SM Prime earns P21.8B, up 21%

February 22, 2022 | 12:07 am

SM PRIME Holdings, Inc. posted a 21% increase in consolidated net income last year to P21.8 billion, the property developer reported on Monday, saying it sees “recovery in the horizon” after the challenges in the past two years.

In its disclosure to the exchange, the company also said it generated a P6.2-billion consolidated net income in the fourth quarter, without giving a comparative figure, as revenues grew 20%.

“As we begin to see the result of joint effort by the government and private organizations to manage the pandemic, SM Prime is set to pursue business expansions with broader funding options available locally and internationally,” SM Prime President Jeffrey C. Lim said.

“We will continue to work with the government in helping the nation rebound from the challenges in the past two years,” he added.

Consolidated revenues for the October-to-December period amounted to P25.5 billion from P21.2 billion year on year. The company also recorded a 67% operating income growth to P10.8 billion from P6.5 billion previously.

For 2021, SM Prime’s consolidated operating income grew 11% to P32.4 billion in from P29.1 billion a year earlier.

Its residential business led by SM Development Corp. (SMDC) logged P45.9-billion revenues, while its sales take-up reached P98.9 billion in 2021.

SMDC was able to launch eight projects in 2021. These include high-rise and mid-rise condominium developments and house and lot residential projects.

In Metro Manila, SMDC launched Sands Residences in Manila, Ice Tower in Pasay, Gold Residences in Parañaque, and Twin Residences in Las Piñas. Meanwhile, the company launched Joy Residences in Bulacan, Cheerful Homes 2 in Pampanga, Calm Residences in Laguna, and Glade Residences in Iloilo.

SM Prime’s Philippine mall business benefited from the easing of mobility restrictions beginning November. The company generated P24.1 billion in revenues from its local malls in 2021, inching up 2% from P23.6 billion in 2020.

Rent income from its Philippine malls also grew to P23 billion, 6% more than the P21.8 billion logged in 2020.

SM Prime opened two new malls last year, SM City Daet in Camarines Norte and SM City Grand Central in Caloocan City. The company also launched MOA Square, which currently houses IKEA Philippines.

Overseas, SM Prime China malls logged a net income of 200 million renminbi (RMB), up 154% from last year’s RMB100 million. Its international mall business recorded RMB800 million in 2021, 20% more than the RMB700 million the previous year.

SM Prime’s offices, hotels, and convention centers “remained resilient” in 2021, posting a 4% growth in consolidated revenues to P6.6 billion. Meanwhile, revenues from its commercial properties grew 5% to P5 billion and the hotels and convention centers business segment booked P1.6 billion in revenues.

The company launched Park Inn by Radisson-Bacolod in the fourth quarter.

SM Prime shares on the stock market climbed 4.45% or P1.70 to close at P39.90 each on Monday. — Keren Concepcion G. Valmonte

ACEN switches on 40-MW solar power storage units

February 22, 2022 | 12:06 am

AYALA-LED AC Energy Corp. (ACEN) on Monday said it had energized two units of 20-megawatt (MW) battery energy storage system (BESS) in Alaminos, Laguna.

“The pilot 40-MW energy storage will allow the company to evaluate opportunities to store energy more effectively across [its] portfolio, with the aim to provide a sustainable and reliable energy source for the country,” ACEN said in a media release.

The energy storage project was built adjacent to ACEN’s 120-MW Alaminos solar farm to help store unused electricity from the solar project and to provide fast power charging when electricity demand is high.

The facility houses 24 battery containers with 2.5 megawatt-hour (MWh) Saft lithium-ion batteries, enough to power about 20,000 homes and avoid 35.87 metric tons of carbon dioxide emissions per year, the company said.

It also has a sustainability hub, which is surrounded by Ayala Land’s carbon forest that traps carbon and a plastic recycling amenity that turns plastic waste into eco-bricks.

“With the Alaminos Energy Storage project, we can harness renewable energy more effectively amidst its variability while improving the operating capabilities of the grid and ensuring high reliability,” ACEN Chief Development Officer Jose Maria P. Zabaleta said.

ACEN President and CEO Eric T. Francia said the company would invest more in storage as the technology increases the viability and competitiveness of the BESS.

The newly powered BESS, which is said to be the country’s first hybrid solar and energy storage project, will also provide ancillary services to the national grid.

The company said the Alaminos energy storage is vital for the company to achieve two goals by 2050: reaching net-zero greenhouse gas emission and becoming the biggest listed energy platform in Southeast Asia by installing 5,000 MW of renewable energy capacity.

On Monday, ACEN shares slipped 26 centavos or 2.94% to close at P8.59 apiece. — Marielle C. Lucenio

DLI promotes ‘boating lifestyle’ with Bridgeport

February 22, 2022 | 12:05 am

DAMOSA LAND, Inc. (DLI) finally launched its master-planned mixed-use project in Davao del Norte, after delays due to the coronavirus disease 2019 (COVID-19) pandemic.

“We were supposed to launch the (Bridgeport) project in 2020, we were all ready with our plans… but obviously COVID happened. Even if we could have launched it perhaps last year and I believe we could have sold it, we wanted to wait for a time where the situation was better,” DLI President Ricardo F. Lagdameo said during its online launch last week.

Bridgeport is a 13-hectare marina development located in Caliclic in Samal island, which can be accessed via a powerboat from Davao City. The company said the project was inspired by the US East Coast.

The development will feature four low-density condominium towers called Bridgeport Park, which will only have 274 units.

DLI said land development will start this year up to 2024, while construction of the first building is scheduled from 2024 to 2025. Turnover of the units is slated for the second quarter of 2025.

Bridgeport will also have a gated subdivision, Harbor View Estates, near the beach. DLI only plans to sell 22 lots, with lot sizes ranging from 400 to 600 square meters (sq.m.).

The company said the two residential components may bring in as much as P3 billion in sales.

“We’re positioning it as a second home, a leisure home, and we feel that the demand for these types of products will still be very strong,” Mr. Lagdameo said.

Damosa Land said the highlight of its Bridgeport project is the marina, as it wants to promote the “boating lifestyle.”

“The boating lifestyle is something that has really grown over the last couple of years here in Davao. We wanted to give our homeowners and buyers a place where they can enjoy the marina, they can even park their boats here, they can even go home to their own homes that they will be building,” Mr. Lagdameo said.

Bridgeport will also have a commercial area along the marina as well as a 1,200-sq.m. events hall that can accommodate 500 seats, a lighthouse with a cocktail bar, swimming pools, play areas, clubhouses, a pavilion, and a forest park.

Damosa Land said other projects on track to be completed this year include the Agriya agritourism component Naturetainment, the 63-hectare Anflo Industrial Estate, and its 17-level Damosa Diamond Tower.

Construction will begin this year on the University of the Philippines Professional School of Agriculture and the Environment in Panabo City.

“Our portfolio has extended into several real estate sectors that include township developments, residential, commercial, industrial, and even tourism projects,” Janine P. Salanga, an Anflo-industrial estate team sales and marketing assistant manager at DLI, said.

Damosa Land said it saw a 10% annual increase in residential sales in 2021.

Commercial spaces had an occupancy rate of 94.3% in 2021 from 87.6% the previous year.

Damosa Land’s industrial lot sales grew 221.05% in 2021.

“There was an additional industrial space take-up of 47,440 sq.m. in 2021, compared to the 75,234 sq.m. already sold or leased in 2020, which left 70,675 sq.m. availability for industrial lots and warehouses,” Ms. Salanga said.

By 2022, Damosa Land plans to earmark around P1 billion for capital expenditures (capex).

“A bulk of the capex will be for the township projects that were already started about two years ago,” Mr. Lagdameo said, adding that Damosa Land will also spend its budget on the Bridgeport project and industrial projects.

Mr. Lagdameo said the company still has a landbank “close to about 100 hectares” across the Davao region.

