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China stocks fall after soft factory activity data; Hong Kong down

SHANGHAI – China stocks slipped on Friday, after the country’s factory activity growth slowed in April, with Shanghai shares set for weekly decline on worries over policy tightening and Sino-U.S. tensions.

The CSI300 index fell 0.3% to 5,150.71 by the end of the morning session, while the Shanghai Composite Index lost 0.5% to 3,457.09.

For the week, CSI300 firmed 0.3%, while SSEC eased 0.5%.

China’s factory activity expanded at a slower pace and missed forecasts in April as supply bottlenecks and rising costs weighed on production and overseas demand lost momentum.

Despite the soft data, analysts and traders said overall solid economic growth allowed Beijing more leeway to rein in bubbles in its financial markets.

China’s economic recovery quickened sharply in the first quarter with record growth of 18.3%, shaking off the hit from last year’s slump.

“People are still worried about China’s monetary policy, and the market remains pessimistic given the current monetary conditions,” said Song Zhenyu, a fund manager at Beijing Jiayi Asset Management Company.

Song said any gradual policy shift would happen with a tightening bias as the central bank had recently noted the rapid rise in commodities prices, raising worries over inflation.

Tensions between Beijing and Washington also added to the pressure on the market.

U.S. President Joe Biden took aim at China in his first speech to Congress, pledging to maintain a strong U.S. military presence in the Indo-Pacific and promising to boost technological development and trade.

In Hong Kong, tech stocks led the slide on Friday, as Beijing widened its crackdown on fintech firms.

Chinese financial watchdogs on Thursday summoned 13 internet platforms engaged in finance business, including heavyweights Tencent and ByteDance, to order them to strengthen compliance with regulations, the central bank said.

The Hang Seng index dropped 1.5% to 28,856.26，while the Hong Kong China Enterprises Index lost 1.6% to 10,870.34. – Reuters

Registration now open for BusinessWorld Virtual Economic Forum Special Edition

Theme focuses on the digital economy and economic recovery

With the coronavirus disease 2019 (COVID-19) pandemic accelerating digital transformation across industries, digitalization is highly regarded to spur economic recovery. The Philippines Digital Economy Report 2020 by the World Bank and the National Economic and Development Authority stressed that the rapid adoption of digital technologies can help the country recover from the crisis the pandemic brought. Thus, new normal gives the economy an opportunity to hasten its recovery and build up its resilience by further embracing digital technologies.

BusinessWorld, the country’s leading business newspaper, will lead the conversation about building the digital economy as it holds a special edition of the BusinessWorld Virtual Economic Forum, with the theme “The Digital Economy PH: Towards a Faster Economic Recovery”.

The two-day forum, happening on May 26 and 27, will gather esteemed corporate executives, government officials, industry leaders, and experts to discuss the current situation regarding digital transformation and the steps to take in hastening this adoption and in realizing a digital economy.

The first day of the online forum will have several talks expounding on digital transformation, digital payments, and the digital divide. There will be a keynote on the theme “Accelerated by the Pandemic: Digital Transformation as the Way Forward”; panel discussions on “Digital Transformation for a Better Normal” and “Bridging the Digital Divide”. It will also be graced with fireside chats with corporate and government officials discussing on the topics “2021 Digital Transformation Trends”, “Digitalizing the Philippine Economy Now”, and “The Philippines’ Digital Payments Transformation Roadmap”.

The forum’s second day will bring discussions on the most recent developments that are expected to stick in a digital economy. Keynotes will center on the themes “The Emerging New Economy: New Skills, Jobs, and Business Tools” and “From Brown to Green Economy: Is the Philippines Ready?”.Panel discussions, meanwhile, will look further into trends as the panels share their thoughts on the topics “A Blueprint for the Hybrid Office: How Workplaces Will Evolve” and “Effective Convergence of Physical & Digital: The Omni-Channel Retail Experience”.Fireside chats, on the other hand, will bring discussions on “Building Brands through Sustainability and Purpose” and “Helping SMEs Survive and Thrive through Digital Tools: An APEC Perspective”.

Aside from the keynotes, panel discussions, and fireside chats, the forum will also stage virtual exhibits as well as networking opportunities. Moreover, paying attendees will receive a free copy of the latest issue of BusinessWorld In-Depth digital magazine. Premium attendees, meanwhile, will also get a free printed copy of the latest BusinessWorld Top 1000 Corporations in the Philippines magazine.

Registration for this virtual forum is now open. Grab your chance to avail of early bird rates and head on to www.bworldonline.com/BWVEFDigitalPH to learn more about this awaited event in the business scene.

BusinessWorld Virtual Economic Forum – Special Edition is presented by BusinessWorld Publishing Corp., with co-presenter GCash; gold sponsor Globe; silver sponsor FWD; and bronze sponsors First Gen Corp. and PayMaya.

For inquiries and sponsorship opportunities, call BusinessWorld marketing at 8535-9901 or e-mail marcom@bworldonline.com.

UnionBank at full throttle in 2021

4-Time Digital Bank of the Year

The Asset Triple A’s 4-time Digital Bank of the Year winner Union Bank of the Philippines (UnionBank) surpassed the globally challenging year with strong 2020 results, sustaining its digital leadership as it holds the distinction of being the only Philippine bank to receive the award four years in a row.

It set aside credit reserves due to COVID and still recorded a net income of Php11.6 billion in 2020. This translated to a return on equity of 11.5%, significantly higher than the industry’s 6.6% average.

At the Bank’s annual stockholders meeting on Friday, President and CEO Edwin Bautista said that as the pandemic accelerated the shift toward digital, the Bank experienced great traction including a 300% increase in digital take-up with more than 2.2 million digital customers to date; 43,000 accounts per month opened via UnionBank Online App during COVD which was 370% higher than pre-pandemic average, and the Bank is now the number 1 bank in ‘send transactions’ via Instapay and number 2 via PESONet.

Moreover, several partners “teched up” with the Bank’s help including the Department of Social Welfare and Development (DSWD) and the Bureau of the Treasury.  Recently the Supreme Court of the Philippines entrusted the Bank to “Tech Up” their Judiciary Payment System so that its stakeholders can make digital payments to courts nationwide.

“UnionBank is going full throttle in our digital transformation. The Bank shall compress its five-year plans into two years by accelerating the digital onboarding of new customers. Our success today was a product of looking ahead into the future and preparing for the evolution of banking,” Mr. Bautista said.  With the recent regulations, the Bank is gearing up for the entry of more digital banks and the anticipated shift towards an open finance environment. “We shall continue to launch pioneering solutions and test new technologies.”

With this, Mr. Bautista announced that the Bank is starting 2021 strong, posting a net income of P4.7 billion in the first quarter, which is 79% higher than the same period in 2020 and 53% higher quarter-on-quarter. This is despite additional provisions as credit buffer.

Net revenues were at Php14.3 billion, up 50% vs. the same period last year and up 39% vs. the previous quarter. Net interest income increased by 6% to Php7.2 billion despite muted credit demand. This was attributable to the robust growth of the current account and savings account (CASA) deposits, which was higher by 29% vs. the same period last year. Non-interest income rose by 2.6x to Php7.1 billion mainly driven by trading gains.

As of end-March 2021, total assets were at Php747.3 billion, nearly flat versus a year ago. Total loans and receivables were down by 12% to Php344.9 billion driven by weak demand for corporate loans. Total high-cost deposits were lower by 22% to Php222.8 billion as funding requirements were supported by low-cost CASA deposits.

“This digital shift motivates us to continue enhancing features across our digital platforms. We recently launched InstaPay 2.0 which enables fund transfers by inputting mobile numbers or email addresses. Also, small businesses can now open their business accounts and perform banking transactions digitally with the launch of our SME Business Banking App,” he added.

“We are confident that the Bank’s “Tech Up Pilipinas” efforts, focused on promoting wide-scale digital transformation, would allow all of us to weather this crisis and emerge more resilient than before. Together, we can power the Future of Banking and help ensure the renaissance of our nation,” Mr. Bautista said.

For more information on UnionBank, visit www.unionbankph.com

 

SOCResources, Inc. announces schedule of annual stockholders’ meeting

Longer lockdown to weaken recovery

PHILIPPINE STAR/ MICHAEL VARCAS
METRO MANILA, Bulacan, Cavite, Laguna and Rizal will remain under a modified enhanced community quarantine until May 14 as the country continues to have one of the worst coronavirus disease 2019 (COVID-19) outbreaks in the region. — PHILIPPINE STAR/ MICHAEL VARCAS

By Beatrice M. Laforga, Reporter

THE Philippine economy’s recovery will likely be weaker than initially expected, as Metro Manila and major economic hubs remain under strict lockdown until mid-May amid the continued rise in coronavirus infections.

Nomura Global Research said in a note on Thursday that the economy is now expected to grow by 5.5% this year, slower than the previous estimate of a 6.8% expansion, due to the extension of the modified enhanced community quarantine (MECQ) which they assume will last for up to two months.

If realized, Nomura said the estimated gross domestic product (GDP) growth will be a “fairly weak recovery” from the record 9.6% contraction last year.

“The main rationales for our more cautious view include the significant economic impact of the lockdowns (even if less stringent than last year), the fragile starting point with unemployment rates rising again, limited prospects for a sizeable fiscal support package, and monetary policy that is hamstrung by inflation risks,” Nomura said.

President Rodrigo R. Duterte on Wednesday evening extended the MECQ in Metro Manila, Bulacan, Cavite, Laguna and Rizal until May 14 as the country continues to have one of the worst coronavirus disease 2019 (COVID-19) outbreaks in the region.

The Health department on Thursday reported 8,276 new cases, bringing the number of active cases at 69,354.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said this year’s 4.9% growth forecast will likely be cut if the lockdown will be further extended.

Both GDP estimates of ING Bank and Nomura are far below the government’s target of a 6.5-7.5% expansion this year.

“Should we do find ourselves in a situation of a lower growth trajectory, we can expect at least an outlook revision from one of the major credit ratings agencies with several houses, including the ADB (Asian Development Bank), slashing their initial growth forecasts for the year,” Mr. Mapa said in an e-mail.

ADB already cut its GDP outlook for the country to 4.5% from its earlier 6.5% forecast due to the prolonged lockdown.

“The protracted recession will sap even more momentum from the fledgling recovery and increases the likelihood that the Philippines does slip into a lower growth path in the coming quarters,” Mr. Mapa added.

If the hard lockdowns in Metro Manila and adjacent provinces will last for the entire second quarter, this could trim 1-1.2 percentage points from the full-year GDP, Security Bank Corp. Chief Economist Robert Dan J. Roces said in an e-mail.

“The likelihood of a less-than-expected economic growth increases given prolonged restrictions,” Mr. Roces said.

Slower economic growth also poses a threat to state’s coffers, as dampened economic activity will mean lower tax collections while the government has to prop up growth by ramping up spending further, he said.

“Prolonged curbs likewise entail that capital expansion be put on hold and this depresses bank lending further,” he added.

Meanwhile, Nomura said that the government’s slow vaccination rollout compared with its regional peers, will also be a threat to its economic recovery.

Nomura said that only up to 25% of the population in the country can be vaccinated by year’s end, leaving the Philippines vulnerable to virus resurgences throughout the year.

Sought for comment, the National Economic and Development Authority (NEDA) did not respond to queries at the deadline time.

NEDA previously estimated that foregone wages of workers due to the five-week lockdown from March 29 to April 30 could have reached P83.3 billion.

It said the two-week ECQ alone in early April may have shaved 0.8 percentage point off the GDP this 2021.

Economic managers are set to meet next month to review its growth targets.

$541M in ‘hot money’ exits Philippine markets

REUTERS
A picture illustration shows US 100 dollar banknotes taken in Tokyo, Aug. 2, 2011. — REUTERS/YURIKO NAKAO

By Luz Wendy T. Noble, Reporter

FOREIGN portfolio investments (FPI) yielded a net outflow for a second straight month in March as a surge in coronavirus infections prompted investors to seek safe havens.

Data from the Bangko Sentral ng Pilipinas (BSP) showed “hot money” — dubbed as such due to the ease by which these funds enter or exit an economy — posted a net outflow of $540.97 million in March, 44% smaller than the $961.08 million a year earlier but significantly bigger than the $40.41 million in February.

The March net outflow was also the biggest in 10 months or since the $1.006 billion seen in May 2020.

“Developments during the month included investor reaction to rising inflation and vaccine rollout amid the surge in virus infections and reimposition of restrictions on mobility in the National Capital Region and nearby provinces,” the BSP said in a statement on Thursday.

Stricter lockdown measures were implemented in Metro Manila and four adjacent provinces starting mid-March due to the sharp rise in coronavirus disease 2019 (COVID-19) cases.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said investors moved to safe havens in March as benchmark rates in the United States inched up.

“March saw a stark shift in global sentiment with US Treasury bonds rising quickly and taking the global market yields with it. This shift in sentiment pushed investors to exit from emerging markets, with the Philippines not spared from the exodus,” Mr. Mapa said in an e-mail.

During the month, hot money inflows declined by 13.6% to $824.23 million from a year ago and by 38% from the $1.337 billion in February.

Outflows likewise dropped 28.6% to $1.365 billion from $1.914 billion in March 2020 and by 0.94% from the $1.378 billion the prior month.

The BSP identified the United Kingdom, United States, Luxembourg, Switzerland, and Hong Kong as top sources of investments in March.

The bulk (90.5%) of these investments went to securities listed in the Philippine Stock Exchange (PSE), particularly to banks, property companies, holding firms, food, beverage and tobacco companies and transportation services firms.

However, year-to-date hot money transactions for PSE investments resulted in a net outflow, the BSP said.

Mr. Mapa noted the local market saw net foreign selling for 20 straight trading sessions “and counting.” He said this is a sign investors are more cautious over the Philippine growth outlook.

Analysts said policies to control the coronavirus surge could make or break investor sentiment and affect the course of hot money flows in the coming months.

“Flows would mostly be a function of measures to control the uptick in COVID-19 cases relative to a wider vaccine rollout, and the duration of lockdowns. A rolling lockdown without structural improvements could still affect investor perceptions and thus outflows might still be seen in the next month,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

President Rodrigo R. Duterte on Wednesday evening said Metro Manila and four nearby provinces will remain under a modified enhanced community quarantine (MECQ) for another two weeks to curb the continued rise in COVID-19 infections.

Mr. Mapa is hoping restriction measures would help arrest the surge in coronavirus cases, although he admitted these will have some negative impact on the economy.

The government expects the economy to expand by 6.5% to 7.5% this year, but these will likely be revised next month.

“Should the growth outlook dim further, and we’ve seen a lot of evidence that happening already, we could see a scenario wherein sentiment towards the Philippines sours further, which could lead to a second and even third straight month of hot money outflows,” Mr. Mapa said.

The central bank expects hot money to yield a net inflow of $5.7 billion this year. If realized, this would be a turnaround from the $4.24 billion FPI net outflows in 2020.

BoP deficit reaches $73 million in March

PHILIPPINE STAR/EDD GUMBAN

THE country’s balance of payments (BoP) stood at a deficit for the third straight month in March as the National Government continued to pay its dollar obligations, according to the Bangko Sentral ng Pilipinas (BSP).

The BoP posted a deficit of $73 million in March, reversing the $448-million surplus a year earlier, based on data released by the central bank on Thursday. It was, however, 96% smaller than the $2.019-billion deficit recorded in February.

“The BoP deficit in March 2021 reflected outflows arising mainly from the National Government’s net withdrawal of its foreign currency deposits with the BSP, which were largely used for debt servicing,” the BSP said.

In the first quarter, BoP posted a $2.844-billion gap, surging from the $68-million deficit during the same period in 2020.

The BoP shows a glimpse of the country’s transactions with the rest of the world. A deficit means more funds fled the country, while a surplus shows that more money came in.

The March BoP position reflects gross international reserves worth $104.48 billion, 0.64% lower than the $105.16 billion as of end-February.

This end-March dollar reserves level is enough to shield the economy against external shocks, as it is equivalent to 12 months’ worth of imports of goods and payments of services and primary income, the BSP said.

“It is also about 7.3 times the country’s short-term external debt based on original maturity and 5.2 times based on residual maturity,” it added.

The extension of the strict lockdown measures, which could slow economic activities and imports, may affect BoP in the coming months, Rizal Commercial Banking Corp. Michael L. Ricafort said in a text message.

President Rodrigo R. Duterte on Wednesday night said Metro Manila, Bulacan, Rizal, Laguna, and Cavite will remain under modified enhanced community quarantine (MECQ) until May 14.

Meanwhile, latest data from the Philippine Statistics Authority showed the trade deficit stood at $2.29 billion in February, as exports declined 2.3% to $5.31 billion while imports rose 2.7% to $7.6 billion.

The central bank projects the BoP to post a $6.2-billion surplus this year, equivalent to 1.6% of the economy.

Last year, the BoP reached a record surplus of $16 billion due to the rise in foreign debt and a slump in imports. — Luz Wendy T. Noble

NCR’s economic output shrinks by double digits — PSA

PHILIPPINE STAR/ MICHAEL VARCAS
THE National Capital Region saw its economic output contract by 10.1% in 2020, due to extended lockdowns amid the pandemic. — PHILIPPINE STAR/ MICHAEL VARCAS

By Ana Olivia A. Tirona, Researcher

THE economy of the National Capital Region (NCR), alongside those of Calabarzon and Central Luzon, suffered double-digit contraction that weighed heavily on the country’s output last year, the Philippine Statistics Authority (PSA) reported on Thursday.

All 17 regions posted declines, reflecting the Philippine economy’s downward revised record 9.6% drop last year amid strict lockdowns put in place to contain the spread of the coronavirus disease 2019 (COVID-19).

Preliminary results from the PSA 2020 Regional Accounts showed NCR shrank by 10.1% last year from the 7% growth recorded in 2019.

Other regions that posted double-digit declines were Calabarzon at 10.5% and Central Luzon with the worst decline in all regions posted 13.9%. The previous annual gross regional domestic product (GRDP) of these regions were recorded at 4.6% growth and 5.9% expansion, respectively.

NCR plays a “crucial role” in the national economy as well as its interrelation to the other two more progressive regions, Central Luzon and Calabarzon, National Economic and Development Authority Assistant Secretary Greg L. Pineda said during the briefing.

“The interdependence of the three major regions and also the restrictions of the physical movement of people, which created the job losses and income losses… contributed to the decline in the performance of the NCR for 2020,” Mr. Pineda said.

Metro Manila remained the largest contributor to the country’s economic output at 31.9%, albeit lower from 32.1% share in 2019.

Calabarzon — the region southeast of the capital and consists of Cavite, Laguna, Batangas, Rizal, and Quezon provinces — accounted for 14.5% from 14.6% in 2019, while Central Luzon had 10.7% share (from 11.3%).

Other regions that posted contractions below the national average were Cordillera Administrative Region (-9.9%), Central Visayas (-9.9%), Cagayan Valley (-9.9%), and Western Visayas (-9.7%).

Meanwhile, Bangsamoro Autonomous Region in Muslim Mindanao saw the slowest rate of decline at 1.9%.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the double-digit decline was an effect of the capital region being the “ground-zero” of the COVID-19 spread in the country last year.

“The deeper-than-the-national-average [GRDP] decline of NCR at 10.1% is not a surprise. NCR experienced the initial strictest lockdown affecting all aspects of economic activity back in March 2020,” Mr. Asunscion said in an e-mail interview.

In terms of sectoral output, Western Visayas recorded the steepest drop in services at 14.3%, followed by Cagayan Valley’s -11.6% and Central Luzon’s -10.6%.

For industry, Central Luzon led the decline with 20%, followed by Central Visayas and Cagayan Valley at 18.3% and 16.9%, respectively.

In agriculture, regions that posted increases were Western Visayas (6.2%), Central Visayas (4.2%), and Caraga (3.9%).

In terms of per capita GRDP last year, NCR led all regions with P405,399, around 2.5 times larger than the national average of P161,137, but lower by 11.2% year on year.

Sought for his outlook this year, Mr. Asuncion said: “The GRDP for NCR may not be far behind the national average we are expecting at 4.0% to 4.5% growth at this point.”

Regional share in gross domestic product, 2020

World to spend $157 billion on COVID-19 vaccines through 2025

TOTAL global spending on coronavirus disease 2019 (COVID-19) vaccines is projected to reach $157 billion by 2025, driven by mass vaccination programs underway and “booster shots” expected every two years, according to a report by US health data company IQVIA Holdings Inc released on Thursday.

IQVIA, which provides data and analytics for the healthcare industry, said it expects the first wave of COVID-19 vaccinations to reach about 70% of the world’s population by the end of 2022. Booster shots are likely to follow initial vaccinations every two years, the report said, based on current data on the duration of effect of the vaccines.

The US is preparing for the possibility that a booster shot will be needed between nine to 12 months after people receive their first full inoculations against COVID-19, a White House official said earlier this month. Pfizer Inc has also said boosters may be needed within 12 months.

Vaccine spending is expected to be highest this year at $54 billion with massive vaccination campaigns underway around the world. It is expected to decrease after that eventually to $11 billion in 2025, as increased competition and vaccine volumes drive down prices, said Murray Aitken, a senior vice-president at IQVIA.

The forecast for such meteoric growth in sales for a new class of drugs or vaccines is unmatched, but reminiscent of the $130 billion spent on the new hepatitis C cures between 2014 to 2020 due to pent up demand, Mr. Aitken said in an interview.

The spending forecast for COVID-19 vaccines represents 2% of the roughly $7-trillion forecast for all prescription medicines during that time period, IQVIA said.

Excluding the cost of COVID-19 vaccines, overall medicine spending is forecast to be $68 billion lower over the six years from 2020 to 2025 than it would have been without the pandemic, according to the report. 

The pandemic caused major disruptions to doctor visits, procedures and medicine use, leading to some stockpiling in the early days for some medications and then a return to a more normal trend, the report said.

“While COVID-19 vaccines will cost $157 billion over the next five years,” Mr. Aitken said, “that is a very small price to pay relative to the human cost of the pandemic.” — Reuters

Ayala-led IMI turns profitable despite components shortage

By Keren Concepcion G. Valmonte

INTEGRATED Micro-Electronics, Inc. (IMI) turned in a first-quarter net income of $2.19 million attributable to its equity holders, swinging from the P4.62-million loss a year ago, despite the shortage in the electronics component market.

“As we continue to adapt to the market environment imposed by the pandemic, our entire industry is once again challenged by component shortages that have been impacting electronics companies worldwide,” IMI President and Chief Executive Officer Arthur R. Tan said in a statement on Thursday.

The Ayala-led company, an exporter of products for the electronics sector, said its management took “swift decisive actions” to mitigate the impact of the global shortage.

Sales grew by 28% to $327.54 billion from the $255.82 billion seen in the January-to-March period last year, which was affected by the first stages of the pandemic.

“IMI management teams have taken swift decisive actions to leverage our scale and global supply chain network to mitigate the impact of this headwind. I am confident that we will again emerge stronger and wiser from the challenges that 2021 brings,” Mr. Tan said.

IMI said its wholly owned subsidiaries grew by 22% to $255 million, stating that results “could have been better if not for longer supply lead times on certain critical components.”

The company said that most of its global businesses fared better compared with their performance in the fourth quarter of last year, except for its unit in Mexico along with VIA Optronics AG and STI Ltd. because of the component shortage.

The Mexico business generated $37.3 million in the first quarter of 2021, 13% higher than the $33.1 million seen in the same period the previous year. However, it is lower than the $41 million seen in the fourth quarter of 2020.

“They have five million of revenues that they were not able to book because of missing components,” IMI Senior Managing Director and Global Chief Financial Officer Jerome S. Tan said during the company’s first-quarter briefing.

“They have, however, started to normalize in [the second quarter] so we expect much higher growth,” he added.

Meanwhile, non-wholly owned business segments improved by 55% in revenues to $73 million.

VIA Optronics is expected to invest more in research and development, while STI will be focusing on new business through the mass production phase for the rest of the year to drive further growth.

IMI posted a 48.5% increase in gross profit to $28.91 billion from $19.47 year on year.

Gross profit margin bumped up to 8.8% from last year’s 7.6%. This is slower than the 10.3% seen in the previous quarter due to lower revenues, more expensive shipping fees, and the component shortage.

“The impact on the component shortage this time around is less on the increase in the raw material prices, but more on the inefficiency as a result of the different lead times, the allocation, or misdeliveries from the suppliers. So that created a lot of inefficiency in terms of production,” said IMI’s finance chief Mr. Tan.

On Thursday, IMI shares at the stock exchange closed at P10.30 each, going up by 0.39% or four centavos.

Aboitiz unit, Swiss firm to build local telco towers

AOPSAN/FREEPIK

ABOITIZ InfraCapital, Inc. said it is working with Switzerland-based global private markets investment management firm Partners Group Holding AG to build and operate telecommunication towers in the Philippines.

Aboitiz InfraCapital and Partners Group intend to “build and operate telecommunication towers and support infrastructure across the country” through a telecommunications infrastructure platform called Unity Digital Infrastructure, Inc., the listed company told the local bourse on Thursday.

In February, Unity Digital Infrastructure secured a certificate of registration as an independent tower company from the Department of Information and Communications Technology.

“It is now working on the rollout of its pilot batch of towers with the mobile network operators,” Aboitiz InfraCapital said.

The company said the partnership aims to support the government’s goal to improve the country’s internet connectivity in local communities by increasing the number of cell sites.

Existing mobile network operators may co-locate on Unity Digital Infrastructure’s tower assets, Aboitiz InfraCapital said.

Co-location and sharing of telecom infrastructure should help fast-track expansion, increase service reliability, reduce costs, and lessen redundant sites, it noted.

“The urgent need to expand the country’s infrastructure is creating opportunities for new providers to quickly capture market share,” said Grace del Rosario-Castaño, operating director of Unity Digital Infrastructure and member of Board of Directors of Partners Group. — Arjay L. Balinbin

Looking for unsung heroes

FDCP and Nat’l Artist Kidlat Tahimik join forces in short film tilt

SMALL acts of kindness and heroism are often overlooked, with some of these stories known only to one person or local community. Those stories can now be told in film through Kidlat Tahimik’s Unsung Sariling Bayani (USB) Short Film Competition.

The USB Short Film Competition was launched by the Film Development Council of the Philippines (FDCP) in partnership with the National Quincentennial Committee (NQC), with the support of The Bureau of Learner Support Services — Youth Formation Division of the Department of Education.

Kidlat Tahimik, a National Artist for Film and Broadcast Arts, hopes the competition will balance the influence of foreign comic book superheroes on the Filipino youth’s mindset with stories of our Filipino real-life heroes. The film competition’s theme takes its inspiration from the 500th anniversary of the Victory at Mactan which was marked earlier this month.

Prior to earning the National Artist title, Kidlat Tahimik had always had the advocacy to produce more local stories.

“Bringing it this year is a good catalyser. Why not also use it as a good time to tell stories based on the theme of heroism by looking into our local neighborhood?,” he said in a video during an online press conference on April 27 over Zoom.

“Meron mga maliliit na kwento na pwede nating palakihin yung relevance sa audience kasi naka-focus tayo sa Filipino values which prompted these people to do the heroic deed (There are small stories which we can increase the relevance to the audience since we are focused on Filipino values which prompted these people to do the heroic deed),” he said.

“Using short films as a tool to share these stories, napaka-accessible ito sa mga kabataan ngayon (it is very accessible to the youth today)… By embracing the format of short films, they can actually tell important stories na hindi nila kailangang gumastos ng malaking halaga (By embracing the format of short films, they can actually tell important stories without having to spend a large amount),” FDCP chairperson and CEO Mary Liza Bautista Diño-Seguerra said in the same press conference.

“We want to make the art of filmmaking accessible to them. Through this competition, we can champion its importance,” she said.

COMPETITION MECHANICS
The competition is open to stories depicting the life, times, and achievements of documented and verifiable unsung local heroes. The entries must be five to eight minutes long, including the credits.

It has three categories: Youth Category- Senior High Student (public school); Youth Category-Senior High Student (private school); and Adult Category (ages 18 and above). The deadline for the submission of entries is on Oct. 11.

“Because of the instant or user-friendliness ng camera, it will encourage a lot of young people to get directly into the story… it lessens the technical hurdle [also]. Talagang nade-democratize ang filmmaking, and it will bring out our USBs much easier,” the National Artist said of the accessibility to smartphone cameras which may be used for filming the entries.

A total of 30 finalists will be selected, with equal representation from the National Capital Region, Luzon, Visayas, Mindanao, and Bangsamoro Autonomous Region in Muslim Mindanao.

The finalists will receive cash prizes and free access to educational events to aid in their filmmaking process. After the competition, USB winners and finalists will get the chance to attend more free training sessions and workshops to be conducted by the FDCP.

The FDCP Channel will host the USB Online Film Festival from Nov. 11 to 17 and will stream the awards ceremony on Nov. 14. Aside from the festival proper, USB will hold the FDCP Film School Basic Workshops on Filmmaking as well as the “Storming with Kidlat: Usapang Bayani Forum” wherein participants can consult with the National Artist.

For more information and to download the application form, interested parties can visit www.fdcp.ph/sariling-bayani and for inquiries, they can send an e-mail to Mark John Pamintuan at sarilingbayani.fdcp@gmail.com with the subject heading “Query: USB 2021.” — Michelle Anne P. Soliman

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