Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 6672

CREATE law seen driving countryside growth

NEW LOCATORS based in economic zones such as Aboitiz-led LIMA Estate in Batangas will be able to enjoy tax benefits from the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law. — COMPANY HANDOUT

By Jenina P. Ibañez, Reporter

LOCATOR INTEREST in the countryside is expected to grow after the release of the implementing rules of the law that cuts corporate income tax and reforms the country’s tax incentive system, real estate services firms said.

“The IRR (implementing rules and regulations) will help occupiers consider their options for their existing or future registered projects/activities,” Colliers Philippines Tenant Representation Director Dom Fredrick Andaya said in a statement Thursday.

“Additional tax holidays for locators who will completely relocate from Metro Manila and longer duration incentives for market activities in the countryside will encourage certain locators to start exploring and growing in provincial locations.”

The IRR of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act released last month listed information on tax incentives for investors.

CREATE favors investments in science, technology and sectors considered “critical” to the economy’s industrial revolution, granting such projects the longest period of incentives.

Registered activities that will completely relocate from the National Capital Region may receive additional three years of income tax holidays.

For projects registered under CREATE, the three years starts after the expiration of granted incentives. For projects registered before the effectivity of the law, the additional years will start after the transition period expires.

Mr. Andaya added that property occupiers will review the tax incentives to identify their best options for the next few years to maximize benefits under CREATE.

Areas covered by the Philippine Economic Zone Authority (PEZA) will still be the top consideration for many registered enterprises, including outsourcing firms, he said.

Lobien Realty Group Chief Executive Officer Sheila G. Lobien said that significant items under CREATE are business friendly and will back Philippine economic recovery, including the lowered corporate income tax and more “focused” tax incentives.

“(Incentives are) given to firms engaged in industries aligned with the country’s development agenda which may be based on industry, position in the value chain and location of the business,” she said in an e-mail on Friday.

“Economic zones are thus expected to be crucial in the CREATE law; and as these economic zones are mostly located outside Metro Manila, then the provinces hosting these economic zones are expected to be the next centers of economic activities.”

She added that investors will carefully assess tax benefits and additional incentives the government may offer to encourage them to do business in less developed regions, adding that knowledge-based and digital industries will benefit from CREATE.

Colliers is awaiting the release of the Strategic Investment Priority Plan (SIPP), which would define priority projects eligible for incentives. The potential impact of SIPP on economic zones will be explored further as more information on it is released, Mr. Andaya added.

Aboitiz InfraCapital, Inc. said in April that new locators at its industrial estates will be well-positioned to avail of the tax benefits provided under CREATE.

“New and expanding locators in our Integrated Economic Centers stand to benefit from the CREATE Law. The locations of our industrial estates in Lipa-Malvar, Batangas and Balamban, Cebu will allow both exporters and domestic enterprises to maximize the incentives CREATE offers,” Rafael P. Fernandez de Mesa, Aboitiz InfraCapital first vice-president — industrial and commercial business units, said in a statement.

“It will help spur economic recovery and drive new investment to the countryside, where we are ready to meet the anticipated demand with the ongoing expansion of our world-class estates,” he added.

The Aboitiz Integrated Economic Centers include the LIMA Estate in Lipa-Malvar, Batangas; Mactan Economic Zone II in Lapu-Lapu City, Cebu; and the West Cebu Industrial Park in Balamban, Cebu. These are economic zones registered with PEZA and home to 187 locators and around 90,000 employees.

A few points shy of perfection

RESIDENT EVIL VILLAGE — RESIDENTEVIL.COM/VILLAGE

Video Game Review
Resident Evil Village
Sony PlayStation 5

Guilty Gear ~Strive~
Sony PlayStation 5

THE Resident Evil series has always been enveloped by a story of evil corporations and shadowy under-the-table conspiracies. It has always dealt with the corruption of laws and public servants, showing how rampant, gross misuse of power and money corrupts, and how survival amid all the tangible and intangible horrors depends on the tools you possess and what information you have on hand. The franchise has done this spectacularly, time and time again. True, the weaker parts of the series still stick out like a proverbial sore thumb, but, overall, Capcom’s horror/action/adventure intellectual property has had a good run, and still stands strong. Even with all its perceived missteps, it continues to be among the best in its hybrid genre.

Resident Evil Village keeps the winning streak going, capitalizing on the series’ strengths while framing its plentiful action-based elements in an almost fairy-tale-like narrative that’s both unsettling and exciting. While it may not present many new ideas, it manages to churn out familiar parts with equal verve, and the distinct combination of progress and tradition results in the franchise’s latest offering having its own unique charm to fall back on. It may not reinvent the series, but it’s a Resident Evil title that will have you on the edge of your seat all the same.

In Resident Evil Village, you play as Ethan, three years after the events of the immediate past release in the series. He sees his friend shoot his wife, and his child is taken before his eyes — right as he’s knocked unconscious. When he wakes, he finds himself in a snowy village far removed from civilization. He’s alone and defenseless, trapped in a world where feral monsters, giant mutated beasts, and killer vampires roam. With just his wits and whatever weapons and items he can scavenge, he must find his bearings, find his daughter, and escape from his always-threatening surroundings before time runs out.

Resident Evil Village hums from the get-go, and, in this regard, the Resident Evil engine needs to be praised for what it is able to do. The environment is absolutely stunning, especially when combined with the game’s sound design. The sights it shows are truly a marvel, with the opening sequence having you emerge from a dark, gloomy forest to behold the areas you’ll soon explore — a ramshackle village with a foreboding castle looming in the distance. You’ll explore every nook and cranny you can get into, including paintings that adorn long hallways and blood trails in the snow. You’ll hear the distant crowing and bleating of animals in the distance, and you’ll get sucked at how good the Sony PlayStation 5 is able to render all the visuals without a hitch, even when the screen gets busy with action. While it is true that presentation doesn’t make a game great per se, there can be no discounting the positive effect it has in keeping you immersed. It makes all the exploration sequences — potential drags — engrossing, and the occasional escape-room sequences and puzzles even more compelling. In between are the quiet moments that really nail down the atmosphere in the midst of all the visceral richness, ultimately setting up some of the game’s best scares. What a blast.

The same goes for the combat sequences in Resident Evil Village. While you’ll mainly be solving puzzles and finding items to help you on your journey, you’ll find the village’s denizens far from welcoming. You’ll be forced to defend yourself against them, and the arsenal you have access to gives you plenty of options when dealing with them. You’ll use handguns, shotguns, and rifles to bring any enemies down, but you can also craft your own ammunition and improvised explosives to help you out against hordes. When they get close, you can always use Ethan’s block move to reduce incoming damage, not to mention his ability to shove them back as a way to gain some distance from your attackers and line up a new shot.

As Resident Evil Village’s story progresses, you’ll be able to access different types of guns to play with, upgrade Ethan with a variety of passive buffs to make him stronger, and even engage in some friendly bartering with the game’s merchant. Later on, you’ll gain access to better upgrades for your weapons, find secret treasures to sell, and encounter newer, more dangerous foes to beat down. And all of it just feels amazing.

For longtime Resident Evil fans, Resident Evil Village really does make use of the best parts of its predecessors. You get to see the recent Resident Evil remakes’ engine pushed to the limit. You have the slow, grim atmosphere and backtracking of the classic titles in the franchise, with vastly different areas and environments to lose yourself in. You have the first-person camera of Resident Evil 7 for that heightened, immersive experience. You have the action sequences and inventory management of Resident Evil 4, and you have the silly, over-the-top, enjoyable villains that the Resident Evil series is known for.

It all sounds like a mish-mash of ideas that has the potential to come together as an incoherent mess, but Resident Evil Village manages to pull off the brilliant combination of horror and action. The pacing is nearly perfect, moving between desperate action sequences, and quiet, tense exploration segments. Just when you’re comfortable and settling down, Resident Evil Village does its best to throw you off and keep you on your toes.

And that’s just for the main game of Resident Evil Village. Those new to the Resident Evil series will find that it takes around eight to 12 hours for a first run. More repetitions lead to efficiency, and, soon enough, the game can be finished in as fast as two to three hours. If nothing else, though, the compelling calling to improve on finish times underscores its extremely high replay value. The existence of New Game+ means you can bring your upgraded weapons to bear for some righteous comeuppance against some enemies that really pissed you off before. A mercenary mode exists to test you on your aiming skills and twitch shooting, with rewards unlocking art gallery items to view and even extra unlockable items to bring into the main game. And if that’s not enough, there’s always the Village of Shadows difficulty to test your skills, pitting you against even more aggressive enemies. It’s a lot of extra content to pore through, and one that impels you to spend more and more time on the game.

If anything in Resident Evil Village stands out as a flaw, it would have to be how certain parts of the game feel drastically different from others. For instance, the first large-scale fight you’ll have is almost unnecessarily difficult, given that you’re still unfamiliar with how enemies dart from side to side. It’s not impossible by any means, but it’s a rough learning curve that might put off the faint of heart. Additionally, the final act of Resident Evil Village is far more action-oriented than its slower, more methodical early parts, which may leave people disappointed if they were looking for more scares.

In the final analysis, most of Resident Evil Village’s supposed “flaws” aren’t down to any technical problems or core design issues. They’re just pacing issues. When you look at the bigger picture, the title offers much at the outset, and then more and more as you progress. It establishes a fresh, enjoyable story to experience. It gives a ton of content to unlock with New Game+. It provides a mercenary mode for you to lose yourself in. It boasts of a solid, holistic Resident Evil experience that shows off the franchise’s best parts. Which is to contend that it’s a must-buy for any true Resident Evil fan — or any true gaming fan, for that matter. Just a few points shy of perfection, it’s a game that you’ll thoroughly enjoy the entire way through, and one that leaves you eager for more.

