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Alert Level 3 to have minor business effect — DTI

THE implementation of Alert Level 3 quarantine restriction will have a small effect on businesses, according to the Department of Trade and Industry (DTI).

Trade Secretary Ramon M. Lopez said during a Laging Handa briefing on Monday the major difference between the current quarantine restriction versus Alert Level 2 is the allowed business operating capacity.

The government placed Metro Manila under the stricter Alert Level 3 from Jan. 3 to 15 amid the surge in coronavirus disease 2019 (COVID-19) cases.

Under Alert Level 3, business establishments are allowed to have 50% outdoor capacity, down from the previous 70%, and 30% indoor capacity from 50% previously, Mr. Lopez said.

Mr. Lopez said the capacity figures will increase as the National Capital Region (NCR) has vaccinated more than 70% of its population, pushing the allowed indoor capacity to 50% and an additional 10% if the business establishments have safety seals, which indicate compliance to minimum public health standards.

He added that those not permitted to operate during Alert Level 3 are only gaming establishments and indoor entertainment sites like karaoke bars.

“What is good with our current alert level system is that all businesses continue to operate except for those that were excluded. However, there were only a few sectors that were closed again,” Mr. Lopez said in mixed Filipino and English.

“Practically, all the other micro, small, and medium enterprises (MSMEs) and service-oriented businesses including the gyms, cinemas, etc. are still allowed of course, [at] lower operating capacity,” he added.

Asked on the effects of stricter quarantine protocols to the economy, Mr. Lopez said the shift to Alert Level 3 will cause job losses for 100,000 to 200,000 employees and possible economic losses worth P200 million.

“The most important thing is that we push the country away from the potential surge in Omicron cases. Let’s observe what will happen for the next two weeks,” Mr. Lopez said.

Further, Mr. Lopez said there is a proposal, along with the National Economic and Development Authority (NEDA), for a review of the protocols on the mobility of minors, especially for those who are vaccinated. Minors are only allowed to go outside for essential purposes under Alert Level 3.

Meanwhile, Mr. Lopez said he is hoping that the Senate will ratify the Regional Comprehensive Economic Partnership (RCEP) trade agreement in the first two to three weeks of January.

Also on Monday, the Department of Transportation (DoTr) told bus companies, operators of public utility vehicles (PUV), and transport terminals in NCR to implement stricter health protocols amid the surge in COVID-19 cases.

In a statement, the DoTr said a memorandum issued by the Land Transportation Office (LTO) on Jan. 2 reminded land-based transportation stakeholders to monitor their drivers and conductors, and make sure that the 70% maximum passenger capacity in PUVs are observed.

According to Transportation Secretary Arthur P. Tugade, the maximum passenger capacity in NCR will remain to keep up with public transport demand.

“We cannot let our guard down. Following the government’s minimum health protocol is for our greater good. We must remain vigilant so we can reverse the uptick of cases in the country,” Mr. Tugade said.

The Land Transportation Franchising and Regulatory Board (LTFRB) also released a memorandum on Jan. 2 ordering PUV operators, drivers, and passengers to follow the maximum capacity in PUVs.

“The non-observance of health protocols onboard PUVs or a violation [of] the 70% maximum passenger capacity order are considered violations of franchise conditions. Penalties for violating PUV franchise conditions range from hefty fines to the impounding of the involved PUV,” LTFRB said.

Further, LTFRB said PUV drivers who will not implement the 70% maximum capacity may result in the suspension of their licenses or additional criminal complaints. — Revin Mikhael D. Ochave

POC to discuss Philippine team participation in overseas games

THE Philippine Olympic Committee, headed by Abraham Tolentino, will meet to plan national team participation in international games.

THE Philippine Olympic Committee (POC) will discuss its participation in several international competitions when it holds a hybrid general assembly meeting on Jan. 12.

The POC will lay out its battle plans for the national team seeing action in competitions like Hanoi Southeast Asian Games in May and Hangzhou Asian Games in September among others.

The country also has an entry in skier Asa Miller in the Winter Olympics slated for Feb. 4-20 in Beijing, China and has plans on fielding in a squad in the World Games set on July 7-17 in Birmingham, USA.

