Rave reviews may help Spider-Man deliver holiday gift to theaters

December 17, 2021 | 12:05 am

Spider-Man- No Way Home (2021) — Spider-Man: No Way Home (2021) - imdb.com

LOS ANGELES — The newest Spider-Man movie adventure won glowing reviews from film critics, and box office analysts predicted the superhero action spectacle would set pandemic-era sales records at cinemas this weekend.

Spider-Man: No Way Home, produced by Sony Corp.’s movie studio and Walt Disney Co., stars Tom Holland as Marvel’s web-slinging superhero and Zendaya as his girlfriend, MJ. The film opens exclusively in North American theaters on Friday. (The movie is opening in the Philippines after the Metro Manila Film Festival, on Jan. 8. — Ed.)

As of Tuesday afternoon, No Way Home had earned a 98% positive score from 65 reviews collected on the Rotten Tomatoes website. Supporters said the storyline would please old and new fans alike.

“Spider-Man: No Way Home is a goliath that feels destined to eat the world, a potent combination of the ongoing Marvel Cinematic Universe and nostalgia for what came before,” said Esther Zuckerman of Thrillist.

Brian Truitt of USA Today called the film “a rousing entry that doubles as a love letter to the comic-book character, a film very much about second chances and a cleverly crafted reminder of that famous adage: ‘With great power comes great responsibility.’”

Advance ticket demand has been strong, a welcome sign for movie theater chains, including AMC Entertainment, Cinemark and Cineworld that are still struggling to lure back audiences amid the coronavirus disease 2019 (COVID-19) pandemic.

The holiday season around Christmas typically ranks as the second-biggest movie-going period of the year, but recent box-office tallies are hovering well below pre-pandemic levels.

Steven Spielberg’s West Side Story remake disappointed with $10.6 million in domestic ticket sales last weekend, prompting new questions in Hollywood about what it will take to attract crowds back to theaters.

First-day presales for No Way Home were the highest recorded by ticket seller Fandango since 2019’s Avengers: Endgame, the second-highest grossing movie of all time.

“We’ve worked so hard on this film,” Mr. Holland said in an interview with Reuters. “For it to be so well-received is awesome.”

Paul Dergarabedian, senior box office analyst at Comscore, said he expected No Way Home to haul in more than $130 million in US and Canadian ticket sales over its opening weekend. A debut at that level would mark the first $100 million-plus weekend since Dec. 2019.

“That will wash away much of the negative news that came before and hit a positive reset for theaters as we head into the box-office year of 2022,” Mr. Dergarabedian said.

Hollywood will closely watch this weekend’s results to help gauge the future of movie-going amid the rise of streaming television. Tom Rothman, the head of Sony’s movie division, said he believed the rush for advance tickets to No Way Home showed “people are ready to get back to the big screen.”

“This movie was made for movie theaters,” Mr. Rothman said. — Reuters

DTI, Jobstreet tie up to offer free job postings to MSMEs

December 17, 2021 | 12:04 am

The Department of Trade and Industry (DTI) has entered into a partnership with JobStreet, an online job portal, to provide free job ad postings to micro, small, and medium enterprises (MSMEs) to help them recover from the economic crisis.

In a statement Wednesday, the DTI said the Lite Ad feature of the site will accept free postings by MSMEs, the number of which is estimated at over 120,000 by the DTI.

“We hope that this initiative will be of great help to many businesses as they recover,” JobStreet Country Manager Philip A. Gioca said.

Early next year, the project will host webinars and virtual training to teach employers how to attract the right candidates, optimize the hiring process, and engage the workforce.

“The DTI and our Negosyo Center have always been dedicated to strengthening our MSME sector. We thank JobStreet for working with us in this meaningful initiative and for supporting us with our goal of empowering more,” Bureau of Small and Mid-size Enterprises (SME) Development Director Jerry T. Clavesillas said.

