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Omicron could derail short-term Philippine growth

PHILIPPINE STAR/ MICHAEL VARCAS
METRO MANILA is under Alert Level 3, a stricter form of lockdown, up to Jan. 15 to curb the spike in coronavirus cases. — PHILIPPINE STAR/ MICHAEL VARCAS

By Jenina P. Ibañez, Senior Reporter

A FASTER ROLLOUT of coronavirus disease 2019 (COVID-19) vaccines and public compliance with health protocols have become more urgent as the recent increase in infections threatens to slow down the Philippine economy in the first three months of 2022, analysts said.

The recent surge in cases due to the Omicron variant could impact economic growth in the first quarter, Ruben Carlo O. Asuncion, UnionBank of the Philippines, Inc. chief economist, said

“Although it may not resemble the previous lockdowns, it can be quite a drag,” he said in a Viber message last week.

The government in December raised its gross domestic product (GDP) projection for 2021 to 5.5% after the economy grew faster than expected in the third quarter, leading economic managers to anticipate eased lockdown measures by January.

The government expects the economy to expand by 7-9% this year.

However, Metro Manila was placed under Alert Level 3, a stricter form of lockdown, starting Monday up to Jan. 15 to curb the spike in COVID-19 cases. A council composed of Metro Manila mayors also agreed to enact measures to restrict the movement of unvaccinated people.

As of Monday, the daily COVID-19 tally reached 4,084, for a total active case count of 24,992.

Early studies suggest that the Omicron variant is more contagious but leads to fewer hospitalizations than the Delta variant. The Omicron-driven surge in cases overseas has led other countries to go into lockdown.

Asian Institute of Management economist John Paolo R. Rivera said the Omicron variant poses a threat to the global value chain, which could then cause inflationary pressures and supply constraints.

The deployment of overseas Filipino workers and recovery of the tourism industry could be hampered by the spread of the variant, he said.

“The Omicron can be contained with the protocols, vaccine, and science that we have,” Mr. Rivera said in a Viber message. “Surge will be driven by the irresponsibility and selfishness of individuals who breach protocols instituted to ensure everyone’s safety.”

He said ignoring health protocols could lead to an economic downturn that would affect the poor.

“If the cases surge, first-quarter economic activities might be compromised, derailing again economic recovery.”

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the recent increase in the country’s debt-to-GDP ratio to 63.1% signals limited government spending resources in case of more lockdowns.

A quicker vaccination rollout would help protect the population against the Omicron variant and keep new COVID-19 cases low to justify more measures to reopen the economy, he said in a Viber message.

“The country has defeated the more deadly Delta variant as manifested by the significant reduction in new COVID-19 local cases amid accelerated vaccination and stringent health protocols. This could be a good signal on the country’s preparedness versus the Omicron variant without letting the guards down.”

Fewer than 50 million Filipinos had been fully vaccinated against COVID-19 as of Jan. 2, which means the government missed its end-2021 target of 54 million Filipinos.

Duterte vetoes creation of human rights institute

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PRESIDENT Rodrigo R. Duterte directly vetoed five items in this year’s P5.024-trillion national budget, including the creation of a human rights institute.

Mr. Duterte rejected a provision in Republic Act 11639 or the General Appropriations Act (GAA) of 2022 that establishes a human rights institute, saying no “appropriation is provided for the purpose.”

“The creation of an institute, just like other offices, should be subject to a comprehensive review of the mandate, mission, objectives and functions, systems and procedures, programs, activities and projects, as well as the corresponding structural, functional, operational adjustments in an organization, including the necessary staffing and funding requirements,” the President said in his veto message. 

Mr. Duterte also vetoed a provision on the Department of Transportation’s (DoTr) motor vehicle inspection and gender responsive restroom programs, saying the items “should not have found their way in this GAA considering both do not relate to any appropriation in the DoTr’s budget.”

The President also rejected a provision excluding lands owned by state universities and colleges from the comprehensive agrarian reform program, saying this is already covered by Republic Act (RA) No. 6657.

He similarly vetoed a provision that seeks to expand the authorized credit facilities that will manage the Agro-Industry Modernization Program as provided under RA No. 8435 or the Agriculture and Fisheries Modernization Act of 1997. “The provisions of RA 8435, being a substantive law, shall prevail.”

“The vetoed items were not crucial,” Department of Budget and Management officer-in-charge Tina Rose Marie L. Canda told an online news briefing on Dec. 31 in Filipino.

