Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 7125

Metro Manila Film Festival 2020: Tone deaf

By Zsarlene B. Chua, Senior Reporter

MOVIE REVIEW
Pakboys: Takusa
Directed by Al Tantay

EVEN before Al Tantay’s Pakboys: Takusa actually landed on the Upstream streaming service as an entry in this year’s Metro Manila Film Festival, the trailer had already created a furor online for including a joke about transgender people. This led to several LGBTQ (lesbian, gay, bisexual, transsexual, queer, etc.) groups to petition the festival to remove the film because of its offensive portrayal of transgenders.

Honestly, Pakboys’ treatment of transgenders is just one of many reasons this writer thinks that this movie, full of sexist and tired comedic tropes, has no place in 2020.

But what was the story — and the joke — about? The short of it is that four friends (played by Janno Gibs, Andrew E., Gerald Napoles, and Dennis Padilla) have fun trying to hide their extramarital affairs from their suspicious wives (played by Angelou de Leon, Ana Roces, Maui Taylor, and Marissa Sanchez) while making it look like it’s their wives that cause problems by being too suspicious.

The offensive joke comes 10 minutes in when Padilla’s character wakes up next to a woman who is not his wife in his bed and while washing up, discovers that the woman is a transgender which elicits horror from Mr. Padilla. It was tired and disgusting and it shouldn’t be comedy fodder.

The story’s summary says that the guys messed with the girlfriend of a gang member, are captured, and it’s up to their wives to save them. But three-fourths of the film’s two-hour run (!!!) is all about the men running circles around their wives and making them feel stupid.

Apparently, in this film’s world, all men are cheaters and the women are jealous and possessive, and it’s the men who are in a sorry position. Cheating is apparently allowed and normal as long the men continue to profess that they love their wives.

There’s no reason why a film like this should exist at a time when there’s a reckoning and recognition of the plight of LGBTQ and women.

This writer would have found it acceptable if the film had been framed as satire because no matter how poorly presented, satires assume that their audience are smart enough to understand what is really being made fun of. But Pakboys: Takusa went the unfortunate and frustrating route of thinking that the audience is so stupid and socially unaware as to still accept this kind of comedy and still think it’s okay. It’s not.

I needed a nap after the film.

PSE suspends Meralco’s trading of securities amid pending acquisition

THE LOCAL bourse on Monday suspended the trading of securities of Manila Electric Co. (Meralco), which earlier announced its unit Meralco PowerGen Corp.’s (MGen) intention to acquire 100% ownership of Global Business Power Corp. (GBP) as the distribution utility has yet to submit the requirements for the substantial acquisition.

In a regulatory filing, open-end investment company First Metro Philippine Equity Exchange Traded Fund, Inc. (FMETF) said that the suspension took effect on Monday morning.

“The Exchange deems that the foregoing transaction (of acquiring full ownership of GBP) is covered by the Rule on Disclosure for Substantial Acquisitions and Reverse Takeovers, under Section 5, Article VII of the Consolidated Listing and Disclosure Rules of the Exchange (the “Substantial Acquisition Rule”),” the FMETF reported.

“Pursuant to the Substantial Acquisition Rule, the trading of the Company’s shares will be suspended effective at 9:00 a.m. on Monday, December 28, 2020, pending the Company’s compliance with the comprehensive disclosure requirement set forth in the said rule,” it added.

FMETF said that the lifting of the suspension will be announced at a later date.

Based on the PSE’s disclosure rules, “if an issuer or its subsidiary has acquired more than 10% of direct interest in an unlisted company, person or group — or more than the total book value of the issuer — the trading of the securities of the issuer will be suspended.”

The Philippine Stock Exchange (PSE) said that the suspension would hold until the terms and conditions of the transaction, as well as the details on the business or project acquired are disclosed to the exchange. The latest audited financial statements of the unlisted company must also be submitted to the local bourse, if possible.

The disclosure rules, however, do not apply in cases where the issuer is merging, consolidating or acquiring an interest in its existing unit/s.

The trading of Meralco’s shares were deferred by the PSE a few days after MGen’s earlier move to fully acquire the Visayas-based GBP by buying shares from Beacon PowerGen Holdings, Inc. and JG Summit Holdings, Inc., which own 56% and 30% interest, respectively.

