In the Heights disappoints with $11-M opening weekend

June 15, 2021 | 12:03 am

LOS ANGELES — In the Heights, the acclaimed adaptation of Lin-Manuel Miranda’s Broadway show, didn’t hit all the right notes in its box office debut.

The Warner Bros. movie generated a wane $11.4 million from 3,456 US theaters in its first four days of release, below expectations heading into the weekend that suggested the film would reach $20 million. In the Heights also opened on HBO Max, the streaming service owned by the studio’s parent company WarnerMedia, though the company didn’t report its digital viewership.

The disappointing commercial reception is puzzling because critics embraced the film, showering it with some of the best reviews of the pandemic era. Moreover, Warner Bros. put substantial marketing heft behind the picture, and director Jon M. Chu and Mr. Miranda devoted a great deal of energy into promoting the movie, which compensated for the fact that its cast was comprised of mostly unknown stars and emerging actors.

The film’s hybrid release on HBO Max likely affected in-theater turnout, but it isn’t the sole reason that inaugural ticket sales for In the Heights came in under projections. Recent Warner Bros. releases like Godzilla vs. Kong, Mortal Kombat, and The Conjuring: The Devil Made Me Do It still pulled in solid receipts despite being offered simultaneously on streaming. But, as audiences are slowly making their way back to theaters, box office charts are indicating that people have been more inclined to show up for properties with more brand recognition. Though the Tony Award-winning In the Heights isn’t an original property like La La Land or The Greatest Showman, it’s not as well known as Mr. Miranda’s other musical sensation Hamilton, or even Rent, Les Miserables, or Cats.

To that end, box office prognosticators believe In the Heights can find an audience over the summer, similar to the box office sleeper hit that was 2017’s musical The Greatest Showman. The Fox movie debuted to a muted $8.8 million, but audiences fell in love with the soundtrack and Hugh Jackman’s charisma and returned to theaters over and over again. It tapped out with $174 million and $438 million globally, a huge result. Though In the Heights isn’t expected to reach those box office heights, it doesn’t have much competition on the horizon and could continue to play on the big screen.

Based on the 2008 Broadway show, In the Heights follows a bodega owner named Usnavi (Anthony Ramos), who discovers that his mom-and-pop stop-and-shop has sold a winning lottery ticket. As the lively neighborhood of Washington Heights in upper Manhattan reaches sweltering hot temperatures, friendships, relationships, and dreams are put to the test. The ensemble cast also includes Melissa Barrera, Leslie Grace, Corey Hawkins and Olga Merediz. Quiara Alegria Hudes, who wrote the book of the musical, penned the screenplay. In the Heights carries a $55 million production budget.

Also new to theaters this weekend, Sony’s animated family film Peter Rabbit 2: The Runaway arrived with a middling $10.4 million from 3,346 venues through Sunday. Amid the pandemic, films catered to family crowds, like Universal’s The Croods: A New Age and Warner Bros.’ Tom and Jerry, have been reliable theatrical draws, so the Peter Rabbit sequel could have a long life on movie theater marquees.

Overseas, Peter Rabbit 2 has already made $45 million. It cost $45 million to make. — Reuters

SMDC seeks incentives for its Pampanga housing project

June 15, 2021 | 12:03 am

cheerfulhomes — NEARLY a thousand units are being offered at SMDC Cheerful Homes Phase 2 in Barangay Sta. Maria, Mabalacat City, Pampanga. — CHEERFULHOMES.COM.PH/

SM DEVELOPMENT Corporation (SMDC) has applied for incentives under the Board of Investments (BoI) for its low-cost housing project in Pampanga.

In a notification published in a newspaper on Saturday, BoI said that the Sy-led company is applying to register as a new developer of economic and low-cost housing project under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act and the Preferred List – Mass Housing of the 2020 investment priorities plan (IPP).

The company is developing SMDC Cheerful Homes Phase 2, a residential subdivision offering 922 units in Barangay Sta. Maria, Mabalacat City.

CREATE, or Republic Act No. 11534, reduced the corporate income tax and reformed the country’s fiscal incentive system. Sectors identified by the government would enjoy income tax holidays for 4-7 years, then a special corporate income tax for 10 years.

