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Golden Globes TV audience plummets by more than half

LOS ANGELES —  The TV audience for the virtual Golden Globes ceremony crashed by some 60%, according to ratings data on Tuesday, making the 2021 edition the least watched since 2008.

Nielsen data cited by CNBC and Hollywood outlet Deadline said that just 6.9 million Americans tuned in to watch the three-hour ceremony for film and TV that was broadcast on NBC television on Sunday. Last year, the show drew a TV audience of 18.3 million. NBC did not return calls for comment on Tuesday.

Sunday’s show, hosted under pandemic conditions by Tina Fey and Amy Poehler, was widely criticized for technical glitches and for what many called Zoom fatigue, as scores of nominees watched and reacted to their wins on video camera. Movies Nomadlad, Borat Subsequent Moviefilm, and TV shows The Crown and Schitt’s Creek were the big winners, but the ceremony was also marred by demands for more diversity in the Hollywood Foreign Press Association, which chooses the winners.

Britain’s Daily Telegraph described the ceremony as a “shambolic hellscape of Zoom ineptitude” that it said boded ill for the Oscars in April. Oscar organizers have said they will put on a ceremony from multiple locations with some people appearing in person but have given few details.

Sunday’s Golden Globe audience was the lowest since 2008 when the usual gala dinner was replaced by a news conference because of a Hollywood writers strike and attracted 6.03 million viewers. Last September’s Emmy Awards ceremony for television, which was also a virtual affair, dropped to a record low of 6.1 million viewers. — Reuters

SMPC’s net income drops 66% to P3.3 billion

CONSUNJI-LED Semirara Mining and Power Corp. (SMPC) reported a 66% decline in its consolidated after-tax net income to P3.29 billion on the back of lower coal and power revenues last year.

In a regulatory filing on Thursday, the company placed its total revenues last year at P23.3 billion, down 36.2% from the level in the previous year.

The coal segment logged a 43% decrease in revenues to P16.5 billion, as coal sales dropped last year.

“Coal sales declined 16% from 15.6 MMT (million metric tons) to 13.1 MMT… Average selling price of coal dropped 23% from P2,074 to P1,591 per MT (metric ton),” SMPC said.

Export sales volume declined 27% to 7.6 MMT, but domestic sales volume grew 5% to 5.5 MMT.

The company also noted that the deferment of mining operations at its North Block 7 in Molave Mine, Antique reduced its coal production to 13.2 MMT from 15.2 MMT.

Meanwhile, the firm’s power segment recorded a 23% decrease in consolidated revenues to P11.7 billion in 2020, despite a rise in total power sales volume.

“Total power sales volume up 14% to 4,218 GW (gigawatts)… while ASP (average selling price) fell 32% to P2.76 (per kilowatt),” SMPC said, referring to the latest figures from Calaca Power Corp. and South Luzon Power Generation Corp., which make up the firm’s power segment.

SMPC did not give comparative figures in its disclosure.

SMPC generates revenues by producing and selling sub-bituminous coal. The firm currently has coal supply contracts with its own power subsidiaries, and other power plants and cement manufacturers.

SMPC shares in the local bourse inched up 0.16% or two centavos to close at P12.92 apiece on Thursday. — Angelica Y. Yang

China Bank looking to raise up to P100 billion over three years

CHINA BANKING CORP. (China Bank) is looking to raise up to P100 billion through peso-denominated bonds over the next three years to support its business expansion.

The Sy-led bank told the local stock exchange on Thursday that its board of directors approved a program to raise up to P100 billion in retail bonds or commercial papers.

The papers will be issued in several tranches over the next three years, China Bank said in the statement.

The funds raised from these planned issuances will be used to expand the bank’s operations and for other initiatives.

“The proceeds shall be used to support the bank’s strategic initiatives and expansion program. This is also in line with the bank’s intention to be an active participant in the country’s economic recovery and expansion,” the lender’s statement read.

Market conditions will determine the timing of the first tranche of the program, the bank said when asked for further details.

China Bank raised P20 billion from an issuance of three-year peso-denominated bonds last month, higher than its initial plan to borrow just P5 billion.

