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Out of Africa

The Lookout
Directed by Afi Africa
Aug. 10
Cine Adarna, UP Film Center,
UP Diliman, QC

AFI AFRICA’s The Lookout first appeared in last year’s Cinemalaya Festival, to less than stellar notices. You can hardly blame the skeptics: the script features largely unsympathetic characters, a complex plot told nonlinear fashion, a generous (or — depending on how you feel about such things — excessive) dose of langorously lingered-upon sex.

The film is flawed to put it mildly; the question one might ask instead is: Is anything here worth noting? Anything that might have been done different, maybe lessons that could be learned for next time?

Africa presumably wanted a noirish sensual feel and largely succeeded: with cinematographer Marvin Reyes, production designer Arthur Maningas, and art director Jay Anthony Gochingco he creates a look of dark hedonism, of plainspoken concrete boxes flooded with garish lights — deep reds and electric blues — where one can indulge in a fantasy of excess, or a nightmare of violence.

Africa was apparently not content; to the look he added a plot filled with hidden identities and twisted conspiracies, betrayals and double agents and siblings separated since childhood. To that he added a style of storytelling that withheld as much information as possible, to be doled out sparingly — sometimes in flashback — mentioned in passing, or implied somewhere in the dialogue.

Topping the heap like a sprinkle of 24k gold leaf is the theme of corruption of laws and morals resulting in wholesale murder: the government complicit in criminal activity, the innocent slaughtered in a series of extrajudicial killings. Arguably the single most affecting image is of a mother mourning her bloodied child Pieta-fashion, possibly inspired by one of several famous photos that capture Duterte’s costly drug war.

Affecting, yes. But the image only tangentially touches on the plot, and Africa doesn’t really build on the pity aroused or stoke any outrage at the dysfunctional society we live in. We experience the shock of recognition, we move on; the moment is soon forgotten.

The film is an assassination thriller, a crime noir, an erotic bacchanal, a queer love story. Too much? Yes and no; the production has the budget of the usual independent digital film, and Africa cleverly leverages what money he has to give the film a look. Arguably though to properly carry off the kind of narrative and visual excess he was aiming for he needed more money and resources, a more extravagant production design with more outrageous sets. You might call what he ended up with minimalist excess, or a sense of excess on a tight budget.

Or he might have pared his production down some, in terms of story, or subplot, or stylization. Saying that, the sympathetic viewer — if any — may instinctively rebel: “Why not have it all? Why not, on your debut film, execute a triple gainer, stick the landing, win the applause of all — or jeers from those who fail to understand?”

One can look to other filmmakers who triumph — Rainer Werner Fassbinder, for one, created lush eroticized films on a low budget. The man was fearless; in adapting Effie Briest and Querelle he simply slapped page after page of text on the screen; the latter production he shot completely in sets, under lurid honeyed lighting. For World on a Wire he suggested the artificial nature of a virtual world by shooting mirror reflections, video screens, dappled metal surfaces, glass transparencies — he had no money for special effects so he improvised brilliantly from what he had (basically 1970s Paris and the disco ball).

Fassbinder played fast and loose with narrative coherence and historical truth; he was however more careful about emotional truth. No matter how shapeless the script may be, the interaction between actors — even when stylized — retained some kind of baseline realism. Africa does attempt to get inside the heads of his assassin protagonist and lover — outré dialogue sadomasochism and all — but the result feels less than satisfying, more like a sketched-in affair that leaps arbitrarily in status from purchased prostitute to object of obsession to loved-hated Judas. If Africa had focused more on relationships than gangster machinations — who knows?

Then there’s Seijun Suzuki. Stylist nonpareil who doesn’t give a fuck about narrative, or so it seems. Suzuki is both inspiration and bad influence to neophyte filmmakers; watching his works you think: anything is possible, just throw enough color and craziness on the screen.

Not really. Suzuki didn’t pull that style whole out of a hat; he developed it over years. In an early film like Take Aim at the Police Van (1960 — from the title alone you can guess the genre) he’s already flagrantly digressing with long conversations at a bar, and over a toy popgun. A gunman sticks the gum he’s chewing on one end of a sniperscope; the same gunman is foiled moments later when a quickthinking girl slaps off the overhead light; a stripper staggers out of her room, an arrow sprouting from her naked left breast; a truck careens out of control, trailing a stream of flaming gasoline.

Suzuki is visibly more interested in outlandish gestures than in the humdrum plot (something to do with sex trafficking) but he doesn’t ignore said plot or the audience trying to follow; if anything he’s possibly more conscious than the average filmmaker. If the film were simply about story it would follow the narrative on autopilot, but because Suzuki keeps taking off in all kinds of directions he needs to keep a vigilant eye on the thread of narrative; he needs in effect to know where the runway is in case of an emergency landing.

Suzuki started from a relatively sober perspective, and later developed the confidence to run truly amuck with films like Branded to Kil, Pistol Opera, Zigeunerweisen. It helps, I submit, that despite Suzuki’s flaunting of conventional storytelling he doesn’t write the script alone; he usually has one to two other writers working with him, presumably as a check on his wildest instincts, a guarantee he doesn’t leave his viewers too far behind.

Africa, in writing and directing his debut, could perhaps have used a co-writer, a sounding board for his ideas; could have pared down the elements and focused on the romance, done a Brokeback Mountain with guns instead of horses (or likewise dropped the romance for intricate assassination scenarios, an In Bruges set in Manila). There’s no doubt the man is talented, no doubt he has substantial things to say. One hopes he can clear his head and map out a strategy for his next outing, something even crazier but more coherent, if that at all makes sense.

Singapore Life looks to start PHL operations by 2020

WWW.FACEBOOK.COM/SINGAPORELIFECO

SINGAPORE LIFE will be ready to operate in the Philippines next year and is looking to offer “fairly priced” services.

“Singapore Life has decided to expand its operations in South East Asia. The Philippines was selected as one of two priority countries, predominantly because of its high growth potential and internet penetration,” Singapore Life Philippines CEO Rien Hermans said in a statement on Thursday.

“All in all we are targeting to be ready by year-end to start launching our products to the market at the start of 2020,” Mr. Hermans added.

The CEO said they already registered with the Securities and Exchange Commission (SEC) and is currently applying for a life insurance license with the Insurance Commission.

The new player’s entry was confirmed by Insurance Commission (IC) Chief Dennis B. Funa, saying the company’s application will be processed soon.

“I already had talks with Rien Hermans of Singapore Life. I can only say that their application will be under process in the coming weeks, Mr. Funa said in a phone message late Wednesday night.

Mr. Hermans said the company will comply with the required P1 billion capital for life insurers but did not disclose the exact amount of its investment in the country.

“Of course we will comply with the required capital investment of P1 billion and additionally, we are ready to invest the needed funds to set up and run the business in its starting phase,” he said.

According to Mr. Hermans, using digital front-end systems, cloud-based systems and API platforms in their operations will mean lower administration costs and ensure fair pricing of the company’s services.

He added that Singapore Life has already partnered with Grab which will help it “stay mobile.”

“Grab is helping us to stay mobile and mobile banking became a dominant way to interact with banks. Apart from competitive pricing, the service delivery has been key to the success of these companies and it is time for the insurance industry to follow,” he said. — BML

Ryanair tells staff it has 900 more pilots and crew than needed

DUBLIN — Ryanair has 500 more pilots and 400 more cabin crew than needed, and job losses will be announced in the coming weeks, Chief Executive Michael O’Leary told staff in a video message.

The comments come less than two years after Europe’s biggest budget airline was forced to cancel hundreds of flights, due in part to a shortage of pilots.

However, the Irish company had flagged job losses on Monday when it reported a sharp fall in profits, and said earlier this month it was halving growth plans for next year due to delays in deliveries of Boeing’s (BA.N) grounded 737 MAX jet.

“We hope to preserve as many jobs as we can, but we have to respond now and we have to respond quickly to the MAX aircraft delivery delays and to the threat of a no-deal Brexit at the end of October,” O’Leary said in the video posted after Monday’s results.

He added job cuts would take place at around the end of September and again after Christmas.

Ryanair pilots in Britain and Ireland are holding a ballot over potential industrial action and some union officials, who declined to be identified, said O’Leary was trying to deter them from voting to strike.

They said a hiring agency that worked with Ryanair was still advertising for flight staff and earlier this month the airline had launched a new pilot training program in central Europe. — Reuters

PXP Energy trims losses in 1st half

PXP Energy Corp. posted a P7.6-million consolidated net loss attributable to equity holders of the parent firm during the first six months of 2019, trimming the P20.1-million losses posted in the same period last year.

Reported consolidated net loss was also cut to P17.9 million from P32.8 million “due to reduction in oil production costs, lower depletion rate, and higher other income (charges), partially offset by lower petroleum revenues,” it told the stock exchange.

PXP Energy, an upstream oil and gas company, has yet to disclose its financial figures specific to the second quarter.

During the first half, its consolidated petroleum revenues fell by 22.9% to P51.4 million from P66.7 million a year ago “resulting from a 13.6% drop in crude oil price in Service Contract (SC) 14C-1 Galoc, and the plug and abandonment (P&A) of SC 14A Nido and SC 14B Matinloc production wells.”

The company directly and indirectly owns oil and gas exploration and production assets in the Philippines, and indirectly owns an exploration asset in offshore Peru.

PXP Energy cut its cost and expenses by 22% to P86.2 million brought about by lower depletion cost in SC 14C-1 Galoc and the cessation of operational costs in SC 14A Nido and SC 14B Matinloc.

“Group general and administrative expenses higher due to depreciation charges from Right-to-Use asset,” PXP Energy said.

Among the highlights of the reporting period is the payment on Feb. 11 by Philex Mining Corp. of an additional P1.386 billion in connection with PXP Energy’s announcement in Oct. 26, 2018 of the signing and execution of a definitive subscription agreement.

The mining company subscribed to 260,000,000 common shares at P11.85 per share for P3.081 billion. With the payment, Philex Mining’s total paid subscription increased from P770.25 million to P2.156 billion, representing 70% of its total subscription in PXP Energy.

PXP Energy also said on Thursday that through Forum Energy Ltd., a 78.98% owned subsidiary, it would take guidance from the Philippine government on any future activity in SC 72 and SC 75.

The company said it was “mindful that the Malampaya gas resource, which supplies about 40% of Luzon’s power requirements, could be exhausted within the next decade.”

“In that light, resumption of exploration in SC 72 is of national interest…. [PXP Energy] therefore, remains hopeful that the force majeure imposed on SC 72 and SC 75 will be lifted by the Department of Energy soon for [it] to be able to resume exploration works in these SCs (service contracts),” it said.

On March 2, 2015, the Energy department placed SC 72 under force majeure because the contract area falls within the seas that was the subject of the arbitration process at that time.

Earlier this week, PXP Energy Chairman Manuel V. Pangilinan said he had not heard any advice from the government on the lifting of the moratorium.

“No words from the government. No words from CNOOC,” he said, referring to China National Offshore Oil Corp., the Chinese state firm with which PXP Energy had initial talks with for a joint exploration.

On Thursday, PXP Energy shares traded higher by 3.35% to close at P10.48 each. — Victor V. Saulon

Your Weekend Guide (August 2, 2019)

EIGASAI x Cinemalaya

IN celebration of the 22nd Japanese Film Festival or EIGASAI, The Japan Foundation Manila, together with the Cultural Center of the Philippines (CCP) is bringing the Japanese independent film, Lying to Mom, to Manila on Aug. 3, 6:15 p.m., at the CCP Little Theater. Lying to Mom is a drama mixed with humor depicting a family attempting to recover from sorrow. The screening will be followed by a Director’s Talk and Q&A session.

This year’s Cinemalaya Independent Film Festival, will be held on Aug. 2 to 11 at various venues within the Cultural Center of the Philippines complex, and on Aug. 7 to 13 at selected Ayala Malls and Vista Malls.

Ebe Dancel live at Shangri-La Plaza

EBE DANCEL

EBE Dancel kicks off performances at Shangri-La Plaza this month on Aug. 3, 7 p.m., at the mall’s Grand Atrium. The former Sugarfree frontman is well-known for the band’s hit songs like “Mariposa,” “Prom,” and “Wag Ka Nang Umiyak.” Dancel has also released two successful solo albums: Dalawang Mukha ng Pag-ibig and Bawat Daan.

Ang Huling El Bimbo

FULL HOUSE Theater Company returns with the final run of Ang Huling El Bimbo, a musical featuring the songs of the Eraserheads, until Aug. 15 at the Newport Performing Arts Theater, Resorts World Manila, Pasay City. The musical tells a story of friends who reunite after 20 years and look back on the things that brought them together and kept them apart. For tickets and schedules, visit TicketWorld (www.ticketworld.com.ph, 891-9999).

Rak of Aegis returns

THE hit Pinoy jukebox musical Rak of Aegis returns to the PETA Theater Center, with ongoing performances until Sept. 29. The show brings the songs of the Aegis band such as “Halik,” “Sinta,” and “Basang-Basa sa Ulan,” to tell the tale of a perennially flooded barangay. This latest production features a mix of original cast members including Aicelle Santos and Kim Molina, Isay Alvarez-Seña and Sweet Plantado-Tiongson, Robert Seña and Renz Verano, and Kakai Bautista and Neomi Gonzales. Tickets are available through TicketWorld (www.ticketworld.com.ph, 891-9999).

PHL film history exhibit at CCP

THE Cultural Center of the Philippines (CCP) presents an extensive exhibit on Philippine film history that will open on Aug. 3, 3:30 p.m., at the CCP Bulwagang Juan Luna (Main Gallery). Titled Scenes Reclaimed: CCP 50 x Cinemalaya 15, the exhibit traces the historical participation of CCP in the development of Philippine cinema across its first 50 years of service, culminating in its establishment of the first nationwide independent film festival, Cinemalaya, currently also celebrating its 15th anniversary. The exhibit includes artworks, artifacts, photos, and videos representing crucial moments and issues throughout the history of the Philippine film in the context of the CCP. It is on view until Sept. 24.

Happy Hallyu Day 3 this weekend

IT WILL be an all Korean pop culture day on Aug. 4 with Happy Hallyu Day 3 at Skydome, SM North EDSA, Quezon City. Several K-Pop fanclubs will be participating, with booth activities and fan made/official merchandises. CNA Philippines will provide top Korean beauty, culture, and K-Pop needs. The Asianovela Channel will have a special activity booth featuring GIF photos and a dubbing contest. FanLive will be giving away Noir Meet & Live Tour 2019 “The Ninth” passes for some lucky attendees. There will be tips on learning Korean, and tips on how to make the most out of a Korea trip. There will also be performances from Mykee, Bright, Kaiju X , Ken DG, PHP, and SB19.

Job interviews should also focus on retention

Soon after we selected some new employees put them through orientation, we unexpectedly received their resignations, while some of them were no-shows on the second day. It’s very disappointing to realize that the time, money and effort that we put into the recruitment process went to waste. What’s wrong with our hiring procedure? — Without a Clue.

When he was 88 years old, the late American Supreme Court Justice Oliver Wendell Holmes once found himself on a train. When the conductor came by, Justice Holmes couldn’t find his ticket, and he was terribly upset. He searched all of his pockets and fumbled through his wallet without success. The conductor was sympathetic. He said:

“Don’t worry, Mr. Holmes, the Pennsylvania Railroad Company will be happy to trust you. After you reach your destination, you’ll probably find the ticket and you can just mail a copy to us.”

But the conductor’s kindness failed to put Mr. Holmes at ease. Still very much upset, he said: “My dear friend, my problem is not about the loss of my ticket, but to find out where I’m going!”

One of the major difficulties facing anyone in Human Resources and those in line management is the disappointment when newly-hired employees back out after only a few days or weeks. Your company seems to be in deeper trouble as many of your new hires disappear after the first day of onboarding.

If you have not yet discovered the reason, then I should tell you what’s missing. Just like Justice Holmes, you may have failed to understand where you’re going in both the short-term and the long-term. Many of our hiring managers are more focused on testing the knowledge, skills and habits of job applicants in performing the tasks in the workplace.

Many recruitment managers and requisitioning people managers fail to recognize the need to explain to job applicants what’s in store for them should they accept the job. And I’m not even talking of the pay and perks package. There is more to it than that. So what are they? Let me list down a few of the applicants’ “other” expectations from their prospective boss and the organization, in general.

Shortly before making a job offer, ask the following questions to the applicants to determine the future of your work relations:

One, what do you expect your boss to do to help you succeed in this job? This is important because there are people out there who need (or want) close supervision while others want almost complete freedom in performing their tasks. Some would want management to respect their opinion on anything, which may not necessarily mean accepting them all. So which one fits the management style of the prospective boss and the whole organization?

Two, what are the things that could possibly irritate you in a work relationship? The answers to this question could include almost anything, from management ignoring insignificant issues that are very important to the employees. Sometimes, new employees may find new solutions to old problems but management would not hear of it because it may compromise the integrity of the boss who implemented it a long time ago.

Three, do you have any future plans or issues that would affect your performance? You may not know it. Therefore, it’s best to ask this question as well. A job applicant may be planning to migrate to another country, pursue higher education, join a family in the province or start a business. Of course, sincere answers may be difficult to secure, but somehow, you will get the opportunity to read the applicant’s body language, should this question be raised.

Four, would you be willing to perform overtime work without pay at times? This question is typical in a Japanese corporation where employees, even managers are constrained to work beyond office hours if their Japanese bosses are still around. They call it service overtime work, which is part of the Japanese organizational culture. So, when it comes to Japanese management, it is best to ask this question to find out if there’s a general fit.

Five, how long should you stay in a company without a promotion? This is a tricky question that might best verified when you review the applicant’s CV. However, chances are there are applicants who will reveal their intentions by saying they would be happy to receive a promotion in three years’ time, when they’ve in their current job for 10 years without a promotion.

Six, what would you do if your boss insults you in front of others? This reminds me of a friend who, unmindful of their co-workers and guests around him, suddenly and without provocation insulted an employee about her looks. This is a wicked reflection of the prospective boss’s management style. Sure, there are bosses like that who, for some reason, may forgot to act appropriately and professionally at all times.

Last, describe your model boss in terms of “consistency” and “flexibility.” The answer may be too obvious to some people, but somehow, applicants would want to know how their prospective boss handles situations with various people. At the same time, this does not mean having a rock-solid management policy that can’t be adjusted in case of extra-ordinary circumstances.

These questions are by no means complete. You can devise your own list by keeping tabs of the most common reasons why employees leave and use them to test the patience or perseverance of the company’s potential hires. To arrive at more questions like these, review the results of exit interviews with your former employees and incorporate them into your job interview questions.

ELBONOMICS: Fire your job applicants long before they accept a job offer.

 

Send anonymous questions to elbonomics@gmail.com or via https://reyelbo.consulting

Stimulating Fil-Am trade and tourism

ANAHEIM, CALIFORNIA — Bacolod City’s award-winning MassKara Dance Troupe has invaded the happiest place on earth — Disneyland Resort — which had just opened its newest themed area known as Star Wars: Galaxy’s Edge. Yesterday, the MassKara dancers performed at the Disney California Adventure theme park here in Anaheim, the most populous city in Orange County just south of Los Angeles.

Fresh from garnering the “Best Foreign Group” award during the 2019 Daegu Festival in South Korea last May, these acrobatic dancers will highlight the 2nd MassKara Festival at Long Beach City in LA County on Aug. 2-4. Their stints include the gala ball tonight at Long Beach Marriott Hotel and the main festival this weekend at the LB Recreation Park, both organized by the Long Beach-Bacolod Association (LBBA).

The MassKara dancers also had performances in the Bay Area last week as special guests of the Rotary Club of Daly City, Saint James Catholic Parish, and San Francisco Filipino Cultural Center (SFFCC) at Mission District. It may be noted that San Francisco’s city council recently approved the creation of a new cultural heritage district called SOMA Pilipinas, consisting of 10 city blocks with a combined area larger than San Francisco’s Chinatown.

SFFCC President Dr. Richard Kempis and Chief of Staff Teresa Dulalas said their organization is volunteer-driven, but they are in close coordination with the Department of Tourism and the National Commission for Culture and the Arts.

According to them, SOMA (short for South of Market) Pilipinas rose from the ashes of the defunct Manilatown where thousands of Filipino-Americans stayed beginning in the decade of the 1910s up to the time it was razed to the ground by a fire in 1997. The State of California has likewise officially recognized SOMA Pilipinas as one of 14 cultural districts in the state, thanks to the leadership of the Filipino-American Development Foundation.

Cultural festivals provide an excellent venue to promote Filipino products and foster trade with Americans, as exemplified by two Pinoy fiestas that are happening simultaneously on Aug. 10-11. These are the “Fiesta in America” at Secaucus Meadowlands Expo Center in New Jersey as well as the “Pistahan Parade and Festival” at Yerba Buena Gardens in downtown San Francisco. These annual events always draw the largest number of Filipino-American attendees in the East Coast and the West Coast, respectively,

LBBA President Peter Ramirez aims to replicate the success of last year’s 1st MassKara Festival at Long Beach with additional sponsors and a bigger attendance this time around. He also hopes to make MassKara the Southern California counterpart of Northern California’s Pistahan in terms of the variety and quality of exhibitors and entertainers.

With the revival of sister-city ties between Bacolod and Long Beach, opportunities to develop business partnerships have increased among the constituents of both cities. For instance, a homegrown chain of chicken inasal restaurants is planning to establish branches in California either through franchising or joint ventures with US partners.

Last year, LBBA sent a delegation to the original MassKara Festival in Bacolod and will do so again this October for the 40th edition of the world-famous festival, which was first held in 1980 under the administration of then Mayor Jose Montalvo, Jr.

Incumbent Mayor Evelio Leonardia was the city’s tourism officer in the early years of the MassKara, and he was instrumental in establishing sister-city relations with Long Beach. During his most recent terms of office, he has been sending trade and tourism missions to the US headed by City Administrator John Orola and former Councilor Em Legaspi-Ang to promote Bacolod as an investment destination among the large Fil-Am communities of the West Coast.

Other local government units (LGU) in the country should learn from the experience of Bacolod City’s LGU in leveraging its cultural assets to attract investors and further expand its economy.

 

J. Albert Gamboa is CFO of the Asian Center for Legal Excellence and Chairman of the FINEX Golden Jubilee Book Project.

What to see this week

5 films to see on the week of August 2 — August 8, 2019

Fast and Furious Presents: Hobbs and Shaw

DWAYNE “The Rock” Johnson and Jason Statham in a scene from the film Fast and Furious Presents: Hobbs and Shaw.

WHEN A cyber-genetically enhanced villain threatens human lives, lawmen Luke Hobbs and Deckard Shaw form an alliance to end it. Directed by David Leitch, the film stars Dwayne “The Rock” Johnson, Jason Statham, Idris Elba, Helen Mirren, Vanessa Kirby, and Cliff Curtis. The Guardian’s Peter Bradshaw writes, “The movie is a bit overextended, and the action runs out of steam in the final battle, but it delivers some bangs and laughs for your buck.”

MTRCB Rating: PG

0.0 MHz

THE FILM’s title refers to the frequency of human brain waves that supposedly enable one to communicate with spirits. Members of a supernatural exploration club explore a haunted house, not knowing that their newest recruit can see spirits all the time. Directed by Yoo seon-Dong, the movie stars Jung Eun Ji and Lee Sung Yeol

MTRCB Rating: R-13

Come on Irene

MIDDLE AGED Iwao Shishido has been living with his parents who are farmers. One day, he leaves his rural village to tour the Philippines where he meets Irene. Iwoa’s return coincides with his father’s funeral and his mother gets upset with him for marrying a foreigner. Directed by Keisuke Yoshida, the film stars Ken Yasuda and Nat Sitoy.

MTRCB Rating: R-16

Hello, Love, Goodbye

WHILE IN Hong Kong, bartender Ethan meets and falls in love with domestic helper Joy. Directed by Cathy Garcia Molina, the film stars Alden Richards and Kathryn Bernardo.

MTRCB Rating: PG

Luis and the Aliens

A FILM still from the movie Luis and the Aliens.

A BOY makes friends with aliens after their spaceship crashes into his house and he helps them return to their mothership. The animated film’s directors, Callum Maloney, Dermot Magennis, and Ian Coppinger, also lend their voices to the characters in the film.

MTRCB Rating: PG

Singapore Airlines, EastWest team up for co-branded card

SINGAPORE Airlines Ltd. and EastWest Banking Corp. have teamed up to introduce a co-branded credit card targeting frequent travelers.

The EastWest Singapore Airlines KrisFlyer Mastercard, which was launched on Wednesday, allows frequent fliers to convert everyday purchases into miles.

Available in Platinum and World variants, the card allows users to earn up to three times KrisFlyer miles when they fly through Singapore Airlines or use the card while on travel.

“This is a first of its kind partnership in the Philippines for us, and it’s something that we’re really proud of,” Singapore Airlines Vice-President for Loyalty Marketing Ryan Pua said at the launch in Taguig City.

Cardholders can get free access to VIP airport lounges across the world, free travel inconvenience benefits and a low foreign current exchange rate of 1.70%.

“We recognize the importance and resurgence of travel among Filipinos, which is why we have taken our service to the next level by partnering with one of the world’s most awarded airlines to bring jetsetters a premier travel credit card,” EastWest Senior Executive Vice-President and Head of Consumer Lending Jacqueline Fernandez said.

During the launching event, Mr. Pua said Singapore Airlines is on continuous expansion in the region, with several undisclosed projects lined up to launch soon.

He noted one of these are the newly retrofitted aircraft the company eyes to launch following its consolidation with SilkAir Private Ltd.

“With the integration of SilkAir to Singapore Airlines, customers can also look forward to newly retrofitted aircraft consisting of fully fled business class planes within the next two years,” Mr. Pua said. — Denise A. Valdez

How PSEi member stocks performed — August 1, 2019

Here’s a quick glance at how PSEi stocks fared on Thursday, August 1, 2019.

 

TRABAHO measures to require only one hearing — Salceda

REPRESENTATIVE JOSE Ma. C. Salceda, who chairs the Ways and Means Committee, said that some of the 28 laws proposed by business groups can be expedited because they were passed on third reading by the previous Congress.

The legislation already vetted during the last Congressional session include the amendments to the Public Service Act; the Tax Reform for Attracting Better and High-quality Opportunities (TRABAHO) bill; amendments to the Foreign Investment Act; amendments to the Retail Trade Act; and the third package of the Tax Reform Acceleration and Inclusion (TRAIN) Act.

He said these measures may end up going through after only one committee hearing.

“In this regard, many of the Priority A list of 13, 5 are to benefit from Rule 10 Sec. 48 which requires only one committee hearing for bills approved on third reading in the previous Congress,” Mr. Salceda, of the Second district of Albay, said late Wednesday.

He said of the second set of 15 bills, TRAIN 2 Plus and the National Disaster Risk Reduction and Management Authority Act will also benefit from Rule 10 Sec. 48. TRAIN 2 Plus covers more taxes on tobacco, alcohol, mining, coal and casinos.

Although the panel takes into consideration the views of the business groups, Mr. Salceda noted that its priority remains the legislation identified as urgent by President Rodrigo R. Duterte in his State of the Nation Address.

“The House of Representatives under Speaker Alan Peter Cayetano will consider the wish list submitted by the business chambers. The driving force, however, for the legislative effort of the 18th Congress, will be the President, as the country’s Chief Executive, in his articulated imperatives in the State of the Nation Address,” said Mr. Salceda.

He added, “We are encouraged by the overall positive view of the business groups and foreign chambers on the Corporate Income Tax and Incentive Rationalization Act (CITIRA) Bill as being beneficial to our country’s economic growth but Congress considers the measure as a structural reform to make the tax system more efficient, more performance-based and fairer to all sectors.”

The senior deputy majority leader, Rep. Jesus Crispin Remulla of Cavite’s 7th district, said that the House’s main priority is the national budget.

“We welcome their suggestions. We will bring the bills to the floor at the soonest possible time. But we will pass the budget first as our priority,” Mr. Remulla told BusinessWorld by phone Thursday.

He added, “We will seek the counsel of the DoF (Department of Finance) and other executive offices. The first matter for our plenary consideration may be the TRABAHO Bill, as we intend to put into use Section 48 of the house rules.” — Vince Angelo C. Ferreras

Further easing expected from central bank as inflation drops

THE Bangko Sentral ng Pilipinas (BSP) is expected to further reduce its interest rates and the bank reserve requirement ratio (RRR) on the back of easing inflation, First Metro Investment Corp. (FMIC) and University of Asia and the Pacific (UA&P) said.

According to the July edition of “The Market Call” sent to reporters on Thursday, FMIC and UA&P expect a 50-basis-point (bp) cut from the central bank in the second half of the year on “plunging inflation.”

The BSP announced on Wednesday that headline inflation in July could have settled between 2% and 2.8%, citing lower rice and liquefied petroleum gas prices, cheaper electricity rates and a stronger peso, which made imports cheaper.

The floor of BSP’s estimate would be the lowest in more than two and a half years or since October 2016’s 1.8%, while the ceiling compares with June’s 2.7% and the 5.7% in July 2018.

“This will not only provide liquidity to banks, but also spur private lending and exports (via peso depreciation),” FMIC and UA&P said.

The central bank, whose Monetary Board meets on Aug. 8 for its fifth policy review for 2019, has signaled further cuts in benchmark interest rates.

The BSP reduced borrowing costs by 25 basis points (bps) in May, following a cumulative 175- bp hike last year in the face of multi-year-high inflation rates that brought 2018’s average to a decade-high 5.2%.

It also conducted a phased cut in RRR, bringing it to 16% for universal and commercial banks and to six percent for thrift lenders on July 26.

FMIC and UA&P also projected the Philippine economy to have grown by 6% in the second quarter, driven by softer inflation and strong state spending.

“Softer headline inflation and robust government spending is expected to boost Q2’s economic expansion channeled through higher consumer and government spending,” FMIC and UA&P said.

Data released in June brought in “more positive signs of economic recovery,” as inflation plunged to 2.7% and as government spending grew 8.9%.

The report also indicated that economic growth will likely accelerate further for the rest of 2019 on the back of consumer, government and investment spending.

The interagency Development Budget Coordination Committee slashed its 2019 GDP growth assumption in mid-March to 6-7% from 7-8% originally, following the four-month delay in the passage of the 2019 national budget.

The government operated on a reenacted 2018 budget from the start of the year until April 15, when President Rodrigo R. Duterte signed the latest general appropriations bill into law, but vetoed P95.3 billion in appropriations that he said were not in accordance with the administration’s priorities. The veto reduced this year’s national budget to about P3.662 trillion. — Karl Angelo N. Vidal