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ICTSI says efforts to make transactions at Subic port ‘more seamless’ underway

LISTED port operator International Container Terminal Services, Inc. (ICTSI) on Monday said its Subic unit had been endorsed by the Agriculture department as a discharge port for imported livestock and raw materials.

Agriculture Undersecretary Ernesto S. Gonzales signed the endorsement, citing the Subic Bay International Terminal Corp.’s role in “ensuring unimpeded trade for the livestock and feed milling industries,” the listed firm said in an e-mailed statement.

The endorsement, ICTSI added, is also seen as an “encouragement” for importers to use the port to make feeds affordable to farmers.

The use of the Subic container port could potentially result in “lower market prices of meat products,” especially in the greater Manila and nearby provinces, it noted.

“Given the initiatives of the current administration to support affordable and accessible food for the Filipino people, industry players should be able to tap services which are competitive and will provide access where Filipino consumers demand products,” Mr. Gonzales’ endorsement letter was quoted as saying.

The Subic container port “is making conscious efforts to make transactions more seamless and beneficial for industry end users, which help reduce livestock production costs and ease the burden on consumers,” ICTSI said.

Roberto R. Locsin, the port’s general manager, said: “We offer lower port fees and up to 10 days of free storage for our partners.”

“This helps businesses and suppliers arrange for transport and delivery to their intended destination without the burden of extra cost, making us the ideal port of choice,” he added. — Arjay L. Balinbin

IC says facilitation fees not considered as admitted assets

THE Insurance Commission (IC) said prepaid facilitation fees from bancassurance arrangements will not be considered as admitted assets of insurers in their statements of financial condition.

Insurance Commissioner Dennis B. Funa issued Circular Letter 2021-07 dated Jan. 28 to clarify that facilitation fees paid in advance by insurance companies to a bank in a bancassurance arrangement will not be considered as an admitted asset under the former’s financial condition reports.

“Facilitation fees paid in advance and booked as prepaid expenses shall NOT be treated as admitted assets of an insurance company, in the determination of its financial condition, regardless of any stipulation of a claw back provision in a bancassurance arrangement,” the circular read.

The issuance cited a provision of Republic Act No 10607 or the Amended Insurance Code which does not allow prepaid or deferred charges, unauthorized advances to officers, employees and agents and intangible assets, among others, to be considered as admitted assets of an insurance firm when they determine the insurer’s current financial condition.

The regulator noted facilitation fees in bancassurance arrangements can be paid in advance or booked as prepaid expenses. 

It added that the IC assesses the financial standing of an insurance company via a “liquidating value concept which focuses on the value that can be expected in a liquidation rather than as a going concern; and requires a reduced value (and sometimes zero value) for certain assets that will be less liquid or have a smaller realizable value in a liquidation.”

The local insurance industry’s total premium income fell by 4.2% year on year to P136.097 billion as of June 2020 due to the recession caused by the coronavirus pandemic. — B.M. Laforga

Falsetto: The enduring love affair with the soaring male voice

IN THIS dreary COVID-19 winter, there are some high points — and high notes — available to people cooped up at home.

The documentary The Bee Gees: How Can You Mend a Broken Heart, which premiered on HBO in December, explores the musical significance of the group and is interwoven with performance footage. At the Super Bowl on Feb. 7, the halftime performer will be Canada’s The Weeknd.

What kind of sound do these singers share? And what on Earth do they have in common with the Monty Python comedians in sketches where they portray women?

All these artists use the falsetto voice, a specialized sound that features amazing high notes. Falsetto is associated particularly with the male voice singing in the range normally used by women and children.

Historically, perhaps most famously, beautiful high notes are often associated with opera roles originally written for a particular group of male singers known as castrati, who were castrated. Today, opera roles originally written for castrati are sung by countertenors. These singers go beyond the higher “normal” range associated with the tenor voice while singing in falsetto.

Of course, beyond these classically based countertenor singers, the falsetto sound is heard in innumerable beloved pop singers. While standout artists have learned to develop their voices into something quite fascinating, anyone can find a falsetto sound.