In October, the unemployment rate hit 7.4%, the third-lowest level reported in 2021. — Luisa Maria Jacinta C. Jocson

A Minute with: Maggie Gyllenhaal, Olivia Colman on The Lost Daughter

December 17, 2021 | 12:04 am

Olivia Colman in The Lost Daughter (2021) - imdb.com

LONDON — Maggie Gyllenhaal brings Elena Ferrante’s novel The Lost Daughter to the big screen for her directorial debut, a gripping drama about motherhood choices starring Oscar winner Olivia Colman.

Ms. Colman plays Leda, who while alone on holiday in Greece, befriends a young mother and daughter. The meeting brings back painful memories of her own decisions towards her children.

Ms. Gyllenhaal and Ms. Colman spoke to Reuters about the story and communicating with the famously secretive Ms. Ferrante.

Below are excerpts edited for length and clarity.

Q: Why did you pick this story for your feature directing debut?

Gyllenhaal: When I read Ferrante for the first time, I guess I felt like she was saying things out loud that I knew to be true, but that I had never heard said out loud. And I found that both disturbing and comforting, and I thought, in fact more than that, it was kind of like… a really exciting shock.

Q: What was it like liaising with Ferrante?

Gyllenhaal: All my interactions with her, which have all been via e-mail, have been everything you would want them to be. There’s something amazing about her being anonymous because she can be the fantasy that I want her to be. And she has been nothing but supportive at every turn… really intelligently, thoughtfully supportive.

Q: What attracted you to the role and as a mother, did any aspects of the story resonate with you?

Colman: I don’t think I’d ever seen anything where someone says “I left and it was amazing” so I found it fascinating. Leda is very different to me… I couldn’t leave and I wouldn’t want to. But I do understand the thought process behind it and I think most parents will also feel the same. Everyone’s gone “if I could just have, oh my god, just an hour on my own” though she took it to an extreme.

Q: You filmed in Greece early in the pandemic when travel was difficult and formed a bubble, what was that like?

Colman: We all fell in love with each other and we all got on really well and everyone had loved ones at home and so we were missing all of them and just had such a nice time… as soon as Maggie said “wrap,” people would go in the sea. I feel a bit bad that it was so nice. — Reuters

Regional hub potential seen for PHL creative industries

December 17, 2021 | 12:04 am

THE creative industry has the potential to make the Philippines a regional hub for such activities and should be nurtured to maximize its contribution to the recovery, the Department of Trade and Industry (DTI) said.

“In reaching our goals for the creative sector, we need a healthy collaboration between and among government, industry associations, and academic institutions to strengthen the competitive advantage and unlock the full potential of the creative industry,” Trade Secretary Ramon M. Lopez said in his keynote address for the Creative Industry Summit 2021 Thursday.

Mr. Lopez said the DTI is banking on cultural richness, ingenuity, and human capital to grow the creative industry.

“With the talent and capacity of Filipino creatives, the contribution of the creative industry can be maximized to position the country as a major creative hub in the ASEAN region. This will prime the sector to be the engine of growth that generates employment, investment, and trade,” Mr. Lopez said.

Mr. Lopez said some of the challenges faced by the industry are the high cost of intellectual property (IP) protection, especially in technology-intensive industries like films and game development.

He added that limited data on the creative sector hinders a data-driven approach to policymaking.

Mr. Lopez said the revenue of creative industries fell 90% during the pandemic, with freelancers losing income of about P268 million.

Mr. Lopez called this a “very alarming circumstance for the creative sector, given that 75% of our online freelancers in the Philippines are creative workers.”

Mr. Lopez said creative companies are making inroads in key aspects of the digital economy like augmented reality (AR) and virtual reality (VR), which have applications in gaming, live events, retail, film, and video entertainment.

He also noted opportunities in blockchain technology, which has “led to the creation of non-fungible tokens, which are revolutionizing how digital art is valued and have even opened up a new business model in the game industry.” — Revin Mikhael D. Ochave

PERA contributions at P237M as of September

December 17, 2021 | 12:04 am

CONTRIBUTIONS of voluntary members in the Personal Equity and Retirement Account (PERA) reached P237 million as of September, the central bank said on Thursday.

