Entertainment News (07/09/21)

July 9, 2021 | 12:02 am

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Warner’s ADA Asia partners with Lilystars Records

ADA Asia, part of Warner Music Group’s independent artist and label services division, has announced jointly with Lilystars Records, an independent record label based in Manila, that they have formed a strategic alliance. The deal will see ADA Asia support the Lilystars label — collaborating on new releases, catalogues, brand partnerships, as well as live and synchronization deals — marketing and distributing its artists’ music across South East Asia and beyond. Artist-owned independent record label Lilystars Records was founded by Clem Castro, the frontman of alternative rock and indie pop band Orange & Lemons, which led the revival of Original Pilipino Music in the early 2000s. Currently, the label’s roster of artists includes ADR, Bryan Estepa, Day & Dream, Dey Rose, Dragonfly Collector, Dustybuns, Galaxy Lodge, Hey, Jane!, Kubra Commander, Lily On The River, Orange & Lemons, Paper Satellites, Parasouls, Project Orange, The Bernadettes, The Camerawalls, The Geeks, The Gentle Isolation, The Midnight Greetings, The Sun Days, Them Bloody Royals, Sunflower Station, and Svvell. Lilystars Records is the first partner in the Philippines that ADA Asia has signed a strategic cooperation agreement with.

Itchyworms releases music video

POP-ROCK band The Itchyworms kick off their 25^th anniversary in the music industry with the official video release of “The Life I Know,” a piano-backed ballad off their fifth studio album, Waiting For The End To Start — released on digital music platforms via Sony Music Philippines. Filmmakers Marie Jamora and Jason McLagan of Indie Pop Films with animation by Apartment D, the music video is a first of its kind in the Philippines to feature a stop-motion animation format that is embedded with Filipino cultural sensibilities.

Two new HBO Asia original docus out in July

HBO’s six-part, half-hour documentary series, Catch and Kill: The Podcast Tapes, and HBO Asia Original documentary series Traffickers: Inside the Golden Triangle, will both be released this month. Catch and Kill: The Podcast Tapes brings to life Ronan Farrow’s hit podcast. Intimate, revealing interviews with whistleblowers, journalists, private investigators and other sources, were conducted for the Pulitzer-Prize winning journalist’s podcast and bestselling book Catch and Kill: Lies, Spies and A Conspiracy to Protect Predators. The series expands on the podcast and the book, with never-before-seen footage and new insights into this culture-shaking story. It will debut with two back-to-back episodes on July 13, 9 a.m., exclusively on HBO and HBO GO. Two new episodes will air back-to-back every subsequent Monday at the same time. Meanwhile, Traffickers: Inside the Golden Triangle exposes the secretive epicenter of illicit drug production inside the Golden Triangle. The documentary series premieres exclusively on HBO GO from July 23 and follows the rise and demise of three infamous drug kingpins in Thailand, Myanmar, and Laos. The three-part hour-long documentary series is the first documentary that lifts the lid on the hidden world of drug production in the Golden Triangle and dives into this mysterious secretive criminal underbelly revealing tales of some of the most infamous drug lords in the region. In English, Thai, Burmese and Lao, the documentary series was filmed on location in the Golden Triangle, Thailand, Burma, China, the USA, Malaysia, the Philippines and Australia. Stream or download Traffickers: Inside the Golden Triangle on HBO GO.

The Kissing Booth 3 out on Netflix in August

THE THIRD installment of The Kissing Booth will premiere in August, Netflix announced. It’s the summer before Elle heads to college, and she’s facing a hard decision: whether to move across the country with her boyfriend Noah or fulfill her lifelong promise to go to college with her BFF Lee. Directed by Vince Marcello, the series stars Joey King, Joel Courtney, Jacob Elordi, Taylor Zakhar Perez, Maisie Richardson-Sellers, Meganne Young, and Molly Ringwald. The story is based on the books of the same title by Beth Reekles. The Kissing Booth 3 premieres Aug. 11.

