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PHL business sentiment improves, but ECQ may dampen outlook

PHILIPPINE FIRMS are more optimistic for the rest of the year, a central bank survey showed, but the surge in coronavirus infections and the reimposition of a strict lockdown in the capital region threatens to dampen sentiment.

The overall business confidence index in the first three months of the year improved to 17.4% from a reading of 10.6% in the fourth quarter of 2020, based on the Business Expectation Survey results released by the Bangko Sentral ng Pilipinas (BSP) on Thursday.

This is the highest reading since the 22.3% in the first quarter of 2020 before the pandemic’s impact became more pronounced.

Business Expectations Survey

The confidence index reading for business outlook for the second quarter also improved to 42.8% from 37.4%.

Business optimism spilled over for the rest of the year with the confidence index at 60.5%, better than the 57.7% the previous quarter and the highest since the 59.6% seen in the fourth quarter of 2019.

The improvement in business confidence could be traced to the easing of restriction measures and re-opening of businesses, as well as more people adapting to the new normal, BSP Department of Economic Statistics Senior Director Redentor Paolo M. Alegre, Jr. said in an online briefing on Thursday.

Respondents also cited the increase in volume of sales and orders, the rollout of the coronavirus disease 2019 (COVID-19) vaccines, and the development of new business strategies, as factors that contributed to business optimism.

“However…as seen from the chart there was a dip in optimism that you see by area or by period basis that with a lockdown, there can be an impact on business sentiment in the second quarter,” Mr. Alegre said.

The study was conducted among 1,512 firms around the country from Feb. 4 to March 12. Metro Manila and nearby provinces was placed under the strictest form of lockdown on March 29. The enhanced community quarantine was extended until April 11.

“So far what we have experienced is just two weeks of ECQ, it depends on the extent where restrictions are reimposed and it also depends on the direction,” BSP Deputy Governor Francisco G. Dakila, Jr. said.

He noted the vaccination rollout also contributed to the firms’ more upbeat outlook.

The BSP study also showed more firms are eyeing to expand in the next quarter (20.6% for the second quarter from 16.9% in the fourth quarter of 2020) although slightly lower for the next 12 months (27% from 28%).

Firms involved in mining, quarrying and manufacturing are planning to expand, while those in agriculture, fishery and forestry sectors were less keen on expansion in the next 12 months.

Firms cited insufficient demand resulting in low sales volume (46.7%) and stiff competition (41.6%) as major risks to their business. — Luz Wendy T. Noble

Meralco rates rise on higher spot market prices

TYPICAL households in Metro Manila are set to see an increase of around P17 in their electricity bill this month as Manila Electric Co. (Meralco) announced a rise in the overall power rate due to higher spot market prices.

In a press release on Thursday, Meralco said that its overall rate climbed by P0.0872 per kilowatt-hour (kWh) to P8.4067 per kWh from last month’s P8.3195 per kWh.

The increase will translate into a P17.44 hike in the monthly bill of typical households, or those that consume 200 kWh a month. Households consuming 300 kWh, 400 kWh, and 500 kWh will see an increase of around P26, P35 and P44, respectively.

Meralco explained that the generation charge, which it remits to power suppliers, rose this month by 3.7% or P0.1621 to P4.5370 per kWh. The surge was caused by the P2.5991-per-kWh increase in the cost of power at the wholesale electricity spot market (WESM) because of tighter supply conditions in the Luzon grid.

“Peak demand in Luzon increased by almost 1,000 MW (megawatts) in March as a result of warmer temperature, while unavailable capacity from plant outages remained above 3,400 MW. WESM share is slightly down to 11% this month,” the firm said.

However, the increase in WESM charges were mitigated by the lower costs from independent power producers (IPPs) and power supply agreements (PSAs), Meralco said.

Charges from IPPs and PSAs went down by P0.2090 and P0.1371 per kWh, respectively, due to improved average plant dispatch and the peso’s appreciation.

PSA-sourced power accounted for 50% of Meralco’s energy requirements while IPPs were responsible for 39%.

Transmission charges decreased by P0.0856 per kWh, mainly caused by lower ancillary service charges, while taxes and other charges climbed by P0.0107 per kWh.

Meralco said that the collection of the environmental component of the universal charge at P0.0025 per kWh remains suspended in line with an order from the Energy Regulatory Commission (ERC).

The power firm said its distribution supply, and metering charges have remained unchanged for 69 months, after being reduced in July 2015.

Meralco does not earn from the pass-through charges, such as generation and transmission charges.

“Payment for the generation charge goes to the power suppliers, while payment for the transmission charge goes to the NGCP (National Grid Corp. of the Philippines),” it said.

Taxes and other public policy charges like the universal charges and the feed-in tariff allowance are remitted to the government, it added.

REFUNDS
In its statement, Meralco said that the April rate includes the ERC’s approved adjustments of the firm’s pass-through charges from January 2017 to December 2019.

Four months ago, the ERC ordered Meralco to refund over-recoveries in transmission and other charges over three months, and to collect an under-recovery in the generation rate for 24 months.

“Meralco implemented the ERC-approved adjustments starting January 2021. The impact to residential customers, from the months of January to April 2021, is a net refund of around P0.1150 per kWh,” the company said.

