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An exciting new phase for WESM

Advocating innovations and advancements in the electricity market to support nation-building

The Independent Electricity Market Operator of the Philippines (IEMOP) is currently studying and establishing several market-driven strategies to advocate developments in the power sector. Market developments, such as the continuous lowering of threshold for the Retail Competition and Open Access (RCOA), Green Energy Auction (GEA), Green Energy Option Program (GEOP), Reserves Market, Forwards Market, among other initiatives are all on track to make the country’s sole electricity market more dynamic, competitive, and transparent. The ultimate objective of these initiatives is to ensure a reliable, stable, and economical supply of power to support nation-building.

Foremost, among these advocacies, is the implementation of the Reserve Market. Reserves or Ancillary Services are commodities which are intended to ensure the reliability and security of the grid in an event of a contingency, such as when a generator suddenly went on outage. Currently, reserves are being contracted by the System Operator, the National Grid Corporation of the Philippines (NGCP), and are scheduled on a day-ahead basis. These reserve capacities are then reflected in the WESM during real-time scheduling.

With the Reserve Market design approved by the DOE through its Department Circular DC2019-12-0018 and DC2021-03-0009, reserve capacities shall be traded in the WESM. Hence, upon the Reserve Market implementation, reserves shall be scheduled in the least-cost basis through a more competitive and transparent landscape. In WESM, transparency is ensured by publication of all data and information relevant to the trading of energy and reserves. In this environment, investors and existing generators shall be incentivized to build new or enhance their current facilities which are technically capable of providing ancillary service.

IEMOP is also currently preparing to launch an alternative trading system for forward contracts. Forwards contracting provides a solution to the capital-intensive nature of building a power plant by providing generators a way to manage their risks in supplying power to their consumer counterparties. These forward contracts guarantee that there will be steady return-of-investment to recover capital expenses over the generator’s lifespan, thus, ensuring its financial viability. Currently, the mode of securing these contracts is bilateral in nature, and the time and costs associated in closing such contracts is challenging, especially for new players in the industry.

Through a central platform, industry players and future investors can buy and/or sell forward contracts faster and in a more transparent manner. This in effect also speeds up the process of determining the financial viability of new generation capacity and hastens the time to construct the power plants. Other benefits of establishing a forward market include market-based price discovery, significant reduction of transaction costs, and more stable WESM prices.

IEMOP is also studying the feasibility of integrating a Capacity Market to the WESM. A Capacity Market enables customers to buy “capacity” in the Electricity Market to ensure adequacy of supply in the long run. In comparison to other common commodities in an electricity market, which are (1) energy and (2) ancillary services, “capacity” is a commodity wherein the seller offers “commitment” to either (a) supply power or (b) reduce consumption, when the buyer requires it. As seen in other jurisdictions, the benefits of having a Capacity Market are (1) long-term adequacy of supply, (2) reliability of supply, and (3) more accurate pricing signals.

The implementation of these advocacies will ensure the Philippine’s security and reliability of supply in the most economical way possible. Encouraging new investments requires a long-term and thorough evaluation and analysis of all sectors of the society, not only within the energy industry. As such, IEMOP continues its commitment in supporting the nation’s advancement by implementing the policies of the Department of Energy, proposing developments that will benefit the stakeholders and the public, and studying innovative ways to ensure stable and economical power throughout the future. — Andrea May T. Caguete

 

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‘Hot money’ continues to exit PHL

REUTERS

By Luz Wendy T. Noble, Reporter

MORE SHORT-TERM foreign investments left the Philippines in September, as investors remained wary amid the Delta-driven coronavirus surge.

Foreign portfolio investments — commonly referred to as “hot money” due to the ease by which these flows enter or leave an economy — posted a net outflow of $24.16 million in September, based on data released by the Bangko Sentral ng Pilipinas (BSP) on Thursday.

This is 95% lower than the net outflow of $493.65 million a year earlier but a reversal from the $11.51 million in net inflow seen in August. It was also the smallest net outflow since the $21.58 million seen in March 2015.

For the nine-month period, hot money yielded a net outflow of $459 million, 89% lower than the $4.4 billion in net outflow logged in the same period in 2020.

Inflows in September doubled to $1.188 billion from $594.02 million a year earlier and was higher by 47% than the $806.99 million seen in August.

Meanwhile, gross outflows rose by 11.5% to $1.212 billion from the $1.087 billion in September 2020 and by 52% from the $795.48 million in the previous month.