Bangko Sentral ng Pilipinas (BSP) data released on Thursday showed PERA contributions jumped 62% year on year from P144 million in September 2020.

“The noted increase may be attributed to the BSP and partner providers’ promotion of the retirement savings program for Filipino families, especially those working abroad,” it said in a statement.

PERA contributors reached 4,001 as of the third quarter, BSP data showed.

About 2,800 of the contributors are full-time employees. This is followed by self-employed individuals (590) and overseas Filipino workers (584).

“We continue to actively promote financial security and encourage more Filipinos to plan for retirement and set aside funds for their sunset years through PERA,” BSP Governor Benjamin E. Diokno said in the statement.

The BSP launched the digital platform for PERA in September 2020 to make it more accessible to investors.

The government eyes to have five million Filipinos as members of the voluntary retirement fund by 2025.

Republic Act 9505 provided for the creation of PERA, a voluntary retirement savings program that supplements existing retirement benefits from the Social Security System, Government Service Insurance System, and private employers.

To attract investors, PERA offers tax incentives, including a 5% income tax credit on contributions which could be used for paying income tax liabilities.

Under the law, contributors can inject maximum annual investments worth P100,000, while overseas Filipinos are allowed to pour in up to P200,000 a year in their PERA accounts.

Based on data from the Philippine Statistics Authority, only 20% of the 7.6 million Filipinos aged 60 years and above are covered by state-backed mandatory pensions.

Mr. Diokno earlier said they are backing a suggestion to increase the annual maximum allowable contribution of Filipinos in the PERA.

He said as the PERA Law was enacted in 2008, there may be a need to adjust the contribution cap upwards to take into account the impact of inflation. — L.W.T. Noble

Del Monte Pacific nets $35.8M

December 17, 2021 | 12:03 am

DEL MONTE Pacific, Ltd. (DMPL) logged a 63.8% growth in net profit attributable to owners of the company in its second-quarter ending October, higher than the $21.85 million recorded in the same period last year.

In a regulatory filing on Thursday, the company said it saw improved sales from its international business. Sales grew 4% to $650.99 million from $623.45 million year on year.

“DMPL stayed on its course to deliver a very strong financial performance for the quarter and achieved record results for the first half,” DMPL Managing Director and Chief Executive Officer Joselito D. Campos, Jr. said.

DMPL’s earnings before interest, taxes, depreciation and amortization (EBITDA) rose 14% to $107.4 million from $94.4 million.

US unit Del Monte Foods, Inc. (DMFI) generated 73% of DMPL’s sales in the second quarter worth $477.5 million after a 7% sales increase on the back of branded retail growth. The company said it reduced sales of low-margin private label products.

DMFI’s branded retail products grew 11% due to supply and distribution gains, the strong sales of its vegetable business, as well as the impact of the Thanksgiving holidays.

Meanwhile, Del Monte Philippines, Inc. (DMPI) posted a 3% sales growth from a year ago in the second quarter to $186.1 million, owing to an 18% increase in sales abroad to $69.7 million.

International sales ended higher on the back of demand for packaged fruit and beverages in the USA and Europe and S&W packaged pineapple and mixed fruit in North Asia.

“In the premium fresh fruit segment, higher sales of S&W-branded MD2 pineapple were offset by lower sales of non-S&W branded pineapple due to reduced supply resulting from [the] timing of harvest,” Del Monte Pacific said.

However, DMPL also noted that over half of the subsidiary’s sales are in the Philippines, with the international market taking the balance.

Philippine sales went down by 6% in dollar terms and 2% in peso terms to $100.2 million due to a high base. Its newly launched products, meanwhile, contributed 9% to Philippine sales in the second quarter.

Del Monte Pacific said DMPI will continue to push its key health-focused brands as well as products made for “culinary enjoyment” such as its Del Monte Tomato Sauce. It will also continue to improve its distribution network, the parent company said.

Meanwhile, DMPI’s EBITDA grew 5% to $40.6 million, while its net profit went up 10% to $26 million. The company noted that DMPI benefited from the government’s 25% reduced corporate tax rate.

For the first six months ending October, DMPL’s net profit surged $54.1 million from last year’s $18.6 million. Sales for the period posted a 7.4% growth to $1.11 billion from $1.04 billion.

Meanwhile, its EBITDA for the first six months climbed 33.3% to $182.34 million from $136.8 million year on year.

The company said it is “positioned to unlock market opportunities” in China, as well as other underserved markets.

DMPL is confident that it is “well-positioned” to build on its momentum seen in the previous fiscal year, expecting to “generate higher net profit” for the next.

“We look forward to sustaining the momentum into the second half of the year with an improved sales mix, higher new product contribution, and diversified channels to expand our brand footprint,” Mr. Campos said.

“And to help us mitigate headwinds from higher costs, our teams continue to execute against our strategy of maximizing operational efficiencies while increasing higher-margin branded sales and reducing non-core sales,” he added.

On Thursday, shares of Del Monte Pacific at the local bourse went up 9.18% or P1.34 to close at P15.94 each. — Keren Concepcion G. Valmonte

Fed says three rate hikes in the cards in 2022 as inflation fight begins

December 17, 2021 | 12:03 am

WASHINGTON — The US Federal Reserve said on Wednesday it would end its pandemic-era bond purchases in March and pave the way for three quarter-percentage-point interest rate hikes by the end of 2022 as the economy nears full employment and the US central bank copes with a surge of inflation.

“The economy no longer needs increasing amounts of policy support,” Fed Chair Jerome H. Powell said in a news conference in which he contrasted the near-depression conditions at the onset of the coronavirus pandemic in 2020 with today’s environment of rising prices and wages and rapid improvement in the job market.

The pace of inflation is uncomfortably high, he said after the end of the Fed’s latest two-day policy meeting, and “in my view, we are making rapid progress toward maximum employment,” a combination of circumstances that has now convinced all Fed officials, even the most dovish, that it is time to exit more fully the pandemic policies put in place two years ago.

The scenario laid out by the central bank in its new policy statement and economic projections envisions the pandemic, despite the spread of the Omicron variant, giving way to a particularly benign set of eco-nomic conditions — a “soft landing” in which inflation eases largely on its own, interest rates increase comparatively slowly, and the unemployment rate is pinned to a low 3.5% level for three years.

Some analysts were skeptical.

“This is a forecast that implicitly has favorable developments that allow them to leave accommodation but get favorable inflation,” said Vincent Reinhart, chief economist at Dreyfuss & Mellon, noting that the three-year rate hike cycle projected by Fed officials never reaches levels that would be considered restrictive, yet inflation is still expected to fall.

“Is that the way to bet?” he said.

The core of Fed officials thinks so. In their new economic projections, policymakers forecast that inflation would run at 2.6% next year, an increase over the 2.2% they projected in September, but then fall to 2.3% in 2023 and 2.1% in 2024.

Unemployment is seen dropping to 3.5% next year, well below the point Fed officials feel is sustainable in the long run, and remaining there through 2024.

As a result of that combination of rising prices and strong employment, officials at the median projected the Fed’s benchmark overnight interest rate would need to rise from its current near-zero level to 0.90% by the end of 2022. That would kick off a hiking cycle that would see the policy rate climb to 1.6% in 2023 and 2.1% in 2024 — still loose by most estimates.

Dropped from the latest policy statement was any reference to inflation as “transitory,” with the Fed instead acknowledging that price increases had exceeded its 2% target “for some time.”

Annual inflation has been running at more than double the Fed’s target in recent months.

To open the door to higher borrowing costs, the Fed announced it was doubling the pace of its bond-buying taper, putting it on track to end the purchases of Treasuries and mortgage-backed securities (MBS) by March. Until re-cently, the central bank had been buying $120 billion of Treasuries and MBS each month to help fuel the economic recovery.

