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FIST measure hurdles Senate committee

THE Senate Committee on Banks and Financial Intermediaries on Monday approved the measure that will allow financial institutions to offload bad loans to asset management companies.

The passage of Senate Bill No. 1849, the “Financial Institutions Strategic Transfer (FIST) Act,” is being pushed in anticipation of an increase in nonperforming assets (NPA) that are projected to reach P635 billion by the end of the year, as a result of the coronavirus disease 2019 (COVID-19) pandemic.

“Of this number, the banking sector assumes that up to 40% could be sold to FIST corporations. A more moderate estimate pegs it to 25% or P159 billion,” Senator Grace S. Poe-Llamanzares said during her sponsorship speech, Monday.

“Further, P40 billion could be recovered by FIST corporations. Ultimately, BAP (Bankers Association of the Philippines) estimates that it could free up to P278 billion in total capital. Multiply this with the average leverage ratio of 4.3 times and the total loan release could amount to P1.19 trillion.”

Under the bill, FIST corporations will be allowed to invest in or acquire NPAs or engage third parties for its management, operation, collection and disposal, among others.

The bill states that one-person corporations and government financial institutions (GFI) will not be allowed to set up FIST corporations.

The FIST bill is one of the COVID-19 response measures of the government, specific to financial institutions, along with the GFI Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) bills.

The measure is an improved version of the Special Purpose Vehicle Act of 2002, Republic Act No. 9182, enacted in the wake of the Asian financial crisis. It now covers lending companies and credit-granting companies that are licensed by the central bank.

The bill also exempts the transfers of NPAs from documentary stamp tax, capital gains, value-added tax and creditable withholding income tax among others.

Ms. Poe-Llamanzares said the swift enactment of the FIST Act will promote investor and depositor confidence, as well as mitigate the effects of the coronavirus crisis.

“We also see this strategy being employed elsewhere in the world. South Korea, Ireland, and China have all been using their existing asset management corporations to acquire bad debts caused by the COVID-19 pandemic. Others like Greece, Malaysia and the European Union are also exploring setting up their own versions…. We should set up a system for offloading bad debts earlier than the others,” she said. — Charmaine A. Tadalan

FCash license canceled for collection harassment

THE Securities and Exchange Commission (SEC) has revoked the license of an operator of two online lending platforms over complaints of alleged debt collection harassment.

In a statement on Monday, the commission said it canceled the certificate of authority of FCash Global Lending, Inc., the operator of Fast Cash and Fast Cash Loan, after it was found to have made multiple breaches of SEC Memorandum Circular No. 18, which prohibits unfair debt collection practices.

Citing its Corporate Governance and Finance Department, the corporate regulator said FCash sent threatening messages to borrowers with charges for estafa, complaints before the National Bureau of Investigation, and service of writ of garnishment or writ of attachment.

It also complained of warning borrowers of reporting them to their respective employers and using “abusive words when talking to them over the phone.”

Moreover, it was noted that the lender “took advantage of borrowers’ lack of awareness of legal terminologies to compel them to pay their loans.”

In its defense, FCash said the SEC circular, which was issued on September 8, did not cover the transactions that were the subject of complaints.

“Respondent was bound to comply with its provisions at the time it became effective – with respect to new and existing loan accounts, insofar as the latter remain pending and demandable,” the SEC said.

The commission maintained that the firm has neither right nor obligation “to harass or employ abusive tactics in conducting its collection.”

Last year, FCash, which the SEC considers as “one of the most number of complaints for collection harassment since 2017,” received a P25,000 fine on Sept. 25 for violating the SEC circular, then another P50,000 on the following day for the same offense. It was penalized on Dec. 12 for the third time.

“While the commission fully supports the growth of lending and financing companies and recognizes the significant role they play in terms of financial inclusion and access to credit, it shall remain relentless and steadfast in its mandate to crack down abusive lending companies that prey on the desperate and vulnerable,” the SEC said.

The SEC earlier ordered the closure of four mobile lending applications — CashAB, CashOcean, KwikPeso, and Little Cash — for having a lack of authority to operate as a financing company. They were also found to have employed “abusive” collection practices. — Adam J. Ang

Udenna seeks Malampaya control with PNOC-EC

DENNIS A. UY’s Udenna Corp. on Monday revealed its plan to fully take over the operations of the country’s sole natural gas field in the West Philippines Sea.

This comes as Shell Philippines Exploration B.V. (SPEx) disclosed its plan to sell its 45% interest in the Malampaya gas-to-power project under Service Contract 38 last week.

According to the Davao-based group, the remaining consortium members — UC Malampaya LLC and the Philippine National Oil Co.-Exploration Corp. (PNOC-EC) — are the “logical choice” to acquire the SPEx stake to ensure the project’s continued operations.

“The Udenna Group firmly believes that Malampaya is a high-quality asset, strategic to the future welfare and energy security of the country and welcome our partner PNOC Exploration Corporation to join us in taking over the field on a 100% basis,” said Raymond T. Zorrilla, spokesperson of Udenna Group, in a statement.

UC Malampaya and PNOC-EC hold 45% and 10% interest in Malampaya, respectively. The project is operated by SPEx.

Mr. Zorrilla claimed that the company and PNOC-EC are the “most suitable party to assume Shell’s interest.”

“We will exercise this right as provided in our joint venture agreement,” the official added.

Moreover, the job security of the field’s workforce is also in the hands of the two partners, the company claimed.

PNOC-EC has yet to respond to a request for comment as of press time.

The upcoming sale of SPEx’s Malampaya interest comes as the group is grappling with the impact of the coronavirus pandemic.

In August, Pilipinas Shell Petroleum Corp. announced the permanent closure of its 110,000-barrel-per-day Tabangao, Batangas refinery as refining margins continue to fall with the slump in demand. The refinery will instead be converted into an import facility so it can continue to supply fuel needs in Luzon.

Shell will “ensure a smooth transition of the asset to a credible buyer who would be well placed to optimize the value from Malampaya,” SPEx General Manager Rolando J. Paulino, Jr. said in an earlier statement.

Ramon S. Ang’s San Miguel Corp. in a clarificatory disclosure last week said it was considering acquiring SPEx’s stake in the project. A Philippine Star report also said that Manuel V. Pangilinan’s group is also interested in it.

But according to Udenna, it would “take time” for anyone outside the Malampaya consortium to evaluate “complicated issues” in the project, and it might be “difficult” for them to assess the outcome of said matters in a “timely manner.”

The Udenna group became a partner in the Malampaya project after its unit UC Malampaya signed an agreement in October last year with Chevron Malampaya LLC to acquire the latter’s 45% stake.

“Should Shell not consider their existing partners but put forth a decision to sell its stake to another third party, Udenna will rely on its rights as stipulated in the agreement and as a member of the consortium, such as our pre-emptive and consent rights,” Mr. Zorrilla said.

On Sept. 14, Udenna was revealed to have applied with the Department of Energy (DoE) for the exploration of two petroleum blocks in Recto Bank in the West Philippines Sea. It nominated the areas under the Philippine Conventional Energy Contracting Program (PCECP) in March. Its applications are now being subjected to legal, technical, and financial evaluations before they can be endorsed for a service contract to Malacañang.

Presently, the Malampaya consortium is preparing an application to extend the life of the project as it is “keen to pursue” the discovery of more indigenous natural gas resources in the field beyond 2024, or the end of its existing contract.

SPEx’s imminent exit from the gas platform “will in no way impact operations,” Udenna said.

The Malampaya field is able to provide 3,200 megawatts of electricity, making up 21.1% of the country’s gross power generation in 2019. It is estimated to be completely depleted by 2027, according to the DoE.

Besides looking for other natural gas spots around the country, the government is also looking into liquefied natural gas imports as an alternative. — Adam J. Ang

Cebu Landmasters finishes three-tower condo in CDO

LISTED property developer Cebu Landmasters, Inc. (CLI) recently completed a P1.2-billion three-tower residential condominium in Mindanao, turning over more than half of its units to owners.

The Mesaverte Residences in Cagayan de Oro (CDO) City is the third completed project under the company’s mid-market Garden series, which mainly contributed to its first-semester revenue of P3.5 billion, closely matching its 2019 record.

About 700 units were already handed over to their owners, a sign that the company is “meeting their needs for residences that are priced right and in strategic city locations,” according to CLI Chief Executive Officer Jose R. Soberano III.

The condominium is situated in an 8,740 square meter (sq.m.) property, where 60% is an open space, accompanied with various amenities, such as a clubhouse, function rooms, swimming pools, fitness gym, children’s playground, and a multi-purpose court.

The project is expected to generate P2 billion in gross revenues.

CLI posted a record reservation sales growth of 41% between January and June to P7.43 billion. However, its net attributable profit fell by 7% to P792 million.

The Mesaverte, which was launched in 2016, is the company’s first project outside Cebu. It offers around 20 to 40 sq.m. studios and one-bedroom units. A quick sell out in less than a year led the company to build its second phase the following year.

The developer is building 14 property projects this year with a combined cost of P19 billion. Its current portfolio stands at 70 developments in 15 cities in the Visayas and Mindanao.

On Monday, shares in CLI slid by 1.42% to close at P4.86 each. — Adam J. Ang

IMI unit’s shares tumble in New York bourse debut

A UNIT of Ayala-led Integrated Micro-Electronics, Inc. (IMI) started trading at the New York Stock Exchange, where its shares fell at the opening.

Display solutions supplier VIA Optronics AG offered 6.25 million American depositary shares (ADS) at $15 apiece on Friday, its parent told the local bourse. It is targeting to raise up to $93.75 million (or around P4.54 billion) in gross proceeds.

On its first trading day, it opened at $12 per share. Its price even fell as much as 35%, according to a Reuters report. This was probably because investors find it “overvalued” at more than $300 million.

The Germany-based firm, which is 76% owned by IMI, filed for a registration statement related to its initial public offering (IPO) with the United States Securities and Exchange Commission in early September.

Its public offer of ADS, which are sold by non-US companies to American investors, will close on Sept. 29, “subject to customary closing conditions.”

VIA tapped Berenberg as its sole bookrunning manager and Craig-Hallum Capital Group as lead manager for the offering.

Certain selling shareholders have granted the underwriters a 30-day option to buy as much as 937,500 ADS at the IPO price. Proceeds from these will not go to the company.

In the second quarter, VIA saw growth in laptop demand, according to Ayala Corp., contributing to a $109 million combined revenue with STI, Ltd., a British electronics manufacturer that IMI also owns.

IMI incurred a $21.53 million net loss in the first half of 2020, reversing its net profit of $5.78 million in the previous year, due to operational and trade disruptions brought by the coronavirus pandemic.

Shares in IMI fell by 3.57% to close at P5.94 each on Monday. — Adam J. Ang

Vista Land unit preps commercial space of Davao condo complex

DAVAO CITY — Camella Condominiums, a unit of Vista Land and Landscapes, Inc., is getting ready to develop the commercial component of its five-building condominium complex in Davao City.

“We are almost done with the residential portion and the next phase of Northpoint will be the development of the commercial (space),” Marlon B. Escalicas, COHO by Vista Land head for Visayas and Mindanao, said in a recent interview.

Camella Northpoint, Vista Land’s first condominium project in the city that started development in 2014, is located near several major shopping malls.

“We are going to put as promised, there will be a coffee shop (Vista Land brand) Coffee Project, and retail shops. Since it is nature(-themed), it’s going to be an al fresco type of lifestyle commercial development with retail shops, walkables, restaurants, services, spa,” Mr. Escalicas said.

He added the commercial component will provide an alternative to Camella Northpoint residents as well as non-residents who prefer a less crowded, more open space dining, meeting, and shopping experience.

Vista Land is also planning to build a boutique hotel in the complex, primarily envisioned to serve guests of the condominium residents.

The fifth and last condominium tower is in the final stage of construction with the units scheduled to be turned over to owners before the end of the year.

For the COHO brand, which are medium-rise condominiums with amenities such as a co-working space in a coffee shop and a one-stop home improvement store, Mr. Escalicas said they are pushing sales by positioning these units as “income-generating properties” through leasing opportunities.

“Rental is really very promising. It’s worth your money investing in COHO because it is located in prime locations. Hopefully that will interest the buyers,” he said.

The company has at least four COHO projects lined up in Davao City.

Mr. Escalicas noted the Vista Land group also has its own leasing and housekeeping services which homeowners can tap to manage their units. — Maya M. Padillo

Tim Ho Wan makes China debut, plans to open 100 more stores

THE JOLLIBEE GROUP is eyeing to open 100 more Tim Ho Wan restaurants in China by 2025 after making its debut in the country last week.

“We are excited to grow the Tim Ho Wan brand in mainland China as we leverage on our established network here and knowledge in food-service,” said Jollibee China Chairman Carl Tancaktiong in a statement on Monday.

Hong Yun Hong (Shanghai) Food and Beverages Management Co. Ltd., the joint venture of Jollibee subsidiary Golden Plate Pte. Ltd. with Dim Sum Pte. Ltd., was granted in March a right and license to operate the Michelin-starred dim sum brand in Shanghai. It opened its first store on Sept. 23.

The joint venture plans to open its second store before the year ends. It is also looking to expand in other mainland China cities, such as Beijing, Shenzhen, and Guangzhou, according to Mr. Tancaktiong.

“Opening in Shanghai, one of the busiest global hubs, is an excellent starting point for our expansion plans for Tim Ho Wan in Mainland China, and our near-term goal is to open 100 restaurants in the next five years,” Jollibee Group Chief Executive Officer Ernesto Tanmantiong said.

On Monday, shares in Jollibee Foods Corp. inched up 0.80% to close at P139.10 apiece. — Adam J. Ang

CPG sees 2,101 condo units completed by April 2021

CENTURY PROPERTIES Group, Inc. (CPG) is looking to finish 2,101 condominium units by the first half of 2021 as it has ramped up construction work since lockdown measures were eased.

In a statement, the property developer said it is expecting the completion of 500 condominium units within the year, coming from two towers in its The Residences development in Commonwealth, Quezon City.

Some 1,600 units are also set for completion from February to April 2021, coming from CPG’s residential development in San Fernando, Pampanga.

“We are increasing (the pace of construction) progressively as we observe strict safety protocols in our project sites and manage completion timelines to deliver the units to our buyers,” CPG President and CEO Jose Marco R. Antonio said in the statement.

While the units are set to be completed earlier, the completion of other amenities will come in the succeeding months. The club house and wave pool of the Pampanga development are scheduled for completion in the third quarter of 2021.

Other developments have also been moving forward since construction work was re-allowed, such as in mixed-use development Century Spire located in Makati City.

CPG booked an attributable net income of P458.13 million in the first semester, down 36% from a year ago due to delays in construction work because of the coronavirus-related lockdown. Its consolidated revenues fell 25% to P4.52 billion. — Denise A. Valdez

SB Corp. expects to extend loans to 50,000 small businesses

THE SMALL BUSINESS Corp. (SB Corp.) targets 50,000 loan approvals for micro, small, and medium-sized enterprises (MSMEs) for the rest of 2020, based on the P10 billion funding from a law that lays out the government’s response to the pandemic.

The loan program would reach 15,000 to 18,000 borrowers per month starting in October, SB Corp. President Luna E. Cacanando said at a Senate budget hearing on Monday.

Senator Aquilino Martin de la Llana Pimentel III said that the program addresses only around 2.5% of businesses that need assistance to recover from the pandemic.

As of 2018, MSMEs account for 99.5% of total businesses in the country, employing 5.7 million people or more than 60% of total employment.

The funding is called for under Republic Act 11494 or the Bayanihan to Recover as One Act (Bayanihan II).

Trade Secretary Ramon M. Lopez said that all of the estimated 1.5 million registered micro, small, and medium-sized enterprises have been impacted by the pandemic.

He said that an estimated six percent or 90,000 MSMEs remain closed, either temporarily or permanently. But this percentage is based on a survey of just 3,000 businesses.

Mr. Pimentel said that if there were two million distressed businesses, accounting for unregistered MSMEs, the businesses that will receive the support only account for 2.5%.

“We want to help these distressed corporations because that’s where the jobs are coming from,” he said.

Mr. Lopez said that he hopes the proposed 2021 budget of SB Corp., which currently stands at P1.5 billion, would be doubled.

“[The funding for] this year really is just for survival and next year we’ll continue to hopefully help MSMEs continue their growth, get back on the growth track,” he said.

SB Corp. has so far approved around P1 billion in loans for 15,000 borrowers, based on the initial budget reallocated from the Pondo sa Pagbabago at Pag-asenso portfolio. — Jenina P. Ibañez

Gov’t fully awards T-bill offer as rates stay low on strong demand

THE Treasury bureau made a full award of the securities it offered on Monday. — BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday as rates were mostly lower on strong demand ahead of the central bank’s policy meeting this week.

The Bureau of the Treasury (BTr) borrowed P22 billion via the T-bills as the offer was  more than thrice oversubscribed, with bids amounting to P71.941 billion. Monday’s award was higher than the planned P20 billion as it accepted more bids for the 91-day papers from small investors.

Broken down, the Treasury awarded P7 billion in the 91-day T-bills out of total tenders of P26.580 billion. Its average rate stood at 1.121%, down 3.5 basis points (bps) from the 1.156% seen during last week’s auction. The government doubled the accepted non-competitive bids to P4 billion, which caused its award of the tenor to increase from the initial offer of P5 billion.

The BTr also borrowed the programmed P5 billion in 182-day papers as bids reached P15.683 billion. The papers were quoted at an average rate of 1.601%, down 1.4 bps from 1.615% previously.

The government likewise awarded P10 billion in 364-day papers as planned as tenders reached P29.678 billion. The one-year debt fetched an average rate of 1.888%, up 0.8 bp from 1.850% in the previous auction.

National Treasurer Rosalia V. de Leon said the rates fetched for the T-bills on Monday reflected the strong liquidity in the financial system.

“There is still good liquidity [in the market] as shown by high bids to offer. But given expectations for a pause on policy rates, there was a slight movement in one-year [debt],” Ms. De Leon said.

Meanwhile, a trader said the auction result came as expected as investors are looking for better yields.

“Strong volume participation was noted as the markets continue to put their excess cash into work ahead of the BSP’s Monetary Board meeting on Thursday and the release of the BTr’s borrowing program for the month of October,” the trader said via Viber.

The BSP will likely leave benchmark interest rates untouched this Thursday as previous cuts have yet to be completely felt in the financial system, with the central bank seen leaving some room to adjust in case recovery lags.

A BusinessWorld poll held last week showed 14 out of 15 analysts expect the Monetary Board to keep interest rates steady at its meeting on Oct. 1, which is its fifth policy review for the year.

The BSP has cut rates by 175 bps thus far this year, bringing the rates on its overnight reverse repurchase, lending, and deposit facilities to record lows of 2.25%, 2.75% and 1.75%, respectively.

BSP Governor Benjamin E. Diokno last week said the central bank may maintain the low interest rate environment in the next two years to support the economy amid the coronavirus pandemic.

Another trader said investors are also looking ahead to the release of latest inflation data.

“It looks like the T-bill yields will remain at these levels unless there are market-moving news such as the latest inflation rate,” the second trader said via Viber.

The Treasury wanted to raise P160 billion from the domestic market this month — P100 billion via weekly auctions of T-bills and P60 billion via Treasury bonds to be offered fortnightly — but made partial awards and rejections as investors asked for higher rates. It is due to release its October borrowing program within the week.

The government is looking to borrow around P3 trillion this year from local and foreign lenders to help fund its budget deficit expected to hit 9.6% of the country’s gross domestic product. — K.K.T. Jose

Globe Studios releases ‘boys love’ online series

Gaya sa Pelikula latest in a trend of web series

AFTER the success of several “boys love” series, Globe Studios is also taking a stab at a genre that is gaining popularity in the country with Gaya sa Pelikula, an eight episode web series that chronicles the love story of schoolmates turned housemates.

According to the Urban Dictionary, “Boys love is the common term used by the publishing industry to categorize works focusing on male/male relationships marketed at women.” The term and its abbreviation BL are now being used to describe a wide variety of work in all media including anime and manga, novels and fan fiction, and live-action web shows.

Gaya sa Pelikula is written by spoken word poet and writer Juan Miguel Severo who took his college experiences and turned them into a show.

“I realized that this story has been inside for such a long time, waiting to get out. I think I felt then that no one would do a story or no one would listen to a story such as this,” Mr. Severo told reporters in the vernacular during a digital press conference on Sept. 23.

Gaya sa Pelikula, directed by JP Habac, revolves around Karl (Ian Pangilinan), an introverted  19-year-old architecture student in the middle of an identity crisis, and Vlad (Paolo Pangilinan), a schoolmate on the run from his own family. Karl and Vlad meet and become housemates over the semestral break where they learn more about each other and about themselves.

The show is the prequel to the unproduced teleplays Mr. Severo has uploaded on Wattpad, a website for writers.

Gaya sa Pelikula follows several BL shows which have been shown online in the Philippines. The trend arguably took off in the country with the Thai show, 2gether The Series. In July, local production company IdeaFirst uploaded its Gameboys series, which found success not only in the Philippines but also in other parts of the world. Meanwhile, online streaming service iflix also took a stab at the BL genre in September with My Gear Your Gown, an original web series produced by WeTV. (Read more about Gameboy and My Gear Your Gown here: https://www.bworldonline.com/pinoy-web-series-on-gay-romance-finds-an-audience-during-the-pandemic/; https://www.bworldonline.com/iflix-banking-on-popularity-of-same-sex-love-stories-with-my-gear-your-gown/)

The current popularity of BL is widely considered a win for representation for the LGBTQIA+ (lesbian, gay, bisexual, trangender, queer, intersex, asexual, etc) community which has struggled to get their stories told properly in entertainment.

BL as an entertainment genre, though niche, was first introduced in Japan and was typically created by women for women, although it has also found popularity among LGBTQ groups for its portrayal of same-sex love stories.

Mr. Severo noted that he has heard criticism that since he is a gay man, his show isn’t BL.

“I mean no disrespect to female writers [of BL] but some people are saying that this [show] can’t be called BL because it’s written by a gay man. So I’m like, ‘if you don’t want to call it BL, then I’m going to call it a romantic comedy,’ but for me we should be open to revisions a genre may go through,” he said.

Such criticism notwithstanding, Mr. Severo said that the popularity of BL is a right move towards representation in entertainment.

“Now, representation of gays, at least prior to the surge of BLs in the Philippines, is very lacking. That’s why I guess, that’s the importance of [BL shows]. The surge of queer content right now is good because the more you see two men loving each other, the more we see more queer people out there, the less people will be prejudiced and hateful of them because they will be seen as normal,” he said.

Mr. Severo said that Mr. Habac, who was his friend since college, had been witness to some of the “cinematic moments” of his college life which made him a great fit to direct the show.

Globe Studios and Mr. Severo previously worked on Hintayan ng Langit (2018), a Cinemalaya entry directed by Dan Villegas, and Mr. Severo said that he chose to pitch the series to Globe Studios because he had a very good working experience in 2018.

The series also serves as a battlecry for the LGBTQIA+ community to “take back our stories,” said Mr. Severo.

He explained that the series isn’t only about his or Mr. Habac’s experiences growing up as gay men, but that they want their audiences, especially the younger LGBTQIA+ audience, to see that these are things they can do: they can pursue love, they can pursue the kind of life they want to live.

“If there’s a bit of sadness with me and JP [when it came to this series] it’s that there are many scenes here we wish could’ve happened or we could’ve done if only we weren’t afraid,” he said.

Gaya sa Pelikula’s first episode is now viewable on Globe Studios’ YouTube page and has had more than 340,000 views as of publication since being uploaded on Sept. 25. — Zsarlene B. Chua

Netflix stands firm on its plan to adapt Chinese sci-fi novel

NETFLIX, Inc. stood by its decision to adapt an award-winning Chinese science-fiction novel, after five Republican US senators asked the streaming service to consider the implications of providing a platform to the book’s author for his political views.

Liu Cixin is the novel’s writer, and not a creator of the planned Netflix series, the company said in a statement released on Friday. In a letter earlier last week, Senators Kevin Cramer, Marsha Blackburn and others pointed to Mr. Liu’s remarks about Uighur Muslims in a 2019 interview and expressed their “significant concerns” with the decision to do business with a person who they said was parroting the Chinese Communist Party’s propaganda.

“Netflix judges individual projects on their merits,” the company said. “Mr. Liu is the author of the book — The Three Body Problem — not the creator of this show. We do not agree with his comments, which are entirely unrelated to his book or this Netflix show.”

The US has piled pressure on China over its treatment of Uighur Muslims in the far west region, where the United Nations estimated hundreds of thousands of members of the ethnic minority could be held in “re-education camps.” China has defended the camps as “vocational education centers” intended to “purge ideological diseases,” including terrorism and religious extremism.

Walt Disney Co. has faced boycott calls for filming part of its live-action Mulan film in Xinjiang, while current and former suppliers to major international clothing brands including Ralph Lauren, Tommy Hilfiger, and Nike have been hit by sanctions.

The Chinese government is “committing atrocities” in Xinjiang and “sadly, a number of US companies continue to either actively or tacitly allow the normalization of, or apologism for, these crimes,” the senators wrote in a Sept. 23 letter to Netflix.

“The decision to produce an adaptation of Mr. Liu’s work can be viewed as such normalization,” they said.

Netflix said Mr. Liu’s views “are not part of the plot or themes of the show.”

The Three-Body Problem is the first book in a trilogy that’s considered China’s most successful science fiction series, and it has wound up on the reading lists of President Barack Obama and Facebook, Inc.’s Mark Zuckerberg. — Bloomberg

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