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BoP position reverts to surplus in Q3

THE BALANCE of payments (BoP) position of the Philippines — which shows its economic transactions with the world for a particular period — reverted to a surplus in the third quarter, on the back of increased net inflows in the financial account paired with a lower deficit in its current account.

Moreover, the central bank also expects a wider trade gap as the BoP surplus is seen to widen for 2019 and 2020.

A report released by the Bangko Sentral ng Pilipinas (BSP) on Friday showed the country’s BoP position in the third quarter stood at a surplus of $778 million, a reversal of the $1.9-billion deficit logged in the same period a year ago.

“This developed as a result mainly of the increased net inflows (i.e., net borrowing by residents from the rest of the world) in the financial account and the decreased deficit in the current account,” the central bank said.

According to the report, the country’s current account reversed to a surplus of $654 million in the third quarter from the $2.081-billion deficit a year ago.

The BSP said this was backed by the lower deficit in the trade in goods account.

The same period saw capital account’s net receipts increasing by 11.6% to $17 million from $15 million in the third quarter of 2018.

“Higher net receipts of trade in services and primary and secondary income also contributed to the rebound of the current account in the third quarter of the year,” the central bank said.

Meanwhile, in the financial account, net borrowings of residents with the rest of the world were more than halved (down 52.89%) to $848 million from $1.8 billion a year ago. Portfolio investments turned around to a net inflow of $895 million from $224 million worth of outflows in the third quarter of 2018.

“The decline in net inflows during the period was due primarily to the significant drop in net inflows in the direct investment account and the reversal to net outflows in the portfolio investment account, which tempered the expansion in net inflows in the other investments account,” the BSP said.

For the first nine months of 2019, the country’s BoP position stood at a surplus of $5.567 billion, reversing from the $5.136-billion deficit in the January to September period of 2018.

The current account stood at a deficit of $992 million, narrowing by 83% from the $5.837-billion gap in the comparable year-ago period.

Meanwhile, the capital account’s net receipts in the January to September period jumped 19% year-on-year to $49 million from $44 million.

On the other hand, the financial account slightly widened to a net inflow of $4.456 billion from $4.4328 billion in the first nine months of 2018.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the latest BoP developments are “good, but not necessarily reflective of what government initially planned for this year”.

“The narrower trade in goods and services was a result of the delayed budget and continuing weak external trade conditions,” he said in a text message.

The economist noted there are “controllable” and “uncontrollable aspects” that could impact the BoP data for the last quarter of the year.

Among the controllable aspects, according to Mr. Asuncion, is the passage of the budget on time, while those that are uncontrollable would be uncertainties rooted from the lingering US-China trade wars.

“Overall, the BoP surplus may not be entirely seen as complete positive by looking into the details and see a missed chance to do better. However, the succeeding quarters may offer better prospects as government execution improves,” he added.

The BSP revised its BoP target for 2019 to a surplus of $4.8 billion from the $3.7-billion surplus it projected in May. If realized, it would be a turnaround from the $2.306-billion deficit seen in 2018.

For 2020, the BSP expects the country’s BoP position to hit a surplus of $3 billion. — Luz Wendy T. Noble

Peso strengthens on progress in US-China talks

THE PESO appreciated further on Friday on the back of market optimism that a phase one deal with China was already approved by the United States.

The local unit finished trading at P50.64 against the greenback on Friday, strengthening by 7.1 centavos from its 50.711 close on Thursday, according to data from the Bankers Association of the Philippines.

The peso opened at P50.50 per dollar. Its weakest showing was at P50.645 and it climbed to as high as P50.46 a dollar.

Dollars traded rose to $1.327 billion on Friday from the $794.1 million seen on Thursday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort and a trader attributed the peso’s strength to the positive developments from the trade negotiations between the world’s two biggest economies.

“The local currency strengthened from upbeat market sentiment after US President [Donald] Trump already agreed in principle on a first phase trade deal with China and the landslide win of incumbent British Prime Minister Boris Johnson win in the UK elections,” a trader said in an email.

“The peso closed stronger after US President Trump signed off the phase one US-China trade deal…thereby improving global market risk appetite especially on some emerging market stock markets and currency markets, such as the peso,” Mr. Ricafort said in a text message.

Reuters reported that a source knowledgeable on the bilateral negotiations of US and China said the former will suspend tariffs on $160 billion worth of Chinese goods expected to take effect by Sunday and roll back existing tariffs.

Additionally, the source said Beijing accepted buying $50 billion worth of agricultural goods from the US in 2020 which is twice what it bought in 2017 when the trade war has yet to start.

Two people familiar with the negotiations had said earlier on Thursday that Washington offered to cut existing tariffs on Chinese goods by as much as 50% and suspend the new tariffs scheduled for Sunday in order to secure a “Phase 1” deal first promised in October. — L.W.T. Noble with Reuters

Four franchising tips from Mang Inasal founder Injap Sia

Franchising one’s business can mean different things to different people. For some, it’s a lucrative business model; for others, it’s validation of how big their business has become. Regardless of how you view it, one thing is for sure: it’s a huge undertaking that shouldn’t be taken lightly.

Since franchising carries a lot of responsibilities with it, what should every business keep in mind in preparing for and running it? Injap Sia, founder of Mang Inasal and chairman of DoubleDragon Properties, shared his thoughts in Endeavor’s Scale-Up F&B held last November 29 at DoubleDragon Plaza.

1. Dream big, but remain grounded and prepare adequately.

Even when he had just started Mang Inasal, Sia knew he was building the business to franchise. Eager applicants for franchising and the droves of customers in his restaurants could have been proof enough that he was ready to start scaling. But he knew better than to grow too quickly.

“[In] the first six months, if your store is full, there’s nothing there; they are all first-time customers,” he said. “After one year, they’ll be 50 to 60 percent first-time. Two years after, they’re all repeat; then you have a hit. Because it’s natural and organic.”

Before you open for franchising, it may be wise to invest early in enterprise resource planning (ERP) solutions to manage the back end of your business.

Sia worked on Mang Inasal’s ERP while they were already expanding and he found it to be “a nightmare”. It may be expensive, but it’s well worth it.

2. Don’t advertise that you’re open for franchising.

So you’ve done all the preparation and are now ready for franchising. The next sensible step should be to promote the fact, right? According to Sia, doing so might be a mistake.

This is because an interested franchisee should be a believer of your product prior to the business opportunity presented to them. Sia suggests waiting for entrepreneurs to take the initiative and come to you instead.

“That’s a good filter,” he said. “It should be natural that they want to get your brand. Because once you start to invite one, it totally changes the position.”

3. Stick to the franchise contract.

Now, let’s say you’ve already got a handful of potential franchisees ready to set a meeting with you. In drafting the contract, while it should definitely be fair to the franchisee, make sure that it’s ultimately still biased to you. “You have more at stake. You built the company and the brand,” said Sia.

Once you’ve sent that contract to applicants, take note of how they react to it because it may tell about your future relationship with them. “If they come back and ask for so many [things] and take out your bias, then just move away. It means they’re not really ready to follow,” he said. “So don’t negotiate in between, except the commercial terms.”

4. Everyone has to go through the “awkward middle stage”– it’s how soon you get out of it that matters.

One of the challenges that Mang Inasal faced while expanding was that awkward middle ground that took its toll on their supply chain. “Your size is not big enough for the suppliers to take you seriously, [but] you’re also small enough that you can just [purchase] from them any time. You will pass through that stage.”

At this point, you just have to accept that you need to pay more than you did when you were a smaller entity, and focus on getting bigger in the fastest possible time.

“You just know that it has to happen and just get away from that stage as soon as possible,” said Sia. Because if you focus on getting that lower price at that stage, it’s useless. You’ll never get it.”

Police AKG seeks bigger force as POGO, casino-related kidnappings rise

THE PHILIPPINE National Police Anti-Kidnapping Group (PNP-AKG) is seeking to beef up their manpower to cope with the rising number of kidnappings related to the offshore gaming sector and casinos. Lt. Col Villaflor Bannawagan, head of the AKG Luzon Field Unit, said they need more personnel as the number of kidnappings have increased due to the influx of Philippine offshore gaming operators (POGO) in the country. “We need it and we can request for it,” he said in a press briefing at Camp Crame, the PNP headquarters, yesterday. AKG currently has 321 police officers and personnel assigned at the headquarters and field offices nationwide. This number is short by 162 from the ideal strength of 483 officers and personnel nationwide, he said. The AKG documented 36 casino-related kidnappings from Jan. to Nov. this year, more than double the 16 cases in 2018. There were also six POGO-related kidnappings since January, mostly involving Chinese employers who restrict their Chinese workers from going back to their country after finding their contracts deceptive. Mr. Bannawagan said having additional personnel will give them more capability in responding to these types of kidnappings.

LATEST INCIDENT
Meanwhile, a Chinese who was kidnapped by suspected members of a Chinese loan shark syndicate was rescued in Parañaque City on Tuesday, the police reported yesterday. Operatives of the PNP-AKG rescued Wang Hong, 29, at the Baymont Hotel from his captors identified as Chinese nationals Wan Renhong, 32, and Wan Liang, 36. Police filed kidnapping for ransom with serious illegal detention charges against the suspects before the Department of Justice in Manila on Wednesday. The victim and his abductors were brought to Camp Crame for investigation. — PHILSTAR/Emmanuel Tupas

Nation at a Glance — (12/13/19)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

Nation at a Glance — (12/13/19)

BSP stays policy as 2019 draws to a close

THE BANGKO SENTRAL ng Pilipinas (BSP) kept monetary policy settings steady, as earlier signaled, in its eighth and last policy review for the year on Thursday, citing “a benign inflation environment.”

BSP Governor Benjamin E. Diokno said in remarks to reporters at the central bank headquarters in the City of Manila that “the Monetary Board decided to maintain the interest rate on the BSP’s overnight reverse repurchase facility at four percent… the interest rates on the overnight deposit and lending facilities… unchanged at 3.5% and 4.5%, respectively.”

Headline inflation hit successive multi-year highs last year, averaging a near-decade-high 5.2% in 2018 and forcing monetary authorities to increase benchmark interest rates by a total of 175 basis points (bps) in a bid to tame price pressures.

Inflation has since been on a decline, averaging 2.5% in the 11 months to November, well within the central bank’s 2-4% target range for this year.

With last year’s interest rate increases partly unwound by a cumulative 75 bps reduction this year, Mr. Diokno had told reporters on Dec. 3 that monetary policy easing could resume early next year. The central bank will hold its next policy review on Feb. 6.

On Thursday, monetary authorities also maintained the lowered 2.4% inflation forecast they had adopted in their Nov. 14 policy review, down from 2.5% previously. They also maintained their forecast for 2020 and 2021 at 2.9%.

“… [T]he balance of risks to the inflation outlook continue to lean slightly toward the upside in 2020 and toward the downside in 2021,” Mr. Diokno said on Thursday, citing as sources of near-term risk “potential volatility in international oil prices amid geopolitical tensions in the Middle East as well as from the potential impact of the African Swine Fever outbreak and recent weather disturbances on domestic food prices.”

At the same time, subdued global economic activity and demand amid the nagging Sino-US trade war “could… mitigate upward pressures on commodity prices.”

Monetary authorities also slashed banks reserve requirement ratio (RRR) by a total of 200 bps last year and by 400 bps more this year — bringing them to 14% for universal and commercial lenders, four percent for thrift banks and three percent for rural banks — as the BSP moved to bring this ratio closer to single-digit level by 2023, when Mr. Diokno ends his term in July that year.

The central bank chief — who had said last week that gross domestic product (GDP) growth could clock in this quarter at 6.4-6.5%, compared to the muted 5.6%, 5.5% and 6.2% in the first to third quarters — said on Thursday that economic growth stands a chance of hitting the lower end of the state’s target for 2019.

“Sustained policy support from increased fiscal spending, as well as improved liquidity conditions owing to recent monetary adjustments, is… expected to support growth in the coming months,” Mr. Diokno said.

Wednesday had seen the Development Budget Coordination Committee trim this year’s GDP target to 6-6.5% from 6-7% previously, as well as the goal for 2021 and 2022 to 6.5-7.5% from 7-8% originally, thus giving up on the eight percent aspiration by the end of the six-year term of President Rodrigo R. Duterte. However, they maintained the 2020 target at 6.5-7.5%.

For Euben Paracuelles, chief ASEAN economist at Nomura Holdings, Inc., the country could bank on continued implementation of infrastructure projects to sustain above-six percent GDP growth over the medium term.

In a conference call on Thursday on Nomura’s 2020 Asia Outlook, Mr. Paracuelles said: “I would point out that sustainability of this 6%-plus growth has been primarily due to the fact that there has been a bit of prioritization on infrastructure implementation.”

“This obviously has a direct impact on growth and, over the long term, it provides a boost to potential growth.”

In Nomura’s latest report, Asia in 2020: Glass half full and half empty, the country was seen to be an “exception” in the region as it expected to sustain GDP growth at six percent this year, picking up to 6.7% next year and then edge up to 6.8% in 2021.

“(Philippines) is the lone exception in Asia in terms of growth trajectory. We’re seeing a V-shape pick-up in growth rather that the U that we see elsewhere, primarily driven by infrastructure implementation of the government, we think that is a very strong priority,” Mr. Paracuelles said.

ANALYSTS LOOK AHEAD
ING Bank-N.V.-Manila Senior Economist Nicholas Antonio T. Mapa said that the decision to maintain policy rates could prop up the peso in the short term.

“Given the central bank decision to pause, we maintain our call for further peso appreciation bias to end the year on seasonal flows from overseas Filipino migrants, although the recent sell-down in the local equity market could limit the peso’s gain,” he said in a note sent to reporters.

Security Bank Corp. Chief Economist Robert Dan J. Roces said that the pause lets BSP observe the “appropriateness of the reduction it has so far imposed relative to the inflation path as it unwinds rate hikes from last year.”

“Better credit growth and possible resumption of monetary easing in 2020 should positively affect domestic economic growth,” he said in a note sent to reporters.

For UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion, the central bank may resume easing moves as early as the first half of 2020 “at 50 bps more.”

“Major factors would be inflation expectations, global oil price movements, and the impact so far of 2019’s easing on market liquidity and credit growth,” he said in a mobile phone message. — Luz Wendy T. Noble and Beatrice M. Laforga

Electronics exporters conservative for 2020

“For next year 2020, it’s gonna be very challenging. If anything, it could be a single-digit growth at the range of what we said — 0-3%,” Semiconductor and Electronics Industries of the Philippines, Inc. President Danilo C. Lachica told reporters on the sidelines of a forum on Tuesday last week.

He said that there are “a lot of global and local forces in play.”

While the US-China trade war has so far not made significant impact on Philippine electronics exports, he said, even as the Philippines has not been able to catch up with Vietnam in attracting many of the China-based companies moving operations due to the trade war.

A new set of US tariffs targeting Chinese consumer goods — including phones and laptops — may take effect on Sunday.

Philippine electronics products — which made up more than half of total merchandise exports worth $58.958 billion — grew 2.669% year on year to $33.202 billion in the 10 months to October. Semiconductors — which made up 73% of electronics exports and 41% of total exported goods — grew 1.833% to $24.317 billion.

“[Of] Our Philippine electronics industry, the biggest component is semiconductors which go to different products… office equipment or automotive,” Mr. Lachica said.

“But consumer products is also big. If we see escalating trade war, we might see an impact on consumer products.”

He continued to express concerns about losing foreign investment due to the planned overhaul of tax incentives, noting that employment will be cut over several years as products are “obsoleted.” The Philippine electronics industry continues to run a certain product until demand runs out, with factories shutting down if multinationals forgo expansion plans and locate elsewhere.

“Consumer products will be consummated faster than automotive products. The lifecycle of cellphones is very short. We have several sectors kasi. Ang pinaka-quickest siguro na maapektuhan ’yung (The quickest to be affected will be) consumer products. But automotive products — it takes years for them to run a particular model,” Mr. Lachica said.

In October, he said that the industry is confident of reaching its tempered 0-3% growth target for 2019. — JPI

Water firms press for retention of current dam allocation

MANILA WATER Company, Inc. and Maynilad Water Services, Inc. called on the National Water Resources Board (NWRB) to maintain the minimum allocation to the concessionaires at 40 cubic meters per second (CMS) until the summer months to allow them to maintain their level of service to their customers.

Antonino T. Aquino, former president and current board director of Metro Manila east zone concessionaire Manila Water, said the initial allocation to the companies were 46 CMS from Angat Dam, but this had been cut to 40 CMS.

“As a minimum, dapat po sana ma-retain itong 40 CMS all the way until summer para po ang level of service po natin — alam po natin na kulang pa compared with kung nasa 46 CMS tayo — ay mapagpatuloy (As a minimum, we must retain this 40 CMS all the way until summer so that the level of service — which we know is still deficient compared with if we are at 46 CMS — will continue),” he said.

The United Nations’ World Meteorological Organization now projects a 30% chance for El Niño recurring in December 2019-February 2020 and 25% for March-May 2020.

Angat Dam is Metro Manila’s main water source, but this year its ideal elevation is not being met, prompting a reduction in release to water concessionaires.

NWRB is the government entity that decides the release to both companies, which is balanced with what is allocated for hydroelectric power and agricultural irrigation.

“We can distribute only what we have,” said Ramoncito S. Fernandez, president and chief executive officer of west zone concessionaire Maynilad.

He said both concessionaires are dependent on water released to them by NWRB and the Metropolitan Waterworks and Sewerage System (MWSS).

Mr. Fernandez said Maynilad has used its permission from the MWSS as early as 2009 to build two water treatment plants in Putatan, Muntinlupa ahead of a third plant in Poblacion of the same town in January.

Mr. Aquino said it would also be important for stakeholders to come up with long-term water supply sources as it might take three more years before a new source comes online.

He was referring to the P12.2-billion Kaliwa Dam in Quezon province, which has been issued an environmental compliance certificate by the Department of Environment and Natural Resources, and a notice to proceed by the MWSS. The project will be built by China Energy Engineering Co. Ltd.

“Talagang kulang po tayo [We are really deficient in supply],” he said.

“Kung wala tayong water source, magkakaroon tayo ng problema. Unfortunately, it’s our customers who will suffer, pero wala po kaming magawa dahil sa depende lang po kami sa magkano ang inire-release sa amin ng NWRB. (If we don’t have water source, we will have a problem. Unfortunately, it’s our customers who will suffer, but we can’t do anything because we are dependent on how much the NWRB gives us).”

Sought for comment, NWRB Executive Director Sevillo D. David, Jr. said in a text message: “Based on the current elevation and climate projections from PAGASA (Philippine Atmospheric, Geophysical and Astronomical Services Administration), allocation of 40 CMS can be maintained up to summer of next year. We just have to closely monitor actual rainfall if it is consistent with climate projections.” — Victor V. Saulon

FDCP can’t use taxes as incentives — SC

THE Supreme Court (SC) has affirmed with finality its 2015 decision to disallow the Film Development Council of the Philippines (FDCP) from collecting and giving film amusement taxes as incentives to select films.

“While this is truly sad news for FDCP and for the Filipino filmmakers and the industry that the agency has served and supported through monetary incentives from the amusement tax collections, FDCP respects the Court’s final decision and will abide by it. FDCP will work swiftly to ensure all the remaining remittances due to the producers who applied prior to the finality of the decision will be awarded accordingly,” the FDCP said in a statement published on its Facebook page on Dec. 11.

The council noted they received a copy of the Court’s resolution on Dec. 10.

The 2015 dispute stemmed from Cebu City along with Colon Heritage Realty Corp. and SM Prime Holdings contesting FDCP’s collection of amusement taxes saying that it would reduce their revenues.

In the original ruling, the high court en banc nullified Sections 13 and 14 of Republic Act No. 9167 which allowed the FDCP to collect 100% and 65% of local amusement taxes and reward these to films graded A and B by the Cinema Evaluation Board.

The collected amusement tax was meant to incentivize local filmmakers and, in turn, promote better quality local films.

The high court deemed the amusement tax collection a “violation of the principle of local fiscal autonomy since it authorized FDCP to earmark, and hence, effectively confiscate the amusement taxes which should have otherwise inured to the benefit of the local government units,” according to the FDCP statement.

Because of the decision, the FDCP announced that it will no longer award amusement tax privileges to films graded after Dec. 10, 2019, but that it will continue transacting with the concerned theater branches for the collection of amusement taxes for films graded prior to the date of the resolution.

Despite the setback, the FDCP said it will be “working closely with lawmakers in the country for its proposed film fund and incentive programs that will replace and sustain its support to our local filmmakers.” — ZBC

Apple lands first Golden Globe nominations; Netflix leads field

APPLE INC.’s television news drama The Morning Show scored three Golden Globe nominations on Monday, putting the iPhone maker in the running for its first major Hollywood awards as a new player in the crowded streaming entertainment market.

Digital video pioneer Netflix Inc. dominated the field, landing 17 nominations in TV categories plus 17 more for movies, including leading contenders Marriage Story and The Irishman.

TV networks, movie studios and streaming services campaign heavily to win Golden Globes and other awards to bring publicity to their shows and help attract new audiences.

The Golden Globe winners, determined by the Hollywood Foreign Press Association, will be announced at a red-carpet ceremony in Beverly Hills, California, on Jan. 5.

The Morning Show, which streams on the Apple TV+ subscription service that debuted in November, was nominated for best television drama. Stars Jennifer Aniston and Reese Witherspoon were named in the best dramatic actress category.

The series tells the story of a morning news program roiled by sexual misconduct allegations against a popular anchor.

“Feeling grateful to be able to bring this story to light,” said director and executive producer Mimi Leder. Cast and crew “worked passionately from their hearts and souls to continue the conversation of power, greed, and toxicity in the workplace,” she added.

Netflix’s TV nominations came for series including British royal drama The Crown and Unbelievable, a show about a woman who says she was raped and later recants her story.

AT&T Inc.’s HBO received 15 nominations for programs including nuclear disaster drama Chernobyl and Barry, a comedy about a hired assassin.

While Netflix has won many TV accolades since it made a major push into original series in 2013, the company is relatively new to the movie business.

Netflix took three of the five nominations for best movie drama. They were for Marriage Story starring Adam Driver and Scarlett Johansson, Martin Scorsese mob drama The Irishman, and biographical film The Two Popes.

Another Netflix movie, Dolemite Is My Name featuring Eddie Murphy as floundering comedian in the 1970s, was nominated for best movie musical or comedy.

Amazon.com Inc.’s Prime Video received five TV nominations and three for movies. Hulu, owned by Walt Disney Co., was nominated for five TV awards.

Sony Corp.’s movie studio took the most nominations of any traditional film distributor, including five for Quentin Tarantino’s Once Upon a Time in Hollywood. — Reuters

ABS-CBN sues seller of pirated set-top boxes

ABS-CBN Corp. sued a US-based individual and tech company for allegedly pirating the media giant’s content and infringing on its trademark.

In a statement on Thursday, the Lopez-led company said it filed a complaint at a US federal court in the southern district of Texas against a certain Anthony Brown and 1700 Cuts Technology.

ABS-CBN said it is seeking damages over $4 million for alleged content piracy and trademark infringement.

In the lawsuit, ABS-CBN alleged Mr. Brown, a resident of Texas, sold illegal set-top boxes through Facebook pages that he and 1700 Cuts Technology operated.

It noted that buyers of these pirated set-top boxes were able to watch ABS-CBN’s live programs without paying any fees.

One of the Facebook pages used to promote these illegal set-top boxes was a business page for “lifeforgreatness.” Based on its website, “lifeforgreatness” promotes products and services of 1700 Cuts Technology.

BusinessWorld e-mailed 1700 Cuts Technology for comment but did not receive a reply.

“Beware of these operations that are not licensed or affiliated in any way with ABS-CBN. We will continue to protect customers by shutting these operations down. The only genuine ABS-CBN internet subscription services are TFC on cable and satellite, IPTV and TFC.tv,” ABS-CBN Assistant Vice-President and Head of Global Anti-Piracy Elisha Lawrence was quoted as saying.

TFC.tv makes ABS-CBN shows and movies available for overseas markets such as the United States and Canada.

ABS-CBN has been going after companies and individuals selling set-top boxes that provide access to its copyrighted movies and TV shows.

An ABS-CBN official earlier estimated it lost around P300-400 million in potential movie revenues in 2018 due to piracy.

ABS-CBN Head of Infosec and Data Protection Officer Jay C. Gomez said in November that the company’s film revenues have continued to grow, racking up more than a billion pesos annually.

For the first nine months of 2019, ABS-CBN’s attributable net income rose 45% to P2.36 billion, on the back of an 8.6% rise in revenues to P32 billion.

The bulk of revenues came from advertising revenues, which went up 15% to P17.11 billion.

Shares in ABS-CBN increased by 0.24% to P16.40 each at the Philippine Stock Exchange on Thursday. — ALB

Bombshell leads movie contenders for Hollywood’s SAG awards

LOS ANGELES — Bombshell, a drama about sexual harassment allegations at Fox News, led the movie nominees for the Screen Actors Guild (SAG) Awards on Wednesday and will compete for the top prize of best cast.

The film from Lions Gate Entertainment earned four nominations overall, including nods for lead actress Charlize Theron and supporting actresses Nicole Kidman and Margot Robbie.

Other contenders for the best cast award are Mafia epic The Irishman, Quentin Tarantino’s 1960s period drama Once Upon a Time in Hollywood, Nazi-era satire Jojo Rabbit, and Parasite, a social satire from South Korea.

The SAG awards are closely watched as an indicator of likely Oscar success because actors form the largest voting group in the Academy of Motion Picture Arts and Sciences.

Winners will be announced in a televised ceremony in Los Angeles on Jan. 19.

Bombshell, which debuts in US movie theaters on Friday, depicts the story of the women at Fox News whose sexual misconduct allegations in 2016 led to the ouster of network founder Roger Ailes. Ailes, who died a year later, denied the accusations.

Theron plays former Fox News anchor Megyn Kelly while Kidman portrays former Fox News host Gretchen Carlson. Robbie plays a fictional but composite Fox News staffer.

“When this story broke it was only the tip of the iceberg, and then two years later we find ourselves with all these allegations against so many men in powerful positions,” Theron, also a producer of the film, told Reuters at the red-carpet premiere for Bombshell in Los Angeles on Tuesday.

Fox News on Wednesday had no comment on the film other than saying that no one from the movie contacted the network to fact-check their account.

Netflix Inc.’s The Irishman scored SAG nominations for supporting actors Al Pacino and Joe Pesci but not for star Robert De Niro, who is scheduled to receive a lifetime achievement honor at the awards ceremony.

Other nominees included Brad Pitt and Leonardo DiCaprio for Sony Corp’s Once Upon a Time in Hollywood and Scarlett Johansson for divorce drama Marriage Story and for Jojo Rabbit.

In television categories, Apple Inc. received nominations for The Morning Show stars Jennifer Aniston, Steve Carell and Billy Crudup. The drama about a fictional news network roiled by sexual misconduct allegations streams on Apple’s new subscription service, Apple TV+.

TV series competing in top categories include Game of Thrones, The Crown, Fleabag, and The Marvelous Mrs. Maisel. — Reuters

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