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Filmmaking and folklore meet in GMA’s new series

A MYSTERY romance with elements of folklore and filmmaking is a way to describe GMA Network’s new drama series, Love You Stranger. The series premieres on GMA Telebabad on June 6.

The series stars real-life couple Gabbi Garcia and Khalil Ramos in their first drama series together.

The show follows LJ (Garcia), a young lady who has dedicated her life to taking care of her mother, Lorraine (Andrea Del Rosario) ever since she was 12 years old. Her mother has an unexplained fear of shadows and an aversion to strangers, and has not left their house for over 10 years.

When LJ was a young girl, Lorraine joined a mysterious dance ritual in their town, Sta. Castela. A shadow creature called Lilom would take a soul during the full moon and only the dance could calm the spirit. The Lilom, it was said, would curse anyone who dared offend the ritual, and the townspeople say that the curse caused Lorraine to lose her sanity. Abandoned by her husband, Lorraine is left under LJ’s care.

Many years later, LJ and Lorraine have moved to Manila, where LJ is a film designer struggling to make ends meet. As LJ desperately seeks ways to help Lorraine get better, she lands a major movie project that could bring her closer to understanding her mother: a film based on the Lilom.

The Lilom film is helmed by a charming young director named Ben (Khalil Ramos) and is filmed in Sta. Castela.  LJ goes to work with Ben on the film, while keeping her past in Sta. Castela a secret to protect her mother.

On location, mishaps start happening.

During an online press conference on May 31, Mr. Ramos cites “family and different types of love,” while Ms. Garcia said “finding your purpose” was the theme of the series.

Gil Cuerva (who plays Ben’s childhood friend who develops feelings for LJ) meanwhile, said compassion was the core message in the show. “…Each action has a corresponding effect… and in some cases you have to be held accountable for the choices you make in life,” he said.

The series is directed by King Baco with Irene Villamor as script consultant.

“Tricky ’yung film within a film but it’s not really focusing on that. Mas nag-focus kami sa journey ng family (Presenting a film within a film is tricky, but it’s not really focusing on that. The focus is more on the journey of the family)… LJ’s search for truth about her family,” Mr. Baco said of the series.

Pointing to its difference from the formulaic love stories in dramas, he said: “It’s about leveling up the kind of material we give our audience…We have to keep up. We have to be at par with (international productions). Matalino na ang audience (The audience is smart).”

Love You Stranger is Mr. Ramos first full-length project under GMA Network since he joined in 2020. Garcia and Ramos previously starred in the film musical LSS in 2019.

Also in the cast are Carmi Martin, Tonton Gutierrez, Lexi Gonzales, Kim De Leon, Maey Bautista, Angelli Sanoy, Alex Medina, Nor Domingo, Ces Quesada, Lui Manansala, Bodjie Pascua, Soliman Cruz, and Dindo Arroyo.

Love You Stranger premieres on June 6, at 9:35 p.m. on GMA Telebabad. Viewers abroad can watch the series via GMA Pinoy TV. — Michelle Anne P. Soliman

Imperial Homes launches solar net-metered community

BW FILE PHOTO

PROPERTY developer Imperial Homes Corp. has launched on Thursday a residential village in Cavite province that will have its own solar power source and the capability to sell its excess energy to the electricity grid.

Emma M. Imperial, chairperson and chief executive officer of Imperial Homes, said the project integrates modern and efficient technologies into property development.

“The net-metering system is another proof that real estate and renewable energy and green resilient building materials are potent partners in addressing the concerns of poverty alleviation, climate change and housing backlogs,” she said during the on-site event, which was also shown online.

The community is the 50,000-square-meter Via Verde Trece Martires development, which is targeted for completion in 2025. It is envisioned to serve as a model for affordable, resilient and sustainable projects in Cavite.

Imperial Homes, which is known for its middle-income and low-cost housing projects, said the electric metering arrangement is a move that contributes to a more stable grid in Luzon.

Under the rules of the Energy Regulatory Commission (ERC), net-metering allows solar owners with less than 100-kilowatt-peak (kWp) capacity to export their excess electricity to the grid in exchange for electricity bill credits.

ERC Chairperson and Chief Executive Officer Agnes VST Devanadera, who attended the event, called the project as a “significant landmark.”

