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Disney ‘very pleased’ with Mulan, but doesn’t release numbers

WALT DISNEY Co. investors eager to hear early results from the company’s unusual online release of the new film Mulan will have to wait.

Chief Financial Officer Christine McCarthy said Wednesday Disney is happy with the debut of Mulan on its streaming service and that the picture led to an increase in subscribers. But she declined to reveal any sales numbers.

“We are very pleased with what we saw over the four-day weekend — I’ll leave it at that,” Ms. McCarthy said on a Citigroup Inc. conference call. “A four-day weekend is just the beginning.”

Disney will talk more about the release during its next quarterly earnings call in early November, she said. The entertainment giant made the movie available online starting Sept. 4, but customers have to pay an additional $30 — on top of the usual $7-a-month charge.

The decision to release the film online was made after the coronavirus shut down theaters. Ms. McCarthy said only about 68% of US theaters are open and many key markets remain closed, including Los Angeles and New York City. Consumers, particularly older ones and parents, remain skittish about attending theaters during the pandemic, she said.

“Would a family with young kids go? Probably not,” Ms. McCarthy said.

The company said last month that Disney+ had 60.5 million customers. Most of them are in the US and Europe.

“A collateral benefit is what we saw in some additional new subscribers, but that wasn’t the driving force,” Ms. McCarthy said. “We’re certain some people came on the service that had been on the fence before.”

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Hollywood executives will closely examine the results from Mulan and compare them to the expected ticket sales from a traditional release, as well as the options for introducing other first-run films in this fashion.

Mulan, a $200 million live-action remake of a 1998 animated hit, was originally supposed to be released in theaters in March. Disney delayed the debut several times because of the COVID-19 crisis. It is releasing the film theatrically in countries where Disney+ isn’t offered. The picture will debut in China, a critical market, on Friday.

The movie, a retelling of a centuries-old Chinese folk story, has generated controversy. Last year, a Mulan boycott began trending on Twitter.com after the film’s star expressed her support for the Hong Kong police during pro-democracy protests there. More recently, Disney has come under fire for shooting some scenes in a region in China where the country’s Muslim minority is oppressed. — Bloomberg

NTC recalls ABS-CBN frequencies

THE National Telecommunications Commission (NTC) has resolved to recall all the frequencies assigned to ABS-CBN Corp. after the House of Representatives in July denied the network’s application for a legislative franchise.

The NTC issued the order on Wednesday recalling the frequencies or channels assigned to ABS-CBN’s 23 radio stations, 42 television stations, and 10 DTTB (digital terrestrial television broadcasting) stations.

“Absent a valid legislative franchise, the recall of the frequencies assigned to the respondent is warranted,” the order said.

The commission cited Section 1 of Act No. 3846 or the Radio Control Law that states: “No person, firm, company, association, or corporation shall construct, install, establish, or operate a radio transmitting station, or a radio receiving station used for commercial purposes, or a radio broadcasting station, without having first obtained a franchises therfor from Congress of the Philippines.”

The House of Representatives denied the network’s application for a franchise renewal on  July 10.

The NTC said all provisional authorities or certificates of public convenience granted to the network are also revoked or cancelled.

“Respondent’s pending applications/petitions before the Commission are hereby dismissed/denied,” said the order as signed by Commissioner Gamaliel A. Cordoba and Deputy Commissioners Edgardo V. Cabarios and Delilah F. Deles.

In 2017, President Rodrigo R. Duterte accused ABS-CBN of swindling after it refused to run political ads he had paid for during the 2016 presidential campaign.

He also criticized the broadcaster for airing news stories about his alleged secret bank accounts. He said he would block the renewal of the company’s franchise if he had his way.

On Feb. 11, the Center for Media Freedom and Responsibility called the case against the network a “dangerous attempt to control and silence free press.” — Arjay L. Balinbin

ABS-CBN films to stream on Singapore TV-on-demand platform

IN A BID to expand the reach of its content worldwide, ABS-CBN will be streaming select films from its library on Singapore’s StarHub TV-on-demand (TVOD) platform.

The move was a partnership between Singaporean telecommunications company StarHub and ABS-CBN’s global subscription television network The Filipino Channel (TFC).

“TFC understands how the ‘new normal’ affects the viewing habits of our audience. Hence, we are growing our premium TVOD with valuable support from our long-term business partners like StarHub and other OTT (over-the-top) partners in the Asia Pacific region,” Raymund Romero, ABS-CBN Global’s head regional marketing head for Asia Pacific, said in a statement.

ABS-CBN Global is the international subsidiary of media giant ABS-CBN and TFC is one of the channels under its wings.

Some of the films that will be shown in StarHub are Unbreakable (2019) directed by Mae Czarina-Cruz, The Hows of Us (2018) by Cathy Garcia-Molina, Finally Found Someone (2017) by Theodore Boborol, My Ex and Whys (2017) by Cathy Garcia-Molina, Clarita (2019) by Roderick Cabrido, and Bride for Rent (2014) by Mae Czarina-Cruz.

ABS-CBN, which was denied a franchise renewal in July, has started focusing on exporting content worldwide — distributing films and TV series to countries in South America, Asia, and Africa. Several of its shows have been moved online.

“This is part of our transformation journey to offer customers greater accessibility and even more content choices. ABS-CBN films are well received by consumers worldwide and we are confident that these films will be hits among our customers,” said Yann Courqueux, StarHub’s vice-president of home product, in the statement. — ZBC

Digital banks urged to tap youth, small firms to boost presence

DIGITAL BANKS looking to boost their business in the country must tap underserved segments for growth. — PHOTO BY DYLAN GILLIS ON UNSPLASH.COM

VIRTUAL BANKS in the Philippines looking for growth opportunities must target the young and unbanked as well as small businesses, S&P Global Ratings said.

“Digital banks may carve a niche by catering to the non-affluent retail market and small businesses — segments long ignored by traditional banks,” the debt watcher said in a report on Thursday.

Aside from risks associated with low-income borrowers, the cost of building branches in rural areas also made big banks turn away from these segments, S&P said.

In 2019, only P579.13 billion or 7.10% of the P8.14 trillion in total loanable funds was disbursed for lending to micro-, small- and medium-sized  enterprises (MSMEs). This was short of the 10% threshold mandated by Republic Act 6977 or the Magna Carta for MSMEs.

“Large banks prefer to pay the penalty for noncompliance with the minimum MSME lending requirements rather than deal with high operating costs and credit losses,” S&P said.

Virtual lenders have an advantage in this case as their reduced need for infrastructure gives them the leeway to introduce offerings at a low cost for these underserved segments, the debt watcher said. However, they have to use data correctly to be successful in pricing risk.

“Digital banks’ lower operational costs give them room to offer higher deposit rates, which may trigger deposit price competition,” S&P said, noting virtual lenders operating in the country currently offer 3-4% rates for deposits, much higher than the 0.1% to 0.25% regular savings rates of peso deposits of brick-and-mortar banks.

However, S&P said it will take three to five years for digital banking entrants to become profitable. The debt watcher said they see no ratings effect for traditional banks in at least the next two years given these lenders’ strong market share, boosted by brand recognition and long-standing customer relationships.

For the time being, new digital bans have potential to grow amid the significant number of underserved and unbanked in the Philippines as well as the increased preference for digital transactions due to the coronavirus pandemic, S&P said.

“This contrasts with developed markets such as Australia, Hong Kong, Singapore, and Malaysia where incumbents compete fiercely for digital share, and the underserved market is small,” it added.

A central bank study showed only 29% of the 72 million adult Filipinos had access to formal bank accounts as of 2019. This was already an improvement from the 23% seen in 2017 and represents five million Filipinos gaining access to a financial account in the two-year period. — Luz Wendy T. Noble

Tiu’s Greenergy ventures into medicinal cannabis

ANTONIO L. Tiu’s Greenergy Holdings, Inc. has forayed into the production of medicinal cannabis as it built a new Australian subsidiary with a United States firm.

In a disclosure to the exchange on Thursday, Greenergy said its board of directors has approved the formation of Yakuru Group Pty. Ltd., where it will hold a 51% equity interest in.

Yakuru is a cannabidiol distributor that started in Denver, USA. Greenergy tapped the company to form Yakuru Group in Australia, Mr. Tiu told BusinessWorld.

“Yakuru started in Denver, we form a new company with Greenergy owning 51% in Australia,” he said in a text message.

Yakuru Group will be engaged in biotechnology and will focus on the development and marketing of medicinal hemp across the globe.

In a statement, Greenergy said it wants to ride on the decision of Australia’s Therapeutic Goods Administration to allow the sale of cannabidiol over the counter.

Cannabidiol, also called CBD oil, is a primary by-product of hemp, which is a variety of the cannabis plant.

In recent years, cannabidiol has been used in other countries to treat various ailments and in managing pain and anxiety. However, the use of cannabis products, whether medicinal or recreational, remains illegal in the Philippines.

But since the Dangerous Drugs Board had previously signaled its intent to consider allowing the use of cannabidiol in treating rare forms of epilepsy, Greenergy “saw great opportunity” in investing in Yakuru Group ahead of the government’s decision.

“Just the Philippines alone has a population five times bigger than Australia. We want to provide people suffering from various severe illnesses worldwide with this miracle oil to help alleviate their pain,” Mr. Tiu, Greenergy president and CEO, said in the statement.

Aside from developments in Yakuru, Greenergy’s Australian affiliate Plentex Ltd., which is engaged in agricultural processing and aquaculture, is also planning to do plantation of medicinal hemp in New South Wales and Queensland for exportation.

Greenergy posted a P10.16-million attributable net loss in the first semester, lower than P11.67 million in the same period last year. Shares in Greenergy at the stock exchange gained 17 centavos or 8.29% to P2.22 each on Thursday. — Denise A. Valdez

FDCP’s annual film conference goes online

THE FILM Development Council of the Philippines’ (FDCP) annual Film Industry Conference (FIC) will be held online this year, from Sept. 11 to 15, and will feature several discussions and masterclasses with film industry experts and stakeholders.

“FIC Online 2020 is a major part of FDCP’s efforts in supporting the continued growth of the FIlipino filmmaking community,” the council said in a statement.

“We are particularly excited about FIC Online 2020 because, despite the challenges we face in light of a global pandemic, we will nonetheless be able to push through and provide a platform for the conference speakers to share their knowledge with Filipino filmmakers and film enthusiasts. The conference, moreover, will hold discussions on topics relevant today, as the Philippine film industry continues to respond, recover, and grow in response to the impact caused by the COVID-19 pandemic,” Mary Liza B. Diño, chairperson and CEO of the FDCP, said in the release.

The fourth iteration of the industry conference will have eight free public sessions and six masterclasses that require a fee to attend. Both the public sessions and masterclasses will be held via Zoom.

The topics of the public sessions include “Getting into Online Film Labs,” “Netflix: Showcasing The Best of Filipino Content,” “Southeast Asia Co-Production Grant & Philippines’ ASEAN Co-Production Fund,” and “European Film Labs: Roundtable Discussion With Rotterdam Lab and Locarno Open Doors.” The topics are “valuable to those wishing to work and learn more about the film industry,” according to the statement.

The masterclasses, meanwhile, aim to provide “more specific and practical knowledge about working in the industry from those who have succeeded in it,” said the release. The topics range from “Editing During Quarantine,” “Filmmakers Guide to Film Distribution,” and “Financing Your Film and Getting a Co-production on Lockdown,” to “Writing During Quarantine,” “Pitching Your Project Virtually,” and “The Success of Marketing Distribution of Genre Films.” Attendance to the classes cost between P800 and P1,000 per class. There is also a P5,000 bundle for premium access to all masterclasses.

The masterclasses are recommended for film industry professionals and enthusiasts wishing to advance in their field and film industry knowledge.

To register for the conference, visit www.fdcp.ph/fic. For the full schedule, visit http://www.fdcp.ph/media/fdcp%E2%80%99s-film-industry-conference-goes-online-2020-edition. — ZBC

Banks borrow P3M from rediscount window in Aug.

LENDERS LOGGED minimal availments from the rediscount window of the Bangko Sentral ng Pilipinas (BSP) in August, showing banks are still armed with enough cash to service their clients’ needs.

“For the period Jan. 1 to Aug. 31, 2020, total availments by banks under the peso rediscount facility amounted to P20.7 billion, with minimal availments in August 2020,” the central bank said in a statement on Thursday.

The BSP said loans in August alone totaled just P3.1 million.

Banks last tapped the peso rediscount facility in March and April.

Loan availments in August were borrowings for transactions related to commercial and other credit.

The bulk (76.75%) were other credit made up of bank loans for capital asset expenditures (62.67%), permanent working capital (13.86%) and housing (0.01%).

Meanwhile, commercial credits comprised 23.46% of total rediscounting loans, which include credit for importation (14.20%) and trading (9.26%) of goods.

On the other hand, there were no availments under the Exporters’ Dollar and Yen Rediscount Facility. In January to August 2019, total loan availments from the facility hit P116.574 billion.

The BSP’s rediscount window lets lenders get hold of additional money supply by posting their collectibles from clients as collateral.

The cash — which is in peso, dollar or yen — may be used by banks to disburse more loans for corporate or retail clients and service unexpected withdrawals.

The minimal availments of peso rediscount loans in August suggest the financial system remains flush with liquidity, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

“There is still so much excess peso liquidity in the financial system even after the RTB (retail Treasury bond) issuance in August, so there is still less need for banks to tap peso funding through the BSP rediscounting facility,” Mr. Ricafort said in a text message.

The central bank slashed the reserve requirement ratio of big banks by 200 basis points (bps) to 12% in April, releasing some P200 billion into the financial system.

In July, the reserve requirements of smaller lenders were likewise trimmed by 100 bps to three percent for thrift banks and two percent for rural banks, respectively, freeing up about P10 billion in liquidity.

Aside from this, the central bank has also allowed banks to count their loans disbursed to small businesses as well as to non-conglomerate large enterprises as part of their reserve requirement compliance.

For this month, peso loans regardless of maturity will be priced at 2.75%, which is the current lending rate set by the BSP.

Meanwhile, applicable rates for dollar- and yen-denominated loans regardless of maturity will be at 2.25588% and 1.94767%, respectively. — Luz Wendy T. Noble

Taguig, more gov’t agencies partner with PayMaya for e-payment

PAYMAYA Philippines, Inc. announced Thursday its partnership with a local government and four more government agencies to offer cashless payment options to the public.

These are in addition to PayMaya’s over 50 partners in the government, PayMaya Enterprise Head for the Public Sector Marvin C. Santos said at a briefing on Thursday.

PayMaya’s new partners are the Land Transportation Office, Securities and Exchange Commission, City of Taguig, Intellectual Property Office of the Philippines, and Optical Media Board. They can now accept card and e-wallet payments for various transactions.

The existing partners of PayMaya include the Bureau of Internal Revenue, Social Security System, PAG-IBIG Fund, Bureau of Customs, Department of Foreign Affairs, Department of Trade and Industry, Professional Regulation Commission, National Home Mortgage Finance Corp., the cities of Valenzuela, Ormoc, and Parañaque, among others.

“Through PayMaya’s end-to-end digital payment platform, various government agencies and local governments can now offer more convenient payment options to Filipinos, allowing for continuous delivery of critical services to the public and heightened efficiency and transparency of its operations,” PayMaya said in a statement.

PayMaya Chief Executive Officer and Founder Orlando B. Vea said: “By going digital and offering cashless payment options, the government is helping address our two most pressing issues today: ensuring the safety of all citizens and helping in the recovery of the economy.”

“We at PayMaya are always excited to partner with agencies and local government units to offer our solutions to enable them to offer better and more transparent services to the public,” he added.

In June, PayMaya reported that the volume of e-payment transactions from the government had surged by 900%.

President Rodrigo R. Duterte had called for easier and more efficient transactions in government agencies in his fourth State of the Nation Address last year.

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

Actor Anthony Rapp sues Kevin Spacey for sexual misconduct in 1980s

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NEW YORK — Oscar-winner Kevin Spacey was accused in a civil lawsuit on Wednesday of sexual assault and battery in the 1980s by actor Anthony Rapp and a second, unnamed person when both plaintiffs were about 14.

The suit, filed in New York state court in Manhattan, refers to the same alleged incident that Rapp first recounted in an October 2017 BuzzFeed interview that triggered Spacey’s fall from grace in Hollywood.

Spacey did not immediately respond to a request for comment.

The actor, who won Oscars for the films American Beauty and The Usual Suspects and a Golden Globe for the TV political drama House of Cards, has largely retreated from public life in the past three years.

Spacey in 2017 said he did not remember the encounter Rapp described but added, “If I did behave then as he describes, I owe him the sincerest apology for what would have been deeply inappropriate drunken behavior.”

Spacey, now 61, came out as gay in 2017.

Rapp, best known for starring in the Broadway musical Rent and the TV show Star Trek: Discovery, alleged in the lawsuit that Spacey “engaged in an unwanted sexual advance” with him when he was 14, during a party at Spacey’s home in 1986. The second person, identified only as C.D., alleged that he and Spacey had oral and anal sex and engaged in other sexual acts on several occasions in the early 1980s when the plaintiff was approximately 14 years old.

Both men are seeking unspecified damages for emotional distress. — Reuters

Revamped currency bills in circulation hit P24.5 billion

THE central bank has circulated 29 million pieces of the enhanced New Generation Currency (NGC) worth P24.5 billion, with the new bills expected to replace all banknotes in the financial system by 2023, its chief said.

“This means that more of our countrymen are able to use these more inclusive and more secure Philippine banknotes in making their daily transactions,” said Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said in an online briefing on Thursday.

The enhanced NGC banknote series started circulation in late July. The latest version of the bills include enhanced security features that make them harder to be counterfeited. Among these are the roller bar effect on their value panels, dynamic movement of design patterns and color-shifting ink.

The new banknotes are also embedded with tactile marks for easier distinction for the elderly and persons with disabilities.

The bills are engraved with pairs of short horizontal bands engraved at the extreme right and left side. The P50 bill has one pair of marks; two pairs for the P100 bill and so on, with five pairs for the P1,000 banknote.

The enhanced NGC series did not include the P20 bill as the central bank decided to make the denomination only in coin for efficiency as coins have longer lifespans.

The revamped bills are expected to be the only edition in circulation by 2023, Mr. Diokno said.

However, for now, the BSP said the enhanced NGC as well as the prior version are coexisting until earlier banknotes are withdrawn from circulation due to wear and tear.

Mr. Diokno earlier said central banks tweak their banknotes every decade on average to protect the integrity of their currencies. — L.W.T. Noble

First Gen halts run of natural gas plant

FIRST GEN Corp. has paused the operation of one of its natural gas-fired plants after an incidence of power tripping.

The Lopez-led energy firm said it would not be dispatching power from its 414-megawatt (MW) San Gabriel power plant while it was investigating the electrical fault.

An initial probe by Siemens Power Operations, Inc. noted an electrical fault in the generator, “and pending completion of the inspection, the plant has been declared as unavailable for dispatch,” First Gen told the stock exchange on Thursday.

“Once the investigation is completed, we will provide the estimate of the expected return to service of the San Gabriel plant,” it added.

The San Gabriel mid-merit generator is one of the company’s four natural gas facilities located in its energy complex in Batangas. It started delivering power to the Luzon grid in November 2016.

It also has a full-year power supply contract with Manila Electric Co. (Meralco), the country’s biggest distribution utility.

In the first semester of 2020, First Gen’s natural gas plants delivered P4.5 billion in recurring income, down by 16% as it continues to suffer from low electricity sales in the second quarter. They posted a 17% drop in revenues – making up 61% of its parent’s top line – due to lower average natural gas prices and a decline in their dispatch.

First Gen has earmarked $18 million next year for its gas plants, including budgets for the life extension of its 1,000-MW Santa Rita, 500-MW San Lorenzo, and 97-MW Avion power generators, its officials said in a recent stockholders’ meeting.

Besides natural gas generators, First Gen also has a portfolio of hydropower plants, as well as geothermal, solar, and wind power facilities through its subsidiary Energy Development Corp.

Shares in First Gen dropped by 1.96% to close at P25 apiece on Thursday. — Adam J. Ang

Oscars academy sets out new diversity standards for best picture contenders

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LOS ANGELES — The body that hands out the Academy Awards on Tuesday published detailed inclusion and diversity guidelines that filmmakers will have to meet in order for their work to be eligible for a best picture Oscar, starting in 2024.

The Academy of Motion Picture Arts and Sciences, which has been criticized for honoring few movies and creators of color, said the standards represent a new phase of a five-year effort to promote diversity on and off screen.

The rules lay out percentages or numbers of actors, production staff, marketing staff and internships on a movie that must be filled by people of color, women, people with disabilities or people from the LGBTQ community.

The rules will not apply to films vying for Oscars at the next ceremony in 2021, but movies that want to be considered eligible for a best picture nomination at the 2024 Oscars will have to meet two of the four new standards, the Academy said.

The four standards cover diversity representation among actors and subject matter; behind-the-camera staff, such as cinematographers and costume designers; paid apprenticeships and training opportunities; and marketing and publicity.

Criticism of the film academy intensified in 2016 with the social media hashtag #OscarsSoWhite, a backlash against two consecutive years of an all-white field of acting contenders. — Reuters

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