Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 8213

The Last Dance: Of legends and reprieve

By Michael Angelo S. Murillo, Senior Reporter

TELEVISION REVIEW
The Last Dance
Netflix

ONE of the best dynasties in National Basketball Association history, the Michael Jordan-led 1990s Chicago Bulls completed their impressive run by winning their sixth title in eight years in 1998.

But it did not come easy for the Bulls as they wove their way through a myriad of issues – including the team’s tension with the front office, contract disputes, and the thought that it was their last run as a collective – that could have easily derailed their quest for a second three-peat in the decade.

At the center of it all was the team’s main draw card – Michael Jeffrey Jordan – and how he dealt with it all, which only further solidified his legend as the game’s greatest of all time.

This is the focus of The Last Dance – a 10-part documentary produced by ESPN Films and whose first two episodes, running for nearly an hour each, were made available over Netflix outside of the United States beginning on Monday.

The title was taken from the chosen theme of then-Bulls coach Phil Jackson as they made their final run with the group that included Scottie Pippen, Dennis Rodman, and Toni Kukoc.

It was to signify that the season was to be enjoyed as it happens because that was it – the last time.

The documentary was directed by Emmy Award-winning director Jason Hehir whose body of work includes The Fab Five, The ’85 Bears, and Andre the Giant.

Hehir and his team worked for years, searching far and wide to come up with a “definitive story of an era-defining dynasty.”

SET THE STAGE
The first two episodes of The Last Dance set the stage for what Jordan and Company had to grapple with as they went for a repeat three-peat in the 1997-98 season of The Association.

With management already thinking of rebuilding, so much so it gave Jackson just a one-year contract despite helping the Bulls to a fifth title the season prior, the team felt it was being “betrayed,” firmly believing that it was still on top of its game and had a lot of basketball left in it.

Such was the tension with the front office in the lead-up to the new season, a period that Jordan and the other Bulls, as well as other people privy to what was happening, admitted to have been very difficult.

Adding to the quagmire was the situation of team number two Pippen, who felt underappreciated by the team and believed he was not being compensated accordingly. He started the quest for their sixth title injured and hinted at wanting to be traded.

Through it all, Jordan refused to be derailed on the way to what they had set out to do, turning to his go-getting and winning mindset honed by all the experience he garnered from his formative years in Wilmington, North Carolina, his collegiate days, to him joining the struggling Bulls in 1984 and their eventual ascent to the NBA summit.

In developing this, Hehir makes use of extensive basketball footage and introspective interviews of those who were part of the engaging journey of Jordan, both as man and hoops legend.

FOR JORDAN AND BULLS FANS
If you happened to be a fan of Jordan and the Bulls, The Last Dance is a must-see as it provides a solid portrayal of the legends, which should only affirm your affinity for them and what they accomplished.

And the thing about how it is told is that it strikes a balance, with the personalities involved presented with all their strengths and frailties.

In the case of Jordan, for example, while his tremendous skills on the court and dogged determination to win were something to behold and are highlighted in the documentary, things like his tendency to be hard on himself and his teammates – some even say he was bordering on being a bully – when things were not going their way are also presented.

However, instead of being oft-putting, one is left with a better understanding of where they were coming from, and, hence, appreciate them more for who they were.

The Last Dance is also a good window for those who never got to see what Jordan and his Bulls did during their run.

Nothing beats having seen them back in the day, but with the texture and treatment the documentary is given, it serves as a quality piece for millennial basketball fans to add to the stories that were passed down to them, or what they had seen in other features about NBA basketball during that era.

REPRIEVE
The Last Dance was originally scheduled to be released in June but ESPN decided to move up its release as a form of temporary relief from the many concerns surrounding the coronavirus disease 2019 (COVID-19) pandemic.

And on that front one could say it made the right decision, considering the enthusiasm and interest generated around the release of the documentary.

This week was supposed to be the start of the NBA playoffs had the league not suspended the season on March 11 because of COVID-19.

Watching the first two episodes was a welcome change after going for a month or so without engaging in hoops fare, or any sporting event for that matter.

And what is great is that the setup allows fans and viewers to have something to look forward to over the next four weeks.

Episodes 3 and 4 of The Last Dance air on April 27.

Photo caption: The 10-part documentary The Last Dance on Netflix spotlights Michael Jordan and the Chicago Bulls as they went for their sixth NBA title in eight years in 1998 and provides viewers a reprieve from everything that is happening with COVID-19 (Netflix).

