Home Blog Page 8589

Pinoy web series on gay romance finds an audience during the pandemic

IN THE thick of the pandemic, IdeaFirst, the production company behind the successful LGBTQ-themed films Die Beautiful (2016) and The Panti Sisters (2019), has dipped its hands into producing web series. The result? Gameboys, which is about two boys finding love and companionship despite seeing each other only virtually thanks to the ongoing COVID-19 (coronavirus disease 2019) pandemic. It is the country’s first boys love (BL) series.

The series, directed by Ivan Andrew Payawal, will span 10 episodes (eight have already been released) and follows the story of Cairo (Kokoy de Santos) and Gavreel (Elijah Canlas) who meet each other while playing a popular mobile game. The episodes run between 10 to 27 minutes and were shot remotely. Each episode released so far has garnered an average of 500,000 views, with the pilot episode surpassing a million views.

Boys Love or BL is a genre depicting a love story between two men. The genre was first introduced in Japan by way of manga (comics) and anime.

While the show’s creators admitted that the show was inspired by the success of other BL series, especially 2Gether The Series whose episodes are also on YouTube, Mr. Payawal said that they wanted to do a BL series “the way Filipinos tell their stories.”

“Direk Jun Lana called me and shared his idea of making a BL series set in this time of pandemic,” Mr. Payawal told BusinessWorld in an e-mail interview. “Direk Jun was really excited about the idea about doing a BL series in the country because apparently, there was none at the time that is classified in this genre. Why not make a BL series the way Filipinos tell stories?”

Many credited the success of the Thai romantic comedy 2gether to people looking for things to watch while stuck in quarantine, and Mr. Payawal agreed. He said that Gameboys came out “at a time where people are looking for an escape but at the same time can be able to relate with the times.”

“I believe they were looking for a story that mirrors their own experiences in this time of pandemic,” he added.

Gameboys is ultimately about love overcoming all boundaries — even physical ones set by our new reality,” Jun Robles Lana, the show’s executive producer, said in a statement.

“It is about two people who find each other at a time when they can only connect with one another virtually. I think that is what makes it so resonant with audiences around the world. We want to believe that you can still find love and companionship even in the middle of a pandemic,” he explained.

The success of Gameboys isn’t only local as a cursory look at the series’ comment section shows it has viewers from Europe, the US, and South America.

Aside from being a successful pandemic series, the series also makes a point about the importance of LBGTQ representation in media.

“People need to see characters that reflect their struggles, their experiences, their wins, their achievements. People should feel that their stories are being told,” Mr. Payawal said.

The success of Gameboys has led its producers to greenlight a movie based on the series, which they are already planning for. A sequel to their family comedy film The Panti Sisters will be planned once “all the chaos is over.”

SHOOTING IN A PANDEMIC
Gameboys is set — and was shot — during the COVID-19 pandemic and relied mostly on video calls. This, its director said, presented a new challenge and was indicative of how the industry will be while the pandemic rages.

“It’s very challenging doing a series in this state of pandemic because we are all just trying to survive… Shooting Gameboys is another challenge. Since we weren’t allowed to see each other and shoot, we had to adjust to the times and relied very much with technology, the use of the internet, use of Zoom for me and my team to communicate and collaborate,” he said.

The entertainment industry is among the hardest hit in the pandemic, and with movie houses still closed and health and safety regulations making producing a film or TV series more expensive — during the Cinemalaya Independent Film Festival digital conference last week, director Jose Javier Reyes posited that the additional health and safety measures will add P2 million to the cost of production — Mr. Payawal said he foresees that fewer films and series will be made.

The decrease is not solely because of the pandemic as the shut down and eventual denial of a franchise for ABS-CBN will also affect how fast the industry will recover since ABS-CBN is one of the two major networks in the country.

“Our means of distribution will surely get affected, which means producers are going to be discouraged to produce content because the truth is, there is a big chance of them not getting their investment back. Sadly, that’s what’s happening now,” he said.

But that doesn’t mean the industry will keel over and die, as Mr. Payawal thinks that a lot of people and production companies are taking the chance to continue producing — with some adjustments.