The IPP is the provisional list for sectors qualified to receive such incentives from the government while the Strategic Investment Priority Plan (SIPP) is being developed.

The 2020 IPP will be the transitional list until the end of this year or until the new SIPP is approved, Trade Secretary Ramon M. Lopez said in April.

A mass housing unit development based on a P2 million price ceiling is covered under the 2020 IPP, along with in-city low-cost dwelling projects for lease or rent.

The Department of Finance said that industries under the SIPP will be classified into three tiers based on their ability to make high-value investments that will create more jobs.

Persons with objections to the project may file it in writing with the BoI within three days from Saturday, BoI Infrastructure and Services Director Angelita F. Arcellana said in the notice. — J.P.Ibañez

Converge ICT included in 2 global stock market indices

June 15, 2021 | 12:03 am

FIBER internet provider Converge ICT Solutions, Inc. announced on Monday that it had been included in two global stock market indices, the Financial Times Stock Exchange (FTSE) Renaissance IPO Index and the FTSE ASEAN All-Share Index, increasing its exposure to passive and active investors.

Global index provider FTSE Russell, a unit of the London Stock Exchange, included Converge in the FTSE Renaissance IPO Index and the FTSE ASEAN All-Share Index, the listed company told the local bourse.

Converge President Maria Grace Y. Uy said, “These will allow us to be more exposed to both passive and active investors who regularly monitor FTSE indices.”

FTSE ASEAN All-Share Index — a partnership between FTSE and Southeast Asian exchanges — is intended to reflect the performance of large, mid and small-cap listed Southeast Asian companies.

Converge said it passed the size eligibility, free float, and liquidity criteria of the regional index.

The company added that it was included in the FTSE Renaissance IPO Index — designed by Renaissance Capital and calculated by FTSE Russell — after its initial public offering (IPO) in the Philippine Stock Exchange in 2020.

“The IPO Index Series is designed to track the activity and performance of the global IPO market, and to add structure and transparency to these equities, providing market participants-controlled access to the attributes of IPOs,” Converge noted.

According to the company, the IPO index constituents are screened on a quarterly basis for size, liquidity, and free float.

“This index covers all institutionally investable IPOs in developed and emerging markets of operating companies with an initial investable market capitalization of at least $100 million,” it also said.

Converge’s attributable net income in the first quarter nearly tripled to P1.55 billion from P573.60 million in the same period last year, owing primarily to an increase in subscribers amid the ongoing pandemic crisis.

Total revenues, which include contributions from residential and enterprise, increased 83.2% to P5.55 billion in the first quarter from P3.03 billion in the same period in 2020.

Converge ICT Solutions shares closed 0.70% higher at P21.60 apiece on Monday. — Arjay L. Balinbin

BSP looking to streamline UITF rules

June 15, 2021 | 12:02 am

THE BANGKO SENTRAL ng Pilipinas (BSP) is looking to streamline the requirements for financial institutions’ creation of unit investment trust funds (UITFs).

“The proposed issuance streamlines the process for the creation of UITFs as well as the amendments to the features of a UITF,” BSP Deputy Governor Chuchi G. Fonacier said in a Viber message.

Concerned stakeholders are given until June 23 to submit their feedback on the new rules to the BSP.

Once the circular is approved, the BSP will give concerned financial institutions a six-month transitory period to adjust their policies and processes related to UITFs.

The BSP, in its Manual of Regulations for Banks (MORB), defines UITFs as an open-ended trust funds that could be in peso or other acceptable currency. These are operated and administered by a trust entity. These could include money market funds, bond funds, balanced funds, and equity funds, among others.

Prior to this draft circular, the MORB did not specify prerequisites for creating UITFs. Financial institutions are required to get approval to engage in the trust business from the Monetary Board in accordance with Republic Act 8791 or The General Banking Law of 2000.

The proposal said a trust entity that wants to create a UITF needs to secure “the authority to administer a particular class and/or structure of a UITF from the BSP.”

“Such authority shall be obtained through prior approval by or notification to the BSP,” the draft circular said.

The draft said institutions that have previously rolled out UITFs will only need to make a written notification to the BSP if they are creating new ones, while those doing so for the first time will need to get the central bank’s go signal.