Mr. Duterte last week signed into law the national budget, which is 10% higher than the 2021 budget and is equivalent to 21.8% of the gross domestic product. The government expects economic output to grow by 7-9% this year. — K.A.T.Atienza

PDS plans to launch country’s first digital corporate bonds in February

THE Philippine Dealing System Holdings Corp. (PDS) will launch the country’s first digital corporate bond in February to deepen local capital markets, the Department of Finance (DoF) said.

The issuance will use distributed ledger technology, where transactions are recorded in several sites instead of a centralized database.

Philippine Dealing and Exchange Corp. (PDEx) President and Chief Executive Officer Antonio A. Nakpil said PDS is working with a Singapore-based financial technology company to roll out the digital registry backed by the distributed ledger technology.

“The PDS is aiming to conduct an end-to-end test of the digital registry and depository with market participants by January this year and is targeting its possible live launch with an issuance of a digital bond by late February,” he said.

Mr. Nakpil said the digitalization roadmap for the corporate bond market includes the use of distributed ledger technology, which will be integrated with the PDS online platform.

The platform, or the electronic securities portal (e-SIP), was launched for the primary market last year.

The e-SIP allows the online submission of documents required for PDEx listing and Philippine Depository and Trust Corp. registry services for initial public offerings for corporate bonds.

After the Ayala Land, Inc. pilot last year, in which the company offered its four-year P10-billion bond, four more issuers have onboarded securities and client investors through the online portal.

PDS last month said it was preparing cybersecurity measures as it rolls out its online platform for the secondary market.

Finance Secretary Carlos G. Dominguez III said he supports these digitalization initiatives to deepen the country’s capital markets. But he also expressed concern about hackers.

“I’m telling you this type of digitalization is probably going to be a target for hackers and scammers, and just plain thieves,” he said.

Mr. Nakpil said the PDS is assessing the vulnerability of its systems to potential threats.

The PDS is working with the Bankers’ Association of the Philippines and National Association of Securities Broker Salesman, Inc. to use e-SIP to standardize processes for customers.

“This initiative looks to do away with a tedious process for investors to keep filling up the same forms several times when buying corporate bonds from different brokers,” DoF said. — Jenina P. Ibañez

PHL needs to move tax collection processes online, says ADB report

PHILIPPINE STAR/KRIZ JOHN ROSALES

By Jenina P. Ibañez, Senior Reporter

THE PHILIPPINE government must move its tax collection processes online to cut costs and improve compliance among individuals and businesses, the Asian Development Bank (ADB) said.

ADB Southeast Asia economist Aekapol Chongvilaivan said such reforms will help improve tax revenue collections.

“Our recent report on tax reforms in Southeast Asia emphasizes the need to shift from manual paper-based systems to digital systems to reduce the costs of tax administration and compliance for individuals and corporates,” he said in an e-mail.

In a report A Comprehensive Assessment of Tax Capacity in Southeast Asia, the ADB said a narrow tax base in the region is attributed to its large informal sector.

In the Philippines, economic activities outside the tax systems make up 28% of the gross domestic product.

“There are various reasons for a large informal economy — such as weak tax enforcement, inefficiencies of tax administration, and tax avoidance behaviors among others,” the report said.

The high costs of tax compliance, ADB added, discourages small- and medium-sized businesses from complying with the rules.

“In the context of the Southeast Asian countries, there is a huge opportunity for tax authorities to leverage on tax administration measures that aim to reduce costs of compliance and promote voluntary compliance by simplifying tax registration.”

The report suggested that digital taxation can help governments quickly improve revenues without changing existing rules.

Mr. Chongvilaivan, the co-author of the report, said the Bureau of Internal Revenue’s (BIR) digital initiatives have helped address issues in tax administration and payments.

The ADB is helping the BIR to develop taxpayer online registration and data management, he said.

“(The system) would help enrich taxpayers’ services, thereby reducing their compliance costs and bringing them into tax systems.”

Finance Secretary Carlos G. Dominguez III has said that local government units should digitalize their tax processes after a Supreme Court ruling expanded their share of National Government revenues starting this year.

Mr. Dominguez said local governments will have to develop electronic business registration and renewal as well as local tax and fee assessment and collection.

Both national and local governments should improve revenue generation to make the country’s fiscal resources last during the coronavirus disease 2019 (COVID-19) pandemic, he said.

In December, the Finance chief said that nearly 100% of annual income tax returns were filed online last year, higher than the 90% in 2020 as more Filipinos use digital tools for transactions.

Only 10% of taxpayers filed taxes digitally in 2015, he said.

