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CNPF brands secure plastic-neutral citation

CENTURY Pacific Food, Inc. (CNPF) has secured plastic-neutral certifications from global nonprofit organization Plastic Credit Exchange (PCX) for all of its brands that use flexible and plastic packaging.

CNPF said in a stock exchange disclosure on Monday that brands such as Angel Coffee Creamer, Argentina, Coco Mama, Century Quality Bangus, Fresca Tuna, Hunt’s, Home Pride, Swift, Wow, unMeat, and Birch Tree have been certified as plastic-neutral by PCX.

The plastic-neutral certifications from PCX signify that the CNPF brands fully comply with the requirements of the Plastic Pollution Reduction Standard, a framework for the operation of a verifiable plastic offsetting program.

“This means that all these brands have successfully offset their plastic footprint from July 1, 2019 to June 30, 2020 by recovering an equivalent amount of plastic waste away from leaking into nature and ensuring it is processed safely into the circular economy through PCX,” CNPF said in the disclosure.

PCX extends an integrated plastic-offset platform and supports its partner organizations in finding solutions for the responsible monitoring of recycling and recovering plastic waste.

CNPF Chief Operating Officer Gregory H. Banzon said lowering the company’s impact and taking care of the environment are key parts of its sustainability program.

“For years, we have been building brands that provide affordable nutrition to our consumers. Now, they can rest assured that all their favorite CNPF products are working towards becoming more and more environmentally friendly as well,” Mr. Banzon said.

“We are fully committed to our plastic neutrality initiatives because we firmly believe that it is only right and proper for our business, our planet, our people, and the communities we serve,” he added.

CNPF posted a 24% year-on-year increase in its net income for the first quarter to P1.28 billion due to the re-opening of foreign markets that boosted its export business. Revenues of the firm during the quarter climbed 11% to P13.39 billion.

On Monday, shares of CNPF at the stock exchange rose 3.24% or 75 centavos to finish at P23.90 apiece. — Revin Mikhael D. Ochave

Coronavirus house price boom widens wealth gap

REUTERS

LONDON — A boom in Britain’s housing market and a surge in global share prices has led to windfall gains for middle-income and richer households during the coronavirus pandemic, research from the Resolution Foundation think tank showed on Monday.

The average British household saw its wealth rise by 7,800 pounds ($10,800) due to asset price rises and, to a lesser extent, lower day-to-day spending, despite Britain suffering its sharpest economic downturn in more than 300 years in 2020.

“Many families have been forced to save rather than spend during lockdowns, while house prices have continued to soar even while working hours have plummeted,” said Jack Leslie, senior economist at the Resolution Foundation.

The biggest percentage increase in wealth came for those in the middle of the wealth distribution, whose net assets increased in value by 9% to 80,500 pounds per adult, driven by a sharp rise in house prices.

Aided by a cut in property purchase taxes and greater demand for more spacious houses suited to working from home, British house prices rose by 9.9% in the year to March, the biggest increase since 2007.

The richest 10% households — who hold a greater proportion of their wealth in shares and less in housing than the median household — saw a smaller percentage rise but the biggest absolute gain of 44,000 pounds per adult.

By contrast, the least wealthy 30% of Britons saw an average increase in their wealth of just 86 pounds.

The Resolution Foundation said Britain’s government should look harder at how to tax increases in wealth, rather than place most of the tax burden on earned income and spending.

The findings are also likely to interest the Bank of England, which thinks Britain’s economy might get a modest boost from households spending some of their extra wealth.

However, opinion polling used in the study raised the risk of the opposite. Only 14% of households that had built up savings during the pandemic said they were “very likely” to spend them. By contrast, 35% expected to save more even after the pandemic, often because they had got used to economizing. — Reuters

Central bank grants P4-million loan under peso rediscount facility in June

BW FILE PHOTO

THE CENTRAL BANK granted a P4-million loan to a bank under its rediscount facility in June, marking the first availment since September 2020.

“Under the peso rediscount facility, the sole availment covering the period Jan. 1 to June 30, 2021 amounted to P4 million which represents the rediscount by a bank, under production credits, of a loan that financed industrial processing,” the Bangko Sentral ng Pilipinas (BSP) said in a statement on Monday.

Meanwhile, the Exporters’ Dollar and Yen Rediscount Facility remained untapped in June.

The last time banks tapped the BSP’s peso rediscount window was in September 2020 for loans worth P2.1 billion. Last year, the rediscount facility was only tapped by lenders in March, April, August, and September for total loan availments of P26.9 billion, 77.7% lower than the 2019 level.

The rediscount facility of the BSP lets banks get additional money supply by posting their collectibles from clients as collateral.

This additional money supply — denominated in peso, dollar, or yen — may be used by banks to disburse more loans for corporate or retail clients and tend to unexpected withdrawals.

The P4-million rediscount loan recorded in June, albeit small, reflects the impact of tighter restrictions on businesses, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

Metro Manila and nearby provinces were placed under the strictest lockdown classification from late March to mid-April as coronavirus infections surged, causing disruptions to business activities. Restrictions have been eased gradually since then and the area is now under the more relaxed general community quarantine.

Mr. Ricafort said rediscount facility availments will continue to be muted in the coming months as banks have ample cash.

“The continued excess liquidity in the financial system since the pandemic started last year would have reduced the need for banks to tap the BSP rediscounting facilities, as seen since the latter part of 2020, though the rising trend in banks’ nonperforming loans (NPL) due to the recent lockdowns would be a risk factor in the coming months that could prompt some availments,” he added.

Various BSP policy measures have released some P2.2 trillion in liquidity into the financial system, equivalent to about 12% of the gross domestic product.

Despite this, bank lending has been tepid and has declined for the sixth straight month by 4.5% in May, reflecting risk aversion among banks due to the crisis.

Bad loans surged by 83% to P479.481 billion as of May from P262 billion a year ago. This brought the NPL ratio to 4.49%, the highest since the 4.61% recorded in May 2008.

JULY RATES
Meanwhile, for this month, the applicable rate for loans availed under the peso rediscount facility is at 2.5%, regardless of maturity.

Meanwhile, dollar and yen-denominated borrowings regardless of maturity will have applicable rates of 2.14575% and 1.9225%, respectively. — L.W.T. Noble

Cannes News: Murakami adaptation, Anne Frank animation, Sean Penn’s daughter

Where is Anne Frank — PHOTO FROM IMDB.COM

CANNES — Japanese director Ryusuke Hamaguchi unveiled his awards contender at the Cannes Film Festival on Sunday, a tale of heartbreak and regrets which emerges in almost road movie-style over the course of several car journeys.

Drive My Car was adapted from a short story by Haruki Murakami. Mr. Hamaguchi, who has notched up distinctions on the film circuit including in Berlin, said he was drawn by the potential of the enclosed space enveloping the characters.

“What I found fascinating was how the intimacy is brought into the car through the long conversations between the characters,” Mr. Hamaguchi told Reuters in Cannes shortly before the film’s  red carpet premiere.

The Cannes Film Festival, which runs until July 17, is back after its 2020 hiatus due to the coronavirus pandemic.

Drive My Car centers on a theater actor and director played by Hidetoshi Nishijima, who is forced to confront the demons beneath the seemingly perfect surface of his marriage after it is rocked by infidelity and his wife dies. Two years later, and still struggling to overcome his loss, he travels to Hiroshima to produce a multilingual version of Uncle Vanya and is assigned a driver, Misaki (Miura Toko), and the two start conversing about their journeys.

The Japanese film earned early praise from critics, in particular for its lead actors.

CANNES ANIMATED FILM REVIVES ANNE FRANK STORY FOR NEW GENERATION
Featuring Anne Frank’s imaginary friend Kitty as its guiding force, a new animated film presented at the Cannes Film Festival seeks to reconnect one of the defining stories of the World War Two Holocaust against the Jews to the present day —  and a new audience.

By Waltz with Bashir creator Ari Folman, Where is Anne Frank goes beyond the narrative of Frank’s diary, written by the teenager when she hid with her family during the Nazi occupation of the Netherlands.

