National Artist F. Sionil Jose inurnment at the Libingan ng mga Bayani

January 18, 2022 | 12:04 am

NATIONAL Artist F. Sionil Jose will be laid to rest on Jan. 18, at the Libingan ng mga Bayani in Taguig according to a statement from the Cultural Center of the Philippines (CCP). A mass will be held at 10 a.m. followed by the State Funeral.

Although the inurnment will be by invitation-only, in accordance with current COVID-19 protocols, it will be live streamed on the CCP Facebook Page.

The traditional necrological service and tribute offered to a National Artist at the CCP has been deferred upon the request of the family.

Mr. Jose, 97, passed away on Jan. 6 at the Makati Medical Center while waiting to undergo an angioplasty.

“F. Sionil Jose was known for his novels and literary works espousing national sovereignty and social justice, such as his famous series the Rosales Saga,” said the CCP statement.

FEU records 4% income growth

January 18, 2022 | 12:04 am

FEU — FAR EASTERN UNIVERSITY FACEBOOK PAGE

LISTED Far Eastern University, Inc. (FEU) recorded P614.72 million in attributable net income to owners of the parent company for the September-November period of its fiscal year ending on May 31.

FEU’s attributable net income increased 4.3% from P589.33 million in the same period in 2020, the private non-sectarian learning institution said in its quarterly report released on Monday.

Its total educational revenues for the September-to-November period decreased 5.6% to P1.18 billion from P1.25 billion in the same period the earlier year.

The institution’s revenue from tuition fees fell 5.8% to P1.14 billion from P1.21 billion previously. Revenue from school fees decreased 1.1% to P37.83 million from P38.26 million in the same period a year earlier.

However, operating expenses declined 4.1% to P629.46 million from P656.27 million previously.

Its tax expense dropped 83.7% to P8.11 million from P49.89 million.

The institution’s year-to-date attributable net income (June to November) rose 30.4% to P574.36 million from P440.53 million previously.

Educational revenues for the period increased 2.6% to P1.57 billion from P1.53 billion in the same period in 2020. The institution said this is mainly due to the 14% uptake in enrollees and earlier timing of first semester classes for the school year (SY) 2021-2022.

“The group’s first half results showed significant improvement compared to the same period last year, as the FEU schools move toward the completion of the first semester/trimester of the current SY,” it noted.

“The FEU Group of schools continues to capitalize on its track record and proven capability to adapt to a remote learning environment; however, management remains cautious and continues to operate with prudence and due diligence,” the institution added.

Despite the rising number of coronavirus cases, the group remains optimistic about the possibility of resuming face-to-face classes, given the intensified vaccination program and efforts to gradually open the economy. — Arjay L. Balinbin

Gov’t fully awards T-bill offer as yields decline

January 18, 2022 | 12:04 am

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it auctioned off on Monday as rates continued to drop on slowing inflation.

The Bureau of the Treasury (BTr) raised P15 billion as planned via the T-bills it auctioned off on Monday as total tenders reached P77.68 billion, more than five times the initial offer and higher than the P73.58 billion seen last week.

Broken down, the Treasury raised P5 billion as planned via the 91-day securities from P27.49 billion in bids. The average rate of the three-month debt paper fell by 10.6 basis points (bps) to 0.875% from 0.969% fetched last week.

The government also borrowed P5 billion as programmed via the 182-day securities it offered on Monday from P26.38 billion in tenders. The six-month T-bill’s average rate fell by 2.4 bps to 1.097% from 1.121% previously.

Lastly, the Treasury bureau made a full P5-billion award of the 364-day papers as tenders reached P23.8 billion. The average yield on the one-year instrument stood at 1.415%, down by 5.3 bps from 1.468% a week earlier.

At the secondary market prior to the auction on Monday, the 91- 182- and 364-day T-bills were quoted at 0.9348%, 1.1246% and 1.4809%, respectively, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon in a Viber message to reporters said T-bill rates declined on slowing inflation and a heavy bias towards short tenors as the US Federal Reserve gets ready to unwind its pandemic-driven stimulus.

Headline inflation in December 2021 eased to 3.6%, its lowest in a year, from the 4.2% recorded in November as the rise in food and transport costs slowed.

The December print brought the 2021 average to a three-year high of 4.5%, breaching the 2-4% target of the central bank as well as its revised 4.4% forecast.

US Federal Reserve Governor Lael Brainard last week said rate hikes could start as soon as the US central bank ends its bond purchases, which is set for March.

“[Unwinding] of easy monetary policies has been anticipated, more so now in US with high inflation,” Ms. De Leon said, noting the Bangko Sentral ng Pilipinas has indicated that economic recovery will continue to be supported.

Meanwhile, a bond trader in a Viber message said the decline in T-bill yields was expected amid strong demand for debt papers at the short end as market players park their excess liquidity in safe assets like government debt.

“With Omicron still floating around, the market’s preference is to park these excess funds in short-end government securities until there’s any appetite to deploy it in riskier assets.”

The Treasury plans to borrow P200 billion from the domestic market this month, or P60 billion via T-bills and P140 billion from T-bonds.

The government borrows from local and external sources to help fund a budget deficit capped at 7.7% of gross domestic product this year. — Jenina P. Ibañez

Indonesia to introduce new tax breaks on property

January 18, 2022 | 12:04 am

JAKARTA — Indonesia will introduce new tax breaks on property and automotive sales this year in a bid to accelerate its economic recovery from the coronavirus disease 2019 (COVID-19) pandemic as authorities prepare for the spread of the Omicron variant, top officials said on Sunday.

New coronavirus infections in Indonesia rose to 1,054 on Saturday, the highest in three months, amid reports of local transmission of the more contagious Omicron. The country reported 855 new infections on Sunday, taking its total COVID-19 case tally to 4.27 million.

The government will provide a 50% discount on value-added tax (VAT) for sales of homes valued under 2 billion rupiah ($140,000) and a 25% discount on VAT for homes valued between 2 billion rupiah to 5 billion rupiah until June, Coordinating Minister of Economic Affairs Airlangga Hartarto said in a virtual briefing.

Airlangga said several schemes of tax cuts will also be given for sales of cars worth under 250 million rupiah, some of which will expire at the end of March, while others at the end of September.

The government had provided tax breaks for property and car sales last year under different schemes, which had expired in December. — Reuters

PVL MVP Alyssa Valdez is back

January 18, 2022 | 12:03 am

2021_PVL_Open_-_Creamline_vs._Chery_Tiggo_Finals_G2_-_Alyssa_Valdez-6354 — ALYSSA Valdez (center) in action. — PVL

ALYSSA Valdez is back.

The former national team skipper and Southeast Asian Games flag-bearer vowed to be stronger and fiercer on her return to competitive play with Creamline in the Premier Volleyball League (PVL) Open Conference tentatively set Feb. 16 in Paco, Manila or Tagaytay City.

“Definitely, I will really play. I will try my very best even though we’re still in the pandemic,” said Ms. Valdez on Kumu, a video sharing social networking site online, with Pinoy Big Brother (PBB) Housemate and beauty queen Samantha Bernardo on Sunday night.

The many-time PVL Most Valuable Player (MVP) is the cornerstone of the Jonathan Ng-owned franchise that is also bannered by Jia Morado, Risa Sato, Jema Galanza, Tots Carlos and Michele Gumabao.

But Ms. Valdez will need to get back in shape in a hurry as the league is just about a month away.

The last time Ms. Valdez played competitively was last August when she spearheaded the Cool Smashers to a runner-up finish last season in Bacarra, Ilocos Norte behind eventual winners Chery Tiggo Crossovers.

It didn’t help that Ms. Valdez joined PBB, a popular television reality show, where she ended up as one of the top two housemates early this month.

“I promise to really work out and prepare for this coming season,” she said.

