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Netflix screening more Pinoy movies in August

IN JUNE, streaming service Netflix introduced five Filipino films to its slate including critically acclaimed films such as 2016’s Pamilya Ordinaryo (Ordinary People) and Untrue (2019). This August the service is adding 15 more films to its content library, mostly romantic films such as Love the Way U Lie and Write About Love.

“We are happy that our local distribution companies are continuously engaging with these international companies to expand their audience. With the world’s inevitable shift to digital platforms now even more expedited because of the pandemic, the local industry is adapting to the change,” Mary Liza B. Diño, chairman and president of the Film Development Council of the Philippines (FDCP), said in a Facebook post on July 31.

The films added to the platform’s content library were from Viva Communications, Regal Films, TBA Studios, The IdeaFirst Company, and CleverMinds. Some of the 15 films will be available to stream from Aug. 6 to Sept. 25 though several still have no set release dates.

“It is an honor having our film be included as a Netflix Original and be shown across Asia. It is a huge opportunity not just for me but also for every Filipino filmmaker to continue creating quality films that can be shown to the world and that every Filipino can be proud of,” RC delos Reyes, the director of Love the Way U Lie, said in a Netflix statement.

Below are the films that will be dropping in the service alongside their release schedules (if available):

• Once Before (Hindi Tayo Pwede) is a 2020 film by Joel Lamangan. The film, starring Marco Gumabao, Tony Labrusca, and Lovi Poe, is a romantic drama about two people falling in love while a friend is seeking a more than a platonic relationship. The film will be released on Aug. 4.

• Time & Again (2019) by Jose Javier Reyes. Another romantic film, Time and Again is about a barista by day and writer by night who gains the power to turn back time and try to win the love of a law student. The film stars Wynwyn Marquez, Enzo Pineda, and Adrienne Vergara. The film will be released on Aug. 6.

• Stranded (2019) by Ice Idanan is a romantic comedy about a woman who finds herself stuck inside her office building in the midst of a typhoon with a stranger. The film stars Jessy Mendiola and Arjo Atayde and will be released on Aug. 6.

• How She Left Me (Kung Paano Siya Nawala) is a 2018 romantic drama film by Joel Ruiz starring JM de Guzman and Rhian Ramos. It tells the story of a man with face blindness who meets a beautiful free spirit who changes his life. The film is set to be released on Aug. 13.

• Finding You (2019) by Easy Ferrer is a romantic drama starring Jerome Ponce, Jane Oineza, and Barbie Imperial. The film is about a young man with an extraordinary memory who discovers he can’t recall a past heartbreak thus he revisits his exes searching for the mystery woman. The film will be released on Aug. 13.

• Love the Way U Lie (2020) is a romantic film about a spunky psychic who tries to help the deceased woman move on. The film stars Alex Gonzaga and Xian Lim and is scheduled to be released on Aug. 20.

• Us Again (2020) by Joy Aquino is a romantic drama about former lovers who cross paths after years, raising the question of second chances. The film stars Jane Oineza and RK Bagatsing. The film is scheduled for release on Aug. 20.

• Us, At The End Of The Year (Tayo sa Huling Buwan ng Taon), a 2019 film by Nestor Abrogena, Jr., is another romantic drama starring Nicco Manalo, Emmanuelle Vera, Anna Luna, and Alex Vincent Medina. The film is about two former lovers who meet again and rekindle past feelings. The film is to be released on Aug. 27.

• D’Ninang (2020) by G.B. Sampedro is the only comedy in the slate. It stars Ai-Ai de las Alas, Kisses Delavin, and McCoy De Leon. The film is about a criminal gang matriarch who is reunited with her estranged daughter who is a firm believer in the law and doing right. The film is to be released on Aug. 27.

• Gasping For Air (2016) by Carlo Obispo is a drama about a man who sets out to find his sister with whom he lost contact after she left to pursue a career as a singer in the city. The film stars Carlos Dala, Barbara Miguel, Therese Malvar, and JC Santos. The film will be released on Sept. 3.

• Write About Love (2019) by Crisanto Aquino is a romantic drama about a young writer who has to collaborate with a seasoned writer in re-working her screenplay and finds love in the process. The film stars Miles Ocampo, Rocco Nacino, Yeng Constantino, and Joem Bascon. It will be released on Sept. 25.

• Sleepless (2015) by Prime Cruz is a romantic drama starring Glaiza de Castro, Dominic Roco, and TJ Trinidad about two people who can’t sleep and try to fight the loneliness that keeps them awake, together. No release date has been announced.

• Waiting for Sunset (Kung Paano Hinihintay ang Dapithapon) is a 2018 film by Carlo Enciso Catu starring Dante Rivero, Menggie Cobarrubias, and Perla Bautista. The film is a drama about an old unmarried couple whose lives are shaken after the woman’s estranged husband appears seeking reconciliation and forgiveness. No release date has been announced.

• Distance (2018) by Perci Intalan, starring Iza Calzado, Therese Malvar, and Nonie Buencamino, is a drama about a woman who is grieving the loss of the love of her life and then receives an unexpected visit from someone from her past. No release date has been announced.

• The Vow (Tuos) (2016) by Roderick Cabrido is a fantasy drama starring Elora Españo, Barbie Forteza, and Nora Aunor. The film is about the last binukot (kept maiden) who keeps an age-old tradition alive. She must choose between her granddaughter’s life and the belief that kept her in solitary confinement. No release date has been announced. — Zsarlene B. Chua

Maynilad aims to add 14,000 customers to sewerage system

MAYNILAD Water Services, Inc. is targeting to add at least 14,000 customers to the sewerage system this year as it installs around 2,000 new sewer service connections in Manila.

In a statement on Monday, the west zone water provider said the new sewer lines will further expand Maynilad’s existing sewerage system, which catches wastewater generated by customers and conveys it to sewage treatment plants (STP) for treatment.

“Despite restrictions brought on by the quarantine, we are resuming our sewer line installation activities so we can expedite the expansion of our wastewater infrastructure,” said Maynilad Chief Operating Officer Randolph T. Estrellado.

Since 2007, Maynilad has invested more than P40 billion into wastewater projects, bringing its current wastewater infrastructure to 22 treatment facilities (from only two STPs in 1997), 606 kilometers of sewer lines, and 102 wastewater pumping/lift stations.

Maynilad is the largest private water concessionaire in the Philippines in terms of customer base. It is the agent and contractor of the Metropolitan Waterworks and Sewerage System for the west zone of the greater Manila area.

It serves the cities of Manila (certain portions), Quezon City (certain portions), Makati (west of South Super Highway), Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon, all in Metro Manila; the cities of Cavite, Bacoor and Imus, and the towns of Kawit, Noveleta and Rosario, all in Cavite Province.

Metro Pacific Investments Corp., which has a 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.

BGC rolls out ‘new normal’ initiatives

BONIFACIO GLOBAL CITY (BGC) is rolling out new services to help locators resume operations safely.

In a statement, BGC said its buses have been repurposed as private shuttle services with exclusive trips to BGC-based companies. The buses take employees from designated pickup points and drop them off directly at their building lobby.

BGC also established Personal Mobility Device (PMD) lanes that “offer an eco-friendly alternative which residents and employees can use as their last-mile connectivity solution to get to their offices and move around the city.”

The Flats, a co-living space in BGC, offers an affordable staff housing solution for companies. The Flats is a 5-minute walk to Bonifacio High Street and other essential establishments.

Clock In BGC also provides flexible and safe workspaces for freelancers, startups, and other businesses looking for secondary offices as part of business continuity plans. At Clock In, clients have 24/7 access to meeting rooms, private offices, 50 MBPS high-speed internet, free beverages and other amenities.

T-bills fully awarded as rates drop further

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday as the market’s flight to safety pulled yields lower across-the-board.

The Bureau of the Treasury (BTr) borrowed P20 billion as planned via the T-bills on Monday from total tenders of P76.405 billion.

The BTr also opened the tap facility to offer another P5 billion in one-year debt papers to take advantage of low yields and raise more funds.

Broken down, the Treasury made a full award of P5 billion in 91-day T-bills out of P25.51 billion in bids. The three-month papers fetched an average rate of 1.221%, down 11.4 basis points (bps) from the 1.335% logged in the auction last week.

It also raised P5 billion as planned via the 182-day papers from tenders worth P23.585 billion. The average rate of the six-month debt likewise declined by 15.1 bps to 1.454% from 1.605% previously.

For the 364-day securities, the BTr fully awarded its P10-billion offer as total bids hit P27.31 billion. The one-year instruments yielded an average rate of 1.749%, down 0.9 bp from the previous rate of 1.758%.

National Treasurer Rosalia V. de Leon said T-bill rates declined as investors awash with cash continued their flight to safe havens like government securities.

“None, with overwhelming subscription and continued fall in rates with surplus liquidity and preference for haven assets,” Ms. De Leon said when asked how the return to a stricter lockdown of Metro Manila affected yesterday’s auction.

“This, in spite of (the) RTB issue,” she said, referring to the ongoing public offer of five-year retail Treasury bonds (RTB) set to close on Friday, Aug 7.

Ms. De Leon earlier said the amount raised via the RTB sale has already exceeded the record P310.8 billion in February, when it offered the three-year retail bonds.

Rates declined since there is “ample liquidity” in the market, a bond trader said by phone on Monday, adding Malacañang’s decision to reimpose tighter restrictions in key cities fueled demand for safer assets like government securities.

President Rodrigo R. Duterte said on Sunday evening that the National Capital Region, Bulacan, Rizal, Laguna and Cavite will be placed under modified enhanced community quarantine again starting Tuesday until Aug. 18.

The decision was made after a group of health workers appealed for “breathing space” amid a recent spike in coronavirus cases. 

The trader added that the market is also awaiting upcoming economic data releases this week.

The Philippine Statistics Authority will report July inflation data on Wednesday, Aug. 5 and second-quarter GDP on Thursday, Aug. 6.

A BusinessWorld survey of 16 economists last week gave a median estimate of 2.6% inflation rate for July, faster than 2.5% in June and 2.4% in the same month in 2019.

A separate BusinessWorld poll of 17 economists expect a median contraction of 11% for second-quarter gross domestic product (GDP), a deeper slump than the 0.2% drop in the first quarter and a reversal of the 5.4% growth in the second quarter of 2019.

The government has set a P170-billion borrowing program for August. It will offer P110 billion in T-bills weekly and P60 billion in Treasury 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

Philex profit rises on high gold prices

PHILEX MINING CORP. posted an attributable first-half income of P424.55 million, up 8.5% from a year ago due favorable gold prices and sustained momentum in its business operations since the third quarter of last year.

In the second quarter alone, it reported to the stock exchange a core net income of P299.51 million, without disclosing the comparative figure a year ago. But it said core income in the first quarter was at P102.72 million.

“Given prevailing high gold prices and poor economic prospects for balance year, it looks like Philex is headed towards a better full year performance in 2020 compared with 2019 — provided we are able to maintain our production volume and improve mining efficiencies,” Philex Chairman Manuel V Pangilinan was quoted as saying in the disclosure.

Revenues for the company during the first half of the year reached P3.68 billion, higher by 19% compared with P3.09 billion a year ago. Of the semester’s top-line figure, P1.97 billion was posted in the second quarter.

Philex said its total tonnage milled for the second quarter rose 1% to 2.002 million tons against 1.973 million tons during the same period last year.

The company said its gold output for the second quarter rose 7.5% year on year to 14,173 ounces while copper output increased 8% to 6.80 million pounds.

Philex said its earnings before interest, taxes, depreciation, and amortization (EBITDA) during the second quarter amounted to P708.46 million while its operating costs and expenses were at P1.55 billion for the period.

Meanwhile, the mining company said that since April, the flow of its critical materials and supplies has returned to normal, with a boost from its new suppliers base.

Philex said it was confident that it had developed reliable supply sources of its critical materials, supplies, and equipment replacements.

Philex President and Chief Executive Officer Eulalio B. Austin, Jr. said the company had adjusted its supply chain model based on the “new normal” in order to lessen the risk of possible disruptions amid the coronavirus disease 2019 (COVID-19) pandemic.

“We also have put in place adequate health protocols to protect our employees, both in Padcal mine and at the Head Office, as they continue to perform their day to day work in the office, underground mining and mill operations,” Mr. Austin said.

On Monday, shares of Philex Mining rose 1.57% or P0.05 to close at P3.24 per share.

Philex Mining is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Metro Pacific Investments 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

SM Pampanga opens drive-in theater in midst of pandemic

IN THE late 1940s until the 1960s, drive-in cinemas abounded in the US as more and more people were able to buy vehicles. Decades later, the proliferation of TV, cable, and video rentals signaled the decline of these cinemas. Now, with the pandemic making going out to the movies a health and safety risk, SM Cinemas is trying to bring back drive-in cinemas as a “fun and safe movie watching” option, according to a cinema executive.

“Drive-in theaters provide a quick escape from quarantine while keeping social distancing protocols in check. As everyone is transitioning to the new normal, SM Cinema finds it important to introduce new and [innovative] ways to create a fun and safe movie watching,” Ruby O. Reyes, VP for marketing at SM Cinemas, told BusinessWorld in an e-mail on July 31.

The company’s (and the Philippines’) first drive-in cinema is located at the SM City Pampanga Amphitheater and shows the films Train to Busan 2: Peninsula by Yeon Sang-ho and My Spy by Peter Segal.

Tickets are priced at P400 per person and will include popcorn, bottled water, and beef franks. Two to four people per vehicle will be allowed.They will be screened using thermometers and will be required to wear masks at all times. Only viewers aged 21 to 59 will be allowed at the venue. Tickets must also be purchased in advance via www.smtickets.com and viewers are asked to be at the venue 30 minutes prior to the start of the screening.

Guests will be assigned to their own parking spots by traffic marshalls and will be able to view the films on a 20 meter by 8 meter screen raised three feet above the ground.They will be asked to tune their car’s FM radio to a specific frequency to broadcast the audio straight into their vehicles.

Screenings are from Thursdays to Sundays at 6:45 p.m. The amphitheater can accommodate 87 cars within its 800-square-meter venue.

Five more drive-in cinemas are scheduled to open though Ms. Reyes declined to reveal where they will be.

CINEMAS IN THE NEW NORMAL
For much of last year, SM Cinema had been doing extensive renovations of its cinemas, with SM Mall of Asia’s launching in late January. The new cinemas feature fewer seats — between 80 to 144 — and are regarded as a template on how future SM Cinemas would look like. Several renovated cinemas, such as those in SM Southmall and Sta. Mesa, were scheduled to open within the year, with those in SM North EDSA, SM Baguio, and SM Megamall expected to be renovated this year.

All these plans were put on hold because of the pandemic.

“The renovation program has always been centered on elevating our customer’s experience and that has never changed. The pandemic may have paused us for a while but it gave us opportunities to further enhance the program by ensuring a safe cinema for everyone,” Ms. Reyes explained.

While traditional cinemas are still waiting to reopen, SM Cinema gave assurances that it is adhering “to all health and safety standards from social distancing, temperature check, wearing of face masks, use of hand sanitizers, and foot bath at the entrances,” according to Ms. Reyes.

“We will also implement a two-seat gap policy and strictly monitor this in and out of our theaters,” she added. — Zsarlene B. Chua

NHMFC maintains ISO 9001:2015 certification

The National Home Mortgage Finance Corporation maintained its ISO 9001:2015 certification for Securitization of Housing Loan Portfolios (Purchase of Housing Receivables, Collection Amortization, Securitization, and Post Issuance of Bonds) and Borrower’s Services.

Amidst the alternative work arrangements in all NHMFC offices due to the global outbreak of the coronavirus disease 2019 (COVID-19), a remote audit on all sites was conducted by TÜV SÜD PSB Philippines, Inc. (TUV SUD), a third party certifying body. Held on July 20 to 22, 2020, the audit concluded with a Recommendation of Certificate Maintenance by TÜV SÜD Quality Management System auditors, Messrs. Cezar Sendaydiego and Xavier Lance Dy.

Department of Human Settlements and Urban Development Secretary Eduardo Del Rosario, who also chairs the NHMFC Board of Directors, applauded all the units and branches of the corporation for another successful audit.

“The rigorous efforts of the corporation to uphold international standards of its products and services are evident in maintaining our ISO 9001:2015 Certification,” Secretary Del Rosario said.

He added that this is NHMFC’s 3rd Surveillance Audit for ISO 9001:2015 Certification and the next round will be in February 2021.

“NHMFC consistently revisits its processes to ensure continuous compliance to international standards of providing client services. In the face of the current global health crisis, we, from the government’s housing sector, were able to adapt to the challenges of the new normal situation without derailing our services to our stakeholders.  This ISO recertification is a remarkable testament to our endeavors,” the housing czar stressed.

This quality management system milestone is made possible with the vast use of ICT tools invested in by the corporation, coupled with the collaborative efforts and strong cooperation among the employees and management.

NHMFC is one of the government’s key shelter agencies under the administrative supervision of DHSUD.

Vitarich Corporation announces schedule of annual stockholders’ meeting

Metrobank posts lower net profit in Q2 on loan loss provisioning

METROPOLITAN BANK & Trust Co. (Metrobank) booked a lower net income in the second quarter as it continued to boost its loan loss provisions amid the pandemic.

Metrobank booked a net income of P3.126 billion in the second quarter, its quarterly report showed. This is down 51.8% from the P6.48-billion profit it posted in the same quarter last year.

Net income attributable to the equity holders of the parent company stood at P3.008 billion last quarter, down from last year’s P6.277 billion. For the first semester, its attributable net income sank 30% to P9.13 billion.

“This 30% decline from last year’s P13 billion income is a result of proactive measures to secure the bank from further economic slowdown that may result from the continuing COVID-19 pandemic,” it said in a statement.

Metrobank set aside P22.8 billion in the first half for loan loss provisioning as it factored in the crisis’ impact on its credit portfolio. This is five times bigger than the P4.6 billion in provisions set aside in the same period in 2019.

“Consistent with our conservative business strategy, we are very mindful of future risks that will likely impact the entire banking industry, so we are doing an early build-up of larger provisions to ensure our readiness,” Metrobank President Fabian S. Dee was quoted as saying.

The bank’s financial statement showed provisions for credit and impairment losses surged to P17.7 billion in the second quarter alone from the P2.1 billion set aside in the comparable year-ago period.

Metrobank’s net interest income rose 25% to P23.069 billion from P18.421 billion a year ago, backed by an increase in gains from trading and securities amid lower income from loans and receivables. Net interest income after loss provisions stood at P5.328 billion, lower by 67% from the P16.225 billion seen last year.

Meanwhile, other operating income more than doubled to P14.996 billion against the P7.26 billion last year, supported by higher trading, securities, and foreign exchange gains amid lower gains from service charges, fees and commission.

Other expenses increased 5.47% to P15.07 billion from P14.29 billion due to higher compensation and fringe benefits that offset lower occupancy and equipment-related costs.

For the first half, Metrobank’s non-interest income jumped 55% on the back of the P13.1 billion in trading and foreign exchange gains.

Its cost-to-income ratio improved to 45% from 56% amid muted operating cost growth of 7% to P29.6 billion.

The bank’s net loans and receivables slipped 5% to P1.3 trillion as of June. The bank’s commercial loan segment was tempered amid business climate uncertainties while consumer lending was backed by steady mortgage and increased credit card receivables despite the 6% drop in auto loans.

Its nonperforming loans ratio stood at 1.56%, up from 1.5% last year, with NPL cover increasing to 188%.

Meanwhile, Metrobank’s deposit base increased 5% to P1.7 trillion, supported by the 20% increment in low-cost deposits. This also improved the current account savings account ratio to 69% from 61% a year ago.

“This, together with the 175-basis-point drop in policy rates, led to the marked reduction in the bank’s overall funding cost thus resulting in net interest margin improving by 41 basis points to 4.24%,” it said.

Metrobank’s consolidated assets stood at P2.3 trillion as of end-June while total equity was at P323 billion. Its capital adequacy ratio and common equity Tier 1 ratio were at 19.98% and 18.66%, respectively, both higher than the regulatory requirements.

The Metrobank Group’s return on equity (RoE) was at 5.78% as of June, down from 8.99% previously, while return on assets (RoA) dropped to 0.77% from 1.15%.

For Metrobank alone, RoE was at 5.68% versus 8.69% last year while RoA slipped to 0.89% from 1.38%.

Metrobank’s shares closed trading at P33.50 apiece, slipping by 75 centavos or by 2.19% from its previous finish. — LWTN

Leisure & Resorts World Corporation to hold its virtual stockholders’ meeting on August 28

Luxurious living at Sail Residences

SAIL RESIDENCES is the latest luxury condominium by SM Development Corp. (SMDC), offering a “mix of modern convenience, secure surroundings and resort-style living.”

The project, located within the Mall of Asia complex in Pasay City, boasts of sweeping views of Manila Bay and its famous sunset. Aside from the Mall of Asia’s extensive commercial center, the surrounding area is also home to corporates, business process outsourcing hubs and startups.

Sail Residences is master-planned by the award-winning Miami-based architecture-and-design firm Arquitectonica, known for the revitalization of New York’s famed Coney Island and Seoul’s International Finance Center.

SMDC said the condominium “offers sensible unit layouts along with luxury resort-style amenities.” The units are designed with healthy and sustainable lifestyles in mind.

“Ambient lighting and natural ventilation have been built into every space, providing electricity-less illumination and proper air circulation to keep units bright and cool throughout the year,” it added.

Leisure & Resorts World Corporation to hold its virtual stockholders’ meeting on August 28

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