Beacon PowerGen, a wholly owned unit of Metro Pacific Investments Corp. (MPIC), is selling its GBP stake for P22.44 billion. Meanwhile, JG Summit is selling its stake for P12.02 billion.

Shares in Meralco on Monday climbed by 2.05 % to finish at P288.40 apiece.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., which has interest in BusinessWorld through the Philippine Star Group, which it controls. — Angelica Y. Yang

Sun Life to redeem its debt in Feb.

SUN LIFE Financial, Inc. is set to redeem all of its 350 million Canadian dollars worth of debt on Feb. 19, 2021, the Canada-based insurer said in a disclosure to the local stock exchange on Monday.

Sun Life Financial will redeem the entire principal amount of its series 2016-1 subordinated unsecured 3.10% fixed/floating debentures on the date it can be bought back.

The securities were issued in February 2016 and are scheduled to mature in 2026, according to the insurer’s past press release. The funds raised were meant to fund its acquisition of the employee benefits business of Assurant, Inc. and other business operations.

The company, which provides insurance, wealth and asset management services to various markets globally including the Philippines, said the funds for the redemption will be coming from its existing cash and liquid assets.

It said the securities are redeemable at a price per debenture equal to the principal amount, plus the accrued and unpaid interest to the date of redemption.

“Sun Life intends to redeem the Debentures on February 19, 2021,” the statement read.

“After the debentures are redeemed, interest will cease to accrue from and after the redemption date and holders of debentures will not be entitled to exercise any rights as holders other than to receive the redemption price,” it added.

Aside from the Philippine Stock Exchange, Sun Life Financial also trades on the Toronto and New York stock exchanges. — Beatrice M. Laforga

Metro Manila Film Festival 2020: Idolatry 

By Joseph L. Garcia, Reporter

MOVIE REVIEW
Fangirl
Directed by
Antoinette Jadaone

WE’VE seen some of our stars without filters: less than perfect, maybe a zit here and there; we’ve seen them act in an unsavory manner, as people. The hype is hardly ever real when it comes to these people, as the plot of Fangirl implies, but the movie, which set social media abuzz, hits the hype.

Award-winning director Ms. Jadaone, known for romantic comedies with a cerebral flavor, does it again, but this time, she translates the tropes that make us believe in love to make us believe in something more sinister. No wonder this film made it to the Tokyo International Film Festival (where it premiered), but also at the Tallinn Black Nights Film Festival in Estonia. It also won Best Picture at the Metro Manila Film Festival (MMFF) this year. I knew we were watching something great when I noted the attention to detail in one for the very first shots of the film: Jane (played by relative newbie Charlie Dizon) has chipped red nails, seen while holding up her phone in a roaring jeepney to catch a trailer of the object of her desire, a fictionalized version of movie star Paulo Avelino (played here by himself, a role that won him Best Actor at the MMFF this year).

Jane jumps inside Paulo’ pickup and becomes a stowaway, herself secretly hoping this becomes the rom-com plot of her life. Instead we see how society treats its stars: wonderfully. Paulo skips a traffic violation with his star status, and she sees several gifts meant for him, ignored in a truck flatbed along with junk.

One of the reasons why the film made such a buzz online was Mr. Avelino’s scene featuring frontal nudity: it’s shown quite early on, with Jane serving as a voyeur. Was it necessary? Maybe. One of the film’s points is the toxic dialogue between fan and star, and a peen on the screen makes us ask ourselves: we say we want to see everything from a star, but is this part of what we want to see? Is this how we want to see it?

Well, Jane and I both know that this wasn’t going to be a rom-com when Paulo pulls up at a ruined mansion. It’s dark, and beads of sweat well up on Jane’s forehead. There’s a rusty old gate, which is never unlocked — this seems to serve as a symbol of the celebrity and the civilian Paulo in this universe. The gate allows the house to be seen, but one has to shimmy up the gate to enter the actual house, and it’s no easy task: Jane has to nurse a wound for the rest of the film, the price she pays for the 24 hours with her star. The house itself becomes a character: while we expect celebrity encounters to have only the best of the best, this house is hot, sweaty, filthy, and bare; the meals are cans of sardines, beer, joints of pot, and bumps of coke. The house subverts the dream house, and along with it, the dreamboat who resides within.

