Despite the pandemic, the cultural show must go on

August 27, 2021 | 12:06 am

Dayaw-through-the-years — Dayaw through the years

WHILE the coronavirus disease 2019 (COVID-19) pandemic may have shrunk many people’s world’s down to the walls of their homes, the award-winning documentary series Dayaw continues to work on expanding its viewers appreciation of the Philippines with its 11^th season on ANC, the ABS-CBN News Channel.

The ongoing season delves on Filipino games, martial arts, feats of strength, and dance. Previously aired shows can be seen on the ANC Facebook page.

A production of ANC and the National Commission for Culture and the Arts (NCCA), the show has been documenting the lifeways, traditions, practices, and culture of the different Indigenous Peoples groups since 2015.

“Dayaw goes beyond documentation. It revives culture. It protects and conserves our tangible and intangible and we provide government assistance from the various programs of culture-based livelihood,” said program host Loren Legarda at an online press conference on Aug. 25 via Zoom. Ms. Legarda, who is also the House deputy speaker and Antique representative, conceptualized the program.

“We see that [the show] is actually appreciated by many of the young, because these are segments of our culture that perhaps they did not grow up with, or they’re only seeing now,” Ms. Legarda added.

The season’s first episode focused on traditional Filipino children’s games such as patintero, sipa, and luksong tinik. The second and third tackled the Punnuk, a show of physical strength that ends the Ifugao harvest season. Filipino martial arts such as arnis, silat, and eskrima are covered in its next two episodes. The season will wrap on Sept. 3 with “Sayawang Pinoy,” an episode highlighting how the grace and fluidity of movements of dance express energy, discipline, and joy.

Work on Dayaw was able to continue despite the pandemic, and season 12 is already in the works. Themed “Kaka-ibang Sigla: Our Vital Energy Part 2,” season 12 will explore love, courtship, marriage, and the cycles of life featuring the Gaddang, Tboli, and Sama Dilaut.

“We are fortunate to have shot a treasure trove of material before the pandemic began. This has enabled us to go on with our mission of telling the stories of our indigenous peoples so that future generations may still be able to appreciate and continue their legacy,” said Nadia Trinidad, ANC chief operating officer, in a statement.

Dayaw Season 11 airs every Thursday at 6 p.m. on ANC on cable and the ANC Facebook page. — MAPS

SEC greenlights D&L’s P5-billion bond offering

August 27, 2021 | 12:05 am

THE Securities and Exchange Commission (SEC) has greenlighted D&L Industries, Inc.’s maiden P5-billion, fixed-rate bond offering, subject to remaining requirements.

D&L’s offer consists of P3-billion Series A bonds due in 2024 and Series B bonds due in 2026, with an oversubscription option of up to P2 billion.

According to the company’s latest SEC submission, the bonds are scheduled to be offered on Sept. 1 to 6 and will be listed and traded on the Philippine Dealing & Exchange Corp. by Sept. 10.

The company expects to net up to P4.93 billion from the offer should the oversubscription option be exercised. It plans to use the proceeds to fund the expansion of its Batangas plant and for the partial repayment of bridge loans.

Earlier this month, D&L said the earliest start of commercial operations (SCO) of its Batangas plant was moved to May 2022 after a subsidiary was granted an extension by the Philippine Economic Zone Authority (PEZA).

The plant will be used for the company’s growing export business in the food and oleochemicals segment.

D&L subsidiary D&L Premium Foods Corp. was supposed to start operations by October this year but was granted an SCO extension to January 2023. D&L’s Natura Aeropack Corp. will start operating by May next year and will be the first to operate in the company’s Batangas plant.

The company has spent P4.5 billion for the project so far, with around P3.5 billion remaining in capital expenditures (capex) to be spent for this year and the next. The remaining capex will be funded by the bond offering.

D&L assigned China Bank Capital Corp. as the sole issue manager, lead underwriter, and sole bookrunner for to offer.

On Thursday, D&L shares at the stock market went down by 0.48% or four centavos to close at P8.25 each. — Keren Concepcion G. Valmonte

Korean webtoon on military duty now a Netflix series

August 27, 2021 | 12:05 am

A YOUNG army private is assigned to track down military deserters in the Netflix original series D.P. which premieres today.

D.P. follows the story of army private Joon-ho (played by Jung Hae-In), who is called to become a member of the Deserter Pursuit unit to uncover the whereabouts of soldiers that have gone absent without official leave and encounters the realities of confused young soldiers.

With its realistic portrayal of brutality and human rights violations, the webtoon by Kim Bo-Tong, on which the series is based, garnered over 10 million views.

During an online press conference on Aug. 25 held via Zoom, series director Han Jun-Hee said that D.P. is a story that he wanted to tell.

“These young people in their early 20s, they all go serve in the military. I think people could really resonate with them and put themselves in the shoes of these young lads. This could give us some social issues to talk about,” Mr. Han said in statements translated into English from Korean.

Unlike in the webtoon where Joon-Ho is a corporal, the series portrays him as a young enlistee.

“It starts from when he was just enlisted in the Army so you can see how he progresses in his military rank,” actor Jung Hae-In said.

“When I thought of this series, I wanted to make sure that people wanted to resonate with Joon-Ho and the character. So, I wanted [him] to be someone that everyone could think of as a friend who just started in the military. So, I wanted to portray the history of Joon-Ho, first enlisting in the army and how he progresses onwards,” Mr. Han, the director, said.

The series is told from the perspective of the soldiers catching soldiers and sheds light on the mental torment and growth of young people.

“There were some social issues that were incorporated into the series. The webtoon, it’s a little more dark and somewhat deep and in terms of stories, so we wanted to make sure that this was scalable, so it could be brought on to screen,” Mr. Han said of his focus for the series.

“I wanted to make sure that this was a humanistic drama. And I thought a lot about how we could portray writer Kim’s mind and his perspective on screen,” he said. — Michelle Anne P. Soliman

Cap on digital bank licenses to benefit traditional lenders

August 27, 2021 | 12:05 am

THE CENTRAL BANK’S decision to cap new digital banking licenses at seven will prevent “destructive competition” and benefit traditional lenders in the country, Fitch Ratings said.

The debt watcher said while these online lenders are unlikely to have a material rating impact on its covered banks in the country, the Bangko Sentral ng Pilipinas’ (BSP) limit on digital bank entrants will allow traditional lenders to catch up on digitalization.

“Closing the door to new applicants helps to insulate conventional banks from more formidable competitors bearing these characteristics — at least until BSP’s moratorium on applicants is lifted. This also gives banks additional time to put forth digital propositions that are at least as compelling as those of the entrants,” Fitch said in a note sent to reporters late Wednesday.

BSP Governor Benjamin E. Diokno last week said the Monetary Board has capped digital bank licenses at seven, up from five previously, and will close the window for applications for new players and those seeking to convert their licenses on Aug. 31.

Mr. Diokno said the central bank will likely close applications for three years to monitor the development of the digital banking industry and ensure healthy competition among these new players.

The BSP has granted five licenses so far. One was given to the Overseas Filipino Bank, which is a subsidiary of state-owned Land Bank of the Philippines. UnionBank of the Philippines, Inc. also got a permit to operate an online lender which it said will be called Union Digital Bank and is expected to launch by the second quarter of 2022.

The three other licenses were given to Tonik Digital Bank, Inc. (Philippines), UNOBank, and a partnership between the Gokongwei Group and Singapore-headquartered Tyme called GOTyme.

Fitch said the BSP decision to cap its grant of licenses was likely driven by the regulator’s goal to promote financial inclusion “without introducing destructive competition into the sector.”

It noted that the country’s current cap on licenses is comparable to those of neighboring countries such as Singapore, which granted four licenses, while Malaysia said it would approve up to five licenses until the first quarter of 2022.

“Two of the five current licensees are bank-owned digital subsidiaries and we believe that while they may accelerate the groups’ digitalization efforts, they do not materially intensify competition beyond that already posed by their parents,” Fitch said.

“We maintain that the major rated Philippine banks have well-entrenched banking franchises and adequate resources to adapt to the potentially disruptive entry of neobanks,” it added.

Fitch believes the Philippines’ digital banking sector, like Indonesia’s and Vietnam’s, offers various opportunities due to the country’s unbanked population and its huge lending market. It cited findings from the World Bank, which showed just over one-third of Filipino adults are banked and less than 10% have accessed to formal credit, while over 41% has borrowed from family or friends, “indicating significant unfulfilled demand for credit.”

The debt watcher said new digital banking players will likely succeed if they are backed by a corporate sponsor that will help them gain access to a large existing user base and trim customer acquisition costs.

Digital banks should also closely integrate their offerings with other commercial platforms and consumer lifestyle services to boost user adoption and retention, Fitch said. They would also benefit from having backers that can fund heavy capital investments during their breakeven period, it added. — L.W.T. Noble

Filipinos buy more China-brand smartphones

August 27, 2021 | 12:04 am

SMARTPHONE brands from the People’s Republic of China remain the most popular among Filipino consumers, International Data Corp.’s (IDC) second-quarter report showed.

“The Philippines’ smartphone market grew 22.6% year-on-year” in the second quarter, said the global provider of market intelligence in a statement on Thursday.

IDC said Chinese smartphone brands realme, vivo, and Xiaomi accounted for 24.4%, 18.2%, and 14% of the total market, respectively.

Samsung, a South Korean brand, accounted for 13% of the total, followed by OPPO, a Chinese brand, at 12.5%.

“Despite supply concerns, vendors are now in a better position of managing their supplies a year after the pandemic began. The market sustained its growth due to the rising need among consumers for mobile devices, especially during these times,” said Angela Jenny V. Medez, client devices market analyst at IDC Philippines.

“5G shipments accounted for more than 10% of total shipments, growing by 56.1% compared to the previous quarter, as prices declined by 41.5% quarterly to $470 due to the aggressive pricing among Chinese vendors. Feature phone and 3G smartphone shipments continued to dwindle, reflecting the willingness of Filipinos to spend more for better functionality as well as the successful 4G LTE campaigns by telcos,” she added.

She also said vendors brought in more entry-level smartphones and cut down on prices as more consumers are buying cheaper phones amid the coronavirus pandemic that is worsened by a more contagious Delta variant.

Entry-level smartphone prices went down to $186 from $199 in the previous quarter.

“As uncertainty around the [coronavirus] looms, we are anticipating smartphone vendors to bring in more models in the ultra-low-end (less than $100) segment to keep prices affordable despite rising component prices in order to push sales as consumers cut back on spending,” Ms. Medez added. — Arjay L. Balinbin

Joni Mitchell to be honored by music world

August 27, 2021 | 12:04 am

LOS ANGELES — Singer-songwriter Joni Mitchell will be honored by the music world ahead of the annual Grammy Awards in Los Angeles as the MusiCares person of the year.

MusiCares, the charitable arm of the Recording Academy, said on Wednesday that artists would pay tribute to Ms. Mitchell at an event on Jan. 29.

Ms. Mitchell, 77, who has kept a low profile since suffering a brain aneurysm in 2015, said in a statement that she was honored to be chosen. “I look forward to being part of this gala,” she said.

Organizers did not say which artists would perform for Mitchell at the event, which acts as a fundraiser to help musicians struggling with health and other issues.

“She is being honored not only for her iconic music and lyrics, but for her trailblazing spirit and the inspiration she’s brought to so many artists,” Laura Segura, executive director of MusiCares, said in a statement.

The Canadian-born “A Case of You” musician is regarded as one of the most influential singer-songwriters of the 1970s, inspiring artists ranging from Prince to Brandi Carlile. — Reuters

BSP to keep rates low as long as inflation stays stable

August 27, 2021 | 12:04 am

THE CENTRAL BANK will keep its policy stance supportive of the economy as long as inflation remains stable, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.

“The BSP will remain vigilant of the current inflation dynamics to ensure that the monetary policy stance will support economic recovery to the extent that the inflation outlook will allow,” Mr. Diokno said at a Thursday hearing to deliberate the 2022 budget of the Development Budget Coordination Committee at the House of Representatives.

“It will carefully scan the operating environment with a forward-looking perspective to move in a preemptive fashion to address any risks to our price stability mandate,” he added.

This, as he noted potential risks to prices due to a recovery in global demand for commodities.

“Potential further uptick on international commodity prices due to improving global demand amid lingering supply chain bottlenecks will pose upside risks to inflation,” Mr. Diokno said.

The Monetary Board kept benchmark interest rates at record lows at its Aug. 12 meeting, citing the need for an accommodative policy stance due to the risks posed by the reimposition of strict lockdown measures to the ongoing economic recovery.

At that meeting, the BSP hiked its inflation forecast for the year to 4.1% from 4% previously, above the 2-4% target. It also raised its estimates for 2022 and 2023 to 3.1% from 3% previously.

Inflation stood at 4% in July, marking the first time it fell within the government’s target range since December 2020.

However, year to date, inflation averaged at 4.4%, still above the goal.

The Monetary Board will have its next policy review on Sept. 23.

“The BSP reaffirms its commitment to sustaining monetary policy support until the recovery fully gets underway,” Mr. Diokno said.

“We will remain watchful of domestic and global developments and stand ready to adjust its policy setting as needed to ensure price and financial stability conducive to a sustainable economic recovery,” he added.

The central bank chief said advanced and emerging economies will see diverging recovery paths, which will likely be determined by vaccination efforts and the effectiveness of policy support.

Still, despite the downside risks caused by new coronavirus variants, Mr. Diokno said the increase in the country’s vaccination pace in the past weeks could boost the country’s recovery prospects.

“There is optimism over the macroeconomic prospects given the acceleration of vaccine inoculation in the country, continued policy support and improved global economic outlook. We must keep this momentum ongoing and keep our guard against emerging risks,” he said.

“Economic recovery is highly contingent on the pace of vaccination program and the expanding capacity of the country’s healthcare system to allow us to safely reopen the economy and resume economic activity,” Mr. Diokno added.

The Philippines has fully vaccinated 12.21% or 1.197 million of its population, based on data from the Johns Hopkins University. The government targets to inoculate 70 million Filipinos with their first dose by November. — LWTN

Focus on a problem is key in marketing technology, says experts

August 27, 2021 | 12:03 am

MARKETING technology — or martech — involves understanding who the customer is and how content is managed and used to design customer journey, experts said, as they pointed to the importance of focusing on one problem to maximize its use.

“It really starts with understanding what problem you’re trying to solve, and I think businesses can make sense of this complex landscape by not being ashamed… of just trying to solve a very small, specific problem first,” Chad Sotelo, senior vice-president and business unit manager of RLC Residences at Robinsons Land Corp., told webinar participants at IMMAP Web Wednesdays.

The webinar is a discussion on how decision makers use data to drive strategy and business transformations.

“Just choose one, choose one point that you feel is part of the customer journey that really has an issue in your business, or you feel that really adds value and just focus on that one,” he added.

As an example, Mr. Sotelo said their focus in years-long customer journeys in real estate is to turn or convince a “lead” into making a reservation.

As reservation fees are one of the more measurable ways to see how a solution brought by martech affected company sales, companies can build on that solution using more tools moving forward.

Personalizing a consumer’s journey is also one of the things martech can help companies or brands, which is where the role of data comes in. The flow of every touchpoint is also important to ensure a consistent omnichannel experience.

“We need to make sure that the relevance of the product and the messaging has to be personalized for that customer across different channels, and whether we have a single view customer or not, still we can make those informed decisions leveraging the data coming from different channels and different sources,” said Abhishek Grover, head of Samsung’s digital marketing group in Southeast Asia and Oceania.

Boston Consulting Group Principal Julian Cua added a customer’s experience across different channels “has to stitch together.” He also emphasized the need to remember a company’s objectives when engaging martech.

“That will help inform you on which systems you want to overemphasize on and which ones you want to spend less time on, because in a way, you want to start and then develop from there rather than trying to hit all birds with one stone,” said Mr. Cua. — Keren Concepcion G. Valmonte

Schools not producing enough engineering graduates — SEIPI

August 27, 2021 | 12:03 am

worker-electronics-manufacturing — REUTERS

THE ELECTRONICS sector must address a mismatch between industry skills demand and employee training to keep up with global technology shifts, industry representatives said.

Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI) President Danilo C. Lachica said that electrical and computer engineering graduates have been declining in number.

“We will schedule career talks to encourage students in taking engineering courses and joining the industry,” he said at the group’s general membership meeting Thursday.

SEIPI plans to discuss engineering and technical training with the Commission on Higher Education and the Technical Education and Skills Development Authority.

“We’re in the process of gathering insights to analyze the jobs and skills mismatch through focus group discussions and key informant interviews,” Mr. Lachica said.

SEIPI is retaining its 7% growth target for the year, which is backed by a rebound in demand in the industrial, mobility, consumer, and medical electronics sectors.

Gaas Labs President John Ocampo said that there are not enough engineering graduates, which he added is also true of places like the US.

“Partly it’s the perception that it’s tough major,” he said during the same event.

To support the country’s ability to engage with advanced technology, including the Internet of Things, he said that science and technology education should be more accessible to students.

“I think we just have to get more engineers and make it appealing for not just engineers but to startup businesses in the Philippines,” he said.

“We need an ecosystem in place for startups and small companies to thrive. We need incubators, local angel investors.” — Jenina P. Ibañez

Central bank eyes more FX reforms

August 27, 2021 | 12:03 am

THE CENTRAL BANK is looking to implement more foreign exchange (FX) reforms amid changing market conditions, Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said on Thursday.

“There is an ongoing review of FX rules, both qualitative and quantitative, to further facilitate legitimate FX transactions of clients, while taking into consideration the prevailing market conditions,” Mr. Diokno said in an online briefing.

“The BSP is also contemplating the digitalization of BSP issued documents as part of our efforts to enhance delivery of services to the general public,” he added.

Mr. Diokno said they will conduct briefings for stakeholders on revised FX rules under BSP Circular 1124 released this month. The circular, which will take effect on Sept. 13, allows financial institutions to sell foreign currencies without prior BSP approval for some trade and non-trade transactions. Some requirements related to FX transactions can likewise be submitted online.

“This ensures that our policies are attuned with international and domestic market developments and responsive to the needs of the economy amid the prevalence of e-commerce transactions,” Mr. Diokno said.

The BSP chief said they will continue to review their FX regulations to help improve access to foreign exchange for legitimate transactions. He said they will also continue to streamline procedures and documentary processes for FX transactions while leveraging on technology.

PHILPASS PLUS NOW LIVE
In the same briefing, Mr. Diokno said the revamped version of the real time gross settlement system (RTGS) operated by the BSP now called PhilPaSS Plus went live on July 26.

“Equipped with a more robust and sophisticated RTGS, the BSP can hasten the realization of its strategic initiative aimed at ensuring a safe, efficient, and inclusive payment system,” Mr. Diokno said.

Earlier this month, the PhilPass Plus was designated as a systematically important payment system by the Monetary Board. — LWTN

R Kelly accuser says he tried to shift blame to her parents

August 27, 2021 | 12:03 am

NEW YORK — A lawyer for R. Kelly on Wednesday tried to undercut claims by a woman accusing the R&B singer of sexual abuse, by showing letters she wrote to family members in which she accused her parents of selling her out.

Attorney Deveraux Cannick asked the woman, known on the witness stand as Jane, to read letters in which she said her parents had suggested she lie to Mr. Kelly about her age, and that they tried to benefit financially from her relationship with him. In an undated letter to her brother, Jane said her mother would “nag” her to take photos and videos of her and Mr. Kelly so she could blackmail him, and pushed her to dress provocatively for the singer.

Now 23, Jane told prosecutors that Mr. Kelly, 54, coerced her and other young women to write the letters in order to protect him from possible legal troubles. “The defendant would tell us exactly what to say,” Jane testified on her third day in the witness stand at Mr. Kelly’s sex abuse trial in federal court in Brooklyn.

Mr. Kelly, known for the Grammy-winning song “I Believe I Can Fly,” has pleaded not guilty to charges that he ran a decades-long racketeering scheme in which he abused six women and girls, including Jane and the late singer Aaliyah.

Jane has said she met Mr. Kelly at a Florida music festival, later lived with him until the summer of 2019, and left him for good that October. She said that during their first meeting, Mr. Kelly pressured her into having oral sex before granting her a singing audition. Jane said she began regularly meeting with Mr. Kelly and having sex with him in different cities. She testified that her parents eventually agreed to put her under the care of a woman Mr. Kelly knew so Jane could live with the singer in Chicago while attending high school virtually. — Reuters

Aboitiz units to build power transmission poles in Batangas

August 27, 2021 | 12:02 am

TWO Aboitiz-led firms specializing in construction and power distribution have forged a deal to build 73 overhead transmission poles in Lipa City and Malvar, Batangas to help stabilize power supply in the areas.

In an e-mailed statement on Thursday, Aboitiz Construction, Inc. said it partnered up with power distributor Lima EnerZone, which is under AboitizPower Corp., to construct the transmission poles.

The poles are expected to help 69-kiloVolt lines supply power to businesses located in the Light Industry Science Park (LISP 4) and residential areas in Malvar.

“The transmission poles project will kick off in November and is expected to be completed in six months,” Aboitiz Construction said.

“The project is part of a bigger initiative to enhance power delivery in Lipa City, Malvar, and surrounding areas, including Lima Technology Center through a partnership between Aboitiz Construction and Lima EnerZone,” it added.

The company said it will handle the demolition and restoration works of structures which will be impacted by the construction of the steel pools. The project will also involve cable stringing, clipping, and armoring.

“In line with our mission to help businesses to thrive, Aboitiz Construction commits to deliver a quality and safe project for Lima Enerzone. Through this partnership, we aim to contribute to economic growth in Batangas by powering businesses and homes,” said Levi B. Agoncillo, Aboitiz Construction’s vice-president for business development, tender planning, engineering, and design.

Aboitiz Construction separately said it is not able to disclose its investment in the transmission pole project right now. It said the project is expected to be completed this year.

In 2019, Aboitiz Construction won a P206-million contract to design and construct Lima Enerzone’s 69-kV overhead transmission line for the Lima Technology Center in Lipa, Batangas.

Lima EnerZone operates the power distribution system of Lima Land, Inc. a registered economic zone under the Philippine Economic Zone Authority located in the Lipa-Malvar area of Batangas.

Lima EnerZone is part of AboitizPower’s EnerZone group, which is made up of four privately owned electric distribution utilities that operate the distribution systems of select economic zones in Subic, Mactan, Cebu and Batangas. — Angelica Y. Yang