Meanwhile, PLDT tapped Del Palomata and Jovielyn Prado, formerly from Sta. Lucia, to provide help to team that had undergone a major facelift. — Joey Villar

Nevermind baby sues Nirvana again

January 18, 2022 | 12:03 am

THE MAN depicted as a naked baby on Nirvana’s 1991 album Nevermind has revived his lawsuit accusing the band of sexually exploiting him, after a US judge dismissed an earlier version of the case.

Spencer Elden, the plaintiff, maintained in an amended complaint filed on Wednesday in Los Angeles that the “lascivious nature of his image” amounted to “child pornography” that helped the band reap tens of millions of dollars at his expense.

Nirvana drummer Dave Grohl and bassist Krist Novoselic; Courtney Love, the widow of Nirvana lead singer Kurt Cobain; several record labels, and photographer Kirk Weddle are among the 10 defendants. Mr. Elden is seeking at least $150,000 from each.

Lawyers for the defendants did not immediately respond on Thursday to requests for comment.

The Nevermind cover art depicted Mr. Elden, then four months old, swimming naked toward a dollar bill pierced with a fish hook, an image Mr. Elden has said caused him “lifelong damages.”

Mr. Elden filed his amended complaint nine days after US District Judge Fernando Olguin dismissed an earlier version because Mr. Elden had not responded to the defendants’ dismissal motion.

The latest complaint includes a declaration from art director Robert Fisher, describing a stock photo he used for a mockup for the Nevermind cover that depicted a different baby and did not show his penis.

Mr. Elden said the band decided to create its own photo to save money, with Mr. Cobain sardonically suggesting that the cover include a warning sticker saying: “If you’re offended by this, you must be a closet pedophile.”

Mr. Fisher was dismissed as a defendant last month.

Mr. Elden’s lawsuit no longer accuses Nirvana of violating a 2003 federal law against child sex trafficking, after the defendants said that law could not be applied retroactively.

Nevermind features Nirvana’s signature song “Smells Like Teen Spirit,” and its worldwide sales exceed 30 million. Mr. Grohl now leads the band Foo Fighters. Mr. Cobain died in 1994. — Reuters

PAL seeking approval for Manila-Tel Aviv flights

January 18, 2022 | 12:03 am

DEPARTMENT of Transportation (DoTr) Secretary Arthur P. Tugade met with Israeli Ambassador to the Philippines Ilan Fluss on Monday to discuss ways to push for the Philippine Airlines’ (PAL) Manila-Tel Aviv-Manila flights.

“Secretary Tugade committed the DoTr’s full support, to ensure that the plan for flights going to and from Israel will soon be a reality,” the DoTr said in a statement.

The Transportation chief also requested PAL to coordinate with the Manila International Airport Authority (MIAA) and the Civil Aviation Authority of the Philippines (CAAP) on the requirements for the plan.

In April 2021, PAL announced that it was eyeing twice weekly nonstop flights to Tel Aviv’s Gurion international Airport using its Airbus A350 aircraft.

PAL said that its president and chief operating officer, Gilbert F. Santa Maria, had been in talks with Israel Ministry of Tourism Director General Amir Halevi on the possible Manila-Tel Aviv-Mania flights.

“The Philippines is a strong source of potential travelers to Israel, which welcomes Filipinos without requiring a visa,” PAL Senior Vice-President for Strategy Dexter C. Lee said in a statement last year.

“Our countrymen have been longing for a direct flight to the Holy Land for spiritual pilgrimages or for a Mediterranean getaway when the travel climate allows,” he added.

Mr. Tugade had already advised MIAA and CAAP “to provide the needed assistance to PAL for the seamless facilitation of the flight, within the timeline agreed amongst the DoTr, Embassy of Israel, and PAL,” according to the Transportation department. — Arjay L. Balinbin

BSP looking to give incentives to banks extending sustainable loans

January 18, 2022 | 12:03 am

THE BANGKO SENTRAL ng Pilipinas (BSP) wants to offer incentives to banks for extending sustainable financing.

“We are now looking at the potential use of preferential rediscount rates or provision of higher loan values to enable banks to extend green loans or finance sustainable investments,” BSP Governor Benjamin E. Diokno said during a panel at the Asian Financial Forum.

The move, if implemented, is expected to help mobilize capital for global challenges brought about by climate change.

Mr. Diokno said they are still evaluating if they would offer these incentives to prevent any unintended consequences.

The central bank chief also noted they initially proposed including sustainable finance as alternative compliance for the Agri-Agra Credit Act of 2009.

In November, the BSP released the second phase of its sustainable finance framework, directing banks to monitor environmental and social risks in their credit exposures and business operations.

In 2020, the first phase of the framework gave banks a three-year transition period to adopt sustainability principles through environmental and social risk management systems, as well as in their governance frameworks, strategies and operations.

“Under this framework, we expect banks to progressively increase their loan allocations for green or sustainable projects as part of their set strategic environmental and social objectives,” Mr. Diokno said.

The government is working with the Asian Development Bank, the International Finance Corp. of the World Bank Group, and the United Nations Development Program for funding and technical assistance for sustainable projects.

Some 15 Philippine lenders, electric and water utilities, energy and property companies issued 29% or $4.8 billion of ASEAN-labeled green bonds as of end-September 2021, the central bank earlier said.

Last week, the Bureau of the Treasury unveiled the government’s sustainable finance framework which will be their guide in future green bond issuances. — L.W.T. Noble

Sta. Lucia Land eyes more acquisitions, joint ventures

January 18, 2022 | 12:03 am

STA. LUCIA LAND, Inc. (SLI) is planning to boost its landbank through new acquisitions and joint ventures that would support expansion.

The company’s board of directors recently authorized the acquisition of 78.47 hectares of land located in Davao, Rizal, Laguna, Batangas, and Pangasinan, which it described as “growth areas.”

SLI is also planning a joint venture for the development of 59.32 hectares of land in Batangas, Cavite, Laguna and Rizal.

The SLI board also gave the green light for the company to tap up to P1.5 billion in credit facilities from banks to finance land acquisitions and project developments.

“SLI’s continued expansion signaled its continued bullishness and confidence in the local real estate market, despite the difficulties dealt by this ongoing pandemic,” the company said.

The developer saw its net income surge 44% to P1.84 billion in the first nine months of 2021, thanks to a 27% rise in revenues to P5.74 billion.

Sotto, Adelaide 36ers return to action against Perth Wildcats

January 18, 2022 | 12:02 am

KAI SOTTO and the Adelaide 36ers plunge back to action in the National Basketball League (NBL) today with a home match against the Perth Wildcats at the Adelaide Entertainment Center.

Action erupts at 4:30 p.m. (Manila time) with the 36ers eyeing a triumphant return against the pacesetting Wildcats after being shelved by coronavirus disease 2019 (COVID-19) health and safety protocols the past two weeks.

Adelaide had five postponed matches against Perth (Dec. 28 and Jan. 7), South East Melbourne (Jan. 2), Illawarra (Jan. 9) and Tasmania (Jan. 16) after a team member tested positive for COVID-19 before the New Year.

Overall though, the 36ers have not seen action for exactly a month after bowing to the Cairns Taipans last Dec. 18, 93-67.

That match served as Sotto’s NBL debut after missing Adelaide’s first four matches due a knee soreness.

With an extended break to recover, the 7-foot-3 Filipino teen sensation is expected to be in tip-top shape to contribute in the 36ers’ upset bid.

At 2-3, Adelaide looms as a heavy underdog opposite the league-leading Perth led by reigning MVP Bryce Cotton. — John Bryan Ulanday

Scream debuts to bloody impressive $30.6 million

January 18, 2022 | 12:02 am

LOS ANGELES — Scream, a reimagining of a horror franchise that appeared to have run out of steam, dominated the North American box office, earning a scary good $30.6 million.

