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Rom-com between boys is now a series

ADRIAN Lindayag and Keann Johnson in Love Beneath the Stars

AFTER premiering and gaining recognition as 2nd Best Picture at the 2020 Metro Manila Film Festival, the boys’ love movie, The Boy Foretold by the Stars, transfers to the small screen as a six-episode series titled Love Beneath the Stars on iWantTFC.

As their love story continues on the series, senior high school students Dominic (played by Adrian Lindayag) and Luke (Keann Johnson) officially become a couple. However, their relationship is threatened by scrutiny because of a scandal, a third party, and the disapproval of grown-ups.

Writer and director Dolly Dulu said the movie focused on finding your soulmate and the love story. In the series, Dominic and Luke also deal with the relationship with their parents, and their characters’ commitment with each other.

“This is where they will discover what it takes to be committed to someone. It is not all happy, kilig moments. There is also maturity involved with all characters,” Mr. Dulu said, in English and Filipino, at an online press conference on Aug. 9 held via Zoom.

“Even if broader issues are tackled, it is still, at its core, a love story,” Mr. Dulu said.

In the sequel, Dominic’s deepening friendship with a fellow schoolmate, Gio (Vaughn Piczon), causes tension between him and Luke.

Adding to their problems is the uproar at their all-boys Catholic school after they attend their graduation ball as each other’s dates and share a kiss in public. The issue also upsets Dominic’s parents (played by Agot Isidro and Romnick Sarmenta), who strongly disapprove of his relationship with Luke.

“We’re not just talking about the love between Luke and Dominic. We’re also talking about their love or their problems outside of their relationship,” Keann Johnson said.

“For this series the message we’re trying to send out there is we’re trying to help guide the people who are having similar situations and help them solve them through telling the story of how Luke and Dominic solve these problems,” he added.

Adrian Lindayag said that it has been heartwarming to get feedback from the movie’s viewers about the importance of representation.

“Matagal na nating hinihintay na makita ang sarili natin sa pelikula at sa TV na nai-in love. Matagal nang present ang LGBT sa pelikula at sa TV, pero hindi sila nabibigyan ng romcom na kilig story, at hinanap ko ’yun (We have long waited to see ourselves fall in love in movies and on television. The LGBT community has been present in movies and on television for a long time, but they are not given a romcom story, and I looked for that),” Mr. Lindayag said.

The series also stars Nikki Valdez, Victor Silayan, and Iyah Mina.

The Boy Foretold by the Stars is currently streaming for free on iWantTFC in the Philippines. The movie and its sequel series are also accessible to premium iWantTFC subscribers outside the Philippines. Love Beneath the Stars premieres on Aug. 16 on iWantTFC, with new episodes released on Mondays. — MAPS

Cebu Pacific: No job cuts in ‘staff right-sizing’ plan

BW FILE PHOTO

BUDGET carrier Cebu Pacific (CEB), operated by Cebu Air, Inc., said it does not intend to reduce its work force in its “staff right-sizing” plan.

“This means that we are building an organization that is fit for purpose, so right-sizing can also be positive — i.e., replacing resignations, shifting roles, and even adding people to maintain just the right number of work force,” Cebu Pacific Director for Corporate Communications Carmina Reyes-Romero said via e-mail on Thursday.

“There is no retrenchment in Cebu Pacific and there are no plans or discussions of further work force reductions,” she added.

Ms. Reyes-Romero reached out to this publication to clarify the context of its earlier report, which said that the budget carrier “may further reduce its work force as part of efforts to mitigate the impact of the global health crisis on its operations,” referring to Cebu Air’s “staff right-sizing” plan disclosed to the stock exchange on Wednesday.

“While it is evident that we are still facing enormous challenges as a business due to the pandemic, our focus now remains to be ‘how to have stronger performance as an organization in the coming weeks and months, and ensuring the health and safety of everyJuan,’” she explained.

To recall, the budget carrier laid off 30%, or around 1,300, of its total work force in 2020 amid a pandemic crisis that continues to ravage the air-travel sector.

On Wednesday, Cebu Air reported P6.5 billion in second-quarter net loss attributable to parent firm equity holders, compared with a net loss of P8 billion in the same period in 2020.

For the first half, the attributable net loss was P13.8 billion, compared with a net loss of P9.1 billion in the same period a year earlier.

“The group believes that it remains a resilient airline despite the adverse impact” of the coronavirus pandemic,” Cebu Air said.

