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AEV net income jumps, cites digital move and agility

ABOITIZ Equity Ventures, Inc. (AEV) on Monday reported a 3% rise in core net income to P7.3 billion in the fourth quarter of 2021, bringing its full-year core profit to P26.8 billion, up 68%.

“Our investments in digital transformation and innovation, matched by a strong culture of agility and resilience have paid off handsomely as we powered through the pandemic with strong performance indicators,” AEV President and Chief Executive Officer Sabin M. Aboitiz said in a disclosure to the stock exchange.

Including one-off gains, the company’s fourth-quarter consolidated net income increased by 9% to P7.8 billion as it recognized nonrecurring gains of P444 million due to foreign exchange gains from the revaluation of dollar-denominated assets.

For full-year 2021, consolidated income rose 77% to P27.3 billion, with the recognition of P527 million in nonrecurring gains after the asset revaluation, compared with P477 million a year earlier.

The company’s recorded EBITDA (earnings before interest, tax, depreciation and amortization) totaled to P17.6 billion for the year, or 7% lower.

Mr. Aboitiz said at the end of last year, the group’s performance trajectory substantially improved, “posting steadily rising figures.”

AEV’s power segment, Aboitiz Power Corp., accounted for 57% of the holding firm’s strategic business units’ total income last year. The unit contributed a P16-billion income share to the parent company, 66% more than its share in 2020.

Meanwhile, AboitizPower recorded a net income of P20.8 billion last year, 66% higher than the P12.6 billion in 2020 on the back of its commissioning revenue from GNPower Dinginin Ltd. Co. (GNPD) Unit 1, higher water inflow for its hydro plants, higher availability of the Therma Luzon, Inc., Therma South, Inc. and Therma Visayas, Inc. facilities, and higher dispatch at the wholesale electricity spot market in compliance with the must-offer rule.

The company said it recognized P228 million in nonrecurring losses for the full year. Without these one-off items, its core net income for 2021 would be up by 68% to P21.1 billion from the P12.5 billion recorded in 2020.

“AboitizPower was also able to claim liquidated damages for the delay in the construction of GNPD Units 1 and 2, and also received the final payment for business interruption claims resulting from GNPower Mariveles Energy Center Ltd. Co. and AP Renewables Inc. outages in previous years,” it said in a separate disclosure to the exchange.

AboitizPower’s generation and retail supply business recorded P43.4 billion in EBITDA last year, 15% higher than the P37.7 billion logged in 2020.

Capacity sold last year also climbed 10% to 3,753 megawatts (MW) from 2020’s 3,417 MW, while energy sales advanced 14% to 26,031 gigawatt-hours (GWh) from 22,754 GWh previously.

Higher energy consumption resulting from recoveries in demand drove energy sales up by 4% to 5,584 GWh last year from 5,368 GWh in 2020.

“Energy sales from the residential, commercial, and industrial customer segments increased due to less stringent community quarantines during 2021 and the resumption of operations of commercial and industrial customers,” the company said.

For the fourth quarter alone, AboitizPower reported a consolidated net income of P5.2 billion, 8% lower than the P5.6 billion recorded in the same period 2020.

“The new capacity from GNPD Unit 1 not only contributed to AboitizPower’s better financial performance but also delivered the much-needed energy supply as economic activities gradually increased in 2021. We are optimistic that with the target synchronization of Unit 2 in the second quarter of 2022, GNPD will help address the country’s thin reserves and meet critical market needs,” AboitizPower President and Chief Executive Officer Emmanuel V. Rubio said.

Meanwhile, AEV banking unit UnionBank of the Philippines contributed a total of P6.4 billion to the parent company or 9% higher than its share in 2020.

The bank and its subsidiaries posted a net income of P12.6 billion for 2021, advancing by 9% from 2020.

AEV’s non-listed food subsidiaries: Pilmico Foods Corp.; Pilmico Animal Nutrition Corp.; and Pilmico International Pte. Ltd., including Gold Coin Management Holdings Pte. Ltd. had a P2-billion share to the parent company’s income. This is 10% lower than its P2.2-billion share in 2020.

Its agribusiness segment’s net income last year declined 44% to P1.3 billion from the P2.3 billion in 2020 due to the increase in raw material costs. Its food and nutrition segment’s income soared 365% to P934 million as pork prices increased.

AEV real estate business Aboitiz Land, Inc. and its subsidiaries logged a consolidated net income of P2.6 billion last year, 658% higher than the P338 million recorded in 2020.