THE GOOD:

* Beautiful graphics combined with solid performance and consistent framerates

* High replay value and tons of content to run through with New Game+, Mercenary Mode, and Village of Shadows option

* Plays to its strengths by combining a solid shooter with survival horror elements and creepy, dark surroundings

THE BAD

* Rough beginning that can be frustrating, especially on the harder modes

* Not enough horror segments towards the latter part of the game

RATING: 9.5/10

POSTSCRIPT: Guilty Gear is a series that has run for more than two decades, first seeing the light of day on the original Sony PlayStation way back in 1998. Back then, Guilty Gear was not the beloved series it is now; it was a nobody, and as a newcomer to the fighting game genre, it had to compete against much more popular, already established video games series like Mortal Kombat and Street Fighter. Nevertheless, even with the odds stacked against it, Arc System Works managed to create something special with its unique spin on an anime fighter, wowing its players with its stylish combos, outstanding sprites, and fast-paced gameplay.

Now, 23 years after its initial release, the Guilty Gear series seeks to channel the same energy with Guilty Gear ~Strive~. Released on Steam, PlayStation 4, and PlayStation 5, and the arcades, it brings to the table a marked focus on fast-paced combat, flashy graphics, and solid gameplay mechanics, promising an exciting, competitive experience that few other games can compete with.

The premise in Guilty Gear ~Strive~ is simple. Fight your way to the top and conquer the opposition using both style and skill. Enjoy its deep, intricate combat system, and challenge others in multiplayer mode, or lose yourself in its extensive single player storyline. Learn the combos of your favorite characters, fall in love with their gorgeous animations, and bring down your opponent’s life bar through combos, feints and hits. It’s a prime example of an outstanding two-dimensional fighting game, with Arc System Works pulling out all the stops to make sure all the bells and whistles you’d expect from the series are present.

True to the identity of the Guilty Gear series, Guilty Gear ~Strive~ retains the flashy, entertaining combos. These will be your bread and butter when dealing with your opponents, although, for longtime followers of the genre, these combos appear to be much more accessible and easier to perform, allowing for a seamless string of fancy hits and juggles. Previously, hits came with leniency, but only some could be chained, with the moves typically being slower to perform. As they were much more telegraphed, the development balances out the consistent damage output you could do. As a result, the latest iteration, gets a very nice change of pace, relying on pokes and tactics to land hits that can eventually transition to a solid combo.

Guilty Gear ~Strive~’s new system may take some getting used to, especially if you’re used to the pace of the older games, but the change lets both newcomers and veterans spar on a fairly even level, while still retaining much of the combat’s depth. Now, fancy combos are much easier to perform but much harder to land in general, relying on mind-gaming, feints, and reading your opponent’s moves and thought process. It’s surprisingly addictive when you’re facing a human player because of it, and it gives the game its solid combat flow that anyone can appreciate. With 15 fighters to play with, and all unique and different in their moves, personality, and design, it’s hard not to appreciate what Guilty Gear ~Strive~ does when it can hold your attention so well.

Guilty Gear ~Strive~ isn’t perfect, however. Notably, its single-player offering lacks the mechanical depth of player-versus-player combat. True, the Artificial Intelligence is pretty solid on its own accord, but fighting a computer won’t give you as much satisfaction as fighting a player does. While the game features some handy single player content in the form of missions and a story mode, it pales in comparison to its online multiplayer component. Its single player mode feels more like mere training ground to get used to its new mechanics.

While other fighters in the past have struggled depending on who you’re connecting to, Guilty Gear ~Strive~’s online capability is no slouch, able to match up to the monumental task of connecting players together via its solid rollback netcode. This allows for players across the globe to match each other on even footing, without having excessive lag ruin the experience.

This is the key defining factor that sets Guilty Gear ~Strive~ apart from other fighting games. It’s not just an accessible title; it’s one that excels at its primary job of bringing in some good old fashioned 2D fighting. Even for those dabbling in other titles like, say, Soul Calibur, and for those partial to the moves of such notables as Ryougi Shiki and Akiha Tohno, Guilty Gear ~Strive~ manages to captivate due to its fluid online service. Melty Blood may be fun to play with people located in the same room, but Guilty Gear ~Strive~ is fun to play with everyone, allowing you to connect with players in other countries without a trace of lag or delay.

All told, Guilty Gear ~Strive~ is the perfect game to play if you’re a fan of fighting games. Beneath its already-appealing anime aesthetic is a solid, no-nonsense fighter that excels at bringing people together. Fans of the fighting game genre should do their best to play Guilty Gear ~Strive~ while it’s still hot, especially if they’re into competitive online gameplay. While its roster of characters may be limited when compared to its contemporaries, its quality shines through in spite of the minor flaw. It looks pretty, plays great, and embodies the best of the competitive, online spirit that all fighting games find hard to capture.

THE GOOD:

* Great artstyle and designs all around

* Fast and fluid combat, paired with a strong emphasis on online competition

* Accessible and easy to learn, while still giving enough room for experimentation and mastery

THE BAD:

* Relatively low number of characters to choose from

* Single Player mode is nowhere near as strong as its online mode

* Series veterans may feel put off to the slight change in pacing that Guilty Gear ~Strive~ takes on

RATING: 9.5/10

THE LAST WORD: Ys IX: Monstrum Nox is now out on Windows systems, the Nintendo Switch, and Google Stadia. The action role-playing game is the latest release in the long-running Ys franchise from Tachikawa-based developer Nihon Falcom. Employing the same gameplay mechanics as predecessor Ys VIII: Lacrimosa of Dana, it allows gamers to switch characters on the fly, and as dictated by circumstances.

