Unemployment rate hits record high in 2020

March 9, 2021 | 12:33 am

UNEMPLOYMENT rose in 2020 as businesses laid off workers amid the pandemic. — PHILIPPINE STAR/MICHAEL VARCAS

LAST YEAR proved to be challenging for the labor market as many Filipinos became jobless with businesses closing or downsizing operations amid the coronavirus pandemic.

Preliminary results of the statistics authority’s 2020 Annual Labor and Employment Estimates based on the average of four rounds of the labor force survey (LFS), showed the labor force participation rate (LFPR) stood at 59.5% in 2020, lower than the 61.3% in 2019. This rate is equivalent to 43.9 million Filipinos out of the 73.7 million population 15 years old and over.

LFPR represents the country’s “economically active population” that are either employed or unemployed.

“This annual LFPR is lowest since the adoption of the new definition of unemployed in April 2005, reflecting the effect of the various community quarantine restrictions, business closures, and physical distancing measures that were put in place in the Philippines starting March 2020 amidst the coronavirus disease 2019 (COVID-19) pandemic,” the Philippine Statistics Authority (PSA) said in a statement.

The annual unemployment rate in 2020 reached a record-high 10.3% versus the 5.1% in 2019. This is equivalent to 4.5 million Filipinos who do not have jobs, but are looking for one.

Meanwhile, the underemployment rate or the proportion of those working but are looking for more work or longer working hours, increased to 16.2% (or 6.4 million) from 13.8% the previous year.

The employment rate, which is the proportion of the employed to the total labor force, likewise declined to 89.7% from 94.9% previously. This translates to around 39.4 million employed, from 41.9 million the year before.

This equates to a net job loss of 2.6 million last year versus the government’s annual target of 900,000 to 1.1 million.

Meanwhile, the 10.3% unemployment rate this year is way above the 3.8%-5.2% target set in the Philippine Development Plan 2017-2022 for this year.

Of the four LFS rounds, the largest negative readings were recorded in April with unemployment and underemployment reaching as high as 17.6% and 18.9% during that month. Similarly, the employment rate and LFPR shrank to as low as 82.4% and 55.7%.

The services sector accounted for the biggest proportion of the employed population with a 56.9% share in 2020, down from 58.4% a year earlier. Industry accounted for 18.3%, also down from 19.3% in 2019. On the other hand, the share of those employed in the agriculture sector increased to 24.8% from 22.2%.

Wage and salary workers accounted for 62.9% of the workforce in 2020 from 64.6% in 2019. Employers in their own family-operated business likewise dipped to 2.5% from 2.9%. On the other hand, the share of self-employed individuals without any paid employees and unpaid family workers went up to 28.3% (from 26.8%) and 6.3% (from 5.7%), respectively.

Working hours averaged 39.4 per week in 2020, down from 42.2 a year earlier.

Full-time workers, or those who worked for at least 40 hours in a week, shrank to 55.9% from 69.3%. Part-time workers accounted for 34.5% of employed persons from 29.9%.

The results were not surprising for UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion. “[T]he employment story was the hardest part in 2020,” he said in an e-mail.

Asked on how to address the current conditions in the labor market, Mr. Asuncion cited “more fiscal support” from the government, as well as assistance for the country’s micro, small, and medium enterprises as they employ around 60% of working Filipinos.

“I am expecting things to get better. As the economy continues to open up, more job opportunities will come back,” Mr. Asuncion said.

The lockdown restrictions imposed by the government to contain COVID-19 severely constricted economic activity. For 2020, the Philippine economy posted a record-high annual decline of 9.5%, peaking at 16.9% in the second quarter before decelerating to 8.3% contraction in the final three months of the year.

The country’s economic planners had been urging President Rodrigo R. Duterte to relax lockdown restrictions to boost consumption and stimulate economic growth.

The country began its COVID-19 vaccination program on March 1, with health workers inoculated with vaccines donated by China. The government is targeting to inoculate 70 million, but the delivery of other vaccines has been delayed. — Ana Olivia A. Tirona

Animation studios ‘aggressively’ hiring workers in Philippines

March 9, 2021 | 12:32 am

By Jenina P. Ibañez, Reporter

ANIMATION outsourcing studios in the Philippines are experiencing a worker shortfall as demand for their services surged during the pandemic, an industry group said.

