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Metro Retail Stores trims losses to P55M

METRO Retail Stores Group, Inc. trimmed its second-quarter net loss to P55.47 million from P92.64 million in the same period last year as revenues increased.

In a regulatory filing on Monday, the listed retailer reported a 2.7% rise in revenues to P6.93 billion from P6.75 billion year on year.

For the six-month period, the company’s net loss grew by 114.8% to P181.95 million from last year’s P84.66 million.

Revenues amounted to P13.88 billion, 9.4% lower than the P15.32 billion posted in the first six months of 2020.

The company’s supermarket and department store operations were temporarily closed due to the restrictions imposed amid the coronavirus disease 2019 (COVID-19) pandemic.

When these “gradually reopened,” the company said it still faced constraints on customer traffic as community quarantine measures were being implemented.

“Consumers prioritized the purchase of essential goods in general,” it added.

Metro Retail Store’s net sales for the period was lower by 9.4% at P13.80 billion from P15.23 billion year on year. The company’s food retail business went down by 11.3% as its general merchandise segment also inched down by 1.7%.

The company said its blended same store sales declined by 13.9% compared with the same period last year.

Meanwhile, its rental income for the first six months amounted to P80.43 million, 0.6% lower than P80.89 million year on year due to the temporary closure of nonessential tenants and the rental concessions granted to those that continued to operate.

On Monday, shares of Metro Retail Stores Group declined by 2.31 or three centavos to close at P1.27 each. — Keren Concepcion G. Valmonte

Entertainment News (08/10/21)

Maski Papano screenshot

The 17th Cinemalaya Film Fest

THE 17TH EDITION of Cinemalaya is online once again until Sept 5 via KTX.ph. Because of the ongoing coronavirus disease 2019 (COVID-19) pandemic, this year’s edition is focusing on 13 short films for the competition section. For tickets, visit ktx.ph. The finalists are: Kids On Fire by Kyle Nieva; Maski Papano by Che Tagyamon and Glenn Barit; Beauty Queen by Myra Aquino; An Sadit na Planeta by Arjanmar H. Rebeta; Crossing by Marc Misa; Kawatan Sa Salog by Ralph John Velasco; Looking For Rafflesias and Other Fleeting Things by James Fajardo; Out of Body by Enrico Po; The Dust in Your Place by David Olson; Ang Mga Nawalang Pag-asa at Panlasa by Kevin Jay Ayson; Ang Pagdadalaga ni Lola Mayumi by Shiri Francesca D. De Leon; Ate OG by Kevin Mayuga; and Namnama en Lolang (Grandmother’s Hope) by Jonnie Lyn Dasalla. The film festival also presents the Premieres section featuring four previously unseen films: the family drama Highest Peak, directed by Arnel Barbarona; the drama He Who is Without Sin, directed by Jason Paul Laxamana; the neo-noir Love and Pain In Between Refrains, directed by Joselito Altarejos; and the social monologue Tao Po, directed by Mae Paner (a.k.a., Juana Change). Four full-length feature films will be shown in Cinemalaya’s Indie Nation section: Lockdown by Joel Lamangan; Kintsugi by Lawrence Fajardo; Don Filipo by Tim Muñoz; and ECQ Diary (Bawal Lumabas) by Arlyn Dela Cruz Bernal. In the Retrospective section, six award-winning short films in the previous Cinemalaya editions will be shown. Award-winning Asian indie films will be showcased in the Visions of Asia section: A Dark, Dark Man; Bandar Band; Jazz Kissa Basie: Swifty’s Ballad; Mosul My Home; Sthalpuran (Chronicle of Space). Meanwhile, five award-winning documentaries will be shown in the DOKYU section: A House in Pieces by Jean Claire Dy and Manuel Domes; Yugto by Joanna Reyes, Cristy Linga and Ja Turla; Paraisong Bacao by Adrian N. Manaois; Last Days at Sea by Venice Atienza; and Masterpiece by January Yap and Kristoffer Villarino. Follow the official Cultural Center of the Philippines and Cinemalaya social media accounts on Facebook, Twitter, and Instagram for updates on the Cinemalaya screening schedules and other offerings. For more information, visit the CCP website (www.culturalcenter.gov.ph).

33rd CCP Gawad Alternatibo in Cinemalaya

THE IKA-33 GAWAD CCP Para sa Alternatibong Pelikula at Video, or Gawad Alternatibo, will showcase this year’s finalists as it continues to stream online via the Cultural Center of the Philippines’ (CCP) Vimeo Channel and the Gawad Alternatibo website, while the talkbacks and livestream events will be held at Facebook Live, until Sept. 5. This edition of the Gawad Alternatibo film festival and competition, with the theme ALPAS: Kwento Natin ’To, opens with the premiere of Tatlong Dekada, a video compilation on and about Gawad Alternatibo and its filmmakers, produced by Cinema Regla and the Gawad Alternatibo production team. The Gawad Alternatibo recognizes the best efforts of Filipino filmmakers in four categories — Animation, Experimental, Documentary and Short Feature. Established in 1987, the Gawad Alternatibo is considered the longest-running independent film and video competition of its kind in Asia. It is one of the main components of the 17th Cinemalaya Philippine Independent Film Festival, which also runs from Aug. 6 to Sept. 5. The Gawad Awarding ceremony will be held on Sept. 4 at 2 p.m. via the CCP Vimeo Channel and Facebook Live. To know more about Gawad Alternatibo, visit http://www.gawadalternatibo.org and facebook.com/gawadalternatibo.

Music for Congested Minds EP out

IT HAS been almost a year since Vincent Jose’s Blank Vacuum and Bobby Legaspi’s dark ambient project, blackholeprisoner collaborated, and produced two albums. Now they have released their new four-track EP called Music for Congested Minds, an ambient minimalist album. The album is divided into four different musical pieces featuring somnolent ambient-drone melodies, piano harmonies and guitar-stained tunes. The album can be streamed on the Bandcamp page of both artists and other digital music services such as Spotify, Apple Music, Itunes and YouTube music under the name of Bobby Legaspi. They are still looking for a label for it to be produced physically.

C-Drama keeps top spot on iQiyi PH

THE CHINESE drama Unforgettable Love, starring Miles Wei, Hu Yi Xuan, and child actor Lennon Sun, is currently streaming and has been a consistent top choice among viewers in the Philippines since it launched on iQiyi. This is a contemporary story in which the rich-guy guardian of a young boy crosses paths a child psychologist, and whose awkward first meeting puts them on the spotlight and a hot topic for gossip. Meanwhile, Perfect and Casual is another romcom starring Miles Wei that keeps trending on the app. The series is about an aloof and monastic “Mr. Perfect” and a laid-back and cheerful “Miss Almost.” Download the iQiyi app or log in to www.iQ.com  to watch Unforgettable Love and Perfect and Casual and other Asian shows.

Dru Chen releases EP

AUSTRALIAN artist-producer Dru Chen dropped a four-track EP containing two new songs — “Our Story” and “Hold You” — and two re-released tracks — “Eiffel Tower” and “Replay.” The focus track, “Our Story,” is an indie-pop song dealing with the yearning for acceptance that we all seek. It was written by Joel Tan, Paul McMurray and Dru Chen who also produced it. “This song was my way of dealing with that feeling — that existential dread. It felt like therapy writing this song,” Mr. Chen said in a statement. Our Story EP is available to stream on Spotify.

Amaia Land starts work on QC project

AMAIA LAND said it recently started construction on a new mid-rise condominium in Novaliches, Quezon City.

In a statement, the company said Amaia Steps will be the only residential property within Ayala Land, Inc.’s new urban development — The Junction Place Estate.

Amaia Land said Aria, the first of five buildings, is targeted for completion by the fourth quarter of 2022. Aria will have 9 floors and 208 units, ranging from 23 to 48 square meters.

“All units in Aria have been sold out, an accomplishment that attests to Amaia Steps’ excellent sales track record across all its projects nationwide,” it said.

Amaia Steps The Junction Place will sit on 1.7 hectares of land, and offer amenities such as a swimming pool, basketball court, play area, and linear park.

AMLC opens satellite office in Quezon City to boost operations

THE ANTI-MONEY Laundering Council (AMLC) has launched a satellite office to boost its human resources and operations and help the country exit the “gray list” of the Financial Action Task Force (FATF).

The new unit was opened on July 27 and is located at the Security Plant Complex of the Bangko Sentral ng Pilipinas (BSP) in Quezon City.

“This move is a step toward accomplishing the Philippines’ International Co-operation Review Group Action Plan items, particularly on increasing the AMLC’s “human resources to ensure that it maintains effective operational analysis capacities and facilitates timely access by law enforcement agencies,” the BSP said in a statement on Monday.

“Addressing all action plan items would ultimately result in the country’s exit from the list of ‘jurisdictions under increased monitoring’ or the gray list,” it added.

Prior to the satellite unit, all departments of AMLC were located in the BSP Complex in Manila.

“Apart from its close proximity to law enforcement and intelligence agencies for easier coordination, the satellite office will accommodate the AMLC’s additional personnel,” the BSP said.

In July, the AMLC said their limited manpower was a challenge as they had to attend to hundreds of pending registrations from real estate brokers and developers after these entities became covered persons under Republic Act (RA) 11521, strengthened the Anti-Money Laundering Act (AMLA) of 2001 based on the recommendations of the global “dirty money” watchdog.

RA 11521 was signed only days before a Feb. 1 deadline set by the FATF for the country to show progress in implementing stricter anti-money laundering and counter-terrorism financing measures

The Philippines in June was included in the FATF’s gray list of jurisdictions under increased monitoring. The country’s inclusion in the gray list did not equate to any counteract measures.

The country will submit its first progress report to the FATF in September. AMLC Executive Director Mel Georgie B. Racela earlier said the report will highlight the country’s rules for delisting and unfreezing of assets.

The government hopes the country will exit the gray list by January 2023. — LWTN

Performance of Philippine Agriculture (Q2 2021)

PHILIPPINE AGRICULTURAL output contracted by an annual 1.5% in the second quarter due to a slump in livestock and fisheries production, the Philippine Statistics Authority (PSA) said on Monday. Read the full story.

Performance of Philippine agriculture (Q2 2021)

How PSEi member stocks performed — August 9, 2021

Here’s a quick glance at how PSEi stocks fared on Monday, August 9, 2021.

Peso inches up ahead of Q2 GDP data

BW FILE PHOTO

THE PESO inched up versus the greenback on Monday following data showing a softer economic contraction in the first quarter, which came ahead of the release of the second quarter gross domestic product (GDP) report.

The local unit closed at P50.385 per dollar, gaining 1.5 centavos from its P50.40 finish on Friday, based on data from the Bankers Association of the Philippines.

The peso opened Monday’s session at P50.49 against the dollar. Its weakest showing was at P50.50, while its intraday best was at P50.31 versus the greenback.

Dollars exchanged slumped to $682.88 million on Monday from $1.28 billion on Friday.

The peso strengthened after the release of the updated first quarter gross domestic product (GDP) data, which showed a softer contraction in the period, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

The economy shrank by 3.9% in the January to March period, data released by the Philippine Statistics Authority on Monday showed, slightly better than the 4.2% fall reported in May.

Mr. Ricafort said the peso also rose on lower demand for the greenback, as seen in the trading volume, as the Metro Manila lockdown affected business activity.

Meanwhile, a trader said the local unit gained on optimism ahead of the release of second quarter GDP data on Tuesday.

A BusinessWorld poll of 20 analysts yielded a median estimate of a 10.6% GDP growth in the second quarter. If realized, this would be a reversal of the 17% contraction logged in the same period in 2020 and would mark the country’s exit from recession.

For today, Mr. Ricafort gave a forecast range of P50.30 to P50.45 per dollar, while the trader expects the peso to move within P50.30 to P50.50. — LWTN

Stocks rise as revision shows softer Q1 GDP drop

SHARES started the week in the green after the Philippine Statistics Authority (PSA) revised its first-quarter gross domestic product (GDP) estimate to show a softer contraction in the period, fueling optimism ahead of the release of second quarter data on Tuesday.

The Philippine Stock Exchange index (PSEi) climbed 92.66 points or 1.41% to close at 6,632.57 on Monday, while the all shares index gained 38.45 points or 0.94% to end at 4,093.87.

“The market breached the 6,600 level as [the] first quarter GDP contraction was revised to -3.9% from -4.2%, and on optimism ahead of the release of [the] second-quarter GDP data [on Tuesday],” AB Capital Securities, Inc. Junior Equity Analyst Lance U. Soledad said in a Viber message.

“The country is expected to come out of recession,” he added.

The economy shrank by 3.9% in the first quarter, a softer contraction versus the 4.2% previously reported, based on revised data released by the PSA on Monday.

The PSA will report second-quarter GDP data on Tuesday. A BusinessWorld poll of 20 analysts yielded a median estimate of a 10.6% growth print for the April to June period, mainly due to base effects from the 17% contraction a year earlier. If realized, this would mark the country’s exit from recession following five straight quarters of economic contraction.

“Sentiment for most large cap stocks appeared positive as fund flows continued to be robust in the upcoming inclusions to the PSEi,” China Bank Securities Corp. Research Associate Zoren Philip A. Musngi said in an e-mail.

“There will also be an MSCI rebalancing announcement later this week, and some investors appear to be positioning ahead of this,” Mr. Musngi said.

Last week, the Philippine Stock Exchange announced the inclusion of AC Energy Corp. and Converge Information and Communications Technology Solutions, Inc. in the 30-member PSEi starting Aug. 16. The two firms will replace DMCI Holdings, Inc. and Emperador, Inc. in the benchmark index.

All sectoral indices closed in the green on Monday except for mining and oil, which dropped 181.48 points or 1.86% to 9,537.77.

Meanwhile, property went up 108.71 points or 3.65% to 3,086.53; holding firms rose 99.76 points or 1.52% to 6,637.13; industrials improved by 62.32 points or 0.67% to finish at 9,358.26; financials increased 3.54 points or 0.24% to 1,435.32; and services inched up by 0.57 point or 0.03% to 1,640.55.

Value turnover went down to P6.4 billion with 1.78 billion issues traded on Monday, from the P6.95 billion with 1.35 billion shares that switched hands on Friday.

Advancers outperformed decliners, 115 against 91, while 34 names closed unchanged.

Net foreign selling inched up to P169.17 million on Monday from the P167.24 million logged on Friday. — K.C.G. Valmonte

China consortium bags Mindanao rail consultancy

STOCK PHOTO

By Arjay L. Balinbin, Senior Reporter

THE TRANSPORTATION department said Monday a Chinese consortium composed of China Railway Design Corp. and Guangzhou Wanan Construction Supervision Co., Ltd. has won the P3.08-billion project management consultancy contract for the first phase of the Mindanao Railway Project.

The contract was awarded on Aug. 5, the department told BusinessWorld when asked for an update on the China-funded project.

“After the award of the contract, contract signing and loan negotiations will follow,” it added.

On its website, the department said it requires “completion of all the detailed design and works for revenue operation” of the first phase of the railway project “within approximately 19 months, and the (project management consultancy services) are required within approximately 33 months to cater for the pre-construction activities and the defects notification period.”

There were three shortlisted Chinese consultants invited to submit bids for the project management consultancy services contract: the China Railway Design Corp. and Guangzhou Wanan Construction Supervision Co., Ltd. consortium, the China Railway Liuyuan Group Co., Ltd., and the CCCC Railway Consultants Group Co., Ltd.

The department also said Monday that it is still waiting for the shortlist of bidders from China for the design-and-build package.

The P82.9-billion railway’s first phase, covering the 100.2-kilometer Tagum-Davao-Digos segment, will be financed through an official development assistance package from the Chinese government.

The first phase stretches from the Tagum Station and Depot in Davao del Norte to Digos City in Davao del Sur. It will have stations in Carmen, Panabo, Santa Cruz, and three in Davao City including a sub-depot.

The department said the segment scheduled for partial operations by March 2022 is the one between Tagum and Carmen.

The government targets full operations by June 2023.

DBM sees on-time submission of P5-T 2022 nat’l budget proposal to Congress

THE DEPARTMENT of Budget and Management (DBM) expects to transmit to Congress the proposed P5.024-trillion National Expenditure Program for 2022 by the deadline of Aug. 23.

In a Viber message Monday, DBM Officer-in-Charge and Undersecretary Tina Rose Marie L. Canda said President Rodrigo R. Duterte approved the proposed spending plan before Budget Secretary Wendel E. Avisado went on medical leave, which runs from Aug. 2 to Aug. 13.

She said the agency is currently finalizing the accompanying documentation before submitting it to Congress.

DBM is required to submit the budget proposal 30 days after the President delivers the State of the Nation Address, which this year took place on July 26.