Top five investors in September include the United Kingdom, United States, Switzerland, Hong Kong, and Singapore, which accounted for 84.4% of the investments.

Two-thirds of these funds went into securities listed on the Philippine Stock Exchange, including holding firms, property, telecommunication, food, beverage and tobacco, and utilities. The rest were channeled into peso government securities.

The hot money net outflow in September showed investor sentiment continued to be clouded by uncertainty caused by the pandemic, Asian Institute of Management economist John Paolo R. Rivera said.

“September was still volatile in terms of COVID-19 cases and economic conditions, inflation was surging, interest rate is still low — investor sentiment in September was still low,” Mr. Rivera said in a Viber message.

Meanwhile, international developments including more signals from the US Federal Reserve on its upcoming reduction in asset purchases as well as the debt crisis of China’s Evergrande Group were also areas of concern for investors, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Mr. Rivera is hopeful investor sentiment could improve in the coming months as the country sees a decline in COVID-19 infections.

“The story may change in October onwards as restrictions are relaxed, COVID-19 cases have been decreasing, the economy is more active than before given the new alert levels implemented which is more calibrated than the old system,” Mr. Rivera said.

For this year, the BSP expects hot money to yield a net outflow of $4.3 billion.

Further lowering alert level in NCR to boost economy, says Chua

PHILIPPINE STAR/ MICHAEL VARCAS
The government has yet to decide on the alert level for the National Capital Region for November. — PHILIPPINE STAR/ MICHAEL VARCAS

By Jenina P. Ibañez, Reporter

DOWNGRADING Metro Manila’s lockdown restrictions to Alert Level 2 could add P3.6 billion to the national economy each week, according to the National Economic and Development Authority (NEDA) whose top official is pushing for the further easing of restrictions to spur more business activity.

Employment in the capital region could go up by 16,000 each week under the looser lockdown restrictions, NEDA said in a statement on Thursday.

If moved further to Alert Level 1, another P10.3 billion would be added to the economy every week, along with 43,000 jobs.

The National Capital Region (NCR) is under the stricter Alert Level 3 until Oct. 31. The government has yet to announce the alert level for November.

Socioeconomic Planning Secretary Karl Kendrick T. Chua at a forum on Thursday said continued strict lockdowns would provide little opportunity for spending.

“My position has always been to safely reopen the economy,” he said.

“That will create an effect to create more sales turnover, hire more people, provide more taxes to the government, and use that virtuously to provide more targeted support to the sectors that really need it.”

The NEDA chief prefers this strategy to a closed economy that does not allow the bulk of the population to go to work.

Mr. Chua declined to share his estimated third-quarter gross domestic product (GDP), but noted how more sectors were able to operate during the strict two-week lockdown in August compared with the more  stringent community quarantines in 2020.

“I think there will be strong potential for growth because mobility data from Google, trade data, production data, labor force data all show very different positive change compared to last year,” he said.

The Philippine economy exited recession in the second quarter as it grew by 11.8% after five straight quarters of decline, data from the Philippine Statistics Authority (PSA) showed. For the first half, GDP rose by 3.7%, still below the government’s downgraded full-year growth target of 4-5%.

Third-quarter GDP data will be released on Nov. 9.

Philippine economic growth projections have been slashed amid a Delta-variant outbreak that further dampened consumer and business confidence.

The International Monetary Fund lowered its 2021 Philippine GDP forecast to 3.2%, from the 5.4% projection set in June.

Fitch Ratings downgraded its projection to 4.4% from 5%, while the ASEAN+3 Macroeconomic Research Office cut its forecast to 4.3% from 6.4%.

Mr. Chua is also supporting the gradual reopening of schools, noting that the school closures’ cost to the Philippine economy — which now stands at P11 trillion over the next four decades — could be doubled.

The NEDA estimate is based on potential wage losses due to the one year lost in face-to-face classes.

“I think we should treat this virus now as part of our lives, move from pandemic to endemic mentality and manage,” he said.

The Education department is set to begin the pilot test of face-to-face classes in areas with low number of COVID-19 cases next month.

The Philippines is now considered at low risk from the coronavirus amid a drop in daily infections, the Health department said earlier this week.

Gov’t to borrow P200B from local market in Nov.

BW FILE PHOTO

THE GOVERNMENT plans to borrow P200 billion from the domestic market in November, as it takes advantage of the excess market liquidity.