US stocks closed higher, with the S&P 500 gaining more than 1.6%, while yields on Treasury securities were also up. The dollar initially strengthened after the release of the Fed statement and projections before surrendering the gains to trade lower on the day against a basket of major trading partners’ currencies.

Traders in interest rate futures were pricing a first rate hike in May, and two more by the end of 2022.

PRICE STABILITY

Though the Fed made any rate hikes contingent on some further improvement in the job market, the new policy projections left little doubt that borrowing costs will rise next year, absent a major economic shock. All 18 policy-makers indicated at least a single rate increase would be appropriate before the end of 2022.

All told, the new projections and policy statement began to pin down the central bank’s plan to exit the extraordinary monetary policy put in place in the spring of 2020 to nurse the economy through the fallout of the pandemic.

The health crisis is still underway, the Fed acknowledged, with the new variant adding to uncertainty about the course of the economy.

Mr. Powell, for example, told reporters that he would like to know how the US labor market will function after people are free of healthcare, childcare and other pandemic worries, but “it doesn’t look like that is coming anytime soon.”

Yet he also downplayed Omicron’s potential economic risks, saying he did not expect the Fed would have to resume emergency bond purchases or take other steps to counter any fresh COVID-19 wave, and that economic per-formance would be less and less influenced by the pace of coronavirus infections.

Fed officials projected US economic growth of 4.0% next year, an increase over the 3.8% forecast in September and more than double the economy’s underlying trend.

In some of his most pointed comments about inflation yet, Mr. Powell said that sharply rising prices had now emerged as a bigger threat to jobs than the pandemic.

“What we need is another long expansion,” he said. “That’s what it would really take to get back to the kind of labor market that we’d like to see, and to have that happen we need to make sure that we maintain price stability.” — Reuters

Ocean-based industries gross value-added declines 32.6% in 2020

December 17, 2021 | 12:03 am

The gross value-added (GVA) of Philippine ocean-based industries declined 32.6% in 2020 to P617.20 billion, the Philippine Statistics Authority (PSA).

This was the equivalent of 3.4% of Gross Domestic Product (GDP) at current prices, compared to the 4.7% share in 2019.

Ocean fishing accounted for 31.9% of the sector’s GVA at P196.65 billion. The manufacture of ocean-based products made up 27% or P166.64 billion, while sea-based transportation and storage represented 14.6% or P89.98 billion.

The only industry reporting growth was maritime safety, surveillance, and resource management which rose 2.5%.

Every other industry reported a decline, with the downturn in coastal accommodation and food and beverage services at minus 92.4%.

In 2020, employment in ocean-based industries was 2.05 million, accounting for 5.2% of all jobs, compared to 6.3% in 2019.

Ocean-based industries with the highest employment rates were ocean fishing at 50.4%, sea-based transportation and storage 33.9%, and coastal accommodation and food and beverage service activities 7.0%. — Luisa Maria Jacinta C. Jocson

What to see this Week

December 17, 2021 | 12:03 am

No Time to Die

In the 25^th James Bond film, No Time To Die, the retired spy’s tranquil retirement in Jamaica is interrupted by his old friend from the CIA, Felix Leiter, who asks for his help in rescuing a kidnapped scientist. This mission leads Bond on the trail of a mysterious villain armed with new technology. Directed by Cary Fukunaga, the film stars Daniel Craig, Rami Malek, Ralph Fiennes, Lea Seydoux, Ana de Armas, and Naomie Harris. The New Yorker’s Richard Brody writes, “No Time to Die wants it both ways: it makes watching violent shoot-outs and colossal catastrophes pleasurable while depicting them merely functionally, a coy fusion of the sumptuous and the abstemious. Similarly, the story is built upon an emotional foundation of melancholy and regret, of the sins of the fathers and the pain of their redemption. But these aspects of the drama get neither discussed nor developed, merely signified in the sweep of the action.” Rotten Tomatoes’ Tomatometer gives the film a score of 84%; while its audience score is 88%.

MTRCB Rating: PG

Resident Evil: Welcome to Raccoon City

The Resident Evil franchise returns, unfolding in Raccoon City, the once booming home of pharmaceutical giant Umbrella Corp. The company’s exodus left the city dead but with great evil brewing. When that evil is unleashed, a group of survivors work together to uncover the truth behind Umbrella Corp. Directed by Johannes Roberts, the film stars Kaya Scodelario, Hannah John-Kamen, Robbie Amell, Tom Hopper, Avan Jogia, with Donal Logue and Neal McDonough. The Verge’s Adi Robertson writes, “Welcome to Raccoon City gets a lot of moment-to-moment elements right. It’s a film that’s straight-faced without being pretentious, full of over-the-top genre tropes without falling into grating, campy self-awareness. But it’s sunk so deep in a decades-old fictional world that it can’t look beyond its boundaries. The film delivers a checklist to remind viewers why they like Resident Evil — but it sometimes seems to forget what’s actually on it.” Rotten Tomatoes’ Tomatometer gives the film a score of 29%; while its audience score is 66%.

MTRCB Rating: R-13

Stuff to do (12/17/21)

December 17, 2021 | 12:02 am

Experience live performances once again at the Grand Atrium. — SHANGRI-LA Plaza Grand Atrium

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Madz performs at the Met Theater

THE Metropolitan Theater presents Tuloy ang Palabas sa Met featuring the Philippine Madrigal Singers on Dec. 17, 6 p.m., via Facebook Live. To watch, visit https://www.facebook.com/METphOfficial/.

Christmas at Shangri-La Plaza

SHANGRI-LA Plaza fills the month with celebrations and happenings. There will be live performances once again at the mall’s Grand Atrium, with music and carols from local musicians. Performing are: Shang’s own Musicians Collective on Dec. 17, and 20, and the Servus Dei Vocal Ensemble on Dec. 18. Shang’s Red Carpet theater has reopened, and it is showing the latest Marvel film, Eternals. To ensure a safe viewing experience, the mall has implemented protocols, such as requiring moviegoers to present a vaccination card, seat distancing, wearing of face masks, and prohibiting food and drinks inside the cinema. Children can now play at Q Power Station and Kidzoona. Both require minors to be accompanied by fully vaccinated parents or guardians. Urban lifestyle brand agnès b. (known for its snap cardigans) is now in the Philippines, showcasing its 2021 Fall/Winter collection exclusively at the Shang. Finalize Christmas lists by dropping by Shang’s newest retail stores Tili Dahli (a sustainable babywear shop) and Patton (practical bodysuits, athleisure pieces, and everyday essentials). Shang is bringing back its Boxing Day tradition and ending the year with a mall-wide sale. With over 50 participating retail partners, Shang’s Boxing Day Sale is a chance to treat oneself and shop for the remaining items on the wish list for as much as 70% off. For inquiries, call 8-370-2597/98 or visit www.facebook.com/shangrilaplazaofficial.

A weekend with pets at Ortigas Malls

ORTIGAS Malls’ Elite Pet Society will be having its first Christmas Pawty for dogs at the East Wing at Estancia on Dec. 19, 2-5 p.m. There will be talks and training by the Pinoy Dog Whisperer Lestre Zapanta, and Bayopet’s Dr. Jomer Fule. Win freebies from sponsors Advantix, BarksJOY, Bayopet, Bon Apawtit, Elanco, L estre Zapanta, Paw & Purr, Pet Express, and The SM Store Estancia. Visit the booths and pop-up dog playground. Christmas gifts from the event sponsors will also be waiting at the registration booth (while supplies last). Registration at the venue starts at 1 p.m. All attendees must be fully vaccinated and will need to present their COVID-19 Vaccination Card and their pet’s Elite Pet Society ID to enter the event. One pet per owner only. Entrance is free. Visit the Estancia Facebook page for more details.

