Peso weakens as surge in virus cases poses risks to recovery

December 28, 2021 | 12:04 am

THE PESO weakened against the dollar on Monday as an Omicron variant surge in various countries weigh on economic recovery.

The local currency closed at P50.23 per dollar on Monday, slipping from its P50.04 finish on Friday, data from the Bankers Association of the Philippines showed.

The peso opened at P50.05 versus the dollar. Its weakest showing was at P50.26, while its intraday best was at P50.05 against the greenback.

Dollars exchanged rose to $1.01 billion on Monday from $933.05 million on Friday.

The local currency weakened against the dollar on the increase of new Omicron variant cases of the coronavirus disease 2019 (COVID-19), which have prompted governments to set new restrictions, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“Peso [was] also weaker after the peak in Christmas holiday spending may have already been seen already, together with the conversion of OFW (overseas Filipino workers) remittances to pesos to finance the said holiday spending,” he said.

“But there may still be another round of spending towards the New Year holiday weekend, as an offsetting positive factor for the peso.”

Thousands of flights globally were canceled over the weekend due to the Omicron variant. The surge in cases has pushed countries like the Netherlands to impose new lockdowns.

The Philippines has detected its fourth Omicron case.

Mr. Ricafort added that the peso was also weaker as sentiment is still weighed by the damage from Typhoon Odette, which could slow economic growth and temporarily increase prices.

“Furthermore, reconstruction activities in hard-hit areas by Typhoon Odette could entail increased importation activities such as construction materials among others,” he said.

Economists have said that agriculture and productivity losses from the typhoon could significantly impact fourth-quarter expansion.

“The peso weakened amid growing rate hike expectations after the Fed’s preferred inflation gauge continued to increase in November,” a trader said in an e-mail.

“The local currency might depreciate further on domestic concerns over the increasing new COVID-19 cases in the past few days.”

Mr. Ricafort said the peso exchange rate could range between P50.1 to P50.3 on Tuesday, while the trader said exchange rates might move between P50.15 and P50.35. — Jenina P. Ibañez

ERC clears commercial run of GNPower Dinginin’s first unit

December 28, 2021 | 12:04 am

THE Energy Regulatory Commission (ERC) has issued a certificate of compliance to GNPower Dinginin Ltd. Co., allowing the company to commercially operate the first unit of its power plant.

In a statement on Monday, ERC Chairperson and Chief Executive Agnes VST Devanadera said with the issuance of the certificate, the company can now inject power to the Luzon grid and “provide the much-needed additional power supply to meet the increasing demand for power this holiday season and up to the election period.”

GNPower Dinginin is a joint venture of the Ayalas’ energy arm, Aboitiz Power Corp.’s subsidiary Therma Power, Inc., and Power Partners Ltd. Co.

The supercritical coal-fired power plant has two units, each with a net capacity of 668 megawatts. It is located at the coastal area of Sitio Dinginin, Brgy. Alas-Asin, Mariveles, Bataan.

The five-year certificate covers only the plant’s unit 1. The second unit is under construction and is still subject to complete test and commissioning.

GNPower Dinginin was allowed by grid operator National Grid Corp. of the Philippines and the Department of Energy to move its internal test for the first unit earlier to Nov. 30 to support the grid during the Malampaya gas field’s outage.

The grant of certificate to will augment the country’s generation capacity, Ms. Devanadera said, describing the move as a proactive effort by the commission, particularly in cases where power demand outweighs supply.

She added that the ERC sees to it that compliance certificate applications are approved “as soon as all legal, technical and financial requirements have been satisfied in order to ensure that supply matches the demand and to promote a sustainable power supply.”

Meanwhile, AboitizPower announced on Monday the retirement of Jaime Jose Y. Aboitiz as the company’s executive vice-president and chief operating officer effective on Jan. 1, 2022.

