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Pru Life targets to launch trust arm before yearend

PRU LIFE UK expects to launch its new subsidiary before the year ends. — PRULIFEUK.COM.PH

PRU LIFE Insurance Corp. of UK (Pru Life UK) is eyeing to launch its asset management and trust subsidiary before the year ends, with the insurer already ironing out internal processes and requirements.

In a press conference on Monday, Pru Life UK President and Chief Executive Officer Antonio G. De Rosas said the life insurer is “on track” to launch Pru Life UK Asset Management and Trust Corp. by the fourth quarter.

“Right now, it’s more of getting ourselves ready in time for our target launch which is before the end of the year,” Mr. De Rosas told reporters yesterday.

“There’s a lot of things we still need to do in terms of processes and governance to satisfy the requirements, not only of the regulators which is the BSP (Bangko Sentral ng Pilipinas), but also our own internal governance requirements before we can launch. We want to do this right,” he added.

Pru Life UK said in a previous statement that the creation of a stand-alone trust company will provide greater convenience to its clients as they will work with fewer fund managers.

In January, the insurer said Antonio L. Garces II, who serves as Pru Life UK vice-president and chief investment officer, will head the new trust company.

Mr. De Rosas said Pru Life UK will be able to offer more “flexible” investment vehicles under the new money market arm.

“We will offer similar and dissimilar products that we are currently offering. Products we offer (right now) are mainly single premiums and that comes a long with an attached life insurance cover. For the asset management company there will be no life insurance cover…so we are flexible in the kind of products we will offer,” he said yesterday.

Mr. De Rosas added that the company already accomplished regulatory approvals for the establishment of Pru Life UK Asset Management and Trust.

Pru Life UK, the subsidiary of international financial services group Prudential plc, has been offering life insurance products in the Philippines since 1996.

It has expanded its reach to over 160 branches nationwide with 31,000 licensed agents. Mr. De Rosas said the insurer aims to increase insurance sales by employing more agents and improve their productivity.

Insurance Commission data showed Pru Life UK was the fourth-largest life insurer in the country in terms of premium income in 2018 with P22.03 billion, higher than the P19.22 billion recorded in 2017. — Karl Angelo N. Vidal

Lion King: The power of consolidation in Hollywood

By Anousha Sakoui, Bloomberg

COME FOR the harmonic pairing of Beyoncé and Donald Glover as they sing the Elton John classics, stay for the comedic fireworks of Seth Rogen and Billy Eichner in Walt Disney’s live-action The Lion King.

That’s the standard take from the reviews of one of Disney’s crown jewels this year. But critics have given this version of the beloved tale a frosty reception — only 60% are recommending it, according to aggregator Rotten Tomatoes. With an estimated $175 million-plus opening weekend, it’s still likely to record the second-biggest opening of the year so far, behind only Avengers: Endgame.

“I don’t think critics’ reviews are going to matter as much with this film,” says Shawn Robbins, chief analyst at Box Office Pro. Mr. Robbins predicts it will generate more than $1.3 billion globally, which would overtake Beauty and the Beast as the biggest of the live action re-imaginings the studio has been plugging away at since the success of Alice in Wonderland in 2010.

The strategy has helped introduce the studio’s most popular characters, from Belle to Aladdin, to a new generation of consumers. It is also contributing to a year in which Disney is exerting a dominance over Hollywood the likes of which Tinseltown has never seen. Since it closed a $71 billion offer for a swath of 21st Century Fox assets in March, the studio’s domestic market share has risen to nearly 35%, more than double its closest rivals, Warner Bros. and Universal Pictures.

One of the key indicators that helps explain why audiences will turn out to Lion King, whatever the critics say, is the dominance of Disney’s so-called “event films.” The top-five grossing films so far this year — four of which are Disney movies — account for 36% of the box office ticket sales. In 2018, that sort of box office concentration was less than 23%.

Doug Creutz, analyst at Cowen & Co., has been studying this evolution. He expects that by the end of summer, the top-four-grossing movies from Hollywood’s most lucrative season will account for more than half of all ticket sales. This level of consolidation has happened last year, too, and in 2015. But it was pretty rare before then: From 2001 to 2014, there was only one year in which the top four films exceeded even 40% of the total.