“AboitizLand contributed P5.3 billion in revenues for 2021, 47% higher than revenue contributions in 2020. This increase was primarily due to increased construction activities across most of its projects and increased sales performance, with spot payments in its high value properties,” the company said.

For the Infrastructure group, Republic Cement & Building Materials, Inc.’s income share to the parent company in 2021 reached P1.6 billion, 164% higher than the P590 million recorded in 2020, mainly due to stronger market demand from the residential and infrastructure segments last year.

On Monday, AEV shares at the local bourse went up by 30 centavos or 0.49% to close at P61.80 apiece. — Marielle C. Lucenio

FDCP showcases women-centric stories in Cine Filipina

ARTWORK FROM FACEBOOK.COM/FDCP.PH

THE FILM Development Council of the Philippines (FDCP) celebrates women in film at the Cine Filipina film festival which runs from March 7 to 27 on the FDCP Channel online streaming platform (www.fdcpchannel.ph).

The second edition of the film festival carries the theme, “Juana Tunggo sa Kaunalaran” and will focus on films and activities on the journey of women and their contributions to society.

Cine Filipina is an initiative to celebrate National Women’s Month through online film screenings and limited onsite screenings at Cinematheque Centers, panel discussions, and other initiatives throughout March.

“We need to watch and believe how women do it, how they triumph, conquer, and how their strength has saved people and situation,” FDCP Chairperson and CEO Mary Liza Bautista Diño-Seguerra said at the film festival’s online opening program on March 6.

“These films will show that strength,” she said, “In the words of [Australian feminist and writer] G.D. Anderson, ‘Feminism isn’t about making women strong. Women are already strong. It is about changing the way the world perceives that strength.’”

THE FILMS
Beginning March 7, 11 short films under Cine Marya will be streaming for free and will be accessible via the channel’s “Basic” tab. The short films are: J.I. Hamid’s Adira; Gary Tabanera’s Binakol sa Dahon; Julius Lumiqued’s Dad-aan Na; Nigel Santos’ Dalaginding na si Isang; Mel Aguilar-Maestro’s Hakab; Mariel Ong’s Night Shift; Kim Timan and Sam Villareal’s Noontime Drama; Jochelle Casilad’s She’s Perfect; Arjanmar Rebeta’s Super-able; Angela Andres’ Super Woman; and Aimee Apostol-Escasa’s Winged Dreams to the Blue Heavens.

In line with International Women’s Day, Lino Brocka’s classic film Insiang (1976) will be screened on the virtual cinema at 7 p.m.

From ABS-CBN Film Restoration – Sagip Pelikula project, the digitally restored and remastered version of the 1997 classic Hanggang Kailan Kita Mamahalin, starring Lorna Tolentino and Richard Gomez, will be available for rent beginning March 7 at P120. The rented film will be available for one week if unplayed, and for 48 hours to finish viewing once it has started to be played. It is accessible within Philippine territory only.

Meanwhile, Joachim Trier’s Oscar nominated The Worst Person in the World (2021) will have limited on-site screenings at the Cinematheque Centres in Manila, Iloilo, Negros, Davao, and Nabunturan.

The FDCP Talks on Cine Filipina can be viewed on the “Events” tab of the FDCP Channel at 7 p.m. The topics and schedules are as follows: “Changing Times, Evolving Roles” on March 13 will cover a discussion on roles previously only given to men that are now held by women in the film industry; “Women and Art Forms” on March 18, will focus on outstanding and globally recognized women artists; “Women in Action” on March 20 will highlight government officials in women-centric organizations.

A Cinema Filipina edition of the FDCP Channel Game Night will be hosted by DJ Jhai Ho on March 26, 7 p.m. Participation and viewing are free.

RETROSPECTIVE
The film festival concludes on March 27, 7 p.m., with a closing program, and the Martika Ramirez Escobar Retrospective at 8 p.m. via the “Subscription” tab. The retrospective is a video-on-demand showcase of short films by Ms. Ramirez as cinematographer, writer, and director.

The films in the retrospective are 5 Ning Gatpanapun; Ang Maangas, Ang Marikit, at ang Makata; Asan Si Lolo Me?; Dindo; Living Things; and Pusong Bato.

“I make films because I learn many things from people and about life. In the process of making it, I gain more understanding of how people respond,” Ms. Escobar said in English and Filipino during the opening program. “I learn a lot about myself, my family, and many things that I initially have no knowledge about. The world expands and I realize that the world is beautiful because I make films.”

In Jan. 2022, Ms. Escobar’s Leonor will Never Die won the Special Jury Prize for Innovative Spirit at the Sundance Film Festival’s World Cinematic Drama Section — making her the first Filipino feature film director to win at the prestigious film festival.