Also out from publisher Nippon Ichi Software America’s stable is The Silver Case 2425, which packages remastered versions of videogame designer Goichi Suda’s acclaimed The Silver Case and The 25th Ward: The Silver Case. The Nintendo Switch version includes two new scenarios and 12 remixed and two additional audio tracks. To contend that the two titles have made an impact on Suda’s subsequent works would be an understatement. For instance, Killer7 explored and featured similar elements by design.

Rising BPO demand boosts Q2 office market

PHILSTAR

OFFICE SPACE demand has recently surged to its highest since the start of the pandemic, backed by growing interest from outsourcing firms, Leechiu Property Consultants (LPC) said.

Demand for office space went up 38% in the second quarter of 2021 to 169,000 square meters (sq.m.) compared to the preceding three months, the real estate services firm said.

Total office space demand in the first half reached 291,000 sq.m.

“This is already 75% of demand for the entire 2020. There is no doubt that the Philippines is back on the radar of global occupiers,” LPC Chief Executive Officer David T. Leechiu said in a press release on Friday.

The business process outsourcing (BPO) industry accounted for 92,000 sq.m., or more than half of second quarter demand. The 160% growth since the first quarter is driven by more economic stability in Western countries, LPC said.

“Even if they were relatively quiet in 2020, BPOs are back,” Mr. Leechiu said. “The same fundamentals that attracted BPOs to the Philippines during the financial crisis of 2008 are once again working for us.”

LPC said that investor sentiment has improved amid the rollout of coronavirus disease 2019 (COVID-19) vaccines.

Philippine Offshore Gaming Operators (POGOs) could also renew interest in the country’s office market as international borders reopen and after tax issues were clarified, the company added, noting that stronger demand in the country’s office market in the second quarter strongly indicates recovery.

Senate Bill No. 2232 approved on third and final reading last month set the taxes on POGOs and their foreign employees. Offshore gaming licensees that are considered to be doing business in the Philippines will be subject to 5% gaming tax on gross gaming revenues or receipts from their gaming operations.

Various real estate services analysts in April said that growing demand in office spaces from outsourcing companies is unlikely to offset losses from the exodus of POGOs, projecting recovery by the fourth quarter of 2021 or early 2022. — Jenina P. Ibañez

Hawaii eases entry rules for PAL passengers

PHILIPPINEAIRLINES.COM

PHILIPPINE Airlines (PAL) passengers traveling to Hawaii will be exempt from quarantine requirements if they submit negative COVID-19 tests from the airline’s accredited partners.

The flag carrier has been accredited by the State of Hawaii as a “trusted testing and travel partner,” making it the first airline in Asia to be cited.

“PAL passengers who secure, prior to departure, negative RT-PCR (reverse transcription-polymerase chain reaction) test results from a PAL testing partner accredited as a Safe Travel laboratory shall no longer be required to undergo the mandatory 10-day quarantine upon arrival in Hawaii,” the company said in a statement on Monday.

The new rule will apply starting on the July 30 flight. PAL flies nonstop from Manila to Honolulu every Friday.

“We are delighted to announce that we are expanding our Safe Travels pre-travel testing program to include travelers from the Philippines… and we appreciate our partners who are helping families reconnect,” Hawaii Governor David Ige said last week.

Passengers can avail of RT-PCR tests with Detoxicare Diagnostics Molecular Laboratory in the cities of Manila, Pasay, and Mandaluyong. They can also get tested at Safeguard DNA Diagnostic, Inc. in Mandaluyong City, Cardinal Santos Medical Center in San Juan City, Bacolod Queen of Mercy Hospital in Bacolod City, and St. Elizabeth Hospital, Inc. in General Santos City.

PAL is required to report to Hawaiian authorities the COVID-19 status of each arriving passenger. Travelers must register at the PAL online health declaration form as early as five days before their flights.

“If a passenger presents test results from a medical provider that is not a Safe Travel accredited lab, the mandatory 10-day quarantine shall be imposed upon arrival in Hawaii,” the company said.

PAL Holdings, Inc., the listed operator of PAL, expects positive monthly operating cash flows this year after its net loss after tax widened to P73.08 billion in 2020 from P9.70 billion previously due to the impact of the pandemic on its operations.

PAL Holdings’ net loss attributable to equity holders of the parent company reached P71.91 billion in 2020 from P10.31 billion in 2019, the company reported last month. — Jenina P. Ibañez

Resident Evil Village and first-person video game immersion: Why hands create intense connection

HTTPS://WWW.RESIDENTEVIL.COM/VILLAGE/US/

THE VIDEO games Resident Evil Biohazard and Resident Evil Village are the most recent releases in Capcom’s long-running survival-horror series. Both games feature first-person gameplay and center on the protagonist Ethan Winters, who is almost wholly anonymous: his face is hidden in advertisements and in the game. All we know of Ethan is a back-lit silhouette and set of hands, which is what players project onto as they play.

Some players have suggested that their experience of the damage to Ethan’s hands stays with them after playing, motivating commentaries on sites like Gamerant. On other game commentary sites like Kotaku and IGN, writers have joked that someone at Capcom has a hatred of hands.

