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Radius Telecoms eyeing to cover more areas in Visayas

INTERNET service provider Radius Telecoms, Inc. is looking to expand its network to more areas in the Visayas, a company official said on Thursday.

“Right now, we are within the Meralco (Manila Electric Co.) franchise areas such as Metro Manila, Laguna, parts of Batangas, Quezon, Bulacan, but we are still expanding our network,” Radius Telecoms Vice-President and Chief Executive Officer Jen L. dela Paz said at a virtual briefing.

“We are also in Clark and in Cebu. There might be a couple of areas in the Visayas that we are still looking at. We will make the announcement at the appropriate time,” he added.

Radius Telecoms, a company 100%-owned by power distribution utility Meralco, has a partnership with Cignal TV for its dual-play plans.

“Customers can also opt to get internet only, for those who do not want a Cignal bundle,” Radius Telecoms President and Chief Executive Officer Exequiel C. Delgado said.

“We believe that we are offering a very competitive product considering that it’s really a hundred percent end-to-end fiber, which a lot of our competitors cannot offer fully,” he noted.

“We are making sure that we are offering packages that would be easy on the pockets of our customers.”

The company has a 24/7 customer service, as it promises to deliver “seamless streaming, stable internet connectivity, higher service reliability, and reduced network downtime compared to other providers.”

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Feel good sitcom gets a prequel

Michael V as adult Pepito

AFTER 11 years of following the family life of Pepito Manaloto, his love for Elsa, and longtime friendship with Patrick through the family friendly sitcom Pepito Manaloto (which underwent a number of name changes through the years — Pepito Manaloto: Ang Tunay na Kwento, and Pepito Manoloto: Kuwento Kuwento) the gang returns weekly in a prequel that explains how their relationships began long before winning the lottery that kicked off the first Pepito Manaloto.

The romantic comedy Pepito Manaloto: Ang Unang Kuwento follows the love story of the teenagers Elsa and Pepito. It also uncovers how Pepito’s kindness brought many blessings in his life.

Set in the small barangay in Caniogan, Bulacan in the 1980s, the show is meant to spark nostalgia over the events, music, fashion, and pop culture then.

The original sitcom’s lead comedian Michael V (Beethoven del Valle Bunagan in real life) continues his participation in the show as creative director. He will be joined by his Pepito Manaloto co-star Manilyn Reynes as narrators of the show.

“I think it’s the best direction. Ito yung part ng story na hindi pa na-explore. It gives the creative team so much freedom to do whatever they want,” Mr. Bunagan said in press conference held via Zoom on July 14. He added that it also gives opportunities for young talents to participate in the show.

He believes that the relevance of its stories about family contributed to the show’s longevity.

“I think it’s the relatability that made it this far… Sana itong Unang Kuwento [ay] maging relatable sa mga baguhan. Kasi, as much as luma yung setting, bago yung interaction ng characters (I hope Unang Kwento is relatable to new audiences. As much as the setting is old, the interaction of the characters is new),” he said.

In the prequel, Sef Cadayona and Mikee Quintos play the young Pepito and young Elsa, respectively.

Mr. Cadayona is grateful for all the study materials he had for preparing for the show.

Habang binabasa ko yung script at inaaral ko yung videos ng Pepito, nakikita ko kung saan nagsimula at kung bakit ganoon mag-react si Pepito kay Patrick (While I was reading the script and studying the videos of Pepito, I saw how and why Pepito reacts in a certain manner around Patrick),” he said. “[in the show,] you will see how he bonds with Patrick and how he interacts with Elsa in high school.”

Meanwhile, Ms. Quintos said that the story focuses on the experiences of youth.

“[It’s about] the relationship of the parents and children, friends, and yung nag-uumpisa kang magkaroon ng crush (starting to have crushes), ma-conscious sa hitsura mo (getting conscious of your looks),” she said. “That is the fun mix about this angle of showing a story about youth.”

Joining the cast are Kokoy de Santos as the young Patrick, Archie Alemania as the young Mang Benny, and Gladys Reyes as nanay/Aling Rosa. Also in the cast are Kristoffer Martin, Edgar Allan Guzman, Jay Arcilla, Pokwang, and Angel Guardian. The original show’s long-time director Bert De Leon is also involved in the production.

One of the original show’s unique features is the lessons and educational segment which will continue to be highlighted in every episode.