To subscribe to and watch the festival films, visit www.fdcpchannel.ph for monthly access all films on-demand for P99. For more information, visit https://www.facebook.com/FDCP.ph. — Michelle Anne P. Soliman

URC doubles net income to P24B

UNIVERSAL Robina Corp. (URC) reported its net income was up 109% to P24.3 billion in 2021 as the consumer food manufacturer gained from the sale of its business in Australia and New Zealand.

“The sale provided an opportunity for URC to monetize the efficiencies and synergies it created in Australia and New Zealand, while reinvesting into higher-growth core markets such as the recently acquired Munchy’s business in Malaysia,” the company said in a stock exchange disclosure on Monday.

Excluding sales in Oceania, the company reported growth of 3% to P117 billion for the full year, despite supply chain disruptions and mobility restrictions from the coronavirus disease 2019 (COVID-19) pandemic.

In the second half of the year, URC said it accelerated with fourth quarter sales up 12% from the previous quarter and up 11% from the same period a year earlier.

However, operating income and core net income from continuing operations both declined 8%, due to higher material input costs.

“The impact on operating margins was tempered by price increases and various cost savings initiatives,” URC added.

Sales of the branded consumer foods group, excluding Oceania sales, ended flat at P83.5 billion. On the other hand, domestic revenues were down 2% to P61.4 billion.

“Key food and beverage markets, while slowly recovering, were still below pre-pandemic levels and aggravated by various lockdowns imposed across the region. Positive signs of recovery were seen in the second half of 2021, with sequential quarter on quarter growth, and culminating with a growth of 6% in the fourth quarter from the same period last year,” the company said.

URC’s international division grew 5% to P22.2 billion on a constant currency basis, as momentum in the first half was hampered by the resurgence of COVID-19 in the region.

“Operations were also affected with government restrictions and work force capacity limitations. However, the international division was able to end strong, with fourth quarter sales up 15% quarter-on-quarter and up 2% from the same period last year,” URC said.

Meanwhile, its agro-industrial and commodities division reported 13% growth to P33.4 billion from the same period last year, driven by acquisitions in its sugar and renewables group.

“The acquisition of Central Azucarera de La Carlota sugar mill and Roxol Bionergy in the fourth quarter of 2020 helped grow URC’s sugar business by double digits. Strong growth in Pet Foods also helped offset declines in farms and feeds volumes caused by lower hog populations in the Philippines,” URC said.

URC’s board of directors also approved an increase in dividend to P3.45 per share, up 5% and 10% from the dividends declared in 2021 and 2020, respectively.

“Coming through two years of the COVID-19 pandemic, URC remained strong — maintaining our leading positions in key markets and categories, continuing our innovation pipeline, becoming preferred partner of choice to customers and suppliers, step changing product supply chain transformation, and accelerating a people and planet friendly culture,” URC President and Chief Executive Officer Irwin C. Lee said in a statement.

“While the challenges and uncertainties of hyper cost inflation, global climate and political turbulence persist, our growth momentum and organizational commitment to excellence give us cause for optimism in 2022,” he added.

Mr. Lee said the company would continue to invest in its brands, build channel strength, and make future bets in “attractive white spaces.”

“URC remains strong today, and will be stronger tomorrow,” he added.

At the stock exchange on Monday, URC shares dropped 4.26% or P5.10 to close at P114.60 apiece. — Luisa Maria Jacinta C. Jocson

The Godfather at 50: set among the American Mafia of the ‘40s, Coppola’s film is unmistakably a film of the disillusioned ‘70s

WHEN it was released 50 years ago, The Godfather won a swag of Oscars and hailed director Francis Ford Coppola as the voice of a new auteur. But timing is, as they say, everything.

The story of an ageing Mafia Don and his family in New York City from 1945 to 1955, The Godfather is a sweeping saga of the trials and tribulations of running a criminal organization.

There are two timelines that need to be looked at when watching The Godfather: when it was set, and when it was made. They are inextricably linked, yet polar opposites of the moral, cultural, and social fabric of the United States.

Coming out of the devastating destruction and loss of life of the second world war, Americans had a newfound sense of optimism that the worst was behind them.

After years of uncertainty and stress, people yearned for a “normality” in the mundane in their suburban houses, family life, and nine-to-five job. People believed in governments and traditional institutions to look after their interests and well-being.

New opportunities and an even distribution of wealth created through low post-war unemployment incentivized growth and created “an advanced consumer economy” which drew both legitimate and illegitimate businesses.

