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The Philippines in the eyes of its documentaries

AS the country continues to celebrate the 100 years of Philippine cinema, many might have forgotten that along with the country’s rich feature film history, the country has an equally rich history of producing documentaries. So for six days, from March 16 to 21, at the University of the Philippines Film Institute’s (UPFI) Cine Adarna, Filipino documentarists are paying homage to the art form that “continues to capture what is happening and document more than what news has the airtime for,” according to a festival organizer.

The festival called Daang Dokyu will be featuring more than 50 documentary films including the Philippine premiere of Alyx Ayn Arumpac’s Aswang, a years-long effort to document the story of the drug war waged by President Rodrigo R. Duterte to rid the Philippines of drug addicts and dealers.

“I was one of those affected greatly when the first photos of the casualties of the drug war surfaced,” Ms. Arumpac said in vernacular during a press conference on February 19 at Limbaga 77 Restaurant in Quezon City.

Aswang was the lone Philippine entry in last year’s International Documentary Film Festival Amsterdam (IDFA) Competition for First Appearance held in the Netherlands. It won the FIPRESCI Award at the festival.

“A quietly nightmarish vision of dystopian social breakdown, Alyx Ayn Arumpac’s debut feature-length documentary Aswang paints a grim but compassionate, compelling picture of present-day life on Manila’s exceedingly mean streets,” the Hollywood Reporter’s Neil Young wrote in December 5.

It started in 2016 after finishing her day job as a television producer, Ms. Arumpac would accompany photojournalists and the foreign press at night covering the people killed during the drug war.

During one of her outings, while a corpse was in the middle of the street, she heard a woman praying softly, continuously. She looked for the woman and heard that she was praying for it not to be her son who disappeared earlier.

“That was at that moment I realized we do have a certain power of telling our own stories. There’s a certain understanding and feeling. We have better empathy if you understand everything: not only the language but also the context,” she explained.

And this is why Daang Dokyu was created — to show Filipinos Filipino stories.

“Daang Dokyu is a collective effort and is a task that needed to be done, made public and made bigger than any that have been tried in the country,” filmmaker Jewel Maranan, one of the festival’s organizers, said in the same conference.

‘LOOKING BACK AND THINKING FORWARD’
Ms. Maranan alongside other documentary filmmakers — Baby Ruth Villarama, Kara Magsanoc-Alikpala, and Coreen Jimenez — noted that the festival is about “six days of looking back and six days of thinking forward into the future.”

“Daang Dokyu is about three things: it’s about memory, it’s about community, and it’s about confrontation. We want to claim that the 100 Years of Cinema is not just for the cinema people. It is for the public, it is for the youth. It is the 100 years of Filipino stories told in moving images,” Ms. Maranan said.

The 55 films to featured in the six days are split in several categories: Ecology and environment, will reflect on different catastrophes and how the planet is facing a climate and ecological crisis, and the Philippines, along with other struggling nations, is in a very vulnerable position; the environment of “fake news” and an in-depth look at historical revisionism and how images, media, and education are used to secure more power; and the taboos of religion, politics, and the human body.

“It also ponders on the question if documentaries are safe spaces to tackle these issues and how it can serve to prompt dialogue and public conversations,” the festival release said on the taboo section.

Another section is meant to highlight documentaries from the regions “where differences comprise the texture of the nation.”

The documentaries shown in the festival are curated by Teddy Co, Commissioner for the National Commission for Culture and the Arts and an archivist for more than 30 years; Sari Dalena, independent filmmaker and director at the UPFI; and Adjani “Jaja” Arumpac, an award-winning documentarist and filmmaker.

Aside from featuring documentaries, the festival will also be hosting panel discussions at the end of every screening day as it attempts to be the “largest gathering of Filipino documentarists.”

Also included in the festival is the coming home of century-old Philippine documentaries stored at the British Film Institute. The films include the 1911 films Fabrication Des Chapeauz De Manile and Industrie de L’abaca A L’ile De Cebu, the 1926 film Manila Street Scene, the 1929 film Glimpses of the Culion Leper Colony and of Culion Life. The festival organizers did a fund-raising event to bring the films home and get screening rights from London.