“Definitely, stories will be different. Probably characters are going to be limited to two or three people in one scene. Stories will be more intimate, I believe. Stories now wouldn’t be so extravagant or would not require big scenes that will require a lot of people because resources and manpower on set will be limited,” he said before adding that regardless of all the concerns, he believes the Filipino storyteller is creative and adaptable.

“[O]ur audience will [also] evolve and adapt to the stories that we will tell in this time,” he said.

Gameboys can be viewed on the IdeaFirst YouTube Channel. — Zsarlene B. Chua

T-bills fully awarded as rates drop further

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it auctioned off on Monday as rates dropped across-the-board.

The Bureau of the Treasury (BTr) borrowed P20 billion as planned via T-bills as its offer was almost four times oversubscribed, attracting bids worth P72.467 billion.

The BTr also opened the tap facility to offer another P5 billion in one-year securities to take advantage of strong demand.

Broken down, the BTr raised P5 billion as planned via the 91-day debt papers from P23.414 billion in tenders. The three-month T-bills fetched an average rate of 1.454%, down 13.3 basis points (bps) from 1.587% seen in the auction last week.

It also made a full award of P5 billion in 182-day instruments, with total bids hitting P18.852 billion. The average rate of the six-month T-bills likewise declined by 6.2 bps to 1.625% from the 1.687% previously.

For the 364-day securities, the BTr accepted P10 billion as programmed out of tenders worth P23.414 billion. The one-year papers fetched an average rate of 1.77%, down by 1.2 bps from the 1.782% seen last week.

National Treasurer Rosalia V. de Leon told reporters via Viber after the auction they expect to see “rates stabilizing at these low levels.”

A bond trader said rates continued to decline amid strong liquidity in the market.

“(The market is) still very liquid. No other drivers here aside from liquidity,” the trader said via Viber.

The Bangko Sentral ng Pilipinas (BSP) has unleashed a series of policy measures to boost liquidity in the market as the coronavirus pandemic continues.

The Monetary Board has slashed key policy rates by 175 bps this year to record lows of 2.25%, 2.75 and 1.75% for the BSP’s overnight reverse repurchase, lending and deposit facilities, respectively.

It also trimmed the reserve requirement ratio (RRR) of big banks by 200 bps to 12% in April. The BSP is authorized to cut RRR by up to 400 bps this year.

Meanwhile, Ms. De Leon reiterated that demand for these short-term papers will remain unaffected by the ongoing retail Treasury bond (RTB) sale since their tenors cater to different investors.

“These are short term placements (and are) not affecting RTB with 5-year tenor,” she said.

She added that the “RTB sale (is) going well” but did not disclose how much has been sold so far.

The BTr is offering five-year RTBs with a coupon of 2.625% until Aug. 7 unless closed earlier.

It raised P192.71 billion from the bonds during the rate-setting auction last week, up from the P30-billion offer as total bids hit P278.572 billion.

This is the second time the government is offering RTBs this year following the issuance in February when it borrowed a record P310.8 billion from three-year retail bonds at a coupon of 4.375%.

It also opened an exchange offer program for bondholders of the RTB 10-01, FXTN 05-73, RTB 10-02 or FXTN 07-57, who want to swap their old holdings for the new RTB. The total amount of bonds eligible for swap is estimated at P321 billion.

The RTBs will be issued on Aug. 12 and are set to mature on Aug. 12, 2025.

The Treasury canceled the auction for seven-year Treasury bonds (T-bonds) scheduled on Tuesday to make way for the ongoing retail bond sale.

The government has set a P205-billion borrowing program for July and will offer P145 billion in T-bills via weekly auctions and P60 billion in T-bonds to be auctioned off fortnightly.

It borrows from local and foreign lenders to plug its budget deficit seen to hit 8.4-9% of gross domestic product this year. — B.M. Laforga

Maynilad, DLSMC launch COVID-19 testing facility

MAYNILAD WATER SERVICES, Inc. and the Delos Santos Medical Center (DLSMC) have formally inaugurated a new P15-million testing and laboratory center in Quezon City to help curb the spread of the coronavirus disease 2019 (COVID-19) in the country.

In a statement on Monday, Maynilad said once the new COVID-19 testing and laboratory facility is opened, it can conduct and process 200 reverse transcription-polymerase chain reaction (RT-PCR) tests daily.

The west zone water concessionaire said that a RT-PCR test is the recommended testing procedure by the World Health Organization.

The testing facility, located inside the medical center’s compound, is a collaboration between Maynilad and DLSMC that aims to boost the country’s testing capacity.

Maynilad and DLSMC are companies under Metro Pacific Investments Corp., with DLSMC being one of the 16 hospitals under Metro Pacific Hospital Holdings, Inc.

Metro Pacific Investments, which has majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

PhilWeb Corporation sets stockholders’ meeting via remote communication

MSMEs All Geared to Bounce Back Stronger with SM

SM puts the spotlight on its thousands of micro, small and medium enterprise (MSME) partners through its campaign “Kasama ng SM,” a collective effort across the company to provideimmediate and long-term solutions to help businesses bounce back better.

“The Covid-19 pandemic impacted businesses, especially our MSME partners and the livelihood of many people throughout our network of services,” said Steven Tan, President of SM Supermalls. “Indeed, these extraordinary circumstances need practical solutions to ensure business continuity for everyone.”

SM Supermalls kicked off “Kasama ng SM” with Farmers Produce, which helps farmers sell directly to SM customers, local food producers and to the 180 restaurant members of RestoPH.

“Because of the pandemic, the livelihood of farmers has been affected,” explained Agriculture Secretary William Dar. “This will help farmers sell their produce to the consuming public and give shoppers the chance to buy fresh, nutritious items at a lower cost.”

Desiree Macaraeg, one of the farmer entrepreneurs said, “I’m very happy, several restaurant owners came by. SM Hypermarket also informed us to submit the requirements so we can sell some of our products in their groceries.” She is excited and grateful for the opportunity to bounce back.

Desiree Macaraeg says programs such as Farmers Produce help farmer entrepreneurs like her to reach wider audiences.

Farmers Produce started its caravan last July 3 at SM Aura and will continue to go around SM Malls in Metro Manila until December 2020.

SM Supermalls also launched Wheels-On-The-Go and SM RIders Program, a program with the LGUs that taps job-seeking construction workers, repatricated Overseas Filipinos, tricycle and jeepney drivers as partner personal shoppers and delivery riders. Now throughout Luzon, about 1,000 riders have enlisted for Wheels-On-The-Go and as SM Riders.

Daniel Lavendia, a construction worker with 2 young children, rented a bicycle from a neighbor for P30 a day so he could join the SM Riders Program. When his story went viral, the communities he served donated a bike to him, which he now uses for his livelihood.

Doing business with a purpose

How SM Supermalls gears up for economy’s reopening in the new normal

Steven T. Tan, president of SM Supermalls

For several months now, a lot of Filipinos might have missed going to malls when the coronavirus disease 2019 (COVID-19) pandemic caused a lockdown around the country, albeit supermarkets and pharmacies remained open for customers.

For Steven T. Tan, president of SM Supermalls, its malls have continued servicing customers in spite of the limited operations. “It’s really to provide convenience for our customers. It’s not really to take the opportunity to earn money,” Mr. Tan told BusinessWorld in a virtual interview.

Furthermore, SM Supermalls has taken advantage of the uptrends in digital and delivery services as another way of serving customers.

Mr. Tan took notice of the group’s Viber community, where users can be updated on SM Supermall’s latest offerings, after which they can directly contact tenants and have their orders delivered.

SM Supermalls also has personal shopper assistants. Customers can call the concierge of one of the malls and tell them the items they need or want to buy. The customer service will then look for those items and get back at customers to confirm the items and arrange for the delivery.

“I think this is also the new norm,” Mr. Tan said. “Delivery service is something that we have been working and we kept on improving.”

Now, as SM Supermalls opens most of its malls around the country in the ‘new normal’, the group is diligently ensuring that customers will feel safe when they enter one of their malls.

“Even outside, we have drawn lines on the floor to make sure that when you’re queueing in, you are guided on how to do safe distancing,” Mr. Tan explained. “Upon entering the mall, there would be thermal scanning, and then you will have hand sanitizing, and after that you have foot bath at the very least.”

Also, safety protocol officers are present to give direction to customers and remind them to follow the protocols.

To enhance social distancing in its malls, there are arrows and markings on the floor which will lead customers to which direction they should walk. Moreover, the malls’ atriums are converted into designated dining areas for mall-goers to buy food and dine-in safely.

In terms of sanitation, UV escalator handrail sanitizers are installed to keep its handrails 99.9% virus-free; while antibacterial mist is applied on elevators to make sure that the air is always clean.

Amid limited transportation available, SM Supermalls has converted its terminals into bicycle parking areas to encourage people to use bikes as an alternative.

SM Supermalls has also rolled out fresh initiatives amid the ongoing situation. It will hold its Cybermonth in [August], with promos offered online every single day and the purchases done offline.

In partnership with the Department of Agriculture and Resto PH, the group recently launched Farmer’s Produce, where customers and restaurant owners can buy produce from our farmers at very reasonable prices.

With these initiatives, Mr. Tan finds, SM Supermalls is driven by purpose to help the economy start bouncing back.

“You cannot just do business just for the sake of doing business,” he said. “You have to do business with a purpose, in making sure the economy could go back so that jobs could be provided as soon as possible, that there would be no interruption in the chain supply.”

While SM Supermalls might have its plans this year delayed, it continues aiming for expansion outside Metro Manila, with new malls still set to open in Zamboanga City, Butuan City, and Daet within the year.

As the economy gradually thrives from the crisis, Mr. Tan believes that the country’s mall culture will stay. “Filipinos are very social. They love to go out. They love hanging out with friends. I still believe that malls will still be relevant in the years to come,” he said.

Tailor-fit regulations sought for fintech industry

FINANCIAL TECHNOLOGY (fintech) players are hoping for legislation tailor-fit for the industry to address its issues.

Industry group FintechAlliance.ph said rules and requirements for traditional financial institutions are usually imposed on fintech firms “when jurisdiction lines are blurred.”

“Since policy preferences could be embedded in fintech through less onerous means, the reflexive application of old regulations to new tech is inefficient and self-defeating,” it said in an electronic copy of Unchartered Beyond, a manual about the industry released on its website.

FintechAlliance.ph said policy makers should adopt a calibrated “light touch” approach or the delineation of a “regulatory sandbox” for fintech.

“In the absence of a distinct legal regime for fintech, regulators may fall back on the norms applied to financial institutions. But issues of fit and consistency arise when taxonomies embodied in old laws are applied to new technologies,” it said.

FintechAlliance.ph said the industry is battling against overlapping jurisdictions, concepts not covered by existing classifications and some policy conflicts.

“Vigilance and prudence can be balanced with innovation at ratios that still champion public welfare,” it said.

In June, the group released a position paper on House Bill No. 6765 or the proposed Digital Economy Taxation Act which looks to slap a 12% value-added tax on digital advertising, internet-based subscriptions and transactions made on e-commerce platforms.

The group said the proposed levies will serve as a barrier to substantial capital investments in an environment when digital services take a while to be profitable. — LWTN

Actress Heard to be quizzed over her Depp ‘wife beater’ claims

LONDON — Actress Amber Heard will be questioned about her allegations that she suffered domestic abuse at the hands of ex-husband Johnny Depp when she begins giving evidence on Monday as part of the Hollywood star’s libel case against a British tabloid.

The High Court in London has heard two weeks of testimony, including five days of evidence from Depp himself, which has laid bare the couple’s volatile relationship and some shocking claims from both parties.

Depp, one of the world’s highest-paid movie stars, is suing News Group Newspapers, publishers of the Sun newspaper, over an article which labelled him a “wife beater” and questioned his casting in the Fantastic Beasts and Where To Find Them franchise.

The paper says the article’s claims are true and the court has been told that Heard, 34, accuses her ex-husband of attacking her on at least 14 occasions between 2013 and 2016 when he became enraged after drinking or taking drugs to excess.

Depp, 57, denies ever being violent, saying she is lying and that she had regularly assaulted him. While the case strictly concerns whether the paper defamed him, it has become, in effect, a trial to decide which of them is telling the truth.

During his five days giving evidence, the court has heard extensive details about Depp’s issues with alcohol and drugs and his “binges” with other celebrities.

Citing e-mails and text messages between Depp, Heard, his staff and friends, the Sun’s lawyer Sasha Wass has argued that the actor turned into an alter ego — “the monster” — when intoxicated or under the influence of cocaine.

Rages brought on by jealousy or his anger at Heard’s attempts to curb his excesses had led to violence: He was accused of kicking, slapping, and punching his ex-wife, pulling out clumps of her hair, throwing a phone at her and on one occasion, headbutting her.

The court has been shown pictures of Heard with two black eyes and another facial injury which she says he caused.

Depp says the accusations are a hoax, with some allegations collated for years as part of an insurance policy by Heard. So far, witnesses called by his legal team have concurred with his version of events.

His former long-term partner Vanessa Paradis, the mother of his two children, and actress Winona Ryder, to whom he was engaged in the 1990s, said he was never violent and they do not believe the allegations.

His friends, security staff and assistants say Heard was abusive and violent towards him, while others, including a police officer, have cast doubt on her claims, saying they never saw her with the visible injuries she alleges Depp caused.

Depp also told the court that Heard had severed the tip of his finger when she threw a large vodka bottle at him during one explosive row, and that either she or one of her friends had defecated in their shared bed as a prank.

He also accuses her of having affairs with co-stars and with Tesla chief Elon Musk.

Heard is due to give her side in evidence over three days, and her sister Whitney may also be called later in the week as one of the witnesses who back her account of events.

#METOO CAMPAIGNER SAYS QUOTES MISUSED
Actress and #MeToo campaigner Katherine Kendall said on Friday that the Sun had deliberately misused her quotes in an article which labelled Depp a “wife beater.”

Kendall was quoted in the Sun’s original article as saying: “I don’t stand behind hitting people or abusing people. It seems that Amber got hurt.”

But Kendall said in a written statement to the court she had been misquoted by the tabloid. She said she had texted the Sun reporter after the article was printed and told her: “It seems that the whole article was about defaming him.”

The Sun article had mentioned Kendall’s advocacy for the #MeToo movement against sexual harassment and assault, and her accusations that disgraced movie producer Harvey Weinstein sexually harassed her.

“Although it was true that I was a victim of Harvey Weinstein, the rest was a lie,” she said in her witness statement.

“I was not ‘going public’, on behalf of #MeToo or myself, to criticize J.K. Rowling’s decision to cast Mr. Depp, nor did I accuse Mr. Depp of hurting Amber Heard, about which I have no first-hand knowledge.”

Kendall, who appeared by videolink from Los Angeles, was not questioned about her statement.

Before Kendall’s appearance, a friend of Amber Heard said one of Depp’s lawyers had pressured her to say unfavourable things about Heard in a US court declaration.

In her written statement, interior designer Laura Divenere stated she had not seen any injury to Heard in the days after Heard alleges Depp threw a phone which struck her face.

Asked by Sasha Wass, lawyer for the Sun’s publisher News Group Newspapers, if she had come under “enormous pressure” to make the declaration, Divenere said: “Correct.”

Earlier the court heard from Depp’s long-time friend, artist Isaac Baruch, who said a “distraught” Depp had come to see him in 2013, and told him Heard “likes to hit,” and that she would punch him after starting fights.

In his witness statement, Baruch said Depp had told him: “I don’t know what I’m gonna do, because I’m not gonna hit her, you know me I’m not gonna hit her, I love her.”

Baruch, who lived in one of the Los Angeles penthouses owned by Depp, also said Heard had no visible injuries in the days after she alleges that Depp threw a mobile phone during a heated argument in May 2016.

In other testimony on Friday, Travis McGivern, one of Depp’s security guards, said he saw Heard throw a full can of Red Bull drink at Depp, spit down at him from a landing, and punch him in the eye during another argument in March 2015.

Depp and Heard met while making The Rum Diary in 2011 and married in February 2015. Heard filed for divorce 15 months later. — Reuters

Office pre-commitment rates still healthy — report

PRE-COMMITMENT LEVELS for the Philippine office market remained at healthy levels despite the coronavirus pandemic, JLL Philippines said.

Janlo de los Reyes, head of research at JLL Philippines, said in an online forum on July 17 that only 130,000 square meters (sq.m.) of supply or constructed office space, was completed during the first half of the year.

Construction work on office projects was stopped for at least two months after the National Capital Region was placed under enhanced community quarantine (ECQ) in mid-March.

Mr. de los Reyes said in terms of total vacancy, the average rate for the second quarter was 7%, higher than the 6.8% average during the previous quarter.

Manila City had the highest vacancy rate at 19.8%, followed by Quezon City with 16.5% and Pasay City at 8.2%.

Rates of pre-commitment, or the leasing of space to occupiers even before the completion of supply, remained healthy for the first quarter of the year at 41%.

Mr. de los Reyes said this is in line with the average pre-commitment rates of 35%-45% in previous years.

Muntinlupa had the highest pre-commitment rate at 56%, followed by Makati City at 40% and Taguig City at 36%.

By sector, traditional offices was the biggest demand driver with a share of 46%. This was followed by the information technology and business process management sector (IT-BPM) with 37%, flexible workspaces with 14% and Philippine offshore gaming operators (POGOs) with 3%.

In the previous quarter, the IT-BPM sector accounted for the bulk of demand with 59%, while traditional offices cornered 39% and flexible workspaces with 2%.

Mr. de los Reyes pointed out the growth for flexible workspaces was particularly remarkable, considering the challenges it faced during the community quarantine.

“We’re seeing basically a mixed bag in terms of the response of flexible workspace landscape towards this pandemic. For some flexible workspaces, they’ve definitely taken a hit. At the same time, for some, they’re still seeing a bit of demand, especially for those who are located in core business hubs because we’re seeing a lot of corporate and also BPO companies who are seeking seats or at least sites that are close to their employees,” he said.

While this may seem promising, Mr. de los Reyes advised real estate firms to remain vigilant.

“Despite this strong demand, we are still quite cautious about what will happen in the next couple of years because… we are noting a lot of supply slippages from the first half of 2020 that may spill over to 2020 and 2021. This will probably impact a lot of the office take-up and may push down the average pre-commitment levels, moving forward,” he said.

“The State of Real Estate, Offices, Co-working Spaces: Moving Forward to the New Normal” was an online forum organized by co-working space OpenSpace. —Mariel Alison L. Aguinaldo

Related story: Health and well-being will be top priorities for office tenants — report

How PSEi member stocks performed — July 20, 2020

Here’s a quick glance at how PSEi stocks fared on Monday, July 20, 2020.


Despite the global erosion in consumer confidence, Filipinos remain among the world’s most optimistic — survey

Despite the global erosion in consumer confidence, Filipinos remain among the world’s most optimistic — survey

Peso rallies to three-year high

THE PESO strengthened against the greenback on Monday to log its best close since November 2016 on prospects of a new stimulus package in the United States.

The local unit closed at P49.375 per dollar on Monday, stronger by 6.5 centavos from its P49.44 finish on Friday, data from the Bankers Association of the Philippines showed.

This is the currency’s strongest finish since its P49.35 close on Nov. 16, 2016, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

The peso opened the session at P49.45 per dollar. Its weakest was at P49.46 while its intraday best was at its close of P49.375 against the greenback. Dollars traded dropped to $492.33 million from the $687.8 million seen on Friday.

A trader said the peso was supported by risk-off sentiment following news of possible economic stimulus in the US.

“The peso strengthened amid prospects of a new US stimulus package,” he said in an email.

Reuters reported that investors are on the lookout for further fiscal support as a program that lays out additional unemployment benefits will expire by July 31. The US Congress is set to tackle another coronavirus aid package.

Meanwhile, Mr. Ricafort said Moody’s Investors Service’s affirmation of the Philippines’ credit rating last week continued to boost sentiment.

“Local financial markets including the peso continued to gain after Moody’s affirmation of the Philippine credit rating, another sign of resilience on the Philippine economic fundamentals,” he said in a text message.

On Thursday, Moody’s maintained the country’s credit rating at Baa2, a notch above the minimum investment grade. The rating was given in December 2014.

For today, the trader said the peso could move around the P49.30 to P49.50 levels versus the dollar while Mr. Ricafort expects it to trade within the P49.30 to P49.45 band. — L.W.T. Noble with Reuters