Cebu Air shares closed 3.09% lower at P43.90 apiece on Thursday. — Arjay L. Balinbin

Justin Bieber, Megan Thee Stallion lead nominees for MTV’s VMA awards

PHOTO FROM JUSTINBIEBERMUSIC.COM

LOS ANGELES — Pop star Justin Bieber and rapper Megan Thee Stallion scored the most nominations for this year’s MTV Video Music Awards (VMA), organizers said on Wednesday ahead of next month’s ceremony that will welcome back fans as part of a live audience.

Canadian singer Mr. Bieber received seven nods, including artist of the year, best pop song for “Peaches,” and video of the year for “Popstar,” his collaboration with DJ Khaled and Drake.

He will compete for artist of the year with Megan Thee Stallion, who landed six nominations including one for “WAP,” the racy video with rapper Cardi B.

Other contenders for the year’s best artist are Ariana Grande, Doja Cat, newcomer Olivia Rodrigo, and Taylor Swift.

Video of the year nominees include Doja Cat’s “Kiss Me More,” Ed Sheeran’s “Bad Habits,” Lil Nas X’s “Montero (Call Me By Your Name),” and The Weeknd’s “Save Your Tears.”

Billie Eilish, BTS, Doja Cat, Drake, Giveon, Lil Nas X, and first-time nominee Rodrigo earned five nominations each.

Last year, the VMAs were filmed without a live audience and with most of the performances recorded in advance because of health guidelines due to the coronavirus disease 2019 (COVID-19) pandemic.

This year’s ceremony will take place Sept. 12 at the Barclays Center in New York. Winners are chosen by fans who vote online. — Reuters

Monde Nissin income down 13% to P4.3B

MONDE Nissin Corp. said on Thursday its unaudited core net income at ownership went down by 12.9% to P4.25 billion in the first half from P4.88 billion year on year.

The strong profit growth comes despite its net sales inching up by just 1.2% to P33.76 billion from P33.36 billion.

The company pointed to its “balanced portfolio” and an improvement in its Asia-Pacific branded food and beverage business, or APAC BFB, international sales for the performance.

“Our business proved resilient in the first half of the year achieving modest topline growth,” Monde Nissin Chief Executive Officer Henry Soesanto said in a statement on Thursday.

“We undertook some price increases in June to partly recover rising commodity input costs and continue to implement supply chain cost savings,” he added.

The company’s core EBITDA (earnings before interest, taxes, depreciation, and amortization) went down by 14.5% to P7.2 billion as the company invested in new product development and more advertising and promotions for brand buildings.

The company’s APAC BFB sales went up by 1.7% to P26.24 billion in the first six months as international sales improved by 68.1% to generate P1.87 billion. Its sales in the Philippines declined by 1.3% to P24.37 billion.

“Despite the marginal decline in revenues in the Philippines, market share gains were achieved in core product categories,” Monde Nissin said.

Gross profit for the segment declined to P9.6 billion in the first half.

Meanwhile, its meat alternative business saw its net sales decline by 0.6% to P7.52 billion year on year, “reflecting softness across the UK and US retail market.” Gross profit went up by 6.8% in the six-month period to P3.1 billion.

“For Quorn Foods, I fully hope to see a much faster growth in the second half of the year,” Mr. Soesanto said.

The company said the easing of quarantine restrictions resulted to more out-of-home consumption.

“It’s too soon to talk of full year earnings guidance, but I believe mid-single digit revenue growth for the full year should be possible,” Mr. Soesanto said.

On Thursday, shares of Monde Nissin at the stock exchange declined by 2.82% or 48 centavos to close at P16.52 apiece. — Keren Concepcion G. Valmonte

Jeopardy! taps Mike Richards, Mayim Bialik as hosts

Mayim Bialik (left),Mike Richards(right) as hosts — PHOTO FROM JEOPARDY.COM

LOS ANGELES — The makers of Jeopardy! on Wednesday named executive producer Mike Richards as the new host of the long-running daily TV quiz show, replacing Alex Trebek who died in 2020 after more than three decades on the series. Actor Mayim Bialik will host prime-time specials and Jeopardy! spinoffs including a college championship tournament that will air on ABC next year, according to a statement from Sony Pictures Television, which produces the show. Mr. Richards, Mr. Bialik and several others including actor LeVar Burton, Jeopardy! champion Ken Jennings, NFL quarterback Aaron Rodgers and journalist Katie Couric had taken turns as guest hosts in recent months following Mr. Trebek’s death. Mr. Trebek died of pancreatic cancer in Nov. 2020 at age 80. Mr. Richards joined Sony Pictures Television in 2019 and has served as executive producer of Jeopardy! and Wheel of Fortune. Prior to that, he produced another game show, The Price is Right. Mr. Bialik starred on comedies The Big Bang Theory and Blossom and earned a doctorate degree in neuroscience. The new season of Jeopardy is scheduled begin airing on Sept. 13. — Reuters