The Filipinos will also participate in the Asian Youth Games unfurling Dec. 20 up to Dec. 28 in Shantou in Guangdong, China.

Also to be discussed is the 2024 Paris Olympics where the country hopes to strike a gold medal or two.

Interestingly, part of the agenda included a report by the Ethics Committee, which concluded its investigation on the impasse concerning Tokyo Olympian pole-vaulter Ernest John “EJ” Obiena and the Philippine Athletics Track and Field Association (PATAFA).

The probe resulted to the POC executive board declaring PATAFA President Philip Ella Juico as a persona non grata.

POC President Abraham Tolentino stressed they are just protecting the welfare of Mr. Obiena, whose national and Asian record of 5.93 meters was ranked as the third highest performance of 2021.

“If a president of a member NSA [national sports association] is not in one with the aim and purpose of the POC to protect and take care of the welfare of the athletes, then he or she does not deserve the recognition of POC… as simple as that,” said Mr. Tolentino.

“As far as the POC is concerned, the Ethics Committee acted within its inherent power which is to determine if the conduct of a member of POC, specifically the president of the PATAFA, is ethical, professional and acceptable to the organization which he belongs to,” he added. — Joey Villar

Spider-Man: No Way Home continues box office domination

Zendaya and Tom Holland in Spider-Man: No Way Home (2021) — IMDB.COM

LOS ANGELES —  Another weekend, another chance for Sony’s superhero adventure Spider-Man: No Way Home to flex its box office dominance.

The comic book sequel, starring Tom Holland as Marvel’s favorite neighborhood web-slinger, towered over the North American box office charts for the third weekend in a row.

No Way Home captured $52.7 million over the New Year’s holiday frame, boosting its domestic tally to $609 million. It extends an epic streak for the latest Spidey adventure, which continues to deliver the kind of ticket sales it would have been expected to make in pre-pandemic times. No other blockbuster has been able to come close to reaching similar box office heights, at least in the US and Canada.

After Spider-Man: No Way Home, the next highest-grossing tentpole of COVID-19 times is Disney and Marvel’s Shang-Chi and the Legend of the Ten Rings with $224 million domestically. Without any real competition until Paramount’s scary sequel Scream, the fifth installment in the slasher series, opens on Jan. 14, Holland’s teen vigilante will keep raking in the dough.

For non-superhero enthusiasts, or perhaps those who have already seen Spider-Man: No Way Home in theaters more than once, Universal and Illumination’s animated musical comedy Sing 2 enjoyed another relatively strong weekend. The film, which features an all-star voice cast of Matthew McConaughey, Reese Witherspoon, Scarlett Johansson and more, earned $19.6 million from 3,892 cinemas between Friday and Sunday, down a scant 12% from its debut. Since landing on the big screen in advance of Christmas, the well-reviewed Sing 2 has generated an impressive (for pandemic times) $89.6 million. To illustrate the headwinds still facing movies that aren’t of the superhero variety, the original 2016 film Sing sold far more tickets, ultimately grossing $270 million stateside and $634 million worldwide.

Elsewhere at the North American box office, there was not much to… sing about.

Disney and 20th Century’s The King’s Man, a prequel in the extended Kingsmen cinematic universe, landed in third place with $4.5 million from 3,180 theaters. That’s down only 24% from inaugural weekend ticket sales, however, its box office receipts weren’t that strong to begin with. So far, the spy comedy has picked up $19.5 million at the domestic box office. Internationally, The King’s Man added another $14.1 million from 22 overseas markets, boosting its global total to just $47.8 million.

At No. 4, Lionsgate’s crowd-pleasing sports drama American Underdog earned $3.9 million from 2,813 venues, pushing its North American tally to $14.9 million. The inspirational film about Kurt Warner’s unlikely rise to become a two-time NFL champion has been embraced by audiences (at least, those who went to see the film), with an A+ CinemaScore. Unfortunately, high marks from moviegoers isn’t translating into the kind of word-of-mouth needed to sell tickets.