“The energy industry, as we know it, has totally changed with the net-metering program. From the one-way flow of electricity, to a two-way flow of electricity. It empowers consumers to become ‘prosumers,’ with the ability to generate their own electricity for their own consumption, and as well as export any excess generation to the distribution grid,” Ms. Devanadera said.

She said that during the initial implementation of the net-metering rules, participants were “heavily skewed towards industrial and commercial businesses who can afford to install solar panels in their rooftops.”

“Taking advantage of the significant reduction in the cost of panels in the world market, the ERC timely included in the amended net-metering rules the simplified procedures for community housing developments’ participation, thereby allowing residential customers to access the program,” she added.

On its website, Imperial Homes describes itself as “one of the country’s strong proponents of environment-friendly leisure development.”

It said among its latest ventures is Asia Leisure Escapes, which aims to develop and market villas for sale or rent not only in the Philippines but also in the rest of Asia.

Its previous launches include Porta Verde in Caliraya, Laguna; Porta Azure in Legazpi City, Albay; and Lakeside Farm in San Pablo, Laguna. It said other properties for development are located in Palawan, Quezon, Albay and Laguna. — VVS

What to See This  Week (06/03/22)

Dilan Gwyn in The Other Side (a.k.a. The Evil Next Door)

The Other Side 

A SWEDISH thriller, The Other Side (a.k.a. The Evil Next Door) follows a family — a father, his son, and girlfriend — that moves into a new house. When he’s out of town working, the son makes a new “friend” next door. Written and directed by Oskar Mellander and Tord Danielsson, the film stars Dilan Gwyn, Eddie Eriksson Dominguez, Linus Wahlgren, Henrik Norlén, Jakob Fahlstedt, and Janna Granström. Roger Moore of Movie Nation writes: “So many B-movies have used this very plot that The Evil Next Door is pretty much in the horror movie public domain the moment it opens.” Review aggregate site Rotten Tomatoes’ Tomatometer gives it a low score of 33%, and it has an audience score of 38%.

MTRCB Rating: R-13

Motherly

SINGLE mother Kate and her daughter try to start a new life after her husband, who was convicted of murdering a young girl, kills himself in prison and leaves a cryptic note. Kate’s motherly instincts are soon pushed to the limit when the dead child’s grieving parents invade her farmhouse, demanding the truth in exchange for her own daughter’s safety. Directed by Craig David Wallace, the film stars Lora Burke, Tessa Kozma, Kristen MacCulloch, Nick Smyth, Colin Paradine, and Angel Gallego. The Hollywood News’ Kat Hughes writes, “As expertly as the acting in Motherly is, the film does suffer from an issue with its narrative. Although the story relies heavily on its mysterious component, said component doesn’t quite have enough flesh on its bones.” Review aggregate site Rotten Tomatoes’ Tomatometer gives it a score of 86%, and it has an audience score of 73%.

MTRCB Rating: R-13

Meralco’s Spectrum energizes two solar rooftop projects

MSPECTRUM, Inc. has energized new solar projects for Ajinomoto Philippines Corp. (APC) and Dasmariñas City, adding to the company’s growing list of solar rooftop installations.

In a press release, Ferdinand O. Geluz, president and chief executive officer of MSpectrum or Spectrum, said the “back-to-back” solar facilities had been completed and fully energized for APC and the Dasmariñas local government unit.

“As a solar company of Meralco (Manila Electric Co.), we are committed to making our solutions as accessible and affordable to our customers while upholding the highest safety standards and quality control measures,” he said.

Spectrum said that its partnership with APC involved a pilot solar project with a capacity of 1-megawatt-peak (MWp) at the company’s manufacturing plant in Guiguinto, Bulacan. The project was energized on June 1.

The solar rooftop installation was completed about three months after the start of construction. It can now generate around 1.33 million kilowatt-hours (kWh) of energy every year.

APC is expected to cut its carbon footprint by an estimated 950 tons, which is equivalent to planting two million trees over 20 years or reducing 3.8 million kilometers in car travel a year.

APC President Tsutomu Nara said that by 2030, the Ajinomoto group of companies “would like to realize two outcomes. First, we aim to help extend healthy life expectancy of one billion people around the world; and second to reduce our environmental impact by 50%.”

“Through this win-win partnership with Spectrum and Meralco, we are able to realize an important milestone to make our business operation sustainable by reducing our carbon footprint in the country,” he added.

On May 30, Spectrum also energized a combined 510-kilowatt-peak (kWp) solar installation for 14 public schools in Dasmariñas City in Cavite in partnership with its local government unit (LGU).

The LGU, through the Department of Education-Dasmariñas, partnered with Spectrum in December last year to install the solar facility with the aim of saving on the schools’ electricity expenses by about half.

The solar project will generate an estimated 650,000 kWh of energy every year. It is also expected to lessen the schools’ carbon footprint by 460 tons, equivalent to 950,000 trees planted over 20 years and cutting 1.8 million kilometers in vehicle travel in a year.

“Spectrum has been actively engaging partners in both the private and public sector to help them achieve their sustainability goals through clean energy,” the company said, adding that it has installed solar panels with a total capacity of over 40 MW since 2016. — VVS

Entertainment News (06/03/22)

Ace Banzuelo

The Script to perform in Manila

IRISH POP-ROCK band The Script is coming to Asia for its Greatest Hits Tour 2022. The band will be performing in Manila on Sept. 23 at the Mall of Asia Arena. The concert is presented by Wilbros Live and Midas Promotions. The group is touring in promotion of their Tales from The Script album, a compilation of the biggest hits and fan favorites from their six studio albums so far. The album highlights classic cuts from the trio’s catalogue, including the UK No. 1 hit “Hall of Fame” (featuring will.i.am), and chart-topping hits “The Man Who Can’t Be Moved,” “For the First Time,” “Superheroes,” and the new single “I Want It All.” Their last studio album, Sunsets & Full Moons, marked the band’s sixth No. 1 in their home country and fifth No. 1 in the UK, with more than 143-million streams worldwide. Tickets to THE SCRIPT: Greatest Hits Tour 2022 in Manila will go on sale beginning June 11, 10 a.m. at SMTickets.com and all SM Tickets outlets nationwide.

Ace Banzuelo’s ‘Muli’ reaches No. 1 on Spotify

SINGER-SONGWRITER Ace Banzuelo’s “Muli” is officially the No. 1 most streamed OPM song in Spotify Philippines this week. Initially released in 2020, the track has found renewed popularity online on TikTok, as well as other social media platforms. The song has reached the top three of Spotify Top 200 Philippines and top two of Spotify Viral 50 Philippines chart. It continues to rack up impressive numbers even outside the country, peaking at No. 6 on the Spotify Viral 50 Global and No. 3 on Spotify UAE Viral 50. The song has also been included in two major playlists: No. 2 on both Hot Hits Philippines and Tatak Pinoy, a flagship OPM playlist. To date, “Muli” has racked up more than 5 million streams on Spotify, with an increase of more than 3.2 million streams after gaining traction on TikTok. Written, and produced by Mr. Banzuelo in a small bedroom in Laguna, “Muli” sets itself apart from formulaic “hugot” ballads with its subtle electronic production “Muli” is available on all digital music platforms via Sony Music Philippines.

Shanti Dope and Flow G collaborate

RAPPERS Shanti Dope and Flow G have released their collaboration, the song “Kamusta.” The title translates to “How are you?,” an ice breaker at the start of a conversation or an acknowledgement of someone going through tough times. Written in collaboration with Flow G, Shanti Dope’s latest release touches on a very delicate topic — depression. The music video was released globally on Universal Records Philippines’ YouTube channel (Shanti Dope feat. Flow G – Kamusta (Official Music Video) – YouTube). It is directed by Jeremy Lim of Blck Mrkt.

Pinoy docu on plastic waste screens in Italy

LONDON International Film Festival awardee ALON (WAVE), a documentary on plastic waste, will be screened at the 5th European Philippine International Film Festival (EPIFF) in Florence, Italy. EPIFF aims to strengthen the cultural relations between the Philippines and Europe through cinema. Written and directed by the late award-winning filmmaker and educator Gabriel Fernandez and produced by De La Salle-College of Saint Benilde, ALON was selected by the festival curator to be part of EPIFF 2022. The documentary aims to create awareness on the immense impact of plastic pollution by presenting the contrast between the wonders of the Philippines’ growing surf tourism and its relationship with the looming environmental problem. It projects the issue through the lenses of local surfers as eco-warriors who thrive to help save the environment in their own ways. It features breathtaking views of the six leading surfing communities in the country — Siargao, La Union, Baler, Mati in Davao, Gubat in Sorsogon, and Sabang Daguitan in Leyte — where resurfaced pieces of plastic trash from packaged commodities hold proof of the extensive presence of plastic across the country. ALON took home the Science and Education Award from the 2020 London International Film Festival and was nominated as the Best Foreign Language Documentary and Best Director of Foreign Language Documentary in the UK competition. It was also nominated for Best Documentary Film at the 2021 World Cinema Milan and was an Official Selection at the 2020 Amsterdam Lift-Off Film Festival. EPIFF will be conducted from June 10 to 12, with both on-site and online screening.

CTA declines to review software firm’s tax liabilities 

THE Court of Tax Appeals (CTA) has affirmed its division’s ruling denying Advanced World Systems, Inc.’s appeal to review and set aside its tax liabilities worth P4.5 million for the period April 1, 2010 to March 31, 2011.

In a ruling on May 30 and made public on June 2, the CTA full court agreed with the Third Division, as it said that the tribunal did not have jurisdiction to rule over the tax dispute due to the petition being filed beyond the 30-day period to file an administrative claim.

The tribunal added that it found “no cogent reason” to reverse the division ruling.

“Indubitably, when the petitioner’s (Advanced World Systems) judicial claim was filed before the Third Division of this Court on Feb. 12, 2018, or more than five years after the lapse of the 30-day mandatory and jurisdictional periods, i.e., July 16, 2012, and Aug. 15, 2012, respectively, the denial of petitioner’s claim for tax credit had long attained finality,” according to a copy of the ruling written by CTA Associate Justice Lanee S. Cui-David.

The CTA noted that since the judicial claim was filed out of time,  the Third Division could not validly exercise jurisdiction over the petition.

Under the country’s tax code, when the commissioner of internal revenue denies or fails to act on a claim for refund, the taxpayer is given a 30-day period from the receipt of an adverse decision or ruling to file a petition for review with the CTA.

The company argued that the 30-day period to file its administrative claim should be counted from its receipt of the commissioner’s denial letter on January 2018 and not the end of the 120-day period.

“The receipt of the Denial Letter after the lapse of the 120-day period is inconsequential,” the court said citing its prior ruling. “The VAT (value-added tax) refund/credit claim, by this time, is already deemed denied and had become final and unappealable after the lapse of 30 days.”

The petitioner is a software development company based in Makati City, that engages in buying, selling, and distributing computers and other peripherals.

The tribunal added that the company committed a procedural lapse in not specifying the issues for the court to consider in its petition for review.

“Instead of assisting the Court in arriving at a proper conclusion by presenting in the concise form its questions in controversy, the petition confounded it as no question of fact or law was put forth by the petitioner,” it said. — John Victor D. Ordoñez

PBB books higher Q1 profit

PHILIPPINE Business Bank, Inc.’s (PBB) net income in the first quarter surged by 93.4% to P309.96 million on the improved performance of its core businesses.

The bank said in a disclosure to the stock exchange on Thursday that its first-quarter performance went up from the P160.23 million it booked in the same period last year.

This translated to a return on average equity of 8.68% as of March, up from 8.24% at end-2021, and a return on average assets of 0.94% versus 0.93%.

“PBB achieved solid first-quarter results… The bank’s 2021 operating expenses were within the expected levels and 2022 expense growth is attributable to business improvements,” PBB President and Chief Executive Officer Rolando R. Avante said in a press release.

“For the rest of the year, we are seeing strong loan growth and persistent demand from our clients for their funding needs. As the economic conditions improve, we are expecting to sustain a healthy expansion of risk assets to continue into the latter half of the year,” Mr. Avante said.

Broken down, PBB booked a net interest income of P1.3 billion in the first three months of the year, down by 5.1% from P1.36 billion in the same period in 2021.

Meanwhile, non-interest income excluding trading gains ended at P178.17 million.

Core income went up to P732.3 million from P725.2 million.

The bank’s earnings from service charges, fees and commissions increased to P126.13 million from P28.41 million.

Miscellaneous income also went up to P201.4 million on higher collections of loan penalties.

On the other hand, non-interest expenses increased by 18.7% to P890.8 million from P750.6 million in the first quarter of 2021 due to higher salaries and other employee benefits amid a low base.

PBB’s cost-to-income ratio went up to 60.44% in March 2022 from 56.27% in December 2021.

The bank’s net loans and other receivables as of the first quarter of 2022 stood at P89.36 billion, down by 2.5% versus end-2021’s P91.67 billion.

Nonperforming loans (NPL) went up to P5.07 billion at end-March from P3.98 billion as of December 2021. This caused the NPL ratio to rise to 5.63% from 4.33%.

Loan loss reserves were at P4.77 billion as of March, while the bank set aside loan loss provisions worth P150 million in the first quarter.

On the funding side, deposits with the bank stood at P111.28 billion as of March, down from the P112.42 billion seen at end-2021 due to lower current account, savings account deposits.

The loans-to-deposit ratio as of March 2022 was at 80.3%, down from 81.55% as of December 2021.

The lender’s total resources stood at P131.14 billion as of March.

Assets inched down 0.7% to P131.15 billion at end-March from P132.03 billion at end-2021 “primarily owing to the decrease in loans and other receivables,” the bank said.

PBB’s capital adequacy ratio reached 14.2% as of March, up from 11.8% at end-2021. while its common equity Tier 1 ratio was at 13.3% versus 11.1%.

“We have previously expressed our goal of raising growth capital to further support the continued development of the bank’s businesses and expand its business initiatives. A bigger capital base will help the bank capitalize on opportunities we are seeing from our deal pipeline,” Mr. Avante said.

PBB shares closed unchanged at P7 apiece on Thursday — K.B. Ta-asan

Stuff to do (06/03/22)

CCP screens classic films Macho Dancer, Manila By Night for free

LOOK back at the socio-political landscape of the 1980s Manila through the Cultural Center of the Philippines (CCP) Arthouse Cinema’s back-to-back screenings of National Artist for Film Lino Brocka’s Macho Dancer and National Artist for Film Ishmael Bernal’s Manila By Night on June 3, starting at 2 p.m., at the Tanghalang Manuel Conde. Macho Dancer follows the story of a handsome teenager from the mountains who journeys to Manila in an effort to support his family after he was abandoned by his American lover. With a popular call boy as his mentor, Paul enters the glittering world of the macho dancer. Mr. Brocka captured a world of male strippers, prostitution, drugs, sexual slavery, police corruption and murder in this classic film. In Manila By Night, the hidden nightlife of ordinary people living in Manila is unveiled. Lovers and families’ conflicts are radically pitted against each other as they live in the night streets rampant with drugs and prostitution. The outstanding narrative explicitly unravels the various characters and episodes. This landmark film by Ishmael Bernal depicts the darkness of city life so vividly that it was once prohibited to use the word “Manila” on its title. To watch the films, pre-register through this link: https://bit.ly/38RCR03. The film screenings celebrate the National Heritage Month, and commemorate Mr. Bernal’s death anniversary on June 2.

The M pays tribute to National Artist Larry Alcala

AN ADJUST activity to the ongoing exhibit “Larry Alcala: Slices of Life, Wit, and Humor” — ongoing at the SMX Convention Center Aura in Bonifacio Global City, Taguig —  an online conversation, M Art Inspires, will be held on June 4, featuring insights and stories from illustrator and UP Professor Ruben “Totet” de Jesus, visual artist-illustrator Aldy Aguirre, and writer-speaker Carl Javier. At the height of his career, Larry Alcala was part of every Filipino’s life with his slice-of-life cartoons. The exhibit, part of the celebration of National Heritage Month, features a collection of archival reproductions of Alcala’s works alongside works in drawing, print, and digital media of selected artists influenced by Larry Alcala, including members of the organization Ang Illustrador Ng Kabataan (INK). Another complementary activity is the M Collab project, inviting 18- to 25-year-old participants to share “à la Alcala” digital art contributions online. At the end of June, young artists will be invited to join the M Online Studio Studies, storytelling through comics and illustration workshop with visual artist-cartoonist Manix Abrera. “Larry Alcala: Slices of Life, Wit, and Humor” will be on view until June 6 at Function Hall 1, SMX Convention Center Aura, SM Aura Premier, Bonifacio Global City, Taguig. For more information, send an e-mail to info@metmuseum.ph.

Wesley So defeats Carlsen anew in their Armageddon tie-breaker

WESLEY SO beats Magnus Carlsen again in Norway Chess tourney. — REUTERS

WESLEY So may not be a world chess champion just yet. But beating the best in the planet twice in a three-day span is the closest thing to becoming one.

The Cavite-born Mr. So gave a glimpse of his oozing potential to be a world titlist as he downed world classical king Magnus Carlsen in their Armageddon tie-breaker on Thursday to stay in the Norway Chess tournament title hunt in Stavanger.

The world Fischer-Random titlist and two-time US champion capitalized on a time-starved Mr. Carlsen in launching a mating net that saw the latter scampering for safety under heavy fire of the Queen’s constant probing.

When Mr. Carlsen eventually resigned, Mr. So was a few moves from snaring the Norwegian’s queen.

“First of all, I’m not sure if Magnus (Carlsen) wants to go for the win in classical play. But I used an opening line that can possibly work against Magnus (Carlsen),” said Mr. So.

It was the second time that Mr. So had pulled the rug from under Mr. Carlsen with the first one coming on Tuesday during the Norway Chess blitz section that the former topped.

After two rounds, Mr. So, who smashed Teimour Radjabov in the opening round Wednesday, was at No. 2 with 4.5 points.

Former world champion Vishwanathan Anand of India zoomed to the top after besting Maxime Vachier-Lagrave of France and Veselin Topalov of Bulgaria in the first two rounds with six points.

This nine-round meet uses a format that gives three points for an outright win in the standard play and 1.5 for the winner via Armageddon playoff. — Joey Villar

Vista Land first-quarter earnings up 12%

VISTA Land & Lifescapes, Inc. reported an unaudited first-quarter net income of P2.22 billion for its equity holders, up 11.6% from a year ago, despite a decline in revenues for the period.

Gross revenues declined by 7.7% to P8.06 billion, but the company was able to trim its costs and expenses by 20.7% to P4.26 billion, allowing it to record a 12.4% growth in net income after tax to P2.36 billion.

“For the three months of 2022, except for the impact of the COVID-19 (coronavirus disease 2019) pandemic, there were no other seasonal aspects that had a material effect on the financial condition or results of operations of the company,” Vista Land said in a disclosure.

Real estate sales were lower due to the decrease in the overall completion rate of sold inventories of all its business units as a result of the coronavirus surge that slowed down construction activities in certain areas especially in the provinces, according to Vista Land.

In a separate disclosure, the company said it approved the issuance of additional corporate notes worth P2 billion.

The notes are due in 2027 at a fixed interest of 7.2359% per annum. Proceeds of the additional notes will be used to refinance existing or maturing obligations of the group and for other general corporate purposes, Vista Land said.

The Vista Land group is divided into horizontal, vertical and commercial and others segments.

The horizontal and vertical segments cater to the development and sale of residential lots and units and residential high-rise condominium, respectively.

The commercial segment caters to the development, leasing and management of shopping malls and commercial centers all over the Philippines as well as buildings catering to the business process outsourcing industry.

It has six wholly owned subsidiaries, namely: Brittany Corp.; Crown Asia Properties, Inc.; Vista Residences, Inc.; Camella Homes, Inc.; Communities Philippines, Inc.; and VLL International Inc.

The company also has an 88.34%-owned subsidiary, Vistamalls, Inc.

At the stock exchange on Thursday, Vista Land shares dropped by 1.63% or four centavos to close at P2.42 apiece. — Luisa Maria Jacinta C. Jocson

UnionBank’s P11-billion digital bond issuance listed at the secondary market

BW FILE PHOTO

UNIONBANK of the Philippines, Inc. on Thursday listed its P11-billion digital peso bonds on the Philippine Dealing and Exchange Corp. (PDEx) for trading in the fixed-income market.

“This pioneering issuance serves as a building block in UnionBank’s journey to embrace digitization and positive disruption in the industry. I am confident that this will be recognized globally as a game-changing digital initiative in the field of finance,” UnionBank Treasurer and Head of Global Markets Jose Emmanuel U. Hilado said during the listing ceremony on Thursday.

The P11 billion in digital bonds were issued out of UnionBank’s existing P39-billion bond program.

The bank’s digital bonds have a 1.5-year tenor and consist of Series E papers due 2023 with a fixed interest rate of 3% per annum.

The joint lead arrangers and bookrunners for the transaction were The Hongkong and Shanghai Banking Corp. Ltd. and Standard Chartered Bank. They were also the selling agents along with UnionBank.

The digital bonds were issued through the Proof of Concept (POC) Digital Registry and Digital Depository of the Philippine Depository & Trust Corp.

“For this POC live test, originally targeting P1 billion among 200 bondholders, Team UnionBank of the Philippines and its underwriters went all in to issue at least P11-billion worth of bonds to 893 bondholders. Now we trust that such commitment removes any doubt that UnionBank is indeed the proverbial tip of the digital spear,” PDEx President and Chief Executive Officer Antonino A. Nakpil said.

The POC uses distributed blockchain technology for registry and depository operations.

“We hope to learn from this experience and determine efficiencies to enable a harmonious technological framework for these bonds. I am optimistic that with this latest development in our capital markets, through these joint efforts, we can catapult the country to become one of the leading and most technology innovative markets in the region,” Securities and Exchange Commission Commissioner Kelvin Lester K. Lee said.

Blockchain uses fully digital and decentralized ledgers to record transactions. This distributed ledger also serves as the platform where virtual currencies are transacted.

The storage units used in blockchain are continuously updated and secured using cryptography, making data management and other data-driven processes decentralized, tamper-proof and more transparent.

Use cases in the financial industry that involve blockchain technology include fraud reduction, Know-Your-Customer processes, trading platforms, and even payments.

UnionBank began its first successful enterprise blockchain application in 2018 with the launch of their blockchain platform for general circulars, Mr. Hilado noted on Thursday.

“And then we created Project i2i, a financial inclusion project, using distributed ledger technology. We launched a Bitcoin ATM (automated teller machine) in our branch called The ARK and issued our own stablecoin called PhX in 2019. In 2020, we successfully completed a proof of concept with Standard Chartered Bank for the issuance of our retail bond on a digital platform,” he said.

UnionBank recorded a lower net profit in the first three months of the year as trading gains normalized. Its net income dropped by 45% to P2.6 billion in the first quarter from P4.72 billion in the same period of 2021.

Shares in the Aboitiz-led bank increased by 3.7% or P3 to P84 on Thursday from the P81 close on Wednesday. — Keisha B. Ta-asan

JobStreet PHL, Trade dep’t organize virtual career fair

ONLINE job portal JobStreet Philippines has tied up with the Department of Trade and Industry (DTI) to offer a virtual career fair on June 13-17.

In a news conference on Wednesday, JobStreet Philippines Country Manager Philip A. Gioca said that the platform has collaborated with the DTI to prepare jobseekers to design new career tracks for themselves in light of the changed work environment.

“In this career fair, we want to highlight different employment types available for our candidates as they are rethinking their approach to the concept of work. We thank DTI for trusting us to be their partner in this initiative, to provide jobs that are aligned with the applicants’ values and preferences,” Mr. Gioca said.

“It aims to empower the Filipino workforce to find the freedom and flexibility to choose the career path that fits their new life priorities,” he added.

According to Mr. Gioca, the Philippines is experiencing “The Great Reshuffle” where employees leave their jobs for more flexible employment opportunities in the wake of the coronavirus disease 2019 (COVID-19) pandemic.

“Many workers took the time to reassess not only their careers, but their personal lives. The ongoing pandemic shifted many employee priorities. Overall, employees have emerged with a stronger sense of what they want from work and what they are willing to accept. As a result, many are on the move,” Mr. Gioca said.

Mr. Gioca added that “The Great Reshuffle” presents opportunities for jobseekers to upgrade their current skills and also for employers to re-evaluate the role of teams within the company.

“Additionally, 53% of employees would prefer keeping a remote work set-up even if it entails additional 10 hours of extra work per week, and 41% would accept a lower salary as long as they can move to a more affordable location,” Mr. Gioca said.

JobStreet Philippines Marketing Head Kim Viray said candidates can use the virtual career fair to explore over 75,000 jobs offered by more than a hundred companies including ePLDT, JPMorgan Chase Bank, BDO Unibank, SM Retail, BMI, ABS-CBN, Accenture, and Wilcon Depot.

According to JobStreet Philippines the top work-from-home jobs are encoder, engineer, office staff, virtual assistant, architect, and information technology roles. Fresh graduates can also look at other entry-level roles available such as customer service representative, administrative assistant, sales, and office staff.  

“In Luzon, the top available opportunities for candidates are customer service representative, sales, teacher, engineer, administrative assistant, and system developer. Meanwhile, in the Visayas and Mindanao, jobseekers may apply for roles such as teacher, administrative assistant, administrative officer, medical staff, and more,” JobStreet Philippines said.  

“The virtual career fair (is configured to be) mobile-first, so candidates can also apply for jobs via the JobStreet mobile app. Furthermore, applicants can view their saved jobs, check out their scheduled interviews, bookmark the webinars, and send live chats directly to the hirers,” it added. — Revin Mikhael D. Ochave

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