South Korea’s Voice 4 is now on iQiyi

THE FOURTH season of the South Korean crime thriller series Voice is now streaming on iQiyi and iQ.com. Created by screenwriter Ma Jin-won and director Shin Yong-hwi, Voice 4 trails Derek Jo (Seung-heon), the team leader of the LAPD Olympic Division’s Gang Unit, as a hunt for American gangsters takes him to South Korea. However, his sister is murdered when she witnesses a crime, prompting him to collaborate with the Golden Time Team led by Kang Kwon-joo (Ha-na) to track down the suspect, Circus Man. The show features a mix of South Korea’s veteran and upcoming actors, including returning cast members Lee Ha-na, Son Eun-seo, Kim Joong-ki and Song Boo-gun along with new cast members Song Seung-heon and Kang Seung-yoon (of the boy group Winner). Episodes of Voice 4 will drop every Saturday and Sunday on iQiyi. Download the iQiyi app or log in to www.iQ.com.

J Loonyo, Rockboi salute frontliners in song

THREE months after the success of his trendsetting summer dance anthem, DJ Loonyo has released his second single, “Kaya Natin ‘To.” In line with the single’s release, a month-long video contest is being held on Facebook with the hashtag #KayaNatinTo and #SalamatFrontliners. The objective is to create a video honoring the hard work of frontliners. Winners will get a chance to win P20,000 and will be announced on DJ Loonyo’s Kumu livestream on July 31. Stream “Kaya Natin ‘To” on Spotify and Apple Music.

My Sunset Girl out soon on iWantTFC

METRO Manila Film Festival (MMFF) 2020 Best Actress Charlie Dizon stars in a new iWantTFC mini-series. My Sunset Girl follows 18-year-old Ciara who suffers from xeroderma pigmentosum, an illness that could turn deadly if she is exposed to sunlight for too long. As a result, Ciara is unable to travel the world, but she makes up for this by watching travel vlogs and making friends online. She develops a bond with a travel enthusiast Lucas (Jameson Blake) who promises to help her accomplish her travel bucket list. But her strict mother Melissa (Mylene Dizon) and Lucas’s father Elias (Joem Bascon) get in the way. Co-produced by Dreamscape Entertainment and All Blacks Media, the iWantTFC original series is directed by Andoy Ranay. My Sunset Girl will start streaming on the iWantTFC app (iOs and Android) and on iwanttfc.com on July 14, 8 p.m.

Boy Abunda in Binibining Pilipinas contest primer

THE BINIBINING Pilipinas 2021 candidates faced TV host Boy Abunda in a quick Q&A mentorship session at the Gateway Mall Atmos Cinema in Araneta City as part of this year’s Road to the Crown pageant primer. The quick but intensive and rigorous Q&A training with the King of Talk tested the contestants’ wit, spontaneity, and grace under pressure. Livestreamed via the official YouTube channel of Binibining Pilipinas, the 2021 primer bared the candidates’ ability to survive the interview segment of the pageant. The Binibining Pilipinas 2021 Grand Coronation Night will be aired live on July 11 at 9:30 p.m. on A2Z Channel, Kapamilya Channel, and Metro Channel. It will also be simultaneously livestreamed on iWantTFC and the official Binibining Pilipinas YouTube page.

Gov’t song writing contest deadline set on July 23

GOVERNMENT workers with a talent for song writing may join the Civil Service Commission (CSC) National Song Writing Contest. The deadline for submission of entries is on July 23. Job Orders and Contracts of Service may also join the contest, which is part of the upcoming 121^st Philippine Civil Service Anniversary celebration in September. Regional and national winners will receive cash prizes, and the winning entry will be featured as the competition song in the next Government Choral Competition, also hosted by the CSC in partnership with the Cultural Center of the Philippines. Contestants may submit a maximum of two entries, and each entry must not exceed four minutes. They can be in any Filipino language or dialect (including the English translation), and should adhere to the PCSA 2021-2031 theme, “Transforming Public Service in the Next Decade: Honing Agile ang Future-Ready Servant-Heroes.” Interested parties may download the complete mechanics and entry form from visit the CSC website at www.csc.gov.ph, or send an e-mail to ro04@csc.gov.ph or pcsa@csc.gov.ph.

BT21 x Sunsilk packs available on Lazada

FANS of the global K-pop sensation BTS fan are probably also BT21 fans. BT21 is a collection of characters created by the BTS members with Line Friends. Sunsilk has now come out with an official BT21 merchandise collection. The limited edition BT21 x Sunsilk packs will be available on July 12 on Shopee and on July 14 on Lazada. Each BT21-branded box includes two 350ml Sunsilk bottles as well as a limited-edition official BT21 pouch featuring the various characters. The BT21 x Sunsilk packs are available for P699 per box or P2,696 for the four sets.

Changing work arrangements

July 9, 2021 | 12:01 am

My sister Malou works for Emory University in Atlanta, Georgia. I was there in March 2020 where I witnessed the Atlanta lockdown and saw how she had to shift from the regular work schedule to a work-from-home arrangement. She had daily morning Zoom meetings, after which she did her paperwork. Based on our latest conversation, her unit intends to return to face-to-face work in August. However, some of them, especially those with comorbidities but with better than average performance, will be allowed special arrangements to work from home.

My brother Benhur retired a few months prior to the pandemic because he felt tired and stressed from the travel required by his IT/finance consulting work. He was based in Orange County, Los Angeles but his job required him to travel a lot to different states. He worked from good hotels and while it was great at the start, at some point, it became taxing. Now, he tells me that his former colleagues who stayed behind are able to do the same tasks, without needing to travel. The pandemic changed everything.

These may be anecdotal circumstances, but various reports confirm the changing landscape in the workplace. As fully immunized communities return to normal, elements of the work-from- home arrangement that were functional will remain as the country reaches the safe stage.

An article in The Economist by Bartleby raises the issue of the relationship of working hours on the person’s well-being. Unemployment is bad for mental health, leading to depression, anxiety and reduced self-esteem. Surprisingly, the study by The Centre for Business Research at Cambridge suggested that the threshold for good mental health was a very low one day a week. The boost from working comes from the feeling of purpose, the social status and the camaraderie with colleagues. Long hours lifestyle is bad for worker’s health.

In sum, work from home will probably be here to stay in some form. But this leads to another source of inequality when we start to distinguish between knowledge workers and front-liners whose work essence demands face-to-face contact. There will arise a new classification of work — work that can be done from the house and those that need actual presence.

For example, in the banking industry, the tellers need to be always present and the credit investigation and account officers have to face their clients. The backroom in charge of facilities needs to inspect their hardware. But there are functions like risk analysis and accounting work that can be handled remotely. This presents both opportunities and potential problems.

The positives include the findings that workers’ rating for transparency and communication by employers seem to have improved tremendously. The Economist article on “From desktop to laptop” cites a Gallup poll stating that the share of American employees “engaged” at work reached its highest level since the same poll began in 2000. Remote work has forced people to communicate better. Tomas Chamorro-Prezumic noted that the pandemic has encouraged managers to place more trust in technology that lets workers communicate and collaborate effectively, even when out of office. Managers are challenged to get their message across better.

In the Philippines, I found a study online by Jon Pauline Ramos and Yogi Tri Prasetyo based on a sample of 250 electronic questionnaires. Based on the study abstract, work-from-home factors have significant positive effects on job satisfaction and productivity but not on job stress. However, the same factors have negative effects on job performance which, in turn, negatively affects productivity. The conclusion appears positive on satisfaction but contradicting on the issue of productivity. If confirmed, domestic businesses will hesitate on pursuing such arrangements.

Factories need to be manned. Service outlets have to employ technicians in the field. Someone has to clean the offices and personally attend to selling booths. These are functions that cannot be done from home. The front-liners and essential workers will evolve to be a special category in the workplace that will have to be evaluated under a different set of policies, and even of laws.

The workplace that we were all familiar with will look different in the future. Businesses that are able to adapt correctly will have to consider lasting effects on job satisfaction (the people) and on productivity (the company). It will be a tough balancing act.

Benel Dela Paz Lagua was previously Executive Vice-President and Chief Development Officer at the Development Bank of the Philippines. He is an active FINEX member and an advocate of risk-based lending for SMEs. The views expressed herein are his own and does not necessarily reflect the opinion of his office as well as FINEX.

Understanding a boss who delays decisions

July 9, 2021 | 12:01 am

I report to a department manager at a medium-sized enterprise. This is my third job and I know much about the working style of various bosses. My current boss appears to be overburdened with many unnecessary tasks that slow his decision-making, at times making things complicated for him. I have offered to help him but he doesn’t listen. Two weeks ago, I asked for the release of some petty cash so I can attend a management webinar. Up to now, he has not decided. What’s wrong with him? — Lemon Juice.

Two sidewalk vendors were talking at a street corner when a nun with her arm in a sling crossed in front of them. One of the vendors called out to her: “Good morning, sister! What happened to you?” The nun explained that she had slipped in the bathtub and broke her arm. The vendor turned to ask his fellow: “What’s a bathtub?”

The other replied: “How should I know? I’m not Catholic.”

For many managers, making a decision is easy if you have all the relevant information. That’s one part of the problem. Sometimes, managers find it difficult to make decisions due to their limited authority on certain issues.

Also, much depends much on the style of top management, some of which cling to a centralization strategy rather than empowering their managers to make independent decisions. Take the example that you’ve cited. What is preventing your boss from approving a petty-cash expense for your webinar? It may seem like a small amount to invest in your development. But, is it really the reason for the delay?

Maybe your boss is not convinced that you need that webinar, in the first place.

Be that as it may, you need to discover for yourself the cause or causes for the delayed decision. It could be that he’s not at fault. You will never know the answer unless you press gently.

STRATEGIC APPROACHES
Don’t judge your boss right away. To avoid complicating things, you must talk to him at the right time and place. Set the right atmosphere. Do it after submitting a project he has been waiting for. Or, give him any good news. The opportunity could help open doors. Nevertheless, there are some approaches that might help you understand his circumstances:

One, ensure that you follow the basic steps in communicating with the boss. It’s not enough that you would want to attend a management webinar. For what? How important is it? What type of problem are you trying to solve? Are there other solutions available? How do you weigh the pros and cons of the alternatives? How about the return on investment? For all we know, the minor expense is irrelevant to the issue at hand.

Two, recommend a continuous improvement program. This is in response to your perception that your boss is overburdened. It doesn’t matter whether you call such an intervention either Kaizen or Lean. What’s important is for you to come up with a pilot project to help you identify and resolve those operational issues using the tools and techniques of Kaizen or Lean.

Three, understand the boss’s authority and responsibilities. It’s not the fault of every manager why they’re dragging their feet on every decision. It could be that they lack the authority and they’re too proud to admit it to you. The office system for approvals may be the source of the problem. Regardless of the size of an organization, it boils down to the desire of top management to centralize certain issues and devolve other things to the line managers.

Four, make it easy for the boss to make decisions. One way for a department head to make faster decision is to give them all the relevant details about a proposal. You can present the pros and cons of your idea, plus its attendant costs and other implications. By doing this, you’re able to foresee all potential difficulties that may arise down the road.

Last, document all ideas, suggestions, even issues. Protect your blind side. Talk to your boss about your proposal and confirm the highlights of your discussion through an e-mail. List down all possible negative repercussions, in case of a delayed decision. That’s because you don’t want to be the sacrificial lamb in case something goes wrong should your boss continue to drag his feet.

CO-OWNERSHIP
Whatever you do, avoid falling into the trap of saying something that could be misinterpreted as disrespectful. Don’t be too hard on your boss, who may see it as an affront to his authority. You may have to think things over. There are situations that can be resolved without the boss making a decision. On the other hand, anticipate all the circumstances that might make matters worse.

Without being too aggressive, you could offer your help to attain a degree of co-ownership. I’m sure your boss knows all the advantages of participative decision-making. This includes soliciting the opinion of other people whose ideas may not be instantly accepted. It’s worth trying.

If the boss fails to respond positively to this idea, then don’t take it against him. Don’t rock the boat as it could cost your job, no matter how good your intentions are.

Have a consulting chat with Rey Elbo on Facebook, LinkedIn, or Twitter or you can send anonymous questions to elbonomics@gmail.com or via https://reyelbo.consulting

ABB’s local unit eyes more ties with RE firms

July 9, 2021 | 12:01 am

THE local unit of global technology firm ABB Ltd. said it is looking at working with more Philippine renewable energy (RE) firms in the next one to two years.

“I think we’ll have a lot of collaboration with renewable energy companies. We [will] continue to work and provide solutions for them,” ABB Philippines Country Managing Director Olivier Coquerel told reporters in a virtual briefing on Thursday. He was referring to a question on the company’s outlook for the next year or two.

He added that ABB’s local unit is planning to develop more smart buildings and continue providing digital solutions, which can help in monitoring energy consumption, among others.

Previously, Switzerland-based ABB announced that it had partnered with San Miguel Corp.’s power unit to install three battery energy storage systems (BESS) in the Philippines. The systems are part of SMC Global Power Holdings Corp.’s nationwide project.

Aside from BESS technology, Mr. Coquerel said on Thursday that the firm sees opportunities in solar, hydro and geothermal power.

“We are helping a lot of solar companies to basically inject solar power into the grid so that’s one area where we will be very active — in renewables. [We will also be active in] hydro and geothermal,” he said.

The Philippines is among the “top three” highest revenue-generating countries for ABB’s business in Southeast Asia, he said, adding that the country is “moving up” in the region.

ABB Philippines’ core businesses are electrification products, motion, industrial automation, and turbocharging. — Angelica Y. Yang

Stuff to do (07/09/21)

July 9, 2021 | 12:01 am

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Online performances, exhibit, talks explore digital landscape

XSCENA, a series of scenography exhibits and webinars, gathers multi-awarded theater practitioners and multidisciplinary artists to collaborate on a project which seeks to capture and develop performance experimentations onto different platforms. The first installment, entitled “Iteration: Recon/figures,” features a week-long digital exhibit of live and pre-recorded original presentations which depict the digital medium not as a limitation but as additional character and setting in the discipline. It will be held from July 12 to 16, from 6 to 8 p.m. Participating in the first installment are multidisciplinary artist Bunny Cadag; Langgam Performance Troup (LPT) artistic director Jenny Logico-Cruz; LPT co-founder and resident director, photographer and filmmaker Blonski Cruz; multidisciplinary artist John Andre Sarmogenes; Pasakalye Black Box Theater Manager and Sining Banwa Albay Performing Collectives, Inc. resident playwright Sari Saysay; and artist-collaborators, scenographers, designers and educators Lawyn Cruz and JayLo Conanan. The retrospective is curated by Tuxqs Rutaquio and Katrina Stuart Santiago. The five-day series will conclude with a talk back session with the artists to be facilitated by Santiago and DeviDiva Productions Artistic Director Dr. Sunita Mukhi, on July 17, 3 to 4:30 p.m. Hosted by the Arts and Culture Cluster of the De La Salle-College of Saint Benilde, the event will be available on view on Facebook, TikTok, YouTube and Zoom. Interested participants may register at https://forms.gle/wzpZzjAAYPFnPLmR6. For more information, visit https://www.facebook.com/xscenafestival.

Son Ye Jin, Hyun Bin appear on Smart Hallyu Hangouts

Smart Communications is bringing Filipino fans closer to their favorite Korean superstars through Smart Hallyu Hangouts, a series of online shows where subscribers can watch their idols. Smart Hallyu Hangouts pilots on July 16 with multi-awarded Korean actress and Smart Signature endorser Son Ye Jin while Hyun Bin takes on the Smart Hallyu Hangouts stage on July 31. For the complete details on how to get tickets to these events, go to https://smart.com.ph/Pages/smart-hallyu-hangouts.

Big Bad Wolf online book sale extended

THE BIG Bad Wolf Online Book Sale is extended by popular demand until July 12. Over 60,000 book titles are available at discounted prices at the Big Bad Wolf site at bbwbooks.com.

Lego holds virtual party

THE LEGO Group will host the Lego Virtual Party: Building Imagination & Creativity on July 15, at 5 p.m., at the official Lego Certified Store PH Facebook page. The party includes a building session with Lego Dots, the creative line for DIY accessories. During the Virtual Party, guests will have the chance to create their own accessories according to their preferred style with the Lego Dots Bracelet set and Creative Party Kit. Showcasing the versatility of Lego for both kids and parents are Chloe Collings, Marie Field-Faith, Cham Magsaysay, Nikki Imbento, and Celline Bautista along with their children. The building session will be guided by radio and events host and adult Lego builder Tanya Zialcita. Viewers can participate through interactive games where they can write their answers in the comment section and get the chance to win the same sets used in the Lego Virtual Party. The audience can also follow along during the building session by getting the same Lego sets ahead of the event through the official Lego website at www.bankeebricks.ph or at any Lego Certified Store branches at Trinoma, The 30^th Mall, BGC, Greenbelt, and Alabang Town Center.

Entries open for 2021 Pinoy K-Pop Star Transcend

KOREAN Cultural Center in the Philippines (KCC) presents the 2021 Pinoy K-Pop Star Transcend, the annual Philippine final leg of the K-Pop World Festival in Changwon. After taking a break last year, the country’s biggest K-Pop competition is back with performances from some of the most talented K-Pop cover groups in the country. Interested participants may send their application and dance demos until July 11, 11:59 p.m. Guidelines and details may be accessed through: tinyurl.com/2021PinoyKPop. The first place winner will win P30,000, second place will take home P20,000, while the third place will win P15,000. The fourth, fifth, and sixth place will take home special KCC gift bags. The 2021 Pinoy K-Pop Star Transcend will be livestreamed on July 30 on KCC’s YouTube Channel.

Philippine factory output continues rebound in May (2021)

July 9, 2021 | 12:00 am

THE COUNTRY’S factory output continued to rebound in May as demand for manufactured goods grew amid the reopening of external markets coupled with low base effects. Read the full story.

How PSEi member stocks performed — July 8, 2021

July 9, 2021 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Thursday, July 8, 2021.

Peso weakens on increased demand for the dollar

July 8, 2021 | 9:00 pm

THE PESO weakened versus the greenback on Thursday on expectations of more imports following the release of data showing increased factory output on the back of the economy’s gradual reopening.

The local unit closed at P49.875 per dollar on Thursday, losing 8.5 centavos from its P49.79 finish on Wednesday, based on data from the Bankers Association of the Philippines.

This was the peso’s weakest close since its P49.92-a-dollar finish on June 26, 2020, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

The peso opened Thursday’s session at P49.85 versus the dollar. Its weakest showing was at P49.97, while its intraday best was at P49.79 against the greenback.

Dollars that changed hands increased to $1.127 billion on Thursday from $937 million on Wednesday.

A trader said the peso weakened due to increased demand for the dollar as the country’s economic situation improves.

Data released by the Philippine Statistics Authority showed Philippine factory output continued to expand in May on the back of businesses’ higher operating capacity as restrictions were eased.

Factory output, gauged through the Volume of Production index, surged by 265% in May following its 155.6% expansion in April, based on preliminary results of the Monthly Integrated Survey of Selected Industries.

Meanwhile, Mr. Ricafort said the peso dropped after the US Federal Reserve said uncertainties continue to hound the world’s largest economy.

The minutes of the Fed’s June meeting released on Wednesday showed a “substantial majority” of central bank officials acknowledging risks from higher inflation, Reuters reported.

However, the minutes did not show clearer hints on the timeline of the reduction of the Fed’s bond purchases and its rate hikes.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno yesterday said the peso will continue to get support from the country’s ample foreign reserves, remittances, and business process outsourcing (BPO) receipts, even as it nears the P50-per-dollar level.

Mr. Diokno said in an online briefing that the dollar has been gaining ground against “almost all major currencies”.

“That means that it is dollar that is strong, not the peso that is weak,” he said.

“As you can see, our defense for the peso right now is our hefty gross international reserves and the steady inflow of dollars brought about by various sources like OFW (overseas Filipino workers) remittances, payment for BPO and foreign direct investments,” Mr. Diokno added.

The central bank chief also reiterated that the BSP only participates in foreign exchange trading “to minimize the fluctuations” in the market.

For Friday, Mr. Ricafort gave a forecast range of P49.75 to P49.95 per dollar, while the trader expects the local unit to move around a weaker range of P49.80 to P50 versus the greenback. — LWTN with Reuters

Shares slip on worries over China tech crackdown

July 8, 2021 | 9:00 pm

PHILIPPINE shares declined for the third straight day on Thursday due to the absence of catalysts, also tracking markets in the region that fell due to China’s crackdown on technology firms.

The benchmark Philippine Stock Exchange index (PSEi) declined by 18.01 points or 0.25% to close at 6,924.99 on Thursday, while the broader all shares index inched up by 2.50 points or 0.05% to 4,274.66.

“The market fell for a third straight day as catalysts that could spur optimism remain missing,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“The net foreign outflows this Thursday… also contributed to the decline. Trading remained tepid,” he added. “This implies that many investors are still staying on the sidelines while waiting for compelling factors before they participate in the market.”

Net foreign selling soared to P838.94 million on Thursday from the P211.97 million logged in the previous day. Meanwhile, value turnover went up to P5.04 billion with 1.36 billion issues traded on Thursday from the P4.46 billion with 1.70 billion shares switched hands on Wednesday.

“This (the PSEi’s performance) is consistent with how Asian markets performed today, amid lingering worries over China’s ongoing crackdown on tech giants,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a separate Viber message on Thursday.

Asian stocks fell to a six-week low on Thursday as investors sold companies caught in a widening Chinese tech crackdown, while a surprising hint at monetary easing in China raised questions about the strength of the global pandemic recovery, Reuters reported.

MSCI’s index of Asia shares outside Japan fell 1% to its lowest since late May, led by a 2.3% drop in the Hang Seng, where one-time darlings Tencent and Alibaba slumped to year-to-date lows.

Shares in ride-hailing firm Didi crumbled another 4.6% on Wednesday to put them more than a quarter below last week’s offer price, a sell-off sparked when China ordered the app removed from stores.

Back home, most sectoral indices closed in the red on Thursday except for mining and oil, which went up by 65.65 points or 0.67% to 9,836.49, and services, which gained 8.50 points or 0.52% to end at 1,615.47.

Meanwhile, industrials shed 49.27 points or 0.5% to 9,635.58; property lost 16.72 points or 0.49% to 3,335.23; financials went down by 7.41 points or 0.49% to end at 1,495.35; and holding firms declined by 9.16 points or 0.13% to 6,947.72.

Decliners beat advancers, 119 against 82, while 50 names closed unchanged.

Timson Securities’ Mr. Pangan expects the PSEi to trade between 6,820 to 7,080 on Friday, while Philstocks Financial, Inc. Research Associate Claire T. Alviar placed its immediate support at 6,900.

“Having no fresh leads along with weak investors’ participation may put the market in consolidation with a downward bias,” Ms. Alviar said in a Viber message. “Traders may also take profits on the last trading day of the week to avoid any uncertainties over the weekend.” — Keren Concepcion G. Valmonte with Reuters

Gov’t confident rest of tax reform agenda will pass before term ends

July 8, 2021 | 8:42 pm

THE PALACE on Thursday expressed optimism that the last two tax reform bills being pushed by President Rodrigo R. Duterte will passed before he steps down in 2022, saying the tax reform agenda has the support of Congress.

The proposed Real Property Valuation and Assessment Reform Act and the Passive Income and Financial Intermediary Taxation Act are the third and fourth packages of the tax reform program. The two measures are still pending at the Senate.

The last two components of the Comprehensive Tax Reform Program are likely to pass because they have been certified as urgent by the Executive branch, the President’s spokesman Herminio L. Roque, Jr. said at a televised news briefing.

“I think Congress… defers to bills which have been certified as urgent by the Executive and the reality is we also have support in both houses of Congress for these initiatives,” he said.

If passed, the real property valuation bill will establish a “single valuation base for taxation through the adoption of the schedule of market values of (local government units), and use the updated values as benchmarks for other purposes, such as right-of-way acquisition, lease, rental, etc.”

The measure is set to expand the property tax base of LGUs “without increasing the existing tax rates or devising new tax impositions.”

The House of Representatives passed its version of the bill on third reading in November 2019, while the Senate version is still pending at the committee level.

The proposed passive income law, which aims to simplify the tax structure for financial instruments, was approved by the House in September 2019 and at committee level in the Senate.

The first package — Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion Act, — was signed by Mr. Duterte in 2017 after it was submitted to Congress in 2016. The law that cuts personal income tax rates and hikes or imposes sales taxes on various items encountered resistance in the Congress, with some legislators calling it anti-poor.

In August 2018, a few months before the 2019 elections, Finance Secretary Carlos G. Dominguez III said the President’s remaining tax reforms, which included the second package at that time, would face rough sailing in Congress partly because of “the proximity of elections.” He said tax policy “is never the best way to be reelected.”

Maria Ela L. Atienza, a political science professor at the University of the Philippines, told BusinessWorld in January that key economic bills usually take a back seat at the Senate because the chamber is “of national” significance, and senators may be considering their chances in the next elections.

The next national elections are scheduled for May 2022. — Kyle Aristophere T. Atienza

DoF backs DepEd complaint over WB education report

July 8, 2021 | 8:41 pm

THE DEPARTMENT of Finance (DoF) is supporting a Department of Education (DepEd) complaint about the poor rating the World Bank (WB) gave to the Philippine education system, calling the banks failure to consult the DepEd a violation of the protocols for dealing with government partners.

The DoF said in a statement Tuesday that it is supporting the DepEd’s call for a public apology after one of the bank’s reports used outdated data in its assessment of the education system.

“The failure of Bank officials to follow the protocol of consulting with the DepEd prior to publication further illustrates the lack of professionalism which we come to expect from the World Bank and its staff,” Finance Secretary Carlos G. Dominguez III said in his letter to World Bank President David Malpass.

“Such a Report should be taken out from the bank’s website as not to further mislead the public. We also believe that a public apology to the DepEd and the National Government is in order,” he added.

He said the report caused “undue reputational risk” to the education sector since the assessment was based on data released two years ago.

On June 29, the World Bank posted on its website the report, Improving Student Learning Outcomes and Well-Being in the Philippines: What Are International Assessments Telling Us? (Vol.2): Synthesis Report Presentation.

The study found that the education sector faces a crisis that may have been made worse by the pandemic, noting that more than 80% of Filipino children “do not know what they should know.”

It traced the poor performance of students to their limited proficiency in the languages used in instruction; as well as to the “unacceptably poor school climate, with high levels of bullying.”

The bank used the findings of the Programme for International Student Assessment 2018; Trends in International Mathematics and Science Study 2019; and Southeast Asia Primary Learning Metrics 2019 studies.

The timing of the report’s publication may be “wrongfully used” to paint a bad picture of the Philippine government, even if the data used were outdated, according to Mr. Dominguez.

Mr. Dominguez said the challenges presented had been “addressed” by the DepEd and other development partners.

He said he expects the World Bank to be more responsible in reporting and “adhere to the highest standards of ethical and professional conduct.”

“The bank has delivered numerous development programs and projects to reform the education sector since the 1980s, and has remained steadfast in pursuing initiatives to improve the quality of education in the country,” he said.

“As a valued partner, the bank should serve and protect the development interests of the Philippines and other World Bank members,” he added.

BusinessWorld asked the World Bank for comment but it had not replied at the deadline.

The report is no longer available on the bank’s website as of Thursday afternoon. — Beatrice M. Laforga

DoE considering new RCOA threshold to expand number of contestable customers

July 8, 2021 | 8:40 pm

THE DEPARTMENT of Energy (DoE) said it will consider lowering the threshold for eligibility to join the retail competition and open access (RCOA) program to expand the number of contestable customers whose accounts suppliers can compete for.

Under current rules, contestable customers consuming at least 500 kilowatts (kW) a month may choose their own power suppliers.

“Further assessment will be made on further lowering the threshold of 500 kW,” Energy Assistant Secretary Redentor E. Delola said during the department’s Luzon Virtual Energy Investment Information, Education, and Communication forum Thursday.

He added that the DoE will be consulting with the energy regulator and market operator in pursuing retail aggregation in the RCOA to enhance the program’s efficiency.

More end-users have joined the RCOA since the department started the program in 2013, Mr. Delola said.

“(We had) only 892 in 2013. As of May 2021, we have a total of 2,920 electricity end users who have been issued certificates of contestability by the ERC (Energy Regulatory Commission) … Out of this number, 1,791 or more than 60% (are) already being served by suppliers,” he said.

In 2017, the Supreme Court blocked the RCOA scheme because it was made mandatory for large power end-users.

In December that year, the DoE issued a department circular making participation in the RCOA voluntary.

The department is planning to develop RCOA policies for Mindanao, which is not part of the program as yet, according to Mr. Delola.

“With expected commercial operation of the WESM (wholesale electricity spot market) in Mindanao in the next quarter, we shall develop and promulgate RCOA policies for the grid… We have been receiving feedback from various customers in Mindanao interested in participating in RCOA, thus (bringing about the) need to fast-track its implementation,” he said. — Angelica Y. Yang