Free-form approach is exciting

DAEMON X Machina was about a year into development prior to its public unveiling at the Electronic Entertainment Expo 2018. The reception was good, and not simply because it had industry giants Nintendo and Marvelous behind it. As a stylized third-person mech-action shooter, it certainly benefited from the involvement of veteran producer Kenichiro Tsukuda; his excellent work on the highly regarded Armored Core series raised expectations. And it didn’t hurt that noted character designer Yūsuke Kozaki was likewise on board.

In this regard, Daemon X Machina’s arrival on the Nintendo Switch a couple of seasons later proved to be more miss than hit. For all its pedigree, it received a lukewarm reception both critically and commercially when it was launched late last year. In retrospect, it did itself no favors by doing the publishing equivalent of buying the lede; while it had a lot of things going for it, Nintendo’s relative inability – or, as the case may be, failure – to sustain the push for its release, especially in light of the competition it faced, all but ensured that it would fight an uphill battle from the get-go. It elbowed for shelf space alongside such notables as The Legend of Zelda: Link’s Awakening and Astral Chain, thereby limiting its mass appeal in an already-saturated market.

Which was just too bad, because Daemon X Machina came as advertised – its polished version, that is. Earlier in 2019, Marvelous released a demo on the Nintendo eShop that wrongly gave gamers the impression it was close to completion. To the contrary, the developer wanted the early look to be a call for constructive feedback, deeming the reception as a compass by which work would be guided. In its aim to please, however, it wound up telegraphing the mistaken view that it still needed a lot of work late in its production cycle.

As things turned out, Daemon X Machina could not overcome the backlash. Never mind its intriguing narrative. Gamers begin their journey as part of the Outers, a group of pilots in command of mechs imbued with special abilities. They act as the world’s protectors, forming the last line of defense against a genocidal artificial intelligence that seeks humanity’s destruction. By bringing into battle a wide assortment of machine guns, sabers, grenades, and rockets, they seek to accomplish missions aimed at ensuring that the remnants of humanity will survive, and then thrive.

It’s a lofty story, and one that provides an interesting backdrop to Daemon X Machina’s gameplay. Unfortunately, the themes don’t get wholly explored, instead taking a backseat to more pressing pursuits. From the myriad battlegrounds up for exploration, it invariably gives off the impression that its overarching narrative is nowhere near as important as its general feel. The grim, almost hopeless reality is conveyed extremely well through its bleak environments and terrifying enemy mechs. Meanwhile, it employs a sleek anime art style, vibrant and eye-catching in its design, and clearly meant to wow and entrance. Its deliberate stylistic choices definitely add to the appeal; gamers are invited to focus on the world around them while giving in to their instincts and kicking AI butt.

And oh, the many ways success can be had. Employing an intriguing combination of Armored Core, Zone of the Enders, and even Front Mission, Daemon X Machina gives gamers free rein to customize their mechs. That means sticking a variety of dangerous weapons onto any limb, orifice, and bag. The equipment all handle differently, and, coupled with the open-ended combat system, make skirmishes pretty exciting. Want to engage from afar, taking out enemies with lasers and sniper bullets? Check. Want to relive Gundam dreams, machine gun in one hand and shield in the other, with a laser sword handy for encounters in close quarters? Check. And the mechanics work, employed at a fluid and exhilarating pace that never lets up from mission start to mission end.

Broken down to brass tacks, the free-form approach makes Daemon X Machina so exciting, and, when paired with the ability for cooperative play, continually giving. In this regard, it proves very much at home on the personal computer, where Xseed Games has thankfully given it a new lease on life. It’s a bit light on story, but more than compensates with robust customization and battle elements presented in pleasing aesthetics. Gamers can dip into the well time and time again, and find sustenance and nourishment in any number of flavors.

THE GOOD:

  • Great customization elements
  • Wide variety of weapons to choose from
  • Outstanding visual design
  • Appropriately engaging music tracks
  • Excellent voice acting

THE BAD:

  • Relatively slow early missions that feel out of place
  • Fairly weak and cliched narrative

RATING: 8.5/10

POSTSCRIPT: As a tank simulator, Battle Supremacy: Ground Assault is likewise steeped in customization. Upgrades are presented in abundance via card-building mechanics that allow for the continual trading of engines, parts, and weaponry. And, on paper, the premise is sound. A seemingly endless array of combinations – from the cosmetic to the critical – is in offer, with only imagination serving as the limiting factor. These will then be put to the test while exploring vast and varied environments through 60 levels of intense action.

