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Hagibis’ Sonny Parsons, 61

ACTOR and former Hagibis band member Jose Parsons Nabiula, Jr., better known by his stage name Sonny Parsons, died on May 10, at the age of 61, from a heart attack while riding his motorcycle.

His death was confirmed by his friend Manuel Rigor, a member of the 1970s disco group VST and Company through a Facebook post. Mr. Rigor said Mr. Nabiula was riding his motorcycle in Lemery, Batangas when he had a heart attack. He was headed for Quezon province.

“Ride free, Sonny. We had good and bad times. Thank you for the memories, lakay. You will be missed. So sad,” Mr. Rigor said in his post.

Actress Vivian Velez, who also functions as the director-general of the Film Academy of the Philippines, mourned his death in a Facebook post on May 10.

“Another Legend of OPM’s Pinoy Discorama… Rest in peace Senyor Sonny Parsons of Hagibis. Ride to paradise my friend,” Ms. Velez said.

From the 1970s through much of the ‘80s, Mr. Nabiula was a member of the Manila sound group Hagibis, also called the “Village People of the Philippines” because of their similar penchant for campy onstage costumes, catchy songs, and suggestive lyrics.

The band was formed by Juan dela Cruz band singer Mike Hanopol and Viva executive Vic del Rosario. The original lineup included Mr. Nabiula, Bernie Fineza, Mike Respall, Joji Garcia, and Mon Picazo.

Hagibis was known for song like “Legs” (1979), “Katawan” (1979), and “Nanggigigil” (1979).

Beyond his singing career, Mr. Nabiula transitioned to acting after the singing group starred in the film Legs Katawan Babae by Tony Ferrer in 1981. In 1997, he produced, directed, and starred in the film Bala Para sa Katarungan.

His IMDb page lists 33 credits as an actor but only includes films and series he did until 2005. His last acting appearance was in action-drama series FPJ’s Ang Probinsyano in 2017.

Mr. Nabiula was also a city councilor in Marikina. — Zsarlene B. Chua

Wilcon income down 32% on rising expenses

WILCON Depot, Inc. posted a 32% contraction in earnings in the first quarter, weighed down by higher operating expenses and the closure of stores in late March.

In a regulatory filing on Monday, the home development retailer said its net income for the first three months fell by P155 million to P328 million. Net sales also slipped 2.5% to P5.59 billion.

“Wilcon Depot was not spared from closure when the enhanced community quarantine (ECQ) was imposed by the Philippine government over Luzon on March 17, 2020… We closed all our 44 branches, which accounted for 84% of our net sales in 2020 pre-ECQ,” Wilcon President and Chief Executive Officer Lorraine Belo-Cincochan said in a statement.

Revenues from its depots, which comprised 96.1% of the pie, slid 2.4% to P5.38 billion. Home essentials contributed 14.8% less at P137 million, accounting for 2.5% of the revenues. The remainder is from project sales, which grew 21.1% to P79 million.

Ms. Belo-Cincochan noted Wilcon’s comparable sales was at a negative 8% for the quarter, as 40 of its 52 stores that are at least one-year old are located in Luzon and affected by the ECQ. Before the government imposed lockdown measures in March, she said Wilcon’s comparable sales growth was at 10.7%.

While revenues took a downturn, what really dragged the company’s bottomline was its operating expenses, which expanded 19.7% to P1.43 billion.

“The main factor that pushed net income downward was the increase in operating expenses year-on-year… (It was) traced mainly to the increase in lease and manpower related expenses,” Wilcon said in a statement.

The adoption of a new accounting standard, the Philippine Financial Reporting Standard (PFRS) 16, resulted in the growth of the company’s operating expenses. Add to that the salary increase rolled out across the board for Wilcon employees on April 1, 2019.

Given the declines, Wilcon said it is reducing its network expansion target this year to a maximum of six stores from eight to nine originally. It is also expecting that its topline and bottomline guidance of mid-teens growth is highly unlikely.

“What we are expecting though is a relatively faster recovery when mobility restrictions are lifted with pent-up demand from unfinished construction projects and new demand from the renovation, repair and maintenance market…,” it said.

The company added it is still in a “fairly strong financial position” as it is bank debt-free with cash and placements amounting to P3.93 billion.

Shares in Wilcon at the stock exchange shed 28 centavos or 1.77% to P15.58 each on Monday. — Denise A. Valdez

Gov’t hikes Treasury bill award, opens tap facility as rates drop

THE GOVERNMENT upsized the volume of Treasury bills (T-bills) it raised on Monday as rates declined across-the-board, pulled down by strong demand from investors holding excess cash.

The Bureau of the Treasury (BTr) borrowed P22 billion in T-bills yesterday, up from the original P20-billion program, as the offer was more than four times oversubscribed, with bids amounting to P87.187 billion.

National Treasurer Rosalia V. De Leon said the governments also opened the tap facility to raise another P10 billion via the one-year instruments.

The BTr made a full award of the P5 billion in 91-day T-bills it offered out of total tenders worth P22.322 billion. Rates for the three-month papers declined by 21 basis points (bps) to 2.269% from the 2.479% seen in the auction last week.

For the 182-day papers, the government decided to accept P7 billion in tenders, up from the programmed P5 billion, after the tenor attracted bids totaling to P27.321 billion. The six-month papers likewise fetched a lower average rate of 2.374% compared to the 2.625% posted last week.

The Treasury likewise raised P10 billion as planned via the 364-day papers from total bids of P37.544 billion at an average rate of 2.761%, down 18.4 bps from 2.945% previously.

Ms. De Leon said the auction committee decided to make a full award as average yields fell below secondary rate levels.

A bond trader said via Viber that strong demand pulled down rates anew as investors, “still awash with cash and excess funds nowhere to go,” have to put their money to work in safe-haven assets like government securities.

The trader said some investors might be “trying to save what is left” in their pool of funds instead of deploying cash for their businesses as situation here is still filled with uncertainty.

Metro Manila and some areas in the country have been placed under strict lockdown measures for two months until May 15, with officials still deliberating if these high-risk places are ready to reopen again.

Authorities have been warning of the possibility of a second wave of infections that could result in a heavier economic and death toll if these high-risk areas will be reopened prematurely.

Meanwhile, parts of Luzon deemed low-risk have started transitioning to a less strict lockdown last May 1, where non-essential businesses have been allowed to partially reopen while observing health safety protocols.

On Tuesday, the BTr will offer P30 billion worth of reissued seven-year Treasury bonds (T-bond) with a remaining life of two years and 11 months.

The government is planning to borrow P170 billion from the local market this month: P110 billion via its weekly T-bill auctions and the remaining P60 billion via T-bonds to be offered fortnightly. — Beatrice M. Laforga

‘What is the Filipino’ discussed in webinar

INSTITUTO Cervantes will be holding an online lecture tackling the Filipino identity by anthropologist Fernando Zialcita on May 13, 6 p.m.

The lecture will discuss and try to answer the question “What is the Filipino,” according to a release.

“Zialcita approaches this issue from the principle that the Filipino is neither East nor West, neither North nor South. The Filipino is all of these, for the Filipino is a griffin. Like the mythical animal that combines the head and wings of an eagle with the body of a lion, the Filipino brings opposites together,” said the release.

Mr. Zialcita obtained both his M.A. and Ph.D. at the University of Hawaii, and currently teaches at the Department of Sociology and Anthropology at the Ateneo de Manila University where he heads the university’s Cultural Heritage Studies program.

He specializes in heritage and identity, art and its cultural context, and interfaces between the foreign and the indigenous.

The online lecture will be in Spanish with simultaneous translation in English. Admission is free on a first-come, first-served basis via Zoom.

To access the webinar and for more information, visit facebook.com/InstitutoCervantesManila.

SMPC income falls as coal output declines

CONSUNJI-LED Semirara Mining and Power Corp. (SMPC) posted a 43% drop in net income after tax to P1.2 billion in the first quarter as its coal business saw declines in production and export sales.

In a disclosure to the stock exchange Monday, the integrated energy firm reported its coal output went down 22% to 3.2 million metric tons (MT) in the quarter from 4.1 million MT in the same period in 2019.

It noted export sales plunged by 20% to 1.6 million tons, compared to 2 million tons registered in the same quarter last year, while domestic sales were almost unchanged at 1.6 million tons year-on-year.

Its average coal selling price decreased by 16% to P1,900 per ton from P2,272/ton in the same period from the previous year, brought down by the drop in global coal prices.

Meanwhile, the energy sales of its two units, SEM-Calaca Power Corp. (SCPC) and Southwest Luzon Power Generation Corp. (SLPGC), went up 8% to 692 gigawatt-hours (GWh) from 638 GWh last year.

However, average energy prices decreased due to lower global coal prices and the impact of the coronavirus disease 2019 (COVID-19) pandemic.

The average energy price at SCPC fell by 25%, while SLPGC saw its average energy price cut by 33% because of higher excess capacity to spot market and lower prices at the Wholesale Electricity Spot Market.

SCPC’s Unit 2 was down during the January-March period since its shutdown last October as it underwent a life extension program, while its Unit 1 was already operational in the quarter.

SLPGC’s Unit 1 went back online last Feb. 12 after its planned outage since December last year, while its Unit 2 went into planned outage on Feb. 19.

On Monday, shares in SMPC inched down 0.34% to close at P11.76 each. — Adam J. Ang

Office sector may recover in 2021

THE office market may bounce back as early as next year, if the coronavirus disease 2019 (COVID-19) outbreak is contained within the second half of 2020, according to research by the Lobien Realty Group (LRG).

“The Philippines’ real estate industry, in particular, has been seriously impacted by COVID-19 as the pandemic effectively put a stop to the operations of most businesses,” the real estate consultancy firm said in a statement.

In particular, the Metro Manila office market has considerably slowed since strict lockdown measures were implemented in mid-March.

LRG noted the expansion of Philippine Offshore Gaming Operators (POGOs) was halted due to the government’s travel ban on China and the enhanced community quarantine (ECQ) in Metro Manila.

POGOs, which have fueled the office market’s growth, has occupied 1.14 million sq.m. of office space since 2016

While the Philippine Amusement and Gaming Operations Corp. (PAGCOR) recently gave the green light for POGOs to resume partial operations, the outlook for their expansion remains dim.

“Projected POGO office demand this 2020 is 200,000 square meters (sq.m.) less as contribution from POGO is expected to slip by $0.8 billion (or around 0.2% of GDP),” LRG said.

Business process outsourcing (BPO) firms, which are feeling the pain from the pandemic, may consider expanding in the provinces rather than in Metro Manila. LRG noted the BPO industry saw office take-up of 400,000 sq.m. last year.

“BPOs, another hardest hit industry, may soon scout for alternative business locations in the emerging provincial hubs which offer more competitive rental rates and lower labor costs and have become sites of new government infrastructure projects,” LRG said.

LRH said there is currently a 15% office vacancy across all provincial business districts, with 257,000 sq.m. of new office space to become available this year.

“The average rental rate for provincial business hubs is at P606 per sq.m., which makes it more affordable than Metro Manila,” it added.

Meanwhile, traditional offices may opt to continue work-from-home arrangements with employees as a way to lower costs. Traditional offices leased 370,000 sq.m. of space in 2019.

However, LRG predicts “there could be an improved demand for office space by 2021 at a minimum of 700,000 sq.m. across Metro Manila, provided that the COVID-19 outbreak will be contained by 2nd half of 2020.”

“The demand for office space will be revived towards the latter part of the year once existing and new POGO companies as well as BPO companies continue their growth all over the country,” LRG said.

The BPO sector may also see stronger demand from global companies that need to outsource their businesses amid the pandemic, LRG added.

For the residential market, LRG said take-up will “likely soften” due to the travel restrictions and an expected rise in local unemployment.

“Prices in the secondary market are expected to decrease from its market value. Price appreciation will remain inactive depending on how the market will stabilize from the ECQ,” LRG said.

However, prices of new residential properties are expected to remain at the same level prior to the ECQ.

“There is an opportunity for the secondary market to grow as less affluent property owners dispose their assets for liquidity,” it added. — Cathy Rose A. Garcia

PBB books higher profit on core business’ growth

PHILIPPINE BUSINESS Bank (PBB) posted a 57.1% jump in its net earnings in the first three months of the year, supported by growth in its core businesses.

The lender’s net income grew 57.1% to P394.4 million in the first quarter from the P251 million seen in the comparable year-ago period, according to PBB’s filing with the local bourse.

“The start of 2020 has been challenging given the Taal Volcano eruption and the global COVID-19 (coronavirus disease 2019) pandemic. The bank showed good year-over-year growth in core income and net income,” PBB President and Chief Executive Officer Roland R. Avante was quoted as saying.

“In addition, opportune conditions in the treasury business will likely continue for some time in the first half. The bank is prepared to face trials brought about by the disruption,” Mr. Avante said.

“We have doubled our provisioning from the same period last year. We are also undertaking an extensive review of our balance sheet to ensure that we have a complete view and thorough understanding of the operations of our clients,” he added.

The period saw the bank’s interest income climb by 20.5% to P1.922 billion from P1.595 billion a year ago. Net interest margin settled at 5.21%, improving by 104 basis points from last year’s 4.17%.

Core income surged by 110.8% to ₱693.6 million from the P329.1 million in the first quarter last year.

The bank’s pre-tax and pre-provision profit increased by 63.7% to P695.9 million from P425.1 million a year ago. Profit before tax also expanded by 55.9% to P545.9 million from the P350.1 million seen a year ago.

Meanwhile, PBB’s total loans and receivables amounted to P85.6 billion as of end-March.

Assets grew 16.9% to P110.6 billion in the first three months of the year from P94.7 billion in the comparable year-ago period.

On the funding side, PBB’s deposit liabilities stood at P90.1 billion as of end-March. Low-cost funds increased by 33% while time deposits totaled P47.7 billion.

The bank’s deposit portfolio improved its low-cost to high-cost ratio to 47:53 from 41:59.

Shareholders’ equity stood at P13.1 billion, equivalent to a book value per share of P19.32 net of preferred shares.

The lender’s return on average assets settled at 1.40% while return on average equity was at 12.17%.

Meanwhile, its minimum liquidity ratio was at 23.64%, which is above the required 20%.

PBB’s shares ended trading at P9 apiece on Monday, up by 21 centavos or 2.39% from its previous close. — Luz Wendy T. Noble

Briefs (05/12/20)

Bob Dylan announces first album of new music since 2012

LOS ANGELES — Bob Dylan is releasing his first album of new music in eight years following a spurt of creativity from the man regarded as one of the world’s most influential songwriters.

Rough and Rowdy Ways will be released on June 19, according to a brief announcement on Dylan’s official website early on Friday. It will be a double album but no further details were given.

The announcement followed the release late on Thursday of a third new song by Dylan — “False Prophet.” “I ain’t no false prophet, I just know what I know, I go where only the lonely can go,” sings Dylan, 78, in the bluesy track.

In late March, Dylan surprised fans by releasing a 17-minute song, “Murder Most Foul,” inspired by the assassination more than five decades ago of US President John F. Kennedy. It also included free wheeling observations about pop culture and multiple song references stretching back to the 1960s, when he burst onto the scene as a folk singer before turning to electric rock music later in the decade.

Three weeks later, he released a second song, “I Contain Multitudes.”

Dylan, who shuns publicity but still tours the world in small venues, gave no details about when the music for the new album was written and recorded. — Reuters


Siegfried and Roy’s Roy Horn dies of COVID-19

MAGICIAN Roy Horn, who alongside Siegfried Fischbacher starred in a popular, long-running Las Vegas act built around rare tigers, died on Friday from complications of COVID-19, the Las Vegas Review-Journal newspaper reported. He was 75.

Fischbacher and Horn, who were both born in Germany, co-founded their stage act after meeting on a cruise ship in the late 1950s before bringing the show to Las Vegas in 1967 and performing for the next four decades.

“Today, the world has lost one of the greats of magic, but I have lost my best friend,” Fischbacher said in a statement to the Review-Journal. “From the moment we met, I knew Roy and I, together, would change the world. There could be no Siegfried without Roy, and no Roy without Siegfried.”

Horn was seriously injured in 2003 when he was mauled by a white tiger during a performance at the Mirage hotel in Las Vegas on his 59th birthday. The attack ended their show on the Las Vegas strip but the pair continued to make public appearances. — Reuters


Rock ‘n’ roll pioneer Little Richard, 87

LITTLE Richard, the self-proclaimed “architect of rock ‘n’ roll” who built his ground-breaking sound with a boiling blend of boogie-woogie, rhythm and blues and gospel, died on Saturday at the age of 87.

Richard, a Grammy Award winner and inductee to the Rock & Roll Hall of Fame whose electrifying 1950s hits such as “Tutti Frutti” and “Long Tall Sally” and flamboyant stage presence influenced legions of performers, succumbed to cancer.

Richard’s bass guitarist, Charles Glenn, told celebrity website TMZ the musician had been sick for two months and that he died surrounded by his brother, sister and son.

At his peak in the late 1950s and early ‘60s, Richard shouted, moaned, screamed and trilled hits like “Good Golly, Miss Molly” and “Lucille,” all the while pounding the piano like a mad man and punctuating lyrics with an occasional shrill “whoooo!”

The music drew in both young black and white fans at a time when parts of the United States still were strictly segregated. Many white artists, such as Pat Boone, had their own hit versions of Richard’s songs, albeit considerably toned down and “safer” for the pop audience.

“I’ve always thought that rock ‘n’ roll brought the races together,” Richard once told an interviewer. “Although I was black, the fans didn’t care. I used to feel good about that.”

Mick Jagger, Paul McCartney, James Brown, Otis Redding, David Bowie and Rod Stewart all cited Little Richard as an influence. Jimi Hendrix, who played in Richard’s band in the mid-1960s, said he wanted to use his guitar the way Richard used his voice.

He was born Dec. 5, 1932 as Richard Penniman to a poor family of 12 children in Macon, Georgia. Religion was a guiding force in his family, which attended Pentecostal, Baptist and African Methodist Episcopal churches. His faith was so deeply ingrained that at times it would overwhelm his rock career.

In a pattern that persisted for years, Little Richard moved between rock ‘n’ roll, alcohol, cocaine and heroin abuse and Christianity and gospel music. He would go on to become an ordained Seventh Day Adventist minister and eventually worked gospel and rock both into his shows, along with a little preaching.

“I talk about my life as a homosexual and a drug addict because I think it is right to tell people what God has done for me,” he wrote in his autobiography, The Life and Times of Little Richard.

Richard was among the first inductees into the Rock and Roll Hall of Fame in 1986 but missed the ceremony because he was recovering from an auto accident. Rolling Stone magazine ranked him No. 8 on its list of 100 greatest entertainers of all time and he received a lifetime achievement Grammy in 1993. — Reuters

PLDT, Orange sign deal for voice traffic management

PLDT Inc. and International Carriers, the wholesale arm of multinational telecommunications operator Orange S.A., have signed a partnership agreement for international voice aggregation services.

In a disclosure to the stock exchange on Monday, the Pangilinan-led company said that “Orange will handle all global inbound traffic terminating on the PLDT and Smart network.”

PLDT also said the partnership deal includes support from the global sales team of Orange during the implementation of voice traffic management solutions.

“In a move to increase voice traffic and security, Orange will guarantee the value of PLDT voice traffic with its industry-leading anti-fraud voice solutions,” it added.

“We are excited to partner with a global expert who understands what we do and helps us do it better. This partnership with Orange is part of a broader PLDT Group program to improve customer experiences in and outside of the Philippines,” Katrina Luna-Abelarde, first vice president and head of PLDT-Smart International and Carrier Business Group and president of PLDT Global Corporation, was quoted as saying.

She said the partnership also aims “to consistently deliver the best call experience for overseas Filipinos and all [its] customers worldwide.”

For his part, Chief Executive Officer of International Carriers at Orange Emmanuel Rochas said: “Orange is proud that PLDT has selected Orange to provide support and protect market value for the future and we are delighted to enter into this partnership. I look forward to working alongside PLDT to embrace the market evolution and I am confident that this partnership will develop to our mutual benefit.”

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Singapore expatriates seeking to pay lower rents

SINGAPORE expats are often envied for their generous pay packets but facing the prospect of salary cuts as the coronavirus batters businesses, some are tightening their belts and asking for lower rent.

Clarence Foo, a real estate agent at APAC Realty Ltd. unit ERA, has come across seven such cases over the past month — the highest number of requests he’s received during his seven-year career. Four were successful.

One was an American woman who texted Mr. Foo last week. In her message, she said she had just been informed of a 20% drop in pay effective from May 1 until July 31, after which her employer will reassess the company’s financial health.

The executive, in her 30s, is leasing a one-bedroom apartment at Tanjong Pagar, near Singapore’s financial district, for S$3,400 ($2,400) a month. She was granted a rent reduction of S$250 a month, or around 7%.

“At first glance, it isn’t a lot. But over three months, the duration of her pay cut, it’s a substantial saving,” Mr. Foo said.

Singapore is expected to sink deeper into recession this year as it extends a partial lockdown, now into its fifth week. Wages will take a bigger hit than jobs as businesses try to cut costs in an economy bracing for a sharp contraction, the central bank said last month.

While the government has unveiled a range of support measures, most are aimed at Singapore citizens. More than S$7 billion was paid out to employers in April to co-fund the wages of over 1.9 million local workers, Manpower Minister Josephine Teo said earlier this week. Some levy waivers and rebates have also been provided to help firms meet their obligations to foreign employees.

The city-state has one of the world’s most expensive property markets. Residential rents surged to a three-year high last year, with prices boosted by strong overseas demand. Rentals of private residential properties increased by 1.1% in the first quarter, government data show.

In Singapore, the rental market is typically dominated by people from overseas. There’s very high local home ownership and around 80% of Singaporeans reside not in private condominiums but in housing development board flats.

Lester Chen is another real estate agent who is dealing with rent reduction requests from expats. One, living in an apartment in Sentosa Cove, a residential area on an island off Singapore’s south coast, managed to get his rent lowered by 20%.

Some landlords hold out because the types of apartments they own are in short supply or because that rental income goes toward paying their own mortgage.

For those who do acquiesce, they’re often “willing to close one eye because at least they get some income instead of ending up empty handed,” Mr. Chen, from Singapore Realtors, Inc., said.

Not always, though.

Last month, a British man asked for a reduction of 50% on his two-bedroom inner city apartment, which costs S$8,000 a month.

“The landlord was shocked,” Chen said. “There’s no way he’s going to accept such a steep cut.” — Bloomberg

Banks tap BSP rediscount window

BANKS CONTINUED to tap the central bank’s rediscount window in April in a bid to boost liquidity during the lockdown.

Peso rediscount loans totaled P13.842 billion in April, data released by the Bangko Sentral ng Pilipinas (BSP) on Monday showed. This is higher than the P6.858 billion tapped from the loan facility in March.

However, rediscount loans last month were lower than the P21.424 billion seen in April 2019.

From the year thus far, cumulative peso rediscount borrowings hit P20.7 billion, lower than the P73.724 billion seen in January to April 2019.

Banks only started to tap the rediscount facility this year in March, with the last loans before that month taken out in October last year.

The rediscount window allows banks to tap additional money supply by posting their collectibles from clients as collaterals.

Lenders can use the fresh cash — whether in peso, dollar or yen — to disburse more loans for corporate or retail clients and service unexpected withdrawals.

The BSP said the majority or 67.32% of the loans from March to April were utilized to fund other credits. This credit for capital asset expenditures (62.66%) and permanent working capital (13.87%).

Meanwhile, commercial credits made up 23.47% of total rediscounting loans, which were utilized for importation (14.2%) and trading (9.27%) of goods.

The extended lockdown situation in April may have caused lenders to tap the rediscount facility, according to Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

“The peso rediscounting facility may have been tapped more by some banks at the early part of the ECQ (enhanced community quarantine) to better service the requirements of both depositing and borrowing clients,” Mr. Ricafort said in an e-mail.

Mr. Ricafort said the central bank’s rediscount facility will continue to be attractive for banks at a time of continued business disruption and economic contraction.

“There is still a chance to see further increase in banks’ availments of the BSP rediscounting facility in the coming months, as one of the means to increase loans to businesses at least to weather the lockdowns and also help spur more investments,” he said.

The country’s economic output contracted by 0.2% in the first quarter, a first since the three percent contraction in the fourth quarter of 1998.

Economic managers now expect flat growth to a drop of up to 1% in gross domestic product this year, from a 6.5-7.5% target before the pandemic. This follows the six percent growth notched last year based on 2018 prices.

MAY RATES
Meanwhile, for this month, peso rediscount loans will have an effective rate of 3.25%, which is the current lending rate set by the BSP, regardless of whether loans mature after 1-90 days, 91-180 days, or 181-360 days.

“The temporary reduction of the term spread on peso rediscounting loans relative to the overnight lending rate to zero shall be effective until May 19, subject to further extension as may be approved by the Monetary Board,” the BSP said.

On the other hand, dollar-denominated loans will have a rate of 2.98813% for those maturing at three months or less; 3.42013% for those maturing within a 91- to 180-day period; and 4.28413% for those with a tenor of 181-360 days.

For yen credit lines, rates start at 2.429% for 1-90 day loans; 2.861% for 91-day to 180-day loans; and 3.725% for 181-day to 360-day loans.

The rate for the Exporters’ Dollar and Yen Rediscount Facility are based on the 90-day London Inter-Bank Offered Rate plus a spread depending on the term of the loan. — L.W.T. Noble

Understanding the value of small things

VIDEO GAME REVIEW
Disaster Report 4: Summer Memories
Sony PlayStation 4/Nintendo Switch

To argue that Disaster Report 4: Summer Memories has an interesting backstory would be an understatement. Originally supposed to be offered for the Sony PlayStation 3, it found itself stuck in development hell after the 2011 earthquake in Tōhoku, Japan. Similarities between the natural calamity and its premise all but secured its place in the dustbin of history as abandonware — until, that is, popular demand brought it back to the public eye. The renewed interest spurred chief producer Kazuma Kujo to acquire rights to the title under Granzella, his new company based in Ishikawa. Working with former Irem staff, he finally managed to steer the project to fruition a full nine years after its initial release date.

In Disaster Report 4: Summer Memories, players are caught in the center of a massive earthquake, and must do everything in their power to escape from the city as soon as they can. It sets an extremely simple objective, but the manner in which the objective can be met is anything but: in-game interactions are aplenty, and quests are a requisite to progression. A fair number give off a very Choose-Your-Own-Adventure-type feel, tossing the ball in the players’ court and giving them choice after choice in advancing towards the given quests’ desired outcomes. Success in such quests, and the choices made therein, ultimately determine the fate of the players and the characters they meet en route.

Structurally, Disaster Report 4: Summer Memories sounds all well and good. That said, the quests themselves can get rather bland. They feel generic on occasion, as if Granzella needed padding to fill out the game’s length. Meanwhile, the unique ones are held back by their incongruous tone. Not that they’re terribly written; rather, their structure and predisposition for dry humor clash heavily with the game’s serious bent at the outset. Parenthetically, it isn’t helped by relatively subpar graphics that show its age, with stiff animations and drab backgrounds weighing it down.

For all its seeming frailties, however, Disaster Report 4: Summer Memories winds up being extremely hard to put down. Similar to, say, Shenmue, Sega’s flawed opus, it can be hard to play in the face of its insistence on minute choices. At the same time, it remains strangely compelling in how its designs blend together. Players may find themselves struggling with strict mechanics and far-from-intuitive controls, and still they’ll wind up appreciating the strength of its convictions. Its audio-visual presentation won’t win prizes, especially when negotiated on a PlayStation 4 Pro, but it proves to be a guilty pleasure in any case.

No doubt, the appeal of Disaster Report 4: Summer Memories lies in its capacity to distinguish itself from its predecessors. While part of the Zettai Zetsumei Toshi series, it eschews the bombast and over-the-top inclinations of its siblings. In fact, it goes in the opposite direction. It dares to be different by highlighting the devil in the details. As with the aforementioned Shenmue, it stubbornly insists on being personal; small decisions have lasting consequences. Thus, players are compelled to appreciate its nuances and see the symphony it tries to create from a seemingly unrelated cacophony of events.

By the usual metrics, Disaster Report 4: Summer Memories is far from perfect. It’s artistically a generation behind and technically wanting, with frame drops particularly evident on an undocked Nintendo Switch. In the final analysis, however, it possesses something most other programming marvels lack: a beating heart. It calls to the senses in a way few titles do, especially in this day and age of industrial proficiency. In other words, it’s being itself — getting players to stop and smell the roses and, in the process, to understand the value of small things in seeing the bigness of life.

THE GOOD:

• Interesting game design, with seemingly mundane player choices determining story arcs

• Compels player to see the trees instead of the forest

• Nostalgic look and feel

THE BAD:

• Dry humor takes some getting used to

• Mediocre graphics that show their age

• Fairly simple story and quest progression

RATING: 8/10

POSTSCRIPT: Capcom has been on a roll of late, with such notables as Monster Hunter World and Devil May Cry 5 proving to be critical and commercial hits. And with last year’s Resident Evil 2 remake likewise making waves, not a few quarters have justifiably looked to Resident Evil 3’s release with heightened expectations. While technically a remake of Resident Evil 3: Nemesis, the direction the Osaka-based publisher, along with creative partners K2, Redworks, and M-Two, took through its three years in development all but made it a new game. Most notably, crucial elements from its source material were removed, and designs of the characters and settings reimagined, to promote its pronounced bias for action.

In Resident Evil 3, players take control of Jill Valentine, one of the few members of the STARS team who survived the Spencer mansion incident in the Arklay Mountains. Its premise is the same as the original: She’s stalked by a killing machine designed to hunt her down and silence her, and she must use her wits, her training, and what weapons she has at her disposal to stay alive in Raccoon City. In practice, it plays similarly as well: She has access to the same arsenal, and she’s able to traverse the same locations. And for all the attention it pays to action in combat, it thankfully retains the oppressive atmosphere fans of the survival horror franchise have come to consider as standard.

Indeed, zombies still stalk the streets, and the series’ more dangerous creatures — from the skittering Drain Deimos to the notorious Hunters — lie just out of sight. Resident Evil 3 likewise retains the dodge-roll function, Nemesis’ constant interference in Jill’s plans, and even the Carlos segments. At first glance, Capcom has seemingly both made a faithful remake and updated facets for the contemporary crowd. Which does make the whole experience worthwhile. It’s visually stunning, thematically engaging, and technically impressive. And, by all accounts, it ticks off the requisite boxes of a game veterans of, and newcomers to, the genre will enjoy.

That said, players who remember the original may have some qualms about the changes Resident Evil 3 makes. For example, the Carlos portions are much longer in nature and duration. Meanwhile, others in the original — among them the graveyard and the clock tower segments — have been reduced or cut out entirely; in their places are old locations that have been expanded. Another notable change: The Gravedigger boss in the graveyard portion has been excised, and a completely new boss, with a unique set of gimmicks, has been put in its place.

The changes aside, Resident Evil 3 has a few glaring problems, most specifically in regard to its length and replay value. The first run figures to take upwards of seven hours to complete, but successive play-throughs will be shorter. While not a problem in and of itself, it becomes cause for concern given the absence of “The Mercenaries — Operation: Mad Jackal,” the much-lauded mini-game in the original. True, it tries to fill the gap by having two extra difficulty settings in Nightmare and Inferno. Then again, they succeed in little more than ramping up the challenge; they do little in encouraging players to finish the game more than a few times. Which, all things considered, may leave those who enjoy extra modes and extra content wanting for more.

Still, Resident Evil 3 is worth playing through. It may not be as good a remake as Resident Evil 2, but it nonetheless pulls its weight as a worthy update to a highly regarded title.

THE GOOD:

• A grounded and interesting take on Jill Valentine

• Graphically impressive while still playing smoothly

• Able to consistently provide tension and dread even as it ramps up the stakes

• Additional difficulty settings (with two of four initially locked until completion)

THE BAD:

• Missing “The Mercenaries — Operation: Mad Jackal” mode

• Changes sequences from the original, making it feel more like a reimagining than a remake

RATING: 9/10

THE LAST WORD: Wunderling makes no pretensions and openly admits its sources of inspiration, Super Mario Bros. in particular. Nonetheless, it earns significant style points for turning the platforming genre inside out. Instead of crafting a story that has the principal character don hero colors, it shifts the spotlight to a low-level minion in the Vegetable Kingdom entrusted by the sorceress Kohirabi, the main enemy boss, to guard prisoner Princess Pea against the rescue efforts of the Carrot Man. For this purpose, the underling (or, rather, wunderling) is given the special ability to jump, albeit with one problem: there can be no stopping or changing direction, thus requiring advance planning for progression.

As modest as the goals may be, Wunderling works, and how. If anything, it thrives precisely because of its desire to keep controls at a minimum. Players start with the use of only one button, and its level designs are structured accordingly. Soon enough, the unlocking of more moves will require more buttons on rotation. Still, at no time will it necessitate the use of more than one hand. In this regard, the 16-bit pixel art style and accompanying music by Oscar Sidoff Rydelius (also known as Ratvader) of Anthill fame complement its simplicity.

Stages are linear in nature, although completionists will want to explore seemingly unimportant side paths for hidden treasures. Be forewarned, though: Wunderling needs to keep grabbing golden flowers along the way in order to stay alive. Over a hundred levels are on offer all told, but there is no danger of ennui setting in given the game’s escalating difficulty. Death is unavoidable, but the presence of checkpoints and the relatively small size of the levels prevents frustration from setting in.

On the whole, Wunderling is tailor-made for the Nintendo Switch. It’s a great title on the go, a well-thought-out production boasting of an original story (by Alex Faciane, co-creator of the Let’s Play show Super Beard Bros.) long on humor and gameplay with the capacity to be appreciated in bits and pieces. At $14.99, it’s a decided steal, a gem of an indie guaranteed to engross.

THE GOOD:

• Original story

• Progressively challenging but fair

• No learning curve

• 16-bit audio-visual feast

THE BAD:

• May be an acquired taste

• Keys required to unlock gates can be missed, thus requiring restarts

• Backgrounds can be basic

RATING: 8/10