With easy money to be made, Mafia groups flourished. This is the world where we f ind the Corleone family: Italian immigrants who sought a distorted vision of the American Dream through theft, extortion, and violence.

Vito Corleone (Marlon Brando) wants to continue with the old ways. He is suspicious of this new trade in drugs offered by the Tattaglia crime family. His son Michael (Al Pacino) has experienced life outside of the Mafia world and wants to change the whole structure of the organization, vowing to make the family legitimate.

What happens next is as much a statement on the character arc of Michael as it is about a statement of when The Godfather was made.

By 1972, the social and cultural norms had shifted dramatically.

People, especially young people, had grown increasingly suspicious and disenchanted with both government and the institutions that had grown post war. While many saw the second world war as a “moral war,” they did not express the same feelings towards the Vietnam war. Many saw America as the immoral aggressor.

The 1960s had started out as a decade of hope, full of idealism. Young people were not happy with continuing the ways of the past and wanted change. They were leading the charge for the better.

But in the 1970s, it was dawning on the Woodstock generation that the values they had fought for were not coming to fruition. The ongoing Vietnam War, the publishing of the Pentagon papers and the unravelling Watergate all added to the disillusionment.

Despite the cries of revolution, the old institutions kept a strong grasp on the mechanisms of society.

This all becomes a metaphor for The Godfather.

The Godfather argues the principles of a generation are often corrupted by the realities of the times.

As with the lost ideals of the 1960s, Michael is confronted with the pragmatism of running a criminal organization. The Corleones could never be legitimate: the institutions of the past are just too powerful.

Like a big Italian opera, the film sways between personal loyalties, betrayals, and consequent ruthless murders.

At the end of it all, Michael — a man of morals who desperately wants to transform the world into something better — falls back down the rabbit hole of the past. He takes over the family “business” and is forced to be more cunning and ruthless than even his father was.

The one figure who stood for light turns out to be the darkest of them all. There will be no change from the past.

The film’s ending is powerful but pessimistic. Early in the film, Michael tells his then girlfriend Kay (Diane Keating) he is going to change the whole way the organization operated.

Now, Michael tells his wife Kay “don’t ask me about my business.” He closes the door on her as he takes his father’s chair.

In a way, Coppola was predicting the path of the next generation, and perhaps every young generation.

They all start with good intentions but practicalities often change ideals. The 1980s started as the era of anti-apartheid and Live Aid, but soon changed to “greed is good.” The 1990s started with the fall of the Soviet Union and the confirmed belief in Western Democracy, but resulted in disillusioned grunge.

Will the youth movements of this era have any demonstrable impact in 10 years time? Or, like Michael Corleone, will they have been turned by the power and authority of the traditional institutions?

Five decades later, The Godfather still remains an allegorical tale for the passing of power from one generation to the next. But perhaps the greatest lesson from the film is the old adage that unless you learn from the past you are doomed to repeat it. The past often makes an offer you can’t refuse.

 

Daryl Sparkes is a Senior Lecturer (Media Studies and Production) at the University of Southern Queensland.

Shakey’s acquires Potato Corner assets and entity in Singapore

RESTAURANT operator Shakey’s Pizza Asia Ventures, Inc. and its subsidiary Wow Brand Holdings, Inc. announced the acquisition of the assets and intellectual property of Potato Corner, including shares in an entity in Singapore.

“This is an accretive acquisition. Nonetheless, [we] will pursue maximizing synergies and wielding its expertise in business development, franchise management, and supply chain operations to further grow the brand sustainably,” Shakey’s Pizza said in a disclosure on Monday.

The company said it acquired 100% ownership of PC International Pte. Ltd., a Singaporean corporation that owns and operates Potato Corner in Singapore.

The acquisition will also involve owning and operating all company-owned stores, as well as serving as brand-owner and franchisor of stores being operated by franchisees.

“Since its inception in 1992, the brand has built a vast network of over 1,000 outlets domestically and has a growing international footprint in Asia and beyond. Over the years, the business has built a strong brand equity and demonstrated robust performance, attractive margins, and the capability to scale – all aligned with [our] criteria for acquisitions,” the company said.

At the stock exchange on Monday, Shakey’s Pizza shares dropped by P0.05 or 0.60% to P8.35 apiece. — Luisa Maria Jacinta C. Jocson

Kumu launches digital singing competition

SING for the Stars judges, include four-time Grammy award-winning singer and songwriter Michael Bublé, and Tony award-winning actress and singer Lea Salonga.