We have to applaud this Charlie Dizon, who plays our protagonist, and took home the Best Actress award. She’s frequently dishevelled, with hardly any makeup, but her beauty is still evident. She has a heart-shaped face that would uncomfortably remind one of Nabokov’s Lolita (the 20-something actress plays a 16-year-old in the film), while she has a husky whisper perfect for film noir, with a tone easily advanced beyond her years. She has a writhing sexual fantasy about Paulo, she chokes on cigarette smoke, takes her first hit from a joint — basically tasting most everything unsavory about “maturity” all in a span of 24 hours. Ms. Dizon handles the role quite deftly, so demanding and mature for an actress with a face that is practically a girl’s. She has also starred in more mainstream fare, such as the prequel to Four Sisters and a Wedding. I’m willing to wager that we might be looking at the birth of a new star.

The film frequently questions the real and the reel: for example, one of the film’s points of exposition takes place in a mall show, for which Jane cuts class. It seems to have been shot concurrently with an actual mall show that Paulo Avelino and Bea Alonzo actually did for a film which actually exists, so that alone makes us question how they pulled it off in the first place. Her hallucinations with Paulo have a leitmotif: golden light for when it’s reel; gray everything when it’s real. In fact, in one scene, it shocks us so much, because while he appears to whisper to Jane while appearing as a golden Prince Charming, it all disappears in a wisp, and Mr. Avelino is looking at her quizzically. It shows the star barefaced, and even — am I allowed to say it? — slightly ugly. Who would have thought that the face of one of the most handsome stars on the screen can become a jump scare?

While the film is about the two-way toxicity between supplicant and idol, we see the film’s actual thesis when Jane finally reaches home (a plot point hinted at in an earlier scene). Paulo then, isn’t just a representation of celebrity status. Paulo is an avatar of all the horrid men we’ve ever met in life: he shouts, he curses, he snorts, he beats; amplified hundredfold and disturbingly concealed by celebrity, money, and good looks. That’s what makes this film so disturbing: you just might be going to bed with someone like that right after watching.

Phoenix Petroleum ends year with P4.25-billion refinancing program

DENNIS A. UY-LED Phoenix Petroleum Philippines, Inc. has closed the year with a P4.25-billion refinancing program, which included the settlement of P3 billion in short-term commercial papers (STCP) and the redemption of its P1.25-billion preferred shares this month, the company said on Monday.

The firm’s STCP Series C, settled on Dec. 5, was refinanced by a long-term loan. It is eyed to enhance Phoenix Petroleum’s liquidity profile while relieving pressure on immediate cash resources.

Meanwhile, the redemption of the third tranche series A (PNX3A) of its preferred shares, which was announced on Dec. 18, is expected to generate savings on the cost of capital, Phoenix Petroleum said. 

“It has been a turbulent year, but we have been making headways in our engagements with creditors, and are ending the year with renewed strength and positivity,” said Phoenix Petroleum President Henry Albert R. Fadullon.

He added that the company was making “significant progress” in ensuring the firm’s long-term viability, so the enterprise could “come out stronger and healthier” after the pandemic.

Phoenix Petroleum’s current financial management program is supported by a capital-light expansion strategy that focused on partnerships and an integrated franchising model that covered its fuel and liquified petroleum gas products, convenience stores, and payments.

Last week, the firm asked for a voluntary trading suspension on its PNX3A preferred shares as Phoenix Petroleum said it needed to address concerns and questions on their settlement.

On Dec. 22, the company said in a regulatory filing that it “substantially complied” with all the terms and conditions of its PNX3A shares offering, and that there were no unpaid dividends.

During the third quarter, Phoenix Petroleum reported a net income of P296 million, a reversal from its P5-million loss in the second. Overall volume sales grew 42% from July to September, following the recovery of its local business amid relaxed quarantine protocols as well as tripled sales in other countries.