The Matrix: Resurrections fell to fifth place, scraping together $3.5 million from 3,552 locations over the weekend while playing on HBO Max. That’s a 67% decline from its opening, by far the biggest dip in the top 15 on domestic box office charts. The fourth Matrix movie, once again starring Keanu Reeves as the sleek cybercriminal Neo and Carrie-Anne Moss as Trinity, is the last Warner Bros. movie (for now) to premiere on HBO Max on the same day as its theatrical debut. The studio’s strategy to put its entire 2021 slate concurrently on streaming may have boosted awareness around HBO Max, which had a lackluster launch in 2020, but it massively curbed ticket sales for every movie that was released on the big screen.

Other notable releases in the top 10 include Disney’s West Side Story, which pocketed $2.1 million from 2,690 venues. In total, director Steven Spielberg’s remake of the classic musical has made only $29.6 million in North America and $47 million worldwide, a disastrous result considering the acclaimed movie cost $100 million to produce. —Reuters

PSE named ‘best stock exchange’ in Southeast Asia

THE Philippine Stock Exchange, Inc. (PSE) was named Southeast Asia’s “best stock exchange” following “high-profile landmark issues” in its record-breaking year.

In a statement, the PSE said it received recognition at the Marquee Awards of the 15th Annual Best Deal and Solution Awards 2021 of magazine Alpha Southeast Asia.

“This award was made possible by the guidance and support of our Board of Directors and the hard work and dedication of the whole PSE team,” PSE President and Chief Executive Officer Ramon S. Monzon said during the first trading day bell-ringing ceremony on Monday.

“I hope that this recognition will serve as an inspiration to all of us to do even better this year,” he said.

The PSE was recognized after notable issues such as MREIT, Inc.’s $305-million (P15.3 billion) public offering and Monde Nissin Corp.’s P55.8-billion initial public offering (IPO).

Alpha Southeast Asia was quoted saying these are “perfect examples of how best to create shareholder value.”

“With a stronger framework of corporate governance in place led by the PSE and an ongoing push to raise the standards of timely disclosure, PSE is well-positioned among issuers and investors, both local and foreign,” the institutional investment magazine said.

The PSE closed 2021 with eight IPOs, 11 follow-on offerings, four stock rights offerings, and eight private placements.

Capital raising activities at the local bourse totaled P234.48 billion in 2021, breaching the record set in 2012 worth P228.33 billion. The PSE attributed this to the “biggest [IPO] in the history of the exchange,” referring to Monde Nissin’s public offer, and the rise of real estate investment trust listings.

Two companies are expected to go public this month, namely: Haus Talk, Inc. and Figaro Coffee Group, Inc. — Keren Concepcion G. Valmonte

BPOs seen to drive office space demand

BW FILE PHOTO

By Keren Concepcion G. Valmonte, Reporter

OUTSOURCING FIRMS, e-commerce companies and data centers are expected to fuel demand for office spaces in the Philippines this year.

“The office market is projected to be in full recovery mode by the second half of 2022,” JLL Philippines Vice-Chairman Joey M. Radovan told BusinessWorld via e-mail on Dec. 7.

“The IT-BPO (information technology-business process outsourcing) industry will remain resilient and will continue to pave the way for long-term office space demand across the country being driven by the countries attractive labor demographics,” he added.

Santos Knight Frank Occupier Services Senior Director Morgan McGilvray said the office market will see “reliable demand” from the BPO sector.

“Probably not as much demand as was seen in the post-global financial crisis period in 2011 to 2012, but I’d expect more demand in 2022 than we’ve seen in 2020 or 2021,” Mr. McGilvray said in an e-mail on Dec. 15.

David T. Leechiu, president and chief executive officer at Leechiu Property Consultants (LPC), said in a virtual call on Dec. 15 that firms abroad “cannot wait to enforce these new cost-cutting measures,” which already includes offshoring jobs to the Philippines.

E-COMMERCE
Meanwhile, e-commerce companies and data centers are expected to take up more office space as their operations expand.

“They are a welcome relief because outside of the BPO sector, nobody really is taking large chunks of space,” Mr. Leechiu said.

KMC Savills said 62% of inquiries on spaces for warehousing came from data center providers. Based on the inquiries, companies were looking into renting spacing across Metro Manila and “growth areas in provinces.”

“The rise of digitalization, 5G mobile service, presence of fiber connectivity, and innovation and technology adoption make the country an attractive location for data center investments,” KMC Savills Co-Founder and Managing Partner Michael McCullough said in an e-mail on Dec. 15.

VACANCY
Meanwhile, Mr. McCullough said the office market’s rebound will happen at a slow pace with vacancy rates projected to rise to 21%, up from the 19% vacancy rate logged in 2021.

“On the bright side, the rate difference could be lower from the 10% jump in 2020-2021,” he said.

More organizations are also expected to continue implementing a hybrid work model as the pandemic drags on.

Property consultants said this is now a “good time” to get prime office spaces due to the cheaper rental rates.

“They’re cheap. For example, Ortigas rents have come down significantly and Ortigas is also home to some of the nicest buildings in the market,” Mr. Leechiu said, adding that this would benefit retail firms that are looking to expand amid the health crisis.

Landlords are offering “better leasing concessions” to entice locators.

“Capital costs remains a barrier if budgets can be approved—that is why some landlords have structured deals where they can offer concession to address this,” JLL Philippines’ Mr. Radovan said.

The exit of Philippine Offshore Gaming Operators (POGO) has also contributed to the increased vacancies, which pushed rents lower.

In a report on Dec. 15, Leechiu Property Consultants said rental rates in so-called “POGO hotspots” Bay Area and Quezon City have seen a downtrend. Rates in Makati, Bonifacio Global City, and Filinvest City in Alabang, on the other hand, are “holding up” due to the presence of IT-BPM firms and other multinational companies.

Companies are also expected to continue taking up spaces outside Metro Manila, such as in the cities of Cebu and Iloilo.

JLL Philippines’ Mr. Radovan said they are “looking North,” where new developments are being built in the Northern Luzon corridor alongside government’s infrastructure developments.

SUSTAINABILITY
Property consultants also expect greater demand for properties with sustainability features.

“The increased interest on green buildings is mainly driven by the fact that the spread of COVID-19 may be mitigated through effective ventilation and air filtration in enclosed spaces,” Santos Knight Frank said in an e-mail on Dec. 15.

Sustainable or green features include curtain wall systems with thermal insulation, touchless access in elevators, vertical gardens, UV disinfection lifts, and filtered air circulation systems.

“From 2021 to 2023, about 40% of the new supply will be Leadership in Energy and Environmental Design (LEED) or WELL-certified buildings,” Colliers Philippines said in a Dec. 20 report.

Aquino flies back to US to scout for overseas prospects

GILAS Pilipinas Women is determined to scoop up more Filipino-foreign reinforcements to bolster its squad bracing for a busy campaign this year highlighted by a title defense bid in the 31st Southeast Asian (SEA) Games.

Coach Pat Aquino is scheduled to fly back to the United States next month with hopes of convincing some overseas prospects to don Gilas colors following the commitment of Mai-Loni Henson from University of Washington.

“We’ve been very aggressive with our recruitment program in preparation for 2022. There’s a lot of promising Fil-Am players that are willing to help out and represent the country,” Mr. Aquino, also the national program director, told The STAR.

“I’ll check on the players who could potentially play this year,” he added.

At least seven prospects are in the Gilas list led by former WNBA training camp signee Chanelle Molina from Washington State University according to Mr. Aquino.

Also in consideration are Pepperdine University’s Malia Bambrick, Westmont College’s Stephanie Berberabe, George Washington’s Aurea Gingras, Kiera Oakry of University of San Diego, California and Laila Phelia of University of Michigan.

Gilas could also get back the services of Sacramento State’s Gabi Bade, who had already played for the Nationals in the 2019 Jones Cup, after her Cyprus pro league stint.

Their potential Gilas commitment would coincide with the debut of Ms. Henson, who acquired her dual citizenship after a pro stint in France, and the return of Jack Animam from Serbia.

Mses. Henson and Jack Animam will banner the country’s goal for a second straight SEA Games gold medal along with Afril Bernardino, Ella Fajardo, Camille Clarin and skipper Janine Pontejos. — John Bryan Ulanday

Gov’t fully awards Treasury bills as rates drop on strong demand

BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it auctioned off on Monday as rates declined on pent-up demand from investors.

The Bureau of the Treasury (BTr) raised P15 billion as planned via the T-bills it auctioned off on Monday as total bids reached P71.05 billion, almost five times the initial offer.

Monday’s bids were also higher than the P52.758 billion logged when the Treasury offered P10 billion in T-bills in December.

Broken down, the Treasury bureau raised the programmed P5 billion via the 91-day debt papers from P24.14 billion in bids. The three-month T-bill fetched an average rate of 1.075%, down by 5 basis points (bps) from the 1.125% seen at the previous offering.

The BTr also borrowed P5 billion as planned from the 182-day securities it offered on Monday as bids reached P24.32 billion. The average rate of the six-month T-bill plummeted by 15.9 bps to 1.269% from 1.428% previously.

Lastly, the government made a full P5-billion award of the 364-day T-bills as the tenor attracted tenders worth P22.59 billion. The average yield on the one-year instrument stood at 1.6%, falling by 4.9 bps from the 1.649% fetched previously.

At the secondary market prior to the auction on Monday, the 91- 182- and 364-day T-bills were quoted at 1.0945%, 1.2693% and 1.6597%, respectively, based on the PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon said in a Viber message the rates dropped on expectations of slower December inflation amid oil price rollbacks.

A BusinessWorld poll of 13 analysts last week said December inflation was likely at 3.9%, or the midpoint of the central bank’s forecast of 3.5% to 4.3% for the month.

The central bank earlier raised its 2022 inflation forecast to 3.4% from 3.3% amid food supply constraints, petitions for transport fare hikes, and global supply chain issues.

Meanwhile, a bond trader in a Viber message said T-bill rates fell due to pent-up demand because there were no T-bill auctions in the last two weeks.

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

On Tuesday, the BTr will offer P35 billion in reissued seven-year T-bonds with a remaining life of six years and seven months. — Jenina P. Ibañez

Another bearable escape to Paris

Television Review
Emily in Paris Season 2
Netflix

IT’S been a challenging time for everyone. Escapism is therefore completely acceptable — and can be achieved through a comedy drama set in Paris, which returned for a second season.

In the first season, Chicago-based marketing executive Emily Cooper (played by Lily Collins) moves to Paris, in lieu of her pregnant boss Madeleine Wheeler (played by Kate Walsh), to provide an American perspective at a marketing firm, Savoir. Due to her abrupt assignment, Emily arrives in the city unready, struggling to succeed at the workplace and adjust to the culture in the city.

While achieving viral status, Season 1 drew a lot of negative criticism from the audience, so I went into the second season both hoping that it had made some improvements but keeping my expectations for any drastic turnaround in the story low.

In the 10-episode second season, Emily has pretty much been accepted by, and is getting along with, her French colleagues. It is established that she has been in Paris for almost a year, and, unlike in Season 1, she is no longer continuously praised for always “winning” in every situation.

Much of the plot in the second season surrounds the characters’ relationships, particularly Emily’s entanglement with her neighbor Gabriel (Lucas Bravo), and his girlfriend Camille (Camille Razat). Emily’s life gets more complicated with the introduction of Alfie (Lucien Laviscount), an English banker she meets in French class. At first, Alfie seems to be a very uptight and serious character, and the audience wonders if he is a good or bad guy, but he gets a quick character arc as Emily’s understanding lover.

The story then establishes two love triangles — the first between Emily, the chef Gabriel and his girlfriend Camille; and the other between Emily, Gabriel, and Alfie.

The creators of the show have finally given Emily a major character flaw through her romantic relationships and attitude as a friend. She betrays Camille with her involvement with Gabriel; and she struggles to decide whether she is more in love with Gabriel or Alfie.

The whole season ends with a cliffhanger: will she end her stint in Paris to move back to Chicago and work at the promotion she has always aimed for, or stay in Paris to join her French colleagues as they establish a new company.

Without expecting drastic changes, the viewer can appreciate some improvements including the French speaking actors conversing in their mother tongue more often; the continuation of Emily’s French classes and how she tries to improve; and Gabriel’s career progression as a restaurant owner.

I wished that the creators could have explored French art and culture more through its characters since Emily’s friend and roommate Mindy (Ashley Park) is a singer and busker, Camille is an art curator, and Gabriel is a chef. Emily’s job as a marketing professional and social media manager would have also played more relevant approach to it. A more realistic look into the lifestyle of an expat working in a different country would have been interesting too.

I binged-watched the second season to unwind after a long week, and before the busy Christmas weekend. Since I survived the cringe-y the first season last year, I found this season more bearable and enjoyable. Emily in Paris is a guilty pleasure. Despite not getting invested in the characters, I enjoyed the colorful sights and landscapes, the fashion and costumes, and French music. The story lacks depth, but once in a while, that’s all right.

Emily in Paris Season 2 is now on Netflix. — Michelle Anne P. Soliman

Smart expands GigaLife App, 5G services

SMART Communications, Inc. is looking to further expand its fifth-generation (5G) services and GigaLife App through new products and services.

In a statement on Monday, the wireless arm of PLDT, Inc. said this includes the launch of its Smart Bro Home Wi-Fi 5G and allowing PLDT Home Fiber subscribers to use its GigaLife App.

“As we enter 2022, we should not only aim to grow the business through our current lens. We also need to lay down the foundation for a future that is already happening now,” Smart Senior Vice-President and Head of Consumer Wireless Business Jane J. Basas said.

Smart currently has 40 million mobile data users.

Aside from its first 5G-powered prepaid Smart Bro Home Wi-Fi 5G, it also launched what is said to be the country’s first-ever 5G pocket Wi-Fi, the Smart Bro Pocket Wi-Fi device.

“Partnerships with global brands such as Apple and Netflix, as well as enhanced prepaid and postpaid offers and digital innovations, will be key to serving our existing customers better and driving new customers to prefer our services in 2022,” Ms. Basas said.

PLDT Home Fiber subscribers may soon use the GigaLife App, which can be used as a one-stop application and engagement platform for other Smart customers. Subscribers can earn “GigaPoints” that can be converted to data offers, products, and devices.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Keren Concepcion G. Valmonte

New York real estate icons struggle as Omicron surges

REUTERS
PEOPLE eat in outdoor seating at Cipriani Downtown restaurant in the Soho district of Manhattan, New York City, US, June 10, 2020. — REUTERS

This was supposed to be the year New York City restaurants, bars and hotels started to recover from the pain of the COVID-19 pandemic. Now, as the Omicron variant forces flight cancellations and shutters Broadway shows once more, the timeline for a broader industry comeback is again in question.

It’s a brutal blow to hospitality companies that managed to survive 2020, but spent this year slowly rebuilding amid a slow rebound for tourism. While health experts expect the variant to be short-lived, and those who fall ill have reported less severe symptoms, Omicron could still be the final straw for a new wave of real estate borrowers.

“All of the hotels that were hoping for a big December after a bad 18 months are not going to get the Christmas presents that they necessarily hoped for,” said Neil Shapiro, a partner in Herrick Feinstein’s real estate practice, said in an interview. “Once you have an empty hotel room, you never get that back.”

We look at some of the New York institutions that closed their doors this year, and ones that remain under pressure. Unless otherwise noted, representatives for the companies didn’t immediately respond to requests for comment.

21 CLUB
This iconic Midtown restaurant opened as a speakeasy on Jan. 1, 1930, and catered to presidents, celebrities and the who’s who of New York before it announced its closure late last year and laid off employees in March 2021. The wrought-iron gate gave way to a hotspot with a secret wine cellar where Jacqueline Kennedy Onassis once partied with Frank Sinatra, and Donald Trump dined after his presidential win. A representative for LVMH Moet Hennessy Louis Vuitton SE’s Belmond Ltd., which owned the restaurant, said in a statement to Bloomberg that it hasn’t yet decided how to use the space going forward.

CIPRIANI
The hospitality company with multiple Italian restaurants and event venues faces foreclosure on a $53-million loan backed by two of its New York properties that’s been in default since May 2020. Cancellation of corporate parties and galas — the lifeblood of many upscale bars and restaurants — due to Covid has pressured the company. Cipriani has its roots in Harry’s Bar, a Venetian establishment opened in the 1930s, where Giuseppe Cipriani later invented the Bellini cocktail.

THE PRINCETON CLUB
The storied Midtown social club shut its doors this year after defaulting on $40 million of mortgage debt, but it may yet have found a savior in billionaire Eric Schmidt, whose family’s investment office has bid on the loan. The club faces a cash crunch after it closed for 15 months during the pandemic and lost about one-third of its paying members. Ninety-nine employees risk being laid off, according to a notice filed with the New York Department of Labor, which added that the club is hoping for a “friendly buyer” that will help it reopen.

STANDARD HIGH LINE HOTEL
The owner of the Standard High Line Hotel in New York is countersuing its lenders in a bid to stop a foreclosure on the property. The 338-room hotel, which straddles the High Line on Manhattan’s West Side, fell behind on mortgage payments last year, and was closed from March to September 2020.

TIMES SQUARE EDITION HOTEL
COVID-19 has been particularly hard on mega hotels located in Times Square, a tourist-magnet that sat eerily empty during the worst months of the pandemic. Ian Schrager’s Times Square Edition, a 452-room hotel and retail space once valued at more than $2 billion, is heading to a foreclosure auction after defaulting on a contract with Marriott International, Inc. Neither Marriott nor Schrager are responsible for the debt, and the hotel reopened this summer after the pandemic shut its doors for more than a year.  — Bloomberg

PSC weighing option of national team training amid Omicron fears

PSC COMMISSIONER RAMON FERNANDEZ — PSC FB PAGE

THE Philippine Sports Commission (PSC) is currently discussing its options concerning its plan of holding the resumption of the training of the national team on Monday at the PhilSports Complex in Pasig and the Baguio Training Camp amid the alarming sharp increase of coronavirus disease 2019 (COVID-19) cases including the Omicron scare.

The PSC has yet to decide whether or not to push through with its Jan. 10 return date but it didn’t look good that the PBA had already postponed its games this week due to the COVID-19 resurgence.

But Ramon Fernandez, Philippine Sports Commission (PSC) board member and the country’s Hanoi Southeast Asian Games chef de mission, is hoping it would push through as scheduled.

“I think so,” said Mr. Fernandez when asked if the training will push through.

The former PBA star, however, stressed it would have to be in a bubble setup and national athletes would have to adhere to strict health protocols.

The PSC approved the Jan. 10 return date in November last year to allow the national athletes to jump-start their preparation for several international competitions including the Hanoi Southeast Asian Games slated for May 12-23 and the Hangzhou Asian Games set on September 10-25.

The sports-funding agency had, in fact, started renovations of its facilities expecting the decrease of COVID-19 cases. But with the situation worsening at present, there is a chance the training may be delayed. — Joey Villar

BSP: Alternative data in credit scoring to improve access to financial services

BW FILE PHOTO

THE USE of alternative data in assessing borrowers’ capacity to pay their debt could help unbanked and underserved Filipinos gain access to financial services, the Bangko Sentral ng Pilipinas (BSP) said.

“With alternative data, a more complete picture of the client is painted thus allowing for more individuals and businesses to be assessed,” BSP Governor Benjamin E. Diokno said during a webinar by the FinTech Alliance Philippines and TransUnion.

Alternative user information is gathered from social media, mobile data, utilities data, behavioral data, online transactions, geolocation data, and browser data, among others, the BSP said.

Currently, only bank transactions and credit bureau information are used to assess a borrower’s ability to pay their debt.

“The use of alternative data for credit scoring is just one example of how data can be used to benefit consumers. Looking ahead, we must continue to take initiative in fostering an inclusive digital financial ecosystem,” Mr. Diokno said.

The central bank said the use of alternative data for assessing creditworthiness will be helpful for Filipinos and small businesses that do not have a formal credit history.

Customer profiling, improved loan pricing, and lower default rates were cited as benefits of alternative data usage, according to respondents of a central bank survey in September.

Mr. Diokno said this reflects significant potential for alternative data, although it took an average of two years before benefits were realized.

Alternative data usage will help Filipinos that are part of the gig economy as well as farmers to have access to credit, Ellen Joyce L. Suficiencia, director of the BSP Center for Learning and Inclusion Advocacy, earlier said

Ms. Suficiencia noted that data from the Credit Information Corp. showed less than 50% of the adult population has a credit record.

Meanwhile, the BSP has also been working on a credit risk database which is backed by the Japan International Cooperation Agency. The project is aimed to help banks evaluate the creditworthiness of small businesses and prevent lenders from requiring excessive collateral cover. — L.W.T. Noble

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