Falsetto is an extension of our normal voices that we use every day — beyond the voices we use in all those Zoom meetings of late. The word falsetto refers to a “false” voice, so called because the voice uses only part of the vocal apparatus in our throats, rather than the full vibratory sound used in regular singing and speaking.

The normal vocal sounds we make are created by the vibrations of our vocal folds (or vocal cords). These tiny folds are controlled by an intricate system of muscles and cartilage in the throat.

The vocal folds function basically by the rate of air movement, or pressure, from the lungs. With more air pressure, the folds will vibrate more quickly and will produce a higher pitch. Less air, and the pitch will be lower. You can feel the vibrations for yourself if you say or sing “ooh,” thinking of a lower pitch, while placing a hand on your throat.

But if you use only the edges of the vocal folds, without allowing the whole mechanism to vibrate, then you can achieve that high, floaty sound that is your “false” voice — your falsetto.

The falsetto sound can still be heard in various forms of classical music — a vestige of the ban on women performers in earlier centuries. The traditional English church choir includes men singing in their falsettos to provide the alto line in hymns and anthems. (The soprano line was sung by boys, not women.)

In some classical music, as in the perennial December favorite, Handel’s “Messiah,” a countertenor will sing the alto solos — more usually sung by a woman. Canada’s Daniel Taylor is one of the best countertenors in the world.

Today’s opera roles sung by countertenors were originally written for the castrati who were superstars in the 17th and 18th centuries. Castration caused a physical difference in the way these voices functioned — and in the body shape and size of the castrated men — but the resultant sound was much the same as today’s countertenor sound.

You can hear an attempted re-creation of the sound of a castrato, rendered by electronically fusing the voices of a female singer and a countertenor, in the 1994 movie Farinelli, a cinematic take on the great 18th-century castrato opera singer Farinelli (born Carlo Broschi).

The only aural record of a castrato is of nine recorded selections of castrato Alessandro Moreschi, believed to be the last singer of his kind.

Some scholars have explored falsetto sounds in Black popular and “soul” music including through genre-bending musical fusion.

Falsetto is found widely in popular music styles today, from The Weeknd and Justin Timberlake. If you listened to the concert celebrating Joe Biden’s presidential inauguration in the United States, you would have heard Timberlake singing “Better Days” with Ant Clemons. Timberlake’s naturally high voice works seamlessly into an effective falsetto sound.

Is there a female falsetto voice? Yes! The process for making the sound is the same as in men. But because women’s voices are already higher, it’s harder to hear a different quality. You can hear it from some singers, including Christina Aguilera.

However, the allure of the falsetto voice remains more compelling in men than in women. Perhaps it is the attraction of the natural lower male voice contrasted with the high notes: maybe we are waiting for a crack or admiring the physical effort. Or perhaps we simply enjoy the floating beauty of the sound of high notes. — Reuters

Helen Pridmore is an Associate Professor of Music at the University of Regina.

Ayala Land prevails in ASEAN governance scorecard

AYALA Land, Inc. (ALI) was named one of the top publicly listed companies at the Securities and Exchange Commission-Institute of Corporate Directors ASEAN Corporate Governance Scorecard Awards.

The property developer ranked among the Top 3 publicly listed companies (PLC) in the Philippines and Top 20 in the ASEAN region based on the 2019 ASEAN Corporate Governance Scorecard Assessment of the ASEAN Capital Markets Forum (ACMF).

“Reflecting its strong and consistent adherence to good corporate governance practices, Ayala Land is part of the prestigious ASEAN Asset Class PLCs that scored a minimum of 97.5 points in the scorecard. Together with Ayala Land and Globe, Ayala Corporation and BPI were also recognized for this honor,” ACMF said.

The ACMF and Asian Development Bank jointly developed the ASEAN Corporate Governance Scorecard as an assessment based on publicly available information and benchmarked against international best practices on corporate governance.

“This award is very meaningful to our company, especially since good corporate governance has always been integral to the way we do business and has been a pillar in executing our plans. With the onset of COVID-19, its importance is highlighted now more than ever as we pivoted to adapt to this ‘next normal,’” ALI President and Chief Executive Officer Bernard Vincent Dy said in a statement.

PSEi composition intact after index review

THE main stocks index will have no changes in its composition after the regular stock performance review for the January-December 2020 period, the Philippine Stock Exchange, Inc. (PSE) said on Monday.

In a statement, the stock market operator said companies with common stocks listed on the PSE’s main board for at least 12 months during the review period are the only ones qualified for inclusion in the Philippine Stock Exchange index (PSEi) and sector indices.

“To further qualify for inclusion in the PSEi, a listed company should be among the top companies in terms of liquidity and market capitalization,” the operator said.

It added that a listed company must have a free float level of at least 15% of its outstanding shares, among other relevant financial criteria.

The PSE also announced that there will be 10 companies to be added in the sector indices, while seven companies will be removed.

The new companies to be added in the sector indices include those listed on the main board in 2019 such as Axelum Resources Corp., AllHome Corp., and Fruitas Holdings, Inc.

“We are pleased that these companies were included in the indices of their respective sectors after their first review period. This is an indication that investor interest in these stocks continued even after their initial public offering,” PSE President and Chief Executive Officer Ramon S. Monzon was quoted as saying.

Axelum and Fruitas will be under the industrial sector, together with AgriNurture, Inc., Phoenix Petroleum Philippines, Inc., Roxas and Co., Inc., and SFA Semicon Philippines Corp.

Meanwhile, Alliance Select Foods International, Inc. will be excluded from the industrial sector.

For the services sector, AllHome Corp., Metro Alliance Holdings and Equities Corp., and Philippine Seven Corp. will be the new additions, while Leisure and Resorts World Corp. will be removed.

Under the mining and oil sector, Lepanto Consolidated Mining Co. will be included.

For the property sector, Belle Corp., Global-Estate Resorts, Inc., 8990 Holdings, Inc., Primex Corp., and Sta. Lucia Land, Inc. will be taken out.

There are no changes in the financials and holding firms sectors. The adjustments in the market’s sectoral indices will take effect on Monday, Feb. 15. — Revin Mikhael D. Ochave

Retail chain stores moving out of high street as shopping moves online

CHAIN STORES are moving out of the high street. Recent high-profile deals, such as online fashion retailer Asos’s purchase of high street brands including Topshop and Miss Selfridge from the Arcadia group, and the acquisition of Debenhams by another online business, Boohoo, have cemented the trend.

Neither deal includes any physical shops, meaning that 118 Debenhams stores and a further 70 Arcadia shops are closing.

As shopping increasingly moves online — a trend accelerated by lockdown — the question remains of what to do with all the empty space on the high street. Research by estate agent Savills suggests the UK may already have 40% excess retail space.

As a rule, smaller units, like those occupied by Topshop or Miss Selfridge, have been easier to let or repurpose than large department stores, like Debenhams. Before the pandemic, chain store closures and a declining demand for retail space caused rents to fall and resulted in shorter lease lengths over the past few years. These trends led to an influx of independent businesses on our high streets including bars, restaurants, small shops, music and cultural venues as well as community businesses.

COVID-19 is having a catastrophic impact on these businesses, in particular those in the arts, hospitality, entertainment and recreation sectors. It remains to be seen how many will survive the current lockdown. The failure of these businesses will not only lead to more redundant retail space — it will also effectively kill off many green shoots of town center transformation.

Larger units, like those occupied by Debenhams, are even more problematic. The collapse of department store chain BHS four years ago offers some lessons. Less than half of their 160 stores have been reoccupied, and 23 — around 15% — repurposed or sub-divided. An additional 23 have been completely demolished and 43 remain vacant, leaving massive voids in those towns and city centers.

Repurposing purpose-built multi-level retail stores is an expensive job. It is also architecturally difficult to convert them for commercial or residential use. The site of the BHS in Edinburgh, for example, is being redeveloped as a hotel, with some ground floor retail, but only the original building facade remains.

As well as redundant department stores, many towns also face the challenge of what to do with high street shopping centers, which are becoming increasingly deserted. However, there is scope for temporary change. A food court in a Norwich shopping center has been converted into a mass vaccination center. Longer term, such centers will need to find more permanent non-retail uses, such as leisure or health and fitness centers.

In some locations, demolition may be the way forward, to make space for other buildings or to create new and attractive spaces. This is happening in Stockton-on-Tees, where there are plans to replace a 1970s shopping center with a riverside park. However, this requires bold vision and leadership from the council, community, landlords and businesses. It also requires financing: in order to demolish the shopping center, the council first had to buy it.

In recent decades, the decisions affecting the high street have often been out of local control. Absent landlords and multiple retailers ruled from a distant head office have led to management and investment decisions being made far away from the towns and city centers that live with the consequences.

This has resulted in a lack of coherent management and development on high streets. Everything is piecemeal. While the collapse and restructuring of the retail sector is clearly damaging for many communities, there is a long-term opportunity here to reclaim local control and repurpose the high street as an engaging place for multiple local communities, not just shoppers.

This opportunity for joined-up planning is threatened by a recent change to regulations, which allows developers and property owners to convert former retail space into housing without local planning permission.

There is a place for residential development in town centers, but the potential loss of control over development undermines local leadership. For centers to thrive, they need carefully planned development which incorporates a wide range of uses into one space. This can include housing, but should also have a mix of cultural, retail, and leisure and entertainment facilities.

High streets also need reliable, long-term funding. Historically, much of this revenue has come from business rates. More recently, additional funding has been raised in many towns and cities through Business Improvement Districts, where businesses pay a levy — a form of additional tax — that funds projects within the boundaries of the defined district.

If retail and commercial spaces on the high street are replaced by housing, then this will seriously reduce the amount of money available to regenerate high streets. — The Conversation via Reuters

Entertainment News (02/08/21)

Tribute to Spanish actress Angela Molina

THIS February, Instituto Cervantes de Manila presents a film series in honor of Spanish actress Ángela Molina. The film cycle will be shown through the Instituto Cervantes channel on the Vimeo platform (vimeo.com/institutocervantes) and freely accessible for 48 hours from their start date and time. The film series, composed of three films that marked Molina’s career, will kick off on Feb. 13 with the screening of La sabina (which will be available for 48 hours until Feb. 15 at 3 a.m.); followed by the drama  La mitad del cielo (1986) on Feb. 20; and ending with the musical Las cosas del querer (Jaime Chávarri, 1989) on Feb. 27. The films will be in Spanish with English subtitles. Admission is free. For further information and updates on this film series, visit Instituto Cervantes’ Facebook site (www.facebook.com/InstitutoCervantesManila) or the event page: https://www.facebook.com/events/161791552193592. For fore information on Instituto Cervantes’ cultural program, visit its website (http://manila.cervantes.es) or Facebook page.

CCP holds writing event

THE CULTURAL Center of the Philippines (CCP), together with the Freelance Writers Guild of the Philippines, will hold an event on writing and mental health on Feb. 10, 9 a.m. to 5 p.m., via the CCP and CCP Intertextual Division Facebook pages and Freelance Writers Guild of the Philippines Facebook page. The Write Side Up! event will be conducted online. Guest speakers and their respective topics include writers Maria Fatima Villena (Preliminary Research on Writers’ Mental Health), Dr. Ellay Nadera (The Practice of Mental Wellness especially for Writers and Artists with Q&A), Ramil Gulle (To Break Away: Writing exercises to help calm the mind), Imelda Morales (Writing as Meditation), Anna Felicia Sanchez (How to Survive through Writing and Reading), and Dr. Vim Nadera (Arterapiya). The moderators are writers Hark Herald Sarmiento and Ina Avellana Cosio. For inquiries, contact the CCP Intertextual Division via e-mail (ccpintertextualdivision@gmail.com) or mobile (0919-317-5708).

Chinese New Year, Valentine’s Day in Robinsons Malls

PHOTOGRAPH one’s happy moments at Robinsons Galleria’s Love Bear and in Robinsons Magnolia’s Giant Ox display, and upload the photo onto social media accounts for a chance to win special prizes by having the highest number of reactions. Head to Robinsons Place Manila and have photos taken at the Rose Bear and Golden Tree to usher the New Year with fun and luck. Get a chance to win items from partner stores while shopping at Robinsons Galleria on Feb. 7 to 14 (with a minimum single receipt purchase worth P3,000 from Robinsons Supermarket or Robinsons Appliances, or P2,000 from other participating stores). Dine at Robinsons Magnolia from Feb. 8 to 14 and get a chance to take home special items for a minimum single receipt purchase of P1,500 from any restaurant at the mall. Avail of free delivery of gifts with a minimum purchase of P2,000 at any store in Robinsons Place Manila from Feb. 11 to 14 through the RPersonal Shoppers Robbie and Rosie. To see the complete line-up of upcoming performances, events, and promos, visit www.robinsonsmalls.com or its Virtual Directory bit.ly/RMallsVirtualMallDirectory; or follow RobinsonMalls on Facebook; @RobinsonsMallsOfficial on Instagram; and @RobinsonsMalls on Twitter.

Welcome the Year of the Ox at Ortigas Malls

USHER in the year of the Metal Ox as the Ortigas Malls — Greenhills Mall, Tiendesitas, Estancia, and Industria — roll out a grand welcome that is festive and safe. Ortigas Malls has a host of activities on-site or and virtual, including zodiac forecasts and mall serenades. Astrologer Maritess Allen presents her forecast based on your Chinese animal zodiac sign, and shares her predictions on the year ahead for each sign at each Ortigas Mall. Whether one’s sign is one of the more auspicious ones or not, she will discuss one’s prospects on money, relations, health, and life in general.

Justin DeDios in ‘Yakap’ music video

SB19’s Justin De Dios makes a surprise cameo in the music video of Alex Bruce’s song “Yakap” which was released on Feb. 5 on YouTube. De Dios portrays Bruce’s love interest in this music video filled with surreal and romantic scenes. “Yakap” was penned by Bruce as a tribute to young love, and was conceived as a three-way collaboration featuring the 14-year-old teen star, her Australia-based dad, and music producer Cursebox. The song garnered significant attention in late October 2020 for its infectious pop sensibilities and, to quote Rappler, for its “first brushes at puppy love.” The “Yakap” music video is out now via Sony Music Philippines.

Valentine’s Day with K-drama

STAYING in for Valentine’s Day? Wine, dine, and relax with a K-drama marathon with Samsung and Viu. With every purchase of select Samsung TVs, the buyer gets a one-year free Viu Premium subscription, so they can binge watch their favorite K-entertainment content on the big screen uninterrupted and ad-free. Among the Valentine’s Day rom-com favorites on Viu are: Tale of the Nine-Tailed with Lee Dong Wook and Jo Bo Ah, a mix of fantasy, action, thriller, and romance; Moon Lovers: Scarlet Heart Ryeo with Lee Joon Gi and IU in a love story that goes back in time; What’s Wrong with Secretary Kim? with Park Seo Joon and Park Min Young about an love affair between a businessman and his secretary; and True Beauty with Moon Ga Young and Cha Eun Woo about an ugly duckling and her prince. The promo runs until March 31. Visit www.samsung.com/ph for more details.

Whedon drama The Nevers debuts on HBO

Created and executive produced by Joss Whedon (Buffy), HBO’s new drama series The Nevers will debut in April with six-episodes on HBO GO and HBO. Set in the last years of Victoria’s reign, the series sees London beset by the “Touched”: people — mostly women — who suddenly manifest abnormal abilities — some charming, some very disturbing. Among them are Amalia True (Laura Donnelly), a mysterious, quick-fisted widow, and Penance Adair (Ann Skelly), a brilliant young inventor. They are the champions of this new underclass, making a home for the Touched, while fighting the forces of… well, pretty much all the forces — to make room for those whom history as we know it has no place. The ensemble cast also includes Olivia Williams, James Norton, Tom Riley, Rochelle Neil, Eleanor Tomlinson, Amy Manson, Pip Torrens, Denis O’Hare, Zackary Momoh, Elizabeth Berrington, Kiran Sawar, Anna Devlin, Viola Prettejohn, Ella Smith, Nick Frost, and Ben Chaplin.

Battle against evil in upcoming Netflix series, Vincenzo

PREMIERING on Feb. 20 on Netflix is Vincenzo, a Korean drama which tells the tale of Vincenzo Cassano (Song Joong-ki) who works as a lawyer to an Italian mafia. He ends up going to Korea and utilizes villainous tactics to take down villains. An anti-hero, his motto is “Only evil can punish evil.” The series also stars Yoo Jae-myung and Jeon Yeo-been. Vincenzo premieres on Feb. 20 at 10 p.m. with new episodes every Saturday and Sunday, on Netflix.

Rom-com series Owe My Love premieres Feb. 15

THEY say money can’t buy love but could romance possibly grow from a business deal? A sizable debt, a no-nonsense contract and a seemingly harmless white lie — these are the seeds of an unusual love story of two strangers from divergent worlds in the latest romantic-comedy series from GMA Public Affairs. Headlined by Lovi Poe and Benjamin Alves, Owe My Love follows the story of Pacencia (Poe) and Dr. Miguel (Alves) whose lives intertwine in a world of debt, near-death, and dogged dedication to family. Owe My Love is directed by Rember Gelera and Ray Gibraltar, and penned by head writer Volta Delos Santos, based on the original concept from Joseph Conrad Rubio. Owe My Love will air weeknights at 9:35 p.m., beginning Feb. 15 on GMA Telebabad.

Jollibee releases new Kwentong Jollibee series

FOR its fifth year, Jollibee’s short film anthology is all about finding strength in love in the three videos inspired by love stories in the time of the pandemic. The first video, LDR, directed by Antoinette Jadaone, premiered on Feb. 4. It follows the story of a couple separated by the lockdown who tries to make their relationship work despite the distance. The second video, First Date, directed by Pepe Diokno, premiered on Feb. 8. It tells the story of a woman forced to live on her own during lockdown and spends the time focusing on herself and finding love in the process. The third video, Hero, is directed by Ianco dela Cruz (who previously directed the Kwentong Jollibee Vow and Choice videos). It is about how one’s love can help a person get through difficult moments, and even make them stronger than they thought they could be. Hero premieres on Feb. 12. The three videos can be viewed on the Jollibee Studios YouTube channel and Facebook page.

Hello Stranger: The Movie goes on international

ABS-CBN’s Filipino Boys Love TV series Hello Stranger, featuring Tony Labrusca and JC Alcantara, is now a movie which will be seen worldwide via iWantTFC, TFC IPTV Pay-Per-View, and KTX.ph starting Feb. 12. Just in time for the love month, Hello Stranger: The Movie, which is the first boys love movie Valentine offering of ABS-CBN Films and Black Sheep, celebrates the love for family, friends, a stranger, and individuality. In the film, two young men join a writing camp, where they get to know each other more. But with their friends and other people around them twist and turn them in different directions, will they be strangers no more or strangers again? A few days before the movie’s launch, the characters and actors will be introduced in the upcoming Hello Stranger, Hello World: The Hello Stranger Movie Global Mediacon on Feb. 9, 11 a.m. (Manila time). Joining the discussion are actors JC Alcantara, Tony Labrusca, Vivoree, Jae Miranda, and Gillian Vicencio, the film’s director Dwein Baltazar, and the writers Patrick Valencia and Daniel Saniana. This will be live streamed via the Facebook pages of TFC The Filipino Channel, TFC US, TFC Asia, TFC Australia New Zealand and the Pacific, TFC Middle East, TFC Europe, iWantTFC, Black Sheep, MYX Global, ABS-CBN Network, Cinema One, Cinema One Originals, and Rise Artist Studio. Hello Stranger: The Movie is produced by ABS-CBN Films’ Black Sheep and distributed by Cinexpress. It will be shown worldwide via iWantTFC, TFC IPTV Pay-Per-View, and KTX.ph starting Feb. 12 for $3.99. There is an Early Bird promo until Feb. 11 (Manila time) where the ticket costs $2.99. For more details about the film, visit iwantfc.com, ktx.ph, mytfc.com, or TFC’s official Facebook pages.

Elha Nympha releases single, ‘Do It’

Elha Nympha is all grown up on “Do It,” her comeback single under MCA Music Inc. Now exploring a more sophisticated take on R&B, pop, and neo-soul, the former champion of The Voice Kids Season 2 reasserts confidence and sass in delivering a romantic confession that appeals beyond her particular demographic. “Do It” has earned comparisons with the likes of SZA, Jhené Aiko, and H.E.R., embracing the fundamental agency of womanhood and young love in all its messiness and glory. Elha Nympha’s “Do It” is now out on all digital platforms worldwide via MCA Music Inc.

Web drama promotes UNESCO World Heritage site

A WEB drama titled 300-Year-Old Class of 2020, which the Korean heritage agency has produced to promote Seowon, the Neo-Confucian academies in Korea, a UNESCO World Heritage property, was released on CHA’s YouTube channel http://www.youtube.com/user/chluvu, the drama’s website http://koreaseowon.com, Naver TV and Kakao TV last December. The series, consisting of six episodes of 10 minutes each, is a fantasy comic web drama that tells the story of three students who were studying in Seowon during the Joseon period and who accidently time travel and arrive at Seowon in 2020. It was filmed and set in nine of the Seowon of the UNESCO World Heritage property (Sosu-seowon, Namgye-seowon, Oksan-seowon, Dosan-seowon, Piram-seowon, Dodong-seowon, Byeongsan-seowon, Museong-seowon and Donam-seowon. It has English, Chinese and other foreign language subtitles.

ePLDT, Microsoft partner for PWD hiring, closing PHL digital skills gap

INFORMATION technology service management company ePLDT, Inc. on Monday said it is now an “employer-partner” of Microsoft Corp. for a program that enables disability-inclusive hiring.

“The ePLDT Human Resource and Strategic Partnerships and Alliances Team is in coordination with Virtualahan, a social organization in the Philippines that enables PWDs (persons with disabilities) to secure gainful employment by providing them with intensive digital skills and mentorship in collaboration with Microsoft’s enabler program,” ePLDT said in an e-mailed statement.

The Microsoft Enabler Program was launched in South Korea, New Zealand, the Philippines, Singapore, and Thailand in September last year.

The program’s objective is to create a culture of inclusion at work.

Juan Victor I. Hernandez, ePLDT president and chief executive officer, said: “With ePLDT as employer-partner, we join Microsoft in its vision of and commitment to enabling and empowering persons with disabilities in the workplace, while steadfast in the belief that there are no limits with what people can achieve.”

“We aim to close the digital skills gap across the world and the Philippines to help individuals and communities find employment,” said Andres Ortola, Microsoft Philippines country general manager.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Philippines improves in human freedom index ranking in 2018

THE PHILIPPINES ranks 83rd out of 162 countries in freedom index. Read the full story.

Philippines improves in human freedom index ranking in 2018

How PSEi member stocks performed — February 8, 2021

Here’s a quick glance at how PSEi stocks fared on Monday, February 8, 2021.

Peso strengthens vs dollar ahead of RTB offering

THE PESO appreciated against the greenback on Monday ahead of the government’s retail Treasury bond (RTB) sale and on preference for the local unit following the US jobs data released on Friday.

The local unit closed at P48.046 per dollar, gaining 2.4 centavos from its P48.07 finish on Friday, data from the Bankers Association of the Philippines showed.

The peso opened Monday’s session at P48.055 per dollar. It traded within a narrow range, as its weakest showing was at P48.06 while its strongest was its close of P48.04 against the greenback.

Dollars traded decreased to $513.05 million on Monday from the $606.05 million seen on Friday.

The peso strengthened versus the dollar ahead of the rate-setting auction for the RTBs on Tuesday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

The Bureau of the Treasury is looking to raise at least P30 billion from the three-year RTBs that will be sold in multiples of P5,000 from Feb. 9 to March 4, unless ended earlier.

The government offers RTBs to encourage small retail investors to invest, as these have higher returns than prevailing market rates.

Meanwhile, a trader said in an email that the peso’s gains followed the “lackluster US labor reports last Friday.”

US employment growth rebounded moderately in January and job losses in the prior month were deeper than initially thought, strengthening the case for a sizable relief package from the government to aid the recovery from the COVID-19 pandemic, Reuters reported.

The US Labor department’s closely watched employment report on Friday showed job losses in manufacturing and construction, two sectors which have been propping up the economy. There were further job losses at restaurants and bars. Retailers and employers in the transportation industry also laid off workers.

Millions of Americans are experiencing long spells of unemployment and permanent job losses, while others have given up searching for work. President Joseph R. Biden on Friday cited the weak report to push the US Congress to pass a $1.9-trillion recovery plan amid resistance from Republicans, now worried about the ballooning national debt.

Nonfarm payrolls increased by 49,000 jobs last month. Data for December was revised to show 227,000 jobs lost instead of 140,000 as previously reported. Employment is 9.9 million jobs below its peak in February 2020.

The economy also created 250,000 fewer jobs in the 12 months through March 2020 than previously estimated. The Congressional Budget Office has estimated employment would not return to its pre-pandemic level before 2024. Economists polled by Reuters had forecast payrolls rising by 50,000 jobs in January.

December’s drop in payrolls was the first in eight months and came amid renewed restrictions on businesses like restaurants and bars to slow a resurgence in coronavirus infections. Though those curbs on businesses continued into the first half of January, there is reason for cautious optimism as some employment measures have been stabilizing since the second half of January as authorities began easing restrictions.

For today, Mr. Ricafort gave a forecast range of P48.03 to P48.07 per dollar while the trader expects the local unit to move within the P48 to P48.10 levels. — L.W.T. Noble with Reuters

Stocks climb as lawmakers push for fresh stimulus

SHARES ended higher on Monday after the filing of another stimulus package meant to boost the country’s economic recovery and as the government readies its vaccination efforts.

The bellwether Philippine Stock Exchange index (PSEi) improved 5.3 points or 0.07% to finish at 7,024.48 on Monday, while the broader all shares index climbed 15.77 points or 0.37% to end at 4,232.57.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a mobile phone message that the local market ended in positive territory as sentiment was lifted by the filing of House Bill No. 8628 or the Bayanihan to Arise as One Act (Bayanihan III).

“Late day buying sent the local market higher today. Further, the measure — if passed — is seen to help in the recovery of the local economy,” Mr. Tantiangco said on Monday.

House Speaker Lord Allan Jay Q. Velasco and Marikina City 2nd District Representative Stella Luz A. Quimbo filed the bill, which is a P420-billion stimulus package aimed at reviving the country’s economy amid the coronavirus disease 2019 (COVID-19) pandemic.

Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a mobile phone message that the local market improved on news about the government’s vaccination drive.

“The local market inched up a few points despite trading mostly in red territory earlier this morning. Investors may have turned cautiously optimistic,” Mr. Pangan said on Monday.

Presidential Spokesperson Herminio L. Roque, Jr. said in a briefing yesterday that the government is ready to start its inoculation program and is just awaiting the arrival of the first batch of COVID-19 vaccines.

“There was increased selling pressure at the beginning of the trading session. However, buyers were quick to pick up shares, ultimately driving prices higher. The general sentiment remains cautious,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.

Financials rose 37.72 points or 2.6% to 1,488.35; mining and oil increased 204.79 points or 2.32% to 9,017.04; industrials gained 50.41 points or 0.55% to 9,221.63; and services added 0.45 point or 0.03% to 1,498.27.

Meanwhile, holding firms lost 38.17 points or 0.53% to 7,127.22 and property fell 13.08 points or 0.36% to 3,587.69.

Advancers bested decliners, 122 against 99, while 44 names ended unchanged.

Value turnover on Monday amounted to P10.43 billion with 29.55 billion issues switching hands, higher than the P9.21 billion with 19.76 billion shares logged in the previous session.

Net foreign buying declined to P20.74 million from the P51.51 million Mr. Mangun said the local bourse may continue moving sideways this trading week.

“6,600 remains the immediate support area that we have to watch this week, while 7,300 seems to be the nearest resistance area,” Timson Securities’ Mr. Pangan said. — Revin Mikhael D. Ochave

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