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SEC approves Investree as country’s first crowdfunding portal

By Revin Mikhael D. Ochave, Reporter

THE Securities and Exchange Commission (SEC) gave the go-signal for Investree Philippines, Inc. to start operating a crowdfunding platform that plans to link small, medium and emerging enterprises with banks and other lending institutions.

In a statement on Thursday, the SEC said Investree’s application to function as a funding portal and serve as a crowdfunding intermediary had been approved during the commission’s meeting on Dec. 22.

“The registration of Investree as crowdfunding intermediary and funding portal shall be valid for one year, subject to a review by the commission of the actual operation of the crowdfunding portal during the first 11 months for possible extension,” the SEC said.

Investree is the first crowdfunding intermediary and funding portal that registered with the SEC since the guidelines on crowdfunding took effect in July 2019. The company is a joint venture between Filinvest Development Corp. and Investree Singapore Pte. Ltd.

According to the SEC, crowdfunding is a fundraising act that is usually conducted via an online platform for startups and small and medium enterprises.

Three parties are involved, namely: the entrepreneur or project initiator, supporters or those who will fund the project, and the platform that consolidates the entrepreneur and supporters to realize the business project.

SEC said crowdfunding may be lending-based, where money from supporters will be lent to the entrepreneur and receive a legally binding document to repay the loan at a certain time and interest rate.

Similarly, crowdfunding can be equity-based, where supporters invest in shares sold by the entrepreneur and gain a share of the profits.

“Crowdfunding may also be donation-based, where supporters pool their resources to support a charitable cause; or reward-based, where supporters give money in exchange for a ‘reward,’ usually a product produced by the project initiator,” the SEC said.

Among the types of crowdfunding, SEC said Investree will operate a lending-based platform. Its lenders will be banks or qualified buyers, while the borrowers will be limited to small, medium, and emerging enterprises.

“Lending-based and equity-based crowdfunding activities involve the offer of securities in the form of debentures or shares. As such, they are subject to securities regulation in many jurisdictions,” the SEC said.

Under Republic Act No. 8799 or the Securities Regulation Code, securities are not allowed to be sold or offered for sale or distribution without the necessary registration statement approved by the SEC.

However, the SEC said crowdfunding rules provide an exemption from the registration of crowdfunding securities as long as the issuer, intermediary, and investors comply with certain rules.

“Under the rules provided through SEC Memorandum Circular No. 14, Series of 2019, a crowdfunding intermediary may be a registered broker, investment house or funding portal, which mediates the offer and sale of crowdfunding securities through an online, electronic platform,” the SEC said.

Meralco’s MGen takes majority stake in Bulacan solar company for nearly P159 million

MERALCO PowerGen Corp. (MGen) has gained control over a solar energy company in Bulacan by acquiring its co-owner’s shares for P158.95 million, its parent firm Manila Electric Co. (Meralco) told the local bourse on Thursday.

In a regulatory filing, power distributor Meralco said MGen unit MGen Renewable Energy, Inc (MGreen) increased its equity in PowerSource First Bulacan Solar, Inc. (PFBSI) by 20% with the purchase of 315,839 shares from Sunseap Philippines Solar Holdings Pte. Ltd.

The acquisition raised MGreen’s ownership in the Bulacan firm to 60%.

“Nature and amount of consideration given or received (is at) P158,950,300,” Meralco said, referring to the amount its unit paid for the additional shares.

Previously, MGreen owned 40% of the solar company, Sunseap held 24%, with Powersource Energy Holdings Corp. owning 36%.

Meralco said the acquisition is in line with MGen’s goal to “diversify and increase investment in the renewable energy sector.”

“The acquisition increases the attributable and net sellable capacity of MGreen, which is in line with [MGen’s] goal of building a portfolio of 1,000 MW (megawatts) renewable energy projects in the next 5 to 7 years,” it said.

PFBSI is constructing a 50-MW utility-scale solar facility, which is expected to begin commercial operations in the first quarter this year.

