THE Bank of Commerce (BankCom) net income soared by 146.4% in the first quarter as its interest earnings improved, it said in a filing with the local bourse on Tuesday.
BankCom’s net income for the first three months of 2022 was at P360.59 million, more than double the P146.30 million it posted in the same period last year.
This translated to a return on average equity (RoE) of 5.76%, up from the 3.49% recorded in the first three months of 2021. Return on average assets also rose to 0.71% from 0.32% a year prior, BankCom’s quarterly report showed.
“This upward trajectory resulted from the continued strong core business activities despite the continuing local and international market volatilities,” the bank said in a press release.
Total revenues stood at P1.7 billion, up by 14.5% as net interest income posted a 6.5% year-on-year increase to P1.47 billion from P1.38 billion.
Meanwhile, non-interest income rose by 92.9% to P271.77 million due to foreign exchange gains and growth in earnings from service charges, fees and commissions.
Foreign exchange gains amounted to P42.59 million, a turnaround from the P3.99-million loss seen in the same period last year. Income from service charges, fees and commissions also rose by 42% to P159.1 million.
The bank’s total operating expenses, excluding provisions, increased by 1.96% to P1.24 billion from the P1.22 billion seen in March 2021 fueled by increases in management and professional fees, amortization of software costs, taxes and licenses as well as insurance.
Cost-to-income ratio was at 0.72%, lower than the 0.80% posted last year.
BankCom’s assets stood at P206.38 billion at end-March, a 3.34% increase from the previous period’s P199.71 billion, mainly from the growth in interbank loans receivables, due from other banks, loans and receivables as well as investments in securities.
Loans and receivables grew by 13.85% to P84.68 billion from last year’s P74.37 billion “as the economy shows recovery,” the bank said.
As of March 31, the nonperforming loans (NPL) of the bank amounted to P3 billion. This was equivalent to a gross NPL ratio of 2.9%, down from the 3.09% seen at end-2021, and a net NPL ratio of 1.46%, up from the 0.88% posted at end-December 2021.
NPL cover was at 77.46% at end-March 2022, down from 83.21% as of December 2021.
The lender’s provisions for losses stood at P772,550, 98.71% lower than last year’s P59.86 million.
Meanwhile, deposit liabilities inched up by 1.11% to P173.62 billion, backed by by the increase in demand and time deposits. Demand and time deposits grew by 5.25% and 33.57%, respectively, to P51.26 billion and P12.16 billion. Savings deposits dropped by 3.4% to P105.17 billion.
BankCom’s loan-to-deposit ratio was at 0.63% as of March, up from 0.55% at end-2021.
The bank’s capital base stood at P26.7 billion in the first quarter, up by 14.2% from the P23.4 billion seen as of December 2021, on the back of proceeds from its initial public offering in March.
Capital adequacy ratio was at 22.1% as of March 2022, higher than the 21.57% recorded at end-2021.
BankCom shares ended trading at P11.72 apiece on Tuesday, down by 8 centavos or 0.68% — Keisha B. Ta-asan
RECOGNIZING and celebrating his contributions to the country, the Cultural Center of the Philippines (CCP) and the National Commission for Culture and the Arts (NCCA) pay special tribute to National Artist for Literature F. Sionil Jose on May 18 at 5 p.m., at the Tanghalang Nicanor Abelardo (CCP Main Theater).
The National Artist for Literature passed away on Jan. 6, at the Makati Medical Center where he was confined while waiting to undergo angioplasty. He was 97.
National Artist for Visual Arts Benedicto “Bencab” Cabrera will give tribute to his departed fellow artist, after the floral offering. Ambassador Delia Domingo Albert and Jun Cruz Reyes will then give their eulogies and talk about their encounters with Mr. Sionil Jose.
The Philippine Philharmonic Orchestra will perform “Ti Ayat ti Maysa nga Ubing,” one of the late National Artist’s favorite songs. Tenor Tomas Umberto Virtucio, Jr. will sing “Dungdungwen Kanto,” with musical accompaniment by guitarist Ricardo Juanito Balledos.
Pianist Raul M. Sunico will play “The Falling Leaves,” with music by Joseph Kosma and English lyrics by Joseph Mercer.
Tanghalang Pilipino artistic director Fernando “Tata Nanding” Josef will do an excerpt from Balete, a theater play based on Tree, one of F. Sionil Jose’s Rosales Saga novels. The Rosales Saga narrates the stories of the different generations of the Samson family, intertwining their personal lives with the social struggles of the nation. Another novel from the saga, The Pretenders, has been brought to life by Tanghalang Pilipino, the CCP resident theater company.