The papers carry a coupon rate of 2.5% per annum and will mature in 2024.

The latest issuance was the second drawdown from the bank’s P45-billion bond program launched last year, following the P15-billion issuance of two-year bonds in October.

The Sy-led lender also launched a $2-billion euro medium-term note program in September to support its general funding needs.

The bank saw its net profit climb by 19.8% to P12.071 billion in 2020 from P10.074 billion in 2019 on the back of a 30% growth in net interest income and strong trading gains.

Shares in China Bank went down by 15 centavos or by 0.61% to close at P24.35 apiece on Thursday. — Beatrice M. Laforga

Globe targets up to 120Mbps in remote areas with new partner

GLOBE TELECOM, Inc. said Thursday it targets an average download speed of up to 120 megabits per second (Mbps) in remote areas of the country with its partnership with Curvalux, a manufacturer of next-generation wireless broadband technologies.

It will be using an alternative fixed wireless broadband solution.

“This technology enriches Globe’s internet solutions portfolio, allowing us to cover as many households as possible, and helps provide low cost internet in hard-to-reach areas which are currently deprived of connectivity,” Darius Delgado, Globe’s head of broadband business, said in an e-mailed statement.

He added: “Our partnership with Curvalux will allow faster deployment of high-speed broadband to our customers ranging from 50 to 120 Mbps average download speeds.”

The Ayala-led company said it has been working with Curvalux on the plan “for the past year and a half.”

The telco is currently working with Curvalux on their Low Earth Orbit (LEO) Satellite broadband constellation called “CurvaNet.”

“The CurvaNet satellite constellation will be able to deliver affordable broadband internet to even the most remote areas beyond the reach of any telecom towers, infrastructure or electricity with the use of its proprietary low-cost, solar powered customer terminal,” Globe said.

Globe shares closed 0.10% lower at P2,000 apiece on Thursday. — Arjay L. Balinbin

February outsourcing operation inquiries rise

INTEREST in establishing outsourced operations in the Philippines grew by nearly a third in February, driven by overseas companies looking for ways to operate more efficiently during the pandemic, advisory group Outsource Accelerator said.

Outsourcing inquiries rose by around 29% month on month to almost 300 in February, it said.

“We project that this will only continue to be the case throughout 2021 as overseas businesses, recovering from the impact of COVID, seek ways to cut costs and do more with less,” the company said in a report.

Of the 292 inquiries, 79 booked a phone consultation while 147 requested quotations. Inquiries were mainly from US and UK firms looking for call center agents and configuration engineers, among others.

In January, around 17% were looking for three to 10 workers in the Philippines, while 6.7% were looking to fill 21-50 positions.

“Clients typically start with a smaller requirement then grow the team once they settle,” Outsource Accelerator said.

Around 44% of its clients are US-based, with many in the digital marketing, healthcare, and financial services sector.

The outsourcing industry association reduced its 2022 employment compound annual growth rate projection to 2.7-5%, which translates to 1.37-1.43 million full-time employees, lower than the previous goal of 3-7%.

The Information Technology and Business Process Association of the Philippines’ target suggests that the industry plans to add 130,000 jobs between 2021-2022. — Jenina P. Ibañez

Six Dr. Seuss books pulled from publication due to racist imagery

NEW YORK —  Six children’s books written decades ago by Dr. Seuss were pulled from publication because they contain racist and insensitive imagery, the company formed to preserve the deceased author’s legacy said on Tuesday.

The books —  And to Think That I Saw It on Mulberry Street, If I Ran the Zoo, McElligot’s Pool, On Beyond Zebra!, Scrambled Eggs Super!, and The Cat’s Quizzer —  are among more than 60 classics written by Dr. Seuss, the pen name of the American writer and illustrator Theodor Geisel, who died in 1991.

“These books portray people in ways that are hurtful and wrong,” Dr. Seuss Enterprises said in a statement explaining why it was stopping their publication.

The books, originally published between 1937 and 1976, contain numerous caricatures of Asian and Black people that incorporate stereotypes that have been criticized as racist.

The most famous Dr. Seuss titles —  The Cat in the Hat and Green Eggs and Ham —  were not on the list of books that will be yanked from publication. Oh, the Places You’ll Go! often tops the New York Times bestseller list during graduation season, and also was not on the list of scrapped books.

The controversy over Dr. Seuss imagery has simmered for years.  Dr. Seuss Enterprises said it worked with a panel of experts, including educators, to review its catalog and made the decision last year to end publication and licensing. Among the publishers are Random House and Vanguard Press.

The company said the move was a first step in its efforts to promote inclusion for all children. “Ceasing sales of these books is only part of our commitment and our broader plan to ensure Dr. Seuss Enterprises’ catalog represents and supports all communities and families,” the company said.

On eBay, some of the discontinued titles surged in value on Tuesday. A copy of If I Ran the Zoo, with a starting price of $48 in the morning, was commanding a bid of $410 within an hour.

Philip Nel, a children’s literature scholar at Kansas State University, likened the decision to stop publication to the recall of an outdated, dangerous product. “In the 1950s, cars did not have seat belts. Now, we recognize that as dangerous —  so, cars have seat belts. In the 1950s, lots of books recycled racist caricature. Now, Random House is recognizing this as dangerous,” Mr. Nel said.

Mr. Nel said the author, who also wrote The Sneetches, a parable about discrimination and racial intolerance, wasn’t conscious of how racism influenced his visual imagination. “At the same time he’s writing books that attempt to oppose discrimination … he’s also recycling stereotypes in other books.”

Dr. Seuss Enterprises made the announcement on Mar. 2, the anniversary of Mr. Geisel’s birth in 1904. In 1998, the National Education Association designated his birthday as Read Across America Day, an annual event aimed at encouraging children and teens to read. —  Reuters

Complaints on financial transactions reach 20,000

THE BANGKO SENTRAL ng Pilipinas (BSP) received about 20,000 concerns from financial consumers last year, mostly about fraud and unauthorized transactions, Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said.

“The BSP Consumer Protection on Market Conduct Office showed that some 20,000 complaints were received in 2020. Around 13% refers to fraudulent, unauthorized transactions and financial products of BSP-supervised institutions such as deposits, credit card, e-money services and remittance,” Mr. Diokno said in an online briefing on Thursday.

The most prevalent cases were unauthorized or fraudulent transactions by scammers, he said.

“These complaints were referred to respective financial institutions for their appropriate handling and response,” Mr. Diokno said.

The central bank chief added that the number of complaints also showed increased awareness among consumers about how they can reach the BSP’s consumer assistance mechanisms.

Mr. Diokno said the central bank views consumer protection as a “shared responsibility” of institutions and consumers themselves. With this, he noted that continued guidance and education on handling transactions, especially those done online, would help prevent customers from falling prey to scammers.

“A new law is being introduced to put in place a comprehensive financial consumer protection regime wherein financial inclusion, financial education, good governance and effective supervision all come into play,” he added.

In June, House Bill 6768 or the Financial Products and Services Consumer Production Act was passed on third reading. Its counterpart Senate Bill 1739 is pending at the committee level.

The measure will allow regulators like the BSP, Securities and Exchange Commission, Insurance Commission, and the Cooperative Development Authority “to issue a cease and desist order without the need for prior hearing, if an act amounts to fraud or causes grave irreparable or injury to consumers,” Mr. Diokno said. These cases may include unfair collection practices, such as harassment of consumers.

Under the bill, financial service providers may be subject to fines, suspension and penalties once they are found responsible for allowing credit card fraud.

The bill also gives regulators the power to adjudicate and award an amount claimed by consumers for return from a financial institution without needing to go through usual processes.

“We hope that this critical bill will be passed into law, especially with the prevalence of fraudulent activities related to financial consumers,” Mr. Diokno said. — L.W.T. Noble

EDC to launch green bond framework

LOPEZ-LED Energy Development Corp. (EDC) is unveiling its first green bond framework on Friday as part of its pursuit of renewable energy initiatives.