The distribution utility added that it is also implementing its distribution rate true-up refund, which began in March. The amount represents the difference between the actual weighted average tariff and the ERC-approved interim average rate for distribution-related charges from July 2015 to November 2020.

The refund rate is at P0.2761 per kWh, and is set to appear in consumers’ bills as a line item called “Dist True-Up.”

On Thursday, shares in Meralco at the local bourse shed 1.13% or P3.2 to close at P280.60 apiece.

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

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

Sorkin’s Chicago 7 is Netflix’s latest shot at Oscar glory

A SCENE from the film The Trial of the Chicago 7 (2020) — IMDB.COM

AARON SORKIN has seen a lot over more than 30 years in Hollywood, but even he couldn’t have predicted how neatly a Vietnam War-era film would fit the political climate of 2020.

The Trial of the Chicago 7, the second movie directed by the famed screenwriter, follows the Vietnam War protesters who were accused of inciting riots at the 1968 Democratic Convention. The film has been nominated for six Academy Awards, including for Mr. Sorkin’s screenplay, and represents Netflix, Inc.’s latest shot at the industry’s top prize.

The movie got a boost last week by taking the best-ensemble prize at the Screen Actors Guild Awards, marking the first time a streaming service has won that recognition. The Academy Awards will be announced April 25.

Reflecting earlier on the film, which took about 14 years to make from conception to completion, Mr. Sorkin marveled at how little things have changed in the half-century since Tom Hayden, Abbie Hoffman, Bobby Seale and the others went on trial for their roles in the riots. The antiracism movement of last summer helped audiences connect with its message about the importance of protest in a democracy, he said.

“We thought the movie was plenty relevant last winter when we were making it,” Mr. Sorkin, 59, said in a phone interview from his home in Los Angeles. “We didn’t need it to get more relevant, but it did, obviously. I’ve been asked a lot if I changed the script to reflect events in the world. And I didn’t ever. The world changed to reflect the script.”

The idea for the movie came from Oscar-winning director Steven Spielberg, who has made a few of his own historical pictures, including Lincoln. He called Mr. Sorkin, the creator of the TV series The West Wing, over to his house on a Saturday morning in 2006 and said he wanted to make a movie about the Chicago Seven. Mr. Sorkin enthusiastically agreed to write it, without admitting he didn’t know what Mr. Spielberg was talking about.

“I left his house, called my father and asked who the Chicago Seven were,” Mr. Sorkin recalled.

The Chicago Seven (there were initially eight) were from different factions of the antiwar movement that rallied thousands of young people to come to Chicago in the summer of 1968 to protest the Democratic Party’s expected nomination of Vice-President Hubert Humphrey to succeed President Lyndon Johnson. They were met by 12,000 Chicago policemen, 5,600 members of the Illinois National Guard and 5,000 US Army soldiers.

The trial began more than a year later, pressed by President Richard Nixon’s Justice Department. Mr. Sorkin did some firsthand research through conversations with Mr. Hayden, a leader of Students for a Democratic Society at the University of Michigan in the 1960s. Mr. Hayden, played by Eddie Redmayne, gave Mr. Sorkin a sense of the tension between himself and Mr. Hoffman, a prominent antiwar activist who is played in the film by Sacha Baron Cohen. Mr. Hoffman took his own life in 1989. Mr. Hayden, who had a long career in California politics later and was married for 17 years to actress Jane Fonda, died in 2016 after a lengthy illness.

The drama between the two became an important part of the script, along with the police confrontation early in the film and the courtroom fireworks, after Mr. Sorkin dropped the notion of turning the story into a Broadway musical or play. He rewrote the screenplay dozens of times and the film went through numerous iterations, first with Mr. Spielberg set to direct, then with different actors including Seth Rogen and Dane Cook, before eventually going into production at ViacomCBS, Inc.’s Paramount Pictures with the current cast and Mr. Sorkin as director.

Last spring, it was clear the coronavirus was going to disrupt Paramount’s plans for a theatrical release. Market research indicated the first customers to come back to theaters would be people who thought COVID-19 was a hoax. And they might not have been sympathetic to the film’s message, studio Chairman Jim Gianopulos and the filmmakers agreed. “We didn’t have much confidence the Idaho militia was going to show up opening weekend,” said Mr. Sorkin, who won an Oscar in 2011 for adapting the Facebook story The Social Network to the big screen.

Tyler Thompson, a producer at Cross Creek Pictures who worked with Mr. Sorkin on the movie, said the transition to streaming went smoothly and may ultimately have been a good thing. The film cost about $35 million to make and would have eaten up a similar amount in marketing. Netflix bought the picture for $56 million and released it to home audiences on Oct. 16.

“It’s interesting to watch the Netflix big machine,” Thompson said. “They reach 600 million people. It’s pretty fantastic, to say the least. It was definitely a lifeboat that was an unlikely possibility, but they saw what we saw.”

Because Netflix doesn’t routinely disclose viewer numbers, it’s not clear how popular the film was. The streaming giant’s management touted its good fortune in picking up the film on an earnings call. It’s one of eight movies vying for the best-picture Oscar.

