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Q2 GDP growth higher than initially reported

PHILIPPINE STAR/ MICHAEL VARCAS

By Jenina P. Ibañez, Senior Reporter

ECONOMIC GROWTH in the second quarter grew at a slightly faster pace than initially reported, the Philippine Statistics Authority (PSA) said on Monday.

Gross domestic product (GDP) — the value of all finished goods and services produced in the country at a given period — rose by 12% in the second quarter, quicker than the 11.8% preliminary estimate.

Major contributors to the revision were higher growth rates in education (12.6% from 10%), financial and insurance activities (5.2% from 4.2%), and construction (27.1% from 25.7%).

However, the decline in net primary income (NPI) from countries abroad was faster than initially reported at -54.4% from -53.8%.

Gross national income — the sum of the country’s GDP and NPI received from overseas — was revised upwards to 6.8% from 6.6% previously.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the slight upward revision may be attributed to unusually low base effects from the height of mobility restrictions in the second quarter last year compared with more business activity this year.

Measures to reopen the economy benefited the construction sector along with financial and insurance activities, he said in a Viber message.

“The shift and the start of online learning may have benefited the education sector, compared to a year ago,” he added.

ING Bank N.V. Manila Branch Senior Economist Nicholas Antonio T. Mapa said in an e-mail that revisions came mostly from services and construction, reflecting the improved mobility and consumer confidence that led to a quicker pickup in economic recovery.

“The lockdowns and poor sentiment (both consumer and business) have held back expansion, particularly in the services sector. This development also manifests in the recent labor market data that shows most of the challenges faced by the labor force are in services that oftentimes require face to face interaction,” he said.

The preliminary estimate for the third-quarter GDP will be released today (Nov. 9).

A BusinessWorld poll of 18 analysts yielded a GDP growth estimate of 4.7% in the third quarter, lower than the 12% jump in the second quarter of 2021 and a turnaround from the 11.4% decline in the third quarter last year.

The government cut its economic growth target for 2021 to 4-5% from 6-7% previously.

Mr. Ricafort said the data revision for the second quarter could have a slight positive impact on GDP growth estimates for the succeeding quarters as well as the full-year economic growth rate.

An economic rebound and curbing coronavirus disease 2019 (COVID-19) infections go hand in hand, Mr. Mapa said.

“Cutting corners and rushing reopening without properly addressing the healthcare crisis oftentimes leads to costly reversal in quarantine restrictions as COVID-19 infections surge,” he said.

Makati subway project secures tax perks

THE FISCAL Incentives Review Board (FIRB) has approved the grant of tax incentives for the rail operations of the P81-billion subway project in Makati City.

According to a Finance department statement, the Makati subway project will be given four years of income tax holiday followed by five years of duty exemptions for imports of goods related to building and maintaining the project.

Rail operations set to start in January 2026 could increase economic productivity by P24.4 billion each year.

“This will be monitored, along with the other projected benefits, in accordance with the principle of granting incentives based on merit or performance embodied in the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law,” the Department of Finance (DoF) said.

Trade Secretary and FIRB Co-Chair Ramon M. Lopez said the productivity boost would offset foregone revenues.

The CREATE Law or Republic Act No. 11534, overhauls the tax incentives system to make them more performance-based and timebound.

Finance Secretary Carlos G. Dominguez III, who co-chairs the FIRB, said the incentives only apply to the Makati subway’s rail operations.

Other business activities related to the subway, such as the leasing of retail areas and advertising, will be subject to the regular income tax rate.

Philippine Infradev Holdings, Inc. is developing the Makati subway under a joint venture agreement with the Makati City government. Philippine Infradev is led by President and Chief Executive Officer Antonio L. Tiu and Chairman Ren Jinhua.

Mr. Dominguez also said that the Makati City government and the Department of Transportation (DoTr) should “work out the details” of connecting the proposed subway to the National Government’s Metro Manila Subway Project.

Excavation work for the Metro Manila Subway Project is expected to start in the first quarter next year, the DoTr said in September.

Shares in Philippine Infradev rose 1.72% to P1.18 each on Monday. — Jenina P. Ibañez

PHL ranks last in Asia-Pacific economic integration

ICTSI

THE PHILIPPINES has fallen behind in economic integration in the Asia-Pacific region as it registered the poorest performance in an index measuring 17 economies’ performance in 2019.

The Pacific Economic Cooperation Council (PECC) in its State of the Region Report 2021-2022 released on Monday said the Philippines’ integration performance “still has the biggest gap behind the regional average, and its convergence ranking remains the lowest amongst all 17 economies in both 2015 and 2019.”

The index measures the degree of economic integration in the region based on trade of goods, investment, and tourism. It also measures convergence in gross domestic product (GDP) per capita, the share of non-agriculture to GDP, the urban resident ratio, life expectancy, and share of education expenses in the gross national income.

“The process of economic integration is commonly defined as the intra-regional freer movement of goods, services, labor, and capital across borders,” PECC said.

The Philippines scored -11.35 in the composite index, behind the 15.61 regional average.

The report said the rankings should not be read as league tables, given that lower rankings may imply that an economy is more oriented globally than regionally.

Recent figures show increasing integration indicating a more frequent exchange of goods, capital, and people among some economies in the Asia-Pacific.

Singapore, Hong Kong, Thailand, Vietnam, and Korea performed best in the 2019 index.

“As the freest business harbors, Singapore and Hong Kong (China) benefit the most from economic integration in trade, investment, and tourism,” PECC said.

PECC said intra-regional trade flows have improved among some economies, including the Philippines.

“Compared to 2015, in 2019 only six out of the 17 included economies show an increase in their intra-regional trade shares: the Philippines, Vietnam, Mexico, Canada, Australia, and New Zealand,” it said.

“Meanwhile, major trading economies, such as China, the United States, Japan, and Korea, have nontrivial decreases, which mainly occurred in 2018 and 2019.”

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said relatively poor Philippine integration might in part have been brought about by restrictions on foreign ownership preventing the country’s regulations from aligning with the region.

“There are also some constraints on the further integration of financial markets such as the need to further harmonize financial market/banking regulations,” he said in a Viber message.

“Competitiveness (is) also relatively lower such as the ease of doing business relative to the other countries.”

UnionBank of the Philippines Chief Economist Ruben Carlo O. Asuncion said the Philippines has been more integrated with the Association of Southeast Asian Nations (ASEAN) than before.

“If we indeed have fallen behind, then, this is the most wonderful opportunity to improve integration efforts (because there are literature affirming the impact of economic integration on economic growth),” he said on Viber.

“This said ‘falling behind’ should be known and heard by our (presidential) candidates so that they will know how to help the country and incorporate it in their respective platforms.” — Jenina P. Ibañez

Fruitas to acquire Surehealth in foray into healthcare business

FACEBOOK.COM/SUREHEALTHCLINICS
FRUITAS Holdings, Inc. will buy 100% of shares of Surehealth Multi-Specialty and Diagnostic Clinic Corp. — FACEBOOK.COM/SUREHEALTHCLINICS

LISTED food and beverage store operator Fruitas Holdings, Inc. entered an agreement to acquire 100% of shares of its healthcare provider, Surehealth Multi-Specialty and Diagnostic Clinic Corp. to take advantage of the growing demand for healthcare services in the Philippines.

Fruitas will acquire 100% of Surehealth under the agreement, which will include its assets like medical equipment, specialized manpower, and a physical clinic at Sta. Mesa in Manila.

“The transaction is subject to execution of definitive agreements and closing is expected within two months. Consideration will be paid thru cash and is below 10% of the total assets and book value of Fruitas as of June 30, 2021,” the company said in a disclosure to the stock exchange on Monday.

Fruitas said its chief financial officer and treasurer, Juneil Dominic P. Torio, was “not involved in the evaluation of the potential acquisition” as his mother Maxima Torio is the president and a shareholder of Surehealth Clinic.

“The acquisition enables Fruitas to provide medical diagnostic services apart from the current products we offer,” Fruitas President and Chief Executive Officer Lester C. Yu said in a statement on Monday.

“We are extremely excited to enter the healthcare industry to further encourage a healthy lifestyle among our customers,” he added.

Surehealth, which was established in 2007, is a private medical and diagnostic clinic providing services for firms in the airline support industry, construction, and logistics through medical pre-employment packages, annual physical examinations, and medical laboratory tests for its clients’ work force.

It is also the listed company’s health service provider amid the pandemic.

“With Surehealth’s services, Fruitas has not had a single case of local transmission and had zero COVID-19 (coronavirus disease 2019) casualty since day one of the pandemic,” Mr. Yu said.

“Fruitas has also established its own quarantine and isolation facility to aid its work force during these trying times and we were successful against the dreaded virus.”

Fruitas shares closed unchanged at P1.35 apiece on Monday. — Keren Concepcion G. Valmonte

Robinsons Land net profit up 38% in Q3

GOKONGWEI-LED Robinsons Land Corp. (RLC) said its net income in the third quarter improved by 38% year on year to P990 million on the back of improved operating conditions.

“We sustained business recovery despite the reimposition of stricter quarantine restrictions in August,” RLC President and Chief Executive Officer Frederick D. Go said in a statement on Monday.

“As we head into the last quarter of the year, we are encouraged by the waning number of COVID-19 (coronavirus disease 2019) cases in the country, the progress of the government’s vaccination program, and increased mobility,” he added.

RLC’s net profit surged 47% to P6.44 billion in the first nine months, while its consolidated revenues climbed 41% to P30.88 billion from P21.94 billion year on year.

The company said its malls business is “gaining momentum,” with third-quarter revenues and earnings before interest, taxes, depreciation, and amortization (EBITDA) improving by 8% and 14% year on year, respectively, due to the “improving business environment.”

RLC launched Robinsons Place La Union in September, which is the company’s 53rd lifestyle center and its third in the Ilocos Region. Meanwhile, Robinsons Place Tacloban was reopened after its rehabilitation.

Robinsons Malls booked revenues worth P6 billion in the first nine months, while its EBITDA totaled P2.84 billion.

Meanwhile, Robinsons Offices’ third-quarter revenues grew by 10% year on year to P1.56 billion. RLC said it “sustained its stable topline results,” with a 5% increase year on year to P4.66 billion in the first nine months.

In the first nine months, Robinsons Offices completed Cyber Omega in Pasig’s Ortigas Center and Bridgetowne Campus One, which is located at RLC’s Bridgetowne Destination Estate. The company said two more projects, Cybergate Iloilo 1 and Cybergate Galleria Cebu, are expected to be completed by yearend.

RLC had an office portfolio spanning 649,000 square meters (sq.m.) in net leasable area at end-September, 93% of which are leased.

On the other hand, revenues from Robinsons Logistics and Industrial Facilities grew by 24% to P187 million, owing to the current e-commerce market and the “steady demand” for warehousing facilities. It currently has five industrial facilities, which are located in Sucat, Muntinlupa, Sierra Valley in Cainta, San Fernando in Pampanga, and Calamba in Laguna.

“Encouraged by the consistent performance of this business, RLC is looking to infuse select industrial assets including land into its wholly owned subsidiary Robinsons Logistix and Industrials, Inc., or RLX, via a tax-free property-for-share swap,” RLC said.

Meanwhile, its property development business sold over 2.6 hectares of its 31-hectare Bridgetowne Destination Estate to Shang Robinsons Properties, Inc. and RHK Land Corp.

“The investment from the two of the most respected and recognized real estate names in Asia, during this time of economic uncertainty, exemplifies a vote of confidence in the estate’s future growth prospects,” Robinsons Land said.

RLC’s hospitality business saw revenues surge 60% year on year in the third quarter, generating P314 million. The company also launched its Grand Summit Hotel General Santos last month.

Robinsons Hotels and Resorts is “capitalizing” on the demand for quarantine facilities and long-stay accommodations.

Meanwhile, for its China business, RLC realized revenues worth P10.51 billion from its Chengdu Ban Bian Jie project after handing over condominium units from the first phase. It has also recovered 89% of its invested capital in the project with the repatriation of $200 million.

The company said the project is already 95% sold out.

Robinsons Land said it has spent 89% of its capital expenditure budget earmarked for the year, which were used for its malls, offices, hotels, industrial facilities, destination estates, residential projects, and for land acquisition.

The company plans to boost capital spending using proceeds from the P23.5-billion initial public offering of its real estate investment trust (REIT), which made its market debut in September.

REIT UNIT BOOKS PROFIT
RLC’s REIT, RL Commercial REIT, Inc. (RCR), booked a net income of P633.79 million in the first nine months ending September, a reversal of the net loss worth P18,950 incurred a year ago.

“This net income surge is mainly attributable to the earnings generated from two months of commercial operations covering Aug. 2 to Sept. 30, 2021,” RCR said in a separate disclosure to the exchange.

“[This is after] the infusion by the sponsor to the company of 12 office assets via [a] property-for-share swap and from the Cybergate Center Buildings under a building lease arrangement with the sponsor,” it added.

RCR booked a topline of P719.49 million for the period. Rental income accounted for the majority of its revenues at P585.55 million.

RCR currently has an asset size spanning 425,315 square meters (sq.m.) of gross leasable area (GLA).

RLC, its sponsor, plans to infuse one or two assets yearly into RCR. RLC previously said it is eyeing to add 40,000 to 100,000 sq.m. of GLA into RCR’s portfolio in the next 18 months. Its potential pipeline for infusion stands at approximately 422,000 sq.m. of GLA. RCR will also consider third-party assets for its growth and expansion.

Shares of RLC went up by 2.77% or 0.52% on Monday to close at P19.32 each, while RCR stocks declined by 1.80% or 13 centavos to end at P7.08 apiece. — Keren Concepcion G. Valmonte

Gov’t makes full award of T-bill offering at slightly higher rates

BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it auctioned off on Monday even as rates inched up amid improved economic prospects as coronavirus disease 2019 (COVID-19) cases drop.

The Bureau of the Treasury (BTr) raised P15 billion as planned via the T-bills it offered on Monday as total tenders reached P42.52 billion, almost triple the initial offer and higher than the P41.78 billion in bids logged in the previous auction.

Broken down, the BTr raised P5 billion as planned via the 91-day debt papers from P14.53 billion in bids. The three-month T-bills fetched an average rate of 1.143%, up by 1.3 basis points (bps) from the 1.13% seen at last week’s offering.

The BTr also borrowed P5 billion as programmed from the 182-day securities it offered on Monday as tenders reached P15.26 billion. The average yield of the six-month debt paper rose 0.6 bp to 1.401% from 1.395% fetched last week.

Lastly, the government made a full P5-billion award of the 364-day T-bills as the tenor attracted bids worth P12.73 billion. The average rate of the one-year instrument stood at 1.616%, up by 0.3 bp from the 1.613% a week ago.

At the secondary market prior to the auction, the 91- 182- and 364-day T-bills were quoted at 1.2164%, 1.4427% and 1.655%, respectively, based on the PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters after the auction that the BTr did not see a significant rise in rates after inflation decelerated.

She added that there was no market tantrum after the US Federal Reserve’s taper announcement last week.

Headline inflation in October settled at 4.6%, slower than the 4.9% median estimate of 21 analysts in a BusinessWorld poll.

The October figure was slower than the 4.8% in September, but faster than 2.5% a year earlier. Still, this was the third straight month inflation exceeded the 2-4% target of the Bangko Sentral ng Pilipinas (BSP) for the year. Inflation has topped the BSP target this year except in July.

This brought headline inflation for the first 10 months to 4.5%, faster than the 4.4% forecast by the central bank for the year.

Meanwhile, the Fed last week announced the start of the reduction of its $120-billion monthly asset purchases at $15 billion per month.

Fed Chairman Jerome H. Powell added they could stay patient and keep rates low to support the economy as the job market remains weak.

On the other hand, a bond trader said demand for T-bills remained strong but waned compared with tenders seen in the last few months.

“The rise in short term yields may be attributed to better economic prospects as more industries reopen given the drop in COVID-19 cases onshore,” the trader said in a Viber message.

“So with the economic reopening, some of the excess liquidity in the system that were placed in the short end of the curve during the lockdown may have been deployed to riskier or higher yielding assets…with the continued threat of an elevated inflation backdrop,” the trader added.

The Department of Health on Sunday reported 2,605 new COVID-19 infections. Daily cases could fall below 1,000 by the end of the month, OCTA research said.

On Tuesday, the BTr will offer P35 billion in reissued 10-year Treasury bonds (T-bonds) with a remaining life of nine years and eight months.

The Treasury plans to raise P200 billion from the domestic market in November: P60 billion via weekly T-bill auctions and P140 billion from weekly offers of T-bonds.

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

SM Prime books higher net income in Jan.-Sept.

SM Prime Holdings, Inc. booked a net income of P15.6 billion in the first nine months of 2021, up by 9% from the P14.4 billion logged in the same period last year despite lower consolidated revenues.

The company’s topline for the period inched down by 6% to P56.8 billion from last year’s P60.7 billion, it said in a disclosure to the stock exchange on Monday.

Its residential business, which is led by SM Development Corp. (SMDC), accounted for 56% of SM Prime’s consolidated revenues with P32.1 billion. However, this is lower by 6% compared to its P34.2-billion contribution last year.

SMDC’s reservation sales got a boost from its improved online presence and continued construction of projects, resulting in a 14% increase to P76.3 billion in the nine-month period from P66.7 billion last year.

Meanwhile, its Philippine mall business logged revenues worth P15.8 billion, making up for 28% of SM Prime’s consolidated revenues. SM Prime said this is 14% less than its nine-month contribution worth P18.3 billion last year after the government reimposed strict mobility restrictions.

Its China mall business, on the other hand, posted a 28% revenue increase to RMB0.59 billion from last year’s RMB0.46 billion.

SM Prime’s commercial properties logged P3.8 billion, while its hotels and convention centers recorded a P900-million revenue in the period.

“SM Prime continues to develop new ways and solutions in its businesses by developing sustainable programs that provide safe and secure environment for all of its stakeholders,” SM Prime President Jeffrey C. Lim said in a statement. “This is in line with our anticipation of welcoming more people in our establishments, primarily in our malls and other commercial facilities… this coming [holiday] season.

Shares of SM Prime went up by 0.83% or 30 centavos to close at P36.30 apiece on Monday. — Keren Concepcion G. Valmonte

Red Notice: Twists and turns, comedy and a little dancing

RED NOTICE - (L-R) Dwayne Johnson is the FBI’s top profiler John Hartley, Gal Gadot is the world’s most wanted art thief “The Bishop” and Ryan Reynolds is the world’s greatest art thief Nolan Booth in Netflix's RED NOTICE. Directed and written by Rawson Marshall Thurber, RED NOTICE is releasing November 12, 2021. Cr: Frank Masi / Netflix © 2021

NETFLIX’S new action-comedy Red Notice is a story of odd bedfellows starring Dwayne “The Rock” Johnson, Gal Gadot, and Ryan Reynolds — who not only jumped at the chance to work with old friends, he wrote jokes for the film.

It follows FBI’s top profiler John Hartley (played by Mr. Johnson) who finds himself forced to partner with the world’s greatest art thief, Nolan Booth (played by Mr. Reynolds), in order to go after the world’s most wanted art thief called “The Bishop” (played by Ms. Gadot). The adventure takes the trio around the world, where they are trapped in a secluded prison, in a coliseum dungeon, and a jungle.

At an online press conference with media from Asia on Nov. 5, Ryan Reynolds said that he jumped at the chance to work with old friends in the industry.

“I got to jump in the sandbox with some friends I’ve known for a long time and have fun,” Mr. Reynolds said. “It’s not every day that you get to do that. And sometimes you forget this job is fun.”

In the film, the Canadian actor plays a witty con artist who tries to outsmart the most wanted art thief to take possession of an Egyptian artifact.

“I love his mischief. I love that he’s a rascal, and I love that you never can’t ever trust him,” he said of his character.

Mr. Reynolds’ involvement in the film goes beyond acting in front of the camera, he actually wrote jokes for the movie. “I write eight or nine options for each joke, and I leave it to the editor and the director just to decide which ones they feel are suitable for the movie. So, I like to give them a whole bunch of options,” he said.

But writing jokes is not an easy task.

“I think humor and wit in movies are byproducts of personal pathos. I think you can’t really have any understanding of the dynamics of comedy unless you sort of understand its opposite…,” Mr. Reynolds said.

“Comedy is very challenging art form and I have a great deal of reverence and respect for it. I think I always will. I’m always trying to grow and learn more. I really, really do owe a lot, a huge debt of gratitude, to those who’ve come before me and [when] I grew up,” he added, citing comedians such as Steve Martin, Eddie Murphy, and Gene Wilder.

Israeli actress Gal Gadot liked the idea of playing a villain — something different from most of her roles.

“As an actor, you want to be able to explore different colors and different qualities in the characters that you play. And this one certainly gave me this opportunity. I super enjoyed portraying The Bishop,” Ms. Gadot said in a separate online press conference with Asian media alongside Mr. Johnson.

Ms. Gadot and Mr. Johnson highlighted a dance scene as one of the memorable sequences in the movie to shoot.

“And I kept on telling [Mr. Johnson], we [have to] practice we’re [going to] rehearse. And he was super cool. [He] kept on calming me down saying, ‘Don’t worry. This is going to be great.’ And of course, that just made me more nervous. But then he showed up and this guy is a ballerina,” Ms. Gadot said.

“It all comes down to the dance partner you have,” Mr. Johnson remarked afterwards.

Alongside the action and comedy are surprise twists and double-crosses.

Giving credit to the film’s writer and director Rawson Marshall Thurber, Ms. Gadot said, “I think that [Mr. Thurber] really managed to re-engineer this type of heist movie. He managed to make it [his] own, as much as he got inspirations from different movies from the past.”

“We wanted to make a great movie and I think a lot of times with something like this, the content of the script really will dictate a lot of times what the set is [going to] feel like,” Mr. Johnson said. “The movie is big, [it’s] fun, [it’s] ambitious. As Gal said, with some twists and turns and surprises and but we had a great time.”

The cast also includes Ritu Arya and Chris Diamantopoulos.