“We believe that for the next couple of years, we’re quite optimal with the landbank that we have that’s roughly about 100 hectares. Nevertheless, when we’re presented with interesting opportunities, we do look into those,” Mr. Lagdameo said. — Keren Concepcion G. Valmonte

RL Commercial REIT books P1.68-billion net income

February 22, 2022 | 12:05 am

RL Commercial REIT, Inc. (RCR) said it booked a P1.68-billion net income in 2021, surpassing expectations thanks to the company’s stable “revenue stream and operational efficiency.”

In a disclosure to the exchange on Monday, the company said the 14 buildings in its portfolio achieved high occupancy, allowing it to log P2.09 billion in revenues.

The company said it also made health and safety investments for its buildings, which include adding hybrid metal detectors with thermal scanners and infrared activated alcohol and soap dispensers.

RCR said its board of directors also approved a better-than-expected dividend yield for the year at P0.092 per outstanding common share, bringing its total declared dividends to P0.154 apiece.

The company said this brings the company’s annualized yield to 5.73%, higher than the projected 5.57% stated in its real estate investment trust (REIT) plan.

“The higher than projected dividend yield is a testament to the strength and quality of the assets of RCR,” RCR President and Chief Executive Officer Jericho P. Go said.

“The company shall continuously look into infusing assets that will support its investment criteria and contribute to the growth of RCR. RCR’s potential expansions are geared towards boosting its dividend yield,” he added.

According to RCR’s three-year investment plan filed in December, the company has an expansion pipeline that can be accessed through its sponsor firm Robinsons Land Corp. (RLC). RLC allows RCR to have “access to about 422,000 square meters (sq.m.) of gross leasable area (GLA) for acquisition.”

The company may also acquire properties from unrelated third parties.

RCR and RLC have inked a memorandum of understanding as of July 13 last year for the potential future acquisition of RLC’s Cyberscape Gamma and/or Robinsons Cybergate Center 1, which are subject to “final terms as may be agreed between the parties” and market conditions, among others. The two assets are said to have a 72,100-sq.m. GLA altogether.

With its current portfolio, RCR has an aggregate gross leasable area of 425,315 sq.m. The company said it holds the record of having a wide geographical reach across nine cities and the longest land lease tenure of up to 99 years.

RCR shares on Monday closed 4.75% or 36 centavos higher to finish at P7.94 apiece. — Keren Concepcion G. Valmonte

Federal Land launches Aki Tower, Mitsukoshi mall

February 22, 2022 | 12:04 am

Federal-land-mitsukoshi-mall — THE Seasons Residences will have a four-level Mitsukoshi mall, named after Japan’s oldest department store. — COMPANY HANDOUT

FEDERAL LAND, Inc. continues to expand The Seasons Residences with the launch of a third residential tower and the first Mitsukoshi mall in the Philippines.

Federal Land is developing the project, located within its master-planned community Grand Central Park in Bonifacio Global City, with Japanese firms Nomura Real Estate Development Co., Ltd. and Isetan Mitsukoshi Holdings Ltd.

The third tower of The Seasons Residences is called the “Aki Tower,” which will have 51 storeys and is inspired by Japan’s autumn season. The first two towers are called “Haru” (spring) and “Natsu” (summer), while the last will be “Fuyu” (winter).

“Each unit is carefully laid out to create a haven for rest and relaxation. The cold autumn winds in Japan inspired creativity. Thus, the Aki Tower will house a music room, a reading lounge, and a business center,” Federal Land President and Chief Operating Officer Thomas F. Mirasol said during the virtual launch on Thursday.

Units at The Seasons Residences feature Japanese innovations — from its storage system to its eco-friendly shower toilets.

The Seasons Residences will also have a modern gym, gardens, a swimming pool, a karaoke room, and a spa and wellness center.

“The most unique amenity is the guest house. The guest house also takes into consideration the Filipino culture of having close family ties,” Federal Land Head of Sales Guita Saenz-Resurreccion said.

Residents may book a three-bedroom guest house at the residential development for their visiting family members and friends.

All four towers will have Viscoelastic Coupling Dampers, “a breakthrough in earthquake vibration control technology that can withstand earthquakes and high winds, common to the Philippines and Japan.”

Meanwhile, the Seasons Residences will also house the four-level Mitsukoshi mall, named after Japan’s oldest department store.

