

Krispy Kreme marks 85 with new treats

THIS year, Krispy Kreme celebrates its 85th birthday by launching three New Original treats. The New Chocolate Birthday Drip Cake is available until July 31 and can be bought per piece or in half-dozen, dozen, and double dozen boxes. Prices start at P55. Additionally, Krispy Kreme is selling a limited-edition Mini Chocolate Glaze  doughnut with Birthday Sprinkles, with the prices starting at P215 for a box of 16. Minis are also available in Original Glazed flavor. Also being released is a new drink called the Mixed Berry Birthday Chiller, which will only be available for a limited time, at an introductory price of P180 for a 16 oz. cup.

MZ Skin and Madame Fù offer afternoon tea

ASIAN fusion restaurant Madame Fù collaborates with MZ Skin to create “The Luminosity” Afternoon Tea experience, inspired by the luxury skincare brand. Guests who order the MZ Skin x Madame Fù “The Luminosity” Afternoon Tea will receive an exclusive gift set including Soothe & Smooth Hyaluronic Brightening Eye Complex (mini-size), Rest & Revive Restorative Placenta & Stem Cell Night Serum (mini-size) and a Glow Boost Ampoule. The MZ Skin x Madame Fù “The Luminosity” Afternoon Tea will be available to order in Madame Fu Cafe in Central District, Hong Kong from July 1 to Aug. 31. For reservations, e-mail Reservations@madamefu.com.hk. For details visit www.madamefu.com.hk.

AI-enabled platform allows remote management of construction projects

REAL ESTATE consultancy firm JCV & Associates Project Management & Development, Inc. (JCVA) and Digiscript Philippines, Inc., a reality capture solutions provider, recently inked a partnership to offer a platform that allows construction companies to conduct remote site inspections.

“With our partnership with JCVA, OpenSpace empowers stakeholders by bringing builders, engineers, and developers to manage their own projects using artificial intelligence (AI) in the construction industry,” Digiscript Philippines President Conrad A. Alampay said during a virtual briefing on Wednesday.

The platform allows users to perform complete job site documentation to remotely manage and track construction progress.

Mr. Alampay said that OpenSpace uses a wearable 360 degree-camera mounted on top of a hard hat, which is enabled by a mobile application.

“As you capture the job site, all photos and videos are sent to the cloud. Then, the data are analyzed and automatically stitched to the floor plan. All of these are automated and can be deployed very quickly,” he noted.

“You don’t have to travel to the site across the country. You can now, near real-time, see what is happening on the ground. This improves project management,” he added.

Digiscript is the official channel partner of OpenSpace in the Philippines while JCVA is the first project management company to offer the platform locally.

According to Mr. Alampay, there are already local projects using the platform for their documentation.

“In the Philippines, about 75 projects are already using this (platform) at least,” he said.

For his part, JCVA Founder and Chief Executive Officer Jason Romeo C. Valderrama said: “It is an investment. The benefits far outweigh the costs. For large-scale projects, we’re actually reaping savings because we don’t need to deploy a lot of engineers on-site to physically manage the site. We just use OpenSpace.”

“We’re able to supplant the cost of one site engineer by subscribing to the OpenSpace platform per project or per site,” he added.

OpenSpace is a technology company based in San Francisco, California, with Digiscript serving as the sole provider in the Philippines. — Revin Mikhael D. Ochave

How PSEi member stocks performed — July 13, 2022

Here’s a quick glance at how PSEi stocks fared on Wednesday, July 13, 2022.


Peso rebounds as oil drops on fears of global slowdown

BW FILE PHOTO

THE PESO rebounded on Wednesday as concerns over a possible global economic slowdown drove oil prices down overnight.

The local unit ended trading at P56.26 per dollar on Wednesday, appreciating by 11 centavos from its Tuesday close of P56.37.

Still, year to date, the local unit has weakened by 10.31% or by P5.26 from its close of P51 versus the dollar on Dec. 31, 2021.

The peso opened Wednesday’s session stronger at P56.31 against the dollar. Its weakest showing was at P56.43, while its intraday best was at P50.23 versus the greenback.

Dollars exchanged dropped to $994 million on Wednesday from $1.39 billion on Tuesday.

The peso strengthened after the sharp decline in global oil prices for the first time in three months, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

This could lead to more rollback in local fuel pump prices and could ease inflationary pressures, as prices of other global commodities also eased on concerns over possible US recession, Mr. Ricafort said.

“The peso appreciated following the substantial decline in global oil prices amid reports of new lockdowns in China,” a trader said in an e-mail.

Brent oil futures closed under the $100-per-barrel level on Tuesday as investors sold crude on concerns that aggressive interest rate hikes by the US Federal Reserve to curb inflation will result in an economic slowdown that will hit oil demand.

Brent crude futures settled $7.61, or 7.1% lower, at $99.49 a barrel, its lowest since April 11. US West Texas Intermediate (WTI) crude was down $8.25, or 7.9%, at $95.84, also the lowest in three months.

On Wednesday, oil prices paused their overnight declines. Brent crude was little changed at $99.60 a barrel with US WTI crude at $95.89.

For Thursday, the trader said the peso may weaken anew due to potentially faster US inflation, which could give the Federal Reserve another reason to continue its aggressive rate hike path.

Both the trader and Mr. Ricafort gave a forecast range of P56.15 to P56.35 per dollar.

CENTRAL BANK ACTION
Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla last week said the central bank is prepared to raise benchmark rates by 50 basis points (bps) at their Aug. 18 meeting to keep inflation in check after the peso on Thursday breached the P56 level against the dollar for the first time in more than 17 years.

He said the US central bank’s hawkish stance has placed “strong depreciation pressures” on global currencies such as the peso, which adds to inflation risks.

Mr. Ricafort on Wednesday said it remains to be seen what the BSP will do to support the peso, which is inching closer to its record low of P56.45 a dollar set on Oct. 14, 2004. On Tuesday, the peso hit this all-time low as its worst showing intraday, but recouped some of its losses as the session ended.

“Let us see how they would use their toolkit related to the exchange rate vis-a-vis the inflation-targeting framework since 2001 and the price stability mandate,” he said.

Former Socioeconomic Planning chief Ernesto M. Pernia said in an interview with One News PH that the BSP should continue raising rates to temper inflation after the headline print hit 6.1% in June, bringing the six-month average to 4.4%, above the central bank’s 2.4% target.

“Our central bank interest rat … it’s usually just 2%. It was not very low, but they kept it at low because they wanted the economy to really perk up because of the pandemic. But now that inflation is rearing its ugly head, it’s already 6.1% inflation rate, which is 2.1% higher than the [target] band… It’s time for the central bank to really be raising interest rates to dampen inflation,” Mr. Pernia said.

“Some people say that … the central bank raised interest rates too late. It should have been done sometime in February when the inflation rate was already beginning to peak. It’s only recent that the central bank decided to raise policy rates by 25 basis points. The next one is likely to be 50 basis points,” he added.

Mr. Pernia said inflation has an “overarching” impact, with the poor especially seen to be adversely affected by rising prices. — K.B. Ta-asan with Reuters

Stocks drop further ahead of US inflation report

PHILIPPINE STAR/KRIZ JOHN ROSALES

STOCKS slid on Wednesday ahead of the release of the June US Consumer Price Index (CPI) report, which is expected to give the Federal Reserve another reason to continue hiking rates aggressively.

The benchmark Philippine Stock Exchange index (PSEi) went down by 94.57 points or 1.48% to close at 6,255.37 on Tuesday, while the broader all shares index retreated by 35.34 points or 1.03% to 3,374.57.

“Philippine shares slid as investors braced for the June CPI report,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Mr. Limlingan said the report due overnight likely showed that US inflation picked up further last month.

“The likely hot reading could prompt the Fed to hike another 75 bps (basis points) during this month’s meeting,” he said.

“Sentiment was also dragged as the US tumbled on Tuesday as worries over global economic growth dented investor appetite for risk assets and Wall Street braced for June inflation data. Investors appeared to favor traditional safe havens,” Mr. Limlingan added.

“The local bourse dropped… as the market digests the weakening peso while waiting for the US inflation rate,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

“Almost all markets globally await the inflation print in the US as it will greatly influence the decision of the Federal Reserve regarding interest rates which will have a negative impact on almost all currencies once the US dollar gets stronger if the Fed will be more aggressive in monetary tightening,” Ms. Alviar added.