Demand for animation from global entertainment companies has been increasing amid the coronavirus health crisis as lockdowns slow down live-action filming, Animation Council of the Philippines, Inc. (ACPI) President Juan Miguel del Rosario said in a phone interview. The Philippines is an outsourcing hub serving animation studios based in countries like the United States.

The Toon City chief executive officer said the need for a quick turnaround has led local studios to shift to more rigged or digital animation from hand-drawn, requiring retraining across their workforce.

But most Filipino animators working from home are now drawn to freelancing for foreign clients, leaving studios in search of talent.

“We’re aggressively hiring all over the country — in Cebu, Iloilo, even in the Bicol area,” Mr. Del Rosario said.

Large studios, he said, have been promoting the assurance of consistent work to lure talent as more animators either choose to work freelance or for smaller studios.

Adel S. Garangan, president of the Philippine Animation Workers Association, said in a phone interview that more animators are attracted to freelance work to capitalize on increased demand for their work.

As live performance-based creative industry revenues plummet, Mr. Del Rosario said that there is more demand for digital creative work, including animation.

“The latest game in town for animation is Netflix, which aims to beat Disney in their own game,” he said.

Eric Calderon, a Los Angeles-based animation producer, said global demand is growing, but “not as much as you might think.”

“Actually, animation itself has been on the rise for years, especially with new content demands from streaming platforms,” he said in an online message. “So, it’s hard to say what was pandemic-related and what was the launch of new distribution systems. But, definitely a handful of projects opted for animation when live-action could not be achieved.”

Representing a small fraction of the industry, Philippine animation outsourcing revenue growth targets pre-pandemic were higher than the pace of outsourcing overall.

Mr. Calderon said the global animation industry experienced some hiccups as it transitioned to remote work, but remained productive.

Most of Toon City’s employees are working remotely. The company, Mr. Del Rosario said, plans to retain a hybrid model of remote and in-office work, reducing 80% of its office space in the process.

Work-from-home operations continue to cause delays. Toon City is now reporting a 10% lag after productivity dropped by nearly 30% during the stricter quarantine last year due to connectivity issues and disrupted feedback methods.

Clients are so far tolerating the situation, Mr. Del Rosario said, as the lockdowns across Europe have similarly disrupted the global industry.

According to Mr. Calderon, animation outsourcing — and Philippine competitiveness — would remain unchanged because outsourcing is already remote by nature.

“But, I would agree that if artists don’t have access to high-speed connectivity, it could become a dangerous bottleneck to overcome,” he said.

Mr. Del Rosario, however, maintained that remote work could create work opportunities outside the capital.

“(The lockdowns) really worked to the advantage of the industry because we’re digital, and therefore that digitalization and internet has given access to people from outside of Manila to work, and that’s a big reach.”

Most Philippine employers say they plan to raise salaries this year

March 9, 2021 | 12:31 am

EMPLOYERS in the Philippines expect to raise salaries by an average of 5.6% this year — the slowest pace in over a decade — as companies remain cautiously optimistic amid the coronavirus crisis, global advisory company Willis Towers Watson (WTW) said in a report.

Citing its latest Salary Budget Planning Survey report released on Monday, WTW said 82.4% of 233 companies surveyed in the Philippines will be raising their employees’ salaries this year.

This year’s projected average 5.6% pay rise will be lower than the actual 5.7% hike in 2020 and the 6% increase in 2019.

For the past 10 years, the average salary increase hovered around 6%, but the pandemic forced companies to be more “modest in budget planning” this year, Patrick V. Marquina, head of talent and rewards for the Philippines at WTW said in an e-mail.

“While some businesses may be picking up, most companies remain cautiously optimistic hence are more modest in their salary budget planning.”

In Asia-Pacific, companies in 13 out of the 20 markets have lowered their 2021 average salary hike projections.

The findings were based on a survey of 233 firms in the Philippines as part of a broader survey across 130 nations worldwide to track the latest salary movement and review practices of companies. The responses were collected online from October to November 2020.

Fewer firms will implement a salary freeze this year according to WTW. Only 13% of companies surveyed said they will suspend any wage increases for the time being, against the 28% seen last year.

WTW said the survey results indicated the private sector’s “cautious optimism” for 2021.