But for the producers to receive that same $56 million from a theatrical release, The Trial of the Chicago 7 would have had to generate almost $150 million in ticket sales, on par with the performance of Wonder Woman 1984.

Mr. Sorkin, who also wrote the screenplay for the hit courtroom drama A Few Good Men, said that while he thinks some aspects of moviegoing may be permanently changed because of COVID-19, he still wants his pictures shown theatrically when the pandemic is over. He just started production on a new film, Being the Ricardos, a biopic about Lucille Ball and Desi Arnaz.

“I really do think we’re going to have our cake and eat it, too,” Mr. Sorkin said. “I think that people are going to go back to the movies. I think we’re going to have the convenience of being able to watch a feature at home.” — Bloomberg

Cebu Pacific’s refunds payable hit P1.43 billion in 2020

BW FILE PHOTO

BUDGET CARRIER Cebu Pacific said its customer refunds payable reached P1.43 billion last year due to a surge in refund requests amid a public health crisis.

Cebu Air, Inc., the listed operator of the low-cost carrier, said in its annual report released on Thursday that it saw a “1,938.7% increase” in its refunds payable last year “due to a surge in refund requests with the increase in flight cancelations brought about by the COVID -19 (coronavirus disease 2019) outbreak.”

Its refunds payable last year totaled P1.43 billion, a significant increase from the previous year’s P70.17 million.

“In light of the significant increase in flight cancelations due to the COVID-19 outbreak and consequent to the grounding of the group’s commercial operations, customers were given options for their canceled flights which included, among others, conversion to a full travel fund which is a virtual wallet equivalent to the amount paid for an existing booking. A travel fund is valid for two years and can be used as payment for future bookings,” the budget carrier said.

Cebu Pacific has said processing of refunds could take up to seven months due to the high volume of requests.

It reported a net loss of P22.2 billion, owing primarily to the effect of the pandemic on its operations.

Cebu Air’s revenues for 2020 dropped 73% to P22.6 billion. Cargo business contributed P5.4 billion or 24% of the total.

The number of passengers it carried last year dropped 78% to five million, while the number of flights was 71% lower at 41,804.

It closed the year with P20.77-billion operating loss and negative EBITDAR (earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs) of P932 million.

Cebu Air said it expects a slow recovery from the crisis due to the losses it has suffered.

“The group remains in a strong balance sheet and equity position at the end of the period,” it noted.

“The group is actively engaged in planning and executing various measures to mitigate the impact of the COVID-19 global pandemic on its business operations. These include negotiations with key suppliers on capital expenditure commitments and related cash flows, as well as with other suppliers and stakeholders as they impact the group’s cash flows. It is further engaged in the planning of staff rightsizing in addition to further optimization and digitalization of processes,” it added.

Cebu Air shares closed 2.06% higher at P47 apiece on Thursday. — Arjay L. Balinbin

Only the lonely

Movie Review
Soltero
Directed by Pio de Castro III

Currently available on KTX.PH

I CONFESS to being biased against Pio de Castro III’s Soltero ever since I heard the premise. A Filipino film about loneliness? Filipinos are some of the most gregarious people in the world — the warmest, friendliest, most hospitable; the (darker side) fondest of gossip, of backbiting, of mob rule. Filipinos, I’d have said, are the least likely to know loneliness, particularly on the big screen; most Philippine cinema depict teeming slums full of corrugated shacks crammed with squatters. Filipinos know the despair of overcrowding, not loneliness.

But that’s not entirely true; one of Brocka’s best-known films (Maynila sa Mga Kuko ng Liwanag) features lone protagonist Julio Madiaga — the tragedy of a country boy trying to solve the problem of human trafficking (his girlfriend, lured to the big city) all by himself. In Maynila poverty dictates circumstance (girl needs job; boy needs girl), and everyone knows poverty in one form or another.

Then there’s Gil Portes’ Merika with Filipinos learning the true meaning of loneliness, scattered across the vast reaches of the United States. Mila (Nora Aunor in arguably one of her finest performances) isn’t destitute but her situation isn’t unique either — we all know of a friend or relative working abroad, sending home much-needed dollars and, in December, the much-appreciated balikbayan (homecoming) box filled with chocolates and canned goods.

And then there’s Lav Diaz, who in films like Heremias, or Florentina Hubaldo, CTE, depicts loneliness as a near-universal affliction. The sheer weight of his imagery — hours of austere black-and-white digital video — is difficult to resist; you feel like you’ve spent half your life in forced isolation, partly because you have spent what feels like half your life watching someone suffer forced isolation.

Crispin (Jay Ilagan) is no Julio, or Heremias; he’s assistant manager in a bank and owns a condominium along Roxas Boulevard with a view of Manila Bay. His car may be a Beetle — dorky at first glance, nowadays a retro classic — but otherwise he’s a dependable, desirable bachelor no girl in her right mind could possibly resist.

Except they do, or don’t flock to his side. There’s a forcefield of willed chastity about him that warns women: “stay away” (those who try are gently rejected). Turns out Crispin still holds a torch for former girlfriend Christina (Rio Locsin), later makes sidelong glances at his new boss RJ (Chanda Romero); settling for anyone less (anyone else?) would mean compromise, and Crispin is too pure of heart to do that.

There’s a sense that Crispin is the only real character in the film, with the others acting as facets and variations of his loneliness — Mona Lisa’s alcoholic landlady drinks herself to sleep; Terrie Legarda’s Bong leaves her husband because he’s never home; Dick Israel’s Teddy moans about exile to the Middle East. Boy Noriega, who wrote the screenplay, is careful to wrap Crispin in a cloak of virtue —  he’s a nice guy, and everyone makes it a point to declare him a nice guy — but there’s an unspoken narcissism to Crispin, the sense that his failure to maintain a meaningful relationship forces him to see the people the way he sees himself: as loners struggling and failing to deal with themselves as lifelong companions.

Christina is a special case, not just the object of Crispin’s affections but his mirror image. She too is intelligent and sensitive; she too pines for someone unattainable (a married man); she too has love to offer, and a tendency to self-sacrifice that reeks of martyrdom. Whenever Crispin comes over to her apartment he confides his troubles to her and she responds with sound advice; their moments together would feel like plot function — the visited sage dispensing wisdom to her acolyte —  only Rio Locsin speaks with a limpid simplicity hard to resist.

When Christina finally confronts Crispin about their relationship (skip the rest of this paragraph if you haven’t seen the film!) — sitting by a corner table, the camera alternating closeups between the two (Crispin lit from the left, Christina from the right, the visual scheme highlighting their opposing views) — Christina reveals herself to be a master at verbal jiu-jitsu, able to argue the impossibility of their continued relationship by turning Crispin’s best qualities against him (“You’re too kind; it’s suffocating; your kindness could kill me”). Crispin’s no idiot; he points out inconsistencies in her argument, to which she deftly responds by owning them (“I’m not running away from you, I’m running away from myself”) then pressing the attack (“Part of this is your fault too”). Christina delivers the coup de grace with understated skill: “I’m not worthy of your love”; Crispin can only respond with the resigned expression of a bull facing a skilled torero. Why hasn’t Christina considered a career in law? But I forget — she’s a single mother with few financial resources, the main one being an already-married man.

When it’s RJ’s turn to confront Crispin, the filmmakers take a different tack. RJ is a sophisticate not a saint; she agrees to meet at Imelda Marcos’ infamous Manila Film Center (“the only place people can talk with clear heads,” Crispin explains), climb the keyboardlike steps, walk among its Pantheon columns — the perfect setting, if you like, for a modern Greek tragedy.

Where Mr. Noriega’s words drive the earlier scene, here the writer cedes control to Mr. De Castro, who keeps the imagery striking, the drama at arm’s length. Crispin watches RJ lean against a stone wall, her shadow stretching to the left as she explains herself; in an interview Chanda perceptively points out that the shadow likely represents RJ’s darker side, a side she reveals to Crispin in the hope that he might understand.

Many a critic (again, skip the rest of this paragraph if you haven’t seen this!) has praised the film for its early attempt at depicting a closeted lesbian; I remember Crispin’s response when he finally realizes what RJ has been trying to say all along: “I don’t believe it! You can change, I know you can!” RJ can only smile: Crispin subscribes to the traditional view, that gay folk are merely making lifestyle choices. RJ knows better — it’s not a lifestyle but a life; switching sexual orientation is about as easy as swapping out heads.

Mr. De Castro and Mr. Noriega end the film with Crispin alone (again) before the camera, writing a letter to his brother. Reading the letter’s contents out loud helps sketch the outlines of his life to date — he’s working harder than before, he’s taken up his hobbies again, he’s involved with his friends again. Gradually the reading becomes a monologue and his gaze turns from letter to camera — towards us, the audience; the matter-of-fact update becomes a confessional on the state of Crispin’s soul.

One wants to ask: do Mr. De Castro and Mr. Noriega know about loneliness? Mr. Noriega seems to know the difference between a man with many caring friends and one with a lifelong companion by his side; Mr. De Castro, for his part, directs not just with sensitivity and intelligence and grace, but with a grasp of the kind of stillness — of airless silence — true loneliness can inspire.

And then there’s Crispin’s face. Jay Ilagan in that final scene looks straight at the camera with unnerving directness. He appears to be at peace —  but it’s a hard-won peace, a survivor’s peace, the peace of a man who has traveled through miles of parched desert. This is a man suspended between heaven and hell, suffering the uncertainty of such a suspension, growing stronger from his suffering. Do Mr. Noriega, Mr. De Castro, and Mr. Ilagan know loneliness? What do you think?

Petron approves issuance of dollar-denominated senior capital securities

PETRON Corp. has greenlit the issuance of dollar-denominated senior capital securities in $200,000 denominations, the proceeds of which will be used for the company’s debt payments and general corporate purposes, the listed oil company said on Thursday.

Petron told the local bourse that its board of directors had authorized the company to issue the perpetual capital securities “under terms and conditions as the management may determine.”

According to a preliminary offering circular, Petron said that “the securities will be issued in registered form in denominations of $200,000 and integral multiples of $1,000 in excess thereof.”

The firm did not give further details on the initial rate of distribution or the issue price. It mentioned, however, that the expected closing date is 2021, and that the increase in the rate of distribution is 2.5% per annum.

Since the securities are perpetual, they do not have a fixed redemption date.

“The issuer may redeem the securities (in whole but not in part) on the step up date or any distribution payment date falling after the step-up date,” Petron said.

The Ramon S. Ang-led firm said that the securities are being offered only outside of the US in offshore transactions in line with the amended US Securities Act of 1922.

“The securities being offered or sold herein have not been, and will not be, registered with the Philippine Securities and Exchange Commission under the Philippines Securities Regulation Code,” Petron clarified.

The firm explained an “approval in-principle” was already obtained from the SGX-ST (Singapore Exchange Securities Trading Ltd.) to list and quote the securities.

“For so long as the Securities are listed on the SGX-ST and the rules of the SGX-ST so require, the Issuer shall appoint and maintain a paying agent in Singapore, where the Securities may be presented or surrendered for payment or redemption, in the event that the Global Certificate is exchanged for Certificates,” Petron said.

It added that the minimum board lot size of the securities will stand at $200,000.

The net proceeds from the issue of securities, which will be in US dollars, will be used by Petron for the repayment of debts and for general corporate purposes.

The trustee, principal paying agent, calculation agent, transfer agent and registrar of the securities is the Hongkong and Shanghai Banking Corp. Ltd.

Last month, Petron reported that it swung to a net loss of P11.4 billion in 2020, from a net income of P2.3 billion in the year before, as sales declined due to the global health emergency. The company added that its consolidated revenues last year dropped 44% to 286 billion.

Shares of Petron in the local bourse inched down by 0.32% or one centavo to finish at P3.15 apiece on Thursday. — Angelica Y. Yang

Anthems for life’s realities

By Michelle Anne P. Soliman, Reporter

Album review
The Bitter Truth (2021)
Evanescence
BMG Rights Management

THE recording session for the new studio album began in January 2020; it was originally set for release later that year. However, the global lockdown led the band to postpone trips to the studio. This resulted in songs written and produced remotely between the band in the US and their guitarist and backing vocalist in Germany. A year into the pandemic, Evanescence released The Bitter Truth on March 26 — their first album of original material in a decade.

The American rock band made their debut in 2003 with the album Fallen which spent 43 weeks on the Billboard Top 10 and sold more than 17 million copies worldwide. Their debut single, “Bring Me to Life,” won the Grammy for Best Hard Rock Performance in 2004 — the same year the band won the Grammy for Best New Artist. In their 18-year-career, the band has made five studio albums including The Open Door (2006), Evanescence (2011), and Synthesis (2017).

The Bitter Truth is a return to the band’s heavy rock sound featuring its current members: bassist Tim McCord, drummer Will Hunt, lead guitarist Troy McLawhorn, and guitarist and backing vocalist Jen Majura, and its sole original member and lead singer Amy Lee.

The words of each song were difficult to understand at first listen because of the intense guitars and drums in the background. Following the lyrics highlighted on the phone screen while listening via Spotify will help one understand the songs. Despite no longer being used in the genre’s heavy sound, I realized I had missed hearing Amy Lee’s distinct head tone vocals, which remain full and rich since the band’s debut with “Bring Me to Life.”

The songs in the album are a reflection of the band members’ personal experiences of loss, grieving, and redemption, as well as social issues on inequality.

The album begins with an intro track, “Artifact/The Turn,” which has a calm, slightly electronic sound. The track’s ending segues to “Broken Pieces Shine,” a song about overcoming struggles.

The first four songs feature the band’s signature heavy guitar and drums. The sound calms down in the fifth track — and the album’s first single, released in April 2020 — “Wasted on You,” a slow danceable ballad which talks about recovering from a broken relationship.

The second half of the album regains its loudness with songs “Better Without You” and “Take Over.” Then, it slows down once more on the piano ballad “Far From Heaven” — a reflection of Ms. Lee’s experience with the loss of her younger brother who passed away from severe epilepsy in 2018. The emotional track showcases much of Ms. Lee’s ability as a vocalist.

A notable song that carries a different theme from the other tracks is “Use My Voice” — the third single which was released last August — featuring vocals by Within Temptation’s Sharon den Adel, violinist Lindsey Stirling, Halestorm’s Lizzy Hale and The Pretty Reckless’ Taylor Momsen.  The song talks about the courage to speak up against injustice, with lyrics such as “If we can’t talk about it, we’ll just keep drowning in it” and “No, don’t you speak for me.

“I want people to come away from this album feeling hope and empowerment and strength. Something that inspires me a lot in life is people who have overcome great obstacles –  survivors,” said Ms. Lee of the new album on the band’s website.

This message is evident as the album reaches the 47-minute mark with the hopeful message of “Blind Belief.” The song’s final phrase — loud and intense — goes: “We hold the key to redemption. Love over all.” The sustained last note cuts with the sharp bang of drums.

The Bitter Truth takes listeners back to the band’s original heavy rock instrumentation, but their lyrics have matured, telling us that miseries and battles are real and that to feel fear and sorrow are valid, but there is light at the end of the tunnel.

The Bitter Truth is available on music streaming platforms. For more information, visit https://www.evanescence.com/home/.

DoE, Japanese firm HTI to explore Philipine hydrogen potential

THE Department of Energy (DoE) has signed a memorandum of understanding (MoU) on Wednesday with Tokyo-based firm Hydrogen Technology, Inc. (HTI) to explore the potential of hydrogen as a possible source of power for the country’s energy needs.

In a press release issued on Thursday, DoE Secretary Alfonso G. Cusi said that the MoU will “fast track” the country’s research and development activities for hydrogen power.

The agreement allows the DoE and HTI to team up in “investigating hydrogen production in the Philippines to make the country energy-independent while significantly reducing the country’s carbon dioxide emissions.”

Mr. Cusi was hopeful that HTI would be able to bring its technology into the country as the deal was signed.

“I had been wanting to bring the model here in the Philippines so that we can do the trial usage of the technology in one of the islands,” he said, adding he is hopeful that with the signing of the MoU “the model can be immediately shipped.”

“[W]e are hopeful that the development of hydrogen energy will eventually be realized,” he said.

The agreement with the Japanese firm is the second one signed by the department in line with Mr. Cusi’s vision to include hydrogen in the country’s future energy mix.

In January, the DoE signed an MoU with Australian research and development company Star Scientific Ltd. to study hydrogen as a potential source of power in the country.

During the virtual signing ceremony, Mr. Cusi said that the DoE, “with the creation of the Hydrogen and Fusion Energy Committee,” had committed to explore hydrogen as a viable alternative and “cleaner” source of energy for Filipinos.

According to the DoE, coal made up 44.5% of the country’s power mix in 2015, followed by natural gas at 22.9% and geothermal at 13.4%. Hydrogen is currently not part of the country’s generation mix. — Angelica Y. Yang

Stuff to Do (04/09/21)

#Coolection talk tackles book collecting

AS PART of the #Coolections series of talks, Executive Director of Ortigas Foundation Library John Silva, will talk about “The Crazy Obsession in Collecting Filipiniana Books,”  in a livestream on April 10, 2  p.m., hosted by the Chinatown Museum. “You’re going to find my talk rollicking and insightful on why there are crazy people out there (like me) collecting Filipiniana books. There were some real duds purchased and then some treasures. I’ll guide you through the 50 years of my collecting (how time flies) and give pointers on being the best obsessive collector of Filipiniana in the world!,” said Mr.SIlva. These live streams were conceived with the support of Bayanihan Collectors Club.

RSVP here: https://www.facebook.com/events/1971790529626865/.

Instituto Cervantes streams four contemporary Spanish filmmakers

INSTITUTO de Cervantes Manila will screen the work of four contemporary Spanish filmmakers online this month. The film series, Del corto al largo, will be streaming two works (a short and a feature film) by the selected filmmakers: directors Álex Montoya, Belén Macías, and Juanjo Giménez, and the producer María del Puy Alvarado. The films will be shown on the Instituto Cervantes channel on the Vimeo platform and will be freely accessible for 48 hours from their start date and time. This weekend’s featured film is the comedy Asamblea (2018), directed by Alex Montoya. It is an adaptation of the play La gente by Juli Disla and Jaume Pérez, who are also screenwriters of the film. The movie will be available on April 10 and 11, and will be accessible on this link: https://vimeo.com/518996347.

Stories of valor throughout Philippine History on YouTube

IN CELEBRATION of its 60th year, Ayala Foundation has kicked off Magiting+, a YouTube video series that shows various facets of kagitingan — valor or courage — throughout Philippine History. Featuring selections from the Ayala Museum’s beloved “Dioramas of Philippine History” and the Filipinas Heritage Library’s Retrato Collection of vintage photographs, Magiting+ takes a close look at key events in Philippine history or specific aspects of Philippine culture in its first season, composed of 10 short episodes. With the help of historians, cultural workers, and other advocates of Philippine history and culture, Magiting+ explores various expressions of kagitingan throughout history and finds ways these can remain both relevant and resonant at present. Produced in partnership with the Department of Education, the National Historical Commission of the Philippines, and Chooks-to-Go, Magiting+ aired its first episode on March 12, featuring the very first books published in the country, while also highlighting the strongly established systems of writing before the arrival of Spanish colonizers. The second episode aired on March 26, featuring the short-lived Malolos Republic. On April 9, in commemoration of Araw ng Kagitingan, Magiting+ airs its third episode, featuring the heroism of Filipino soldiers during the Battle of Bataan and the Death March during World War II. The seven remaining episodes will cover such subjects as the Battle of Mactan, the story of Sultan Kudarat, and the use of the sarswela as a form of protest. The first two episodes of Magiting+ are currently streaming on Ayala Foundation’s YouTube channel (youtube.com/AyalaFoundationInc). A new episode premieres every other Friday at 5 p.m. until July.

Kintsugi workshop with Raymond Lauchengco

OVER the pandemic, singer Raymond Lauchengco turned to art and taught himself the Japanese art of kintsugi — restoring a broken piece of ceramic by honoring its cracks which are painted in gold or silver — by watching videos. Eventually he held an online exhibit of the pieces he created, and people started sending him their broken treasures in need of restoration. He will be holding his second kintsugi online workshop, Unbroken, on April 24, 2-5 p.m. It comes with a kit that includes everything the participants need to complete two projects. Register through this link: https://ph.sotruenaturals.com/products/unbroken-with-raymond-lauchengco-a-modern-take-on-the-art-of-kintsugi-april-24-saturday-2-5pm .

Auction for a cause

ON APRIL 9, 10 and 11, Leon Gallery, via its online portal Leon Exchange XIX, will place on the auction block paintings by contemporary artworks that will benefit two worthwhile organizations. This will include works by Manuel Ocampo, Don Salubayba, Jaime Zobel, Leeroy New and Marivic Rufino, to name a few. A part of the proceeds of these featured pieces will be earmarked for both Abot Tala and Museo Pambata. The collections meant for the two organizations will go under the hammer at the 19th edition of Leon Gallery’s online auction called Leon Exchange XIX on April 9, 10 and 11 starting at 11 a.m. For more information, call 8856-2781 or e-mail info@leon-gallery.com. To register and to bid, visit www.leonexchange.com.

Character illustration workshop with Myle Villareal

THE BGC (Bonifacio Global City) Arts Center will hold a character illustration workshop with artist Myle Villareal on April 10 (10 a.m. to noon) via Zoom. Ms. Villareal will share her techniques on how she creates character illustrations using Adobe Illustrator. The workshop is open to participants ages 12 and above. The application to the workshop includes a requested donation of P500 per participant (the contribution will support programs that champion the arts in the community). Register at https://docs.google.com/forms/d/e/1FAIpQLSek3NSWNuQ7FIztFhPzkwiDrpiA5kPR34EIdT8zWsDbWOWobw/viewform?gxids=7628. For inquiries, e-mail programs@artsatbgc.org.

Webinar on Pigafetta and Philippine history and heritage

THE PHILIPPINE Italian Association presents a webinar on Antonio Pigafetta and Philippine History and Heritage on April 12, 2 p.m. Mr. Pigafetta chronicled the first encounter between Europeans and the people who would become Filipinos. Speakers in the webinar are Danilo Madrid Gerona, PhD., from the Magellan-Elcano Studies Center — Partido State University, who will talk about Pigafetta’s participation in the Magellan expedition and questions on his purposes; and sculptor Juan Sajid Imao, son of the late National Artist Abdulmari Asia Imao, who will talk about his father’s stories on when he was working on the monument to Pigafetta mounted in Cebu. To register for the webinar, visit https://us02web.zoom.us/webinar/register/WN_TVmAw0cgSNy_XIl0G456OA.

The Not So Ugly Duckling dance showcase

A NEO-CLASSICAL version of the literary fairy tale The Ugly Duckling takes shape in the form of online film The Not So Ugly Duckling, which encapsulates the beauty of ballet as a performance art. It will be livestreamed for free from April 10 to 17, from 10 a.m. to 11 a.m. on https://www.facebook.com/TNSUD2021. The dance showcase follows the journey of Cacciatore, a duck from a small town in pursuit of her Hollywood dream. The modern interpretation of the iconic story speaks of self-love, acceptance and appreciation. The Not So Ugly Duckling is written by De La Salle-College of Saint Benilde Dance Program Chairperson and dancer Nina Anonas-De Santos, directed and choreographed by contemporary dancer Ruthame Hurtado. It features emerging classical ballet dancers and performers including Nika Villarin, Yella Carlos, Jireh Cariaso, Anthony Peñaranda, Agatha Yulo, Jessa Aquino, Jharexa Myze Carvajal, Trisha Galang, Esabel Galang and Athena De Guzman.

Capital infusions to LANDBANK, DBP since 2016 at P53.3 billion

STATE-RUN BANKS Land Bank of the Philippines (LANDBANK) and the Development Bank of the Philippines (DBP) received a combined P53.29 billion in capital from the National Government since 2016 or when the current administration’s term started, the Department of Finance (DoF) reported.

The DoF said in a statement on Thursday that LANDBANK received P38.79 billion in additional capital from 2016 to end-February, while the DBP got P14.5 billion.

The infusions accounted for 72% of the total paid-up capital of LANDBANK and 45% of DBP’s.

The bulk of the capital infusions were made when the state used the two banks as lending conduits for its credit financing programs amid the pandemic.

The government provided P27.5 billion to LANDBANK and P12.5 billion to DBP to provide wholesale banking services and offer low interest loans to sectors hit by the ongoing health crisis under Republic Act No. 11494 or the Bayanihan to Recover as One Act.

The DoF said the total amount released to the banks in the five years was larger compared with infusions made in all past administrations.

It noted that the first time LANDBANK received a capital infusion from the government was during the administration of President Benigno S. Aquino III, which amounted to P3.03 billion.

LANDBANK saw its net income drop by 7.57% to P17.1 billion in 2020 from P18.5 billion in 2019, the lender reported in February.

Meanwhile, DBP posted a net profit of P3.9 billion last year, down 30.4% from the 2019 level.

LANDBANK LOAN
In a related development, LANDBANK yesterday said it extended loans worth P200 million to the Municipality of Matanao in Davao del Sur to boost the health systems of the local government unit (LGU) amid the pandemic.

LANDBANK said in a statement that it signed six term loan agreements with the municipality on March 15.

“We continue to encourage our LGUs to utilize their borrowing capacity to bolster local healthcare services and economic recovery programs,” LANDBANK President and CEO Cecilia C. Borromeo was quoted as saying.

The loans were sourced from one of the bank’s lending facilities providing assistance to LGUs to help them revive their local economy.

The Matanao LGU plans to use a portion of the proceeds to boost its healthcare services, particularly for its isolation facilities, monitoring units and temporary treatment areas for those with coronavirus disease 2019 (COVID-19).

The funds will also be used to buy more food and medical supplies for low-income and worst-hit families in the area, specially for rice and banana farmers.

Some of the money will also help rebuild the municipal hall building severely damaged by earthquakes in 2019; buy heavy equipment for its local infrastructure projects; and fund the construction of a public market building for small farmers, fishermen and businesses. — B.M. Laforga

BSP retains cap on credit card charges

THE BANGKO SENTRAL ng Pilipinas’ (BSP) policy-setting Monetary Board has retained the ceiling rates for credit card charges to help consumers as the pandemic continues.

“The retention of the ceilings is in keeping with the low interest rate environment,” BSP Governor Benjamin E. Diokno said in a briefing on Thursday.

“The decision is based on a holistic assessment of developments in the macroeconomy, the state of credit card financing as well as the safety and soundness of banks and other credit card issuers. It will also continue to help ease financial burden of consumers through affordable credit card pricing,” he said in a separate statement.

The annual interest rate cap of 24% or an applicable monthly rate of up to 2% on unpaid outstanding credit card balances. The BSP also set the limit for monthly add-on rates for credit card installment loans at one percent.

Credit card issuers also cannot impose other charges on credit card cash advances except for a maximum processing fee of P200 per transaction

The key policy rate has been at 2% since November last year following cuts worth 200 basis points amid the crisis.

Under the Republic Act. No. 10870 or the Philippine Credit Card Industry Regulation Law, the BSP has supervisory authority over all credit card issuers.

The BSP said data show that the ceilings on credit card transactions has not affected availability of financing to households.

It said credit card receivables grew 13.5% year-on-year as of end-December 2020, with applications and billings also growing last year despite the pandemic.

“These positive outcomes were noted even when banks and other credit card issuers became more selective in their credit card approval process on account of the COVID-19 (coronavirus disease 2019) outbreak and its impact on paying capacity of financial consumers,” the central bank said.

“The credit card industry also remains safe and sound. Based on results of a survey conducted by the BSP, banks and other credit card issuers were able to post net income on their credit card business as of end-December 2020 from increased credit card usage and streamlined operations resulting in lower administrative costs. Credit card companies also adopted a more prudent stance by increasing provisions for credit losses on credit card loan accounts in anticipation of rise in non-performing credit card loans,” it added.

“The BSP will continue to closely monitor the impact of the ceilings on credit card financing and sustainability of credit card operations of credit card issuers, especially against the backdrop of the evolving COVID-19  pandemic,” Mr. Diokno said, adding the central bank will review the ceilings again after six months.

ACQUIRER-BASED ATM FEES NOW IN EFFECT
Meanwhile, the acquirer-based automated teller machine (ATM) fees took effect on April 7. Mr. Diokno said the new scheme is expected to encourage financial institutions to set up more terminals in provinces and drive inclusion.

“By allowing ATM owners to set the fee, they can be encouraged to place ATM terminals in the provinces since they will now be adequately compensated,” Mr. Diokno said in the same briefing.

He said cardholders who will use ATM machines owned by their banks will continue to enjoy free withdrawal and balance inquiry services.

“There are ways to avoid paying high ATM fees. Note that the ATM card can function as a debit card, and this very same card can be used in stores or e-shops to pay for your purchases,” Mr. Diokno said.

At present, ATM terminals are mostly concentrated in the National Capital Region and CALABARZON (Cavite, Laguna, Batangas, Rizal, Quezon).

The central bank allows lenders to charge up to P18 per transaction and P2 for balance inquiry for interbank engagements. — LWTN

Schneider Electric expects greater use of edge computing technology

SCHNEIDER Electric is expecting companies to expand their use of edge computing technology, which speeds up processes by bringing data storage closer to users.

The company’s survey of 100 information technology professionals in the Philippines found that firms have a median of five sites for edge technology, which Schneider said could go up to nine sites over the next two years as 34% more adopt the technology.

Only 17% of the professionals, however, listed edge computing as the most urgent priority of their organization. Less than half said they are familiar with the technology and have multiple edge sites.

Top industries using edge computing in the Philippines include banking and finance, education, business process outsourcing, healthcare, and retail, the company said in a press release on Wednesday.

Edge computing allows firms to roll out applications that make use of the Internet of Things (IoT) — electronics connected over the Internet to exchange data — to improve customer experience and their operations, the company said.

“Business spending on artificial intelligence, machine learning, and robotic process automation technologies will see explosive growth over the next few years,” Schneider Electric Director of Edge Computing Steven Cheng said.

“We know that the use of cloud computing by enterprises will continue to grow, but we also see greater dependence to remain on-premise, at the ‘edge.’”

Edge computing, the company added, plays a role in retail self-checkout and provides real-time data for manufacturers managing robots in production.

The company has not yet shared the timeline of survey data collection. — Jenina P. Ibañez

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