Gusto namin na kahit sa ibang libro which is the prequel, i-maintain namin na meron matutunan iyung tao (We want that despite it being a different book which is the prequel, we want to maintain that audiences also gain knowledge from it),” Mr. Bunagan said.

Pepito Manaloto: Ang Unang Kuwento will air Saturdays at 6 p.m. on GMA7 beginning July 17. — Michelle Anne P. Soliman

Hyundai opens Cebu dealership

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HYUNDAI Asia Resources, Inc. (HARI) on Thursday launched its trucks and buses dealership showroom in Cebu.

The 2,000-square meter space is owned and operated by Hyundai Cebu Inc. (HCI), one of HARI’s commercial vehicle dealerships.

The dealership has after sales equipment and proactive maintenance services, and it houses a fleet of commercial vehicles for Cebu-based businesses.

Edward Vincent G. Onglatco, HCI president, said that the showroom was launched after long delays.

“We’ve been a dealer since 2016, and finally now we have a house for trucks and buses for our customers… our showroom for servicing and for our customers to view our products,” he said at the virtual launch on Thursday.

HARI President and CEO Ma. Fe Perez-Agudo said that the launch indicates a strong start for the company for the second half of 2021.

“Having been with us for two decades now, Hyundai Cebu Incorporated or HCI truly honors us with their courage and tenacity in the business,” she said.

HARI commercial vehicle sales — excluding light commercial vehicles — declined 93% to 20 units in May from 293 a month earlier, but it doubled its sales from just nine in May 2020.

Its commercial vehicle sales for the first five months increased by more than seven times to 731 units compared to the same period last year, a report from the Association of Vehicle Importers and Distributors, Inc. said.

Imported vehicle sales went up 293% to 4,864 units in May compared to the same month last year. — Jenina P. Ibañez

Cinemalaya goes digital again in 2nd pandemic year

An Sadit Na Planeta (The Little Planet) by Arjanmar H. Rebeta

WITH the coronavirus disease 2019 (COVID-19) pandemic now well into its second year, the Cinemalaya Philippine Independent Film Festival again takes to the digital platform. For this, its 17th edition, Cinemalaya will be held from Aug. 6 to Sept. 5 via streaming platform KTX.ph.

Banking on the know-how built-up from last year’s edition, the country’s biggest independent film festival presents its second online edition this year with 13 short films competing for the Balanghai trophies.

Competing for the Best Film are: An Sadit Na Planeta (The Little Planet) by Arjanmar H. Rebeta; Ang Mga Nawalang Pag-asa At Panlasa (The Lost Hopes And Flavors) by Kevin Jay Ayson; Ang Pagdadalaga Ni Lola Mayumi by Shiri De Leon; Ate O.G. by Kevin Mayuga; Beauty Queen by Myra Aquino; Crossing by Marc Misa; Kawatan Sa Salog (A Toy In The River) by Alphie Velasco; Kids On Fire by Kyle Nieva; Looking For Rafflesias And Other Fleeting Things by James Fajardo; Maski Papano (I Mask Go On) by Che Tagyamon And Glenn Barit; Namnama En Lolang (Grandmother’s Hope) by Jonnie Lyn P. Dasalla; Out Of Body by Enrico Po; and The Dust In Your Place by David Olson.

Not everything will be held online though. The Cultural Center of the Philippines (CCP) will host a hybrid drive-in cinema, dubbed Cinema Under the Stars, where film habitués can watch a film at the Liwasang Ullalim. The first audience-centered on-site event since the lockdown, the hybrid outdoor cinema will welcome everyone, whether they are riding their cars or bikes, or even just walking and jogging.

While this year’s focus is on short films, to unearth new cinematic voices and develop a growing audience for independent long-form cinema for its 2023 edition, Cinemalaya introduces a new direction and further expands its cinematic boundaries through the Cinemalaya Film Lab, a three-month-long film-laboratory mentorship program to be held from September to November.

Meanwhile, the Cinemalaya mainstays remain. Gawad CCP Para sa Alternatibong Pelikula at Video, the longest-running independent film and video competition in Asia, will also continue its run this year.

Visions of Asia, one of the major components of the film festival, will screen award-winning indie films from Asia; while IndieNation screens critically acclaimed feature length and short films produced in the past year that will have a continued run at Cinemalaya.

The festival will also have other components such as the Cinemalaya Retrospectives, featuring past Cinemalaya films, and Cinemalaya Campus, among others. The film festival will also pay tribute to individuals who have made great contributions to the Philippine film industry, including director Mel Chionglo, former head of the Cinemalaya Competition and Monitoring Committee, with the screenings of three of his best films.

Also part of the festival is Premieres, featuring full-length and short films which have been produced in the past year and which will be screened for the first time in the Philippines, as well as the book launch of the Riding the Waves: 15 Years of Cinemalaya, a complete guide to the history of the country’s biggest independent film festival.

For updates, please visit the Cultural Center of the Philippines and Cinemalaya websites.

Holcim allots P210M to cut fuel use in cement plants

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HOLCIM Philippines, Inc. is spending P210 million for projects that are expected to help its cement facilities consume less fuel and bring down their carbon footprint, the building solutions provider said on Thursday.

In a disclosure to the stock exchange, Holcim said that it recently inked an agreement with Sinoma CBMIPH Construction Corp., the local unit of China-based engineering firm Sinoma CBMI, to install two drying facilities in the listed company’s La Union and Misamis Oriental cement plants.

The projects aim to help the firm reduce its fuel consumption and increase the “mineral additive usage” of its cement plants.

Horia Ciprian Adrian, Holcim president and chief executive officer, said: “More efficient operations will help us deliver better financial results and improve our environmental footprint. We look to continue implementing these improvements to meet our objectives of delivering greater value to our shareholders and business partners while becoming better stewards of the environment.”

The drying facility to be installed in the listed firm’s Bacnotan, La Union plant will reuse hot gases from cement operations to dry materials. Meanwhile, the drying facility which will be equipped in the Lugait, Misamis Oriental plant will provide more mineral additives to cement to reduce the firm’s carbon footprint.

The La Union and Misamis Oriental projects will be completed in the first quarter of 2022 and end of October this year, respectively.

In January, Holcim embarked on a P121.5-million worth of projects to improve its Norzagaray, Bulacan cement plant’s ability to convert waste materials to alternative fuels.

Holcim currently operates five cement manufacturing facilities across the country.

The company previously reported that its first-quarter attributable net income to its parent reached P908.92 million, up by 81% compared to its year-on-year level of P501.31 million, as the economy slowly picked up.

Holcim shares at the local bourse improved by 4.18% or 30 centavos to finish P7.48 apiece on Thursday. — Angelica Y. Yang

Stuff to do (07/16/21)

SINGER-songwriter Barbie Almalbis

Barbie Almalbis launches 4th album with show 

SINGER-songwriter Barbie Almalbis releases her fourth studio album, Scenes from Inside, today, July 16, via 12 Stone Records and Sony Music Philippines. The album will be launched with an online live performance featuring Almalbis and her bandmates: Karel Honasan on bass, Jonard Bolor on drums, and Nikko Rivera on keyboards. The virtual album launch will be streamed live on the singer’s official Facebook page tonight at 7 p.m. Featuring intricately produced pop-rock songs, the nine-track release is a testament to Almalbis’ consistency as an artist. “Recording is truly one of my favorite parts about being a musician, but working on everything in one go also often made me feel burned out, and it would take some time to get recharged,” Ms. Almalbis said in a statement. “For Scenes from Inside, we got to focus on just a couple of songs at time, releasing singles instead of an album, allowing us to work at a more relaxed pace, and before we knew it, the album was done!  This new process has made this album the easiest one to finish.” Scenes from Inside is considered to be Almalbis’ most collaborative, bringing in a pool of co-songwriters including partner Martin Honasan, journalist Alya Honasan, and Michelle Rivera.

Robinsons Place Manila Bike Tour

TO SEE Manila in a different light, the National Bicycle Organization (NBO) has organized a ride for beginners around the city with the starting point at Robinsons Place Manila. The Robinsons Place Manila Bike Tour starts on July 17. To register, visit the NBO’s website. Assembly area is at Robinsons Place Manila’s Bike Repair Station near the main entrance along Pedro Gil St. Participants are asked to be at the assembly area at 3:30 p.m., but if they want to do some last-minute bike checks at the Bike Repair Station, they can come at 3 p.m. Ride out is at 4 p.m. After completing about 7.4 kilometers around Manila City’s historical and cultural destinations, the pack is scheduled to be back at Robinsons Place Manila at 6 p.m. The tour is part of NBO’s advocacy to teach people how to ride a bike safely on the streets. It is also part of Robinsons Malls’ response to the increasing number of bikers, especially after public transportation was suspended at the onset of the pandemic in 2020. Other efforts include providing venues for NBO Bike Lessons at Robinsons Place Manila and Robinsons Metro East; opening free and self-service Bike Repair Stations at Robinsons Place Manila, Robinsons Otis, Robinsons Place Las Piñas, Robinsons Novaliches, Robinsons Place Lipa, and other Robinsons Malls; and well-lit and secure Bike Parking areas. To date, there are 49 Bike Repair Stations in Robinsons Malls nationwide with a total capacity of 2,565 bikes.

Bazaars, sales at Shangri-La Plaza

BAZAARS, sales, and more await mall guests this month at Shangri-La Plaza. The Proud PinoyPreneur Fair, ongoing until July 18 at the Main Wing’s Lower Ground Level Food Forum, showcases local treats and eats, home décor, and gadget accessories. True Value mounts its Stay Red, White and True sale from July 20 to 25. There will be deals on hardware and items for the kitchen, dining, bedroom, garden, and everything in between. The Red, White & True Sale at the Grand Atrium features a selection with discounts of up to 50%. At the mall’s Chapel of Saint Padre Pio on Thursdays, the first-class relic of Saint Padre Pio, authenticated by Fr. Florius Alexander Tessari, will be on view. The mall will have longer hours (10 a.m. to 9 p.m. on Fridays through Sundays) and a free parking promo on weekends.

Del Monte Philippines posts 37% rise in pineapple export revenues

DEL MONTE Philippines, Inc. (DMPI) reported an increase in its fresh pineapple export revenues to P5.85 billion in April this year due to a higher market share in China.

The company said its fresh pineapple export revenues for April 2021 is 37% higher than the P4.2-billion worth of revenues it had in April 2019.

“With an import volume of 182 million kilograms last year, China is DMPI’s primary driver of growth in the North Asian markets, and China’s import of fresh pineapples grew at a compounded average growth rate of 18% from 2015 to 2020,” the company said in a statement on Thursday.

DMPI said that based on a report by analytics and consulting firm GlobalData, the company is the largest fresh pineapple exporter to China, taking up 53% of its market in 2020, while also being among the top three fresh pineapple suppliers in Japan and South Korea, taking up 33% and 21% market shares, respectively.

According to DMPI, the MD2 variety is the preferred pineapple in the fresh market due to its longer shelf life, lower acidity, and better appearance. It disclosed that MD2 currently accounts for 28% of its 26,000-hectare plantation.

“DMPI’s fresh pineapple exports are a significant part of its branded business. Its MD2 variety is sold primarily under the S&W Sweet 16 brand in China, Japan and South Korea. Chinese consumers prefer trusted brands such as S&W which consumers are willing to pay a premium for,” Goodfarmer Foods Holding Group Co., Ltd. owner Liu Zhijie said.

Goodfarmer Foods is DMPI’s key distributor in China and is one of the leading fresh produce distribution firms.

Meanwhile, DMPI seeks to capitalize on China’s high demand as it plans to add new distributors that will cater to retail outlets in cities across the country.

“The company aims to double by 2025 its fresh pineapple retail distribution network that currently has about 15,000 outlets,” DMPI said.

Moving forward, DMPI said its plans to increase its hectarage for MD2 pineapples, improve its operational efficiency, and bolster its business partnerships to widen its branded business in order to remain competitive in the market.

“DMPI is one of the three largest exporters of MD2 pineapple in Asia given the convergence of natural conditions that are uniquely abundant in the Philippines, complemented by extensive human and technological resources, and an enterprising commercial acumen and business leadership which have enabled DMPI to deliver premium quality pineapples through its business partners,” the company said. — Revin Mikhael D. Ochave

Fintech players beating banks in race to capture unbanked market

THE CONTINUED GROWTH of financial technology (fintech) firms in the Philippines could threaten traditional banks’ dominance, especially in retail services like remittances and lending, Moody’s Investors Service said.

“Fintech companies and a new breed of digital-only banks threaten to gain on conventional banks in key areas of their retail business, such as depository services, credit cards, remittances and unsecured lending, with products that are more accessible and easier to use,” Moody’s said in a note on Thursday.

The debt watcher noted how mobile wallets have already beaten bank accounts in terms of penetration, which shows these fintech firms’ drive to capture unbanked and underserved Filipinos.

Fintech firms also benefited from the rise of digital payments due to social distancing measures imposed amid the coronavirus pandemic, it added.

“Although fintech products will expand the pool of customers in the financial system by attracting the unbanked population, it will be challenging for banks to win market share from fintech companies with established franchises because most of them (banks) have been slow in digitalization,” it said. These fintech firms include the operators of mobile wallets GCash and PayMaya, it noted.

GCash is the mobile wallet arm of Globe Telecom, Inc. and is operated by Globe Fintech Innovations, Inc. or Mynt, while PayMaya Philippines is a subsidiary of Voyager Innovations, Inc., the digital arm of PLDT, Inc.

Moody’s said mobile wallets offer better functions and features that have allowed them to gain stronger customer loyalty and higher retention rates than banks.

The debt watcher said the “lucrative” remittance market presents opportunities for fintech players, citing World Bank data showing that the Philippines is the fourth-largest remittance market globally.

Fintech firms are also moving into the consumer lending space, it added, noting how PayMaya and GCash have partnered with other institutions to offer loans directly through their platforms.

While consumer credit made up just 11% of banks’ gross loans as of April, these retail loans are more profitable compared with corporate borrowings, Moody’s said.

“Banks could lose share in a fast-growing segment if borrowing through mobile wallets becomes popular among consumers,” the debt watcher added.

The fee income of banks could also decrease amid the population’s growing adoption of fintech products, especially once consumers ditch bank-issued credit cards and remittance services in favor of these. Moody’s noted that fee income from remittances is significant for Philippine banks and made up 18% of their non-interest income at end-2020.

Moody’s said traditional banks should likewise develop their own digital retail offerings in order to keep in step with fintech players’ aggressive expansion.

“A failure to respond quickly to the emergence of fintech companies will make it more difficult for Philippines banks to acquire new customers and create new revenue sources, especially from the large unbanked population,” it said.

Central bank data showed only 29% of adult Filipinos had accounts in formal financial institutions as of 2019, leaving 51.2 million unbanked.

By 2023, the central bank hopes to bring 70% of Filipino adults into the financial system and have 50% of the volume and value of transactions done digitally. — L.W.T. Noble

Japan, ILO launch program to help MSMEs digitize

THE INTERNATIONAL Labor Organization (ILO) and Japan have launched a $2.2-million project to support Philippine small business with their digitalization and health and safety efforts.

The year-long project, funded by the Japanese government was developed to help reopen micro-, small-, and medium-sized enterprises (MSMEs) safely after the effects of COVID-19 on business.

The project will target businesses in the provinces and non-metropolitan regions, where ILO said pandemic risks remain high while support is limited.

The project, known as Bringing back jobs safely under the COVID-19 crisis in the Philippines: Rebooting small and informal businesses safely and digitally, aims to deploy occupational safety and health (OSH) training to MSMEs to prevent the spread of COVID-19.

Hideki Kagohashi, ILO Philippines enterprise development specialist, said the program will also assist MSME digitalization through training programs, including digital financial education.

“We believe that MSME digitalization will help decongest Metro Manila, and those who still have to remain operational within Metro Manila will also reduce physical contact thanks to the digitalization of the operations,” he said at the virtual launch Thursday.

The program will also support the Department of Information and Communications Technology’s (DICT) internet connectivity project with pilot use of its innovation hubs and satellite network.

“We will support the first few innovation hubs to be established and more importantly, we’ll help them get connected to these local satellites such as the internet cafes, the co-working spaces or the public sector libraries and local government offices converted into co-working spaces,” Mr. Kagohashi said.

To support occupational health, the project will also build a knowledge management system that will support local health safety expertise and risk identification. The system will combine epidemiological and health safety inspection databases.

“Our aim is to gain new evidence on inspection and prevention, leading to sector or occupation-wise risks (identification), which will in turn help sectoral OSH guidelines (be) constantly updated,” Mr. Kagohashi said.

Japanese Ambassador to the Philippines Kazuhiko Koshikawa said that the support measures will also help informal businesses recover from the effects of the pandemic.

“It is about time that we step up to the plate and help reach out to these ailing businesses. We have proven that crucial to economic recovery are micro, small, and medium enterprises, where about seven out of every 10 workers in this country are employed,” he said.

Implementation started last month and will end in June 2022.

The project will be rolled out in collaboration with the DICT, Department of Labor and Employment, the Department of Trade and Industry, the National Anti-Poverty Commission, and Philippine employers and workers organizations. — Jenina P. Ibañez

Capitalizing on remote work, US cities draw in tech workers

NEW YORK — At the start of the COVID-19 pandemic, Jaleesa Garland, a marketing manager at an e-commerce startup, came across an opportunity to relocate from the San Francisco Bay Area to Tulsa, Oklahoma — a city previously not on her radar.

It was an enticing offer: $10,000 in relocation assistance and community-building opportunities provided by a recruitment initiative called Tulsa Remote. When the pandemic hit, her company got rid of its San Francisco office and allowed employees to work from anywhere. Garland moved to the south-central US city with a population of about 400,000 in October 2020.

“The pandemic was fundamental to a lot of people’s decisions to move,” Garland said. “I couldn’t afford Bay Area rent, electricity — all of those things add up. I have so much more wiggle room here in Tulsa.”

About 30% of remote workers plan on moving, according to two recent surveys: an April poll of 1,000 tech workers by nonprofit One America Works and a June survey of 1,006 national remote workers for MakeMyMove, focused on intentions for the next 18 months.

Facebook and Twitter are among the major tech companies allowing employees to work from home if their jobs can be done remotely. According to a Twitter spokesperson, embracing remote work is in part an effort to attract more diverse talent.

Smaller cities typically aim to support dozens or hundreds of remote-worker moves annually. That does not threaten Silicon Valley’s dominance of tech, but it could allow California companies to become more diverse, and it might make them try harder to keep workers.

“The cost-benefit dynamics are quickly shifting away from us, and this must be addressed,” Jason Baker, senior vice-president of transportation, health and housing at the tech industry’s Silicon Valley Leadership Group, said in a statement.

And the numbers mean a lot for some towns and cities that have seen “brain drains” to larger metropolitan areas, said Prithwiraj Choudhury, associate professor at the Harvard Business School.

Tulsa Remote, which has helped relocate over 900 people since 2018, has received more than 23,000 applications this year, up from around 15,000 in all of last year, a trend echoed by smaller programs in Alabama and Arkansas. Relocation initiatives are redoubling efforts, and new ones, including Chicago, are joining in.

“It’s important that we move quickly and tap into this moment of reconsideration,” said Erin Amico, chief operating officer at P33, a nonprofit that launched a campaign in May to bring tech talent to Chicago.

The number of applicants for the Remote Shoals relocation program in Alabama jumped from fewer than 25 in February 2020 to almost 200 in April 2021. About 50% of program participants have jobs in tech. In January, Remote Shoals successfully petitioned its board to double its funding to $500,000, enough to help relocate 50 people.

More than 90% of first-year Tulsa Remote members have stayed in Tulsa.

Social media company Reddit has seen employees relocate amid the shift to permanent remote work, but Chief People Officer Nellie Peshkov says “it’s still too soon to tell if it’s a long-term shift.” Reddit pays its employees the same regardless of where they’re based, while bigger companies cut pay based on cost of living, a strategy some employees publicly criticize.

Garland herself says that, for all the benefits of Tulsa, her ties to the San Francisco Bay Area are likely to pull her back. “Any move that I make is temporary because at some point in time, I’ll go back home,” she said. — Reuters

BSP looking to help rural banks manage risks as more lenders consolidate

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MORE RURAL BANKS have undergone consolidation to improve their financial strength, with the central bank looking to introduce initiatives to help improve these lenders’ risk management.

“Thirty rural banks were part of merger and consolidation transactions in the past two years. Of the 30, 16 were absorbed by thrift banks. The rest were absorbed or merged with other rural banks,” Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said at an online briefing on Thursday.

In 2015, the central bank launched its Consolidation Program for Rural Banks or CPRB which incentivized mergers and consolidations among smaller lenders, set to run until 2017. It was extended until 2019.

In March, the central bank launched its Rural Banking Industry Strengthening Program, which created an interagency working group that will continue to assess the needs and challenges faced by rural banks. This is led by Monetary Board Member V. Bruce J. Tolentino.

The Department of Agriculture and the Small Business Corp. under the Department of Trade and Industry will also join the BSP as members of the steering committee.

Mr. Diokno said the group is looking to help rural lenders improve their capacity to manage risks.

Assistance will be provided by a separate technical working group which include the BSP, the Agricultural Credit Policy Council, Securities and Exchange Commission, Philippine Deposit Insurance Corp., Development Bank of the Philippines, Land Bank of the Philippines, and the Rural Bankers Association of the Philippines.

“The BSP recognizes that some rural banks continue to face challenges in their operations amid the continuously evolving regulatory landscape, changing market and socioeconomic conditions, and increasing digitalization in the financial system and across economic sectors,” Mr. Diokno said.

The central bank sees rural lenders to be instrumental in achieving its goal to have 70% of adult Filipinos become part of the banked population by 2023.

The country currently has 406 rural banks with 3,133 banking offices across the country. More than half of these banks’ loan portfolio caters to wholesale and retail trade and agriculture, forestry, and fishing. — L.W.T. Noble

Entertainment News (07/16/21)

Chae Jung An Monthly Magazine Home

Monthly Magazine Home on iQiyi

JUNG So Min and Kim Ji Suk reunite in the drama Monthly Magazine Home, streaming every Wednesday and Thursday at 8 p.m. on iQiyi & iQ.com. Jung So Min plays a veteran magazine editor who finds herself jobless after the publication closes down. Kim Ji Suk plays the magazine’s CEO who is also a real estate developer who kicked the editor out of her rented home.     

Revenge story Sweet Girl on Netflix

AMERICAN action-drama thriller Sweet Girl follows Ray Cooper (Jason Momoa) who vows justice against a pharmaceutical company that pulled a potentially life-saving drug from the market just before his wife (Adria Arjona) dies from cancer. But when his search for the truth leads to a deadly encounter that puts Ray and his daughter Rachel (Isabela Merced) in harm’s way, Ray’s mission turns into a quest for vengeance in order to protect the only family he has left. Sweet Girl is directed by Brian Andrew Mendoza. It premieres Aug. 20 on Netflix.

OPM Fresh Songwriters Series EP out

JONA, Kyla, Bugoy Drilon, Liezel Garcia, Trisha Denise, and Maris Racal have given life to five original songs from an ABS-CBN employee songwriting competition that now comprise the new extended play (EP) record called OPM Fresh Songwriters Series Vol. 1. The company-wide employee contest, “Kapamilya Himig Handog,” a version of the country’s biggest songwriting competition “Himig Handog,” showcased the songwriting talents of employees Jane Abaday, Mark Marcos, Michelle Saubon, Christine Estabillo, and Mycah Borja through their respective entries “Kaya Pala,” “Sleep Tonight,” “Mahiwaga,” “Ikaw Na Lang Ang Kulang,” and “Stop Missing You.”  Abaday’s entry, “Kaya Pala,” performed by Jona, was named Best Song. All five tracks were produced by ABS-CBN Music creative director Jonathan Manalo. OPM Fresh Songwriters Series Vol. 1 can be heard on music streaming platforms like Spotify, Apple Music, Deezer, Amazon Music, and more.

Tickets to Viu Original Still series available

STILL is an eight-episode musical narrative series about a group of aspiring artists who get stuck in a music camp during the first couple of months of the pandemic. Still is slated to be the first Filipino Viu Original musical narrative series, produced by Viu Philippines and This Side Up (Respeto, Apocalypse Child, and Kano: An American and His Harem), in collaboration with Arkeofilms, TheaterFansManila.com, Flip Music, and Black Box Collab. Viu is a leading pan-regional over-the-top (OTT) video streaming service that provides premium Asian content in different genres, from top content providers with local languages and subtitles. Palanca-award-winning playwright Pat Valera is the primary creator and showrunner, in collaboration with Giancarlo Abrahan and Nicco Manalo. The series is directed by Treb Monteras (Respeto) and produced by Monster Jimenez. The music and lyrics used in Still are by Nica Del Rosario (“Tala”), Matthew Chang (the musical Dekada ‘70), and Mike Shimamoto. The cast includes Julie Anne San Jose, Christian Bautista, Bituin Escalante, Gab Pangilinan, Gabby Padilla, Lance Reblando, and Abe Autea. Still will have a limited-time release on Ticket2Me before its scheduled showing on Viu. The Exclusive PreViu tickets will allow buyers to watch the episodes earlier and they will also enjoy a six-month Premium subscription to Viu Philippines and a digital Still chord book containing the songs from the Viu Original series. The Exclusive PreViu tickets are now on sale at https://bit.ly/ViuStillSeries.

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