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Better connectivity at home through fiber technology

Radius Telecoms brings fiber-powered service closer to homes

By Adrian Paul B. Conoza

As the pandemic kept people in their homes and so forced them to continue their work or classes virtually, the demand for internet connectivity has increased. At the same time, the realities about internet connections in the country were stressed more deeply, and the call for improved connections have apparently rung louder.

While leading telcos respond to these amplified concerns, there are new players that are expected to provide fresh and timely solutions for Filipino homes and businesses.

Among these new players is Radius Telecoms, Inc., a wholly-owned Manila Electric Co. (Meralco) subsidiary that delivers data, internet, managed, and cloud services on an end-to-end full fiber optic network. Seeing the increasing need for connectivity among homes, Radius is optimizing fiber technology in order to provide services that households will enjoy.

Initially, the telco player entered the market as a carrier’s carrier providing the last mile requirements of both local and foreign telcos. It then expanded its offering to businesses, catering to corporate and large enterprises. Aside from its strongholds in Metro Manila and economic zones around Central Luzon, Radius has already reached enterprises in Clark and Cebu.

“Business customers choose Radius because of our ‘higher-than-industry’ standard SLA and our shorter installation lead time,” Exequiel C. Delgado, chief executive officer and president of Radius, said in an e-mail.

Now, from primarily supporting wholesale, corporate, and large enterprise markets for two decades, Radius is stepping up to bring its reliable services to Filipino homes at a time when connectivity is a necessity.

Mr. Delgado shared that last year, Radius has started building a new fiber ring topology that utilize the Gigabit Passive Optical Network (GPON) technology, a shared infrastructure that allows Radius to deliver a cost-effective internet broadband service.

“We have powered up key locations in the metro and we expect to end the year with more than 500 plus lit buildings and over 100 villages, with a total port capacity of almost two hundred thousand,” Mr. Delgado said.

The CEO finds the positive feedback it received from its current customers as a welcome development, especially for a new player. He also recognized that Radius is jumping in at a very opportune time when many home users are subscribing to an additional internet link as an active backup, which is only being done previously by business customers.

A big edge of Radius among the competition is its network that runs on 100% pure fiber. For the company’s chief operations officer, Jenevi L. Dela Paz, fiber technology is “the way to go and will continue to be the gold standard in wired deployments.”

“Its flexibility and capability to offer higher bandwidth allows the provider to deliver a better customer experience for the consuming public,” Mr. Dela Paz explained in the same e-mail. “This can be complemented further by the ability of the provider to effectively haul the traffic of the end-users to the world wide web through multiple peering partners, a sound caching strategy, and reliable IP transit providers.”

Fiber-powered connectivity at home
Powered by these enhancements, Radius is bringing its service closer to consumers as it partners with direct-to-home satellite provider Cignal TV to deliver a dual-play service to Filipino homes.

In February last year, the pay TV service and the fiber broadband provider inked a partnership that rolls out RED Fiber. This newest bundle brings together the great services from Cignal TV and Radius for every household to enjoy at prices that will suit every household budget. RED Fiber is offering consumers its unlimited fiber internet + pay TV plan for as low as P1,299 per month.

“This kind of package showcases the technological capability of fiber, which allows the delivery of internet and content using the same link, without affecting each other’s performance,” Mr. Delgado shared.

With RED Fiber, the CEO added, product manipulations, upgrades, and additional IPTV HD channels can be completed quickly. Add to these Radius’ responsive customer relationship management and reliable platforms, RED Fiber subscribers can enjoy a vastly improved customer experience.

In addition to this powerful bundle, RED Fiber also offers a higher service-level agreement (SLA) as it meets increased bandwidth requirements brought by the ‘now normal.’

“Radius has invested heavily on a superior network architecture and all-digital customer platforms to effectively offer superior customer care that will result in a longer customer lifecycle value,” Mr. Delgado said.

With the launch of RED Fiber, he added, Filipino customers now have a reliable option to choose from for their internet connectivity needs at home.

As it upgrades its network and provides wider access to more consumers, Radius aims to be a more active telco player that delivers its brand of delightful customer experience. With its entry to a bigger yet more demanding market, consumers are given an additional choice for their intensified connectivity needs.

“The more choices consumers have, the better it is for them since providers will be trying to outperform each other in the area of service quality to attract and retain customers,” Mr. Delgado said.

PHL raises P122B from euro bond sale

REUTERS
An employee shows 50 euro notes in a bank in Sarajevo in this March 19, 2012 file photo. — REUTERS

THE Philippine government raised €2.1 billion (P122.4 billion) from a triple-tranche offering of euro-denominated bonds, the Bureau of the Treasury (BTr) reported.

The Philippines took advantage of the low interest rates in the euro bond market, as it sold €650 million (P38 billion) worth of four-year global bonds, another €650 million (P47 billion) worth of 12-year notes, and €800 million worth of 20-year debt papers.

Proceeds will be used to support this year’s national budget, as the country continues to struggle to contain the coronavirus disease 2019 (COVID-19) pandemic.

The BTr said in a statement on Thursday total tenders reached €6.5 billion (P379 billion), or three times as much as the initial offer.

This was the country’s biggest and the first long-end euro bond sale ever. It previously issued only three-year, eight-year and nine-year papers.

Broken down, the four-year papers fetched a coupon of 0.25% or 75 basis points (bps) above the tenor’s euro mid swap, the 12-year papers were priced at 1.2% rate or mid swap +105 bps, while the 20-year notes yielded a coupon of 1.75%, 135 bps higher than the euro mid swap.

“All tranches tightened by 25 bps from the initial price guidance backed by a strong order book which allowed the republic to revise its price guidance twice across all three tranches,” the Treasury said.

The bonds will be settled on April 28.

The Treasury’s latest euro bond sale was bigger than the €1.2 billion it raised via the dual-tranche issuance in January 2020, which received €4.3 billion in bids.

“The Philippines’ successful return to the international capital market for the second time this year reflects the investor community’s confidence in the country’s prospects for a strong recovery from the prolonged pandemic, given that its financial readiness has allowed the government to do whatever COVID-19 response measures are necessary to save lives and revive the economy,” Finance Secretary Carlos G. Dominguez III said in a statement.

The latest borrowing was rated Baa2 by Moody’s Investors Service, BBB+ by S&P Global Ratings and BBB by Fitch Ratings.

BNP Paribas S.A., Credit Suisse, Goldman Sachs, JPMorgan, Nomura and Standard Chartered Bank acted as the joint lead managers and joint bookrunners for the issuance.

“The success of this euro deal, being already our fourth offering since the pandemic, serves as affirmation that we are on track to emerge from this crisis as a stronger and more resilient economy. Further, the ability to stretch our maturities to the 20-year tenor at tight pricing underscores that investors are indeed taking a long view on our return prospects,” National Treasurer Rosalia V. de Leon said.

Mr. Dominguez earlier said the country would tap the US bond market soon before “rates skyrocket.”

On March 30, the Philippines raised ¥55 billion (P24.2 billion) from the issuance of three-year Japanese yen-denominated “Samurai” bonds.

The government runs on a budget deficit as it spends more than the revenue being generated to fund programs that will drive economic growth.

It plans to raise P3 trillion this year both from local and foreign sources to plug its budget deficit seen hitting 8.9% of gross domestic product. About P286 billion is estimated to come from global bond issuances. — Beatrice M. Laforga

Banks keep stricter credit standards in Q1

REUTERS

MOST BANKS maintained stringent lending standards in the first quarter, but there are signs these may be further tightened due to the uncertain economic outlook, a survey by the Bangko Sentral ng Pilipinas (BSP) showed.

The latest Senior Bank Loan Officers’ Survey (SLOS) released by the BSP showed most respondent banks kept their lending standards for loans disbursed to both enterprises and households, based on the modal approach.

“In the survey, most of the respondents attributed their tightening of standards to the following factors: deterioration in profiles of borrowers, reduced tolerance for risk and also less favorable economic outlook,” BSP Department of Economic Research Director Dennis D. Lapid said at a virtual briefing.

Based on the diffusion index approach, the survey showed a net tightening of lenders’ credit standards in the January to March period, mirroring results in the fourth quarter of 2020.

Since the start of the coronavirus pandemic, SLOS results have shown overall credit standards have become stricter as banks became more risk averse.

Majority (66%) of surveyed banks maintained overall credit standards, based on the modal approach.

On the other hand, the diffusion index showed a net tightening of lending standards for all borrowers — ranging from top companies to microenterprises. This meant reduced credit line sizes; stricter collateral requirements and loan covenants; and increased use of interest rate floors.

Some forms of easing were also observed through narrower loan margins and longer loan maturities.

In terms of retail loans, the modal approach also showed 75% of respondent lenders left overall credit standards unchanged, the central bank said.

However, the diffusion index showed lenders’ credit standards for households generally tightened, reflected by lower credit line sizes and stricter loan agreements and collateral requirements. This was particularly evident in housing, auto, and personal or salary loans.

For the second quarter, banks are expecting to further tighten credit standards for businesses and households, based on the diffusion index approach.

The BSP said banks attributed this to the more uncertain economic outlook, the deterioration in borrowers’ profiles, and banks’ lower tolerance for risk.

BSP data showed outstanding loans by big banks continued to shrink for the third straight month in February by 2.7%, reflecting lenders’ risk aversion and lower demand from borrowers.

This contraction in lending also coincided with the rise of nonperforming loans. The NPL ratio reached 4.08% in February — the highest since the 4.09% in October 2009.

Despite indications of caution in lending, banks are bullish that loan demand will improve in the second quarter.

“Most of the respondent banks anticipate broadly steady overall loan demand from both enterprises and households indicating an optimistic view from firms and consumers amid the anticipated availability of the vaccine,” the central bank said.

The study found banks are expecting business loan demand to pick up due to improved outlook of corporate clients, along with higher financing needs from companies.

Retail loan demand is also expected to improve due to a rise in household consumption, lack of funds and higher housing investments.

The SLOS was conducted from March 1 to April 8. Questions were sent to a total of 64 banks, of which 51 or 79.7% responded. — L.W.T.Noble

Monetary policy remains appropriate — Diokno

PHILIPPINE STAR/ MICHAEL VARCAS
The consumer price index rose 4.5% last month, slower than the 4.7% in February but beyond the central bank’s 2-4% target. — PHILIPPINE STAR/ MICHAEL VARCAS

THE Bangko Sentral ng Pilipinas’ (BSP) accommodative monetary policy stance remains appropriate to support the economy’s recovery, officials said, vowing to keep a close eye on inflation.

“Looking ahead, the BSP will continue to look closely in the near term for signs of inflation becoming broader based in order to safeguard the public’s inflation expectations,” BSP Governor Benjamin E. Diokno said at a virtual briefing.

“The overall stance of monetary policy will remain oriented towards preserving ongoing policy support and helping to ensure the sustainability of economic recovery, while also guarding against emerging threats to the BSP’s price and financial stability objectives,” he added.

BSP Deputy Governor Francisco G. Dakila said the March inflation figures were in line with the central bank’s baseline projection.

The consumer price index rose 4.5% last month, slower than the 4.7% in February but beyond the BSP’s 2-4% target.

The central bank expects inflation this year to average 4.2%, but stressed major upside risks were mainly due to low supply of some commodities such as meat.

“We don’t see inflation going beyond 5% at any time during that [inflation] path [for 2021],” Mr. Dakila said.

BSP Department of Economic Research Senior Director Zeno R. Abenoja said upside risks to inflation include tighter supply of meat products and the improving global economic prospects.

On the other hand, factors such as the increase in coronavirus infections and the challenges to the vaccination program could slow inflation, Mr. Abenoja said.

In March, the BSP kept the key policy rate steady at a record low of 2%.