Co-authored by ADB Taxation Administration Expert Annette Chooi, the report released in December said digital technology will cut transaction costs and improve tax transparency.

“Following the use and adoption of electronic services or e-services, such as e-filing and e-payment, many Southeast Asian countries see an increase in tax collection.”

SEC revokes registration of MassDrop, MDM Ventures

THE Securities and Exchange Commission (SEC) has revoked the registrations and the certificates of incorporation of two more entities “for serious misrepresentation as to what the corporations can do to the great prejudice of or damage to the general public.”

In an order dated Dec. 31, the SEC said it revoked the registration of MassDrop Marketing and Franchising Opc and MDM Ventures Corp. after the regulator found that the two were offering schemes “clearly in the nature of a Ponzi scheme.”

A Ponzi scheme is an investment program that promises high returns, where old investors earn from the investment of newer recruits.

“The schemes offered by MDM Ventures are exactly the same as that of MassDrop’s,” the SEC said.

The two were offering an investment program where investors may earn a monthly return of 20% for 90 days, including additional returns on the third month, for a total of a 160% profit.

The SEC noted that “a member shall only need to invest, wait and earn without having to do anything.”

MassDrop is a one-person corporation that registered with the commission in February last year under company registration number 2021020006740-02. Meanwhile, MDM Ventures listed in June 2021 under company registration number 2021060015483- 11.

The commission issued an advisory to warn the public against MassDrop in May 2021. It issued a separate advisory against MDM Ventures the following month, stating that “the investment activities of [MassDrop], headed by Edgar Joseph Tan a.k.a. Ejj Tan, is being continued under the name of [MDM Ventures].”

The entities have no secondary license authorizing them to solicit investments from the public. Their certificates of incorporation also explicitly stated that they are not authorized “to issue, sell, or offer for sale to the public, securities such as… investment contracts.”

In August, MassDrop and MDM Ventures President Mr. Tan released a statement claiming that MDM Ventures’ secondary license “is being worked on” and to apologize to its investors after experiencing a delay in payouts.

“To date, MassDrop and MDM Ventures have not secured any Permit to Offer and Sell securities nor have they pending applications for registration of securities under the SRC (Securities Regulation Code),” the SEC said in its revocation order.

The regulator also issued a show-cause order against MassDrop and MDM Ventures in September last year asking them to explain why their certificates of incorporation should now be revoked and why those involved should not face administrative sanctions and/or face criminal charges.

However, the SEC said their reply “did not address the findings detailed in the show-cause order” and they also did not provide an explanation in their defense.

“Instead, the companies had the temerity to insist that complainants against them execute affidavits and have the same furnished to them before they comply with the issued show-cause order,” the commission said. — Keren Concepcion G. Valmonte

EasyCall agrees to acquire IT firm for P163 million

EASYCALL Communications Philippines, Inc. (ECP) has inked the transaction documents related to the P162.93-million acquisition of information technology (IT) firm Transnational E-Business Solutions, Inc. (TESI) on Jan. 1, 2022.

In a disclosure to the exchange on Monday, the listed firm said it is finalizing the bank loans and/or shareholder advances of up to P200 million to fund the acquisition, its capital expenditure, and for general corporate purposes.

“The acquisition of TESI will further enhance the products and service offerings of ECP as a technology company,” the company said. EasyCall plans to pay the purchase price within 30 days.

EasyCall’s board of directors approved early December the acquisition of one million TESI shares for P162.925694 apiece, based on the book value of TESI as of end-June.

TESI registered with the Securities and Exchange Commission in March 1997 to engage in IT services, which include software development, internet, and e-commerce services, back-office processing, and system integration.

“TESI has three major lines of businesses under software development using low-code applications to fast- track the digital adoption of companies, software as a service, and information technology outsourcing,” EasyCall said.

It is also registered with the Philippine Economic Zone Authority as an Ecozone IT Enterprise.

TESI was 50% owned by Transnational Diversified Corp. (TDC) and 50% by TDG Ventures, Inc. (TVI). TDC owns an 88.24% stake in TVI, which is also the majority or 88.03% owner of EasyCall.

“TDC and TVI will pay capital gains tax and ECP will pay documentary stamp tax for the transaction,” EasyCall said.

EasyCall shares were last traded on Friday, Dec. 31, closing at P4.20 apiece. — Keren Concepcion G. Valmonte

BoI approves P9-M crabmeat canning factory in Bacolod City

THE Board of Investments (BoI) has approved the application of Carthage Crab Meat Processing (CCMP) for its P9-million crabmeat canning factory in Bacolod City, Negros Occidental.