The sequel is projected to earn $35 million over the four-day Martin Luther King, Jr. holiday weekend, a spectacular result considering that Scream only cost $25 million to produce. It also represents some positive news for the bruised and battered cinema industry, considering that Scream’s success comes amid a spike in coronavirus disease 2019 (COVID-19). It helps that Scream’s target demographic is younger, which means that they may not have been as spooked by the highly contagious Omicron variant that is fueling the latest iteration of a seemingly endless pandemic. Paramount and Spyglass Media backed the reboot, which marks the first new chapter in the Scream series in a decade and shares a title with the 1996 original — the Scream saga is apparently so over integers. The film also brings back familiar faces such as Neve Campbell, Courteney Cox, and David Arquette, who are once again haunted by a serial killer in a Ghostface mask. Scream debuted in 3,664 locations in North America.

And while Sony’s Spider-Man: No Way Home was forced to surrender its box office crown for the first time since it opened in December, the superhero sequel still managed to put up some superb results. The film is projected to have a four-day result of $26 million. With more than $700 million in the bank, Spider-Man: No Way Home will now become the fourth-highest grossing domestic release in history, behind only Avatar ($760 million), Avengers: Endgame ($858 million), and Star Wars: The Force Awakens ($936 million). The popularity of the film is so out-sized that it was even name-checked during SNL this weekend with President Joseph R. Biden urging people to stop seeing Spider-Man in order to check the spread of Omicron.

The opening weekend result for Scream is in the neighborhood of the inaugural results for other pandemic era horror hits such as Halloween Kills ($49.4 million debut and A Quiet Place Part II ($47.5 million). It also represents a major improvement on 2011’s Scream 4 which opened to a dispiriting $19.3 million. Unlike other movies released during COVID, Scream’s low budget means it will have some impressive profit margins — films like Shang-Chi and the Legend of the Ten Rings and No Time to Die have led the box office, but their high cost meant they lost money during their theatrical releases at a time when ticket sales are depressed.

Matt Bettinelli-Olpin and Tyler Gillett direct Scream, taking over the series from its founder Wes Craven, the horror maestro who died in 2015. Melissa Barrera, Jenna Ortega, Jack Quaid, and Dylan Minnette round out the cast of the horror sequel.

Universal and Illumination Entertainment’s Sing 2 captured third place on the North American box office chart, earning $8.3 million. The film is projected to earn $11 million over the four-day holiday, which will bring its haul to $122.1 million. — Reuters

Ayala property manager taps Globe for IoT solutions

January 18, 2022 | 12:02 am

GLOBE Telecom, Inc. on Monday said Ayala Property Management Corp. (APMC) had partnered with Globe Business’ Intelligent Asset Management to digitize the former’s manual processes.

“APMC engaged Globe Business’ Intelligent Asset Management to facilitate the creation of APMC’s Property Management Portal, which effectively and efficiently transitions its manual processes to digital,” Globe said in an e-mailed statement.

The goal is to “provide an overall better experience for staff and customers.”

Before switching to digital processes, APMC was looking into upgrading its systems to gain more accurate reports and shorter lead times, according to Globe.

From stock inventory to machine maintenance, Globe Business’ Internet of Things (IoT) services provide a complete view of properties’ needs, it added.

Michael F. Magpusao, APMC chief operating officer, said the partnership enabled the company to come up with a computerized maintenance management system (CMMS).

“Amid the pandemic, APMC and Globe Business continued the development of the CMMS to enhance productivity and come up with shorter response times, and more accurate reports,” he added.

At the same time, Globe announced that it had expanded its fifth-generation (5G) roaming coverage in Europe to include Belgium, Luxembourg, Spain, and France “to serve more Filipino travelers.”

“Latvia, Netherlands and Austria are also expected to make the list in the coming weeks, bringing the number of Globe 5G roaming-ready countries to 40,” it added. — Arjay L. Balinbin