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Federal Land advances portion for socialized housing program

FEDERAL LAND, Inc. said it is advancing its portion of socialized housing projects to support the government’s effort to address the massive housing backlog.

“The government’s action agenda for housing has never been more urgent than now, and we’ve taken it upon ourselves to advance our portion of socialized housing,” Federal Land President Thomas Mirasol said in a statement.

The Department of Human Settlements and Urban Development requires developers to contribute to socialized housing programs through their own compliance mode.

Mr. Mirasol said the updated policy, which requires 15% horizontal development and 5% vertical project contribution, opened more opportunities for Federal Land to upgrade its participation.

The company complies through the Building a Legacy for the Advancement and Integrity program, which has highest credit among all compliance modes. It is a “non-recoverable non-profit investment equivalent to 5% of the total costs of the main project.”

Under the program, Federal Land will be in charge of land development to deliver roads, drainage, power, and water lines.

Federal Land has also advanced its escrow by at least a year for more efficient compliance, ahead of the common industry practice. This allows Federal Land to be more expedient in processing the licenses needed for soon-to-be launched social housing projects with DHSUD and chosen LGU partners.

Netflix film tackles the problems of a ‘curated’ life

THE YOUNGER generation has a very complicated relationship with social media — on one hand it allows people to connect with their friends and make new friends, but on the other, social media also lends itself to being an outlet to a “curated” life meant to show that some people are living better (or differently) than they actually are.

And that is the crux of the new Netflix film Alter Me, directed by RC Delos Reyes. It tells the story of an angry human resources manager (Jasmine Curtis-Smith) who hires a male escort (Enchong Dee) to teach her how to connect with other people through Alter, a social media platform.

“More than anything else, what we want people to take from the movie is you learning to love yourself before you open up to the world. How can you be open to something without being open to yourself?” Mr. Delos Reyes said in a media roundtable on Nov. 10 held via Zoom.

(Warning: Mild spoilers ahead.)

The premise is deceptively simple, but what is really interesting is how the film portrays sex positivity as Alter is riff on Twitter’s alterverse, a community of Filipinos who post nudes and hookup and share sex stories. In a 2019 story by Vice, the alterverse is described as a place where “one may freely, anonymously share and act out parts of themselves that they otherwise wouldn’t feel comfortable doing so in real life.”

Alter Me, is a sexy, romantic comedy and that becomes very apparent in the first 10 or so minutes of the film as the audience sees Uno (Enchong Dee) getting it on with different women while Aimee (Jasmine Curtis-Smith) is shown as an angry HR manager whom no one likes.

They meet, fall in love, and, of course, both of them have issues: Uno wants someone to love him and will settle for anyone who will, while Aimee had her heart broken and is wary over falling in love.

The film, in Mr. Delos Reyes’ words, highlights the disconnect between people’s real selves online and offline, which is ironic since social media was meant to connect people.

“It’s easier to create connections online,” he said before adding it also made it easier for people to create “curated versions” of themselves through social media, and thus when people connect online and meet offline, the person you knew online may not be who they really are offline.

Alter Me is now streaming on Netflix. — Zarlene B. Chua

ATI net income grows nearly 15% as trade volume starts to recover

ASIAN TERMINALS, Inc. (ATI) on Monday reported a 14.8% increase in its attributable net income for the third quarter to P812.10 million as trade picked up with the easing of lockdown measures.

“With the lifting of government restrictions and the calibrated opening up of the economy, we have seen an encouraging uptick in Philippine trade as reflected in the volumes we handled during the third quarter,” ATI Executive Vice President William Khoury said in a statement.

“Despite the global pandemic, we are optimistic of finishing the year on a respectable note driven by our Company’s resilience as we continue fulfilling our important mandate of enabling trade in the Philippines,” he added.

ATI’s revenues for the third quarter totaled P2.92 billion, 6.7% lower than the P3.13 billion it generated in the same period last year, the company said in a disclosure to the stock exchange.

The company saw its total expenses decline 99.9% to P1.74 billion.

For the nine months to September, total revenues reached P7.97 billion, 21.6% lower than last year’s figure.

ATI’s net income attributable to the parent equity holder declined 31.2% to P1.96 billion during the three quarters.

Shares in ATI on Monday closed 3.63% higher at P15.98 apiece. — Arjay L. Balinbin

BSP works with Singapore’s central bank to promote data connectivity

THE BANGKO SENTRAL ng Pilipinas is working with the Monetary Authority of Singapore to promote data connectivity among banks. — BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) is working with Singapore’s central bank to promote data connectivity among financial institutions to beef up the management of risks related to money laundering, terrorism financing and cyberattacks.

The BSP on Monday released a joint statement of intent with the Monetary Authority of Singapore (MAS), which said they intend to adopt and implement policies related to data connectivity applicable to their supervised financial institutions.

“BSP and MAS recognize that the ability to aggregate, store, process, and transmit data across borders is critical to the development of the financial sector,” they said in the statement.

“These developments also pose new and complex risks for markets and challenges for policy makers and regulators. BSP and MAS are committed to working together and with other countries and authorities to promote an environment in financial services that fosters the development of the global economy,” they added.

The regulators said greater data usage and technology allows financial institutions to offer a wider range of services and also contributes to better risk management and increased efficiency.

“Covered institutions should be allowed to transfer data, including personal information, across borders by electronic means provided this activity is for the conduct of the business within the scope of their license, authorization, or registration,” they said.

“Data localization requirements can increase cybersecurity and other operational risks, hinder risk management and compliance, and inhibit financial regulatory and supervisory access to data. Data mobility in financial services supports economic growth and the development of innovative financial services, and benefits risk management and compliance programs, by, amongst others, making it easier to detect cross-border money laundering, terrorist financing patterns, and proliferation financing; defend against cyberattacks; and manage and assess risk on a global basis,” they added.

The regulators said where lenders can store and process data should not be restricted but said they must have “full and timely” access to these data to fulfill their regulatory and supervisory functions.

“If BSP or MAS is unable to access the data, covered institutions should have the opportunity to remediate such lack of access before being required to use or locate computing facilities locally,” the statement said.

The BSP has been engaging in policy dialogues with other central banks and multilateral agencies as the global economy grapples with the coronavirus pandemic.

In September, the BSP signed a Memorandum of Understanding with the Otoritas Jasa Keuangan or the Financial Services Authority of Indonesia that aims to come up with a framework on financial regulatory mechanisms between the two central banks.

Through the pact, the regulators may facilitate initiatives, including a joint regulatory sandbox to test cross-border retail payment linkages. — LWTN

Architecture firm gives scholarships

LEONARDO A. POCO & Associates, Architects (LAPAA) is providing full tuition subsidies and miscellaneous fees to qualified graduating architecture students through the PoCo Architects Scholarship Award.

The architecture firm’s first monetary scholarship donation will support qualified BS Architecture students at the De La Salle-College of Saint Benilde, School of Design and Arts. The program will run for four years, from the current academic year until 2024.

Interested applicants must be in their last year or last three terms, have good curricular and non-curricular standing and must be working on their thesis with research interests aligned with the academic thrust and educational mission of the college.

LAPAA, the Benilde Center for Scholarships and Grants and the Dean’s Office will screen applicants, with consideration for their socio-economic backgrounds.

The company previously worked on the institution’s Sports and Dorm Building, as well as the Our Lady of the Star Chapel and Parmenie of the Center for Lasallian Formation of the De La Salle Zobel.

Entertainment News (11/17/20)

Mazinger Z-inspired film opens Japanese Film Festival

THE JAPAN Foundation, Manila kicks off its first digital edition of the Japanese Film Festival (JFF) with an drive-in cinema experience at the SM Mall of Asia with a ode to a manga and anime classic. Based on a true story, the opening film, Project Dreams – How to Build Mazinger Z’s Hangar (2020, 115 mins), follows Maeda Corp.’s fantasy marketing department to challenge the boundaries between reality and fiction, appease the fans and hit their business goals at the same time. The special screenings of this workplace comedy will be on Nov. 20 and 22, 6 p.m., at the SM CINEMA Drive-in at the Mall of Asia complex, Pasay City. Tickets are P100 each via SM Tickets’ portal https://smtickets.com/sm-drive-in-cinema.  This screening is part of the JFF Plus: Online Festival. Visit the newly-launched JFF Plus website https://watch.jff.jpf.go.jp to watch the rest of the films in the festival, which runs from Nov. 20 to 29 Follow the official Japan Foundation, Manila website and social media pages for updates and full screening schedules.

Cine Europa goes Italian

BECAUSE of the ongoing pandemic, Cine Europa Philippines presents Virtual Cine Europa 23, from Oct. 31 to Nov. 29. The Philippine Italian Association in partnership with Cine Europa Philippines, will present an Italian movie on Nov. 18 and 25, 8 p.m., via Festival Scope. The film, directed by Edoardo De Angelis, is Il Vizio Della Speranza (Vice of Hope), featuring Pina Turco and scored by Enzo Avitabile. To watch this and other Cin Europa 23 films, register at Cine Europa PH https://cineeuropaph.com/ and at Festival Scope https://www.festivalscope.com/page/euff-the-philippines/.

Rocksteddy drops latest single Wag Mo Akong Iiwan

BEING stuck at home for months has not stopped four-piece alternative rock outfit Rocksteddy from creating music. “Isolation has been a challenge,” guitarist Juven Pelingon said. “Through video platform, live streaming is the best way to connect with other artists and fans. Everyone was forced to write and record their new material separately, but we’ve made the most of what we have.” The result is “Wag Mo Akong Iiwan,” the band’s latest offering talks about the challenges of maintaining a love that’s slowly dimming in the process. Vocalist Teddy Corpuz said, “[M]ost importantly it talks about hope and not giving up on each other. Feeling ko sakto rin ‘yung song sa panahon ngayon na maraming relationships ang nasisira at nasusubukan because of the pandemic (I feel this song is perfect for the times as many relationships are breaking or challenged because of the pandemic).” “Wag Mo Akong Iiwan” is now available on all digital platforms worldwide.

Stream Aegis, Ogie Alcasid concerts this December

SPEND consecutive weekends in December enjoying back-to-back concerts, Aegis na Aegis: A Story of Us and Ogie and the Hurados 1, in the comfort home via the online streaming platform www.ktx.ph. The iconic OPM band Aegis take audiences on a rock journey down memory lane in the concert they performed at the RWM’s Newport Performing Arts Theater back in 2017. The show also features The Draybers frontman and The Voice of the Philippines season 1 winner, Mitoy Yonting. Presented by Resorts World Manila (RWM) in cooperation with Full House Theater Company and Ultimate Shows, Inc., Aegis na Aegis: A Story of Us will be available via online streaming Dec. 4, 8 p.m.; Dec. 5, at 5, 8, and 11 p.m.; and Dec. 6, at 3, 8, and 11 a.m. Meanwhile, the 2019 concert at RWM’s Newport Performing Arts Theater, Ogie and the Hurados 1, highlights the many accomplishments of pop star Ogie Alcasid, and the Hurados  the judges in Showtime’s reality talent search portion Tawag ng Tanghalan, namely pop stars Zsa Zsa Padilla, Randy Santiago, K. Brosas, Karylle, Jed Madela, and Rey Valera. Ogie and the Hurados 1 will be available online Dec. 11, 8 p.m.; Dec. 12, at 5, 8, and 11 p.m.; and Dec. 13, at 3, 8, and 11 a.m. Tickets for both shows are now available via www.ktx.ph. An early bird rate of P600 for Aegis na Aegis: A Story of Us is available until Nov. 26, and for Ogie and the Hurados 1 until Dec. 3 only. The regular ticket price is P750. To know more about RWM concerts and events, visit www.rwmanila.com or download the RWM Mobile App for free on the AppStore or GooglePlay.

Flict-G and Dello join Dionela onAgawremix

SINGER-songwriter Dionela teams up with rappers Flict-G and Dello on the remix of his smash hit, “Agaw.” The original version, which has racked up more than a million streams on Spotify, recounts the pop persona’s devastating experience of being left behind in a breakup. With Flic-G and Dello hopping on the remix, “Agaw” delivers the punch with a more in-your-face approach. Both hip-hop acts aid in dropping verses that swing between despair and helplessness, complementing the track’s skittering, atmospheric beats and cinematic production. According to Dionela, the “Agaw” remix is far more emotionally tugging than its previous iteration, and owes its magic to the contributions of his collaborators. The “Agaw” remix is now available on all digital platforms worldwide via Sony Music Philippines.

An average Filipino needs 88.2 days* to save up for a new iPhone 12 Pro — survey

An average Filipino needs 88.2 days* to save up for a new iPhone 12 Pro — survey

How PSEi member stocks performed — November 16, 2020

Here’s a quick glance at how PSEi stocks fared on Monday, November 16, 2020.


PSE index declines as selling pressure picks up

THE MAIN INDEX extended its decline on Monday, moving opposite its regional peers, as investors continued pocketing profits following last week’s rally to the 7,000 level.

The benchmark Philippine Stock Exchange index (PSEi) ended Monday’s session at 6,918.05, down 51.83 points or 0.74% from its close on Friday. The broader all shares index likewise trimmed 10.18 points or 0.24% to end at 4,073.37.

“The PSEi ended lower as selling pressure picked up, which was to be expected after that massive rally that we saw at the end of last week. Investors are taking profits while prices remain at their eight-month highs,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.

The PSEi opened Monday’s trading at 6,991.39, its highest level for the session, and hit a low of 6,857.89 intraday. It eventually started moving higher at the close on the back of last-minute buying.

The local market’s performance puts it behind its regional peers, nearly all of which were faring in green territory on Monday following the signing of the Regional Comprehensive Economic Partnership (RCEP) over the weekend.

The RCEP is considered the world’s largest free trade agreement as it includes China, Australia, New Zealand, Japan, South Korea and all 10 ASEAN member countries. The Philippines expects it to improve the country’s economic engagements, Trade Secretary Ramon M. Lopez said.

But for investors in the PSE, selling pressure was heavier than the optimism that the RCEP supposedly brought to markets. However, Mr. Mangun said he thinks this slowdown is for the better.

“This pullback is extremely beneficial for the market’s uptrend as it relieves pressure. It may continue even lower in the coming sessions to test support at 6,700,” Mr. Mangun said.

He noted the above-average trading volumes, which stood at 2.36 billion issues valued at P8.77 billion on Monday, still shows investors are confident in the market.

Most sectoral indices posted losses at the close of trading. Mining and oil dropped 139.84 points or 1.68% to 8,159.10; property shed 49.42 points or 1.4% to 3,479.17; holding firms fell 63.42 points or 0.87% to 7,152.37; and services trimmed 7.38 points or 0.47% to close Monday’s session at 1,533.69.

Meanwhile, among Monday’s gainers were industrials, which picked up 37.04 points or 0.4% to 9,109.23; and financials, which added 1.58 point or 0.11% to 1,328.15 at the close of the session.

Advancers outnumbered decliners, 119 against 109, while 30 names ended Monday’s session unchanged.

Net foreign selling continued for a second day, growing to P1 billion on Monday from P676.71 million in the previous session. — Denise A. Valdez

Peso inches lower vs the dollar as pandemic clouds US outlook

THE PESO weakened slightly versus the dollar on Monday following the release of latest remittances data and amid worries over the long-term impact of the coronavirus disease 2019 (COVID-19) pandemic on the United States economy.

The local unit closed at P48.225 versus the dollar on Monday, declining by 1.5 centavos from its P48.21 finish on Friday, data from the Bankers Association of the Philippines showed.

The peso opened Monday’s session stronger at P48.16 versus the greenback and peaked at P48.14 before closing at its weakest point for the day.

Dollars traded declined to $565 million on Monday from $669.1 million on Friday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso inched down following the release of latest remittances data.

“Faster growth in OFW remittances back to pre-COVID-19 levels could fundamentally lead to pick up in consumer spending (which accounts for at least 70% of the economy) and in the overall economy,” Mr. Ricafort said in an e-mail.

Money sent home by overseas Filipino workers (OFWs) rebounded in September to log its fastest growth in more than two years as they remitted more funds to support their families back home amid the coronavirus crisis.

Cash remittances coursed through banks jumped 9.3% to $2.601 billion in September from $2.379 billion a year ago following the 4.1% decline in August, data released by the Bangko Sentral ng Pilipinas on Monday showed.

September’s year-on-year increase was the quickest since the 12.7% pace logged in April 2018.

Month on month, cash remittances also went up 4.7% from the $2.483 billion seen in August.

Meanwhile, a trader said the peso weakened versus the dollar after US Federal Reserve Chairman Jerome Powell said he is worried about the long-term impact of COVID-19 on the world’s largest economy.

The rising likelihood of an effective coronavirus vaccine is good news for the economy in coming months, Mr. Powell said on Thursday, but near-term risks remain as the COVID-19 disease continues to spread unchecked, Reuters reported.

“That is certainly good and welcome news for the medium term,” Mr. Powell said in remarks to a virtual European Central Bank forum. But “from our standpoint it is too soon to assess with any confidence the implications of the news for the path of the economy especially for the near term…The next few months could be challenging.”

And as he has for months, Mr. Powell repeated his view that more action from both the Federal Reserve and from Congress, in the form of further fiscal stimulus, will likely be needed.

Even after the unemployment rate falls further, he said, some workers will continue to need help finding jobs in what will be a changed economy. And, he said, he worries that when all is said and done, the pandemic will have damaged the economy’s long-term productive capacity.

For today, both Mr. Ricafort and the trader see the peso moving from P48.17 to P48.27 versus the dollar. — KKTJ with Reuters

Russia can make vaccine by January

RUSSIA could start producing coronavirus vaccines for the Philippines as early as January, according to the Philippine ambassador there.

“It is subject to doing our own due diligence on it, but they can start producing for us,” Philippine Ambassador to Russia Carlos D. Sorreta told an online news briefing on Monday.

He added that Russia was looking at co-production agreements with other countries. The Department of Health (DOH) and Department of Science and Technology (DoST) are in talks with the Russian government about vaccine development, he added.

Coronavirus disease 2019 (COVID-19) vaccines in Russia were being used during emergencies, Mr. Sorreta said, adding that the vaccines were under third stage trials and have 40,000 participants.

There have been no reports of any adverse effects in patients who got their first and second shots of the vaccine, he said.

Meanwhile, a senator on Monday said Congress should allot at least P100 billion in next year’s national budget to fund vaccine orders for the coronavirus.

The government’s P4.-5-trillion spending plan only provides for an P18-billion budget for the vaccines.

“Shouldn’t we provide the appropriation, if not in the program, in the unprogrammed fund of at least P100 to 150 billion because that should provide confidence to the people?” Senator Ralph G. Recto said during Monday’s session.

The lawmaker said the government would need about P50 billion for the vaccines, which would cost more if cold chain facilities are included.

“The distribution cost will probably be twice more than the cost of the vaccine,” Mr. Recto said. “If we appropriate less, the Executive will go back to us and then it might too late again,” he said in Filipino.

Senator Juan Edgardo M. Angara, who heads the Finance committee chairman, said he agrees with the proposal “subject to the amount.” “We must provide that flexibility given the highly uncertain nature of the times.”

Mr. Recto also proposed to extend the validity of the appropriations provision under the Bayanihan to Recover as One Act, and some items under the 2020 national budget. The government has released P82.4 billion out of the P140-billion funding under the law, which will expire on Dec. 19. Mr. Angara agreed in response.

“We extended the validity of 2018 and 2019 budgets and we are in a much worse shape today,” he said. “I would definitely be agreeable to something like that.”

Mr. Recto also raised the need to pass a third Bayanihan law to help typhoon victims. Mr. Angara agreed with the proposal but said there might not be enough time to pass the measure unless a special session is called.

CASE TALLY
The Department of Health reported 1,738 coronavirus infections on Monday, bringing the total to 409,574.

The death toll rose by seven to 7,839, while recoveries increased by 45 to 374,366, it said in a bulletin.

There were, 27,369 active cases, 83% of which were mild, 8.5% did not show symptoms, 5.3% were critical, 3% were severe and 0.2% were moderate.

Davao City reported the highest number of new cases at 140, followed by Cavite at 117, Rizal at 89, Laguna at 87 and Batangas at 79.

DoH said two duplicates had been removed from the tally, while six cases previously tagged as recovered were reclassified as deaths. Nine laboratories failed to submit their data on Nov. 15, it said.

The Philippine government earlier said it was considering orders for 24 million units of coronavirus vaccines and may start inoculating Filipinos by May.

The vaccines might be ordered in the first quarter, said Carlito Galvez, Jr., who is in charge of the state’s vaccine import and distribution program.

The inoculation program might start as late as the end of next year if vaccine development and manufacturing are delayed, he said.

President Rodrigo R. Duterte last month said the government had funds to buy coronavirus vaccines, but it needs more so the entire population of more than 100 million could be inoculated.

He said he would look for more funds so all Filipinos could be vaccinated. The President said he was okay with vaccines developed either by Russia or China. 

Mr. Duterte said he had spoken with outgoing Russian Ambassador Igor A. Khovaev and was told that Russia intends to set up a pharmaceutical company in the Philippines that will make the vaccines available here.

He said soldiers and the police will be among the first ones to be vaccinated, along with poor Filipinos.

The coronavirus has sickened about 54.9 million and killed 1.3 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization (WHO).

About 38.2 million people have recovered, it said. Gillian M. Cortez, Charmaine A. Tadalan and Vann Marlo M. Villegas

Agriculture damage from typhoon now at P2.5 billion, says DA

CROP damage from Typhoon Vamco has reached P2.53 billion, with the rice sector taking the biggest hit, according to the Department of Agriculture (DA).

About 44% of rice worth P1.11 billion was affected by the typhoon, while 28% of high-value crops worth P702.64 million were damaged, it said in a bulletin. About 23% of fisheries worth P585 million was lost, it added.

Other affected commodities were livestock and poultry, irrigation facilities, machinery and equipment, and agricultural infrastructure in Luzon.

The agency said the typhoon, locally named Ulysses, had affected about 71,400 hectares of agricultural land, with a production loss volume of 109,117 metric tons.

About 73,000 farmers and fisherfolk were affected by the typhoon, which submerged many parts of Luzon island last week.

The agency would make crop reserves from regional offices available to affected farmers and fishers, drugs and biologics for livestock and poultry, and loans for survival and recovery. It would also offer an indemnification fund under the Philippine Crop Insurance Corp.

Meanwhile, the estimated cost of damage on power facilities has risen to P107.52 million, the National Electrification Administration (NEA) said on Sunday evening.

About 97 areas still didn’t have electricity and were undergoing restoration works, the agency said in a statement.

Electricity had been fully restored in 195 cities and municipalities in Ilocos, Cagayan Valley, Central Luzon, Calabarzon, MIMAROPA, Bicol and the Cordillera Administrative Region. Power had been partially restored in 184 areas.

In a separate advisory, the National Grid Corporation of the Philippines said two Luzon-based transmission lines were still unavailable as of Monday morning.

These are the Carig-Solana-Tabuk 69-kilovolt (kV) line in North Luzon and the Real-Infanta 69-kV line in South Luzon, it said. — Angelica Y. Yang