Home Blog Page 734

Manila Water rate hike to take effect in April

A man fills up a container with water in Manila, April 23, 2024. Customers of Manila Water Co. should expect higher water bills in April. — PHILIPPINE STAR/EDD GUMBAN

CUSTOMERS of Manila Water Co., Inc. will see higher water bills starting in April as the east zone concessionaire seeks to recover losses incurred from foreign exchange movements, according to the Metropolitan Waterworks and Sewerage System Regulatory Office (MWSS RO).

At the same time, west zone concessionaire Maynilad Water Services, Inc. deferred the implementation of its rate adjustment to the third quarter.

At a briefing on Thursday, MWSS RO Chief Regulator Patrick Lester N. Ty said that the agency approved the tariff increase of P0.04 per cubic meter for Manila Water as part of its foreign currency differential adjustment (FCDA) for the second quarter.

“Because of the FCDA, there is going to be an increase from P0.61 to P0.65 or a P0.04 increase, resulting in an all-in tariff of P61.08 compared to P61.04 [in the first quarter],” Mr. Ty said.

The FCDA is a quarterly reviewed tariff mechanism used by the MWSS. Water concessionaires are allowed to adjust their rates based on fluctuations in foreign exchange rates to manage the impact on their foreign currency-denominated loans. These loans were used to finance the concessionaires’ projects to expand and improve water and sewerage services.

According to Manila Water, the FCDA is based on the peso-dollar exchange rate as of December 2024 versus September 2024.

“There was a 4.24% increase in the USD exchange rate, which a bigger percentage of our loans are denominated in,” it said.

The peso weakened against the US dollar in the fourth quarter of 2024, closing at its record low of P59 thrice (on Nov. 21, Nov. 26, and Dec. 19.).

The peso traded at the P57-P59 per dollar range in the fourth quarter of 2024, and at the P55-P58 per dollar range in the third quarter of 2024.

For the second quarter, Manila Water customers who consume 10 cubic meters or less will see their bills increase by P0.21 to P255.04 from P254.83 in the first quarter.

Those consuming 20 cubic meters will see their monthly bills go up by P0.45 to P563.92, while those consuming 30 cubic meters will see their bills increase by P0.90 to P1,149.65.

Enhanced lifeline customers and low-income customers will not see any bill adjustments.

Meanwhile, the MWSS said Maynilad deferred the implementation of the upward tariff adjustment of P0.09 per cubic meter to the third quarter.

“Maynilad has opted to defer its scheduled adjustment to mitigate the immediate financial pressure to consumers. This deferment, which will see the adjustment applied in the next quarter, is a business decision and it’s not a waiver,” Mr. Ty said.

In a statement, Maynilad confirmed it deferred the FCDA, which was driven by peso depreciation against the dollar. It noted the concession fees or the MWSS loans it “inherited” are largely denominated in US dollar.

“Maynilad regularly evaluates various factors when implementing FCDA adjustments, including foreign exchange movements and their impact on our loan obligations,” it said.

“While the mechanism allows for quarterly adjustments, we considered it prudent to maintain rate stability for this period. Moving forward, FCDA adjustments will continue to be applied as needed, based on prevailing conditions.”

Last year, the MWSS Board of Trustees issued a resolution approving the FCDA guidelines prepared by MWSS RO, which became effective on Aug. 21, 2024.

“Please take note that the two concessionaires will not earn any income for the FCDA. This adjustment, based on the foreign currency exchange fluctuations, is purely pass-on amount and this will not result in any income on the part of Manila Water or Maynilad,” Mr. Ty said.

Beginning January this year, the two concessionaires implemented water rate hikes following the approval of the regulator as part of the third tranche of approved tariffs for the 2023-2027 rate rebasing period.

Rate rebasing is done every five years, accompanied by a performance review and validation of the two concessionaires’ projected cash flows. It also sets the water rates in a manner that allows the water suppliers to recover their expenditures.

Manila Water serves the east zone network of Metro Manila, covering parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns in Rizal province.

Maynilad serves parts of Manila, Quezon City, and Makati, as well as Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon. It also supplies water to the cities of Cavite, Bacoor, Imus, and the towns of Kawit, Noveleta, and Rosario in Cavite province.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of 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. — Sheldeen Joy Talavera

Banking system assets up 9.3% as of end-Jan.

BW FILE PHOTO

By Luisa Maria Jacinta C. Jocson, Reporter

THE PHILIPPINE BANKING industry’s total assets jumped by 9.3% year on year as of end-January, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.

Banks’ combined assets rose to P27.11 trillion as of end-January from P24.81 trillion in the same period a year ago.

Month on month, total assets slid by 1.2% from P27.43 trillion as of end-December.

Banks’ assets are mainly supported by deposits, loans, and investments. These include cash and due from banks as well as interbank loans receivable (IBL) and reverse repurchase (RRP), net of allowances for credit losses.

The banking sector’s total loan portfolio inclusive of IBL and RRP climbed by 13.7% to P14.69 trillion as of end-January from P12.92 trillion in the same period a year ago.

Net investments, or financial assets and equity investments in subsidiaries, went up by 5.8% to P7.68 trillion as of end-January from P7.25 trillion a year prior.

Net real and other properties acquired increased by 9.3% year on year to P117.14 billion from P107.13 billion in the same period in 2024.

On the other hand, cash and due from banks amounted to P2.65 trillion as of end-January, down by 1.4% from P2.69 trillion a year earlier.

Banks’ other assets jumped by 7.4% to P1.98 trillion from P1.84 trillion in the previous year.

Meanwhile, the total liabilities of the banking system rose by 9.2% to P23.71 trillion from P21.71 trillion in the year-ago period.

“Philippine banks’ total asset growth is consistent with the fact that they are among the most profitable industries in the country, with earnings growth much faster than GDP growth for the country’s largest banks,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

“As a result, relatively large earnings partly add to the capital of banks, on top of banks’ various fund-raising activities through capital markets or strategic investors.”

Latest data from the BSP showed the net profit of the country’s banking industry rose by 9.76% year on year to P391.28 billion in 2024.

The growth in total assets is also consistent with strong lending activity, Mr. Ricafort said.

Bank lending jumped by 12.8% to P13.02 trillion in January, its fastest pace in over two years, separate central bank data showed.

Mr. Ricafort also noted the manageable bad loan ratio which could “partly improve banks’ asset quality, profitability, and overall total resources.”

The banking industry’s nonperforming loan ratio rose to 3.38% in January from 3.27% in December. However, this was lower than 3.44% in the same month in 2024.

“The Philippines remains one of the fastest-growing economies in Asia, so the banking industry would be one of the biggest beneficiaries in terms of faster growth in loans, deposits, spreads, fee income, and overall revenues,” Mr. Ricafort added.

Duterte arrest unlikely to hurt Philippine economic outlook

FORMER PRESIDENT RODRIGO R. DUTERTE — REUTERS

THE ARREST of former President Rodrigo R. Duterte could shake the sentiment of foreign investors, analysts said, though this is unlikely to make a significant dent on the Philippine economy.

“From an economic point of view, I guess this will undoubtedly affect the so-called political risk premium that investors compute and look at when they have to make decisions about their portfolio and direct investments,” ISEAS-Yusof Ishak Institute Senior Fellow Jayant Menon said on Money Talks with Cathy Yang on One News.

Mr. Duterte arrived in the Netherlands on Wednesday evening, after he was “surrendered to the custody of the International Criminal Court (ICC).” He faces allegations of crimes against humanity linked to his war on drugs that has killed thousands.

Mr. Duterte, who led the country from 2016 to 2022, could become the first Asian former head of state to be tried at the ICC.

Mr. Menon said it was still too early to price in the impact of the arrest on Philippine markets and the economy.

“We’ll have to wait and see what kind of domestic response evolves with the midterm elections and so on. But I think at this stage, it’s safe to say economically, it’s unlikely to be a big factor,” he added.

In terms of political risk, Mr. Menon said the country has “endured a lot of political instability in the past.”

“It’s not anything new… I think in the Philippines there is some built-in resilience because of ongoing uncertainties on the political front and the economic front.”

While he expects a small negative impact from the arrest, Mr. Menon noted the Philippines faces other bigger challenges on the investment front.

“You’ve got a lot of mega-trends taking place. There’s climate change effects, technological disruptions, rising protectionism. All of these things, you know, are weighty and much bigger than the type of political changes we’ve just seen.”

GlobalSource Country Analyst Diwa C. Guinigundo said the economic impact from the political turmoil stemming from the arrest “could be insignificant.”

“It will depend on how mass actions in opposition to this arrest and detention of the former President,” he said on the same program.

“In other words, it looks like, yes, there were developments that could upset the financial markets, but not too significant. In other words, we have seen this before.”

He said the market could “simply build this into their political risk premium and over time, the market can recover.”

On the other hand, analysts also noted the potential benefits from the recent development.

“This can sometimes be a plus. You know, investors have already built that in. It’ll be a slight deviation from what they’re usually expecting. And so, the impacts are likely to be muted as a result,” Mr. Menon added.

He noted the country should leverage opportunities that could come from these kinds of disruptions.

“There’s been a lot of reconfiguration of supply chains taking place with the US-China trade war and now rising global uncertainties on protection. So far, the Philippines hasn’t taken too much advantage of this.”

“But I think with the increased investments in infrastructure taking place, reducing costs, that can change. Hopefully, this little political blip won’t cut into that positive scenario. But the economic changes taking place with investments in infrastructure especially, I think, bode well for the immediate future for the Philippines.”

Mr. Guinigundo said the Philippine government’s compliance with the ICC arrest warrant “reflects adherence to accountability.”

“Foreign investors in the Philippines have raised the issue of adherence to law, rule of law, consistency of public policy,” he said,

“The recent development shows that the government is also capable of providing or demonstrating its adherence to the rule of law, accountability, and of course, to conclude that culture of impunity in the Philippines,” he said.

“The Philippines has more to show other than this political issue,” he added.

Mr. Guinigundo also called for a “critical civil society” that has the capacity to “screen out and discern between actual political noise and the noise that can disturb markets and upset economic growth.” — Luisa Maria Jacinta C. Jocson

An ongoing quest for diversity and gender equity

pikisuperstar | Freepik

Women are actively transforming the world in various ways. For one, any of them are taking the lead in pushing their businesses further towards greater success. Beyond such pursuits, however, they are also spearheading and accelerating the attainment of more inclusive workspaces and society.

According to PwC’s Women in Work report, increased female workforce participation has contributed $4.5 billion annually to the GDP of the average member country of the Organization for Economic Co-operation and Development since 2011. If this progress continues, that figure could reach $15.1 billion per year by 2030. PwC also mentioned that the percentage of women chief executive officers (CEOs) in the Fortune 500 has more than doubled over the last ten years, rising from 4.6% in 2014 to 10.4% in 2024.

Similarly, McKinsey & Company’s Women in the Workplace 2024 report found that women now hold 29% of C-suite positions, up from 17% in 2015. The share of women in managerial positions rose from 37% in 2015 to 39% in 2024, while the proportion of senior managers and directors increased from 32% to 37% over the same period.

Despite such progress, however, there still lies significant challenges, such as gender gap and unequal access of leadership opportunities in the workforce.

The S&P Global Corporate Sustainability Assessment (CSA) reports that a major obstacle for women in corporate leadership is their limited presence in revenue-generating management roles. These positions, often in sales and other departments directly tied to profitability, serve as stepping stones to the C-suite. Women hold just 29% of these roles, up from 27.6% in 2022 and 27% in 2021.

Boardroom representation follows a similar pattern with women holding 24.9% of board seats, up from 23.3% in 2022 and 21% in 2021. Despite regulatory mandates and shareholder advocacy for diverse boards, progress remains slow. In fact, PwC reported that women hold only one in five C-suite positions globally.

McKinsey, meanwhile, emphasized that while there is progress, some workplaces have not been better for women. According to the report, women continue to confront microaggressions as often today as in 2018. Microaggressions have been the key source of these concerns with women experiencing competence-based aggressions, area of expertise judgments, mistaken for someone at a lower level, and being interrupted more than others.

Furthermore, a 2024 report from the World Economic Forum (WEF) indicated that achieving full gender equality is unattainable by 2030. As of last year, the global gender gap score is closed at 68.5%, with no country having fully achieved gender parity. Among regions, the Eastern Asia and Pacific ranked fourth at the overall gender parity with a score of 69.2%. Since 2006, the region has seen an increase in percentage points by 3.1%, and New Zealand and the Philippines are the only countries in the region included in the global top 10.

The report projected that achieving gender equality will be attainable in the next 134 years. In economic participation and opportunity measured by labor force participation, wage equality, and representation in high-skilled jobs, the timeline extends to 152 years.

Over the past decade, the projected time to achieve gender parity has increased by 81 years. Economic disruptions, including the COVID-19 pandemic, have disproportionately affected women, deepening existing inequalities. Persistent wage gaps, occupational segregation, and inadequate parental leave and childcare policies continue to slow progress.

Amid the progress and the challenges, the value of diversity and gender equity in driving meaningful change remains upheld.

“The reality is clear: diversity drives better decisions, stronger businesses, and more resilient economies,” Verena Siow, president and managing director of SAP Southeast Asia, said in a statement released in line with the celebration of International Women’s Day this year, which is themed “Accelerating Action.”

Likewise, there is an urgent call to accelerate gender equality efforts to ensure equitable and sustainable growth, as WEF’s report highlighted.

“The reticence to embrace gender parity as a condition for equitable and sustainable growth is impacting global capacity to meet current and future challenges, and costing women and girls their futures. This raises a key opportunity for government and business leaders to contribute to macro level solutions for gender equality, and with it, a different kind of growth,” the report said.

For Ms. Siow, now is the opportune time to act and push boundaries of equity, opportunity, and leadership.

“Change is often perceived as a gradual process. But while it is true that change does not take place overnight, every little step we take in accelerating action unlocks new possibilities. In Southeast Asia, I’ve seen firsthand how equipping women with the right skills, access, and support can create extraordinary outcomes,” she said.

Critical actions

Ms. Siow highlighted three critical actions. First, she noted that a way to truly accelerate progress is through mentorships and, more importantly, sponsorships. While these two are important to bring guidance, support, and access to opportunities, sponsorships should further empower women leaders.

“Women need not just mentorship but advocates — leaders who actively open doors, champion careers, and create opportunities,” she explained.

Ensuring equal access to high-impact projects and decision-making roles for women at all levels in the workforce is also crucial. This approach will not only lead to effective leadership but also attract and retain top talents within organizations.

Ms. Siow also noted the importance of redefining leadership to achieve gender diversity. Today, success in leaderships transcends traditional qualities like aggressiveness; it now focuses on having diverse perspectives, emotional intelligence, and inclusivity.

“Innovation does not happen by waiting. It happens by taking action, challenging norms, and accelerating change. Just as we push the boundaries of technology, we must do the same for equity, opportunity, and leadership,” Ms. Siow added.

In addition, McKinsey’s study suggests that companies take bolder and more comprehensive actions that can lead to meaningful change in workplace equity. The recommendations by McKinsey include debiasing hiring and promotions processes, inspiring and equipping employees to curb bias and practice allyship, and unlocking the power of managers to influence careers and team culture. — Angela Kiara S. Brillantes, Mhicole A. Moral, and Jomarc Angelo M. Corpuz

‘External factors’ force pullout of WPS documentary from film fest

FOOD DELIVERY: Fresh from the West Philippine Sea, a documentary about the struggle of Filipino fishermen and the navy in getting food to and from the distant isles in the highly contested West Philippine Sea (WPS), has been dropped at the last minute by the CinePanalo Film Festival due to “external factors.”

On Wednesday, festival director Chris Cahilig released a joint statement co-signed by the documentary’s director Baby Ruth Villarama, about her film being pulled from the lineup.

“We regret to confirm that Food Delivery, Fresh from the West Philippine Sea, has been pulled out from the CinePanalo Festival,” the statement read. “While the decision was made jointly by the festival organizers and film creators, it is clear that external factors played a role in this outcome.”What the “external factors” were was not explained.

The film was supposed to have had its world premiere on March 14, 4 p.m., at Gateway Mall in Quezon City, for the second iteration of CinePanalo.

“We appreciate the continued support from those who believe in the film’s importance and will announce alternative screenings soon,” the statement concluded.

Ms. Villarama, who was hard at work on post-production of the film just a few days prior, commented on a Facebook post mistakenly claiming that the documentary was “withdrawn” from the film fest.

“We did not withdraw. We were pulled out!” she clarified under the post, shortly after the news broke.

Neither Mr. Cahilig nor Ms. Villarama have divulged further details on the situation.

The CinePanalo Film Festival is organized by the supermarket chain Puregold, owned by Lucio Co.

The film’s last-minute cancellation echoes a similar case from August last year, when the controversial film Lost Sabungeros by Bryan Brazil was dropped by the Cinemalaya Independent Film Festival “due to safety reasons.” It was picked up by the QCinema International Film Festival three months later.

Food Delivery, produced by Voyage Studios, is upfront about telling overlooked stories of the Philippines’ fight for national sovereignty opposite China which has been pushing its claims over the South China Sea waterway.

The goal of the film is “to offer a deeper perspective of this hot topic largely seen on the news,” Ms. Villarama told BusinessWorld days before it was pulled out from CinePanalo. (See the story here: https://tinyurl.com/28v4dsgo) Their pitch was approved by the festival late last year, with filming commencing in October and concluding in January.

The 2025 Puregold CinePanalo Film Festival will run from March 14 to 25 at Quezon City’s Gateway Mall in Cubao. — Brontë H. Lacsamana

Hidden Mickey

ROBERT PATTINSON and Robert Pattinson in a scene from Mickey 17.

Movie Review
Mickey 17
Directed by Bong Joon-ho

BONG JOON-HO’s latest film Mickey 17 is out and disappointing some folks — in part because it isn’t making the box office they’re hoping from the director of Parasite ($262 million worldwide from an $11 million budget), in part because it doesn’t have the sharp edge of Parasite with its literal upstairs-downstairs allegory or bloody melancholic finale. Basically the complaint I’m hearing is that it isn’t Parasite, which won a gold-plated Oscar doorstop for Best Picture, and that he should just do more of the same only better for the rest of his career.

And for the rest of us? Well lemme tell you…

When you mention Bong Joon-ho the key question isn’t really “which film?” as it is “which Bong?” He’s dabbled not just in different genres but different combinations of genres, from police-procedural noir (Memories of a Murder) to family drama turned noir (Mother) to indie comedies (Barking Dogs Never Bite) to creature feature turned family drama (The Host) to girl and pet pig turned dystopian adventure (Okja) to an adaptation of an action-adventure anime (Snowpiercer) to, yes, allegorical family comedies turned thrillers (Parasite).

Bong is what you might call a moving target, never satisfied with making the same picture twice, and I’m betting if anyone asked him what his most perfect work was he’d frown and ask you to repeat the question. Perfection implies practicing the same skills over and over till you’ve mastered them, and I doubt if he’s applied the same set of skills twice in any two productions; I don’t think he’s even interested in making anything perfect — he’s just too interested in moving on and doing something else.

So this: an English-language adaptation of Mickey 7 by Edward Ashton about Mickey Barnes, crew member on an expedition to the ice planet Niflheim — “7” because Mickey is an Expendable, assigned to take on the most dangerous assignments; every time he dies a new clone can be decanted with most if not all of his previous memories downloaded to his latest body (this is the seventh Mickey to be revived to date). The film’s title is Mickey 17 because, as Bong put it in an interview “I wanted to kill him 10 more times.”

You can see Bong’s point. I have not read the novel but have heard it called farcical, with plenty of long agonizing deaths described involving the various Mickeys. The original Barnes was lassoed into the role by the promise of immortality; the recruiter didn’t lie — you do get immortality of sorts, but the downsides are: 1.) all the various painful and often protracted ways in which you can get killed, and, 2.) your unofficial (though often vocally declared) status as the bottom rung on the expeditionary ship’s social ladder. Stretching Mickey’s career by an additional 10 deaths, Bong emphasizes the sense that Mickey has: 1.) gone through a lot more suffering, and, 2.) has had his ego battered down to the point where he’s actually disappointed when he doesn’t die in some horrific manner (“What’s the matter, my meat ain’t good enough for you?!”). This is the kind of pathos Chaplin might have achieved in his great silent comedies with his resourceful sad sack Tramp, if the Tramp ever adventured in science fiction (well, he did a bit in the first half of Modern Times, and did put his flesh literally on the line in The Gold Rush); Bong lunges at the same goals as Chaplin, helped by lively editing and voice over narration and a far bigger special-effects budget — he doesn’t succeed on the same level (of course) but does get there, more or less.

It helps that Bong has Robert Pattinson. Pattinson’s been trying to rehabilitate his image since his twinkly vampire days and the effort has largely worked, with his bearded explorer in James Gray’s The Lost City of Z, his hard-pressed smalltime crook in the Safdie brothers’ Good Time, his gritty greasy turn as lonely keeper in Robert Eggers’ The Lighthouse (he’s also had a turn as The Batman but I’m still trying to forget the experience). Pattinson comes off as versatile and courageous, able and willing to try something, anything, as long as he can take it somewhere extreme; Bong must have seen this in him, had a long discussion with the actor, and confided his vision: “here in this my latest film, you must play someone sweet.”

And by golly Pattinson does. Mickey is perhaps the sweetest most likable character I’ve ever encountered in a Bong film, and the fact that he gets pummeled, frozen, incinerated, amputated by passing meteoroids, and exposed to various deadly gases, chemicals, microorganisms only serves to make his sweetness seem more heroic. A backstory I’m assuming Bong added to the film shows why he’s so motivated to flee the Earth and accept such a thankless job (it’s either this or a chainsaw) and also serves to show how this basically guileless man has been exploited by the less scrupulous all his life.

And Pattinson pulls it off with his softly mumbled cracked voice and constantly stricken eyes. He plays an almost purely good character and sells it, a difficult feat to pull off, and Bong as writer-director incidentally shows an understanding of goodness that even Dostoevsky doesn’t quite achieve.

Don’t get me wrong, I’m not meaning to rank Bong above Dostoevsky. When it comes to flawed antiheroes and malevolent degenerates and vain buffoons and other underworld types the writer has no peer; when it comes to pure folk without a trace of malice in their bodies, his writing can be embarrassing, even (worse) dull. Dostoevsky’s sainted characters are one-note and unconvincing, possibly because he’s such a self-loathing heel he can’t bring himself to sully their angelic blankness; he hasn’t learned the lesson Bong practices, to sell a good person by adding the one grounding detail that makes him believable, in this case Mickey’s intelligence. He’s not the sharpest knife on the ship, he knows it, he accepts it, and folks around him — and in the audience — want to throw their arms around him and protect him just because.

The film isn’t a one-man show; Bong surrounds Pattinson’s Mickey with a range of comic foils, from Mark Ruffalo’s Trumpish Kenneth Marshall — a failed politician turned expedition leader — to Toni Collette’s Ylfa Marshall – the manipulative politician’s wife and culinary snob — to Steven Yeun’s slippery Timo — Mickey’s best friend and most relentless exploiter — to Mickey himself, or rather Mickey 18, who was reprinted by accident and now hopes to replace 17 in the scheme of things. The scenes of 17 and 18 arguing are some of the funniest in the film; unfortunately, 18 may also be the film’s most serious flaw — he’s meant to be a darker more aggressive version of 17, only his role is so woefully underwritten we don’t quite buy the eventual trajectory of his character arc.

Gotta mention Naomie Ackie as Nasha, security agent and one of the few crewmembers to notice and stand by Mickey through his 18 various incarnations. Nasha stays mainly in the background (except for the moments when she’s suddenly spectacularly physical — security agent, remember?) and manages to be the exception to the rule: the purely good character who manages to make you believe in her because, well, she just is.

The film has a consistently grungy textured look; even the digital effects — mainly the alien creatures found on Niflheim, deftly mixed with animatronic models — convey the solidity and unified feel of a film with a definite mood, of exhausted blue-collar slobs trying to earn their paychecks without getting killed by either their machinery or the harsh environments they work in. That look, mainly by legendary cinematographer Darius Khondji, adds a dimension to the picture, arguably the handsomest Bong has done to date; also contrasts nicely with the frozen inferno of Neflheim, all vast tundras and perilous deadfalls and endless howling wind; the creatures (designed by Bong and longtime collaborator Jan Hee-chul) manage to look both moistly disgusting and unaccountably cute at the same time.

Is this Bong’s best work to date? I don’t know; I’ve said it isn’t perfect, that Bong doesn’t even try for perfection. I do think it’s overstuffed, ambitious, flings various things at the wall in the hope some of it sticks, and that a surprising amount does; the film does this trick of skittering across various genres and emotional tones throughout the entire running time, even within certain scenes, keeping its balance with more dexterity than you might expect — but then Bong has apparently been doing this sort of thing for some time, years even. You might even say he’s had practice.

MPIC expects to sell 20% stake in MPTC within two months

PHILSTAR FILE PHOTO

METRO PACIFIC Investments Corp. (MPIC) is in advanced talks to sell about 20% of its stake in Metro Pacific Tollways Corp. (MPTC) to help reduce the latter’s debt, its chairman said.

MPIC Chair, President, and Chief Executive Officer Manuel V. Pangilinan said the company has narrowed the list of potential buyers to one.

“We’re down to the short strokes,” Mr. Pangilinan told reporters on Wednesday.

MPIC currently owns 99.9% of MPTC. Its tollway projects include the North Luzon Expressway and the Cavite-Laguna Expressway. The company has earmarked P35 billion for its capital expenditures this year for various projects.

Mr. Pangilinan said the stake sale is part of a plan announced in January to raise P30 billion to P50 billion through a private placement to reduce MPTC’s debt.

Asked about the timeline for the private placement, Mr. Pangilinan said he expects to close the deal within the next two months.

MPTC accounts for half of MPIC’s P64.99 billion in short-term debt and the current portion of its long-term debt as of end-2024, MPIC Chief Financial, Risk, and Sustainability Officer Chaye A. Cabal-Revilla said in a separate briefing.

Earlier this month, Mr. Pangilinan confirmed that MPTC has deferred merger talks with Ang-led San Miguel Corp. to focus on raising funds to reduce debt.

Mr. Pangilinan hopes the merger can be completed within the year but said there is no definite timeline for its completion.

In September last year, MPIC signed a deal with Mit-Pacific Infrastructure Holdings Corp. (Mit-Pacific) for a share buyback and exchangeable bond issuance.

Under the agreement, MPIC will buy back 4.58 million common shares owned by Mit-Pacific, equivalent to a 7.3% stake in MPIC, reducing Mit-Pacific’s ownership in MPIC to 7.8%.

Additionally, MPIC will issue P11.9 billion worth of exchangeable bonds to Mit-Pacific, which may be converted into 1.5 million MPTC common shares.

If Mit-Pacific opts to exchange the bonds for MPTC shares, it will acquire a 6.6% stake in MPTC along with a board seat in the tollways company.

Mit-Pacific is a joint venture between Mitsui & Co. Ltd. and Japan Overseas Infrastructure Investment Corp. for Transport & Urban Development.

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

Marrying awesome spectacle and detailed artistry

By Brontë H. Lacsamana, Reporter

Movie Review
Ne Zha 2
Directed by Yang Yu

NE ZHA 2 is a Chinese animated blockbuster and the second installment of the trials and tribulations of the titular character, the demon child Ne Zha. It picks up where the first film left off — the souls of him and his friend Ao Bing preserved after their physical bodies have been destroyed.

To backtrack a bit, Ne Zha and Ao Bing are reincarnations of the Spirit Seed and the Demon Pill, fating the former to become a hero and the latter to become the devil incarnate. But their fates were switched at birth, so Ne Zha becomes a demon child and Ao Bing a hero. The two, defying all odds, become friends.

People all over the world are talking about Ne Zha 2 today because of its record-breaking box office numbers. It topped $2 billion in just its home market, knocking Inside Out 2 down a peg to become the highest-grossing animated film of all time. All this despite being primarily watched in just one market, China.

March marks the film’s release globally, which means its income continues to grow despite its domestic box office already solidifying its place in film history. And so, many people around the world will be seeing the film without ever seeing the first one, which didn’t leave much of an impact outside of China.

Thus, Ne Zha 2, starting with the jovial mentor Tai Yi Zhen Ren using a powerful lotus to reshape Ne Zha and Ao Bing’s destroyed physical forms, immediately thrusts one into an elaborate, magical world that is overwhelming at first. As the film goes on, the eyes acclimate and the rules, wonders, and slapstick humor of this spiritual, ancient China come to paint a full picture of what’s going on.

This is, first and foremost, a blockbuster spectacle, but the artistry is undeniable — from droplets of water making remarkable giant waves and embers of vibrant flames engulfing the corners of the screen, to the texture of a wooden staff expanded to take root across the sky. Elements of each frame contort and blossom with every movement, and the sound design matches it all perfectly. To sum it up, the animation is beautifully stunning.

While Chinese fantasy epics tend to display the same old tropes and stereotypes (takes on their mythology and modern-day design preferences), Ne Zha 2 presents the best and most flawless of this style of action and animation. This adaptation of the 16th-century Chinese novel Investiture of the Gods is filled with intricate battle sequences, sweeping background pieces, and lovable character designs, all impeccably and meticulously put together to make up a truly awesome experience in the cinema.

Themes of creation and destruction make this a spiritual experience, too, as Ne Zha and Ao Bing carve a path towards immortality and find that it is rife with contradictions and hidden agendas that consume those with blinding power. It turns into a (clearly anti-capitalist) love letter to the youth who have the idealism and fearlessness to stand up to the systems in place that make the world a hell to live in. Clocking in at over two hours, its length can be felt at times, especially in the extended humorous bits, but it packs so much heart along with the punch that you’ll be glad to just be on this wild ride.

Honestly, by the end of it, my eyes and brain felt utterly fried, in a similar way as after watching Sony’s two phenomenal Spider-Verse films. The sheer level of stimuli that can be achieved in animation these days is unbelievable; a mesh of extended action sequences and witty gags now required to hold attention and really induce the wow factor and the fun factor (which can be tiring if you’re older than Gen Z). It’s also very telling that, if you watch this on a small screen, it’ll come across as video game-like, but it undeniably pops and electrifies on the big screen. It’s no wonder that this achieved record-breaking status.

(While the timing may be purely coincidental, I can’t help but feel disheartened by how Ne Zha 2’s admirable burst of nationalistic pride, told with enthusiasm and artistry, is hitting Philippine cinemas while at the same time the Filipino documentary Food Delivery: Fresh from the West Philippine Sea, which tells the stories of those in the West Philippine Sea fighting for our national sovereignty, has been pulled from the CinePanalo Film Festival. The films have no direct connection [except for China being a key player in both], as they are totally different genres operating on separate film circuits, but the timing is ironic.)

From a global perspective, this Chinese animated blockbuster dethroning Disney’s Inside Out 2 in the charts — and annihilating Marvel’s Captain America: Brave New World throughout February — represents a clash of world powers on the cinematic stage. Akin to geopolitics, the rest of the world can only watch as America and China butt heads to dominate the global box office, China this time coming out on top.

Ne Zha 2 is a beacon of hope for animators all over the world for its marriage of grand, stimulating visuals and culturally attentive, detailed artistry. It is akin to the wondrous scale of Japan’s Studio Ghibli, but more attuned to what the youth these days find eye-catching and awe-inspiring, like Sony’s Spider-Verse films.

It represents the current nexus point of what the medium of animation has to offer, capturing audiences with shifting preferences. The end goal doesn’t have to be to break records, but the challenge for countries like America is not to equate big budget blockbusters with mind-numbing slop, and for countries like the Philippines, with more limited resources, to spark a similar sense of national pride and try to uplift what is ours.

Filinvest Land hit P4.17-B profit in 2024 on residential sales

Filinvest City, Alabang, Muntinlupa — FILINVESTLAND.COM

GOTIANUN-LED property developer Filinvest Land, Inc. (FLI) posted an 11% increase in its attributable net income for 2024 to P4.17 billion from P3.77 billion the prior year on higher residential revenue.

Consolidated revenue and other income grew by 8% to P24.45 billion last year from P22.44 billion in 2023, FLI said in a regulatory filing on Thursday.

Residential real estate revenue climbed by 6% to P15.39 billion led by higher percentages of project completion and growing accounts recognized as revenue. Reservation sales reached P19.4 billion.

FLI launched 19 residential projects worth P27 billion last year.

“Our residential business remains stable as we continue to deliver housing products that meet the needs of Filipino families for affordability, quality, and convenience. Our continued success in the housing segment lies in delivering sustainable, value-for-money homes consistent with our mission of building the Filipino dream,” FLI President and Chief Executive Officer Tristan Las Marias said.

Retail leasing revenue surged by 15% to P2.54 billion, while the office business saw a 3% increase in leasing revenue to P4.81 billion.

“Filinvest’s leasing business has also been gaining momentum, with steady growth in both office and retail properties. Our malls are attracting new tenants with innovative concepts, while our offices are experiencing a consistent increase in space take-up. We are optimistic about sustaining this growth trajectory for our rental business this year,” Mr. Las Marias said.

Meanwhile, FLI said its industrial business is gaining momentum. The Filinvest Innovation Park (FIP) – New Clark City saw its pioneer ready-built factory (RBF) locator, battery manufacturer StB Giga, which inaugurated its manufacturing facility and started operations in September last year.

The company also saw the entry of ALPLA Philippines, Inc. to FIP-Ciudad de Calamba in Laguna, which leased two RBF units to expands its plastics manufacturing and recycling footprint.

FLI raised P12 billion from a retail bond issuance that was listed on the Philippine Dealing and Exchange Corp. (PDEx) on Wednesday.

The issuance consists of five-year bonds due 2030 with an interest rate of 6.2916%, seven-year bonds due 2032 with an interest rate of 6.6550%, and ten-year bonds due 2035 with an interest rate of 6.8312%. The proceeds will be used to fund capital expenditures and refinance debt.

It is the second tranche of FLI’s P35-billion shelf-registered bonds approved in 2023. The first tranche, which raised P11.4 billion, was issued in December 2023.

On Thursday, FLI stocks rose by 4.29% or three centavos to 73 centavos per share. — Revin Mikhael D. Ochave

PIRA pushes for lower DST on nonlife policies

MACROVECTOR/FREEPIK

THE PHILIPPINE INSURERS and Reinsurers Association, Inc. (PIRA) is pushing for lower documentary stamp taxes (DST) on nonlife insurance products to help lower costs.

The gradual reduction in the DST on nonlife insurance policies to 7.5% from 12.5% over five years was previously part of the proposed Passive Income and Financial Intermediary Taxation Act (PIFITA), and PIRA is pushing for its inclusion in the tweaked version of the bill now known as the Government Revenues Optimization through Wealth Tax Harmonization (GROWTH) Act, PIRA General Manager Rogelio J. Concepcion said at a media briefing last week.

“I attended two hearings last month and this month. It looks like that they are not submitting the PIFITA as a whole. They carved out certain provisions that they consider most urgent and beneficial probably to their government,” Mr. Concepcion said.

“What happened with PIFITA is they broke it down into little pieces. We’re watching now where our amendments are. We weren’t included in those. So, that’s what we’re doing. We’re monitoring where it is. If not, it’s back to square one,” PIRA Executive Director Michael L. Rellosa said.

The GROWTH bill covers both capital markets and financial intermediates, the Finance department previously said. It is the fourth package of the Comprehensive Tax Reform Program (CTRP) initiated in 2018 to bring about a more equitable and efficient tax system.

The measure seeks to “harmonize the taxation of passive income and financial intermediaries by reducing and simplifying the complicated tax rates on financial transactions.”

The DST is imposed on nonlife insurance products under the Tax Code. Rates depend on the instrument or transaction, as well as the amount of insurance. Some of these charges are passed on to policyholders.

Besides taxes on policies, nonlife insurers also need to pay other levies, Mr. Rellosa said, including value-added tax (VAT), local government tax, and fire service tax for fire coverage, among others.

These bring the combined taxes on nonlife products in the Philippines to around 25-27%, which is the highest in Southeast Asia, he noted.

This is also significantly higher than taxes on life insurance products, Malayan Insurance Co., Inc. Chief Operating Officer and PIRA Trustee Eden R. Tesoro said.

“In life insurance, it’s very straightforward. If an insured dies or makes a claim, then all they need to do is submit receipts and they’re done. For nonlife, we have adjusters. Adjusters charge you for their service as VAT,” she said.

“And remember, every time there is a massive event like [typhoons] Christine or Karina, every claim has a VAT, which the insurance company pays for.

That is why the insurance companies also charge VAT on the front end of the policy… So, if nonlife insurers absorb the VAT, and they also have to pay the claims, they will be at a loss. That’s not good for the industry because how this might end up is companies might close. It is not sustainable,” she added.

Mr. Rellosa acknowledged that the reduction in the DST on nonlife policies could result in foregone revenues for the government.

“That’s one of the reasons why we cannot just ask to lower the tax because we understand the government needs revenues as well.”

However, he said a study by the Philippine Tax Institute showed that revenues could remain unchanged even if taxes are lowered as the resulting reduction in the cost of policies could drive demand for nonlife insurance products.

According to an issue of the National Tax Research Center’s (NTRC) NTRC Tax Research Journal published in 2023, the reduction of the DST on nonlife insurance policies to 7.5% from 12.5% is expected to result in P29.3 billion in revenue losses for the government.

“However, it is important to highlight that the main purpose of [CTRP] Package 4 is to fix the tax system to deepen the capital market and encourage financial inclusion. Hence, it is only expected that the government will incur some losses, albeit insignificant if juxtaposed to the benefits it may bring to the Filipino people, the nonlife insurance industry, and the BIR (Bureau of Internal Revenue) in terms of higher tax compliance and simpler tax administration,” the NTRC said.

The combined net premiums written by nonlife insurers grew by 10.49% year on year to P71.84 billion in 2024, the latest Insurance Commission data showed. — A.M.C. Sy

Stuff to Do (03/14/25)


Go to Johnoy Danao’s concert

SINGER-SONGWRITER Clara Benin, post-rock artist GABBA, and solo musician Kakoy Legaspi will be joining Johnoy Danao onstage for his first solo concert, Liwayway at Dapithapon, happening on March 14 and 15 at the Metropolitan Theater in Manila. Ms. Benin and GABBA are slated to perform on the first day, while Mr. Legaspi will show up on the second day. Mr. Danao will be backed by a 15-piece orchestra conducted by Ria Villena-Osorio. Tickets are still available via www.ticketmelon.com/liwaywayatdapithapon.


Get a glimpse of Korean star Kim Ji Soo

DAVAO-BASED fans of K-Dramas will have the opportunity to experience the charm and charisma of South Korean actor and GLXY artist Kim Ji Soo live. He is scheduled to make a special appearance at the 25th anniversary of gadget company Wiltelcom on March 16 at the Gaisano Mall of Davao. The star will have a meet and greet with fans.


Visit Havaianas’ park installation at BGC

HAVAIANAS is unveiling a special stop in the middle of the fast-paced Bonifacio High Street in Taguig’s Bonifacio Global City (BGC), designed to help passing Filipinos slow down and “break the rush.” Called “PAARK,” a play on the words “paa” (foot) and “park,” the area aims to be an immersive escape from the daily urban grind, giving visitors a chance to feel the grass beneath their feet and explore the space with family and friends. There are interactive features, chill zones, and games. PAARK by Havaianas is open to the public until March 16, at 9th Avenue, Bonifacio High Street, Bonifacio Global City, Taguig.


Watch action thriller Novocaine in cinemas nationwide

THE comedy-action thriller Novocaine, starring Jack Quaid, Amber Midthunder, Ray Nicholson, and Jacob Batalon, opens in cinemas this week. It follows everyman Nathan Caine (played by Mr. Quaid), who cannot feel pain. When the girl of his dreams Sherry (played by Ms. Midthunder) is kidnapped, Nate turns his inability to feel pain into an unexpected strength in his fight to get her back. It is now out in Philippine cinemas nationwide.


Listen to SOS’ experimental single

INDIE alternative band SOS has released a new single titled “Yumi & the Apocalypse,” the carrier single of their forthcoming sophomore album, It Was A Moment, which will come out end of March. The track blends old, familiar sounds with new, experimental production, showcasing SOS’ signature intricate storytelling about a breakup. It is written by vocalist Roberto Seña, with rearrangements by Ram Alonzo (keys) and King Puentespina (drums). Kiddo Cosio, the owner of El Union coffee shop and roastery, plays trumpet for the track. “Yumi & the Apocalypse” is out now on all digital music streaming platforms.


Watch Bonhoeffer: Pastor. Spy. Assassin. in Ayala Malls

HISTORICAL thriller Bonhoeffer: Pastor. Spy. Assassin. is now in Ayala Malls Cinemas. Directed by Todd Komarnicki, the film follows a deadly plot to assassinate Adolf Hitler. It centers on Bonhoeffer (played by Jonas Dassler), who must either stay true to his faith or risk everything to stop a tyrant and save millions of Jewish lives. The historical drama thriller also stars Phileas Heyblom and August Diehl, telling the true story of the brilliant and courageous 39-year-old theologian who dared to stand against Nazism. Released in the United States in November last year, it is now in the Philippines through Ayala Malls Cinemas.


Look through GH Mall’s Women’s Month exhibit

GH MALL, in partnership with art collective Floral Artists of Davao Association, is hosting a special art exhibition titled, Women’s Palette: The Artful Awakening. Running until March 30 at the East Wing Atrium, GH Mall, the free exhibit showcases the transformative power of art in shaping women’s diverse identities, voices, and stories. It features the works of women artists from Davao, such as Floral Artists of Davao founder Josie Tionko and President Rita Bustamante, alongside members Amanda Echecarria, Dadai Joaquin, Nemalyn Ledda, and more. There will also be workshops throughout the month, hosted by members of Floral Artists of Davao.


Discover deities and various forms of art at NCCA

THE National Commission for Culture and the Arts (NCCA) is hosting two exhibits at its gallery this month. First is Divine Realms: Philippine Mythological Deities, which shows a new side of Filipino gods and goddesses through mixed media paintings, made by Marpolo Cabrera. It aims to reintroduce Filipino deities using abstraction. The other exhibit is Ethereal Resilience: Sculpted Stories, by Bulacan-based visual artist Reymundo Dela Cruz, who aims to tell stories of resilience with his sculpted acrylic paintings that combine paint, metal, canvas, and cement. Both shows run until March 30 at the NCCA Gallery, Intramuros, Manila. Admission is free to the public.


Reflect on female solidarity at Galerie Stephanie’s group exhibit

THE all-women exhibit Emerging Out of a Crumbling Flank of Earth, is ongoing at Galerie Stephanie as part of Women’s Month. Curated by Gwen Bautista, it showcases the work of over thirty female artists under 35 years old, reflecting on themes of solidarity, resilience, and the ongoing struggle against gender-based oppression. Some of the women artists in the show are Sam Bumanlag, Pepe Delfin, Anna Orlina, and Veronica Lazo. Aside from looking at the various works of art, a reception will also be held on March 14, 5 p.m. The exhibit runs until March 30 at Galerie Stephanie in Shangri-La Plaza Mall, Ortigas, Mandaluyong City.

CREC unit seeks ERC nod for grid integration of Batangas solar project

Citicore Solar Batangas 1 in Luntal, Tuy, Batangas — CREC.COM.PH

SAAVEDRA-LED Citicore Renewable Energy Corp. (CREC), through its solar subsidiary, is seeking the approval of the Energy Regulatory Commission (ERC) to develop a connection facility linking its 50-megawatt (MW) solar power project in Tuy, Batangas.

Citicore Solar Batangas 1, Inc. is proposing to develop and own interconnection facilities to connect its Luntal Solar Power Project to the Luzon grid, according to its filing with the ERC.

With an estimated project cost of P129.19 million, the company intends to link the interconnection facilities to the National Grid Corp. of the Philippines’ 69-kilovolt Tuy Substation.

The CREC unit is considering MCC-Citicore Construction, Inc. as a potential contractor for supplying the necessary equipment, materials, laboratory work, and services to complete the dedicated facility project. It has yet to determine a possible contractor for the facility’s operation and maintenance.

The Luntal Solar Power Project is targeted for commercial operations by October this year, based on data from the Department of Energy as of January.

“The issuance of a provisional authority for the development and ownership of the dedicated facility project is necessary so that the Project’s generated power becomes readily available for public use,” the company said.

CREC aims to add one gigawatt (GW) of capacity annually to the Philippines’ energy mix, focusing on ready-to-build or under-construction projects over the next five years, targeting a total of around 5 GW by 2028.

For 2025, the company expects its first GW of energy projects to come online, most of which were awarded under the government’s second green energy auction held in 2023. It is also rolling out its second GW pipeline this year.

CREC, directly and through its subsidiaries and joint ventures, manages a diversified portfolio of renewable energy generation projects, power project development operations, and retail electricity supply services.

At present, the company holds a combined gross installed capacity of 285 MW from its solar facilities in the Philippines. — Sheldeen Joy Talavera