Dirty eyesore or economic lifeblood? Paris conflicted over concrete plant

September 8, 2020 | 11:59 am

When Maryse Fourcade takes a stroll near her home in Paris, she can see the Eiffel Tower, the Mirabeau bridge immortalized in poetry and song, and—less romantically—a concrete factory.

The operator of the plant, Swiss-headquartered construction giant Lafarge Holcim, has been accused of tipping industrial waste into the Seine river from this factory, and another further up the river.

The firm says it is taking immediate action to make sure the incidents don’t happen again.

The accusations are part of a broader tension between different ideas about what sort of city Paris should be: a beautiful, tranquil haven for residents and tourists, or a thriving global capital with a vibrant economy.

“We don’t understand what this factory is doing in front of a historical monument, the Mirabeau bridge, which… is next to the Eiffel Tower and in the middle of thousands of residents, walkers, runners, families,” Ms. Fourcade said of the Lafarge plant near her home.

A spokesman for the Paris prosecutor’s office said a probe has been opened after video footage emerged of a Lafarge cement mixer at its site on Paris’s Bercy quay discharging a white liquid into the river.

Waste has also been dumped into the river from the Lafarge site near the Mirabeau bridge on at least two occasions this year, according to photographs shown to Reuters by Ms. Fourcade, a member of a campaign group seeking the closure of the plant.

One photograph, which she said was taken on June 9 this year, showed a Lafarge cement mixer discharging water from its mixer into the river, leaving a slick in the water.

In a statement, Francois Petry, the head of Lafarge Holcim France said: “We take these isolated incidents that took place in two of our sites by La Seine very seriously.”

He said the firm was no longer working with a driver involved in one of the incidents—he did not specify which one—and that he had personally reminded employees and contractors about complying with company standards.

All the firm’s Paris sites will undergo an audit, and a re-training program has been launched, Mr. Petry said. — Reuters

Pilmico partners with Shopee to make feeds and pet food more accessible online

September 8, 2020 | 9:31 am

As part of their digitization efforts, Pilmico Foods Corporation (Pilmico), one of the country’s top feeds and flour producers, has partnered with Shopee to make their products more accessible to the market.

The community quarantine measures implemented amid the COVID-19 pandemic resulted in a shift in people’s buying habits. As going out became less of an option, more people turned to online platforms for all their needs, ranging from groceries and personal items to pet food and poultry necessities.

“We started this partnership with Shopee in May 2020, because we saw their platform’s potential in expanding the current reach of our products,” said Joeben Gamatero, II, Pilmico’s Vice President for Branding and Marketing. “With Shopee’s strong consumer base and engaging promotions like the 9.9 Super Shopping Day Sale, we see how this partnership will make top-quality products more accessible for them. As households continue to adjust to the new normal, we want to be there — bringing quality products that are conveniently available to our consumers,” he added.

Pilmico is one of the hundreds of merchants joining Shopee’s 9.9 Super Shopping Day, a platform-wide event featuring promos, discounts, and other offers across many product categories. The Aboitiz-owned food and agribusiness unit offers its Salto Gamefowl feeds, Maxime dog food, and animal health products available for deliveries nationwide.

Maxime dog food and Salto Gamefowl feeds, together with Pilmico’s animal health products, are included in Shopee’s 9.9 Super Shopping Day sale. Consumers can grab promos, discounts, and free shipping offers at https://shopee.ph/pilmico_official.

Shopee Philippines is one of the top online shopping markets in Southeast Asia. As a brand, it has dominated the mobile app-based shopping market with over 200 million app downloads, with almost equal amount of active users, as of press time.

Martin Yu, Associate Director at Shopee Philippines, said, “The 9.9 Super Shopping Day reflects our ongoing commitment to support businesses by offering a platform to increase their online sales amid a challenging retail environment. It’s one of the many reasons why many brands choose Shopee as their preferred e-commerce partner to build a scalable and sustainable business. We are excited to team up with a household name like Pilmico and continue to provide brands with the support of their need to achieve greater success on Shopee.”

