Home Blog Page 9199

Manila banks on Chinese connection in search of coronavirus vaccine

A WOMAN holds a small bottle labeled with a “vaccine COVID-19” sticker and a medical syringe in this illustration taken April 10. — REUTERS/DADO RUVIC/FILE PHOTO

By Jenina P. Ibañez, Reporter

ARLENE P. CALLEJA, a pediatrician in Legazpi City southeast of the Philippine capital, has been spending the past few months responding to patients’ fears about the coronavirus pandemic.

“Doctor, is there still no vaccine for COVID-19?” is the usual question she gets from them.

The government has provided free vaccines for other illnesses in her area. But she had to treat some poor patients for diseases that could have been prevented by pricier vaccines they couldn’t afford.

BW Bullseye 2020-focusScientists have yet to find a vaccine for the coronavirus and it’s not clear how ordinary citizens will get it once it becomes available.

“I’m sure certain groups of the population will have to get the vaccine for free,” Ms. Calleja said by telephone. “That’s how it should be.”

President Rodrigo R. Duterte in his yearly address to Congress on Monday said he pleaded with Chinese President Xi Jinping eight days ago to prioritize the Philippines for supply once it finds a vaccine for the coronavirus.

“If they have the vaccine, can they allow us to be one of the first or if it’s needed, if we have to buy it, that we be granted credit so that we can normalize as fast as possible?” he said, adding that he expected a vaccine by September.

The coronavirus has sickened more than 80,000 and killed almost 2,000 people in the Philippines, more than double from end-June and the second-highest number of infections in Southeast Asia even if Mr. Duterte had enforced one of the world’s earliest quarantines starting in mid-March.

“His reference to a request to Xi Jinping seems to imply that his confidence that a vaccine will be available by September comes from sources in China,” Herman Joseph Kraft, an associate professor and chairman of the University of the Philippines Political Science department, said in an e-mail.

“Unfortunately, China’s record on quality control does not invite confidence especially since the expectation is that a proper vaccine won’t be available for commercial use until March next year,” he added.

‘MIND-BOGGLING’
Experts are already predicting a shortage of vaccines. Manufacturers have said they could increase production. Chinese firm Sinovac Biotech, for example, said it was building a facility to mass-produce vaccines.

But Luis F. Razon, a chemical engineering professor at De La Salle University, said the production scale needed is “mind-boggling.”

“China built a plant that can manufacture a hundred million doses per year,” he said in an online video interview. “Until you realize that China has 1.4 billion people, so it’s going to take 14 years to inject everyone in China even with that scale of a plant.”

Mr. Razon co-wrote a paper in the journal Resources, Conservation and Recycling on the global pharmaceutical supply chain’s ability to scale up during the crisis.

“Shortages may also prompt countries in the spirit of self-interest to impose restrictions on the export of these drugs or their chemical precursors,” according to the study.

Wealthier countries are already ahead in the vaccine race. The United States in May ordered 300 million doses of a vaccine produced by AstraZeneca, while the UK has ordered 90 million doses of vaccines produced by various companies including Pfizer, Inc., before it is proven to be effective.

Meanwhile, some organizations are making sure that developing countries have access to the vaccine. Global public-private partnership Gavi plans to order vaccines in bulk to lower prices for poor countries.

The Philippine government said it would allot P1.5 billion for the program, but it may not be enough.

“We don’t know how many doses the Philippine government wants to go for and how many citizens it wants to protect,” Beaver R. Tamesis, president of the Pharmaceutical and Healthcare Association of the Philippines, said by telephone. “What would be the final negotiated price?”

A P1,000 vaccine, he said, could cover 1.5 million citizens. “That’s just the senior citizen cohort,” he said. “Maybe they’re going to prioritize the poorest of the poor.”

While vaccines and drugs are still being developed, the Philippines should “gamble in advance” and order drugs with promising results, Derrick Ethelbert C. Yu, a La Salle chemistry professor who co-wrote the paper with Mr. Razon, said in the same video call.

“Now the gamble is surer because we have scientific evidence that, for example, Remdesivir is effective,” he said. He added that procurement becomes less risky with more evidence that the drug could work, although that means other countries are also starting to get ahead.

PRICING
Mr. Razon, who has worked in the pharmaceutical industry, said the Philippines should decide whether it’s willing to take the risk. “The thing is, when it’s sure already, other countries start hoarding.”

He added that the country’s access to drugs isn’t only a matter of supply and demand but one of diplomacy.

“The government must improve its relationship with countries that essentially control these things because our only leverage is the moral imperative — they shouldn’t hold it back from us even though we hardly had a hand in developing these,” Mr. Razon said.

One of the most promising vaccines is ChAdOx1 nCoV-19 developed by Oxford University. Trials on more than a thousand people showed that the vaccine could produce antibodies and T-cells that could fight the COVID-19 virus.

The Philippines has expressed interest in the Oxford vaccine and might buy it once it’s proven effective, Philippine Ambassador to London Antonio Lagdameo said at an online briefing last month.

The country is also participating in multi-country clinical trials, including the testing of Remdesivir, a drug that has been used to treat severe coronavirus patients.

The Philippines has reached out to drug makers in  China and Taiwan for a possible deal once their vaccines become available, Health Undersecretary Maria Rosario Vergeire told an online news briefing this month.

Speaker Alan Peter S. Cayetano has said the government would allot vaccine funds in next year’s national budget. Mr. Duterte has also said he planned to borrow money and sell state assets so he could buy more vaccines.

Mr. Tamesis said pricing for vaccines was already being discussed among top corporate executives.

Pharmaceutical companies are split on how they would price their potential COVID-19 vaccines, with some pledging to US lawmakers that they wouldn’t seek a profit from the shots, while others indicated that they would, the Wall Street Journal reported last week.

The local Department of Health did not respond to questions about the funding for COVID-19 vaccines and how many people will be covered.

The vaccine doesn’t have to be given to all Filipinos based on herd immunity, when a large portion of the population becomes immune to the disease, making its spread unlikely. “If 80% are vaccinated, the 20% will be protected,” Ms. Calleja said.

Jean Reni D. de Guzman, who participated in the government’s Doctors to the Barrios program in Samar province, said red tape sometimes delays the distribution of medicines  to far-flung areas to a point where supplies are nearly expired by the time they reach the people.

“It’s more important to prioritize people in crowded areas,” the doctor, who helps bridge medicine and vaccine distribution from regional centers to remote areas where one has to hike for up to four hours to reach residents, said in an online call.

“Once we establish herd immunity, people from hard to reach areas will benefit as well,” he added.

Mr. Tamesis said drug distribution is an issue of equity. Wealthy Filipino families flew to Singapore to gain access to the controversial Dengvaxia vaccine when it was banned here.

“What about those who can’t afford to even take the bus?” he asked.

Ms. Calleja, the doctor from Legazpi, expects senior citizens and other vulnerable groups to be prioritized for the vaccine. “Hopefully, the rest of the population will be given free shots later.”

Inflation seen at 2.2% to 3% in July — BSP

Inflation likely saw an uptick in July as prices of rice and oil rose. — PHILIPPINE STAR/MICHAEL VARCAS

HEADLINE INFLATION likely settled at 2.2% to 3% in July, due to the uptick in prices of basic goods such as oil and rice, according to Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno.

“Upward price pressures were due to higher domestic petroleum prices as well as the uptick of rice prices for the month,” Mr. Diokno said in a Viber message to reporters.

Global oil prices continue to rise as demand gradually recovers with the lifting of restriction measures around the world.

On the other hand, factors that may have led to slower inflation include the slight decline in electricity rates in areas serviced by Manila Electric Co. (Meralco) as well as the recent strength of the peso.

Meralco said overall rates slipped by P0.1068 per kilowatt-hour in July as a slight increase in generation charge covering the June supply month was offset by a drop in other costs.

Meanwhile, the peso hovered around the P49-per-dollar level in recent weeks. On Thursday, it closed at P49.15, gaining four centavos against the Wednesday close of P49.19 and reaching its strongest level in more than three years or since the P48.95 close on Nov. 11, 2016.

Headline inflation picked up to 2.5% in June, after four straight months of slowing down.

The July inflation data will be released by the Philippine Statistics Authority on August 5.

The BSP expects inflation to average 2.3% and 2.6% for 2020 and 2021 – both well within its target range of 2-4%. — Luz Wendy T. Noble

Lopez firm’s P29-B capex centers on LNG

By Denise A. Valdez, Senior Reporter

LOPEZ-LED First Philippine Holdings Corp. (FPH) is allocating P29 billion for capital expenditures (capex) for the near term as it continues to pursue the expansion of its liquefied natural gas (LNG) terminal project.

In its annual stockholders’ meeting held virtually on Thursday, FPH President and Chief Operating Officer Francis Giles B. Puno said its capex budget is intended to spill over beyond 2020 and 2021.

“In general, we have a capex of about P29 billion, which essentially is focused on the gas expansion, particularly on the LNG front,” he said. “It will be spent over the next few years.”

Of the P29 billion, P14 billion will go to the power group through First Gen Corp., which will devote it to the development of an onshore LNG terminal within its clean energy complex in Batangas.

Some P11 billion will go to its property businesses, to be divided between Rockwell Land Corp. with P9.4 billion and First Philippine Industrial Park, Inc. (FPIP) with P2.4 billion.

The company’s plan is to continue Rockwell’s ongoing residential projects and expand FPIP’s footprint and service offerings, FPH Chairman and Chief Executive Officer Federico R. Lopez said.

The balance of the capex will go to FPH’s construction business and investments in new businesses, namely in healthcare and education. FPH currently has investments in the Asian Eye Institute, which is reshaping its business model in consideration of the coronavirus disease 2019 (COVID-19) pandemic.

“Despite the pandemic, we remain open to new opportunities and continue to review and evaluate potential new projects,” Mr. Puno said.

Because of the impact of COVID-19 to FPH’s operations, Mr. Puno said the company is expecting a drop in recurring earnings for the whole year.

He said there’s been a slowdown in demand for electricity; residential, retail and hospitality properties; and construction due to the lockdown.

“With that, we expect a reduction in our earnings this year, no different from many other conglomerates,” Mr. Puno said.

In the first quarter, FPH’s earnings fell 15% to P3.2 billion, while revenues slipped 11% to P29.29 billion.

Shares in FPH at the stock exchange trimmed 20 centavos or 0.33% to P59.80 each on Thursday.

Ayalas’ IMI incurs loss of nearly $17M after lockdown measures

AYALA-LED Integrated Micro-Electronics, Inc. (IMI) swung to a net loss in the second quarter as the coronavirus disease 2019 (COVID-19) pandemic, together with the lockdowns that followed it, weighed on its global operations.

The electronics manufacturer told the exchange on Thursday it recorded an attributable net loss of $16.91 million during the three months, reversing its attributable net profit of $5.45 million last year. Its revenues dropped 54% to $220.36 million.

For the six months starting January, its attributable net loss stood at $21.53 million, a turnaround from last year’s profits of $5.78 million. Revenues were slashed to $312.65 million.

The declines in its top line and bottom line are directly attributed to the shutdown of several plants across the globe, particularly in the Philippines, China and Mexico. Plants in Bulgaria and Czech Republic were on reduced work schedules as permitted by their respective governments.

While the company’s overhead costs were trimmed by about $10 million through streamlining and government incentives, its one-time inventory provisions worth $3 million pulled its bottom line to a net loss.

Despite the challenges in the first half, the company is optimistic it will start recovering in the next six months of the year.

“IMI expects a steady improvement in the second half of the year as revised customer forecasts indicate a better recovery than initially expected,” Arthur R. Tan, IMI chief executive officer, was quoted in the statement as saying.

“The project pipeline continues to be active with $175 million of new business wins despite the business constraints brought about by the pandemic,” he added.

IMI is under Ayala Corp.’s manufacturing arm AC Industrial Technology Holdings, Inc. It specializes in providing electronic products to the automotive, industrial and aerospace industries.

Shares in IMI at the stock exchange shed 17 centavos or 3.54% to P4.63 each on Thursday. — Denise A. Valdez

Gokongweis’ retail group posts 33% profit fall on store closures

EARNINGS of Gokongwei-led Robinsons Retail Holdings, Inc. (RRHI) fell 33% to P719 million in the second quarter due to the closure of some of its stores during the strict lockdown.

In a statement on Thursday, the listed retailer said its net sales slid 12% to P34.9 billion because of the series of lockdowns to contain the spread of coronavirus disease 2019 (COVID-19).

During this period, the company’s sales in existing stores contracted 13.9%, which includes the performance of store formats that were forced to temporarily shut down because of quarantine measures.

Aside from closing “nonessential” stores, RRHI had to temporarily shut down about 30% of its “essential” convenience stores, due to manpower issues, absence of public transportation and office building closures.

For the year-to-date period, RRHI’s attributable earnings dipped 4% to P1.64 billion, as net sales slid 3% to P74.96 billion. Sales in existing stores contracted 3.8%.

Because of the effects of COVID-19 to its operations, particularly the shift in consumer behavior to limit face-to-face interactions, RRHI intends to further boost its digital platforms.

“Digitalization remains one of (RRHI’s) key strategic pillars. The company accelerated its e-commerce initiatives via third-party platforms and (is) launching its own e-commerce sites,” it said.

Some of these projects are the launch of a Southstar Drug website for its drugstore brand, a Robinsons Supermarket website for its grocery brand, and investments in e-commerce platforms BeautyMNL and Growsari.

At the end of the six months, RRHI had a total of 1,890 stores in its network, comprised of 262 supermarkets, 49 department stores, 222 do-it-yourself stores, 512 convenience stores, 520 drugstores and 325 specialty stores. It also has an unidentified number of franchised stores of The Generics Pharmacy.

Shares in RRHI at the stock exchange picked up P1.75 or 2.92% to close at P61.75 each on Thursday. — Denise A. Valdez

After ditching FDCP’s Diño, MMFF appoints new Execom members

AFTER GIVING the Film Development Council Chairman and President Mary Liza B. Diño the boot, the Metro Manila Film Festival (MMFF) announced on Wednesday that it had added new members to its Executive Committee (Execom) — Director and Cinemalaya Foundation, Inc. President Laurice Guillen and Cultural Center of the Philippines (CCP) President and Chairman of the National Commission for Culture and the Arts (NCCA) Arsenio “Nick” Lizaso.

The new members were chosen for their “integrity and wisdom,” according to Metro Manila Development Authority Chairman Danilo D. Lim, in a statement posted by MMFF spokesperson Noel Ferrer on his Instagram page.

“Their track record speaks for themselves,” Mr. Lim was quoted as saying. Mr. Lim is also the concurrent chairman of the MMFF.

The Execom is the overseer and implementer of the film festival and includes the MMDA (Metropolitan Manila Development Authority), film directors, the FDCP, and other industry stakeholders.

The appointments of the two new Execom members come days after Mr. Lim removed Ms. Diño from the Execom for allegedly trying to take the MMFF away from the MMDA and into the hands of the Film Development Council of the Philippines (FDCP).

Ms. Diño has denied the allegations.

Having Ms. Guillen and Mr. Lizaso on the Execom, Mr. Lim said, is meant to “set the ground for a more constructive and productive work for the MMFF Execom and assure the public that it has reached out to all the sectors to serve the best interest of the film industry.”

Ms. Guillen, aside from being an award-winning director and actress, was the first chairman of the FDCP and is president of arguably the largest independent film festival in the country, the Cinemalaya Independent Film Festival. Mr. Lizaso is an actor, director, and producer with more than 60 years of experience in theater, television, and film, aside from being the president of the CCP and the chairman of NCCA.

“The appointment of Director Guillen in the MMFF execom will start a more fruitful collaboration between MMFF and Cinemalaya,” Mr. Lim said.

The MMFF, the country’s largest film festival, is organized by the MMDA and runs from Dec. 25 until the first week of January. During this period, only Filipino films are screened in theaters nationwide. Recent grosses of the festival have amounted to P1 billion. — Zsarlene B. Chua

Cebu Pacific sets more international flights

CEBU PACIFIC has slowly rebuilt its international flight network with the restart of flights between Manila and key Asian destinations in August.

In a statement on Thursday, the carrier said beginning Aug. 1, it will be flying twice weekly from Tokyo (Narita) to Manila (Wednesday and Saturday).

On Aug. 6, it will be flying two times weekly (Thursday and Saturday) between Manila and Singapore; and every Thursday from Seoul (Incheon) to Manila.

Twice weekly flights (Wednesday and Friday) between Taipei and Manila are scheduled to begin on Aug. 7. One-way flights to Manila from Osaka (Kansai) are also scheduled to begin on Aug. 7.

“We are taking a conservative and agile approach to rebuilding our international network. While demand remains soft, there is latent demand for travel, particularly from stranded individuals and those who are eager to come home to visit their families,” said Candice A. Iyog, vice-president for marketing and customer experience of Cebu Pacific.

Cebu Pacific, operated by Cebu Air, Inc., said travel regulations issued by the governments of the Philippines, Japan, South Korea, Singapore and Taiwan will be implemented as needed.

The regulations include a requirement to secure a negative RT-PCR (reverse transcription-polymerase chain reaction) test before departure, mandatory screening for the coronavirus disease 2019, or tests and a mandatory 14-day quarantine upon arrival.

GMA News TV launches ‘new normal’ shows

GMA NEWS TV has launched a series of programs meant to help people navigate “the new normal,” which include discussions of relevant issues, life hacks, and financial advice.

“When the pandemic started, we all had to figure out ways to adapt… because we’re all experiencing this pandemic together, we wanted to address these needs not just for ourselves but for our viewers,” Nessa Valdellon, GMA Network first vice-president for public affairs and GMA News TV channel head, told BusinessWorld in an e-mail on July 27.

GMA News TV is the news channel of GMA Network.

The program lineup, called “New Normal: The Survival Guide,” was an idea that producer Mark Anthony Norella pitched to Ms. Valdellon. She thought that the idea needed to be on air. The result is five programs airing every weeknight beginning July 20.

“We felt that a daily strip under the theme of ‘New Normal: The Survival Guide’ would have more impact on our viewers because we would be addressing everyone’s concerns at this time,” Ms. Valdellon said.

In Newsmakers, economist and professor Winnie Monsod tackles “the most controversial issues” via online video conference. It’s similar to her Wag Kang Pasaway program but this one is held via video conferencing and the show also shows a more lighthearted side to Ms. Monsod, like her dancing to trendy songs on social media platform TikTok. The show airs every Monday.

In Bright Side, Kara David shares uplifting stories that “aim to inspire and provide [viewers] more reasons to look at the brighter side of life,” according to a release. The show airs every Tuesday.

Financial literacy is at the core of Susan Enriquez’s Pera Paraan as it “offers practical tips on handling household finances, earning additional income, and succeeding in a work-from-home environment,” while featuring small businesses which found success even with a pandemic. The show airs every Wednesday.

In Home Work, hosts Tonipet Gaba and Rovilson Fernandez give viewers life hacks and tips on how to survive quarantine life. The show airs on Thursdays.

And finally, Drew Arellano shows viewers how he is handling being a parent to three young kids in a pandemic on Family Time. It will also feature other families dealing with the restrictions and quarantine. The show airs on Fridays.

The shows air every weeknight after primetime news show 24 Oras at 8:30 p.m. and run for 45 minutes. The shows are planned to air until the end of October, but Ms. Valdellon said that “if they see the need to keep airing until the end of the year, we will.”

SHOOTING IN A PANDEMIC
When quarantine was introduced in mid-March, many TV shows had to halt their productions because of health and safety risks. This meant that networks would eventually run out of new programs to air. Such was the case for GMA News TV which had to show reruns of its documentary and magazine shows for weeks.

But with lockdown restrictions easing, the network found value in producing shows remotely: the shows in the “New Normal” block are shot inside the hosts’ homes and are monitored by producers via videoconferencing — except for Bright Side and Newsmakers where Ms. David is seen going around the metro looking for stories, and Ms. Monsod who is sent a producer to her home for the technical set-up.

Shows produced remotely may be indicative of how productions beyond the pandemic will be shot, Ms. Valdellon said after they realized “that it’s entirely possible to produce a program remotely.” This despite production and post-production being a challenge as they are using cloud-based storage for editing which is affected by spotty internet connections.

“The pandemic has definitely made TV producers even more creative… We never imagined directing programs remotely prior to this, now it’s a given. We did not have entire programs edited by editors at home prior to this, now it’s the norm,” she said, before adding that they also made “health and safety a major priority.”

The shows of “New Normal: The Survival Guide” air at 8:30 p.m. on weekdays after 24 Oras. — Zsarlene B. Chua

SMC to list $500-million bonds; FDC plans dollar bond offering

SAN MIGUEL CORP. (SMC) has completed the issuance of $500-million perpetual securities on Wednesday, which it expects to list at the Singapore Exchange Securities Trading Ltd. on Friday.

In a disclosure to the local exchange, the listed conglomerate said it had received the approval-in-principle from the Singapore Exchange for the listing of the securities.

The perpetual capital securities were issued under SMC’s $3-billion medium-term note and securities program. It had an initial rate of distribution of 5.500% per annum.

As perpetual securities, the bonds have no maturity date and investors are paid through a steady stream of interest payments.

SMC previously said it tapped BofA Securities, Inc. and Standard Chartered Bank as joint lead managers, DB Trustees (Hong Kong) Ltd. as trustee, and Deutsche Bank AG, Hong Kong Branch as paying agent for the issuance.

Proceeds from the company’s medium-term note and securities program are intended to support its infrastructure projects and refinance existing loans.

SMC swung to an attributable net loss of P1.27 billion in the first quarter due to the impact of the coronavirus pandemic to its operations. Its shares at the stock exchange rose 60 centavos or 0.61% to P99 each on Thursday.

Meanwhile, Filinvest Development Corp. (FDC) said on Thursday it is planning to issue dollar-denominated bonds in August.

In a disclosure to the exchange, it said its board of directors approved the plan to issue the bonds in the offshore market, but the issue size and other details are still to be determined by its management.

FDC had a plan to float an P8-billion bond in March, but was deferred due to the lockdown as triggered by the coronavirus pandemic. FDC President and Chief Executive Officer L. Josephine G. Yap said in June there were plans to revive the bond offering.

The company’s attributable net income grew 8% to P3 billion in the first quarter amid a 2% dent in revenues to P17.18 billion. FDC shares at the stock exchange increased 44 centavos or 5.33% to P8.69 each on Thursday. — Denise A. Valdez

Venice to host first film festival of COVID era

MILAN — Fewer A-list stars will stumble out of parties along the lagoon to be snapped by paparazzi in boats. But organizers of this year’s Venice film festival are promising plenty of movies — on actual screens in front of actual audiences — for the first time since the worldwide pandemic shut showbiz.

More than 50 countries will participate in what aims to be the first major in-person film festival of the COVID era, from Sept. 2-12.

“We have saved the heart of the festival,” said festival director Alberto Barbera, who presented the line-up at a livestreamed press conference.

Temperatures will be checked, every second seat in the cinemas will be left empty, and even accredited film critics will have to reserve their seats in advance. The number of films has been reduced, Barbera said, but “not by much.”

The main competition lineup for the Golden Lion award for best film will include 18 titles, compared to 21 last year. Just two are US studio productions: Nomadland, a road drama by US-based Chinese director Chloe Zhao starring Frances McDormand, and The World To Come, with Casey Affleck.

They will compete against works by Israel’s Amos Gitai and Russia’s Andrei Konchalovsky, and four Italian films, including Gianfranco Rosi’s Notturno, about the Syrian conflict.

Titles screening out of competition include The Duke, a crime comedy from Notting Hill director Roger Michell starring Helen Mirren, and Greta, a documentary portrait of Swedish climate activist Greta Thunberg.

“We are not proud to be the first ones. We would have wanted all festivals to take place and this situation not to have happened,” said Roberto Cicutto, chairman of the Biennale foundation which hosts the festival. “But we are pleased with what we have managed to organize.” — Reuters

Construction suspension brings losses to Holcim

HOLCIM PHILIPPINES, Inc. swung to a net loss in the second quarter due to the suspension of construction activities due to coronavirus-related lockdowns.

The cement manufacturer told the exchange on Thursday it booked an attributable net loss of P88.14 million in the second period, a reversal of its P716.15-million attributable net profit last year.

Net sales during the three months dropped 43% to P4.15 billion as cement volumes and prices declined when construction activities were not allowed.

For the six months from January to June, Holcim’s attributable profit went down 71% to P413.17 million, as net sales contracted 26% to P11.42 billion.

In its regulatory filing, the company said it started seeing recovery in June after the government allowed construction work to resume. However, deliveries to the Visayas and North Mindanao remained “very limited” due to road closures and port shutdowns as part of localized lockdowns.

“All the various quarantine measures around the country dramatically slowed down construction activity,” it said. Prices also fell because of the shift to pickup and cash sales and competition-related pricing declines, it added.

Despite these, the company is hopeful to continue its climb in the second half, especially with the resumption of work on the government’s major infrastructure projects.

“We remain optimistic about the future and our ability to deliver great value to our shareholders, customers and communities while maintaining a healthy and safe workplace,” Holcim President and Chief Executive Officer John William Stull said.

Shares in Holcim at the stock exchange climbed nine centavos or 1.89% to P4.84 each on Thursday. — Denise A. Valdez

The sounds of horror

Netflix offers theater quality sound for smart TV viewing

HORROR FILMS are often defined by their sound designs because silence, a thump, a creak, lend themselves to a more immersive experience for the viewers. But with cinemas still closed and films having to pivot towards streaming sites to get their audience, is sound (especially for horror films) still an effective medium for an immersive experience? Netflix says “yes,” provided that you watch the horror movies on your TV sets.

“Some of the most iconic moments in TV and film are defined by their score. Without the background sounds, would Dark be as haunting? Or Kingdom as scary? In 2019, we introduced high-quality audio so that sounds you hear on Netflix are closer to what creators hear in the studio, and every little detail is captured for a richer, more intense experience,” Scott Kramer, production sound technology manager at Netflix, said in a statement.

High-quality audio means that streaming service Netflix can support 5.1 surround sound and Dolby Atmos, the same kind of audio technology used in cinemas.

And that kind of sound can be replicated on many smart TVs and home studio setups, according to Traithep Wongpaiboon, the sound post-production supervisor of Thai horror film The Maid (2020), directed by Lee Thongkam, in a digital conference on July 23.

“Actually we mixed the movie as we did in theatrical [releases] but later on with Netflix… we just re-checked it because Netflix has studio quality streaming,” Mr. Wongpaiboon said.

In the film, the soundscape is said to “transport viewers across the film’s different acts, subgenres, and moods to deliver the story’s full impact and creative intent,” according to a Netflix statement.

Note that if one wants to view the film on mobile devices like laptops or mobile phones, they will not have the same sound experience as Netflix only provides stereo sound for mobile viewing. Having a setup with a speaker that supports surround sound is the only way to get the highest quality sound possible.

The Maid is a recently released horror slasher film about a maid who starts working for a rich family. Mysteries abound within the family and as the new maid tries to adapt to her new job, she is haunted by the spirit of the previous maid and tries to discover what led to her death. A monkey doll is involved.

The film is Mr. Thongkham’s first feature film.

“To me, the horror film is the kind of genre… [where] I could show all the elements of sound. I can design sound. I can make a plan, like a trap for the audience to [make them] feel scared,” Mr. Wongpaiboon said.

The Maid is currently streaming on Netflix. — Zsarlene B. Chua