In an advisory posted on Thursday, the Bureau of the Treasury (BTr) said it would borrow P60 billion in Treasury bills (T-bills) and P140 billion in Treasury bonds (T-bonds) next month.

The November borrowing plan is the same as the October program, which in turn was smaller than the P250-billion borrowing plan in September.

The Treasury will offer T-bills worth P15 billion on Nov. 2, 8, 15 and 22, or P5 billion each in 91-, 182- and 364-day debt papers. Since Monday (Nov. 1) is a special nonworking holiday, the auction was moved to Tuesday (Nov. 2).

For the long-term tenors, the government will offer P35 billion in T-bonds every week, auctioning off five-year notes on Nov. 3 and Nov. 16, seven-year securities on Nov. 23 and 10-year T-bonds on Nov. 9.

A bond trader said that the mix of five-, seven-, and 10-year tenors are somewhat expected.

“We think BTr will be able to get better results this month given the amount of excess liquidity,” the trader said in a Viber message.

National Treasurer Rosalia V. de Leon told reporters in a Viber message on Tuesday that going into November, the government has sufficient financing buffers as it took advantage of the low rates seen previously.

Improving revenue collections and additional official development assistance inflows will also support the government’s cash position, she added.

The Treasury raised a total of P129.89 billion in October, falling short of the P200-billion program set for the month. Broken down, it raised the programmed P60 billion in T-bills and just P69.89 billion for the long-term tenors.

The BTr rejected all bids during the Oct. 19 T-bond auction as investors asked for higher returns due to lingering inflation concerns. The government also made partial awards of P15.58 billion on Oct. 5 and P19.315 billion on Oct. 26.

The government borrows from foreign and local sources to plug its budget deficit. The gap has reached P1.1 trillion in the nine months to September this year, or 29.56% higher than the shortfall last year.

The government plans to borrow P3 trillion from domestic and external sources this year to help fund a budget deficit seen to hit 9.3% of gross domestic product.

The government runs on a budget deficit as it spends more than the revenue it generates to support economic growth. It borrows from both local and foreign lenders to plug this fiscal gap seen to hit 9.3% of gross domestic product this year. — Jenina P. Ibañez

BSP tells banks to manage environmental, social risks

BW FILE PHOTO

THE CENTRAL BANK wants lenders to keep a close eye on environmental and social (E&S) risks in their credit exposure, in line with the Philippines’ sustainable financing goal.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno signed BSP Circular No. 1128, which directs banks to adopt procedures that will take into account E&S risks that emanate from borrowers and their portfolio. It also mandated banks to set out targets and limits to control these exposures and to assess creditworthiness of borrowers.

“Banks shall consider environmental and social risks in defining credit risk appetite. The type, quantity and severity of E&S risks shall be evaluated taking into account different factors such as the type of loan, location of the borrower, project, and or collateral, and the industry of the borrower, among others,” the circular stated.

Under the circular, banks should engage in a “constructive dialogue” with clients that may pose significant E&S risks. A bank should conduct E&S due diligence on the borrower from the start and on an ongoing basis.

The circular said banks may also require borrowers to provide additional documents such as environmental permits and third-party certifications, especially those involved in the extraction of natural resources, emission of carbon and poisonous gases or substances, and other activities that deemed harmful to the environment.

Lenders should also look into the ability, willingness, and track record of borrowers in implementing measures to reduce their E&S risks.

A bank’s board of directors should also set environmental and social objectives, which may include “progressively increasing targets on the proportion of the loan portfolio allocated for sustainable financing.”

The board should “approve the risk appetite on specific risk areas that the bank is willing and capable to manage, results of stress testing exercises, and assessment of the timing and channels through which E&S risks may materialize.”

Banks should also assess annually the impact on E&S risks on their operations. This would include assessment of a bank’s capability to withstand disruptions, resume operations and continue to provide services.

“For instance, severe weather events could adversely impact business continuity, including branch networks, offices, infrastructure, processes, and staff that could lead to financial losses,” it said.

The Bankers Association of the Philippines (BAP) pledged support for the regulatory framework. BAP Managing Director Benjamin P. Castillo noted seven local banks have already issued more than $1.15 billion of green, social, and sustainability bonds since 2017.

“Incorporating sustainability is not only just about protecting the environment, but is a key factor in the promotion of long-term social and economic growth,” Mr. Castillo said in an e-mail.