Through Kitty, who leaps out of the pages into contemporary Holland, Folman connects the story to a generation of teens wearing torn jeans and baseball caps, against the backdrop of a refugee crisis in Europe that provokes fresh dilemmas for the characters and viewers.

“I had to invent something new. I couldn’t do the diary as it was,” Folman told Reuters in an interview, adding that it was “important for me to reach a younger audience as I can get … to see what do we take from the Anne Frank story to our lives today.”

The animated film —  lavishly drawn in shifting styles, including as Anne and Kitty let their imagination run riot and fight off a Nazi army —  was years in the making, and was influenced by current affairs.

The film also uses humour to connect to its audience, highlighting funny passages from Anne’s own diary — like a fart-prone house guest —  or modern-day winks, like an appearance by US singer Justin Bieber at the Anne Frank museum.

SEAN PENN EXPLORES FAMILY TIES IN CANNES FILM
Actor Sean Penn said on Sunday he nearly passed up the chance to act opposite his daughter Dylan for the first time in Flag Day, his latest movie which is vying for awards at the Cannes Film Festival —  until actor Matt Damon egged him on.

Oscar-winning Mr. Penn plays John Vogel, a real-life wheeler-dealer who lurched from one failed business venture to another, causing heartbreak for daughter Jennifer, who reveres him.

Based on a book by journalist Jennifer Vogel, Mr. Penn told a news conference in Cannes that he had an image of daughter Dylan when reading the script —  but took some convincing to step into Jennifer’s father’s shoes, when he was already down to direct.

“The last effort I made to not play it was when I sent the script about a month and a half before shooting started to Matt Damon, who called me, not to say that he could do it, not to say that he can’t do it, but to say that I was a stupid schmuck not to do it,” Mr. Penn said.

Vogel was a notorious petty criminal who ended up involved in counterfeiting, although Flag Day is more interested in how he dupes those he loves and lies to himself.

The Into The Wild director’s latest effort behind the camera has so far earned him mixed reviews, with critics at Screendaily pointing to holes in the way the characters are presented, including Jennifer’s transition from an angst-ridden teenager to a budding journalist.

Most reviewers praised the acting duo at its center, however, including Dylan’s performance, and Sean Penn as the exuberant, fun-loving father who tries to keep up his great illusion as his American dream goes awry. — Reuters

Cebu Landmasters, Megaworld begin staff vaccination

CEBU Landmasters, Inc. and Megaworld Corp. started their respective employee vaccination programs last week, the listed property developers said in separate statements on Monday.

Cebu Landmasters said it began inoculating employees last Friday at the Velez Medical Arts Building.

The Visayas-Mindanao property developer said it joined the private sector, led by ICTSI Foundation, in acquiring over seven million doses of the vaccine developed by US-based Moderna, Inc.

Cebu Landmasters got over 10,000 Moderna jabs and it partnered with AC Health and Velez Medical to administer them.

The vaccine was given to employees, including project-based personnel, for free. Each employee can also nominate two qualified dependents to avail of the free vaccine.

Cebu Landmasters said it expects more of its employees to be vaccinated in the coming months.

Meanwhile, Megaworld reported that it completed vaccinating 95% of its office-based employees after kickstarting its own free vaccination program for employees and stakeholders last week.

It is part of the conglomerate-wide vaccine initiative. The Andrew L. Tan-led group procured over 100,000 doses of vaccines developed by Sinovac Biotech Ltd., AstraZeneca Plc, and Moderna. These will also be distributed to Megaworld’s subsidiaries.

The 95% vaccination rate of office-based employees translates to around 2,300 out of its 2,430 employees in its various office locations in Metro Manila, such as in Eastwood City, Uptown Bonifacio, and McKinley Hill.

“We also look forward to achieving the same for our sales groups and frontliners in our various malls and hotels especially in Metro Manila,” Megaworld Vice-President for Human Resources and Corporate Administration Rafael Antonio Perez said.

Megaworld plans to accelerate the vaccination of around 2,500 of its frontliners, which include its mall personnel and residential sales agents in its various sales offices nationwide.

It started its vaccination program in Arcovia City in Pasig. Megaworld is set to open another vaccination site in Uptown Mall this week to cater to its employees’ dependents. — Keren Concepcion G. Valmonte

2 Robinsons malls to host DFA passport service units

PASSPORT RENEWALS can now be done at the Robinsons malls in Las Piñas and Quezon City.

The Department of Foreign Affairs (DFA) started offering temporary passport services at Robinsons Place Las Piñas and Robinsons Magnolia in Quezon City.

Applicants are advised to get an appointment through the DFA Online Appointment System on www.passport.gov.ph. Those without fully accomplished printed appointments will not be accommodated.

Passport services will be available at 9 a.m. to 6 p.m., Monday to Saturday, at Level 2 of Robinsons Place Las Piñas, and Level 4 of the new wing of Robinsons Magnolia until Sept. 30.

Analysts eye more support after PBoC’s surprise RRR cut

REUTERS

THE PEOPLE’S Bank of China’s (PBoC) surprise cut in lenders’ reserve required ratio (RRR) has analysts speculating on what further steps are coming to bolster the economy as the recovery gradually slows.

Most economists don’t see Friday’s move as the start of a new easing cycle or a signal that further monetary stimulus is on the cards. Rather, the market is now turning its attention to liquidity operations, bond sales and fiscal spending to try and work out how authorities will manage the economy for the rest of the year.

“I don’t think the PBoC’s attitude towards the monetary policy has changed — it’s still cautious and this is not the start of an easing cycle,” said Morgan Lau, a fixed-income portfolio manager at Fidelity International in Hong Kong. “The primary motivation for China is to support small and medium companies influenced by the spike in inflation.”

The RRR cut frees up about 1 trillion yuan ($154 billion) of liquidity by reducing the amount of money banks have to keep in reserve. The purpose was to support interbank liquidity and capital markets but the overall policy stance hasn’t changed, the PBoC explained in its statement Friday.

The next chance for investors to get more details on the PBoC’s policy stance is Thursday, when the central bank decides whether to roll over 400 billion yuan in medium-term loans which are coming due. According to the PBoC, some of the 1 trillion yuan in extra money from the RRR cut will be used to repay the maturing loans. The amount of loans allowed to mature or be rolled over will indicate how much extra liquidity the PBoC thinks financial markets need.

“This RRR cut could help increase liquidity for banks and lower market rates and actual funding cost,” UBS AG’s Nina Zhang and Wang Tao wrote in a note. “We also believe monetary policy will continue its normalization path, including a further slowdown of credit growth and tighter prudential regulations.”

Banks may need extra liquidity in the second half of this year if they are to purchase the government bonds expected to hit the market during that period. The sale of government debt in the first half of 2021 has been slower than last year, and that pace will need to pick up if the government is to sell all the 4.5 trillion yuan in government debt in the annual plan.

“The PBoC will rely more on its lending facilities such as the MLF, relending and rediscounting to provide long-term liquidity if necessary, to cope with the incoming increase in government bond issuance,” Lu Ting, chief China economist at Nomura Holdings Inc., wrote in a note. — Bloomberg

Entertainment News (07/13/21)

Seth Dungca’s ‘Pangako’ breaks world record

FILIPINO singer-composer Seth Dungca’s single “Pangako” recently spawned 64 music videos, handily surpassing the standing Guinness World Record for Most Music Videos Made for One Song. The official world record is currently held by British EDM duo Coldcut for their 1998 song “Timber,” which has a total of five different music videos. Dungca’s “Pangako” tops that by 59 more videos. “Pangako” generated that many music videos when Mr. Dungca’s record label, Insight Music, launched a film competition in partnership with UFC to crown the official music video for the song. As of July 8, 64 people have submitted official entries, which may all be viewed for free on the YouTube Insight 360 channel. While YouTube provides proof of the song’s record-breaking achievement, Mr. Dungca and Insight Music still need to get official verification from Guinness World Records. The label is currently in the process of applying for the record. The process of world record validation can take up to 12 weeks, shortened by the organization’s Priority Application scheme that may take only five days. Insight Music recently announced the Top 20 music videos that will compete for the grand prize of P50,000 and the distinction of being song’s official music video. The label is set to announce the winner along with the People’s Choice Award for most YouTube views on July 30.

Cinema One and Myx now on Cignal

ABS-CBN pay TV channels Cinema One and Myx now air on Cignal. The home of Filipino blockbuster movies, Cinema One, is bringing new and classic films through its 24/7 programming now on Cignal Ch. 45. MYX is also now available through Cignal Ch. 150, bringing in the latest music videos and news about today’s hottest OPM and international artists. Cinema One and MYX will be free for active Cignal Postpaid, Prepaid Ultimate HD, and Premium SD subscribers only from July 1 to 31. Both pay TV channels are under the ABS-CBN subsidiary, Creative Programs, Inc.

New shows on Hayu in July

HAYU offers a lineup of new season premieres for the month of July. In The Real Housewives of Potomac Season 6, the regular housewives are back and they’re joined by a new housewife, Mia Thornton — an entrepreneur who may or may not have thrown salad at one of the housewives. The show premieres on July 12. Top Chef Amateurs Season 1 airs on July 2, hosted by long-time Top Chef judge Gail Simmons. In each 30-minute episode of this culinary competition series, two amateur chefs go head-to-head on some fan-favorite challenges from Top Chef. Below Deck Mediterranean is back for a sixth season, and this time with returning members Captain Sandy Yawn and Malia White aboard the Lady Michelle, a 180-foot mega yacht en route to Croatia. New episodes air every Tuesday. True-crime series Charmed To Death follows the true stories of manipulative criminals who use their charms to cheat, steal, and lure their victims into romantic relationships and their eventual deaths. The show premieres on July 19. Notorious: The Girl in the Box is about a hitchhiker, Colleen, who is offered a ride by a husband and wife who are with their baby. He then holds a knife to Coleen’s throat then locks her in a wooden box for 23 hours a day for nearly a year. The remaining hour is the only time of the day she is brought out of the box — at which time she is tortured. Notorious: The Girl in the Box premieres on July 18. Access unlimited shows with a subscription plan or prepaid pass. Sign-up via hayu.com to a weekly plan for P49 or a monthly plan of P149 with a seven-day free trial.

Bianca releases debut single

AFTER racking up more than 2.5 million steams on Spotify with her cover of an alt-rock classic, singer-songwriter Bianca has released her proper debut single under Sony Music Philippines. Written by Bianca herself, “Tenth of July”  retains the spare, soothing vocal quality the singer is known for. The track speaks fondly about memory and longing, and the beauty of remembering. “Tenth of July” is out now on all digital music platforms worldwide via Sony Music Philippines.

On Record now on Sundays

DOCU-MAGAZINE show On Record has moved to an earlier timeslot. The GMA Public Affairs program hosted by reporters Oscar Oida and Mav Gonzales now airs on Sundays at 5:20 p.m. On Record has been featuring captured moments of life — videos and photos about heroism, random acts of kindness, and other inspiring stories that are caught on camera. Viewers abroad can also watch it on GMA News TV.

Supermodelme to return in October

PRODUCTION company Refinery Media has announced that it is bringing back its reality competition series, SupermodelMe, in October. The latest season promises a fresh approach, new challenges, a star-studded cast, and builds off the success of its first five seasons. Season 6, called SupermodelMe Revolution, was filmed in Singapore in June, with 12 aspiring models from eight markets across Asia: Singapore, China, Hong Kong, Indonesia, Malaysia, the Philippines, Thailand and Vietnam. Refinery Media’s modelling reality shows include SupermodelMe Season 1 to 5 and Asia’s Next Top Model Cycles 5 & 6. The winner of the latest SupermodelMe season will go home with a Subaru Ambassadorship, a cover on Harper’s Bazaar, and a modelling contract with Storm Model Management. The Asian premiere of SupermodelMe Revolution is set to air on Oct. 11 at 7:55 p.m. on AXN Asia, across 10 weekly episodes.