“While there is certainly more optimism this year in both employers and employees alike, the recovery for many hard-impacted businesses would not be smooth sailing. Companies will continue to experience smaller salary budgets this year,” Mr. Marquina was quoted as saying in a press release.

Firms that increased their salary budget forecasts for the year are in the health, technology, electronics and outsourcing sectors, which experienced a surge in demand amid the global health crisis.

WTW noted companies in pharmaceutical and health sciences, high-technology, electronics manufacturing and business support services, which include business process outsourcing, gave an at least 5% increase in their salary budget forecasts for the year.

Meanwhile, businesses related to consumer products and retail; energy and natural resources; and financial services were more “conservative in their salary budget plans” than the rest, according to Mr. Marquina.

“It is important for employers to differentiate their allocation of pay rises, so that they can provide meaningful salary increases for their best and most valuable talent, and prioritize spending on jobs that are likely to contribute the most to the success or survival of their businesses,” he said.

“After a difficult year for employers and employees — battling lockdowns, employee safety issues, working from home and declining revenues — many employers are finding ways to handle the crisis better, manage their businesses and help their employees with a more focused work and reward strategy,” he added.

Business closures and quarantine protocols last year forced companies in hard-hit sectors to cut wages and lay off employees. — Beatrice M. Laforga

Restored Chaplin films to be released in cinemas worldwide

March 9, 2021 | 12:10 am

LONDON — A hundred years since Charlie Chaplin directed and starred in his first feature-length film The Kid, some of the silent comic’s best-known movies are being restored to be released in cinemas worldwide.

French film company mk2 and international distributor Piece of Magic said in a statement they had teamed up to mark the centennial. The Paris-based company’s 2k and 4k restorations of Chaplin’s films include classics The Gold Rush, City Lights, The Circus, Modern Times, and The Great Dictator.

mk2 will release a 4K restoration of The Kid in France in the autumn while Piece of Magic will work with its network of exhibitors to release the film and others in around 50 territories as well as collaborate with mk2 distribution partners.

“In 1921 The Kid confirmed Chaplin’s stardom and extraordinary skills in the art of cinema,” mk2 Chief Executive Nathanaël Karmitz said in a statement.

“It is fitting that this year in partnership with Piece of Magic we return Chaplin to cinemas around the world and continue to maintain the legacy of his work, celebrating its modernity and emotions that live on today.”

The two companies said there would be new posters and trailers “designed for contemporary audiences” to mark the anniversary. — Reuters

TV5 airs more ABS-CBN shows, adds game shows to its lineup

March 9, 2021 | 12:09 am

TV5 has added several more ABS-CBN shows to its primetime offerings, including the long-running primetime series FPJ’s Ang Probinsyano. It will also be adding two new game show franchises to its lineup.

Beginning March 8, viewers can watch Cardo Dalisay in action in Fernando Poe Jr.’s Ang Probinsyano, the final two weeks of the drama Ang Sa Iyo ay Akin, the family drama Walang Hanggang Paalam, and the final week of reality show Pinoy Big Brother (PBB) Connect on TV5. The shows will air Monday to Friday from 8 to 10:30 p.m.

PBB Connect’s Big Night will air on TV5 on March 14.

“We welcome the inclusion of ABS-CBN entertainment shows in our roster of programs. We believe that this content deal will benefit Filipino viewers across the country because of TV5’s extensive coverage,” Robert P. Galang, Cignal and TV5 president and CEO said in a statement.

The four programs are the latest ABS-CBN Entertainment shows to be aired on TV5, following the simulcast of ASAP Natin ‘To and FPJ: Da King on Sundays since Jan. 24.

NEW GAME SHOWS
The new game shows — The Wall Philippines and 1000 Heartbeats-Pintig Pinoy — both franchises of foreign game shows, will premiere on TV5 this month.

The Wall Philippines, a franchise of the American game show of the same title, is likened to a giant pachinko game. The show’s host, singer and actor Billy Crawford, described it as the “most exciting game” he has seen in a long time.

“Lahat ng emosyon sa isang laro pwedeng mangyari (every emotion that can be felt in a game are possible),” Mr. Crawford said during a Zoom press launch on March 2. He added that it is a game of luck, trust, and knowledge.