Known for his novels and literary works espousing national sovereignty and social justice, F. Sionil Jose was one of the most revered and read Filipino writers. His works have been published and translated into various languages. He was the founder of the Philippine chapter of PEN.
The public is invited to join the tribute to National Artist F. Sionil Jose, following health and safety guidelines.
STI Education Systems Holdings, Inc. posted a net income of P241.2 million in the third quarter of its fiscal year, nearly three times more than the P82.6 million recorded a year earlier, it told the stock exchange on Tuesday.
In its disclosure, the owner of one of the country’s largest school networks, said revenues during its end-March third quarter reached P793.8 million, up 35% from P589.9 million year on year.
Operating income jumped 137% to P271.6 million from P114.5 million previously.
For the nine months to March 31, STI Holdings registered a net income of P297.2 million, reversing a net loss of P31.4 million in the same period a year ago.
Gross revenues for the three-quarter period rose 26% to P1.92 billion, while operating income jumped more than four times to P408 million.
The company attributed its turnaround to an 18% rise in overall enrollment to 82,629 students for school year 2021-2022. It said programs regulated by the Commission on Higher Education accounted for a bigger share in the enrollment mix at 68% from 57% in the previous school year.
“STI Holdings has gradually started to implement limited face-to-face classes for schools in areas under Alert Level 1 for identified high-stake tertiary courses and selected subjects beginning February, March, and May,” the listed company said.
High-stake tertiary courses have laboratory components where the expected skills to be gained by students are “better acquired in a face-to-face class setup since actual demonstration and practice of competencies are signifi-cant in the learning process.”
STI Holdings starts its fiscal year on July 1. Its shares closed unchanged at P0.34 apiece at the stock exchange on Tuesday.
BAKUNATION, a vaccine information campaign, aims to gather 750,000 pledges from Filipinos to vaccinate their families against vaccine-preventable diseases by the end of 2022. Launched May 13 by theAsianparent Philippines, a community platform for parents, BakuNation is a scaled-up version of a similar effort called Team BakuNanay, which was launched December 2020 after a community poll found that 45% of Filipinos refuse to vaccinate their children, for fear of side effects.
From a core group of 85, Team BakuNanay grew to 10,000 members within a year. Positive sentiment toward vaccines also increased during that period by 15%, with 70% of Filipinos agreeing to vaccinate their children.
The online campaign has thus far reached more than 1.1 million individuals, with an average engagement rate of 7.34% on social media.
BakuNation builds on these results as everyone — not just mothers — can learn more about diseases and their impact, share their experiences on vaccine use for their kids, ask questions, and give and re-ceive advice from others.
“Today is day one of inviting each and every Filipino to help improve vaccine confidence and build one entire BakuNation,” said Candice L. Venturanza, theAsianparent Philippines head of content.
The World Health Organization (WHO) pointed in 2021 that pre-pandemic global childhood vaccination rates against diphtheria, tetanus, pertussis, measles, and polio had stalled for several years at around 86%.
It also noted that the Philippines was top four in the list of countries with the greatest increase in children not receiving a first dose of diphtheria-tetanus-pertussis combined vaccine (DTP-1). “We cannot allow a legacy of COVID-19 to be the resurgence of measles, polio and other killers,” said Dr. Seth Berkley, CEO of Gavi, the Vaccine Alliance, in a July 2021 post by WHO. “We all need to work together to help countries both defeat COVID-19, by ensuring global, equitable access to vaccines, and get routine immunization programs back on track. The future health and wellbeing of millions of children and their communities across the globe depends on it.” — Patricia B. Mirasol
SALCEDO Auctions will host its Gavel&Block art + design auction on May 21, 11 a.m. The auction preview is open until May 20 at the NEX Tower Podium Level, 6786 Ayala Avenue, Makati City from 9 a.m. to 5 p.m. for inquiries, contact 0917-825-7449 or 0917-107-5581. To view the auction catalog, visit https://salcedoauctions.com/auction/144/art-design.
Discussions on opera and musical theater
THE CULTURAL Center of the Philippines (CCP) presents Behind Arias and Showstoppers: Conversations with the Pinoy Stars of Opera and Musical Theater, a two-part online show featuring leading Filipino performing artists and theater personalities. Moderated by Floy Quintos, part one of Behind Arias premieres on May 21, 6 p.m. Part two will stream on May 28, 6 p.m. Both episodes will be available for streaming at the official CCP Facebook page and YouTube Channel. “Part 1: Duet for Tenor and Leading Lady” features a conversation between musical theater actress Menchu Lauchengco-Yulo and internationally renowned opera singer Arthur Espiritu. Both have had formidable careers and share many lessons about their chosen art. “Part 2: Quartet For Leading Lights” features opera singers Rachelle Gerodias and Camille Lopez-Molina, and musical theater artists Sheila Francisco and Reb Atadero who have all devoted their life to their art. The conversations range from the differences and similarities of the training, the preparation, rehearsal process and performance of musicals and opera.
Rep offers online voice classes
REPERTORY Philippines is offering one-on-one voice classes from June 13 to July 8. Registration is on a first-come-first-serve basis. The workshop is priced at P7,000, for 12 workshop sessions, conducted via Zoom. For registration and inquiries, visit the Rep Facebook page or Instagram page, or contact them through e-mail at sales@repphil.org or call 0966-905-4013.
Mindoro the focus in ARTablado exhibit
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THE GRANDEUR of Mindoro is celebrated through artworks by 10 visual artists in an exhibit titled “Unlimited Grace” at Robinsons Galleria’s ARTablado. Mindoro’s landscapes and seascapes are depicted by 10 Mindoreños: Wilfredo Rufon, Rodel Cruzado, Lulu Lladones, Chressa Yee Rufon, Ralph John Fatallo, Anna Lumpas, Vanessa Tria, Windsor Magnaye, Angelo Provido, and Nilo Evangelista. Aside from these visual artists, weaver Ulway Igoy Gayno is also showcasing the local weaving practice, while watercolorist Popoy Cusi serves as a guest speaker and special exhibitor. “Unlimited Grace” is currently on view at ARTablado, 3/F Robinsons Galleria, Ortigas Avenue, Ortigas Center, Quezon City.
‘Flores de Maria’ exhibit opens in Ali Mall
Flores De Maria
ARANETA City opens to the public the “Flores De Maria” exhibit in Ali Mall to celebrate the Philippine tradition of honoring the Blessed Virgin Mary every month of May. The two-week exhibit features religious-historical images of Mary and her devotion to the Holy Cross. More than 40 religious images and replicas from different parishes are on display in the exhibit. Notable images displayed are Nuestra Señora de Peñafrancia (known as the Patroness in Bicol Region), La Imaculada Concepcion de Malabon, Our Lady of Perpetual Help, the official replica of the Diocese of Cubao, and the Nuestra Señora de Aranzazu (known as the patroness of San Mateo, Rizal). The exhibit is open until May 30 at the Gen. MacArthur Entrance of Ali Mall, Araneta City, Cubao, Quezon City.
ArtistSpace presents solo exhibit
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Elmer Dumlao,
Nagmumurang Kamias
Elmer Dumlao,
Nagmumurang Kamias
“KAMUKHAMO: Face the Truth, Truth Is in Your Face” is the 12th solo exhibition of multi-media works by Filipino visual artist Elmer Dumlao who is based in Jordan. “Kamukhamo” is on view until May 28, with an Artist’s Reception on May 21 at 4 p.m., at the ArtistSpace. Prejudice is dangerous and unforgiving, and this is what Mr. Dumlao wants viewers to reflect in his Kamukhamo series: to be more sensible, fair, cautious, and discerning yet critically caring. Concurrently working as an art director and consultant abroad, Mr. Dumlao is a multimedia artist having design projects and art exhibitions in the Middle East, Europe, and the country.
Upcoming exhibit at Ortigas Foundation Library
THE ORTIGAS Foundation Library will hold an exhibit, “People and Places: A Cordillera Legacy,” featuring 100 vintage photographs of the people, culture, and architecture of the Cordilleras, at St. Mary’s School in Sagada. These are never before seen photos that, over 100 years later, revive a most stunning and complex visual history of the Cordilleras. The exhibition starts on May 23, and will last for six weeks.
Sansó exhibits focus on private collections
Fundacion Sanso
THIS year, Fundacion Sansó launches “Sansó: Prized and Personal,” a series of major exhibits that focuses solely on private collections that revolve around the works of Presidential Medal of Merit Awardee Juvenal Sansó’s works. These exhibitions are meant to give viewers insight on aspects of Mr. Sansó’s art and how these resonate with the individuals and families who have made it their personal mission to create a comprehensive Sansó collection. The series of exhibits will run on different dates throughout 2022 and will culminate in the publication of a book of the same title in 2023, published by Fundacion Sansó. The private collection featured in the first “Sansó: Prized and Personal” exhibit is that of Fundacion Sansó chairman Joaquin M. Teotico, who, along with other friends of the artist, founded Fundacion Sansó in 2014 to establish the artist’s artistic legacy and support his advocacies. The next exhibition focuses on a couple who became collectors rather recently. For more information, contact Fundacion Sansó at fundacionsanso@gmail.com. Fundacion Sansó is at 32 V. Cruz, San Juan City. Museum hours 10 a.m. to 3 p.m. Monday to Friday.
Submissions to anthology sought
BOOKSHELF PH, a publishing house in the Philippines focused on books and ebooks, is calling for submissions for an anthology is titled, Taking Flight: Successful College Admission Essays from International Students. The anthology will contain essays from Filipino students who successfully pursued undergraduate or graduate school abroad. Each submission should have been used to successfully gain admission into a foreign undergraduate or graduate uni-versity. Bookshelf PH seeks to showcase their works as references to guide aspiring Filipinos when they write their own admission essays. The book will include a foreword from Prof. Francisco L. Roman, adjunct professor at the Asian Institute of Management. The anthology will be managed by Bookshelf PH’s Editorial Team: Mio Borromeo (editor-in-chief), Pancho Dizon (executive editor), and Leanne Tria (managing editor). Writers may send their submis-sions to hello@bookshelf.com.ph until May 30 using the subject line “Taking Flight + Your Name.”
Guided virtual tours at the CCP
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THE CULTURAL Center of the Philippines (CCP) offers a virtual building and theater tour package which was launched last February during the Pasinaya 2022. The CCP virtual tours also address the changes on how people consume arts in the new normal; and, usher in a new way to bring visitors back to the Center. A project of the CCP Venue Operations Division (Production and Exhibition Department), the interactive 360 and/or 180-degree guided virtual tour takes visitors inside the CCP theaters, spaces, and other facilities, including the newly built Tanghalang Ignacio Gimenez (CCP Black Box Theater). Facilitated via Zoom, visitors can see the interiors of the Tanghalang Nicanor Abelardo (CCP Main Theater), with its famous stage tapestry Genesis based on an artwork of National Artist H.R. Ocampo. Visitors can also head to the Tanghalang Aurelio Tolentino (CCP Little Theater) and the Tanghalang Huseng Batute (CCP Studio Theater). Virtual visitors can also take a glimpse behind the stage. The 30-to-45-minute tour utilized high resolution photography, allowing a real on-site experience as if the visitors are walking through every corner of the artistic spaces with us. Over 2,916 photos, with 489 panoramas and eight aerial shots were used to build a digital simulation of the actual physical spaces; creating an immersive virtual environment. The guided tour is interactive allowing tour guests to ask questions and further explore the featured spaces through the assigned tour guide. There are Q&A sessions after every tour. For tour inquiries e-mail ccptours@gmail.com, call 8833-2125 or 8832-1125 loc. 1412/1413. For a sneak peek of the CCP virtual guided tour, visit https://www.facebook.com/culturalcenterofthephilippines/videos/973841733504657.
CCP holds choral workshop
THE CULTURAL Center of the Philippines (CCP) is now accepting applications for the CCP Hands-on Choral Workshop (HOCW) 2022 which will be held online for the first time. The module includes synchronous sessions which will be on June 7 to 10, from 9 a.m. to 6 p.m. via Zoom. After this, participants will record and submit performances of songs assigned by the trainers to be showcased during the Virtual Culminating Program, to be streamed on July 30, at 3 p.m. via the CCP Facebook Page. The HOCW is a biennial intensive choral clinic open to amateur choirs and choral conductors to develop their skills in choral singing, conducting, and performance. Workshop trainers are current members and alumni of the Philippine Madrigal Singers, led by choirmaster and artistic director Mark Carpio. This year, the participants will also be provided with training on virtual and online choral music productions. Open to choirs who have been in existence for at least two years, registration is P19,000 for at most 20 choir members and the conductor. Since choir participation is on a first-come-first-served basis, choirs should pay a reservation fee of P1,000, in addition to the registration fee, to be assured of a slot. To apply, visit https://tinyurl.com/CCPHOCW2022-Application-Choir. Individual conductor applicants have an opportunity to observe selected sessions and partici-pate in mentorship sessions under Mr. Carpio. They should be musically literate and should be able to sing. The reservation fee is P2,000. To apply, visithttps://tinyurl.com/CCPHOCW2022-Apply-Individual. Slots are limited. For more information, contact the CCP Artist Training Division via e-mail at artist.training@culturalcenter.gov.ph or call 8-832-1125 loc. 1604/1605.
The Bangko Sentral ng Pilipinas (BSP) has launched a program that will allow Filipinos returning from Ukraine to exchange their Ukrainian hryvnia (UAH) to peso to support migrants displaced from the war-stricken country.
The currency exchange facility approved by the Monetary Board will allow returning overseas Filipino workers (OFWs) and their families to exchange their UAH holdings equivalent to not more than P20,000 per eligible person, based on BSP Circular 1145 Series of 2022 released by the central bank late Monday.
Amounts beyond that will be exchanged for highly meritorious reasons and subject to approval by the central bank.
The foreign exchange (FX) facility will be accessible for OFWs who have returned to the country from Feb. 22 onwards. It will be available for four months after the effectivity of the circular.
OFWs and their family members who want to tap the FX facility are required to present documentary proof of their travel from Ukraine.
The exchange may be done through the BSP’s head office, regional offices and branches, as well as authorized agent banks.
Russia invaded Ukraine on Feb. 24, and the war has no end in sight to date as both parties continue to fight.
In 2021, remittances from Ukraine amounted to $121,000. This is relatively small compared with the $3.745 billion worth of inflows from Europe and the $31.417-billion total from all over the world.
The Philippine government has assisted more than 400 Filipinos for repatriation from Ukraine as of March, based on data from the Department of Foreign Affairs. — Luz Wendy T. Noble
The Global Markets Complexity Index (GMCI) by management consulting firm Wilson Perumal & Company assesses the market, operational, and regulatory complexities of complexity, while a low score means a high degree of complexity. In the latest edition of the GMCI, the Philippines retains its “Builders” tag with market complexity score of 40.81 (91st out of 100); operational complexity score of 60.03 (27th); and regulatory complexity score of 42.82 (85th). According to the report, countries belonging to “Builders” are on the march toward development as they have set themselves up to be “attractive producers.”
As the country observes Safe Motherhood Week, it is important to remind pregnant Filipino women and those who are planning to get pregnant about the importance of getting their complete coronavirus disease 2019 (COVID-19) vaccine doses.
Pregnant women in general are immunocompromised and thus may be at higher risk of developing severe disease from COVID-19, such as pneumonia and respiratory failure, warned the Philippine Obstetrical and Gyne-cological Society (POGS) and Philippine Society of Maternal Fetal Medicine (PSMFM).
According to the World Health Organization (WHO), pregnant women with COVID-19 are more likely to require hospitalization, intensive care and invasive ventilation to help with breathing. In addition, compared with pregnant women without COVID-19, pregnant women with COVID-19 have an increased risk of preterm birth and of having babies that need neonatal intensive care.
They might also have an increased risk of stillbirth and maternal death. Pregnant women who are 35 years and above, are overweight, or have a health condition such as diabetes or hypertension may be at even higher risk of serious outcomes from COVID-19.
As such the WHO and the Department of Health (DoH) strongly recommend that pregnant women and those planning to get pregnant receive the full dose of approved COVID-19 vaccines currently available in the country. This group of women should talk to their ob-gyn about receiving their recommended COVID-19 vaccine doses.
The WHO stressed that women who are trying to become pregnant should receive COVID-19 vaccines, as this is an important way to protect themselves and their babies from COVID-19 during pregnancy.
A growing body of evidence has not identified any adverse effects of COVID-19 vaccines on fertility or the ability to become pregnant. In clinical trials of COVID-19 vaccines, and in a large prospective study of couples trying to conceive, rates of becoming pregnant were the same for those receiving COVID-19 vaccines and those not receiving the vaccines.
The WHO does not recommend delaying pregnancy or terminating pregnancy because of COVID-19 vaccination, and no pregnancy testing is needed prior to vaccination.
According to the WHO, increasing evidence on the safety and effectiveness of COVID-19 vaccination during pregnancy suggests that the benefits of vaccination during pregnancy outweigh potential risks whenever there is ongo-ing or anticipated community transmission of the virus. COVID-19 vaccination before or during pregnancy is especially important in settings with moderate to high community transmission or for women at higher individual risk of exposure or severe illness.
COVID-19 vaccines have been found to be highly effective in preventing severe illness, hospitalization and death from the virus. Studies have shown that pregnant women who get COVID-19 vaccines develop antibodies that are present in their babies’ umbilical cord blood. This suggests that babies may receive protective benefits from the vaccine, in addition to the benefits for pregnant women.
As of Jan. 30, the Philippine Food and Drug Administration (FDA) has received 126 suspected adverse reaction reports from pregnant women. The most commonly reported adverse reactions from pregnant women include headache, fever, vaccination site pain, difficulty in breathing, and cough.
Together with the WHO and DoH, the FDA also recommends COVID-19 vaccination to breastfeeding women. As of January, the agency has received 161 reports from the group of lactating mothers. The most commonly reported adverse reactions from pregnant women include fever, headache, malaise (a general feeling of discomfort or illness), vaccination site pain, and muscle pain.
“Overall, data suggests that the benefits of receiving a COVID-19 vaccine outweigh any known or potential risks of vaccination during pregnancy and lactation,” the FDA said.
The US Centers for Disease Control and Prevention (CDC) said that it is especially important for people who are pregnant or were recently pregnant, along with household members to take appropriate steps to protect them-selves and others from getting sick.
If going to the doctor for an appointment is a concern, people who are pregnant may ask their healthcare professionals what steps they are taking to protect patients from COVID-19. There are also other recommended vaccines during pregnancy, the CDC said.
TEODORO B. PADILLA is the executive director of Pharmaceutical and Healthcare Association of the Philippines (PHAP), which represents the biopharmaceutical medicines and vaccines industry in the country. Its members are at the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos
RIZAL Commercial Banking Corp. (RCBC) expects its loans to small businesses to increase by at least 9% this year as the economy continues to recover from the downturn caused by the coronavirus pandemic.
The bank said in a statement on Tuesday that it sees its small and medium enterprises (SME) loan portfolio growing to at least P101.5 billion this year from P93.4 billion in 2021 “on the back of global economic recovery and the stable outlook for the Philippine banking sector.”
The lender is “optimistic” that the Bangko Sentral ng Pilipinas’ (BSP) accommodative policy “will help safeguard the momentum of economic recovery, while it proceeds in creating its exit strategy from its current liquidity stance,” RCBC SME Banking Group Head Maria Angela V. Tinio said.
“Moving on from a more cautious position during the previous year, and as the economy is now reopening, businesses are resuming and consumer spending is picking up. Lending is seen to accelerate and boost revenues,” Ms. Tinio added.
The BSP has kept benchmark rates at record lows since November 2020 to support the economy’s recovery and is expected to start tightening its stance as early as this week’s meeting or in the second half.
Economic growth in the first quarter accelerated by a higher-than-expected 8.3% annually on strong household spending as lockdowns were eased, the Philippine Statistics Authority reported last week.
It was a reversal from the 3.8% decline in the same period last year and faster than the 7.8% gross domestic product growth logged in the final three months of 2021. The latest print is also within the 7-9% target of the government.
Metro Manila and other provinces have been under the most relaxed Alert Level 1 since April as coronavirus cases in the country have remained low. This has allowed most businesses to resume operations at regular capacity.
RCBC said its SME Banking Group onboarded a “record-high” new accounts in 2021, with new SME accounts growing by 233% year on year.
The group’s current account, savings account or CASA deposit contribution is also expected to grow by 17% this year as more clients tap digital platforms for their transactions.
Ms. Tinio added that cross-selling and product bundling initiatives will likely “build more traction” this year as the bank offers more products and services, business solutions, and cash management solutions to its clients.
“We foresee further intensification of the deposit business this year, with the growing roster of bundled products that combine digital cash management solutions suitable to the needs of SME customers, including the bank’s latest payment solutions PayPortal and CheckScan, as well as the impending launch of the newest payment channel QuickeR Pay,” she said.
RCBC booked a net profit of P7.083 billion in 2021 following the improved performance of its core businesses. This was driven by the normalization of its loan loss provisions.
The lender’s shares closed unchanged at P20.20 apiece on Tuesday. — K.B. Ta-asan
CANNES, France — The Cannes Film Festival is gearing up for a bumper 75th anniversary edition with a selection of big Hollywood names, buzzy newcomers and previous Palme d’Or winners – a splashy return even as the conflict in Ukraine looms over festivities.
“I honestly think this is one of the best Cannes line-ups in years,” said Scott Roxborough, European bureau chief for The Hollywood Reporter.
The festival runs from May 17-28, resuming its traditional calendar following two years of pandemic disruptions. It was canceled in 2020, and last year moved to July, when it was held under strict COVID protocols.
This year, the parties are back and Hollywood heavyweights will include Tom Cruise’s Top Gun Maverick – bringing the star to Cannes for the first time in three decades – as well as Baz Luhrmann’s Elvis biopic, starring Austin Butler and Tom Hanks.
“It’s tradition to have our American friends – let’s not forget that the Cannes Festival, in 1939 and in 1946, was practically co-built, co-invented by France and Hollywood,” festival director Thierry Fremaux told a press confer-ence.
Actor Forest Whitaker will be on hand to receive the festival’s Honorary Palme D’Or for lifetime achievement.
David Cronenberg will mark his return to horror films with Crimes of the Future, featuring Viggo Mortensen, Kristen Stewart, and Lea Seydoux.
Asia will have a strong showing, despite the absence of China, with films by Park Chan-wook and Hirokazu Kore-eda in competition and Squid Game actor Lee Jung-jae premiering his new film Hunt.
“Everyone wants to sort of come back for this moment, sort of this re-awakening of cinema here in Cannes,” said Roxborough.
The festival opens on Tuesday with a zombie film, Final cut, by French filmmaker Michel Hazanavicius, who changed the title from Z, like Z to strip out a reference to the letter which has become associated with the war in Ukraine.
The festival banned official Russian delegations from the event but will feature Tchaikovski’s Wife by exiled Russian director Kirill Serebrennikov, who has been outspoken about the war.
Also screening is Mariupolis 2 by Lithuanian director Mantas Kvedaravicius, 45, who was killed in Mariupol, the Ukrainian city heavily bombarded by Russian forces, nearly a month ago while working on the film. His fiancée Hanna Bilobrova, who finished the project, will present it.
Another Ukrainian entry is a debut film from Maksim Nakonechnyi, Butterfly Vision, the story of a young Ukrainian woman who returns to her country after being captured then released in a prisoner swap.
“We will be thinking a lot about film, but we will never stop thinking about what is happening in Ukraine as well,” said Fremaux who was peppered with questions about the festival’s position on the war. — Reuters
Rust producer says movie will be completed — Hollywood Reporter
A producer of the movie Rust, whose set saw the fatal accidental shooting of cinematographer Halyna Hutchins last year, said the movie will be completed, the Hollywood Reporter reported on Monday. Hutchins was killed in October when a revolver that actor Alec Baldwin was rehearsing with during filming in New Mexico fired a live round that hit her and movie director Joel Souza. Souza was wounded but survived.
“We’re confident we’ll be able to complete the movie,” Anjul Nigam, one of the producers, was quoted as saying by Hollywood Reporter.
A representative of Nigam did not immediately respond to a request for comment. Last month, the state of New Mexico fined Rust Movie Productions the maximum amount possible, $137,000, for what it called “willful” safety lapses leading to Hutchins’ death. The company said it disagreed with the findings.
Baldwin, also a producer on the film, has been named in several lawsuits filed in connection with Hutchins’ death, including one by her husband.
Baldwin, 64, has denied responsibility for Hutchins’ death and said live rounds should never have been allowed onto the set of the Western film at Bonanza Creek Ranch.
The actor also has argued in court papers that an indemnification clause in his contract shields him from personal liability. — Reuters
Johnny Depp’s attorneys challenge Amber Heard on abuse claims
Johnny Depp and Amber Heard in a scene from the 2011 film The Rum Diary. — IMDB.COM
ATTORNEYS for actor Johnny Depp began their questioning of Amber Heard in the couple’s defamation trial on Monday and challenged the Aquaman star’s claims that she suffered physical abuse before and during their brief mar-riage.
Depp’s attorneys introduced photographs of Heard making public appearances on red carpets and The James Corden Show shortly after times that she said Depp had struck her with his hands, on which he usually wore heavy rings.
The pictures shown to jurors appeared to reveal no injuries. Heard said the harm, which included what she thought was a broken nose, was not severe enough to be visible or was covered up by makeup.
Depp, 58, is suing Heard, 36, for $50 million, saying she defamed him when she claimed she was a victim of domestic abuse. Heard has countersued for $100 million, arguing that Depp smeared her by calling her a liar.
At the start of cross-examination of Heard, an attorney for Depp asked Heard if she had abused Depp and was further harming him with false allegations.
“I could never hurt Johnny,” Heard said.
Earlier, Heard told jurors that she filed for divorce from Depp in 2016 because she worried she would not survive physical abuse by him. She said she realized the relationship was beyond repair after he threw a cell phone that hit her in the face.
“I knew I had to leave him,” she said. “I knew I wouldn’t survive it if I didn’t.
“I made the decision to file for divorce,” she added. “It was hard because I loved Johnny so much.”
The pair wed in February 2015 and their divorce was finalized about two years later.
Depp has testified that he never hit Heard and argued that she was the abuser in their relationship. He said she threw a vodka bottle at him in early 2015, severing the top of his right middle finger.
Heard said she did not cause the finger injury and said she only hit him to defend herself or her sister.
She also denied Depp’s allegation that she had left feces in a bed at one of his homes following a fight on her birthday. A security guard had testified that Heard told him the feces were a “horrible practical joke.”
Heard said she did not commit any prank that day, adding that she was “not in a pranking mood.”
“I had just been attacked on my 30th birthday by my husband, with whom I was desperately in love and knew I needed to leave,” she said.
The legal case centers on a December 2018 opinion piece by Heard that appeared in the Washington Post. The article never mentioned Depp by name, but his lawyer told jurors it was clear Heard was referencing him.
Depp, once among Hollywood’s biggest stars, said Heard’s allegations cost him “everything.” A new Pirates of the Caribbean movie was put on hold, and Depp was replaced in the Fantastic Beasts film franchise, a Harry Potter spinoff.
Heard’s attorneys have argued that she told the truth and that her opinion was protected free speech under the US Constitution’s First Amendment.
Closing arguments are scheduled for May 27.
Less than two years ago, Depp lost a libel case against the Sun, a British tabloid that labeled him a “wife beater.” A London High Court judge ruled that he had repeatedly assaulted Heard.
Depp’s lawyers filed the case in Fairfax County, Virginia, because the Washington Post is printed there. The newspaper is not a defendant. — Reuters
CHEF de mission Ramon Fernandez and gymnast Carlos Yulo | PSC
HANOI — Halfway through the 31st Vietnam Southeast Asian (SEA) Games, national team chef de mission Ramon Fernandez was guardedly optimistic that if the trend continues, the county would hit its goal of finishing third overall in the medal standings.
“We are halfway through the Games, and we are in the top three of the medal standings, thank God. We are well within our target of finishing at least third overall. We just have to maintain our performance until the end,” Fer-nandez noted on Tuesday.
Despite limited resources and training that was hampered by the coronavirus disease 2019 (COVID-19) pandemic back home, the Filipino campaigners were putting up a gallant stand, delivering their biggest haul thus far the other day of 10 gold medals.
They were in the third spot with a tally of 30 golds, 34 silvers, and 50 bronzes as of Monday night, within striking distance of No. 2 Thailand (34-35-50), while host Vietnam continued to be out of reach at the top (83-50-55).
Dancesports and gymnastics accounted for more than half of the outputs on Monday with four and three mints, respectively, with the pair of Jean Mischa Aranar and Ana Nualla, completing a golden treble in tango, Viennese waltz, and all final dance standards at the Long Bien Gymnasium.
World champion Carlos Edriel Yulo, on the other hand, emerged as the country’s top individual athlete in adding the men’s vault and high bar mints to his bulging collection plus a silver in parallel bars at the Quan Ngua Sports Palace.
Among those who shared the spotlight were swimmer Chloe Isleta and bowler Merwin Tan, who produced the first golds for their respective disciplines in the 200-meter women’s backstroke and men’s singles events, respectively.
“We still have several sports where our athletes can win medals, and hopefully they can deliver,” said Mr. Fernandez, who is also a commissioner of the Philippine Sports Commission and has been in the Vietnamese capital since May 1 to oversee the needs of the Philippine delegation.
Still in the medal hunt were the Philippine standard-bearers in athletics, archery, boxing, basketball, bowling, billiards, weightlifting, starring Tokyo Olympic gold medalist Hidilyn Diaz, karatedo, taekwondo, wrestling, ca-noe-kayak, shooting, sepak takraw, muay thai and lawn tennis, according to the Team Philippines point man.
PSC ASSESSING PERFORMANCE
The Philippine Sports Commission is looking closely at the performance of national athletes in the 31st Vietnam Southeast Asian Games to decide what sports will merit its continued support moving forward, according to na-tional team chef de mission Ramon Fernandez.
“We are closely evaluating the performance of our national athletes in the Vietnam SEA Games to determine what sports will continue to deserve our continued support,” said Mr. Fernandez on Tuesday at the halfway point of the regional sportsfest.
“Since the COVID-19 pandemic struck, the government sports agency has been coping with scarce resources, so it is only fitting that they are used wisely for the National Sports Associations (NSAs) and their respective athletes,” the PSC commissioner pointed out.
Under the law creating the government sports agency, the PSC is largely dependent on the monthly remittances of the Philippine Amusements and Gaming Corp., which have been fluctuating since the pandemic struck the county in mid-March 2020.
“We are still under the pandemic so PAGCOR remittances to the PSC have not reached the previous peak levels we used to have before this virus crisis,” Mr. Fernandez said. “However, PSC chairman Butch Ramirez and the rest of the PSC board have made it a point that needs of the NSAs and their athletes have been met, including international exposure, under the circumstances,” he added.
“This is why we have to look closely and evaluate the performance of our national athletes here so the board can act and budget accordingly based on our assessment,” Mr. Fernandez stressed.
For the country’s participation in the regional sportsfest here, he said, the PSC spent P232 million in supporting the 980-strong Philippine contingent, including 641 athletes and 210 coaches in 38 sports.
The budget covers airfare, uniforms, equipment, hotel, and billeting plus allowances for the national team, among others.