The central bank said documentary requirements when applying to create a UITF will include a written application for authority to create the fund within 10 days from the approval of the firm’s Board of Directors; a copy of the board resolution; and certification from the entity’s chief executive officer (CEO) and chief compliance officer attesting that their proposed funds are compliant with the minimum standards set by the BSP.

Financial institutions will also need to submit sample key information and investment disclosure statement, as well as business documents that contain their policies on marketing, fund management, and risk management, as well as training plans and activities for marketing personnel.

“An application for authority to create a UITF that is found to be accompanied by incomplete documentary requirements shall be returned,” the draft circular said.

Meanwhile, for the written notification, documentary requirements will include the financial institution’s board resolution on the creation of the UITF and the certification from its CEO and chief compliance officer on the new UITF’s compliance with the BSP’s prudential criteria.

The proposed rules also give the central bank the power to suspend or limit the ability of a financial institution to venture into new UITF activities if they do not conform to central bank rules on disclosure and risk management.

To get the central bank’s approval for a UITF, trust entities of banks and other financial institutions should have no supervisory issues on investor protection and must implement adequate risk management practices as prescribed by the BSP. Their planned investment products should also adhere to the central bank’s minimum standards on disclosure and client suitability assessment.

The BSP will charge a processing fee of P10,000 for applications for new UITFs. Financial institutions are required to launch these UITFs within six months from the central bank’s approval.

The draft circular also includes a section on minimum disclosure requirements that requires financial institutions to give their clients relevant information about the UITFs, including the intended frequency of income distribution and the distribution yield. — L.W.T. Noble

A mixed bag

June 15, 2021 | 12:02 am

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Video Game Review
Neptunia Virtual Stars
Personal Computer via Steam

Totally Reliable Delivery Service
Personal Computer via Steam

The Neptunia series is certainly one that’s not afraid to diversify. Idea Factory has dipped the Neptunia franchise’s toes in practically everything at this point, straying from its role-playing-game niche to create all sorts of different offerings in different genres. Neptunia Virtual Stars is one such example, veering from the roots and going for a fast-paced action setup. While its premise is silly, it’s unabashedly self-aware, and the combination of light-hearted humor and entertaining story beats makes it seem like a natural extension. If nothing else, it’s another way to see the cute virtual idols of Gamindustri get an excuse to kick some butt.

In Neptunia Virtual Stars, that’s exactly what the Neptunia girls do. Working hand in hand with some Virtual YouTubers, they hack, shoot, and cut their way to save another world from destruction. With different weapons on tap, different skills to equip, and different accessories to use, the heroines of Neptunia Virtual Stars raise the quality of the third person action shooter genre.

Eschewing the series’ turn-based RPG systems, Neptunia Virtual Stars revels in its frenetic shooting and gritty melee swings. Each of the goddesses all have their own different gear to use, and while the shooting mechanics aren’t particularly deep, they contrast greatly with the ability to use the VTubers’ own melee-focused weapons. You’ll zip and dodge through each stage, gunning down opponents and hacking them to bits as you please. It doesn’t require much brain power, but it’s exceedingly fast and fluid. And while the combat can sometimes feel loose due to the guns being nearly useless without locking on, it does make successful hits feel weighty and impactful. With a pretty good soundtrack to match, Neptunia Virtual Stars’ first impression is certainly solid, and serves to tide you over long enough to get to what most buyers will undoubtedly get the game for: its VTuber collaboration.

Somehow, Idea Factory has managed to pull some actual VTubers into the game itself, and honestly, it’s the perfect fanservice to spice things up. The clips aren’t particularly long video clips, but their integration is nonetheless a treat. For example, you wouldn’t expect to see Shirakami Fubuki and Minato Aqua to drop in. But they do, and more; from Hololive to Kizuna Ai to The Fist Of The North Star’s Heart, no doubt included half-jokingly. However strong these moments might be, though, they’re ultimately a mixed bag. Most of the actual VTuber screen time you’ll see is taken up by the game’s own VTuber heroines in Me, You, Vice, and Licht. The rest of the VTubers are relegated to short, if sweet, cameos between battles, and what utility they have in-game isn’t seen through actual collaborations with them; they’re more like equipment. True, it would’ve been unreasonable to expect the Hololive idols to join in on the action. Then again, it does feel disappointing for the game to barely use them.

That’s perhaps the biggest let-down for Neptunia Virtual Stars. By itself, the game is nothing earth-shaking; its combat is entertaining but repetitive, and its story is run-of-the-mill and mediocre. It’s the VTuber collaboration that promises no small measure of uniqueness; while the game’s own VTuber heroines are entertaining, the chance for you to actually interact with your favorite VTubers should be the game’s main selling point. That said, it’s hard not to feel like they’re underutilized, especially when you consider how popular these VTubers actually are. This leaves Neptunia Virtual Stars feeling empty, as if it had a hole inside its makeup; it’s still a lot of fun, but it could have been more.

Make no mistake. Neptunia Virtual Stars remains a good recommend, and not simply because it’s the latest release from a revered intellectual property. It does have its moments where it’s extremely entertaining, and, especially early on, its fast pace and cute themes really make it shine. Unfortunately, its inability to fully capitalize on its combat mechanics and its thematic inclinations makes it hard to fully appreciate. It’s a good game overall, but it’s one that does not live up to its potential.

THE GOOD:

Cameos from VTubers

Decent combat mechanics and a bevy of characters to choose from, especially with the downloadable content

A very, very solid selection of songs in the soundtrack

THE BAD:

Repetitive and loose gunplay that’s very reliant on a lock-on system

VTubers feel underutilized, and that was the entire point of the game

Somewhat prone to crashing, with some particularly bad lag spikes in some dungeon segments

RATING: 8/10

POSTSCRIPT: Totally Reliable Delivery Service harks back to a simpler time — back when people reveled in the silliness of games like, say, Goat Simulator, where the fun wasn’t so much based on combat or story, but on how your character could interact with the environment. Often, these types of games are silly, with exaggerated physics, nonsensical mechanics, and an overall experience that often borders between the edges of entertainment and frustration. In all these counts, Totally Reliable Delivery Service delivers in spades.

In Totally Reliable Delivery Service, you’re one of up to four unlucky couriers living in a world where its physics don’t quite make sense. You’ll have to leap, dive, sprint, jump, grapple, and drive your way to your destination with your cargo in tow, and while the concept is simple, the act itself is not. This is because every task you can take is drastically more difficult than it should be due to the game engine. It’s absolutely insane with its ragdoll physics, with objects prone to flying off and vehicles threatening to toss you overboard with every jerking motion.

For the most part, Totally Reliable Delivery Service translates to a whole lot of fun. And it gets even better if you’re able to bring in friends to play with, as some of the tasks really start to shine if you have multiple gamers cooperating to finish each task. You’ll find a plethora of vehicles and tools to help you along your way: from helicopters and rockets to delivery trucks, cars, and jetpacks. Do well enough and you’ll unlock new tasks, new locations, and new ways to customize your character. It’s all good stuff to mess about with, and with friends, it’s a blast from start to finish.

But that’s really only if you play with friends. Alone, and your experience is a whole lot different, and while it is still entertaining, it really shines best when played cooperatively — when failures are caused by the (deliberate) antics you and your buddies come up with. Go solo, and a lot of the tasks still retain their charm, but the tedium of having to do everything by yourself starts to weigh down on the experience.

All told, Totally Reliable Delivery Service is best enjoyed in the company of friends. If you’re part of a group into games with ridiculous physics engines, it’s a no brainer. It doesn’t provide for a particularly deep experience, but it’s one that’ll leave you and your buddies entertained for hours on end.

THE GOOD:

Bright, colorful, and downright silly

Tons of vehicles on tap

A lot of content to run through, and most of it unique enough to be memorable and entertaining in a multiplayer session.

THE BAD:

Best played with friends, as its single player component isn’t quite as robust

Borders on frustrating, with some tedious tasks

Best played in short bursts, as it requires both skill and patience

RATING: 8/10

THE LAST WORD: Sony Interactive Entertainment Singapore has announced the release of two new colors to its DualSense Wireless Controller lineup. Midnight Black and Cosmic Red variants will be released in the region, including in the Philippines, at P3,990 and P4,290, respectively.

In consonance with its Galaxy theme, the Midnight Black version features two subtly different shades of black with light grey to reflect how gamers view space through the night sky. Meanwhile, the Cosmic Red version offers a striking black and red design inspired by vivid shades of red found throughout the cosmos.

DMCI Homes introduces lease-to-own option

June 15, 2021 | 12:02 am

DMCI HOMES recently introduced an option that would give renters an option to purchase a condominium unit in selected properties.

“This limited time promo offers a lease-to-own option to those who will rent a unit in select move-in ready DMCI Homes properties in Metro Manila, Baguio and Davao through DMCI Homes Leasing Services,” the company said in a statement.

A client can move into a unit after paying one month’s rent in advance and the two-month deposit requirement for a 24-month lease.

DMCI Homes said the promo comes with a “lock-in price” that would shield the client from any unit price increases in the future.

If a client decides to purchase the unit, he needs to submit a letter of intent six months before the end of the lease contract. The client should also pay the required minimum equity down payment before securing financing scheme within the six-month conversion allowance.

A “significant portion” of the rental fee will be credited as down payment for the purchase of the condominium.

SM Prime, coast guard clean up a portion of Manila Bay

June 15, 2021 | 12:02 am

INTEGRATED property developer SM Prime Holdings, Inc., in partnership with the Philippine Coast Guard, conducted a clean-up activity along a portion of Manila Bay last week.

The project is in line with the company’s continuing efforts to support the Manila Bay rehabilitation program.

The clean-up team, which also included officials from SM Mall of Asia (MOA) and SM By the Bay, sought to remove solid waste and debris from SM MOA’s stretch of the bay, according to statement sent by a public relations agency. The activity took place on June 8, which fell on World Oceans Day.

“Being a responsible integrated property developer, SM Prime has always been aware of its role as a member of the community to help care for the environment, including our seas and oceans,” SM Prime’s Senior Vice-President for Special Projects Siegfred B. Mison said.

Since December, the listed firm has been conducting weekly cleanups at the SM MOA Complex, with support from several groups within the company.

“To ensure that we are able to carry out this role effectively, we continue to collaborate with various communities and government partners as we implement programs that contribute to marine conservation,” Mr. Mison said.

In May, SM Prime collected 4,322 sacks of waste, which reached 42,878 kg; 80 bags of recyclable materials amounting to 240 kg; and 5,272 sacks of silt, which weighed 105,440 kg.

“SM’s regular clean-up drives support the United Nations Sustainable Development Goals (SDG), particularly SDG 11, Sustainable Cities and Communities, and SDG 14, Life Below Water,” the company said.

It added that it had embarked on other marine conservation-focused programs, including the “Plastic Waste Collection Program” in partnership with local nonprofit Plastic Credit Exchange, and the “Trash-to-Cash Recycling Market.”

The Sy-led company previously reported a first-quarter net income of P6.5 billion, lower by 22% from P8.3 billion year on year, amid lower consolidated revenues.

Shares in SM Prime improved by 1.35% or 50 centavos to finish at P37.50 apiece on Monday. — Angelica Y. Yang

Entertainment News (06/15/21)

June 15, 2021 | 12:01 am

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iQiyi offers VIP subscription

INTERNATIONAL on-demand streaming service iQiyi is giving free 30-day access to new and existing users in Philippines. For a limited time, Philippines-based users can redeem a 30-day Standard VIP subscription for free inside the iQiyi app until June 30 (11:59 p.m.). To redeem the subscription, download the iQiyi app, click “Claim Now” on the pop-up message, and sign up for an account or log in to an existing one to start watching. As a VIP member, users can watch on multiple screens (simultaneous watching on two screens), skip ads, get early access to new episodes, enjoy high quality content in Blu-ray 1080P and Dolby audio, and use multiple devices (mobile phones, PCs, Apple TV, Android TV, and more). For more information, visit Get Free 30-Day VIP (www.iq.com/cooperation/ph-vip.html) and download the iQiyi app.

Autotelic drops new single, ‘Iwan’

Autotelic emerged in the early 2010s, with heartfelt anthems that reflect the sentiments and triumphs of the current generation. The six-piece band set the standards of what modern pop songcraft is: resonant at its most melancholic, and defenseless in its honesty. Fast forward to 2021, the group’s work has been consistent in expressing the woes and rewards of being young, and is informed not so much by its time, but by timelessness and enduring appeal. These qualities are present in “Iwan,” Autotelic’s new single released under MCA Music, Inc. According to vocalist and guitarist Josh Villena, “Iwan” deals with regret and doing everything you can to ensure that mistakes won’t happen again. “Iwan” is written by Josh Villena, and produced by Autotelic and Marc Reyes. It is available on all streaming and digital platforms worldwide.

Kyle Juliano, Angelina Cruz collaborate on single

KYLE Juliano and Angelina Cruz released their latest collaboration — a rendition of British singer Calum Scott’s “You Are The Reason.” The song has been an anthem in celebrating special moments and this time around, these two young Filipino artists share their fresh take on this chart-topping song. Cruz released her rendition of the Orange and Lemons classic “Hanggang Kailan (Umuwi Ka Na Baby)” in 2018 while Juliano has accumulated 45 million streams on Spotify and his 2017 single, “Crashing,” has a total of 13 million streams since its debut. “You Are The Reason” is available to stream on Spotify and Apple Music.

GMA Network at the 2021 New York Festivals

FIVE of GMA Network’s entries are finalists at the 2021 New York Festivals (NYF) World’s Best TV and Films Competition. The show Kapuso Mo, Jessica Soho’s episode “The Woman Slashed On Her Face” was named a finalist in the Documentary: Social Justice category. The story tackles domestic abuse and gender-based violence cases increased during the COVID-19 quarantines in the country. Shortlisted in the Documentary: Heroes category is Reel Time’s episode “This Abled” about a man with no legs and arms seeking to reach a mountain’s peak. The episode “Miguel’s Wounds” of Reporter’s Notebook emerged as a finalist for the Documentary: Health/Medical Information category. It investigated the plight of a 21-year-old man afflicted by a mysterious condition that left his skin peeling and his body full of wounds. Nominated under the Program: Sports Documentary category, The Atom Araullo Specials: Dreams of Gold tells the story of Filipino athletes and how competitive the country is in the international sports scene. This is the third consecutive NYF nomination for The Atom Araullo Specials since it premiered in 2018, winning back-to-back Silver World Medals in the past two years. Finally, Alden’s Reality: The Virtual Reality Concert was nominated in the Entertainment Special: Special Event category. Held last December, it was the country’s first concert of its kind, combining cutting-edge technology and performances to produce a full-length concert and online interaction between Alden Richards and his fans. The five GMA finalists will be moving on to the medal round. Winners of this year’s NYF will be announced on Oct. 12 in Las Vegas.

PLDT Home, Viu collaborate

BROADBAND service PLDT Home and Viu, PCCW’s OTT video streaming service, have collaborated to offer Korean entertainment to viewers in the Philippines. It offers an extensive array of drama series, films, and reality shows. PLDT Home treats subscribers to one-month free access of the Viu Premium service. With Viu Premium, Filipinos can catch the K-dramas seamlessly and without interruption with zero ads, enjoy unlimited downloads, and get first access to the newest shows. Viu Premium also allows subscribers to watch on their TV through the Viu TV app or through casting. On top of this, subscribers can enjoy a discounted subscription fee of P80 per month. Subscribers can avail of this exclusive offer by charging their Viu subscription on top of their PLDT Home bill. Viu is currently airing its newest Korean original series Doom At Your Service, starring Seo In Guk from Hundred Million Stars From The Sky, and Park Bo Young, best known from her titular character in Strong Woman Do Bong Soon. The OTT player has also recently announced a slate of new titles, including Penthouse 3, available first on Viu, and its next Korean original Hong Cheon Gi, a romance fantasy period drama set to air in the third quarter. Download the Viu app on App Store, Google Play and selected Smart TVs, as well as on the web at www.viu.com. For details visit www.pldthome.com/viu.

IC chief Funa reelected as chairperson of Asian Re

June 15, 2021 | 12:01 am

Insurance-Commission-021219 — BW FILE PHOTO

INSURANCE COMMISSIONER (IC) Dennis B. Funa has been reelected as the chairperson of Asian Reinsurance Corp. (Asian Re) and will hold the position for two more years.

The IC said in a press release on Monday that Mr. Funa will continue to chair the regional reinsurance firm for two years starting this month until 2023. His previous term ended on June 10.

The IC chief started his previous term as chairman of Asian Re’s Management board on June 28, 2019, which followed a two-year stint as vice- chairperson.

“I am deeply honored to have been reelected as chairperson of Asian Re. The trust and confidence reposed upon me by the Council of Members have been truly overwhelming and inspiring. I look forward to working closely with the other members of the council in realizing Asian Re’s objectives,” Mr. Funa was quoted as saying in the statement.

Asian Re, which is headquartered in Bangkok, Thailand, is a professional reinsurer owned by 10 governments in Asia-Pacific called the Council of Members, namely the Philippines, Afghanistan, Bangladesh, Bhutan, China, India, Iran, South Korea, Sri Lanka, and Thailand.

Its management board is comprised of a chairman and vice-chairman who represent the Council of Members, as well as a president and an executive vice-president. The board meets at least three times each year or every quarter.

The first chairperson of Asian Re was former Philippine Insurance Commissioner Cruz Arnaldo who held the post for two terms in 1979-1981 and in 1983-1985.

Asian Re was established in 1977 following an agreement signed by seven countries including the Philippines.

The United Nations Conference on Trade and Development passed Resolution No. 42 in 1972 recognizing the importance of a reinsurance market for economic growth, while 18 members of UN Economic and Social Commission for Asia and the Pacific in 1974 agreed to establish a regional reinsurance institution.

The Philippine government, for its part, issued Presidential Decree No. 1270 in 1977 to establish the country’s own reinsurance firm, the National Reinsurance Corp. of the Philippines, which allowed it to subscribe to part of Asian Re’s capital stock.

The regional reinsurer had $69.756 million in shareholder equity as of end 2019 and the Philippines currently holds $500,000.

Credit rating agency A.M. Best on May 7 affirmed Asian Re’s “B+” financial strength rating. — Beatrice M. Laforga

More Robinsons malls powered by solar energy

June 15, 2021 | 12:01 am

ROBINSONS LAND Corporation (RLC) said expanded its solar energy portfolio to 23 sites located its shopping malls around the country.

“With this expansion, total capacity has increased to 29.5 MW in its current locations,” the developer said in a statement.

Since its first solar power facility was installed in 2015, Robinsons Malls has generated 92,084,091 kWh of clean energy.

“This has resulted to eliminating 65,260 metric tons of carbon dioxide,” RLC said.

The solar power installations can be found in Robinsons malls in Palawan, Angeles, Pampanga, Novaliches, Pangasinan, Ilocos Norte, Naga, Santiago, Iloilo, Antique, Dumaguete, Roxas, Tacloban, Bacolod, Jaro, Cebu, Pavia, Ormoc, Tagum, General Santos, and Iligan.

PLDT, Ateneo launch e-commerce site for campuses to boost digital ecosystem

June 15, 2021 | 12:01 am

PLDT, Inc. announced on Monday that its units PLDT Enterprise and Smart Communications, Inc. recently partnered with the Ateneo de Manila University (ADMU) to launch an e-commerce site for the institution’s four campuses.

“The Smart Online Store is an e-commerce site which gives the Ateneo community an opportunity to buy and avail exclusive Smart data and connectivity plans and products,” PLDT said in an e-mailed statement.

“All students, faculty, staff and alumni of Ateneo across the university’s four campuses in Loyola, Salcedo, Makati and Pasig can now purchase Smart Prepaid products such as load cards and electronic loads in several denominations at special rates,” it added.

PLDT-Smart’s connectivity devices are also offered.

Alfredo S. Panlilio, PLDT and Smart Communications president and chief executive officer, said: “This latest partnership underscores the synergy between PLDT Group’s efforts to promote and expand eLearning, and Ateneo’s own programs and platforms in this area.”

“The ADMU Smart Online Store will further strengthen Ateneo’s digital ecosystem,” he added.

ADMU President Roberto C. Yap said: “The ADMU Smart Online Store is a first among Ateneo schools, and the idea of having Smart Prepaid Services available to the community in an exclusive platform is aligned with the university’s continuous digital transformation.”

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

How PSEi member stocks performed — June 14, 2021

June 15, 2021 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Monday, June 14, 2021.