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Sales of imported vehicles decline by 15% in February

SALES of imported cars in the Philippines declined by 15% in February, as passenger car sales continued to slump since the pre-lockdown period.

In a report released on Monday, the Association of Vehicle Importers and Distributors, Inc. (AVID) said the industry’s 21 member companies and 26 global brands sold 5,401 vehicles in February compared with 6,342 in the same month last year.

Year-to-date sales dropped by 10% to 10,663 vehicles compared with 11,890 a year earlier.

Month-on-month sales of imported vehicles inched up by 3% to 5,401 vehicles in February.

AVID President Ma. Fe Perez-Agudo, who also heads Hyundai Asia Resources, Inc. (HARI), said the industry ended 2020 on a “high note.”

AVID sales in 2020 dropped by more than 40% from a year earlier amid the lockdown declared to contain COVID-19. Sales dropped by more than 50% in the first half after dealerships closed during the strictest lockdown level.

But there are signs of recovery, as month-on-month sales in December went up 15%.

“While we acknowledge that recovery will not come quickly, we remain focused on taking ‘baby steps’ at all fronts of our respective businesses and count on government to heed our call for a more comprehensive, long-term approach to reopening the economy by creating more job opportunities, upgrading infrastructure and logistics, and improving the ease and cost of doing business,” Ms. Perez-Agudo said.

Based on limited data, passenger car sales in February slid 23% to 1,518 vehicles, with sales led by Suzuki Philippines, Inc.

Light commercial vehicle sales fell 13% to 3,728 units, led by 1,617 vehicles sold by Ford Group Philippines, Inc.

Commercial vehicle sales from HARI went up 154% to 155 cars.

Some companies, however, combined data for passenger and light commercial vehicle sales, reporting a 16% slump to 5,246 units.

Another car industry group recorded a 12% slump in February compared with the same month last year.

A joint report from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) said that the industry sold 26,230 vehicles in February, down 12% from 29,790 units in the same month last year. — Jenina P. Ibañez

SEC approves Cebu Air’s capital increase

THE Securities and Exchange Commission (SEC) has approved the increase in authorized capital stock of Cebu Air, Inc., which the listed airline operator filed for to finance its business transformation plan as the industry faces challenges posed by the pandemic.

“It is currently implementing a business transformation exercise that involves right-sizing of network and fleet to meet new demand, and improvement of operations efficiency through process and policy enhancements and digitalization, among others,” Cebu Air said in a statement on Monday.

This increased the company’s authorized capital stock to P1.74 billion from P1.34 billion, which now consists of 1.34 billion common shares priced at P1 apiece and 400 million convertible preferred shares worth P1 per share.

Some 328.95 million convertible preferred shares with a par of P1 have been subscribed and paid for in cash through the company’s recent stock rights offering.

The total issue value amounted to P12.5 billion, with a par value worth P328.95 million and P12.17 billion in additional paid-in capital.

Cebu Air’s previous authorized capital stock was divided into 1.34 billion common shares at P1 apiece.

The airline operator said it aims to raise some $500 million for its business transformation program, which involves $250 million of aggregate proceeds from its convertible preferred shares rights issue.

The remaining half will be coming from the private placement of convertible bonds, warrants, bonds with detachable warrants, and other similar security instruments with a subscription price of nearly $250 million.

Final terms of the convertible preferred shares rights issue and the private placement will be decided upon by the company’s board of directors.

“The proceeds from this business transformation fund-raising plan shall be used to strengthen the balance sheet of the corporation and for general corporate purposes,” Cebu Air said.

The issue price of offerings will be determined according to several factors. However, Cebu Air said the final offer price is expected to be within P38 to P48.

“The proposed convertible preferred shares rights issue and private placement would be fair, transparent and equitable to all shareholders. All relevant approvals will be sought from, and appropriate disclosures would be made to, the [SEC] and the Philippine Stock Exchange,” the listed airline operator said.

On Monday, Cebu Air shares at the stock exchange went down by 4.39% or P2.05 to P44.70 apiece. — Keren Concepcion G. Valmonte

Ringo Starr mixes COVID caution with rocker pals to make album

RINGO Starr’s latest album Zoom In

RINGO STARR has been working from home.

The former Beatle released his latest album on Friday, a five-song package he appropriately named Zoom In after the videoconferencing service.

Mr. Starr made the record last year from his home studio in Beverly Hills, California, under conditions that US virus czar Anthony Fauci might have approved. Musicians who joined him were tested for the coronavirus, and no more than two at a time took part. They wore masks when they came and stayed six feet apart.

“It’s a weird way of making a record,” Mr. Starr said in an online press conference Thursday. “But if it’s the only way, you get on with it.”

The artist, who turned 80 last year, had no problem attracting big names to participate, including Dave Grohl, Ben Harper, Jenny Lewis, Sheryl Crow, and Toto’s Steve Lukather. Former Doors guitarist Robby Krieger recorded his contribution from home. The pandemic, which has shuttered the concert business for the past year, gave a lot of musicians free time.

“I think everyone was looking for something to do,” Mr. Starr said.

Former bandmate Paul McCartney also released a pandemic-era album in December, which he recorded in his own studio. In Mr. McCartney’s case, he played all of the instruments.

Mr. Starr, who often plays concerts in the summer with a group he calls the All Starr Band, ultimately canceled two tours, last year and this year. Even after pushing the dates to as late as October 2021, he didn’t feel comfortable. He also said he’d prefer not to do online concerts, as many musicians have.

“I’m not really interested unless I’m there and you’re there,” said Mr. Starr, who has now been vaccinated against COVID-19.

The drummer, who sang a number of Beatles hits, including “Octopus’s Garden,” said he put his pride on the shelf and mostly recorded songs written by others, including Grammy winner Diane Warren.

He jumped on “Not Enough Love in the World,” from Lukather and his Toto bandmate Joseph Williams, to cheer people up in these tough times. Mr. Starr chose to make a shorter, extended-play record, or EP in music industry lingo, because a full album would have been too much work. He said he’ll likely stick with that format going forward.

Mr. Starr had always been a cautious one, bumping elbows with fans long before the pandemic ended handshakes. He’s already started work on a second EP and announced 14 live dates, beginning in May 2022.

“There may be four or five EPs out before then,” he said. — Bloomberg

PCC clears Manila reclamation joint venture

THE Philippine Competition Commission (PCC) has approved a joint venture between JBros Construction Corp. and the City Government of Manila for a Manila Bay reclamation project.

The competition regulator said that it found no substantial lessening of competition on the creation of the joint venture for the Manila Horizon reclamation project, a 419-hectare raw-land development of three islands on Manila Bay.

The project will be a mixed-use development with commercial, institutional, and residential areas, along with port and tourism facilities.

“The transaction is a new area of investment formed for the creation of a residential and commercial real estate development project,” the commission decision said.

“This will expand the existing market and likely create an opportunity for the emergence of new markets for commercial and residential real estate within the City of Manila.”

JBros Construction will contribute capital and expertise while the Manila government will offer rights over the municipal waters on which the project will be developed. The parties, the commission said, will share profits, risks, and losses.

“The resulting unincorporated joint venture shall be governed by a sharing arrangement with 51% for Manila City Government and 49% for JBros Construction,” PCC said.

The commission recently green-lit a joint venture between Waterfront Manila Premier Development, Inc. and the City Government of Manila to build the Manila Waterfront City reclamation project. — Jenina P. Ibañez

Ampalaya Monologues’ third episode gives love another chance

IWANT’S ORIGINAL anthology series Ampalaya Chronicles brings another “hugot” story with its third episode: “Me and Mrs. Cruz.”

Based on the monologue “Me & Mrs. Cruz” by Jerome Dawis from Mark Ghosn’s collection titled Ampalaya Monologues, the show is directed by Real Florido and written by Bridgette Ann Rebuca.

The story follows a widow, Mrs. Eve Cruz, who is trying to recover from the loss of her husband. She meets a young flower shop delivery man, Caloy, who goes to work dressed up as famous musicians. Both develop a deep connection despite their 23-year age gap.

Director Real Florido said in a video that the third episode is a more layered story, since the first two episodes of the anthology, referring to “Adikand” and “Labyu Hehe,” focused on love stories between adolescents.

During an online press launch, Ina Raymundo, who plays Mrs. Eve Cruz, describes her character as someone who is full of regret after losing the one she loves. “The story taught me to value the people you love,” she said. “Do not take your loved ones for granted… You will be gripped with so much misery.”

Paulo Angeles admitted that he was pressured in preparing for the spoken word poetry because of the deep vocabulary used.

“Nung nasa set, mas maganda pala kung huwag mong isipin yung words. Mas maganda kung yung buong body mo gumagana, at kusa nalang siya lalabas sa bibig mo (When on set, it’s better to not think of the words. It is better to let your body work and the words will flow naturally),” he said.

Ampalaya Monologues is known for its “hugot,” or emotional pull, from a past experience in a romantic relationship. “Minsan hindi mo kayang sabihin pero dahil may ganitong klaseng art form, kapag napanood mo siya, tumatagos sayo (Sometimes you cannot express how you feel, but because of this art form, it overflows to you).” Mr. Florido said in a video.

Also in the cast are Kristof Garcia, and JM Mendoza, and Nicki Morena.

Ampalaya Chronicles: Me & Mrs. Cruz will stream beginning Mar. 26 on iWantTFC.com and the iWantTFC app (available on Google Play and App store) and iwant.ph. — Michelle Anne P. Soliman

NextPay secures funding to expand digital solutions

FINANCIAL technology startup NextPay received $125,000 in funding from Silicon Valley-based Y Combinator, becoming the fifth Filipino startup to receive backing from the accelerator.

The funding will be used to expand its digital solutions for payments, credit, and personal cash management, the company said in a statement on Monday.

The NextPay platform offers small companies digital invoicing, cash management, and batch payment services linked to Philippine banks and digital wallets.

“Our goal is to empower smaller businesses with a spectrum of banking services that were previously unavailable to them because of the steep requirements and high fees that are typically aimed at larger, more developed companies that can afford them,” NextPay Chief Executive Officer and Co-Founder Don Pansacola said.

“We plan to introduce more payment acceptance methods, virtual credit cards, and other digital solutions that enable businesses to manage their cash flow and alleviate the bottlenecks of the Philippine financial landscape.”

NextPay, he said, will also partner with human resource and accounting software companies to streamline the financial operations of growing firms.

The company has processed $2.5 million or P120 million in digital transactions for over 100 businesses since its launch last year.

Y Combinator has also backed Filipino companies Kalibrr, PayMongo, Avion School, and Dashlabs.ai. Internationally, it has helped launch Airbnb, Dropbox, and Twitch. — Jenina P. Ibañez

PT&T seeks reversal of capital hike

PHILIPPINE Telegraph & Telephone Corp. (PT&T) is asking the SEC to reverse its approved capital hike.

In a disclosure to the exchange on Monday, PT&T said its board of directors decided to propose a reversal of the authorized capital increase previously sought to accommodate the conversion of debts to equity under PT&T’s rehabilitation plan.

“Considering the nature of the documentary requirements imposed by the Securities and Exchange Commission (SEC) in converting the debts to equity, PT&T deems it proper to first address the said documentary requirements before implementing any debt-to-equity conversion and increase in its authorized capital,” the company explained.

PT&T said the proposal will not affect the company’s rehabilitation plan.

“The debt-to-equity conversion mandated under the rehabilitation plan will still be implemented by PT&T, but the same will be done in several tranches or every time PT&T completes the documentary requirements imposed by the SEC,” the company said. — Keren Concepcion G. Valmonte

How the Oscars finally made it less lonely for women at the top of their game

THIS year, with the nomination of both Chloé Zhao and Emerald Fennell in the Academy Awards’ Best Director category — and their films in Best Picture — it seems at last the Oscars powerbrokers have learned to count, putting more than one woman in the category for the first time. Women have been nominated for awards in the past, but it’s been lonely at the top.

When Lina Wertmuller was nominated for Seven Beauties in 1977, her co-nominees were all male; fast forward to Kathryn Bigelow 33 years later when she became the first and only woman to win Best Director, and the same rules applied. Women, it seems, take up such space in the cultural psyche, perhaps two can’t fit. This affects the field in two ways.

On the one hand, as we’ve seen with Bigelow and the Oscars, and Jane Campion as the only woman ever to win the Palme d’Or at Cannes (in 1993 for The Piano), being the singular nominee of your gender, makes these women “exceptional” and “iconoclastic.” They are mould smashers and rule breakers whose talent appears to strike out of nowhere and is singularly responsible for their individual success.