2019 has the potential to be “highly concentrated,” Mr. Creutz says. With upcoming sequels of Star Wars and Frozen still on the way, he says it’s possible that the year will set a record for the fewest number of movies that account for the biggest share of the box office. “Nobody wants to put their movie next to Disney’s big movies,” he says.

Compounding the issue is that there is a record number of wide releases this summer — 34 of them, compared to the 18-year average of just 24. This makes the odds of success lower for anything that isn’t a huge event at theaters, and the fallout will be born by smaller studios trying to compete with Disney, according to Mr. Creutz. Producers and distributors have a tougher choice to make about whether a movie has the ability to survive in a theatrical release, or if streaming is a better fit.

Even this year’s Aladdin, which was widely panned, managed to swing a sizable profit, raising $964 million globally. (Dumbo, which flopped in March, appears to be the rare exception.) The Lion King has already opened in China, the second-biggest movie market, and has bested the results of The Jungle Book, Beauty and the Beast, and Aladdin.

Fans of Beyoncé are doing their part to ensure The Lion King’s success, using the singer’s lion character Nala as their profile pictures on social media as a way to raise the profile of the movie. But for some critics, the fierceness of the singer’s stage persona doesn’t translate. Nala’s “Lions, are you with me?” rallying cry is no “Okay ladies, now let’s get in formation.”

Catalina Combs, of the review site Black Girl Nerds, notes that the best song of the movie isn’t Beyoncé’s but the comedians’ “Hakuna Matata.” “The voice work, combined with the hyperreal CGI during the more emotional scenes, comes off as bad dubbing,” she wrote. “At times, it sounds incredibly cheesy.”

At the screening I attended last week, it was hard to know if what you were seeing was real or digital. Visually, the film is stunning, mixing technology from the gaming world, virtual reality, and real sounds and views of Africa. That seems to have come at the cost of facial expressions that might allow you to connect with a character.

Others were disappointed that the film is a play-by-play of the original 1994 animation. To David Ehrlich of Indiewire, the movie is “a creatively bankrupt self-portrait of a movie studio eating its own tail.”

It isn’t the most powerful Hollywood property when factoring merchandise and other revenue streams — that title might go to Pokémon — but Lion King ranks high and has had remarkable staying power, in large part because of some $9 billion in ticket sales to its stage show, which has run through more than 9,000 performances.

And unlike such Disney properties as Marvel, which are driven by toy sales, the movie merchandise tie-ins include a cosmetic collection by Luminess and Sir John, Beyoncé’s makeup artist, along with $75 crown rings, courtesy of jeweler Pandora. There’s a hat line from milliner Gigi Burris, and Bloomingdales will have its own in-store “Style Kingdom.”

But the fact that even Beyoncé can’t make the movie a resounding success on all measures is perhaps a warning for the studio’s many remakes in store. A live-action version of Lady and the Tramp for Disney’s new streaming service is scheduled for later this year. Mulan is set for a March 2020 release, and Cruella, a reboot of 101 Dalmatians starring Emma Stone, is cued up for 2020. For a remake of The Little Mermaid, Disney is trying to keep the franchise current by casting black actress and singer Halle Bailey as Ariel. The studio has live-action versions of its animated hits scheduled through 2023.

Federal Land secures BCI Asia Top Developer Award

FEDERAL Land, Inc., developer of The Seasons Residences in Bonifacio Global City, was named one of the country’s top developers during the 2019 BCI Asia Top Ten Awards.

The annual BCI Asia Top Ten Awards is given to property developers and architectural firms with environmentally responsible projects. The selection criteria considered the developers’ sustainability efforts and confirmed green building ratings.

Federal Land submitted The Seasons Residences — Haru Tower for the awards. The residential project is being developed by Federal Land and Japanese conglomerates Nomura Real Estate Development Co., Ltd. and Isetan Mitsukoshi Holdings Ltd.

The Japanese-influenced project will have four towers, namely Haru (Spring), Natsu (Summer), Aki (Autumn), and Fuyu (Winter). It is located on 8th Avenue corner 36th Street, Grand Central Park in North Bonifacio Global City, Taguig.

