Home Blog Page 758

Robust demand causes T-bill yields to go down

BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday as rates dropped across all tenors on robust demand and expectations of further monetary easing by both the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve.

The Bureau of the Treasury (BTr) raised P25 billion as planned from the T-bills it auctioned off as the offer was more than four times oversubscribed, with total bids reaching P113.751 billion. This was also higher than the P94.926 billion in tenders recorded on Aug. 11.

The Auction Committee fully awarded the T-bills as the average rates fetched for the papers were all lower than those seen at the previous auction and prevailing secondary market yields, the BTr said in a statement.

Broken down, the Treasury borrowed P8 billion as planned via the 91-day T-bills as total tenders for the tenor reached P36.58 billion. The three-month paper was quoted at an average rate of 5.234%, down by 5.3 basis points (bps) from the 5.287% seen in the previous auction. Yields accepted ranged from 5.21% to 5.26%.

The government likewise raised P8 billion as programmed from the 182-day securities as tenders amounted to P40.662 billion. The average rate of the six-month T-bill was at 5.435%, declining by 7.1 bps from the 5.506% fetched last week, with accepted yields ranging from 5.433% to 5.438%.

Lastly, the Treasury sold the planned P9 billion in 364-day debt as demand for the tenor totaled P36.509 billion. The average rate of the one-year T-bill dropped by 4.8 bps to 5.564% from 5.612% previously. Tenders accepted carried rates ranging from 5.55% to 5.572%.

At the secondary market before Monday’s auction, the 91-, 182-, and 364-day T-bills were quoted at 5.2921%, 5.5066%, and 5.6592%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

“Treasury bill average auction yields were again mostly slightly lower for the seventh straight week as markets have been anticipating a possible 25-bp BSP rate cut as early as the next rate-setting meeting on Aug. 28, as supported by benign inflation recently,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Growing expectations of policy easing by the Fed next month following the release of a spate of US economic data in the last two weeks also caused T-bill yields to decline, Mr. Ricafort said.

“The upcoming FOMC (Federal Open Market Committee) meeting may confirm more upcoming rate cuts this year, affecting the market’s buying sentiment greatly,” a trader said in a text message.

BSP Governor Eli M. Remolona, Jr. said last week that a rate cut is “quite likely” at the Monetary Board’s meeting next week as they expect inflation to remain within target this year.

He also said that they are expecting to deliver only two more rate cuts this year, including the one they could implement this month. After this month’s review, the Monetary Board’s remaining meetings for this year are scheduled for Oct. 9 and Dec. 11.

The BSP has lowered benchmark interest rates by a cumulative 125 bps since August 2024, with the policy rate now at 5.25%.

Philippine headline inflation slowed to a near six-year low of 0.9% in July, marking the fifth straight month that inflation settled below the central bank’s 2-4% target range.

For the first seven months of the year, inflation averaged 1.7%.

Meanwhile, the Fed has kept its target rate at the 4.25%-4.5% range since December last year.

Markets are now pricing in an 84% chance the Fed would ease rates by a quarter point next month, down from 98% last week, after a raft of data including a jump in US wholesale prices last month and a solid increase in July’s retail sales figures dimmed the prospect of an oversized 50-bp cut, Reuters reported.

Key for markets this week will be the Kansas City Federal Reserve’s Aug. 21-23 Jackson Hole symposium, where Fed Chair Jerome H. Powell is due to speak on the economic outlook and the central bank’s policy framework.

The government fully awarded the T-bills amid strong demand, Mr. Ricafort added, with market liquidity normalizing following the closure of the BTr’s public offering of five-year retail Treasury bonds (RTB).

“Total bids for the Treasury bills again increased after the Bureau of the Treasury already raised a total of P507.2 billion as the RTB offering period ended on Aug. 15.”

The trader said demand for the T-bill offering was “noticeably higher,” noting that this could be “due to investors parking at lower yields due to the relatively flat yield curve recently.”

The BTr is looking to raise P185 billion from the domestic market this month, or P125 billion through T-bills and P60 billion via Treasury bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.56 trillion or 5.5% of gross domestic product this year. — Aaron Michael C. Sy with Reuters

Filipino-Ghanaian artist traverses genres

Jewel Owusu releases new single ahead of EP

FOR Filipino-Ghanaian artist and producer Jewel Owusu, exploring genres and staying true to her identity as a musician has helped her stay motivated. Her latest single, “Spark,” delves into what happens when one tries to break out of stagnation.

“I feel like a lot of us feel like we get stagnant in our life and bored with the things going on, and we mistake that with wanting to be with a new person,” Ms. Owusu said at a virtual press conference on Aug. 14.

Produced by fellow Australia-based musician Aria Wood, “Spark” speaks to the universal desires to “want something more in life and be more connected with yourself.”

“Beyond that, I hope listeners have a good time while listening to my music and it provides them a space to move around and dance,” said Ms. Owusu.

She also shared her experiences forging a new path in electronic pop — being raised in New Zealand as a person of color and traversing various genres in her music meant she doesn’t easily fit in any boxes.

“When I first started, I made lo-fi, pop, and bedroom R&B, which is very different from what I’m making now. That’s kinda the music that’s easiest to produce and it also felt like the music people wanted to hear,” she explained.

“Now I’m making music that I want to hear, music that I want to make.”

Her single before “Spark” was “Slip Away,” released last month, with lyrics that talk about growing up a person of color in predominantly white spaces. “That isolation, feeling different from everyone else, follows you through the rest of your life,” she added.

Ms. Owusu also found that staying in touch with her roots in Ghana and in the Philippines has helped her gain confidence to take up more space in the electronic-pop music scene. Last year, she collaborated with Filipino avant-pop artist Ena Mori on the track “Time Machine,” which was dedicated to her Filipino mother’s experiences.

Her upcoming EP, which will include both “Spark” and “Slip Away,” is set to blend many genres: alternative pop, dance music, and even indie rock.

“The sound I’m making comes naturally based on what I like and enjoy listening to,” she said on how purposeful she is with standing out. “In electronic music spaces, it’s dominated by non-people of color, so it’s important to be as loud as you can be to take up space.”

The last time she was in the Philippines was in 2020, before the COVID-19 pandemic hit. She has always used the time during visits to be with family in San Fernando, Pampanga.

“I’ve never done anything music-related. It’s always just family time,” Ms. Owusu said. “But I’d love to do some gigs and music sessions!” — Brontë H. Lacsamana

Tower companies may get longer licenses under DICT proposal

DICT SECRETARY Henry Rhoel R. Aguda — PNA/AVITO C. DALAN

THE Department of Information and Communications Technology (DICT) plans to extend the validity of independent tower companies’ (ITCs) licenses beyond the current five-year period to align with the expected life of their assets.

“The problem with their licenses is that they are given five years, but the life of an asset is 15 to 20 years, so it doesn’t match,” DICT Secretary Henry Rhoel R. Aguda said during Globe Telecom Inc.’s 2025 Technology & Innovation Summit on Monday.

While the department has yet to finalize the length of the extension, Mr. Aguda said a new circular will be released specifying the extended period for tower companies’ licenses.

“I cleared it with the President (Ferdinand R. Marcos, Jr.) and he said, ‘Tama naman, you want them to invest, you have to match their license to operate.’ So, that’s going to happen, and I’m happy to say that it’s almost 90% there,” Mr. Aguda said.

Under DICT Department Circular No. 8, issued in 2020, an independent tower company’s certificate of registration is valid for five years and can be renewed for another five years if the proper application is submitted within three months before its expiration.

Speaking to reporters after the event, Globe Telecom, Inc. President and Chief Executive Officer Carl Raymond R. Cruz said he supports the DICT’s proposal to extend the five-year validity of ITC licenses.

“I think we need to enable the viability of the tower companies in the Philippines… If the tower companies and the operators work well, it is going to be good for the industry and the consumers,” he said.

Meanwhile, Mr. Aguda said the DICT is proposing to make internet connectivity a mandatory requirement under Republic Act No. 6541, the National Building Code of the Philippines.

“As people have mentioned, internet is now a utility,” he said.

The 48-year building code includes guidelines for water, electrical, and mechanical regulations.

Mr. Aguda said the proposed changes to the building code will be presented to lawmakers during their upcoming hearing on Sept. 10.

Dapat parang tubig at kuryente yan, ‘pag gumawa ka ngayon ng bagong building at bahay, may kasama nang internet (Similar to water and electricity, you should install connectivity infrastructure when constructing a new building or house),” he said.

Also on Monday, the DICT signed a two-year memorandum of understanding (MoU) with Globe to establish a stronger, more integrated framework for combating fraud, scams, and other ICT-enabled crimes.

The partnership formalizes the Collaborative Framework for Fraud Prevention and Investigation, Globe said in a statement. The MoU has a validity of two years, subject to renewal. — Beatriz Marie D. Cruz

Insurance sector posts higher premiums

THE INSURANCE INDUSTRY recorded higher premiums as of June, pushing up the country’s insurance penetration rate.

Total premiums paid for life and nonlife insurance products grew by 12.98% to P242.842 billion at end-June from P214.941 billion in the same period last year, the Insurance Commission (IC) said in a statement on Monday.

As a result, insurance penetration, or the ratio of insurance premiums to the gross domestic product, rose to 1.79% from 1.71% a year prior.

Insurance density, or the average spending of each individual on insurance, also increased by 12.07% to P2,137.32.

“This considerable increase was driven by a rise in total premiums that exceeded the population growth rate of 0.87%. The growth suggests a higher level of adoption and use of insurance services within the population as of the quarter,” the IC said.

Broken down, life insurers registered a 12.01% increase in premiums collected to P195.05 billion in the first semester from P174.14 billion a year prior.

Of this total, variable life premiums climbed by 15.47% to P130.7 billion, while traditional life premiums went up by 5.59% to P64.35 billion, the data showed.

Meanwhile, nonlife insurance companies’ net premiums written jumped by 20.48% year on year to P39.63 billion as of end-June from P32.89 billion.

For their part, mutual benefit associations’ total contributions went up by 3.09% to P8.16 billion from P7.91 billion.

The insurance industry’s combined net income increased by 3.62% to P28.78 billion in the first half, the IC added.

Benefits paid out by the sector also went up by 1.18% to P77.57 billion.

The industry’s total assets rose by 7.56% year on year to P2.54 trillion as of end-June. Invested assets stood at P2.26 trillion, up by 10.7% from the year-ago level.

Insurance companies’ combined net worth also grew by 8.7% to P493.76 billion from P454.24 billion.

Total paid-up capital and guaranty fund went up by 7.95% to P84.98 billion.

Meanwhile, the industry’s total liabilities grew by 7.29% to P2.05 trillion as of end-June from P1.91 trillion a year prior. — Aaron Michael C. Sy

The phenomenon that is Sunshine

By Brontë H. Lacsamana, Reporter

Movie Review
Sunshine
Directed by Antoinette Jadaone

WHEN Sunshine, the latest film by Antoinette Jadaone, won the Crystal Bear at the Berlin International Film Festival in February, it piqued Filipinos’ curiosity. It stars Maris Racal as a teenage Olympic gymnast who must discreetly explore her options to terminate an unwanted pregnancy.

As part of the Generation 14plus section in Berlin, among many other international films focused on the youth, its empathetic view on the matter of abortion resonated. Months later, with Sunshine garnering acclaim in the Philippines and approaching its 4th week in SM Cinemas, it’s safe to say it has resonated on home soil as well.

The fact that I was able to see it three weeks after its premiere is a testament to the power of storytelling as a means to tackle complex topics. The success of an abortion film in particular is quite meaningful in a Catholic-majority country like the Philippines, where the Reproductive Health (RH) Law was controversial and continues to be the center of discussions about lack of access to reproductive health services and information.

Sunshine indeed has a target audience. Young women are the ones who have been making an effort to watch the film and the ones powering discussions about it online.

Nearly half of the theater I was in was filled up, mostly college students (since I had opted to catch the film in an SM along the university belt). But the most memorable reaction I was privy to was actually that of two middle-aged ladies seated a few rows behind me.

During the film, one of them would occasionally mumble “hala” or “naku” at the main distressing occurrences in the narrative. Given her age bracket, my preconceived notion was that these were noises of disapproval. Only as we left the theater did I overhear the true intent — she told her companion “Parang si Sunshine din ako dati (I was like Sunshine, too, before),” and she said it not with any harrowing emotion, but casually, with a tinge of sheepishness and maybe even regret, as if it was a fact of life that took place long ago in her past and had faded into a memory tucked away in some cabinet in her mind. Such is the nature of stigmatized issues like this one.

Jadaone’s film shines when it allows the city and people of Manila to reflect the truths that women encounter every day, from the closeness to religion despite its sharp edges, to the alternating concern of some strangers and quick condemnation of others. That’s how Sunshine breaks away from the sports movie template it begins with, shifting from the titular Sunshine’s rigorous training to her dogged pursuit of agency amid widespread disapproval, as she seeks to make choices for her own body. Maris Racal embodies this heartbreaking toughness perfectly.

It also came to my attention that the late National Artist for Film Ishmael Bernal’s Hinugot sa Langit, released in 1985, was also centered on a young woman (played by Maricel Soriano) exploring her abortion options. This Regal Films-produced melodrama won four Gawad Urian awards — which means this is an issue and point of discussion that is not new. While I haven’t watched that film, it’s worth noting that, 40 years later, a resurgence of interest in telling the same story reflects a symptom of the Philippines’ struggle to truly progress.

It is also easy to compare Jadaone’s vision for Sunshine to that of the late National Artist for Film Lino Brocka, who would depict the city of Manila in the 1970s and ’80s as a chaotic character of its own. The way Jadaone does it is similar, but also a different thing entirely, obviously updated by time but also by purpose. At many points throughout the film, one gets the idea that the surroundings look more daunting, simply because that is how Sunshine feels about the world, and how many women in her situation feel as society forces them to make rash decisions.

There’s a certain questionable plot device further proving this that can be quite jarring. A little girl, initially coming across as a personification of Sunshine’s guilt, and perhaps even a hallucination of what she perceives as her unborn child, takes up a chunk of the film. A harrowing, promising side plot about another young woman with an unwanted pregnancy in the worst of circumstances unfortunately loses a bit of steam as the plot device stretches on, these little girl manifestations of guilt distracting from it as they run around in the back half of the film.

For many, it took away from the narrative rather than serving it. There are shining moments where depicting religious guilt personified made sense, a way to drive home Sunshine’s inner turmoil, alongside moments where it overstayed its welcome, barely supported by the narrative structure. Either way, it’s an interesting choice that resonates with women who have been in Sunshine’s shoes, sticking out in an otherwise measured film.

Sunshine mimics social realist cinema and the thematic arcs of a sports movie, but it largely brushes over the specifics of a student athlete’s struggles and seems to do away with portraying familial and religious structures with any nuance. Though those elements would complicate the narrative, they could have also deepened it and helped drive home its convictions. As a result, this ambitious film ends up too impressionistic, lacking in vision as it resorts to choices broadly inspired by other filmmakers, genres, and sensibilities.

What the phenomenon of Sunshine proves is that the youth aches for more stories that shed light on tough issues, that empower in pursuit of a better world. And, in the case of the older women in the cinema I was in, such stories may even reopen old wounds and help us reassess the truths we have long kept locked away and unquestioned.

PSE sets Aug. 2026 deadline for share declassification

PHILIPPINE STAR/KJ ROSALES

THE PHILIPPINE Stock Exchange (PSE) said publicly listed companies have until Aug. 9, 2026, to declassify their shares.

“We wish to highlight that publicly listed companies with common shares classified as Class A and Class B have until Aug. 9, 2026, to amend their respective articles of incorporation to reflect the declassification of their shares,” the PSE said in a notice dated Aug. 15.

The deadline was announced after the Securities and Exchange Commission (SEC) issued Memorandum Circular (MC) No. 10 on Aug. 7, instructing publicly listed companies to declassify their Class A and Class B common shares and to amend their respective articles of incorporation (AoI).

During the one-year period to amend their AoI, buyers “shall accept” the delivery of the specific class of shares that they have purchased and cannot be forced to receive an alternative class of shares.

The MC, which took effect on Aug. 9, repealed a 1973 rule issued by the SEC that implemented the classification of shares to monitor compliance with the 40% foreign ownership limit of stocks.

The rule states that Class A shares can only be issued to Filipino citizens, while Class B shares may be issued to both Filipinos and foreigners.

The SEC said the MC was issued to ensure efficiency in executing and settling equity trades.

“The classification resulted in unfair disparity in price between Class A and B shares. Such classification has also been the source of administrative inefficiencies for trading participants and the Securities Clearing Corporation of the Philippines,” the SEC said in an earlier statement.

“Further, technological advancements in the PSE’s trading system — which enables strict monitoring and enforcement of foreign ownership limits — has already rendered the classification obsolete,” it added.

The SEC mandated the declassification of shares of listed companies in 1997. However, shares that were already classified as Class A and B remained as such due to the prospective application of the order.

Violation of the MC will be subject to the appropriate penalty under Section 54 of Republic Act No. 8799, or the Securities Regulation Code. — Revin Mikhael D. Ochave

TANYAG and Proud: LANDBANK at 62 honors champions of nation-building

To mark 62 years of meaningful public service, LANDBANK recently honored its outstanding clients and partners who have been instrumental in delivering essential financial and support services nationwide.

The inaugural LANDBANK Gawad TANYAG (Tanging Yaman at Galing) Awards held on Aug. 8 celebrated the bank’s clients who have made an impact in communities and models of operational excellence, which include individual farmers and fishers, cooperatives, micro, small and medium enterprises (MSMEs), corporations and large enterprises, countryside financial institutions (CFIs), and microfinance institutions (MFIs).

“Sa bawat kwento ninyo, nakikita ko ang hinaharap na hinahangad nating lahat: isang Pilipinas na mas mayaman sa oportunidad, masagana sa pag-asa — kaya’t maraming salamat po sa pagpapatunay na ang tagumpay ay hindi lamang monopolya ng iilan, na ang pag-asenso ay puwedeng makamit ng bawat mamamayan,” said Finance Secretary and LANDBANK Chairman Ralph G. Recto in a statement.

LANDBANK President and CEO Lynette V. Ortiz

LANDBANK President and CEO Lynette V. Ortiz led the awarding ceremony to honor exemplary clients who embody the bank’s core values of partnership, loyalty, and excellence. She was joined by Department of Agriculture (DA) Undersecretary Roger V. Navarro, alongside key development partners.

“Through Gawad TANYAG, we honor the invaluable contributions of our clients who help move our nation forward. This is our way of celebrating partnerships that go beyond banking — partnerships rooted in trust, shared purpose, and the pursuit of meaningful change,” said Ms. Ortiz.

Under the Gawad PITAK (Pinakatanging Kooperatiba) category, the Hagonoy Farmers Multi-Purpose Cooperative, Panabingan Multi-Purpose Cooperative, and Nueva Ecija Seed Grower Multi-Purpose Cooperative were recognized as outstanding agri-based cooperatives in the small, medium, and large categories, respectively. The ASKI Employees Credit Cooperative and Providers Multi-Purpose Cooperative were also honored under the non-agricultural cooperative category.

Individual excellence was highlighted through the Ulirang Magsasaka award conferred to Alfonso Namujhe Jr. of Nueva Vizcaya, and the Ulirang Mangingisda award bestowed to Agrifina A. Gabres of Aurora.

Josephine Namujhe

“Napakalaking tulong ng LANDBANK. Noong mag-umpisa kami, walang bangko na gustong tumulong sa amin. LANDBANK lang ang naniwala. My dad started the spark, and LANDBANK fueled it. The citrus industry of Nueva Vizcaya owes it to LANDBANK,” said Josephine Namujhe, who received the award on behalf of her father.

The Gawad MSME was awarded to Jose Fernand Latog and Jollypig Farms, Inc. for the small and medium agri-based enterprises, respectively. Meanwhile, Spouses Patrick Mary and Rodary Therese Guanzon, and Spouses Mary Jeanette and Michael Anthony Bercadez were recognized under the small and medium non-agri enterprise categories, respectively.

The Gawad KAAGAPAY (Korporasyon na KAagapay sa Ating GAnap na TagumPAY) was conferred to Soliman E.C. Septic Tank Disposal, Fiesta Communities, Inc., and Cebu Landmasters, Inc. for their significant contributions as corporations and large enterprises in stimulating local economic growth.

“With the support of LANDBANK, we are very grateful that we have a partner in providing homes for our kababayans and empowering the Filipino people,” said Willie Tan, founder and president of Fiesta Communities, Inc. Rural Bank of Angeles, Producers Savings Bank Corporation, First Isabela Cooperative Bank, and ASA Philippines Foundations, Inc. were recognized with the Gawad PFI (Partner Financial Institution) for their exceptional performance under the rural bank, thrift bank, and microfinance categories, respectively.

The complete list of Gawad TANYAG awardees can be accessed here:

LANDBANK is celebrating its 62nd anniversary marking 62 meaningful years of advancing growth, financial inclusion, and sustainability through responsive and impactful banking services.

 


Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

PSBank raises P5 billion via two-year bonds

PHILSTAR FILE PHOTO

PHILIPPINE Savings Bank (PSBank) raised P5 billion in fresh funds via the two-year peso bonds it offered earlier this month.

The thrift unit of Metropolitan Bank & Trust Co. (Metrobank) listed the bonds on the Philippine Dealing & Exchange Corp. on Monday, it said in a disclosure to the stock exchange.

The final issue size was well above its P2-billion offer.

The latest bond issuance marked PSBank’s return to the domestic debt market after five years and made up the third tranche of its P40-billion bond program.

The papers carry a fixed interest rate of 5.875% per annum, payable quarterly.

“The public offer period, which was initially set to run from Aug. 4 to 8, 2025, was cut short to Aug. 5, 2025 as strong investor interest resulted in orders reaching more than six times the base offer size,” PSBank said.

“The net proceeds from this issuance will support PSBank’s expansion initiatives and further diversify the bank’s funding sources.”

First Metro Investment Corp. and ING Bank N.V. Manila Branch were the arrangers for the transaction. They also acted as selling agents together with PSBank and Metrobank.

PSBank’s net income went down by 29.88% to P953.62 million in the second quarter from P1.36 billion a year prior.

This brought its earnings for the first semester to P2.16 billion, dropping by 15.63% year on year from P2.56 billion.

Its shares went up by 30 centavos or 0.53% to end at P56.50 each on Monday. — BVR

Superman actor Terence Stamp, 87

TERENCE STAMP, playing General Zod, in a scene from Superman II.

LONDON — Terence Stamp liked to recall how he was on the verge of becoming a tantric sex teacher at an ashram in India when, in 1977, he received a telegram from his London agent with news that he was being considered for the Superman film.

“I was on the night flight the next day,” Mr. Stamp said in an interview with his publisher Watkins Books in 2015.

After eight years largely out of work, getting the role of the arch-villain General Zod in Superman and Superman II turned the full glare of Hollywood’s limelight on the Londoner.

Buoyed by his new role, Mr. Stamp said he would respond to curious looks from passers-by with a command of: “Kneel before Zod, you bastards,” which usually went down a storm.

He died on Sunday morning, aged 87, his family said in a statement. The cause was not immediately known.

“He leaves behind an extraordinary body of work, both as an actor and as a writer that will continue to touch and inspire people for years to come,” the family statement said. 

‘I WOULD HAVE BEEN LAUGHED AT’
Terence Henry Stamp was born in London’s East End in 1938, the son of a tugboat coal stoker and a mother who Mr. Stamp said gave him his zest for life. As a child he endured the bombing of the city during World War II and the deprivations that followed.

“The great blessing of my life is that I had the really hard bit at the beginning because we were really poor,” he said.

He left school to work initially as a messenger boy for an advertising firm and quickly moved up the ranks before he won a scholarship to go to drama school. Until then he had kept his acting ambitions secret from his family for fear of disapproval.

“I couldn’t tell anyone I wanted to be an actor because it was out of the question. I would have been laughed at,” he said.

He shared a flat with another young London actor, Michael Caine, and landed the lead role in director Peter Ustinov’s 1962 adaptation of Billy Budd, a story of brutality in the British navy in the 18th century. That role earned him an Academy Award nomination and filled him with pride.

“To be cast by somebody like Ustinov was something that gave me a great deal of self-confidence in my film career,” Mr. Stamp told the Thomson Reuters Foundation in 2019. “During the shooting, I just thought, ‘Wow! This is it.’”

Famous for his good looks and impeccable dress sense, he formed one of Britain’s most glamorous couples with Julie Christie, with whom he starred in Far From the Madding Crowd in 1967. But he said the love of his life was the model Jean Shrimpton.

“When I lost her, then that also coincided with my career taking a dip,” he said.

After failing to land the role of James Bond to succeed Sean Connery, Mr. Stamp sought a change of scene. He appeared in Italian films and worked with Federico Fellini in the late 1960s.

“I view my life really as before and after Fellini,” he said. “Being cast by him was the greatest compliment an actor like myself could get.”

‘A LOT OF ACTION GOING ON’
It was while working in Rome — where he appeared in Pier Paolo Pasolini’s Theorem in 1968 and A Season in Hell in 1971 — that Mr. Stamp met Indian spiritual speaker and writer Jiddu Krishnamurti in 1968. Mr. Krishnamurti taught the Englishman how to pause his thoughts and meditate, prompting Mr. Stamp to study yoga in India.

Mumbai was his base but he spent long periods at the ashram in Pune, dressed in orange robes and growing his hair long, while learning the teachings of his yogi, including tantric sex.

“There was a rumor around the ashram that he was preparing me to teach the tantric group,” he said in the 2015 interview with Watkins Books. “There was a lot of action going on.”

After landing the role of General Zod, the megalomaniacal leader of the Kryptonians, in Superman in 1978 and its sequel in 1980, both times opposite Christopher Reeve, he went on to appear in a string of other films, including as a transgender woman in The Adventures of Priscilla, Queen of the Desert in 1994.

Other films included Valkyrie with Tom Cruise in 2008, The Adjustment Bureau with Matt Damon in 2011 and movies directed by Tim Burton.

He counted Princess Diana among his friends.

“It wasn’t a formal thing, we’d just meet up for a cup of tea, or sometimes we’d have a long chat for an hour. Sometimes it would be very quick,” he told the Daily Express newspaper in 2017. “The time I spent with her was a good time.”

In 2002, Mr. Stamp married for the first time at the age of 64 — to Elizabeth O’Rourke, a pharmacist, who was 35 years his junior. They divorced in 2008.

Asked by the Stage 32 website how he got film directors to believe in his talent, Mr. Stamp said: “I believed in myself.

“Originally, when I didn’t get cast I told myself there was a lack of discernment in them. This could be considered conceit. I look at it differently. Cherishing that divine spark in myself.” — Reuters

Arthaland buys Cebu land parcels worth P2.5B for project use

STOCK PHOTO | Image by RJ Trazona from Unsplash

LISTED real estate developer Arthaland Corp., through its subsidiary Furusato Land Corp. (FLC), has acquired a 50% interest in 14 land parcels along Banilad Road in Cebu City valued at P2.5 billion for a planned project.

“This transaction will be subject to the ratification of the corporation’s board of directors at its next meeting,” Arthaland said in a regulatory filing on Monday.

Arthaland’s board approved the incorporation of FLC in May. The company also infused P500 million into FLC through a share subscription.

FLC serves as Arthaland’s project vehicle for acquiring property for the planned development. The company has yet to disclose details of the project.

For the first half, Arthaland recorded a 49% drop in net income to P240.1 million as revenue declined by 14% to P2.2 billion.

Arthaland said the revenue decline was due to projects that were either fully sold or nearly sold out during the period. However, the decrease was cushioned by contributions from the Eluria ultra-luxury residential condominium project in Makati and the initial revenue recognition of the second tower of the Una Apartments residential development in Biñan, Laguna.

Eluria is a 31-story project that will feature 37 limited-edition units, with only one to two units on each floor. Arthaland expects to generate P6 billion in sales from the project, with a 300-square-meter unit priced between P150 million and P170 million.

Meanwhile, Una Apartments is a five-tower mid-market residential development inside the 8.1-hectare Sevina Park in Biñan, Laguna.

Sevina Park is a mixed-use community accessible via the Cavite-Laguna Expressway. It is near the De La Salle University-Laguna Campus, hospitals, and several industrial estates.

Arthaland shares rose by 8.43% or P0.035 to 45 centavos apiece on Monday. — Revin Mikhael D. Ochave

Board etiquette

STOCK PHOTO | Image by Rawpixel.Com from Freepik

Directors of publicly listed companies (PLCs) and private corporations usually attend board meetings face to face now and must, of course, observe boardroom etiquette. These board room manners are learned from basic etiquette in school augmented by classes held in esteemed institutions, like the Institute of Corporate Directors (www.icd.ph), the Centers for Good Governance, and the like. Even we, at NextGen Organization of Women Corporate Directors (www.nowcdphils.com), find time to listen to fireside chats with respected luminaries in corporate boards, like Cora dela Paz-Bernardo.

But in less formal boards, especially of non-government organizations (NGOs) and advisory councils, people seem to throw the etiquette book aside because either it is a “gratis et amore” board position or pro bono, or it is a family council or a board in a family corporation, where one will not be replaced or evaluated due to stockholder rights or, in the case of family, one is a rightful heir to the company. But this is where etiquette should first be learned and practiced. No board or council is any less than a PLC when we talk about governance and etiquette.

How many times have you attended a board meeting where the chairman tunes in from his mobile phone as he is travelling, or that he is home because something came up. You tend to doubt the seriousness of the corporation and the formality required of board members when your own chair does not consider it to be important to be dressed, come on time, and be behaved. Or even take note of the date and time and be present physically.

I have had the experience of directors attending to their mobile phones, taking lots of calls, and not paying attention when all the meeting requires is an hour or two of your time. Then there are directors who love to have their own private conversations with other directors, unmindful of the speaker or presenter who has the floor. I have seen these many times but choose not to call their attention, especially if I am the chair, and not the grand marshal of the room.

It is very disturbing to observe that well-educated people, chosen for their expertise on subjects, are only attentive when it is their turn to speak. Listening to a meeting should be job one. Participating in discussions is what we get paid for — either in a modest per diem, travel allowances, or just a free meal and a token. But how will you participate if you do not listen and half the time you are engaged in something else? It is unfair to the other directors who give up their time to listen and participate while you are only half present or mentally absent.

At NOWCD, we are looking to allow more women into our organization so we can address the call of the Philippine Stock Exchange in a recent press release to get more women in board rooms. We have to get women directors in a pipeline for future PLC directorships, even if they have had experience only in private companies as of yet, or have been CEOs of companies and are planning to have a career change after the C-suite.

But more than just corporate experience or topping the board exams, passing the bar or being exceptional in a certain field, what makes a good director or advisory council member is basic etiquette. This is a habit formed over the years which we must be very conscious of. We have sat in boards of non-profits, family corporations, and PLCs. The etiquette required is the same — respect for other people’s time and talk time. Show respect by keeping silent and keeping comments to ourselves until it is our turn to speak. It is the most difficult thing to do but, once learned, becomes a habit. Even more precious than expertise is the respect we show others.

Also, as more women join corporate boards, we ask the men to put the male jokes aside. That is part of board room etiquette. The golf jokes may be appropriate if the other members are into the sport but otherwise, golf jokes are best reserved for golf buddies.

Other board room “no-no’s” are discussions involving religion and politics. These topics are never-ending and may create animosity between and among good-natured board members.

What we discuss in boardrooms must be about the purpose of the board itself. Were we elected because of what we can contribute to the betterment of the organization, or as a token independent director in a PLC? Are we the token woman, youth, or subject matter expert or do we really add value to our boards?

Let us start by coming on time, being prepared, and, while the meeting is ongoing, pretending we are at the presidential palace waiting to be called by the powers that be. That should make us sit up straight, stop useless conversations, and listen to the chair or the one who has the floor.

Check your board room etiquette and check your directors’ manners and habits. It may spell the difference between an active profitable company or a compliance-driven board not checking on its positive results or outcomes.

Which board or advisory council do you belong to? It’s high time we checked everyone’s boardroom manners and etiquette.

This article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines or MAP.

 

Chit U. Juan is the co-vice-chair of the MAP Environment Committee. She is also the president of the Philippine Coffee Board, Inc. and Slow Food Manila

www.slowfood.com

map@map.org.ph

pujuan29@gmail.com

ESPN will not air Spike Lee’s docuseries on Colin Kaepernick, citing ‘creative differences’

BEVERLY HILLS, California — Director Spike Lee’s multi-part documentary series for ESPN Films about former NFL quarterback Colin Kaepernick, who sparked a national debate when he protested racial injustice nearly a decade ago, will not be released, the filmmaker and ESPN said.

“ESPN, Colin Kaepernick and Spike Lee have collectively decided to no longer proceed with this project as a result of certain creative differences,” ESPN said in a statement to Reuters on Saturday.

“Despite not reaching finality, we appreciate all the hard work and collaboration that went into this film.”

Mr. Lee told Reuters on Friday that the series was not going to be released.

“It’s not coming out. That’s all I can say,” Mr. Lee said on the red carpet ahead of the Harold and Carole Pump Foundation dinner, a fundraiser for cancer research and treatment, in Beverly Hills, California.

Asked why, the Oscar-winning director declined to elaborate, citing a nondisclosure agreement.

“I can’t. I signed a nondisclosure. I can’t talk about it.”

Mr. Kaepernick played for the San Francisco 49ers from 2011 to 2016. He ignited a national debate in 2016 when he knelt during the US national anthem to protest systemic racism and police brutality.

The 37-year-old athlete has not played in the NFL since that season. Many experts believed his political activism, which triggered a movement that drew the ire of US President Donald J. Trump, was the key reason teams were wary of signing him.

He later filed a collusion grievance against team owners, which was settled with the league in 2019.

A representative for Mr. Kaepernick said the player had no comment about the docuseries on Saturday.

Production on the series began in 2022, with Walt Disney-owned ESPN touting it as a “full, first-person account” of Mr. Kaepernick’s journey that would feature extensive interviews with the player.

In September, Puck News reported the project faced delays amid disagreements between Mr. Kaepernick and Mr. Lee over the direction of the film, and that ESPN Chairman Jimmy Pitaro was open to allowing the filmmakers to shop it elsewhere. — Reuters