The BoI said in a statement on Monday that CCMP’s raw crab requirements reach 1,970 metric tons (MT), of which 20% or 394 MT, equivalent to P132 million, will come from local fisherfolk.

“The project will provide some P110.7 million in income, as the advantage of importing crabs is the generation of all-year-round job orders to the meat picking workers,” the BoI said.

“The CCMP will locally source 50% of its packaging materials (cans, cartons, can stickers and carton stickers) and ice, and in addition to this, aside from the meatpacking plants, it will hire a cleaning and sanitation service provider,” it added.

According to the BoI, CCMP’s crabmeat canning factory is estimated to hire 808 employees, of which 90 people will be employed at the beginning of its operation.

It added that CCMP can assist in the reopening of at least five picking plants, of which each plant is seen to create jobs for 70 to 100 personnel amid the disruption in the operations of some crab canneries in Western Visayas due to the coronavirus disease 2019 (COVID-19) pandemic.

“With more or less 42 picking plants, Region 6 (Western Visayas) produces 42% of the total crabs’ supply in the Philippines which are exported overseas. The said firm may opt to source its crab requirements domestically, as the country is producing an annual average of 30,919 MT, particularly in Region 6, which is producing an annual average of 9,468.53 MT,” the BoI said.

“It also intends to educate the community and train them to turn the crab processing wastes into products and in turn, will protect the environment from waste management costs,” it added.

With this, the BoI said CCPM’s export sales will create an additional 392.72 MT of pasteurized canned crabmeat, with an export value of $17.674 million at full capacity.

It added that the company’s export sales may reach $152.681 million throughout its 10 years of operation.

Meanwhile, the BoI said the country’s export volume is seen to climb by 11% to 3,809 MT following the entry of CCMP in the export market.

“Last year, the country exported crab products worth US$65.3 million with the USA, Taiwan, Hong Kong, China, Kuwait, Singapore, Japan, and Indonesia as top markets,” the BoI said.

“The Visayan Sea and Guimaras Strait are the most important crabbing areas in the Philippines, containing about half of the country’s crab picking stations. Other fishing areas for alimasag (blue swimming crabs) are Masbate, Cebu, Leyte, and Palawan,” it added. — Revin Mikhael D. Ochave

Shares trading of ACE Enexor suspended on backdoor listing

THE Philippine Stock Exchange (PSE) on Monday suspended the stocks trading of Ayala-led ACE Enexor, Inc. until further disclosure on its assets-for-shares deal with its affiliate AC Energy Corp. (ACEN).

“Pursuant to the Backdoor Listing Rule, the trading of the ACE Enexor shares will be suspended effective at 9 a.m. on Jan. 3, pending its compliance with the comprehensive corporate disclosure requirement set forth in the said rule,” the bourse operator said in a notice.

A transaction is deemed under backdoor listing when a listed company is “acquired by, merged or combined with an unlisted company, and which acquisition, merger, or combination results in a substantial change in the business, membership of the board of directors, or voting structure of the listed company,” PSE said.

“As a result of the foregoing transaction, power generation business or assets will be infused into ACEX,” the exchange said, referring to the stock symbol of ACE Enexor.

Last week, ACE Enexor announced the signing of an agreement assigning its 339,076,058 shares to ACEN, the listed energy platform of the Ayala group at P10 apiece, in exchange for the latter’s five properties.

ACE Enexor will get ACEN’s 3,064,900 common shares in Palawan55 Exploration & Production Corp. with a par value of P100 apiece or 30.65% of its issued and outstanding shares, while six million common shares or 100% of the issued and outstanding shares in Bulacan Power Generation Corp. will also be swapped to ACE Enexor.

ACE Enexor’s will also get ACEN’s 6,351,000 common shares in CIP II Power Corp. with a par value of P50 each representing 100% of its issued and outstanding shares.

A total of 3.6 million redeemable preferred shares in Ingrid3 Power Corp., a special purpose vehicle for the development of a new power project, with a par value of P1 each, representing 100% of the issued and outstanding redeemable preferred shares in Ingrid 3 will be swapped to ACE Enexor.

Completing the swap lineup is the 33,493,366 common shares in One Subic Power Generation Corp. with a par value of P1 apiece representing 17.13% of the issued and outstanding shares.

The PSE added that the gas and oil exploration company must comply with all the applicable rules and regulations for backdoor listing transactions before its stocks can be traded in again. — Marielle C. Lucenio

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

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