The game is completed in three rounds by a team of two contestants. One answers questions in an isolated room while the other drops balls down a 50-foot pegboard which has slots marked with the amounts of money in play. Depending on whether the answer is correct or not, the corresponding amount of the slot that the ball falls into will be added to the total pot; on the other hand, missing a question will see the corresponding slot’s amount deducted from the total pot. The grand prize is P12 million. The first episodes will feature contestants who are related by blood.

Meanwhile, 1000 Heartbeats-Pintig Pinoy is based on a British daytime game show franchise. Hosted by TV actor and model Xian Lim and YouTuber Chad Kinis, the game show requires the contestant to wear a heart rate monitor.

The contestant is allotted 1,000 heartbeats as the equivalent time limit to answer a set of questions. Monitoring equipment will record the contestant’s heart rate throughout the game and will end once all 1,000 heartbeats are registered. To win the cash prize, contestants have to keep cool under pressure in all seven rounds.

To add tension to the game, a string quartet plays to the tempo of the contestant’s heart rate which is flashed on screen. The player will have a chance to win a grand prize of P1 million.

“The contestants are doing it for their family,” Mr. Lim, the show’s host, said during the show’s Zoom launch.

“My favorite element is that kakabitan ka ng heart rate monitor (a heart monitor will be attached to you),” Mr. Lim said. “Hindi mo kami pwedeng dayain, [dahil] nakikita namin na kinakabahan ka (You can’t fool us because we will know when you are nervous).”

The Wall Philippines is “inclined to strengthen relationships,” while 1000 Heartbeats gauges “grace and endurance under pressure.”

The Wall Philippines premieres on March 13, 6 p.m., while 1000 Heartbeats-Pintig Pinoy premieres on March 21, 8 p.m. — Michelle Anne P. Soliman

AC Energy to divest from Mindanao coal plant

March 9, 2021 | 12:09 am

AC ENERGY and Infrastructure Corp. is transferring its shares in Mindanao’s biggest coal-fired power plant project to its partner and affiliates, the parent firm of the Ayala-led energy platform told the stock exchange on Monday.

Ayala Corp. said AC Energy’s transfer of all its indirect ownership interest in the project, which will have four units with a capacity of 135 megawatts (MW) each, is for a base selling price of approximately $453.24 million, subject to an agreed adjustment. The price per share has yet to be confirmed.

AC Energy signed the divestment agreement on March 5, 2021 with its partner, Power Partners Ltd. Co. and certain affiliate companies, in the project located in Kauswagan, Lanao del Norte.

“The transaction is aligned with AC Energy’s effort to rebalance its portfolio and to achieve its target of at least 5GW (gigawatts) of renewable energy attributable capacity by 2025,” Ayala Corp. said.

“The transfer will be implemented in tranches with the purchase price to be paid on a deferred basis,” it added.

Power Partners is AC Energy’s developer-partner in GNPower Kauswagan, which is intended to support Mindanao’s power demands and economic development.

AC Energy will also be selling the project site to — the retirement company affiliated with the GNPower firms — for $15.9 million based on the signed divestment agreement.

On its website, the power firm said that it holds an 85% economic stake in the Mindanao coal plant.

In November, Eric T. Francia, president and chief executive officer of Ayala Corp.’s renewable energy firm AC Energy Corp. (ACEN), announced the planned sale of GNPower coal plants located in Lanao del Norte and Bataan.

In another disclosure, publicly listed ACEN said that it would invest nearly P2.2 billion in wholly owned subsidiary Giga Ace 4, Inc. for the latter’s 40-MW battery energy storage system project in Alaminos, Pangasinan.

The firm said that it would buy common A shares, and redeemable preferred A shares from its unit at P219.88 million, and P1.979 billion, respectively. The subscription would be issued out of Giga Ace 4’s increase in authorized capital stock.

Giga Ace 4 is the special purpose vehicle for ACEN’s development projects.

Shares of Ayala Corp. in the local bourse inched down 1.17% or P9 to close at P761 apiece on Monday. Meanwhile, shares of ACEN decreased 5.32% to finish at P6.76 or 0.38 centavos apiece. — Angelica Y. Yang

Romanian film of sex and aggression in the city wins Berlinale

March 9, 2021 | 12:08 am

BERLIN — The Romanian director Radu Jude’s Bad Luck Banging or Loony Porn, a sexually explicit dark comedy of the everyday aggression experienced by a teacher in contemporary Bucharest, won the Berlin Film Festival’s Golden Bear award.

