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SM Prime books higher net income in Jan.-Sept.

SM Prime Holdings, Inc. booked a net income of P15.6 billion in the first nine months of 2021, up by 9% from the P14.4 billion logged in the same period last year despite lower consolidated revenues.

The company’s topline for the period inched down by 6% to P56.8 billion from last year’s P60.7 billion, it said in a disclosure to the stock exchange on Monday.

Its residential business, which is led by SM Development Corp. (SMDC), accounted for 56% of SM Prime’s consolidated revenues with P32.1 billion. However, this is lower by 6% compared to its P34.2-billion contribution last year.

SMDC’s reservation sales got a boost from its improved online presence and continued construction of projects, resulting in a 14% increase to P76.3 billion in the nine-month period from P66.7 billion last year.

Meanwhile, its Philippine mall business logged revenues worth P15.8 billion, making up for 28% of SM Prime’s consolidated revenues. SM Prime said this is 14% less than its nine-month contribution worth P18.3 billion last year after the government reimposed strict mobility restrictions.

Its China mall business, on the other hand, posted a 28% revenue increase to RMB0.59 billion from last year’s RMB0.46 billion.

SM Prime’s commercial properties logged P3.8 billion, while its hotels and convention centers recorded a P900-million revenue in the period.

“SM Prime continues to develop new ways and solutions in its businesses by developing sustainable programs that provide safe and secure environment for all of its stakeholders,” SM Prime President Jeffrey C. Lim said in a statement. “This is in line with our anticipation of welcoming more people in our establishments, primarily in our malls and other commercial facilities… this coming [holiday] season.

Shares of SM Prime went up by 0.83% or 30 centavos to close at P36.30 apiece on Monday. — Keren Concepcion G. Valmonte

Red Notice: Twists and turns, comedy and a little dancing

RED NOTICE - (L-R) Dwayne Johnson is the FBI’s top profiler John Hartley, Gal Gadot is the world’s most wanted art thief “The Bishop” and Ryan Reynolds is the world’s greatest art thief Nolan Booth in Netflix's RED NOTICE. Directed and written by Rawson Marshall Thurber, RED NOTICE is releasing November 12, 2021. Cr: Frank Masi / Netflix © 2021

NETFLIX’S new action-comedy Red Notice is a story of odd bedfellows starring Dwayne “The Rock” Johnson, Gal Gadot, and Ryan Reynolds — who not only jumped at the chance to work with old friends, he wrote jokes for the film.

It follows FBI’s top profiler John Hartley (played by Mr. Johnson) who finds himself forced to partner with the world’s greatest art thief, Nolan Booth (played by Mr. Reynolds), in order to go after the world’s most wanted art thief called “The Bishop” (played by Ms. Gadot). The adventure takes the trio around the world, where they are trapped in a secluded prison, in a coliseum dungeon, and a jungle.

At an online press conference with media from Asia on Nov. 5, Ryan Reynolds said that he jumped at the chance to work with old friends in the industry.

“I got to jump in the sandbox with some friends I’ve known for a long time and have fun,” Mr. Reynolds said. “It’s not every day that you get to do that. And sometimes you forget this job is fun.”

In the film, the Canadian actor plays a witty con artist who tries to outsmart the most wanted art thief to take possession of an Egyptian artifact.

“I love his mischief. I love that he’s a rascal, and I love that you never can’t ever trust him,” he said of his character.

Mr. Reynolds’ involvement in the film goes beyond acting in front of the camera, he actually wrote jokes for the movie. “I write eight or nine options for each joke, and I leave it to the editor and the director just to decide which ones they feel are suitable for the movie. So, I like to give them a whole bunch of options,” he said.

But writing jokes is not an easy task.

“I think humor and wit in movies are byproducts of personal pathos. I think you can’t really have any understanding of the dynamics of comedy unless you sort of understand its opposite…,” Mr. Reynolds said.

“Comedy is very challenging art form and I have a great deal of reverence and respect for it. I think I always will. I’m always trying to grow and learn more. I really, really do owe a lot, a huge debt of gratitude, to those who’ve come before me and [when] I grew up,” he added, citing comedians such as Steve Martin, Eddie Murphy, and Gene Wilder.

Israeli actress Gal Gadot liked the idea of playing a villain — something different from most of her roles.

“As an actor, you want to be able to explore different colors and different qualities in the characters that you play. And this one certainly gave me this opportunity. I super enjoyed portraying The Bishop,” Ms. Gadot said in a separate online press conference with Asian media alongside Mr. Johnson.

Ms. Gadot and Mr. Johnson highlighted a dance scene as one of the memorable sequences in the movie to shoot.

“And I kept on telling [Mr. Johnson], we [have to] practice we’re [going to] rehearse. And he was super cool. [He] kept on calming me down saying, ‘Don’t worry. This is going to be great.’ And of course, that just made me more nervous. But then he showed up and this guy is a ballerina,” Ms. Gadot said.

“It all comes down to the dance partner you have,” Mr. Johnson remarked afterwards.

Alongside the action and comedy are surprise twists and double-crosses.

Giving credit to the film’s writer and director Rawson Marshall Thurber, Ms. Gadot said, “I think that [Mr. Thurber] really managed to re-engineer this type of heist movie. He managed to make it [his] own, as much as he got inspirations from different movies from the past.”

“We wanted to make a great movie and I think a lot of times with something like this, the content of the script really will dictate a lot of times what the set is [going to] feel like,” Mr. Johnson said. “The movie is big, [it’s] fun, [it’s] ambitious. As Gal said, with some twists and turns and surprises and but we had a great time.”

The cast also includes Ritu Arya and Chris Diamantopoulos.

Red Notice premieres on Netflix on Nov. 12. Michelle Anne P. Soliman

New regional green bond index rules to take effect in March 2022

FREEPIK
NEW RULES on green bond investments will take effect in March next year. — BW FILE PHOTO

MEMBERS of the Executives’ Meeting of East Asia-Pacific Central Banks (EMEAP) will adopt new rules on green investments through the Asian Bond Fund (ABF) by March 2022 to boost sustainable investments in the region.

“The EMEAP believes this initiative will help catalyze further deepening of local currency-denominated bond markets, in particular green bond markets in the region,” EMEAP said in a statement.

EMEAP members include the Bangko Sentral ng Pilipinas (BSP), Reserve Bank of Australia, People’s Bank of China, Hong Kong Monetary Authority, Bank Indonesia, Bank of Japan, Bank of Korea, Bank Negara Malaysia, Reserve Bank of New Zealand, Monetary Authority of Singapore and Bank of Thailand.

Earlier this year, the group tapped IHS Markit, the index administrator of the iBoxx ABF Index, to review the rules of the Index to promote the inclusion of green bonds.

In response, the IHS Markit clarified the definition of green bonds depending on whether they are recognized as such by the Climate Bonds Initiative or are self-labeled and externally reviewed as green in alignment with the Green Bond Principles of the International Capital Market Association.

The review also resulted in IHS Markit setting a lower minimum outstanding notional threshold for sub-sovereign green bonds issued in different markets.

Lastly, IHS Markit revised the sub-sovereign issuer limit to 10% per issuer in each single market index, from the current limit of 5 bonds per issuer.

These new rules will be effective by March 22, the EMEAP said.

“The EMEAP believes this initiative will help catalyze further deepening of local currency-denominated bond markets, in particular green bond markets in the region,” it said.

Based on the review, weights of markets in the region under the iBoxx ABF indices were also recalculated.

The market weight of the Philippines under the iBoxx ABF Pan-Asia index for 2021 effective Oct. 31 is at 6.65%, up by 5 basis points (bps) from 6.6% in 2020. Despite the increase, this is still the smallest among markets that include China (25%), Hong Kong (8.15%), Indonesia (8.24%), Malaysia (11.49%), Singapore (15.76%), South Korea (15.18%), and Thailand (9.53%).

The Philippines market weight in 2021 under the iBoxx Asia ex-Japan index also up by 5 bps from last year at 6.57%, also effective Oct. 31.

“The EMEAP will continue to explore ways to further contribute to the development of the local currency denominated bond market,” it said.

The BSP is continuing its push for a regulatory framework that supports sustainability. Earlier this month, it released Circular 1128, the second phase of its sustainable finance framework launched in 2020, which directs banks to monitor their environmental and social risks in their credit exposures and business operations.

BSP Governor Benjamin E. Diokno said the central bank’s investment in green bonds could reach $1 billion in the next two years.

To date, it has poured in $550 million into the green bond fund of the Bank for International Settlements, of which $200 million was placed earlier this year. — L.W.T. Noble

Kia planning to bring electric vehicles into the country soon

KIA Philippines is planning to bring electric vehicles (EVs) into the country in the near term.

“Yes, there is a plan to bring two general types of vehicles, on top of the regular models that we have, which are the purpose-built vehicles and EVs. The EVs are of high interest now,” Kia Philippines President Emmanuel A. Aligada said in a virtual briefing on Monday.

Mr. Aligada said the introduction of EVs into the country will depend on the development of the infrastructure and ecosystem that will support these vehicles, such as charging stations.

“It is very simple from a technology standpoint. But it is the support capabilities that are needed. It is not going to happen immediately. We are looking probably at some level of development next year and the pace of introduction for our EV models will depend on the development of that ecosystem,” Mr. Aligada said.

“EVs cannot be plugged into just any outlet. That is the kind of technology we hope to bring into the country. We have technical people outside of Kia Philippines that will be working with us on this,” he added.

Kia Philippines Product Strategy and Planning Director Josh Altarejos said the purpose-built vehicles the company is planning to bring into the country will focus on moving cargo or people.

“These will be all new. These will not be based on any current model. The purpose-built vehicles are focused on looking from the customers’ perspective based on their needs,” Mr. Altarejos said.

Mr. Aligada added that the purpose-built vehicles do not have a definite design and can be configured based on the preferences of consumers.

“There are models that can be configured but there is no definite design. It will be applicable to the requirements for the purpose of the vehicle,” he said.

Meanwhile, Mr. Aligada said the company is confident of future market demand, citing the ongoing reopening of the economy.

“Things are getting better now. We hope the usual fourth quarter run-up will continue and that should continue until 2022. There is also an important event in May 2022, which is usually characterized by active economic activity,” Mr. Aligada said.

During the same virtual briefing, Kia Philippines also launched the all-new fourth generation Kia Sorento and the Kia Stonic Style Edition.

The company said the price of the new Kia Sorento starts at P2.398 million while the Kia Stonic Style Edition is priced at P895,000.

Kia Philippines also introduced a new logo, look, and slogan dubbed “Movement that inspires” for a new brand philosophy.

“Our brand’s purpose is to create spaces that will inspire consumers through our product design. To create more time for consumers so they can focus on what inspires them, and what they aspire for. To create innovative experiences that can influence people and today’s culture,” Mr. Aligada said. — Revin Mikhael D. Ochave

‘A self-portrait in songs’: Paul McCartney looks back on his lyrics

LONDON —  From looking for inspiration on the bus to finding titles in dreams, Paul McCartney looks back on his life in a new book recounting how he wrote some of the world’s most famous songs.

Described as “a self-portrait in 154 songs,” The Lyrics: 1956 to the Present spans Mr. McCartney’s eight decades of songwriting — as a teenager, a member of the Beatles, his time with rock band Wings, and as a successful solo artist.

Released this week, the two-tome set is arranged alphabetically, with lyrics to songs like “Hey Jude,” “A Hard Day’s Night,” and “Penny Lane” accompanied by their inspiration.

“Once I’ve finished a song, then you release it to the world so I don’t worry what happens to it,” Mr. McCartney said on Friday at an event to discuss the book.

“I’ve come to terms with the fact that not everyone is going to get it like the meaning I had, they’re going to put their own meanings on it and I think you have to accept that.”

Both the late Beatle John Lennon, with whom Mr. McCartney wrote songs, and his first wife Linda McCartney, who died in 1998, feature heavily in the book.

“It was always great to work with John from the very first time … We just developed a way of working with each other and trusting each other that grew and grew,” he said.

“We grew up together. It was like walking up a staircase and we both went side by side… It is great to just realize how much I loved this man.”

Considered one of the greatest songwriters of all time, Mr. McCartney penned his first composition, “I Lost My Little Girl,” as a 14-year-old after his mother died in 1956.

Years later, it was dream of her comforting him that inspired the title for “Let It Be.”

“She was just sort of saintly … just saying to me ‘it’s going to be ok, just let it be’,” he said.

“It was very warming to have that dream, I felt great when I woke from it and then thought that’s a great title.”

The book recalls his hometown Liverpool and inspiring family members. Edited by poet Paul Muldoon, it is also filled with pictures, handwritten drafts, and letters.

Mr. McCartney recently said it was Mr. Lennon who had instigated the world’s most famous group to split in 1970, not him.

“The biggest misconception at the end of the Beatles was that I’d broken the Beatles up and I lived with that for quite a while,” he said.

Asked about the price of fame, Mr. McCartney, 79, said; “Your privacy … I had to cope with what (fame) brought. That’s still what I’m still doing, coping.” — Reuters

Delivering on its promises

FATAL FRAME: Maiden of Black Water — NINTENDO.COM/GAMES

Video Game Review
Fatal Frame: Maiden of Blackwater
Nintendo Switch

Prinny Presents NIS Classics Vol. 1
Nintendo Switch

WRC 10
Sony PlayStation 5

THE RESIDENT Evil franchise remains the gold standard for all things spooky and frightening, but the Fatal Frame series is definitely no slouch. While Resident Evil had embraced conspiracy theories and biological monsters as its main plot points, Fatal Frame opts for more traditional scares, leaning on its supernatural aspects to really dig in deep to the players’ psyche. Protagonists in this series often find themselves caught up in ghostly events that bring up forgotten pains and twisted sacrificial rituals.

Fatal Frame emphasizes heavily on Japanese-style horror and slow spooks. It doubles down on its smothering atmosphere, and is more content in letting the tension stew as you see and explore the lost haunts it has laid out for you. Those who played the first release on the Sony PlayStation 2 a full two decades ago continue to recall an amazing experience, and while the older games do now feel dated with their tank controls and slow combat, the series still feels very timeless when you look at its story and its themes.

Fatal Frame: Maiden of Black Water seeks to emulate that same design, deliberately avoiding faster-paced modern horror game tropes. It embraces its slow-burn style to let the terror sink in. Taking on the roles of Yuri Kozukata and Ren Hojo, players must investigate and explore a haunted mountain where ghosts supposedly lead people astray, and tempt them to take their own life. What follows is a ghastly unravelling of the mountain’s history and the curse behind it. Fighting off the spirits of the dead, players must lead both protagonists on a quest to quell the mountain’s restless spirits and give its tormented denizens the peace they deserve.

Fatal Frame: Maiden of Black Water features Camera Obscura, which allows its wielder to fend off ghosts by taking pictures of them. Close-up photos of ghosts do more damage, and its film serves as ammunition, with higher-quality film being faster to load and stronger in its effect. These film cartridges do come in limited supply, though, and while the lowest quality film has unlimited use, it also deals the worst damage. Combat requires you to ration the film you have whenever possible, especially against the more dangerous ghosts that lurk around each corner. The more mundane ones simply lunge at you and easily telegraph their attacks. However, the ghostly shrine maidens and some of the more twisted enemies not only float about; they also disappear and reappear, teleporting from place to place to throw off your aim. These ghosts have their own unique attack patterns and quirks, and by learning them, you’ll be able to do a special type of attack called a Fatal Shot.

Taking these Fatal Shots in Fatal Frame: Maiden of Black Water can happen only when the enemy is in the middle of an attack. While risky, these Fatal Shots not only do more damage; they also stun the enemy and throw them back, while also awarding you much-needed points to power up your camera or buy better film and healing items.

Fatal Frame: Maiden of Black Water makes use of a nice risk-reward system that incentivizes being patient during combat. It’s a little clunky at times, especially with the game’s love of fights taking place in tight spaces, but it’s enjoyable, and at times, even tense. Those familiar with the series will already know of these mechanics, and will find it easy to get back into, especially given the responsiveness of the Switch. A few additions spice up the combat, though. Characters are able to dodge attacks, but precise timing is needed. Ghosts are also far more dangerous than earlier series incarnations, with a fair number of them loving to hide behind walls or floors before striking. An added “wetness meter” also encourages players to avoid fighting out in the open; while these areas do allow for more maneuverability, being close to water or out in the rain increases the damage these ghosts can deal, making them significantly more dangerous. It all adds up to a deliberate but methodical approach to combat, one that the series has always loved, and one that Fatal Frame: Maiden of Black Water embraces wholeheartedly.

Combat isn’t the only thing overhauled. Exploration has also been changed, with characters now being able to sprint when needed. While the sprint is more like a jog and not all that fast, it does help in getting around the giant maps that Fatal Frame: Maiden of Black Water provides. With several distinct locations to explore, and the series’ love for backtracking between areas to solve puzzles, it’s a useful addition that cannot be understated.

Storywise, Fatal Frame: Maiden of Black Water is mostly a stand-alone story disconnected from the earlier games. While it does have a few callbacks to earlier series characters, it’s one that doesn’t need previous games to understand, but features all of what you’d expect a good Fatal Frame story to have. From slighted sacrificial maidens to ghost dolls to tormented spirits in agony, it’s Fatal Frame as you’d expect it to be. While the plot may seem outwardly confusing, you’ll find notes that piece the story together, explaining the concepts, characters, and events as they’re needed. With the addition of the Fatal Glance that gives you a peek into each ghost’s tragic end, it provides players a bit more flexibility and understanding when wrestling with the game’s seemingly murky storyline.

Thankfully, Fatal Frame: Maiden of Black Water divides the game into smaller, easier-to-understand chapters called drops. Each drop has very specific objectives to accomplish, and it later divvies up into smaller tasks that require trekking all over the place, it’s often quite clear in what you’re expected to do in order to progress. That doesn’t mean exploration is streamlined, though; there are still plenty of areas to look around in, all with their own set of goodies and lore to find and understand.

All told, Fatal Frame: Maiden of Black Water manages to capture what was most enjoyable about the older Fatal Frame games. It has the same sense of exploration and fear the older games had, and it’s particularly fulfilling for lovers of the horror genre.

That’s not to say that Fatal Frame: Maiden of Black Water is exempt from any issues. There’s certainly some room for improvement, especially since it’s a remaster of a 2014 release on the Nintendo Wii U. While the textures have improved, and the Switch’s controls feel seamless, some technical issues do crop up. Undocked, the game has some slowdown, especially in some of the busier areas. Moving to a new area can sometimes trigger a loading screen, and while the game’s load times never venture into the awful, it does take you out of the moment to see the world pause and see the flashing LOADING message pop up.

Design wise, some of what Fatal Frame: Maiden of Black Water does can be an issue. The over-the-shoulder camera does make it easier to traverse some areas, but sprinting can cause concern and make the camera go berserk when you’re trying to turn corners. A little mini-game to pick up items and dodge ghost hands is enjoyable the first few times, but can get exceedingly frustrating because of the slow pick-up animations. Opening doors can also be quite slow, and while doing so can lead to tense moments leveraged by the threat of a ghostly face popping out to lunge at you, repeated actions of the same can also be quite frustrating — especially in areas that require multiple backtracking.

Make no mistake. Fatal Frame: Maiden of Black Water has no dealbreakers. For all its issues, it does a lot right. It’s heavy on atmosphere, filled with unlockable costumes and upgrades, and even has multiple endings to encourage repeat playthroughs. Content-wise, it might not be the best in the series, but it’s certainly one that tries to give its all from start to finish, and one that does it admirably.

Fans of the series will definitely enjoy Fatal Frame: Maiden of Black Water. It delivers exactly what it promises, even for those unfamiliar with the franchise. It’s not by any means a difficult game, but it’s one that will keep you captivated from beginning to end.

THE GOOD:

• Stays in line with the older Fatal Frame games’ style of combat and exploration

• Runs pretty well, docked and undocked, and is a fairly smooth experience

• Can be surprisingly creepy, especially in some of the later areas

• Old-style Survival Horror at its best

THE BAD:

• May be too easy the first time around, even to those new to the series

• Has some optimization issues when a lot of things happen on screen, or when transitioning to some newer areas

• Game design issues can slow down gameplay

RATING: 9/10

POSTSCRIPT: Nippon Ichi Software has always been at the top of the list when it comes to Japanese role-playing games, continuing to produce outstanding offerings from longtime favorites like the Disgaea series, and even having a hand in publishing notable titles from the Ys and The Legend of Heroes franchises. Given its vast library of treasures, however, not all of its releases have the same level of popularity.

With the Prinny Presents NIS Classics series, NIS seeks to give players a chance to reexperience some old games that might have slipped under their radar. In particular, this first volume features a remaster of two solid tactical RPGS in Phantom Brave and Soul Nomad & the World Eaters. Both games have received upgrades to make them playable on the Nintendo Switch, and while they each have their own unique spin on the JRPG genre, they’re both accessible and fun to play through.

Take, for instance, Phantom Brave’s gameplay. You’re not only controlling your main character; you’re also binding and using phantoms as best you can. These phantoms are strong, supplementary units you can create, but with a caveat; they can only really be used for a certain number of turns before they disappear, making the timing of when you summon them essential. You also have to keep in mind what objects you’re binding them to. These phantoms have no physical form, and so must rely on you attaching their spirits to an object during battle. The objects you bind them to also have an effect on what stats they’ll have, and so you’ll need to juggle which characters are binded to what items, and tailor your party according to the situation. Do you bind them to weeds and trees in an effort and bum rush your opponent even if their stats are weaker, or do you move up and take the hits while aiming for the sturdier objects across the map? Phantom Brave might not be as well remembered as Disgaea is, but it’s no less adept at making you hesitate and think your options through.

The same can be said of Soul Nomad & the World Eaters’ own distinct choices. While Phantom Brave embraces its more Disgaea-like origins, Soul Nomad tries to go for something different, playing out closer to games like Tactics Ogre and Final Fantasy with a bit of Fire Emblem blended in. In Soul Nomad, you’re balancing squads of units against each other, putting units in the front, middle, and back row depending on their capabilities. Leaders of the squad are the most important members, as their survival and even their stamina affect how well the squad performs as a whole. It’s an entirely different beast of its own, requiring you to manage each squad, weigh the drawbacks and benefits of each action you take during battle, and whether or not you’ll give in to the demonic power of your main character. These choices will have adverse effects on your endings, and with the game’s open-ended nature, there’s a ton of them to unlock depending on your actions en route.

Phantom Brave and Soul Nomad & the World Eaters are distinct, but both boast of the trademark NIS art style and writing. Longtime fans of the Japan-based developer know to expect very nicely done spritework coupled with interesting scenarios, ranging from the silly to the surprisingly deep and thought-provoking. Soul Nomad & the World Eaters, in particular, has a much darker path you can take, syncing perfectly with its gameplay balance of pushing and pulling against the demonic influence the main character is under. While both don’t carry the same prestige that the flagship Disgaea series does, they still exhibit similar influences.

Playing Phantom Brave and Soul Nomad & the World Eaters on the Switch is a breeze. While Soul Nomad & the World Eaters’ remaster is mostly a simple upscale, Phantom Brave appears to have been given a lot more attention due to its earlier re-release on the PC. Both games make use of the Switch’s interface smoothly even if they don’t really make use of the Switch’s unique motion control and touchscreen capabilities. The Switch’s portability does allow for some easy RPG gaming on the go, especially as the two titles combined will take a significant chunk of your free time.

If there’s anything wrong with the remaster, it’s mostly in the fact that it IS a remaster. The lack of additional content the games received in their porting in comparison to NIS’ more recent games like Disgaea 5 or Disgaea 6 may give impulse buyers pause. While NIS has done a brilliant job of remastering and updating the games to be playable on modern systems, they are, in the end, more of graphical overhauls, and anyone looking for gameplay extensions may find them wanting.

That said, Prinny Presents NIS Classics Vol. 1 is a fantastic release — a decidedly good step at reexperiencing cult classics in a modern way. Phantom Brave and Soul Nomad & the World Eaters have aged pretty well, all things considered, and they’re right at home on the Switch. Highly recommended.

THE GOOD:

• Two very solid games for the price of one

• Both games offer unique and interesting gameplay, with their own spin on tactical role-playing

• Surprisingly deep writing

• Spritework still holds up after all this time

THE BAD:

• More of a graphical upscale than a gameplay overhaul, with mechanics left untouched and simply ported over

• No new extra content to play through

RATING: 9/10

THE LAST WORD: KT Racing’s WRC 9 was a thoroughly enjoyable experience even for players not really predisposed to racing. Featuring smooth controls, standout graphics, and a strict attention to realism and detail, WRC 10 pick up right where its predecessor left off. For the most part, it’s able to achieve what it wants to do — which, for all intents, is to celebrate the 50th anniversary of the World Rally Championship (WRC).

WRC 10 goes all out to really immerse you in the experience. Featuring all 12 rounds of the season, WRC 10’s main gameplay mode is its Career mode, a combination of managemen- style gameplay and fluid driving on the rally stages. As the driver at the head of the rally, you’re in charge of navigating the game’s requisite twists and turns. As the manager, you’re setting up these events, building reputations, forming teams, and slowly making a name for yourself and those under you.
WRC 10 brings about a very interesting mix where you’re not only weighing the benefits of what each event can bring; you’re also managing the talents of those you employ. You’re able to unlock skills, hire researchers to help create better equipment, and assemble a championship-worthy team that can see you through the entire event. It’s not a new game mode in the WRC line-up, but it’s one that still remains entertaining, particularly if you like the micromanagement aspect it brings. The options you have are plentiful, and you’ll constantly be weighing positives and negatives against each other as you slowly, but surely, make a name for yourself and your team.

As noted, WRC 10 also has the driving segments you have to wrestle with, and it does not disappoint in this regard. It brings a plethora of new cars, new stages, and new rallies, and pulls out all the stops and lets you go crazy on the road. Speeding through empty streets, listening to the hum of the engine, and taking precise turns while your partner/navigator tells you of the obstacles ahead is truly immersive when combined with the next generation graphics it employs.
Each stage you’ll run through in WRC 10 affects how your vehicle will perform, and what vehicle you pick will drastically alter the outcome. It’s always a thrilling balance between speed and safety, and you’ll turn corners and burn rubber in an attempt to finish as fast as you can in the safest way possible. After all, a misstep can result in a disastrous crash.

Newcomers need not be afraid. While WRC 10 takes a more simulation-based approach to its driving, there’s plenty of helpful assists to slowly help you acclimate to its requirements. Conversely, if that’s not enough of a challenge for you, then you can always dive straight into the tougher contracts with wet roads and low visibility to test your skills. The sky’s the limit when it comes to how you want to enjoy your driving in the game. In this regard, the PlayStation 5’s DualSense controller is nothing short of perfect, bringing an superior experience when it comes to enjoying the rallies themselves.

That said, while WRC 10 is a fun game to play, it does give the impression as a title that, at times, feels like a slight step up rather than a full sequel. Almost everything WRC 10 does is an overall improvement over WRC 9, but it nonetheless suffers from the same issues. Texture pop-in is present and can be jarring when contrasted with the game’s photorealistic tracks, and some slowdown now and then can be frustrating in a game that pushes you to go as fast as you can.

For newcomers to the series, WRC 10 will be able to scratch an itch that other racing games can’t, but those who still have WRC 9 fresh on their minds might also find WRC 10 as a sequel that doesn’t give nearly as much as it should.

THE GOOD:

• Great graphics and great gameplay, especially if you like the series’ Career mode

• Really immersive due to the DualSense triggers

• Accessible even to newcomers, with plenty of options in how you want to run your rallies

THE BAD:

• Can be viewed as an update rather than a sequel

• Still has the same issues as those in WRC 9

RATING: 8.5/10

Basic deposit accounts climb to 7M as of March

BW FILE PHOTO
BASIC deposit accounts increased by 51% as of March 2021. — BW FILE PHOTO

MORE FILIPINOS became part of the financial system as of March 2021 with basic deposit accounts, according to the Bangko Sentral ng Pilipinas (BSP).

Data from the central bank showed basic deposit accounts (BDAs) climbed by 51% year on year to 7 million as of March from 4.5 million a year earlier.

Total deposits in these BDAs increased 20% year on year to P4.8 billion as of the month from P4 billion.

“This [growth] can be attributed to BSP’s call for banks to promote use of the basic deposit account to foster financial inclusion,” the BSP said.

Basic deposit accounts are being offered by 132 banks to date from 121 lenders at end-March last year.

The BDA framework was unveiled by the central bank in 2018 to push more Filipinos to set up accounts in financial institutions.

“Account ownership enables Filipinos to conduct financial transactions in a safe, convenient, and affordable manner. It is also a gateway to financial products and services like savings, loans, investments, and insurance,” BSP Governor Benjamin E. Diokno said in a statement.

Only 29% or approximately 20.9 million adult Filipinos have bank accounts, leaving behind 51.2 million still unbanked, based on the 2019 BSP Financial Inclusion Survey. The study showed the three main considerations for opening an account include the initial deposit, interest rate, and maintaining balance.

BDAs are expected to encourage more Filipinos to open their own account as they only need P100 for the initial deposit requirement and have simplified identification requirements. There are also no maintaining balance and dormancy charges incurred.

The lack of valid identification system, which hinders account opening, is currently being addressed by the national ID registration.

To optimize the registration mobilization for the national ID, the Land Bank of the Philippines (LANDBANK) has partnered with the Philippine Statistics Authority to enable unbanked registrants to open accounts at registration centers.

To date, 5.9 million previously unbanked Filipinos have opened an account under LANDBANK through the arrangement.

The central bank hopes to have 50% of Filipino adults become part of the banked population by 2023. — Luz Wendy T. Noble

ICTSI subsidiary to buy back $775M in bonds

LISTED port operator International Container Terminal Services, Inc. (ICTSI) announced on Monday an offer to buy back up to $775-million senior guaranteed perpetual securities of its subsidiary Royal Capital B.V., as part of its strategy to manage the profile of its existing financings.

In a stock exchange filing, ICTSI said its board of directors approved on Monday a purchase offer by Royal Capital to holders of “outstanding aggregate $400-million 5.875% senior guaranteed perpetual capital securities.”

ICTSI’s board also approved Royal Capital’s tender offer to holders of “aggregate $375-million 4.875% senior guaranteed perpetual capital securities.”

Royal Capital is a Netherlands-based company that operates as a special purpose entity of ICTSI. A special purpose entity is formed to isolate financial risk.

At the same time, the board approved the issuance by ICTSI Treasury B.V., another ICTSI subsidiary, of new senior notes guaranteed by the Philippine-listed port operator. ICTSI Treasury is another special purpose entity based in the Netherlands.

ICTSI appointed Citigroup Global Markets Ltd. and The Hongkong and Shanghai Banking Corp. Ltd. as joint lead managers for the new note offer.

They will also serve as dealer managers for the tender offer. Morrow Sodali Ltd. will serve as tender and information agent for the tender offer.

For the first nine months of the year, ICTSI’s net income attributable to equity holders was $316.4 million, a 73% increase over the $182.6 million earned in the same period last year.

The company attributed its growth to the improvement in trade activities during the period.

Its total revenues for the period hit $1.37 billion, a 24% increase from $1.1 billion previously.

ICTSI shares closed 1.44% higher at P190 apiece on Monday. — Arjay L. Balinbin

Decluttering program introduced at RLC Residences

RLC RESIDENCES said it has partnered with Humble Sustainability to encourage more condominium dwellers to “declutter responsibly.”

The “Minimize Waste, Maximize Space” aims to promote “zero-waste circular living” among residents of RLC Residences’ projects.

“A circular economy involves leasing, reusing, repairing, refurbishing, and recycling existing materials and products as long as possible, therefore extending the life cycle of products. Through this initiative, the RLC Sustainability Strategy raises the bar in protecting the environment with the circular economy project,” the unit of Robinsons Land Corp. said in a statement.

Condo residents of RLC Residences can gather used items and book a collection or pick-up schedule. The items will be recycled or upcycled with the help of Humble’s sustainability partners.

Drop-off areas are located in The Sapphire Bloc, East of Galleria, The Pearl Place, and Galleria Regency.

Singapore looking to curb ‘greenwashing’ among banks with stress tests, technology

SINGAPORE’S financial watchdog is turning to regulation and technology to tackle so-called “greenwashing,” which it considers the weakest link in the push to expanding sustainable finance.

Banks in Singapore will have to undergo stress tests from next year while making regulatory disclosures to ensure they’re managing risks related to climate change and other environmental issues, Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), said in an interview. Data verification using technology that can attest to the provenance of green products will also be required, he added.

Mr. Menon said the potential for greenwashing is on the rise as more funds are allocated for sustainability projects. Stocks and funds highly rated on environmental, social and governance (ESG) metrics have attracted trillions of dollars of investments in recent years.

The introduction of stress tests means banks will have to get a better handle on the climate risks tied to their borrowers, their customers and supply chains, said Mr. Menon, who also heads the city-state’s central bank. “That will increasingly become a supervisory expectation,” he said.

Singapore launched a national program that will use artificial intelligence to help with risk analysis for the financial industry at its annual fintech festival Monday. Part of the program is a partnership between local lenders and fintech firms to assess companies’ environmental impact and identify emerging environmental risks, as well as check against greenwashing, Deputy Prime Minister Heng Swee Keat said at the event.

MANDATORY DISCLOSURE
The MAS is joining other central banks in the UK, Europe and Canada in putting their financial institutions through assessments that scrutinize the impact of climate change on everything from real estate to corporate loans.

Starting next year, all listed firms in Singapore, including banks, will need to publicize information in line with recommendations from the Group of 20’s task force on climate-related financial disclosures. Mandatory disclosure will also extend to ESG fund products sold to retail investors, Mr. Menon said.

In Europe, the flow of cash into ESG funds picked up last quarter following the introduction of new disclosure requirements to help restore confidence in a market hit by greenwashing accusations. The ESG market has been dogged by allegations of inflated and even false claims about the benefits that investments bring. The EU adopted in March what’s known as SFDR, for Sustainable Finance Disclosure Regulation, a historic measure that’s setting the pace for global requirements.

In line with major global banks, lenders in Singapore have started to reduce their exposure to some of the industries linked to climate change, such as coal. DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. and United Overseas Bank Ltd., the three major Singapore banks that are also the largest in Southeast Asia by assets, pledged to stop financing new coal-fired power projects, honoring only previously committed ones.

Many emerging economies in the region such as Vietnam and Indonesia still rely on coal, considered the world’s dirtiest fuel. Palm oil is another major industry in Southeast Asia often linked to deforestation and haze.

Asked whether the MAS would ask local banks to curb their financing for palm oil-related activities, Menon said the regulator never makes pronouncements on any particular sector.

“These are issues we study closely,” Menon said. “You don’t want to rush to say ‘this activity is brown, and you should not invest in it, or you should not make loans to finance it.’”

People need to be given “greener alternatives” to whatever they’re doing that isn’t so environmentally friendly, Menon said. Banks can offer financing that helps the industry transition to a replacement of palm, if and when there is one, he said.

“So if in five or 10 years’ time, the way in which palm oil cultivation is done is reformed, then the lenders need to pay more attention to it,” he said, adding they can work with borrowers to improve the way it’s harvested to minimize deforestation. — Bloomberg

Flights resume as more destinations reopen for leisure travel

CEBU PACIFIC

BUDGET CARRIER Cebu Pacific said more than half of the domestic destinations on its network are now open for leisure travel.

“To date, 21 out of the 33 destinations are already accepting vacationing guests,” the budget carrier said in an e-mailed statement on Nov. 5. The company told BusinessWorld on Monday that it had yet to check if any changes occurred over the weekend.

The budget carrier’s latest list includes destinations that no longer require a coronavirus testing for fully vaccinated travelers, including Bohol, Butuan, Cebu, Clark, Dumaguete, Manila, Misamis Oriental, Ozamis, Roxas, San Jose, and Tacloban.

Destinations that still require coronavirus testing regardless of vaccination status are Boracay, Camiguin, Cauayan, Coron, Cotabato, Legazpi, Puerto Princesa, Siargao, Surigao, and Tuguegarao.

“We firmly believe domestic tourism is the way to go — and we remain cautiously optimistic as we gradually ramp up our network to pave the way for domestic travel recovery,” said Candice A. Iyog, Cebu Pacific vice-president for marketing and customer service.

“We’ve said this before, and we want to say it again — making travel easier for the public will encourage them to fly during this time. On top of ensuring safe travels, we call on the industry to continue working together so we inspire more people to travel responsibly and fly easy,” she added.

AIRASIA
Meanwhile, Philippines AirAsia, Inc. announced on Monday the resumption of its Singapore and Hong Kong flights to service overseas Filipino workers and business travelers.

“AirAsia Philippines is set to return to Singapore and Hong Kong this December to service overseas Filipino workers who will be coming to the Philippines for the Christmas break,” the low-cost airline said in an e-mailed statement.

Starting Dec. 4, the airline’s weekly Manila-Singapore flight will depart from Manila every Saturday at 8 a.m. and arrive at Changi Airport at 11:40 a.m.

Its return flight will depart Singapore at 12:25 pm and is expected to arrive in Manila around 4 p.m.

Philippines AirAsia’s bi-weekly Manila-Hong Kong flight will take off on Sundays from Manila at 8:35 a.m. and is expected to arrive at Hong Kong International Airport at 10:55 a.m.

The airline said its return flight will leave an hour after and is expected to land in Manila at 2 p.m.

“There are 165,000 overseas Filipino workers in Hong Kong and 30,000 in Singapore,” the low-cost carrier said, citing latest data from the Department of Labor and Employment. — Arjay L. Balinbin

Box Office: Eternals reigns supreme with $71 million debut

A still from the film The Eternals — MARVEL.COM

LOS ANGELES — Eternals soared to the top of the weekend box office chart, buoyed by mania for all things Marvel. But its $71 million debut fell just short of projections, which had the superhero film debuting to $75 million. That’s a sign, perhaps, that the iffy reviews muted Eternals’ results or a signal that the underlying intellectual property, the story of a group of god-like extraterrestrials, didn’t have the resonance of other comic book adaptations. Marvel has successfully introduced lesser-known heroes, such as the Guardians of the Galaxy, to movie fans and spawned successful franchises with them, but that series got a lift from critics and also debuted in a time before anyone had ever heard of COVID. So, a much different world order.

Eternals still managed to score the fourth-best opening weekend for any movie during the pandemic era, sliding in behind Marvel’s own Black Widow ($80.3 million) and Shang-Chi and the Legend of the Ten Rings ($75.3 million) as well as Venom: Let There Be Carnage ($90 million), which was made by Sony but based on a Marvel comic creation. It’s an impressive number — and any other studio or feature would be thrilled to have a launch of that size — but for a Marvel venture it’s hard to not view it as falling short of sky-high expectations. Heavy the head that wears the box office crown and all that. Internationally, Eternals took in $90.7 million, bringing its global haul to $161.7 million.

Eternals is directed by Chloe Zhao, fresh of the Oscar-winning Nomadland, but reviewers griped that the film is long on exposition and light on entertainment. It has the ignominious distinction of being the only Marvel movie to draw a “rotten” rating on Rotten Tomatoes, with only 49% of reviews marked as positive. Audiences were also lukewarm on what Zhao cooked up, giving the film a so-so “B” CinemaScore.

Dune, Warner Bros. and Legendary’s adaption of Frank Herbert’s sci-fi novel, came in second with $7.6 million, pushing its domestic haul to $83.9 million. A sequel to the film was officially greenlit days after the first entry in the Dune-verse opened in theaters. Denis Villeneuve directs a cast that includes Timothee Chalamet, Oscar Isaac, Javier Bardem, Zendaya and Rebecca Ferguson.

MGM and United Artist Releasing’s No Time to Die nabbed third place with $6.2 million, which pushes the spy film’s total to $143.1 million. The film, which marks Daniel Craig’s final outing as James Bond 007, will be available to rent on digital platforms next week, just 31 days after it opened in cinemas.

Sony’s Venom: Let There Be Carnage took fourth position on the charts, with $4.5 million. The symbiote sequel has earned $197 million stateside.

20th Century Studios’ animated adventure Ron’s Gone Wrong rounds out the top five, earning $3.6 million. That takes its domestic haul to a doleful $17.6 million. — Reuters