WWF-PHL holds Holiday Serenade concert

FILIPINO artists team up with the World Wide Fund (WWF) for Nature – Philippines (WWF-PHL) for a three-night event that will showcase the best of Filipino music in a concert titled Holiday Serenade. The performance is for the benefit of 21 tuna fishing communities in Lagonoy Gulf and Mindoro Strait. The online fundraising concert will be streamed via ktx.ph on Dec. 17, 18, and 19. A day pass and three-day pass tickets can be purchased via the ktx.ph website. Holiday Serenade will feature performances from BINI, Jim Paredes and Boboy Garovillo, Rachel Alejandro, Reese Lansangan, Hey Moonshine, Johnoy Danao, and more. The event will be hosted by WWF-Philippines Ambassadors Pia Wurtzbach, KC Concepcion, and Robi Domingo. To book tickets and for more information, visit bit.ly/WWFHolidaySerenade.

Bank of China Manila launches online FX conversion

December 17, 2021 | 12:02 am

BANK OF CHINA Manila on Thursday said it launched a new foreign exchange (FX) conversion feature in its mobile and internet banking services.

The bank said individual clients will be able to convert Philippine peso (PHP) to renminbi (RMB), US dollars, and euro in real time.

“The improvements to our online forex conversion capacity is a reflection of our direction as a bank as we continue to grow our digital capabilities in support of our customers in the Philippines,” Bank of China Manila Country Head Deng Jun said in a press release.

Bank of China said the feature is the first real-time RMB foreign exchange conversion service in a mobile app in the country.

The new feature expands the conversion services, which had previously been available between foreign currencies and not the Philippine Peso.

Clients must have both originating currency and target currency accounts with Bank of China Manila to use the feature.

“For example, a client who wants to convert PHP to RMB should have both a PHP account and an RMB account with Bank of China Manila,” the bank said.

Bank of China added that the service aligns with its digital transformation goals, in line with the central bank’s broader digital strategy.

“A lot of business is now being done online, and the demand for faster and more convenient services is growing. That’s why digitalization has become an important part of our strategy,” Mr. Deng said.

The Bangko Sentral ng Pilipinas Digital Payments Transformation Roadmap 2020-2023 aims to convert half the total volume of retail payments to digital and expand financial inclusion to 70% of Filipino adults through payment and transaction accounts.

Bank of China Manila was named the official clearing bank for RMB in the Philippines, which allows the lender to enable local financial institutions to transfer RMB funds and participate in China’s foreign exchange and its security and bond markets. — Jenina P. Ibañez

Google to sack staff who refuse to comply with vaccine policies

December 17, 2021 | 12:02 am

Google has threatened to reduce pay or even fire staff who fail to comply with internal policies on Covid 19 vaccinations, CNBC reported, citing internal documents.

The Alphabet, Inc. unit warned employees they had till Dec. 3 to declare and prove their vaccination status, or apply for exemptions. Those who hadn’t complied by Jan. 18 will be placed on “paid administrative leave” for 30 days, CNBC said. They could then be put on unpaid leave for up to six months, before finally getting dismissed, it added.

Like much of the US, Silicon Valley is coping with a resurgence in Covid 19 and the new omicron variant, forcing companies to re-evaluate plans to get staff to return to offices. The Biden administration has mandated vaccinations for federal contractors nationwide, but several major US corporations have suspended efforts to comply amid a slew of challenges from states that say the president overstepped his authority in requiring Covid-19 shots.

Google, which employs more than 150,000 in the country, said it plans to follow Mr. Biden’s order. In July, the search giant said it will require all workers returning to work to get vaccinated. Representatives for the company didn’t immediately respond to a request for comment.

“We expect that almost all roles at Google in the US will fall within the scope of the executive order,” CNBC reported, citing Google’s memo. “Anyone entering a Google building must be fully vaccinated or have an approved accommodation that allows them to work or come onsite,” the company said, adding that “frequent testing is not a valid alternative to vaccination.” — Bloomberg