Vista Land raises P14.5 billion from corporate notes

VISTA LAND & Lifescapes, Inc. (VLL) has raised P14.5 billion through a corporate notes facility to finance the expansion of its commercial projects.

In a disclosure to the stock exchange Monday, the Villar-led property developer said the five-year corporate notes carry a fixed rate of 7.125% annually.

The listed firm signed a corporate notes facility agreement with PNB Capital & Investment Corp. as mandated lead arranger and bookrunner. Its subsidiaries, Brittany Corp., Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., Vista Residences, Inc., and Starmalls, Inc. acted as subsidiary guarantors.

“The proceeds of the corporate notes facility will be used to fund the company’s 2019 capital expenditures for commercial property projects, and to fund other general corporate purposes,” the company said.

VLL has committed to spend P40 billion in capital expenditures this year for the expansion of its residential and commercial projects. The company last year hit its target to have 1.3 million square meters (sq.m.) in leasable area for its commercial space business.

The company looks to end 2020 with a total of 60 malls, from the 31 it had by the end of 2018. It earlier changed the name of subsidiary Starmalls, Inc. to Vistamalls, Inc. in line with its mall expansion. The name change is still pending with the Securities and Exchange Commission.

Meanwhile, the company has about P60 billion worth of projects to be launched this year, about P10.8 billion of which have already been unveiled during the first quarter.

Prior to the corporate notes facility, VLL already has about P20 billion in outstanding debt at the bond market. It has about P5 billion in retail bonds issued in 2014, P5 billion in 2017, and P10 billion in 2018.

VLL reported a net income attributable to the parent of P2.85 billion in the first quarter of 2019, 12% higher year on year, as revenues jumped 14% to P11.44 billion.

The company earlier said it projects a 12-15% growth in both net income and revenues every year until 2020, boosted the positive performance of its core residential business and a 22-25% increase in its leasing business.

VLL is currently present in 147 cities and municipalities across 49 provinces by the end of March.

Shares in VLL dropped 0.65% or five centavos to close at P7.70 each at the stock exchange on Monday. — Arra B. Francia

BPO firm opens office

OPEN ACCESS BPO, which operates multilingual call centers, opened a new office at the Glorietta 2 Corporate Center, Makati City.

In a statement, the company said the 1,000-seat facility is expected to “meet the growing demands of its clients and expanding workforce.”

“Our clients have state-of-the-art requirements that can only be met with a state-of-the-art facility. Our new facility is the kind of location that can support these demands,” Open Access BPO chief executive officer Benjamin Davidowitz was quoted as saying.

He said they picked the Glorietta 2 Corporate Center because of its strategic location next to a mall and transport hubs.

This was the company’s sixth international office and the third in the Philippines. Open Access BPO has offices along Ayala Avenue, Makati and Davao City.

Japan’s Asahi Group suffers $2-billion hangover on overseas beer expansion

ASAHI Group Holdings Ltd. is already getting a headache from its $11-billion Australian foray.

Japan’s biggest brewer, seeking to escape a slow-growing, aging market at home, is buying the Australian assets of Anheuser-Busch InBev NV, which owns iconic but low-priced beers such as Victoria Bitter. To do so, Asahi will double its debt load and issue about 10% more in new shares. That’s becoming a hangover for investors, who lopped $2 billion from the brewer’s market value on Monday.

The deal is the latest in an overseas buying spree by Asahi, which picked up Fuller, Smith & Turner Plc’s brewing business for $330 million earlier this year and made a $11-billion push into Europe two years ago. The Japanese brewer, along with Kirin Holdings Co. and Sapporo Holdings Ltd., has seen domestic beer shipments decline for 14 straight years as fewer people reach legal drinking age. To stay ahead of rivals, Asahi now appears to be more willing to weigh down its balance sheet.

“The question is whether Asahi can effectively manage the business, while improving profits and cash flows,” said Toshiyasu Ohashi, chief credit analyst at Daiwa Securities Group, Inc., who added that Asahi’s credit profile will be hurt as debt grows faster than cash flow. “Can they generate synergies, and can they improve their financials after the deal?”

Shares of Asahi dropped 8.9% in Tokyo trading on Monday, the biggest decline since 2011. The stock was up 18% this year before the deal with AB InBev was announced on Friday.

Asahi said it’s securing a 1.2-trillion yen ($11.1-billion) bridge loan and selling 200 billion yen worth of shares to pay for AB InBev’s Melbourne-based Carlton & United Breweries. The Japanese brewer is already on the hook for about 1 trillion yen in interest-bearing debt. The company is betting that cash from the Australian business will help pay down debt. The purchase may lift Asahi’s per-share earnings by as much as 20%, according to SMBC Nikko Securities.

There are already early signs of concern over Asahi’s creditworthiness. Moody’s Japan placed the company’s ratings on review for downgrade on Monday, saying the deal will “significantly raise Asahi’s financial leverage.” Rating & Investment Information, Inc. said it would place the brewer on its rating monitor with a view to downgrading.

A representative for Tokyo-based Asahi declined to comment on Monday.

The timing of Asahi’s 200 billion yen share sale isn’t ideal, either. That figure represents about a fifth of total equity issued in Japan this year. Companies have issued 1.1 trillion yen of stock so far, down 43% from the same period last year, according to data compiled by Bloomberg.

Asahi has been here before. In 2016, it agreed to buy European beers including Peroni, Grolsch and Pilsner Urquell in two transactions from AB InBev for about $11 billion. Since then, the Japanese brewer’s shares have climbed more than 30%, making it easier for Chief Executive Officer Akiyoshi Koji to justify the latest deal to shareholders.

Asahi said the Carlton purchase would give it greater access to distribution across the Australian market, letting it cross-sell its own brands, including Super Dry and Peroni. “Australia is an attractive market enjoying sustainable economic growth,” the brewer said in a statement.

Tomonobu Tsunoyama, an analyst at Mitsubishi UFJ Morgan Stanley Securities Co. in Tokyo, agreed. “It’s a mature market, but in terms of making money from premium brands, Australia is very similar to eastern Europe,” he said.

Even so, total beer consumption in Australia has more than halved in the past four decades, to 84 liters per person a year, while lower-alcohol brews make up one fifth of the total. With total alcohol consumption declining, InBev had been pushing weaker ales on Australians.

“The Australian market is very high margin, but very slow growth,” said Duncan Fox, a Bloomberg Intelligence analyst.

Carlton’s portfolio of beers, which account for almost half the Australian market, has something for almost any palate. The collection is built on the 165-year-old Victoria Bitter, still portrayed as the brew of choice for hot and thirsty Aussie laborers, but also includes foreign brands such as Stella Artois and Beck’s. InBev has in recent years added craft beers including 4 Pines, which is made in the Sydney beachside suburb of Manly.

Although Carlton fits with Asahi’s long-term strategy, it’s unlikely to deliver benefits beyond the continent, according to Naomi Takagi, an analyst at SMBC Nikko Securities.

“The deal is unlikely to lead to expansion in other countries and thus synergies look thin,” Ms. Takagi wrote in a research note. — Bloomberg

RBI easing is more than India’s rate cuts suggest

INDIA’S CENTRAL BANK Governor Shaktikanta Das said policy makers have effectively delivered more easing than the three interest-rate cuts this year suggest, signaling a more cautious stance on future action.

In one of his first interviews with media since taking office seven months ago, Das said he sees signs of a recovery in economic growth and further monetary policy steps will depend on incoming data. The central bank’s switch to an accommodative stance in June in itself amounts to a 25 basis-point cut, he said, on top of the 75 basis points of cuts since February.

“Effectively, the rate cut has been 100 basis points if you take into account the change in stance,” Das said ahead of the next Monetary Policy Committee meeting that begins Aug. 5. “The accommodative stance will depend on incoming data. How inflation numbers look, how the growth numbers look. Primarily how inflation looks.”

Sovereign bonds fell Monday after Das’s comments. The yield on the benchmark 10-year bond snapped a three-week rally to jump eight basis points to 6.44% as of 10:32 a.m. in Mumbai.