Shares in AboitizPower inched down 1.29% or 40 centavos to close at P30.50 apiece on Monday. — Marielle C. Lucenio

Metro Manila Film Festival 2021: An ode to the Filipino spirit

December 28, 2021 | 12:04 am

By Bronte H. Lacsamana

MMFF Movie Review
Kun Maupay Man It Panahon
Directed by Carlo Francisco Manatad

THERE’S much to be said about how notions of joy, faith, and resilience are a central part of the Filipino psyche, especially in how we deal with hardship — whether it’s overseas workers and medical frontliners hailed as heroes for making immeasurable sacrifices for family and country, or, as seen in this film, children boisterously playing and women fervently praying to cope with the aftermath of a life-shattering typhoon.

Much of it is beautiful and admirable, yes, but much of it also paints a strange, sad picture of the Philippines. Kun Maupay Man It Panahon (Waray for Whether the Weather Is Fine) manages to show both sides in full, absurdist fashion.

The film, starring Daniel Padilla, Rans Rifol, and Charo Santos, takes place in Tacloban, Leyte, in 2013, which many Filipinos may recognize was the setting of the devastating Super Typhoon Yolanda (international name: Haiyan) that wiped out entire coastal communities in Eastern Visayas and claimed the lives of around 6,300 people.

Though we do see the trauma and destruction that followed the wake of the disaster, thanks to chaotic yet picturesque production design by Whammy Alcazaren and stunning roaming cinematography by Lim Teck Siang, the story is more about a search for hope, represented by a rumored ship that will carry survivors to Manila. However, this idea of Manila means something different to each character.

For Miguel (played by popular heartthrob Daniel Padilla at what may be his career-best), it’s an escape from the hell he finds himself in and a place where he and his two loved ones can live together happily. His girlfriend Andrea (the scene-stealing newcomer Rifol) has a survivalist mindset, seeing Manila as a land of opportunity where she can achieve her dream of becoming a singer at a club. Miguel’s mother Norma (played with vulnerability by veteran actress Santos) shuns the idea of leaving Tacloban to chase an ex-lover whom she’s obsessed with meeting once again.

The twists and turns the three navigate as the film plods on are reminiscent of a never-ending rat race, a commentary on how seeking aid tends to be an uncertain and seemingly fruitless journey. At some point, a government official makes an announcement at the relief center, but what comes out of his mouth is gibberish, with even the subtitles showing nothing but a keyboard smash of random letters. At another point, Norma leaves the makeshift medical center at the Tacloban Astrodome and finds herself in a crowd of survivors who all start dancing to Zumba music as a lion looks on.

Those who know director Carlo Francisco Manatad from his short films won’t be surprised to see magical realism providing texture to the very Filipino tale that unfolds onscreen. The unprepared may find this treatment meandering and inaccessible, with jarring tonal shifts between metaphorical dark comedy and absurdist yet grim melodrama, complemented by Andrew Florentino’s hypnotizing score.

In that sense, it sets itself apart from predecessors that have sought to portray the aftermath of typhoons on film. It isn’t all smooth-sailing, with the story faltering as the characters endlessly weave through their unpredictable and surreal arcs, running the risk of alienating the very people whose stories it aims to honor onscreen.

Still, there are key moments that stick the landing and provide an odd sense of hope in a Christmas season marked by the continued pandemic and yet another typhoon. There’s much to be said about how notions of joy, faith, and resilience are a central part of the Filipino psyche, and it may take some time to marinate to understand all the ways they’re depicted in this visual and sonic feast.

MTRCB Rating: PG

Sun Life leads insurance industry in premium income — IC report

December 28, 2021 | 12:03 am

SUN LIFE of Canada (Philippines), Inc. led the industry in premium income for 2020, the Insurance Commission (IC) said in its assessment of the firms’ annual statements.

The commission said that Sun Life reached P39.23 billion in premium income that year, followed by Philippine AXA Life Insurance Corp., which posted P31.25 billion and Pru Life Insurance Corp. with P30.98 billion.

