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PSE plans short selling program, new sector indices

THE PHILIPPINE Stock Exchange (PSE)plans to introduce new products in 2021 as part of its effort to create an “end-to-end” digital experience for stakeholders.

In a statement, PSE President and Chief Executive Officer Ramon S. Monzon said one of the new products is the launch of short selling once some concerns from market participants are cleared.

Mr. Monzon said the PSE wants to address the problems raised by foreign investors on the securities borrowing and lending (SBL) rules and regulations that will enable them to participate in the SBL program.

He said three items need regulatory clearance, namely: the approval of the Securities and Exchange Commission (SEC) on the Philippine Depository and Trust Corp. (PDTC) to be a lending agent; the SEC’s approval of identified offshore assets as collateral for foreign SBL participants; and the go-signal from the Bureau of Internal Revenue (BIR) for the use of Global Master Securities Lending Agreement (MSLA) for foreign participants instead of the local MSLA.

“While there are no more pending items on the short selling program, it has a lot of dependency on the SBL program,” Mr. Monzon said.

Short selling is the sale of a security that is not owned by the seller, but will be settled by the delivery of borrowed securities. An investor can generate profit by selling borrowed securities at a time of higher prices, then purchasing them at a lower price in the future.

Meanwhile, Mr. Monzon said the exchange is targeting to launch a new sector classification system within the first quarter of the year.

The new system will include two additional sector indices that will increase the indices to eight. It will also reclassify the current industrial, services, and mining and oil sectors into more specific sectors such as consumer, energy and utilities, industrial, mining and materials, and technology, media and telecoms.

Mr. Monzon also said that the second phase of the web-based application PSE Electronic Allocation System (PSE EASy) is slated for 2021.

Phase 2 of PSE EASy will consist of the expansion of subscription options that will include follow-on and stock rights offerings, and the integration of online payment services to the application.

PSE EASy is an application that lets investors register and subscribe online to the local small investor program of an initial public offering.

“This eliminated the need for investors to personally bring their forms and other requirements to receiving centers, which is very useful now that we are under strict community quarantine protocols,” Mr. Monzon said.

Other developments scheduled for 2021 include the creation of an online know-your-client platform (KYC) that will allow investors to open an account for those living outside Metro Manila and those overseas.

The PSE also plans to provide a new data analytics platform that will let investors check data on their own, and a new clearing and settlement system that is expected to launch in the second half of 2021. — Revin Mikhael D. Ochave

ERC wants new feed-in tariff proposal for ocean energy resources

COMPANIES that are looking forward to a guaranteed rate for power generated from ocean energy resources will have to wait longer as the Energy Regulatory Commission (ERC) denied the feed-in tariff (FiT) proposed by the National Renewable Energy Board (NREB).

In a press release on Sunday, the regulator said that the deferred petition asked for a FiT rate based on ocean thermal energy conversion (OTEC), a process that produces electricity through the temperature difference between cold deepwater and warm surface water.

The ERC did not give the exact rate proposed by NREB, the panel that advises the Department of Energy (DoE) on matters relating to renewables.

The agency said it had ordered NREB to file another proposal for a new ocean FiT rate based on tidal in-stream energy conversion technology, which the regulator described as the most dominant type of ocean technology in the Philippines.

“Majority of ocean power projects awarded with service contracts by the [DoE] use tidal in-stream energy conversion,” ERC Chairperson and Chief Executive Officer Agnes VST Devanadera said in a statement.

She added the ERC found it reasonable to use this technology instead of OTEC as the representative project to determine the FiT rate for ocean energy technology.

The agency said more information exists on tidal in-stream energy conversion technology, which could be a point of reference in calculating the initial FiT for ocean energy. It also said OTEC’s operations have “not yet reached commercial scale.”

Ms. Devanadera said the ERC “deemed it prudent to evaluate and determine the reasonable levels” of feed-in tariff “on the basis of information that are relevant in the context of ocean technology developments in the country and in other jurisdictions.”

She said these considerations are vital since the tariff “are costs that are ultimately passed on to the consumers.”

In 2012, the ERC deferred the approval of a feed-in tariff for ocean technical when it issued its decision on FiT rates because NREB proposed OTEC as a representative project. The agency noted that there were no OTEC plants in commercial operation at that time, with a handful of pilot projects launched globally.

BusinessWorld reached out to NREB for comment, but has not yet received a reply as of press time.

Based on a DoE circular issued in 2015, the revised feed-in tariff installation target for ocean technology is 10 megawatts. — Angelica Y. Yang

Rates of T-bills, bonds to move sideways as virus fears persist

GOVERNMENT SECURITIES on offer this week may see their yields move sideways at the first auctions of the Bureau of the Treasury (BTr) this year.

The BTr will offer P20 billion in Treasury bills (T-bills) on Monday: P5 billion each in 91- and 182-day debt papers and P10 billion in 364-day securities.

On Tuesday, it is looking to borrow P30 billion via an offer of reissued 10-year Treasury bonds (T-bonds). The notes have a remaining life of four years and eight months and carry a coupon of 3.625%.

A bond trader said via Viber over the weekend that the yields of the T-bills on offer on Monday could move sideways or slightly lower, while the five-year bonds could fetch rates between 2.5% and 2.575% “as the tenor remains attractive for yield pickup.”

The trader said the movement of rates of government securities will be supported by expectations on the upcoming inflation data for December. The Philippine Statistics Authority is set to report December and full-year 2020 inflation data on Tuesday, Jan. 5.

Headline inflation likely rose by 2.9-3.7% last month on higher prices of oil and agricultural products, according to the central bank’s estimate.

Inflation picked up by 3.3% in November, taking the year-to-date print to 2.5%, within the Bangko Sentral ng Pilipinas’ full-year target of 2-4%.

Meanwhile, rates of local government securities (GS) are expected to ease further at the start of the year, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort, similar to the continued decline in bond yields in most parts of the world due to fears that the new coronavirus strain will hamper economic recovery.

“GS yields, especially short-term tenors, could also ease, upon crossing the new year, after the end of window-dressing/balance sheet management after the end of the accounting year, thereby also resulting to less premium of time deposit and other high-cost funds,” Mr. Ricafort said via Viber over the weekend.

The BTr, at its previous auction on Dec. 14, made a full P20-billion award of the T-bills it offered as total tenders reached P76 billion.

Broken down, it borrowed P5 billion as planned via the three-month papers at an average rate of 1.022%, up by 0.7 basis point (bp) from the 1.015% fetched in the Dec. 7 auction.

It raised another P5 billion as planned in six-month T-bills at an average rate of 1.4%, up from 1.399% previously.

The government also borrowed P10 billion in one-year securities as the average rate went down to 1.686% from the 1.695% in the previous auction.

Meanwhile, the last time Treasury offered the 10-year notes was in November, where the papers fetched an average rate of 2.9%, up by 11.9 bps from the 2.782% quoted in the Oct. 20 auction. This 10-year bond series was first issued in September 2015 and are set to mature in September 2025.

The BTr plans to borrow P140 billion from the local debt market this month: P80 billion via weekly auctions of T-bills and P60 billion from fortnightly T-bond offerings.

The government is looking to raise P3 trillion this year from domestic and external lenders to help fund its budget deficit seen to hit 8.9% of gross domestic product. — Beatrice M. Laforga

San Miguel Aerocity franchise lapses into law

SAN MIGUEL Aerocity, Inc. was granted the franchise for the P740-billion Bulacan airport after the legislation lapsed into law last month.

Republic Act No. 11506 granting the company the franchise to construct and operate the domestic and international airport in Bulacan lapsed into law on Dec. 20 after President Rodrigo R. Duterte failed to sign the bill within 30 days after receipt.

The San Miguel Corp. (SMC) subsidiary will be granted tax exemptions during a decade-long maximum construction period. The company can then continue to enjoy tax exemptions after construction and until the Bureau of Internal Revenue decides that it has fully recovered its investment costs.

The 50-year franchise, which includes the construction period, also entitles the company to a 12% revenue share each year until investment recovery has been determined.

The company has said that it plans to start construction in the first quarter this year, with land development work to be done by Dutch firm Royal Boskalis Westminster N.V., through its local units Boskalis Philippines, Inc.

SMC Chief Operating Officer Ramon S. Ang said that the New Manila International Airport in the coastal areas of Bulakan town, Bulacan will be done by 2024.

The project has been criticized by various sectors, including fisherfolk and civil society groups for its environmental impact on marine life, endangered birds, and mangroves.

The groups filed before the Supreme Court a “writ of kalikasan,” a legal remedy that protects the constitutional right to a healthy environment. — Jenina P. Ibañez

The power to make things better

For these two chefs, food becomes more than mere sustenance but a symbol of hope for better times.

EVEN as the restaurant’s main branch along Quezon City’s Roces Ave. was forced to close after pandemic restrictions decimated the bottom line, requiring a major pivot to their second branch cum school which adapted to the needs of the times, Waya Araos-Wijangco’s restaurant, Gourmet Gypsy Art Cafe, has been feeding frontliners since the beginning of the coronavirus disease 2019 (COVID-19) pandemic. Since then, various disasters have hammered the country, including particularly the devastating typhoons Rolly and Ulysses. Ms. Araos-Wijangco helped out with relief operations for families in need in Cagayan Valley due to the ravages of Typhoon Rolly by helping set up a mobile kitchen there in partnership with Art Relief Mobile Kitchen; more recently, she gave a merry Christmas to families in Marikina and Rizal who were affected by Typhoon Ulysses.

“Even the kitchen we were in — we were hosted by the University of Cagayan Valley — the whole building; the kitchen we were in: lubog (flooded),” she said about the mobile kitchen they set up in the wake of Ulysses, in a phone call to BusinessWorld last week. “Nilinis lang so we can [use it] (It was cleaned so we can use it). All the equipment was destroyed; we had to bring a new freezer that we can use.”

They made hototay soup (a soup made with various meats, but especially chicken liver) for 4,000 people, then tinola (chicken ginger soup), and then adobo (a stew of chicken and/or pork in vinegar and soy sauce). “We did all sorts of things.”

During relief operations, people in evacuation centers are usually given instant noodle packs and canned food, not freshly cooked food. “It’s a human thing,” said Ms. Araos-Wijangco when asked why she and Art Relief went above and beyond to make better meals. “When you’re down, what’s the best way to pick you up? It’s hot comfort food. It’s really the best way to make you feel human again,” she said. “Hindi iyong nawala nang lahat, tapos kakainin mo instant noodles. Sobrang kawawa naman (Not like losing everything, and then having to eat instant noodles after. That’s too sad).”

“At the end of the day, they have a hot meal. It’s a comfort that they wouldn’t have to think about where to get what they’ll eat,” she said in a mix of Tagalog and English.

She pointed out that every difficulty was layered with the fact that we are still in a pandemic. For example, to prevent the spread of the disease, local volunteers for the mobile kitchen stayed in a separate area for preparation and distribution while she and her staff were similarly quarantined and working in isolation in the kitchen. She says of her staff, “They’re very proud of the things that we’ve done, and they’re also very grateful to have the opportunity to do it.”

After all of that, last Christmas, Ms. Araos-Wijangco raised funds to feed about 350 families in Marikina and Rizal who were also flooded out by the successive typhoons. In an initiative she posted on her and her restaurant’s Facebook account, a donation of P1,000 would go towards a three-course meal (with lasagna, a roast chicken, and fruit salad) good for six to eight persons. “We wanted something familiar but special,” she said.

“They didn’t just lose their home,” she told BusinessWorld. “It’s been a year of hardship. If you have just that one night where you can be with your family, at hindi mo problema kung saan kukunin iyong kakainin niyo (and you don’t have to think about where to get your food) — that was the gift.”

While we expected Ms. Araos-Wijangco’s projects to have deep roots (she started her relief operations even before 2013’s Typhoon Yolanda), we didn’t expect them to run quite so deep.

Christmas, for her family, is about others. “When my kids were small, I taught them that on [their] birthdays, you get a special day. You get things you want, the gifts you want; because it’s your birthday. But for Christmas, my children will get gifts from other members of my family; my friends. I know that someone will take care of them.

“We always tell them that for Christmas, we take care of the ones no one will take care of — those who don’t get gifts,” she told BusinessWorld.

“Even when we were kids, we were raised like that by our parents,” she said — her father was the late sculptor, landscape artist, and activist Jerusalino “Jerry” V. Araos. “My holiday rush is never about me.”

Asked why she does it, she replied: “Because you can. When you can, you must: especially in times like these.”

FROM SPAGHETTI TO TONDO
What’s a Swiss-trained chef doing in the slums of Tondo?

Ida Arreza, a former flight purser for Business and First classes of Cathay Pacific, left that dream job in pursuit of another. In 2011, she trained at the then-DCT European Culinary Arts Center in Vitznau (now the Culinary Arts Academy of Switzerland). The training enabled her to work at the Cafè Gray Deluxe in Hong Kong.

Now, all that brings her to the slums of Tondo, for her own nonprofit organization, Bolanday, Inc., with the flagship program Cooking for Kids. The programs she institutes aim to provide literacy and skills training for indigent children, and Cooking for Kids is a program for passing on her own culinary skills to these children.

Aside from Cooking for Kids, there’s also Sunday Food and Books sa Luneta, where the children, also in a feeding program, are taught reading. While running through every Sunday of 2019, it unfortunately had to be cut short due to the pandemic. Still, Ms. Arreza has continued her feeding programs throughout this pandemic. There are more long-term goals such as community development through the children’s mothers; as well as a school sponsorship program.

“We know that there are millions of people living in the slums of Manila, and on our streets. With the advance of the COVID pandemic the numbers are visibly rising. When families fall into a slum existence, it is very difficult to get back out again, and it doesn’t take long before starvation,  drugs, prostitution, and various forms of child abuse come into the picture,” she told BusinessWorld in an e-mail last week.

“The goal of Bolanday is to, in some small way, turn this vicious cycle around. If we can offer children support in their education and over time, help them to foster a vocation, they may have a chance of a better future,” she said. “Our hope is that one day those who are successful, in turn, will also go on to support their communities in their own different ways, and show that a way out of the slum is possible.”

The idea germinated over a meal of spaghetti in 2012, celebrating her first year as a chef. She first thought of the Cooking for Kids program as a restaurant where most of the profits would go to financing education for indigent children. That is still the dream, but circumstances have added another: “My dream is that some of the Bolanday kids, especially from the first batch, would come and work with Bolanday, perhaps run the restaurants, or at least as they start out as a means to learn the trade, and maybe also to keep the  concept going when I no longer can do it myself,” she said.

She discusses passionately why she holds her cause to heart. “In the few years that I am back in Manila and visiting its slums, I find that that passion right now has been transferred to focusing on helping children in need, simply because conditions are worsening, and really: no human being, most of all  children, should be living and growing up in such squalid conditions. It is inhuman,” she said.

“Helping these kids and their families is urgent. If we can uplift one family at a time, we will. We do the small ways that we can for now. Cooking for them after typhoons and fires and through this pandemic is crucial.”

Has anybody ever questioned her decision to invest her time and training in these efforts? “Rarely,” she said.

“One or two of my friends are just probably itching to tell me that, but they have not dared — yet. The closest one to telling me straight out is one of my sisters, but she has since given up. Despite her concerns, she is incredibly supportive of what I do. I am aware there are naysayers around me, but [there are] mostly believers. One of them recently told me, ‘Just trust your crazy ideas, Ida.’ So, I do. I am just very  thankful for being so blessed with a strong and solid support system from the very start, from my beautiful family to my wonderful friends, and hoping to get more and more people into it because together we really have the power to make things better.”

Asked why she does it, she answers simply “It’s a joy!”

Senate bill sets out incentives for farmers to switch to high-value crops

A BILL has been filed in the Senate to encourage farmers to cultivate higher-value crops and raise incomes in the agricultural sector.

Senate Bill No. 1902, or the proposed “Doubling Income of Farmers Act,” calls for free crop insurance, interest-free loans and a freeze on land acquisition payments for farmers seeking to climb the value chain.

The Philippine Statistics Authority estimated in October that 24.5% of the workforce is involved in agriculture, the second-largest share after the services sector, which has 57.2%.

The industry’s growth between 2010-2019 has averaged 1.89%, lagging the overall economy.

“The sluggish growth experienced by the agricultural sector has resulted in farmers being the poorest sector in the country,” Senator Maria Imelda Josefa R. Marcos said in the bill’s explanatory note.

Citing the 2018 Family and Income Expenditure Survey, she said farmers had the highest poverty incidence of any occupation with a rate of 31.6%.

She said the bill supports the Department of Agriculture’s (DA) policy of improving farmer incomes via modernization, industrialization, farm consolidation and export promotion.

Other planks of the policy are infrastructure development, government spending, and legislative support.

The bill will also establish the Agricultural Export Promotion Council, tasked to guide implementation of programs for the production of high-value crops.

The council’s brief includes strengthening research into high-value crops within the DA, the Department of Science and Technology and state universities and colleges, while establishing support for strategic export promotion.

It also requires the DA and the trade department to set up programs incentivizing innovation to attract more investment in high-value crops.

The bill provides for the consolidation of farmer associations and cooperatives into federations and sets a legal framework for agribusiness venture agreements, such as joint ventures, leases, and service and management contracts between producers and their buyers.

The bill will set aside P500 million from the DA budget to the Agriculture Development Fund, which may also be funded via borrowing from domestic and international financial institutions. — Charmaine A. Tadalan

12 wishes for 2021

What’s on your list?

Autohub Group President Willy Q. Tee Ten

TO BE HONEST, we’re still on the 2020 side of things as we put this “Velocity” issue to bed, so I’m hoping and praying that the waning days of this year don’t have more awful surprises in store, either natural or man-made.

If you believe in an eternal being, what do you pray for? How different is it from what you wished for at the start of 2020? Perhaps even more interesting: What is your state of mind as we enter this new year we actually started pining for very early in 2021 as things started to go south?

Many of us lost family and friends both to the disease and in circumstances we never would have had to deal with during a “normal” year. Those left behind were bereft of the traditional (and needed) time to process grief through a wake — consoled by fellow mourners as we look back and pay homage to the departed. Others may have lost a house, a job, a business, an investment, a travel plan. So as we rue how we must temper our celebrations and travels with caution to protect ourselves and the people around us, let’s remember that many do not even have the energy or desire to celebrate.

As we near the half-million mark in total coronavirus infections in the Philippines, it’s still better to count our blessings because things could have been, and could still be, worse. This means we must not waver on mindfulness of and compliance with health protocols even as multiple vaccines have been developed around the world.

I’ve seen countless posts, obviously half in jest, on social media about how we should stop saying “Bring it on, 2021!” or something to that effect. Fact is, 2020 has been one big black swan event — named after that rare bird which does occur in nature.

So as we mercifully shake off this nefarious year and look forward to, among other things, actually using that planner we (happily) chugged gallons of coffee to get, how about drafting a wish list of things both out of and within our collective control? We get the benefit of a clear slate, and it shouldn’t hurt to look forward to coloring it in the brightest of colors.

I wish…

1. That our loved ones get access to the best COVID-19 vaccine out there — and that the wait won’t be long.

2. That government makes good on its promise to prioritize the vaccination of medical frontliners and senior citizens.

3. That Filipinos finally learn to properly mask up and wear their face shields correctly.

4. That displaced bus drivers and their conductors, jeepney drivers, and tricycle drivers get sustainable options.

5. That our commuting public be given better, safer options.

6. That the EDSA Busway concept be reexamined and reconceptualized into one that can maximize EDSA’s capacity.

7. That drivers of vehicles who have no business using said Busway be decisively punished.

8. That more government agencies open online facilities and functionalities to limit physical contact.

9. That those U-turn experiments be put to rest.

10. That our RFID odyssey be finally completed.

11. That our auto industry, once a shining beacon of performance, gets back to its pre-TRAIN health.

12. That we’ll continue on the path to more choices in electrified mobility.

* * *

Speaking of wish lists, I reached out to Autohub Group of Companies President Willy Q. Tee Ten, who’s also the president of the Philippine Automotive Dealers Association which represents more than 200 dealers across the country.

I asked him for his projection for the local industry in 2021 and, crucially, what he thinks the main prerequisites are to help the industry recover from the doldrums of the past year.

Mr. Tee Ten’s wishes…

1. That banks approve more loans.

2. That frontliners be prioritized for vaccination.

3. That government supports more industries.

4. That, hopefully, no safeguard duties will be implemented, which will lead to an increase in the prices of vehicles.

When asked if we can get to 2018 or 2019 levels in terms of monthly sales, the executive replied: “I hope so. But it will be a challenge. I hope the ingredients above will become a reality sooner than later.”

Amen to that.

Cheers to a better year, everyone! Keep safe, and never let go of hope — and good sense.

China caps real estate loans to curb risks

CHINA’S REGULATORS will impose caps on banks’ lending to the real estate sector for the first time, in their latest efforts to prevent systematic risks after a series of property curbs in recent years did little to damp buyer enthusiasm.

Under the new mechanism taking effect on Jan. 1, 2021, loans to developers will be capped at 40% for the nation’s largest state-owned lenders while banks’ mortgage lending should be no more than 32.5% of their outstanding credit, the People’s Bank of China and the China Banking and Insurance Regulatory Commission said in a joint statement on Thursday. Those exceeding the cap will have a grace period of up to four years to meet the requirements.

The move underscores authorities’ determination to keep a tight rein on the bubble-prone sector and curb leverage at some of the nation’s largest developers. China’s home prices kept rising despite years of regulatory clampdown, stoking social discontent and pushing up financial risks as lenders increased bets on the sector to bolster profits.

New home prices rose by 0.12% last month, the slowest pace since February, as wider property curbs cooled demand, prompting developers to cut prices. Still, prices have gained every month since mid 2015.

Banks will be put into five categories and subject to different ceilings on their loans to developers and home buyers. While most of them had their current real estate exposure within the limits, those failing to comply will face additional capital charges, according to the statement. — Bloomberg

Tax appeals court upholds refund of P56.8 million to Pilipinas Shell

THE Court of Tax Appeals (CTA) upheld its ruling granting P56.8-million excise tax refund to Pilipinas Shell Petroleum Corp.

In a resolution dated Dec. 21, the court, sitting en banc, denied for lack of merit the motion for reconsideration of the Bureau of Internal Revenue (BIR) over the tax refund granted to Pilipinas Shell.

The BIR claimed that the court erred in ruling that the company is entitled to the refund representing excise taxes it paid on Jet A-1 fuel sold to tax-exempt international carriers.

The court said the arguments raised were “mere restatements” of those in the previous pleadings.

“Petitioner utterly failed to raise any new or substantial matter let alone any compelling reason to warrant the modification much less reversal of the Court En Banc’s findings.,” the court said.

“The Court En Banc stands by its ruling that respondent is entitled to the refund of duly substantiated excise taxes paid on petroleum products sold to international carriers from August 12, 2013 to December 31, 2013,” it added.

The court said that Pilipinas Shell in its comment maintained that excise tax on petroleum products is a tax on property and the exemption is granted under Section 135 of the Tax Code.

The court in June 2020 denied the petition for review of the BIR and upheld the 2018 decision and resolution of its special third division that partially granted the tax refund claim of Pilipinas Shell, ordering the BIR to refund the amount of P56.8 million out of its P61.5-million claim.

Only the amount granted was properly substantiated by relevant documents, the court said.

The CTA in its previous decision cited Sections 135(a) of the Tax Code, which states that petroleum products sold to international carriers of Philippine or foreign registry on their use or consumption outside the country are exempt from excise tax. — Vann Marlo M. Villegas

Metro Manila Film Festival 2020: A plotting waste

By Joseph L. Garcia, Reporter

MOVIE REVIEW
The Missing
Directed by  Easy Ferrer

GREAT promise was certainly seen in Easy Ferrer’s first horror flick. But promises don’t always translate to something concrete, and that promise went, well, missing, in this movie.

We’re not about to say that horror is an easy task. An increasingly difficult world has made audiences jaded, and therefore, less easy to scare. Ritz Azul (unconvincingly) plays an architect named Iris, who is an expert in the field of restoration. An ex-lover of hers, Job (Joseph Marco) hires her for a (hah!) job. A former professor wants to restore his creaking, possibly cursed, ancestral house in Japan, where they meet Miles Ocampo’s Len, a protege of Job’s. Easy enough, right?

A layer of complications is added on to the story, due to Iris’ mental illness — she suffers from PTSD (Post-Traumatic Stress Disorder) after her sister was kidnapped and disappeared. While I now sympathize with her, I’m also dealt with the burden of whether she sees the supernatural or is simply hallucinating (I may hasten to add that psychotic symptoms in PTSD are not as common and widespread as the film may suggest).

The premise and mise en scene are wasted on numerous deficiencies. I commend the cinematography, which makes full use of the Japanese countryside in autumn, as well as the meticulousness with which the sets are made and shot, making for a visually appealing (but not quite arresting) film. The score also has sophistication, and I’d gladly stream it if it were available.

The jump scares are rife in this film, with ghosts appearing as if they were born in the East Asian horror traditions in the early 2000s. That actually adds to the film’s appeal, but they can only hold my attention and scare me for so long. The routine eventually gets old, but the film at least doesn’t try to make the scares funny: well, save for one, where Iris battles with a ghost, but the ghost looked too corporeal for me to take her seriously.

The narrative is also relatively loose compared to the tautness of the film’s look, thus undermining it. The plot refuses to linger in the mind, and I probably won’t lose sleep over it. I do have to commend the actors: they aren’t great, but there’s an honesty and earnestness in their portrayals that make you root for them. They are a little bit transparent in their motivations, and our lead isn’t exactly convincing, but you have to give them something for effort.

Should you watch this? Maybe. A serious film aficionado might have an okay time with the visuals, but I’m sure they’ll have better material for that. Less-serious watchers may enjoy it for the cheap scares, or they can watch it so they can go around telling their friends about how they figured out the plot before the characters do.

Palay farmgate price rises 1.1% in second week of December

THE average farmgate price of palay, or unmilled rice, rose 1.1% week-on-week to P16.14 per kilogram in the second week of December, with the price increasing 2.2% year on year, according to the Philippine Statistics Authority (PSA).

In its weekly report on palay, rice, and corn prices, the PSA said the average wholesale price of well-milled rice fell 0.2% to P37.42 while the retail price fell 0.3% to P41.01.

The average wholesale price of regular-milled rice fell 0.1% to P33.42 while the retail price fell 0.2% to P36.21.

The farmgate price of yellow corn grain rose 0.3% week-on-week to P12.12 per kilogram.

The average wholesale price of yellow corn grain rose 0.1% to P19.59 while the retail price rose 0.7% to P24.78.

The farmgate price of white corn grain rose 1% to P13.27 per kilogram.

The average wholesale price of white corn grain rose 1.1% to P16.31 while the retail price rose 0.3% to P25.43. — Revin Mikhael D. Ochave

MG opens 3 new dealerships in Dec.

THE COVENANT Car Company, Inc. (TCCCI), exclusive distributor of the MG brand of automobiles, recently announced the opening of three more MG dealerships: MG North EDSA, MG Otis, and MG Camarines Sur. This brings the current total of MG Philippines dealerships up to 34. In a release, MG Philippines said that its network now provides greater access to MG’s sales and aftersales services to a larger number of clients all around the country.

“As we continue to expand our national dealership network, we are committed at MG Philippines to upholding the high standards set by the global MG team, ensuring that the services made available to all our clients are of the same caliber as those in other international MG markets such as the UK, Australia, the Middle East, South America, the Netherlands, and Shanghai, but tailor-fit to the needs of a very progressive Filipino market,” said MG Philippines President and CEO Atty. Alberto Arcilla. “Our goal, as we strengthen our dealership network and increase the reach of the MG brand to more locales around the Philippines, is twofold: First, to provide reliable aftersales services for the growing number of MG vehicles on our roads; and second, to make MG more accessible in various locations around the country in an effort to address the growing interest for quality MG products among Filipinos. Likewise, our national dealership network expansion is closely tied to the positive response our esteemed dealer principals and the motoring public have extended towards the MG brand, its modern and attainable products, and its rich motoring heritage.”

The MG Philippines dealership network currently includes: (in Metro Manila) Alabang, Araneta-Cubao, BF Parañaque, Commonwealth, EDSA Centris, Marikina, Sucat, Makati, Pasay, Quezon Avenue, and Congressional; (in Luzon) Batangas, Cabanatuan, Carmona, Dasmariñas, Lipa, Sta. Rosa, San Fernando, Pulilan, Taytay, Bacoor, and Calasiao; (in Visayas) Cebu-Mandaue, Iloilo, Tacloban, Bohol, and Bacolod; (in Mindanao) Davao, Cagayan de Oro, Zamboanga, and Valencia.

The company said it will further grow its network this year. Visit https://www.mgmotor.com.ph/dealers for more information, or follow MG Philippines on social media: OfficialMGPhilippines (Facebook) and @mg_philippines (Instagram and Twitter). The 24/7 MG Philippines hotline is (02) 5328-4664; send a message directly to the website using the MG Live Chat Service.