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Seaoil aims to expand to 1,000 fuel stations by 2023

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SEAOIL Philippines, Inc. said on Thursday that it targets to put up its 1,000th fuel station in two years’ time.

“Seaoil aims to open 1,000 stations by 2023 and further improve its growing lubricants market share,” the firm said in an e-mailed statement on Thursday.

The independent fuel company recently opened its 600th station in Brgy. Sepung Calzada, Tarlac City.

Seaoil separately told BusinessWorld that it typically costs up to P5 million to open a new station, but added that it does not have the final budget yet on its capital expenditures for the year 2023.

According to the firm, retail and terminal expansion has remained “on-track” despite the onset of the global health emergency.

Seaoil also said it partnered with fintech company LOCQ, OPC to develop “PriceLOCQ for Business,” an app which allows companies to lock in fuel prices when they are low, store fuel in virtual tanks, and refuel at participating stations at their preferred time.

“PriceLOCQ for Business is the only solution that allows businessmen to hedge against fuel prices — that is to lock in fuel prices when they are low and redeem at Seaoil when prices go up,” Seaoil Chief Executive Officer Glenn L. Yu said in a statement.

Individuals can also use the PriceLOCQ app on their mobile devices.

In the first half of 2021, Seaoil’s share in the domestic petroleum market stood at 5.49%, up from 5.14% in the same period last year, based on estimates from the Department of Energy. — Angelica Y. Yang

Maynilad moves planned water interruptions to Oct. 29-Nov. 1

WEST ZONE water concessionaire Maynilad Water Services, Inc. moved the scheduled water interruptions in parts of its service area to Oct. 29 (11 a.m.) until Nov. 1 (11:59 p.m.) to give customers more time to prepare.

The water provider said in a statement that the water interruptions originally planned on Oct. 25 to Oct. 28 was moved after a huge number of customers requested for additional time to get ready.

Maynilad previously announced that the water interruptions will be caused by a pipe realignment activity along Sobriedad St. corner Cristobal St. in Sampaloc, Manila to give way for a flood control project of the Department of Public Works and Highways (DPWH).

“The new schedule coincides with the break for Undas (All Saints’ and All Souls’ Day) when people typically go to the provinces and fewer customers are expected to be home, thus mitigating the impact of the service interruptions on consumers,” Maynilad said.

Further, Maynilad said the areas set to be affected by the water interruption and their corresponding interruption schedules are the same.

Areas that will experience water interruptions include parts of Las Piñas, Makati, Manila, Parañaque, Pasay, as well as parts of Cavite province such as Bacoor, Cavite City, Imus City, Kawit, Noveleta, and Rosario.

The water provider previously disclosed that 28% or 421,000 water service connections, equivalent to 2.9 million customers, will be affected by the interruption.

“Given the deferment, Maynilad will also use the extra time to further increase our available complement of mobile water tankers and stationary water tanks, with the assistance of local government units and the local fire bureaus,” it said.

Patrick Lester N. Ty, chief regulator of the Metropolitan Waterworks and Sewerage System (MWSS) Regulatory Office, urged customers in a separate statement to report deviations from the schedules of the announced service interruptions.

“The MWSS-Regulatory Office advises the public to observe social distancing at the tankering sites to prevent the spread of the coronavirus disease 2019 (COVID-19) virus,” Mr. Ty said.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three 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 an interest in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

Celebrities’ hometowns the focus of new travel show

TOURIST spots in Pangasinan, Zambales, and Zamboanga are highlighted in AXN Asia’s new travel and lifestyle show My Hometown is G.O.A.T.

Celebrities assume the role of hosts and adventurers as they explore their hometowns and show the audience what makes these destinations the “Greatest of All Time” (G.O.A.T.).

The six-episode travel and lifestyle series will premiere regionally in Southeast Asia on Nov. 4, with new episodes airing on AXN Asia every Thursday and Friday at 8:30 p.m., and on the AXN Asia YouTube channel every following Wednesday at 8:30 p.m.

During an online press conference on Oct. 14, George Chien, co-founder, president and CEO of KC Global Media Asia, said, “Not only will viewers be able to discover the delicacies, the activities, the attractions that made the place great; they will also be able to uncover a more personal side of the celebrity hosts, as they share their stories about their childhood.

Actress and beauty queen Megan Young and actor, news anchor Mikael Daez head to Ms. Young’s hometown in Zambales, then visit neighboring Pampanga and Tarlac for a taste of their delicacies and history.

Miss Universe Philippines 2019 Gazini Ganados flies to Zamboanga for a solo trip around the city. Basketball star Marc Pingris, along with his Philippine Bikers Amazing “PBA” Moto Club crew, takes the long road on his motorbike up to scenic spots of La Union, passing by his hometown of Pangasinan on the way.

Each 15-minute episode of My Hometown is G.O.A.T. will see the celebrity hosts tell stories about their childhood. In addition, they will also be show viewers how to be safe when traveling in the new normal.

“With this show, we hope on one hand, to bring joy in homes of audiences who are unable to travel just yet. On the other hand, we also like to reach our many Filipino fans across Asia, who have been longing for home,” Mr. Chien said.

My Hometown Is G.O.A.T. premieres on Nov. 4 on AXN Asia. AXN Asia is available on SKYcable, Cignal, and G-Sat. — Michelle Anne P. Soliman

Globe’s Asticom enters engineering services space

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GLOBE Telecom, Inc. on Thursday said its wholly owned Asticom Technology, Inc., a shared services company, has launched a second subsidiary to help telecommunications companies speed up their fiber rollouts.

“Fiber Infrastructure and Network Services, Inc. (FINSI) is the latest addition to the Asticom Group,” Globe said in an e-mailed statement.

FINSI will provide end-to-end services and industry-specific solutions to telcos.

“We are on a mission to accelerate the Philippines into a connected nation, using innovative, leading-edge technologies and world-class local expertise,” FINSI General Manager Marc Kerveillant said.

Mharicar Castillo-Reyes, president and chief executive officer of Asticom Group, said her company aims to help the Philippines reach greater connectivity by being “the first-ever homegrown” engineering services provider supporting the major telcos.

In January, Asticom Technology launched its first subsidiary, Asti Business Services, Inc. (ABSI), to provide enterprises with end-to-end solutions for human resources, administrative, finance, and information technology functions.

ABSI aims to provide enterprise services to telecommunications, financial technology, information technology, retail, health, logistics, automotive, banking, education, real estate, and aviation companies. — Arjay L. Balinbin

Entertianment News (10/22/21)

Dune

Dune opens in PH cinemas Nov. 10

JUST as cinemas are getting ready to reopen as quarantine restrictions are being relaxed, Warner Bros. Philippines has announced that the epic adventure Dune will open exclusively in Philippine theaters on Wednesday, Nov. 10. As director Denis Villenueve (Blade Runner 2049, Arrival) has said: “Dune has been made, designed, dreamed to be seen on a big screen.” The Academy Award nominated filmmaker directs Warner Bros. Pictures and Legendary Pictures’ Dune, the big-screen adaptation of Frank Herbert’s bestseller, considered one of the most influential books of the 20th century. A mythic hero’s journey, Dune tells the story of Paul Atreides, a brilliant and gifted young man born into a great destiny beyond his understanding, who must travel to the most dangerous planet in the universe to ensure the future of his family and his people. Paul Atreides is played by Timothée Chalamet, and he is joined onscreen by Rebecca Ferguson, Oscar Isaac, Josh Brolin, Zendaya, Jason Momoa, Javier Bardem, and David Bautista. Dune is distributed in the Philippines by Warner Bros. Pictures, a WarnerMedia Company. The featurette Dune – Big Screen Experience can be viewed at https://youtu.be/wn9GLUzEyf4]

Viral Scandal kicks off in November

CHARLIE Dizon, Dimples Romana, Jake Cuenca, and Joshua Garcia star in ABS-CBN Entertainment’s latest series which explores the spread of controversial videos, Viral Scandal. It premieres on Nov. 15 at the Kapamilya Channel’s Primetime Bida. Ms. Dizon plays a teenager caught in a viral video. How she and her mom (played by Dimples Romana) deal with the scandal is the subject of the series. Directed by Dado Lumibao and Froy Allan Leonardo, the series also stars Joshua Garcia, Jameson Blake, Markus Patterson, Ria Atayde, Maxene Magalona, Aljon Mendoza, Karina Bautista, Louise Abuel, Kaila Estrada, Vance Larena, Gian Magdangal, Arielle Roces, and Aya Fernandez. The series will replace Huwag Kang Mangamba and will air on Kapamilya Channel, TV5, A2Z, Kapamilya Online Live, iWantTFC, and TFC IPTV.

Tom Morello releases new album

ROCK & Roll icon and two-time Grammy winner Tom Morello has released his new album, The Atlas Underground Fire, via Mom + Pop Musi. The 12-track album is a follow-up to his critically acclaimed and groundbreaking 2018 album, The Atlas Underground. Featuring collaborators including Bruce Springsteen, Eddie Vedder, Chris Stapleton, Mike Posner, Damian Marley and more, The Atlas Undergound Fire puts Mr. Morello’s guitar playing on full display, taking the instrument into the future and forging an alternative/rock/EDM masterpiece with all-time legends and cutting-edge firebrands. The genre-spanning tracklist includes Mr. Morello’s latest single, “The War Inside” featuring Chris Stapleton, which was released alongside a music video animated by Tom Crew. Mr. Morello premiered the track in an exclusive interview with Zane Lowe on Apple Music 1’s The Zane Lowe Show. Mr. Morello — co-founder of Rage Against The Machine, Audioslave and Prophets of Rage — is widely known as a barrier breaking guitarist who continues to push the limits and prove the transformative power of music. Of the album, Mr. Morello said: “Making this album was a life raft during a troubled time. Creating a global conspiracy of rock‘n’roll pen pals of incredible and diverse talents really kept me going and helped me push myself as an artist and guitarist. I recorded all my guitar parts in a cloistered isolation and it feels great now to unleash these tunes on the world and inflict the latest chapter of my bizarro guitar playing on an unsuspecting public.”

TALA releases new single   

THE 21-YEAR-OLD singer-songwriter TALA is releasing her new single, “nevermind,” a sincere and truthful response to her song, “i think I’m dreaming.” According to TALA, “It’s very vulnerable, as though one was reading a page of my journal or a letter.” “nevermind” is available on iTunes, Apple Music, Deezer, YouTube, and Spotify.

Tic Tac offers Mobile Legends upgrade

TIC TAC has collaborated with one of the top mobile games in the Philippines, Mobile Legends, for its “Refresh your Game” campaign. As part of this campaign, Tic Tac hosted a virtual Game Night on Oct. 8, hosted by ML gamer Sarah Carlos, with guests TV personality John Vic de Guzman, gaming influencer Yskaela Fujimoto, and celebrity Kristoffer Martin, sharing tips on how they approach the game. They also battled it out live with three audience members selected through an online contest before the event. Through the “Refresh your Game” campaign, up to 3,500 Mobile Legends gamers can win 50 ML Diamonds every week. The rewards will be sent as redeemable codes via email, and one ML account can win up to five codes each day. To join: gamers have to purchase Tic Tac and keep the official receipt; then visit the website www.TicTacWin.com to upload a scan of the receipt, which is the proof of purchase, and provide the requested details on the website. After submitting the information, the gamer will receive a link to verify their e-mail. As a bonus, Tic Tac will also be giving away 50 grand prizes every week — Limited Edition and Special Skins, Heroes, and 1,000 Diamonds (prizes worth up to P1,500 each. To qualify for this Bonus giveaway, gamers must use the hashtag #TicTacFresh and make a public Facebook post saying why they love Tic Tac. They can then follow the steps mentioned above, add a screenshot of the Facebook post and become part of the weekly Bonus contest. Bonus prize winners will be announced every Wednesday. This promo is valid until Nov. 28, and is only available for players based in the Philippines. For more information visit www.tictacwin.com or the Tic Tac Philippines Facebook page: www.facebook.com/tictacpilipinas.

Smart’s speed score highest in Q3 — Ookla

SMART Communications, Inc., the wireless arm of PLDT, Inc., had the highest speed score among top mobile operators in the Philippines during the third quarter (Q3), latest data from Ookla showed.

Ookla is the network testing and analysis company behind Speedtest, which ranks mobile and fixed broadband speeds from around the world.

Speedtest results for the third quarter showed that Smart was the fastest mobile operator among top providers in the country with a score of 59.71 on modern chipsets.

Globe Telecom, Inc.’s speed score was 28.38 while the new telco player, DITO Telecommunity Corp., had a score of 25.34.

In terms of the fifth-generation (5G) connection, Smart had the fastest median download speed at 217.03 megabits per second (Mbps), followed by Globe at 114.12 Mbps.

Speedtest data also showed that Caloocan City had the fastest median mobile download speed among the country’s most populous cities at 22.05 Mbps, followed by Quezon City (20.93 Mbps), Manila (18.80 Mbps), Cebu City (15.09 Mbps), and Davao City (14.23 Mbps).

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. — Arjay L. Balinbin

Beauty and fear: new K-series focuses on mountain rangers

Seo Yi-gang (played by Gianna Jun) in Jirisan

A KOREAN thriller on mountain climbing and the lives of rangers premieres tomorrow on iQiyi.

Written by Kim Eun-hee and directed by Lee Eung-bok, the 16-episode series centers around a mystery surrounding the mountain’s many visitors; those who come to kill, and those who come to end their lives.

Seo Yi-gang (played by Gianna Jun) is Jirisan National Park’s top ranger who has vast experience in navigation, a useful skill when tracking down lost individuals. She is partnered with rookie park ranger and military vet Kang Hyun-jo (played by Ju Ji-hoon).

“Before I wrote about Jirisan, I had never set foot on that mountain. So, I had a very abstract idea and admiration for that mountain. But I have read and heard about Jirisan so much in school and from other books,” writer Kim Eun-hee said of the show’s setting, Mount Jiri, the second tallest mountain South Korea.

“It was a mountain where everybody went to pray for their wishes. And for over the years, I felt that those wishes and prayers had accumulated in that mountain. It’s a mysterious mountain with so many secrets buried on it. So that was the feeling that I had when I approached this [project],” she said in Korean (interpreted into English) at a virtual press conference on Oct. 13.

While doing research on the mountain and the local community there, Ms. Kim said she learned that whenever there was an accident on the mountain, it was the mountain rangers who went the rescue.

“In the past, I have written about the cyber police. One common thread of all these genres was that the investigation started after people were dead. But the rangers, their mission is to be there to save people,” Ms. Kim said.

“I loved her script, that’s why I decided to work with her. I did not in any way intend to intentionally depict a strong and independent woman but I think it’s a trend. These days, we have a lot of dynamic women characters on the media,” Gianna Jun said of playing a mountain ranger.

“I never thought that I would play the role of a ranger before, and I don’t know any rangers myself… You will be taking a sneak peek at the lives of the rangers through this drama.”

Meanwhile, Ju Ji-hoon revealed that he enjoyed climbing from a young age and expressed enthusiasm to climb Jirisan in the future. Mr. Ju added that it was tough shooting the scenes when ascending the peak.

“[Ms. Kim’s] script is very detailed,” Mr. Ju said. “And also, there are a lot of challenging scenes, but she makes it somehow entertaining for the viewers.”

Joining the cast are Oh Jung-se and Cho Han-Cheul.

“[Jirisan] shows you a lot of the beautiful landscape of the mountain itself. But there is also fear elements that come from Mother Nature. I wanted to portray both the beauty and the fear. And I wanted to show how the characters were interacting with the mountain especially during rescue missions,” director of photography Choi Sang-mook said.

The iQiyi Original K-series will be simulcast on Oct. 23 on iQiyi International app and iQ.com worldwide. New episodes will premiere on Saturdays and Sundays. — Michelle Anne P. Soliman

BPI income up 1.8% as of Sept.

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BANK OF THE Philippine Islands (BPI) posted higher net earnings in the first nine months of the year, even as its net interest and non-interest incomes declined from their year-ago levels, amid lower provisions for loan losses.

The Ayala-led bank’s net income increased by 1.8% year on year to P17.5 billion in the first nine months from P17.3 billion in the same period in 2020, it said in a filing with the local bourse on Thursday.

The bank’s net interest income in the January to September period declined by 5.6% year on year to P51.2 billion. This, as its net interest margin shrank by 21 basis points to 3.31% amid lower yields across its loan portfolios and treasury assets, BPI said.

Meanwhile, the bank’s non-interest earnings went down by 7% year on year to P20.5 billion at end-September due to weaker trading gains. This was partially offset by the 27.2% climb in its fee income.

BPI’s revenues dropped by 6% to P71.6 billion at end-September from a year earlier.

On the other hand, total operating expenses increased by 3.5% year on year to P36.5 billion in the first nine months, driven by the bank’s investments for its digitalization. Cost-to-income ratio was at 50.95%.

The bank cut its loan loss provisions by 49.9% to P10.3 billion as of end-September from the P20.5 billion it set aside in the same period last year.

BPI’s loans rose by 0.9% year on year to P1.4 trillion as of end-September, backed by an increase in mortgage, credit card and microfinance credit.

Despite this increase in credit, its nonperforming loan (NPL) ratio fell to 2.73% from 2.98% a year earlier, while NPL coverage ratio improved to 130.72% from 100.45%.

On the funding side, deposits with the bank likewise increased 6.6% year on year to P1.8 trillion as of September.

The bank’s current account, savings account (CASA) deposits grew 12.1%, offsetting the 11% decline in time deposits. With this, BPI’s CASA ratio stood at 80.1%.

BPI’s loan-to-deposit ratio was at 77.2% at end-September.

The bank’s assets increased 3.3% year on year to P2.3 trillion in the January to September period, while total equity stood at P291.8 billion.

Return on equity and return on assets stood at 8.3% and 1.1%, respectively.

The bank’s common equity Tier 1 ratio was at 16.81% at end-September, while its capital adequacy ratio was at 17.69%.

BPI is in the process of completing its merger with its sister unit BPI Family Savings Bank, which is expected to be finished by 2022.

The transaction was approved by the central bank on Sept. 30. Its effectivity depends on the issuance of the certificate of merger by the Securities and Exchange Commission.

BPI shares closed at P84.90 apiece on Thursday, down by P1.10 from its previous finish. — Luz Wendy T. Noble

PHL ‘might stand a chance’ on achieving sustainable dev’t goals

THE Securities and Exchange Commission’s (SEC) is “cautiously optimistic” that business institutions in the country can help move the sustainability agenda forward as they are encouraged to adopt sustainable business practices.

In an afternoon GRI-SM ASEAN Sustainability E-Summit webinar session on Thursday, SEC Commissioner Kelvin Lester K. Lee said he is “cautiously optimistic” that the country “might stand a chance” to meet the sustainable development goals by 2030 with all the ongoing initiatives in the financial markets.

For its part, the commission is “encouraging” all publicly listed companies to report on their sustainability practices, the guidelines of which are set in the SEC’s Memorandum Circular No. 4 series of 2019. The SEC said this is part of its mission to make the country’s capital markets one of the best in the Southeast Asian region.

The SEC also plans to make the sustainability reporting mandatory for all companies.

“We are encouraging them, we’re essentially asking them and mandating that they report on their initiatives and if that proceeds in that direction, that’s over 600,000 active corporations in the Philippines,” Mr. Lee said.

“If even some number of that starts to seriously engage in sustainable practices, I believe we can make a dent in the sustainability issues and hopefully help the country meet the sustainability goals,” he added.

The SEC said around 93% of the publicly listed companies have complied with the sustainability reporting this year, up from last year’s 90%.

The commission is also collaborating with the ASEAN Capital Markets Forum to create projects such as an “ASEAN Taxonomy,” which aims to “provide a common language for sustainable finance among the ASEAN states,” among its other initiatives.

“We have some more upcoming rules on the sustainable and responsible investment funds that will be focusing on mutual funds that will be focusing on mutual funds that will engage on ESG-related investments,” Mr. Lee said. “We’re looking at issuing that sometime next year or the year after.” — Keren Concepcion G. Valmonte

Stuff to do (10/22/21)

Sheryn Regis holds first online concert

SINGER Sheryn Regis will stage her first online concert, Love United, via KTX.ph, iWantTFC, and TFC IPTV on Oct. 23, with a re-run on Oct. 24. The singer will be sharing the virtual stage with EZ Mil, Filipino pop-rapper H-BOM, Kaela Francheska, former Tawag ng Tanghalan finalist Froilan Canlas, and the all-boys trio of Francis Concepcion, Keifer Sanchez, and Mackie Empuerto also known as the TNT Boys. Tickets for the concert are now available online for P899/$17.99 (regular) and P1,4999/$30 (VIP with access to digital after party). Love United will stream via KTX.ph, iWantTFC, and TFC IPTV on Oct. 23, 8 p.m. (Manila time) and Oct. 24, 10 a.m. (Manila time).

Palacio de Memoria holds guided tours, flea market

PRE-WAR MANSION Palacio de Memoria is now open for guided tours. Experience a one-and-a-half hour guided tour of the galleries, rooms, gardens, the aircraft, and museum on the mansion grounds. Admission prices are P250 for adults, P200 for students, and P179 for seniors/PWD. Guided tours are priced at P500 (regular). For more information and booking appointments, visit https://www.palaciodememoria.com/tours/. Meanwhile, an open-air flea market will be held at the mansion grounds on Oct. 23 and 24. Inspired by Madrid’s E Rastro, the flea market will have antiques, paintings, sculptures, accessories, textiles, home furnishings and décor, wall art, gift items, toys, artisanal/designer specialty items, and collectors’ items. There will also be a Don Papa booth and Margarita Fores’ The Loggia food and drinks booth. ABS-CBN Film Restoration, Inc. will hold a free screening of the newly restored 1941 film Ibong Adarna on Oct. 24.

Zone V photos on virtual exhibit, sale

THE ZONE Five Camera Club (ZVCC or Zone V), one of the country’s top fine-art photography clubs, will be holding an online exhibit and sale at www.zonev.org from Oct. 23 to Nov. 3. Called Images of H.O.P.E. (Helping Others Prosper & Excel), the week-long event will showcase some of the best still camera work by Zone V. Many of these images have gained recognition in local and international photography competitions. Proceeds from the sale benefit the Assumption Development Foundation (ADF), a non-profit organization dedicated to the learning development of select youths of Sapang Palay, Bulacan. From its regular meetings and photo contests held at the Old Swiss Inn at Makati, the Club reached a milestone when it transitioned onto online platforms in the first quarter of last year due to the pandemic lockdowns. This virtual medium will serve as the stage for the Images of H.O.P.E. exhibit/sale. Featured will be color and black & white prints from its 50 members, including Jay Camus, Manny Inumerable, Cha Pagdilao, James Singlador, Danny Yu, and Ruben Castor Ranin, who was himself a recipient of an ADF scholarship.

Indie films on streaming platform, drive-in movie theater

Independent films from across Asia will be screened in Watch and Chill, an online streaming platform and a drive-in-theater, all free and open to the public. The initiative is a collaboration between Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde, National Museum of Modern and Contemporary Art (MMCA) in Seoul, MAIIAM Contemporary Art Museum in Chiang Mai, and M+ West Kowloon Cultural District in Hong Kong, to gather major video works across the region in a subscription-based streaming platform and traveling exhibition. It features motion pictures by 20 artists. The movies are divided into four categories: Things in My Living Room, By the Other Being, Community of Houses and Meta-Home. All videos may be accessed through the Watch and Chill streaming website. Interested viewers must subscribe for free to gain online access until Feb. 2022. For the drive-in-theater, MCAD converted the Dominga Street carpark of Benilde to accommodate a maximum of six vehicles per screening. Audio will be transmitted through an unoccupied FM frequency, accessible through their car radios and other portable devices. Guests may likewise watch the films at the museum’s designated area, which entertains up to 10 visitors per show.  The physical screening is likewise free and open to the public. Visits must be booked in advance through MCAD’s website. Only fully-vaccinated individuals with presented vaccination cards will be allowed entry. MCAD will screen Watch and Chill every Thursday to Sunday from 6:30 to 8 p.m. from Oct. 29 until Dec. 5 Visit the Watch and Chill platform at https://watchandchill.kr/en/. To book an appointment for MCAD’s physical exhibition, go to http://www.mcadmanila.org.ph/watchandchill/.

Virtual tour of haunted Manila

AFTER the success of last year’s “One Night in Intramuros” online Halloween tour, the tour and experiential company WanderManila steps out of the walled city to uncover the darker history of Manila’s iconic areas. The tour, “One Night in Manila: an online Halloween tour” will be livestreamed for free on Oct. 30, 9 p.m., on the WanderManila Facebook page. Conducted by WanderManila’ head tour guide Benjamin Canapi, the one-hour tour will feature a mix of history and horror. Among the locations to be visited virtually are Escolta, Paco Park, Arroceros, the University of Santo Tomas, and Manila City Hall,

PPO holds Tricks and Musical Treats concert

THE CULTURAL Center of the Philippines (CCP) will hold a family-friendly virtual Halloween concert titled Tricks and Musical Treats: A PPO Family Concert on Oct. 31, 4 p.m. via Zoom. With the theme “A Musical Voyage to Outer Space,” the Philippine Philharmonic Orchestra (PPO) and guest performers from the UST (University of Santo Tomas) Symphony Orchestra will introduce children to the basic concepts of music and present orchestral music in a fun memorable adventure package. Hosted by award-winning actor Liesl Batucan, families will also learn about the benefits of music in brain development, especially in language and reading skills, mathematical learning through playing of musical instruments, memory skills, and mind-and-body coordination. As a fun activity, kids will be taught how to “conduct” the orchestra. To make the event even more engaging, participants are encouraged to be in space-themed costumes made using their creativity, resourcefulness, and improvisational skills. Best in Costume Winners will receive recognition and prizes. Register at https://neon.ly/MusicalTreats2021_register.

China Bank gets highest grade from PhilRatings

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CHINA BANKING Corp. (China Bank) was rated “PRS Aaa (corp)” by the Philippine Rating Services Corp. (PhilRatings) on Thursday, with the debt watcher citing the bank’s sound funding profile and improving asset quality.

“The rating takes into account China Bank’s established track record and resiliency, and strong and experienced shareholders who have navigated the bank through various changes in the economic environment; its sound funding profile; its lower interest expense that will support short-term profit performance; and its more than satisfactory asset quality, with ample capital buffer,” PhilRatings said in a statement that was filed by China Bank with the local bourse on Thursday.

Under the PRS scale, the PRS Aaa (corp.) rating is the highest for corporations and signifies the firm “has a very strong capacity to meet its financial commitments relative to that of other Philippine corporates.”

The rating has a “stable” outlook, which indicates it will likely be kept for a year.

PhilRatings said it expects China Bank to maintain its sound credit profile due to its core strengths that boost the lender’s resilience and operations amid the “new normal.” It noted the 101-year-old bank was able to survive past downturns, including the Great Depression in 1931 and the Asian Financial Crisis in 1997.

The credit watcher, however, warned recovery is still dependent on the economy’s ability to rebound from the ongoing crisis.

“China Bank will focus on core business growth, asset quality improvement, and digital banking transformation,” PhilRatings said.

PhilRatings said China Bank also benefits from being a part of SM Investments Corp., which owns 22.55% of the lender.

“Advantages enjoyed by China Bank as part of the SM Group include: priority rights to locate branches and ATMs in SM shopping malls; China Bank Savings mini-branches in SaveMore and CityMall locations, and ATMs in Alfamart stores; and the use of SM Group’s retail network to promote new products,” it said.

China Bank’s asset quality also remains satisfactory versus its peers despite the rise in NPLs during the crisis, PhilRatings said.

It added that more stable and low-cost current account, savings account deposits account for more than half of China Bank’s deposit base, and this is expected to continue this year and next.

The debt watcher also expects the bank’s net interest income to have a bigger share in its revenues moving forward compared with 2019 and 2020.

“Driven by a large decline in interest expense, net interest income growth is expected to be sustained in 2021,” PhilRatings said.

China Bank’s net profit jumped 39% to P7.3 billion in the first half of 2021 from P5.2 billion a year earlier.

Its shares slipped by 10 centavos to close at P24.30 apiece on Thursday. — L.W.T. Noble

PAL seeks easier entry for vaccinated passengers from North America

REUTERS

FLAG carrier Philippine Airlines, Inc. (PAL) on Thursday said it has proposed to pilot test a “no facility quarantine protocol” for vaccinated passengers from North America.

The policy will cover “North American vaccinated passengers arriving in the Philippines and… Filipinos fully vaccinated in the Philippines who traveled to North America and are returning to the country,” PAL Senior Vice-President for Strategy Dexter C. Lee said in an e-mailed statement.

Mr. Lee said the airline coordinated with Presidential Adviser for Entrepreneurship Jose Ma. “Joey” A. Concepcion III and OCTA Research group on the matter.

“Our suggestions have received positive feedback and are now with the IATF (Inter-Agency Task Force) Technical Working Group for further deliberation,” he noted.

Official announcement on the matter will emanate from the IATF.

In September, PAL also sought to shorten the quarantine period for all arriving passengers from abroad.

PAL has filed for Chapter 11 creditor protection in the United States.

Its listed holding company, PAL Holdings, Inc. (not included in the Chapter 11 filing), had been incurring losses even before the global health crisis. Its attributable net loss widened to P71.91 billion in 2020 from P10.31 billion in 2019. — Arjay L. Balinbin

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