In a press release, EDC said that its green bond framework was drafted in line with the International Capital Market Association’s (ICMA) 2018 green bond principles, which recommend transparency, disclosure and promote integrity in developing the green bond market.

The launch of the framework comes as the company celebrates its 45th anniversary.

“It provides guidelines as to the eligible green projects that can be financed through green bonds, the procedures for the selection and evaluation of the projects, the management of the proceeds of the Green Bonds, and subsequent reporting,” EDC said.

Independent research firm Sustainalytics said that EDC’s framework was “credible and impactful.”

“Sustainalytics has noted that EDC’s Green Bond Framework is credible and impactful, highlights the key aspects of the Green Bond Framework, and confirms the alignment of the framework to the Green Bond Principles and EDC’s sustainability strategy. It also shows the efforts of EDC and positive sustainability aspects of the bonds that will be issued under the Framework,” EDC said, citing the analytics firm’s second-party opinion.

On its website, Sustainalytics said that it was a global leader in environmental, social, and governance, and corporate governance research and ratings.

The development comes around a month after the EDC said that it planned to issue up to P15 billion of green bonds, with an initial tranche of around P3 billion and an oversubscription option of up to P2 billion of fixed-rate bonds.

“(The bonds are) subject to the approval of the Securities and Exchange Commission (SEC), to be listed on the Philippine Dealing & Exchange Corporation. EDC intends to also apply with the SEC for the certification of the bonds under the ASEAN Green Bonds Standards adopted in the Philippines,” EDC said in a statement.

The bonds are seen to finance or refinance new and existing renewable energy (RE) projects that are qualified as “Eligible Green Projects under EDC’s Green Bond Framework.” The RE projects would provide clean and reliable power to consumers, business and institutions, the firm said.

EDC said that its push for RE is at the core of the Lopez group’s mission “to forge collaborative pathways for a decarbonized and regenerative future.”

“The livable planet that we want for our future generations is achievable if we strive to do more for our ailing environment and our communities and focus on creating shared value, in addition to shareholder value. Shared Value is at the core of being regenerative,” EDC President and Chief Executive Officer Richard B. Tantoco was quoted as saying.

EDC has a total installed capacity of over 1,480 megawatts (MW), which make up 20% of the country’s installed RE capacity. The firm also has a geothermal portfolio of 1,200 MW, which comprises 62% of the Philippines’ total installed geothermal capacity. — Angelica Y. Yang

PBEd signs pact creating industry skill councils to boost job prospects for country’s young people

THE Philippine Business for Education (PBEd) has signed an agreement with the Analytics Association of the Philippines (AAP), the Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI), and the Philippine Chamber of Commerce and Industry (PCCI) which will create industry councils that will work to increase the employability of young people.

PBEd conducted a virtual memorandum signing with AAP, SEIPI and the PCCI Human Resources Development Foundation Thursday to create Sector Skills Councils (SSCs). The agreement is part of PBEd’s “A Future that Works” (AFW) program, funded by the Australian Department of Foreign Affairs and Trade.

PBEd Chairman Ramon R. del Rosario, Jr. said at the signing ceremony Thursday that the SSCs will help improve the education and training of students by involving the private sector to ensure the skills they learn make them employable.

“In the next few months, we will work together with the sectors in operationalizing the work of these councils, generating information in skills and career pathways and develop skills roadmaps as guides in a post-pandemic world,” he said.

The SSCs will focus on the food processing industry, the semiconductor and electronics sector, and the analytics sector.

AAP Board Secretary Sherwin Pelayo said at the briefing that AAP will conduct a labor market intelligence study under the AFW program that will reveal the supply-demand balance for analytics skills.

SEIPI Business Lead Mabelle Dela Cruz said training to prepare for work in the electronics sector is critical and private sector partnership with educational institutions will be necessary. She added: “The industry will need to train and upskill the workforce to cope with the technical demands of new products and technologies.” — Gillian M. Cortez

Amazon issues rare apology in India after complaints that series hurt Hindu beliefs

NEW DELHI —  Amazon.com, Inc.’s Prime Video streaming service on Tuesday issued a rare apology to its Indian viewers for some scenes in its original political drama series Tandav which allegedly offended Hindu religious beliefs.

Tandav, a Hindi word meaning “fury,” stars top Bollywood actors. In several states it has faced police complaints and court cases alleging the show had depicted Hindu gods and goddesses in a derogatory manner, and offended religious beliefs. Lawmakers from India’s ruling nationalist Bharatiya Janata Party have also criticized it.

In a statement titled “Amazon Prime Video Apologizes,” the company on Tuesday said it deeply regrets viewers considered certain scenes to be objectionable. Amazon apologizes “unconditionally to anyone who felt hurt,” it said, adding that it will continue to develop content while respecting the diversity of audiences’ culture and beliefs.

The Tandav controversy escalated last week when police in the northern state of Uttar Pradesh questioned one of Amazon’s top executives for hours in one case filed against the show. Asked about the company apology, a senior state police official, speaking on condition of anonymity, said authorities would continue investigating the matter.

Shows on streaming platforms such as Netflix, Inc. and Amazon Prime have often faced complaints in India for obscenity or offending beliefs, but the latest controversy involving Tandav is among the highest-profile cases.

An Indian media and entertainment industry executive said Amazon’s apology was unprecedented and showed that big US conglomerates can capitulate to political or cultural demands. The executive spoke on condition of anonymity.

In January 2020, Amazon founder Jeff Bezos attended a Prime Video event in Mumbai with Bollywood stars and announced it would double down on its investments. He said Prime Video was doing well globally “but nowhere it’s doing better than India.”

India is a critical growth market for Amazon, where it has committed investments of $6.5 billion, with interests in e-commerce, video streaming, cloud computing and other areas.

Amazon is currently also facing calls for a ban after Reuters last month reported the US firm had for years given preferential treatment to a small group of sellers on its India website and used them to circumvent the country’s strict foreign investment regulations. — Reuters

Forward-looking legislation

The Financial Executives Institute of the Philippines (FINEX) lauded Congress for enacting into law two crucial legislative measures: the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill and the Financial Institutions Strategic Transfer (FIST) bill.

According to the FINEX statement issued on Feb. 25, CREATE and FIST are “important components of the economic relief plan of the government to address the devastating effects of the COVID-19 pandemic and to make the Philippines an attractive investment destination for the longer term.”

FINEX has strongly urged the immediate passage of other forward-looking measures that have been pending in Congress such as the GUIDE bill, which stands for Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery.

At the Senate, a bill seeking to regulate the Philippine liquefied petroleum gas (LPG) industry was passed on third and final reading last week. Senate Bill No. 1955 was approved by the upper house via a unanimous 21-0 decision. Its principal author, Senator Sherwin Gatchalian, said the bill would help in stretching the budget of Filipino consumers especially during the current pandemic.

More than eight million out of the country’s 20 million households will stand to gain from the proposed LPG Act of 2021. Data from the Department of Energy (DoE) and the Philippine Statistics Authority show that LPG is widely used for heating, lighting, and cooking — more so now as a result of quarantine and travel restrictions that force most Filipinos to dine and stay in their homes.

A counterpart bill has been filed at the House of Representatives by the LPG Marketers Association (LPGMA). The party-list group’s main advocacy is for ordinary consumers to have access to reasonably priced LPG products and to exercise their freedom to choose any brand available in the market.

LPGMA President Arnel Ty welcomed the bill’s passage, particularly its provisions on the cylinder exchange and swapping program as well as the cylinder improvement program. The latter will eliminate about six million unsafe or dilapidated tanks that are circulating in the market as indicated by recent statistics from the DoE.

Ty served for nine years as LPGMA representative in the 15th, 16th, and 17th Congress. He believes it is important to have a comprehensive framework governing the industry because LPG is a staple in the lives of many Filipinos. “Consumer safety should be top of mind since LPG is highly flammable and explosive,” Ty noted, adding that the bill will provide consumers the option to shift to another brand.

GREEN LIGHT FOR SOLAR CITY
After 30 years and six administrations, the Manila Solar City project has finally secured approval from the Philippine Reclamation Authority (PRA), a government agency under the Office of the President (OP).

In his Feb. 18 memorandum to PRA Chair Alberto Agra and General Manager Janilo Rubiato, Executive Secretary Salvador Medialdea said the OP “interposes no objection” in granting notices to proceed with the Manila Solar City project. Such notices were issued by PRA on Feb. 22 to the City of Manila and Manila Goldcoast Development Corp. (MGDC) consortium.

Manila Solar City is envisioned as a mixed-use township atop a forest canopy with infrastructure and transport systems to be built by the joint venture between the Manila city government and MGDC. All buildings will be pedestalized to allow room for abundant greenery, lush parks, open spaces, and wind corridors.

Pedestrian walkways and an automated people mover system will connect residents and visitors from one area to another. In line with sustainability and self-sufficiency plans, Manila Solar City also aims to be the country’s first urban farming and aquaculture city with programs for hydroponics, vertical farming systems, and habitats for marine life.

Renewable energy facilities will harness solar and wind power, with electric and communication lines protected in an aqueduct system between elevated transport highways to keep them safe from natural disasters. State-of-the-art water treatment and sewage facilities will be put in place along with provisions for rainwater collection and storage.

Way back in 1991, MGDC was given the green light by PRA’s predecessor agency, the Public Estate Authority, to pursue the project involving the reclamation of 148 hectares between the Manila Yacht Club and the Cultural Center of the Philippines complex off Roxas Boulevard.

This is part of the Manila-Cavite Coastal Road Reclamation (MCCRR)-North Sector Project. Two decades later, PRA affirmed through a board resolution its previous award of the MCCRR-North Sector Project to MGDC. The reclaimed area will have three islands that are envisioned as residential, commercial, and tourism hubs.

MGDC belongs to the Solar Group of Companies owned by the Tieng family, which is into telecommunications, property development, finance, media, logistics, food distribution, pharmaceuticals, fastfood services, automotive, and aviation. Among its other subsidiaries are Solar Entertainment Corp., Domestic Satellite Philippines Inc., Solar Resources Inc., Federated Distributors Inc., and SkyJet Airlines.

 

J. Albert Gamboa is CFO of the Asian Center for Legal Excellence and chairman of FINEX Publications.

Developers, investors seen turning to REIT to diversify their portfolios

MORE investors and property developers are expected to tap into the real estate investment trust (REIT) market after the country’s first REIT showed stable returns, JLL Philippines said on Thursday.

Investments in REIT may even help boost the economy, the real estate services and consultancy firm said.

“We believe REITs will play an important role in jumpstarting the economy from the adverse effects of the pandemic and will promote growth in the real estate sector,” P. Ryan Isip, JLL Philippines’ head of capital markets, said in a press release.

The firm said market sentiment had been positive after Ayala-sponsored AREIT, Inc. reported a 42% jump in net earnings to P1.23 billion last year.

“Because of the nature of REITs, properties will need to be transparent in [their] income, occupancy, and prospects to make it more attractive to be invested in. Due to this, the REIT market promotes transparency in the real estate industry,” Mr. Isip said.

The REIT market has become attractive as more property developers are expanding their portfolios. REIT-listed properties may be cheap funding sources for developers looking to raise capital for other projects.

Developers who wish to increase their properties’ value may consider listing them under a REIT to boost marketability.

“REIT-listed properties tend to be better managed and maintained to make them attractive for tenants to move in,” Mr. Isip said.

The REIT market also has opportunities for growth in logistics and co-living sectors, and JLL Philippines believes that this will further attract new investors.

Despite the office sector being stagnant due to the shift to work-from-home arrangements, the consultancy firm expects REITS to attract property developers.

“Outsourcing firms in Metro Manila that are looking to expand in other key urban areas such as Metro Cebu and Davao City will need office properties to move into. This is where developers can come in to meet the demand, and this demand will make the office sector still an attractive asset class for REITs in the long term,” Mr. Isip said.

“Ultimately, REITs will help attract a lot of investors in the medium- to long-term and will pave way for us to develop capital investments in the country,” he added. — Keren Concepcion G. Valmonte

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