“These go on to suggest that the RBI (Reserve Bank of India) easing cycle is nearing its end,” said Prakash Sakpal, an economist at ING Bank NV in Singapore. “I believe 75 basis-point rate cut is enough of a stimulus for the economy and the RBI should allow this to filter down the real economy before easing anymore.”

Consumer prices are on a rebound, but below the RBI’s 4% medium-term goal

The RBI has been the most aggressive central bank in Asia this year to ease policy to support growth amid low inflation. A gloomy global outlook fanned by trade tensions has since prompted policy makers from Australia to South Korea to join the dovish camp.

“Parallel to that we have also ensured surplus liquidity in the system,” Das noted.

The need now is to ensure a revival in domestic demand, Das said, adding that an improving monsoon, lower oil prices and an easing of a domestic credit crunch are positive.

“The signs are looking good,” he said.

Waning consumption dragged gross domestic product (GDP) growth to a five-year low of 5.8% in the first three months of 2019, meaning India lost its title as the world’s fastest-growing major economy. That data was followed by the RBI in June lowering its growth forecast for the current fiscal year to 7% from April’s projection of 7.2%.

‘LOOKING GOOD’
“I would not like to specify how long it will last,” Das said, referring to the current slowdown. “India is today in a far better place than most of the major economies and India has certain inherent resilience and the signs are looking good.”

As for prices, Das said a decline in core inflation can be seen as a positive development on the one hand, but also as reflective of a slowdown in demand. “Therefore I don’t want to make a qualitative judgement on good or bad. Based on hard numbers, we will have to take a call,” he said.

The governor said the central bank alone cannot boost the economy and there’s a need for more reforms with various stakeholders having a role to play in addressing the slowdown.

MORE REFORMS
“You cannot have a fiscal solution to long-term growth,” Das said. The country needs structural reforms, an enabling business environment and measures to improve supply chains in the farm sector to make the economy more competitive, he said.

On her part, Finance Minister Nirmala Sitharaman used her debut budget this month to propose steps to boost investment, including a plan to ease foreign direct investment rules for sectors ranging from aviation to media. She lowered the budget deficit target for the current fiscal year to 3.3% of GDP from 3.4% previously, quelling expectations for a fiscal stimulus, and leaving the RBI to do the heavy lifting to support growth.

Economists at Capital Economics Ltd. and Edelweiss Securities Pvt. said Das’s comments aren’t enough to rule out another rate cut in August, given that inflation remains below the 4% midpoint of the central bank’s target range and GDP numbers have disappointed.

“There isn’t an effective fiscal stimulus happening,” said Madhavi Arora, an economist at Edelweiss in Mumbai. “There’s more of an onus on monetary policy to tackle the growth slowdown.”

TRADE WARS
A broad-based global slowdown with implications for the nation’s currency could also hurt India’s growth prospects.

Das said India won’t be as badly affected from the US-China trade war in the short term as other economies that are more plugged into global value chains. But if those tensions are prolonged, they will have an adverse impact on India, especially on its exports, which contracted in June for the first time in nine months.

That drop in shipments couldn’t have come at a worse time. Expectations that the Federal Reserve will soon cut rates has pushed the US dollar lower and bolstered the rupee. If US authorities take measures to weaken the dollar, it would have a ripple effect, Das said.

“If they depreciate, it means greater inflows,” he said when asked about Treasury Secretary Steven Mnuchin’s comments that a shift in the currency policy in future could not be ruled out. “When the reversal happens we have to manage spillover. If excess inflows come in, it becomes a problem to absorb excess liquidity. It’s an evolving challenge.”

Das, a former economic affairs secretary at the Finance Ministry, took charge at the Reserve Bank of India for a three-year term in December, days after Urjit Patel quit amid worries that the government was encroaching on the central bank’s turf. — Bloomberg

Best in the series

Atelier Lulua: The Scion of Arland
Nintendo Switch

THE Atelier series has churned out a game just about every single year since 1997, and with reason. Atelier Marie: The Alchemist of Salburg, its first offering, wound up being a critical and commercial hit, in the process serving as a solid foundation. And, creditably, developer Gust has taken nothing for granted since then; improvements that serve to strengthen the brand have come with every succeeding release. And, in this regard, Atelier Lulua: The Scion of Arland lives up to billing; it’s an excellent Japanese role-playing game that meets fans’ expectations in delivering a healthy blend of combat, exploration, and creativity, with a light-hearted story weaving all the elements together.

