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ANALYSIS | Investors seek out ‘back to the future’ trades to beat inflation as bond yields rise

NEW YORK – Widespread expectations of a coming U.S. economic boom are forcing bond fund managers to dust off their playbooks to combat a nemesis they have not had to worry about for more than a decade: inflation.

The tepid recovery from the Great Financial Crisis elongated the long bull market in bonds reaching back to the early 1980s, pushing yields to historically low levels. Yet continued accommodation by the Federal Reserve and the anticipated effects of the Biden administration’s $1.9-trillion stimulus plan have pushed up benchmark 10-year Treasury yields to last week touch their highest levels since January 2020.

Inflation is anathema to bond investors, eroding earnings over time, but it has not posed a significant threat since well before the 2008-2009 financial crisis. Now, though, the recovery from the coronavirus pandemic is forcing inflation back into the consciousness of fixed-income markets.

“We are going to see some really high inflation numbers in the next two or three quarters,” said Matt Freund, co-chief investment officer at Calamos Investments, who is overweight in shorter duration bonds in anticipation that inflation could reach as high as 3% this year.

“Why would you buy a 10-year bond and lock in a negative real yield for the entire 10-year period?” Freund said.

Sustained inflation will likely depress total returns in the U.S. fixed income market over the next three to four years, bond analysts say. As a result, some investors say they are holding assets that will benefit if inflation rises without taking on the risk of equities, which have stalled as investors price in higher debt costs for consumers and companies.

Mark Egan, portfolio manager of the Carillon Reams Core Bond Fund, said that he is focused on the safety offered in shorter-term Treasuries rather than expensive premiums in the high-yield debt market. He expects that fixed-income funds will post average declines of 2% or more over the next 3-4 years.

“You have to go back a long time to where people can remember a rising interest rate environment for more than a few months,” he said. “The price of safety is relatively low and the price of yield or return is very high.”

 

BLIP OR HERE-TO-STAY?

The big question for bond fund managers is how long above-average inflation will last.

“Is inflation going to rise in the next couple months? Absolutely,” said Gregory Peters, head of PGIM Fixed Income’s multi-sector and strategy. “But the gravitational pull is for inflation to go lower not higher.”

The Fed sees core inflation – which strips out the more volatile costs like food and energy – rising between a median of 2.0% and 2.2% a year through 2023, while projecting that long-term GDP – one of the main drivers of inflation – will return to 1.8% a year after spiking to 6.5% in 2021.

The U.S. 10-year break-even inflation rate on 10-year Treasury inflation protection securities, a gauge of expected annual inflation over the next 10 years, rose as high as 2.32% on Thursday, the highest since January 2014.

“It seems like the rise in breakeven inflation rates … has pretty much allowed the market to fully price in what they see coming in the way of inflation,” said Greg Whiteley, portfolio manager, DoubleLine. “And now they’re saying we’re seeing stronger real growth alongside inflation.”

Yet the Fed sees an inflation rise as transient. Richmond Federal Reserve President Thomas Barkin said on Monday that he expects some pretty large spikes in prices but it will be a one-time surge.

Indeed, since publicly setting its 2% target in 2012, the Fed has rarely hit it.

Commodities will likely be a winner from inflation regardless of whether it matches or exceeds the Fed’s assumptions, said Brian Jacobsen, senior investment strategist for the Multi-Asset Solutions team at Wells Fargo Asset Management.

The S&P GSCI commodity index is up 15.1% for the year to date.

“This is a sort of the back to the future play that hasn’t been in vogue for a while because we haven’t had to worry about inflation,” Jacobsen said. – Reuters

China’s Tencent faces concessions to win green light for giant videogaming merger – sources

March 23 – Chinese internet giant Tencent Holdings Ltd is having to offer concessions in a plan to merge the country’s top two videogame live-streaming sites in order to resolve antitrust concerns, two people with knowledge of the matter told Reuters.

Tencent, China’s No. 1 videogame and social media firm, first announced plans to merge Huya and DouYu last year in a tieup designed to streamline its stakes in the firms, estimated by data firm MobTech to have an 80% slice of a market already worth more than $3 billion and growing fast.