THE POPULARITY of livestreaming has turned the whole world into a stage, where a room transforms into a studio, and a smartphone becomes an entire camera crew. Creating content and sharing one’s talents and skills is more accessible. And with the growth of performers showcasing their talents online, the livestreaming app Kumu has launched Sing for the Stars, an all-digital international singing competition.

Kumu — launched in 2018 — currently has more than 10 million registered users from over 55 countries.

“Kumu is the home of musicians,” Kumu founder and CEO Roland Ros said in a statement. “Through this competition, we’re discovering and highlighting new voices on a world stage in a unique and brand-new way.”

Unlike most singing competitions, Sing for the Stars participants need not travel to a studio to perform as setups are done from their respective locations.

The stars that they are singing for are the judges, which include four-time Grammy award-winning singer and songwriter Michael Bublé, and Tony award-winning actress and singer Lea Salonga.

“For many people, it’s a rare opportunity to get to perform for and learn from global superstars like Michael Bublé and Lea Salonga,” Mr. Ros said. “Sing for the Stars is the most inclusive talent show ever because talents can audition, perform, and win no matter who or where in the world they are.”

The livestreaming singing competition is open to all aspiring musicians and artists. To join, they must download the Kumu app on Apple App Store and Google Play, create an account, and find the Sing for the Stars campaign page and click the “How to Join” tab.

The contestants must choose a song that showcases their musical/vocal range and hold a live stream performance. They must rise through the leaderboard by gaining as many virtual gifts from the audience as they can. The audience sends virtual gifts which have corresponding points to their favorite performers: “Shine” (500 points), “Bright” (1,000 points), “Encore” (5,000 points), and “Superstar” (10,000 points).

The tallying of scores will be on March 8, and the Top 100 performers will move on to the next phase. Another tally is scheduled on March 12, shortlisting the Top 30 performers (they will receive Maono microphones with studio headsets). The Kumu Music Team and Warner Music Philippines will then select 15 performers to be part of the show.

The Top 11 will move on to the final leg of the competition, while four will compete to secure their last chance to enter the finals. The second runner-up will win a cash prize of $2,000; the first runner-up takes home a cash prize of $4,000; and grand champion will take home a cash prize of $10,000, a one-year record contract with Warner Music, and their own mini-concert inside the Kumu app, plus a one-on-one coaching session with Mr. Bublé.

“We’re really hoping to find talented, breakthrough artists who embody our core values of positivity and authenticity,” Mr. Ros said. “[The] show isn’t only about creating a stage for our singers, it’s also going to be a way to activate community support and rally music lovers on the app to come together.” — MAPS

Bloomberry Resorts trims net loss to P4.2 billion

SOLAIRE Resort & Casino operator Bloomberry Resorts Corp. announced on Monday that it trimmed its net loss for 2021 to P4.2 billion from a loss of P8.3 billion in 2020.

Bloomberry’s consolidated net revenue in 2021 was P22 billion, representing an increase of 24% from P17.8 billion a year earlier, the company said in a disclosure to the stock exchange.

The company saw its total gross gaming revenue at Solaire increase 22% to P27.6 billion from P22.6 billion in 2020.

Meanwhile, its VIP gross gaming revenue at Solaire declined 16% year on year to P6.7 billion.

“Mass tables and electronic gaming machine gross gaming revenues were P11.3 billion and P9.5 billion, representing year-on-year increase of 54% and 32%, respectively,” the company noted.

Bloomberry’s EBITDA, or earnings before interest, taxes, depreciation, and amortization, was P5.2 billion last year, higher by 265% from P1.4 billion in 2020.

As for the fourth quarter of 2021, the company’s net revenue reached P6.6 billion, representing an increase of 58% year on year.

Its total gross gaming revenue at Solaire reached P8 billion, up 50% from P5.3 billion in the same period of 2020.

“Mass tables and electronic gaming machine gross gaming revenues, increased by 19% and 30% on a sequential basis, respectively and were higher by 63% and 42% year on year, respectively,” the company said.

Its EBITDA for the fourth quarter was P1.9 billion, compared with the P129 million in the same period in 2020.

“The year 2021 demonstrated the resilience of our business amidst a pandemic characterized by a slowly recovering economy and the absence of tourism,” said Enrique K. Razon Jr., Bloomberry chairman and chief executive officer.

“It was a better year for Bloomberry as it was propped up by the domestic patronage which grew our mass gaming revenues by 43% and EBITDA by 265%. While we look forward to better days ahead, we remain equipped to operate under challenging circumstances if they materialize,” he added.

Among the highlights of 2021, according to the company, was its partnership with the International Container Terminal Services, Inc. and the Philippine government for the procurement of 20 million doses of Moderna vaccines — 13 million doses for the Philippine government and seven million doses for the private sector.

“Another 4.5 million doses of Oxford-AstraZeneca vaccines were donated to the various local government municipalities,” it added.

Bloomberry and ICTSI financed, constructed, and currently operate the Solaire-ICTSI Foundation Vaccination Center in Parañaque City.

Bloomberry Resorts shares closed 4.67% lower at P7.15 apiece on Monday. — Arjay L. Balinbin

The Batman scores $128 million, second-biggest pandemic debut

Robert Pattinson in The Batman (2022) — IMDB.COM

LOS ANGELES — Holy ticket sales, Batman!

Robert Pattinson’s pitch-black superhero adventure The Batman collected a mighty $128.5 million in its box office debut, marking the best opening weekend of 2022 by a landslide. But what is more impressive: it’s only the second pandemic-era movie to cross the $100 million mark in a single weekend, a feat first achieved by Spider-Man: No Way Home, which launched last December to a historic $260 million.

Thanks to positive reviews, strong reception from ticket buyers and high levels of intrigue to see Mr. Pattinson’s moody take on the Caped Crusader, The Batman is shaping up to be a commercial winner for Warner Bros. That’s good news because the studio shelled out a hefty $200 million to produce the film and spent many millions more on marketing and distribution costs. Bringing Batman to the big screen doesn’t come cheap, and achieving profitability won’t be easy.

The Batman also likely benefitted because the comic book adaptation is playing exclusively in theaters. For Warner Bros., which opted to debut its entire 2021 theatrical film slate simultaneously on HBO Max, The Batman marks a deviation as the studio’s first movie in over a year that’s only available to watch in cinemas. The Batman lands on HBO Max in 45 days.

It’s impossible to know the box office impact of putting movies day-and-date on streaming, but The Batman has generated more money in its opening weekend than any other Warner Bros. pandemic movies grossed in their entire theatrical runs. Prior to The Batman, the studio’s highest grossing movies since March 2020 were Godzilla vs. Kong ($100 million in North America) and Dune ($109 million in North America).

Of course, it helps that The Batman has the glittery promise of a former Twilight heartthrob playing one of the most famous comic book characters in history. But there were plenty of factors that could have worked against a different, less-embraced version of The Batman. For one, it clocks in at three hours, which is a long sit for even the biggest movie-lover. Not to mention, the logistics of its lengthy running time meant that theater operators had to limit the number of screenings per day.

Since The Batman, directed by Matt Reeves, notched a PG-13 rating rather than R, the film was able to capture the key demographic of younger males, who have been fueling the domestic box office’s wobbly recovery.

In addition to Mr. Pattinson, The Batman stars Paul Dano as the Riddler, Zoe Kravitz as Catwoman, Andy Serkis as Batman’s butler Alfred Pennyworth, and Colin Farrell as a crime lord known as Penguin. By focusing on Bruce Wayne’s alter ego as “the world’s greatest detective,” the movie feels more like a gritty noir than an escapist superhero adventure. Reviews seemed to be fond of that approach, since The Batman has been praised for feeling notably distinct from past adventures centered on Gotham’s ferocious defender, like director Christopher Nolan’s revered The Dark Knight trilogy or Ben Affleck’s brooding, middle-aged take on the character in Batman v. Superman. — Reuters

T-bill bids rejected as investors ask for high rates

BW FILE PHOTO

THE BUREAU of the Treasury (BTr) rejected all bids for its offer of Treasury bills (T-bills) for the second straight week as investors continued to ask for higher rates.

Tenders for the T-bills the government offered on Monday reached P21.23 billion, higher than the BTr’s plan to raise P15 billion through the short-term papers.

Broken down, bids for the 91-day securities reached P7.61 billion, higher than the P5-billion plan. Had the Treasury made a full award, the three-month debt papers would have fetched an average rate of 1.577%, surging by 67.8 basis points (bps) from the 0.899% seen the last time the BTr borrowed the full amount.

The BTr also rejected the P6.46 billion in tenders for the 182-day securities even as this was higher than the programmed P5 billion. The average rate of the six-month T-bill would have gone up by 81 bps to 1.967% from 1.157% previously had the government made a full award.

Lastly, the government turned down P7.17 billion in bids for the 364-day debt papers from an initial offer of P5 billion. If the tenor was fully awarded, the average yield on the one-year instrument would have stood at 1.943%, jumping by 37.5 bps from the 1.568% fetched previously.

At the secondary market prior to the auction on Monday, the 91- 182- and 364-day T-bills were quoted at 1.1685%, 1.2493% and 1.5943%, respectively, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

“Full rejection for all tenors as markets continue to ask for higher risk premium with deterioration in market sentiment with escalating tension in Ukraine,” National Treasurer Rosalia V. de Leon said in a Viber message to reporters.

Negative market sentiment was caused by the weakening of the peso and the expected surge in inflation, she said.

A trader likewise said the market is concerned about inflation as oil prices surge.

“Investors may also be positioning ahead of the US Fed meeting next week as the magnitude of its rate hike continues to be speculated,” the trader said via Viber.

US Federal Reserve Chairman Jerome H. Powell last week said Russia’s invasion of Ukraine has not changed the central bank’s plans to start raising interest rates this month, Reuters reported.

Inflation was at 3% for the second consecutive month in February, easing from the 4.2% a year earlier.

Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said the war between Russia and Ukraine could continue to heighten local oil prices, with sustained hikes possibly causing inflation to again exceed the central bank target range of 2% to 4%.

Inflation could breach the target if crude oil prices average higher than $95 per barrel in 2022 and 2023, he said.

Brent crude surged over $100 per barrel for the first time since 2014 after Russia invaded Ukraine on Feb. 24.

Meanwhile, the peso continued to depreciate on Friday, closing at P51.74 versus the dollar. This was weaker than its P51.50 finish on Thursday and its P51.34 close on Feb. 24 on oil supply concerns from the market.

On Tuesday, the BTr will auction off P35 billion in fresh seven-year Treasury bonds (T-bonds).

The BTr plans to raise P250 billion from the domestic market this month, or P75 billion via T-bills and P175 billion from T-bonds.

The government borrows from local and external sources to help fund a budget deficit capped at 7.7% of gross domestic product this year. — Jenina P. Ibañez with Reuters

Boracay Water spends P4B for sustainability efforts

BORACAY Island Water Co., Inc. said it invested more than P4.32 billion in capital expenditures for its water and wastewater facilities to ensure environmental sustainability and water security.

The company, also known as Boracay Water, said it developed a 25-year plan to sustainably serve the water requirements of Boracay Island, as it is a major tourist hotspot.

“Boracay Water made sure that safe and reliable water supply is available in the island and at the same time, ensured proper wastewater management in the island’s Manocmanoc, Balabag, and Yapak barangays, including the white beach’s popular commercial stations 1, 2, and 3,” the company said in a statement on Monday.

Boracay Water, a public-private partnership between the Tourism Infrastructure and Enterprise Zone Authority and Manila Water Company, Inc.’s fully owned subsidiary, Manila Water Philippine Ventures, Inc. began its operations in 2010.

In 2015, it implemented projects to increase water availability, providing 100% of Boracay Water’s customers 24/7 supply, from a previous availability of 13 hours or less since its inception.

The company also worked on the rehabilitation of the water treatment plant in Caticlan with a capacity of 25 million liters per day (MLD), the one-kilometer submarine water pipeline along the Caticlan-Boracay channel, repairs and replacement of old networks, expansion of piping systems, and the rehabilitation and construction of pumping stations and booster pumps.

Apart from water supply, Boracay Water said it began upgrading and expanding its wastewater facilities to address the deterioration in coastal water quality.

It rehabilitated the Balabag sewage treatment plant and sewer network, which initially provided wastewater services to 22% of the island. In 2011, the rehabilitation of the facility was completed, doubling treatment capacity to 6.5 MLD from 2.6.

In 2016, the company inaugurated its second wastewater facility, the Manocmanoc sewage treatment plant, which can process 5 MLD.

According to Boracay Water, the island’s sewer coverage is at 61% and is projected to further expand to 87% by 2024 after future upgrades.

With the easing of mobility restrictions, Boracay Water said it would continue to “invest and expand its infrastructure in the island to ensure availability of clean, safe, reliable water supply as well as to safeguard the environment with the provision of enhanced wastewater and sanitation services.” — Luisa Maria Jacinta C. Jocson

Hotshots, NLEX Road Warriors lock on twice-to-beat advantage

NUMBER 1 team Magnolia Hotshots — PBA IMAGES

WITH Magnolia and NLEX perched on the top two spots, the rest of the quarterfinal aspirants continue their mad scramble for the playoffs in the last two play dates of the PBA Governors’ Cup eliminations this week.

The Hotshots (9-1) are assured of No. 1 regardless of how they do in their elims closer against winless Blackwater (0-10) tomorrow while the Road Warriors, with their 8-3 record, are beyond reach at No. 2.

