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American Idol creator looks to find next superstar on TikTok

AMERICAN IDOL creator Simon Fuller is turning to TikTok to find the next pop superstar, a sign of how much clout the controversial app has gained in the music world.

Fuller said Friday that he’ll conduct an audition process over TikTok, the short-form video app that has become a kingmaker in the music industry — and a focus of President Donald Trump’s widening crackdown on Chinese technology. He didn’t disclose how the auditions would take place, or whether they would be recorded for a television show, but Fuller has a long track record of marrying TV with pop music.

Already, record labels scour TikTok for new talent, looking to find the next Lil Nas X, Benee or Doja Cat — artists who gained stardom and millions of fans after their songs went viral on the app.

“With the help of the TikTok audience, I will bring together a lineup of incredible artists to shape the next level of pop fandom,” Fuller said in a statement.

After years of working as a record label executive and a manager of artists including the Spice Girls, Fuller created the British series Pop Idol in 2001. The competition show pitted aspiring musicians against one another in front of judges, including a record executive named Simon Cowell. Adapted for US audiences into American Idol, the program became the most popular show in the nation. Along the way, host Ryan Seacrest, Cowell and many contestants turned into global celebrities.

Fuller has since formed a new company to manage entertainers and was the executive producer for So You Think You Can Dance.

The partnership with TikTok comes at a fraught moment for the company. Trump has threatened to ban the app, prompting its owner ByteDance to explore a sale of the US version. On Thursday, Trump signed an executive order barring any transactions with its parent company starting in 45 days.

But TikTok has a loyal following among users in their teens and 20s, and its influence has only grown in the music industry.

“Together with Simon Fuller, we have the opportunity to find the next stars, many of whom are on TikTok today, and empower them to become a cultural phenomenon,” said TikTok Chief Executive Officer Kevin Mayer. — Bloomberg

Alliance Select swings to profit

ALLIANCE SELECT Foods International, Inc. returned to profitability in the first quarter despite lower sales due to reduced costs on borrowings.

In a regulatory filing on Monday, the seafood company said it recorded an attributable net income of $26,990 in January to March, a reversal of the $7,158 attributable net loss it posted in the same period last year.

This was despite a 19% drop in net sales to $15.94 million, as the company’s 2019 top line included sales from its US subsidiary Spence & Co. Ltd. The subsidiary was sold in October.

The bottom line was cushioned by the 51% decline in finance costs, which went down due to lower average loan balance for working capital and lower borrowing rates.

“The first quarter’s steady performance shows our strengthened manpower complement and increased production efficiencies in (the first quarter) — two of the main drivers that impacted last year’s performance,” Alliance Select Chief Executive Officer Raymond K.H. See said in a statement.

“The improvements made in these key areas helped cushion against COVID-19 (coronavirus disease 2019)-related disruptions in the first quarter,” he added.

As the pandemic continues, Alliance Select said it remains optimistic it can weather the challenges as its financial position has become healthier with loan borrowings reduced by $4.5 million.

“While we do anticipate that COVID-19-related disruptions will continue to impact the group in the near term, now that the company is in a strong financial position, and as long as we continue to improve efficiencies in production and maintain resilient operations, (Alliance Select) should be on track for sustainable profitability, and that will become more evident through our results over time,” Mr. See said.

Alliance Select is a General Santos City-born manufacturer that distributes tuna and other seafood products worldwide. It operates in the Philippines, New Zealand and Thailand.

Shares in Alliance Select at the stock exchange increased four centavos or 6.35% to 67 centavos each on Monday. — Denise A. Valdez

MTV’s Video Music Awards drops plans for indoor show due to coronavirus

LOS ANGELES — MTV has abandoned the idea of holding its Video Music Awards (VMA) show at an indoor venue in New York because of the complications of the coronavirus epidemic.

The VMA show on Aug. 30, which traditionally features live performances from music’s biggest stars, will instead go ahead with some artists performing at outdoor locations, MTV and the Barclays Center arena said on Friday.

The VMA ceremony was to be the first major awards show since the pandemic began to take place in a physical location, at the Barclays Center in Brooklyn.

“In close consultation with state and local health officials‎, it became clear at this time that outdoor performances with limited or no audience would be more feasible and safer than an indoor event,” MTV and the Barclays Center said in a joint statement.

The statement said all local health guidelines will be observed for the outdoor performances, which will take place at locations around New York City. It did not say which artists would be performing outdoors.

The coronavirus outbreak has forced the cancellation of dozens of film festivals and concerts and shuttered Broadway theaters.

Last week organizers of the Emmy Awards show honoring the best in television, which is usually held in Los Angeles in front of a large A-list audience, said this year’s event in September would be a virtual affair.

Pop stars Ariana Grande and Lady Gaga lead nominations for the Video Music Awards, which also added two new categories to reflect how musicians are responding to the coronavirus pandemic. — Reuters

Vivant’s first-half net earnings down as power sales decline

VIVANT CORP. saw a 35% drop in after-tax net income to P814.4 million as the company’s subsidiaries recorded reduced power in the first semester.

In a regulatory filing, the Cebu-based listed firm posted a 31.7% decline in attributable income to P743.41 million between January and June.

Its total revenues dropped by 43% to P1.8 billion in the period mainly due to the slump in its power sales.

The 62% drop in the sale of power to P761 million was driven mainly by the 53% sales contraction of 1590 Energy Corp. on reduced volume and prices in the Wholesale Electricity Spot Market (WESM), as well as the absence of energy sales in Vivant Energy Corp. (VEC).

To recall, VEC’s supply deal with state-led Power Sector Assets and Liabilities Management Corp. (PSALM) got terminated in September last year.

However, the holding firm’s special purpose vehicle ET-Energy Island, Inc., which carries out rooftop solar projects, saw an 11% increase in energy sales.

Vivant’s share in net earnings of associates and joint ventures decreased by 13% to P905.5 million in the first six months of 2020.

Visayan Electric Co., the company’s wholly-owned utility, brought in P394.6 million in net income contribution, down 3% from last year due to an 8% drop in volume sold during the period.

Reduced energy sales pulled down Minergy Power Corp.’s income share by 10%.

Lower spot market sales by its associate, Cebu Energy Development Corp., drove Abovant Holdings, Inc.’s income share down 9%. Cebu Private Power Corp. also saw a drop in its contribution due to depressed revenues from its sale of excess capacity at the spot market.

The maintenance work of its 20%-owned Therma Visayas, Inc. in the first quarter caused the company to shoulder an interest expense on debts and replacement power costs of P44 million.

Further, the declines in contracted capacities and lower selling prices brought down retail electricity supplier Prism Energy, Inc.’s contribution by 56%.

Only Delta P, Inc. and Calamian Islands Power Corp., both 50%-owned firms, contributed higher income shares at P34 million and P24.6 million, respectively, due in part to reductions in debt service costs.

On Monday, shares in Vivant Corp. jumped by 10.81% to close at P14.96 each. — Adam J. Ang

Dirty Dancing sequel in the works with original star Jennifer Grey

LOS ANGELES — Jennifer Grey, the actress who starred opposite Patrick Swayze in romantic drama Dirty Dancing, will appear in a sequel to the classic 1987 movie, the studio behind the film announced on Thursday.

Grey also will serve as an executive producer on the film, which will be directed by Warm Bodies director Jonathan Levine, said Jon Feltheimer, chief executive of Lions Gate Entertainment Corp.

“It will be exactly the kind of romantic nostalgic movie that the franchise’s fans have been waiting for,” Feltheimer said on a call with industry analysts.

The company did not provide any details about the movie’s plot or when it would be released.

In the original film, Grey played Frances “Baby” Houseman, a teenager who becomes smitten with a dance instructor (Swayze) while on vacation at a New York resort in the 1960s.

Swayze died of cancer in 2009 at age 57.

Dirty Dancing was a box office smash and featured the hit song “(I’ve Had) The Time of My Life,” which won an Oscar for best original song. — Reuters

SEC warns against two unauthorized forex traders

THE Securities and Exchange Commission (SEC) has flagged unauthorized groups masking as foreign exchange (forex) traders, trying to solicit investments from the public without a license.

The corporate regulator issued separate warnings on its website identifying 1 Heal 1 World Trading and Juan Savings as groups that offer illegitimate investment opportunities.

These entities were investigated by the SEC and found luring the public to invest in exchange of profits. This activity is equivalent to selling investment contracts, an activity that requires a secondary license from the SEC.

Specifically, the SEC said 1 Heal 1 World Trading pretends to be engaged in foreign exchange trading. It solicits P1,000-P50,000 as capital in exchange of a 170% return on investment in 25 days. The payout is given in four cycles with a 5% deduction, it said.

Similarly, Juan Savings claims to be dealing with foreign exchange trading and invites investors through a Facebook page. It promises a 7% interest rate, locks in an investment for 10 months and pays investors their profits every month.

However, the SEC said both 1 Heal 1 World Trading and Juan Savings are not registered businesses. They are also not authorized to solicit investments from the public as they have not secured a license to sell securities.

The SEC also noted it currently does not allow the registration of foreign exchange to be used as securities, as its governing rules are still suspended.

The public is advised not to invest or to stop investing in 1 Heal 1 World Trading and Juan Savings.

Salesmen, brokers, dealers and agents of the two groups may be penalized for violation of the Securities Regulation Code in the form of a maximum P5-million fine, maximum 21 years of imprisonment, or both.

The names of individuals involved in the schemes will also be reported to the Bureau of Internal Revenue for other appropriate penalties. — Denise A. Valdez

A brilliant game that nobody should miss

VIDEO GAME REVIEW
Ghost of Tsushima
Sony PlayStation 4

Ghost of Tsushima won’t strike gamers long familiar with the action-adventure genre as transcendent at first glance. Those who have spent countless hours captivated by, say, Assassin’s Creed: Odyssey and Lord Of The Rings: Shadow of War won’t find its grounded setting appealing from afar. That said, all it takes is one spin, however short, for doubters to conclude that even its well-made trailers don’t do it justice; it’s like a cake that looks nothing out of the ordinary in appearance, but hooks the reluctant with just a single taste. Certainly, its unique sense of style and presentation entices even the most skeptical to binge on it with nary a care for the time.

In Ghost of Tsushima, players take control of samurai warrior Jin Sakai in his fight against the Mongol hordes of Khotun Khan. The invaders have overrun the Japanese island of Tsushima, conquered its castles, ravaged its villages, and have made slaves of its women and children. Only the principal protagonist can hope to stand against them, outnumbered but not outmatched. Through careful use of bow, sword, and stealth, he sets off to fight the raiders, slay their leader, and put an end to their tyranny — all while coming to terms with his understanding of honor, justice, and victory.

Indeed, Ghost of Tsushima winds up being so good that a second pass-through on a harder mode becomes not just an option, but a requisite. The ensuing challenge enables gamers to appreciate it even more, as clear a testament as any on the effort Sucker Punch Productions put into its development. In this regard, it is helped no end by its outstanding audio-visual presentation. It looks pretty damn good, able to pull off its Japanese aesthetic and immersing gamers in its late 13th century setting from the get-go. True, plenty of samurai games have come before it, but it knows to distinguish itself with the perfect mix of gorgeous looks and sounds and compelling gameplay.

As soon as Ghost of Tsushima boots up, players are treated to the awesome sight of the Mongol ships looming across the horizon. The night is dark, and Jin peers into the endless darkness, seeing only the torches of the invaders who mean to sack his home. Fast forward mere minutes later, and he finds himself part of a daring charge of men and horses, throwing himself into a carnage of blood, steel, and arrows. It is a hopeless fight, and yet, amidst the chaos, he finds peace in doing his duty and upholding his honor, even if death beckons with every step.

These are just a handful of the sequences that Ghost of Tsushima is able to showcase at the outset. There are plenty more of them to have, and they all look — and feel — beautiful. That said, the non-scripted sequences are even better. Minutes after the prologue ends, gamers are given the freedom to wander about the place, and that’s where it’s presentation really shines. It pushes its venerable Unreal Engine 5 foundation to the limit; rides across the empty plains or glances at the ocean as the distant stars twinkle underscore the lushness of the sceneries and the painstaking care given to every nook and cranny of the island.

By design, Ghost of Tsushima’s tutorial is fairly rote; the objective is to show the basics of its interface. Jin can swing his katana with a light attack and a heavy attack. He can parry certain enemy strikes and dodge enemy blows, and, if he’s in a pinch, heal himself from some of the damage he’s taken. These moves may make combat seem limited, but it does branch out over time. By accomplishing side missions alongside principal objectives, gamers can add to the central character’s accomplishments and grow his “legend,” its stand-in for an experience bar. And once his legend hits certain thresholds, he gains access to various bonuses like increased health, increased resolve, and special attacks, techniques, and various other perks to make combat easier.

And while this all does sound pretty generic, Ghost of Tsushima is anything but. Its concepts may not be new, but how it implements them is downright amazing to experience. This is due in part to how combat plays out. Fights can be over in mere seconds. Taking damage can be punishing, and in the harder difficulty modes, death is always but a few mistakes away, with enemies being able to eat away at large bits of health in a handful of sword swipes. While Jin is able to strengthen his durability by equipping himself with armor and charms, a few stray hits can end his life. Only through superior skill can he truly triumph, and, given the challenges, it feels gratifying when he does.

From parrying enemy blows to breaking an opponent’s guard, Jin controls fantastically well; he is able to strike, feint, and dodge at a moment’s notice. Ghost of Tsushima’s camera can be a little rough at times, especially in duels, but the overall smoothness of combat combined with the lethal pace it takes turns every fight into a life-and-death experience. There are only a few enemy variations in the game, but the color and status of their armor dictates how aggressive they can be and how skilled they are. Lower-ranked enemies have few moves, but higher-ranked ones, especially those dressed in green and yellow armor, not only have less openings in their swings, but also have access to a variety of special attacks.

Thus, each encounter in Ghost of Tsushima is a deadly one. While the same enemy types are presented over and over again, the pace with which they attack, the moves they do, and the way various weapon types interact with one another make each battle unique. Enemies with swords swing fast, enemies with polearms have unstoppable attacks, and the bigger, larger brutes have huge arcing swings with their weapons. One may be no threat, but when two or three of them come bearing down, gamers need to control Jin as best they can to overcome them.

Some may find the constant challenges tiring, especially on the harder modes, but it’s the unrelenting pressure that makes Ghost of Tsushima feel so unique. Caught under the boot of an invading army, Jin must struggle to survive, with each encounter training both him and the gamer that controls him. Parenthetically, fighting isn’t the only way to deal with the Mongols. While the story is mainly about him being a samurai and following the samurai code, it takes a twist later on when he starts to abandon honor in favor of efficiency and potency in killing his enemies.

Within Ghost of Tsushima, Jin’s transformation comes via silent assassinations, prompts at which he can take down enemies before anyone even notices. He can make use of other tools called ghost weapons, with these ranging from thrown kunai to wound enemies, to various smoke and sticky bombs to debilitate and throw off his attacks. He can also gain access to a bow and a longbow, with both bows capable of firing off a plethora of deadly fire and explosive arrows to deal with enemies from afar.

And this is really how the Ghost of Tsushima is able to stand out. Keep in mind, these concepts are not new; plenty of other games have done this before, able to look and play smoothly while combining fast combat and stealth mechanics with role-playing game elements. Even then, few can claim to blend these together as seamlessly as it does. Its mechanics may have less depth, but the sheer smoothness of its presentation and quality of its gameplay make it stand out all the same. Inside it beats the heart of a samurai flick: a story of a sense of duty conflicting with the need to uphold the greater good.

In a nutshell, Ghost of Tsushima is a brilliant game that nobody should miss. It is the perfect swan song for the Sony Playstation 4, emerging as one of its best releases to date. It may not reinvent its genre, but it is what most action-adventure titles should aspire to be like. Beautiful to look at, smooth to play, interesting to watch, and addictive enough to keep playing until the end. And then some.

THE GOOD:

Outstanding presentation combined with stunning set pieces

Compelling storyline

Fast paced, enjoyable combat mechanics that rely on quick reflexes and player skill in equal measure

Plenty of content on the side that never gets boring or feels rushed

THE BAD:

Exhibits minor slowdown during a few sequences

Occasionally stiff player camera

RATING: 9.5/10

POSTSCRIPT: It’s no accident that Fairy Tail’s release had to be delayed a full quarter. The significant following of the manga and anime franchise necessitated its improvement prior to being deemed worthy of hitting retail shelves. The good news is that the wait has not been for naught. It’s a Japanese role-playing game that doesn’t redefine the genre, but delivers exactly what fans expect: loads of development and interactions of familiar protagonists. In fact, developer Gust went the other extreme; it assumes the popularity of the source material and wastes no time on preambles. It starts off the game smack dab in the middle of events of the Weekly Shonen Magazine series and assumes gamers can immediately follow the narrative.

To be fair, newcomers to the jj intellectual property won’t stay uninformed for long. The beloved story of wizards, dragon slayers, and demons in Earth-land is easy enough to pick up despite the hefty backstories brought up left and right, with gamers tasked to rebuild the Fairy Tail guild to its former glory through quests, the fulfillment of specific missions, the forging and fortifying of relationships, turn-based combat after turn-based combat, and, needless to say, heroic feats that ultimately save the world. In short, it’s nothing new and nothing JRPG veterans haven’t seen before.

Fortunately, the familiar JRPG beats are dressed in resplendent Fairy Tail garb. The three-dimensional models and backgrounds are luscious and meticulously detailed for the most part, backstopping a resplendent sound mix that celebrates its fun, if sometimes, frivolous take on genre staples. Indeed, there are character development and specific story arcs, but not to the point of eating up precious time. And while grinding is a given, it’s not required to excess. There’s likewise a good amount of fan service, but far from overbearing to the point of embarrassment.

All told, Fairy Tail earns its keep by hitting the right notes to satisfy followers of the manga craving for a worthy crossover title. Its ultra-smooth interface and deep but not complicated battle mechanics ensure hours upon hours of enjoyment. And, unlike plenty of JRPG offerings, it’s designed to be completed in a reasonable time frame. Highly recommended.

THE GOOD:

Faithful representation of the source material

Complex but not complicated battle systems

Doesn’t take itself too seriously

THE BAD:

No preambles

While not to excess, grinding still a requirement

Cutscenes and animations better appreciated by those steeped in the series

Avoidable fan service

RATING: 8/10

THE LAST WORD: To argue that the release of Deadly Premonition 2: A Blessing In Disguise on the Nintendo Switch comes as a surprise would be an understatement, and not just because it’s a full decade since the original first hit store shelves. Deadly Premonition was an unusual survival horror title that played around with perspectives a la David Lynch, and the technical issues that plagued it on both the Sony PlayStation 3 and Xbox 360 didn’t help. Evidently, it wound up gaining enough of a cult following to enable director Hidetaka Suehiro to follow through on his vision of blending humor, pop culture, and no small measure of the supernatural via a follow-up title for the current-generation hybrid console.

The result, perhaps not surprisingly, is dependent on initial expectations. Deadly Premonition 2: A Blessing In Disguise should be right up the alley of those who viewed its predecessor as transcendent. They’re certainly buoyed by their experience, because it wastes no time introducing series protagonist Francis Morgan, who’s now much older and battling not just an illness, but likewise a faulty memory, particularly as it relates to his investigation of a murder in rural Le Carré, Louisiana 14 years prior. Meanwhile, those without any knowledge of the source material will find themselves struggling to keep their interest in more ways than one.

Which, in a nutshell, is unfortunate, because Deadly Premonition 2: A Blessing In Disguise rewards the effort put into completing its 20-odd hours of gameplay. To be sure, not inconsiderable patience is required; even with the patches, it suffers from issues that belie its $49.99 price tag. Loading takes a while on occasion, and frame rates drop to near-insurmountable levels when the screen gets too busy for comfort. The wonder is that it shouldn’t suffer from the aforesaid concerns since its video and audio presentations hardly push the envelope.

Through all these, though, Deadly Premonition 2: A Blessing In Disguise manages to earn its keep because of its refusal to be anything but true to itself. Its B-movie predilections are, if nothing else, deliberate, in a clear nod to everything that made Deadly Premonition work. Gamers out to play safe and tread the beaten path should stay away. Meanwhile, the more adventurous and willing to dab into a heady mix of noir and the surreal steeped in character development will find it worth their while.

THE GOOD:

Stays true to its roots

Laced with offbeat humor and pop culture references

Heady mix of noir and the surreal

Outstanding character development

THE BAD:

Still not big-free even after patches

Outdated graphics

Significant frame drops

Long load times

Calendar-based trigger events lead to occasional bouts with ennui

RATING: 7.5/10

Gov’t raises P20B from T-bills

THE GOVERNMENT made a full award of the Treasury bills (T-bills) auctioned off on Monday as rates eased across-the-board amid strong liquidity.

The Bureau of the Treasury (BTr) borrowed P20 billion as planned on Monday via the T-bills as the offer was thrice oversubscribed, with bids reaching P60.298 billion.

It also opened the tap facility to offer P5 billion in one-year T-bills to borrow more at the low rates offered by investors.

The BTr raised P5 billion as planned via the 91-day debt papers out of P16.935 billion in bids. The three-month papers fetched an average rate of 1.113%, down 10.8 basis points (bps) from the 1.221% logged in the auction last week.

It also made a full P5-billion award of the 182-day T-bills as total tenders hit P17.078 billion. The average rate of the six-month papers slid 6.8 bps to 1.386% from 1.454% previously.

For the 364-day securities, the Treasury fully awarded the programmed P10 billion out of bids worth P26.285 billion. The one-year instruments were quoted at an average rate of 1.746%, down 0.3 bp from the previous rate of 1.749%.

The auction was met with strong demand as investors continue to prefer short-term safe-haven assets, National Treasurer Rosalia V. de Leon said, even as the public offer of retail Treasury bonds (RTBs) just ended last week.

“Continued strong buying interest on front end of curve at lower rates amidst RTB record issuance,” Ms. De Leon told reporters via Viber on Monday.

The Treasury sold a record P516.3 billion in five-year RTBs amid strong demand boosted by online sales.

The papers carry a coupon of 2.625% per annum and will be issued on Wednesday, Aug. 12.

“Despite the BTr’s announcement of a record breaking RTB issuance in terms of volume and BSP Governor Diokno’s pronouncements of a pause in monetary easing, demand for T-bills carried on as expected,” Kevin Palma, peso sovereign debt trader of Robinsons Bank Corp., said in a Viber message.

“Same narrative from previous weeks and months that dealers and investors continue to deploy their excess cash to short-term papers while waiting for leads surrounding the pandemic,” Mr. Palma said. “The virus is still very much at large with no signs of slowing down. Until then, risk aversion will perisist which will benefit demand for government securities.”

Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said in a television interview on Monday that “there is no compelling reason” for the central bank to ease benchmark interest rates further since monetary policy works with a lag.

The economy contracted by 16.5% in the second quarter, taking the first-half average to -9%. Economic managers project a 4.5% to 6.6% decline in gross domestic product (GDP) this year.

The Treasury is set to borrow P30 billion in reissued 10-year Treasury bonds (T-bonds) on Tuesday. The notes bear a coupon of 2.875% and have a remaining life of nine years and 11 months.

The government has set a P170-billion borrowing program for August. It will offer P110 billion in T-bills weekly and P60 billion in T-bonds to be auctioned off fortnightly.

It borrows from local and foreign lenders to plug its budget deficit seen to hit 9.6% of GDP this year. It plans to borrow around P3 trillion this year. — B.M. Laforga

Companies seen to prefer offices within townships amid pandemic

COMPANIES are increasingly looking to set up offices in townships, which also offer residential and commercial components. — PHILSTAR/MICHAEL VARCAS

TOWNSHIPS will be the preferred locations for offices as employers try to keep their employees in close proximity, a real estate consultancy firm said.

Lobien Realty Group (LRG) expects some recovery when business returns, even after the pandemic prompted many companies to put expansion plans on hold and Philippine Offshore Gaming Operators (POGOs) give “mixed signals” on their operations.

Total office supply declined to 751,000 square meters (sq.m.) from 1 million sq.m. in the second quarter of 2020 compared to the same period last year. The available supply declined to 378,000 sq.m. from 526,000 sq.m.

Half were leased out in the second quarter of 2020, compared to 47% in the same period last year. Vacancies decreased to 5% from 7.31%, while average rent rose to P1,195 per sq.m. from P1,110 per sq.m.

The company expects office space demand to recover by the end of the year, if the pandemic is contained within the second half.

Demand for office spaces last year mostly came from POGOs and the outsourcing industry.

POGOs occupied 36% of Metro Manila office spaces, taking up 1.16 million square meters of total office space or 10% of total leasable office stock in the country before the pandemic began. By June, five licensed POGOs shut down operations.

“These POGO operators are estimated to account for 11% of the total of 45 companies that are actively operating in the country. The travel restrictions imposed by both the Philippines and China will result in a slowdown of office take-ups from both POGOs and traditional occupiers,” LRG said.

The outsourcing industry still prefers the Philippines, the realty group said, anticipating more investments outside Metro Manila after an outsourcing business group partnered with the government to release their “Digital Cities 2025” or priority cities for investments.

There is 16% vacancy in leasable office spaces in business districts in the provinces.

Office supply in these areas rose to 307,000 sq.m. in the second quarter of 2020 from 297,000 sq.m. last year. The percentage of space leased fell six percentage points to 21%, with average rent rising to P620 per sq.m. from P551 per sq.m.

The company said that there is more demand for flexible workspaces, especially for startup companies and freelancers.

“They are often in prime locations in competitive areas, they are flexible in agreement periods, they offer a sense of community and crowd support services, they are aligned with the changing tech and business environment, and they provide access to pay-as-you-use facilities.” — Jenina P. Ibañez

Toyota launches home delivery for vehicles

TOYOTA MOTORS Philippines Corp. is delivering vehicles directly to customers’ homes during the lockdown.

Car companies like Toyota have rolled out digital sales platforms while the lockdown declared to contain the coronavirus pandemic has limited the movement of consumers.

Toyota will now use its network of dealer outlets to deliver newly purchased vehicles directly to customers, the company said in a press release on Friday.

“Safety procedures will be properly observed by the dealership personnel to ensure a smooth and safe turnover of the customer’s brand new Toyota vehicle,” Toyota said.

The company currently has a virtual showroom that includes information about Toyota’s model lineup and pricing. Customers would then be endorsed to a preferred dealer.

Customers can also use the company’s virtual tool to book appointments and send out aftersales inquiries.

The company said that it continues to apply health safety procedures at its facilities. Motor vehicle sellers may operate at limited capacity under the modified enhanced community quarantine.

Vehicle sales in the country declined by 51.2% to 85,041 units in the first half of 2020 compared with the same period last year. Many car dealerships temporarily shut down due to stricter restrictions at the start of the lockdown.

The industry expects the year’s total sales to fall by 40% from last year, the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) said. — Jenina P. Ibañez

What’s Going On (08/11/20)

Online news satire show premieres

SMALL BUT TERRY RIDON, an online news commentary and satire show hosted by Infrawatch PH convenor Terry Ridon was launched on Youtube and Facebook Sunday night. The show is created and produced by lawyer Terry Ridon, director Victor Tagaro, and photojournalist Jes Aznar through Manila Shimbun TV. The pilot episode takes on President Rodrigo Duterte’s tirades on health workers despite calling for unity against the coronavirus pandemic in the State of the Nation Address. Mr. Ridon was former chair of the Presidential Commission for the Urban Poor and former legislator representing Kabataan Partylist. He is currently completing the General Management Program at the Harvard Business School after studying public policy at the Harvard Kennedy School. For his work in the 2018 film Yield, Mr. Tagaro was awarded the FAMAS Award for Best Documentary Film and Outstanding Achievement in Editing, and the Gawad Urian Award for Best Documentary. Mr. Aznar is an award-winning photojournalist working with several international publications such as the New York Times, Washington Post and for Getty Images. To view the pilot episode, go to https://www.youtube.com/watch?v=D_GE_wgSzpY or  https://web.facebook.com/smallbutterryridon/videos/605888590070739/.

New HBO series Lovecraft Country debuts Aug. 17

HBO’s new drama series Lovecraft Country debuts at the same time as the US on Monday, Aug. 17 at 9 a.m. exclusively on HBO GO. The episode will air on the same day at 10 p.m. on HBO. New episodes will premiere at the same time every Monday. Based on the novel of the same name by Matt Ruff, the 10-episode series follows Atticus Freeman (Jonathan Majors) as he journeys with his childhood friend Letitia (Jurnee Smollett) and his uncle George (Courtney B. Vance) on a road trip from Chicago across 1950s Jim Crow America in search of his missing father Montrose (Michael Kenneth Williams). Their search-and-rescue trip turns into a struggle to survive and overcome both the racist terrors of white America and monstrous creatures that could be ripped from an H.P. Lovecraft paperback. Meanwhile, HBO’s drama series Perry Mason has been renewed for a second season. Starring Emmy winner Matthew Rhys, the executive producers of the series include Robert Downey, Jr. and Susan Downey. The penultimate episode of Perry Mason Season 1 debuts next Monday, Aug. 3 at 9 a.m. exclusively on HBO GO and HBO, with a same day encore at 10 p.m. on HBO. The season finale premieres the following Monday, Aug. 10, at 9 a.m. Catch up on previous episodes on HBO GO. Based on characters created by author Erle Stanley Gardner, the drama series follows the origins of American fiction’s most legendary criminal defense lawyer, Perry Mason in 1931, Los Angeles. When the case of the decade breaks down his door, Mason’s relentless pursuit of the truth reveals a fractured city and just maybe, a pathway to redemption for himself.

The Steve McQueens release new EP

UNDER Umami Records, jazz quartet The Steve McQueens has released a new six-track EP called Tape Ends which features previously unreleased music from the band’s 2018 TAPE tour where they played shows across Singapore and Japan including the Tokyo Jazz Festival. Tape Ends treads a fine line between jazz, soul, and “all-out chaos,” according to a press release. Explaining the EP’s title, the group says “tape obfuscates, hides. Tape repairs, heals. Tape records, history. Tape ends.” Facing 2020’s tumultuous times with their unpredictable nu-jazz form, the four-piece group is currently penning its next album, The Observer. Slated for release in 2021, The Observer pokes at the culture clash between jazz traditionalists and the new vanguard. Upcoming releases from Umami Records include VANNA’s High Hopes (Ran Nir Remix) on Aug. 14, in which Berlin-based producer-songwriter Ran Nir turns VANNA’s indie-folktronica gem into a three-part story, with the main character as the acoustic guitar line traveling through worlds of hope, relaxation, and longing for change; Dominic Chin’s deeply personal song “Alone” on Aug. 21, in which the singer-songwriter lays bare his struggle with anxiety disorder; and, Blahza’s Bandz on Aug. 28, in which it raps about hustling, minding your own business, and keeping your cool when the chips are down to a trap/west coast/bounce/dirty south beat.

The Itchyworms to hold virtual album launch

THE Itchyworms will be hosting a virtual album launch to celebrate the release of their  fifth album, Waiting For The End To Start. A few hours before the nine-track album drops on digital platforms worldwide, the pop-rock outfit is set to debut the songs through an online listening and live commentary party, which will be streamed live via The Itchyworms’ official Facebook page on Aug. 17, (Monday), from 7:30 p.m. onwards. The Itchyworms will perform select cuts from the upcoming release. Waiting For The End To Start was conceptualized and recorded with the members of the band confined in their respective homes during the nationwide lockdown. Thematically, the songs are written as a reflection of their individual and collective experiences during the quarantine period. It also inhabits a more adventurous and relentless approach in terms of production and songwriting. The Itchyworms’ Waiting For The End To Start virtual album launch is presented by Sony Music Philippines, GNN Entertainment, and Linya-Linya.

Barbie Almalbis drops “Umagang Kay Ganda” music video

FILIPINA rock icon Barbie Almalbis hopes to encourage and inspire listeners to rise above the extraordinary times with the official release of “Umagang Kay Ganda,” the third single of her upcoming new album under Sony Music Philippines. “The current situation has made so many of us experience such a profound sense of loss, and it has also given us a rare chance to stop and reassess our lives and consider the things that we really value,” the pop-rock artist said in a statement. “I hope ‘Umagang Kay Ganda’ will be a blessing especially to our frontliners. It is our little way to say thank you for the selflessness that they have continually shown and the sacrifices that they have made to help us get through this together.” The new version of the song conveys the timeless appeal of the original, while exuding a warmer approach in terms of production details. The official release of Almalbis’ latest single comes with an accompanying music video that features scenes of the new normal, and also showcases the heroic deeds of frontliners and several acts of compassion and resilience from ordinary Filipino folks. The music video is also part of Magnolia Dari Creme’s campaign reminding the public that in extraordinary times as in the normal times, tomorrow always brings new chances for a brighter day.

AUB posts double-digit drop in Q2 net income

ASIA UNITED Bank Corp. posted lower earnings as it ramped up loan loss reserves. — BW FILE PHOTO

ASIA UNITED BANK Corp. (AUB) booked a double-digit drop in its consolidated net income in the second quarter on higher loan loss provisions amid the coronavirus pandemic.

AUB and its subsidiaries’ net earnings dropped 24% to P1.114 billion last quarter from the P1.461 billion in the same period last year, its unaudited financial statement filed with the bourse on Monday showed.

The bank’s total operating expenses, including provisions for losses, jumped 79% to P2.825 billion “mainly due to the 715% increase in provision for credit and impairment losses as the bank factored in the effect of the pandemic.”

“Significant elements of the group’s net income for the three- month period ended June 30, 2020 and June 30, 2019 came from its continuing operations.”

The lender’s net interest income rose 14% to P2.6 billion on lower interest expenses. Net interest margin stood at 4.57% as of June, up from 4.55% a year ago.

“Increase in interest income from deposits from banks and others were offset by the decrease in interest income from loans and receivables and trading and securities,” it said.

Its other operating income climbed 44% to P1.4 billion in the second quarter, buoyed by the 94% increase in trading and securities gains, but was tempered by the 35% decline in foreign exchange gains due to market volatility.

In the first half, AUB posted a consolidated net income of P2.3 billion, down 10% from a year ago, as the 18% increase in its operating earnings was partly offset by the P1.2 billion it set aside for loan loss reserves.

“Loans and receivables increased by 8%…to P171.7 billion as of June 30, 2020. Propelling the growth were commercial loans and other loan segments such as housing, auto, and salary loans,” the bank said.

AUB’s nonperforming loan (NPL) ratio was at 1.19% at end-June, up from 1.01% a year earlier. Its NPL coverage ratio stood at 118.4%, also higher than the 72.48% logged as of June last year.

Meanwhile, total deposits rose 10% to P230.3 billion from P210.2 billion in the first half, largely due to higher demand deposits.

Its net loan-to-deposit ratio stood at 74.52% as of June, down from 78.58% a year ago.

AUB’s total assets hit P289.011 billion as of June, up from the P251.67 billion logged in the same period last year.

Its return on assets and return on equity were at 1.7% and 13.9% as of June, respectively, down from 2.22% and 17.62% a year earlier.

The bank posted a common equity Tier 1 ratio of 13.81%, higher than the 13.34% posted a year ago, while its capital adequacy ratio was at 16.93%, up from 16.66%.

The bank’s shares dipped 3.43% to close P45.05 apiece on Monday from the Friday’s finish of P46.65 each. — B.M. Laforga