Atelier Lulua: The Scion of Arland is a direct sequel to the Arland subset of the Atelier series, and, as such, picks up a few years from where Atelier Meruru: The Apprentice of Arland left off. It sees Elmerulia Frixell (Lulua to friends and daughter of Atelier Rorona: The Alchemist of Arland titular character Rorolina) embarking on an adventure that take her and her friends (and mentor) far beyond the boundaries of her native Arklys. Her quest to fully comprehend the “Alchemyriddle,” a book-cum-artifact only she can read, opens her eyes to the history of, and mysteries behind, the Arland Republic and ultimately gets her closer to fulfilling her dream of becoming a better alchemist than her famous mother.

Needless to say, the Alchamyriddle is at the heart of Atelier Lulua: The Scion of Arland. It drives the narrative forward by essentially providing a roadmap to the completion of chapters; through riddles that have to be deciphered, tasks are handed out. Only main objectives are required to be met, but optional goals can also be set and prove to be no less fulfilling; gamers have complete discretion on how they want to progress, especially with time-based components, previously intrinsic to the Arland subset, eliminated altogether. And, make no mistake, the rewards in grinding by way of the elective assignments are myriad; more items and recipes for crafting and potion making are gathered, not to mention more locations unearthed to rinse and repeat the process.

Parenthetically, Atelier Lulua: The Scion of Arland affords gamers the freedom of choice even for combat. Enemies can be confronted or avoided depending on disposition. Deciding on the former will get three members of the party taking turns within clearly defined action frames, with two others on standby and ready to assist with special attacks or take over in the frontline depending on circumstance. Apart from the healthy variety of antagonists and ample spoils of victory, engaging in battles becomes worthwhile in and of itself because of the system’s fair difficulty measures and finely tuned mechanics.

That said, Atelier Lulua: The Scion of Arland’s biggest draw is the same as that of the three previous installments in the Arland subset: alchemy. Materials are processed for use in exploration, with said materials acquired — by purchase or by defeating certain adversaries — and combined with reagents to produce powerful items. While synthesis may seem intimidating at first glance, it’s actually easy to understand, even for newcomers to the series. Moreover, its complexity, or lack thereof, is entirely dependent on the gamers themselves; those so inclined can go for max stats by micromanaging the exercise and even delving into a novel Awakening feature that produces heightened effects.

Again, Atelier Lulua: The Scion of Arland provides gamers with the power of choice. Nonetheless, there’s something cathartic about the very act of fabrication and the fulfillment of its purpose, about properly blending materials and then using them when needed. Moreover, the sight of Lulua in front of a cauldron constructively concocting crucial components presents a nice counterbalance to exploration and combat. Neither pressuring nor particularly difficult, creation becomes a worthwhile recreation.

On the technical side, Atelier Lulua: The Scion of Arland represents a not insignificant breakthrough for Gust. While previous releases of the Atelier series on the Nintendo Switch suffered from graphical compromises and performance issues, the latest does not. In fact, it’s a decided plus, running at a smooth 30 frames per second with nary a hiccup and exhibiting a vivid anime art style with little to no softness and shadow. Gameplay is crisp, even during bursts of action, and the music and sound effects give off the proper vibe. If there’s any negative, it’s that the localized subtitle track show the occasional grammatical error — made all the more apparent by the lack of English voiceovers.

All told, Atelier Lulua: The Scion of Arland winds up being the best in the series to date. It’s certainly without equal on the Switch, boasting of an intuitive interface, a pleasing audio-visual experience, an engaging storyline, and, above all else, a compelling gameplay that keeps gamers engaged while dictating their own pace. As an outstanding offering that holds its own even with the hybrid console undocked, it proves well worth its $60 price tag. Highly recommended.

