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Samuel L. Jackson, Danny Glover to receive honorary Oscars

Danny Glover — PHOTO FROM EN.WIKIPEDIA.COM

LOS ANGELES —  Actors Samuel L. Jackson and Danny Glover are among four people who will receive honorary Oscars next year for their contributions to filmmaking and the world, the Academy of Motion Picture Arts and Sciences announced last week.

The pair are among the next recipients of the academy’s Governors Awards, which will be handed out in a ceremony in January. Other honorees are writer-director Elaine May and Norwegian actress Liv Ullmann.

The recipients “have had a profound impact on both film and society,” Academy President David Rubin said in a statement.

Mr. Jackson, who portrayed Nick Fury in the Avengers and other Marvel movies, has appeared in more than 100 films. He was nominated for an Oscar for his role as a hit man in director Quentin Tarantino’s 1994 drama Pulp Fiction.

Ms. Ullmann was a frequent collaborator with Swedish director Ingmar Bergman. She appeared in Persona, The Passion of Anna, Cries and Whispers, and other Bergman films. Ms. Ullman was nominated for best actress for 1971 film The Emigrants and 1976 movie Face to Face.

Ms. May received Oscar nominations for best adapted screenplay for 1978’s Heaven Can Wait and 1999’s Primary Colors. Earlier in her career, she was part of the comedy duo Nichols and May, which debuted in 1958, with Mike Nichols.

Mr. Glover, star of the Lethal Weapon movies, will receive the Jean Hersholt Humanitarian Award for his advocacy for justice and human rights. He currently serves as a goodwill ambassador for UNICEF. — Reuters

Dawn of ‘roaring twenties’ seen for property market

A GENERAL view of the Burj Khalifa in Dubai, United Arab Emirates, June 23, 2019. — REUTERS/CHRISTOPHER PIKE

A RECORD burst of sales in the priciest corners of the global property market may be ushering in a post-pandemic era of exuberance in real estate — with Dubai among the front-runners.

The Middle East business hub is the latest city to light up with what Knight Frank LLP called “a spectacular post-COVID rebound in luxury home sales.” In the first five months of the year, 22 properties worth more than $10 million found a buyer, the most since 2015 and up from a total of 19 last year.

Far from being an isolated hotspot, the emirate may mirror a pattern seen in other global cities, the consultancy firm said on Sunday. Homes in the wealthiest areas of London are selling at the fastest rate in seven years, according to LonRes data.

“The rebounding of Dubai’s super prime market echoes a wider global trend, signaling the start perhaps of a ‘Roaring Twenties’ for global real estate,” said Faisal Durrani, head of Middle East Research at Knight Frank.

“The uber luxury end of the market is a terrific barometer for general market sentiment,” Durrani said. “Homebuyers are clearly oozing with confidence when it comes to the emirate’s uber luxury homes market.”

Most of the transactions in the highest price bracket were on the city’s artificial island of Palm Jumeirah, with a total of about $770 million paid for properties in the $10 million range between January and May, according to Knight Frank.

Economic activity in Dubai, particularly tourism, has rebounded in the past six months as the emirate rolled out one of the world’s fastest vaccination campaigns and opened its doors to foreign visitors sooner than most other countries.

But even as luxury property appears to flourish in Dubai, other parts of the emirate’s real estate sector are struggling. State-linked developers Limitless and Meydan are restructuring debt, while one of the top realty firms, Damac Properties, sought to de-list its shares after posting hefty losses. The founder of Damac postponed the effort this month when the regulator started a review of the transaction.

And Dubai’s years-old property glut may also continue to put pressure on the value of high-end residential homes, Knight Frank recently warned.

DIFFERENT BUYERS
For all the similarities between major cities around the world, the differences are also telling.

It’s Brits who are driving the market in the wealthiest areas of London, with the portion of UK buyers currently at 62%, the highest in at least a decade, Knight Frank numbers show.

By contrast, Dubai — where foreigners already account for about 90% of the population — emerged as a haven while the most affluent home buyers fled virus lockdowns from Europe and elsewhere.

With much of the city’s real estate still working through an oversupply that drove down values by over a third since 2014, it may be a challenge to sustain demand for luxury homes while the United Arab Emirates, of which Dubai is a part, struggles to bring down the number of coronavirus infections that’s kept it on the UK’s red list.

Dubai has over 42,000 homes valued at $1 million or more, second only to London, according to Knight Frank. At the same time, prime residential properties are far more affordable in Dubai than in London, New York or Singapore.

“Investor sentiment has clearly been influenced by the way in which Dubai managed the impact of the pandemic,” said Durrani. “The world’s wealthy have their eyes firmly set on the city.” — Bloomberg

Gov’t fully awards T-bills as rates drop

BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it auctioned off on Monday as rates continued to decline across the board on the back of strong demand.

The Bureau of the Treasury (BTr) borrowed P15 billion as planned via the T-bills on Monday as the offer was met with P53.567 billion in tenders, making it over three times oversubscribed. However, demand was lower than the P59.064 billion in bids logged during last week’s auction.

Broken down, the Treasury raised the programmed P5 billion via the 91-day T-bills from P19.75 billion in bids. The average rate of the three-month papers fell by 4.7 basis points (bps) to 1.031% from 1.078% previously.

The government also accepted P5 billion as planned in bids for the 182-day debt after the tenor attracted tenders worth P18.427 billion. The six-month T-bills fetched an average rate of 1.332%, down by 1.6 bps from last week’s 1.348%.

Lastly, the BTr made a full P5-billion award of the 364-day securities as total bids reached P15.39 billion. The average rate of the tenor dipped to 1.562% from the 1.563% quoted at the previous auction.

National Treasurer Rosalia V. de Leon told reporters in a Viber message after Monday’s auction that the strong demand for the short-term debt papers continued to pull down rates.

Meanwhile, a bond trader said the T-bills’ average rates fell within market expectations.

“People prefer shorter tenors to be safe until more evidence or catalysts resurface,” the trader said.

Investors have been flocking to safe-haven assets like government securities as the coronavirus pandemic continues to cause market volatility.

This week’s auctions of government debt are the last ones for June. The BTr wants to borrow P215 billion from the local debt market this month: P75 billion via weekly offers of T-bills and P140 billion from weekly auctions of Treasury bonds (T-bonds).

It raised P95 billion via the T-bills versus the P75-billion program as it opened its tap facility several times to accommodate strong demand and take advantage of the low rates fetched for the papers.

On Tuesday, the Treasury is looking to raise P35 billion from an offering of reissued 20-year T-bonds, which have a remaining life of 11 years and eight months.

Next month, the Treasury is programmed to raise P235 billion from the local market: P60 billion via weekly offers of T-bills and P175 billion from weekly auctions of T-bonds.

The government wants to borrow P3 trillion from domestic and external sources this year to help fund a budget deficit seen to hit 9.3% of gross domestic product. It runs on a budget deficit as it spends more than the revenue it generates to support the economy’s recovery.

The Philippines on Monday returned to the US global bond market, offering 10.5-year and 25-year dollar-denominated notes at benchmark sizes.

This is the third time this year that the government tapped the international debt market after it raised €2.1 billion via its euro bond sale in April and the ¥55 billion from its Samurai bond offering in March. — B.M. Laforga

When love is written in the stars

WHEN love is dictated by the stars and fortune telling, the result is the new WeTV Original romantic comedy series Boyfriend No. 13. The eight-episode series, follows the highly superstitious Kimverly Santillan who has yet to find “the one” — and whoever he is, is sure to be bad luck.

“When the story was pitched to us by APT, headed by Mike Tuviera, we immediately loved it. It was quirky, it was fun and relatable,” Georgette Tengco, Philippine country manager of WeTV and iflix, said in an online press conference on June 23.

Sue Ramirez stars as Kimverly, a young romance novelist who lives her life according to superstitions. From reading her daily horoscope, to wearing lucky charms to ward off bad luck, and regularly consulting fortune tellers, Kimverly’s every move is calculated to avoid misfortune. When she meets the tall and charming doctor Don Lee (played by JC De Vera) all signs indicate that he is her destiny. On the other hand, there’s her officemate, Bob (played by JC Santos), who needs a writing mentor. Whether she ends up with Bob or Don Lee, these seemingly ideal lovers will be her 13th boyfriend — an unlucky number.

“She is a very superstitious lady,” Ms. Ramirez said of her character. “It so happened that the perfect guys [will be] boyfriend number 13 which is, of course, bad luck.”

Ms. Ramirez and Mr. Santos were the series’ director John “Sweet” Lapus’ first choices for the roles of Kimverly and Bob.

“When they presented the storyline and the script, given na si Sue and JC Santos. So, talagang nahirapan kami sa role ni Dr. Don Lee (So, we really had a difficult time casting the role of Dr. Don Lee),” Mr. Lapus said.

Mr. Lapus wanted to cast JC De Vera as Don — a problematic choice since the production had to seek permission from the network where the actor is currently under contract.

“Pagsamahin na natin yung dalawang JC na pilit pinag-iiwasan ng ibang mga production dahil magkapangalan sila (Let us have the two JCs that other productions try to avoid joining together because they share a name),” Mr. Lapus said.

Mr. Lapus said the story revolves around falling for two people with contrasting personalities.

Bob is a very straightforward and unapologetic person. “Sasabihin niya lahat ng nasa isip niya (He will say everything he thinks),” Mr. Santos said of his character.

Meanwhile, Mr. De Veyra said that despite his character’s joyful personality, Dr. Don Lee lives a pre-arranged life — from which program he pursued at university to his marriage.

“Malilito ka ngayon kung sino ang mamahalin mo. And I believe na lahat ng tao dumaan sa ganiyan (You will get confused over whom to love. And I believe that all of us have gone through that),” Mr. Lapus said.

Also in the cast are Lotlot de Leon, Phi Palmos, Hershey Neri, and Bryan Sy.

Boyfriend No. 13 will start streaming on WeTV on July 2, 7 p.m., with new episodes released weekly. — Michelle Anne P. Soliman

Diokno retained as co-chair of FSB-RCGA

Benjamin E. Diokno, Bangko Sentral ng Pilipinas Governor — BLOOMBERG

BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E. Diokno has been appointed for a second term as the co-chair of a regional group of the Financial Stability Board.

Mr. Diokno will continue to co-chair the Regional Consultative Group for Asia of the Financial Stability Board (FSB-RCGA) until June 2023, the central bank said in a statement on Monday. His first term as co-chair of the body started in July 2019 and ended this month.

Members of the FSB-RCGA include financial authorities from Australia, Brunei Darussalam, Cambodia, China, Hong Kong SAR, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, and Vietnam.

“I am thankful for the privilege and welcome the challenge to serve a second term as co-chair of the RCGA. I look forward to the opportunity to actively work with my colleagues in the RCGA, addressing the after-effects of the pandemic and re-establishing financial stability in the region,” Mr. Diokno was quoted as saying.

He said the FSB’s regional groups are meant to extend discussions beyond the G20.

“Global standards and best practices apply to all and we should leverage this opportunity to shape the discussion and its agreed outcomes,” he added.

The central bank chief said systemic risks like the coronavirus disease 2019 (COVID-19) pandemic will continue to be key points for discussion at the RCGA.

“We have to balance providing the interventions that address the needs today while remaining conscious of the possible longer-term effects of these interventions. As prudential authorities, we must balance the certainty provided by regulations against the need for flexibility so that we can respond to this once-in-a-lifetime crisis,” Mr. Diokno said. 

“While the policy objective of financial stability was drawn based on the lessons of the 2007 global financial crisis (GFC), the emergence of the COVID-19 virus is the systemic risk that was not foreseen. Many experts have previously pointed out that COVID-19 is a test case for how far the world has progressed on the financial stability agenda post-GFC, even though there is no ready playbook for the policy issues caused by this pandemic-cum-recession,” the BSP said.

The country’s Financial Stability Coordination Council, which is chaired by Mr. Diokno, in April said the impact of the pandemic on borrowers’ capacity to repay their debt is a risk to financial stability, but is seen to be manageable in the near term. — LWTN

PNB targets Fil-Americans with home loan product

PHILIPPINE NATIONAL Bank (PNB) teamed up with New Jersey-based Alexander Anderson Real Estate Group (AAREG) to boost their marketing efforts for US-based Filipinos who are interested in securing loans to buy residential homes in the Philippines.

“We are making it easier for them to obtain a good investment while they are still in the US. We see those in the New York metropolitan area remain to be interested in these investments despite the COVID-19 pandemic,” PNB President and CEO Jose Arnulfo A. Veloso said in a statement.

PNB offers an Own a Philippines Home Loan. It tapped AAREG as its first marketing partner for the loan.

Mr. Veloso said PNB has seen a growing number of Filipinos who are interested in acquiring homes in the Philippines. “Many Filipinos work hard building their careers outside the country and would like to return to their roots,” he said.

Filipinos and those with dual citizenship can purchase land and real estate property in the Philippines. While foreigners are prohibited from owning land in the Philippines, they can legally own a condominium unit for their residence.

PXP sees end to drilling agreement in Peru

PXP Energy Corp. said on Monday that its subsidiary is likely to terminate an agreement with a unit of Australia’s Karoon Energy Ltd. on the drilling of a well in Peru, following the latter’s alleged breach of obligations.

In a stock exchange disclosure, Manuel V. Pangilinan-led PXP said Karoon Energy unit KEI Sucursal del Peru, which operates Peru Block Z-38 offshore in northwest Peru, is supposed to drill a second well during the third exploration phase, as mentioned in its contract.

If the well is not drilled during this time, KEI must continue drilling activities until the fourth period of the exploration phase.

KEI is also required to pay PXP unit Pitkin Petroleum Peru Z-380 SRL’s participating interest of 25% in all expenses incurred until the second well is completed.

Pitkin Petroleum Peru Z-380 SRL (Pitkin Peru) is a unit of Pitkin Petroleum Ltd. (Pitkin Ltd.), which is under Philippine-listed PXP.

In a letter dated April 23, KEI indicated that it would not take any action to extend the term of the contract or any exploration phase, including by seeking to enter into the fourth period of the exploration phase, implying that the firm breached its obligations.

Pitkin Ltd. claimed that KEI “deprived” Pitkin Peru of funding for the fourth exploration phase and for the drilling of a second exploratory well.

“Pitkin Peru has sent a notice of dispute to KEI claiming damages of over $100 million for KEI’s aforesaid breach of its obligation to Pitkin Peru,” PXP said.

Pitkin Ltd., a 53.43%-owned subsidiary of PXP, holds a 25% participating interest in Peru Block Z-38 located in the Tumbes Basin.

On Monday, shares in PXP improved by 1.77% or 14 centavos to finish at P8.07 apiece. — Angelica Y. Yang

Binibining Pilipinas 2021 names Top 10 Best in National Costume

Bb 26, Pampanga Czarina Joy Lagman Guiao, wearing her national costume. — FACEBOOK.COM/BBPILIPINASOFFICIAL/

BINIBINING Pilipinas has announced this year’s 10 best national costumes through fashion show that aired online on June 27. Binibining Pilipinas first aired a virtual presentation that showcased the 34 candidates in their costumes on its YouTube channel. Ten candidates who garnered the most votes cast via the Binibining Pilipinas website and Tiktok channel were named finalists. The top 10 Best in National Costume of Binibining Pilipinas 2021 are: Samantha Alexandra Panlilio from Cavite, wearing a creation by Klevin Bartolaba; Vianca Louise Marcelo from Bocaue, Bulacan, wearing a costume byPaolo Blanco; Cinderella Faye Obeñita from Cagayan de Oro, Misamis Oriental, in a creation by Odelon Simpao; Hannah Arnold from Masbate, wearing a design by Louis Pangilinan; Ma. Ruth Erika Quin from Nueva Ecija wearing a creation by Erjohn dela Serna; Carina Carino from La Union, wearing a creation by Don Cristobal; Czarina Guiao from Pampanga, wearing a creation designed by Ferdinand “Macoy” Elipane and Oplong Paras; Ma. Francesca Taruc from Angeles, Pampanga, wearing a creation by Rich Sabinian and Kevin Cayanan; Honey Grace Cartasano from Rizal, in an outfit by Paolo Ballesteros; and, Leslie Anne Ticaro from Tagum City, wearing an outfit by Mark Joseph Sayad. Another round of public voting via the Binibining Pilipinas website will be opened to decide who among these Top 10 qualifiers will bag the Best in National Costume on the pageant’s grand coronation night. This year’s pageant will be held on July 11 at the Smart Araneta Coliseum. Four queens will be crowned: Binibining Pilipinas International, Binibining Pilipinas Grand International, Binibining Pilipinas Intercontinental, and Binibining Pilipinas Globe. Hosted by beauty queens Catriona Gray and Nicole Cordoves, it will be aired on A2Z, Kapamilya Channel, and Metro Channel, and will be simultaneously livestreamed on iWantTFC and the official Binibining Pilipinas YouTube page.

Entertainment News (06/29/21)

Sarangani Bay

Ortigas Malls launches first Toy Club for Pinoy collectors

GREENHILLS Mall is known as a favorite destination of serious toy collectors and enthusiasts. To keep hobbyists and toy lovers engaged despite the pandemic, Ortigas Malls is launching the Toy Club: a way of keeping everyone updated on everything from the latest board games to collector’s items. Members of the Ortigas Malls Toy Club are entitled to a wide array of perks and privileges: coupons, discounts, and gifts with purchases from toy stores such as WRC Toys, Angelomarcus Toys, GH Minicon, Toyzone Xpress, Total Dibs Toys Trading, Whistle Toys Café, Kramer Toywarden, Fortress Toys & Hobbies, Bestoys, and R&G Enterprises. Club members will be the first to know about deals and get the first crack at the latest releases and promos. There will also be unboxing videos. Members will also get exclusive invites to toy events and activities, whether online or on-ground. To join the Ortigas Malls Toy Club, download the Ortigas Malls mobile app (http://onelink.to/xx58zg) on the Google Playstore or the Apple App Store. This will let one sign up and create their own digital ID, which they can use to enjoy all the perks of a club member. Registration is free and comes with exclusive sign-up privileges.

Lazada director to give e-commerce tips in online webinar

LAZADA Category Director for General Merchandise Mariel Caraig will headline a webinar entitled “The New Normal in Buying Behavior: Offline to Online,” which delves into the latest developments in the e-commerce scene and the impact of the pandemic on the industry, on July 2. Ms. Caraig will explain how the global epidemic shifted the attention of both buyers and consumers into alternative digital platforms and how this change challenged traditional marketing techniques. She plans to reveal explorable key product and e-commerce trends, new online business strategies that will be helpful for entrepreneurs for the years to come. Hosted by the Environment Studies Cluster of DLS-CSB, the webinar will be conducted via Zoom on Friday, July 2, from 1 to 2 p.m. Interested participants may register through this link: https://docs.google.com/forms/d/e/1FAIpQLSc_y7ZGPIZGYMLCqJisvrYohQY8p_5nWHJeXCdIQi1FbZRTYA/viewform. For more details, e-mail melissa.matugas@benilde.edu.ph.

Sarangani video bags NY film fest award

A TWO-MINUTE tourism video featuring snippets of Sarangani province’s top tourist attractions, Sarangani: Nature, Adventure, Culture, was conferred the Gold Excellence Award at the 11th International Film Festival in Manhattan (IFFM) spring edition in May. The video, which was directed by Sarangani Provincial Tourism Council chairperson Michelle Lopez-Solon, was submitted under the corporate category, and was among 15 Philippine entries that made the cut in the nine-country competition. The video features snippets of the experiences people can enjoy in the province, such as its vibrant beach festivals and parties, water sports, white water rafting, scuba diving, paragliding, sightseeing, and cultural immersions. Released in 2019, the video, which used footage from local videographers, was edited by Champ Biala and produced by Rain Ramas. Previous IFFM editions showcased selected videos and films in Manhattan, but the annual competition shifted online this year due to the coronavirus disease 2019 (COVID-19) pandemic.

Spotify launches Pride initiative

AUDIO streaming platform Spotify has unveiled its latest Pride initiative — Claim your Space. It includes the launch of Spotify’s Pride Hub, an all year long dedicated hub that features and promotes LGBTQIA+ artists, podcasters, and themed playlists from around the world. These LGBTQIA+ creators, cultural figures, and activists continue to blaze the trail for a more vibrant and inclusive society by inspiring the community and showcasing who they authentically are on the Spotify platform. In the Philippines, listeners can search for “Pride” on Spotify to discover tunes and talk from artists like Paul Pablo and podcasters like AC Soriano. “Bahaghari” is the Philippine’s dedicated Pride playlist in the Hub, featuring top tracks from international and local LGBTQIA+ artists and allies that are popular among Filipinos, including tunes like “Bangin,” “R.Y.F.,” “Fix Me,” and “This Love Isn’t Crazy.” Local Pride-inspired podcasts like Gabi ng Bading, Huwag ‘tong Makakalabas, and Becky Nights are also available on Pride Hub. Throughout the month of June, the Pride Hub offers exclusive Spotify video content from global artists including Kehlani, Hayley Kiyoko, Hope Tala, Claud, Urias, ILOVEMAKONNEN, Princess Nokia, Leland, and Kaydence.

Watch Asian dramas on Viu via PLDT Home

PLDT HOME has partnered with Viu, a pan-regional OTT video streaming service, to give more Filipino families access to a wide catalog of Asian dramas. PLDT Home subscribers can now enjoy a Viu Premium subscription for a discounted rate of P80/month that comes with free Viu Premium access for one month for uninterrupted viewing with zero ads, unlimited downloads, and first access to the latest Viu shows. The Asian dramas on Viu include: The Penthouse Season 3, Doom at Your Service, the hospital drama Youth of May, Hwarang: The Poet Warrior Youth, A World of Married Couple, and the satire Sky Castle. Download the Viu app on the App Store, Google Play, and selected Smart TVs, as well as on the web at www.viu.com to access Korean and other Asian shows.

Paolo Sandejas drops first Tagalog song, music video

AFTER the success of his recent collaboration with Joey Tha Boy on the song “Feel Alive,” Paolo Sandejas comes out of his comfort zone in his second single for 2021, “Misteryo” under Universal Records. “It’s always been a goal of mine to release a song in Filipino,” Mr. Sadejas said of the song. Originally penned in English and titled “Enigma,” the song talks about losing touch of someone. Produced by Eunice Jorge of Gracenote and co-written by Darwin Hernandez (composer of Moonstar88’s “Torete”), “Misteryo” leans towards alternative rock. “Misteryo” is available to stream on Spotify and Apple Music.

Doja Cat releases new album

AMERICAN rapper and singer Doja Cat (real name: Amala Ratna Zandile Dlamini) has released a new album, Planet Her, via Kemosabe/RCA Records/Sony Music. Alongside the album release is the release of the music video for “You Right,” a collaboration with multi-platinum R&B singer The Weeknd. The video was shot earlier this month and directed by Quentin Deronzier. To buy, stream, and watch “You Right,” visit https://smarturl.it/xYouRight. Planet Her is available at https://smarturl.it/xPlanetHer.

Netflix confirms cast of Seoul Vibe

NETFLIX confirmed the production of Seoul Vibe, an action film starring Yoo Ah-in, Ko Kyoung-pyo, Lee Kyoo-hyung, Park Ju-hyun, Ong Seong-wu, Kim Sung-kyun, Jung Woong-in, and Moon So-ri. Seoul Vibe follows the drivers of the Sanggye-dong Supreme Team who become mired in the slush fund investigation of a powerful person on the day of the 1988 Seoul Olympics opening ceremony. With all eyes of the world on Seoul Olympics, the chaos in the city provides opportune timing for moving illegal funds. The special operation to chase the money reels in baby drivers with amazing drifting skills. Directed by Moon Hyun-sung, the film features the sounds of old-school hip hop. Seoul Vibe will be released soon worldwide on Netflix.

Universal Pictures releases trailer for Sing 2 

SING 2 is the new chapter in Illumination’s animated franchise, featuring the ever-optimistic koala, Buster Moon, and his all-star cast of performers as they prepare to launch their most dazzling stage show. There’s just one hitch: They first must persuade the world’s most reclusive rock star — played by global music icon Bono, in his animated film debut — to join them. Sing 2 is written and directed by returning filmmaker Garth Jennings and features additional characters voiced by music superstar Pharrell Williams, Black Panther’s Letitia Wright, and comedians Eric Andre and Chelsea Peretti. Sing 2 will open soon in Philippine cinemas. Watch the Sing 2 trailer on the YouTube channel of Universal Pictures (Ph). 

SB19 and Ben&Ben release their version of ‘MAPA’

SB19 and Ben&Ben joined forces to record a new version of the former’s smash single “MAPA” under Sony Music. In a year marked by self-imposed isolation and forced withdrawal from the outside world, the inspirational ballad brims with positive light as it honors every loving and hardworking parent out there. Packed with jazzy, orchestral details, inviting harmonies, and expansive arrangements, the new version of “MAPA” frames its paean of parental love with commitment to emotional sincerity and nuanced storytelling. SB19 gave Ben&Ben  permission to rearrange the material. SB19 and Ben&Ben recently shot a performance video of the song at the historic Manila Metropolitan Theater. The performance video is now out on SB19’s Official YouTube account. SB19 and Ben&Ben’s “MAPA” is out now on all digital music platforms worldwide via Sony Music.

W City Center secures LEED Gold certification

W CITY CENTER recently received the Leadership in Energy and Environmental Design (LEED) Gold certification from the Green Business Certification, Inc. (GBCI), the world’s leading sustainability and health certification body.

Developed by the W Group, Inc., the W City Center is a 29-storey building located at 7th Avenue corner 30th Street and Lane Q in Bonifacio Global City.

“Buildings that achieve LEED certification are lowering carbon emissions, reducing operating costs, conserving resources, and prioritizing sustainable practices and human health. We applaud W Group’s phenomenal leadership here — projects like W City Center are leading the way toward a future where healthy people in healthy places will equal a healthy economy,” Gopalakrishnan Padmanabhan, GBCI managing director for Southeast Asia and the Middle East, said in a statement.

W City Center is also the second building in the W Group’s portfolio to get a LEED certification after Citi Plaza.

AllHome to prioritize digitalization to reach customers

AllHome Corp. on Monday said that it would continue prioritizing its online presence in an effort to improve its omnichannel approach in reaching its customers.

“The pandemic presented many opportunities for improvement, and AllHome’s digital expansion ranks very high in our 2021 business priorities. We are optimistic that on-demand delivery and online shopping will continue to increase and augment in-store sales,” AllHome Chairman Manuel B. Villar, Jr. said in a statement.

AllHome has four online channels, namely: its website, a personal shopper service, and two Viber communities — Shop Online at AllHome and AllHome Builders Centre Shopping Community.

The company’s website shifting to a progressive web application interface in the second quarter this year will make it easier for customers to use the website on either desktop or mobile, AllHome said.

Its efforts on digitalization also pave the way for new services in its brick-and-mortar stores.

“Pursuing inroads in e-commerce and building on our multi-channel capabilities is central to AllHome’s growth strategy,” said Benjamarie Therese N. Serrano, president and chief executive officer of AllHome.

The company now offers a virtual walkthrough of stores to help customers pick items.

It also introduced “click-and-collect” counters where customers can pick up orders placed online or through its personal shopper service, Shop4U.

The company also has “a tangible QR Code push by frontliners to walk-in customers” and has introduced self-service check-out kiosks.

Meanwhile, its “park-and-shop” concept allows customers to easily access the store without having to go through malls. AllHome shops have their own entry and exit points.

“We continue to explore the new normal by finding ways to let our customers shop safely in-store, or in the comforts of their own homes via our online channels,” AllHome Vice Chairman Camille A. Villar said.

AllHome stocks at the local bourse went up by 0.25% or two centavos on Monday, closing at eight pesos each. — Keren Concepcion G. Valmonte

LANDBANK looking to sell soured loans, assets via FIST Law

BW FILE PHOTO

STATE-RUN Land Bank of the Philippines (LANDBANK) may sell its bad assets through the provisions of the Financial Institutions Strategic Transfer (FIST) Law as it seeks to improve its asset quality and boost lending to sectors affected by the pandemic.

“LANDBANK is considering selling nonperforming assets (NPAs) through FIST corporations to avail of the benefits such as tax exemptions and other privileges afforded by the law,” the bank said in an e-mail to BusinessWorld.

“Ultimately, the disposal of nonperforming assets via FIST will expectedly improve LANDBANK’s asset quality, thereby putting the bank in a better position to carry out its expanded role as a partner in the National Government’s efforts to rebuild the economy,” LANDBANK added.

Republic Act 11523 signed in February allows financial institutions to sell their nonperforming assets to FIST corporations, which will be given tax perks for the transactions performed to complete the process.

Under the law, assets that will be recognized as nonperforming until end-2022 will be qualified to be offloaded to FIST corporations.

The government hopes that through the law, lenders would be less cautious about granting new loans as they can improve their balance sheets, which have been affected by the coronavirus pandemic’s economic impact.

LANDBANK said they have started identifying eligible NPAs under the law. It said it will ensure the concerned borrowers of the loan they will sell to FIST corporations will be notified or given the chance to restructure their debt.

“As the pandemic adversely affected most, if not all, sectors of society, LANDBANK will most likely prepare a balanced nonperforming loan portfolio mix composed of large corporates and MSMEs (micro-, small- and medium-sized enterprises) for disposal,” it said.

The state-run lender said the benefits of the FIST Law will enable them to lend more to sectors in need of financing.

“LANDBANK’s main thrust is to intensify financial and technical support to its mandated sectors, and further pursue an agri-value chain approach to promote financial inclusiveness,” it said.

The bank said it will also prioritize extending credit to local government units and small businesses to help them rebound from the impact of the pandemic.

However, even as it seeks to boost lending to these sectors, LANDBANK said it will remain “prudent” as risks to the outlook linger.

“As banks continue to face an uncertain credit outlook, LANDBANK will adopt a more prudent stance in lending while striking a balance in pursuing loan growth. We will also ensure that all actions are proactive, timely, reasonable, and consistent with safe and sound lending practices to avoid an escalation in nonperforming loans,” the state-run lender said.

LANDBANK’s net income inched up by 1.67% to P5.48 billion in the first quarter. Its assets rose by 16.13%. — Luz Wendy T. Noble

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