“This E&S risk management framework will further enhance bank operations and risk management tools, delivering value to shareholders and uplifting the communities we serve,” he added.

In April 2020, the BSP launched its sustainable finance framework and gave banks a three-year transition period to adopt its provisions.

The government last week launched an interagency sustainable finance framework to address the country’s policy and regulatory gaps in promoting sustainable investments. — Luz Wendy T. Noble

MPTC sees 32% increase in traffic volume next year

THE Metro Pacific Tollways Corp. (MPTC) on Thursday said it expects a 32% increase in the average daily traffic volume on its expressways in 2022.

“We expect an additional 32% of vehicles on our roads by next year,” MPTC President and Chief Executive Officer Rodrigo E. Franco said at a virtual forum on Thursday hosted by the Economic Journalists Association of the Philippines.

MPTC holds the concession rights for Cavite–Laguna Expressway (CALAX), Manila–Cavite Expressway (CAVITEX), Circumferential Road 5 (C-5) Link Expressway, North Luzon Expressway (NLEX), NLEX Connector Road, Subic-Clark-Tarlac Expressway (SCTEX), and Cebu-Cordova Link Expressway (CCLEX).

“Currently, we serve more than 700,000 vehicles per day on all our expressways,” Mr. Franco said.

The company aims to build an “urban ring road” to help manage economic losses from city traffic by providing “unimpeded” traffic flow for goods and people.

Mr. Franco also said that for 2022, the company expects to open the CCLEX project to motorists in the first quarter, complete the NLEX Connector Phase 1 in the second quarter, the CALAX Cavite Segment and the NLEX Segment 8.2 Section 1A in the third quarter, and the NLEX Connector Phase 2 and CAVITEX C5 Link projects in the last quarter.

“We hope that the bottleneck in terms of awarding projects will be addressed so we can have new projects and help in the economic recovery,” he also said, referring to the next administration.

MPTC is the tollways unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

IWG says demand for flexible working spaces climbs amid pandemic

ALESIA KAZANTCEVA/UNSPLASH

INTERNATIONAL Workspace Group (IWG) said the pandemic pushed the adoption of the “future of work” early in the Philippines after it received more inquiries for flexible working spaces amid the coronavirus disease 2019 (COVID-19) pandemic.

IWG is a global operator of co-working and workspace brands with over three million members in its network across 3,500 locations in 120 countries.

On Thursday, the operator signed a memorandum of agreement that allows the establishment of two more centers in the country via a franchise deal with professional facilities management company VelcoAsia Management Corp.

“The interest in investing and [becoming] part of IWG and our network has actually been more progressive during COVID even than before COVID,” said Lars Wittig, Philippine country manager for IWG, in an online briefing.

“We all knew the trends in commercial real estate, it’s about the very rapid increase in demand for flexible workspace instead of the conventional leases,” he added.

In a report, IWG found that 81% of the companies across the world expect that hybrid work will be the new normal, while 82% have “taken advantage” of flexible working options.

“While businesses are still coping with the impact of the pandemic, we are confident that the rise of flexible workspaces will enable them to thrive in the recovering economy,” VelcoAsia Vice-President for Special Projects Mario Veloso said in an e-mailed statement on Thursday.

The two-center franchise deal with VelcoAsia includes the development of Manila Coworking Powered by IWG, which will be located in the Port Area of Manila.

“Powered by IWG” is a new concept, which would allow management companies to run businesses with the help of the global operator’s brand, marketing, and sales activities. It also allows management firms to use IWG’s global sales channel and to “drive operational and cost efficiencies.”

IWG said it is committed to expanding in the Philippines, growing from 25 to 43 locations. It currently “enables” flexible working in 11 major cities across the country, including areas in Metro Manila, Cebu, Davao, and Pampanga. — Keren Concepcion G. Valmonte

Movie houses and films opening in Nov.

DEEP cleaning between screenings is one of the safety protocols to be followed when movie houses open on Nov. 10.

AFTER having been shuttered for over a year because of the ongoing coronavirus disease 2019 (COVID-19) pandemic, selected cinemas will be opening on Nov. 10, the Cinema Exhibitors Association of the Philippines (CEAP) announced on its official Facebook page on Oct. 28.

The cinemas opening in Metro Manila are at Fishermall in Malabon; Cloverleaf, Eastwood, Fairview Terraces, Fishermall, Gateway, and Trinoma in Quezon City; Greenhills Shopping Center and Santolan Town Plaza in San Juan; Cinerama and Luck Chinatown in Manila; Circuit, Century Mall, Glorietta 4, and Power Plant Mall in Makati; Festival Mall in Muntinlupa; Bonifacio High Street, Uptown Mall, Venice Grand Canal in Taguig; Ayala Malls Manila Bay in Parañaque; and Newport Mall in Pasay.

Outside Metro Manila, the cinemas that are opening are at Alturas, Bohol Quality, and Island City in Bohol; Festive Walk in Iloilo; Fora in Tagaytay; Magic Star in Tarlac; Southwoods in Laguna; and Sta. Lucia in Rizal.

On Oct. 13, the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF), placed the National Capital Region under Alert Level 3, which allows the reopening of cinemas at 30% capacity for fully vaccinated moviegoers.

The CEAP’s health and safety protocols for the reopened cinemas are:

  • Monitoring of moviegoers’ body temperature as they enter the cinema;
  • Moviegoers to present authentic vaccination card;
  • Implement regulations set by the IATF and LGUs on facial coverings;
  • No eating inside the cinema;
  • Enforce socially distanced seating;
  • Encourage contact-less transaction in ticket-purchasing;
  • Improved air ventilation;
  • Availability of hand sanitizers at the cinema entrance;
  • Mandatory hand-washing every 30 minutes for cinema employees; and
  • Deep cleaning between screenings.

The CEAP also announced that horror-science fiction film A Quiet Place Part II, directed by John Krasinski, and the film adaptation of Frank Herbert’s sci-fi classic novel Dune, directed by Denis Villeneuve, will open in cinemas on Nov. 10. Meanwhile, the latest 007 film, No Time to Die, directed by Cary Joji Fukunaga and starring Daniel Craig in his last film as James Bond, is set for release on Nov. 17. Marvel Studios’ ShangChi and The Legend of The Ten Rings will open in theaters on Nov. 24. — MAPS

Converge CEO aims to build ‘tech city’ in Pampanga

DENNIS Anthony H. Uy, chief executive officer and co-founder of listed fiber internet provider ICT Solutions, Inc., said he hopes to build a “tech city” in Pampanga in the next three to four years.

“I’m looking at building a tech city to give back to my hometown, because I’m from Pampanga,” Mr. Uy said during a fireside chat with the Nordic Chamber of Commerce of the Philippines on Wednesday.

“The Philippines has so many talented people. If you go to Silicon Valley, you will see a lot of Filipinos there. They are really good in terms of technology,” he said, noting that the Philippines still has to develop an ecosystem that will offer opportunities to digitally skilled Filipinos.

The Philippines is a “perfect” location as a digital hub serving its neighbors in Southeast Asia, he said.

“The Philippines, geographical location-wise, is in the middle of Asia, and what is happening now, if you can see the trade war between China and the US, you can see the benefit… The Philippines should be a digital hub.”

“It’s my passion to make this happen, hopefully three to four years down the road,” Mr. Uy said further.

The Philippines placed 58th out of 64 economies in IMD business school’s World Digital Competitiveness Ranking 2021, after falling to 57th place in 2020 from 55th a year earlier.

The country retained the 13th spot among the 14 Asia-Pacific economies measured.

The Philippines fell three spots to 57th in the future readiness pillar after poorer performance in adaptive attitudes, business agility, and information technology integration.

It also dropped by one place in the technology pillar after a decline in capital, and it sank by one spot in the knowledge pillar as its training and education rank fell.

Converge ICT shares closed 0.30% lower at P32.85 apiece on Thursday. — Arjay L. Balinbin

Channeling faith, seeking refuge in music

Sony Music Phil. launches Christian music label

IN THE midst of the coronavirus disease 2019 (COVID-19) pandemic, people have found solace in faith-based music. In reaction to this, Sony Music Philippines has launched Waterwalk Records, a music label focusing on Christian music.

“Waterwalk Records began with the hypothesis that consumption of Christian and inspirational music has increased over the pandemic,” Roslyn Pineda, General Manager, Sony Music Philippines, said during an online press launch on Oct. 26. So, the music company conducted a survey about inspirational and Christian music consumption to test the hypothesis.

They found that some of the biggest names with wide consumption in the International Christian music scene are under Sony Music’s Provident Label Group, such as the Christian rock band Casting Crowns and the contemporary Christian band Vertical Worship.

“My team and I have been on a mission to come up with music that refreshes, music that spreads, music that fuels your faith, and music specifically for the streaming generation of today,” Ms. Pineda said.

“The Philippines is a big key market in Asia with a [big] population of Christians in the country,” said Ariel Fung, EVP, Sony Music Southeast Asia. “We really look forward to the best of local and regional talent coming together in the next few months, and making music in different genres, giving people comfort and hope.”

“Pop music inspired by Christian melodies has arguably created some of the most interesting music in recent years. It’s a diverse genre full of talented artists who use faith as a regular way of connecting with people,” Ms. Pineda was quoted as saying in a company press release. “Waterwalk Records has huge opportunities to grow as we work with talented artists such as Morissette, Gloryfall and Hazel Faith and others to bring their music to fans all across Asia.”

As part of the label’s launch, 12 tracks by Christian artists are expected to be released before yearend.

Singer-songwriter Morissette Amon released the label’s  first single, “Waterwalk,” on Oct. 28.

“I just literally decided to walk in faith,” said Ms. Amon during the press conference. “I decided to go into songwriting [during the pandemic], as well because there were no live shows. So, I took that as an opportunity to kind of grow my artistry as well,” Ms. Amon said about recording a song under the Christian label.

Ms. Amon said that the track can be “dedicated for a loved one or [considered] a worship song.”

“I’m very excited for everyone to hear the track and for everyone to be reminded that even if going through a tough time… you can continue to walk by faith in life,” she said of the song’s message.

“It’s only been a couple of years since I’ve made the decision to really follow Jesus and one thing I can really attest to is that we just need to trust Him in everything,” Ms. Amon was quoted as saying in a company press release. “I’ve been through some very challenging times too especially during this season, but it’s His grace that saves me and keeps me going, His love that comforts and protects me, and His promise that I will always keep in my heart.”

The second single from the label, “Mapayapa,” is a collaboration between Christian worship band Gloryfall and singer/songwriter Hazel Faith. It will be released on Oct. 30.

Rapper-actor Jericho Arceo and Stell of SB19 will release a joint single under the label, while Nathan Huang from the band “of Mercury” (formerly known as Nathan & Mercury) will release his first solo song through the label and will be collaborating with Darla Baltazar. She was recently included in the “16 Artists to Watch” list of the website The Gospel Coalition.

The lineup also includes singles from worship leaders from various churches in the Philippines. Favor Church’s Janine Danielle will perform a song written and produced by Moira Dela Torre and her music producer and husband Jason Hernandez. Other participating worship leaders are  Lee Simon Brown (from Victory Worship), Cola Cabalcar, Kent Charcos, Cherise Katriel, and Sam&Steff.

A single from Taiwanese singer/songwriter and YouTuber Ariel Tsai, who is signed under Sony Music Taiwan, will also be released by Waterwalk.

“I think people are looking for hope, they’re looking for love, and for grace, and what better way for them to feel that than through music, especially for the young people,” Ms. Pineda said during the press conference.

Ms. Pineda noted that in establishing the Christian music label, they aim to produce music of various genres for the streaming generation.

“We’re working with many different artists who want to be able to express their faith through music. For some people, they have their own careers, so this is a place where they can release their Christian music,” she said.

For more information on the new tracks, artists, and upcoming events, visit Waterwalk Records on Facebook (Waterwalk Records | Facebook) and Instagram (@waterwalkrecords). — Michelle Anne P. Soliman

Transpacific Broadband inks ‘managed service’ deal with int’l satellite operator

LISTED Transpacific Broadband Group Int’l., Inc. (TBGI) announced on Thursday that it had signed a three-year managed service agreement with international satellite operator ABS Global Ltd.

Under the agreement, which is extendable for another three years, TBGI will “provide collocation facilities and first level support for the development and maintenance of Low-Earth Orbit Satellite (LEOSAT) earth station in Clark, Pampanga for Starlink Holdings N.B.V.,” the listed company said in a disclosure to the stock exchange.

Starlink is a division within SpaceX, which is an American aerospace company.

“Although the managed service agreement executed by TBGI and ABS Global are specifically for LEOSAT earth stations of Starlink, the forward-looking statements are subject to known and unknown risk and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements,” TBGI also said.

Known uncertainties include change in political climate, regulatory risk, foreign exchange risk, and project completion risk.

“We are excited in the unlimited prospects of empowering government units, businesses and millions of Filipino households with advanced satellite internet services to meet their growing requirements for fast and reliable connectivity,” TBGI said.

LEOSAT technology, the company said, offers a combination of affordability, speed, flexibility, ease-of-setup and a 27-millisecond low-latency bandwidth to deliver a “superior” online experience in the “next level” Internet of things.

The company’s first-half net income after tax leaped 466.7% to P6.8 million from P1.2 million in the same period in 2020.

Total revenues for the first half went up 50.8% to P29.1 million from P19.3 million last year.

Expenses for the period increased 25.1% to P21.9 million from P17.5 million previously. — Arjay L. Balinbin

Gun not thoroughly checked before Alec Baldwin fired fatal shot

TIMOTHY EBERLY/UNSPLASH

SANTA FE, N.M. — A .45-caliber Colt revolver used on the set of the film Rust was not thoroughly checked before being given to actor Alec Baldwin, who fired a live lead bullet in an accidental fatal shooting last week in New Mexico, according to officials and a new court filing.

New details about the incident emerged on Wednesday during a news conference by Santa Fe County Sheriff Adan Mendoza and District Attorney Mary Carmack-Altwies and in an affidavit filed by the sheriff’s department. Mendoza told reporters there was a complacent attitude toward safety on the set before last Thursday’s shooting that killed cinematographer Halyna Hutchins during a rehearsal.

Hannah Gutierrez, the crew member in charge of weapons on the set, told investigators she had checked guns there but found no “hot rounds” —  apparently meaning live ammunition — before the shooting, according to the affidavit.

Dave Halls, the film’s assistant director, told investigators he “should have checked all” the rounds in the gun before handing it to Mr. Baldwin but had not done so, according to the affidavit. Authorities said previously that Mr. Baldwin was handed what he thought was a “cold,” or safe, gun by Mr. Halls, who took it from a cart used by Ms. Gutierrez.

Mendoza and Carmack-Altwies said while no criminal charges have been filed, they are not ruling out that possibility.

“All options are on the table. … No one has been ruled out at this point,” Carmack-Altwies said of potential charges.

Ms. Gutierrez, whose job is formally called the film crew’s armorer, said ammunition was not secured on the set during a lunch break before the shooting, the affidavit showed. It quoted her as saying that firearms were secured inside a safe kept on a white truck during the break and that no live ammunition is ever kept on a movie set.

“Only a few people” had access to the safe and knew the combination to open it, Ms. Gutierrez said, according to the affidavit.

A judge approved a request by investigators to search the truck on Wednesday.

Authorities have collected 600 pieces of evidence including three firearms, 500 rounds of ammunition —  some believed to be live bullets —  and several pieces of clothing and accessories in the ongoing investigation, Mendoza said. Some evidence is being sent to an FBI crime lab for analysis, Mendoza added.

Authorities have the firearm used in the shooting and recovered the bullet from the shoulder of director Joel Souza, who was wounded but later released from the hospital, Mendoza said. It appears the same bullet struck Mr. Souza and Ms. Hutchins, Mendoza added.

Mendoza said the gun used by Mr. Baldwin was an Italian-made Pietta Long Colt revolver.

“We would consider it a live round —  a bullet, live —  because it did fire from the weapon and obviously caused the death of Ms. Hutchins and injured Mr. Souza,” Mendoza said.

Baldwin, 63, serves as a co-producer of Rust, a Western film set in 1880s Kansas. Production on the Bonanza Creek Ranch, near Santa Fe, has been halted.

Mendoza said Baldwin, Halls and Gutierrez all are cooperating with the investigation.

Asked about the use of real weapons on a movie set, the sheriff said, “I think the industry has had a record recently of being safe. I think there was some complacency on this set. And I think there are some safety issues that need to be addressed by the industry and possibly by the state of New Mexico.” The shooting has sent shockwaves through Hollywood, prompting a debate about safety protocols in film and television —  including whether certain types of guns used as props should be banned —  and working conditions on low-budget productions.

Before the incident, camera operators had walked off the set to protest working conditions.

Mr. Baldwin was drawing a revolver across his body and pointing it at a camera while rehearsing when the weapon fired, according to court documents. There is no video footage of the incident, Mendoza said. The film’s producers have hired the law firm Jenner & Block to investigate the shooting. In a letter sent to cast and crew, the film’s production team said Jenner “will have full discretion about who to interview and any conclusions they draw.” — Reuters

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