But with regulators concerned the deal would give Tencent overwhelming dominance, it’s willing to settle for approval subject to conditions, according to the people, who declined to be named due to the sensitivity of the matter.

China’s State Administration of Market Regulation (SAMR) said in December it was reviewing the merger.

Tencent, Huya, DouYu and SAMR did not immediately respond to Reuters’ requests for comment.

The change of tack comes amid Beijing’s sweeping anti-monopoly crackdown on China’s internet giants. The crackdown started with 2020’s shelving of financial technology firm Ant Group’s $37 billion initial public offering, and has expanded across the sector, battering share prices and prompting some to take pre-emptive measures before they are targeted.

A separate person with direct knowledge of the deal said the antitrust review of the merger had been an “elongated process”, but nothing concrete had been communicated from the regulator to the companies regarding potential concessions.

Huya and DouYu are ranked No. 1 and No. 2, respectively, as China’s most popular video game streaming sites, where users flock to watch e-sports tournaments and follow professional gamers. Tencent is Huya’s biggest shareholder with 36.9% and also owns over a third of DouYu, with both firms listed in the United States, and worth a combined $10 billion by market value.

“Tencent has a dominant position in game publishing in China, while the two live-streaming sites combined would be tantamount to gargantuan in the business,” one of the people with knowledge of the matter told Reuters.

Announcing the Huya-DouYu plan last October, Tencent said it aimed to fold its own fully-owned videogame live-streaming business into the combined businesses of Huya and DouYu after the merger under its Penguin arm. – Reuters

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lhuillierAmong the items that customers may use as collateral include gold and diamond jewelry, Ray-Ban sunglasses, guitars, medical equipment, gadgets such as cellular phones, laptops, tablets, and cameras; and home essentials like kitchenware, silverware, appliances, and power tools. M Lhuillier branches are equipped with CCTV, fire alarms, and monitored security systems, while collateral items are safely secured in a safe-within-a-vault during the pendency of the loan. 

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Firms feel pinch as curbs tightened

A policeman is seen at a checkpoint at the boundary of Calumpit, Bulacan and Apalit, Pampanga, March 22. — PHILIPPINE STAR/ MICHAEL VARCAS

By Jenina P. Ibañez, Reporter

BUSINESSES are calling for a quicker rollout of coronavirus disease 2019 (COVID-19) vaccines as they feel the pinch from tighter restrictions in the capital region amid a fresh surge in infections.

The Health department on Monday reported 8,019 new COVID-19 cases, the biggest daily jump since the pandemic began (Read related storyPhilippines sets up checkpoints as daily case count hits record”).

The government on Sunday announced that only essential travel would be allowed to and from Metro Manila and its neighboring provinces or the so-called “NCR Plus” bubble. Until April 4, some businesses will be temporarily banned from operating at full capacity or at all, while indoor dine-in at restaurants will not be allowed.

Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said on Monday the economy could no longer afford to have its major cities revert back to the strictest form of lockdown given its huge impact on jobs and the income of workers and businesses.

“We need to consider that strict quarantines previously imposed entailed huge income losses and hardships, especially among the poor. The IATF Resolution No. 104 allows key businesses and services to operate, instead of imposing a blanket and prolonged community quarantine which could cost some P2.1 billion in wages daily,” he said in a statement.

Businesses are anticipating losses in the next two weeks. The tourism sector was hoping to get a boost during Holy Week, which usually marks the start of the peak travel season.

“There will definitely be an impact as a majority of travelers for the Holy Week would have been from NCR (National Capital Region),” Tourism Congress of the Philippines (TCP) President Jose C. Clemente III said in a mobile message.

He said the industry is hoping the “situation gets under control” so that businesses can resume plans to reopen.

“A lot of stakeholders, especially travel agents and tour operators, are still on work from home or alternate work schedules as there is still not much business to be had so in those terms, most of us have not yet thought of fully reopening.”

Smaller retail businesses will also be affected by the lockdown, Philippine Chamber of Commerce and Industry (PCCI) President Benedicto V. Yujuico said.

“Even with minimum additional restrictions, people will be afraid to go to the malls so there will be less customer traffic and this will also affect restaurants even if outdoor sitting is allowed,” he said in an e-mail.

