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Entertainment News (04/08/22)

CCP offers grants for animation, games, comics

THE CULTURAL Center of the Philippines (CCP) is launching the CCP Grants, with P20 million in development funding meant to generate original Intellectual Property (IP) content that reflects the country’s rich cultural heritage with its folktales, myths, and legends. This program hopes to stimulate the local creative economy by providing financial and technical and educational support to local creative businesses, content developers, artists, and students. Filipino content creators can pitch their ideas in any of the following three categories: Game Development Grant, Animation Grant, and Comics Grant. For the Game Development Grant, up to four Securities and Exchange Commission (SEC)-recognized game development organizations will be awarded a maximum funding of P1.5 million each, and a maximum of P300,000 each to independent game developers to create and complete a digital game project with a mix of creative, cultural, and commercial outcomes, and content derived from the CCP Encyclopedia of Philippine Art. The Comics grant offers P330,000 for a potential of six winners; while the Animation Grant has funding of P2 million each for four potential winners to bring into life five-minute animated short films. Both the animation and comics output must be developed around the theme, “Philippine Folktales, Myths and Legends.” In addition, a training component with industry professionals will be integrated for the winners. The CCP Grants program is supported by the Creative Content Creators Association of the Philippines, the Game Developers Association of the Philippines, the Animation Council of the Philippines, and KOMIKET. For details, check out the Game Development Grant Application form: https://forms.gle/cvM1UNqLmWSEK6239 and the Animation and Comics Grant Application form: https://forms.gle/7P6PNASVPsXhtgUo9.

Star Cinema films will soon air on GMA

ABS-CBN will license titles from the Star Cinema library of films to GMA Network. This development was announced at a virtual event on April 5 attended by executives from both networks. “To us, we are very pleased because the significance of our partnership today ushers in possibility of a far broader set of conversations, potential partnerships and cooperation that will have the benefit not only mutually to GMA and ABS-CBN but as importantly, if not perhaps more importantly, to the benefit of the public we both serve — the Filipino viewer,” GMA Network President and Chief Operating Officer Gilberto R. Duavit, Jr. said. “Since we have, as they say, broken the ice, there is great optimism that these conversations will start and continue, and we look forward to the possibility of this type of an opportunity again moving forward,” he said.  Meanwhile, ABS-CBN President and Chief Executive Officer Carlo L. Katigbak said that he is hoping to bring Star Cinema movies to more viewers through this partnership. “Every storyteller’s dream is to have as many people as possible experience their creations. Now, because of the kindness of our friends at GMA, we have the special opportunity to bring our Kapamilya stories to a new audience. We hope the Kapusos find joy and inspiration in viewing our Star Cinema movies and we also look forward to a new era of friendship and cooperation within our small industry,” he said, using the networks’ nicknames, Kapamilya and Kapuso. Among the Star Cinema movies which will air on GMA-7 are Alone/Together, How to Be Yours, Ang Babae sa Septic Tank, Just The Way You Are, Fantastica, No Other Woman, The Panti Sisters, James & Pat & Dave, Feng Shui, Suddenly It’s Magic, and I Love You, Hater.

GigaPlay app offers shows for free

FOR a limited time until July 15, mobile services provider Smart Communications, Inc. will allow subscribers to enjoy entertainment and sports content on the GigaPlay app for free, with no subscription needed and no data charges. The GigaPlay app now offers tvN, a popular cable network in South Korea known for airing K-dramas. Some of the most popular titles that currently show on the GigaPlay app via its tvN partnership include Jirisan, Military Prosecutor Doberman, and City Girls on the Climbs. Aside from entertainment, GigaPlay streams live NBA action via NBA TV Philippines. Catch the PBA and the PBA 3×3, as well as the Japan B League, the National Basketball League (NBL) and the FIBA World Cup. GigaPlay is also the official digital streaming partner of the ongoing UAAP and is currently streaming Season 84’s basketball eliminations, as well as the UAAP Volleyball and Cheerdance competition. Smart subscribers can download the GigaPlay app on the App Store or Google Play Store. To watch for free, users can connect their phone to Smart or TNT mobile data or PLDT Home WiFi while accessing the app, without incurring data charges. For more information, visit https://smart.com.ph/Pages/gigaplay. 

BAFTA awardee filmmaker holds online workshop

AWARD-winning British filmmaker, writer, and director Craig Lines will share his experience in a full online Certificate Program in Film Making for Content Creators, slated on select Fridays of April and May. Mr. Lines will guide participants based on the following: What do you want to achieve or promote? What is the subject? Who is the target market? Also an introduction to filmmaking, students will be immersed in the language of camerawork, its background and diverse genres, plus how its tools and techniques can be utilized in conceptualizing and creating videos and materials that are entertaining, informative and educational. The module will provide attendees with the understanding of the whole content creation process, from writing the script from scratch, preparing the workflow and equipment to shooting and post-production editing. Mr. Lines has been in the industry for over 30 years and has earned several TV and film accolades including three BAFTA Awards (British Academy Film Awards) and two Royal Television Society Awards. The Certificate Program in Film Making for Content Creators will be held on April 22 and 29 and May 6 and 13, from noon to 6 p.m. The module fee for the full online course is P12,895. It is designed for users who have a good understanding of the English language and have a laptop or desktop. The program is hosted by the School of Professional and Continuing Education (SPaCE) of the De La Salle-College of Saint Benilde (DLS-CSB). To register and to learn more about its course selections, visit SPaCE on the Benilde website or on its official Facebook account.

MNL48 releases new single

AFTER a year, girl group MNL48 returns with its 7th single, “No Way Man,” a dance-centric song with a message that mirrors the girl group’s can-do attitude. “No Way Man” is led by center girl MNL48 Abby with Senbatsu members Sheki, Jamie, Ruth, Ella, Jan, Andi, Jem, Yzabel, Princess, Lara, Coleen, Rianna, Lyza, Dana, and Dian. The music video for “No Way Man” is now up on MNL48’s YouTube channel. MNL48 will also be releasing a music card with mini photobook and a handshake ticket for their fans. For more updates, follow the group’s official Facebook (www.facebook.com/mnl48official), Twitter (@mnl48official), Instagram (@mnl48official), and YouTube (www.youtube.com/MNL48Official).

Chelsea aims to boost balance sheet as losses widen

CHELSEA Logistics and Infrastructure Holdings Corp. announced on Thursday that its net loss for 2021 had widened to P3.9 billion from a loss of P3.3 billion a year earlier despite cutting its operating losses amid the pandemic crisis.

“For the year, the group was able to cut the operating losses by 17% to P2 billion with freight and logistics segments growing by 30% and 41%, respectively,” Chelsea Logistics told the stock exchange.

It attributed last year’s bottom line to “nonrecurring items, which include the sales of assets below book value.”

“Excluding these one-time items, Chelsea group’s net loss would have actually improved by 18% year on year from P5.2 billion in 2020 to P4.3 billion in 2021,” the company noted.

“On the other hand, adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) reversed to negative P31 million versus P205 million in the previous year,” the group added.

The company’s revenues fell by 4% to P4.5 billion due to declines in passenger, tanker, and tugboat businesses.

It saw its freight segment recover with a 30% year-on-year improvement in revenues to P2.7 billion.

The freight revenue, according to the group, already surpassed the P2.7-billion revenue in 2019.

“Freight accounted for 61% of consolidated revenues, up from 45% in the previous year,” it said.

Revenue from its logistics business climbed by 41% to P519 million last year.

“The passenger business continued to be challenged due to restricted travel protocols implemented not just by the national government but also by local government units of the areas where the group has port calls,” it said.

“The tankering business also continued to experience difficulties in recovery due to restrictions in the movement of petroleum products as well as the lower demand from customers.”

The company, however, is already seeing some signs of recovery in such businesses, “especially for passage with the year-on-year revenue decline slowing down from 65% in 2020 to just 42% in 2021 with P293 million.”