Shares in Phoenix Petroleum on Monday shed 3.22% to close at P12.02 apiece. — Angelica Y. Yang

Office space demand to remain subdued in 2021

A MAN wearing a protective mask sits outside a building within the Makati central business district during the enhanced community quarantine in March. — REUTERS/ELOISA LOPEZ

By Jenina P. Ibañez, Reporter

GROWTH in office space demand will likely be subdued next year, led by the business process outsourcing (BPO) and e-commerce sectors, a representative from commercial real estate services company Jones Lang LaSalle (JLL) said.

JLL Philippines Head of Research and Consultancy Janlo de los Reyes in an e-mail on Dec. 21 said that the company is anticipating improved office demand as organizations adjust to the “new normal” of business activities and position for growth.

“We anticipate a change in office space requirements given the operational impact of the pandemic where flexible work arrangement has become a norm across occupiers,” he said.

BPO will likely lead office demand, Mr. De los Reyes said, while POGOs office space demand will likely be slower compared to previous years.

Technology would influence the property sector’s recovery next year as e-commerce demand grows, JLL’s Mr. De los Reyes said.

“We’ve seen the growth of e-commerce which is driving the logistics sector, technology, and on demand services firms. We’re also seeing increasing activity in data centers, security companies, life sciences, and multi-family dwellings,” he said.

Office space supply could also be lower than initially expected in 2021. Colliers International in an e-mail on Wednesday said that it predicts 632,600 square meters in new office space supply next year, which is 35% lower than what it had predicted at the start of 2020.

“We continue to see a challenging office leasing market,” the company said. “Philippine Offshore Gaming Operators (POGOs) have been vacating space while some traditional and outsourcing firms have either closed shop or are rationalizing their office footprint.”

Office space vacancy would rise to 11.6%, according to Colliers’ projection. This is higher than the expected 9.1% Metro Manila vacancy by the end of 2020, and the 4.3% logged in 2019.

The office leasing comeback would depend on the reopening of local businesses, Colliers said, including the recovery of global businesses that need outsourcing services from the Philippines.

“In our opinion, key segments such as telecommunications, medical coding, health information management, and e-commerce should help lift leasing starting H2 (second half) 2021.”

To improve office space leasing, Colliers said that landlords should offer spaces in “non-core” locations where rent is 30%-50% cheaper than central business districts.

“This is important especially for companies planning to implement a hub and spoke model wherein occupiers reduce the reliance of a single headquarters location for a more dispersed occupancy strategy.”

Leechiu Property Consultants (LPC) expects to see potential office space demand from BPO firms in Metro Manila, and provincial cities like Iloilo City.

LPC chief executive officer in a press release earlier this month said that more than half of vacated office spaces would lure expanding BPO firms because they are accredited by the Philippine Economic Zone Authority, deeming them eligible for tax incentives.

“Moreover, 82% of the aforementioned spaces are in Metro Manila, a primary destination for BPO firms,” the company said.

Bitcoin on longest winning run since last year after hitting $28,000 record

BITCOIN is on track for its longest monthly winning streak in more than a year after touching a record above $28,000 over the weekend.

The largest cryptocurrency reached an all-time high of $28,365 on Sunday before paring some of the advance, according to a composite of prices compiled by Bloomberg. The run of outsized returns over October, November and December so far is the longest such stretch since mid-2019.

“My sense is we’re very close to a top — we could hit $30,000 though,” said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore. “We should definitely see a pullback, but the magnitude is probably lesser. We might only see 10% to 15% drops.”

Bitcoin has divided opinion as its price more than tripled in 2020 amid a worsening pandemic. Believers see it as a hedge against dollar weakness and the risk of faster inflation amid huge stimulus injections, and cite growing interest from institutional buyers. Others question Bitcoin’s validity as an investment and point to the digital currency’s history of wild rallies followed by crashes.

Regulatory scrutiny of the still-nascent cryptocurrency industry continues to be a variable for investors to consider.

The Securities and Exchange Commission last week accused Ripple Labs Inc. and its top executives of misleading investors in affiliated token XRP. While Ripple plans to challenge the accusation in the courts, the development underscores the prospect of stricter oversight of digital assets.

Ayyar said investors are shifting to Bitcoin and other digital coins in the wake of the XRP development.