The peso rebounded on Wednesday, closing at P56.26 per dollar, rising by 11 centavos from its P56.37 finish on Tuesday, which was a near 18-year low.

Still, year to date, the local unit has weakened by 10.31% or by P5.26 from its close of P51 versus the dollar on Dec. 31, 2021.

The majority of sectoral indices ended in the red on Wednesday except for mining and oil, which climbed by 26.42 points or 0.23% to 11,122.59.

Meanwhile, holding firms dropped by 116.26 points or 1.95% to 5,826.17; property retreated by 55.24 points or 1.92% to 2,820.22; financials went down by 29.44 points or 1.92% to 1,496.64; services decreased by 9.91 points or 0.59% to 1,658.37; and industrials lost 14.21 points or 0.15% to end at 9,357.77.

Value turnover went up to P5.55 billion on Wednesday with 1.28 billion shares changing hands from the P4.19 billion with 955.85 million issues seen the previous trading day, PSE data showed.

Decliners outnumbered advancers, 139 versus 44, while 49 names closed unchanged.

Net foreign selling climbed to P706.88 million on Wednesday from the P323.17 million seen the previous trading day.

Regina Capital’s Mr. Limlingan placed the PSEi’s support at 6,200 and resistance at the 6,450 area. — J.I.DP. Tabile

Diokno says ‘too early to tinker’ with TRAIN, CREATE reforms

Finance Secretary Benjamin E. Diokno — PHILIPPINE STAR/KRIZ JOHN ROSALES

FINANCE Secretary Benjamin E. Diokno said it is too early to make adjustments to recent tax reform laws, signaling his reluctance to back a House Bill seeking to provide tax relief for the poor and middle class.

“We just amended both personal income tax and corporate income tax. Let’s give the new tax system a chance to operate. Too early to tinker with it,” Mr. Diokno told reporters on Wednesday.

He was reacting to the proposed Tax Reform Act for the Masses and the Middle Class (TRAMM), which hopes to “correct” the previous government’s two major tax measures, the Tax Reform for Acceleration and Inclusion (TRAIN) law and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law.

ACT Teachers Representative France Castro filed the TRAMM bill to address the “imbalances brought by regressive tax reform laws such as TRAIN and CREATE that offer little benefit to poor and middle-class families.”

The TRAMM bill sets a 20% maximum personal income tax rate for individual citizens, with their first P400,000 exempt from tax.

It seeks exemptions for senior citizens and persons with disabilities and raises the cap for tax-free bonuses to P150,000.

If signed, TRAMM will require the Bureau of Internal Revenue to “set up a progressive, 10-bracket (in the minimum) personal income tax schedule.”

The TRAIN law was Package 1A of the tax reform program, while the CREATE law was Package 2 of the previous government’s Comprehensive Tax Reform Program.

Under TRAIN, individual taxpayers earning over P250,000 but not more than P8 million pay tax rates of 15-30% starting Jan. 1, 2023.

It also allows the self-employed and professionals earning P3 million or less to avail of an optional 8% tax in lieu of the graduated personal income tax and percentage tax.

It also exempts from income tax the first P250,000 earned by individual taxpayers, and reduced the Donor’s and Estate Taxes were reduced to a fixed rate of 6%.

The CREATE law, billed as a pandemic relief measure for businesses, reduced the corporate tax from 30% to 20% for small businesses with taxable income not exceeding P5 million and total assets excluding land not exceeding P100 million, and 25% for all other corporations, both domestic and foreign.

“Rising prices and untamed inflation rates in the past few years all the more justify the need for a tax reform package that would reduce the income tax rates of overburdened Filipino working-class families. Reducing income tax rates for working families will not only improve their way of life, but also strengthen their purchasing power which will boost overall domestic demand for consumer goods,” Ms. Castro said in a statement on Tuesday.

Headline inflation hit 6.1% in June, the highest in nearly four years. This brought the first-half inflation average to 4.4%, above the central bank’s 2-4% target range. The year-to-date average is still lower than the official 5% forecast for the year. — Diego Gabriel C. Robles

Transport coalition calls on DoTr to freeze route rationalization plan

PHILIPPINE STAR/ MIGUEL DE GUZMAN

By Arjay L. Balinbin, Senior Reporter

A TRANSPORT association said on Wednesday that the Department of Transportation (DoTr) must focus on streamlining the regulatory processes at the Land Transportation Franchising and Regulatory Board (LTFRB) instead of its current plan to rationalize routes, saying that such a measure would inconvenience commuters.

“What they want to do is rationalize the routes. For example, as a passenger, if I’m traveling from San Jose del Monte, Bulacan, to Makati or Taguig, I’ll have to transfer from one PUV to another up to three times instead of taking a direct ride,” Mar S. Valbuena, chairman of the transport coalition Manibela, told BusinessWorld in a phone interview.

He said streamlining the LTFRB’s approval process would expedite the entry of more public utility vehicles (PUVs) to meet rising demand.

The LTFRB has been pushing for route rationalization to optimize the number of vehicles servicing each route in response to prevailing demand levels.

Transport groups said in a joint statement on Wednesday the DoTr bid out the Metro Manila Urban Transportation Integration Study Update and Capacity Enhancement Project, or the Route Rationalization Study, in 2018. 

“Results of the study have not been released to the public, even if changes and public transport services have already been introduced,” Move Metro Manila, Move As One Coalition, Manibela, and Komyut transport groups said in a joint statement.

Transport Secretary Jaime J. Bautista said at a Palace briefing on Monday that a full study on a “fleet rationalization” plan is ongoing.

He said the study should be completed before face-to-face classes resume in August.

Kailangan natin ng mga tamang information kung anu-ano iyong mga availability nitong mga sasakyan na gagamitin natin and ano ang ating mga puwedeng gawin (We need accurate information on vehicle availability before we can take any steps),” he said.

Since the reopening of the economy, the LTFRB has been gradually opening routes and issuing permits to PUV operators.

Marami sa amin ang gustong bumiyahe at makapagserbisyo sa publiko kasi hanapbuhay namin ang makapagbiyahe, kaya lang parang dadaan ka sa butas ng karayom sa napakaraming requirements ng LTFRB (The LTFRB has been making it difficult for us even though we want to ply our routes to serve commuters, because that is our livelihood),” Mr. Valbuena said.

Ang daming gagastusin muna para mabigyan kami ng temporary permit. Baka imbes na i-prioritize ni Secretary Bautista ang rationalization of routes, unahin nya ang rationalization ng mga proseso sa LTFRB (The LTFRB charges a lot of fees just for a temporary permit. Maybe Secretary Bautista should rationalize the agency instead of routes),” he added.

LTFRB Chairperson Cheloy Velicaria-Garafil has said that President Ferdinand R. Marcos, Jr. ordered the agency to streamline permit processing and to ensure the prompt delivery of aid to transport workers.

“We have been given three directives: to streamline processes, to ensure aid is delivered to drivers, and to look after commuter welfare,” she said in a statement.

Ms. Garafil, a lawyer and a former journalist, said the LTFRB “will listen, study, and work with everyone here and also our stakeholders on how we can better improve our services.”

Move Metro Manila convenor Grace Gorospe-Jamon said Mr. Bautista seems to be paying attention to the right problems, citing the initial directives and acts of the new Secretary, a former top official of Philippine Airlines.

“Mr. Bautista’s commitment to providing accessible, affordable, comfortable, and safe transport service is reassuring,” she said in a statement.

“He is practically resetting the agency’s performance metrics to be centered on the commuter experience, very unlike the previous leadership’s emphasis on infrastructure progress,” she added.

The transport groups took note of Mr. Bautista’s observation tour of the MRT, which he rode alongside everyday commuters.

“Mr. Bautista’s latest directive to fully deploy 550 buses on the EDSA Busway is a sign that the transport chief recognizes the public transport supply shortage,” Robert Y. Siy of the Move As One Coalition said.

A commuters’ group said that Mr. Bautista should ensure accessibility of transport service.

Kaming mga komyuter ay umaasa na sisiguruhin at uunahin ni Secretary Bautista ang accessibility ng transport service. Ang kilo-kilometrong pila sa sakayan, ang araw-araw na maniningil sa kanya at sa kanyang mga pangako sa mananakay (We commuters are hoping that Secretary Bautista focuses on transport accessibility. We will hold him to his commitments every day we see commuters having to endure long queues for rides),” Toix Cerna of Komyut, an online community of commuters, said.

Asked to comment, Mr. Bautista said in a statement: “At the onset of my term as Transport Secretary, I announced my plan to transplant the thrust of Philippine Airlines to constantly focus on enhancing passenger experience at all stages of their journey.”

“Today, at the Department of Transportation, our utmost priority is extending safe, comfortable, affordable and accessible travel to all passengers. I am inspired by the reaction of urban mobility groups who believe we are on the right track. Suggestions and criticisms provide vital inputs how we are to proceed in effecting significant change in this sector which is critical to the country’s economic rebound,” he added.

June WESM prices rise to P9.01/kWh amid thin supply

BW FILE PHOTO

THE Independent Electricity Market Operator of the Philippines (IEMOP) said the Wholesale Electricity Spot Market (WESM) price averaged P9.01 per kilowatt hour (kWh) in June, up from P6.42 a month earlier, due to thinning supply.

“WESM is… largely dependent on the supply-demand situation and in our presentation earlier we have shown you na nagkaroon po tayo ng (that there was a) decrease in terms of the supply margin because of forced and planned outages (during the) June billing period,” IEMOP Corporate Communications OIC Manager Josell F. Co said.

WESM trades electricity not otherwise committed to power distributors and is tapped in the event these distributors experience a shortfall in their contracted power. The spot price charged to these buyers is typically higher than the power supplied under long-term contracts. A rising WESM price indicates a tightening in the market for contingent power, and points to underlying problems in the market for contracted power.

IEMOP, in an online media briefing on Wednesday, said that in the May 26 to June 25 period, it recorded average supply of 15,214 megawatts (MW), average demand of 11,325 MW and an average supply margin of 3,889 MW.

Month on month, average supply dropped by 192 MW or 1.25%, average demand rose 66 MW or 0.59% while the supply margin decreased 258 MW or 6.22%.

Aside from thinning supply, IEMOP also noted the rise in prices of fuels such as oil, coal and liquefied natural gas, which drove the spot price beyond the P9 mark.

“As a result, the Secondary Price Cap Mechanism (SPC), which was set in place to protect consumers against sustained high WESM prices, was also applied 35.17% of the time in the June billing month,” the company said in a statement.

Recently, Nord Stream 1, the biggest single pipeline carrying Russian gas to Germany, began annual maintenance on Monday, with deliveries scheduled to halt for 10 days, tightening the gas market.

IEMOP’s Head of Corporate Strategy and Communications Isidro E. Cacho, Jr. said that this event could also cause coal prices to rise as Europe restarts shuttered coal-fired plants to reduce its dependence on Russian energy.

He also added that although prices of some fuels have softened, coal is still up about 200% on its pre-Ukraine war price.

In terms of volume, the high spot market price deterred purchases, leaving the share of spot energy in the power market at 9.1% in June. IEMOP reported that the volume of energy purchased on WESM in June was the lowest in the second quarter.

Mr. Co said that in early July IEMOP expects the secondary price cap to be triggered frequently as daily spot prices range from P7 to P9. — Justine Irish D. Tabile

Revilla files bill giving gov’t 5% cut of movie theater gross income

PHILSTAR

A BILL seeking to exempt the movie theater industry from income tax, excise tax, value-added tax and amusement tax in exchange for a 5% share of the gross income generated has been refiled at the Senate.

Senate Bill 28, introduced by Senator Ramon B. Revilla, Jr., was touted as a measure designed to revive the industry by providing tax breaks to proprietors, lessees, and operators of theaters and cinemas. If passed, they will only be liable to pay real property tax.

The bill proposes that of the 5%, 3% will go to the National Government, and 2% to the local government hosting the theater.

Mr. Revilla said the industry was severely affected by the coronavirus disease 2019 (COVID-19) pandemic. As restrictions were placed on moviegoers, it became increasingly difficult to produce and market Filipino movies, affecting film producers, movie theater operators, and patrons.

“We have nursed many businesses and establishments back to life in the last few years. And as we do so, we should not forget the movie industry and the thousands in its employ who have been so badly hit by the pandemic,” he said in a statement on Wednesday.

In spite of the recent reopening of cinemas, moviegoers are still reluctant to watch films in cinemas because of the perceived safety risk of sitting in an indoor venue alongside crowds. Movie ticket sales have also been under pressure from streaming services.

“For this industry and its art to keep living and thriving, we must offer swift assistance,” he said. — Alyssa Nicole O. Tan