9.9 Super Shopping Day

The 9.9 Super Shopping Day runs until September 9, 2020. It will feature exciting promotions like free shipping with ₱0 minimum spend, daily flash deals for as low as ₱9, and bigger discounts when shoppers use ShopeePay. Consumers will also get huge discounts up to 90% off on leading brands, win exciting prizes via in-app games and many more.

For more information on the Shopee 9.9 Super Shopping Day, please visit https://shopee.ph/m/99.

For more details on the Pilmico products available at the Shopee 9.9 sale, you may visit their Shopee Mall page (https://shopee.ph/pilmico_official).

Cobena joins global market intelligence powerhouse, Demand Sciences Group

September 8, 2020 | 9:21 am

Boston-based Demand Science Group has acquired a majority stake in Cobena Business Analytics & Strategy, one of the country’s leading data science and business intelligence companies.

Francis del Val, President & CEO of Cobena, will continue to lead the organization as Global CEO, and together with John Paul Vergara, Cobena’s Chief Analytics Officer, will sit in the board of the newly formed entity.

Demand Science Group is the parent company of PureB2B, a leading global provider of full-funnel lead and demand generation for B2B technology companies.

“Adding Cobena to our platform of companies furthers our innovative capability to help B2B technology organizations thrive in the age of big data and grow their revenue,” said Peter Cannone, CEO of DSG. “The talented Cobena team, through its expertise and powerful data science tools, help customers understand their current data and predict their company's future.This insight delivers significant competitive advantage and enables them to stay on top of their game.” Philippines-based Cobena was founded in 2016, and was recognized in 2019 by APAC Business Insights as one of the fastest growing business intelligence companies.

As for Cobena, del Val says, “ We are very pleased to be joining the Demand Sciences Group. Over the past four years, Cobena has demonstrated that by combining creativity and data, we can come up with breakthrough innovation to solve some of the toughest business problems. We are excited to bring Cobena’s ‘whole brained approach’ to data sciences to the world stage. By leveraging on DSG’s vast network of clients, we are looking forward to developing AI powered platforms to help drive growth and performance in this period of great uncertainty in business. “

Manufacturers seek tighter trade laws

September 8, 2020 | 12:33 am

MANUFACTURERS are asking the government to review trade laws to protect local industries from the influx of “cheaper and substandard” imported goods into the Philippines.

The Federation of Philippine Industries, Inc. (FPI), in letters to President Rodrigo R. Duterte and the Trade department, asked for a review of safeguard measures, anti-dumping laws, and countervailing laws amid what it described as “desperate times.”

“Local industries are also battling a different kind of pandemic, and this is COVID-19 in the form of dumping of goods, so we need to review our policies and stop deciding on trade issues like we are still in the old normal. The least we prepare, the worst it will hit us. Philippine businesses are also in danger of ending up in incinerators,” FPI President Jesus L. Arranza said in a statement on Monday.

Anti-dumping tariffs are placed on goods that are considered as priced below fair market value, and countervailing duties are placed on subsidized goods.

FPI noted businesses from other countries, subsidized by their own governments, may seek out Philippine markets to offset lost sales in their own markets due to the pandemic.

The business group said other countries have been boosting exports and protecting their own local manufacturers, citing the growth of exports from China and the United States.

“In July, China’s merchandise shipments went up 7.2%. The US, on the other hand, saw its total exports climb 9.4%,” FPI said.

Mr. Arranza said it will re-launch its campaign for consumers to buy local goods, noting that the Trade department’s “Buy Local, Go Local” campaign can help producers and manufacturers whose businesses suffered during the pandemic.

“There are less activities, less demands and we therefore fear that this will worsen the influx of imported goods, including substandard products, in the country because other nations will want to get a share of that dwindling global market,” he said.

The Trade department was unable to give a comment on the FPI’s letter as of press time.

Meanwhile, the Board of Investments (BoI) is urging Philippine public and private organizations to buy locally made personal protective equipment (PPE) as the coronavirus disease 2019 (COVID-19) pandemic continues.

According to its data, Philippine manufacturers can now produce 60 million face masks a month, compared to six million in January. They expect this to increase to 66.4 million before the end of 2020.

Philippine manufacturers also produce 3.2 million pieces of medical-grade coveralls per month, along with 6,050 ventilators and 60,000 infrared thermometers. Some electronic manufacturers repurposed their operations to produce face masks and thermometers.

“Locally produced PPE has not only helped out in the fight against COVID-19, but helps Philippine manufacturers stay afloat amid the economic impact of the pandemic, protecting thousands of jobs for ordinary Filipinos,” BoI said in a press release on Monday.

Firms under the Confederation of Philippine Manufacturers of PPE (CPMP) have asked the government to increase demand for locally made products, instead of favoring their imported counterparts. CPMP had also asked the government for tax breaks, asking them to instead apply the taxes on importers. — Jenina P. Ibañez

BSP sees loan growth to pick up by yearend

September 8, 2020 | 12:32 am

Bank lending growth continued to slow in July, the central bank said. — PHILIPPINE STAR/MICHAEL VARCAS

BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E. Diokno expects credit growth to pick up by yearend, as consumer and business confidence is restored with easing lockdown measures over the next few months.

In an interview with ABS-CBN News Channel on Monday, Mr. Diokno said the slower loan growth seen in July is “understandable” considering the economy is still dealing with a health crisis.

“We are slowly opening up and I think we are confident that consumers will start buying over the next few months. Also the producers, as they ramp up their production capacity, they might need more money for these capital or maybe expand their plans,” the BSP chief said.

Preliminary data released by the BSP showed bank lending growth stood at 6.7% year on year in July, the slowest pace of expansion since May 2010 when it rose by 5%.

“If you’re into manufacturing and you have excess capacity, there is no need for you to go to the bank and borrow, right? And so because of the pandemic and the lockdown, there’s not much production but it’s picking up…. The same thing with the consumers…. The consumers now prefer things that are really essential. They don’t have demand for luxury goods. And so there is also maybe no need for them to use their credit card for example, which is unsecured consumer loan,” Mr. Diokno said.

Mr. Diokno said banks are also still in the process of reviewing their loan portfolio.

“There are some winners and losers in this pandemic. And so, (lenders) are at this time trying to allocate funds. Some of them are providing for provisioning. Maybe some soured loans going forward and things like that. Everybody’s now in an adjustment mode. The slowdown in lending is understandable,” he said.

The banking industry’s nonperforming loan (NPL) ratio stood at 2.53% as of end-June, higher than the 2.43% in May and the 2.1% logged a year ago, BSP data showed. With this, lenders have increased provisions for credit losses by 48.5% year on year to P300.3 billion in June.

The BSP expects NPL ratio of the banking industry to rise to around 4.6% by end-December 2020 due to the crisis.

Amid record-low interest rates, analysts said consumer and business confidence have been battered by the pandemic which will continue to affect bank lending growth.

“Despite the relatively low cost of borrowing, it’s pretty hard to attract investors because of the unstable business environment. Investors just like consumers lose trust in the economy,” Colegio de San Juan de Letran Graduate School Dean Emmanuel J. Lopez said in a text message.

Banks are thinking twice about issuing loans, which have affected cash flows of consumers and businesses, according to Ateneo de Manila University economist Alvin P. Ang.

“Banks need to make money. If they do not have confidence that borrowers can pay, they will not lend,” he said in a text message.

The central bank has already slashed key rates by 175 basis points this year to support the economy amid the impact of the pandemic. This has brought down the overnight reverse repurchase, lending, and deposit facilities to record lows of 2.25%, 2.75%, and 1.75%, respectively. — Luz Wendy T. Noble

Coronavirus outbreak halts live sports events, silences wild fan cheers

September 8, 2020 | 12:31 am

By Michael Angelo S. Murillo, Senior Reporter

KIM REMOLINO, a silver medalist triathlete in the Southeast Asian (SEA) Games last year, has had to train on a home treadmill for months after Manila and other provinces were locked down in mid-March to contain a coronavirus pandemic.

His monthly stipend also had to be cut in half to P12,000 as the government channels its resources to anti-pandemic efforts. International sporting events were canceled, while local ones have been suspended until a vaccine is found.

“It’s disappointing because we haven’t sustained our momentum from the SEA Games,” Mr. Remolino said via Zoom Cloud Meetings. “There was a feeling of regret that our allowances had to be slashed, but I realized it had to be done because of the pandemic.”

BW Bullseye 2020-focus Sports facilities nationwide have been converted into quarantine areas for coronavirus patients, as hospitals were overwhelmed by rising cases of the virus that has sickened more than 237,000 and killed almost 4,000 people in the Philippines.

Traditionally the cheer of the town, the local sporting community had to take a backseat as the government focused on the battle against the pandemic.

Among the canceled events were the Palarong Pambansa in May and the 10th ASEAN Para Games, which the country was supposed to host this year.

Collegiate such as the University Athletic Association of the Philippines (UAAP) and National Collegiate Athletic Association (NCAA) were forced to cancel the remainder of their seasons early this year. Their reopening is uncertain.

The Philippine Basketball Association (PBA) suspended its Season 45 in March but was seeking to reopen in October, while the Philippines Football League, Philippine SuperLiga and Premier Volleyball League have yet to start their tournaments.

“The sporting community has suffered,” Francis Diaz, dean of the University of the Philippines College of Human Kinetics, said in an online interview. “The effects are also felt by other sports-related industries such as fitness gyms and sports equipment shops.”

BUDGET CUTS
The budgets for sports activities and programs have been cut, while the revenue of commercial leagues tumbled.

More than 5,000 workers of the NCAA, including athletes and coaches, have been affected by the pandemic as schools also cut their budgets for sports. The school system also faces revenue cuts as a number of students opted not to enroll this year.

“That’s for all schools in all sports in the NCAA,” Vic Calvo, athletic moderator of the Colegio de San Juan de Letran and chairman of the NCAA Management Committee, told an online forum last month.

“We depend on enrollment for our budget,” he said. “If the budget is cut, sports is the first victim. Some schools cut their budget considerably across-the-board.”

Stephen Fernandez, a former Olympian and Sports Development director at the College of Saint Benilde, said they had to recalibrate their sports program, with many athletes sent home as the college enforces a full online learning term.

“Scholarships are intact but athletic recruitment is suspended until further notice,” he said. “Things are better now but it was hard and tough in the beginning. Some athletes got confused and suffered anxieties because of uncertainties,” he added.

The coronavirus did not spare the UAAP, home to local big universities, with some member schools cutting costs.

“We are lucky in UP because as a state university we were not affected in terms of giving support to our athletes,” Mr. Diaz said. “I cannot say the same for the other universities, some of which were forced to shut down some of their varsity teams,” he added.

The prolonged season suspension is costing the PBA at least P30 million a month, according to PBA Commissioner Willie Marcial. The amount is only for the league office and excludes losses of individual teams.

“We are losing income from gate receipts, television and sponsorships while we continue to pay our personnel,” he said. “It is what it is. Even other businesses are experiencing this. Good thing we have some savings from which salaries can be drawn,” he added.

National athletes’ allowances also had to be slashed by 50% after the government realigned P1.37 billion of the local sports commission’s budget toward anti-coronavirus efforts.

“This is a hard decision to make, but one that is needed so we can continue caring for our athletes longer,” PSC Chairman William Ramirez said earlier.

“I think the athletes are adapting to the situation,” Mr. Diaz said. “They can handle the hardships that COVID-19 entails. Of course, everybody has to adjust under the new normal.”

Mr. Remolino, mentioned at the outset, said the global health crisis has been an eye-opener for him, teaching him about the importance of planning.

“One of the lessons I learned is that sports is not forever and we really have to have a fallback,” said Mr. Remolino, who’s studying to become a civil engineer. “Some athletes put all their efforts in sports to support their family, and in a snap it is being taken away from them by the pandemic.”

“We need to have a positive mindset, remain forward-looking and continue to improve despite the not-so-ideal situation. The important thing right now is our safety.”

Avengers game gives us a glimpse of life after Robert Downey, Jr.

September 8, 2020 | 12:08 am

By Jason Schreier, Bloomberg

AT FIRST, the new Avengers video game from Square Enix Holdings, Co. is disconcerting, like watching a Tony Stark or Captain America impersonator at a children’s birthday party. After more than a decade of memorable performances from Robert Downey, Jr. and Chris Evans in Walt Disney Co.’s Marvel movies, the video game adaptation feels out of place.

But the game, Marvel’s Avengers, is a pleasant surprise. It allows players to pummel enemies using superheroes from an alternate dimension of the ubiquitous comic book franchise. I’ve played around five hours of the game, which is out on Friday, and had a lot of fun so far. Developer Crystal Dynamics Inc. has sculpted a version of the superheroes that’s lovely once you’ve gotten over the fact that they’re not quite the A-listers you’re used to seeing.

Besides, the best character hasn’t been in a single Marvel movie yet: Kamala Khan, a.k.a. Ms. Marvel, a teenage girl granted superpowers after a cataclysmic accident. Khan is a self-confessed fangirl of the other Avengers, which makes for some charming dialogue as she works to bring them all back together.

For a long time, video games based on comic books and movies were the dregs of the industry. The projects were rushed to hit movie deadlines and often poorly received. The website Eurogamer described the 2008 Iron Man game, released alongside the movie, as “a singularly unpleasant experience.”

In recent years, the landscape has changed. Publishers have shifted away from movie release tie-ins and invested big money into making top-notch games. The beloved Arkham series gave new life to Batman throughout the early 2010s, while Sony Corp.’s critically acclaimed Spider-Man sold more than 13 million copies following its 2018 release and became the best-selling superhero game of all time. Last month, AT&T, Inc.’s Warner Bros. unveiled Gotham Knights and Suicide Squad: Kill the Justice League, which have both built buzz.

Marvel’s Avengers appears primed for a big entrance. A beta version of the game, playable for fans last month, became the most downloaded beta in PlayStation history. Critical reception has been good, although some reviewers have dinged the game’s missions for feeling repetitive. What’s clear is that Marvel’s Avengers is striving for quality and not the bargain bin at Target.

And there’s room for improvement. Marvel’s Avenger is the latest example of what the industry has coined “games as a service,” or video games that can be updated over time with new content, sometimes for an extra fee. Heroes like Hawkeye and Black Panther will be added to the game for free in future months, while players can dish out cash to get fancy new outfits for their characters. (One beloved fighter, Spider-Man, will be exclusive to PlayStation, which has been unpopular with those playing on the Xbox or PC.)

Comic book video games still have a long way to go before catching up with the Marvel film juggernaut, but this new Avengers game will move the genre a little closer. — Bloomberg

PECO files anti-competition rap vs MORE Power

September 8, 2020 | 12:07 am

By Adam J. Ang

THE former electricity provider of Iloilo City filed on Monday an anti-competition complaint against the city’s present power utility.

Embattled distribution utility Panay Electric Co., Inc. (PECO) said it filed with the Philippine Competition Commission (PCC) a complaint against Razon-led MORE Electric and Power Corp. (MORE Power) for allegedly prohibiting competition in electricity distribution in the city.

“As soon as it was granted a franchise, it saw the opportunity of handicapping or disabling possible competition from competing with it, and of course, the most probable competitor would be PECO, being the existing distribution facility in Iloilo at that time,” PECO Legal Counsel Estrella C. Elamparo said in a virtual briefing on Monday.

The company alleged that the new distribution utility exhibited “predatory, anti-competitive” behavior, thus violating the provisions and principles enshrined in the Philippine Constitution, the Philippine Competition Act, and the Electric Power Industry Reform Act (EPIRA).

MORE Power now runs Iloilo City’s distribution system after President Rodrigo R. Duterte signed a measure granting its franchise for 25 years in February.

Since then, it took over PECO’s power facilities via eminent domain which a Mandaluyong court later found “unconstitutional.” The company then asked the Supreme Court to reverse the Iloilo Regional Trial Court’s decision which affirmed the takeover.

“Instead of putting up their own system, it chose to take over instead all the assets of its only potential competitor,” Ms. Elamparo said.

On Friday, consumer group Koalisyon Bantay Kuryente, which the PECO counsel also assisted, filed with the Energy Regulatory Commission (ERC) a complaint against MORE Power for overcharging customers for system losses and exceeding the regulator’s mandated limit for billing the said charge.

PECO followed with a manifestation, claiming that the utility increased its system loss charges in May and July to 76 centavos per kilowatt-hour (kWh) and 66 centavos/kWh, respectively, from April’s 47 centavos/kWh.

The increase represented an overcharging of around P25 million from Iloilo consumers with 55,000 megawatt-hours of usage, it claimed.

Moreover, PECO slapped a libel and cyberlibel charges against Francis Gentoral, the executive director of the Iloilo Economic Development (ILED) Foundation. The business group recently published a media statement claiming that the former has overbilled consumers in the past and caused numerous investors to flee the city.

The publication reached out to ILED Foundation for a reaction, but it has yet to respond as of press time.

“We are fighting for our rights and to stop ILED Foundation from tarnishing the reputation of PECO,” Ms. Elamparo said.

Film producer Marichu Maceda, 77

September 8, 2020 | 12:07 am

FILM producer and Philippine film industry stalwart Maria Azucena “Marichu” Vera-Perez Maceda, affectionately known as Manay Ichu, passed at the age of 77 on Sept. 7 due to “an ongoing illness.”

The announcement of her death was made via radio station DZBB where actress and DZBB anchor Ali Sotto said that Ms. Maceda had long been suffering from an illness.

Ms. Sotto, a close friend of Ms. Maceda, said that the family is asking for privacy at this time.

“She has been ill for a long time, she was just fighting very hard. For the past few days, so many prayed for her healing but God, in His wisdom, decided to bring her home,” Ms. Sotto said.

Her passing was confirmed by her nephew, Congressman Christopher de Venecia, son of Ms. Maceda’s sister, Gina de Venecia, in a Facebook post.

“Mami-miss kita nang tahasan Mama Tutu. Isang haligi sa industriya ng pelikulang Pilipino na nag-alaga at nag-aruga sa akin sa aking paglaki, hanggang sa aking pagtanda. Mahal na mahal ka namin,” said Mr. De Venecia. “Ipagpapatuloy namin ang iyong nasimulan at ang legacy ng Vera Perez family.” (I miss you greatly, Mama Tutu. You are a pillar of the Philippine film industry who took care of and nurtured me from childhood to adulthood. We love you dearly…. We will continue what you started and the legacy of the Vera Perez family.)

Born on Dec. 23, 1942, Ms. Maceda was the daughter of Azucena Vera-Perez and Jose R. Perez, the owners of one of the first film production companies in the Philippines: Sampaguita Pictures. Sampaguita Pictures was a behemoth of the film industry at the time, having produced some of the biggest productions from the 1930s to the 1970s.

She was married to former Senate President Ernesto M. Maceda who passed away in 2016.

As someone who from a young age had been exposed to how cinema is made, Ms. Maceda developed a passion for it and worked as both a film producer and a patron of the industry. She was instrumental in the creation of several film organizations in the country including the Film Development Council of the Philippines (FDCP), the Movie Workers Welfare Fund (Mowelfund), the Metro Manila Film Festival (MMFF), the Film Academy of the Philippines (FAP), the Philippine Motion Pictures Producers Association (PMPPA), and the Experimental Cinema of the Philippines (ECP).

As a producer, she produced films such as Batch ‘81 (1982), directed by Mike de Leon, and Dyesebel (1978), by Anthony Taylor. Her Internet Movie Database (IMDb) page lists nine credits as producer, 29 credits for the costume and wardrobe department, and six credits as a writer. Some of the films she wrote screenplays for are Always in My Heart (1971) by Mar S. Torres and Just Married ‘Do Not Disturb’ (1972) also directed by Mar S. Torres.

“Remember that aside from being an art form, this is basically a business, so you have to at least break even so you can recover your investment and produce the second film… Never make a film solely to satisfy yourself. Make your film for a wide audience,” Ms. Maceda said in a 2018 speech after she was named as a “Mother of Philippine Cinema” by the FDCP.

“Love your craft and love the industry. Don’t expect anything back aside from your investment of course. Don’t expect that they will love you immediately. One day, the love you gave will come back to you like what happened to me,” she added.

Film industry stalwarts took to social media to express their condolences at her passing. “Your kindness and love for Filipino cinema make you immortal in our hearts,” wrote film director and writer Jose Javier (Joey) Reyes on Facebook. “Rest in God’s embrace. We will miss you very much Manay Marichu Maceda,” wrote producer and manager Girlie Rodis in a Facebook post.

Ms. Maceda is survived by her five sons, Emmanuel, Ernesto, Jr., Erwin, Edmond, and Edward, and several grandchildren. — Zsarlene B. Chua

URC gets PCC nod to buy sugar operations of Roxas Holdings

September 8, 2020 | 12:06 am

UNIVERSAL Robina Corp. (URC) is set to complete its acquisition of sugar milling assets from Roxas Holdings, Inc. after obtaining regulatory approval last week.

The food and beverage manufacturer told the stock exchange on Monday it had received the go-ahead from the Philippine Competition Commission (PCC) to buy Roxas Holdings’ operations in Negros Occidental.

Roxas Holdings made the same disclosure, noting URC and itself will “aim to secure the other closing conditions, as may be applicable, and shall work towards closing the asset sale transaction at the soonest possible time.”

URC and Roxas Holdings first announced in June their plans to sell the latter’s assets in La Carlota City, Negros Occidental. The transaction involves buying Roxas Holdings’ shares in Najalin Agri-Ventures, Inc.

The PCC said it approved the deal as it sees no substantial lessening of competition emerging from the transaction.

“The acquisition… presents a different market environment considering the many players, planters’ strength in numbers translated as bargaining power, and the competitive constraints throughout the country’s sugar producer capital,” it said in a statement.

To recall, the PCC rejected a plan by URC to buy the operations of Roxas Holdings and Central Azucarera Don Pedro, Inc. in Batangas last year.

It said that unlike in the case of Batangas where sugar planters only had a choice between two players, sugarcane farmers in Negros work in associations with bargaining power, and therefore, are able to get the best price for their produce.

Once the companies finish other closing conditions, URC will take control of Roxas Holdings’ Negros operations, including all buildings, machineries and equipment, laboratory equipment, and the land on which these stand.

The company intends to continue using these facilities for sugar milling and bio-ethanol production.

“The acquisition by URC of the sugar milling and bio-ethanol distillery assets will create synergies in the sugar industry in Negros Occidental. This transaction is expected to enhance capability of URC to provide good milling services to the sugarcane planters,” it said.

For Roxas Holdings, the proceeds from the sale will be used to prepay long-term debt and reduce short-term debt.

“The paring down of existing debts is expected to result in a stronger balance sheet for the [Roxas Holdings] Group, and in capacity to rebuild its operations in Nasugbu, Batangas,” it said.

In the six months ending June, the attributable net earnings of URC grew 8% to P5.53 billion, while the attributable net loss of Roxas Holdings was reduced 34% to P427.77 million.

On Monday, shares in URC climbed P1.10 or 0.79% to P140 each, while shares in Roxas Holdings picked up 22 centavos or 12.79% to P1.94 each. — Denise A. Valdez

Ben&Ben announces — then retracts — name of fan group

September 8, 2020 | 12:06 am

After learning its first choice was also a K-pop fandom name, it chose the name Liwanag

FOLK-POP outfit Ben&Ben has finally settled on what to name its fandom after several back and forths. This came after announcing then retracting the original name, Lights, on the same day, Sept. 3, after realizing that Lights was already an existing K-pop fandom name.

The new name, Liwanag, the Filipino term for “light,” still carries the band’s message that Ben&Ben and their fans “can be bearers of hope in these dark times,” according to a press release.

“Fandom” is the term used today in place of the old-fashioned “fans club.”

Ben&Ben is a nine-piece OPM band known for hit songs such as “Pagtingin” and “Maybe the Night,” among others. The band recently started a weekly YouTube show called BBTV with its first episode uploaded on Aug. 5. The first episode showed the band talking about their love for K-Pop.

“Liwanag is the new, official fandom name of Ben&Ben! We have heard your suggestions. We want to honor our Filipino heritage, at higit sa lahat, kayo ang Liwanag namin (and more than anything else, you are our Liwanag),” the band announced on Sept. 4.

Lights is the fandom name of Highlight, a South Korean boy group which originally debuted under the name Beast in 2009 and continued as Highlight in 2017. The group is currently inactive as its members are in various stages of completing their country’s mandatory military service.

Upon Ben&Ben’s announcement of Lights as its fandom name, fans of Highlight took to Twitter to inform the band that there was already a fandom with the same name.

“Highlight announced their official fandom name ‘Light’ more than three years ago. You should know how important fandom names are in K-pop culture, so please do consider choosing another fandom name,” Twitter user @seoblicious posted as a reply on Ben&Ben’s announcement.

The World of Fandoms

K-pop, a genre of Korean pop music that is currently taking the world by storm, has some of the most dedicated fans in the world, with fandom names serving as an extension of their fan identities: top Korean boy group BTS, whose latest single “Dynamite” debuted atop the Billboard Hot 100 (the first South Korean group to do so), has ARMY as its fandom name, girl group BlackPink’s fandom is named Blinks, another top boy group, EXO, has EXO-Ls, and girl group Twice has ONCEs.

People who saw the rise of K-pop during the early 2010s will remember — or may still be part of — the fandoms of Girls Generation (SONE), Super Junior (ELF), Big Bang (VIP), and 2NE1 (BlackJacks), among many others.

Many fandom names are abbreviations like BTS’ ARMY which stands for “Adorable Representative MC for Youth” (note that BTS stands for “Bulletproof Boy Scouts”), Super Junior’s ELF stands for “Everlasting Friends,” etc.

Most fans belonging to a fandom will identify themselves as such and entertainment companies have started trademarking fandom names and logos, as in the case of SM Entertainment under whose umbrella are EXO, Super Junior, and Girls Generation, and Big Hit Entertainment’s BTS, among others.

After informing Ben&Ben of the existing K-pop fandom name, the band immediately retracted the name Lights and apologized for the confusion it generated.

“Hello. We have decided to suspend our fandom name ‘Lights’ until further notice, as many have informed us that there is already an existing K-pop fandom with the same name. We apologize for the confusion and dismay that this has caused to the parties involved,” the nine-piece band said in a Twitter post, before adding that they did not “realize that it may cause trouble being that Ben&Ben is an OPM band from the Philippines.”

“We hold high respect for K-pop culture and K-pop fandoms,” the band said.

“Thank you for listening to LIGHTs @BenAndBenMusic. Hopefully, you will find a better fandom name that will suit you and your fans and please continue to make high quality music,” a Twitter account named @HIGHLIGHT_PH said in response to the retraction. — Zarlene B. Chua

IMI unit applies to list at New York stock market

September 8, 2020 | 12:05 am

A SUBSIDIARY of Ayala-led Integrated Micro-Electronics, Inc. (IMI) is planning to list at the New York Stock Exchange through an initial public offering.

In a disclosure on the Philippine Stock Exchange on Monday, IMI said its unit VIA optronics AG has filed a registration statement with the US Securities and Exchange Commission last week.

The company wants to do an initial public offering of its American Depositary Shares representing ordinary shares in its capital. The amount of shares and the offer price for each have not been finalized as of Monday.

American Depositary Shares are shares in non-US companies that may be bought by US investors.

VIA has tapped Berenberg Bank as its sole bookrunner for the offering. When the plan proceeds, its shares will be listed under the ticker symbol “VIAO”.

Prior to Monday’s disclosure, an article attributed to Renaissance Capital has been posted on the Nasdaq Stock Market’s website last Friday, claiming VIA intends to raise $100 million from the proposed offering. IMI did not verify this claim when confirmed by BusinessWorld.

VIA is a supplier of display solutions based in Germany and is 76.01%-owned by IMI. Together with STI, Ltd., the two companies booked a combined revenue of $109 million in the first semester, as VIA recorded a 47% growth in quarter-on-quarter sales.

IMI swung to a $21.53 million net loss during the period, reversing its net profit of $5.78 million the previous year, due to operational and trade disruptions brought by the coronavirus pandemic.

The company is a provider of electronic products to automotive, industrial and aerospace industries, with manufacturing plants in the Philippines, China, Bulgaria, Czech Republic, Germany, Japan, Mexico, Serbia, United Kingdom, and the United States.

Shares in IMI at the Philippine Stock Exchange gained 47 centavos or 8.82% to close at P5.80 each on Monday. — Denise A. Valdez

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