ROBINSONS PLACE MANILA became the first mall to receive a “safety seal” in the city.
“The Safety Seal represents that Robinsons Place Manila complied with government-mandated safety and health protocols against COVID-19,” the company said in a statement.
The safety seal was given by the Department of Interior and Local Government, Department of Health, Department of Trade and Industry, Department of Tourism, and the Department of Labor and Employment.
THE Energy Regulatory Commission (ERC) has authorized Cebu II Electric Cooperative, Inc. (Cebeco II) to undertake 30 capital expenditure (capex) projects valued at P226.53 million, based on a recent decision posted on its website.
Bulk of the amount or P53.21 million will go to building a new 69-kiloVolt line for contestable customers, or those whose consumption is big enough to allow them to choose their electricity suppliers.
Some P41.10 million will be used to develop a 10-megaVolt-ampere (MVA) power substation construction facility in Danao City, while P39.77 million is allotted for a 10-MVA power substation construction establishment in Bogo City.
In 2015, Cebeco II asked the commission to clear its proposed three-year capex projects, noting the need to embark on “asset development and expansion” to meet growing power demand.
In its proposal, the electric cooperative said it would use its reinvestment fund for sustainable capital expenditures (RFSC) to finance the projects, with a portion sourced through loans from lenders or financial institutions that charge the least interest.
Aside from approving Cebeco II’s capex projects, the ERC ordered the utility firm to pay around P1.7 million in permit fees, as provided for by the commission’s capex guidelines and revised schedule of fees and charges.
“Cebeco II is [also] directed to submit the results of the competitive bidding in accordance of good governance practices which shall include the proposals and purchase orders, the as-build drawings and bill of materials of the planned capex projects,” the commission said in its ruling dated May 28.
The firm is required to present its yearly progress report on the use and collection of the RFSC; show proof that it procured equipment with due diligence; and ensure the timely and appropriate conduct of maintenance work for its facility.
The ERC’s decision was signed by the agency’s Chairperson and CEO Agnes VST Devanadera, and four commissioners.
On its website, Cebeco II said it serves two cities and 11 municipalities within its coverage area. — Angelica Y. Yang
SHANGHAI — A slew of crypto-related accounts in China’s Twitter-like Weibo platform were blocked over the weekend, as Beijing stepped up a crackdown on bitcoin trading and mining.
More actions are expected, including linking illegal crypto activities in China more directly with the country’s criminal law, according to analysts and a financial regulator.
Last month, China’s State Council, or cabinet, vowed to crack down on bitcoin mining and trading, escalating a campaign against cryptocurrencies days after three industry bodies banned crypto-related financial and payment services.
Over the weekend, access to several of widely followed crypto-related Weibo accounts was denied, with a message saying each account “violates laws and rules.”
“It’s a Judgment Day for crypto KOL,” wrote a Weibo bitcoin commentator, or key opinion leader (KOL), who calls herself “Woman Dr. bitcoin mini.” Her main account was also blocked on Saturday.
“The government makes it clear that no Chinese version of Elon Musk can exist in the Chinese crypto market,” said NYU Law School adjunct professor Winston Ma, referring to the Tesla founder and cryptocurrency enthusiast.
Mr. Ma, author of the book The Digital War also expects China’s supreme court to publish a judicial interpretation soon that may link crypto mining and trading businesses with China’s body of criminal law.
The view was echoed by a financial regulator, who said that such an interpretation would address the legal ambiguity that has failed to clearly identify bitcoin trading businesses as “illegal operations.” All the rules against cryptocurrencies so far in China have been published by administrative bodies.
The Weibo freeze comes as Chinese media have stepped up reporting against crypto trading.
The official Xinhua News Agency has published articles that exposed a series of crypto-related scams. State broadcaster CCTV has said cryptocurrency is a lightly regulated asset often used in black market trade, money laundering, arms smuggling, gambling and drug dealings.
The stepped-up crackdown also comes as China’s central bank is accelerating testing of its own digital currency. — Reuters
LONDON — Michaela Coel, the star and creator of drama series I May Destroy You, was the big winner at Britain’s BAFTA awards on Sunday, taking home the television awards for the miniseries and leading actress.