Bitcoin climbed as much as 3.6% on Monday and was trading at about $27,100 as of 7:07 a.m. in London. The cryptocurrency has advanced about 279% this year, while the wider Bloomberg Galaxy Crypto Index is up 266%. — Bloomberg

Lea, Kuh join others in virtual New Year countdown with a cause

SINGERS like Lea Salonga, Kuh Ledesma, world-renowned soprano Rachelle Gerodias, Korean baritone Byeong-In Park, Richard Reynoso, the UP Concert Chorus, and others join The Manila Hotel in a virtual countdown to mark the coming of the New Year, the 2021 Countdown with a Cause. In keeping with the long-standing annual tradition that has been in place since pre-war times, The Manila Hotel will still hold a New Year Countdown this year albeit in a different space. Due to the current  restriction on gatherings because of the ongoing coronavirus disease 2019 (COVID-19) pandemic, this year’s welcome to the New Year will be done virtually via a Zoom viewing, on Dec. 31 from 10 p.m. onwards. The party will include performances by the participating artists, a message from the hotel’s president Joey Lina, and a chance to win big raffle prizes. To join, anyone with a purchase from the hotel (P3,500 in a single receipt) is eligible for a raffle ticket. This includes dining bills from Café Ilang-Ilang, the Lobby Lounge, Roma Salon, and even The Manila Hotel’s Cowrie Grill in Greenhills; purchases from The Delicatessen, Lobby Shop, and Christmas corner; room bookings for FIT guests; promo purchases; and take out from the regular or the festive menu. Promo period is from Dec 17 to 31, with cut-off at 10 p.m. on the last day. The Grand Prize is an overnight stay at the MacArthur Suite, worth P500,000. Other prizes include suite room and dining vouchers, Prestige memberships, and many others. Part of the proceeds of guest purchases eligible in the 2021 Countdown with a Cause and the raffle will be pooled together to brighten the holidays of displaced workers in the city of Manila affected by the pandemic through a partnership with Manila Bulletin’s Bag of Hope. For more information on The Manila Hotel’s 2021 Countdown with a Cause, call 852-70011 or 0998-950-1912. Further information and raffle mechanics are also posted on the Manila Hotel’s Facebook and Instagram accounts (@TheManilaHotel).

How PSEi member stocks performed — December 28, 2020

Here’s a quick glance at how PSEi stocks fared on Monday, December 28, 2020.

Duterte keeps metro under general lockdown

President Rodrigo R. Duterte on Monday night said the Philippine capital and nearby provinces would greet the New Year under a general lockdown — the 10th straight month of quarantine — amid a coronavirus pandemic.

Aside from the capital region, Isabela, Santiago City, Batangas, Iloilo (City), Tacloban, Lanao del Sur, Iligan (City) , Davao City and Davao del Norte would remain under a general community quarantine, he said in a televised speech.

The rest of the country would be under a more relaxed modified quarantine, he added. Local government units may still appeal the lockdown levels for January.

Mr. Duterte locked down the entire Luzon island in mid-March, suspending work, classes and public transportation to contain a pandemic that has sickened more than 470,000 and killed more than 9,000 people in the Philippines.

People should stay home except to buy food and other basic goods, he said. The lockdown in most areas has since been eased, with more sectors of the economy allowed to reopen.

The Health department this month warned of a fresh surge in COVID-19 infections during the holidays as people violate quarantine rules and health standards.

Health experts in November urged the public to hold activities outdoors and limit interactions during the holidays. Celebrations should also be limited within the household. — Gillian M. Cortez

Stronger peso persists towards yearend as remittances pour in

THE peso appreciated further on Monday after another round of stimulus package in the US was signed into law while overseas Filipino workers (OFWs) continue to send remittances during the holidays.

The local currency ended at P48.055 per dollar on Monday, inching up by 1.5 centavos from the P48.07 close at the previous trading session on Wednesday last week, data from the Bankers Association of the Philippines showed.

Financial markets were closed on Dec. 24 and 25 for the Christmas holidays. Trading sessions resume on Monday until Tuesday before it closes again ahead of New Year’s Eve.