Red Notice premieres on Netflix on Nov. 12. Michelle Anne P. Soliman

New regional green bond index rules to take effect in March 2022

FREEPIK
NEW RULES on green bond investments will take effect in March next year. — BW FILE PHOTO

MEMBERS of the Executives’ Meeting of East Asia-Pacific Central Banks (EMEAP) will adopt new rules on green investments through the Asian Bond Fund (ABF) by March 2022 to boost sustainable investments in the region.

“The EMEAP believes this initiative will help catalyze further deepening of local currency-denominated bond markets, in particular green bond markets in the region,” EMEAP said in a statement.

EMEAP members include the Bangko Sentral ng Pilipinas (BSP), Reserve Bank of Australia, People’s Bank of China, Hong Kong Monetary Authority, Bank Indonesia, Bank of Japan, Bank of Korea, Bank Negara Malaysia, Reserve Bank of New Zealand, Monetary Authority of Singapore and Bank of Thailand.

Earlier this year, the group tapped IHS Markit, the index administrator of the iBoxx ABF Index, to review the rules of the Index to promote the inclusion of green bonds.

In response, the IHS Markit clarified the definition of green bonds depending on whether they are recognized as such by the Climate Bonds Initiative or are self-labeled and externally reviewed as green in alignment with the Green Bond Principles of the International Capital Market Association.

The review also resulted in IHS Markit setting a lower minimum outstanding notional threshold for sub-sovereign green bonds issued in different markets.

Lastly, IHS Markit revised the sub-sovereign issuer limit to 10% per issuer in each single market index, from the current limit of 5 bonds per issuer.

These new rules will be effective by March 22, the EMEAP said.

“The EMEAP believes this initiative will help catalyze further deepening of local currency-denominated bond markets, in particular green bond markets in the region,” it said.

Based on the review, weights of markets in the region under the iBoxx ABF indices were also recalculated.

The market weight of the Philippines under the iBoxx ABF Pan-Asia index for 2021 effective Oct. 31 is at 6.65%, up by 5 basis points (bps) from 6.6% in 2020. Despite the increase, this is still the smallest among markets that include China (25%), Hong Kong (8.15%), Indonesia (8.24%), Malaysia (11.49%), Singapore (15.76%), South Korea (15.18%), and Thailand (9.53%).

The Philippines market weight in 2021 under the iBoxx Asia ex-Japan index also up by 5 bps from last year at 6.57%, also effective Oct. 31.

“The EMEAP will continue to explore ways to further contribute to the development of the local currency denominated bond market,” it said.

The BSP is continuing its push for a regulatory framework that supports sustainability. Earlier this month, it released Circular 1128, the second phase of its sustainable finance framework launched in 2020, which directs banks to monitor their environmental and social risks in their credit exposures and business operations.

BSP Governor Benjamin E. Diokno said the central bank’s investment in green bonds could reach $1 billion in the next two years.

To date, it has poured in $550 million into the green bond fund of the Bank for International Settlements, of which $200 million was placed earlier this year. — L.W.T. Noble

Kia planning to bring electric vehicles into the country soon

KIA Philippines is planning to bring electric vehicles (EVs) into the country in the near term.

“Yes, there is a plan to bring two general types of vehicles, on top of the regular models that we have, which are the purpose-built vehicles and EVs. The EVs are of high interest now,” Kia Philippines President Emmanuel A. Aligada said in a virtual briefing on Monday.

Mr. Aligada said the introduction of EVs into the country will depend on the development of the infrastructure and ecosystem that will support these vehicles, such as charging stations.

“It is very simple from a technology standpoint. But it is the support capabilities that are needed. It is not going to happen immediately. We are looking probably at some level of development next year and the pace of introduction for our EV models will depend on the development of that ecosystem,” Mr. Aligada said.

“EVs cannot be plugged into just any outlet. That is the kind of technology we hope to bring into the country. We have technical people outside of Kia Philippines that will be working with us on this,” he added.

Kia Philippines Product Strategy and Planning Director Josh Altarejos said the purpose-built vehicles the company is planning to bring into the country will focus on moving cargo or people.

“These will be all new. These will not be based on any current model. The purpose-built vehicles are focused on looking from the customers’ perspective based on their needs,” Mr. Altarejos said.

Mr. Aligada added that the purpose-built vehicles do not have a definite design and can be configured based on the preferences of consumers.

“There are models that can be configured but there is no definite design. It will be applicable to the requirements for the purpose of the vehicle,” he said.

Meanwhile, Mr. Aligada said the company is confident of future market demand, citing the ongoing reopening of the economy.

“Things are getting better now. We hope the usual fourth quarter run-up will continue and that should continue until 2022. There is also an important event in May 2022, which is usually characterized by active economic activity,” Mr. Aligada said.

During the same virtual briefing, Kia Philippines also launched the all-new fourth generation Kia Sorento and the Kia Stonic Style Edition.

The company said the price of the new Kia Sorento starts at P2.398 million while the Kia Stonic Style Edition is priced at P895,000.

Kia Philippines also introduced a new logo, look, and slogan dubbed “Movement that inspires” for a new brand philosophy.

“Our brand’s purpose is to create spaces that will inspire consumers through our product design. To create more time for consumers so they can focus on what inspires them, and what they aspire for. To create innovative experiences that can influence people and today’s culture,” Mr. Aligada said. — Revin Mikhael D. Ochave

‘A self-portrait in songs’: Paul McCartney looks back on his lyrics

LONDON —  From looking for inspiration on the bus to finding titles in dreams, Paul McCartney looks back on his life in a new book recounting how he wrote some of the world’s most famous songs.

Described as “a self-portrait in 154 songs,” The Lyrics: 1956 to the Present spans Mr. McCartney’s eight decades of songwriting — as a teenager, a member of the Beatles, his time with rock band Wings, and as a successful solo artist.

Released this week, the two-tome set is arranged alphabetically, with lyrics to songs like “Hey Jude,” “A Hard Day’s Night,” and “Penny Lane” accompanied by their inspiration.

“Once I’ve finished a song, then you release it to the world so I don’t worry what happens to it,” Mr. McCartney said on Friday at an event to discuss the book.

“I’ve come to terms with the fact that not everyone is going to get it like the meaning I had, they’re going to put their own meanings on it and I think you have to accept that.”

Both the late Beatle John Lennon, with whom Mr. McCartney wrote songs, and his first wife Linda McCartney, who died in 1998, feature heavily in the book.

“It was always great to work with John from the very first time … We just developed a way of working with each other and trusting each other that grew and grew,” he said.

“We grew up together. It was like walking up a staircase and we both went side by side… It is great to just realize how much I loved this man.”

Considered one of the greatest songwriters of all time, Mr. McCartney penned his first composition, “I Lost My Little Girl,” as a 14-year-old after his mother died in 1956.

Years later, it was dream of her comforting him that inspired the title for “Let It Be.”

“She was just sort of saintly … just saying to me ‘it’s going to be ok, just let it be’,” he said.

“It was very warming to have that dream, I felt great when I woke from it and then thought that’s a great title.”

The book recalls his hometown Liverpool and inspiring family members. Edited by poet Paul Muldoon, it is also filled with pictures, handwritten drafts, and letters.

Mr. McCartney recently said it was Mr. Lennon who had instigated the world’s most famous group to split in 1970, not him.

“The biggest misconception at the end of the Beatles was that I’d broken the Beatles up and I lived with that for quite a while,” he said.

Asked about the price of fame, Mr. McCartney, 79, said; “Your privacy … I had to cope with what (fame) brought. That’s still what I’m still doing, coping.” — Reuters

Delivering on its promises

FATAL FRAME: Maiden of Black Water — NINTENDO.COM/GAMES

Video Game Review
Fatal Frame: Maiden of Blackwater
Nintendo Switch

Prinny Presents NIS Classics Vol. 1
Nintendo Switch

WRC 10
Sony PlayStation 5

THE RESIDENT Evil franchise remains the gold standard for all things spooky and frightening, but the Fatal Frame series is definitely no slouch. While Resident Evil had embraced conspiracy theories and biological monsters as its main plot points, Fatal Frame opts for more traditional scares, leaning on its supernatural aspects to really dig in deep to the players’ psyche. Protagonists in this series often find themselves caught up in ghostly events that bring up forgotten pains and twisted sacrificial rituals.

Fatal Frame emphasizes heavily on Japanese-style horror and slow spooks. It doubles down on its smothering atmosphere, and is more content in letting the tension stew as you see and explore the lost haunts it has laid out for you. Those who played the first release on the Sony PlayStation 2 a full two decades ago continue to recall an amazing experience, and while the older games do now feel dated with their tank controls and slow combat, the series still feels very timeless when you look at its story and its themes.

Fatal Frame: Maiden of Black Water seeks to emulate that same design, deliberately avoiding faster-paced modern horror game tropes. It embraces its slow-burn style to let the terror sink in. Taking on the roles of Yuri Kozukata and Ren Hojo, players must investigate and explore a haunted mountain where ghosts supposedly lead people astray, and tempt them to take their own life. What follows is a ghastly unravelling of the mountain’s history and the curse behind it. Fighting off the spirits of the dead, players must lead both protagonists on a quest to quell the mountain’s restless spirits and give its tormented denizens the peace they deserve.

Fatal Frame: Maiden of Black Water features Camera Obscura, which allows its wielder to fend off ghosts by taking pictures of them. Close-up photos of ghosts do more damage, and its film serves as ammunition, with higher-quality film being faster to load and stronger in its effect. These film cartridges do come in limited supply, though, and while the lowest quality film has unlimited use, it also deals the worst damage. Combat requires you to ration the film you have whenever possible, especially against the more dangerous ghosts that lurk around each corner. The more mundane ones simply lunge at you and easily telegraph their attacks. However, the ghostly shrine maidens and some of the more twisted enemies not only float about; they also disappear and reappear, teleporting from place to place to throw off your aim. These ghosts have their own unique attack patterns and quirks, and by learning them, you’ll be able to do a special type of attack called a Fatal Shot.

Taking these Fatal Shots in Fatal Frame: Maiden of Black Water can happen only when the enemy is in the middle of an attack. While risky, these Fatal Shots not only do more damage; they also stun the enemy and throw them back, while also awarding you much-needed points to power up your camera or buy better film and healing items.

Fatal Frame: Maiden of Black Water makes use of a nice risk-reward system that incentivizes being patient during combat. It’s a little clunky at times, especially with the game’s love of fights taking place in tight spaces, but it’s enjoyable, and at times, even tense. Those familiar with the series will already know of these mechanics, and will find it easy to get back into, especially given the responsiveness of the Switch. A few additions spice up the combat, though. Characters are able to dodge attacks, but precise timing is needed. Ghosts are also far more dangerous than earlier series incarnations, with a fair number of them loving to hide behind walls or floors before striking. An added “wetness meter” also encourages players to avoid fighting out in the open; while these areas do allow for more maneuverability, being close to water or out in the rain increases the damage these ghosts can deal, making them significantly more dangerous. It all adds up to a deliberate but methodical approach to combat, one that the series has always loved, and one that Fatal Frame: Maiden of Black Water embraces wholeheartedly.

Combat isn’t the only thing overhauled. Exploration has also been changed, with characters now being able to sprint when needed. While the sprint is more like a jog and not all that fast, it does help in getting around the giant maps that Fatal Frame: Maiden of Black Water provides. With several distinct locations to explore, and the series’ love for backtracking between areas to solve puzzles, it’s a useful addition that cannot be understated.

Storywise, Fatal Frame: Maiden of Black Water is mostly a stand-alone story disconnected from the earlier games. While it does have a few callbacks to earlier series characters, it’s one that doesn’t need previous games to understand, but features all of what you’d expect a good Fatal Frame story to have. From slighted sacrificial maidens to ghost dolls to tormented spirits in agony, it’s Fatal Frame as you’d expect it to be. While the plot may seem outwardly confusing, you’ll find notes that piece the story together, explaining the concepts, characters, and events as they’re needed. With the addition of the Fatal Glance that gives you a peek into each ghost’s tragic end, it provides players a bit more flexibility and understanding when wrestling with the game’s seemingly murky storyline.

Thankfully, Fatal Frame: Maiden of Black Water divides the game into smaller, easier-to-understand chapters called drops. Each drop has very specific objectives to accomplish, and it later divvies up into smaller tasks that require trekking all over the place, it’s often quite clear in what you’re expected to do in order to progress. That doesn’t mean exploration is streamlined, though; there are still plenty of areas to look around in, all with their own set of goodies and lore to find and understand.

All told, Fatal Frame: Maiden of Black Water manages to capture what was most enjoyable about the older Fatal Frame games. It has the same sense of exploration and fear the older games had, and it’s particularly fulfilling for lovers of the horror genre.

That’s not to say that Fatal Frame: Maiden of Black Water is exempt from any issues. There’s certainly some room for improvement, especially since it’s a remaster of a 2014 release on the Nintendo Wii U. While the textures have improved, and the Switch’s controls feel seamless, some technical issues do crop up. Undocked, the game has some slowdown, especially in some of the busier areas. Moving to a new area can sometimes trigger a loading screen, and while the game’s load times never venture into the awful, it does take you out of the moment to see the world pause and see the flashing LOADING message pop up.

Design wise, some of what Fatal Frame: Maiden of Black Water does can be an issue. The over-the-shoulder camera does make it easier to traverse some areas, but sprinting can cause concern and make the camera go berserk when you’re trying to turn corners. A little mini-game to pick up items and dodge ghost hands is enjoyable the first few times, but can get exceedingly frustrating because of the slow pick-up animations. Opening doors can also be quite slow, and while doing so can lead to tense moments leveraged by the threat of a ghostly face popping out to lunge at you, repeated actions of the same can also be quite frustrating — especially in areas that require multiple backtracking.

Make no mistake. Fatal Frame: Maiden of Black Water has no dealbreakers. For all its issues, it does a lot right. It’s heavy on atmosphere, filled with unlockable costumes and upgrades, and even has multiple endings to encourage repeat playthroughs. Content-wise, it might not be the best in the series, but it’s certainly one that tries to give its all from start to finish, and one that does it admirably.

Fans of the series will definitely enjoy Fatal Frame: Maiden of Black Water. It delivers exactly what it promises, even for those unfamiliar with the franchise. It’s not by any means a difficult game, but it’s one that will keep you captivated from beginning to end.

THE GOOD:

• Stays in line with the older Fatal Frame games’ style of combat and exploration

• Runs pretty well, docked and undocked, and is a fairly smooth experience

• Can be surprisingly creepy, especially in some of the later areas

• Old-style Survival Horror at its best

THE BAD:

• May be too easy the first time around, even to those new to the series

• Has some optimization issues when a lot of things happen on screen, or when transitioning to some newer areas

• Game design issues can slow down gameplay

RATING: 9/10

POSTSCRIPT: Nippon Ichi Software has always been at the top of the list when it comes to Japanese role-playing games, continuing to produce outstanding offerings from longtime favorites like the Disgaea series, and even having a hand in publishing notable titles from the Ys and The Legend of Heroes franchises. Given its vast library of treasures, however, not all of its releases have the same level of popularity.

With the Prinny Presents NIS Classics series, NIS seeks to give players a chance to reexperience some old games that might have slipped under their radar. In particular, this first volume features a remaster of two solid tactical RPGS in Phantom Brave and Soul Nomad & the World Eaters. Both games have received upgrades to make them playable on the Nintendo Switch, and while they each have their own unique spin on the JRPG genre, they’re both accessible and fun to play through.

Take, for instance, Phantom Brave’s gameplay. You’re not only controlling your main character; you’re also binding and using phantoms as best you can. These phantoms are strong, supplementary units you can create, but with a caveat; they can only really be used for a certain number of turns before they disappear, making the timing of when you summon them essential. You also have to keep in mind what objects you’re binding them to. These phantoms have no physical form, and so must rely on you attaching their spirits to an object during battle. The objects you bind them to also have an effect on what stats they’ll have, and so you’ll need to juggle which characters are binded to what items, and tailor your party according to the situation. Do you bind them to weeds and trees in an effort and bum rush your opponent even if their stats are weaker, or do you move up and take the hits while aiming for the sturdier objects across the map? Phantom Brave might not be as well remembered as Disgaea is, but it’s no less adept at making you hesitate and think your options through.

The same can be said of Soul Nomad & the World Eaters’ own distinct choices. While Phantom Brave embraces its more Disgaea-like origins, Soul Nomad tries to go for something different, playing out closer to games like Tactics Ogre and Final Fantasy with a bit of Fire Emblem blended in. In Soul Nomad, you’re balancing squads of units against each other, putting units in the front, middle, and back row depending on their capabilities. Leaders of the squad are the most important members, as their survival and even their stamina affect how well the squad performs as a whole. It’s an entirely different beast of its own, requiring you to manage each squad, weigh the drawbacks and benefits of each action you take during battle, and whether or not you’ll give in to the demonic power of your main character. These choices will have adverse effects on your endings, and with the game’s open-ended nature, there’s a ton of them to unlock depending on your actions en route.

Phantom Brave and Soul Nomad & the World Eaters are distinct, but both boast of the trademark NIS art style and writing. Longtime fans of the Japan-based developer know to expect very nicely done spritework coupled with interesting scenarios, ranging from the silly to the surprisingly deep and thought-provoking. Soul Nomad & the World Eaters, in particular, has a much darker path you can take, syncing perfectly with its gameplay balance of pushing and pulling against the demonic influence the main character is under. While both don’t carry the same prestige that the flagship Disgaea series does, they still exhibit similar influences.

Playing Phantom Brave and Soul Nomad & the World Eaters on the Switch is a breeze. While Soul Nomad & the World Eaters’ remaster is mostly a simple upscale, Phantom Brave appears to have been given a lot more attention due to its earlier re-release on the PC. Both games make use of the Switch’s interface smoothly even if they don’t really make use of the Switch’s unique motion control and touchscreen capabilities. The Switch’s portability does allow for some easy RPG gaming on the go, especially as the two titles combined will take a significant chunk of your free time.

If there’s anything wrong with the remaster, it’s mostly in the fact that it IS a remaster. The lack of additional content the games received in their porting in comparison to NIS’ more recent games like Disgaea 5 or Disgaea 6 may give impulse buyers pause. While NIS has done a brilliant job of remastering and updating the games to be playable on modern systems, they are, in the end, more of graphical overhauls, and anyone looking for gameplay extensions may find them wanting.

That said, Prinny Presents NIS Classics Vol. 1 is a fantastic release — a decidedly good step at reexperiencing cult classics in a modern way. Phantom Brave and Soul Nomad & the World Eaters have aged pretty well, all things considered, and they’re right at home on the Switch. Highly recommended.

THE GOOD:

• Two very solid games for the price of one

• Both games offer unique and interesting gameplay, with their own spin on tactical role-playing

• Surprisingly deep writing

• Spritework still holds up after all this time

THE BAD:

• More of a graphical upscale than a gameplay overhaul, with mechanics left untouched and simply ported over

• No new extra content to play through

RATING: 9/10

THE LAST WORD: KT Racing’s WRC 9 was a thoroughly enjoyable experience even for players not really predisposed to racing. Featuring smooth controls, standout graphics, and a strict attention to realism and detail, WRC 10 pick up right where its predecessor left off. For the most part, it’s able to achieve what it wants to do — which, for all intents, is to celebrate the 50th anniversary of the World Rally Championship (WRC).

WRC 10 goes all out to really immerse you in the experience. Featuring all 12 rounds of the season, WRC 10’s main gameplay mode is its Career mode, a combination of managemen- style gameplay and fluid driving on the rally stages. As the driver at the head of the rally, you’re in charge of navigating the game’s requisite twists and turns. As the manager, you’re setting up these events, building reputations, forming teams, and slowly making a name for yourself and those under you.
WRC 10 brings about a very interesting mix where you’re not only weighing the benefits of what each event can bring; you’re also managing the talents of those you employ. You’re able to unlock skills, hire researchers to help create better equipment, and assemble a championship-worthy team that can see you through the entire event. It’s not a new game mode in the WRC line-up, but it’s one that still remains entertaining, particularly if you like the micromanagement aspect it brings. The options you have are plentiful, and you’ll constantly be weighing positives and negatives against each other as you slowly, but surely, make a name for yourself and your team.

As noted, WRC 10 also has the driving segments you have to wrestle with, and it does not disappoint in this regard. It brings a plethora of new cars, new stages, and new rallies, and pulls out all the stops and lets you go crazy on the road. Speeding through empty streets, listening to the hum of the engine, and taking precise turns while your partner/navigator tells you of the obstacles ahead is truly immersive when combined with the next generation graphics it employs.
Each stage you’ll run through in WRC 10 affects how your vehicle will perform, and what vehicle you pick will drastically alter the outcome. It’s always a thrilling balance between speed and safety, and you’ll turn corners and burn rubber in an attempt to finish as fast as you can in the safest way possible. After all, a misstep can result in a disastrous crash.

Newcomers need not be afraid. While WRC 10 takes a more simulation-based approach to its driving, there’s plenty of helpful assists to slowly help you acclimate to its requirements. Conversely, if that’s not enough of a challenge for you, then you can always dive straight into the tougher contracts with wet roads and low visibility to test your skills. The sky’s the limit when it comes to how you want to enjoy your driving in the game. In this regard, the PlayStation 5’s DualSense controller is nothing short of perfect, bringing an superior experience when it comes to enjoying the rallies themselves.

That said, while WRC 10 is a fun game to play, it does give the impression as a title that, at times, feels like a slight step up rather than a full sequel. Almost everything WRC 10 does is an overall improvement over WRC 9, but it nonetheless suffers from the same issues. Texture pop-in is present and can be jarring when contrasted with the game’s photorealistic tracks, and some slowdown now and then can be frustrating in a game that pushes you to go as fast as you can.

For newcomers to the series, WRC 10 will be able to scratch an itch that other racing games can’t, but those who still have WRC 9 fresh on their minds might also find WRC 10 as a sequel that doesn’t give nearly as much as it should.

THE GOOD:

• Great graphics and great gameplay, especially if you like the series’ Career mode

• Really immersive due to the DualSense triggers

• Accessible even to newcomers, with plenty of options in how you want to run your rallies

THE BAD:

• Can be viewed as an update rather than a sequel

• Still has the same issues as those in WRC 9

RATING: 8.5/10