In the new business annual premium segment, Pru Life led with P7.95 billion, while Sun Life closed in with P7.8 billion.

“A life insurer’s (new business annual premium equivalent) is computed by obtaining the sum of the value of first year premiums from products newly sold in a specific year (or the initialized annualized premium) and 10% of single premiums written,” Insurance Commissioner Dennis B. Funa said in a press release on Monday.

“It is an international standard that this commission adopted to more accurately measure the life insurance industry’s sales performance,” he said.

Meanwhile, the Philippine American Life and General Insurance Co. (Philam Life) led in terms of total assets in 2020 with P293.19 billion.

Sun Life followed with P274.32 billion, while Philippine Axa Life’s total assets were at P141.57 billion.

In terms of net worth, Philam Life topped the list at P79.8 billion, while Sun Life recorded P31.05 billion and the Insular Life Assurance Co., Ltd. posted P27.74 billion.

Sun Life had the highest net income at P8.11 billion, followed by Philam Life with P4.78 billion. When it comes to invested assets, Philam Life was ranked first at P264.97 billion in 2020, while Sun Life recorded P261.02 billion and Pru Life saw P150.35 billion.

As of the second quarter of 2021, insurance premiums reached a total of P187.13 billion, up more than 37% from P136 billion a year earlier, the commission reported.

The industry has 135 licensed life and nonlife insurance companies as well as mutual benefit associations. — Jenina P. Ibañez

Meralco-managed streetlights along EDSA shifting to LED

December 28, 2021 | 12:03 am

MANILA ELECTRIC Co. (Meralco) on Monday said it is converting company-managed streetlights along EDSA into light-emitting diode (LED) lights as part of its commitment to make the highway greener and more people mobility-friendly.

In a press release, Meralco gave its support to the Green EDSA Movement (GEM) and to the initiative’s vision of an iconic green highway, along which it manages and maintains multiple electric distribution facilities.

LED lights are energy-efficient lighting technology that usually uses 75% less energy compared to incandescent light.

GEM was launched in April during the Earth Day celebration. Since then, several groups have pledged their support for the movement to transform the highway, known for its chaos and traffic, into a greener avenue.

Meralco President and Chief Executive Ray C. Espinosa said, “I am convinced that [GEM] is an excellent initiative and distinctive opportunity for us to work with like-minded individuals and organizations as we further Meralco’s sustainability agenda, which is anchored on promoting the well-being of communities, creating better lives for our stakeholders, and powering the good life for all.”

The power distributor announced earlier that 100% of its operations and business centers’ service vehicles in Metro Manila are now electric. It also said One Meralco, its corporate social responsibility arm, is ready to help plant trees to make EDSA a tree-lined greenway.

Meralco said its sustainability agenda is anchored on four pillars — power, planet, people, prosperity — and supports the United Nations’ sustainable development goals.

Several companies and organizations, including the Aboitiz group, Makati Business Club, and the Philippine Chamber of Commerce and Industry, have already expressed their support to GEM.

An average of 367,728 vehicles drive through EDSA daily, a 2017 study found, making the avenue the most congested road in the Philippine capital. — Marielle C. Lucenio

Metro Manila Film Festival 2021: A mixed bag

December 28, 2021 | 12:03 am

MMFF Movie Review
Huling Ulan Sa Tag-Araw
Directed by Louie Ignacio

AN unlikely pairing, a getaway to the province, secrets and revelations, and a turn of events make up the formula of this romantic comedy.

In Huling Ulan Sa Tag-Araw, Ken Chan plays a modest, shy seminarian named Luis who takes a leave to visit his parents in the province after seeking advice from his spiritual counselor (Soliman Cruz) on his frustrations about his true mission. Things take a turn when he inadvertently interrupts entertainer/sex worker Luisa (played by Rita Daniela) in the middle of “business.” Thinking that Luisa is being attacked, he opens a car door in an attempt to rescue her — and her client drives away with Luisa’s bag (which has all her money). Luis offers to make up for it by paying her in exchange for her joining him on a one-week trip to Pagsanjan. (Ms. Daniela’s portrayal of the cheerful and chatty character is fun to watch.)