The Monetary Board’s next policy-setting meeting is set on May 13. — Luz Wendy T. Noble

Palace appoints Chua as NEDA secretary

Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua

PRESIDENT Rodrigo R. Duterte has officially appointed Karl Kendrick T. Chua as Socioeconomic Planning secretary and director-general of the National Economic and Development Authority (NEDA), after a year of holding the positions in an acting capacity.

Presidential Spokesperson Herminio “Harry” L. Roque told reporters via Viber that Mr. Duterte approved Mr. Chua’s appointment on Thursday.

“Secretary Chua has served the Duterte administration with professionalism, competence and integrity as Undersecretary of the Department of Finance (DoF) and Acting Secretary of the NEDA,” Mr. Roque said.

“With the aforesaid traits we are confident that Sec. Chua would continuously and consistently perform well in his present but crucial task of jump-starting our economic recovery amid the COVID-19 pandemic,” he added.

Mr. Chua was named acting NEDA chief on April 17, 2020, after the resignation of Ernesto M. Pernia at the height of the coronavirus pandemic.

As Socioeconomic Planning secretary, he pushed for the fast-tracking of the rollout of the national ID program, creation of an economic recovery plan and acceleration of the infrastructure program.

Mr. Chua was previously undersecretary at the DoF and the country economist for the World Bank. — Beatrice M. Laforga

Virus resurgence threatens strong growth momentum

REUTERS

THE RENEWED SURGE in coronavirus disease 2019 (COVID-19) infections is threatening to further divide the world economy between the rich and poor, potentially damaging overall global growth if the fresh outbreaks spread or if key sources of demand falter.

More people were diagnosed with COVID-19 last week than any other since the pandemic began. The World Health Organization this week warned that new infections are increasing everywhere except Europe, led by rocketing numbers in India with cases also rising in Argentina, Turkey and Brazil.

That’s casting a shadow over a previously vigorous global economic rebound given that failure to control the virus or get vaccines distributed evenly risks driving new mutations, first in emerging markets and then on to developed nations that had been beating the pandemic back.

Even if that doesn’t happen, a two-speed recovery will restrain even inoculated countries by limiting foreign demand for their goods and destabilizing supply chains. The International Monetary Fund (IMF) said last month that the recovery will miss out on a $9-trillion bump by 2025 unless faster progress is made in ending the health crisis.

Emerging and developing economies accounted for two- thirds of global growth before the pandemic and around 86% of the world’s population. The World Bank told them just this week that they must prepare for the possibility of their recoveries losing steam. A nascent economic revival in India — the world’s sixth largest economy — is being threatened by renewed movement curbs across provinces to stem a new wave of infections that have topped 200,000 daily for the last week.

“The new case spikes represent a reality check for the world economy as it is clear that the pandemic is nowhere close to being over,” said Tuuli McCully, head of Asia Pacific economics at Scotiabank. “Many lower-income economies continue to face severe Covid-19 related challenges and have a long road ahead before they are back to ‘normalcy.’”

More than 944 million vaccinations have been administered across 170 countries, according to data collected by Bloomberg — enough doses for 6.2% of the global population. But the distribution is lopsided with the highest income countries getting vaccinated about 25 times faster than those with the lowest.

“I see it as a race between virus mutations and vaccine rollout,” said Rob Subbaraman, head of global markets research at Nomura Holdings, Inc. “Many people are not aware that while the 1918 Spanish flu is believed to have started in the US and then spread to Europe, in the end the countries that suffered most were in emerging markets. It’s an ominous sign of history repeating itself.”

Markets are showing signs of jitters. A gauge of stocks in Asia has lagged global peers this month, while the Indian rupee is this week’s worst-performing currency in the region. Investors have sought out traditional havens like the Japanese yen, and rewarded those with better track records of managing the outbreak such as the Israeli shekel, Taiwanese dollar and the British pound.

Companies most reliant on a reopening of the global economy are especially vulnerable and the latest infection surge is overshadowing a “priced to perfection re-open trade,” Stephen Innes, chief global market strategist at Axicorp Financial Services Pty Ltd. in Sydney, wrote in a note to clients.

Nestlé SA, the world’s largest food company, said in a statement on Thursday that “there is an urgent need to advance equitable access to vaccines, particularly in low-income countries.” The Swiss firm pledged more than 6 million francs ($6.6 million) to accelerate the delivery of shots to underserved communities.

GREAT EXPECTATIONS
“The glaring problem is that despite strenuous efforts by the medical community around the globe, we are not even close to calling it a day so that people can start again or continue with things more productively,” according to Mr. Innes.

The spread of cases threatens what’s forecast to be a V-shaped recovery for global growth, led by the US and China. The IMF currently expects the world economy to grow 6% this year, the most in four decades of data. But it knows the longer the pandemic runs the harder it will be to meet that forecast.

“The window of opportunity is closing fast,” IMF Managing Director Kristalina Georgieva said. “The longer it takes to speed up vaccine production and rollout, the harder it will be to achieve these gains.”

The IMF modeled a downside scenario in which supply bottlenecks in vaccine supply and other logistical problems allow existing virus variants to become entrenched and new mutations to occur, leading to delays for reaching herd immunity of six months in advanced economies and nine months in emerging markets.

Under such a scenario — with persistently high infection rates and deaths slowing the normalization of mobility — global growth could be 1.5 percentage points less than in the base case scenario in 2021 and a further 1 percentage point below the baseline in 2022.

The pace of vaccinations over coming months and their ability to withstand new variants will dictate the recovery from here, according to Ben Emons, managing director of global macro strategy at Medley Global Advisors in New York.

“It will take most of the second quarter to get visibility if the global roll out is truly succeeding against the variants,” Mr. Emons said. — Bloomberg

SEC exempts more entities from registering securities

ALEXES GERARD-UNSPLASH

List of qualified buyers of securities also expanded in SRC implementing rules

THE Securities and Exchange Commission (SEC) has approved the proposed exemption of securities offered by financial and multilateral institutions from registration under the Securities Regulations Code (SRC), and has expanded the list of qualified buyers of securities.

In a memorandum circular released on Thursday, the agency said that the Commission En Banc on April 20 had approved the proposed amendments to SRC Rules 9 and 10.

“The law provides for certain exceptions to the registration requirements laid down under Sections 8 and 12 for securities issued or guaranteed by, among others, the Philippine government, the government of any country with diplomatic relations with the Philippines, banks except their own shares of stock, multilateral financial entities established through a treaty or any other binding agreement involving the Philippines,” the commission said.

SRC Rules 9 and 10 were amended to reflect the changes.

Section 8 of the SRC requires securities sold and distributed in the country to be registered and approved by the SEC, while Section 12 outlines the procedures for registration.

Under the amended rules, securities issued by financial entities authorized by the commission and the Bangko Sentral ng Pilipinas (BSP), and those issued to the BSP through its open market or through rediscounted operations are included in the exemption.

Multilateral financial entities looking to sell securities are still required to issue an offering circular detailing information on the issuer and the security, background on the institution, and details on the guarantee.

Other evidence of indebtedness will be exempt from registration requirements, as long as these meet the following criteria: issued to not more than 19 non-institutional lenders, payable to a specific person, not negotiable nor assignable and held on to maturity, and securities not exceeding P150 million.

“The commission may, by rule or regulation after public hearing, add to the foregoing any class of securities if it finds that the enforcement of the Code with respect to such securities is not necessary in the public interest and for the protection of investors,” the SEC said.

However, provisions on the purchase, sale, distribution, and settlement of securities will still be implemented. Provisions on fraud, and civil and other liabilities will also apply.

Meanwhile, securities issued and sold to qualified buyers listed under SRC Rule 10.1.3 will also be exempt from Sections 8 and 12 of the Code.

“The SEC will now consider as qualified buyers registered securities dealers, accounts managed by a registered broker under a discretionary arrangement, and registered investment companies, such as mutual fund companies,” the corporate watchdog said.

The exemption covers provident funds or pension funds of a government agency or by government or private corporations, which are managed by an entity authorized by the commission or the BSP, and unit trust corporations established according to the BSP’s rules and regulations.

Other exempt qualified buyers are the following: funds established and covered by a trust or investment management agreement with qualified buyers, authorized pre-need companies, authorized collective investment schemes, listed entities engaging in professional fund management services, and foreign entities matching aforementioned descriptions.

“The commission may also determine as qualified buyers, by rule or order, such other persons on the basis of such factors as financial sophistication, net worth, knowledge, and experience in financial and business matters, or amount of assets under management,” the SEC said. — Keren Concepcion G. Valmonte

Securities regulator cancels Bill Ford VIP Trading’s registration

THE Securities and Exchange Commission (SEC) has cancelled Bill Ford VIP Trading, Inc.’s registration as a corporation for offering investment schemes without the required secondary license from the commission.

“The [commission] has canceled the corporate registration of Bill Ford VIP Trading, Inc. for engaging in unauthorized investment activities resembling a Ponzi scheme,” the SEC said in a statement on Thursday.

It said the cancelation order was issued on April 14 by the SEC’s Enforcement and Investor Protection Department (EIPD).

The entity is said to be headed by a certain Billy Ford Delos Santos Andrada.

Three of its incorporators, Trixie Faith M. Pena, Andrew James T. Balero, and Jethro John G. Reyes, also put fake addresses in the company’s Articles of Incorporation.

Bill Ford VIP Trading did not address the advisory published by the corporate watchdog in January.

The commission’s EIPD also issued a show-cause order against the company in February.

Bill Ford Trading was selling pigs worth P2,500 each with a guaranteed return of P4,375 after three months.

Those who would invest in five pigs for P12,500 were promised a return of P21,875 in the same period, while those who opted to invest in 40 pigs would earn P175,000 after three months.

Its investment programs are also said to resemble a Ponzi scheme.

“The EIPD further noted that Bill Ford Trading’s main strategy is to earn from the recruitment of new members or investors, with the piggery business used as a front for its scheme,” the SEC reported.

While Bill Ford Trading is registered with the SEC, it is not allowed to collect investments from the public as it does not have the necessary license.

“The company’s activities also constituted serious misrepresentation as to what it can do, to the great prejudice of or damage to the general public,” the commission said. — Keren Concepcion G. Valmonte

Chelsea Logistics net loss widens to P3.3B

CHELSEALOGISTICS.PH

CHELSEA Logistics and Infrastructure Holdings Corp. on Thursday logged a wider annual loss, mainly due to the impact of the coronavirus pandemic and government measures affecting its operations.

The Dennis A. Uy-led listed company reported an attributable net loss of P3.31 billion for 2020, compared with a loss of P831.76 million a year earlier.

Revenues fell 34.12% to P4.68 billion in 2020, the company said in a disclosure to the stock exchange. Broken down, freight revenue declined 21.99% to P2.10 billion, tankering revenue decreased 41.25% to P1.17 billion, and passage revenue dropped 64.79% to P501 million.

The company’s logistics business kept its revenue at P368 million, while the tugboat segment’s revenue grew 3.85% to P351 million from P338 million.

Its EBITDA (earnings before interest, taxes, depreciation and amortization) dropped 90% to P205 million in 2020.

“In March (last year), the COVID-19 (coronavirus disease 2019) pandemic escalated rapidly, and the resulting impact on the operations and the measures taken by the government to contain the virus have negatively affected the group’s results in the operating period,” the company said.

“Although movement of essential goods were allowed, cargo volume dropped considerably in the first two and a half months of the two enhanced community quarantine (ECQ) period. The gradual lifting of restrictions resulted in a slight improvement in the group’s operations, which is still far from its pre-pandemic operating results,” it added.

On March 18 this year, Chelsea Logistics entered into a share purchase agreement to sell its entire shareholdings in 2GO Group, Inc.

The company said it is expected to complete the disposal within 90 days from signing of the agreement.

Chelsea Logistics shares closed 0.60% lower at P3.31 apiece on Thursday. — Arjay L. Balinbin

Oscars nominee Sound of Metal puts rare spotlight on deaf culture

RIZ AHMED in the film Sound of Metal (2019) — IMDB.COM

LOS ANGELES — Paul Raci, nominated for an Oscar for playing a drug abuse counselor who has lost his hearing in Sound of Metal, said the most common response he receives from deaf people about the film is “how cool you show a bunch of deaf addicts.”

“That sounds a little strange,” Mr. Raci said in an interview, “but they’re just happy that you’re showing them in a light that makes them normal, like you and I. They have the same struggles.”

Advocates hope that praise for Sound of Metal, one of the best picture contenders at Sunday’s Academy Awards, and other films will lead to more movies featuring people with disabilities.

Hollywood’s under-representation of women, Black people and others has faced scrutiny in recent years. Movie studios and the Academy of Motion Picture Arts and Sciences, the group that awards the Oscars, have taken steps to increase their presence in front of and behind the camera.

Activists have pushed to make those efforts also include people with disabilities of all types. In the 100 highest-grossing films of 2019, just 2.3% of speaking characters were shown with a disability, according to the University of Southern California’s Annenberg Inclusion Initiative.

That percentage, far below the 26% of US adults with a disability, had not budged in five years.

“Hollywood still has a long way to go,” said Lauren Appelbaum, vice-president of communications at RespectAbility, a nonprofit group that advocates for people with disabilities.

The only deaf actress to win an Oscar was Marlee Matlin, for 1986’s Children of a Lesser God.

This month, Hollywood stars, including Amy Poehler and Naomie Harris, signed a letter urging studios to hire disability officers to push for inclusion on and off screen. The effort was led by a talent agency that represents disabled artists and athletes.

Sound of Metal stars Riz Ahmed as Ruben Stone, a drummer who suddenly loses his hearing. Four years into recovery from addiction, Stone goes to a sober-living community for deaf people that is run by Mr. Raci’s character, named Joe.

Mr. Raci, 73, grew up with deaf parents and said his first language was American Sign Language. Before Sound of Metal, he was working as a sign-language interpreter and acting at Deaf West Theater in Los Angeles, which incorporates spoken English and sign language in its productions.

The filmmakers encountered some criticism, including from the National Association of the Deaf, for casting two actors with hearing — Ahmed and Raci — in lead roles instead of deaf actors.

Several others in the cast were deaf.

Mr. Ahmed has been nominated for best actor for his performance in the film.

Mr. Raci said his background in deaf culture helped him play the role, and he hopes Sound of Metal will open doors for deaf actors. “There’s plenty of deaf actors, tons of them that are talented, that deserve to work,” he said.

Also in the Oscars race are best documentary contender Crip Camp, about the disability rights movement, and short film Feeling Through starring deaf and blind actor Robert Tarango.

“People who have never known anything about the deaf-blind community come out of it feeling an actual personal connection,” director Doug Roland said. “That’s the power of cinema.”

RespectAbility connects producers and writers with people with disabilities to inform their portrayals and provides input on scripts. The group has worked with Walt Disney Co., Netflix, Inc., NBCUniversal and others.

Ms. Appelbaum’s team consulted on a dozen projects in 2019, and 70 in 2020, she said. Some writers sent scripts back multiple times for feedback.

“More and more we can tell that the people we’re working with are asking us not just to check off a box that they had the script reviewed, but because they really want to get it right,” she said.

The increased interest “does give me hope that in the next few years we’re going to see a lot of other really great films,” she added.

One highly anticipated movie is scheduled to hit theaters in November. Disney’s Marvel Studios will introduce the first deaf superhero in one of its action-movie spectacles when deaf actress Lauren Ridloff plays Makkari, a character with super speed, in Eternals. — Reuters

2GO net loss expands as crisis hits freight, passenger volumes

FACEBOOK.COM/2GOTRAVEL/

2GO Group, Inc.’s net loss for 2020 widened from a year earlier, owing primarily to the combined effects of weaker freight volumes and fewer passengers amid travel restrictions.

In a disclosure to the stock exchange on Thursday, the listed company, which operates as an integrated transportation and logistics provider, reported an attributable net loss of P1.84 billion for 2020, compared with the previous year’s P890.35 million.

Revenues fell 18.7% to P17.41 billion from P21.41 billion previously.

Broken down, freight revenue decreased 9.97% to P3.03 billion, travel revenue dropped 77.57% to P839.14 million, revenue from logistics and other services fell 13.14% to P5.83 billion, while the goods segment saw a 1.55% growth to P7.72 billion.

Cost of services and goods sold declined 14.24% to P16.86 billion in 2020.

“The pandemic depressed consumer confidence and demand, which in turn weakened the business volumes overall, affecting all our businesses,” 2GO Group President and Chief Executive Officer Frederic C. Dybuncio said.

“These challenges notwithstanding, the group remained steadfast on its multi-year journey of asset consolidation, organizational rationalization, operational optimization, and specialization. This exercise has not only brought cost efficiencies across the group, but also created a stronger operational foundation for the future,” he added.

2GO Group shares closed 1.62% lower at P8.50 apiece on Thursday. — Arjay L. Balinbin

Def Jam releases first EP in Rekognize series

Def Jam PH Artists (L-R) VVS Collective, JMara, DonWilson, SCYE, Eurieka, Fateeha, Tommie King, Tiffany Lhei, J-Nine

HIP-HOP scene record label Def Jam Philippines has brought together 129 artists and 14 music producers for its Rekognize EP series. The project involves the release of four EPs within the year.

The first one, titled Nite N’ Day, was released on April 16. It features lead singles “Beautiful Day” by Mike Swift, D-Coy, Alisson Shore, kiyo, and Mark Beats, which dropped earlier this year; and “Atin Ang Gabi” by Al James, Legit Misfitz, K24/7, and Calvin De Leon. The three other tracks are “H247,” “Solitaryo,” and “Pusuan Mo.”

“We look for artists that are creatively genuine, amazingly talented, world-class and have a great character and good working attitude, humble but confident, and can have a long-lasting and fruitful relationship together with our team,” Allan Mitchell “Daddy A” Silonga,  A&R (Artists and Repertoire) Senior Manager of Def Jam Philippines, said in a statement.

“Music doesn’t seem to have many boundaries anymore,” Senior Vice-President, A&R Def Jam US, Marisa Pizarro said during an online press conference held via Zoom on April 15. “We got to collaborate and lift each other up, so I think projects like this help expand our reach.This is just the start of many things to come.”

Def Jam Philippines is introducing new artists through the Rekognize EP series, including the rap group VVS Collective, known for their melodic trap and mumble rap style; 13-year-old rapper Tiffany Lhei; SCYE, a lyrical rapper from Bulacan;  20-year-old R&B singer-songwriter DonWilson from Batangas; 17-year-old rapper and songwriter Eurieka from Caloocan; rapper and songwriter Tommie King; R&B singer J-Nine; 17-year-old rapper and singer-songwriter Fateeha; and rapper and singer-songwriter from Quezon Province, JMara.

Launched in 2019, Def Jam Philippines is part of the Def Jam Southeast Asian division, along with Singapore, Malaysia, Indonesia, Vietnam, and Thailand. Def Jam Philippines is a division of MCA Music, Inc.

“We launched Def Jam in Southeast Asia [back in 2019]  because everyone knows hip-hop is a culture. Hip-hop is a universal language that we can actually enjoy together,” Managing Director of MCA Music Philippines, Enzo Valdez said.

“One of our big goals is to tour the artists around Southeast Asia once we can, so that they can be appreciated. The unity that we’re trying to [achieve] in the Philippines, [then] later on, it [will be] unity between Southeast Asian countries. And then from there, we’re going to bring it to the world,” Mr. Valdez said.

While concerts and touring are still taking a back seat because of the ongoing pandemic, Def Jam Philippines plans to mount online performances within the year as the subsequent EPs in the project are released.

Listen to the Rekognize EP at DefJamPH.lnk.to/EP1Rekognize. —  Michelle Anne P. Soliman

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