The show, which approaches the story of a woman who tries to rebuild her life following a sexual assault with moments of dark humor, had previously received awards from British Academy of Film and Television Arts (BAFTA) for directing, editing and writing.
“Not only is Arabella someone who’s very close to me, I feel like she represents a lot of women who aren’t really seen on television — she’s messy and she’s not perfect,” Ms. Coel said tearfully of her character in a post-awards interview.
She paid tribute to Ita O’Brien, the show’s intimacy coordinator in charge of making cast and crew feel safe while filming scenes that were intimate or sexual in nature.
Many nominees attended the awards in person at the London ceremony, with indoor gatherings now allowed in England following a partial lifting of COVID-19 lockdown rules.
However, others did so online.
Dance Troupe Diversity won the Must See Moment award, voted for by the British public and announced by a virtual audience member, for their performance dedicated to George Floyd and the Black Lives Matter movement on ITV’s Britain’s Got Talent.
“I have to say thank you to the people that complained, to the people that did put all of that abuse out there online — because you showed the truth, you showed exactly why this performance, this moment, was necessary,” Diversity’s leader Ashley Banjo said.
BAFTA awarded the thriller Save Me Too, created by and starring Lennie James as a flawed father searching for his missing daughter, with its drama prize.
“Dear God we’re going to have a party when I get back to England,” Mr. James told the BAFTA awards via video link.
Paul Mescal, a first-time nominee who starred in Irish drama series Normal People, took the award for leading actor.
The supporting actor prize went to Malachi Kirby for his role in Small Axe — directed by Oscar winner Steve McQueen and which is made up of stories about West Indian immigrants in London in the 1960s-1980s. The show received 15 nominations in all.
Rakie Ayola won the supporting actress BAFTA for her turn in Anthony, a Jimmy McGovern-penned film that imagines the bright future that Anthony Walker, a Black teenager murdered 16 years ago in a racist attack in Liverpool, should have lived.
Ms. Ayola played Gee Walker, Anthony’s mother.
“Gee Walker, thank you for having the bravery and the strength to ask Jimmy McGovern to write your son’s story — to celebrate the person that Anthony Walker should have been, and never was,” Ms. Ayola said in her acceptance speech. — Reuters
Greenfield Development Corp. continues to develop future-proofed townships, such as Greenfield District, “by incorporating digital technology, design innovation and connectivity.”
Located in Mandaluyong, Greenfield District is known as a “smart and connected” urban center with buildings technologically interconnected with a fiber-optic framework.
The development will get a boost from the reopening of the Estrella-Pantaleon Bridge linking Makati and Mandaluyong in July, as well as the opening of the Lawton-Sta. Monica Bridge linking Bonifacio Global City and Ortigas business districts within the month.
“These bridges will reinforce Greenfield’s promise to offer a fully-connected lifestyle to their residential unit buyers, and commercial and office locators,” the company said.
The township also integrated fiber-to-the-home or FTTH technology within its masterplan. The Twin Oaks Place is touted as the “first future-ready” home in the country, with “ultra-fast” internet connection through the FTTH framework in each unit.
Zitan, another fiber-to- the-home condominium, is linked to the Shaw Boulevard station of the Metro Rail Transit Line 3.
MACAY HOLDINGS, Inc. recorded a P51.49-million net loss for the first quarter despite posting higher revenues, the listed company said in a stock exchange disclosure on Monday.
Its net loss for the quarter is more than double the P23.97-million losses it suffered in the same January-to-March period a year ago.
Revenues of Macay Holdings for the quarter increased 5.7% to P2.24 billion from P2.12 billion in 2020.
“This increase is mainly attributable to food concessionaire Artemisplus Express, Inc.’s (AEI) operations. Revenues from AEI’s operations amounted to P272.29 million,” the company said.
Macay Holdings said its cost of sales and services for the quarter amounted to P1.759 billion, down 0.3% from P1.765 billion last year.
“This was due mainly to lower volume of sales of ARC Refreshments Corp.,” the company said.
Meanwhile, Macay Holdings said its expenses for the period reached P533.53 million, 31.2% higher than the P406.58 million it had in 2020.
From the total, selling and marketing expenses amounted to P320.83 million while general and administrative expenses reached P212.70 million.
“The general and administrative expenses of the group increased significantly by 119.43% or P115.77 million. Out of the total increase in general and administrative expenses, P110.25 million was attributable to AEI’s operations,” the company said.
According to its website, Macay Holdings is an investment holding company that is the parent company of ARC, which has business interests in the bottling, distribution, marketing, and sales of RC Cola and other carbonated drinks such as Juicy Lemon and Fruit Soda Orange.
On Monday, shares of Macay Holdings at the stock exchange ended unchanged at P7.65 apiece. — Revin Mikhael D. Ochave
THE BUILDUP in nonperforming loans (NPLs) in the small business, corporate, and agricultural segments of banks’ credit books are affected by macroeconomic developments as well as these lenders’ operational inefficiency, a Bangko Sentral ng Pilipinas (BSP) study found.
A working paper entitled “Microeconomic and Macroeconomic Determinants of Non-performing Loans: The Case of Philippine Commercial and Savings Banks” published by the BSP said bank supervisors need to consider macroeconomic conditions to appropriately assess lenders’ loss provisions and improve credit risk management regulations.
“Previous NPLs seem to be the leading indicator of current NPLs suggesting its persistence over time. Thus, bank supervisors should encourage banks to implement effective NPL resolutions and early loan remedial strategies to arrest possible accumulation of NPLs,” the paper said.
Based on the study, “cost-inefficient” banks or those with higher non-interest expense versus their average assets tend to have higher NPLs in the small- and medium-sized enterprises (SMEs) and agricultural loan segments. This indicates that the quality of the mandatory credit quota for these sectors is linked to the operational inefficiency of these lenders, it said.
Republic Act 6977 or the Magna Carta for MSMEs requires banks to allocate at least 10% of their loan portfolio for small businesses to boost the sector.
Meanwhile, Republic Act 10000 or the Agri-Agra Credit Act of 2009 mandates banks to lend at least 25% of their portfolio to the agriculture and agrarian reform sector.
Most banks do not meet these mandatory credit requirements and instead opt to pay penalties rather than take on the risks associated with lending to these sectors.
The study also found that rising unemployment rates seem to have a relationship with increasing agricultural NPLs.
“Bank supervisors should encourage banks to improve their loan monitoring and collection efforts particularly on agricultural and SME loans as well as offer loan restructuring program whose repayment terms are aligned with borrowers’ cash flows,” it said.
“Bank regulators can consider providing regulatory incentives on agricultural lending to encourage banks’ compliance with the mandatory credit allocation and to compensate for the higher risk of agricultural loans,” it added.
Meanwhile, the study associated NPLs in the SME segment with tighter credit standards. Rising gross domestic product growth rates were also identified as contributory factors to higher NPLs in the SME segment, with the impact “tending to last for a long period”.
“Taken together, these two findings suggest a deterioration in SME loan quality and a possible credit risk buildup in SME lending segment of banks along with Philippine economic progress,” it said.
The study used data from loans of universal, commercial, and thrift banks from the first quarter of 2009 to the fourth quarter of 2018.
The banking industry’s non-performing loans have been growing as the coronavirus crisis has affected borrowers’ capacity to pay their debt.
As of April, the banking industry’s NPL ratio reached 4.35%, the highest since the 4.37% logged in May 2009. This, as soured loans surged 84% to P463.659 billion from a year earlier. — L.W.T. Noble
GRAMMY award winner Calvin Harris dropped his new single, “By Your Side,” featuring British pop musician Tom Grennan. Bedford-born musician Tom Grennan sings an electronic dance tune with lyrics on love and affection. “By Your Side” is available on all digital platforms worldwide via Columbia Records and Sony Music.