Next year’s budget will continue supporting the government’s pandemic response, with spending items like the procurement of test kits, the hiring of medical workers, the establishment of the Virology Institute of the Philippines and sustained implementation of other health programs.

The budget also includes funding for possible vaccine booster shots should they be required.

In a statement Monday, Senate Minority Leader Franklin M. Drilon has asked for the Executive department to allocate more funds to social services.

He said funds for social services have been on a downtrend since 2018 when they fell 2.4%. In 2019 and 2020 they declined 0.3% in 2019 and 1.1% respectively.

For this year, Mr. Drilon said funding rose by only 0.5%.

He noted that defense spending has been growing each year since 2018.

“The continuing COVID-19 pandemic, growing budget deficit and skyrocketing national debt should make the government reconsider its defense spending for 2022, including the allocation for its heavily-criticized anti-insurgency funds,” he said.

“Because of our limited resources, the government needs to downsize its defense spending for next year in favor of the much-needed ayuda and other social and health services,” he added. — Beatrice M. Laforga

LGU share of 2019 mining, energy revenue falls to P3.3B

LOCAL GOVERNMENT units (LGUs) received a combined P3.347 billion from their share of the national resource wealth in the form of 2019 taxes on mines and energy producers in 2019, the Department of Budget and Management (DBM) said.

The DBM said on its website that the LGU share fell 12.4% from the preceding year’s collections.

Some 53.33% or P1.785 billion released to LGUs were generated via revenue generated by the Department of Energy from energy resources; P1.562 billion were from mining taxes collected by the Bureau of Internal Revenue. Forestry charges yielded P125,169.

Under the Local Government Code, LGUs are to receive 40% of National Government revenue from resource wealth extracted within the LGUs’ territory, on top of their share from national taxes.

Eligible for distribution are mining taxes, royalties, forestry and fishery charges, as well as other applicable taxes, fees and charges.

LGUs are authorized to use the proceeds generated from resource wealth to fund development and livelihood projects. For revenue generated via hydrothermal, geothermal and other sources of energy, 80% should be used solely on projects that will bring down electricity costs in their territory.

Region VI received P1.694 billion from the distribution, followed by Region XIII with P554.8 million; Region VII P293.6 million; Region V P275.62 million, and Cordillera Administrative Region P147.752 million.

Antique received the biggest share among all provinces with P311 million. — Beatrice M. Laforga

Pandemic hit to printing industry revenue estimated at 53%

PHILIPPINE STAR/ MICHAEL VARCAS

PRINTING INDUSTRY sales declined 53% throughout the pandemic, further dampening demand as companies shift to digital advertising, the Board of Investments (BoI) said.

“Like the other industries, the printing industry was not spared by the COVID-19 pandemic and is still beset by their customers’ shift to digitization, digital transformation of industries,” BoI Executive Director Ma. Corazon H. Dichosa said in a virtual event Monday.

When there are industry orders, Ms. Dichosa said that the industry needs to improve its supply capabilities to remain competitive.

“Our ultimate goal is to improve supply capability so a lot of the printing jobs need not go to China or any other ASEAN country. Our printing industry should be able to service the needs of the other industries and outsourced printing jobs from other countries,” she said.

“Aside from the industry’s heavy reliance on imported inputs like paper, the industry is also challenged by a pervasive lack of formally-trained technical personnel, particularly for machine operations and maintenance.”

The BoI on Monday signed a partnership with the Philippine Trade Training Center and the Philippine Center for Print Excellence Foundation (PCPEF) to use the government’s digital fabrication shared equipment facility to train the printing industry’s workforce. The partnership focuses on skills development, access to technology, and public-private collaboration.

Trade Secretary Ramon M. Lopez in a recorded video message called for investment in the industry’s workers, given their role in print advertising even as digital marketing becomes more popular.

“Another thing we have to consider is that consumable goods and products need to be packed and compliant with labeling requirements,” he said.

“Whether food or non-food products, details of manufacturing, expiry, and batch numbers need to be printed in the packaging. In addition, product reputation is built through superior packaging material and flawless printing technology to complete the finished product.”

The PCPEF in 2015 developed an industry roadmap that aimed to improve supply capability, increase demand for print, and encourage stakeholder links. — Jenina P. Ibañez

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