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And the winner is…

PHOTO FROM MTV MOVIE AND TV AWARDS/GETTY IMAGES

THE 2021 MTV Movie & TV Awards aired live from the Palladium in Los Angeles on May 17. Comedienne and actress Leslie Jones hosted the show, which kicked off MTV’s two-night event celebrating film and television.

Below is the complete list of winners:

BEST MOVIE: To All the Boys: Always and Forever

BEST SHOW: WandaVision

BEST PERFORMANCE IN A MOVIE: Chadwick Boseman — Ma Rainey’s Black Bottom

BEST PERFORMANCE IN A SHOW: Elizabeth Olsen — WandaVision

BEST HERO: Anthony Mackie — The Falcon and the Winter Soldier

BEST KISS: Chase Stokes and Madelyn Cline — Outer Banks

BEST COMEDIC PERFORMANCE: Leslie Jones — Coming 2 America

BEST VILLAIN: Kathryn Hahn — WandaVision

BREAKTHROUGH PERFORMANCE: Regé-Jean Page — Bridgerton

BEST FIGHT: WandaVision — Wanda vs. Agatha

MOST FRIGHTENED PERFORMANCE: Victoria Pedretti — The Haunting of Bly Manor

BEST DUO: The Falcon and the Winter Soldier — Falcon (Anthony Mackie) & Winter Soldier (Sebastian Stan

BEST MUSICAL MOMENT (SOCIAL CATEGORY)
“Edge of Great” — Julie and the Phantoms

The two-night event will continue tomorrow when the inaugural MTV Movie & TV Awards: UNSCRIPTED, a first-of-its-kind celebration of all things reality television airs from the Palladium in Los Angeles. Hosted by comedian Nikki Glaser, the show will celebrate the best jaw-dropping, no-rules, drama-filled moments from our favorite reality shows.

Astra condominium brand launched in Laguna, Cavite

BRIA HOMES recently launched its mid-rise condominium developments in Calamba, Laguna and General Trias, Cavite.

In a statement, Bria Homes President Rizalito J. Rosales said the company sees an expanding market for its condominium brand Astra Vertical Villages in the two areas.

“Our vertical villages in Calamba and General Trias will fulfill the growing need for safe, secure communities that offer all the comforts of modern, urban living without breaking the bank,” he said.

Astra Vertical Villages are described as contemporary mid-rise condominium developments that offer affordability and accessibility for young professionals and small families.

The developments in Calamba and General Trias will offer 880 units in 11 buildings, with options for 237 parking lots.

A typical 24-square meter unit will have a bedroom, dining and kitchen area, living room, and toilet and bath.

Astra will have a communal clubhouse with a swimming pool and gym and function halls. It will also have green spaces and playgrounds. There will also be provisions for a school, a wet and dry market, and a food park within the Astra premises.

GMA Network net income jumps three times to P2 billion

BW FILE PHOTO

LISTED media company GMA Network, Inc. saw its attributable net income jump more than three times to P2 billion in the first quarter of the year from P583.41 million in the same period a year ago.

The company’s total revenues surged 54.7% to P5.46 billion from P3.53 billion previously, GMA Network said in a disclosure to the stock exchange on Monday.

Advertising revenue increased 56.6% to P5.09 billion in the first quarter from P3.25 billion in the same period in 2020.

The company’s total operating expenses increased 5.6% to P2.84 billion in the first three months from P2.69 billion previously.

“Sale of goods also contributed to the healthy topline of the company, owing to the successful launch of GMA Affordabox in the middle of last year and GMA Now towards yearend,” GMA Network noted.

“Meanwhile, sale of services which included subscriptions income, subsidiaries’ operations and others, wrapped up the first quarter this year at P214 million, behind by P63 million versus Q1 2020’s P277 million,” it added.

GMA Network shares closed 1.04% higher at P8.73 apiece on Monday. — Arjay L. Balinbin

Cebuana Lhuillier, FWD ink partnership to offer sachet insurance products

CEBUANALHUILLIER.COM
CEBUANA Lhuillier and FWD Life Insurance Corp. have teamed up to offer sachet insurance products. — CEBUANALHUILLIER.COM

CEBUANA LHUILLIER and FWD Life Insurance Corp. (FWD Insurance) have teamed up to offer sachet insurance products for Filipino households.

Through the partnership, the insurance products will be sold through Cebuana’s branches to be offered to its about 30 million customers nationwide.

“The plan will be implemented through pawnassurance, digital channels and solutions, fully digitized team of advisors, and a brand new sachet insurance concept that will cater to specific needs of more Filipino households,” they said in a joint statement.

The offerings will include health, life, and investment-linked insurance products. Customers can buy through digital platforms or through face-to-face transactions.

“We’re always searching for innovative channels so we can reach more untapped customer segments. Cebuana Lhuillier can help us provide the right protection that fits the specific needs and budget of more Filipinos and empowers them to celebrate living,” FWD Insurance President and Chief Executive Officer Li Hao Zhuang was quoted as saying.

“In our venture to bring our business to digital space, building a strategic partnership with one of the fastest-growing insurers in the Philippines supports our commitment to make every Filipino financially included anytime, anywhere. The strength of both our organizations allows us to seamlessly deliver quality products and services to our markets,” said Jean Henri Lhuillier, President and CEO of PJ Lhuillier, Inc., the parent firm of Cebuana Lhuillier.

The deal between the two firms was signed in April. Through the partnership, the firms will train their employees and salespersons to equip them with additional knowledge and skills in financial planning and team collaboration.

FWD Insurance’s net premiums reached P13.64 billion last year, placing eighth among life insurers, based on data from the Insurance Commission. — LWTN

Entertainment News (05/18/21)

Austrian Film Fest offers free videos

IN LINE with the 75th celebration of Austria and Philippines bilateral relations this year, the Austrian Embassy Manila kicked off the Austrian Film Month 2021 yesterday. The festival features nine free online videos, available for viewing until June 12, on the relevant socio-political themes of diversity, mental health, democracy and environment. The festival will also have dialogues with a number of Austrian directors. For the direct links to the films, visit  https://www.facebook.com/AustrianEmbassyManila.

ALPAS online concert on kumu

PINOY performers Ebe Dancel, Johnoy Danao, Bullet Dumas, Barbie Almalbis, Aia de Leon, and Kitchie Nadal are coming together for a virtual concert, ALPAS, on June 5. The virtual concert is produced by kumu (https://www.kumu.live/), an online community platform for live streamers, and GNN Entertainment, a Manila-based music events and PR agency. ALPAS marks the first time that the six performers will be equally headlining a show after having performed as solo acts or part of a band. 

I Heart Movies on GMA Affordabox

VIEWERS can now watch movies all day for free on GMA Network’s digital channel I Heart Movies through the GMA Affordabox. To further highlight the addition of I Heart Movies to the growing roster of GMA channels, the network recently unveiled its newest GMA Affordabox ambassador, actor Richard Yap. I Heart Movies offers a wide variety of free-to-air Pinoy and foreign titles through its four movie blocks — Timeless Telesine, Takilya Throwback, Block Screening, and Pinoy Movie Date. GMA Affordabox is currently available in Metro Manila, Benguet, La Union, Ilocos Sur, Abra, Pangasinan, Bulacan, Pampanga, Nueva Ecija, Tarlac, Batangas, Cavite, Laguna, Quezon, Rizal, Misamis Oriental (including Cagayan de Oro), Camiguin, Bohol, Cebu, Leyte, Bacolod City, Davao de Oro, Davao del Sur, and Davao del Norte. Catch I Heart Movies on Channel 5 on the GMA Affordabox. Viewers can also continue to access GMA channels on the digital TV receiver including GMA, GTV, Heart of Asia, Hallypop, and DepEd TV as well as other free-to-air channels in digital broadcast available per area. The GMA Affordabox may be purchased for a one-time price of P888 with no monthly fees, in appliance stores and malls, or online via the official GMA Store on Shopee and Lazada. For more details, visit www.GMAaffordabox.com and its official social media accounts via the handle @GMAaffordabox.   

Ben&Ben drops new single, ‘Magpahinga’

BEN&BEN offer words of compassion and encouragement with latest single “Magpahinga.” The nine-piece band wrote a piano ballad from the point of view of someone who is in dire need of guidance. “It’s a song that reminds us to check up on ourselves and address our own inner struggles,” lead vocalist and guitarist Paolo Benjamin points out in a statement. “But also, it is a song that aims to accompany the listener, and remind them that in those moments of hardship, they are not alone.” The song was written by Miguel and Paolo Benjamin, and produced by JP Verona. The song is out now on all digital platforms worldwide via Sony Music.

U2’s Bono, The Edge, and Martin Garrix drop ‘We are the People’

MARTIN Garrix teams up with U2’s Bono and The Edge for the release of the official UEFA EURO 2020 song, “We are the People.” After more than a year of having to keep this a secret, the track is now available to stream and download via all digital service providers. “We are the People” is meant to reflect the positivity, hope, and determination required for any team to succeed, as well as offer a sense of togetherness which fits the theme of UEFA EURO 2020: Unity. For the first time in EURO history, the tournament is being played across the continent, which will display the overriding theme of unity throughout. UEFA EURO 2020 is being held across the continent for the first time in the competition’s history, with 11 host cities in all. The first match will kick off at the Stadio Olimpico in Rome on June 11 with Turkey facing Italy. The final will take place at Wembley Stadium, London on July 11. “We are the People” is out now on all digital platforms worldwide via Sony Music Netherlands.

 Lupin Part 2 on Netflix

NETFLIX’S French heist drama Lupin returns for a second season on June 11. Assane’s quest for revenge against Hubert Pelligrini has torn his family to pieces. With his back to the wall, he now has to think of a new plan, even if it means putting himself in danger. The show stars Omar Sy, Hervé Pierre, Nicole Garcia, Clotilde Hesme, Ludivine Sagnier, Antoine Gouy, Shirine Boutella, Soufiane Guerrab. The second season will be composed of five episodes.

Don Bosco campus to open in ALI’s Tarlac estate

DON BOSCO TARLAC is planning to open a new campus within Ayala Land, Inc.’s (ALI) Cresendo Estate in Tarlac City.

“Although Don Bosco Tarlac is the pioneer Don Bosco institution in the Philippines — it is also the remaining presence without a TVET (Technical-Vocational Education and Training) center,” Fr. Ian Rosal, economer of Don Bosco Tarlac, was quoted as saying in a statement.

Don Bosco Tarlac aims to develop a new curriculum to cater to the needs of local industries in the region.

ALI is developing Cresendo, a 290-hectare contemporary mixed-use development that will feature a 32-hectare industrial park and a 47-hectare commercial district.

Don Bosco Cresendo will offer senior high school education starting 2023. In 2025, it hopes to start offering TVET “which aims to provide manpower to in-demand industries through technical and vocational courses such as computer education, electrical installation, machining, refrigeration and air conditioning, and mechatronics.”

“With this present health crisis situation, there’s a strong need for young people to really be engaged with the challenges of the world, so we will be strengthening the research work, as well as societal problems, while maintaining the traditional, academic, cultural, sports, and technical excellence the institution is known for,” said Fr. Jerry Santos, rector of Don Bosco Tarlac.

Cosco Capital reports P2.44-billion net income

COSCO Capital, Inc. generated P2.44 billion in consolidated net income for the January-to-March period, up by six percent from P2.3 billion year on year despite the decline in consolidated revenues.

In a regulatory filing on Monday, the listed holding firm of Lucio L. Co said, without disclosing figures, that the company’s consolidated revenues went down “brought by the continuing impact of the COVID-19 (coronavirus disease 2019) pandemic experienced by all the business segments of the group.”

The company’s grocery retailing business composed of Puregold Price Club, Inc. and S&R Membership Shopping Club contributed 70% to its total core net income.

Cosco Capital’s grocery retail business reported a 14.61% net income growth to P2.02 billion on cost-cutting initiatives and efforts to improve front margins, while consolidated revenues declined by 7.9% to P37.7 billion due to slow customer traffic.

“The grocery retail group continued to implement its organic expansion strategy despite the prevailing environment and opened a total of 10 new Puregold stores in the first quarter of 2021,” Cosco Capital said.

Its liquor distribution division contributed 15% in total core net income. The segment’s net income declined by two percent to P228 million, while revenues went down by 4.4% to P1.77 billion.

Cosco Capital’s real estate segment made up for 14% of its total core net income. The division’s net income fell by 32.2% to P200 million due to lockdown restrictions and rental waivers/discounts, while its revenues shaved off 20% to P428 million.

Meanwhile, specialty retailing business Office Warehouse, Inc, accounted for one percent of Cosco Capital’s net profit. Office Warehouse saw its net income decline by 8.3% to P18 million, while its revenues dropped by 20.9% to P424 million due to store closures during lockdown restrictions.

Shares of Cosco Capital at the stock exchange went up by 2.92% or P0.14 on Monday, closing at P4.94 apiece. — Keren Concepcion G. Valmonte

Brain gain: New boutiques, surge in deals lure expat bankers back to Australia

PRESSFOTO /FREEPIK
AUSTRALIAN expatriate investment bankers are returning home amid new boutique advisory firms and a surge in deals, with the country also able to manage the coronavirus pandemic. — PRESSFOTO /FREEPIK

HONG KONG — Australian expatriate investment bankers are returning home in large numbers, lured by the launch of new boutique advisory firms, a sharp pick up in deal-making and the safety of a country relatively unscathed by the coronavirus pandemic.

Signs of a strong economic rebound from a brief pandemic-induced recession are underscoring a trend that is starting to reverse a long tradition of Australian bankers heading overseas to more tax-friendly global financial centres.

“There is a brain gain happening in Australia, we are acquiring additional knowledge and experience,” said Nick Hughes, Australia co-head at UBS.

Corporate Australia has set a scorching start to 2021, with $6.21-billion worth of M&A deals already underway, more than seven times higher than the same period last year, according to Refinitiv data. That puts Australia second in the Asia-Pacific in terms of deal value, behind only China, compared with its seventh place ranking over the same period in 2020.

The trend is expected to continue in the near-term, with big-ticket deals such as the possible sale of casino operator Crown Resorts, and the divestment of some financial businesses in the pipeline.

The entry of two boutique firms, Barrenjoey Capital and Jarden, into the fray has fueled a talent war in the country and pushed up wages by at least 20%, making it a rare bright spot for rainmakers.

Jarden, the Australian offshoot of the New Zealand investment bank, has hired eight Australian expatriate bankers traders and analysts as part of its campaign to build out its local franchise, according to a spokeswoman.

Goldman Sachs has had eight Australian staff return from offshore to work in Australia, and Swiss bank UBS has had four returnees in the recent months, according to the banks’ spokeswomen.

Bank of America has hired two senior expatriate bankers, the bank’s country head Joseph Fayyad said.

“With new entrants establishing a presence and the incumbents defending their positions, there are more available seats for senior bankers,” Sydney-based Fayyad told Reuters.

Most of the returnees are landing in Sydney from London and New York. Their experience ranges from mid-career to senior bankers and legal and compliance staff.

They are among a lucky few currently allowed to enter Australia, which closed its international border to almost all travelers but returning nationals and permanent residents months ago as a pandemic shield. The dramatic step has appeared to pay off with Australia recording under 30,000 COVID-19 cases and 910 deaths, far fewer than many other developed countries.

“I think Australia’s outperformance during COVID has put a real spotlight on the benefits of working and living down under, so the combination of more available seats and a greater desire from Australians to come home has really fuelled the trend,” said Fayyad.

‘A BIT OF HUSTLE’
The return of the expatriates counters a long-established trend of Australian finance professionals moving offshore, partly to gain experience and partly to escape Australia’s relatively high personal income tax rates.

Local banking executives said increased onshore deals activity means banks are able to offer fatter paychecks for returnees used to New York and London salaries.

Jarden Australia head of investment banking Aidan Allen said the “brain gain” had helped the emerging bank build its team to almost 100 since its launch a year ago.

“A lot of our talent has come from offshore, people wanting to return home has been a massive opportunity for us,” Mr. Allen said. “We think it’s a point of difference, it’s given us the opportunity to have a more diverse and experienced bench.”

Rival Barrenjoey launched in September with 50 staff and now has about 220 people, a spokeswoman said.

The influx of the expatriates should also be a warning for incumbents, BofA’s Mr. Fayyad said: “Bankers that have been here for some time need to acknowledge there is a new crop of talent who have a bit of hustle, a spring in their step, who want to make their mark.” — Reuters

Halston: The glittering rise — and spectacular fall — of a fashion icon

NETFLIX.COM

WALK into any department store, and you’ll get a sense of the powerful brands built by high-end American designers: Calvin Klein, Michael Kors, Ralph Lauren, Donna Karan. They created veritable fashion empires by leveraging their names to create lower-priced lines and sign profitable licensing agreements.

But before them all, there was Roy Halston Frowick — better known by the singular appellation Halston.

The subject of an eponymous Netflix miniseries starring Ewan McGregor, Halston became one of the earliest American designers to extend his brand to multiple price points. In doing so, he made designs that were normally out of reach for everyday Americans available to the masses.

But as fashion historians, we’ll often tell Halston’s story as a cautionary one. Though he made style seem effortless, his relationship with the fashion industry was anything but uncomplicated.

A born-and-bred Midwesterner, Halston found early success in hat design working as a custom milliner for Bergdorf Goodman. Halston soon became known as a trendsetter, and, in a notable triumph for the young designer, first lady Jacqueline Kennedy wore one of Halston’s signature pillbox hats at her husband’s inauguration.

Later in the 1960s, Halston made the foray into dress design. His success was equal parts talent and serendipity, and he once described his approach as “editing the mood of what’s happening.”

Although overt simplicity may seem incongruous with grandeur, Halston garments were both understated and luxurious.

Halston’s body-skimming silk chiffon caftans, jersey wraparound dresses and long cashmere sweaters were often constructed using just one piece of fabric. They covered the body fully, but through careful manipulation of the fabric — wrapping, draping and twisting — Halston’s pieces were sensuous and flattering.

Halston was even able to turn Ultrasuede — a soft, synthetic, machine-washable faux suede — into a status symbol, molding it into elegant shirtdresses and coats. These became popular despite — or maybe because of — their utter plainness. His garments were fitting for the 1970s, when a shaky economy made flagrant displays of wealth unseemly.

Yet the designer’s social life was the opposite of understated. In fact, the image of fashion design as a glamorous and exciting profession owes much to Halston. During his heyday, he was at “the top of the fashion show-biz heap,” as Women’s Wear Daily publisher John Fairchild once wrote.

At the legendary Studio 54, he mingled with Bianca Jagger and Andy Warhol. The world-famous disco club became both a showroom for Halston’s designs and a stage for the man himself, and Halston was often accompanied by an entourage of beautiful women known as “the Halstonettes.”

As his stature grew, Halston always looked for ways to expand his fashion empire.

Early in his career, he experimented with what’s known as “brand diffusion” — which is companies’ use of the same brand name on items at varying price points.

His high-end line was Halston Ltd., a made-to-order, ready-to-wear business. Located on New York City’s Madison Avenue, it catered to an exclusive list of private clientele that included film and television stars like Lauren Bacall, Greta Garbo, Liza Minelli, and Elizabeth Taylor.

Meanwhile, the Halston Originals boutique sold dresses to department stores across the country, with prices ranging from $150 to over $1,000. And with Halston International, the designer created “component” knit pieces — not outfits, but singular garments, turtlenecks, sweater sets, shirts, and coats that consumers could mix and match to their delight.

After the business conglomerate Norton Simon, Inc. acquired the Halston businesses in 1973, Halston remained lead designer of his many collections. He worked at a frenetic pace, creating all of the uniforms for the winter and summer 1976 US Olympic athletes and making costumes for Martha Graham’s ballet production Lucifer. Products bearing his name included perfumes, luggage, home linens, coats, rainwear, and even wigs. By 1983, Halston Enterprises was generating an estimated $150 million in annual sales.

Perhaps emboldened by his success or motivated by his heartland roots, Halston signed with JCPenney in 1983 for the creation of an exclusive line that was, as he put it, “for the American people.”

With items priced from $24 to $200, the “III line” marked a new era in fashion and retailing.

While high-end fashion designer Pierre Cardin pioneered this form of licensing in Europe, the project of pairing a high-fashion designer with a mass merchandiser best known for selling Levi’s, hardware, and household goods was unusual in the United States. While Halston contended it was immensely successful, claiming it generated $1 billion in sales, JCPenney’s executives were less enthusiastic. By the mid-1980s, industry insiders were suggesting that the garments were not selling as well as expected.

The JCPenney’s deal ultimately proved to be damaging for Halston. Wary high-end retailers, including his early employer, Bergdorf Goodman, were fearful that the prestige of the Halston name was sullied by its presence on the racks of a mass-market merchandiser. Bergdorf Goodman eventually dropped his line altogether.

Meanwhile, Halston’s growing reputation of excessive spending and erratic behavior increasingly left his brand to the decisions of businessmen and creative control to other parties. Halston was relegated to the sidelines, and his corporate deals effectively cost him the right to his own name.

In 1988, Halston was diagnosed with AIDS. He lived out of the public eye until his death in 1990.

Despite its eventual failure, Halston’s pairing with JCPenney was truly ahead of its time.

Citing the importance of creating practical, easy-care leisurewear for working women and young mothers, Halston tried to offer a fashionable wardrobe at reasonable prices that nearly everyone could afford.

Contemporaries such as Anne Klein, Calvin Klein, Ralph Lauren, and Kenzo Takada would immediately try out similar diffusion lines. All pulled it off without suffering the extraordinary professional cost that Halston endured.

These designers’ corporate and creative decisions were arguably more tightly controlled than Halston’s devil-may-care diffusion. Acquisitions of these companies by larger conglomerates occurred much later than Halston’s, often decades into the brand’s existence. Perhaps this gave additional time for these brands to arrive at a more singular vision.

Maintaining a consistent direction over such a diverse array of lines proved unfeasible for Halston, and something was lost along the way: the cachet and the allure that made a Halston a Halston.

Halston’s successes and ultimate downfall have provided a cautious inspiration. Isaac Mizrahi’s 2003 collaboration with Target — 20 years after Halston’s pairing with JCPenney — became a boon for both parties.

It was not, however, without trepidation. In 2019, Mizrahi reminisced that the partnership “was a very scary thing. Halston was my idol … and he had failed.”

Relationships between designers and retailers are now commonplace in a climate where the most fashionable and visible of women freely mix and match mass market and luxury items, and designers deftly jump between discount retail and the runway.

Halston’s brand lives on, but resuscitating it has been a long process. Fashion heavyweights Kevan Hall and Marios Schwab, as well as style figures Rachel Zoe and Sarah Jessica Parker, have lent their creativity and business acumen to the brand, with limited success.

With the release of Netflix’s Halston, a new revival is at hand: not of the line, but of the personality that for a comparatively brief but glittering — moment, ruled the fashion world with devastating simplicity.

 

Jennifer Gordon is a Lecturer of Apparel, Events and Hospitality Management at the Iowa State University. Sara Marcketti is a Professor of Apparel, Events, and Hospitality Management, at the Iowa State University

DITO Telecommunity launches mobile services in NCR

DITO Telecommunity Corp. has started offering its mobile services in the National Capital Region (NCR) and other parts of the country on Monday.

The move brings up the telco company’s presence to 100 cities and municipalities.

“We are now available in 16 cities and one municipality in NCR. Among these are Quezon City, Paranaque, Taguig, Makati, San Juan, Malabon, Valenzuela and Marikina,” DITO’s Chief Administrative Officer Adel A. Tamano said during a press briefing.

The company also announced that 29 more areas in Luzon and Visayas can now avail of DITO’s services. Some of these are Taytay, Cainta, Meycauayan, Subic, Olongapo, and Angeles.

Mr. Tamano said that subscribers can enjoy 25GB of high-speed data for 30 days from May 17 to June 30 for P199. The offer comes with free unlimited texts to all networks, unlimited DITO to DITO calls and free 300 minutes of calls to other networks.

The welcome offer will be available for purchase in various channels, including DITO stores, device retail partner outlets, the DITO online store, and Shopee and Lazada.

“DITO’s presence in the NCR can only mean a healthier competition among the country’s leading telcos, ensuring better telco services… for every Filipino,” Gamaliel A. Cordoba, the National Telecommunications Commission commissioner said during the briefing.

At present, DITO is available in more than 3,000 stores nationwide.

During the event, DITO Chairman and Chief Executive Officer Dennis A. Uy said that network optimization has been happening at “full-speed.”

“Tower and infrastructure rollout have continued unabated despite the pandemic to ensure that our subscribers numbering close to half-a-million Filipinos continue to enjoy top notch experience — speed and service we truly deserve,” Mr. Uy said.

The company will continue to expand to match its revenues to reach its 51% population coverage target in time for DITO’s second-year audit, Chief Technology Officer Rodolfo D. Santiago said.

“We would like to, of course, cover the rest of the country. By July of this year, we are expecting to meet the 51% population coverage as mandated. Next year, (our target is to reach) 70%,” Mr. Santiago said.

In the three months ending March, DITO’s attributable net income to its parent declined by around 70% to P8.24 million year on year.

Shares in DITO at the local bourse declined by 10% or 89 centavos to finish at P8.10 apiece on Monday. — Angelica Y. Yang

Huarong secures funding backstop from state banks through August

CHINA HUARONG Asset Management Co. has reached funding agreements with state-owned banks to ensure it can repay debt through at least the end of August, by which time the company aims to have completed its 2020 financial statements, people familiar with the matter said.

The liquidity support, arranged under the guidance of China’s financial regulator, means Huarong can obtain financing from lenders such as Industrial & Commercial Bank of China Ltd. (ICBC) if needed, the people said, asking not to be identified as the matter is private. The distressed debt manager has been effectively shut out of the offshore bond market since the end of March, when it spooked investors by missing a deadline to disclose 2020 results.

Huarong plans to finish its annual report before the end of August, the people said. It’s unclear whether the funding backstop from state banks will be extended beyond that point.

While big questions remain about Huarong’s long-term plans to overhaul its business, the funding arrangement suggests the embattled firm still enjoys near-term financial support from China’s government.

Authorities may be keen to avoid any major market disruptions around the politically sensitive 100th anniversary of the ruling Communist Party on July 1. Huarong has the equivalent of $2.83 billion in offshore and onshore bonds coming due through August, including a dollar bond that matures on Thursday, data compiled by Bloomberg show.

The company has become a closely watched proxy for China’s willingness to backstop government-owned borrowers amid a record wave of corporate defaults. Investors have grown concerned about Huarong’s financial health — and its level of support from Beijing — after an ill-fated expansion under former Chairman Lai Xiaomin, who was executed for crimes including bribery in January.

Market sentiment toward Huarong has deteriorated in recent days after Caixin Media’s WeNews reported that the company was urged by regulators to solve its financial issues on its own. While bond prices indicate investors are still betting Huarong will meet its near-term obligations, there’s far less certainty now than before the company’s earnings delay jolted the market.

Huarong’s $400 million bond maturing in July, which traded at par before the delay, is now priced at about 94 cents — an unusually steep discount for an issuer that’s still considered by the major international ratings firms to be investment grade. The company’s $1.5-billion perpetual bond is trading at about 63 cents, reflecting even bigger doubts about its long-term prospects.

Losses have recently spread from the offshore market to several of Huarong’s bonds onshore. A 2023 note issued by the company’s securities unit plunged 18.8 yuan to 80 yuan on Monday, according to Shanghai fixed-income trading platform prices compiled by Bloomberg. One of the company’s onshore notes due 2022 sank to a record low last week.

Huarong, the China Banking and Insurance Regulatory Commission (CBIRC) and ICBC didn’t immediately reply to requests for comment.

Huarong said in a response to questions from Bloomberg last week that it’s prepared to make future bond payments and has seen no change in support from China’s government. The company repaid its S$600-million ($452-million) bond due April 27 with funds provided by ICBC’s Singapore branch, people familiar with the matter said last month.

China’s government has so far been quiet about Huarong’s fate, apart from comments by the CBIRC last month that the company was operating normally and had ample liquidity. Defaults at state-backed firms have increased in recent years as President Xi Jinping dialed back support for weaker borrowers to reduce moral hazard, though none of those that missed payments were as systemically important as Huarong.

The company owes domestic and international bondholders the equivalent of about $41 billion and ranks among the biggest Chinese issuers in offshore markets. It is majority owned by China’s Ministry of Finance and is deeply intertwined with the nation’s $54-trillion financial industry.

Any default by Huarong would undermine a longstanding assumption that China’s government will always step in to help to important state companies in times of trouble. — Bloomberg

New condo to rise in Tagaytay Highlands

HIGHLANDS PRIME, Inc. unveiled the newest residential condominium in Horizon Terraces in Tagaytay Highlands.

The company in a statement said Garden Suites is a five-storey, low-density residential condominium sitting on 3.2 hectares of land, near the Midlands Golf Course.

Garden Suites offers one- and two-bedroom units with sizes from 43 to 68 square meters.

“Balconies on the higher floors of the Garden Suites offer the best vantage points for viewing Taal Lake & Volcano. Ground floor units, on the other hand, have terraces ideal for mindful communing with nature,” the company said.

Horizon Terraces has dedicated 70% of its land area to recreational and open garden spaces.

Similar to Tagaytay Highlands’ other themed residential projects, homeownership at Horizon Terraces’ Garden Suites comes with a membership to The Country Club, plus access to cable cars, sports facilities, and restaurants.