CLIMATE change, capitalism and marine extraction are among the issues to be tackled in SEA Media, a free screening of select international films and documentaries that present the ocean as a medium and reflection of the anxieties within the nationalistic boundaries of Southeast Asia. The films will be screened throughout June and July. They are: Memorial Project Nha Trang, Vietnam: Towards the Complex – For the Courageous, the Curious and the Cowards (2001) by Jun Nguyen-Hatsushiba, about young men who work in teams as they propel cyclos across the ocean bottom (on view from June 7 to 13); Tungkung Langit (2012) by Kiri Dalena follows two orphans in the midst of the relief efforts in the typhoon-stricken Iligan City in Mindanao in 2011 (June 14 to 20); Letter to the Sea (2019) by Lim Sokchanlina presents the economic gap between two countries as Cambodian migrants flee to Thailand to serve as “cheap workforces” in agriculture and fisheries (June 21 to 27); Gilubong Ang Akong Pusod Sa Dagat (My Navel is Buried in the Sea) (2021) by Martha Atienza provides a glimpse into the lives of Filipino seafarers who work on international vessels and the local fishermen in Madridejos, Cebu who inherited their livelihood from earlier generations (June 28 to July 3); and, Sea State 6: Phase 1 (2021) by Charles Yi Yong transports the viewers into Jurong Rock Caverns in Singapore, the first commercial underground facility of its kind for storage of liquid hydrocarbons in Southeast Asia (July 4 to 11). Hosted by the Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde, SEA Media is curated by Toby Wu. The films may be viewed anytime within the screening period for free through www.vimeo.com/mcadmanila.
JEWEL Maranan’s Tondo documentary Sa Palad ng Dantaong Kulang (In the Claws of a Century Wanting) launched its official website (http://clawsofacenturywanting.com/) and started streaming on Vimeo on Demand this weekend. The website, developed with help from the National Commission for Culture and the Arts (NCCA), discusses the making of the documentary and offers references on the Philippines’ urban poor situation and housing problem. This weekend, the film started streaming through Maranan’s production company Cinema Is Incomplete. Film renting is set at $4 (about P190) which gives viewers a one-week window to watch the documentary. For audiences who wish to watch the film but cannot afford the price, access codes can be made available upon request. Through the code, the audience can view the film for free on Vimeo on Demand for a limited time. Details are available on the Sa Palad ng Dantaong Kulang official website. The documentary is also streaming on GuideDoc TV, a platform for award-winning documentaries that have screened in major international film festivals; and on Cinema Centenario’s MOOV, an online viewing platform for Filipino and Asian films. Set in Tondo, Manila, the documentary features the lives of four migrant families living in the seams of the city’s largest international port. The film was awarded Best Documentary at the 42nd Gawad Urian, bagged the Best Picture and Best Cinematography awards from the Young Critics Circle in 2019, won Best Documentary and Best Director at the 16th Mindanao Film Festival, and won Best Human Rights Documentary at the 6th Festival Internacional de Cine Documental de Buenos Aires and Best International Feature at the 16th Film Festival Dokumenter Jogjakarta.
THE CINEMALAYA Philippine Independent Film Festival has announced the 13 finalists who will compete in the Short Film Category. The finalists are: Kids On Fire by Kyle Nieva; Maski Papano by Che Tagyamon and Glenn Barit; Beauty Queen by Myra Aquino; An Sadit na Planeta by Arjanmar H. Rebeta; Crossing by Marc Misa; Kawatan Sa Salog by Ralph John Velasco; Looking For Rafflesias and Other Fleeting Things by James Fajardo; Out of Body by Enrico Po; The Dust in Your Place by David Olson; Ang Mga Nawalang Pag-asa at Panlasa by Kevin Jay Ayson; Ang Pagdadalaga ni Lola Mayumi by Shiri Francesca D. De Leon; Ate OG by Kevin Mayuga; and Namnama en Lolang (Grandmother’s Hope) by Jonnie Lyn Dasalla. Because of the continuing coronavirus disease 2019 (COVID-19) situation, the country’s biggest independent film festival will have its second online edition this year. On its 17th year, Cinemalaya will focus on Short Films in Competition, Gawad CCP Para sa Alternatibong Pelikula at Video, exhibitions under the Visions of Asia, Documentary and Premiere section. There are also masterclasses offered by the Cinemalaya Institute. Co-produced by the Cultural Center of the Philippines (CCP) and the Cinemalaya Foundation, Cinemalaya 2021 will have a month-long run starting Aug. 6.
Netflix’s special episode, “Kingdom: Ashin of the North,” will expand the horizons of the Kingdom series. The special episode reveals the origins of the resurrection plant that triggered the avalanche of tragic events in the series. The recently released trailer begins with young Ashin holding a torch and entering a dark cave where she discovers strange markings on a rock along with the mysterious resurrection plant. The accompanying copy reads, “to revive the dead, a price must be paid.” Thus begins the backstory of the epidemic that is a central focus in the series. Directed by Kim Seong-hun, “Kingdom: Ashin of the North” was written by Kim Eun-hee, who also wrote the two seasons of Kingdom. It stars Gianna Jun, Park Byung-eun, and Kim Sia. An expanded backstory of how it all began, Kingdom: Ashin of the North, will be released on July 23.
John Mayer is back with a new single, “Last Train Home.” Embracing the retro-pop sound merging with soft rock, the song carries Mr. Mayer’s signature guitar riffs. Upon its release, Billboard praised the track for its “slick rock production with an ‘80s polish.” The Grammy award winning singer-songwriter and producer will also release his eighth full-length album, Sob Rock, on July 16. “Last Train Home” is available on all digital platforms worldwide via Columbia Records/Sony Music. For more information, check Johnmayer.com and Sobrock.net.
The Grammy Award-winning and multi-RIAA Platinum-selling Christian music group Casting Crowns released a new song, “Scars in Heaven,” last Friday on the band’s YouTube channel. “Scars in Heaven” is the first single out from the group’s forthcoming new studio album, which will be released in November. Co-written by frontman Mark Hall and Matthew West, Hall began writing the stirring ballad while watching his mom care for her parents as they passed away. The group’s last studio album, Only Jesus, was released in 2018, garnering the group their newest RIAA Gold Certifications for their No. 1 singles “Only Jesus” and “Nobody.” This album also produced two No. 1 radio singles, including the group’s 15th career No. 1 radio single, a GRAMMY nomination, a 2019 Dove Award, two 2020 Dove Award nominations, and two Billboard Music Awards nominations for Top Christian Album and Top Christian Song (“Nobody”).
Premiering with two back-to-back episodes every Sunday at 9 p.m. starting June 13 on HBO GO and HBO, brand-new HBO Asia Original Taiwan series, Trinity of Shadows, follows a murder investigation that leads righteous detective Tze-Wei, an up-and-coming public official Chi-Hsiao, and rookie policeman Chia-Hao into the dark labyrinth of a power play. As the trio close in on the truth, they are inextricably intertwined and forced to confront their demons linked to a cold case from three years ago. The 15-episode series stars an award-winning trio of Taiwanese actors Kaiser Chuang (The Road Home, Maverick), Sandrine Pinna (Yang Yang, Touch of the Light) and Liu Kuan-Ting (A Boy Named Flora A, A Sun).
Here’s a quick glance at how PSEi stocks fared on Monday, June 7, 2021.
THE PESO strengthened versus the greenback on Monday on the back of the arrival of more vaccines, which could help the government reach its vaccination target and reopen the economy.
The local unit closed at P47.66 per dollar on Monday, appreciating by nine centavos from its P47.75 finish on Friday, based on data from the Bankers Association of the Philippines’ website.
The peso opened Monday’s session stronger at P47.68 against the dollar. Its weakest showing was at P47.725, while its intraday best was at P47.65 versus the greenback.
Dollars exchanged rose to $724 million on Monday from the $718.1 million recorded on Friday.
The peso strengthened versus the dollar as the country received more doses of vaccines against the coronavirus disease 2019 (COVID-19), Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.
The National Task Force said one million doses of vaccines from Sinovac Biotech Ltd. arrived on Sunday.
The country has so far administered 5.965 million vaccine doses, based on data from the Department of Health.
The government targets to vaccinate 50 million adult Filipinos by end-November and 70 million Filipinos by the first quarter of 2022.
However, only 1.544 million individuals have completed their two vaccine doses. Only 1.12% of the country is already fully vaccinated against the virus, based on data from Johns Hopkins University.
The peso’s appreciation versus the dollar was also supported by recent US data and its possible implication on the Federal Reserve’s policy actions, a trader said.
“The peso appreciated as the weak US jobs data hinted at a continual need for the Federal Reserve’s accommodative policy stance,” the trader said in an e-mail.
The dollar began the week on the defensive after being dented by a second batch of disappointing jobs figures, as traders turned to whether upcoming inflation data could add pressure on policy makers to taper monetary stimulus, Reuters reported.
The possibility of a slowdown in bond buying is also in focus leading up to a European Central Bank meeting on Thursday, and both concerns kept a lid on price moves in Asia.
The Fed is holding rates at near zero and buys $120 billion in bonds every month in order to suppress financing costs and hence support economic growth — but policy makers have begun inching toward a discussion about winding that help back.
Friday’s jobs data, which showed US nonfarm payrolls increasing by 559,000 in May, fell 90,000 jobs short of expectations and seemed to allay fears of premature policy tightening and higher rates driving a firmer US dollar.
For Tuesday, Mr. Ricafort gave a forecast range of P47.60 to P47.72 per dollar while the trader expects the local unit to move within the P46.60 to P47.80 range. — L.W.T. Noble with Reuters
STOCKS started the week in the red as concerns over the country’s coronavirus disease 2019 (COVID-19) situation affected investor sentiment on top of the absence of fresh catalysts.
The Philippine Stock Exchange index (PSEi) declined by 32.42 points or 0.47% to close at 6,763.92 on Monday, while the broader all shares index lost 8.97 points or 0.21% to end at 4,099.62.
Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message that the index declined “as coronavirus worries took over investor sentiment.”
“The market fell today on lackluster trading as investors await fresh catalysts,” AB Capital Securities, Inc. Junior Equity Analyst Lance U. Soledad said in a separate Viber message on Monday.
Meanwhile, AAA Southeast Equities, Inc. Research Head Christopher John Mangun attributed the PSEi’s decline to lower trading volume.
“The PSEi ended slightly lower on low trading volumes as investors try to get a feel of the sentiment which is typical for the first trading day of the week,” Mr. Mangun said via e-mail. “This tells us that investors are beginning to turn cautious again, similar to what we are seeing in stock markets abroad.”
Value turnover decreased to P4.19 billion with 1.86 billion shares traded on Monday, from the P5.92 billion with 1.54 billion issues that switched hands on Friday.
Meanwhile, the Health department reported 6,539 new coronavirus cases on Monday, which brought the country’s total number of infections to 1,276,004.
Majority of sectoral indices closed in the red on Monday except for mining and oil, which went up by 48.68 points or 0.51% to 9,505.19, and industrials, which gained 7.05 points or 0.07% to finish at 9,098.72.
Meanwhile, property went down by 23.09 points or 0.68% to 3,328.92; financials declined by 8.80 points or 0.6% to 1,445.05; holding firms shed 34.74 points or 0.5% to 6,819.69; and services inched down by 1.79 points or 0.11% to 1,525.79.
Advancers narrowly beat decliners, 102 against 100, while 60 names closed unchanged.
Foreigners turned sellers with P96.13 million in net outflows logged on Monday versus the P1.07 billion in net purchases recorded on Friday.
Philstocks Financial’s Mr. Tantiangco said a rise in the number COVID-19 cases will cause the market to decline further.
He added that investors will take cues from the country’s April Labor Force Survey to be released on Tuesday, June 8.
“Bad figures are anticipated given that April was the time the National Capital Region Plus was placed under relatively stringent quarantine measures,” Mr. Tantiangco said, referring to Metro Manila and its nearby provinces of Bulacan, Cavite, Laguna, and Rizal.
AB Capital Securities’ Mr. Soledad expects the index to trade sideways, placing immediate support at 6,700 and resistance at 6,840.
“The PSEi may still continue lower and test a stronger support level as investors take profits,” AAA Southeast Equities’ Mr. Mangun added. — Keren Concepcion G. Valmonte