There’s just one problem, however. The buildup to Battle Supremacy: Ground Assault is excellent, but the implementation leaves much to be desired. Frame rates vary wildly, and can lead to hiccups at the most inopportune moments. Meanwhile, the AI is all over the place in terms of the challenge it presents; some enemies can be quite easy to overcome, while others offer extremely stiff, even borderline unfair, resistance. And most egregious is the waiting time between any type of action. The lure and allure of customization lie precisely in the capacity to put collected parts in circulation as desired or as necessary. Unfortunately, twiddling thumbs invariably becomes the cost of equipping and using them, thus negating their purpose in highlighting progress.

Battle Supremacy: Ground Assault boasts of a handful of multiplayer options, among them the self-explanatory King of the Hill and Capture the Bases modes. Up to 16 players can participate, but the seeming lack of an online population makes matchmaking iffy at best. Which effectively compels it to lean on its single-player strengths. If only it did so from the outset. It might have well delivered on its promise.

THE GOOD:

  • A bevy of customization options
  • Engaging campaign mode

THE BAD:

  • Frame drops
  • AI all over the place
  • Long load times
  • Iffy matchmaking

RATING: 7/10

THE LAST WORD: Atypical Games tries to move the Battle Supremacy series forward with Battle Supremacy: Evolution, which takes on a science-fiction bent and brings the action to the air. The name of the game remains customization, though less on inventory and more on characteristics. Nonetheless, players will likely be spending much time ruminating on the possibilities. And, thankfully, the outcomes are shown with nary a skip; a mere flick of the shoulder button transforms the machine they have on tap from a tank to a drone to a fighter plane.

The missions provide any and all sorts of challenges, with the number of levels raised to three digits; even racing gets in on the act. Perhaps accepting the absence of a thriving online community, it moves to provide multiplayer options ad hoc. Thankfully, controls are intuitive and a blast to use, especially in the skies. For good measure, Battle Supremacy: Evolution allows gamers to leave maneuvering on auto pilot; combat thus becomes the lone task at hand. In other words, it takes pains to engage its audience precisely at a point where the latter is most comfortable.

Battle Supremacy: Evolution’s presentation is sleek and fast, and certainly better than Battle Supremacy: Ground Assault’s. The sheer wealth of content on offer should provide hours upon hours of gameplay.

THE GOOD:

  • Customization remains the name of the game
  • Fast-paced
  • Technically sounder than its predecessor

THE BAD:

  • No online multiplayer options
  • Clunky tank controls

RATING: 7.5/10

Jobstreet lists jobs hardest hit by lockdown

By Jenina P. Ibañez, Reporter

ONLINE job search website Jobstreet.com saw a decline in merchandising, retail, and mechanical engineering job postings amid the lockdown declared to contain the coronavirus disease 2019 (COVID-19) pandemic.

Jobstreet Country Manager Philip Gioca told BusinessWorld in an email on Friday that the website saw a sharp 73% drop in jobs available in merchandising since the lockdown was announced. Available jobs in sales or retail fell by 68%, while jobs in mechanical engineering dropped 65%.

The International Labor Organization projects a 6.7% loss in total job hours globally, or the equivalent of 195 million full-time workers, in the second quarter of 2020 as a result of the pandemic.

The National Economic and Development Authority said that 116,000 to 1.8 million Philippine jobs could be lost.

Demand for digital and healthcare jobs however remain strong.

“There’s a strong move to the digital workforce. We can see today that jobs that can be done remotely or online remain strong in demand. Customer service has retained the top 1 spot in the no. of roles still available at 6,000+ openings as of April 15,” Mr. Gioca said.

He said demand for healthcare professionals took the second spot with 4000 jobs, as well as education in English as a Second Language home-based roles (4000 jobs), and information technology/computer roles specializing in software (3000 jobs).

“On the candidate side, the movement is on part-time and home-based jobs,” Mr. Gioca said, adding that the company has an online campaign promoting these jobs.

“Candidates should improve their skills during this ECQ through online tutorials and must stay home to avoid the virus because once the market re-opens there will be a surge in demand again for immediate hiring.”

Mr. Gioca said customer service, education, and administrative roles remain the top specializations accepting fresh graduates.

However, he said Jobstreet had observed a rise in the demand for healthcare workers with no required work experience, with an average salary offer of P23,000 a month for an entry-level position.

“As the country is currently struggling with the dwindling healthcare workforce, companies are seeing the importance of this sector now more than ever,” Mr. Gioca said.

Benilde concert series to raise funds for PGH frontliners

Coro San Benildo, the resident choir of De La Salle-College of Saint Benilde, is holding a series of concerts online from April 23 to 25 to raise funds for basic medical supplies and food packs meant for the frontliners of the Philippine General Hospital (PGH) and neighboring barangays affected by the enhanced community quarantine.

The choir will be performing with some of its alumni including singer Mark Atienza and musical theater performer Hannah dela Rosa, among others.

Coro San Benildo has participated in choral competitions locally and internationally and has won several international awards including the Folklore Category at the 1st Hoi An International Choral Competition in Vietnam, and at the 1st Sing ‘n’ Joy Louisville International Choral Festival and Competition in Kentucky, USA. The choir also won the top prizes in the 54th Seghizzi International Choral Competition in Gorizia, Italy, and was named champion at the Youth Choir Competition in the 70th Llangollen Musical Eisteddfod in Wales, United Kingdom.

The shows will be held on April 23 to 25, 7 to 8 p.m., on the Coro San Benildo Facebook page (facebook.com/corosanbenildo.benilde).

Those who want to donate to the cause can do so via BDO bank transfer (Account name: College of Saint Benilde Inc; account number: 004580243334) or via GCASH QR Code available in the organization’s official social media accounts.

For more information and other inquiries, contact Benilde CSA Coordinator Catherine Panganiban at 0949-177-0494.

RLC property sale continues in China

ROBINSONS Land Corp. (RLC) continues to sell property in its residential project in Chengdu, China despite the onslaught of the coronavirus disease 2019 (COVID-19) pandemic.

In a disclosure to the stock exchange on Monday, the Gokongwei-led real estate company said it had sold 76% of 564 condominium units and 73% of 64 duplex villas opened for sale from its project in China.

“RLC has noted the warm reception of the market to the high-rise condominium units and low-rise duplex villas released for sale,” it said.

“Despite the lingering effects of the global COVID-19 pandemic, RLC has sold [units] in just a few days of selling, after release of the sales permit,” it added.

RLC said it recently received the sales permit for additional components of Phases 1 and 2 of its residential project in China. The company operates in Ban Bian Jie located in the Wuhou District of Chengdu.

The 220,000-square meter project was launched in mid-2018 and is composed of two phases, which consist of high-rise residential buildings, townhouses and shophouses. RLC said when it sold condominium units and duplex villas recently, the average price per square meter was higher than when it sold the first phase.

However, for its operations in the Philippines, RLC said all 52 of its malls are currently closed, save for select essential stores like supermarkets, pharmacies and banks. About half of its hotel properties are also on limited operations due to the lockdown in place in view of the COVID-19 pandemic.

What remains in operation are RLC’s office buildings and industrial facilities. The company has 23 office developments that contributed P5.32 billion or 17% of RLC’s total revenues last year. It also has at least three properties under its industrial and integrated development division, which added P459 million or 2% to RLC’s total revenues last year.

The company posted a 6% increase in net income last year to P8.69 billion, on the back of a P1.02-billion increase in revenues to P30.58 billion. Shares in RLC at the stock exchange increased 44 centavos or 2.88% to P15.70 each on Monday. — Denise A. Valdez

Korea’s Lotte assures SEC of plan to buy more PCPPI shares

By Denise A. Valdez, Reporter

LOTTE Chilsung Beverage Co. Ltd. will proceed with its plan to acquire more shares in listed Pepsi-Cola Products Philippines, Inc. (PCPPI) as the Securities and Exchange Commission (SEC) asks for more submissions from the company.

The Korean conglomerate told PCPPI in a letter last week about the SEC’s review of its plan to buy PCPPI shares. Lotte Chilsung’s letter was disclosed by PCPPI to the stock exchange on Monday.

The SEC evaluated the fairness opinion of Punongbayan & Araullo, Lotte Chilsung and PCPPI’s financial advisor for the tender offer, and asked Lotte Chilsung to submit an amended tender offer report to include other requirements such as the results of other valuation procedures.

“Lotte Chilsung would like to assure PCPPI shareholders of its intention to complete the transaction as provided under the terms and conditions of the tender offer,” the company wrote.

“However, in view of the timetable it will take to comply, we intend to request for an extension from the SEC to allow the company to file the amended tender offer report at a later time,” it added.

To recall, the SEC ordered the discontinuation of the tender offer of PCPPI shares in February because of supposed issues in the conduct of valuation and fairness opinion of PCPPI shares.

Lotte Chilsung is buying up to 2.13 billion shares in PCPPI, equivalent to 57.78% of the company’s outstanding capital stock as of end-September, as part of a strategy to raise its economic interest in PCPPI. Lotte Chilsung is offering to buy the shares from shareholders at P1.95 each.

The transaction has been approved by the Philippine Competition Commission (PCC) last month. The approval of the PCC and the SEC are required for such transactions.

Lotte Chilsung is based in Seoul and is in the business of manufacturing soft drinks, food and other beverages. It has a controlling stake in PCPPI, the licensed bottler of PepsiCo, Inc. and Pepsi Lipton International Ltd. in the Philippines.

PCPPI handles brands such as Pepsi, Mountain Dew, 7-Up, Mirinda, Mug, Gatorade, Tropicana, Lipton, Sting, Premier, Milkis and Aquafina.

In a separate statement on Monday, PepsiCo said it donated $500,000 (about P25.4 million) to join other top business groups in raising more than $30 million (about P1.6 billion) to help vulnerable communities amid the coronavirus disease 2019 (COVID-19) pandemic.

Shares in PCPPI at the stock exchange inched up three centavos or 1.69% to P1.81 each on Monday.

Sesame Street come up with quarantine special

A half-hour special featuring Sesame Street characters is airing on Friday, April 24 at 8:30 a.m. on HBO, HBO GO, Cartoon Network, and Boomerang in an effort to help “kids and families feel connected in this time of uncertainty,” a statement read.

Called Sesame Street: Elmo’s Playdate, the special will also be featuring actors Anne Hathaway, Tracee Ellis Ross, and Lin-Manuel Miranda.

Sesame Street is a five-decade-old children’s program and a staple of US channel PBS. The show features a well-loved cast of characters, from Sesame Street’s mascot Elmo to Big Bird and Oscar the Grouch, among other Muppets teaching children about basic knowledge and acceptable social behavior.

The half-hour special follows Elmo, Grover, Cookie Monster, Abby Cadabby, and a few famous friends as they find new ways to play and learn together.

“Celebrating everything from the EMTs, doctors, and other everyday heroes who are helping families through the health crisis to the simple pleasures of baking cookies at home, the playdate takes the form of a cozy video conference that will feel very familiar to today’s viewers,” the statement said.

Meanwhile, celebrity guests will join the gang by singing songs, playing games, and doing silly dance breaks. Tracee Ellis Ross will be playing a game of “Elmo Says,” while Lin-Manuel Miranda will be singing “Old McDonald Had a Farm.” Anne Hathaway will also join Elmo in exercising via “Head, Shoulders, Knees, and Toes.”

The special is part of Sesame Street’s Caring for Each Other initiative where resources are designed to help parents “provide comfort and manage anxiety, create routines, foster playful learning at home, and keep kids physically and mentally healthy.”

The same initiative also made available more than 100 Sesame Street e-books for free on all major e-book platforms. For more information on the Caring for Each Other initiative and its resources, visit SesameStreet.org/caring.

Elmo’s Playdate is airing on April 24, 8:30 a.m., on HBO and HBO Go with several reruns scheduled on the same day, and on April 25. On April 26, the show will premiere on Cartoon Network at 6:45 a.m. and on Boomerang at 8:30 a.m.

Cartoon Network is on SkyCable ch. 43 and 178 (HD), and on Cignal ch. 74 and 220 (HD). Boomerang is on SkyCable ch. 42 and Cignal ch. 76. HBO is on SkyCable ch. 54 and 168 (HD) and Cignal ch. 53 and 210 (HD). HBO GO is HBO’s regional streaming service with subscription at P149 a month.

Manila terminal operations back to normal, says ICTSI

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) said Monday operations at the Manila International Container Terminal (MICT) have returned to normal levels after stakeholders responded to calls to withdraw their overstaying cargoes.

“Overall terminal utilization is now under 67% and reefer utilization at under 65%, with cargo pullouts during the enhanced community quarantine (ECQ) peaking last week,” the listed port operator said in a statement.

It added: “The pullouts last week do not include numerous containers of unclaimed cargo, carefully transferred to other yards and facilitated by the Bureau of Customs (BOC) and the Philippine Ports Authority (PPA). Moreover, all incoming ships are able to dock as scheduled, with no waiting time.”

PPA General Manager Jay Daniel R. Santiago has said that the shutdown of Manila port terminals is possible if cargo owners and consignees do not heed the agency’s request to immediately remove their ready-for-delivery and overstaying cargoes.

ICTSI has also appealed to its consignees to withdraw their refrigerated containers immediately.

The company also offered an option for businesses that are unable to take delivery at their own facilities. It said they can utilize ICTSI’s off-site facilities in Laguna, Bulacan, or Cavite.

ICTSI executive Vice President Christian R. Gonzalez said: “Thanks to the extraordinary efforts of our frontline employees and many port stakeholders, the terminal has been able to pull off this feat. Efforts should continue, however, to ensure that we have no repeat of the dangerously low level of pullouts we experienced at the end of March and in early April. The statistics have proven that the government-implemented exemptions for cargo and penalties for overstayers worked and that these, along with the efforts of importers, have avoided the unmanageable consequences we would have had if we did not respond as we did.”

He added: “With the continued ECQ, we cannot afford to be complacent. We must remember that there remains a significant amount of unclaimed cargo from well before March 2020, and we must ensure a free flow of cargo to facilitate the transport of critical food, medical supplies and basic necessities.” — Arjay L. Balinbin

The film fest must go on

The pandemic may have halted many film festivals, including Cinemalaya and Cinema One Originals and the Daang Dokyu film festivals, but MOVIEMOV, the Italian Film Festival, has found a way to run the festival online from April 21 to 26.

The fifth run of the festival, organized by the Philippine Italian Association (PIA), will be held at an online movie theater with a capacity of 300 people per screening, on a first-come, first-served basis.

All films will have English subtitles.

MOVIEMOV will be screening seven films from contemporary Italian cinema and a classic chosen by the PIA and the Film Development Council of the Philippines. They are:

Parents in Progress (2018) by Laura Chiossone follows the story of a single mother hell-bent on making her son’s 8th birthday party perfect, but the son changes everything with an unexpected performance. The film screens on April 21, 9 p.m.

Citizens of the World (2019) by Gianni di Gregorio is the story of three Italians in their 70s who decide to leave their communities and live abroad to try and change their lives, maybe in ways they didn’t expect. The film screens on April 22, 9 p.m.

The story of an elderly gay couple tasked to take care of two children is at the center of Goddess of Fortune (2019) by Farzan Ozpetek, while mystery film The Invisible Witness (2018) by Stefano Mordini follows a man who wakes up beside the dead body of his lover without any idea if he did the crime or not. He is charged with murder while his lawyer tries to find the truth that will set him free.

Goddess of Fortune is scheduled to be shown on April 23, 9 p.m., and The Invisible Witness on April 24, 9 p.m.

The fifth entry in the festival is Laura Luchetti’s Twin Flower (2018), a film about two teenagers on the run from a dark and violent past that rendered one mute. Twin Flower screens on April 25, 9 p.m.

Italian classic film La Dolce Vita (1960) by Federico Fellini is screening on April 26, 5 p.m. The film follows a restless reporter for the society pages of a newspaper who tries to contend with the overdose of his long-time girlfriend while pursuing a wealthy heiress and a movie star. The film is screened in celebration of Mr. Fellini’s centenary. It will screen on April 26, 5 p.m.

The final film of the festival is The Dog Snatch (2019) by Fulvio Risuleo, which follows a group of young dog sitters whose charge, a French bulldog, is stolen by a mysterious character and how they try to get the dog back. It will screen on April 26, at 9 p.m.

Some of the directors of the selected films, including Laura Luchetti, Fulvio Risuleo, and Gianni Di Gregorio, will take part in the event through live social and video contributions in the virtual theater to present their films.

The virtual theater can be accessed via www.mymovies.it/virtual-theatre/moviemov and will function much like a “real cinema,” according to a release, as the viewers can engage in conversation with each other via a chat box.

The screenings are free and do not require registration. For more information, visit the Moviemov Italian Film Festival Facebook page.

WeWork plans to offer back-up workspaces

By Jenina P. Ibañez
Reporter

WEWORK Companies, Inc. seeks to offer back-up flexible workspaces to assist Philippine companies with business continuity plans (BCP) in disruptive situations.

Turochas Fuad, WeWork Southeast Asia and Korea managing director, said in an e-mailed response to questions on Monday that the company ceased support across its Philippine locations.

Only select industries are allowed to operate in their facilities or offices within the enhanced community quarantine.

“Closely aligned with the government’s directives, WeWork has since ceased community and cleaning support across all locations. Members have also been strongly encouraged to abide by the government measures and work from home,” he said.

He said the company is looking into its offerings to help companies with both the current situation and future disruptive scenarios.

“In view of the current situation, we are still seeing a healthy momentum of demand through increase in proactive conversations from our members and non-members in better understanding the importance and relevance of space-as-a-service as part of their BCP strategy.”

He said WeWork is adapting its swing spaces or short to long-term solutions offerings to give companies the space to scale up or down and mobilize their workforce.

“In the event of a disruptive situation, having a back-up workspace is crucial as part of a macro BCP strategy where companies can relocate their teams to maintain business operations.”

He said the spaces can be a recovery asset, as companies that under or overestimate real estate needs can experience “huge opportunity costs.”

In an e-mail to brokers and clients, WeWork Chief Executive Officer Sandeep Mathrani said the company is evaluating changing its floor layouts to support social distancing, including “every other” desk occupancy in private offices and reduced lounge and common space capacity.

“We will post new recommended capacity load signage and messaging at entrances to each room,” he said, noting that the spaces will have regular cleaning and will put up sanitation stations.

Mr. Fuad said the company is working with each of their Philippine location’s building management for hygiene measures.

WeWork Companies, Inc., Bloomberg reported, does not expect to hit its 2020 financial targets due to the outbreak. The company’s plans for an initial public offering last year failed.

WeWork Philippines has suspended all its internal and member events, and has implemented work from home measures for employees.

WeWork has five Metro Manila locations, including Menarco Tower, Uptown Bonifacio Tower Three, Milestone at 5th Avenue, and Brilliance Center in Taguig City as well as RCBC Plaza in Makati City.

Gov’t hikes T-bill award on strong demand

THE GOVERNMENT upsized the volume of Treasury bills (T-bills) it awarded on Monday amid lower rates and strong bids, as the market welcomed the central bank’s stimulus measures, such as last week’s off-cycle rate cut.

The Bureau of the Treasury (BTr) awarded P24 billion in T-bills, P4 billion more than its initial offer of P20 billion as total bids for the short-term papers hit P80 billion.

Amid strong demand and low rates, the BTr also opened its tap facility to raise another P10 billion via the one-year securities.

Broken down, the BTr raised P7 billion in 91-day papers, more than the initial P5-billion offer as the tenor attracted bids worth P33.01 billion. The three-month papers fetched an average rate of 3.113%, down 35.8 basis points (bps) from the previous rate of 3.471% last week.

It also upsized its award of 182-day papers to P7 billion from the P5-billion plan, as total tenders reached P21.125 billion. The six-month papers yielded an average rate of 3.239%, lower by 17 bps from 3.409% previously.

For the 364-day papers, the BTr fully awarded P10 billion as planned out of total bids worth P25.864 billion. The average rates for the one-year securities dropped 39 bps to 3.295% from 3.685% previously.

National Treasurer Rosalia V. de Leon said they upsized the award after rates dropped following the 50-bp cut in benchmark interest rates fired off by the Bangko Sentral ng Pilipinas (BSP) last week.

“Accepted more than offer because double non com award. Open tap for P10 billion for 364-day with significant drop in rates [following] 50 bps off-cycle cut,” Ms. De Leon told reporters via Viber.

Ms. De Leon added that due to the strong appetite observed for the one-year T-bills, they decided to cut the offer of 91-day papers to P5 billion from P10 billion in previous auctions and increased the offer size for the 365-day T-bills to P10 billion from P5 billion previously.

“Previous auctions saw strong appetite for one-year (papers) for yield pickup and incremental liquidity from P120 billion maturity,” she said.

A bond trader said they expect yields to drop after the BSP fired off stimulus measures that helped boost liquidity in the market and as long as there are “no other negative news.”

“We expect this downward momentum in yields to persist on back of liquidity boost from BSP. Recent moves by BSP add to investor confidence,” the trader said via Viber.

“BSP lowered the rates, and has lowered RRR (reserve requirement ratio) which freed up significant liquidity. But since there is less economic activity, there will be less loan availments. Banks will then have to put the excess funds in government bonds,” the trader said.

The BSP Monetary Board, in an off-cycle meeting last Thursday, cut the key policy rate or the overnight reverse repurchase rate to 2.75%. Accordingly, interest rates for the central bank’s overnight deposit and lending facility have been trimmed to 3.25% and 2.25%, respectively.