Both have a lock on the twice-to-beat advantage in the Last-8 with two more incentives still up for grabs and earmarked for the third and fourth-ranked squads.

San Miguel Beer (7-4) has the inside track in the race for the two remaining win-once quarterfinal perks as it sits at third spot. But Meralco (6-4) and TnT (5-4) are in hot pursuit and can complicate things for the Beermen if they can force a triple tie at seven wins.

Barangay Ginebra, which finished the elims with 6-5, is virtually in due to its superior tie-break against teams that can potentially match its card. Alaska (6-5), meanwhile, waits for the final records of NorthPort (5-5) and Phoenix (5-5) to determine whether it has to go through a knockout.

The concerned squads make their final push tomorrow and on Friday.

The Tropang Giga take on also-ran Terrafirma (2-8) in the Wednesday curtain-raiser at the Smart Araneta Coliseum, intent on staying in play for the coveted quarterfinal edge. Two days later, the Fuel Masters and the Bolts press their respective bids in their crucial duel right before the equally pivotal clash between the Batang Pier and TnT.

Tournament format has the quarterfinal victors advancing to the best-of-five semifinal series with the last two teams standing moving on to dispute the crown in a best-of-seven affair. — Olmin Leyba

Israeli firms eye investments in PHL infrastructure, water sectors 

A worker is seen balancing on steel frames at a construction site in Metro Manila, Dec. 23, 2016. — REUTERS/ROMEO RANOCO

By Alyssa Nicole O. Tan and
Revin Mikhael D. Ochave, Reporters

ISRAELI FIRMS are interested in investing in the infrastructure, agriculture and water, and business process outsourcing (BPO) sectors in the Philippines.

Israel Head of Economic and Trade Mission to the Philippines Tomer Heyvi said that Israeli firms are awaiting the law amending the Public Services Act.

“BOT (Build-Operate-Transfer) projects, agriculture, and water are definitely interesting,” he said in a roundtable discussion with BusinessWorld editors and reporters on Feb. 28.

For the water sector, Mr. Heyvi said Israeli firms are looking at desalination projects.

Congress last month ratified the measure amending the PSA Act, which was forwarded to Malacañang for President Rodrigo R. Duterte’s signature.

Once signed, telecommunications, domestic shipping, railways and subways, airlines, expressways and tollways, and airports will no longer be subject to the 40% foreign ownership cap under the Constitution.

However, distribution and transmission of electricity; petroleum pipeline transmission systems; water distribution systems; seaports and public utility vehicles will continue to be subjected to the 40% foreign ownership cap.

At the same time, Israeli Ambassador Ilan Fluss said Israeli firms are interested in expanding in the BPO sector in the Philippines.

“I think in terms of investments, it will be mainly in the BPO sectors so we have here Israeli companies that do BPO services and they found (that the) Philippines is a good place to outsource and I think it will only increase,” he said during the same interview.

Mr. Fluss said that Israel’s priority is to advance the relations between the two countries by focusing on economic development and innovation.

“What I would like to do is create what I call ‘innovation bridges’ between Israel and the Philippines,” he said.

Israel is known for its expertise on technology and innovation, with 13% of its gross domestic product coming from the high-tech industry. More than 300 multinational corporations have research and development centers in Israel. It also houses nearly 4,000 startup companies.

Total bilateral trade between Israel and Philippines reached a value of $338 million in 2019. Some of the trade between the two countries include agricultural products, semiconductors,  BPO services, and tourism.    

Meanwhile, an agreement seeking to improve economic and investment relations between Philippines and Israel is almost completed.

Nir Balzam, deputy chief of Mission at the Embassy of Israel in Manila, said the Philippine-Israel Investment Promotion and Protection Agreement (IPPA) is almost finished and may be signed before the Duterte administration ends in June.

“We just finished the negotiation last Thursday. There are a few internal issues that they have to resolve, both Israel and Philippines. Hopefully, it will happen in the second quarter and probably during this administration,” Mr. Balzam said.   

Mr. Fluss said the agreement will “give a really strong signal to the private sector.” He said the IPPA would ensure investors from both sides are protected, and there will be no interference in business interactions involving huge investments.   

“The agreement provides how do you protect investors on both sides in case something goes wrong, how do you prevent governments from interfering in business interactions, and how do you make sure that this money is protected,” he said.

“I think the most important thing here when we sign this agreement is it’s a message from both governments, assuring investors that they are welcome, they are protected, their money is protected, and the two governments want to see more business interaction between the two countries,” he added.

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