Inasmuch as the film shows that love does not discriminate, the characters keep secrets from each other — Luis never mentions that he is a seminarian on leave (Luisa only finds out at dinner with the parents, played by Richard Yap and Lotlot de Leon), while Luisa is mum about coping with a severe illness.

A romantic comedy with an unlikely pairing is not at all a new concept. Written by Irish Precious Mangubat and Acy Ramos, the film has elements similar to 1990’s Pretty Woman — the unlikely pairing between an entertainer/sex worker and guy with a very well-off background, and their relationship buildup from being together for a week. The drama escalates in the second half of the film and reminded me of A Walk to Remember (2002).

The first half establishes the film as a romantic comedy. However, the mood becomes melodramatic from the climax until the ending. The storytelling in the second half drags. — Michelle Anne P. Soliman

MTRCB Rating: PG

Global bond winners for 2021 all came from emerging markets

December 28, 2021 | 12:02 am

EMERGING-MARKET bonds were supposed to be dragged down this year as central banks moved toward withdrawing stimulus. Instead, the best-performing global debt was all from developing nations.

Sovereign bonds issued by South Africa, China, Indonesia, India and Croatia topped the rankings of 46 markets around the world in 2021, according to data compiled by Bloomberg through last week. They alone managed to shrug off the biggest annual jump in U.S. Treasury yields since 2013, a shock that was powerful enough to upend currency carry trades and emerging-market stocks.

The positive returns generated by the five markets should give investors at least some confidence the Federal Reserve will be able to wind down asset purchases and start to raise interest rates without triggering a spike in global volatility. A deeper look into 2021 performance shows the top performers have mostly fallen in price, but coupon returns were high enough to offset these losses.

Emerging-market bonds as a whole have dropped 1.3% in 2021, a separate Bloomberg index shows. That is still far better than they did during the so-called taper tantrum of 2013, when the Fed’s signal it would cut asset purchases saw them decline 3.8% over the year, including a slump of 11% from a high in May to a low three months later.

Coupons and interest-rate differentials will “play a strong part” in investment decisions in a tightening environment in 2022, said Shafali Sachdev, head of fixed-income, currencies and commodities for Asia at BNP Paribas Wealth Management in Singapore. “Investing in select emerging-market bonds may be a preferential way to achieve this, rather than lengthening duration or going down the credit curve.”

South Africa’s bonds have been the global pacesetters this year with a total return of 8.7%, despite the nation being the first to identify the omicron variant of the coronavirus in November. A coupon gain of 9.02% has offset a 0.79% loss caused by drops in bond prices, Bloomberg data showed.

Chinese securities gained 5.6% in 2021, Indonesia’s climbed 5.2%, India’s rose 2.7%, and Croatia’s increased 1%.

The biggest losses were seen in Hungary, Peru and Chile: three countries in which central banks raised interest rates during the year.

BULLISH STANCE
Bonds in South Africa, Indonesia and China look set to extend gains into 2022, according to HSBC Holdings Plc.

A “mildly bullish stance” is warranted on South Africa as its debt market has one of the steepest curves and highest real yields within emerging markets, and offers quite sizable carry even on a currency-hedged basis, analysts led by Andre de Silva in Hong Kong, wrote in a research note this month.

Finisterre Capital is also positive on the debt of South Africa and Indonesia.

There has been a lot of improvement in fiscally challenged countries in emerging markets this year, including South Africa, said Damien Buchet, chief investment officer at the London-based investment manager that focuses on emerging-market debt. “We still love” its bond market for that reason, he said. — Bloomberg

PSC takes back mediation offer in EJ Obiena-PATAFA dispute

December 28, 2021 | 12:02 am

THE PHILIPPINE Sports Commission (PSC) has withdrawn its offer of mediation in resolving the impasse involving Tokyo Olympian pole-vaulter Ernest John “EJ” Obiena and the Philippine Athletics Track and Field Association (PATAFA).

The PSC made the move in response to Mr. Obiena’s declaration posted on his social media accounts that he has declined the offer.

“This action is taken in order to allow the PATAFA to proceed and finalize their investigation, which they suspended in deference to the mediation process which they agreed to submit to with a signed mediation agreement form,” said a PSC statement released by chairman William Ramirez.

The government sports-funding agency though did not discount the possibility of mediating in the future should both parties agree to it.

“However, the PSC is not closing its doors to pursuing this when both parties decide to do so,” it said. “Mediation is a voluntary agreement from all concerned.”

While mediation has been ruled out, the PSC indicated it has continued to stay aware of the issue by looking at pertinent documents related to the matter.

“In the meantime, please be assured that we are also looking at documents and records relative to the matter,” the PSC said.

The PSC did not state though if it will cut funding to both Mr. Obiena and PATAFA due to lack of mediation.

In a social media post last week, Mr. Obiena declined to have the issue mediated saying the Philippine Olympic Committee (POC) Ethics Committee is already probing the matter.

The dispute started when PATAFA accused Mr. Obiena of allegedly falsifying liquidations regarding payments to the latter’s Ukrainian coach Vitaly Petrov.

Mr. Obiena flatly denied it. — Joey Villar

Philex labor union votes to go on strike

December 28, 2021 | 12:02 am

PHILEX MINING Corp. said on Monday that its labor unit voted to go on strike, citing bargaining deadlock as the alleged ground.

In a stock exchange disclosure, Philex said Philex Mines Independent Labor Union (PMILU) submitted the results of the strike vote referendum on Dec. 27 to the Department of Labor and Employment (DoLE).

It said that on Dec. 23, PMILU voted to reject Philex’s “improved” offer in the negotiation of their collective bargaining agreement.

In a Viber message, Philex Public and Regulatory Affairs Head Francis G. Ballesteros said the company “remains focused on resolving this issue in coordination” with the DoLE, reiterating what was said in the disclosure.

Last week, Philex announced its plan for a $224-million copper and gold mining project in Surigao del Norte. It will be ready for commercial use by late 2024 or early 2025, it said.

On Monday, shares in Philex rose 2.24% or 11 centavos to close at P5.01 apiece.

Philex is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Metro Pacific Investments Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Luisa Maria Jacinta C. Jocson

Metro Manila Film Festival 2021: Binging on horror

December 28, 2021 | 12:02 am

MMFF Movie Review
Huwag Kang Lalabas
Directed by Adolf Alix Jr.

HUWAG Kang Lalabas focuses on different historical periods, mysterious disappearances, and deaths, told in three short horror stories.

It was my third MFFF movie in a day and just the first horror film to be shown the cinema since it reopened in November. Before entering the theater, I was nervously thinking, “What if I’m the only one who got a ticket to the last full show?” I was relieved to see that there were three other people with whom I was sharing the screening – and screaming — with.

The horror anthology’s standalone stories have a common theme: Do not leave or go outside.

The first story, “Kumbento,” is set in a convent during World War II. It focuses on Sister Teresa (played by Beauty Gonzales), a novice who is assigned to deliver food to people isolated in a separate house beside the convent. Sister Teresa begins to hear random noises and sees figures at night. Curious about the people in the house next door, and why they had to be locked up, she confronts their Mother Superior (Elizabeth Oropesa), and the explanation was a horror befitting the war.

“Kumbento” reminded me of the Diplomat Hotel in Baguio which was a rest house for religious congregations in 1915. It is considered haunted considering the building’s history during the Second World War.

Set in 1974, the second story, “Bahay,” revolves around a mother (Aiko Melendez) and her son, Buboy (Joaquin Domagoso) who live beside a river in a provincial community. Teenage boys start to die mysteriously, their bodies are found by the river. The community believes that there is a creature called a “kataw” — merfolk who are guardians of the water — that catches uncircumcised boys who happen to swim in the river. This belief leads the mother to prohibit Buboy from leaving their home — and of course, he doesn’t obey.

The third story is set in the present, during the COVID-19 pandemic, and follows a group of returning Overseas Filipino Workers (OFWs) on their way to an old hotel turned quarantine facility. The story centers on Amor (Kim Chiu) who desperately wants to go home to reunite with her boyfriend and her father. When her fellow OFWs slowly disappear, it is suspected — at first — that they were isolated due to COVID-19 symptoms. Amor then risks her safety to find out what happened to her friends.

With running times of 35 to 40 minutes, each story had adequate time to introduce the characters and the plot. Each story had a slow buildup before they got to the revelation of why the mysterious events occur.

Adolf Alix, Jr. uses dark visual tones with accents in yellow, green, and red which also add to the eerie atmosphere of each story. The production design was kept realistic, adding to the horror. Watching the episodic movie may feel binge-watching a miniseries or short stories from a book come to life onscreen. — Michelle Anne P. Soliman

MTRCB Rating: PG

Davao condominium market remains upbeat

December 28, 2021 | 12:02 am

DAVAO CITY — Camella Northpoint, one of the projects here of Villar-led Vista Land & Lifescapes, Inc., continues to be bullish on the condominium market as it recently turned over units in its 5^th building.

Princess Grace U. Padua, marketing officer of Camella Manors Davao, said several units on the 5^th and 6^th floors have been handed over to owners, and only three are left on each 30-unit level.

“The rest are sold out and these are limited units available for sale and ready for occupancy,” she said in a briefing last week.
Finishing work is underway for the rest of the units in the 10-storey Bradford Building.

Ms. Padua said most of their buyers are overseas Filipino workers and foreign investors for either end-use or a source of income through renting.

“Northpoint is one of the most preferred accommodations in Davao City, so rental occupancy is high, that’s around 90%.

These are our primary market, secondary are self-employed and business owners,” she said.

Carlo V. Refamonte, marketing head for Camella Manors for Visayas-Mindanao, said Camella Northpoint’s location along JP Laurel Avenue, a commercial and business area, is one of its main selling points.

“That is the reason why many investors wouldn’t think twice to invest… they are sure that their investment will be continuously appreciating quarterly or yearly,” he said.

He said Vista Land is preparing to roll out two new projects, one in Buhangin and the other in Lanang. — Maya M. Padillo

Spider-Man: No Way Home becomes first pandemic-era movie to smash $1-billion milestone globally

December 28, 2021 | 12:01 am

LOS ANGELES — Spider-Man: No Way Home unwrapped the best Christmas gift of all, becoming the first pandemic-era movie to cross $1 billion at the global box office.

Sony’s comic-book epic has eclipsed that milestone in a near-record 12 days, tying with 2015’s Star Wars: The Force Awakens as the third-fastest film to reach the billion-dollar benchmark. Only 2018’s Avengers: Infinity War and 2019’s Avengers: Endgame were quicker, smashing the coveted tally in 11 and five days, respectively.

It’s impressive that Spider-Man: No Way Home managed to blow past $1 billion in ticket sales worldwide given the rapidly spreading Omicron variant of COVID-19. It makes Tom Holland’s Marvel superhero adventure the only movie since 2019’s Star Wars: The Rise of Skywalker to surpass $1 billion globally. No other Hollywood film has come close to nearing those box office revenues in the last two years.

Prior to Spidey’s reign, MGM’s James Bond sequel No Time to Die, which grossed $774 million globally, stood as the highest-grossing Hollywood film of 2021 (and the pandemic). As the first movie to reach $1 billion worldwide, Spider-Man: No Way Home took the earthly throne from another box-office behemoth, China’s The Battle at Lake Changjin ($902 million), to officially cement its place as the year’s highest-grossing film worldwide. It’s also notable that No Way Home surpassed that high-watermark without playing in China, which is currently the world’s biggest moviegoing market.

At the domestic box office, Spider-Man: No Way Home had another dominating weekend, soaring high above the competition during a crowded Christmas corridor.

The newest Spider-Man adventure collected $81 million from 4,336 North American theaters over the weekend. To put that figure in perspective, only select COVID-era releases have managed to generate that kind of coinage in their entire theatrical runs, much less in their second weekend of release. Spider-Man: No Way Home also managed to do so at a time when several new movies — The Matrix Resurrections, Sing 2, and The King’s Man, among others — opened nationwide to decent (and not-so-decent) ticket sales.

It brings the film’s 10-day total to a mammoth $467 million at the domestic box office. That tally is more than double the next highest-grossing movie in Disney and Marvel’s Shang-Chi and the Legend of the Ten Rings, which earned a mighty $224 million domestically.

At the international box office, Spider-Man: No Way Home added $121.4 million over the weekend and has made $587 million to date, bringing its global revenues to $1.05 billion.

Universal and Illumination’s animated musical Sing 2 had the biggest start among new releases, debuting in second place with $23.7 million over the traditional weekend and $41 million since Wednesday. (That number is slightly inflated because it includes $1.6 million banked from advanced screenings over Thanksgiving weekend.) It’s a softer start than its predecessor, 2016’s Sing, which had secured a three-day total of $35 million and five-day tally of $54.9 million. However, it’s not a bad result for a film targeted at parents with young kids at a time when family audiences have been especially wary about going to the movies.

The movie, directed by Garth Jennings and voiced by Matthew McConaughey, Reese Witherspoon, Scarlett Johansson, Nick Kroll and Bono, has been well received by audiences, who awarded it a coveted A+ CinemaScore. Unless the pandemic has something to say, Sing 2 should benefit from a long run on the big screen, especially since it doesn’t have much competition among family films. The original Sing, centering on a bevy of animals with killer pipes, also opened around Christmas and played in theaters well into the new year, ultimately grossing $270 million domestically and $634 million worldwide. At this rate, the sequel will have trouble replicating those results but it should remain the de facto choice for youngsters through the holiday season.

The Matrix Resurrections, the Warner Bros. and Village Roadshow’s sci-fi sequel, landed with a thud in third place. The cerebral film landed significantly below expectations, scraping together $12 million from 3,552 cinemas over the weekend and $22.5 million since Wednesday. The fourth installment in the seminal series, like Warner Bros. entire 2021 slate, is available simultaneously on HBO Max, though the company didn’t provide digital viewership metrics.

Lana Wachowski returned to direct The Matrix Resurrections, which stars Keanu Reeves as the sleek cybercriminal Neo and Carrie-Anne Moss as Trinity. The $200 million-budgeted tentpole has gotten mixed reviews (it has a 67% on Rotten Tomatoes, as well as a B- CinemaScore), which may not move the needle for ticket sales while it’s playing simultaneously on a streaming service at no extra charge.

“Right now, if you’re under 35 and going to the movies, your first choice is Spider-Man, and your second choice is seeing Spider-Man again,” says David A. Gross, who runs the movie consulting firm Franchise Entertainment Research. “You can watch The Matrix later with someone who has HBO. That’s how it is when a single movie is dominating the market the way Spider-Man is.”

Another newcomer, Disney and 20^th Century’s The King’s Man finished in fourth place, amassing a paltry $6.3 million from 3,180 screens over the weekend and $10 million since opening on Wednesday. Internationally, the prequel in The Kingsman action franchise didn’t make up much ground. The oft-delayed spy comedy, starring Ralph Fiennes, nabbed only $6.9 million from seven overseas markets for a global tally of $16.9 million. — Reuters

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