The deal comes after Meralco announced last month that its unit MGen would fully own Global Business Power Corp. (GBP) after signing a deal with the latter’s two main stakeholders to transfer their shares for around P34.47 billion.

On Dec. 28, the local bourse suspended the trading of Meralco’s securities as the distribution utility had yet to submit the requirements for its substantial acquisition of GBP.

Open-end investment company First Metro Philippine Equity Exchange Traded Fund, Inc. (FMETF) previously said that the lifting of the suspension would be announced at a later date.

On Thursday, shares in Meralco on Thursday inched down by 0.67% to close at P297 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

DBP lends Hijo Superfoods P645 million to ramp up sugar, banana flour production

STATE-RUN Development Bank of the Philippines (DBP) extended a P645-million loan to Hijo Superfoods, Inc. (HSI) to boost the local manufacturer’s coconut sugar and banana flour production for export.

In a statement on Wednesday, DBP President and CEO Emmanuel G. Herbosa said the loan will fund the company’s “Project Honeycomb” that will beef up the production of these export products to nine metric tons (MT) each day from 12 MT per month, previously.

The project aims to use advanced technology and machineries to ramp up production, the lender said.

“DBP has always been supportive of the initiatives of our local industries that benefit not just the local community, but promote the country as well through their world-class products,” Mr. Herbosa was quoted as saying.

The company plans to ship these products to export markets, which could generate them over $10 million in gross income, said DBP Senior Vice-President for Southern and Western Mindanao Lending Group Ana Marie E. Veloso in the same statement.

Producing banana flour is a start-up initiative for the company that uses bananas sourced from HSI’s own farms and other firms.

Ms. Veloso said the project will help the livelihood of local coconut farmers to be more sustainable against the highly volatile prices of copra in the external market.

“On another note, the products of Hijo are also considered as healthier alternatives to regular processed sugar thereby contributing immensely to the nation’s efforts to combat and control non-communicable diseases such as diabetes,” she added.

The state-run lender saw its loan portfolio rose by 14% year on year to P374.85 billion in the nine months to September last year.

However, its net income went down by 26.69% to P3.24 billion after setting aside higher provisioning for expected credit losses amid the pandemic-induced recession.

DBP was the ninth-largest bank in the country with total assets of P761.5 billion in 2019.

Its focus is extending credit financing for infrastructure and logistics; micro, small and medium enterprises; social services and community development; and as well as the environment. — Beatrice M. Laforga

Solutions for pandemic challenges sought in Final Pitch

FILIPINO business reality show, The Final Pitch, enters its sixth season with calls for non-profit organizations, startups, and innovators that have new solutions to address pandemic-related challenges to submit their pitches to join the show.

Called the “Heroes Edition,” the pitches will be screened by Li Hao Zhuang, the President and CEO of FWD Insurance, and Vince Yamat, the Managing Partner of 917Ventures as investors looking for multisectoral business solutions and high impact advocacies will decide to donate, invest, or give grants to successful entrants.

Pitches for donations and grants must come from reputable organizations that have a specific ask for beneficiary communities such as medical frontliners, farmers, indigent communities, and displaced workers.

Pitches for investments meanwhile, should come from entrepreneurs, inventors, and startups that provide solutions and technologies to the country’s transition to the new normal. Sample target sectors include retail, transport, and tourism. Likewise, ideas for employment of both locals and displaced OFWs, and business solutions for MSMEs (micro-small-medium-sized enterprises) are also welcome.

Online entries and one-minute pitch videos can be submitted via TheFinalPitch.ph/application. Interested investors and corporate partners may also reach the show through submit@TheFinalPitch.ph or 0917-813-6674. For more information, visit www.thefinalpitch.ph and follow its social media accounts. — ZBC

Axelum allots P350 million for 2021 capex

LISTED Axelum Resources Corp. has allocated around P350 million for its capital expenditures (capex) in 2021 to support its growth amid the coronavirus disease 2019 (COVID-19) pandemic.

In a regulatory filing on Thursday, the company said it had earmarked the said amount to fund the modernization of equipment, upgrade its capacity, and new product research and development initiatives.