THE GOOD:

• Engaging storyline as a sequel to the Arland subset of the Atelier series

• Compelling gameplay that allows gamers to pace themselves

• Technically outstanding

• Colorful visuals and vibrant soundtrack

THE BAD:

• Slow start can be off-putting to newcomers to the series

• Subtitles have occasional grammatical errors

• Completionists will need to retrace steps to complete optional quests

RATING: 9/10

POSTSCRIPT: Gamers who want to experience the first three releases in the Arland subset of the Atelier series can do much worse than purchase them on Steam, where they’re currently being offered at a 25% discount. Their personal computer versions are decidedly superior to those available on consoles, and offer precise controls and sharp feedback even on entry-level rigs. Note, though, that playing these titles after Atelier Lulua: The Scion of Arland could show their age, and not simply because they seem personal and less pressing by comparison.

The flipside, of course, is that every title in the Arland subset is as much self-contained as integral to the appreciation of the overarching narrative. Atelier Rorona: The Alchemist of Arland has the main character scrambling to save her Atelier from being shuttered by the Kingdom by fulfilling the latter’s quarterly requests and ultimately gaining recognition. Atelier Totori: The Adventurer of Arland begins eight years after the first game and finds Totooria Helmond, Rorona’s student, venturing beyond Alanya in search of her mother Gisela. Atelier Meruru: The Apprentice of Arland follows Princess Merurulince Rede Arls as she aims to make her kingdom part of the Arland Republic by increasing its wealth and influence and ultimately claiming support for the development.

Significantly, each game in the Arland subset becomes progressively better than its predecessor. That said, all releases share elements that underscore their standing as parts of a whole: exploration and combat are crucial features, but the emphasis on crafting and alchemy is obvious. How studiously and steadfastly gamers tackle the latter may well determine the endings in store for them. As an aside, the imposition of time limits to tasks does make proceedings artificially difficult, especially when juxtaposed with the strides Atelier Lulua: The Scion of Arland has made in eschewing them altogether.

Still and all, the Arland Trilogy is a can’t-miss affair. If nothing else, going through them provides gamers with a much better perspective of the Republic and characters in the subset, not to mention the entire Atelier series.

How PSEi member stocks performed — July 22, 2019

Here’s a quick glance at how PSEi stocks fared on Monday, July 22, 2019.

 

Charter flights to Boracay gateway airports allowed again

THE GOVERNMENT is again allowing airlines to offer charter flights to Boracay gateway airports Kalibo and Caticlan after lifting the suspension on new flights that it issued last month, subject to limits on aircraft size.

The Civil Aeronautics Board (CAB) said in an advisory dated July 18 that it lifted the moratorium on new and additional charter flights going to the resort island a day earlier, under certain conditions that take into consideration the limits imposed on Boracay’s carrying capacity.

Because of the limited capacity of Boracay, the CAB said schedules for the new flights must be spread out on certain days of the season, which will be determined by the Air Operating Rights Division.

Tourism Secretary Bernadette Romulo-Puyat said in a text message Monday the carrying capacity of Boracay remains at 6,405 visitor arrivals per day.

The CAB also said the aircraft that may be used for the charter flights to Kalibo and Caticlan must have a maximum capacity of 200 passengers.

Airlines that wish to apply for new charter flights must provide a 30-day notice for before the intended start of operations. But the CAB noted it will act on an application within three days from an airline’s filing.

On June 11, the CAB issued an advisory suspending carriers from mounting new and additional flights to and from Kalibo and Caticlan during the dry season.

The CAB said in an April 17 advisory that carriers must ensure that Boracay-bound passengers have confirmed bookings with accredited hotels.

The government shut down the island for a six-month rehabilitation to facilitate an environmental cleanup after establishments were found to have been dumping sewage into the sea, among other polluting practices.

Budget carriers Cebu Pacific and Philippines AirAsia have said they were forced to reduce flights to the island to match its carrying capacity. — Denise A. Valdez

Two road projects could be awarded this year

DPWH logo
OFFICIAL GAZETTE

THE Department of Public Works and Highways (DPWH) hopes to award before the end of the year to private proponents two unsolicited highway proposals after they hurdle Swiss challenges.

Mark A. Villar, secretary for public works and highways, told reporters over the weekend DPWH is expecting to get the ball rolling on the Cavite-Tagaytay-Batangas Expressway (CTBEx) and Tarlac-Pangasinan-La Union Expressway (TPLEx) extension projects by year’s end.

“We’re hoping that by the end of the year (we could finish the Swiss challenge for CTBEx). I’m pretty confident,” he said, noting the project is only awaiting approval by the National Economic and Development Authority (NEDA), which is expected by the third quarter.

Regarding the extension of TPLEx to San Juan, La Union, Mr. Villar said: “We’re targeting to start that by this year. Because we’re planning on opening the Rosario exit by September. So ang target namin, sana tuloy-tuloy [Our target is to continue with the extension].”

Metro Pacific Tollways Corp. (MPTC)’s MPCALA Holdings, Inc. is proposing a P22.43-billion, 50.42-kilometer toll road that will link the Cavite-Laguna Expressway at Silang East Interchange to Tagaytay City and Nasugbu, Batangas.

MPTC President Rodrigo E. Franco earlier said the company is expecting the 60-day Swiss challenge for CTBEx to start sometime in the second half of the year.

Under the Swiss challenge, companies are invited to submit competing proposals to a project, which the original proponent has the right to match.

Meanwhile, San Miguel Corp. (SMC)’s P23.948-billion proposal for a TPLEx extension seeks to build a 59.4-kilometer toll road that will stretch the expressway from Rosario, La Union to San Juan, La Union.

Both MPCALA Holdings and SMC were given original proponent status by the DPWH for their CTBEx and TPLEx extension proposals last year.

The toll road projects are viewed by the DPWH as opportunities to support President Rodrigo R. Duterte’s push for infrastructure projects under the Build, Build, Build program.

MPTC is the tollways unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez

Axe to fall on corrupt officials after SONA

MORE OFFICIALS from various agencies are expected to be summoned by President Rodrigo R. Duterte after the State of the Nation Address (SONA) for their alleged involvement in corruption, the Presidential Anti-Corruption Commission (PACC) said Monday.

PACC Commissioner and Spokesperson Greco Antonious Beda B. Belgica told BusinessWorld in a phone interview on Monday: “Iniimbestigahan na po ngayon ‘yan. After SONA, marami sa kanila ipapatawag. Tapos ay pinaghahandaan na ‘yong mga rekomendasyon sa Pangulo (They are being investigated right now. After SONA, many of them will be summoned. The recommendations to the President on the disposal of their cases are being prepared.)”

He said these officials are from agencies that received the most corruption complaints. “Yung 64 Customs [officials and employees] marami pang kasunod ‘yan (more will follow the 64 Customs officials and employees).”

He said other agencies include the Bureau of Internal Revenue (BIR), Department of Public Works and Highways (DPWH), and Department of Environment and Natural Resources (DENR), whose personnel will be affected by the President’s “more drastic and massive” anti-corruption drive in the second half of his six-year term.

Mr. Belgica added that the administration will be “meaner” towards corrupt government officials.

“The mandate of the President for the next three years is to be more serious with corruption and to pursue systemic changes. We will be meaner to the corrupt,” he said.

He said the public should expect the government to be “merciless, walang padrino, at pasensya (the government will not respect powerful patrons and will have no patience for corruption)” in the remaining three years.

“Mas madiin lang kami ngayon. Walang consideration if you are into corruption. When we catch you, sibakin ka talaga namin, ipahiya ka namin, iwanan ka pa namin ng kaso (We will be firmer this time, and offer no consideration. We won’t just fire people, we will embarrass them and charge them in court),” he added.

Mr. Duterte announced on July 11 that he will be firing 64 officials and employees of the BoC due to their involvement in corruption.

On Thursday last week, he met with the officials and employees at the Palace, telling them that they will be given their day in court, consistent with due process.

“Administrative charges over allegations of corrupt practices in office will be filed against them before the Office of the Ombudsman, unless they opt to resign, and the prosecutors will ask for their immediate suspension,” the President’s Spokesperson Salvador S. Panelo said in a statement.

Mr. Panelo also said the President “would not begrudge them if they avail of legal remedies to question their removal from office.”

“Let this serve as a reminder to all those officials or employees in the government that they cannot escape liability or accountability for their acts of corruption under the Duterte administration,” Mr. Panelo said. — Arjay L. Balinbin

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