Rockwell Land seeks to take out P5-B term loan from BDO

October 8, 2021 | 12:07 am

ROCKWELL Land Corp. said its board of directors had given the go signal for the firm to enter into a P5-billion long-term loan facility with BDO Unibank, Inc. in a bid to partly finance its capital spending requirements.

In a disclosure to the local bourse on Thursday, the Lopez-led property developer said the loan will have a repayment schedule of up to 10 years.

“[This will] partially fund capex (capital expenditures) and other general corporate requirements,” it said.

Rockwell Land provided no further details in its regulatory filing.

Two years ago, the company’s board of directors approved to avail a P10-billion loan from BDO and P5 billion from Philippine National Bank. The funds were earmarked for its capital spending requirements and to repay its debts.

Rockwell is engaged in the development of high-rise condominiums as well as in retail and office leasing. The firm’s segments cover residential development, commercial development, and hotel operations.

Shares in Rockwell Land at the local bourse inched down by 3.12% or five centavos to finish at P1.55 apiece on Thursday. — Angelica Y. Yang

Nostalgia reigned during the pandemic according to Spotify’s Culture Next Report 2021

October 8, 2021 | 12:07 am

kelvin-lutan-r6dHVMLWw4M-unsplash — KELVIN LUTAN/UNSPLASH

MUSIC and podcast streaming play an important role in the auditory experience of millennials and Gen Zs, according to Spotify’s Culture Next Report 2021. And for many of them, the first year of the coronavirus disease 2019 (COVID-19) pandemic saw them searching for a blast from the past.

The report gathered insights and perspectives from Gen Zs (people ages 15 to 25) and millennials (ages 26 to 40) through four Zoom focus groups and 40 in-depth interviews, among other research methods, with more than four dozen respondents in America, Europe, Southeast Asia, Japan, and the United Arab Emirates. A global quantitative survey via Lucid with 9,000 respondents was also conducted in April this year, with 500 respondents per previously mentioned market, as well as Thailand and Malaysia. Findings were additionally grounded in Spotify’s “Streaming Intelligence,” the platform’s first-party, contextual data collection that detects a user’s screen time and audio listening activity (https://ads.spotify.com/en-US/stream-context-guide-everyday-audio-moments/).

In the report, Spotify Chief Content & Advertising Business Officer Dawn Ostroff wrote that insights from Gen Zs and millennials were gathered “to understand the biggest shifts in how both generations are creating, curating, and experiencing culture.”

Among the differences between the two generations that the report found, according to Ms. Ostroff, is that Gen Zs are eager to resume attending real life events, while millennials are more likely to continue attending virtual concerts after the COVID-19 pandemic is over.

Audio emerged as the millennials’ go-to source to connect with family, stay informed, and indulge in “me time,” according to the report. Ms. Ostroff cited the usage of smart speakers in households as one device for entertainment which also gives children a break from screen time. Another finding is that podcast listeners form emotional connections with program hosts.

The report found that nostalgic playlists are a comfort and retreat for listeners, giving them a respite from their daily routine.

Eighty-seven percent of millennials and 85% of Gen Zs in the Philippines said that they use audio — music and podcasts — to reduce their stress levels.

A year into the pandemic, nostalgia reigned in the Philippines: 59% more 1970s love songs and 40% more 1980s hits were streamed in March 2021 compared to March 2020.

Eighty-two percent of Filipino Gen Zs feel “feel more centered and generally happier” when listening to their favorite music daily.

Globally, 68% percent of millennials and Gen Zs “attended” a virtual experience in the last year. Millennials in the Philippines are much more likely than Gen Zs to continue attending virtual concerts after the pandemic is over (51% vs. 42%), since they are cheaper and are more convenient than real-life experiences according to the report.

The report also found that Filipino Gen Zs discover new musical artists through social media (39%), and 15% through an artist they already listen to. Fifty percent of Filipino Gen Z Spotify users said they search for a song on the music streaming app after hearing it on social media.