“The company is also seeking to extend its market reach both domestically and overseas by appointing reputable distribution partners in identified key growth areas and continues to look for strategic and value-accretive targets for either an acquisition or joint-venture,” the company said.

Axelum has started the production of pressed coconut water, which is a product of its client Vita Coco. The company projects to achieve double-digit volume growth in its coconut water segment due to stronger demand.

“Last year, we capitalized on downtime at our manufacturing facilities driven by the COVID-19 pandemic to increase capacity in existing products and introduce new products, both of which will drive substantial growth in the future,” Axelum President and Chief Operating Officer Henry J. Raperoga said.

Further, Axelum is currently operating its production lines at full capacity for products such as coconut milk powder, desiccated coconut, coconut water, and coconut cream and milk.

Citing industry experts, the company said the market for coconut milk powder is expected to quickly grow due to its commercial applications and higher demand for organic coconut milk powder as a component for plant-based food products.

“We are entering 2021 with a renewed sense of courage and optimism anchored on our collective efforts and various learnings from last year, which strengthened our character and resolve,” Mr. Raperoga said.

Axelum recently announced the extension of its share buy-back program up to P500 million until June 30, 2021. As of writing, the company has bought 80.43 million treasury shares.

On Thursday, shares in Axelum at the stock exchange fell 1.53% or five centavos to end at P3.22 apiece. — Revin Mikhael D. Ochave

OFW deployments estimated to have fallen up to 75% in 2020 — POEA

OVERSEAS WORKER deployments fell by up to 75% in 2020 as job markets shut down due to the pandemic while movement to work sites was hindered by travel restrictions, according to preliminary estimates issued by the Philippine Overseas Employment Administration (POEA).

The agency’s administrator Bernard P. Olalia said at a briefing Thursday that the decline in worker deployments takes in the tally from both land-based and sea-based overseas Filipino workers (OFWs).

The newest official POEA statistics on worker deployments found on the agency’s website only run to 2016, during which the total OFW population was recorded at 2.55 million, including 1.7 million land-based workers.

Ayon sa data natin, nasa 70% to 75% ‘yung decline ng ating deployment kumpara sa historical data (According to our data, the decline in deployment is around 70% to 75% compared to historical data),” he said.

Mr. Olalia said the slump in deployments also affected recruitment agencies in the Philippines, foreign employers that depend on imported labor, and insurance companies that lost premium income from the inability to issue policies to deploying workers, as required by labor rules.

As the global economy gradually reopens, Mr. Olalia said he hopes 2021 will see improved deployments.

Sana unti-unti itong sumisigla (I hope we see a gradual return to health for the job market),” he said. — Gillian M. Cortez

Upscale hotels popular for New Year stays

Pinoys choose ‘outdoorsy’ destinations

A YEAR of pandemic restrictions have prompted travelers to ring in the new year with more upscale stays, according to travel booking website, Agoda.

Using data Agoda collected from Dec. 10 for New Year’s Eve bookings, the company saw four- and five-star accommodations being the accommodation of choice globally to celebrate the new year in 2020, in contrast to 2019 where one- to 3.5-star hotels were in first place and upscale hotels in second, with the exception of Taiwan, Thailand, and the United States which continued to favor one- to 3.5-star hotels this year.

Four- and five-star hotel bookings saw an increase of 13 percentage points in 2020 compared to the year prior, according to a company statement.

In the Philippines, with travel restrictions loosening, Filipinos continued to enjoy their New Year’s Eve celebrations in Manila, Cebu, and Tagaytay which occupied the top three Domestic Destinations in both 2019 and 2020. Both the 2019 and 2020 lists feature similar domestic destinations including Baguio, Boracay, and Palawan, although 2020 saw the entry of Batangas and Laguna which Agoda said is because “Filipinos are also exploring destinations that are ‘outdoorsy’ for a quick respite.”

“While 2020 might have upended many travelers’ plans, Agoda’s data that 4- to 5-star hotels are most popular among New Year’s Eve bookings this year shows us that there’s great desire among travelers to pamper themselves and optimistically usher in the New Year in style. We are heartened that travelers are not letting the pandemic dampen their travel spirits, and are also spending the New Year exploring domestic destinations less traveled, supporting local tourism communities in those areas,” Errol Cooke, vice-president of partner services at Agoda, said in the statement.

Yields on gov’t debt to stay low

YIELDS on government bonds are likely to stay low this year, with a slight pickup seen in the later months, as financing pressure remains subdued, ANZ Research said.

ANZ Research said in a note titled “Asian Rates Insight: Philippines – RPGB supply and demand in 2021” on Monday that while the government’s financing needs this year will remain large due to its bigger budget and wide fiscal deficit, the increase will remain modest from the record borrowings worth P3 trillion last year.

It said the government has several financing options which ease the pressure on the local debt market, such as tapping offshore sources while global liquidity remains elevated. The Bangko Sentral ng Pilipinas (BSP) is also sharing the burden with its accommodative monetary stance, it added.

This means government bond yields will remain subdued and only start rising, especially for longer tenors, towards the end of the year, ANZ Research said. It noted that the 10-year bond could see its rate climb by 50-60 basis points (bps).

“Helped by the vaccine rollout, the Philippine economy will likely recover, with an upward bias in long-dated yields and curve steepening in tandem with external markets. All said, we expect only modest upward pressure on RPGB (Republic of the Philippines government bond) yields, mostly in the latter part of 2021,” ANZ Research said.

Economic managers have capped the budget deficit at 8.9% of gross domestic product (GDP) this year. It plans to borrow P3.025 trillion to help fund its P4.5-trillion budget — 85% or P2.58 trillion from local lenders and the balance worth P442 billion to be raised offshore.

“Pressure on the RPGB market will be alleviated by the government’s strong cash position, with retail bonds and offshore borrowing remaining viable funding channels,” it said.

ANZ Research estimates that the government’s cash position stood at P1.34 trillion at end-October 2020.

“BSP is ready to provide funding if needed. The central bank has been proactive in sharing the fiscal burden to fight the pandemic,” it added.

It noted the central bank’s purchase of three-month Treasury bills in March worth P300 billion, as well as the P540 billion it lent to the government in October.

The BSP last month also approved another cash advance worth P540 billion for the government.

ANZ Research said the central bank is likewise expected to buy securities from the secondary market again in the coming months in a repeat of its bond buying program last year that helped manage liquidity conditions. — B.M. Laforga

ICTSI’s new service links Mindanao to Asia, Middle East

TWO vessels operate the service covering the Singapore-Cebu-Cagayan-Singapore route. — ICTSI.COM

LISTED port operator International Container Terminal Services, Inc. (ICTSI) on Thursday said it had launched a service that connects Visayas and Mindanao (VisMin) to Asia and the Middle East.

“Mindanao Container Terminal (MCT) welcomes the new year strong with the launch of Regional Container Line’s South Philippines 6 (RSP6) service that connects the Philippines’ Visayas and Mindanao regions to Asia and the Middle East via Singapore,” ICTSI said in an e-mailed statement.

ICTSI said the fixed-day weekly service made its first port call to its port terminal in Mindanao on Dec. 19.

Two vessels operate the service covering the Singapore-Cebu-Cagayan-Singapore route, ICTSI noted.

“The vessels turn in Singapore, which serves as a transhipment hub and provides competitive connections from Cebu, Cagayan de Oro, and Zamboanga to other Southeast Asian markets, the Indian subcontinent and the Middle East, while additionally serving the markets further north such as China and South Korea,” it added.

The company said the new service will aid farmers, manufacturers, and other producers in the country.

MCT General Manager Roberto Locsin said, “Now, more than ever, local businesses need help to bounce back, and the new service line will undoubtedly give them the boost they need.”

PHIVIDEC Industrial Estate Administrator and Chief Executive Officer Jose Gabriel la Viña was quoted as saying: “For the city of Cagayan de Oro and the rest of Misamis Oriental, the new service strengthens our position as a major agro-industrial exporter.”