The festival will also be launching Dok Book, a “collection and recollection of histories and stories, as well as views and interviews, centered on the rich landscape of the Philippine documentary in film and television,” said the release.

It includes details and historical accounts from the arrival of cinema in the late 1890s to the shutdown of the press during Martial Law as well as the advent of digital technology in the 2000s. The book contains contributions from scholars and practitioners in the field including Nick Deocampo, Teddy Co, Adjani Arumpac, Patrick Campos, Ed Lingao, Howie Severino, Kara David, Kidlat Tahimik, Kiri Dalena, Sari Dalena, Gutierrez Mangansakan II, and many more.

Daang Dokyu is on March 16 to 21 at the UPFI Cine Adarna in Quezon City. For more information on screening and panel schedules, visit the Daang Dokyu Facebook page. Admission fee at Cine Adarna is at P100 per screening but panel discussions are free. — Zsarlene B. Chua

Seda Manila Bay to open in Q2

SEDA Hotels is set to open within the second quarter a new property in Manila Bay for business and leisure travelers.

In a statement, the Ayala-led company said Seda Manila Bay will be its fourth property in Metro Manila, and their 12th nationwide.

The 13-storey hotel will be located along Aseana Avenue in Parañaque, and next to Ayala Malls Manila Bay and close to the Ninoy Aquino International Airport (NAIA). Guests can reach the Makati business district through the NAIA Expressway.

The hotel will have 350 rooms, including 30-square meter (sq.m.) deluxe rooms and 45-sq.m. executive suites. It also offers a 54-sq.m. family suite that includes a master’s bedroom, children’s room and living area.

Seda Hotels Senior Group General Manager Andrea Mastellone said that Filipino hospitality, hotels’ cozy ambience, and proximity to Ayala Land communities keeps guests coming back.

“We are confident our amenities will appeal to families and guests on business trips in the Entertainment City,” he said, adding that Seda hotels are favored by business travelers who stay on weekdays and families who want to relax on weekends.

The hotel will feature all-day dining outlet Misto and Straight Up roof deck bar, offering views of the Manila Bay sunset. The property will also have ballroom and meeting rooms, a swimming pool, children’s play room, and a game room.

Mr. Mastellone said that guests will also be drawn to the nearby five-level Ayala Malls Manila Bay, which has close to 1000 merchants, 10 cinemas and special dining zones.

“Like all our other Seda hotels, Seda Manila Bay will offer guests an exceptional and memorable experience,” he said.

Seda Manila Bay is expected to open in the second quarter of 2020.

Seda has Metro Manila properties in Bonifacio Global City Taguig, Makati City, and Quezon City. — Jenina P. Ibañez

AgriNurture accepts Vnesto’s offer

AGRINURTURE, Inc. (ANI) is welcoming the possibility of taking up to $100 million (approximately P5.09 billion) from a global investment bank to finance its expansion projects.

In a stock exchange disclosure yesterday, the listed firm said its board of directors has accepted a letter of intent from Los Angeles-based Vnesto Capital to invest up to $100 million in the company.

“Under the (letter of intent), ANI was eligible to avail of up to $100 million of long term financing. The financing shall be a long term loan with interest pegged at T-bill (Treasury bill rates) plus 3%,” it said.

With the letter accepted by the board, ANI may now start the formal application process for the investment.

Information on Vnesto Capital’s website shows it has investments in the energy, health care, infrastructure, and waste and water treatment industries across the globe. It said it is focused on public works and the integration of construction equipment in public institutions in emerging markets.

ANI’s board of directors also approved investing in Binangonan Rural Bank, Inc. (BRB) as part of building an “agricultural ecosystem.” It said ANI’s subscription to shares in BRB will allow it to sync its e-wallet with BRB’s ATM cards, therefore giving farmers easier access to their bank accounts through a full digital banking platform. This is scheduled to launch within the first half of the year.

“BRB has licensed Financial Technology Platforms that can improve the access of Filipino farmers, especially those in the remote areas, to the Agri Agra Micro Financing,” it said.

ANI did not specify the number of BRB shares it is subscribing to and the value of the transaction, but it said in a statement its parent Earthright Holdings, Inc. recently bought “a significant stake in BRB via subscription agreement.”

In the same disclosure, ANI said its board approved doing a stock split and reclassification of its shares to increase trading opportunities and convert unissued common shares into voting preferred shares.

The company will be conducting a stock split at the ratio of 1:10 shares by reducing the par value of its shares to 10 centavos each from P1 each. It said this will “increase the number of shares of the company that will give more trading opportunities to the shareholders and investors.”

It will also reclassify its 40 million unissued common shares priced at P1 each to 400 million voting preferred shares priced at 10 centavos each. This is equivalent to an aggregate par value of P40 million.

ANI’s board likewise approved tapping Abacus Capital and Investment Corp. as underwriter and financial advisor in doing a stock rights offering and issuance and listing of warrants.

The board also allowed ANI to participate in the Rice and Corn Project of the Department of Agriculture by submitting unsolicited proposals to the department and the National Food Authority (NFA). By partnering with the government, ANI hopes to introduce a rice and corn blend as an alternative staple food.

“ANI is an exporter of agriculture products and hopes to ride on the steadily growing demands from neighboring countries with aging and declining farmers,” it said.

The company currently participates in the NFA’s rice importation program for the private sector. Its business is mainly in the exportation, local distribution and retailing/franchising of goods.

Shares in ANI at the stock exchange slipped one centavo or 0.13% to P7.74 each on Monday. — Denise A. Valdez

Amazon’s Hunters in row with Holocaust historians

THE AUSCHWITZ Memorial criticized Amazon on Sunday for fictitious depictions of the Holocaust in its Prime series Hunters and for selling books of Nazi propaganda.

Seventy-five years after the liberation of the Nazi German Auschwitz death camp by Soviet troops, world leaders and activists have called for action against rising anti-Semitism.

Hunters, released on Friday and starring Al Pacino, features a team of Nazi hunters in 1970s New York who discover that hundreds of escaped Nazis are living in the United States.

However, the series has faced accusations of bad taste, particularly for depicting fictional atrocities in Nazi death camps, such as a game of human chess in which people are killed when a piece is taken.

“Inventing a fake game of human chess for @huntersonprime is not only dangerous foolishness & caricature. It also welcomes future deniers,” the Auschwitz Memorial tweeted.

“We honor the victims by preserving factual accuracy,” it added.

The Auschwitz Memorial is responsible for preserving the Nazi German death camp in southern Poland, where more than 1.1 million people, most of them Jews, perished in gas chambers or from starvation, cold and disease.

The Memorial also criticized Amazon for selling anti-Semitic books.

On Friday, the Memorial retweeted a letter from the Holocaust Educational Trust to Amazon asking that anti-Semitic children’s books by Nazi Julius Streicher, who was executed for crimes against humanity, be removed from sale.

“When you decide to make a profit on selling vicious antisemitic Nazi propaganda published without any critical comment or context, you need to remember that those words led not only to the #Holocaust but also many other hate crimes,” the Auschwitz Memorial tweeted on Sunday.

“As a bookseller, we are mindful of book censorship throughout history, and we do not take this lightly. We believe that providing access to written speech is important, including books that some may find objectionable,” an Amazon spokesman said in a comment e-mailed to Reuters. Amazon said it would comment on Hunters later.

In December, Amazon withdrew from sale products decorated with images of Auschwitz, including Christmas decorations, after the Memorial complained.

Separately, prosecutors launched an investigation into a primary school in the town of Labunie, which staged a reenactment of Auschwitz with children dressed as prisoners being gassed, local media reported.

The school is accused of promoting fascism in the performance in December. It could not immediately be reached for comment. — Reuters

ISOC’s real estate arm plans more green projects

I-LAND, the real estate arm of ISOC Holdings, Inc., is focusing on developing residential, commercial and leisure projects with “green-inspired” designs.

“Economic growth is important to us, but so is protecting the environment amid climate change. Thus, our mission at I-Land is to promote healthy surroundings, overall well-being in our communities, and ensure environmental stewardship and social responsibility,” ISOC Group Chairman Michael C. Cosiquien said in a statement.

One of its projects is I-Land Bay Plaza, located near the Mall of Asia complex in Pasay City. The 25,000-square meter (sq.m.) premium office building will have 12 floors of commercial office and retail spaces. It is expected to be completed by the first quarter of 2021.

I-Land said it is developing other projects located in the EDSA Cloverleaf area in Quezon City; Makati City; Ortigas Center, and Pasig City.

Another project is the I-Land Clark Neo, described as a seven-hectare integrated resort and leisure complex within the Clark Special Economic Zone in Pampanga.

“When we factor in the environment in our investment, it becomes more meaningful because of the long-term benefits our stakeholders can reap. This is why from our very first project, we have been fully committed to constructing properties that are sustainable,” Mr. Cosiquien, a co-founder of listed company Megawide Construction, said.

Yields on T-bills decline across-the-board

THE GOVERNMENT fully awarded the Treasury bills (T-bills) it offered on Monday after yields declined across all tenors on the back of strong demand.

It also conducted an over-the-counter sale of the 364-day securities for government-owned and -controlled corporations to accommodate strong demand.

The Bureau of the Treasury (BTr) raised P20 billion from the T-bills yesterday as the auction was more than three times oversubscribed, with total bids amounting to P70.9 billion.

Broken down, the Treasury awarded P6 billion as planned via the 91-day papers amid total bids of P21.596 billion. The three-month papers fetched a lower average rate of 3.003% versus the 3.072% seen in the previous auction on Feb. 17.

Another P6 billion was raised via the 182-day papers as programmed out of total tenders worth P21.06 billion. The six-month T-bills were quoted at an average rate of 3.365%, down by 5.5 basis points (bps) from the 3.42% fetched previously.

For the 364-day securities, the Treasury accepted P8 billion as planned from total bids worth P28.21 billion. The one-year securities fetched an average rate of 3.787%, lower by 4.9 bps from the previous 3.836% rate.

At the secondary market, yields on the three-month, six-month, and one-year T-bills stood closed at 3.092%,3.408%, and 3.865% yesterday, respectively, based on the PHP Bloomberg Valuation Service Reference Rates.

Deputy Treasurer Erwin D. Sta. Ana told reporters that the lower rates seen for the T-bills yesterday were within market expectations given the robust liquidity in the market.

“[The lower rates were also driven by] the pronouncement of BSP (Bangko Sentral ng Pilipinas) Governor of a possible second quarter cut and possibly,” Mr. Sta. Ana said following the auction.

For Robinsons Bank Corp. sovereign debt trader Kevin S. Palma, “investors went on with their bullish ways for local bonds as the coronavirus continue to destruct human health to go with its possible implications in global growth.”

Earlier this month, BSP Governor Benjamin E. Diokno said another 25-bp rate cut is possible as early as the second quarter to cushion the impact of the coronavirus disease (COVID-19) outbreak on the local economy. This follows the 25-bp cut announced at the BSP Monetary Board’s Feb. 6 policy meeting.

At home, the National Economic and Development Authority (NEDA) has said the Philippine economy could lose 0.3% if the virus lasts until June, and further rise to 0.7% of gross domestic product (GDP) if it lingers until yearend, considering a 100% reduction on inbound tourists from China and 10% from other foreign tourist arrivals.

Mr. Sta. Ana also said the decline in yields on US Treasuries also contributed to lower rates of securities in the local bond market.

Reuters reported last week that the benchmark 10-year US Treasuries’ yield declined by 6.4 bps on Feb. 21 morning, US time, to trade at 1.4611%. This was the first time the tenor’s rate went below the 1.5% level since early September last year, the report said.

It attributed the downward trend to the rising concerns on the effect of COVID-19, prompting investors to flock into safer assets.

For the longer 30-year tenor, Reuters said its yield dropped by 7.1 bps, sinking to an “all-time low” of 1.901% that same day.

According to the Bloomberg website, the 10-year US Treasury’s rate was at 1.47% at the time of this story’s writing, while the 30-year notes’ yield was at 1.91%.

“Market players now may be fixated that more monetary easing around the world, US Federal Reserve included, may be imminent to combat the effects of the virus to the global economy,” Mr. Palma added.

OFFSHORE ISSUANCES
Meanwhile, Mr. Sta. Ana said the BTr will still proceed with its initial plan to offer its other offshore issuances within the first half of the year.

“As we speak, we haven’t really been discussing about delaying our plans to tap offshore markets because of COVID-19. We are still, for example, the US dollar, it’s still being considered. But on the other markets, we have already stated it could probably anytime within the first half of the year, that hasn’t changed as of now. For panda (and) samurai (markets), it’s all on the table,” he said.

The Treasury has set a P420-billion local borrowing program this quarter, broken down into P240 billion in T-bills and P180 billion via Treasury bonds.

The government plans to raise P1.4 trillion this year from local and foreign lenders to plug its budget deficit, which is expected to widen to as much as 3.2% of GDP. — Beatrice M. Laforga

SMC to PSALM: allow courts to decide dispute

SAN MIGUEL Corp. (SMC) told Power Sector Assets and Liabilities Management Corp. (PSALM) on Monday to stick to the facts and let the courts decide on the claim by the state-led agency that a unit of the conglomerate owes the government P23.94 billion.

“Let us not undermine the integrity of the court and return to basics. We choose to be on the side of law instead of presenting a good yet misleading story. Let us stick to the facts of the case and let the court decide,” said Ramon S. Ang, SMC president and chief operating officer, in a statement.

The company also urged the Department of Finance (DoF) and PSALM to “give the country’s justice system a chance instead of resorting to trial by media in the hope of gaining public approval in an ongoing case concerning the Ilijan power plant.”

SMC unit South Premiere Power Corp. (SPPC) administers the capacity of the 1,200-megawatts Ilijan gas-fired power plant in Batangas City.

Mr. Ang’s group was responding to a statement issued by the DoF on Sunday that PSALM would “vigorously” go after delinquent accounts in the energy sector and initiate collection cases versus independent power producer administrators (IPPAs) that have existing unpaid dues.

IPPAs are private entities that manage the output from the energy conversion and the power purchase agreements that National Power Corp. (Napocor) entered into with the independent power producers. They are appointed through public bidding conducted by PSALM, a corporation created by law to privatize the power generation assets of Napocor that were built during the crippling energy crisis in the 1990s.

SMC said the subject of contention has been pending with the Mandaluyong Regional Trial Court (RTC) since 2015. It said that to hasten the case’s resolution, SPPC filed a motion for production of documents by PSALM in order to have full disclosure of the facts.

But it said instead of proceeding with the discovery process by submitting the requested documents, PSALM filed a motion to hear other defenses unrelated to the merits of the case, which the RTC and the Court of Appeals have both denied.

It said the RTC had also indefinitely enjoined PSALM’s termination of the IPPA agreement in favor of SPPC while the case remains pending. It said the injunction had been upheld by the Court of Appeals and the Supreme Court.

“We are one with the DoF and PSALM in wanting to have closure to the case. However, premature closure by distorting the facts through the court of public opinion is only compromising the integrity of our justice system,” Mr. Ang said.

SMC said the main dispute between PSALM and SPPC arose from differing interpretations in computing generation payments provided for under the IPPA agreement, not in the amounts stated in SMC’s bid.

It said generation payments are based on actual generation data and the determinants of revenues derived from the capacity of the Ilijan power plant. It said both could not be reasonably determined and would not be information included in the bid when the IPPA for the plant was bidded out.

SMC said that as of Jan. 31 this year, out of the P314.6 billion paid by SPPC to PSALM as IPPA of the Ilijan plant, about P240.7 billion paid by SPPC is considered as generation payments.

It also said PSALM had failed to explain its reasons for claiming an additional amount of P23.94 billion in generation payments and related charges from SPPC.

Mr. Ang said the dispute stemmed from PSALM’s erroneous use of wholesale electricity spot market prices in computing for generation payments beginning January 2013 to date.

SMC said SPPC used the tariff rate approved by the Energy Regulatory Commission (ERC) for the Ilijan plant, when appropriate, as required under the IPPA agreement in computing generation payments to PSALM.

It said using the approved rate is also consistent with the baseload nature of the Ilijan plant and the fact that its capacity is contracted in full to bilateral customers primarily Manila Electric Co., which pays a tariff rate approved by the ERC.

SMC said SPPC has not received any billing statement from PSALM claiming the alleged unpaid amount of P23.94 billion.

“Interestingly, PSALM has released the figure to the media instead of informing affected party SPPC or SMC,” it said, adding that based on PSALM’s last billing statement to SPPC, it is claiming just P15.63 billion. — VVS

Weinstein jury in deadlock

AS the jurors in Harvey Weinstein’s sexual assault trial wrestle with a pair of charges that could send the fallen movie mogul to prison for life, the testimony of three women who don’t even appear in his indictment could help seal his fate.

They’re known as Molineux witnesses in New York, where Weinstein is being tried, and they testified to their own encounters with him as prosecutors sought to persuade the jury that the two women he is charged with attacking never gave their consent to sex. Such witnesses testified in the retrial of Bill Cosby in Pennsylvania, which ended in his conviction.

On Friday the jury sent a note to the judge referring to two counts of predatory sexual assault — counts one and three on the verdict sheet it’s working from — and suggesting it might be deadlocked.

“We the jury request to understand if we can be hung on one and/or three and unanimous on the other charges. Thank you,” the jurors told the judge. He told them to keep trying.

The other charges are a criminal sexual act and rape. Weinstein is accused of forcing oral sex on Project Runway assistant Miriam Haley in his SoHo loft in 2006 and raping aspiring actor Jessica Mann in a midtown Manhattan hotel in 2013.

In a category by herself is the actor Annabella Sciorra, who told the jury that Weinstein raped her in the early 1990s. Her allegations are a linchpin for the two predatory sexual assault counts, the gravest charges facing the former Hollywood power broker.

Predatory sexual assault requires a serious attack on at least two people. To find Weinstein guilty on count one, the jury would need to be persuaded by the evidence for the alleged attacks on both Haley and Sciorra. To convict him on count three, it would need to find that he assaulted both Mann and Sciorra.

The testimony of the Molineux witnesses may come into play as well. Weinstein’s lawyers argue that any encounters their client had were consensual. If the jury finds the allegations of assault from these three women credible, it may decide Haley and Mann never gave Weinstein their consent either, and convict him of rape and a criminal sexual act.

And if the jurors believe Sciorra, too, that will meet the requirements of predatory sexual assault — the two counts they seem to be stuck on — and Weinstein, 67, could spend the rest of his life behind bars.

Weinstein’s lawyers have told the jury that the women had consensual, and even transactional, sex with their client, and that they “re-labeled” the encounters as assaults years after the fact in the wake of the #MeToo movement.

The first of the three witnesses, Dawn Dunning, testified that in 2004, when she was an aspiring actor waiting tables, Weinstein lured her to a business meeting in a hotel room and digitally penetrated her. The second, Tarale Wulff, told the court that minutes after meeting the producer in 2005, when she was working as a cocktail waitress, he dragged her up a secluded stairwell and masturbated, and later raped her in his SoHo apartment. The third, Lauren Young, said she was a model trying to make it as a screenwriter in 2013 when Weinstein trapped her in his hotel suite’s bathroom, where he stripped off the top of her dress and groped her.

Such testimony about uncharged crimes is typically considered too prejudicial to allow, but it’s permitted under limited circumstances. While it can’t be used to suggest a defendant has a propensity to commit a crime, it can explore the defendant’s intent or a common theme. In New York it dates back to a landmark 1901 decision involving a chemist named Roland Molineux who was accused in a fatal cyanide poisoning.

New York State Supreme Court Justice James Burke ruled in December, over the objections of the defense, that the three accusers could be called to rebut Weinstein’s argument that the encounters were consensual and to show his “intent to use forcible compulsion” on Haley and Mann. The decision was unsealed on Feb. 7, revealing that prosecutors sought to call a total of five such witnesses, the same number as at the Cosby trial.

In the end, Burke allowed three.

“The consistent theme is that the defendant used his business stature in the movie industry to lure women to believe that he would connect them to careers in the entertainment industry,” Burke wrote, adding that the testimony could help the jury of seven men and five women understand why Haley and Mann feared reprisals if they went to the police.

He said it could help the jurors decide whether Weinstein “created an engineered situation where he could be alone” with Mann and Haley “and then sexually assault them.”

Weinstein’s lawyers have cited Burke’s Molineux ruling, as well as other decisions that went against them, in calling for a mistrial. Burke has denied the requests. — Bloomberg

Cathay Land continues to expand Cavite industrial park

CATHAY LAND is confident its industrial park in Silang, Cavite will continue attracting companies who want to take advantage of its strategic location.

Jeffrey Ng, president of Cathay Land, said he is bullish on the Cavite Light Industrial Park (CLIP), based on the strong demand and positive reviews from its clients. This is why the company is continuing to develop and expand CLIP.

“The consensus among property experts is that the CALABA (Cavite-Laguna-Batangas) corridor will continue to attract new and expanding manufacturing tenants, and this was validated by the recent report of Colliers International. The strong interest that Cavite Light Industrial Park is getting from investors is really pushing us to roll out more lots to meet the rising demand,” Mr. Ng said in a statement.

Cathay Land has seen strong take-up of two tranches of CLIP Phase 2, prompting the company to add nine more lots which were also sold out in six months.

The developer now added 15 more lots to the inventory, which can be used for industrial purposes or mixed-use industrial commercial estates.

The lots are selling at an average of P8,500 per sq.m., with sizes ranging from 2,000 to 4,000 sq.m.

Mr. Ng noted CLIP is strategically located for manufacturing firms, especially with existing and on-going expressway projects that provide easy access to Batangas City Port and Port of Manila.

Infrastructure projects such as the Cavite-Laguna Expressway (CALAX) and Cavite-Tagaytay-Batangas Expressway (CTBEX) are expected to boost interconnectivity within the Cavite and Laguna area, as well as Metro Manila.

ECB wants to talk to audiences about inflation, but will it listen?

FRANKFURT/RIYADH — For many people, the language of European Central Bank (ECB) policy makers is so impenetrable, it could be beamed from another planet.

Now, however, the ECB experts are in for a dose of real life as they meet audiences ranging from students to clergy this year to get their views on inflation and feedback on the central bank’s work, six officials told Reuters.

The series of events, called “ECB Listens” after a similar initiative by the Federal Reserve, illustrates a marked change in style under new President Christine Lagarde, a former politician with a penchant for public relations.

Just last October her predecessor, then President Mario Draghi, had expressed his reservations about communicating with the public at large rather than finance aficionados.

“One has to be cautious about that because as soon as you change your audience, you change your language and you naturally step into a different realm: the realm of politics,” he said.

The change of tack could also be an indication of the quandary the euro zone’s central bank finds itself over the adequacy of the inflation data used to justify trillions of euros worth of monetary stimulus to support Europe’s economy.

Surveys show households in the euro zone perceive inflation to be far higher than official data. Some ECB policy makers suspect this is because the data does not factor in changes in the price of homes occupied by their owners — a key measure of financial health for millions of people.

An ECB spokesman declined to comment.

TAKING AIM AT INFLATION TARGET
The ECB will kick off proceedings, part of a year-long strategic review, with an event in Brussels on March 26, according to the sources who are on or close to the ECB’s Governing Council. Each of the euro zone’s 19 national central banks has been asked to hold at least one such meeting by the summer, they said.

The ECB is unlikely to make any communication about the outcome of its review, which could see it redefine its inflation target, until well after the end of the public consultations, the officials added.

This would dash the hopes of some policy makers, including Slovak central bank governor Peter Kazimir, who have said they would like to see the ECB’s revised inflation target published early, in time for its annual forum in Sintra, Portugal starting on June 29.

“It would look pretty awful if we put out substantial communication on the review in June because that would mean we are not taking the feedback seriously,” said one of the sources, who all spoke on condition of anonymity because the ECB’s deliberations are private.

PUBLIC CONSULTATION OR RELATIONS?
The public meetings will see small entrepreneurs, academics, students, pensioners and even priests invited to give ECB policy makers a piece of their mind on inflation as well as other topics ranging from climate change to digital currencies.

However, the public meetings may draw accusations from some quarters of simply being a public-relations exercise.

The sources themselves were unanimous in believing input from the public was unlikely to sway deliberations on how to reset the ECB’s definition of price stability, currently worded as an inflation rate “below, but close to 2%.”

Rather, policy makers are keen to understand why perceptions of inflation are so high and why salary growth is comparatively sluggish.

They will also try to explain the ECB’s activities in simpler language, in line with the personal style of Ms. Lagarde, a former French finance minister and head of the International Monetary Fund.

“There is a covert goal of spreading the ECB’s message to the people,” one of the sources said. “It’s an experiment in a new communication approach.” — Reuters

SMC says dredging project to solve ‘aerotropolis’ flooding concerns

SAN MIGUEL Corp. (SMC) is expecting its Tullahan River dredging and expansion project to help solve the flooding concern in Bulacan — the location of its planned P734-billion “aerotropolis.”

In a statement Monday, the listed conglomerate said its P1 billion investment in the Tullahan-Tinajeros River System dredging project will help ease the flow of water to the Manila Bay.

It said the buildup of garbage and silt at Tullahan is clogging the 36.4-kilometer river, making Bulacan a victim of flooding during typhoons and heavy rains.

“First, we will take out the garbage, and then we will deepen the river so water can move more freely to the Manila Bay,” SMC President and Chief Operating Officer Ramon S. Ang said in the statement. “This project (will) address the problems of the Tullahan river.”

The project was recently launched in a program with the Department of Environment and Natural Resources together with local executives from Navotas, Malabon, Valenzuela, and Bulacan.

SMC announced as early as March 2019 the allocation of P1 billion to support the cleanup of Tullahan River. This is originally a government initiative to help rehabilitate Manila Bay.

But as SMC awaits the start of construction for its airport project in Bulacan, Mr. Ang said the dredging of Tullahan River will also play a role in making the airport project viable.

“For our part, we assure you, this will not be a one-time project. We will also do continuous yearly maintenance, and the dredging equipment we have bought will not be removed here anymore,” Mr. Ang said. He was referring to the backhoes with barges, 55-tonner cranes, tugboats and dump trucks that SMC acquired for the Tullahan River dredging.

In an effort to appease groups that are protesting the construction of the Bulacan airport due to possible environmental harm, Mr. Ang said the airport “will not worsen flooding in Bulacan” and “will actually solve it.”

He said foreign consultants have already started studying the flooding situation in Bulacan and identified rivers, creeks, tributaries and bodies of water that need to be worked on — whether by cleaning, deepening, widening or improving — to solve the flooding.

“We will expand our dredging and clean-up operations to include these bodies of water, and provide a long-term and sustainable solution to flooding in Bulacan,” Mr. Ang said.

“In the first place, foreign banks will not lend money for such major projects if they are not assured that you have addressed all environmental risks,” he added.

The Bulacan airport project is set to start construction this year. It covers a 2,400-hectare airport with four parallel runways (expandable to six), eight taxiways and three passenger terminal buildings, with an annual passenger capacity of 100 million travelers.

Shares in SMC lost 60 centavos or 0.45% to P132.40 each on Monday. — Denise A. Valdez

KMC Savills to manage Cebu condotel

TYTANS Properties and Development, Inc. tapped KMC Savills as the official property management partner for its premier condotel Lapu-Lapu City, Cebu.

Tytans Properties Chairman Montano Ty and President Gerard Tan signed the deal with KMC Managing Director Michael McCullough and Property Management Director Francis Fuellas.

Tambuli Seaside Living (TSL) is an 11-hectare project in Buyong, Maribago, Lapu-Lapu City.

“We have always been a game-changer in Cebu and that reflects on our estates like Tambuli. It’s a long time coming, and we are happy to introduce the luxury residential resort with world-class amenities for condominium owners,” Mr. Ty said.

The company will also venture into the hospitality sector with Tambuli Seaside Resort & Spa.

“After our soft opening this December, we will also be launching Phase 2 of the residential resort condominium at the Tambuli Estate,” Mr. Ty said.