The basement level will feature Mitsukoshi’s “signature depachika,” featuring Japanese food and related products, as well as a grocery. Depachika is a term used to describe the basement-level food markets at Japanese department stores.

“The second floor will be a lifestyle floor curated with Japanese culture. The customers will find what they need for their everyday life,” Isetan Mitsukoshi Holdings Overseas Business Promotions Department Manager Momoko Umemura said.

“We will have Japanese tenants as well as global tenants,” she added. — KCGV

Curry dazzles with 16 triples as Team LeBron wins All-Star Game

February 22, 2022 | 12:04 am

STEPHEN Curry scored 50 points and set an All-Star Game record with 16 3-point baskets to give Team LeBron a 163-160 victory over Team Durant on Sunday night in Cleveland.

Curry, playing for Team LeBron, shattered the former All-Star record of nine 3-pointers, set by Paul George in 2016. The Golden State Warriors’ star fell two points shy of the scoring record set by Anthony Davis in 2017 but still took home MVP honors with his dazzling performance.

Joel Embiid of the Philadelphia 76ers had 36 points and 10 rebounds to lead Team Durant.

LeBron James of the Los Angeles Lakers hit the game-ending shot to reach the target score and give Team LeBron the victory.

Giannis Antetokounmpo of the Milwaukee Bucks had 30 points and 12 rebounds for Team LeBron. James scored 24 points while playing in his 18^th All-Star Game, one shy of Kareem Abdul-Jabbar’s record.

Devin Booker of the Phoenix Suns added 20 points for Team Durant.

The third quarter ended with Team Durant holding a 139-138 lead. That set the target winning score at 163 with the National Basketball Association (NBA) adding 24 points to the leading total after three quarters. It is the third straight year the formula has been part of the game.

Curry’s 16^th 3-pointer gave Team LeBron a 144-139 lead. Embiid’s three-point play later pulled Team Durant within 151-150 and then he sank two free throws to give his team a one-point lead.

Antetokounmpo later scored back-to-back baskets, James added a layup and DeMar DeRozan of the Chicago Bulls hit a turnaround to give Team LeBron a 161-155 lead. Chicago Bulls guard Zach LaVine scored five straight points for Team Durant before James drained the 17-foot fadeaway jumper that gave his team the required 163 points.

Curry attempted 27 3-pointers and was 17 of 30 overall from the field.

Chris Paul of the Phoenix Suns played 2:19 for Team LeBron despite having a fractured right thumb that will sideline him for six to eight weeks. Donovan Mitchell of the Utah Jazz missed the contest due to a non-COVID illness.

Also, injured Kevin Durant (knee) of the Brooklyn Nets didn’t partake in the festivities due to the death of his grandmother earlier on Sunday.

Between halves, members of the NBA’s 75^th anniversary team were honored.

When play resumed, Curry went into lava-hot mode and knocked down five 3-pointers in 128 seconds, including shots from 37 and 33 feet. His second 3-pointer during the stretch — a 25-footer with 8:37 remaining in the third quarter — was his 10^th to break George’s record.

Curry added two more 3-pointers later in the stanza to take a total of 15 into the final quarter. Both teams scored 45 points in the third period.

Curry had 24 first-half points on a record eight 3-pointers for a half, but Team LeBron trailed 94-93 at the break. Embiid had 17 first-half points to pace Team Durant. — Reuters

Love songs old and new in Michael Bublé’s 11^th studio album

February 22, 2022 | 12:04 am

FOR the past 15 months, Canadian singer Michael Bublé wrote, played music, and recorded three songs in a day with producers Ryan Tedder and Greg Wells. The result of all this effort is his 11^th studio album, Higher, which will be released on March 25.

The album is produced by Greg Wells and Bob Rock along with Alan Chang, Jason “Spicy G” Goldman, and Paul McCartney.

“This time out, I opened myself up completely to trying new things. I dug deeper while working and surrounding myself with the greatest music makers on the planet with gigantic imaginations,” Mr. Bublé said in a press release.

“…every moment felt magical or that the universe was conspiring to bring me to this moment in time 20 years into this amazing ride I’ve been on. I have never been more excited after completing an album,” Mr. Bublé said.

Higher is the 46-year-old singer’s first studio album in three years since Love was released in 2018. The new album follows his sold-out two-year global An Evening with Michael Bublé Tour which was held in support of Love.

According to the singer, the album’s first single, “I’ll Never Not Love You,” released on Jan. 28, is the sequel to 2009’s “Haven’t Met You Yet.”

“It’s about promising to someone that if they trust you and they give you their vulnerability, that you won’t hurt them,” Mr. Bublé said during an online press conference with media from Southeast Asia on Feb. 18.

“Love is expensive. Love has a great cost. When you really love someone, you’re putting yourself at risk. And the song is saying ‘Risk that for me and I’ll love you forever’.”

Other songs in the new album include a duet with American country musician Willie Nelson on his song “Crazy.” Mr. Bublé also interprets other love songs on the album including Paul McCartney’s “My Valentine” (2012), Bob Dylan’s “Make You Feel My Love” (1997), and American soul singer Sam Cooke’s “Bring it on Home to Me” (1962).

Mr. Bublé described interpreting others’ love songs as an honor.

“[It was an honor to] know that someone that I admired so much had trusted me to hold his art and interpret a song that meant so much to him,” he said of recording Mr. McCartney’s “My Valentine,” a song that the former Beatle wrote for his wife. Mr. McCartney also produced the song for the album.

In those months spending time at home, Mr. Bublé also credits his family for bringing inspiration to one of the singles in the new album.

Mr. Bublé said the idea for one of the tracks came from his eldest son. “That song came when my eight-year-old son came into the shower when I was giving my kids’ shampoo and conditioner,” Mr. Bublé said before singing the first few lines of what eventually became the song “Higher.”

The album’s co-producer Bob Rock, who has worked with Mr. Bublé since 2007, said in a statement that this was the most focused and inspired the singer has been.

“He understood the record he wanted to make. He had a clear vision. As soon as we started, he stuck his neck out to make each song get to the place that he was hearing it in his head,” Mr. Rock said.

“I was ambitious, probably overly ambitious. The concepts met execution, and it just worked,” Mr. Bublé said of what to expect of the new album.

He ended the 30-minute online conference with the bold statement: “I’m [going to] try the best I can to live in the moment and enjoy this ride, because I may never be able to do better than this.”

The song “I’ll Never Not Love You” is available to stream at Michael Bublé – I’ll Never Not Love You (lnk.to). To pre-order the album, visit Michael Bublé – Higher (lnk.to). — Michelle Anne P. Soliman

MORE Power seeks rate hike to cover P1.33-B projects

February 22, 2022 | 12:04 am

MORE Electric and Power Corp. (MORE Power) has sought the Energy Regulatory Commission’s (ERC) approval for its proposed rate increase to recover the cost of its emergency capital expenditure (capex) projects worth P1.33 billion.

In its application posted on the ERC website on Feb. 16, MORE Power has applied for a uniform increase of P0.5498 per kilowatt-hour (kWh) over the current effective rate.

The power distributor is using the 2015 ERC-approved rate for Panay Electric Co. (PECO), the previous distribution utility in Iloilo City before the Razon-led company took over in February 2020.

“The uniform increase will be computed based on the percentage of the proposed rate adjustments to PECO’s maximum average price for Regulatory Year 2015 as approved by the Honorable Commission and as currently implemented by MORE Power based on the Order of the Honorable Commission dated 5 March 2020 in ERC Case No. 2018-019MC,” MORE Power said in its application.

If the ERC approves the suggested interim rate increase, consumers will have the following distribution charges: P0.4677/kWh for residential; P0.3659/kWh for the city government; P0.3142/kWh for city street lights; and P0.1719/kWh for other government offices.

MORE Power said a denial of its rate increase would “greatly affect” the company’s cash flow as it “has no other means of recovering” the approved costs of its emergency capex spent to improve system capacity, reliability, efficiency, safety and to implement lower generation costs.

In October 2021, the ERC approved MORE Power’s emergency projects amounting to P1.33 billion, which the company said could not be covered by its current rate. It said for the approved capex for 2020, it is entitled to recover the allowable revenue requirement estimated at P26.97 million per month.

“This is the recovery that MORE Power is deprived of on a monthly basis without the requested rate adjustment,” the company said.

MORE Power, a subsidiary of Prime Strategic Holdings, Inc., holds a 25-year franchise to energize Iloilo City, which has around 55,000 consumers. — Marielle C. Lucenio

Demand for PEZA-registered buildings remains high

February 22, 2022 | 12:03 am

THE DEMAND for Philippine Economic Zone Authority- (PEZA) registered office buildings, especially those located in Bonifacio Global City (BGC), remain high despite the pandemic.

In a press release, Leechiu Property Consultants (LPC) said BGC buildings that are registered with the PEZA have a 4% vacancy rate, as compared with the 18% vacancy rate in other business districts.

Alpha Plus Property Holdings, Inc., owner of the 32-storey Ecoprime tower on the corner of 32^nd and Ninth Avenue, is confident that the high vacancy in Metro Manila’s business districts will be “temporary.”

LPC executive director for Investment Sales Henry Cabrera said BGC now has the largest concentration of multinationals after they migrated to new buildings in Taguig such as Ecoprime, from older buildings in Makati.

“There are only two PEZA-accredited buildings in BGC available right now that can offer 10,000 square meters (sq.m.) or more of contiguous space, and Ecoprime is one of them,” he said in a statement.

Ecoprime offers 15,000 sq.m. of contiguous space suitable for large tenants, attractive business destinations.

“BGC has limited new office space supply coming in the next three years and demand will continue to grow as we recover from the pandemic,” Mr. Cabrera said.

Azkals end U23 campaign with 2-1 win over Brunei

February 22, 2022 | 12:03 am

Phil-vs-Bru-U23-2_PFF — PHILIPPINES defeats Brunei, 2-1, in Phnom Penh, Cambodia. — PFF

THE Philippines edged Brunei, 2-1, to give its Asean Football Federation Under-23 (U23) Championship campaign a bright ending Sunday at the Prince Stadium in Phnom Penh, Cambodia.

Dennis Chung and Sandro Reyes provided the goals as the U23 Azkals claimed their first victory in Group A before bowing out of the knockout stages.

The Pinoy youngsters, who earlier drew with Timor-Leste and dropped a 1-0 loss to the host Cambodians, finished third in the group with four points ahead of winless Brunei.

The Timorese beat Cambodia, 1-0, in the last game of pool play to finish No. 1 with seven markers and clinch the coveted semifinal ticket. With six points, the Cambodians settled for No. 2 and now hope to finish as the best second-placed side across the three groups to also advance.

Mr. Chung pounced on Brunei’s goalkeeping miscue off a corner to draw first blood in the 47^th minute while Mr. Reyes delivered a fine strike off Andres Aldeguer’s assist 10 minutes later for 2-0. However, Muhammad Hakeme Yazid Said found the back of the net in the 59^th to pull Brunei one back.

“We made hard work of this game. We scored two goals but we let Brunei come back,” said coach Stewart Hall. “At the very least, we finished the competition on a high with some players making their international debut.” — Olmin Leyba

John Arcilla receives his Best Actor trophy

February 22, 2022 | 12:03 am

Actor John Arcilla receives the Volpi Cup for Best Actor ----Photo by Michelle Anne P. Soliman (2) — ACTOR John Arcilla receives the Volpi Cup for Best Actor. — PHOTO BY MICHELLE ANNE P. SOLIMAN

ACTOR John Arcilla finally received the Venice International Film Festival Volpi Cup for Best Actor that he won at the 78^th Venice International Film Festival in September last year for his work on Erik Matti’s On the Job: The Missing 8.

The trophy was presented to him at the WAGI! Celebration of Filipino Excellence film screening and discussion series at the Cultural Center of the Philippines (CCP) on Feb. 18.

After the special screening of On the Job: The Missing 8, Italian Ambassador to the Philippines Marco Clemente presented the award to Mr. Arcilla.

