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AREIT, DoubleDragon join indices under FTSE

AREIT, Inc. and DoubleDragon Properties Corp. said in separate statements that the companies have been added to indices under the Financial Times Stock Exchange (FTSE), both effective on Monday. 

AREIT is now a constituent of the FTSE EPRA Nareit Asia ex Japan REITs (real estate investment trusts) 10% Capped index, while DoubleDragon joined the FTSE Global Equity Index Series (GEIS) Asia Pacific Ex Japan, Ex China.

AREIT is the pioneer REIT in the country and is also the first Philippine REIT to make it to the index. It has a net market capitalization of $55.43 million.

FTSE EPRA Nareit Asia ex Japan REITs 10% Capped index includes REITs with portfolios in data centers, healthcare, industrial, industrial and office-mixed, diversified portfolios, lodging or resorts, residential, and retail.

AREIT joins 27 other constituents, generating an average dividend yield of five percent as of end-August.

The index is part of the FTSE EPRA Nareit Global Real Estate index series, which includes REITs and real estate holding and development companies from global developed and emerging indices including the United Kingdom’s alternative investment market.

AREIT was also recognized as the Most Outstanding IPO (initial public offering) in the country by Asiamoney 2021 Asia’s Outstanding Companies Poll, which is conducted annually. The poll looks into areas such as financial performance, management team excellence, investor relations programs, and CSR initiatives.

Over 5,787 votes were taken into account for publicly-listed companies across 13 markets in Asia. The poll recognized 191 companies as the most outstanding according to their respective sectors and markets.

AREIT expects its gross leasable area (GLA) to grow to 549,000 square meters (sq.m.) from 344,000 sq.m. following a planned asset infusion. This will grow the total assets under management to P52 billion from its current P37 billion.

Meanwhile, DoubleDragon has been added to the FTSE GEIS Asia-Pacific ex Japan, ex China for the first time. The company said this “notable recognition” is an opportunity to increase its visibility to possible investors at home and to global investors.

“We are pleased to be included in one of the most reputable and recognized global equity indices in the world,” DoubleDragon Chairman Edgar “Injap” J. Sia II said.

“This FTSE Global index inclusion will further inspire DoubleDragon to solidify the company’s fundamentals for the benefit of all its stakeholders,” he added.

The listed property developer said it is expecting to end the year with a gross floor area spanning 1.2 million sq.m.

On Monday, AREIT shares at the local bourse went up by 3.81% or P1.40 to end at P38.10, while DoubleDragon shares climbed 1.20% or 12 centavos to close at P10.12 each. — Keren Concepcion G. Valmonte

Nirvana’s Nevermind still provokes a debate over decency

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“LASCIVIOUS” or “edgy”? That’s the question raised by the lawsuit filed by Spencer Elden, now 30 years old, who as a baby was featured on the cover of Nirvana’s Nevermind album, swimming naked after a dollar bill that dangles before him on a fishhook. Mr. Elden argues that the image is pornographic and that, as an infant, he was forced to engage in commercial sex.

I admit to knowing little about popular music, even popular music from three decades ago, and until the lawsuit was filed, I’m not sure I’d ever so much as glanced at the iconic Nevermind cover. On the merits, I tend to side with the many lawyers who are skeptical that the album cover is pornographic. But I could be wrong, not least because over the past 30 years, the balance between edgy and pornographic has swung quite radically.

Nevermind was released in 1991 to enormous commercial success as well as critical acclaim. The album’s cover image, said the London Observer, represented “the Faustian contract that usually comes with money”: if you take the money, “you’re hooked for life.” The image was also seen as an illustration of the ambivalence of Nirvana itself, a purportedly rebellious grunge band that had signed its first mainstream contract.

The album, Rolling Stone would say years later, “transformed grunge into a national phenomenon” — perhaps because, as the historians point out, “grunge softened punk.” Whatever the cause, for that brief moment in the mid-1990s, “grunge dominated the mainstream.” And even if some found the cover image outrageous or disturbing, this was yet the era when the left was determined to épater les bourgeois.

Still, even early on there were dissenters. Writing in the New York Times in 1994, the acclaimed fashion journalist Suzy Menkes pointed to the Nevermind cover art as part of a fashion trend that had become “uncomfortably close to kiddie porn.”

Ms. Menkes wasn’t pointing fingers; she was describing how fashion mimics “what is in the air.” Moreover, one suspects that for many of those who lauded the swimming baby image, “uncomfortably close” was part of the appeal. To be edgy is to dance along a forbidden line without quite stepping over it; or, if one does happen to dangle a toe on the wrong side, to jump back at once to safety.

That’s what the Nevermind album cover does: it dances along the line. A provisional addition to the Oxford English Dictionary defines “edgy” as “that [which] challenges received ideas or prevailing aesthetic sensibilities; at the forefront of a trend.”

The visual arts often challenge sensibilities in exactly this way, by giving us a visceral if virtual punch, somewhere in vicinity of the id. One need look no farther than Picasso’s 1907 masterpiece Les Demoiselles d’Avignon. Modern critics have decried the painting as deeply offensive in its portrayal of black sexuality, but through some aesthetic magic our very revulsion draws us in. The imagery works.

Perhaps the best-known exponent of edginess in my lifetime was Robert Mapplethorpe. His photographs were not to my taste, but the controversy sparked by posthumous exhibitions of his work in the late 1980s and early 1990s led to difficult yet important conversations about both the diversity of human sexuality and the depth of our commitment to free expression. (I’m pleased to disclose that a member of my family was heavily involved in the controversy, on the pro-speech side.)

The largest and angriest of the Mapplethorpe controversies, which erupted over the 1989 exhibition at Washington’s Corcoran Gallery of Art, revolved in large part around his photographs of naked children. In a 2020 article, the legal scholar Amy Adler detects in the legal and political discourse since then a decline in concern about obscenity alongside a rise in concern about child pornography. To oversimplify Ms. Adler’s argument, there exist images that would have been considered obscene three decades ago that are obscene no longer; but, where depictions of young children are involved, there exist images that would have been considered art three decades ago but are now considered pornographic.

The arc of time that she studies fits the arc since Nevermind was released in 1991. Back then, the swimming baby was art, its significance analyzed to death. By today’s standards, the image strikes many people differently, just the way that many of the Mapplethorpe photographs do. What was once edgy has become sinister.

I’m not decrying the heightened concern over child pornography; I’m wondering whether we should apply our standards retrospectively. Does the fact that an image was considered art three decades ago mean that society cannot change its collective mind and decide today that it was kiddie porn all along? The question is uncomfortable. But Mr. Elden’s lawsuit might be the vehicle that forces an answer. — Bloomberg Opinion

Gov’t makes full award of T-bills as rates decline

BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday as rates dipped across the board on expectations that the Bangko Sentral ng Pilipinas (BSP) will keep benchmark rates at their record lows this week.

The Bureau of the Treasury (BTr) raised P15 billion as planned via the T-bills it auctioned off on Monday as total tenders reached P72.51 billion, nearly five times as much as the initial offer and also higher than the P63.273 billion in bids logged in the previous auction.

Broken down, the BTr raised P5 billion as planned via the 91-day debt papers from P21.62 billion in bids. The three-month T-bills fetched an average rate of 1.07%, down by 0.9 basis point (bp) from the 1.079% seen at last week’s offering.

It also borrowed the programmed P5 billion via the 182-day T-bills as the tenor attracted bids worth P26.47 billion. The six-month paper’s average yield also went down by 1.3 bps to 1.389% from 1.402% a week ago.

Lastly, the government made a full P5-billion award of the 364-day papers from P24.42 billion in tenders. The one-year securities fetched an average rate of 1.597%, dipping by 0.7 bp from 1.604% previously.

National Treasurer Rosalia V. de Leon said strong demand for the short-term debt, coupled with the P20 billion in maturities this week, helped pull down T-bill yields at Monday’s auction.

She said the market also priced in expectations of a steady monetary policy stance from the BSP at its rate-setting meeting on Thursday.

A BusinessWorld poll conducted last week showed 17 out of 18 analysts expect the BSP to keep benchmark rates at record lows at its policy review on Sept. 23.

Analysts said the BSP may look past rising inflation as economic recovery remains “fragile.”

Headline inflation quickened to 4.9% in August from 4% in July, its fastest pace in more than two years or since the 5.2% seen in December 2018, amid rising food and utility costs.

This brought the eight-month average to 4.4%, above the central bank’s target of 2-4% and forecast of 4.1% for the year.

A bond trader said T-bill yields slipped on Monday as the market remains awash with cash.

“While the T-bill rates are lower than previous week’s auction, we don’t expect it to dip further. The result just reflects that the system is still very much liquid,” the bond trader said in a Viber message on Monday.

The trader said concerns over the possible extension of strict quarantine restrictions in Metro Manila may also put more pressure on government securities’ rates as this may dampen recovery prospects.

“If it happens, then there will be a spillover of slow economic activity into the fourth quarter. That is crucial because these are the festive months,” the trader added.

The new alert level system of granular lockdowns is now being implemented in Metro Manila. The scheme will allow local governments to place stringent lockdown measures in areas with high coronavirus infections to curb the spread of the virus while allowing the rest of the economy to function.

The capital region is under Alert Level 4 from Sept. 16 until the end of the month. National Task Force Against COVID-19 Spokesman Restituto Padilla, Jr. said over the weekend that this status — the second highest level — may be extended by two weeks before there is significant improvement in data.

The BTr will auction off P35 billion in reissued seven-year Treasury bonds (T-bonds) with a remaining life of six years and 10 months on Tuesday.

The Treasury is looking to raise P250 billion from the local market this month: P75 billion via weekly offers of T-bills and P175 billion from weekly auctions of T-bonds.

The government wants to borrow P3 trillion from domestic and external sources this year to help fund a budget deficit seen to hit 9.3% of gross domestic product. — Beatrice M. Laforga

New DMCI Homes project to rise in Quezon City

DMCI PROJECT DEVELOPERS, Inc. (DMCI Homes) is planning to launch a new project in Tandang Sora, Quezon City before the end of the year.

In a statement, the residential arm of listed DMCI Holdings, Inc. said The Erin Heights will be launched to take advantage of steady demand for residential spaces in Quezon City.

The Erin Heights is located along Commonwealth Avenue, and near the planned Tandang Sora Station of the Metro Rail Transit Line 7 (MRT-7).

DMCI Homes President Alfredo R. Austria said the company has been able to launch and deliver projects despite the pandemic restrictions because of the integration of in-house design, engineering, and construction.

“Even before the pandemic, our approach has served our company well, allowing us to be more agile in optimizing our product offerings according to market requirements. This translates to better cost control and better value for our customers in terms of new or better product features,” he said. — Cathy Rose A. Garcia

Online grocery seen to be a P51-billion market by 2025

PIXABAY

THE online grocery market in the Philippines is expected to become a P50.6-billion market by 2025, according to independent London-based analytics and consulting firm GlobalData Plc.

Details of GlobalData’s Philippines Grocery Industry Report was sent in an e-mailed press statement by AllDay Marts, Inc. on Monday.

The growth of the online grocery market is expected after online grocery spending grew by 153% in 2020 as consumers shifted to digital transactions amid the implementation of coronavirus disease 2019 (COVID-19) restrictions, GlobalData said.

In terms of its compound annual market growth (CAGR), the country’s online grocery market is expected to grow by 32.5% between 2020 to 2025 from its 62.3% CAGR seen in 2015 to 2020.

“The approach of [grocery stores] using their own web or app plus a partnership with marketplaces helps supermarkets reach more customers and fuels the growth online,” GlobalData said.

Meanwhile, it said the mid-premium supermarket segment is attracting “a wider spectrum of shoppers” via regular deals and promotion in-store and online.

The consulting firm defined mid-premium supermarkets as the stores focusing on quality and service, as well as a collection of premium items competitively priced.

Meanwhile, there are also value and value-mid cover players, which emphasize price instead of service and quality. Players in between the two are in the mid-market segment, which focus on “a balanced proposition and fairly standard range in terms of price and quality.”

ALLDAY
Independent analytics and consulting firm GlobalData named AllDay as the leading player in the mid-premium market segment in the country. It also said AllDay is the fastest growing supermarket operator in the country with a CAGR of 62.5% from 2015 to 2020.

AllDay filed for an application for a P6-billion initial public offering with the Securities and Exchange Commission and the Philippine Stock Exchange, Inc. last month. The company is awaiting regulatory approval.

The company plans to offer up to 6.857 billion common shares for 80 centavos each, with an overallotment option of up to 685.7 million shares.

Around P4.10 billion of the proceeds will be used for the repayment of the debt it incurred to fund past and ongoing store expansions. Meanwhile, the balance will be used for capital expenditures and to partially fund another wave of store launches.

AllDay aims to have 44 stores by the end of next year, up from its current 33 branches. The company hopes to have 100 stores by 2026.

“AllDay’s expansion strategy is anchored on the Villar Group’s property development plans — a store in each and every Vista Land community across the country — from Ilocos Norte in the North to Cotabato in the Southern Philippines,” AllDay said. — Keren Concepcion G. Valmonte

Keira Knightley braves a doomsday Christmas in Silent Night

KEIRA Knightley stars in not-so-feelgood Christmas movie Silent Night, about a group of friends getting together for the holiday and blissfully ignoring a looming doomsday.

Set in the English countryside, the friends eat, drink, sing and dance to enjoy their last Christmas, knowing everyone is going to die the next day.

The movie, which premiered at the Toronto International Film Festival on Thursday night, was written and shot before the coronavirus disease 2019 (COVID-19) pandemic with the idea of promoting it as a Christmas movie with a twist, Ms. Knightley said.   

But events soon changed that.

“It was very, very strange because when we first started talking about this, this was utter fiction and it was very funny because it was utter fiction,” Ms. Knightley told Reuters in an interview.

“And then all of a sudden the last two years have been the last two years and I do think it should come with a warning because I think we’re all seeing it in a completely different way.”

In the film, which is writer-director Camille Griffin’s feature debut, a poisonous cloud is approaching Britain, with online horror stories of it slowly killing people.

“When we finished the film, we showed the studios last year and they were crazy about the film, but they were terrified by the film and they didn’t want to show anyone the film,” Ms. Griffin said.

“I think they wanted to wait until… people had recovered because they understood that we didn’t know the pandemic was going to happen when I wrote (it) and everyone was cast and we went into production, so I think we wanted society to have some sense of hope and recovery.”

The movie also stars Downton Abbey actor Matthew Goode, Peaky Blinders actress Annabelle Wallis, Jojo Rabbit star Roman Griffin Davis and Lily-Rose Depp, known for The King and Voyagers.

Ms. Depp’s character is the outsider of the group, and often at odds with them.

“I think that’s representative of a larger sense of seeing things unfold around you and a group mentality that they’re trying to say (this) is the right thing and everything and you’re like, well, I don’t feel this way,” Ms. Depp said. — Reuters

PayMaya gets country’s sixth digital banking license

VOYAGER INNOVATIONS, Inc., through its fintech arm PayMaya Philippines, has secured central bank approval to operate a digital bank, which it said will focus on the unbanked and underserved, as well as small businesses.

The Bangko Sentral ng Pilipinas (BSP) granted the country’s sixth digital bank license to PayMaya, Voyager and PayMaya said in a statement on Monday. The new lender will be called Maya Bank.

“With the digital banking license, Maya Bank’s primary focus will be the largely unbanked and underserved population of consumers and micro-, small-, and medium-sized enterprises (MSMEs). It also intends to promote digital financial services among the youth, women, senior citizens, and other underbanked segments,” the firms said.

“It also intends to promote digital financial services among the youth, women, senior citizens, and other underbanked segments,” they added.

Voyager in June raised $167 million from a funding round, which it said will be used for the expansion of PayMaya and the establishment of a digital bank.

“Maya Bank will provide mobile-first digital banking services on the back of PayMaya’s widely trusted e-wallet and proven technology platforms. It will maximize PayMaya’s extensive Smart Padala agent network and leading merchant payments processing business to serve more customers and grow the digital financial ecosystem,” the companies said.

“Our digital bank license underpins the unique value of our end-to-end financial services ecosystem as it unlocks opportunities beyond payments. We are truly honored by the trust placed on us by the BSP for our digital banking endeavor,” Voyager and PayMaya Chief Executive Officer and Founder Orlando B. Vea was quoted as saying.

Maya Bank’s key advantage lies in the already established payment ecosystem of its parent company PLDT, Inc., as well as having large private equity firms such as Tencent Holdings and KKR & Co. as its funding backers, said Tamma Febrian, Associate Director, Banks – APAC, Fitch Ratings.

“We expect Maya Bank to be able to grow its deposit base and/or lending businesses probably quicker than the few other smaller digital upstarts over the next few years,” Mr. Febrian said in an e-mail.

He said Maya Bank’s addition to the country’s digital banking space will improve competition and spur lenders to innovate and digitize.

“We believe that the primary customers of many of the new digital banks will be those that are currently underserved by the banks, suggesting that direct competition will likely be more moderate — at least in the initial few years,” he said.

Maya Bank will join five others that earlier secured digital banking licenses from the BSP, namely the state-owned Overseas Filipino Bank, Tonik Digital Bank, Inc. (Philippines), UNObank, Aboitiz-led Union Digital Bank, and GOtyme, which is owned by the Gokongwei Group and Singapore fintech firm Tyme.

The central bank in August decided to raise its cap on digital bank licenses to seven from five previously. The window for applications closed on Aug. 31, with BSP Governor Benjamin E. Diokno saying they are unlikely to issue licenses in the next three years to monitor current players and ensure healthy competition.

Digital banks are not required to have physical branches and their services are offered via online platforms. These lenders are expected to help the BSP reach its goal to bring 70% of Filipinos into the formal banking system and have 50% of transactions done online by 2023.

Voyager is the digital arm of PLDT. 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. — Luz Wendy T. Noble

Robinsons Starmills hosts Giant Lantern Festival

ROBINSONS STARMILLS will host the Giant Lantern Festival in San Fernando, Pampanga this December.

Ahead of the festival, the mall’s lobby has already been decorated with a giant Christmas Tree and lantern display.

The Giant Lantern Festival will have a nightly display at 6 p.m. on Dec. 16-23, Dec. 25-30, and Jan. 1-2, 2022, at the mall’s rear parking area.

The following barangays are participating in this year’s festival: Sto. Niño, San Juan, San Nicolas, Sta. Lucia, Bulaon, Telabastagan, and Calulut.

“On-site registration starts Dec. 16 to Jan. 2. QR codes will be assigned to each vehicle for contactless drive-in and parking slots so everyone could enjoy the moment without a single pinch of worry,” Robinsons Malls said in a statement.

PAL increasing flights to keep ‘market leadership’ amid restructuring

REUTERS

EMBATTLED flag carrier Philippine Airlines, Inc. (PAL) announced on Monday that it is planning to start increasing its international flights “by late October.”

The airline, which has filed for Chapter 11 creditor protection in the United States, anticipates an increase in leisure and business travel as vaccine coverage improves.

“By late October 2021, PAL plans to increase flights to San Francisco, Hong Kong, Los Angeles, Guam, Singapore, Dubai, Doha, Nagoya and Fukuoka while continuing special flights to Auckland, Vietnam and points in Australia,” PAL said in an e-mailed statement.

It plans to add more flights to Honolulu and Taipei by the end of November.

“On domestic routes, the flag carrier is set to add flight frequencies to Iloilo, Legazpi, Butuan, Puerto Princesa, Bacolod, Dumaguete and Roxas City,” it said.

PAL is looking to add more flights between Cebu and Zamboanga, as well as Cagayan de Oro, Bacolod, Butuan and Davao.

“For the domestic sector, the additional frequencies are being planned for Q4 (fourth quarter) of 2021 in anticipation of gradual market recovery even as we remain cautiously optimistic,” PAL said in a statement sent to BusinessWorld in response to a request for further details.

The airline is gradually increasing flights on high-density routes and operating special commercial and repatriation flights to build passenger traffic.

“While demand may not come back to pre-pandemic levels until 2024, we will implement a fleet and network plan that will maintain Philippine Airlines as a market leader in the international and domestic sectors,” PAL Senior Vice-President Chief Strategy and Planning Officer Dexter C. Lee said.

Around 27% of PAL’s pre-pandemic flights currently cover 70% of its route network.

“PAL received US court approval last Sept. 9 for the first phase of its ongoing Chapter 11 restructuring plan, which will allow fresh capital to flow in even as the airline sustains its full range of flights and services,” the airline noted, referring to the first $20 million of its debtor-in-possession financing totaling $505 million.

PAL’s new business plan calls for exiting unprofitable markets and selectively increasing regional capacity in targeted growth markets.

The airline intends to consolidate domestic capacity from Clark International Airport to Manila International Airport “due to market demands.”

At the same time, PAL anticipates growing capacity in short haul regional routes, especially growth markets such as China, consolidating capacity in the West Coast gateways and canceling certain ultra-long-haul flights, while maintaining profitable opportunistic flying from Cebu. — Arjay L. Balinbin

Entertainment News (09/21/21)

Tingin film fest explores Southeast Asian ‘remedies’ vs pandemic

THE 2021 TINGIN ASEAN FILM FESTIVAL features Southeast Asian short films that explore solutions for rebuilding the world unsettled by the coronavirus disease 2019 (COVID-19) pandemic. A project of the National Commission for Culture and the Arts (NCCA), Tingin will have a limited online run from Sept. 24 to 26. The festival is free to the public and is hosted on the Vimeo channel of the NCCA National Committee on Cinema (www.bit.ly/Tingin). The festival uses “dis-ease” to conjure pathology as well as restlessness, or pagkabalisa in Tagalog, brought on by the pandemic. Tingin is the country’s longest-running and only film festival dedicated to Southeast Asian cinemas. Among the films are Carlo Francisco Manatad’s The Imminent Immanent, the prologue to Manatad’s first full-length feature, Kun Maupay man it Panahon (Whether the Weather is Fine), which draws a picture of a seaside town before it is eventually engulfed by a super typhoon; New Land, Broken Road by Kavich Neang (Cambodia) contemplates the experience and role of Khmer youth in Cambodia’s rapid development; Loeloe Hendra’s Lost Wonders, set against the 1997 Asian Financial Crisis, is about a young boy who leaves the house every night to look for his father who disappeared while performing pesugiha; Malaysia’s Peon, based on a true story, unfolds through a series of texts, voice messages, and video calls, giving the audience an immersive experience of the daily grind of frontline workers; Vietnam’s Binh has an alien arriving on Earth on a quest to find assistance to rebuild his home; Shoki Lin’s Adam follows an unmoored young boy forced to find an alternative living arrangement. Tingin will also host the international premiere of Nyi Zaw Htwe’s Passing Moments, a documentary about Myanmar amidst the pandemic; Thailand’s Ethereal Creature, about two friends getting lost in a forest, by Tinishine Mont; Brunei’s Hilang, which is about the fading performance art mukun; and Melody of Change from Lao PDR, about a mysterious woman caught up in tensions between two cultures. Aside from the screenings on Vimeo, a series of conversations with select filmmakers will be live-streamed at 6 p.m., every day, from Sept. 24 to 26 on the Facebook page of Tingin. For more information, including details on how to watch the films, write to tinginfilmfest@gmail.com or follow the festival on its Facebook and Instagram pages: Tingin ASEAN Film Fest.   

New set of Magic: The Gathering cards out

WIZARDS OF THE COAST will be releasing Innistrad: Midnight Hunt, the newest set for the world’s oldest trading card game, Magic: The Gathering (MTG). Reveling in Gothic horror and the introduction of powerful new werewolves, Midnight Hunt releases on tabletop on Sept. 24. The card theme returns to the world of Innistrad, MTG’s fan-favorite Gothic horror setting, which first made its debut in 2011. The immersive artwork on the cards illustrates the conflict between humans and supernatural threats, in a world where werewolves, vampires, ghosts, and zombies rule the night, while humans do their best to survive. Midnight Hunt introduces new card mechanics to combat the evil roaming beyond the village walls. The Midnight Hunt set will be available in Draft Boosters, Set Boosters and Collector Boosters, including the Midnight Hunt Bundle and two Commander decks. For more information on Innistrad: Midnight Hunt, visit https://magic.wizards.com/en/products/midnight-hunt or watch Wizards’ YouTube series.

Zack Tabudlo celebrates unconditional love in new song

FILIPINO singer-songwriter/producer Zack Tabudlo sings of the joy of long, lasting real love on his new single “Habang Buhay,” now out on all streaming platforms via Island Records Philippines and MCA Music, Inc. Written, produced, mixed, and mastered by Mr. Tabudlo himself, the shiny, retro-pop tune is inspired by old school OPM classics such as VST & Company, and other ’80s songbook stalwarts such as The Police and Fra Lippo Lippi. A music video will be released soon to complement the song. “Habang Buhay” is out now on all streaming platforms worldwide via Island Records Philippines and MCA Music, Inc.

Ben&Ben, Mayonnaise, more in Band Battle   

CALL OF DUTY: MOBILE PHILIPPINES presents Band Battle where artists come together and go head to head in a fun shooting tournament. The Band Battle will be a multiplayer tourney and to spice things up, each band member or artist will be assigned to different teams. Participating in the tournament and have accepted this new challenge are Ben&Ben, Mayonnaise, Bawal Clan, Raisa Racelis of Sud, Icoy Rapadas of Lions & Acrobats, EJ Pichay of Gracenote, Chino David of Hale, Ace Del Mundo from Orange & Lemons and other fan favorites. Catch the #CoDMBandBattle to be livestreamed in the Garena Call of Duty Mobile Facebook page on Sept. 24, 7 p.m.

Catchiest guitar intros discussed in podcast

CHINO AND CARL’s Guitar Picks is a Spotify exclusive podcast where Chino Singson of The Itchyworms, and Carl Javier, his guitar student and PumaPodcast CEO, pick their favorite tracks to learn from, be inspired by, and rock out to. In the latest episode, they list the songs that they think have iconic intros. Among the songs discussed are The Itchyworms’ “Beer,” The Beatles’ “Day Tripper,” “Plug in Baby,” and Sandwich’s “Butterfly Carnival.” Chino and Carl’s Guitar Picks is produced by PumaPodcast.  

Live performances for free on Smart’s GigaPlay App

ENJOY ALL THINGS Korean culture and pop music at Kcon:tact Hi 5. Known by fans as KCon, and now on its fifth run, it returns with a mix of returning performers from past KCon events, debuts from K-pop acts, and special live meet and greet sessions with the artists. Joining Kcon:tact Hi 5’s roster are AB6IX, ATEEZ, BTOB, Ciipher, Dreamcatcher, GHOST9, HIGHLIGHT, ITZY, JO1, Kim Jae Hwan, MAMAMOO, ONF, Park Jihoon, Purple Kiss, RAIN, Stray Kids, T1419, THE BOYZ, TO1, Weeekly, WEi, and WOODZ. KCon is organized by South Korean entertainment and media company CJ ENM. The nine-day music event runs from Sept. 18 to 26 exclusively on the Smart GigaPlay App for free. Check out the Facebook event page: https://www.facebook.com/events/1708733479318638. 

BSP posts higher net income in Q2

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) saw higher net earnings in the second quarter amid improving revenues and a lower base due to the strict lockdown in the country in the same period of 2020.

Data from the BSP’s Second Quarter 2021 Report on Economic and Financial Developments showed its net income stood at P20.038 billion in the April to June period, surging by 427% from the P3.8 billion logged a year earlier.

On the other hand, its profit dropped 21.11% from the P25.401 billion seen in the first quarter.

“The lower net income, as compared to the previous quarter, was attributed mainly to the significant increase in interest on national government deposits combined with large decline in miscellaneous income,” the BSP said in a statement.

The BSP’s net earnings in the first half of the year reached P45.439 billion, climbing 231% from the P13.709 billion seen in January to June 2020.

The central bank’s revenues more than doubled (130%) to P47.97 billion in the second quarter from P20.786 billion a year ago, but was nearly unchanged compared with the P47.96 billion in the first three months of the year.

“Total revenues were mostly comprised of interest income from international reserves and domestic securities, and miscellaneous income,” it said.

In the second quarter, the BSP’s net loss from foreign exchange rate fluctuations stood at P876 million, higher by 98% than the P441 million seen a year earlier. It, however, decreased by 5.5% from the net loss worth P927 million in the previous quarter.

Meanwhile, total expenditures increased 64.8% to P27.035 billion from P16.405 billion in the second quarter last year, and by 15% from the P23.486 billion in the January to March period.

“The quarter-on-quarter rise in expenditures was due to higher interest expense on NG (National Government) deposits and other expenses,” the central bank said.

The BSP’s assets hit P7.685 trillion as of end-June, rising by 22% from the P6.295 trillion a year earlier. It also inched up by 1.68% from the P7.558 trillion logged as of end-March.

This increase was backed by the country’s gross international reserves, particularly inflows of proceeds from the National Government’s global and Samurai bond issuances that were kept with the BSP, as well as central bank’s income from investments abroad.

Meanwhile, total liabilities grew 22.8% to P7.529 trillion as of June from P6.13 trillion in the previous year and by 1.3% from the P7.432 trillion as of March.

“The BSP’s liabilities during the review period were comprised mostly of deposits and currency issues,” the central bank said.

With this, the BSP’s net worth declined by 5% to P156.2 billion at end-June from P164.5 billion a year ago. However, it was higher by 23% compared with the P126.3 billion as of end-March. — L.W.T. Noble

Ortigas Land upgrades Kapitolyo intersection

ORTIGAS LAND worked with the Pasig City local government to introduce a pedestrian-friendly intersection located along Shaw Boulevard, between Capitol Commons and Barangay Kapitolyo.

“The new infrastructure introduces features that promote a safe environment for pedestrians and cyclists including improved walkways, a pedestrian safety island, and improved bike features,” it said in a statement.

The walkways that connect Unimart Capitol Commons, Gastro at Capitol Commons, and Brgy. Kapitolyo are spacious and PWD-friendly. Pedestrian signages, lights, and safety islands have also been installed.

The Pasig City local government unit (LGU) and Ortigas Land also introduced bike boxes, which are described as designated priority areas for cyclists at intersections.

“The completion of all upgrades will make this intersection the country’s first LGU-led protected bike lane,” it added.

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