“The availability of a regular and predictable service to a major international hub also presents opportunities for entrepreneurs and industries to move up the value chain. This could only mean higher incomes, more jobs, and a more comfortable life for our people,” he added. — Arjay L. Balinbin

BlackRock raps board of world’s biggest glove maker over worker safety

KUALA LUMPUR — The board of directors of Malaysian firm Top Glove Corp., the world’s largest maker of medical grade gloves, has failed egregiously in protecting its workers from COVID-19, US investor BlackRock said, calling for its removal.

The comments from the world’s biggest asset manager come after Top Glove saw an extensive coronavirus outbreak among its workers late last year. More than 5,000 foreign workers were infected and one died in what became Malaysia’s biggest cluster.

Reuters reported last month that Top Glove fired a whistleblower who raised concern about the firm’s lack of COVID-19 mitigation efforts. Workers have also told Reuters that they lived in crowded dormitories.

BlackRock cited workers’ accounts of working and living conditions, the firing of the whistleblower and the virus cluster at Top Glove in its criticism of the board. It also voted against re-electing six board members at Top Glove’s annual general meeting on Wednesday.

“We view the board’s ineffectiveness in COVID-19 mitigation and inadequate oversight of worker health and safety issues as especially egregious with potentially serious implications for its reputation as a supplier of such equipment to hospitals around the world,” BlackRock said in a statement late on Wednesday.

Top Glove did not immediately respond to a request for comment. The company has acknowledged that much more needs to be done to raise the standard of employee welfare and has promised to rectify shortcomings quickly.

A BlackRock unit, BlackRock Institutional Trust Co., is the tenth biggest shareholder in Top Glove, holding 1.07% of its shares.

The US firm said it intended to hold other incumbent directors accountable by voting against their re-election at future meetings.

An influential Norwegian sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), also voted against their re-election, according to voting records published by NBIM on its website. 

The fund, which owns 0.84% of Top Glove shares, declined to comment on worker safety concerns.

The board members were re-elected despite the objections.

BlackRock’s comments were the first public criticism of Top Glove from an investor since the virus outbreak among workers.

The company posted record profits last year as demand for its gloves soared due to the pandemic. Its share price more than tripled in 2020.

In July, the United States banned two units of Top Glove over forced labor allegations. Malaysian authorities plan to charge the company over poor worker accommodation.

BlackRock said the living conditions described by the workers, US and Malaysian authorities were in “stark contrast” to what the board conveyed to shareholders.

Top Glove’s factories, some of which were closed due to the virus outbreak, reopened last month. — Reuters

Audit of DITO’s internet speed starts

THE field assessment is expected to be completed within 30 days. — PHILSTAR/MICHAEL VARCAS

THE 30-day audit of DITO Telecommunity Corp.’s connectivity and internet speeds in various areas of the Philippines has officially started, the telco startup announced on Thursday.

In an e-mailed statement, DITO Telecommunity said it recently notified the National Telecommunications Commission (NTC) of its “readiness for the January 7, 2021 technical audit.”

“The chosen independent auditor, R.G. Manabat & Co. (an affiliate of KPMG, an international audit firm), is set to test the connectivity and internet speeds in various areas to ensure that DITO complies with its requirement to cover 37% of the population and provide a minimum average internet speed of 27 megabits per second,” the telco startup said.

The field assessment is expected to be completed within 30 days. It will take another 15 days to complete the final audit report, the company said.

It said the auditor uses “a percentage of the identified 1,600 sites that covers 8,800 barangays in the Philippines as base for the audit.”

DITO Chief Administrative Officer Adel A. Tamano said the results of the technical audit will not affect the telco startup’s planned commercial launch in March.

“As I have said before, DITO Telecommunity is poised to finally offer its services to the Filipino people in March, world-class connectivity that they truly deserve, as we launch commercially,” he noted.

In December, DITO announced that some former military men have joined the company amid security concerns over its partnership with a Chinese telecommunications firm. — Arjay L. Balinbin

Best and the rest of 2020

YEAH yeah yeah

Sick of essays mourning the disaster that was last year? Same.