The Venice International Film Festival, founded in 1932, is considered the world’s oldest film fest which aims to raise awareness and promote international cinemas in all its forms.

In his speech, Mr. Clemente said that the Volpi Cup is “comparable to the Oscar for Best Actor and Supporting Actor.”

“The general public do not know that the Coppa Volpi is practically another Oscar. So, it’s important to know how prestigious this award is for [John] Arcilla,” Mr. Clemente said.

Among the previous Best Actor Volpi Cup winners are Brad Pitt, Colin Firth, Liam Neeson, Joaquin Phoenix, Javier Bardem, Ben Affleck, and Sean Penn.

In his acceptance speech, Mr. Arcilla said that he always believed in acting as a noble profession.

“When we create characters, it is a study of human behavior,” Mr. Arcilla said. “When we study an era, the milieu of a certain story — for whom and when it was written, where the story took place — it is, for me, comparable to social science.

“Performances touch lives, [and] broken hearts. Performances can reach out to lost souls, can encourage decisions to spectators, to a group of people, maybe, to a community,” he added. “That’s how powerful our work is. Or I think, that’s how powerful my work is. That’s why I keep on doing what I do as an actor.”

Mr. Arcilla dedicated the award to family who died during the ongoing coronavirus disease 2019 (COVID-19) pandemic and concluded his speech by offering the win to the Filipino people. “Mabuhay tayong lahat. Ito ay para sa atin. (Long live the Filipinos. This [award] is for us.),” he said.

On the Job: The Missing 8 made its world premiere in the Main Competition for the Golden Lion at the 78^th Venice International Film Festival in 2021.

The crime drama is a sequel to On the Job (2013), a film about penitentiary prisoners who serve as assassins. Directed by Erik Matti and written by Michiko Yamamoto, the sequel follows radio journalist Sisoy Salas (played by Mr. Arcilla) who investigates the disappearance of his colleagues. It also follows Roman Rubio (Denis Trillo), a prisoner temporarily brought out of prison to carry out executions.

During a discussion after the CCP screening, Mr. Matti announced that On the Job: The Series — in which The Missing 8 plus the original film, On the Job, including never-before-seen footage from the first film, are turned into a six-part series — will be the first HBO Asia Original show to launch in HBO Max in Europe and North America on Feb. 24.

Mr. Matti added that production of a second season of the series is planned for April 2023.

“I think right now, we’re positioned to showcase Filipino talent abroad. This, hopefully, can be an awaking to our peers in the business, that we can cross our borders and showcase our talents out there and dream about bigger projects,” the film’s producer, Ronald Stephen “Dondon” Monteverde, said.

The film is scheduled to screen in more international film festivals this year, including the Fribourg International Film Festival in Switzerland and the Udine Far East Film Festival in Italy. In March, it will be the closing film at the Montañosa Film Festival 2022 in Baguio City.

On the Job: The Series is currently available to stream on HBO Go. — Michelle Anne P. Soliman

SFA Semicon earmarks $65M for five-year capex program

February 22, 2022 | 12:03 am

SFA Semicon Philippines Corp. (SSP) is allocating $65 million for its capital expenditure (capex) spending in the next five years “to help SSP take advantage of new opportunities in the global semiconductor market.”

“The CAPEX program aims to replace some of the fully depreciated machineries and equipment in its Phase 1 facility and to upgrade, as well as purchase, new machineries and equipment in both SSP’s Phase 1 and Phase 2 manufacturing facilities in Clark Freeport Zone,” the company said in a disclosure on Monday.

SSP President Joon Sang Kang said the company will be maximizing the opportunities in the global semiconductor market “in light of the accelerated digitalization of homes, businesses, consumer markets, education, and other sectors due to the global pandemic.”

The company said $10.19 million of its unrestricted retained earnings as of Dec. 31, 2021 will be used for its capex program.

SSP’s audited financial statements as of Dec. 31, 2021 show the company logged a net income after tax jump to $12.74 million in 2021, 130% higher than the $5.54 million generated the previous year.

SSP shares on Monday went up 3.42% or four centavos to close at P1.21 apiece. — Keren Concepcion G. Valmonte