The government, he added, had taken into account the potential business revenue and employment disruption and had taken steps to minimize them, noting that the lockdown would help slow the surge in infections.

“The lockdown is helpful but the true solution lies in the arrival of vaccines and the faster rate of inoculation of the citizens,” he said.

Henry Lim Bon Liong, president of the Federation of Filipino Chinese Chambers of Commerce and Industry, Inc., said the private sector is looking to help import more vaccines.

“If we have more vaccines nationwide this year, we are optimistic that we can fully revive consumer confidence, rebuild businesses, and restore our Philippine economic growth this 2021,” he said in a statement.

The Philippines has inoculated just more than 330,000 people.

Foreign businesses in the country are also encouraging the government to adopt international best practices in mitigating COVID-19 transmission.

“The Chamber underscores the urgency of smooth and speedy rollout of the immunization program. This is essential in stabilizing the current situation, and in ensuring that the majority of sectors are up and running again on all cylinders,” European Chamber of Commerce of the Philippines President Nabil Francis said in a mobile message.

Exporters, on the other hand, are adopting a wait-and-see approach. The companies during the stricter lockdown last year saw disruptions as they encountered bottlenecks in moving goods across multiple checkpoints.

Philexport President Sergio R. Ortiz-Luis, Jr. in a phone interview said that there could be disruptions among suppliers moving goods, but is not yet certain that the same would happen amid new restrictions.

But Danilo C. Lachica, president of the Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI), said disruptions will be minimal.

“(The) industry has learned to adjust and cope,” he said in a mobile message.

The Philippine economy contracted by a record 9.5% in 2020 due to the prolonged lockdown. — with inputs from Beatrice M. Laforga

More fake news, more at stake as national elections draw near

By Kyle Aristophere T. Atienza, Reporter

BRIX JUSTINE R. PAGTALUNAN, a millennial voter, thinks his relatives are unlikely to vote for opposition candidates at next year’s elections.

Not because they don’t deserve voters’ trust, but more because of the risk of being branded communists or terrorists online by minions of the ruling administration.

BW Bullseye 2020-focus“This is especially true now that the campaigns of certain candidates are blatantly financed and publicized in both print and digital media,” the 25-year-old entrepreneur said in a Facebook Messenger chat.

“Social networking platforms and influencers are maximized to promote these candidates and enhance their image, exploiting their reliance on the internet for facts,” he added.

Fake news has been with us since time immemorial, and from the 2016 presidential elections to the coronavirus pandemic, it has proven to spread fast. It also poses a greater danger thanks — or no thanks — in large part to social media.

Civil society should help combat disinformation campaigns during the campaign season for the 2022 general elections, political analysts said.

“Voters would be prone to electing the undeserving ones if fake news continues to drown out and overwhelm the truth,” Danilo A. Arao, a University of the Philippines journalism professor who started the group KontraDaya said in a Messenger chat.

About 45% of Filipino adults had access to the internet in 2019, according to a Social Weather Stations (SWS) poll. About 98% of them or 29.4 million Filipinos had Facebook accounts.

Of 66.2 million adult Filipinos, about a quarter or 15.7 million people use Facebook to read news daily, SWS said.

Among social media sites, Facebook remains to be the worst perpetrator of fake news, according to a global poll by the Centre for International Governance Innovation and Ipsos.

Mr. Arao said people who stay mostly at home amid a coronavirus pandemic must be taught how to spot fake news so they don’t fall prey to disinformation campaigns by certain political camps.

DIGITAL CAMPAIGN
Disinformation was among the topics discussed at the 14th meeting of the Association of Southeast Asian Nations Ministers Responsible for Information in 2018.

Member countries issued a joint declaration to quell fake news, improve digital literacy and encourage agencies to develop mechanisms to address the rise of fake news.

Traditional face-to-face campaigns may no longer be allowed at next year’s elections as the pandemic drags on, according to the Commission on Elections.

“Digital campaigning may sound like an inexpensive, attractive idea, but this will deprive a large segment of the population of vital information,” Mr. Arao said. “Not all people have access to the internet. Even in urban areas, internet connection is generally slow and intermittent.”

He said traditional media such as print, radio and television remain viable platforms in reaching out to people, together with social media.

“All media platforms should be maximized in the probable absence of face-to-face campaigns,” he said.

Mr. Arao said the Commission on Elections must look at the possibility of having campaign rallies with small crowds to ensure the voters are well informed.

“An election loses a part of its democratic character when people are not informed properly about their candidates,” Bryan E. Gonzales, executive director at Human Rights and Peoples Empowerment Center, said in a Messenger chat.

“The Philippines is obviously not doing its part in quelling fake news despite the claims of the government, mainly through the Presidential Communications Operations Office (PCOO),” Mr. Arao said.

“Ironically, it is the PCOO and the government media under it that have proven to be guilty of spreading fake news through the years.

The PCOO drew flak last year after its official Facebook page shared false information claiming franchise violations by ABS-CBN Corp. It also shared a post claiming that journalists who supported the media giant’s franchise renewal were communist fronts.

FACEBOOK TROLLS
“Social media trolls employed by well-funded candidates exert a strong influence,” Neri J. Colmenares, a human rights lawyer and former congressman, told a news briefing this month in Filipino.

“If we can convince young people who have mastered social media to join the battle for their future, we’re 100% sure,” he told the briefing for the launch of a political party, referring to the 2022 elections.

“Even if administration candidates spend billions of pesos on trolls, we can fight them.”

“The 2016 presidential contest is widely considered as the first social media election in the Philippines,” according to a study published online by Cambridge University Press.

President Rodrigo R. Duterte used the grassroots model for his campaign, it said, citing 20 million Facebook activities and 39,942 randomly sampled comments across the official Facebook pages of key presidential candidates.

“Such inconsistencies raise the prospect that Duterte’s online victory was fabricated by paid trolls and fake accounts,” according to the study. “Instead, our analysis suggests that Duterte’s digital fanbase was, at least in part, a reflection of offline, grassroots political support.”

Mr. Duterte’s supporters were not only aggressive in their support for him online; they were more committed to him offline as well, it added.

“There is nothing to expect from a government that continues to be an enemy of basic freedoms and a perpetuator of lies, misinformation and disinformation,” Mr. Arao said.

“When people are bombarded with fake news and distorted pieces of information everyday, we either take these things altogether as reality or we become disillusioned and refuse to believe in anything,” Mr. Gonzales said.

Fake news can deepen divisions among citizens. “Disinformation is deliberately employed to trigger prejudices that make meaningful solidarity difficult. The result is an ‘us against them’ situation that the powers-that-be continue to exploit,” he added.

Mr. Gonzales said progressive candidates and other opposition figures who’ve been vilified by administration allies would likely suffer from fake news.

Mr. Duterte has accused members of a progressive bloc in the House of Representatives of participating in the armed rebellion. His task force against communist insurgency has also accused opposition members and journalists for being communist fronts.

“Fake news has been weaponized against different sectors of society that continue to suffer from discrimination, disfranchisement, and so on,” Mr. Gonzales said. “Fake news deliberately misrepresents the image and interests of these groups, which are already struggling to establish a foothold in our democratic processes and institutions, including our elections.”

Civil society must inform and organize the public at the grassroots level, Mr. Gonzales said.

He said there were now dozens of organizations and networks devoted to fact-checking, media literacy and digital rights. Several people’s organizations and advocacy groups have also been cheating social media’s dangerous algorithms by informing and organizing people at the grassroots level.

Mr. Pagtalunan, the millennium voter mentioned at the outset, said he was more worried about older relatives who rely on the internet to get news updates.

“I’m worried that  my family members might be affected by fake news in the upcoming polls. I think most of my relatives won’t vote for someone who’s publicly opposed to the policies of Duterte because they can be branded communists or terrorists online.”

Startups to be granted registration exemptions

STARTUPS may soon be exempted from some business registration processes as the government develops new programs to support new businesses.

Various government agencies including the Anti-Red Tape Authority are working on a memo that will exempt startups from some business permit requirements, Trade Secretary Ramon M. Lopez said in an online event on Monday.

The government has also created a group that will implement its startup development program since the signing of the implementing rules and regulations of the Innovative Startup Act in November 2019.

Secretaries of the Department of Trade and Industry (DTI), Department of Science and Technology (DoST), and Department of Information and Communications Technology (DICT) on Monday signed a joint administrative order creating the steering committee of the Innovative Startup Act or Republic Act 11337.

The law signed by President Rodrigo R. Duterte in April 2019 qualifies for incentives “any person or registered entity in the Philippines that aims to develop an innovative product, process, or business model.”

The committee will guide and oversee the implementation of the Philippine Startup Development Program, which would support programs and incentives for startups and startup enablers.

“DTI will serve as the inaugural chair of the steering committee, then succeeded by DoST and then by DICT thereafter,” Mr. Lopez said.

“We have been working together since the enactment of the startup law in 2019. Specifically, we have been aligning our respective programs for startups and implementing initiatives in pursuit of the objective of the law.” 

Mr. Lopez in 2019 said that the government was planning to create a one-stop shop for startups, which would offer end-to-end registration for the businesses.

The Startup Business One-Stop Shop (SBOSS), he said, will be on the government central business portal and will be made accessible through a startup website in development.

“This is about facilitating registration of businesses, especially the startup businesses. This is also envisioned to serve as a platform containing all information about regulations on opening, operating, closing, or exiting a startup,” he said.

The National Development Company (NDC) included a P250-million venture fund committed last year in the 2021 budget.

“Although we were affected by the pandemic and there was a bit of difficulty in completing the process, nevertheless, it is in our agenda for this year and hopefully we will be able to launch that venture fund to be managed by NDC,” Mr. Lopez said. — Jenina P. Ibañez

Sales of imported vehicles decline by 15% in February

SALES of imported cars in the Philippines declined by 15% in February, as passenger car sales continued to slump since the pre-lockdown period.

In a report released on Monday, the Association of Vehicle Importers and Distributors, Inc. (AVID) said the industry’s 21 member companies and 26 global brands sold 5,401 vehicles in February compared with 6,342 in the same month last year.

Year-to-date sales dropped by 10% to 10,663 vehicles compared with 11,890 a year earlier.

Month-on-month sales of imported vehicles inched up by 3% to 5,401 vehicles in February.

AVID President Ma. Fe Perez-Agudo, who also heads Hyundai Asia Resources, Inc. (HARI), said the industry ended 2020 on a “high note.”

AVID sales in 2020 dropped by more than 40% from a year earlier amid the lockdown declared to contain COVID-19. Sales dropped by more than 50% in the first half after dealerships closed during the strictest lockdown level.

But there are signs of recovery, as month-on-month sales in December went up 15%.

“While we acknowledge that recovery will not come quickly, we remain focused on taking ‘baby steps’ at all fronts of our respective businesses and count on government to heed our call for a more comprehensive, long-term approach to reopening the economy by creating more job opportunities, upgrading infrastructure and logistics, and improving the ease and cost of doing business,” Ms. Perez-Agudo said.

Based on limited data, passenger car sales in February slid 23% to 1,518 vehicles, with sales led by Suzuki Philippines, Inc.

Light commercial vehicle sales fell 13% to 3,728 units, led by 1,617 vehicles sold by Ford Group Philippines, Inc.

Commercial vehicle sales from HARI went up 154% to 155 cars.

Some companies, however, combined data for passenger and light commercial vehicle sales, reporting a 16% slump to 5,246 units.

Another car industry group recorded a 12% slump in February compared with the same month last year.

A joint report from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) said that the industry sold 26,230 vehicles in February, down 12% from 29,790 units in the same month last year. — Jenina P. Ibañez

SEC approves Cebu Air’s capital increase

THE Securities and Exchange Commission (SEC) has approved the increase in authorized capital stock of Cebu Air, Inc., which the listed airline operator filed for to finance its business transformation plan as the industry faces challenges posed by the pandemic.

“It is currently implementing a business transformation exercise that involves right-sizing of network and fleet to meet new demand, and improvement of operations efficiency through process and policy enhancements and digitalization, among others,” Cebu Air said in a statement on Monday.

This increased the company’s authorized capital stock to P1.74 billion from P1.34 billion, which now consists of 1.34 billion common shares priced at P1 apiece and 400 million convertible preferred shares worth P1 per share.

Some 328.95 million convertible preferred shares with a par of P1 have been subscribed and paid for in cash through the company’s recent stock rights offering.

The total issue value amounted to P12.5 billion, with a par value worth P328.95 million and P12.17 billion in additional paid-in capital.

Cebu Air’s previous authorized capital stock was divided into 1.34 billion common shares at P1 apiece.

The airline operator said it aims to raise some $500 million for its business transformation program, which involves $250 million of aggregate proceeds from its convertible preferred shares rights issue.

The remaining half will be coming from the private placement of convertible bonds, warrants, bonds with detachable warrants, and other similar security instruments with a subscription price of nearly $250 million.

Final terms of the convertible preferred shares rights issue and the private placement will be decided upon by the company’s board of directors.

“The proceeds from this business transformation fund-raising plan shall be used to strengthen the balance sheet of the corporation and for general corporate purposes,” Cebu Air said.

The issue price of offerings will be determined according to several factors. However, Cebu Air said the final offer price is expected to be within P38 to P48.

“The proposed convertible preferred shares rights issue and private placement would be fair, transparent and equitable to all shareholders. All relevant approvals will be sought from, and appropriate disclosures would be made to, the [SEC] and the Philippine Stock Exchange,” the listed airline operator said.

On Monday, Cebu Air shares at the stock exchange went down by 4.39% or P2.05 to P44.70 apiece. — Keren Concepcion G. Valmonte

Ringo Starr mixes COVID caution with rocker pals to make album

RINGO Starr’s latest album Zoom In

RINGO STARR has been working from home.

The former Beatle released his latest album on Friday, a five-song package he appropriately named Zoom In after the videoconferencing service.

Mr. Starr made the record last year from his home studio in Beverly Hills, California, under conditions that US virus czar Anthony Fauci might have approved. Musicians who joined him were tested for the coronavirus, and no more than two at a time took part. They wore masks when they came and stayed six feet apart.

“It’s a weird way of making a record,” Mr. Starr said in an online press conference Thursday. “But if it’s the only way, you get on with it.”

The artist, who turned 80 last year, had no problem attracting big names to participate, including Dave Grohl, Ben Harper, Jenny Lewis, Sheryl Crow, and Toto’s Steve Lukather. Former Doors guitarist Robby Krieger recorded his contribution from home. The pandemic, which has shuttered the concert business for the past year, gave a lot of musicians free time.

“I think everyone was looking for something to do,” Mr. Starr said.

Former bandmate Paul McCartney also released a pandemic-era album in December, which he recorded in his own studio. In Mr. McCartney’s case, he played all of the instruments.

Mr. Starr, who often plays concerts in the summer with a group he calls the All Starr Band, ultimately canceled two tours, last year and this year. Even after pushing the dates to as late as October 2021, he didn’t feel comfortable. He also said he’d prefer not to do online concerts, as many musicians have.

“I’m not really interested unless I’m there and you’re there,” said Mr. Starr, who has now been vaccinated against COVID-19.

The drummer, who sang a number of Beatles hits, including “Octopus’s Garden,” said he put his pride on the shelf and mostly recorded songs written by others, including Grammy winner Diane Warren.

He jumped on “Not Enough Love in the World,” from Lukather and his Toto bandmate Joseph Williams, to cheer people up in these tough times. Mr. Starr chose to make a shorter, extended-play record, or EP in music industry lingo, because a full album would have been too much work. He said he’ll likely stick with that format going forward.

Mr. Starr had always been a cautious one, bumping elbows with fans long before the pandemic ended handshakes. He’s already started work on a second EP and announced 14 live dates, beginning in May 2022.

“There may be four or five EPs out before then,” he said. — Bloomberg

PCC clears Manila reclamation joint venture

THE Philippine Competition Commission (PCC) has approved a joint venture between JBros Construction Corp. and the City Government of Manila for a Manila Bay reclamation project.

The competition regulator said that it found no substantial lessening of competition on the creation of the joint venture for the Manila Horizon reclamation project, a 419-hectare raw-land development of three islands on Manila Bay.

The project will be a mixed-use development with commercial, institutional, and residential areas, along with port and tourism facilities.

“The transaction is a new area of investment formed for the creation of a residential and commercial real estate development project,” the commission decision said.

“This will expand the existing market and likely create an opportunity for the emergence of new markets for commercial and residential real estate within the City of Manila.”

JBros Construction will contribute capital and expertise while the Manila government will offer rights over the municipal waters on which the project will be developed. The parties, the commission said, will share profits, risks, and losses.

“The resulting unincorporated joint venture shall be governed by a sharing arrangement with 51% for Manila City Government and 49% for JBros Construction,” PCC said.

The commission recently green-lit a joint venture between Waterfront Manila Premier Development, Inc. and the City Government of Manila to build the Manila Waterfront City reclamation project. — Jenina P. Ibañez

Ampalaya Monologues’ third episode gives love another chance

IWANT’S ORIGINAL anthology series Ampalaya Chronicles brings another “hugot” story with its third episode: “Me and Mrs. Cruz.”

Based on the monologue “Me & Mrs. Cruz” by Jerome Dawis from Mark Ghosn’s collection titled Ampalaya Monologues, the show is directed by Real Florido and written by Bridgette Ann Rebuca.

The story follows a widow, Mrs. Eve Cruz, who is trying to recover from the loss of her husband. She meets a young flower shop delivery man, Caloy, who goes to work dressed up as famous musicians. Both develop a deep connection despite their 23-year age gap.

Director Real Florido said in a video that the third episode is a more layered story, since the first two episodes of the anthology, referring to “Adikand” and “Labyu Hehe,” focused on love stories between adolescents.

During an online press launch, Ina Raymundo, who plays Mrs. Eve Cruz, describes her character as someone who is full of regret after losing the one she loves. “The story taught me to value the people you love,” she said. “Do not take your loved ones for granted… You will be gripped with so much misery.”

Paulo Angeles admitted that he was pressured in preparing for the spoken word poetry because of the deep vocabulary used.

“Nung nasa set, mas maganda pala kung huwag mong isipin yung words. Mas maganda kung yung buong body mo gumagana, at kusa nalang siya lalabas sa bibig mo (When on set, it’s better to not think of the words. It is better to let your body work and the words will flow naturally),” he said.

Ampalaya Monologues is known for its “hugot,” or emotional pull, from a past experience in a romantic relationship. “Minsan hindi mo kayang sabihin pero dahil may ganitong klaseng art form, kapag napanood mo siya, tumatagos sayo (Sometimes you cannot express how you feel, but because of this art form, it overflows to you).” Mr. Florido said in a video.

Also in the cast are Kristof Garcia, and JM Mendoza, and Nicki Morena.

Ampalaya Chronicles: Me & Mrs. Cruz will stream beginning Mar. 26 on iWantTFC.com and the iWantTFC app (available on Google Play and App store) and iwant.ph. — Michelle Anne P. Soliman

NextPay secures funding to expand digital solutions

FINANCIAL technology startup NextPay received $125,000 in funding from Silicon Valley-based Y Combinator, becoming the fifth Filipino startup to receive backing from the accelerator.

The funding will be used to expand its digital solutions for payments, credit, and personal cash management, the company said in a statement on Monday.

The NextPay platform offers small companies digital invoicing, cash management, and batch payment services linked to Philippine banks and digital wallets.

“Our goal is to empower smaller businesses with a spectrum of banking services that were previously unavailable to them because of the steep requirements and high fees that are typically aimed at larger, more developed companies that can afford them,” NextPay Chief Executive Officer and Co-Founder Don Pansacola said.

“We plan to introduce more payment acceptance methods, virtual credit cards, and other digital solutions that enable businesses to manage their cash flow and alleviate the bottlenecks of the Philippine financial landscape.”

NextPay, he said, will also partner with human resource and accounting software companies to streamline the financial operations of growing firms.

The company has processed $2.5 million or P120 million in digital transactions for over 100 businesses since its launch last year.

Y Combinator has also backed Filipino companies Kalibrr, PayMongo, Avion School, and Dashlabs.ai. Internationally, it has helped launch Airbnb, Dropbox, and Twitch. — Jenina P. Ibañez