Let’s get with it.

WW84 — Ah he he he. One of the biggest misfires of the year, and despite the high definition digital camerawork one of the gauziest movies of the year — gauzy action sequences, gauzy plot mechanic, gauzy villain (you’re not even sure why he does what he does, he has to keep explaining it to you), gauzy heroine. Diana Prince (Gal Gadot), wooden as in the first movie, can’t seem to be bothered to shake herself awake through much of this one — though the moment when she does (in a street corner, involving the love of her life) you probably wish she didn’t bother. Director Patty Jenkin’s action sequences mostly involve a cartoonish golden lasso that looks as if it was filched from a Super Friends Saturday morning cartoon, and her various bodies villainous and heroic fly around as if she hadn’t any notion how bodies in rest and motion should behave. Rumor has it a third Wonder Woman will happen — can they finally rope Kathryn Bigelow in to direct?

Mank — Well, not really; felt I had to address this title too before moving on. I like a lot of David Fincher’s late work — I think Mindhunter is very good and Zodiac his flatout masterpiece — but Mank is pitched between a too-careful recreation of ‘40s filmmaking (complete with cigarette burns and popping sounds) and a sterile digital approximation of one. The script — by David’s father Jack — proposes a secretly leftist Herman Mankiewicz who writes the script of Citizen Kane as belated revenge on William Randolph Hearst’s Machiavellian campaign against Upton Sinclair’s failed gubernatorial bid. The joker in the pack are the words “writes the script” — apparently Jack and David subscribe to Pauline Kael’s largely discredited assertion that Mr. Mankiewicz alone, without the help of Mr. Welles (and John Houseman), wrote the script. As history it’s questionable, as biopic risible, as an example of what ‘40s filmmaking was really like — well, you’re better off watching Citizen Kane.

Wolfwakers (Tomm Moore, Ross Stewart) — Mind you I loved Mr. Moore’s previous works: Secret of the Kells was gorgeously animated, an illuminated book come to glorious life, and so was Song of the Sea; both had a bittersweet adult sensibility that I appreciated, one that recognizes not everything works out best, that some broken families will never fully heal. Wolfwalkers feels different; the animation is still gorgeous but the story — of a young girl who befriends a wolf girl seeking to awaken her sleeping wolf mother — makes the kind of soppy in-your-face attempt at direct emotional appeal that reminds one of the worst of Disney, or Pixar. Of all of Moore’s works to date, the closest to being a dog.   

Ma Rainey’s Black Bottom — George C. Wolfe and producer Denzel Washington’s adaptation of August Wilson’s play is appreciated best as a small-screen visualization of August Wilson’s play: sumptuously produced, beautifully cast, adequately directed. Viola Davis is a force of nature as the eponymous Ma: demanding ice-cold Cokes, constantly playing brinkmanship with her record producers, belting out one show stopping song after another — but the real revelation is Chadwick Boseman abandoning his noble Black Panther persona to play Levee Green, the talented self-destructive trumpeter barely hanging on to his position in Ma’s backup band.

I’m Thinking of Ending Things — Charlie Kaufman plays his intricate metaphysical narrative games as well as anyone, and on occasion hits emotional paydirt: the melancholy tang of Eternal Sunshine of the Spotless Mind, the brave Lisa Hesselman (Jennifer Jason Leigh) standing out in a sea of uniform faces in Anomalisa. I’m actually willing to follow Kaufman pretty far up the recesses of his convoluted ass but it would help (as in the case of Eternal Sunshine and Michel Gondry’s fluid filmmaking, and Anomalisa with its beautifully detailed sets and puppets) to give me something to look at, instead of enigmas and mysteries halfheartedly staged and shot.

The Invisible Man — Leigh Whannell’s slickest script (not a fan of of his gimmicky Saw franchise), this shift in focus from the eponymous man to his emotionally abused wife is great fun, despite the clunky plotting and inconsistencies (Looking at you Oh swiftly vanishing splash of white paint!). Helps in no small measure to cast Elisabeth Moss as the aforementioned wife: no one plays terrified and abused and yet — somehow, some way — steely-strong the way Ms. Moss does.

Rebecca (Ben Wheatley) — Blasphemy! How dare they do a remake of Alfred Hitchcock’s beloved Oscar winning classic? Well, first of all, Oscars are a meaningless ritual; second, Mr. Hitchcock’s classic isn’t all that: too much interference from producer David Selznick, the master of middlebrow filmmaking (Mr. Hitchcock would do better six years later, with Notorious); third, Wheatley’s interpolations and smooth seductive style do make some kind of sense, until the disastrous Club Med ending. Oh well, there’s always the book.

Da 5 Bloods — Spike Lee’s Vietnam War movie corrective has five comrades go back into ‘Nam to recover lost CIA gold. The film is didactic and self-indulgently loud, the filmmaking characteristically exuberant; what lifts the proceedings to another level is DelRoy Lindo’s King Lear performance as a MAGA hat-wearing vet, haunted by ghosts he can’t exorcise.

Fireball: Visitors from Darker Worlds — Werner Herzog’s documentaries and fiction features have always had a starry eyed faraway look, the awareness that none of this is all, that beyond the horizon is something different, perhaps better; his eyes have never seemed starrier or more faraway (though we never see him onscreen) then here, his oddball wide ranging documentary on meteorites. The rocks themselves are fascinating: Mr. Herzog serves them up as an array of exotic erotic aliens, spiked and pitted and barbarically beautiful, like the throbbing glowing crystalline virus in The Andromeda Strain only real, and not as unfriendly. Just as fascinating are the creation myths and death rituals and stories people create around these rocks — for every traveler from outer space, it seems, people come up with an even stranger explanation for the visit.

Japan Sinks (Masaaki Yuasa) — I’ve heard the complaints: the plot is too coincidental; the animation in certain episodes wretched; this isn’t the Mr. Yuasa we know and love. To which I say: it’s as coincidental as life itself (if you don’t think life’s coincidental you need to read up on probability); it’s what Yuasa managed with the budget given him by Netflix; and Mr. Yuasa’s style shifts radically with every production (if you haven’t learned that by now you aren’t a fan).

Beyond that there’s a mood captured not unlike these pandemic times: of empty streets, and the constant search for food and water; of families thrown together for survival; of the paranoid chill inspired by a stranger’s passing. Easily Mr. Yuasa’s most emotionally moving work, and a perfect metaphor for the disaster of a year that was 2020.

Emma — and sometimes you don’t want grim and realistic; sometimes you want the effervescence of Jane Austen, as interpreted by photographer and first-time feature filmmaker Autumn de Wilde, who envisions Austenland as a series of constantly shifting fireplace screens and stunningly shot tableaus, through which waddle a gaggle of scarlet-robed Margaret Atwood handmaidens. It’s comedy of the highest order, with Anya Taylor-Joy — she of the Margaret Keane eyes — at one point flicking open a carriage screen panel so sarcastically you can’t help but giggle.

Is it better than Amy Heckerling’s Clueless? Well, no — that transported Ms. Austen’s shallow but precisely observed world of early 19th century England to the shallow but precisely observed world of 1990s Beverly Hills high schools, a triumphant feat of reimagination, and my favorite Austen adaptation. This has a style and spirit all its own, though, and I’m thoroughly seduced.

Fan Girl — Antoinette Jadaone’s updated, more darkly comic take on Lino Brocka’s classic Bona, with real-life celebrity Paulo Avelino (acting as both star and producer) extravagantly slandering himself in an act of (presumably fictional) self-flagellation. Mr. Avelino is the draw, but Charlie Dizon gives the breakout performance: her acting here is fresh and exciting as she walks the line between pathos and comedy. Ms. Jadaone’s script gives both actors the chance to shine, her direction shifting from showbiz realism to fangirl fantasy, sometimes within the same scene.

We Still Have To Close Our Eyes — John Torres, maddeningly enigmatic as ever, taking footage from Lav Diaz, Dodo Dayao, and his own films, and fashioning a no-budget dystopia where “remote avatars” take over bodies and teach them how to ride motorbikes. Well that’s the idea; in the wrong hands — in the Philippines everything falls into the wrong hands — the bikers (or convicts, or, at one point, children) do worse. Cops rove the streets, seeking these remote controllers; at one point men push a motorbike out of the way while the rider, lying broken on the ground, stares lifelessly at the camera. All done in under 13 eerie evocative minutes.

Midnight in a Perfect World (Dodo Dayao) — I thought Violator one of the best of recent horrors; I think this sophomore effort proves that the originality and self-assured talent of that debut was no fluke. This time Mr. Dayao proposes a Philippine society of the future that works fairly well: clean rivers, on-time public transportation, and all. Only, why are there occasional “blackouts” from which two or three people disappear? And why are the creatures (Aliens? Interdimensional visitors a la Lovecraft?) so insistent on giving us a happy contented existence, producing healthier, happier, meatier versions of ourselves?

Lahi, Hayop (Genus Pan) — Lav Diaz using his spare leisurely storytelling style to tell an allegorical fable, of evolutionary development (or the relative lack of) and how we as a species have not developed much further than apes. A withering statement on present Philippine society.

First Cow — I liked Kelly Reichardt’s Meek’s Cutoff well enough; a gently eccentric Western that doesn’t even get to its first medium shot till a few minutes into the film and doesn’t get to its first closeup (of the film’s putative star, Michelle Williams) till nearly the film’s end. The film reminds one of John Ford’s Wagon Master though Ms. Reichardt doesn’t seem to want to emulate Ford; her concerns are stranger, otherworldly almost.

The film First Cow most resembles I’d say is McCabe and Mrs. Miller: the entrepreneurial spirit in a beautifully desolate Northwestern town, the random characters assembled seemingly out of nowhere — and, wait, is that Rene Auberjonois muttering to himself on the sidelines? Again, though Ms. Reichardt seemingly takes off from another old master (this one of more recent vintage), her concerns and obsessions are her own, in an elegantly told deliberately paced narrative.

Don’t know what it is about the Slavic sensibility — the bleak wintry landscapes, the equally bleak personalities, the long history of war, repression, suffering — that I seem to respond to what they have to say best, at least this year, under these circumstances. Hence my next two choices — one Russian, the other Czech — both in my book the best of 2020:

The Nose or The Conspiracy of Mavericks — Andrey Khrzhanovskiy’s 50-year quest to realize Nikolai Gogol’ bizarre short story onscreen, arguably the longest in the history (only The Other Side of the Wind with its 48-year gestation period comes close), has resulted in this, an often hilarious, wildly imaginative yet somehow timeless (critics would say anachronistic or worse yet inconsistent) work of art. I say the animation — using a mix of stop-motion and cut-outs — is breathtakingly done, with a whirling dizzying spirit matched only by Shostakovich’s whirling dizzying music.

The Painted Bird — Vaclav Marhoul’s adaptation of Jerzy Kosinski’s novel has been compared to Elem Klimov’s searing Come and See, but where the latter is a propulsive straight-ahead film about the atrocities inflicted by Nazis on the Belarusians, the latter is a sprawling, sometimes meandering narrative that goes on for nearly three hours. The horrors of Come and See revolve mainly around the Nazis with their distinct style of sadism: well-equipped, deadly efficient, marked by touches of black humor; The Painted Bird sketches a darker vision of the world, where Slavic peasants are as capable of cruelty — they just don’t have the equipment to get things done as quickly, though they do have the determination and imagination to improvise something just as ingenious. Come and See’s Flyora (Aleksei Kravchenko) gave an extraordinary performance of nearly unrelieved intensity, his increasingly war-stressed face one of the most unforgettable images in recent cinema; The Painted Bird’s boy (Petr Kotlar) has a more ambiguous, altogether more mysterious presence: both in the thick of it all and yet somehow above it all, he somehow acts as both the film’s hardpressed protagonist and its cooly ironic commentator.