Judges hailed the film, starring Katia Pascariu as the teacher whose private sex tape is leaked, triggering a witch hunt by parents of the children at her school, as a “lasting art work” that “attacked” the viewer.

“It captures on screen the very content and essence, the mind and body, the values and raw flesh of our present moment in time,” Israeli director and jury member Nadav Lapid said announcing the award.

Other prizewinners at this year’s online Berlinale included German actress Maren Eggert, who played a woman resisting a perfect android’s charms in I’m Your Man and Hungary’s Denes Nagy, awarded best director for the war movie Natural Light.

The overall winner opens with a lengthy shot of Ms. Pascariu having sex in porn style and continues showing the dozens of aggressive acts she deals with running errands in Romania’s frenetic capital.

Irritable shopkeepers, swearing car drivers, strident advertising hoardings, and the Romanian Orthodox Church all attract the film’s gaze.

“I wanted to show as much as possible the values of the community through the tissues of the city,” Mr. Jude told an online news conference — a chaotic 1920s cityscape by German expressionist painter Nikolaus Braun as his background image. “How the buildings are, the culture of parking — all these things say a lot about the values,” he added.

Shot in the midst of the coronavirus pandemic, the film shows almost every character wearing a mask, but the viewer is left with the sense that the poison people inject into their own environment is as destructive as any virus.

The film culminates in a grotesque tribunal composed of the middle-class parents of pupils at the elite school where Ms. Pascariu teaches. Paragons of virtue, they carefully scrutinize her sex tape before passing judgment.

Producer Ada Solomon acknowledged the film would have to be censored for its most explicit scenes for wider distribution, but questioned the values that made this necessary.

“Violence is accepted, nudity not,” she said. “I wonder why that is?”

Festival organizers hope to show this year’s films in cinemas at a live follow-up event in June, pandemic permitting. — Reuters

Mobile number portability seen to help DITO corner 30% of telco market

March 9, 2021 | 12:08 am

By Arjay L. Balinbin, Senior Reporter

DITO Telecommunity Corp. said on Monday the planned implementation of the mobile number portability law would help the company achieve its target of capturing 30% of the telco market.

“Now, ‘yung laban natin (the competition) will really be on the quality of service,” DITO Chief Administrative Officer Adel A. Tamano said at a virtual briefing, noting that switching telecommunication networks will be easier once consumers are allowed to retain their contact digits.

“What mobile number portability does is that you can keep your number, and you are not forced to stay with the current telco that you have,” he added.

DITO Chief Technology Officer Rodolfo D. Santiago said the new telco player, which launched its mobile services in Metro Cebu and Metro Davao on Monday, targets to corner 30% of the market “as soon as possible.”

DITO is currently capable of serving 37.48% of the country’s population based on the technical audit report by R.G. Manabat & Co.

Thirty percent of the telco market is “more than enough” for DITO to be profitable, according to Mr. Santiago.

“(But) we cannot achieve the 30% market share with just 37% (national population coverage),” he noted.

“Pinakamadali siyang ma-achieve kapag 84% na ‘yung population coverage or higher (Achieving the target is easier if we increase our population coverage to 84% or higher),” Mr. Santiago explained.

The telco has a commitment to cover 84% of the population and provide an internet speed of at least 55 megabits per second (Mbps) by the end of its fifth year of commercial operations.

“We’re not contemplating on achieving the five-year commitment of 84% in five years; we want to achieve that very soon,” Mr. Santiago said.

The Securities and Exchange Commission approved in January last year the creation of the Telecommunications Connectivity, Inc. that would ease the portability of mobile phone numbers.

The new company would enable number porting services in line with the new mobile number portability initiative of the government or Republic Act No. 11202, also known as the Mobile Number Portability Act.

It was jointly put up by the country’s major telecommunications companies.

“We are fixing a few things. But maybe by July, it will be available to the public,” Mr. Tamano said, referring to the actual start of the implementation of the mobile number portability law.

Raya and the Last Dragon tops sluggish box office with $8.6 million

March 9, 2021 | 12:07 am

LOS ANGELES — New York City movie theaters welcomed back customers for the first time in nearly a year this weekend. And yet some high profile new releases still struggled to sell tickets, a sign that a box office revival may not be in the cards for a few months. Disney’s Raya and the Last Dragon, a computer-animated fantasy adventure, opened to $8.6 million from 2,045 screens. That failed to match the impressive (for a pandemic) debut of Tom & Jerry which earned $14.1 million last weekend, providing a ray of hope to the long-suffering exhibition sector. Raya and the Last Dragon was also made available to Disney Plus subscribers for a $30 fee, a method that the company previously deployed with Mulan. Though a fraction of what a big-budgeted, family movie would make in pre-COVID times, Raya did earn enough to capture the top spot on domestic box office charts. Globally, Raya earned $26 million with China and Russia providing the largest contributions with $8.4 million and $2.8 million, respectively. Animated features tend to cost substantially more than $100 million to produce — it’s a sign of just how skewed the world of theatrical distribution has become that a major Disney release would fail to crack $10 million at the box office in its opening weekend. Some of that has to do with Disney’s refusal to give exhibitors a better cut of the box office revenues, with Cinemark and other chains refusing to screen the movie. In its second weekend of release, Warner Bros.’ Tom & Jerry picked up $6.6 million domestically, pushing its haul to $23 million. The film is also streaming on HBO Max. Warner Bros. is releasing its entire 2021 slate on the service at the same time the movies open in theaters, a move that shows the growing importance of streaming to media companies. Tom & Jerry earned $11.6 million globally from 36 markets, pushing its worldwide gross to $57.3 million. Lionsgate’s Chaos Walking, an oft-delayed and critically maligned fantasy adventure with Tom Holland and Daisy Ridley, grossed an anemic $3.8 million for a third-place finish. Chaos Walking, which is based on a series of popular sci-fi novels, cost a reported $100 million to make, which is bad news for the studio given the paltry opening. It was originally scheduled to debut in Mar. 2019, before it underwent reshoots. The top five was rounded out by Focus Features’ Boogie, a drama about a Queens basketball phenom that was written and directed by chef and author Eddie Huang, as well as by Dreamworks Animation’s The Croods: A New Age. Boogie grossed $1.2 million, while the Croods sequel picked up $780,000 to push its domestic gross to $53.6 million. The Croods: A New Age has grossed $157.7 million worldwide since opening last fall. — Reuters

Solaire operator Bloomberry Resorts incurs P2.5-B net loss

March 9, 2021 | 12:07 am

SOLAIRE RESORT & Casino operator Bloomberry Resorts Corp. reported a fourth-quarter net loss of P2.5 billion, a reversal of the P1.4-billion net profit recorded the previous year.

Enrique K. Razon, Jr., Bloomberry chairman and chief executive officer, however welcomed the company’s fourth-quarter performance.

“I am encouraged by our performance in the final quarter of 2020, particularly as we saw domestic mass gaming revenues increase by 75% compared to the previous quarter and EBITDA (earnings before interest, taxes, depreciation, and amortization) hitting positive territory. Our recovery is well underway,” Mr. Razon said in a statement on Monday.

Solaire’s gross gaming revenue (GGR) for the quarter fell by 63% year on year to P5.3 billion from P14.5 billion. It is however a 22% improvement from the previous quarter, which posted a GGR of P4.4 billion.

Revenues from mass tables declined by 55% compared with the previous year to P2 billion, but bested the previous quarter by 78%. Electronic gaming machine (EGM) revenues reached P2.2 billion, a 52% decline from the same period in 2019 but an improvement of 73% from its third-quarter performance in 2020.

VIP gaming revenues meanwhile closed the year with P1.2 billion in the fourth quarter, declining by 78% year on year.

Net gaming revenues decreased by 61% in the quarter to P3.4 billion, while non-gaming revenues amounted to P761.3 million, which is 65% lower than what the company recorded in the same period in 2019.

Consolidated net revenue for the quarter amounted to P4.2 billion, slowing by 61% from the previous year.

The company’s EBITDA for the period amounted to P129.3 million, lower by 97% year on year but a reversal of the recorded loss in the previous quarter at P203.7 million.

For full-year 2020, the company posted a net loss attributable to parent firm equity holders of P8.31 billion, swinging from its net income of P9.92 billion in 2019.

Total revenues for 2020 suffered a 61.9% decline to P17.66 billion from P46.34 billion the previous year.

Bloomberry’s Jeju Sun Hotel & Casino in Korea also closed the year with lower revenues.

Gaming revenues fell by 83.8% to P93.1 million from P573.1, after being closed since March 21, 2020. Non-gaming revenues meanwhile declined by 80% year on year to P25.9 million.

Jeju Sun is still closed as the management delayed the resumption of its operations, following the absence of foreign tourists in Jeju Island.

“We look forward to a more meaningful improvement in 2021 should we see further easing of domestic quarantine restrictions and the eventual resumption of travel and tourism across our key markets,” Mr. Razon said.

“Our pre-eminent priority as our recovery progresses remains to be the wellbeing of our guests and team members. This concern has manifested in the form of sanitation and safety investments at Solaire valued at over P400 million for the year, ensuring our position as the leader in excellence, safety and health security among our peers in the Philippines and the region,” he added.

Bloomberry and partner company International Container Terminal Services, Inc. have acquired three million doses of the Oxford-AstraZeneca coronavirus disease 2019 (COVID-19) vaccine, of which at least 50% will be donated to the Philippine government.

The two are also in advanced procurement negotiations for some 20 million doses of the Moderna vaccine.

“We stay true to our intrinsic obligation to help our countrymen as we assist the Philippine Government in procuring Oxford-AstraZeneca and Moderna COVID-19 vaccines,” Mr. Razon said.

“Outside of vaccines, the Bloomberry Cultural Foundation, Inc., has donated over P850 million worth of medical supplies, relief goods, and health infrastructure funding. We are eager to see a healthy post-pandemic world emerge through our continuing CSR efforts,” Mr. Razon added.

Shares of Bloomberry Resorts Corp. at the stock exchange inched down by 0.64% on Monday to P7.80 per share from P7.85. — Keren Concepcion G. Valmonte

Disneyland, other California theme parks, stadiums could reopen April 1

March 9, 2021 | 12:06 am

LOS ANGELES — California health officials set new rules on Friday that would allow Disneyland and other theme parks, stadiums and outdoor entertainment venues to reopen as early as Apr. 1, after a closure of nearly a year due to the coronavirus pandemic. But the return of Mickey Mouse to the “Happiest Place on Earth” and live spectators to the California ballparks of America’s favorite pastime still come with major caveats. Theme and amusement parks would be permitted to restart on Apr. 1 with severely limited capacity, but only if the counties where they operate are removed from the “purple” tier of California’s color-coded coronavirus disease 2019 (COVID-19) restrictions, the system’s most stringent classification. Masks and other safety measures would still be required, and the parks initially would be open only to state residents. Attendance would range from 15% to 35% of normal capacity. Outdoor stadiums, ball parks and performance arenas would also be allowed to welcome back live audiences starting Apr. 1, though at a fraction of maximum seating and subject to the same tiered system of constraints. Opening day turnouts for Major League Baseball games would be muted affairs in Southern California, with no more than 100 spectators allowed in venues located in purple-zoned counties. That would include the stadiums of the Los Angeles Dodgers, the San Diego Padres and the Anaheim Angels. San Francisco and Oakland, home of the Giants and the Athletics, respectively, are currently designated red, which would limit seating to 20% capacity. —Reuters

Robinsons Retail to buy back P2-B shares

March 9, 2021 | 12:06 am

GOKONGWEI-LED Robinsons Retail Holdings, Inc. will extend the company’s share buyback program for another P2 billion in a move to raise shareholder value.

The program will be facilitated through the Philippine Stock Exchange.

“Our buyback program is in line with our capital allocation policy, which involves our strategies for organic growth, M&As, e-commerce, and higher dividend payouts,” Robinsons Retail President and Chief Executive Officer Robina Gokongwei-Pe said in a statement on Monday.

The additional share buyback would be on top of the P2-billion share buyback program approved on March 9, 2020.

The company said it is in a strong net cash position to implement an additional share buyback program.

“We are confident in the growth trajectory of Robinsons Retail as we venture into more adaptive and agile means of doing business,” Ms. Gokongwei-Pe added.

Robinsons Retail has already repurchased some 24.7 million shares as of early March this year, amounting to P1.5 billion.

The company closed 2020 with a decline of 25.2% in its net income attributable to equity holders to P2.93 billion. Net sales meanwhile decreased 7.3% to P151.03 billion.

Robinsons Retail shares at the stock exchange dropped by 2.25% or P1.20 on Monday, closing at P52.05 apiece. — Keren Concepcion G. Valmonte

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