While there is no disputing the “talent” part, the blinding light generated by Bigelow or Campion on these occasions hides the tall barriers women face in the resource-intensive world of commercial filmmaking. When viewed as singular successes, Ms. Campion and Ms. Bigelow are subjects of excellence and objects of isolation.

Now two women have received Oscars nods for directing in the award’s 93rd year, and it’s noteworthy — both in terms of behind-the-scenes factors and the films they’ve created: Nomadland and Promising Young Woman.

Several factors have been credited for diversification of the Oscars and other award events this year, including subtle shifts in membership and eligibility criteria to unfold over the next few years and the holding off of some larger budget productions due to pandemic cinema closures.

The contribution of big streamers like Netflix is also a matter of debate. The needle-moving role of each of these factors may not be known for a little while; after all, some changes aren’t due to bear fruit until 2025 or later.

Regardless of the cause, there is no doubt this year the door has opened to more nominations for women and people of color across all categories in all major ceremonies (the BAFTAs, Golden Globes, and Oscars).

A number of things unite the female-helmed Best Picture and Best Director nominees this year: both Nomandland and Promising Young Woman center their stories around a female protagonist; both are low-budget, independent films, with flashes of innovation in cinematic style.

Both are about the dashing of dreams, due (in Nomadland) to the economic collapse experienced by itinerant workers in Trump’s America, or (in Promising Young Woman) to the scourge of sexual violence against women and the persistently unfair rules that privilege young male professionals over their female counterparts.

Along with a third female-directed film many believe should have been nominated — Kitty Green’s remarkable The Assistant — all these movies are uncannily topical. Ms. Green’s film depicts, in micro-detail, the demoralizing experiences of a young female entertainment industry worker under a boss seemingly based on sexual predator Harvey Weinstein.

The Amazon warehouse work that Nomadland protagonist Fern must resort to anticipates the unionizing struggles of real-life Amazon workers in current-day Alabama.

The sexual assault at the center of Ms. Fennell’s movie, that takes place at a medical school party, could just as easily have come to pass among students at esteemed Australian schools and universities or, indeed, in the corridors of political and industrial power.

Meticulously depicting disenfranchisement and gendered violence from the inside, these female-led films make a pitch for group solidarity. In Nomadland, the occasional visits Fern enjoys with fellow nomads bring welcome, though temporary, solace.

In Promising Young Woman, Carrie’s difficulty with processing the rape and subsequent death of her best friend Nina, the eponymous woman of the film’s title, are compounded by the fact Carrie is isolated and, audiences are repeatedly told, “has no friends.”

The film’s opening shots of masses of men’s bodies (gyrating on the dance floor) contrast sharply with the subsequent framing of Carrie on her own and vulnerable. In the logic of this movie, boys go out in groups and girls do not. This is considered a bad thing, whether you’re a student in med school or law school or, perhaps until now, a film director.

There is no doubt Promising Young Woman contains a message for men. In the post-#MeToo era, phrases like “educate your sons” remind us that women’s safety is men’s responsibility and has nothing to do with women’s dress or behavior. But the film has further insight to offer: women are stronger when we’re together. This year’s Oscars will give women at the top of their filmmaking game their first chance to live that message. — Reuters

 

Julia Erhart, Associate Professor, Screen and Media, Flinders University.

Russian homebuilder expanding in Philippines

RUSSIAN HOMEBUILDER PIK Group is expanding in key markets in Asia, including the Philippines.

In a statement, the Moscow-based PIK said it is launching its first real estate project in the Philippines through local subsidiary HDRP Group Corporation.

PIK said the Philippines was “its main choice for expansion in Asia due to its favorable market conditions and its rising demand for quality homes.”

The Russian company also cited Manila’s similarities with Moscow in terms of consumer demand and behavior, as well as urban environment.

PIK’s local unit HDRP Group is developing its maiden project, One Sierra in Mandaluyong City.

“A combined effort of an international team of experts and designers, One Sierra is aimed towards the mid-high-end market with a keen eye for quality,” the company said.

Located along EDSA, One Sierra is a low-density residential building with only ten units per floor. The 250 units are spread across 30 storeys starting from the fifth floor.

Units range from studio, one-bedroom, two-bedroom, or small-office/ home-office units, with sizes from 32 to 84 square meters.

Its common amenities include a swimming pool and deck area, gym and wellness area, and function room.

“With One Sierra, PIK provides highly discerning Filipinos a taste of European quality and modern living further enhanced with groundbreaking and innovative technologies and green design,” the company said.

PIK has over 25 years in the property industry, having built homes in major cities in Russia. Listed on the Moscow Stock Exchange, PIK has a market capitalization of $6.7 billion.

Smart to roll out more than 90 fuel cell-powered sites

SMART COMMUNICATIONS, Inc., the wireless arm of PLDT, Inc. said that it will be rolling out over 90 fuel cell-powered sites across the country by the second quarter this year, in partnership with a Denmark firm.

In a press release, Smart said that it will be unveiling the green cell sites in off-grid and “grid-challenged” areas in urban and rural areas nationwide until the end of 2021. The firm added that it has tapped Denmark-based SerEnergy for the installation of the green cell sites.

On its website, SerEnergy describes itself as the “world-leading supplier of methanol-based fuel cell solutions.”

Fuel cells use electrochemical reactions to produce energy. Smart said that stationary fuel cells “emit less carbon dioxide than other technologies” and are “completely carbon neutral if the cells use fuel from renewable energy sources.”

Fuel cells are also said to be more cost-effective, compared to existing technologies, as units have longer lifetimes.

“As we face daunting challenges on how to protect our environment and promote more equitable social development, Smart’s cutting-edge technologies can play a significant role in rallying the right socio-environmental mind-set and driving a greater sense of responsibility to the planet,” Alfredo S. Panlilio, Smart Communications president and chief executive officer, said in a statement.

For his part, SerEnergy Commercial Manager Morten Thomsen said that the “firm is excited that Smart has chosen their clean power technology.”

Smart said that its foray into more environment-friendly cell sites is a key pillar of its “Live Smarter for a Better World” campaign, which hopes to “inspire people to commit to embarking on sustainable actions that have a lasting and positive impact to society.”

Shares of PLDT in the local bourse improved 2.09% or P25 to end at P1,220 apiece on Monday.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Angelica Y. Yang

Lizzo launches reality TV search for ‘big grrrls’

LOS ANGELES — US musician Lizzo is making a reality TV series to find big women to join her on stage.

“It’s time to find my dream team of beautifully talented big grrrls,” the “Good As Hell” singer, a three time Grammy winner and role model for body positivity, wrote on her Instagram page on Friday.

The reality series for Amazon Studios is the first in a deal between Lizzo and the streaming platform that was announced last year, under which she will develop and produce TV series.

Amazon said on Friday that the show will follow Lizzo, 32, as she searches for dynamic, full-figured dancers and models to perform with her on stage, and on the runway.

“Have you felt underrepresented and under appreciated? THEN I’M LOOKIN FOR YOU!,” Lizzo wrote on Instagram.

Lizzo, who trained as a classical flute player, had a break-out year in 2019 with hits like “Truth Hurts” and “Juice” and a role in the movie Hustlers. The rapper and R&B singer was named best new artist at last year’s Grammy Awards and Time magazine’s 2019 entertainer of the year.

A release date and title for the reality show have yet to be announced. — Reuters

RLC plans mall in Pagadian City

ROBINSONS LAND Corporation (RLC) is planning to build a shopping mall in Pagadian City, Zamboanga del Sur.

In a statement, the Gokongwei-led real estate firm said it acquired a piece of prime property through public bidding in Pagadian City.

RLC President and CEO Frederick D. Go and Pagadian City Mayor Samuel S. Co recently sealed the deal awarding the property to the company.

“RLC plans to construct a shopping mall to service the growing needs of the city and its surrounding communities and barangays,” the company said.

Pagadian City is the capital of the province of Zamboanga del Sur and the regional center of Zamboanga Peninsula.

RLC reported a net income of P5.26 billion in 2020, lower than the P8.68 billion recorded in 2019.

“Amid the challenges of 2020, we adopted new ways of working and embraced a mind-set of innovation to continue serving our customers,” Mr. Go said in a March 2 statement.

“We capitalized on new opportunities for growth and accelerated our digital transformation initiatives to become more agile. As the business gradually recovers from the impact of community quarantines, we will continue to support our employees, business partners, and stakeholders.”