“We are hopeful of a further recovery this year while we need to carefully monitor world oil prices as they will certainly have a negative impact on our margins,” Chelsea Logistics President and Chief Executive Officer Chryss Alfonsus V. Damuy said.

Chief Financial Officer Ignacia S. Braga IV said: “We have reduced and continue to manage all operating expenses to improve margins without sacrificing safety and standards.”

“We continue to work closely with our creditors, suppliers and other stakeholders to strengthen our balance sheet through win-win solutions.”

Chelsea Logistics shares closed 2.55% lower at P1.53 apiece on Thursday. — Arjay L. Balinbin

What To See This Week (04/08/22)

Jack Whitehall and Darby Camp in Clifford the Big Red Dog

Clifford the Big Red Dog

A MAGICAL animal rescuer gives middle-schooler Emily Elizabeth a little red puppy named Clifford —  who turns overnight into a giant red dog. Clifford, Emily and her uncle then go on an adventure through New York which attracts both admirers and the authorities. Directed by Walt Becker, this film mixes live action with animations. It stars Darby Camp, Jack Whitehall, and Izaac Wang. Empire’s Ben Travis writes, “Tonally, it feels like a tribute to sweet ’90s dog-antic comedies like Beethoven and the live-action 101 Dalmatians, just with a colossal canine at its core. That means you get all the usual dog-movie antics, this time played out on a comically large scale…” Review aggregate site Rotten Tomatoes’ Tomatometer gives it a score of 58% and the audience score is 94%.

MTRCB Rating: G

The OctoGames 

EIGHT contestants compete in eight classic —  but deadly — children’s games in pursuit of fame. The prize? A chance to take over the YouTube channel of the famous yet elusive “JaxPro.” Directed by Aaron Mirtes, the film stars Lacy Hartselle, Allison Shrum, and Brad Belemjian.

MTRCB Rating: R-13

Cebu Landmasters reports 42% profit rise to P2.6B

CEBU Landmasters, Inc. (CLI) posted last year a net income of P2.61 billion attributable to shareholders, up 42% from the earlier year and surpassing its pre-pandemic earnings, amid strong housing demand in the Visayas and Mindanao.

In a virtual briefing on Thursday, company officials said the Cebu-based property developer exceeded its 2019 bottom line by 30%.

According to CLI Chairman and President Jose R. Soberano III, the listed firm is in a position to pick up from where it left off before the pandemic since its 2021 performance went beyond its target for the year.

CLI’s topline in 2021 reached P11.16 billion, higher by 35% than the earlier year’s revenues, after it recorded construction accomplishments and robust sales. It has 10 new residential projects with P18 billion in sales value.

Sales rose by 16% to P16.5 billion in 2021 largely coming from the economic and mid-income segments, while rentals increased by 35% year on year after the completion of the Latitude Corporate Center in Cebu Business Park.

“We never stopped in 2020, we kept pushing, and that is really the answer why we were able to launch over P18-billion worth of residential launches, 57% more than the previous year,” CLI Chief Operating Officer, Director, and Executive Vice-President Jose Franco B. Soberano said.

“We’re very proud of our acquire-to-develop approach. Whatever property we acquire, it always comes with a development plan in mind,” he added.

CLI also acquired 41 more hectares last year, of which it developed 29 hectares. It has under negotiation 70 more hectares. The listed firm drew from its P10 billion capital expenditure budget to fund land banking activities.

In a media release, the company said its economic housing brand Casa Mira was the top sales performer, accounting for 41% of last year’s total. Mid-market developments contributed 27% while the high-end segment made up 31%.

CLI said its projects that “fared well” were Terranza Residences in Iloilo City, which was 82% sold by end-2021; and its first resort living complex Costa Mira Beachtown Mactan, which was 92% sold-out a week from launch.

“By the end of 2021, construction was in full-swing across all project sites in 16 key cities in VisMin and catch-up measures had been put in place to compensate for delays caused by quarantine restrictions,” the company said.

It said a “major investment” that is proceeding as planned is Masters Tower Cebu, which will bring 10,500 square meters (sq.m.) of gross leasable area (GLA) and will incorporate Sofitel Cebu City’s 195 rooms.

“Another anchor project is the 125-room Abaca Resort Mactan, a luxury hotel designed to be among Cebu’s premier hotel destinations,” it added.

The company has one operating hotel and seven other brands “under different stages of construction,” which in total will give its hospitality portfolio a total 1,775 keys by 2025.

This year, CLI has 21 projects in the pipeline, which includes a new site in Palawan.

At the stock exchange, CLI shares inched up by five centavos or 1.69% to close at P3.01 apiece. — Ram Christian S. Agustin

Stuff to do (04/08/22)

PPOP convention set this weekend

THE 2022 PPOP CON is two-day hybrid live/online event which will be held on April 9 and 10 at the New Frontier Theater and will conclude with a concert at the SMART Araneta Coliseum. It is fan gathering and celebration of Filipino pop culture and music, and will feature established and promising P-Pop artists, fan engagement activities, and booths. The 16 participating artists are: SB19, 4th Impact, Alamat, Press Hit Play, 1st.One, VXON, MNL48, BGYO, BINI, KAIA, PPOP Generation, DAYDREAM, R Rules, G22, Calista, and DIONE. Tickets for the convention at the New Frontier Theater and the concert at the Araneta Coliseum are on sale via www.ticketnet.com.ph and www.ktx.ph. Availability of tickets for concert and convention access at the Araneta Coliseum and New Frontier Theater will depend on the coronavirus disease 2019 (COVID-19) Alert Level during the event date. For more details on tickets, and health and safety guidelines on the event, visit https://ppopcon.ph/.

Last part of Limitless trilogy set for Saturday

JULIE ANNE San Jose returns with Rise, the third and final installment of Limitless: A Musical Trilogy on April 9. After exploring places and communities in Mindanao and Visayas in the previous episodes, the show will feature visits to provinces in Luzon. For tickets, visit https://gma-synergy.ticket2me.net/e/11.

FDC says profit down 28%, seeks to ‘regain lost ground’

GOTIANUN-LED Filinvest Development Corp. (FDC) reported on Thursday a 28% drop in net income attributable to equity holders to P6.1 billion as its businesses recorded mixed results in 2021.

“Our financial results in 2021 were mixed across our businesses resulting from the varying degrees of economic impact caused by the COVID-19 (coronavirus disease 2019) disruptions. We saw higher reservation sales in the residential business, particularly the affordable horizontal segment. However, volumes have not returned to pre-pandemic levels for most of the businesses by the end of 2021,” FDC President and Chief Executive Josephine T. Gotianun-Yap said in a disclosure.

“Now that the economy has opened up and mobility restrictions have been lifted, we are looking forward to regaining lost ground especially in banking, commercial leasing and hospitality,” she added.

Consolidated net income dropped by 23% to P8.9 billion, FDC said.

Without giving comparative figures, it said revenues and other income were lower by 13% as the growth posted by the residential and power businesses were offset by the contraction of the banking and commercial leasing units.

East West Banking Corp., FDC’s banking and financial services subsidiary, delivered a net income contribution to the group of P4.3 billion or 40% of FDC’s bottom line. The figure was 32% lower than 2020’s P6.4 billion due to lower loan revenues and trading gains.

The bank’s total revenues and other income also declined by 22% to P28.8 billion.

“The drop in interest income was partly tempered by lower costs as EastWest maintained its industry leading net interest margin at 6.6% while the current and savings account ratio improved to 75% from 70% the previous year,” FDC said.

“Trading and foreign exchange gains were lower by 65% at P1.9 billion as interest rates remained steady for most of the year. Fees and commissions income was flat at P3.7 billion as the volume of transactions continued to be below pre-pandemic levels,” it added.

On the other hand, provisions for loan losses were lower by 58% to P4.1 billion given the high provisioning done in 2020.

“While loan losses have been accounted for, the reduced loan volumes affected return on equity that was recorded at 7.7%,” the company said.

Meanwhile, FDC’s property business, composed of the real estate and hospitality segments, delivered a combined P4.2 billion or 39% of the total income. The power subsidiary contributed P2.1 billion in net income or 19% of the total.

At the stock exchange on Thursday, FDC shares fell by 0.14% or P0.01 to close at P6.93. — Luisa Maria Jacinta C. Jocson

BSP looking to ease Islamic banks’ capital requirements

THE BANGKO SENTRAL ng Pilipinas (BSP) is looking into reducing the minimum capital requirement needed to set up Islamic banking units to attract more players.

“We are conducting a policy study to liberalize and relax the minimum capital requirement for Islamic banking units so that there will be other kinds of conventional banks that would be open to explore opening Islamic banking units,” Noel P. Tianela, deputy director and head of the BSP’s Islamic Banking Supervision Group, said at a virtual briefing on Thursday.

The minimum capital required to set up an Islamic bank is the same as those for universal banks.

Under the BSP’s Manual of Regulations for Banks, a universal lender looking to establish just a head office is required to put up capital of at least P3 billion, while one with 10 branches or less needs to have a minimum of P6 billion in buffers. Those with 11-100 branches are required to have at least P15 billion in capital, while the minimum for those with more than 100 branches is P20 billion.

BSP Governor Benjamin E. Diokno earlier said they have received a number of queries for the establishment of Islamic banks and banking units, although no application has been submitted.

“The inquiries include one relating to the establishment of a foreign Islamic bank within a foreign bank. However, the discussion on this is still on the exploratory stage,” the central bank chief said on Thursday.

“Pre-pandemic, a few conventional banks signified interest, but no formal application has been filed yet. Potential players are perhaps still conducting their research,” Mr. Diokno added.

In 2019, the central bank released the framework for the establishment of Islamic banks. This followed the signing of Republic Act 11439 in the same year, which mandated the central bank to regulate these types of lenders.

Islamic banking principles operate without the involvement of riba or interest, which is prohibited under the Shari’ah law. These lenders also issue funding instruments called “sukuk” for their operations and capital needs.

Mr. Diokno said the BSP is doing research regarding profit sharing investment accounts as well as the capital adequacy ratio for Islamic banks.

“Capacity building is needed to upskill the knowledge and address the technical capability requirements of participants from both public and private sector,” he said. 

The BSP has teamed up with the Bangsamoro Government, National Commission on Muslim Filipinos, and the Department of Finance on establishing a Shari’ah Supervisory Board (SSB) in the Bangsamoro Autonomous Region in Muslim Mindanao, pursuant to the Bangsamoro Organic Law. The SSB will give Shari’ah compliance oversight for the Islamic banking and finance industry in the region.

Al Amanah Islamic Bank is the only Islamic bank operating in the country. It is under the Development Bank of the Philippines.

MORE RURAL BANKS JOIN PHILPASS PLUS
Meanwhile, at the same briefing, Mr. Diokno said more rural banks are now participating in the country’s real-time gross settlement system for interbank transactions and government collections, also known as the PhilPASS Plus.

The system facilitates the flow of large value payments for major transactions, as well as retail payment clearing for checks, ATMs, InstaPay, and PESONet.

“Participating rural banks increased by 21.7% to 101 at end-February this year from 83 in 2020. Moreover, 26.2% of the 386 rural banks in the country are already onboard PhilPaSS Plus,” he said.

More rural banks joining the PhilPASS Plus will help boost financial inclusion, Mr. Diokno said.

“We also see an uptrend in PhilPaSS Plus transactions amid its increased membership and the improving economic climate as our country recovers from the pandemic,” he said.

Transaction volume through the system rose 15.1% from 2019 to February 2022, while value doubled to more than P45 trillion.

The central bank earlier announced it will waive PhilPASS plus fees until the end of 2022 to extend its relief measure for financial institutions. — L.W.T. Noble

Film academy moves up discussion of Will Smith slap to Friday

Will Smith and Aunjanue Ellis in King Richard — IMDB.COM

LOS ANGELES — The Academy of Motion Picture Arts and Sciences has moved up its meeting to discuss possible sanctions against best actor winner Will Smith for slapping presenter Chris Rock to Friday, a letter from the group’s president said.

The board of governors of the organization, the group that hands out the Academy Awards, previously had been scheduled on April 18 to discuss the incident at last month’s Oscars ceremony.

Mr. Smith resigned from the academy on Friday and said he would accept whatever consequences the group decided were appropriate.

Because Mr. Smith resigned, the academy no longer needs to follow the legally prescribed timetable to consider the matter, academy President David Rubin said in a letter to members.

“It is in the best interest of all involved for this to be handled in a timely fashion,” Mr. Rubin said.

Possible actions could include making Mr. Smith ineligible for future awards or banning him from future Oscars ceremonies.

At the March 27 televised event, Mr. Smith strode up to the stage after comedian Mr. Rock made a joke about the appearance of Mr. Smith’s wife, Jada Pinkett Smith, then smacked Mr. Rock across the face.

Less than an hour later, Mr. Smith gave a tearful speech on stage as he accepted the best actor award for his role in King Richard. After the ceremony, he was seen dancing at Vanity Fair’s annual post-Oscars party.

Mr. Rock’s joke about Mr. Smith’s spouse made a reference to the 1997 film G.I. Jane in which actress Demi Moore shaved her head. It was unclear whether Mr. Rock was aware that Jada Pinkett Smith has a condition that causes hair loss. — Reuters

Vivant unit bags 225-MW Bauang diesel power plant

LISTED holding firm Vivant Corp. said its subsidiary had received the notice of award from the La Union provincial government for the ownership of the 225-megawatt (MW) Bauang diesel power plant.

In a disclosure, Vivant Corp. said its unit 1590 Energy Corp. (EC) submitted the highest bid for the diesel-fed power generator during a public auction, following a post-qualification evaluation.

1590 EC is the current operator of the plant and is majority-owned by Vivant Energy Corp., which is in turn a wholly owned subsidiary of Vivant Corp. It received the notice of award on April 6.

The Bauang plant is a bunker fuel-fired power plant with a generating capacity of 215 MW that was built to help address the Luzon grid’s supply needs. It is being operated by 1590 EC since 2010 under a lease contract with the provincial government.

In a statement, 1590 EC Chairman Emil Andre M. Garcia said the company plans to invest more in the plant to allow it to continue providing stable and reliable power to the grid.

“We welcome this opportunity to solidify our commitment to be a partner in the continued development of both the Province of La Union and the Municipality of Bauang,” he said.

The formal transfer of plant ownership will be concluded when the two parties have jointly executed the deed of transfer and conveyance.

1590 EC President Mark D. Habana said that although diesel-fired plants are reliant on fossil fuel, it provides fast-reacting ancillary power that “supports the expansion of renewable energy in the total energy mix.”

Through its subsidiaries and affiliates, Vivant Corp. has interests in companies engaged in power generation, distribution, and retail electricity supply.

Vivant Energy is the holding firm for the Vivant group’s investment portfolio in power generation and supply assets. — Ram Christian S. Agustin

Adele, Ed Sheeran, and Dave nominated for Ivor songwriting awards

ADELE

LONDON — British singers Adele, Ed Sheeran, and Raye, rapper Dave, and group Coldplay will compete for songwriter of the year at the Ivors, organizers said on Thursday, announcing nominees for the annual awards honoring those penning famous lyrics.

Producer Dean “Inflo” Josiah Cover, who has worked with the likes of Adele and Little Simz, leads nominations for the awards for songwriters and screen composers with four nods, three of them in the best album category, the UK-based Ivors Academy said.

