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PrimeBMD names new chief in bid to expand

PRIMEBMD.COM.PH

PRIME Metro BMD Corp. (PrimeBMD) has appointed Sebastian Arsenio R. Lacson as chief executive officer (CEO) with the task of overseeing the Razon-led company’s next phase of expansion.

PrimeBMD said in a statement on Monday that Mr. Lacson will take over the position recently vacated by J.V. Emmanuel A. De Dios.

Mr. De Dios was recently named chief executive and president of east zone water concessionaire Manila Water Co., Inc. He replaced ports tycoon Enrique K. Razon, Jr. in the leadership role as the water concessionaire reorganizes its senior management.

PrimeBMD is a joint venture between the Razon group’s infrastructure unit, Prime Infrastructure Holdings, Inc. (Prime Infra) and Australian construction firm, BMD Group.

With his new role, Mr. Lacson will continue to head the waste-to-fuel project of Prime Infra.

PrimeBMD also announced that its board of directors elevated Mick Slocombe to executive vice-president for engineering and member of the board operations committee to concentrate on the strategic and operational matters of the business.

Mr. Slocombe previously held the position of PrimeBMD’s chief operating officer.

“We are confident that Mr. Lacson’s extensive experience combined with Mr. Slocombe’s invaluable leadership and history with PrimeBMD will drive the company’s strategic growth and next expansion phase,” Prime Infra President Guillaume Lucci said.

Meanwhile, Hans Christian Lopez moved to PrimeBMD and assumed the role of chief operator officer, after serving as the deputy project director of WawaJVCo, a joint venture between Prime Metroline Infrastructure Holdings Corp. and San Lorenzo Ruiz Builders and Developers Corp.

PrimeBMD has business interests in the construction of roads and bridges, marine infrastructure and dredging services, airport infrastructure, building works, water and wastewater infrastructure, rail infrastructure, and commercial/residential land subdivision projects. — Revin Mikhael D. Ochave

Marcventures Holdings cuts board seats

MARCVENTURES Holdings, Inc. reduced the number of seats in its board of directors to comply with the corporate governance practices recommended by the government.

The listed mining firm said in a stock exchange disclosure on Monday that its stockholders approved the decision to cut the number of directors to nine from 11 under the sixth article of its articles of incorporation.

“The articles of incorporation are being amended in order to reduce the number of seats in the board of directors to facilitate compliance with Securities and Exchange Commission (SEC)-recommended best practices on corporate governance and to make it easier for the company to reach quorum in board meetings,” the company said in the disclosure.

“The amendment on reduction of seats in the board of directors is not expected to have any material adverse effect on the business, operations, and/or capital structure of the issuer,” it added.

For the first half of the year, Marcventures reported a P166.31-million net loss, a reversal of the P137.52-million net income it had a year ago.

The mining firm’s revenues during the January-to-June period fell 74.2% to P299.85 million due to lower volume of nickel ore shipments.

According to its website, the subsidiaries of Marcventures include Marcventures Mining & Development Corp., BrightGreen Resources Corp., Alumina Mining Philippines, Inc., and Bauxite Resources, Inc.

On Monday, shares of Marcventures at the stock exchange fell 1.05% or one centavo to finish at 94 centavos apiece. — Revin Mikhael D. Ochave

As the 20th anniversary of 9/11 rolls around, filmmakers take different approaches

Michael Keaton and Stanley Tucci in What Is Life Worth (2020) — photo from IMDB.com

A SLEW of new films and TV series are being released around the 20th anniversary of the Sept. 11, 2001, attacks, taking different approaches as the United States looks back on that day that changed everything.

One of the more high-profile projects being released is Worth. A Netflix film, Worth tells the story of mediator Kenneth Feinberg, played by Michael Keaton, who was tasked with developing and administering the September 11th Victims Compensation Fund.

“You talk to some people, you do investigation, you know, the investigation required. And it’s really a learning experience and it’s really emotional,” said Mr. Keaton.

Steven Rosenbaum, co-director of documentary The Outsider, said his film is different from others that will come out this year. “We think that America deserves a free, open, honest conversation about 9/11, and we think that we haven’t had that,” he said.

Mr. Rosenbaum’s movie, which will be released in cinemas and on-demand, is an insider’s look at the creation of New York’s 9/11 Memorial & Museum and disputes among staff in how it approached retelling the story of what happened. The museum asked for cuts to be made to some scenes, which were declined by the filmmakers.

“We made clear to the filmmakers that we were disappointed by many of their decisions, which we think are disrespectful towards victims and their families,” said museum spokeswoman Lee Cochran.

Filmmaker Spike Lee has also faced criticism for his new HBO Max docuseries NYC Epicenters 9/11-2021½ which weaves together dozens of interviews to create a mosaic account of New York, the events of 9/11, and the years since. The New York Times reported that he had included some conspiracy theorists but had removed them from the final edit after facing an uproar.

Meanwhile, National Geographic is airing 9/11: One Day in America, a six-part docuseries that will feature first-person testimonials from first responders and survivors.

The different approaches reflect how people react in varied ways depending on their individual circumstances, where they were, and even if they are old enough to remember it at all, psychologists say.

“I think for some of us, 9/11 feels like yesterday and that depended on how much trauma we were exposed to at the time and if we’ve had to deal with symptoms since then,” New York-based psychiatrist Dr. Karinn Glover said.

“There are other people for whom it’s a distant memory and seeing a movie about 9/11 could be just art.” — Reuters

Delta upends office recovery

The sun sets behind towering condominium buildings in Cubao, as seen from Antipolo, Rizal on March 25, 2021. — PHILIPPINE STAR/ MICHAEL VARCAS

By Jenina P. Ibañez, Reporter

A RECOVERY in office space demand will likely be delayed to late 2022, amid on-going uncertainty over new variants of the coronavirus disease 2019 (COVID-19), experts said.

Real estate services firms are anticipating that employers will keep remote work options until enough Filipinos are fully vaccinated against COVID-19.

JLL Philippines Head of Research and Consultancy Janlo de los Reyes said that the company has kept its subdued projection for office demand until the end of 2021. But he noted that longer term recovery could slide from early next year to the latter half of 2022, depending on market developments in the next few months.

“We anticipate return-to-office timelines to be deferred and have seen more organizations taking position on remote work arrangement either indefinitely or in the interim,” he said in an e-mail.

“Key factors that we expect to influence return-to-office timelines are vaccine development and rollout, government policies, new processes and protocols, technology, and new levels of risk acceptance/tolerance by companies and employees.”

He noted mixed responses among organizations when it comes to the future of work arrangements, noting that the companies’ stance will likely be fluid.

COVID-19 cases in the Philippines have been surging as the more contagious Delta variant spreads, prompting strict lockdowns, especially in the capital region.

Claro dG. Cordero, Jr., director and head of research at Cushman & Wakefield, said in an e-mail that mid- to late-2022 could signal recovery for the office segment if the Delta variant represents the final or most virulent mutation of COVID-19.

“The rate at which the current inoculation program is being implemented will be the foremost consideration, as the achievement of herd immunity can increase the level of optimism and consumer activity,” he said in an e-mail.

“The availability and safety of mass transit arrangements is also an important consideration for the decision of most companies and employees to return to the office.”

Some firms have already taken the recent strict lockdowns in Metro Manila into account in coming up with the 2021 projection.

Colliers Philippines Senior Research Manager Joey Roi H. Bondoc said the company will not make significant changes in its office space report as it already factored in lockdown restrictions in its reports.

“We already factored in the possibility that it will be a slower demand starting second quarter or could extend to even third quarter because of the lockdown,” he said in a phone interview.

A Colliers report said office market recovery will be based on vaccination progress, with outsourcing and traditional firms continuing to lead new office space absorption. It projects rental recovery to start in 2022 after a projected 20% drop this year.

The Philippines has fully vaccinated just over 13% of its population, the Johns Hopkins University COVID-19 tracker showed.

Lobien Realty Group in an e-mail said that companies will continue to use hybrid work measures — or mixed home and office-based work — while there is still no herd immunity in the country.

“We need the vaccination efforts to be successfully implemented at the fastest possible time as this is the most important ingredient for our economic recovery,” the company said.

But Cushman & Wakefield’s Mr. Cordero said hybrid work arrangements will still be the norm post-pandemic.

“The pandemic has shown that there are functions that may just as well be effective, even when done remotely. Another consideration is that hybrid workplaces is a cost-effective strategy for corporate occupiers, which may have to allocate higher spend to content with health and safety regulations in their physical workspaces,” he said.

Gov’t fully awards T-bills as yields move sideways

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday as rates continued to move sideways despite expectations that inflation went beyond the central bank’s target in August.

The Bureau of the Treasury (BTr) raised P15 billion as planned via the T-bills it auctioned off on Monday as tenders reached P56.91 billion, nearly four times as much as the initial offer and inching up from the P55.185 billion recorded in the previous week.

Broken down, the BTr raised P5 billion as planned via the 91-day papers from P14.384 billion in bids. The three-month debt fetched an average rate of 1.078%, inching up by 0.1 basis point (bp) from its 1.077% rate a week ago.

The Treasury also raised the programmed P5 billion via the 182-day T-bills as the tenor attracted tenders worth P21.34 billion. The average rate of the six-month instruments was unchanged at 1.405%.

Lastly, the government made a full P5-billion award of the 364-day securities it offered on Monday from P21.185 billion in tenders. The one-year debt was quoted at an average rate of 1.609%, down by 0.7 bp from the 1.616% it fetched last week.

National Treasurer Rosalia V. de Leon said the BTr made a full award of its offer of T-bills on Monday as rates were almost unchanged following “good participation” from the market even as the central bank said inflation likely picked up and went beyond its 2-4% target last month.

A bond trader said the average rates of the T-bills fell within market expectations amid expectations of higher inflation and with demand for short-tenored debt papers still strong.

Headline inflation likely quickened in August and settled above the central bank’s official target range anew, as a weaker peso pushed food prices up, according to analysts.

A BusinessWorld poll of 16 analysts yielded a median estimate of 4.4% for August inflation, near the lower end of the 4.1% to 4.9% estimate given by the Bangko Sentral ng Pilipinas (BSP).

If realized, headline inflation would again breach the central bank’s 2-4% annual target range after slowing to 4% in July. It will be the quickest in three months or since the 4.5% in May, and much faster than the 2.4% in August 2020.

The Philippine Statistics Authority will release August inflation data on Sept. 7.

Meanwhile, Ms. De Leon added that the recent speech of Federal Reserve Chairman Jerome H. Powell and the US jobs report on Friday also affected yield movements on Monday.

US Labor department data showed nonfarm payrolls increased by 235,000 last month, its smallest rise since January, Reuters reported.

On the other hand, Mr. Powell said during the US central bank’s annual Jackson Hole symposium that asset purchases could be reduced this year if the US economy continues to improve as anticipated. However, he did not give details on the timing and pace of the central bank’s plan to wind down bond purchases and hike interest rates, a message interpreted by the market as being dovish.

The bond trader said the yield curve may steepen as the Treasury offers long-dated papers weekly, but T-bill rates will only move sideways.

On Tuesday, the BTr will auction off P35 billion in reissued seven-year Treasury bonds (T-bonds), which have a remaining life of six years and 11 months.

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. — B.M. Laforga with Reuters

Smart sees steady growth for fixed wireless business

SMART Communications, Inc., the wireless arm of PLDT, Inc., said on Monday that its fixed wireless subscribers have been increasing, as the implementation of community quarantine restrictions across the country continues.

“Smart’s fixed wireless subscriber base has been seeing a steady increase, with the number of new subscribers growing by as much as 200% month on month,” Smart said in an e-mailed statement.

Smart’s fixed wireless business, which refers to WiFi modems, grew its revenue by 187%, or by P1.1 billion, in the first half of 2021, compared to the same period in 2020.

To support the growing demand for the fixed wireless service and Smart’s mobile customers, the company said it increased the number of its base stations to more than 68,500 as of end-June this year, a 16% increase from end-2020.

Jane J. Basas, senior vice-president and head of consumer wireless business at Smart, said: “Fixed wireless is a bright spot, as demand for our Prepaid Home WiFi service grows, pushing our daily activations on an upward trend.”

“The power of fixed wireless is that it is ‘plug and play’ — no need for installations and wires. It is a ubiquitous solution that enables us to provide broadband connectivity wherever we have 4G/LTE coverage,” she noted. “For Smart, this means we are able to provide fixed wireless connectivity to 96% of the Philippine population from Batanes to Tawi-Tawi.”

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

Hong Kong pet funerals aim for respectful farewell rather than landfill waste

HONG KONG — In Hong Kong, where land is at a premium and burials are expensive, pet owners can choose “green burials” at more than a dozen animal crematoriums — an option that Kent Luk, who runs a dog shelter, says brings compassion to their deaths.

Mr. Luk, owner of the city’s Paws Guardian Rescue Shelter, takes care of about 500 strays at a time. Mr. Luk ends up caring for many of the dogs until they die.

He says arranging a respectful funeral for his strays adds dignity at the end of their lives. If he handed their bodies over to the government, they would end up at one of the city’s landfills.

“We don’t want them to end up with the trash. We want them to be treated with some respect,” he told Reuters.

The cremations take place at a nearby animal funeral parlor, which charges him a “symbolic” fee. Other pet owners pay higher rates, from HK$1,400 ($180) or higher for larger animals.

Owners can say goodbye to their pets in a designated room. Later, they can choose to bring home the ashes or have them scattered in a garden at the funeral facility.

Joey Wong, who chose cremation for her cat, Suet Suet, said she wanted to spread the cat’s ashes at the foot of a palm tree on her balcony.

Ms. Wong said she wanted Suet Suet to have funeral rites, just like a human.

“She can look back at us from the balcony … And she can remain part of our lives and be together with the children as they grow older,” Ms. Wong said. — Reuters

Satellite voter registration booths open at malls

TOP MALL OPERATORS have partnered with the Commission on Elections (COMELEC) to set up satellite voter registration booths at malls nationwide.

This as the government seeks to ramp up voter registration efforts ahead of the Sept. 30 deadline.

SM Supermalls said COMELEC has opened satellite registration centers in its 47 malls nationwide in order to give the public a safer, more convenient option amid the pandemic.

In a separate statement. Robinsons Malls said voter registration can be done at any of its 35 malls located nationwide. It said information on the schedule at Robinsons Malls branches can be found at https://sites.google.com/view/rmalls-lingkodpinoy/voter-registration.

Ayala Malls also set up satellite voter registration booths in 22 malls around the country.

The COMELEC recently announced that it is unlikely for the voters’ registration period beyond Sept. 30.

Diokno backs financial consumer protection bill

THE BANGKO SENTRAL ng Pilipinas (BSP) has backed a measure that seeks to improve complaint and resolution mechanisms for financial consumers, saying this will help protect them amid the rise in online payments.

“This legislative initiative has far-reaching benefits to consumers especially amid the rise in digital transactions. The proposed reforms in the financial sector will enhance the authority of regulators and ensure that appropriate mechanisms are in place to safeguard the interest of financial consumers,” BSP Governor Benjamin E. Diokno said in a statement on Monday.

“Consumer welfare is a continuing agenda of the BSP. We enjoin financial institutions, bank organizations, and relevant partners and stakeholders to push consumer protection initiatives forward as the responsibility is too great for any entity to take on singly,” Mr. Diokno added.

House Bill 6768 or the proposed Financial Consumer Protection Act was passed on third reading in June, while its counterpart Senate Bill 1739 is pending at the committee level.

The bill gives financial regulators like the BSP the power to issue a cease-and-desist order without the need for a hearing for unfair collection practices involving threats or harassment.

The measure will also make reparations easier as it removes the need for consumers to go to court if their claims involve a financial service provider.

The bill provides that in cases of undispensed automated teller machine ATM (ATM) withdrawals, the responsibility will be shared by both the depository bank as well as the lender operating the ATM.

It also slaps fines, suspensions, and penalties for financial service providers found responsible for credit card fraud.

FintechAlliance.Ph Chairman Angelito “Lito” M. Villanueva said the proposal will help protect consumers amid rising online fraud.

“While we have seen exponential growth in digital transactions, we have also seen the proliferation of cyber fraud,” Mr. Villanueva said in a Viber message. “Financial education and digital literacy are critical to promote consumer protection and the proposed Financial Consumer Protection Act will surely fortify Filipinos’ trust on digital transactions.”

The central bank targets to have 50% of transactions done digitally by 2023.

In 2020, the BSP received about 20,000 concerns from financial consumers. Around 13% were related to fraud and unauthorized transactions and financial products of financial service providers, such as deposits, credit card, e-money services and remittances. — LWTN

Coins.ph, 7-Eleven bring back cash-in partnership

@7ELEVEN11THAVE

BLOCKCHAIN-BACKED digital wallet Coins.ph said on Monday it partnered with 7-Eleven, operated by Philippine Seven Corp., for cash-in transactions at the latter’s more than 3,000 stores nationwide.

“With this collaboration, over 15 million Coins.ph customers can add funds to their wallet in real time via 7-Eleven,” Coins.ph said in an e-mailed statement.

“This partnership is aligned with Coins.ph’s mission to increase financial inclusion across Southeast Asia and supports the company’s ongoing efforts in making the wallet services more accessible for both the banked and unbanked,” Coins.ph added.

Philippine Seven President and Chief Executive Officer (CEO) Jose Victor P. Paterno said the two companies are just actually “bringing back” their cash-in partnership.

Coins.ph CEO Nauman Mustafa said: “We are continuously adding new services within Coins.ph to help Filipinos complete their transactions conveniently using their phone as their wallet.”

Coins.ph’s services include prepaid loading for Philippine and international mobile numbers, bill payments, local and international remittances, game credits purchase, online shopping, and buying and selling virtual assets.

“All cash-in transactions via 7-Eleven are subject to a minimal partner fee equal to 2% of the transaction amount for service maintenance,” it said. — Arjay L. Balinbin

Entertainment News (09/07/21)

GTV increases coverage areas across the country

GTV, GMA Network’s second free-to-air channel, has been expanding its coverage and signal around the country, and now reaches the provinces of Camarines Sur and Albay in the Bicol Region. This is following the strengthening of its coverage in Northern and Central Luzon as well as in Southern Tagalog last July. Bicolanos, which include residents of Naga City, Iriga City, Pili, Calabanga, Ocampo, Bulan, Libmanan, Sipocot, Magarao, Pamplona, Cabusao, Gainza, Milaor, Camilagan, and nearby towns in Camarines Sur; as well as in Albay province, namely Legazpi City, Daraga, Camalig, the City of Ligao, Libon, Polangui, Santo Domingo, Oas, Jovellar, Bacacay, Manito, Pio Duran, and nearby towns in Masbate and Sorsogon in the southern part of the region can now watch GTV programs. The network earlier announced the enhancement of the GTV signal in North Central Luzon including the provinces of Benguet, La Union, Pangasinan, Tarlac, Nueva Ecija, and Ilocos Sur; as well as in Southern Tagalog which covers Batangas and parts of Quezon Province. Aside from original GMA shows, GTV viewers will be able to watch a mix of animated series, foreign series, as well as local and Hollywood movies on movie blocks “Siesta Fiesta Movies,” “Afternoon Movie Break,” and “G! Flicks.” GTV is on Channel 22 in Northern and Central Luzon, Channel 26 in Southern Tagalog, Channel 28 in Camarines Sur, and Channel 27 in Albay, or on digital broadcast via GMA Affordabox and GMA Now as well as on other digital TV receivers. More coverage areas will be announced soon as GTV continues its analog upgrades in various parts of the country.

Little Mix releases new single

AWARD-winning British girl group Little Mix returns with their new single “Love (Sweet Love).” It is a soaring pop anthem about love and passion, featuring the trio’s vocal harmonies. It is the first single off Little Mix’s first greatest hits album, Between Us, which the girl band considers as a “celebration of 10 years of hits, friendship and new tracks.” All of their biggest hits are featured on the album including No.1 singles “Wings,” “Black Magic,” “Shout Out to My Ex” and “Sweet Melody,” alongside “Touch,” “Move,” “Power,” “Salute,” and their latest Top 3 song “Heartbreak Anthem.” Little Mix — whose members are Jade Thirlwall, Leigh-Anne Pinnock, and Perrie Edwards — has sold over 50 million records worldwide, collected over 19 million Spotify listeners, received over 3 billion YouTube views, and collated 12 billion streams worldwide. “Love (Sweet Love)” is out now on all digital music platforms worldwide via Sony Music.

Netflix to release Red Notice in November

WHEN an Interpol-issued Red Notice — the highest-level warrant to hunt and capture the world’s most wanted —goes out, the FBI’s top profiler John Hartley (played by Dwayne Johnson) is on the case. His global pursuit finds him in the middle of a daring heist where he’s forced to partner with art thief Nolan Booth (Ryan Reynolds) to catch the world’s most wanted art thief, “The Bishop” (Gal Gadot). Red Notice will premiere on Netflix on Nov. 12.

David Bay launches cover of Joy Division song

WITH a stamp of approval from remaining members Stephen Morris, Bernard Sumner and Peter Hook of acclaimed English rock band Joy Division, singer David Bay has released an indie-pop cover of “Love Will Tear Us Apart,” the 1980 post-punk hit that was called the “greatest single of all time” by NME in 2002 and “one of the 500 best songs ever” by Rolling Stone in 2004 and 2011. “I think, if you do a cover, you really have to give the track your spin and I really hope I managed to do just that,” said Mr. Bay in a statement. “From a new-wave ’80s classic, I’ve changed the song into an electronic disco blend that could fit into a playlist right next to artists like Franc Moody, Roosevelt or Purple Disco Machine.” “Love Will Tear Us Apart” is available to stream at David Bay  —  Love Will Tear Us Apart (playgroundmusic.org).

TV5 launches ‘Atin Ang Paskong Ito, Kapatid’

TV5 kicked off the world’s longest Christmas celebration and the official start of the “-ber” months with a tree-lighting ceremony held at the network’s home studio in Mandaluyong on Sept. 1. “With the theme ‘Atin Ang Paskong Ito, Kapatid,’ TV5’s Christmas campaign marks its commitment to create a meaningful Yuletide season for Filipinos and spread inspiration despite the countless challenges of the past year,” said a network statement. As part of this campaign, TV5 will bolster its program line-up with two family-centric shows starting Sept. 18. First, iconic singing variety show Sing Galing will be extended to Saturdays with Sing Galing Sing-lebrity Edition, where celebrity contestants get to showcase their hidden singing talent and join the Sing-lebrity Edition’s regulars Dingdong Avanzado, Ethel Booba, Rey Valera and Allan K for some music and comedy. The second is a romantic drama, Di Na Muli, featuring Julia Barretto and Marco Gumabao. Come October, TV5 will launch its “Watch & Win” promo, which lets viewers guess the missing words of Christmas carols to be played every day. Viewers from Luzon, Visayas, and Mindanao can win cash prizes weekly and during the Grand Draw.

Robinsons Homes holds K-pop open house

ROBINSONS HOMES is tapping into the Korean culture craze by holding a K-pop themed open house to attract young home buyers.

Robinsons Homes held its first-ever nationwide open house, “K-Tastic Open House,” which sought to attract Filipino fans of Korean dramas and pop groups.

Open house events were held at Brighton Baliwag in Bulacan, Brighton Puerto Princesa in Palawan, Grand Tierra in Capas, Tarlac, Hanalei Heights in Laoag City, and Terrazo at Robinsons Vineyard in Dasmariñas, Cavite.

Robinsons Homes said the events attracted married couples, families and investors, with eight clients making purchases on the spot.

A residential brand of Robinsons Land Corporation, Robinsons Homes offers a portfolio of horizontal projects. Its three sub-brands include premium Bloomfields, the mid-level Brighton, and the affordable Springdale.

Following the success of the K-Tastic Open House, Robinsons Homes will hold a Mooncake Fest Open House on Sept. 18. Registration is still open.

For more details, visit http://www.robinsonshomes.com or e-mail homes@robinsonsland.com.

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