Converge net income jumps to P1.7 billion

LISTED fiber broadband provider Converge ICT Solutions, Inc. saw its second-quarter attributable net income more than double to P1.7 billion from P685.1 million in the same period a year earlier, as high demand for fixed broadband connectivity services continued.

Total revenues for the quarter climbed 80% to P6.2 billion, Converge said in its quarterly report released on Thursday.

Broken down, Converge’s revenue from its residential business rose 101% to P5.4 billion, while the enterprise segment saw its revenue increase 5% to P819 million.

For the first six months of the year, the company saw its attributable net income surge 159% to P3.3 billion.

First-half total revenues increased 82% to P11.8 billion, as residential revenue jumped 105% to P10.2 billion and enterprise revenue slightly grew 4% to P1.6 billion.

Converge Chief Financial Office Advisor Matthias Vukovich said at an online briefing, “Our goal is to deploy our network at a very fast speed to make high-speed broadband accessible to a growing number of subscribers.”

He said the company is hoping to cover 55% of total households by 2025.

As for Converge’s outlook for the second half, Mr. Vukovich said: “We continue to see very strong demand for our services. Fiber penetration in the Philippines is still very low at less than 20%, compared with its [neighbors] at 40% to 50%.”

“We are confident that we will soon be capturing a third of the market,” he added.

Converge ICT shares closed 1.83% lower at P26.85 apiece on Thursday. — Arjay L. Balinbin

China to bar songs with ‘illegal content’ from karaoke venues

EZREAL ZHANG/UNSPLASH

SHANGHAI —  China will establish a blacklist of karaoke songs to ban those containing “illegal content” at karaoke venues across the country starting from Oct. 1, the Ministry of Culture and Tourism said. Such content includes that which endangers national unity, sovereignty or territorial integrity, violates state religious policies by propagating cults or superstitions, or which encourages illegal activities such as gambling and drugs, the ministry said on its website on Tuesday. Content providers to such karaoke venues will be responsible for auditing the songs, it said, adding that China has nearly 50,000 entertainment outlets with a basic music library of over 100,000 songs, making it difficult for venue operators to identify illegal tracks. The ministry said it encouraged content providers to supply “healthy and uplifting” music to these venues. — Reuters

Alliance Global income hits P6B

ALLIANCE Global Group, Inc. (AGI) said it generated P6 billion in net income to owners in the second quarter, surging from the P837.71 million logged in the same period last year as revenues grew.

Quarter on quarter, the listed company’s earnings grew by 132% from P2.6 billion.

Its topline amounted to P39.3 billion in the second quarter, 68% more than the P23.35 billion seen the previous year. It is 24% higher than the P31.8 billion seen in the previous quarter.

For the first semester, Andrew L. Tan’s holding firm saw its net income to owners increase by 124% to P8.5 billion from P3.8 billion year on year.

“All of our business segments here and abroad managed to sustain the quarterly growth trajectory we have been experiencing since the third quarter of 2020, indicating the extent of pent-up consumer spending across the globe, capped only by the prevailing restrictions in those areas to curb the rise of the COVID-19 Delta variant,” Kevin Andrew L. Tan, chief executive officer of AGI, said in a statement on Thursday.

It was able to improve its net income three times to P12.8 billion from last year’s P4.1 billion.

Earnings of its real estate firm Megaworld Corp. grew by 39% to P2.6 billion from P1.9 billion year on year, while its core revenues were up by 20% to P11.2 billion as all business units recovered.

“During the quarter, real estate sales recorded the strongest rebound of 62% year on year and 29% quarter on quarter, amid sustained construction activity which boosted project completion,” Megaworld said.

Both of Megaworld’s net attributable income and revenues inched down by seven percent in the first semester at P5 billion and P22.2 billion, respectively.

Emperador, Inc.’s net profit to owners in the second quarter went up by 60% year on year to P3 billion, to finish the first half with P5.1 billion. Meanwhile, its topline surged by 22% to P13.3 billion in the second quarter, boosting its revenue total for the six-month period by 18% to P25.3 billion.

“Driving the strong growth was the improved performance of its whisky and premium brandy brands as various economies across the globe have started to open up,” the company said.

Resorts World Manila’s owner and operator, Travellers International Hotel Group, Inc., generated P3.74 billion in net income in the second quarter, bringing its first half profit to P2.6 billion.

Travellers International logged a one-time gain from its subsidiary’s services related to its Westside City development.

“Travellers International… felt the heavyweight of the re-imposed lockdown when it virtually had no gaming operations for the most part of the second quarter,” the company said.

The unit’s gross revenues amounted to P4.6 billion as gross gaming revenues totaled P3.4 billion. Travellers International earned P1.2 billion in non-gaming revenues.

Meanwhile, Golden Arches Development Corp. logged a net income of P49 million, swinging from the P709-million loss incurred in the same period last year.

“[The turnaround comes] as the country’s most dynamic quick-service restaurant operator adapted to the New Reality through increased drive-thru activities and delivery services, while dine-in operations remained limited,” the company said.

Sales revenues of the sole operator of McDonald’s Philippines amounted to P6.1 billion in the second quarter, while its total revenues stood at P11.8 billion in the six-month period.

“We are also relentless in our efforts to fully recover from this pandemic-induced business slump as soon as we can,” Mr. Tan said.

On Thursday, AGI shares declined by 1.11% or P0.11 to close at P9.78 each. — Keren Concepcion G. Valmonte

COVID worries send Emmy Awards show outdoors

REUTERS/DANNY MOLOSHOK

LOS ANGELES — The Emmy Awards ceremony for achievement in television was moved outdoors on Tuesday in the latest setback to live events because of rising concerns over the coronavirus pandemic. The Sept. 19 ceremony in Los Angeles was initially due to take place indoors before a limited celebrity audience. “The Television Academy and CBS have decided to host all ceremonies … on the Event Deck at L.A. LIVE, directly behind the Microsoft Theater,” the Television Academy said in a statement. The Event Deck in downtown Los Angeles is an outdoor space that includes a large tented area. The statement said the changes followed discussions with Los Angeles County health and safety experts. It added there would be further limits on the numbers of those invited to the show, including those nominated for the highest honors in US television. —  Reuters

Century Properties income down 16% to P457M

CENTURY Properties Group, Inc. (CPG) posted P457 million in net income in the first half, or 16% lower than the same period last year as lockdown restrictions weighed down urban vertical market sales.

The group said its consolidated revenues slipped 2% to P4.43 billion year on year but did not release quarterly data. The contribution of in-city vertical projects to total revenues fell to 47% from 68% in the same period last year, while the leasing business contribution went up to 9% from 8%.

“The lower recognized revenue was an expected outcome of the management’s phasing of capital expenditure deployment to cushion the pandemic’s impact,” the listed property developer said in a press release on Thursday.

In contrast, its affordable housing unit — a joint venture with Mitsubishi Corp. — posted P1.75 billion in revenue, or 89% higher than last year. CPG said sales take-up from continued project launches, sustained collections, and on-target construction helped the segment contribute 39% of the group’s consolidated revenues.

Horizontal affordable housing remained resilient as it served demand in areas outside Metro Manila, CPG Chief Finance Officer Ponciano S. Carreon, Jr. said.

“However, the impact of restrictions and uncertainties are still weighing down the group’s in-city vertical projects as sales, collections and construction activities continue to be slower than the desired velocity. Likewise, the softening of the leasing market has limited the group’s ability to fully realize the portfolio’s potential for now.”

CPG’s first homebuyer brand PHirst Park Homes launched its eight developments in General Trias, Cavite last month, while three more projects will be rolled out in Luzon this year.

PHirst Park Homes reservation sales in the first half went up 38% to P4.38 billion. Total collections went up 172% to P2.02 billion.

“We will continue with our strategy of keeping a healthy level of liquidity and strong balance sheet, and biased investment allocation in favor of resilient and market driven products,” Mr. Carreon added.

CPG shares went up 1.15% to 44 centavos apiece on Thursday. — Jenina P. Ibañez

BSP eases FX selling regulations

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) will allow financial institutions to sell foreign currencies without prior regulatory approval for select trade and non-trade transactions, which is seen to boost firms’ reliance on the local market for their foreign exchange (FX) needs.

Circular 1124 signed by BSP Governor Benjamin E. Diokno on Aug. 10 also simplified requirements for FX transactions and allowed financial institutions to submit certain requirements online.

“These reforms are part of the BSP’s commitment to maintain a FX regulatory framework that is responsive to the needs of a dynamic and expanding Philippine economy,” the central bank said in a statement on Wednesday evening.

“However, the BSP expects banks to continue to implement safe and sound practices amid the continuing liberalization of FX rules,” it added.

The BSP said these changes aim “to promote greater ease in the use of FX resources of the banking system.”

“The FX reforms also intend to facilitate digital payments/electronic transactions, support the infrastructure development projects/programs of the National Government, and help further deepen the domestic capital market,” it added.

The new rules will be implemented 15 banking days since their publication.

Under the relaxed rules, banks are allowed to sell FX without prior approval from the BSP if they will be used for activities such as online payments for e-commerce and imports of goods that are part of engineering, procurement and construction contracts.

Selling FX for fee payments prior to registration, provided that foreign loans are duly reported to the BSP, are also allowed without prior central bank approval.

Banks will also be allowed to sell foreign currency without prior BSP approval if these will be used for non-trade or personal matters, such as for the living allowance and medical expenses of dependents abroad.

Nonbank government entities can likewise enter into FX derivative transactions without BSP consent. The new rules also permit the use of peso receipts for trade transactions to fund the peso deposit accounts of non-residents.

Under the circular, financial institutions will be allowed to electronically submit documents, such as those on approval and registration of foreign currency borrowings; registration of inward investments, and other requests related to FX selling.

Easing foreign currency selling rules is in line with the central bank’s thrust to pursue FX liberalization to boost efficiency for legitimate trade transactions, ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said.

“These moves will help ensure that financial institutions will have greater flexibility and ease to transact in the local spot market, thereby limiting the need for firms to source or sell foreign currency in other platforms or jurisdictions,” Mr. Mapa said in an e-mail.

For their part, the Bankers Association of the Philippines (BAP) said the liberalized rules will help streamline the FX services provided by their members.

“It will now be easier for the banking public to access the liquidity they need and for banks to provide foreign exchange-related services to their clients. To strengthen our domestic capital market, the BAP will continue to work with the BSP to promote a more robust foreign exchange environment,” the group said in an e-mail to BusinessWorld.

The BSP Monetary Board in June approved to increase the net open foreign exchange position for banks, the first time since 2007, as growing trade transactions and investments have resulted in increased demand for foreign exchange.

The change took effect on Aug. 1 and the limit was raised to 25% of qualifying capital or $150 million, whichever is lower. The previous cap was at 20% of impaired capital or $50 million. — Luz Wendy T. Noble

‘Employee experience’ in the spotlight as companies eye post-pandemic growth

PHILSTAR

THE PERCENTAGE of firms prioritizing employee experience has jumped to 95% as organizations look to post-pandemic growth, advisory firm Willis Towers Watson said, citing the results of a survey.

The 2021 Employee Experience Survey of 91 Philippine firms in April found that enhancing employee experience over the next three years has become important for more organizations, compared to just 65% before the pandemic.

Most organizations believe that positive employee experiences will drive engagement, productivity, overall business performance, and employee well-being.

Willis Towers Watson said that organizations quickly moved to remote work and made job and pay cuts during the pandemic, which the advisory firm said took a toll on employee experiences for many organizations. More than half reported the negative impact of the pandemic on employee experience.

“Whether it’s due to employer actions such as pay reductions and layoffs or because of virtual work and personal hardships for some, the pandemic exposed shortfalls in the employee experience at many organizations. Many employers are not equipped to deal with these challenges,” Willis Towers Watson Philippines Employee Insights Leader Lemuel P. Briones said.

“Our study reveals that 40% of organizations have undefined or a basic approach to the employee experience that is not aligned to the business strategy.  Enhancing the employee experience has therefore become an imperative for organizations and it’s one that will take time.”

Willis Towers Watson said that many organizations are not ready to meet new challenges.

While 87% of employers recognize that a hybrid work model will be needed for many roles, only 61% are flexible about where or when work gets done. A total of 70% are reimagining careers in response to changes in how work is done.

To improve the employee experience, 76% of the organizations said that they must change leadership competencies over the next three years. Just 42% of organizations identify senior leadership effectiveness at managing change as a major strength.

The surveyed firms represent around 483,000 employees. — Jenina P. Ibañez

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