Globe boosts connectivity in 3 hospitals

BW FILE PHOTO

LISTED telecommunications firm Globe Telecom, Inc. and its partners have donated WiFi devices and smart television sets to three hospitals based in Metro Manila as a tribute to medical frontliners.

Philippine General Hospital, Tondo Medical Center and National Children’s Hospital will each receive 50 Globe MyFi devices, smart TVs powered by Globe Home Prepaid WiFi, and a monetary donation of P500,000 from the Ayala Foundation, among others.

In a virtual briefing on Monday, Globe President and Chief Executive Officer Ernest L. Cu said that the firm’s donations aim to boost connectivity, which is vital for ensuring patient care and keeping in touch with families.

Staying connected will prevent delays in primary care and management, and will allow frontliners to safely connect with their loved ones, he added.

Mr. Cu said that the Ayala group of companies had extended a total of P16-billion worth of assistance for various coronavirus disease (COVID-19) response initiatives, as of May.

Listed conglomerate Ayala Corp. owns around 31% of the telecommunications firm’s common shares.

“With Globe as being part of the Ayala initiatives, we continue to extend assistance as the crisis unfolds. Since the start of the pandemic, we provided about P1.3 billion in assistance just in 2020 alone in the form of connectivity, donation drives and aid to families in need,” Mr. Cu said.

Of the amount, some P41-million worth of Globe Rewards went to donation drives for frontliners working in 10 partner hospitals; P27 million for health facilities, government units, and families in need; and P7.2 million went to Globe’s mobile wallet arm GCash’s donation drive for its partner companies.

“This contribution is Globe’s way of saying thank you for their continued service and sacrifice. We know that these connectivity devices will help them in sharing their struggles and triumphs with their families and make it easier for them to take care of their patients,” Mr. Cu said in a separate press release.

The company’s first-quarter attributable net income to its parent climbed by 11% to P7.31 billion year on year, as the economy slowly recovered.

Shares in Globe at the local bourse improved by 0.92% or P18 to close at P1,983 apiece on Monday. — Angelica Y. Yang

Philippines lags in tally of full vaccinations

Philippines lags in tally of full vaccinations

How PSEi member stocks performed — July 12, 2021

Here’s a quick glance at how PSEi stocks fared on Monday, July 12, 2021.


Peso extends decline as more countries tighten restrictions due to surge

BW FILE PHOTO

THE PESO weakened further versus the greenback on Monday as more countries imposed lockdowns due to a fresh surge in infections and following China’s unexpected monetary easing.

The local unit closed at P50.12 per dollar, depreciating by four centavos from its P50.08 finish on Friday, based on data from the Bankers Association of the Philippines. Monday’s finish is the peso’s weakest in more than a year or since it closed at P50.19 on June 23, 2020.

The peso opened Monday’s session at P50.05 versus the dollar. Its weakest was at P50.16 while its strongest showing was at P50.03 against the greenback.

Dollars exchanged dropped to $664.2 million on Monday from $859.7 million on Friday.

The peso weakened slightly due to the Delta variant’s impact on Southeast Asian economies, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Reuters reported that Indonesia registered more than 38,000 new cases on Friday for the second straight week and its daily death toll has more than doubled from the start of July. With this, authorities have extended restrictions to 15 other locations across the country as healthcare facilities are pushed to the limit.

In Thailand, authorities have also imposed stricter measures around Bangkok to slow the spread of the more infectious Delta variant.

Meanwhile, a trader said the peso dropped versus the dollar after China’s central bank unexpectedly cut its reserve requirement ratio by 50 basis points.

The People’s Bank of China in its website said the cut will be effective starting July 15. The move is expected to release around 1 trillion yuan ($154.19 billion) in liquidity to support its economy’s recovery, which is starting to lose momentum.

For Tuesday, Mr. Ricafort gave a forecast range of P49.95 to P50.20 per dollar, while the trader expects the local unit to move within the P50 to P50.20 band. — L.W.T. Noble with Reuters