PODCASTS
Aside from music, Spotify looked into the users’ opinions on podcasts. Among the information gleaned was that 66% of millennials and 58% of Gen Zs believe that a podcaster’s voice can make or break a podcast.

Seventy-four percent of millennials and 69% of Gen Zs agree that podcasts have allowed them to be open to hearing more diverse perspectives from various cultures. Meanwhile, 62% of millennials and 58% of Gen Zs have “sought more content from more diverse creators and podcasts in the last year.”

Podcasts have also been uniquely effective for ads, with 41% of all global listeners saying they trust ads more if they hear them during a podcast, while 81% have taken an action after hearing a podcast ad.

The previous year also gave birth to a new wave of audio creators. Spotify added 76,000 artists to playlists for the first time and users of the streaming service listened to artists that they had never heard before 16 billion times a month. Meanwhile, Spotify’s podcast recording and distribution software Anchor launched over 1 million new podcasts in 2020. Anchor-licensed shows also grew by 210% between March 2020 and March 2021.

Music and podcasts have also allowed listeners to expand their horizons. Seventy-three percent of millennials and 72% of Gen Zs said they have used music as a way to learn about cultures and experiences different from their own; while 65% of millennials and 61% of Gen Zs said they have become part of a global community through their preferred music and podcasts.

In terms of audio device preference, the report found an 84% increase in in-car listening to Spotify globally over the last year.

In the Philippines, there has been an increase in the use of home-based devices to listen to Spotify, including desktop computers (77%), gaming consoles (13%), smart speakers (87%), and TVs (123%).

The full report is available at https://culturenext.byspotify.com/en-PH. — Michelle Anne P. Soliman

PayMongo, GCash partner to offer ‘buy now, pay later’ option

October 8, 2021 | 12:06 am

ONLINE payments provider PayMongo Philippines, Inc. announced on Thursday its partnership with GCash.

The partnership aims to offer GCredit on the PayMongo platform to allow consumers to buy essentials and pay later, the payment processing company said in an e-mailed statement.

“GCredit is now live for around 7,000 businesses who use PayMongo and available for customers who pay via GCash,” it added.

GCredit can give customers up to P10,000 credit line and for as low as 1% interest rate, according to the official website of GCash.

PayMongo said small and medium-sized businesses make up the bulk of its merchants, and they primarily deal in the sale of essential goods.

“To activate GCredit, users simply need to tap ‘Manage Credit’ in the GCash App, complete their profile, verify their e-mail, and wait for the activation e-mail. Only fully verified GCash users can use GCredit as a payment option on GCash-accepting online sites.”

Martha M. Sazon, president and chief executive officer of Mynt (Globe Fintech Innovations, Inc.), the fintech arm of Globe and operator of mobile wallet GCash, said her company’s goal is to encourage more users to experience how they can maximize their GCredit.

“Our partnership to offer GCredit via PayMongo expands the payment options our merchants have to offer their customers. At the same time, it empowers more Filipinos to buy their needs, especially those who do not have immediate access to funds,” PayMongo Chief Executive Officer Francis Plaza said. — Arjay L. Balinbin

Singer Tina Turner sells music rights to BMG

October 8, 2021 | 12:06 am

SOUL and rock star Tina Turner has sold the rights to her music catalogue to music company BMG, the latest vocal artist to strike such a deal for their work.

In a statement on Wednesday, BMG, owned by German media company Bertelsmann AG, said it would “be a partner in all of Tina Turner’s music interests.”

The deal includes Turner’s artist’s share of her recordings, her music publishing writer’s share, neighboring rights and name, image, and likeness. BMG did not disclose the price it paid.

The “What’s Love Got to Do with It,” “Private Dancer” and “The Best” singer, 81, launched her solo career in the 1980s.

Ms. Turner has 10 solo studio albums, two live albums, two soundtracks, and five compilations, which together have sold more than 100 million records, BMG said, adding Warner Music would remain as the Grammy Award winner’s record company.

Bob Dylan and Mick Fleetwood have also made similar deals in the past year, while Hipgnosis Songs Fund has snapped up the rights to artists from Neil Young to Shakira, benefiting from a pandemic-driven boom in music streaming. — Reuters

PSE adds seven to list of Shari’ah-compliant firms, five bumped off

October 8, 2021 | 12:05 am

THE Philippine Stock Exchange (PSE) added seven new firms to its list of Shari’ah-compliant securities after screening for the latest period ending Sept. 25, as five issues were bumped off the list.

According to a circular posted on its website, Shari’ah-compliant firms listed at the PSE now total 62, inching up from last quarter’s list of 60 companies.

The PSE included the following firms to the list: Concepcion Industrial Corp., Del Monte Pacific Ltd., Ever-Gotesco Resources and Holdings, Inc., LMG Corp., Monde Nissin Corp., Philippine Infradev Holdings, Inc., and Semirara Mining and Power Corp.

Meanwhile, 2GO Group, Inc., Abra Mining & Industrial Corp., Cyber Bay Corp., Primex Corp., and Pryce Corp. did not make the cut.

The PSE’s quarterly review of firms under its Shari’ah stock market program aims to “open up more investment opportunities for Muslims in the Philippines and worldwide.”

“The exchange engaged the services of IdealRatings, Inc. to screen listed companies in accordance with the standards for Shari’ah compliance as stipulated by the Accounting and Auditing Organization for Islamic Finance Institutions,” the PSE said.

IdealRatings provides services focused on Islamic finance, such as checking securities for their compliance with Shari’ah laws via a business and financial ratios screening.

To be Shari’ah compliant, a listed company must not derive over 5% of its income from businesses in adult entertainment, alcohol, cinema, defense and weapons, financial services, gold and silver hedging, investments with interests, music, pork, and tobacco.

Meanwhile, the financial ratios screening checks if a firm’s cash or interest-bearing deposits or investments and interest-bearing debt both do not exceed 30% of its market capitalization. — Keren Concepcion G. Valmonte

The Harder They Fall opens London Film Fest

October 8, 2021 | 12:05 am

LONDON — Netflix Western The Harder They Fall opened the London Film Festival on Wednesday, with an all-star red carpet kicking off the return to glitzy in-person premieres at the annual event following a mainly virtual 2020 version.

Oscar winner Regina King, Luther star Idris Elba and Da 5 Bloods actor Jonathan Majors feature in the movie about an outlaw who joins forces with his old gang to hunt down a crime boss recently freed from jail. The movie, whose cast also includes Joker actress Zazie Beetz and Oscar nominee LaKeith Stanfield, is inspired by real-life African American cowboys.

The 65^th edition of the festival will feature 159 feature films, including 21 world premieres over 12 days. Stars of hugely popular television drama Succession will also premiere its third series.

Highly anticipated films showing at the festival include Spencer, starring Kristen Stewart as the late Princess Diana, Wes Anderson’s love letter to journalism The French Dispatch, and coming-of-age drama The Tender Bar directed by George Clooney. The Tragedy of Macbeth, starring Oscar winners Denzel Washington and Frances McDormand, will close the festival on Oct. 17. — Reuters

Digital payments at 20.1% of 2020 transaction volume

October 8, 2021 | 12:05 am

DIGITAL PAYMENTS made up 20.1% of all transactions last year, a tad higher than the 20% target by the central bank for 2020, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.

Digital payments saw its share in the total transaction volume rise by 10.1 percentage points from the 10% in 2018, Mr. Diokno said at an online briefing on Thursday.

This means one in five payments or a total of 910 million transactions last year were done online, he added.

“We are seeing an accelerated rate of increase in the usage of digital payments. This could strongly indicate that Filipino consumers are moving away from conventional cash payments toward digital payments,” Mr. Diokno said.

“While the COVID-19 pandemic may have disrupted our way of life, it also created exceptional opportunities to boost digital payments and financial inclusion in the country,” he added.

The central bank chief said payment-to-merchant and person-to-person payments grew by 47.8% and 18.1% year on year, which drove the rise in the share of digital payments.

He added that full digitalization of the payment of salaries of government employees last year likewise contributed to the higher volume of online transactions.

Meanwhile, digital transactions made up 26.8% of total transactions in terms of value last year, up by 6.8 percentage points from the 20% share seen in 2018.

Transactions done by individuals continued to have the largest share of retail payments volume at 78.1%. Those by businesses dominated high-value transactions as they made up 64.3% of the total.

“Payments made by individuals have the greatest potential for raising the share of digital payments volume. Meanwhile, payments made by businesses can accelerate growth in terms of value,” Mr. Diokno said.

Mr. Diokno said the government was the most cash-lite in 2020 as 93.2% of its payments were done digitally. This was followed by individuals (23.4%) and businesses (5.4%).

CONNECTIVITY A KEY ISSUE
The central bank said merchant payments, person-to-person payments, utility payments, supplier payments, and social benefits should be digitalized further.

“These five comprised 96.1% of total monthly retail payments in the country. We are targeting to digitalize these use cases since they have the highest potential to shift digital payments given their huge consumer base,” Mr. Diokno said.

Philippine Payments Management, Inc. General Manager Carmelita R. Araneta said there are still some issues to address in the country’s transition to a cash-lite economy, such as slow internet connectivity and cybersecurity issues, including fraud.

“[There should be] allocation of resources for technology, operations and manpower. In short, a shift from legacy systems in banks from brick-and-mortar models to digital models,” Ms. Araneta said.

The BSP wants 50% of the volume and value of payments in the country done digitally by 2023. — L.W.T. Noble

MerryMart activates first MBOX Smart Locker in Pasay

October 8, 2021 | 12:04 am

MERRYMART Consumer Corp. installed its first smart locker at its MerryMart Grocery branch in DoubleDragon Plaza in Pasay City on Thursday, kicking off its goal of rolling out 5,000 smart lockers by 2030.

“We believe that MBOX will improve Filipinos’ online purchase experience and give buyers, couriers, and sellers a more convenient, efficient, and secure alternative for delivering and receiving packages,” said Edgar “Injap” J. Sia II, chairman of Merrymart and MBOX.

MBOX Smart Lockers are self-service lockers, which can be used as a location for pickup and drop-offs of delivery items.

Packages may be placed inside the lockers by couriers at any time and they can also deliver multiple parcels at one MBOX location.

Meanwhile, recipients will be notified via a text message with their pickup code once their packages arrive at the smart locker. Packages may be picked up at the MBOX Smart Locker at their convenience.

“CCTV cameras capture and record package arrival and retrieval to ensure the safety and accountability of every package,” said Fernando de Guzman II, head of technology of MBOX Smart Lockers Corp.

MBOX Smart Lockers is the first unit under MerryMart subsidiary MM Consumer Technologies Corp. MerryMart said it would initially roll out 100 MBox Smart Lockers in Metro Manila and key provincial areas.

It also plans to set up “MBOX Community Hubs” in provincial town centers, which will have an MBOX Smart Locker and an ATM at one location. Its first set of community hubs will be launched next month in Iloilo, Roxas, Kalibo, Bacolod, and Dumaguete.

“With MBOX Community Hub, we aim to bridge the distance gap by consolidating delivery in key locations,” MBOX Chief Executive Officer and President Ginger Co See said.

“The cost and time saving will enable couriers to offer more competitive delivery prices, thus making online shopping more accessible to the community.”

On Thursday, shares of MerryMart at the stock exchange declined by 2.62% or 10 centavos to close at P3.71 apiece. — Keren Concepcion G. Valmonte

Dubai Expo offers close-up of Michelangelo’s David, but only from neck up

October 8, 2021 | 12:04 am

DUBAI — Expo Dubai visitors hoping to see the 3-D twin of Michelangelo’s David in all its glory at Italy’s pavilion may be disappointed as only the statue’s head is visible to the public in a display slammed by some Italian media as self-censorship.

The head and neck of the six-meter-tall reproduction of the Renaissance statue are showcased in an octagonal structure at first-floor level while the genitalia and legs are visible at a lower level reserved for functions and select visitors.

Organizers of Italy’s pavilion denied suggestions in Italian media that they had deliberately tried to hide the statue’s genitalia due to religious and social sensitivities in the Gulf Arab state and the predominantly Muslim region. “We planned to position David’s statue the way it is now many, many months ago,” commissioner Paolo Glisenti said. “We took the David statue here… at the end of April in the middle of (the holy fasting month of) Ramadan, by the way, in the presence of many high officials of the Emirati and Italian government.”

Artistic director Davide Rampello said the aim was to provide a new experience by allowing visitors to see the David at eye level, whereas art lovers have to look up at the original statue at the Galleria dell’Accademia museum in Florence.

Creating the replica using one of the world’s largest 3D printers involved 40 hours of digital scanning of the original 16^th-century marble artwork with finishing touches completed by hand, according to the Expo website. — Reuters

DBP’s loans to construction firms hit P39.5B in first half

October 8, 2021 | 12:04 am

DEVELOPMENT BANK of the Philippines (DBP) approved P39.5 billion in loans in the first half for construction firms working on public infrastructure projects.

The state-owned bank said it has extended credit to 440 borrowers from January to June this year through its Infrastructure Contractors Support (ICONS) program introduced in 2017.

The ICONS program extends direct financing to construction contractors for infrastructure activities in transport, water supply and wastewater and sanitation, and communications, DBP said in a press release on Thursday. The bank also supports infrastructure projects under the social, power and energy sectors.

Broken down, the program benefited 151 borrowers in Luzon, 134 in Visayas, and 145 in Mindanao. Ten firms have multiple project sites.

DBP first rolled out its ICONS program in 2017 to provide special credit lines for contractors tapped by the National Government to implement big-ticket projects, including those under the “Build, Build, Build” program.

The revised list of 112 priority projects under the government’s flagship infrastructure program has a total cost of P4.687 trillion. Of the total, 29 are targeted for completion within the Duterte administration, while 51 are ongoing and 28 are in the pipeline.

DBP President and Chief Executive Officer Emmanuel G. Herbosa said the bank will continue to support the National Government’s infrastructure program.

“DBP has sharpened its focus on the infrastructure buildup program of the National Government to provide further impetus to the country’s economic rebound,” Mr. Herbosa said.

“DBP continues to assist contractors in meeting the growing demand for meaningful public infrastructure projects,” he added.

Fitch Solutions Country Risk & Industry Research last month said the country’s construction sector is expected to rebound “strongly” this year, although this outlook could be dampened by lockdowns and the Delta variant-driven surge in coronavirus disease 2019 cases.

The construction industry could grow by 24.2% this year after a 25.7% slump in 2020, Fitch Solutions said. — Jenina P. Ibañez

SL Agritech obtains PRS Aa credit rating

October 8, 2021 | 12:03 am

AGRICULTURAL firm SL Agritech Corp. obtained a PRS Aa (corp.) rating with a stable outlook from local credit rating agency Philippine Rating Services Corp. (PhilRatings).

PhilRatings said in a recent statement that the issued rating was for SL Agritech’s commercial paper issuance of up to P4 billion.

Proceeds from the commercial paper issuance will be used to pay SL Agritech’s short-term obligations and to buy rice and seed inventories from the company’s contract growers, the credit rating agency said.

“A company rated PRS Aa (corp.) differs from the highest-rated corporates only to a small degree, and has a strong capacity to meet its financial commitments relative to that of other Philippine corporates,” PhilRatings said.

According to PhilRatings, a company that has a stable outlook means that the rating is “likely to be maintained or to remain unchanged in the next 12 months.”

The credit rating agency added that the rating was assigned to SL Agritech after examining the company’s competitive market position locally, potential growth in the medium to long run, profitability, and the impact of the coronavirus disease 2019 (COVID-19) pandemic.

Based on its website, SL Agritech has business interests in the production of commercial hybrid rice seeds and milled rice production. It is also involved in hybrid rice seed research and development. — Revin Mikhael D. Ochave

No Time to Die: the problem with Bond villains having facial disfigurements

October 8, 2021 | 12:03 am

Daniel Craig in No Time to Die (2021) — IMDB.COM/

AS THE 25^th James Bond film No Time to Die hits the cinemas, we are once again reminded of the way that disability is depicted negatively in Hollywood films. The new James Bond film features three villains, all of who have facial disfigurements (Blofeld, Safin, and Primo).

If you take a closer look at James Bond villains throughout history, the majority have facial disfigurements or physical impairments. This is in sharp contrast to the other characters, including James Bond, who are able-bodied and presented with no physical bodily differences.

Indeed, many films still rely on outdated disability tropes, including Star Wars and various Disney classics. Rather than simply being part of a character’s identity, the physical difference is exploited and exaggerated to become a plot point and visual metaphor for villains.

In their book about depictions of disability in fiction, academics David Mitchell and Sharon Snyder coined the term “narrative prosthesis” to highlight how disability is used to prop up or propel a narrative.

Although James Bond films are particularly consistent with this trope, other examples include Peter Pan and The Lion King, where Scar has a facial scar and Captain Hook has a missing limb. In both films, their impairments are exploited so much that they are even named after them.

There’s also Dr. Poison from Wonder Woman, Voldermort from Harry Potter, Kylo Ren from Star Wars and many more — particularly in horror and sci-fi films. Often, these characters have a tragic backstory that provides their narrative with an explanation of their facial disfigurement as well as a reason why they are evil. Many of these characters seek revenge because of what happened to them.

The reliance on this trope and the continuous use of it in films has been labelled as lazy, boring, and outdated by disability activists. It is also important to note that many of these characters are played by actors who do not have facial disfigurements, which is another issue of representation in the film industry.

These representations are harmful to people with facial differences. When facial differences are used only as signs of evil, this reinforces the damaging beliefs about people with facial differences in society.

Disabled people want to see disability represented in a variety of roles and narratives on the screen instead of constantly being portrayed as evil, pitied or for comedic value. Tom Shakespeare, a disability studies scholar, says: “The use of disability as a character trait, plot device, or atmosphere is a lazy shortcut. These representations are not accurate or fair reflections of the experience of disabled people. Such stereotypes reinforce negative attitudes towards disabled people and ignorance about the nature of disability.”

Changing Faces, a charity that supports people who have a visible difference or disfigurement, has set up a campaign “I am not your villain” to fight for equal representations of visible difference on screen. It has called on the film industry to stop using scars, burns, and other facial disfigurements as a shorthand for villainy. The British Film Institute (BFI) was the first organization to sign up and has committed to stop funding films that feature negative representations depicted through scars or facial differences – a step in the right direction.

Research from Changing Faces has found that people with facial differences feel lower levels of confidence, struggle with body image and self-esteem, and have mental health problems because they are not represented accurately in society and popular culture.

This short film — #IAmNotYourVillain – YouTube — highlights how these representations are damaging to people with facial differences, stressing the importance of change in the film industry. As one woman in the video states, “often or not, it’s not their own acceptance it’s society’s acceptance that is the problem. How do you integrate yourself into work, dating, into schools? But if you had a positive character, I think some of these things would just make it easier to deal with.”

This is why it’s time we moved beyond the regressive stereotypes of disability as evil, and for people with facial differences to be portrayed as the hero or the love interest rather than just the villain.

Jessica Gibson is a PhD Candidate in the Center for Research on Education and Social Justice, University of York.