On the pop-culture site The Mary Sue, the site’s fandom editor discusses how Ethan’s hand damage has a significant role in how his character develops.

My research examines how game design engages players through emotional identification and physical participation.

In Biohazard and Village, players experience embodiment through Ethan’s hands, and in that experience, are encouraged to feel his trauma. The games’ use of the first-person perspective builds the cultural and psychological projection, and helps players feel like they are part of the experience.

Ethan’s hands experience numerous traumas in the two games, paired with sound and voice acting that expresses pain and suffering. His hands are cut, stabbed, bitten, slashed, and removed brutally, and both games keep the hands visible throughout gameplay. In raising his hand to check his health monitor in Biohazard, or in his interaction with doors, ladders, and gates in Village, players are constantly aware of the damage.

In Biohazard, Ethan’s left hand is violently removed with a chainsaw and inexplicably reattached with staples and medication; in Village, Ethan’s right hand is removed — after he has pulled hooks through his hands and had fingers bitten off. He must pick up his hand, which appears in the inventory as “severed hand.” He heals by pouring medication over his hands, removing the damage and inexplicably reattaching severed limbs.

Why do these games make us so aware of Ethan’s poor, damaged hands?

Theories of game bodies and avatars often focus on the psychology of projection and identity. Professor of film and media studies Bob Rehak describes embodiment: “Players experience games through the exclusive intermediary of another — the avatar — the ‘eyes,’ ‘ears,’ and ‘body’ of which are components of a complex technological and psychological apparatus.”

That avatar body is how we understand the game — how we play. Film theorist Torben Grodal discusses immersion as part of our emotional response.

He writes that “a player of a video game is personally responsible for the outcome.” A player’s assessment of her potential determines how she experiences the monster: with fear, if the monster presents a challenge, with despair “if he feels that he has no coping potentials” or with “triumphant aggression” if she feels “amply equipped for the challenge.” Empowerment shapes our emotional experience.

As film and video game theorist Timothy Crick notes, the player’s projection is a means to “produce high levels of dramatic tension and engagement.” However, games can shape that projection and feedback through our primary visual of the avatar’s body: the hands.

Our engagement with our world is often mediated by our hands, so when a game wants to highlight violence or trauma, it may start with the hands. Identifying hands as an extension of ourselves has some cultural and psychological grounding.

In English, the expression to know something “like the back of your hand” is to know something intimately.

The psychology of human association with our hands has been the focus of studies of the “rubber hand illusion,” which involves putting a rubber hand in one’s shirt sleeve and showing the fake hand receiving touch stimuli as the actual hand receives the same form of contact. Research shows this isn’t simply a mind game, as they have also observed a physical response. In just a few minutes, the brain signaling shifts to send weaker electrical signals to the real hand.

Sound reinforces the visuals as Ethan’s physical suffering is audible and visceral. As Elaine Scarry discusses in The Body in Pain, pain is beyond explanation and language.

Ms. Scarry notes that while we can see and sympathize with pain, drawing on our own experience, we cannot understand someone else’s pain. “Whatever pain achieved, it achieves in part through its unsharability, and it ensures this unsharability through its resistance to language.”

Ethan’s expressions are more utterance than speech: groaning while climbing a ladder with a partial hand, sounds of exertion while navigating obstacles, and yells of pain and fear. The game keeps us aware of how overwhelming Ethan’s pain is through these expressions.

Ethan’s hands are also central to the story. Capcom released playable teasers of the game a couple weeks before the release of Village and, in both, Ethan’s hands are intact: no bandages, no missing fingers. The trailers promoting the game also show intact hands; to see the damage is to see a glimpse of his trauma.

How we experience games is a focus of game design and digital storytelling. We are invited to feel discomfort with Ethan as he fights his way through the game locations around the Romanian village. While we can’t feel Ethan’s pain, game designers encourage us to feel discomfort.

 

Christina Fawcett is an Instructor at the Department of English, University of Winnipeg.

Rockwell Workspaces launches 1 Proscenium

THE 1 Proscenium tower is located within Rockwell Center, Makati City.

ROCKWELL WORKSPACES recently launched its newest office tower in Makati City.

Located within the Proscenium at Rockwell Center, 1 Proscenium is a 21-floor building with a typical layout of 640 square meters (sq.m.) of flexible office spaces.

The green building has a LEED (Leadership in Energy and Environmental Design) certification, and uses energy efficient LED lights and low-consumption water fixtures.

It also has 100% back-up power, provides exclusive access via an RFID card system, 24-hour CCTV monitoring, and security and property management teams on standby 24/7.

“The 1 Proscenium is expected to command rental rates at par with the CBDs, as seen in other developments by Rockwell Workspaces. In particular, 8 Rockwell capital values have appreciated by 90% from its original purchase price. This makes 1 Proscenium an ideal real estate investment both to diversify one’s portfolio,” the company said in a statement.

Office spaces in 1 Proscenium are also available to companies for lease.

Gov’t fully awards T-bill offer

BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday even as rates inched up across the board due to the peso’s recent decline against the dollar.

The Bureau of the Treasury (BTr) raised P15 billion as planned via the T-bills on Monday as bids for the papers reached P42.086 billion, making the offer nearly three times oversubscribed. However, the demand seen on Monday was lower than the P49.323 billion in tenders logged in the previous week’s auction.

Broken down, the Treasury borrowed the programmed P5 billion via the 91-day papers from total tenders worth P14.7 billion. The three-month T-bills fetched an average rate of 1.068% on Monday, rising by 2.4 basis points (bps) from the 1.044% quoted at last week’s auction.

The government also raised P5 billion as planned via the 182-day T-bills after the tenor attracted bids worth P14.796 billion. The average rate of the six-month papers likewise inched up by 3.3 bps to 1.384% from 1.351%, previously.

Lastly, the BTr made a full P5-billion award of the 364-day securities auctioned off on Monday from P12.59 billion in tenders. The one-year debt papers fetched an average rate of 1.593%, higher by 2.5 bps than the 1.568% quoted for the tenor at last week’s auction.

At the secondary market, the three-month, six-month, and one-year T-bills were quoted at 1.1775%, 1.4123%, and 1.6022%, respectively, before the auction, based on the PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon said the rates of the T-bills went up across the board after the peso breached the P50-per-dollar mark on Friday.

The peso closed at P50.08 versus the dollar on Friday, retreating by 20.5 centavos from its P49.875 finish on Thursday, data from the Bankers Association of the Philippines showed.

This was the local unit’s weakest close in more than a year or since June 23, 2020’s P50.19-per-dollar finish.

The peso also weakened by 88 centavos from its P49.20 close on July 2.

Meanwhile, a bond trader said: “Rates are just too low at this point and market players who have access to BSP (Bangko Sentral ng Pilipinas) overnight facility would rather place it there or extend to the two- to five-year space for better yield.”

The BSP last month kept benchmark interest rates at record lows for a fifth straight meeting as it vowed to maintain its accommodative stance to support the economy’s recovery.

The policy-setting Monetary Board kept the rate on the BSP’s overnight reverse repurchase facility at 2%. Interest rates on the overnight deposit and lending facilities were also kept at 1.5% and 2.5%, respectively.

The central bank will have its next policy meeting on Aug. 12.

Yields on government securities have been declining since the pandemic started last year amid strong demand from investors wanting to park their funds in these safe-haven assets.

However, rates have been inching up recently as players are seeking higher returns amid lingering uncertainties here and abroad.

On Tuesday, the BTr will offer P35 billion in fresh 20-year Treasury bonds (T-bonds).

The Treasury is looking to raise P235 billion from the local market this month: P60 billion via weekly offers of T-bills and P175 billion from weekly auctions of T-bonds.

The government wants to borrow P3 trillion from domestic and external sources this year to help fund a budget deficit seen to hit 9.3% of gross domestic product. — B.M. Laforga

Marvel’s Black Widow debuts with dazzling $80 million in theaters, $60 million on Disney Plus

Scarlett Johansson in Black Widow (2021) — IMDB.COM

LOS ANGELES — Disney and Marvel’s superhero adventure Black Widow captured a massive $80 million in its first weekend, crushing the benchmark for the biggest opening weekend since the pandemic.

In a first for the Marvel Cinematic Universe, the film opened simultaneously in theaters and on Disney Plus as part of the streaming service’s Premier Access offering, where subscribers can rent Black Widow for an extra $30. Disney reported that Black Widow generated more than $60 million “in Disney Plus Premier Access consumer spend globally,” marking the rare occasion in which a studio discloses revenues for digital rentals. Overseas, Black Widow collected $78 million in its debut, boosting its global box office haul to $158 million.

Disney didn’t share viewership data for the previously released Cruella starring Emma Stone and the animated Raya and the Last Dragon, which also premiered simultaneously in theaters and on Disney Plus. It’s unclear if Disney will continue to report digital rentals for the upcoming action adventure Jungle Cruise, which opens in cinemas and on Disney Plus on July 30.

In a statement on Sunday morning, Disney’s media and entertainment distribution chairman Kareem Daniel said “Black Widow’s strong performance this weekend affirms our flexible distribution strategy of making franchise films available in theaters for a true cinematic experience and, as COVID concerns continue globally, providing choice to consumers who prefer to watch at home on Disney Plus.”

After a brutal year and change for the movie theater business, the performance of Black Widow is encouraging to Hollywood and film exhibitors alike. David A. Gross, who runs the movie consulting firm Franchise Entertainment Research, says Marvel remains in a league of its own at the box office. After all, few film franchises would still be able to galvanize audiences 24 films in.

Universal’s F9: The Fast Saga came in a distant second place with $10.8 million. Since it released on the big screen three weeks ago, the action sequel starring Vin Diesel has generated $141 million in North America. At the international box office, F9 crossed the $400 million mark, boosting its global total to $541.8 million. — Reuters

CNPF brands secure plastic-neutral citation

CENTURY Pacific Food, Inc. (CNPF) has secured plastic-neutral certifications from global nonprofit organization Plastic Credit Exchange (PCX) for all of its brands that use flexible and plastic packaging.

CNPF said in a stock exchange disclosure on Monday that brands such as Angel Coffee Creamer, Argentina, Coco Mama, Century Quality Bangus, Fresca Tuna, Hunt’s, Home Pride, Swift, Wow, unMeat, and Birch Tree have been certified as plastic-neutral by PCX.

The plastic-neutral certifications from PCX signify that the CNPF brands fully comply with the requirements of the Plastic Pollution Reduction Standard, a framework for the operation of a verifiable plastic offsetting program.

“This means that all these brands have successfully offset their plastic footprint from July 1, 2019 to June 30, 2020 by recovering an equivalent amount of plastic waste away from leaking into nature and ensuring it is processed safely into the circular economy through PCX,” CNPF said in the disclosure.

PCX extends an integrated plastic-offset platform and supports its partner organizations in finding solutions for the responsible monitoring of recycling and recovering plastic waste.

CNPF Chief Operating Officer Gregory H. Banzon said lowering the company’s impact and taking care of the environment are key parts of its sustainability program.

“For years, we have been building brands that provide affordable nutrition to our consumers. Now, they can rest assured that all their favorite CNPF products are working towards becoming more and more environmentally friendly as well,” Mr. Banzon said.

“We are fully committed to our plastic neutrality initiatives because we firmly believe that it is only right and proper for our business, our planet, our people, and the communities we serve,” he added.

CNPF posted a 24% year-on-year increase in its net income for the first quarter to P1.28 billion due to the re-opening of foreign markets that boosted its export business. Revenues of the firm during the quarter climbed 11% to P13.39 billion.

On Monday, shares of CNPF at the stock exchange rose 3.24% or 75 centavos to finish at P23.90 apiece. — Revin Mikhael D. Ochave

Coronavirus house price boom widens wealth gap

REUTERS

LONDON — A boom in Britain’s housing market and a surge in global share prices has led to windfall gains for middle-income and richer households during the coronavirus pandemic, research from the Resolution Foundation think tank showed on Monday.

The average British household saw its wealth rise by 7,800 pounds ($10,800) due to asset price rises and, to a lesser extent, lower day-to-day spending, despite Britain suffering its sharpest economic downturn in more than 300 years in 2020.

“Many families have been forced to save rather than spend during lockdowns, while house prices have continued to soar even while working hours have plummeted,” said Jack Leslie, senior economist at the Resolution Foundation.

The biggest percentage increase in wealth came for those in the middle of the wealth distribution, whose net assets increased in value by 9% to 80,500 pounds per adult, driven by a sharp rise in house prices.

Aided by a cut in property purchase taxes and greater demand for more spacious houses suited to working from home, British house prices rose by 9.9% in the year to March, the biggest increase since 2007.

The richest 10% households — who hold a greater proportion of their wealth in shares and less in housing than the median household — saw a smaller percentage rise but the biggest absolute gain of 44,000 pounds per adult.

By contrast, the least wealthy 30% of Britons saw an average increase in their wealth of just 86 pounds.

The Resolution Foundation said Britain’s government should look harder at how to tax increases in wealth, rather than place most of the tax burden on earned income and spending.

The findings are also likely to interest the Bank of England, which thinks Britain’s economy might get a modest boost from households spending some of their extra wealth.

However, opinion polling used in the study raised the risk of the opposite. Only 14% of households that had built up savings during the pandemic said they were “very likely” to spend them. By contrast, 35% expected to save more even after the pandemic, often because they had got used to economizing. — Reuters

Central bank grants P4-million loan under peso rediscount facility in June

BW FILE PHOTO

THE CENTRAL BANK granted a P4-million loan to a bank under its rediscount facility in June, marking the first availment since September 2020.

“Under the peso rediscount facility, the sole availment covering the period Jan. 1 to June 30, 2021 amounted to P4 million which represents the rediscount by a bank, under production credits, of a loan that financed industrial processing,” the Bangko Sentral ng Pilipinas (BSP) said in a statement on Monday.

Meanwhile, the Exporters’ Dollar and Yen Rediscount Facility remained untapped in June.

The last time banks tapped the BSP’s peso rediscount window was in September 2020 for loans worth P2.1 billion. Last year, the rediscount facility was only tapped by lenders in March, April, August, and September for total loan availments of P26.9 billion, 77.7% lower than the 2019 level.

The rediscount facility of the BSP lets banks get additional money supply by posting their collectibles from clients as collateral.

This additional money supply — denominated in peso, dollar, or yen — may be used by banks to disburse more loans for corporate or retail clients and tend to unexpected withdrawals.

The P4-million rediscount loan recorded in June, albeit small, reflects the impact of tighter restrictions on businesses, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

Metro Manila and nearby provinces were placed under the strictest lockdown classification from late March to mid-April as coronavirus infections surged, causing disruptions to business activities. Restrictions have been eased gradually since then and the area is now under the more relaxed general community quarantine.

Mr. Ricafort said rediscount facility availments will continue to be muted in the coming months as banks have ample cash.

“The continued excess liquidity in the financial system since the pandemic started last year would have reduced the need for banks to tap the BSP rediscounting facilities, as seen since the latter part of 2020, though the rising trend in banks’ nonperforming loans (NPL) due to the recent lockdowns would be a risk factor in the coming months that could prompt some availments,” he added.

Various BSP policy measures have released some P2.2 trillion in liquidity into the financial system, equivalent to about 12% of the gross domestic product.

Despite this, bank lending has been tepid and has declined for the sixth straight month by 4.5% in May, reflecting risk aversion among banks due to the crisis.

Bad loans surged by 83% to P479.481 billion as of May from P262 billion a year ago. This brought the NPL ratio to 4.49%, the highest since the 4.61% recorded in May 2008.

JULY RATES
Meanwhile, for this month, the applicable rate for loans availed under the peso rediscount facility is at 2.5%, regardless of maturity.

Meanwhile, dollar and yen-denominated borrowings regardless of maturity will have applicable rates of 2.14575% and 1.9225%, respectively. — L.W.T. Noble

Cannes News: Murakami adaptation, Anne Frank animation, Sean Penn’s daughter

Where is Anne Frank — PHOTO FROM IMDB.COM

CANNES — Japanese director Ryusuke Hamaguchi unveiled his awards contender at the Cannes Film Festival on Sunday, a tale of heartbreak and regrets which emerges in almost road movie-style over the course of several car journeys.

Drive My Car was adapted from a short story by Haruki Murakami. Mr. Hamaguchi, who has notched up distinctions on the film circuit including in Berlin, said he was drawn by the potential of the enclosed space enveloping the characters.

“What I found fascinating was how the intimacy is brought into the car through the long conversations between the characters,” Mr. Hamaguchi told Reuters in Cannes shortly before the film’s  red carpet premiere.

The Cannes Film Festival, which runs until July 17, is back after its 2020 hiatus due to the coronavirus pandemic.

Drive My Car centers on a theater actor and director played by Hidetoshi Nishijima, who is forced to confront the demons beneath the seemingly perfect surface of his marriage after it is rocked by infidelity and his wife dies. Two years later, and still struggling to overcome his loss, he travels to Hiroshima to produce a multilingual version of Uncle Vanya and is assigned a driver, Misaki (Miura Toko), and the two start conversing about their journeys.

The Japanese film earned early praise from critics, in particular for its lead actors.

CANNES ANIMATED FILM REVIVES ANNE FRANK STORY FOR NEW GENERATION
Featuring Anne Frank’s imaginary friend Kitty as its guiding force, a new animated film presented at the Cannes Film Festival seeks to reconnect one of the defining stories of the World War Two Holocaust against the Jews to the present day —  and a new audience.

By Waltz with Bashir creator Ari Folman, Where is Anne Frank goes beyond the narrative of Frank’s diary, written by the teenager when she hid with her family during the Nazi occupation of the Netherlands.

Through Kitty, who leaps out of the pages into contemporary Holland, Folman connects the story to a generation of teens wearing torn jeans and baseball caps, against the backdrop of a refugee crisis in Europe that provokes fresh dilemmas for the characters and viewers.

“I had to invent something new. I couldn’t do the diary as it was,” Folman told Reuters in an interview, adding that it was “important for me to reach a younger audience as I can get … to see what do we take from the Anne Frank story to our lives today.”

The animated film —  lavishly drawn in shifting styles, including as Anne and Kitty let their imagination run riot and fight off a Nazi army —  was years in the making, and was influenced by current affairs.

The film also uses humour to connect to its audience, highlighting funny passages from Anne’s own diary — like a fart-prone house guest —  or modern-day winks, like an appearance by US singer Justin Bieber at the Anne Frank museum.

SEAN PENN EXPLORES FAMILY TIES IN CANNES FILM
Actor Sean Penn said on Sunday he nearly passed up the chance to act opposite his daughter Dylan for the first time in Flag Day, his latest movie which is vying for awards at the Cannes Film Festival —  until actor Matt Damon egged him on.

Oscar-winning Mr. Penn plays John Vogel, a real-life wheeler-dealer who lurched from one failed business venture to another, causing heartbreak for daughter Jennifer, who reveres him.

Based on a book by journalist Jennifer Vogel, Mr. Penn told a news conference in Cannes that he had an image of daughter Dylan when reading the script —  but took some convincing to step into Jennifer’s father’s shoes, when he was already down to direct.

“The last effort I made to not play it was when I sent the script about a month and a half before shooting started to Matt Damon, who called me, not to say that he could do it, not to say that he can’t do it, but to say that I was a stupid schmuck not to do it,” Mr. Penn said.

Vogel was a notorious petty criminal who ended up involved in counterfeiting, although Flag Day is more interested in how he dupes those he loves and lies to himself.

The Into The Wild director’s latest effort behind the camera has so far earned him mixed reviews, with critics at Screendaily pointing to holes in the way the characters are presented, including Jennifer’s transition from an angst-ridden teenager to a budding journalist.

Most reviewers praised the acting duo at its center, however, including Dylan’s performance, and Sean Penn as the exuberant, fun-loving father who tries to keep up his great illusion as his American dream goes awry. — Reuters

1...6,6716,6726,673...13,105Page 6,672 of 13,105
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube