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Powering toward a sustainable future

Climate change and its impacts are increasingly felt across the globe, and the Philippines, with its exposure to climate-related hazards such as typhoons, floods, and droughts, is in a particularly vulnerable spot. Despite a decline in human and industrial activity in the past year due to the COVID-19 pandemic, the threat to the environment continues to grow, but the global recession means that both governments and private organizations face steep challenges, with resources and efforts redirected toward recovery and mitigation. The pandemic has thrown into even greater relief the need for responses that balance short-term needs and long-term goals by addressing the losses of the past year while continuing to support sustainability and conservation.

In this new reality, SN Aboitiz Power Group (SNAP) remains committed to environmental sustainability through programs that aim to preserve and restore natural resources, develop its host communities, and support business partners by providing responsible energy that is renewable, reasonable, and reliable. It aims to be a company that empowers employees, businesses, communities, and the country toward a sustainable future. This goal is anchored on SNAP’s purpose of powering positive change; that the change that comes from power generation and supply need not be harmful and can be a force that uplifts and improves businesses and communities in the country. 

SNAP continues to explore ways to increase and expand its existing 100% renewable energy portfolio. Following its acquisition of the Ambuklao and Binga hydropower facilities in 2008, it deployed its technical expertise to re-operate the Ambuklao plant and increase its capacity from 75 to 105 megawatts (MW); and to refurbish and update the Binga facility from 100 to 140 MW. In 2017, the company completed the first hydro plant it built from the ground up– the 8.5-MW Maris run-of-river hydro plant in Isabela. It utilizes the water flowing from the adjacent 388-MW Magat hydro plant that goes into the re-regulating dam. Two years later, SNAP inaugurated its first non-hydro venture: the Magat pilot floating solar. The 200-kW floating solar is one of the first in the country and the largest in terms of capacity. While all power sources are essential especially during a pandemic, renewable sources are emerging as a better choice. In addition to their environmental benefits, renewable sources do not rely on imported materials to produce power, thus protecting them from global supply chain disruption. 

As a renewable energy producer that provides responsible energy, the company supplies the power requirements of its customers without harming the environment. One way it does this is by participating in government programs such as the Green Energy Option Program (GEOP). SNAP was among the first to secure a GEOP supplier license from the Department of Energy, allowing the company to supply 100% renewable energy to the GEOP contestable market. The program aligns with SNAP’s own sustainability goals, allowing it to supply renewable energy to more end-users without compromising the well-being of the environment. 

With its plans to expand its RE portfolio to include other renewable energy sources, the company also contributes to achieving the national target of 35% renewable energy in the power generation mix by 2030. 

For SNAP, the key to achieving this future is by fulfilling its sustainability goals via a two-pronged approach: through its corporate social responsibility and sustainability program; and through its operations, by developing and operating world-class renewable energy facilities and supplying responsible energy to its business and community partners.

“This can only be done by working together and forging strong and solid relationships with our partners,” says SNAP President and CEO Joseph Yu. “It is only by working together that we can power through to a sustainable future especially during this challenging time. As a responsible partner, we will continue to work for a greener and more progressive future for businesses, communities, and the country.” #

 

 

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DoF thumbs down bill on debt cap

Finance Secretary Carlos G. Dominguez III

THE Department of Finance (DoF) rejected a proposed legislation that would cap the debt ratio at 50% of gross domestic product (GDP), citing the need to maintain flexibility especially in times of crisis.

This as lawmakers expressed concern over the massive loans incurred by the government since the pandemic began.

“I don’t think, at this point in time, there is a need to put a debt cap and make the country very inflexible,” Finance Secretary Carlos G. Dominguez III told the House of Representatives Ways and Means Committee on Monday.

The committee tackled House Bill (HB) No. 1539, which seeks to put a limit on the overall debt stock at 50% of GDP.

As of end-June, the government’s debt stock worth P11.2 trillion is already equivalent to 60.4% of GDP, up from 54.6% at the end of 2020 and much higher than the pre-crisis level of 39.6% in 2019.

The government was forced to ramp up borrowings since last year as pandemic-related expenditures soared and revenues plunged. This pushed the debt-to-GDP ratio to a 14-year high.

The DoF has started crafting a fiscal consolidation plan to bring down the budget deficit and debt ratio to pre-pandemic levels.

The committee also discussed HB No. 819, which aimed to create a new cabinet-level agency to oversee the debt management system of the state and to formulate related policies and strategies.

However, Mr. Dominguez said creating another agency to handle debt management is not needed since there are other agencies with similar functions, such as the International Finance Group of the DoF, Investment Coordination Committee (ICC) of the National Economic and Development Authority (NEDA), central bank’s Monetary Board and the interagency Development Budget Coordination Committee (DBCC).

“I think that flexibility is very important, the ability to act fast is crucial and quite frankly, at present, we have all the procedures already and the different sets of institutions to look at our debt. I think we have sufficient oversight already at this point in time,” the Finance chief said.

The economy would have contracted faster last year had the government not ramped up spending and raised borrowings, Mr. Dominguez added.

“When you have a pandemic, you have no choice. If we did not spend money, our economy would have tanked even more. You have to remember that our government is almost 25% of the entire economy, and if we withdraw from spending, mas lalo ’yung collapse ng economy. Sometimes you have no choice but you have to do it (borrowing) prudently and you have to invest the money in productive activities,” he said.

Albay Rep. Jose Ma. Clemente S. Salceda, who chairs the House Ways and Means Committee, said he is also not comfortable with the proposal to put a ceiling on the debt stock since well-considered borrowings can boost economic growth if spent productively.

In public finance theory, debt-funded spending towards programs that increase consumption, investment, and value-added in exports is good debt. Increasing debt is bad when it has no economic multipliers or creates no new economic activities,” Mr. Salceda said.

“Fear of debt is worse than debt itself,” he added.

ODA LAW
Meanwhile, the House Committee on Ways and Means approved HB 7963 which seeks to amend Republic Act No. 8182 or the official development assistance (ODA) Act of 1996. The bill aims to maximize the benefits of the foreign aid by formulating the system on equitable distribution of ODA funds to all provinces.

NEDA Undersecretary Jonathan L. Uy, however, said the current law already addresses the requirements for ODA approvals and has safeguards to ensure equitable distribution of the foreign aid.

“We submit that the consideration of this proposed bill may be put forward in the future context, given other priority legislations being submitted by the executive,” Mr. Uy told lawmakers.

Bayan Muna Rep. Ferdinand R. Gaite, who co-authored the bill, however, stressed the need to amend the law not only to further ease the processes in acquiring ODAs, but also to improve the quality of foreign loans obtained.

The country’s ODA portfolio, which includes grants and loans from its multilateral and bilateral partners, jumped 42% to $30.39 billion (P1.52 trillion) last year from $29 billion in 2019, according to NEDA.

Mr. Salceda said the “best economic policies” the government can adopt are those that do not increase debt but stimulate economic activities, including the bills aiming to amend Public Service Act, Foreign Investments Act (FIA) and the Retail Trade Liberalization as well as a good framework of public-private partnership (PPP).

“All finance is future-looking, debt is basically a borrowing of future abundance to finance current scarcity or the capacity, therefore creditors measure the likelihood of future abundance as the capacity to pay,” he added.

Meanwhile, Mr. Dominguez said the most efficient way to get out of this debt is “to grow out of it” post pandemic.

The DBCC estimated the government’s debt stock will hit 59.1% of GDP by year’s end and peak at 60.8% in 2022, before it eases to 60.7% in 2023 and further down to 59.7% in 2024. — Beatrice M. Laforga

Japan debt watcher affirms PHL rating

PHILIPPINE STAR/ MICHAEL VARCAS

THE Japan Credit Rating Agency (JCR) on Monday affirmed the Philippine sovereign rating at “A-,” citing the economy’s resilience as evidenced by its relatively low debt and unimpaired “fiscal soundness.”

The debt watcher also kept the “stable” outlook on the rating, which means this will likely be maintained in the next 12 to 18 months.

“The ratings mainly reflect the country’s high and sustainable economic growth performance underpinned by solid domestic demand, its resilience to external shocks supported by an external debt kept low relative to GDP and the accumulation of foreign exchange reserves, the government’s solid fiscal position, and a sound banking sector,” JCR said on Monday.

This comes 15 months since the debt watcher upgraded the country’s rating to “A-” from “BBB+” in June 2020.

“(The) Philippine economy stays highly resilient to external shocks even amid the deteriorated global economic conditions,” JCR said.

However, JCR cited the delayed recovery in economic activity due to the tighter mobility restrictions amid a Delta-driven surge in coronavirus disease 2019 (COVID-19) cases.

It expects the economy to log a “slow” 4-5% growth in 2021, matching the full-year target of the government. JCR believes the country could be set for a “high growth path” once the pandemic subsides.

Although the Philippines is currently battling a new wave of COVID-19 infections, the government is set to implement granular lockdowns instead of wider curbs in the capital. The Health department on Monday logged 22,415 new COVID-19 infections, another record high. This brought the active caseload to 159,633.

However, the credit rating agency said the government has “swiftly” implemented measures such as “increased public health-related expenditures, acceleration of vaccination and continuation of employment program by drawing upon its relatively strong fiscal position before the pandemic.”

Japan’s debt watcher believes the government’s fiscal policy remains appropriate despite wider budget shortfall.

The budget gap reached 7.3% of the country’s GDP in 2020, much bigger than the 3.4% in 2019. This year, the fiscal deficit is capped at 9.3% of GDP.

“JCR does not consider that the fiscal soundness will be impaired because while the fiscal deficit has widened, the support package at this time is backed by appropriate fiscal policies and the government debt will remain comparatively subdued,” it added.

Also, JCR noted the Duterte administration’s flagship infrastructure projects have not been delayed despite the pandemic. The government has allowed work on public infrastructure projects to continue even during the strict lockdowns.

“Legislation proposals including tax reforms have been steadily progressing backed by the administration’s high performance and trust ratings,” JCR said.

Remittances from overseas Filipinos remained “solid,” it added. — Luz Wendy T. Noble

Philippine Airlines sees return to pre-pandemic level after 2025

REUTERS

PHILIPPINE Airlines, Inc. (PAL) said on Monday it may return to its pre-pandemic level of operations after 2025, as global travel demand is likely to remain sluggish in the next few years due to the prolonged pandemic.

The flag carrier, which is majority owned by billionaire Lucio C. Tan, last week filed for bankruptcy protection in the United States.

“We don’t foresee demand coming back to pre-pandemic levels until 2024-2025. At that point in time, we don’t believe we will be at what our size was, so more than $3 billion in revenue by 2025. We expect to reach those numbers closer to the back half of the decade,” PAL Senior Vice-President for Strategy Dexter C. Lee said at a virtual briefing.

As part of its restructuring plan, PAL is cutting its fleet by 25% which means it has to return 21 aircraft.  From a fleet of 91 aircraft two months ago, PAL has returned seven and is set to return 14 more.

PAL Chief Financial Officer Nilo Thaddeus P. Rodriguez said it has negotiated with Airbus to delay the delivery of 13 new Airbus aircraft, with an option to cancel six or seven of these.

Despite the fleet reduction, Mr. Lee said the airline is currently looking at new routes.

PAL President & Chief Operating Officer Gilbert F. Santa Maria said the airline is still keen on mounting nonstop flights to and from Tel Aviv in Israel.

“[We will] pursue business with Israel when restrictions are lifted. We will not do what AirAsia did… and turn ourselves into another Lazada or Shopee [platform]. That’s not our strategy. We will reinforce our core business, improve our brand, and improve our marketing. We will recover that way,” he said.

Mr. Santa Maria said the airline anticipates to finish the year with revenues that are two-thirds lower than 2019 revenues or “bit lower than $3 billion.”

“About $2 billion have disappeared from the market given the current business environment including in 2020,” Mr. Rodriguez, the chief financial officer, said.

Asked if the airline’s rehabilitation plan includes closing or selling of assets or units to cut expenses, Mr. Santa Maria said: “No… [We are not selling more assets] that are not already for sale.”

Mr. Santa Maria also reiterated that PAL has no plans to cut jobs. In March, the flag carrier implemented a company-wide workforce reduction program that covered 2,300 workers.

“The reality of the pandemic is still on us, and that the only caveat to my statement that we will no longer have additional job cuts is we hope the pandemic does not become worse, and that we can actually recover,” he noted.

CHAPTER 11 EXIT
PAL officials are confident that the flag carrier will exit the Chapter 11 process before the end of the year.

“The old process, the last time Philippine Airlines went through a [corporate] rehabilitation (filed in 1999), it took seven or eight years for the Philippines to leave the receivership program… That is no longer going to be necessary by filing under Chapter 11,” Mr. Santa Maria said.

“Once we exit before the end of the year, we’re done. We will have a lighter balance sheet, [and] we will have new capital… So, we will be done before the end the year,” he added.

PAL’s case is assigned to the US Bankruptcy Court New York Southern District, Manhattan division office.

“The court will have to approve what they call a plan of reorganization, and in this plan of reorganization, it contains basically PAL’s recovery plan, all the restructuring support agreements, which 92% of PAL creditors signed,” Mr. Rodriguez said.

Once the court approves it, PAL will be able to exit or emerge from the Chapter 11 process within the “next few months,” he added.

Under the restructuring plan, PAL aims to cut $2 billion in borrowings, and will get $505 million in long-term equity and debt financing from its existing shareholder and banks. It will also secure $150 million in debt financing from new investors.

“Some (of the $505 million) will be used to pay catch-up payments on what we owed them or what we have negotiated with them in terms of fulfilling those restructuring support agreements, the rest would… go to the liquidity requirements of our operations during this period and beyond,” Mr. Rodriguez said.

PAL Holdings, Inc., the listed holding company of PAL, and Air Philippines Corp., or PAL Express, are not included in the Chapter 11 filing.

The airline’s top five creditors with the largest “secured claims” (excluding claims of insiders) totaling to $866.09 million are Philippine National Bank ($156.51 million), Banco De Oro Unibank, Inc. ($80.42 million), China Banking Corp. ($54.83 million), EXIM Guaranteed Loans ($240.1 million), and PK Airfinance S.A.R.L. ($334.23 million).

Its 40 largest creditors with “unsecured claims” (and who are not insiders) totaling to more than $1.4 billion include Philippine National Bank ($115.92 million), China Banking Corp. ($65.27 million), and Asia United Bank ($75.30 million).

PAL Holdings, the airline’s listed operator, had been incurring losses even before the pandemic crisis. Its attributable net loss widened to P71.91 billion in 2020 from P10.31 billion in 2019. — Arjay L. Balinbin

‘Almost lifeless’ economy needs more stimulus

PHILIPPINE STAR/MICHAEL VARCAS

THE Philippines appears to be showing more signs of “economic scarring” due to the prolonged pandemic, making it more crucial for the government to ramp up fiscal spending, an economist said.

“What is clear is that the economy, almost lifeless and close to failure, is in need of all the help it can get from both sides of the whole of government approach,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in a note.

He now expects the country’s gross domestic product (GDP) to grow by 3.8% in 2021, below the government’s 4-5% full-year target.

Mr. Mapa said economic scarring is already evident amid the sluggish investment environment.

“For example, the pandemic and the recession that followed it, have sapped investment momentum (that) suggests that potential output is now stunted as investments in capital machinery have been mothballed. In the near and medium term, our capability to produce and innovate will be lowered, with the lost production and capacity a clear scar from the pandemic,” he said.

The economy exited the recession with a growth of 11.8% in the second quarter, mainly due to base effects. Its investment component or capital formation rose 75.5% year on year, still reflecting the low base from the 51.5% contraction logged in the same period in 2020.

Mr. Mapa said the prolonged closure of schools and shift to online learning will have an impact on the country’s future workforce.

“Students will likely be less productive now and into the future, just another clear evidence of scarring,” he said.

Last month, the United Nations Children’s Fund (UNICEF) warned about the impact of the pandemic on children’s learning, noting the Philippines is among five countries in the world that have yet to resume physical classes since the pandemic. 

As the pandemic drags on, this has also affected overall consumer confidence. Household spending is a vital component of the economy as it makes up about 70% of GDP.

“Filipinos are now aware that the jobs that were available in the past are no longer available. This will constrain spending behavior in the near and medium term as Filipinos will now look to rebuild savings and be more circumspect in the purchases,” Mr. Mapa said.

Household spending in the second quarter rose 7.2% year on year after shrinking by 15% in the April to June 2020 period.

Against this backdrop, Mr. Mapa stressed the need for additional fiscal spending.

“Calls for additional fiscal spending have come and gone with authorities opting for a strategy of fiscal prudence as opposed to fiscal stimulus. Time will tell whether such a [fiscal prudence] strategy was successful but so far, the fruits of this choice appear to be an extended recession and a delayed full economic recovery,” Mr. Mapa said.

For 2021, the government has capped the fiscal deficit at 9.3% of GDP.

Legislators have been pushing for a third stimulus package worth up to P400 billion. While Bayanihan III has been approved by the House of Representatives, it is still pending at the Senate. — Luz Wendy T. Noble

SM Prime plans P10-billion fixed-rate bond sale

SM Prime Holdings, Inc. has applied for a permit with the corporate regulator to sell the third tranche of its P100-billion shelf-registered fixed-rate bonds, the Sy-led property developer said on Monday.

It told the stock exchange that its application with the Securities and Exchange Commission (SEC) for the proposed seven-year third tranche will comprise P5-billion fixed-rate bonds, with an oversubscription option of up to P5 billion.

Philippine Rating Services Corp. assigned the bonds a PRS Aaa rating, which is the highest given by the credit rating agency. This means that the “obligations are of the highest quality with minimal credit risk” and it also signals the company’s “extremely strong” capability to meet financial obligations.

“The proposed issue represents the third tranche of the company’s proposed three-year debt securities program of up to P100 billion,” SM Prime said in a disclosure.

The SEC approved the company’s P100-billion shelf-registered fixed-rate bonds in February last year.

The first tranche consisted of an initial P15-billion offer, with an oversubscription option of up to P5 billion. This included five-year 4.8643% Series K bonds due 2025 and seven-year 5.0583% Series L bonds due 2027.

The second tranche of the bonds was issued in February this year, which comprised of P5-billion fixed-rate bonds and an oversubscription option of up to P5 billion. This consisted of Series M bonds with a 2.4565% rate due 2023 and Series N bonds with a 3.8547% rate due 2026.

On Monday, shares of SM Prime at the stock market were down 1.47% or 50 centavos to close at P33.50 apiece. — Keren Concepcion G. Valmonte

Pacific Online, partners bag lease for PCSO lottery system

LISTED Pacific Online Systems Corp. disclosed on Monday that its joint venture won the public bidding for the lease of Philippine Charity Sweepstakes Office’s (PCSO) P5.8-billion new lottery system.

“The PCSO further advised that pursuant to the requirements of the Government Procurement Law [or Republic Act No. 9184], a formal contract will be executed with the joint venture after the latter shall have complied with the requirement to post Performance Security,” Pacific Online said.

The company has a 50% stake in its joint venture with the Philippine Gaming Management Corp. (PGMC), which has a 49% share, and International Lottery & Totalizator Systems, Inc. (ILTS), with one percent.

Pacific Online and PGMC are currently equipment lessors to PCSO, while ILTS is the equipment supplier of PGMC.

“The benefits and costs to the joint venture will be shared in accordance with the parties’ respective participation,” Pacific Online said.

The PCSO gave the notice of award, which stated that the joint venture was declared as the single calculated and responsive bid for the procurement of a five-year lease of the customized PCSO lottery system or the 2021 PLS Project. The contract price amounts to P5.8 billion.

Pacific Online shares at the stock exchange went up by 13.78% or 27 centavos on Monday, closing at P2.23 apiece. — Keren Concepcion G. Valmonte

Megawide, German firm team up for lower-emission concrete

MEGAWIDE Construction Corp. has partnered up German firm MultiCON to use the latter’s high-speed mixing technology to manufacture concrete at a cheaper rate while emitting less carbon dioxide.

The venture lets Megawide exclusively use MultiCON’s advanced concrete mixing system OptiCon for its projects.

The company said that European countries are currently using OptiCon for their respective horizontal and vertical developments.

“As part of our thrust of helping build a First-World Philippines, we are always looking for First-World expertise and technologies that we can introduce and utilize for our operations, projects, and products,” said Edgar B. Saavedra, Megawide chairman and chief executive officer, said in a disclosure on Monday.

He added that using the OptiCon will be of benefit to the firm financially and environment-wise.

The mixing system uses specialized equipment that combines ingredients at a higher speed, and helps “activate” the cement.

“The system uses less water, less cement and additives, so it releases less carbon dioxide in the atmosphere, which is beneficial to our environment. Since the cement reaction is more activated, it becomes more cost and process efficient,” MultiCON Managing Director Leopold Halser said.

According to him, the OptiCon can help reduce raw material costs and minimize carbon dioxide emissions by up to 30% during production.

Megawide said it plans to internally use the technology in its precast plants, and is looking at making it available to all contractors of its ready-mix plants in the future.

“If we can produce stronger concrete with better performance, this could translate to improved margins and reduced emissions. This is a step towards promoting the advancement of the local concrete and construction industry, which is in line with our mission of inclusivity towards a First-World Philippines,” Megawide Executive Vice-President Markus Hennig said.

Megawide describes itself as one of the largest contractors for private sector construction projects in the country. It serves as the Philippine government’s private partner for flagship infrastructure projects, namely: the Mactan-Cebu International Airport and the Parañaque Integrated Terminal Exchange.

Shares of Megawide at the local bourse shed 0.97% or six centavos to finish at P6.10 apiece on Monday. — Angelica Y. Yang

The return of ABBA

PHOTO FROM FACEBOOK.COM/ABBAVOYAGE

FANS who followed the Swedish pop group ABBA in their heyday may have been introduced to them through their victory at the 1974 Eurovision Song Contest with the song “Waterloo.” For others, their introduction came through the popularity of “Dancing Queen” on the radio (1976) and their subsequent hits, or through the jukebox musical Mamma Mia! (1999), or the musical’s film adaptation of the same title (2008) and its sequel (2018), or through growing up hearing their parents’ favorite music. In a way, the music never disappeared — there are over 16 million global streams of ABBA songs weekly over music streaming platforms.

With songs written and produced by Benny Andersson and Björn Ulvaeus and performed by Agnetha Fältskog and Anni-Frid “Frida” Lyngstad, ABBA sold nearly 400 million albums worldwide, with 17 No. 1 songs. In 2010, the group was inducted to the Rock N’ Roll Hall of Fame.

Still, after the members of the quartet went their separate ways in 1982, there was no new music. Until now.

The members have reunited and will release a new album this year, and a digital concert set for 2022.

Last week, the group released the first two songs, “I Still Have Faith in You” and “Don’t Shut Me Down” from their upcoming album, Voyage — their first new album in four decades.

During the launch for ABBA Voyage in London which was streamed via the group’s official YouTube page on Sept. 2, Messrs. Andersson and Ulvaeus explained that the idea of creating more songs only came when they were already in production for the digital concert. At that point, they had only written the first two songs. This eventually led to the creation of a new album.

Messrs. Ulvaeus and Andersson, now 76 and 74 respectively, described that going back to the studio felt like no time had passed. “…[It] was so joyful to be together in the studio again,” Mr. Andersson said.

“Hearing Frida and Agnetha go for it again, not knowing really if it was still there. Five minutes before they came into the studio, I was thinking, ‘I should have asked if they can still sing!’,” he joked. “But they could, and they can.”

“They (Fältskog and Lyngstad) are such genuine musicians and creative souls that it is a privilege to hear them sing your music and words,” Mr. Ulvaeus said of his co-members.

“At our age, there is a certain depth to it, [I think] — to the whole thing musically and lyrically. And, of course, to the way they sing and the way they deliver. There is a lot of years and a lot of experience in that, that I hope people can feel,” he added.

“We went into the studio knowing that if we didn’t think it’s up to scratch, we would never release it,” Mr. Ulvaeus said of the record. “Also, there is an old saying in the music industry that you should not leave more than 40 years between albums,” he joked.

The new album, which will contain 10 tracks, will be released on Nov. 5 under Universal Music Group’s Capitol Records label.

Mr. Andersson said that the record remains loyal to their pop sound from the 1970s and 1980s. “I don’t understand what’s out there. I don’t understand what the ingredients in the songs that work today are. It’s impossible to emulate,” Mr. Andersson said, clarifying that they are not competing with the styles of modern pop artists.

But they utilized modern technology for recording the music since “it is at hand now.”

“It’s not really a question of finishing a song. It’s a question of abandoning [it] because you can work forever,” Mr. Andersson said, noting that doing changes in a track is easier nowadays.

THE ADVENT OF ABBA-TARS
Aside from the new album, the group will also stage a series of virtual concerts next year using digital avatars called “ABBA-tars.” The performance will include a 10-piece band and will be held at the ABBA Arena in London beginning May 27, 2022.

The virtual concert was created through performance capture technology that creates digital characters of the group which mimic the members’ physical features as they were in 1979.

Messrs. Ulvaeus and Andersson agreed in unison that they appreciate music today as much as they did when they were starting out.

“To be creative is, in itself, the drive. It pushes you and it gives you energy,” Mr. Ulvaeus said.

“And the other thing is, if you don’t know how to do anything else but write music, that’s what you wanna do,” Mr. Andersson added.

“It never goes away. The most fun thing you can do is to write songs.” Mr. Ulvaeus paused before finishing, “That is, as you said, the lifeblood.”

Tickets to the virtual ABBA concert are on sale today, and the new album, Voyage, is available for pre-orders. For more information on tickets and the new album, visit https://abbavoyage.com/. “I Still Have Faith in You” and “Don’t Shut Me Down” are available to stream on Spotify. — Michelle Anne P. Soliman

Argentine satire lightens up Venice fest; Gyllenhaal picks Ferrante for directing debut

Peter Sarsgaard and Jessie Buckley in The Lost Daughter (2021) — PHOTO FROM IMDB.COM

VENICE — The Venice Film Festival got a break from its anguish-filled line-up with Saturday’s premiere of Official Competition, a behind-the-curtains Argentine satire about film-making that had the audience laughing out loud.

In it, an 80-year-old billionaire businessman in search of social prestige decides to make a movie to leave his mark. To fulfil his ambition, he hires the best: maverick director Lola Cuevas, played by Penelope Cruz, and two actors with big talent but even bigger egos.

One is a Hollywood star, played by Antonio Banderas. The other, played by Argentine actor Oscar Martinez, is a high-brow theater purist, with radical views about celebrity and commercial entertainment. From the get-go, the two are on a collision course, and the director’s eccentric methods for immersing them in character only add to the tension, making for some farcical scenes. To elicit fear, they are made to rehearse while sitting beneath a precariously suspended boulder. In another scene, the pair are cling-wrapped together for bonding.

Argentine directors Gaston Duprat and Mariano Cohn said they wanted to show what happens on set and the tactics actors with different backgrounds use to prepare for rehearsals.

Speaking to reporters after a press screening at the Venice movie showcase, where Official Competition is vying for the top Golden Lion award, they said inspiration had come from the personal experiences of their own cast.

Mr. Banderas said he once worked opposite an actor who would bellow before a scene. “The first time he did it, I thought it was a cow,” he said.

He added that it had been refreshing to make a funny movie at a time when “laughing seems to be forbidden”: a reference to the global gloom from the coronavirus pandemic.

The film explores universal themes and emotions, such as envy, under-confidence, competition between professionals and people’s relationship with success, he said.

Ms. Cruz, who also stars in another competition film in Venice — Pedro Almodovar’s Parallel Mothers — said it was liberating to interpret Lola, whom she described as smart but a bit of a “psychopath.” “It was somehow a tribute to our profession,” she said. 

Maggie Gyllenhaal picked an unconventional novel about motherhood for her debut as a director in The Lost Daughter, which premiered at the Venice Film Festival on Friday.

In the film, Olivia Colman plays Leda, a middle-aged British literature professor vacationing on her own in Greece who becomes transfixed with a young mother (Dakota Johnson) and her daughter on the same beach. Watching them makes Leda dwell on her own emotional conflicts as the mother of two young daughters years before and the guilt-ridden decisions she made to be able to live her life.

The script is adapted from the eponymous 2006 book by Elena Ferrante — a pseudonym of the notoriously secretive Italian author best known for her Neapolitan novels with whom Ms. Gyllenhaal only corresponded by letter. Ms. Gyllenhaal said that at first when she read the book, she thought the protagonist was mentally damaged but then realized how she could relate to her.

“I realized that many people have this experience and nobody talks about it. These are secret truths about a feminine experience,” she told reporters after a press screening. “I think that I would be really shocked to hear that there was one mother who hadn’t once thought, what if I walked out the door?”

Making the movie was an epiphany for the Oscar nominated actress, who comes from a family of film makers and is married to fellow US actor Peter Sarsgaard, who also stars in the film.

“I think I’ve always been a director and I just didn’t feel entitled to admit it to myself,” she said. “I think it’s a better job for me actually.”

Ms. Colman said she had relished the prospect of playing someone who at times does something awful. “All people want to be one person, turns out they’re not that person and they’re probably someone else,” she said. “It was intriguing to play a character who does something that I wouldn’t do, although you do sometimes think about it.”

The Lost Daughter is one of the 21 films vying for the Golden Lion top award at the Venice festival, which runs through Sept. 11. —  Reuters

JG Summit Petrochemicals’ new unit enters fuel sector

PEAK Fuel Corp., a new subsidiary of the JG Summit Petrochemicals Group (JGSPG), has entered the country’s fuel sector after completing its first sale of liquefied petroleum gas (LPG) to a customer based in Southern Luzon last month, according to an e-mailed statement from its public relations firm.

Peak Fuel is a new business unit dedicated to supplying LPG to refillers and marketers. Its vision is to be the “preferred LPG supplier in the Philippines,” and its mission is rooted in “supporting local industries through the reliable supply of essential fuels.”

The firm, located within the JGSPG Complex in Batangas City, imports refrigerated LPG through large gas carriers received through the complex’s jetty facility and stored in two refrigerated tanks with a combined capacity of 32,000 metric tons.

Peak Fuel can supply customers with LPG through land-based or sea-based channels.

Patrick C. Go, JGSPG and Peak Fuel president and chief executive officer, said he expects the new subsidiary to “positively contribute to the overall performance of JGSPG in this year.”

Meanwhile, Samuel C. Chan, general manager of Peak Fuel, said the company hopes to establish itself as a reliable LPG supplier in the country while making LPG readily available and more affordable to Filipinos.

JGSPG is collectively made up of JG Summit Petrochemical Corp. and JG Summit Olefins Corp., two wholly owned subsidiaries of listed conglomerate JG Summit Holdings, Inc.

JG Summit also holds investments in snack food and beverages, air travel, property, and banking, among others.

Previously, the firm posted an attributable net income to its parent of P814.51 million in the second quarter, swinging from losses of P2.62 billion incurred in the same period last year, after registering higher earnings.

Shares of JG Summit at the local bourse improved 0.08% or five centavos to finish at P65 apiece on Monday. — Angelica Y. Yang

Keeping its promises

Ys IX: Monstrum Nox — PHOTO FROM NISAMERICA.COM

Video Game Review
Ys IX: Monstrum Nox
Nintendo Switch/Personal Computer via Steam

Samurai Warriors 5
PC via Steam/Sony PlayStation 4/Nintendo Switch

YS VIII: Lacrimosa of Dana, was, on its initial release on the personal computer, an enjoyable game held back by porting limitations. It was a compelling experience that felt like it could have been much, much better sans technical concerns. Which is why Ys IX: Monstrum Nox, coming three years later, holds significant promise, pledging to bring with it all the good that has made the series a venerable one — the addictive gameplay excellent writing, among others — but without the bad that kept Ys VIII: Lacrimosa of Dana from reaching full potential.

First things first, and gamers will be pleased to know that Ys IX: Monstrum Nox now offers near-complete accessibility; it’s playable on the PC via Steam, the Nintendo Switch, the Sony PlayStation 4, and even Google Stadia, and the specific ports give up little to nothing in terms of its pluses. Franchise protagonist Adol Christin is once again front and center, and the game has you following his escape from the dungeons of Balduq, where he uncovers the Monstrum, beings with powerful abilities bequeathed unto them by a mysterious woman, and tasked to fight off monsters that only they can handle. Only by helping her cause can Adol find a way to break the curse that grips Balduq, and seal the monsters within. And, to do that, Adol will have to use his newfound powers as a Monstrum to overcome the challenges that come his way.

Naturally, this means combat, and Ys IX: Monstrum Nox’s action-role-playing-game style takes after its immediate past predecessor. You’ll be using skills and abilities to get you through combat, with Adol’s fighting style being heavily accentuated by various new Monstrum powers to help you en route. Eventually, you’ll get to master these skills, and the game heavily encourages you to use them to your heart’s content whenever possible; not doing so is tantamount to flirting with disaster. Combat in the game is fast-paced, and while it’s not overly punishing, it’s one that will constantly test your reflexes and your ability to string together combos, especially on stages with bigger challenges. Enemies on the harder game modes are much more inclined to punish you for overextending, and it’s here where you are most rewarded by a nuanced understanding the game’s combat system, especially when it comes to some particularly annoying bosses.

Exploration happens between Ys IX: Monstrum Nox’s frequent combat segments, and while its playtime is relatively short as far as Japanese RPGs go, it does its best to make Balduq feel like an exciting place to learn more of. When you explore, you’re not only finding new secrets and side quests; you’re slowly unravelling the mystery that surrounds the city, and finding out more about it in a manner that further immerses you. Each new chapter will slowly open the area you can travel in, giving you access to new dungeons and new powers. The development, in turn, leads you to delve further into the game’s story, with feedback loops combining to string you along an engrossing, if not wholly unexpected, narrative about gods and monsters.

That’s pretty much what Ys IX: Monstrum Nox promises right from the start. It’s a great, solid action JPRG experience, filled to the brim with content that will leave you wanting more. It boasts of an interesting plot, combat that will keep you on your toes, and characters that you want to get to know more about. And really, aside from the occasional crashes and iffy frame drops in some of the more crowded sequences, Ys IX: Monstrum Nox delivers what Ys VIII: Lacrimosa of Dana could not: a mostly smooth experience.

If there’s anything to critique about Ys IX: Monstrum Nox, it’s that it plays and feels a little too much like its forerunner in a lot of places. The characters, the exploration, even the combat — they all come off as much more polished iterations of Ys VIII: Lacrimosa of Dana’s components. And while it’s not a minus in and of itself, it does dull your excitement a bit.

Still, Nihon Falcom and Nippon Ichi Software have done an outstanding job, and there can be no discounting the bottom line. In the final analysis, Ys IX: Monstrum Nox gives you exactly what it promised to: an Ys story that anyone, longtime fan of the franchise or newcomer curious to try out a solid JRPG — an enjoy.

THE GOOD:

• Enjoyable, if simple, combat mechanics

• Solid story, featuring twists and turns and layered characters

• Playable on multiple platforms, underscoring its accessibility

THE BAD:

• Minor framerate issues on the Switch in handheld mode, combined with some frame drops during some of the busier in-game segments

• Combat feels like it could be expanded on

• Relatively short for a JRPG

RATING: 9/10

POSTSCRIPT: Musou titles have always been big come-ons for gamers out to find adrenaline rushes. Even as the basic foundations of Koei Tecmo’s intellectual properties have largely stayed the same, new releases have invariably been awaited with bated breath. From the first Dynasty Warriors release on the Sony PlayStation way back in 1997 to spin-off titles like Hyrule Warriors and Fire Emblem Warriors, the anticipation with which they are greeted as they hit store shelves reflects their continuing capacity to meet their value proposition.

There are, of course, differences between branches of the Musou franchise. From its release in 2004, Samurai Warriors showed the series’ tendency to be gritty and dark. Even as the tone of the series would lighten up somewhat over time, the first Samurai Warriors title set the stage for what Samurai Warriors would be like in future installments: gripping, intense, and story-driven, filled to the brim with action-packed sequences and emotional moments that would leave you invested in its characters.

Stories from the Samurai Warriors series would be largely similar from game to game, but the dramatic flair and presentation make each memorable. Not surprisingly, Samurai Warriors 5 succeeds in reinforcing the tradition. Changes have come — some good, some bad — but the soul and spirit of Sengoku Musou still beats strong.

In Samurai Warriors 5, you follow the tale of Nobunaga Oda as he rises from his station as an unknown backwater Daimyo to become one of Japan’s greatest unifiers. You cleave through hundreds of soldiers via your chosen officer, and improve his skills and prowess in combat to better prepare him for tougher encounter. It’s the classic Samurai Warrior experience in a new coat of paint. And despite its modifications, the core design still remains the same.

Each stage you encounter in Samurai Warriors 5 has you reliving key battles from early Sengoku history. With a brand-spanking-new set of active skills to play with, as well as new and expansive battlefields to roam, you may well view Samurai Warriors 5 as a novel experience and appreciate the many liberties it takes vis-à-vis the series. The departure is most felt with the roster cut and character redesign that Samurai Warriors 5 implements. Due to the more limited scope of its story, many officers from the later parts of Sengoku history do not appear. Prominent characters like Mitsunari Ishida and Ginchiyo Tachibana are nowhere to be found even in the game’s Free Mode, and in their place come such notables as Dosan Saito and Nobuyuki Oda. The personalities are certainly enjoyable, albeit far from replacing a whole roster that series veterans have grown to love.

This is especially true with the new character redesigns, as they give even the old, prominent officers a new face lift. Make no mistake: Samurai Warriors 5’s art style is actually quite good, and it takes pains to incorporate the changes with style and pizzazz. The problem, however, is in the nature of the redesign, as it touches not only on the character’s appearance, but also on the way he is controlled. Gone are the unique move sets that used to underscore the uniqueness of each character’s fighting style. Instead, new fighting styles boil down to what kind of weapon type is being used, with each character having his own preferred weapon to wield at his leisure. This might not seem so bad until you dive in deep, and realize that when characters wield the same weapon, they likewise share the same move sets — thus greatly limiting the characters’ distinctive traits.

That said, while characters in Samurai Warriors 5 do share cloned move sets, the core gameplay of the Samurai Warriors series has not degraded. At all. You’re still put under immense pressure to do well and cut through your enemies. In-game missions are still very fast-paced and rely on speed and precision to complete. This is balanced out by the abilities you’re able to use in combat, giving you powerful move sets that let you buff your attack, increase your Musou gauge, or even perform special attacks tied to a cooldown. True, the gameplay is limited by relative homogeneity, but its intensity has not been reduced, and it’s still as fun as ever.

Through all these, it bears noting that the story is a standout. Samurai Warriors 5 does a callback to Samurai Warriors: Spirit of Sanada’s more intimate, personal storylines. Experiencing Nobunaga’s personal journey might not be unique to Samurai Warriors 5, but the way it introduces its characters, events, and relationships helps in contextualizing how they behave the way they do, and even helps in empathizing with them and understanding their thought processes.

Moreover, in true Musou fashion, you are given the opportunity to enjoy Samurai Warriors 5 in Free Mode and Citadel Mode. These add a tremendous amount of extra content to play through, especially in the game’s harder-difficulty stages, during which enemies are more aggressive and rewards are enhanced. At times, Samurai Warriors 5 even feels like too much content to pore through, especially given how much grinding is required to fully max out a character, or to create a strong weapon that anyone can use. Then again, it’s all content that you can play at your leisure, and it’s not mandatory to experience the game at its fullest.

All things considered, it’s easy to say that Samurai Warriors 5 seems to have changed a lot. The flipside is that the things it changed doesn’t really impact how it plays. Not everything is perfect, but the fact that it holds true to its roots as a Samurai Warriors game ensures its capacity to give you exactly what you expect from the series, if in a more stylized, personal form. It runs smoothly on the PC and the Sony PlayStation 4 Pro, and is perfectly playable on the Nintendo Switch docked or on the go (although with some stuttering). It still promises tens of hours of entertainment, and it’s a visual treat. Samurai Warriors: Spirit of Sanada remains the gold standard, but Samurai Warriors 5 is very, very close.

THE GOOD:

• Interesting setup and take on Nobunaga’s story

• Still as action-packed and intense as ever

• Beautiful character redesigns art style

THE BAD:

• Cloned move sets and smaller roster can put off series veterans, especially if their favorites are cut

• Still requires tons of grinding in order to max out weapons/characters

• Misses some iconic characters

RATING: 8.5/10

THE LAST WORD: Preorders for Horizon Forbidden West, slated for release on both the PS4 and PS5, have begun. The much-awaited sequel to Horizon Zero Dawn has gamers continuing to follow Nora tribe castout Aloy as she treks to the Forbidden West to delve deeper into the cause of a plague that threatens humanity.

Horizon Forbidden West, an open-world action RPG slated to be played from a third-person perspective, will feature a larger map that includes familiar locations in Nevada, California, and Utah. It likewise includes underwater exploration, freeform climbing, and various other mechanics not in Horizon Zero Dawn (which, incidentally, has released a patch to enable running on the PS5 at 60 frames per second).

Meanwhile, the Idea Factory International online store has opened preorders for Mary Skelter Finale Limited Edition. The last game in the Mary Skelter Trilogy is set to hit store shelves on Sept. 30 in North America and Oct. 1 in Europe. The Limited Edition, available for the PS4 and Switch, packs the title in a collector’s box along with a steel case, an art book, a three-disc soundtrack, a boxed set of the three novels, a poster, and a trading card.

In celebration of the Disgaea series reaching 5,000,000 units sold worldwide, NIS America is holding a two-week sale of digital titles, promotions on the NISA Online Store, and a contest that has a signed print by Disgaea artist Takehito Harada as its top prize.

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