Mr. Sheeran, who on Wednesday won a copyright case over his 2017 mega chart-topper “Shape Of You” at the High Court in London, has three nominations. The other two are for hit songs “Bad Habits” and “Shivers” in the running for most performed work

That category also includes Elton John and Dua Lipa’s chart-topper “Cold Heart,” Tom Grennan’s “Little Bit of Love,” and “BED” by DJs David Guetta and Joel Corry with Raye.

Contenders for best song musically and lyrically include Adele’s comeback single “Easy on Me,” Sam Fender’s “Seventeen Going Under,” Rag‘n’Bone Man’s “All You Ever Wanted,” Holly Humberstone’s “Haunted House” and “Let’s Go Home Together” performed by Ella Henderson and Tom Grennan.

The records competing for best album are Mother by singer Cleo Sol, Nine by musical group SAULT, singer Laura Mvula’s Pink Noise, Sometimes I Might Be Introvert by rapper Little Simz and Spare ribs by musical duo Sleaford Mods.

Performers PinkPantheress, Ashaine White, Luz, Naomi Kimpenu and Matilda Mann are nominated for the rising star award.

Drama Spencer, starring Kristen Stewart as the late Princess Diana, and thriller Last Night in Soho are among the films recognized in the original score category.

The awards, named after early 20th century Welsh composer, actor and entertainer Ivor Novello, were first handed out in 1956. The 67th edition will take place on May 19 in London. —  Reuters

Rediscount facility untouched in March

BANKS left the rediscount facility of the central bank untouched in March as there was ample liquidity in the financial system to service their lending requirements as the economy reopened further.

No availments were made from the peso rediscount and the exporters’ dollar and yen rediscount facility in the first three months of 2021, the Bangko Sentral ng Pilipinas (BSP) said in a statement on Thursday.

In 2021, lenders only tapped the facility in June, July, and September. These borrowings amounted to P6.12 million, significantly smaller than the P26.9 billion in 2020.

The central bank’s rediscount facility gives lenders access to additional money supply by posting their collectibles from clients as collateral.

In turn, banks may use the cash denominated in peso, dollar or yen denominations to extend credit to corporate or retail clients and service unexpected withdrawals.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said banks did not avail of rediscount loans amid ample liquidity in the financial system.

“This reflects the relatively strong capital and overall financial position of banks amid the recent acceleration in the growth of bank loans, as the economy reopens further towards greater normalcy,” Mr. Ricafort said in a Viber message.

Domestic liquidity grew by 8.5% for the second straight month in February, preliminary data from the BSP showed.

Outstanding loans by big banks also rose by 8.8% that month, picking up from the 8.4% pace seen in January.

Starting March, Metro Manila and some provinces were placed under the most relaxed Alert Level 1. This allowed more businesses to increase their operations.

For April, peso rediscount loans will have a rate of 2.5%, regardless of maturity.

Meanwhile, dollar and yen-denominated borrowings will be priced at 2.96157% and 2.00095%, respectively. — LWTN

TUCP files wage hike petition in Caraga

TUCP FB PAGE

THE Trade Union Congress of the Philippines (TUCP) on Thursday filed a petition seeking a P420 increase in the minimum wage for Caraga region in northeastern Mindanao, bringing daily pay to P745.

In its petition before the Regional Tripartite Wages and Productivity Board in Caraga, the TUCP said that the P15 hike approved by the board after almost three years “has long dissipated.”

The TUCP said that the current monthly minimum wage of P8,320.00 is far below the poverty threshold for the region, estimated at P13,613.00.

It also said that the P5,340.80 food threshold from the current take home pay of P7,647.20 per month implies a per-person meal cost estimate of “around P11.71.”

“Clearly, the amount cannot provide for the recommended nutritional requirements for a family of five, not by any stretch of the imagination,” it added.

The TUCP refiled its petition for a P470 increase in the minimum wage for Metro Manila, after the capital region’s wage board dismissed a similar plea due to jurisdiction issues.

The TUCP has also filed wage hike petitions in the Central Visayas and Davao region. — Kyle Aristophere T. Atienza

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