The peso opened the session at P48.05 a dollar. Its weakest showing was at P48.06 while peaking at P48.02 versus the greenback.

Total volume of dollars traded went down to $507.38 million on Monday from $679.2 million on Wednesday.

“The peso appreciated slightly after US President Trump finally signed the US stimulus and government funding bill despite his initial disagreements,” a trader said via e-mail on Monday.

US President Donald J. Trump signed into law on Sunday another round of stimulus package worth $2.3 trillion to help the world’s biggest economy bounce back from the economic downturn, based on a report by Reuters.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the stronger peso to the higher remittances from OFWs during Christmas Day and ahead of New Year’s Eve.

“BoP (balance of payments) surplus still among 2-year highs and also near 8-year highs also supported the latest gains of the peso exchange rate,” Mr. Ricafort said in a Viber message.

The central bank reported on Monday that the country’s overall BoP position was at a surplus of $1.47 billion last month, surging by 171% from $541 million in November 2019, but slimmer than the 10-year high surfeit worth $3.44 billion in October.

Last month’s tally brought the year-to-date surplus to $11.79 billion, up by 88% from a year ago.

The 11-month total hit a nine-year high after exceeding the $11.4-billion surplus seen in the entire 2011, based on the central bank’s historical data.

The trader expects the peso to continue appreciating on Tuesday on expectations that more dollars will be entering the country towards the end of the year.

The trader expects the peso trading between P48 and P48.10 versus the greenback on Tuesday while Mr. Ricafort gave a narrower forecast range of P48-48.07 per dollar. — Beatrice M. Laforga

Local stocks decline after extended UK travel ban

PHILIPPINE shares ended in negative territory on Monday, the start of a short trading week, as investor sentiment was dampened by the extension of travel restrictions from the United Kingdom (UK) in efforts to limit the spread of a variant of the coronavirus disease 2019 (COVID-19).

The 30-member Philippine Stock Exchange index (PSEi) dropped 82.13 points or 1.14% to close at 7,122.25, while the broader all shares index fell 40.18 points or 0.93% to end at 4,254.37.

Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said the market retreated as investors considered the Philippine government’s decision to prolong the ban on all flights from the UK for another two weeks.

“Market participants may be digesting the recent developments over the new strain of COVID-19, thus urging most of them to stay cautious,” Mr. Pangan said in a mobile phone message.

On Saturday, President Rodrigo R. Duterte extended the travel ban in an effort to prevent the spread of the new COVID-19 strain. Passengers that came from or passed by the UK and other countries where the new strain was detected, such as Hong Kong, Singapore, Australia, and Japan are also ordered to undergo 14-day quarantine.

For AAA Southeast Equities, Inc. Research Head Christopher John Mangun, the market fell due to panic selling in anticipation of tighter lockdown restrictions as a result of the new COVID-19 strain.

“Once sellers stopped dumping at the lower prices, buyers came back in, pushing prices higher, and limiting losses for the day. It broke below its support at 7,200 and failed to recover back to this level,” Mr. Mangun said in an e-mail.

“The market’s early losses were not because of massive selling pressure, but the lack of buy posts as investors expected the drop and opted to pick up shares at lower prices,” he added.

On Monday, all sectoral indices at the PSE ended in negative territory at the end of trading day.

Financials declined 29.27 points or 1.99% to 1,438.69; holdings firms retreated 124.38 points or 1.67% to 7,323.69; industrials went down 69.21 points or 0.74% to 9,250.97; services shrank 10.16 points or 0.66% to 1,516.27; mining and oil decreased 50.16 points or 0.54% to 9,236.56; and property sank 7.94 points or 0.21% to 3,686.11.

Decliners bested advancers, 175 against 62, while 34 names ended unchanged.

Value turnover on Monday amounted to P8.14 billion with 60.55 billion issues switching hands, higher than the P6.94 billion with 29.39 billion shares during the previous trading session.

Net foreign selling declined to P98.26 million, against P695.96 million on Wednesday last week.

“Market support may be placed at 6,800, while nearest resistance may be drawn at the 7,300 level,” Mr. Pangan said. — Revin Mikhael D. Ochave

1...7,1247,1257,126...12,703Page 7,125 of 12,703
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube