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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

Robinsons Retail income improves by 2.4% to P945M

JGSUMMIT.COM.PH

ROBINSONS Retail Holdings, Inc. said its net income attributable inched up by 2.4% to P945 million during the January-to-March period from the P923 million generated in the same quarter in 2020.

“Amid the present volatility of the business environment, we are strengthening our strategies to constantly adapt to our customers’ needs and create shared value for our stakeholders,” said Robina Gokongwei-Pe, president and chief operating officer of Robinsons Retail, in a statement on Thursday.

Meanwhile, sales declined by 11.1% to P35.6 billion from the P40.06 billion seen a year ago.

Same store sales growth (SSSG) also slowed by 16.1% from when “panic buying for essential goods such as food and medicines” were reported in the period last year for the company’s supermarket and drugstore segments, leading to record high SSSGs.

Varying quarantine measures implemented in the first three months of the year also affected the sales of other formats, versus the 15 days of lockdowns imposed in 2020.

E-commerce sales during the first quarter went up sevenfold from the same period in the previous year, with GoRobinsons generating the most sales.

GoRobinsons offers products from Robinsons Supermarket, The Marketplace, Shopwise, Handyman, True Value, Toys ‘R’ Us, and No Brand.

Robinsons Retail’s drugstore and appliances segments are also available online.

“Rose Pharmacy, which was acquired in October 2020, contributed to the operating income in the first quarter of 2021, faster than targeted, arising from the synergies with Southstar Drug,” Robinsons Retail said.

The company’s operating income declined by 30.5% to P1.16 billion from P1.67 billion. Robinsons Retail said it reduced operating expenses by 6.8% year on year, without disclosing specific figures.

“We remain agile as we accelerate the growth of our e-commerce programs while ensuring that necessary cost controls are in place,” Ms. Gokongwei-Pe said.

For the quarter, Robinsons Retail’s EBITDA (earnings before interest, taxes, depreciation, and amortization) amounted to P2.83 billion, down by 15.1% from P3.33 billion.

Shares of Robinsons Retail closed unchanged at the stock market on Thursday at P51.90 each. — Keren Concepcion G. Valmonte

Viva Europa 2021 cultural festival goes online

POETRY is a major focus of the European Union’s (EU) annual cultural celebration, which will be held online this year because of the ongoing COVID-19 pandemic.

Viva Europa 2021: Sama Sama Together will be held from May to June, with activities streamed through the European Union Delegation to the Philippines Facebook page (https://www.facebook.com/EUDelegationToThePhilippines).

Working together to put on Viva Europa 2021 are the EU Delegation to the Philippines, the Embassies of Belgium, the Czech Republic, Denmark, Germany, Spain, France, Italy (through the Philippine-Italian Association), Hungary, Austria, Poland, the Cultural Center of the Philippines, Ateneo de Zamboanga University, Dela Salle University, and the Far Eastern University.

EU Ambassador Luc Véron said this year’s cultural celebration highlights the partnership, friendship and the shared cultural values between the EU and the Philippines and in the context of the bilateral Partnership and Cooperation Agreement.

“Cultural cooperation is the best way [probably] to combat stereotypes and nurture dialog, open-mindedness, dignity, and mutual respect,” Mr. Véron said in an online press conference on April 22 via Zoom.

“Culture, after all, provides us a platform for dialogue and closer engagements. It defines our identity, and it makes us understand each other better. In other words, It’s what binds us together,” he added.

POETRY AND FILMS
Children and families will once again be in the spotlight of this year’s cultural program. The Lakbayin Natin ang EU (Journey through the EU) festival, held on May 16 (10 a.m.), will feature European stories and tales, games, languages, film, music, arts and crafts for Filipino children as prepared by the EU Delegation and the Embassies of the Czech Republic, Germany, France, Austria, Poland, and the Philippine-Italian Association. The art of creating friendship bracelets in line with the theme “Friendship and Partnership” will also be taught to kids during the festival.

A highlight of the festival is the poetry festival Bersong Euro-Pinoy, on May 21 to 28 (6 p.m.), which will feature both European and Filipino poetry.

Belgium’s fourth National Poet, Carl Norac, will recite his original works Pour Marcel Moreau (For Marcel Moreau), dedicated to the late Belgian writer, and Pour Mustafa, pour Mustafa Kör (For Mustafa, for Mustafa Kör), a poem dedicated to Mustafa Kör who will succeed him in Jan. 2022 as a National Poet. Meanwhile, Spanish poet Luis Garcia Montero —  who is the director of Instituto Cervantes in Madrid — will recite his original work for Bersong Euro-Pinoy. And, for the first time, German artist/actress Luisa Katharina Davids will recite the German translation of Mi Ultimo Adios.

La Punta della Lingua poetry festival from Italy will once again join the Bersong Euro-Pinoy poetry recital this year. The poems will adhere to the theme of friendship and partnership.

Filipino poets from the Department of Literature, De La Salle University will read their original works in Filipino, Hiligaynon, Kinaray-a, and Waray. Filipino poets from Ateneo de Zamboanga University and Mindanao will read their pieces in their mother tongues.

Dora Šedivá, daughter of Czech Ambassador Jana Šedivá, returns to the festival with her friend Marika Štěpková, daughter of Czech Deputy Ambassador Jana Peterková. They will read Fortune (Štěstí), a poem by Adolf Heyduk, both in Czech and in English.

Det er Liv et Reise (To Travel is to Live) by Hans Christian Andersen will be read by Danish Ambassador Grette Siallasen. Victor Hugo’s poem Amis, Un Dernier Mot will be read by a representative from the French Embassy. Dante Alighieri’s Rima LII, a sonnet on friendship, will be read by Alessandro Milani, General Manager of the Philippine-Italian Association. Erich Fried’s Love will be read by Gerald Poellabauer and Crystal Eunice Dela Cruz of the Austrian Embassy. Labirynt (Labyrinth) by Nobel Peace Prize Winner Wisława Szymborska will be recited by Poland’s Chargé d’Affaire Jaroslaw Roman Szczepankiewicz.

On June 4 (6 p.m.), the cultural celebration will continue with the Euro-Pinoy Concert. The occasion includes a performance of the contemporary dance GUIDE, featuring Věra Ondrašíková and Co. from the Czech Republic. German visual artist Lisa Kossen will bring a musical number to life through her visual art. Other performers include jazz artist Eric Soulard from France, violinist Tullio Vidmar from Italy, Trio Artio from Austria, and jazz artist Artur Dutkiewicz from Poland

Musica FEUropa Choral Festival, the traditional choral festival of the EU Delegation and the Far Eastern University, will be held on all Saturdays of May from 8 to 9:30 p.m.

University students across the Philippines gear up for EU Whiz: Filipino Youth of the FEUture, an inter-collegiate competition spearheaded by the EU Delegation (it is endorsed by the Commission on Higher Education). Applications to join are open until May 1. For the requirements, visit https://www.euwhizfyf2021.engage.eu/.

Apart from the quiz, the EU Whiz: Filipino Youth of the FEUture has been expanded to include two more events online — the My Space, My Rights video competition, and the Green ECO I See digital art competition.

The European Union Film Festival and EuroPelikula film festival will be accessible online from May 5 to June 5. This year’s lineup includes: Acasa My Home by Radu Ciorniciuc (2020); Aurora by Miia Tervo (2019); Fire Will Come (O Que Arde) by Oliver Laxe (2019); Her Job (I Doulia Tis) by Nikos Labôt (2018); Our Struggles (Nos Batailles) by Guillaume Senez (2018); Perfumes (Les Parfums) by Gregory Magne (2019); and The Audition (Das Vorspiel) by Ina Weisse (2019).

WEBINARS IN BICYCLES AND DANTE
This year the festival will also feature a number of webinars on bicycle tourism and road safety, the works of Dante Alighieri, and European space programs.

Presented by the Danish Embassy and Intramuros Administration, the webinar on “Bicycle Tourism, Road Safety/Etiquette, Bike-Friendliness and People-Centered Architecture” will be held on May 21, 9.30 a.m.

The Royal Netherlands Embassy and Makati Business Club will conduct a webinar on “Starter Sessions: Your Guide To Be A Bike Friendly Business” on May 21 (3 p.m.) with Chris Bruntlett, Marketing & Communications Manager of the Dutch Cycling Embassy as a speaker. This webinar aims to help Philippine businesses learn from Dutch best practices on biking, so that they may localize these to the Philippine context. Topics include the business benefits of biking, examples of bike-friendly services and facilities provided by businesses in the Netherlands, and tips, advice, and best practices.

The Philippine-Italian Association presents Dante in the Philippines: Teaching and Translating Dante Today on May 7, (2 p.m.). The 700th death anniversary of Dante Alighieri offers the opportunity to talk about the relevance of his major work, the Divine Comedy, to contemporary Filipinos, and investigate two important aspects of cultural transmission: teaching and translating. Professor Paul Dumol of the University of Asia & the Pacific, and Professors Michael Coroza and Jonathan Chua of Ateneo de Manila University are the resource persons.

“Beyond the Stars, Reach out to the Skies,” a webinar on the Copernicus and Galileo space programs and how these technologies are used during the pandemic and in disaster preparedness, will be held on June 25, 3 p.m. Space scientists from the European Commission and Hungary will join a roster of local speakers and participants from the Philippines.

For more information, visit https://eeas.europa.eu/delegations/philippines_en. — MAPS

2GO Group buys new Japan vessel

FACEBOOK.COM/2GOTRAVEL

2GO Group, Inc. on Wednesday announced the purchase of a new vessel from Japan, which will make its maiden voyage in the Philippines in May.

“The newly purchased ship will be part of 2GO’s fleet of 10 ROPAX (roll-on/roll-off passenger) and freighter vessels, sailing to 20 major ports of call, linking Manila to Visayas and Mindanao,” the company said in an e-mailed statement.

The acquisition, the company noted, is part of its continuing modernization program, which includes upgrading of its fleet and modernizing its operations.

With its discounted tickets, the company said it is ready for the resumption of domestic tourism.

The company is banking on its modernization projects to return to profitability.

It recently reported an attributable net loss of P1.84 billion for 2020, significantly wider compared with the previous year’s loss of P890.35 million.

But the company said it has no plans to raise additional capital for its modernization efforts.

“At this time, the management is able to fund these investments internally; thus, [we] have no current plans to raise additional capital,” William Charles Howell, 2GO chief financial officer, said at the company’s annual stockholders’ meeting on April 23.

2GO Group shares closed 0.12% lower at P8.27 apiece on Thursday. — Arjay L. Balinbin

Shrek at 20: celebrating the film’s unique brand of animated anarchy and sardonic irreverence

Shrek (2001) — IMDB.COM

While Pixar’s groundbreaking Toy Story often achieves plaudits for the shot in the arm it gave Hollywood animation in the mid-1990s, it’s impossible to ignore the influence of DreamWorks’ 2001 computer-animated hit Shrek. The grubbier and more sarcastic sibling to Woody and Buzz, Shrek was a milestone for American cartoons that paved the way for a unique brand of animated anarchy and sardonic irreverence that still holds sway across the industry today.

Back in 2001, animation’s digital revolution was slowly but surely gaining momentum. In the US alone, the first Toy Story in 1995 was followed by Pixar’s insect-themed epic A Bug’s Life three years later, and then a second outing for Woody and the gang in Toy Story 2 in 1999. There were also a handful of other features, from Final Fantasy: The Spirits Within (2001) to Jimmy Neutron: Boy Genius (2001), which further tested the possibilities of computer-generated (CG) characters to varying degrees of success. And then came Shrek.

DreamWorks had already dipped its toes into the digital waters with its CG debut Antz in 1998. A film about an underground ant colony, it seemed to gazump rival feature A Bug’s Life, which would appear in cinemas only a month later.

The competition between the two films was further stoked by the fact that DreamWorks co-founder Jeffrey Katzenberg had been fired from Walt Disney in 1994 by then-president and CEO Michael Eisner. Mr. Katzenberg, it seemed, had beaten Disney to the punch.

Antz grossed a healthy $171.8 million internationally (though roughly half of A Bug’s Life’s $363.3 million). It was next followed by the studio’s brief forays into traditional animated production with The Prince of Egypt and The Road to El Dorado.

However, it was the commercial and critical success of Shrek that really announced Katzenberg’s DreamWorks as a major force in a blossoming US animation industry. The film earned a whopping $488 million internationally, cementing DreamWorks as a serious competitor for animation audiences and posing the first recognized threat to Pixar’s CG supremacy.

BEYOND ‘ONCE UPON A TIME…’
Adapted from William Steig’s 1990 picture book of the same name, the animated Shrek set the template for a particular kind of adult-oriented cartoon. Magic kingdoms were firmly out, and mud baths and swamps were very much in.

The film’s ironic distance, scornful approach to its fairy tale subject matter, smattering of literary and film references, as well as its broader pop culture literacy, have all since impacted the tone of several blockbuster animated features.

The “tech” of Shrek also marked a step-up for computer graphics. This included the sophisticated digital rendering of fire and water, and the illusion of convincing human characters.

Behind-the-scenes, Shrek was no less revolutionary in the handling of its A-list celebrity voice cast. Animation studios have a longstanding history of casting bankable stars to voice their cartoon creations. However, actors Mike Myers, Cameron Diaz, Eddie Murphy, and John Lithgow were positioned front and center as part of the film’s advertising campaign in ways not seen before in the marketing of mainstream animated features.

CONTINUING THE LEGACY
Shrek’s appeal since its original release in April 2001 has steadily increased. This has been thanks to a profitable franchise, including a cycle of big-screen sequels (three between 2004 and 2010) and spin-offs like 2011’s Puss in Boots, and Christmas and Halloween TV specials. There have also been video game adaptations, a stage musical on Broadway, and a theme park ride. All have preserved and expanded the Shrek mythology.

As the original film hits its 20th anniversary, accompanied by the hashtag #Shrek20thAnniversary, numerous animators and artists have been vocal across social media in their praise for the film. Previously unseen artwork have been shared alongside storyboards, early CGI test material and even audio footage of comedian Chris Farley’s original performance as Shrek (Farley died in December 1997 having recorded a substantial portion of the role, only to be replaced by Mike Myers).

The Hollywood trade press has also got in on the act of championing Shrek’s legacy. Variety recently heralded Shrek’s soundtrack as a “millennial cultural touchstone,” explaining how its turn towards contemporary music instead of original songs marked a first for popular animated features (the soundtrack featured on the Billboard 200 and also achieved a Grammy nomination).

Shrek’s signature hit — Smash Mouth’s “All Star” which served to introduce the bad-tempered ogre in the film’s opening sequence — was certainly a departure from Disney’s “A Whole New World” and “Circle of Life.” Yet its bombastic tone once again fitted the film’s playful anti-Disney sensibility. Shrek’s frequent aims at the Mouse House’s recognizable narrative formula and saccharine sentimentality were deemed a pointed dig at Mr. Katzenberg’s former employers too.

The future of Shrek on the big screen remains unresolved. A fifth film has been in the works for years, canceled, revived, and then canceled again. The current word is that Shrek, Donkey, and Fiona might yet appear in another installment.

For fans of the iconic Shrek, it’s definitely not ogre yet.

 

Christopher Holliday is a Lecturer in Film Studies, Department of Liberal Arts, at King’s College London

Fashion group seeks intellectual property express lane

A FASHION industry group is asking for quicker intellectual property (IP) rights processing for small businesses and indigenous groups.

“I’d like to petition… for an express lane for IP registration for MSMEs (micro, small, and medium-sized enterprises) and indigenous communities as well as our fashion community,” Philippine Fashion Coalition Founder Carissa Cruz-Evangelista said at an online event organized by the intellectual property office on Thursday.

E-commerce firms, she said, should help the Intellectual Property Office of the Philippines (IPOPHL) deal with counterfeit goods sold on their platforms.

Ms. Evangelista spoke about the global trade in counterfeit goods amid the rise of e-commerce, which she said would require more policing.

“There’s actually more work. It’s no longer just traditional and we have to grow with the times. On the flip side… there’s also going to be more business,” she said.

Fashion, music, and books would be directly sold to consumers through online channels, she added.

“But we need to make sure that there’s an IP protection budget for companies who are bigger and for SMEs like me who are smaller.”

Intellectual property rights violations reports sent to IPOPHL spiked during the lockdown last year, with the majority of complaints related to piracy and counterfeiting. Most of the violations, the agency said, are done online.

Trade Secretary Ramon M. Lopez at the same event said that intellectual property awareness among small businesses remains low.

“Ang halaga ng business ay nakadepende sa IP na pag-aari niya. Diyan po talaga kumukuha ng malaking valuation,” he said.

(The value of a business depends on the IP that it owns. That’s where the big valuation comes from.)

“In a business, kapag ‘yan po ay nagkaroon ng mergers and acquisitions in the future, kapag binigyang value ang equipment o makinarya, nag-depreciate na ‘yan at wala na halos halaga. Mataas ang value sa brand, na dapat ikaw ay may-ari, base sa market share mo.”

(If a business goes into mergers and acquisitions in the future, its machinery and equipment could depreciate or even lose value. A brand is valuable, and you should own it based on your market share.) — Jenina P. Ibañez

BRIT Awards winners to get two trophies, one for sharing

LONDON —  Winners at next month’s BRIT Awards will receive two different trophies, encouraged to share one as a way to embrace the community spirit and kindness seen during COVID-19 lockdowns, organizers of Britain’s pop music honors said on Wednesday.

Artists Es Devlin and Yinka Ilori designed the statuettes, which will be handed out in pairs at the May 11 ceremony held at London’s O2 arena.

“Each recipient is invited to award the second trophy to someone they consider worthy — it might be recognition — or it might be someone that does something entirely unrelated to music,” Ms. Devlin said.

Mr. Ilori added that the idea came from the experience of lockdown. “Your neighbor you’ve lived beside for six years and never say hello to suddenly gave you flowers, food, acts of kindness. I wanted to capture that,” he said.

Ms. Devlin and Mr. Ilori follow in the footsteps of designer Vivienne Westwood, milliner Philip Treacy and Turner Prize winner Anish Kapoor, who all designed BRIT trophies in the past.

This year, a colorful larger statuette was inspired by Ilori’s Nigerian heritage, while Ms. Devlin said the smaller trophy was “engraved with the maze pattern that celebrates the paths many of those working within the creative industries have had to tread in order to progress through this challenging year.”

Some 4,000 people will attend the BRITs, which organizers have said will be the first major indoor music event with a live audience as Britain emerges from coronavirus disease 2019 (COVID-19) lockdown.  More than half of the audience, 2,500 people, will be key workers with tickets gifted through a ballot. — Reuters

Risks from Fed unwinding to be manageable for PHL

BW FILE PHOTO

THERE IS A risk of another “taper tantrum” episode amid rising US Treasury bond yields, but the Philippines and other Asian economies are now better equipped to handle this, the Asian Development Bank (ADB) said.

“The risk of a taper tantrum repeat is non-zero, but I think it’s manageable,” ADB Chief Economist Yasuyuki Sawada said at the BusinessWorld One-on-One online forum.

“I believe the Fed (US Federal Reserve) will be really careful in communicating with the market if they want to change the position of monetary policy,” he added.

The taper tantrum happened in 2013 when the US Federal Reserve signaled it would start to reverse its massive quantitative easing program. This resulted in panic over rising credit costs which led to sharp outflows from emerging markets and left central banks scrambling to hike interest rates.

Benchmark US 10-year Treasury yields were on an uptrend in the first quarter but have been stabilizing since then. The Fed has also signaled that it is still too early to talk about dialing back its bond buying program.

Mr. Sawada said capital flows in Asian economies are no longer as volatile now and currencies in the region have also strengthened against the US dollar.

He also noted that central banks’ unwinding of quantitative easing measures is not yet a concern as rising inflation in most economies in Asia is seen to be temporary.

“I think there is some uptick pressure of inflation, but this element seems to be temporary, not permanent. And also, if we take a scenario that unwinding will happen, I believe the most critical element is proper communication,” he said. “I think the Fed will be really well communicated, learning from the past experience, and so I believe there will be no surprise or misunderstandings.”

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said in a Viber message on Thursday that the Philippines is in a stronger position now compared to where it was during past political and economic crises, including the Asian Financial Crisis and the Global Financial Crisis.

He said in the past, the peso depreciated against the greenback due to a shortage in the supply of dollars, with the local unit’s weakening accompanied by an increase in interest rates to stem dollar outflows.

“This crisis is a pandemic. Our external position is sound. GIR (gross international reserve) level is at a historic high, more than sufficient to cover imports needs. The GIR exceeds total foreign debt, which by the way are largely medium- and long-term in tenor,” he said.

“The 2013 ‘taper tantrum’ may be concerning for some emerging economies, but not for the Philippines. Not all emerging economies are alike. The Philippines is different because of its strong macroeconomic fundamentals and its focus on structural reforms before and even during pandemic,” the BSP chief added.

The country’s dollar reserves inched down by 0.64% to $104.48 billion as of March from the end-February level, but was higher by 18% from a year ago.

GIR hit an all-time high of $110.117 billion last year. Sufficient foreign exchange buffers can shield the economy from high volatility and ensure the country can pay off its debts even during crises. — B.M. Laforga

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