These rates are the lowest on record and also since the BSP shifted to an interest rate corridor in 2016.

The cut came less than a month after the 50-bp reduction in a scheduled Monetary Board meeting on March 19, which took effect on March 20.

For this year alone, the central bank has slashed rates by a total of 125 bps after a 25-bp cut on Feb. 6. This followed 75 bps in cuts implemented in 2019. This means the BSP has completely unwound the 175 bps in hikes done in 2018.

The BSP also slashed the RRR of universal and commercial banks by 200 bps earlier this month, with analysts projecting another 200-bp cut to boost liquidity.

The Treasury has set a P190-billion local borrowing program for April, broken down into P130 billion in Treasury bills and P60 billion in Treasury bonds. – Beatrice M. Laforga

Ayalas’ AC Health taps QualiMed for COVID-19 referral hospital

THE healthcare arm of Ayala Corp. (AC), Ayala Healthcare Holdings, Inc. (AC Health), has tapped QualiMed to convert one of its facilities into a coronavirus disease 2019 (COVID-19) referral hospital.

AC Health signed the agreement with QualiMed yesterday assigning its hospital in Sta. Rosa, Laguna as a COVID-19 referral facility.

QualiMed operates four general hospitals, two surgery centers and several clinics across the Philippines. It is owned by Mercado General Hospital, Inc. in partnership with AC subsidiary Ayala Land, Inc.

The facility in Sta. Rosa which will be used as a COVID-19 referral hospital is a 102-bed general hospital located within Ayala Land’s Nuvali development complex.

With the assignment as a COVID-19 referral hospital, the facility will be developed by building a COVID-19 triage holding area next to the hospital, building a Biosafety Level 2 Laboratory for COVID-19 testing, converting inpatient beds of the facility for exclusive use of COVID-19 patients, expanding the bed capacity in its intensive care unit, and forming a dedicated COVID-19 team composed of professionals from QualiMed and AC Health’s FamilyDoc and Healthway networks.

The project is funded by AC’s different business units, namely Ayala Foundation; Ayala Land; BPI Foundation; AC Energy Philippines, Inc.; Manila Water Co., Inc.; Globe Telecom, Inc.; Integrated Micro-Electronics, Inc.; and AC Motors.

“We’ve come together at the Ayala Group to support this project so that patients can have a facility to go to, especially during these difficult times,” AC Health President and Chief Executive Officer Paolo Maximo F. Borromeo said in the statement.

QualiMed Sta. Rosa is now receiving COVID-19 referrals, but the upgraded facilities will be rolled out in phases starting May 1.

“As a referral institution, the facility will be compliant with infection control standards to ensure the safety of patients and medical professionals,” QualiMed President and Chief Executive Officer Edwin M. Mercado was quoted as saying in the statement.

Shares in AC at the stock exchange gained P9 or 1.51% to P606 each on Monday.

MEGAWIDE BUILDS QUARANTINE FACILITY

Meanwhile, volunteer employees and subcontractors of Megawide Construction Corp. are building emergency quarantine facilities (EQFs) to help reduce the crowding in Metro Manila’s major hospitals.

The team, composed of engineers, electricians, plumbers and carpenters, are building EQFs at the National Kidney and Transplant Institute (NKTI), Fe Del Mundo Medical Center (FDMMC), Dr. Jose N. Rodriguez Memorial Hospital (DJNRMH) and Cardinal Santos Medical Center (CSMC).

“Our staff have committed to volunteer for a total of 12 days to build the EQFs, and we finished construction of the EQFS for FDMMC and NKTI on Day 5. We are targeting to complete construction for the DJNRMH and CSMC EQFs by Day 10,” Megawide Deputy Head for Construction Frederick T. Tan said in a statement.

The project is led by local architecture firm WTA Architecture + Design Studio, which aims to build almost 50 EQFs across Metro Manila and nearby provinces in its first two batches of rollout.

Aside from helping build quarantine facilities in hospitals, Megawide also previously donated a disinfection chamber to the local government of Quezon City. It also distributed alcohol, face masks, face shield and protective suits to various hospitals across Metro Manila.

Shares in Megawide at the stock exchange slipped 32 centavos or 4% to P7.68 each yesterday. — Denise A. Valdez

1...8,2128,2138,214...12,819Page 8,213 of 12,819
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube