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Gov’t makes full award of Treasury bills

THE GOVERNMENT fully awarded the Treasury bills (T-bill) it auctioned off yesterday as rates declined across the board following easing inflation and the central bank’s recent monetary easing moves.

The Bureau of the Treasury (BTr) raised P20 billion as planned via T-bills on Monday with the offer more than twice oversubscribed, as bids totalled P41.7 billion.

Broken down, the government raised P8 billion as programmed via the 91-day T-bills, with total tenders reaching P14.65 billion. The debt papers fetched an average rate of 2.995%, 4.2 basis points (bp) lower than the 3.037% quoted during the Sept. 16 auction.

The BTr also awarded P6 billion in 182-day securities as planned out of total bids worth P12.75 billion. The yield on the three-month papers averaged at 3.171%, down by 24.9 bps from the previous 3.42%.

For the 364-day debt papers, the Treasury also borrowed P6 billion as planned as the tenor attracted bids worth P14.276 billion. The one-year papers fetched a 3.577% average rate, 8.9 bps lower than the 3.666% seen in the last auction.

At the secondary market, the three-month, six-month and one-year papers were quoted at 3.087%, 3.308% and 3.647%, respectively, on Monday, according to the PHP Bloomberg Valuation Service Reference Rates.

National Treasurer Rosalia V. De Leon said the lower rates fetched yesterday were expected following the Bangko Sentral ng Pilipinas’ (BSP) decision to reduce banks’ reserve requirement ratios (RRR) by another 100 bps effective November.

Ms. De Leon said rates are expected to decline further on the back of additional liquidity from the RRR cut, as well as the redemption of retail Treasury bonds (RTB) in November.

Kasi even in terms of the rates, we see na it would continue to trend downwards (We expect rates to continue to trend downwards). First, November, yung liquidity. Remember also…meron kaming RTB na redemption (The RRR cut will infuse additional liquidity. Remember also that we’re redeeming RTBs in November) so that’s additional liquidity into the system,” the official said.

The BSP last month said it will reduce the RRR of universal and commercial banks, thrift banks, and rural banks to 15%, five percent and three percent, respectively, by November.

The announcement followed the central bank’s decision to slash benchmark interest rates by 25 bps for the third time this year, taking the rates for overnight reverse repurchase, as well as overnight deposit and lending to four percent, 3.5% and 4.5%, respectively.

A bond trader added that inflation data released last Friday also affected yield movements.

“(Lower rates) should be expected because we had a 0.9% inflation rate last Friday and then likely the inflation rate for October should come alongside the same kind of level because last year — the highest are both in December in October,” the trader by phone yesterday.

Headline inflation eased further to 0.9% in September, the slowest in three years, amid lower food prices and electricity rates, the Philippine Statistics Authority reported on Friday. This compares to the 1.7% logged in August and the 6.7% print in the same month last year.

Last month’s inflation print fell at the low end of the BSP’s 0.6-1.4% forecast for September. It was also below the 1.1% median estimate in BusinessWorld’s poll of 16 economists.

For the nine months to September, headline inflation averaged at 2.8%, well within the BSP’s 2-4% target range for 2019.

Ms. De Leon said the market may have also priced in an “expected” cut by the US Federal Reserve this month amid the weak manufacturing and jobs data.

“They are pricing it in and also coming from the reports…from the Fed, very weak manufacturing data and even ‘yung sa (the) jobs report, so the Fed’s expected to deliver rate cut in October, ‘yung (at their) next policy meeting,”

The Institute for Supply Management (ISM) reported that the non-manufacturing activity index fell to a reading of 52.6 in September, the lowest since August 2016, from 56.4 in August. A reading above 50 indicates expansion in the services sector, which accounts for more than two-thirds of US economic activity.

The ISM also reported that its measure of national manufacturing activity plunged in September to its lowest level since June 2009, when the Great Recession was ending.

However, the US Labor department reported that the job growth increased slightly last month while the unemployment rate declined to 3.5%, lowest in nearly 50 years

After more than a decade, the Fed has cut twice this year, one in July and September, while the market wait for another cut on its next interest-rate setting meeting on Oct. 29 and 30.

2020 BORROWINGS
Meanwhile, Ms. De Leon said the government will maintain its 75:25 borrowing ratio next year in favor of domestic sources, but will consider borrowing again via the dollar, panda, samurai, and euro bond markets.

“But of course we’ll have to watch the markets…[and] whether we’ll continue to access those markets. Baka (Maybe) there would also be other markets that can be competitive,” she said.

The official said they are seeing a pickup in government disbursements in September and October and noted they are confident of maximizing the 3.2% deficit ceiling this year.

“We’re watching the disbursements and it’s really been picking up for the past two months. Even for October’s first week, we’ve seen very high disbursements, so if this trend continues, then we’ll see that slowly, the deficit level would also be directed towards the target of 3.2%… At the same time, revenues are also picking up, so that’s also compensating for the higher disbursements that we’re seeing,” Ms. De Leon said.

She added that the government’s borrowing plan for the year remains on track as it has a “strong cash position” to meet its spending plan this year and also for 2020.

The government is set to borrow P220 billion from the local market this quarter, broken down into P100 billion in T-bills and P120 billion via Treasury bonds.

It is looking to raise P1.189 trillion this year from local and foreign sources to fund its budget deficit, which is expected to widen to as much as 3.2% of gross domestic product. — B.M. Laforga with Reuters

Spinal Tap legal battle may not go all the way to 11

THE CREATORS of This is Spinal Tap and Vivendi SA’s Universal Music Group are close to settling a fight over profits from the 1984 cult classic.

“The parties appear to have reached a resolution in principle of the single remaining issue, subject to completing the documentation,” lawyers for the artists and UMG said in a filing Friday in federal court in Los Angeles. They said they expect to wrap up the settlement by Nov. 11.

UMG has the rights to the soundtrack of Spinal Tap. Another Vivendi entity, StudioCanal, which was also sued, owns the rights to the movie. The filing didn’t mention an imminent agreement between the Spinal Tap creators and StudioCanal.

A federal judge last year allowed fraud claims by actor/comedian Harry Shearer and the other creators of the mockumentary to proceed. In their lawsuit, they asked for $400 million in damages. After last year’s ruling, the artists and the companies put the lawsuit on hold so they could pursue a mediated settlement. — Bloomberg

Nissan dealership to open in Aseana City

D.M. Wenceslao & Associates, Inc. (DMW) struck a deal for the establishment of a Nissan car dealership inside its mixed-use estate in the Bay Area.

In a statement issued Monday, the listed property and construction firm said the deal will be undertaken by its 50%-owned firm Bay Resources and Development Corp. (BRADCO).

The Nissan dealership will occupy a 2,500-square meter lot along BRADCO Avenue in Aseana City that will be leased out over a 10-year period, with an option to extend for another five years. The project is set to be completed by 2021.

“We carry out an interim land use strategy with respect to certain land areas not slated for development in the next five to 10 years,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said in a statement.

“We intend to make such land available for lease for a variety of purposes. We believe such a strategy will help increase the brand awareness of Aseana City, and also add another income source to our group.”

Nissan will be the fourth auto brand to have its own dealership in Aseana City, following Ford, Honda, and Subaru.

Aseana City covers a total of 107.5 hectares, comprising about 73% of the company’s total landbank. The area houses a mix of residential, office, retail and government offices, among other locators.

The company previously said that it will continue selling land in Aseana City this year, with about 2,000-2,500 sq.m. programmed for sale.

DMW is spending P4 billion in capital expenditures this year, as it looks to take advantage of the strong demand for residential projects in Aseana City. This is part of the company’s plan to spend about P3-5 billion annually in the next five years, for a total of P21 billion until 2023.

The company’s net income attributable to the parent rose 17% to P1.22 billion in the first half of 2019, after gross revenues also picked up 17% to P1.30 billion.

Shares in DMW dropped 1.01% or 10 centavos to close at P9.80 each at the stock exchange on Monday. — Arra B. Francia

Groundbreaking for The Galleon

ORTIGAS & Company recently broke ground for its newest development The Galleon, a mixed-use, two-tower project in Ortigas Center.

The Offices at The Galleon will be the first to be built. The 31-level office building is targeting multi-national companies, conglomerates and professional firms.

The office and residential tower will share a two-level podium complex for food and retail establishments.

“Strategically located along ADB Avenue and near EDSA, The Galleon positions itself as the preferred office space as it offers convenience and accessibility for the public through its location,” Ortigas said in a statement.

Fitch Solutions sees PHL loan growth rebounding on BSP rate cuts, inflation

FITCH SOLUTIONS expects banks’ loans to grow faster this year following the Bangko Sentral ng Pilipinas’ (BSP) move to ease policy settings and on the back of consumer and corporate borrowings.

In a report released on Monday, the think tank said it sees banks’ credit growing by 13% this year and 15% in 2020, higher than its previous forecast of 11% and 12% for 2019 and 2020, respectively, published in 2018.

These compare to the actual 14.6% pace recorded in 2018.

Fitch Solutions said it sees loan growth rebounding after slower demand for loans seen earlier this year due to a weaker peso and the BSP’s successive rate hikes in 2018 triggered by record-high inflation, which hurt household confidence.

“At the same time, growing external demand weakness in recent quarters has also begun weighing on order activity. The resultant impact of higher borrowing rates and softening orders has contributed to weaker credit demand and thus slower credit supply growth, with loan growth coming in at 11.7% y-o-y in July 2019,” the think tank said.

“However, with monetary easing underway and a rebound in domestic confidence, we expect loan growth to improve over the coming quarters.”

The BSP has cut benchmark rates by 75 basis points (bp) thus far this year — announcing 25-bp cuts at its May 9, Aug. 8 and Sept. 26 policy meetings — to bring the interest rate on its overnight reverse repurchase facility to four percent, the overnight deposit rate to 3.5%, and the overnight lending rate to 4.5%.

These cuts partially dialled back a cumulative 175-bp increase implemented in 2018 as inflation spiked.

Fitch Solutions sees the BSP remaining dovish, penciling in another 25-bp cut in policy rates in the first quarter of 2020 and further reductions to banks’ reserve requirement ratios to boost credit supply.

“This informs our view for modest rebound in loan growth, peaking at around 15% in 2020. We do not currently anticipate the key policy rate to be reduced back to 3% in 2020, as it was during 2017, with the BSP only opting for aggressive easing in a more pronounced economic growth slowdown,” the think tank said.

The report noted that consumer borrowing is expected to improve further amid lower inflation, a stable peso, and better government spending.

“However, household consumer loans are a relatively small part of banks’ overall loan book — representing just 8.5% of the total as of June 2019 — and thus a rebound in lending will be heavily dependent on stronger borrowing from businesses,” Fitch Solutions said. “[W]ith domestic sentiment improving in 2019, we also see scope for lending for fixed capital investment or big ticket consumer goods to strengthen over the coming quarters.”

“More important will be the service, industry and retail trade sectors, which account for a greater share of credit demand and have all seen confidence strengthen in the third quarter,” Michael Langham, senior country risk analyst at Fitch Solutions, told BusinessWorld in an email.

“The focus on developing out the Universal Healthcare Act and 14.9% increase in budget allocation to the Department for Public Works and Healthcare in 2020 should ease pressure on Philippine workers to save and could boost the share of income used for consumption, which in turn could boost confidence to take on credit as well,” Mr. Langham added.

Fitch Solutions said primary downside risks to its forecast include a “more pronounced” slowdown in global growth and the ongoing trade tensions between the United States and China, as this could weigh on business sentiment and cause “a reversal in the domestic loan demand and Philippine banks to become more risk averse.”

Still, the think tank said banks’ capital buffers remain strong, with the industry’s capital adequacy ratio at 15.9% as of July. — Luz Wendy T. Noble

Variety shows at RWM’s Grand Bar

RESORTS WORLD MANILA’s (RWM) Grand Bar and Lounge presents features three variety shows for October.

Motown, the American label that released some of the best African-American records in the 1960s, comes alive in MoTown Funk: Soul Lotta Groove on Oct. 9, 11, 13, 16 and 18 at 10 p.m. The show presents the hits of Motown ranging from Psychedelic Soul to New Jack Swing favorites as popularized by such acts as Earth, Wind and Fire, Diana Ross and the Supremes, Aretha Franklin and much more.

Meanwhile, dance enthusiasts can relive the glitz and glamour of the disco era in Disco Glam on Oct. 15, 20, 22, 27 at 10 p.m. The show features world-class performers doing renditions of Bee Gees, ABBA, and Michael Jackson hits.

For those who grew up in the 1980s, The Grand Bar and Lounge presents Iconic 80s, featuring hits from the colorful decade that ushered the new wave, R&B, and pop classics we know today. Catch performances on Oct. 8, 10, 12, 17, 19, 24, 26, 31 at 10 p.m..

Motown Funk, Disco Glam, Iconic 80s are headlined by Shiela Valderrama-Martinez, Radha Cuadrado, Lani Ligot, Cris Pastor, Charlotte Fergusson, Jasmine Fritzgerald of Singing Sensations, Jex De Castro, Rhenwyn Gabalonzo, Chesko Rodriguez, James Uy, Marielle Mamaclay, Glob Ortega, Ava Jugueta, Joanne Lery, Shan Dela Vega, together with European acrobats and dancers Acro Salsa, Limerence Duo, and Dance Royalties.

These RWM entertainment features are open to RWM guests 21 and above, with a minimum cover charge of P800, consumable of food and drinks.

For more 10th anniversary entertainment offerings in Resorts World Manila, visit www.rwmanila.com.

Cignal TV signs partnership with Multisys

PLDT, Inc. subsidiary Multisys Technologies Corp. has been tapped by Cignal TV, Inc. to provide the television network with technology to streamline its business systems.

The company said in a statement Monday it has entered a strategic partnership with Cignal, which is also a PLDT affiliated company, for the integration of the firm’s pay television system.

“The said partnership will strengthen Cignal TV’s front and back-end processes such as sales, marketing, product development, and customer service through improved subscriber management system, provisioning systems, and billing systems,” the company said.

Multisys said the agreement is expected to help Cignal address customer needs for more innovative products and services.

The company wants to continue expanding its platform to engage with other industries such as information technology, government, health care, utilities, hospitality, retail and the academe. One of Multisys’ most known products is the Bayad Center mobile application, which was launched earlier this year.

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

Bria focuses on VisMin expansion

MASS HOUSING developer Bria Homes is ramping up expansion in key areas in Visayas and Mindanao where it sees sustained demand for affordable homes.

Bria Homes currently has over 50 mass-housing projects in the country.

In Visayas, there are Bria communities in Samar, Leyte, and Negros Occidental. In Mindanao, Bria also has communities in Cagayan de Oro, Misamis Oriental, Bukidnon, Davao del Norte, Davao del Sur, South Cotabato, and North Cotabato.

“All these, plus more developments in the works, were built to meet the need for secure, safe, and easy-on-the-pocket residences for Filipinos in Visayas and Mindanao,” the company said in a statement.

Bria Homes is a unit of listed Villar-led Golden Bria Holdings, Inc.

Klook x K-pop

By Cecille Santillan-Visto

Concert Review
Cosmic Celebration: Klook PH Turns 2
Sept. 7
World Trade Center

A TIE-UP between Klook and Korean pop may appear like an unlikely partnership. One is an online provider of various in-destination services while K-pop is the entertainment genre that has captured the fancy of audiences worldwide.

But as travel app Klook promises that its “experts all over the world uncover and curate the best experiences everyday,” the collaboration between the company and Korean entertainment to bring about a Hallyu high works hand-in-glove.

When Klook Philippines recently celebrated its second anniversary, it was evident that Klook and K-pop are a perfect fit. Klook’s corporate mission is “to connect travelers with experiences they want and need.” For K-pop fans, seeing their idols in the flesh is the ultimate experience.

For hundreds of fans of Monsta X and Weki Meki, the Cosmic Celebration: Klook PH Turns 2 held at the World Trade Center on September 7 provided the opportunity to be part of a mini-concert and fan meeting with these up-and-coming K-pop groups. There was no need to travel all the way to Seoul to see two of Korea’s hottest bands.

Monsta X and Weki Meki returned to the Philippines to be part of Cosmic Celebration. The six-member Monsta X was here in November 2016 for the Manila leg of their first Asian fan meeting in November 2016 while the eight ladies of Weki Meki were part of the MBC Show Champion in Manila in October last year.

It was a fun evening for the Monbebes, Monsta X’s fans, and the Ki-Lings, the fandom name of Weki Meki as the two group took time to interact with their fans while performing some of their latest and biggest hits.

Weki Meki (pronounced “Wee key mee key”) means eight ladies who each holds the key to a whole new world. Comprised of Ji Su Yeon, Elly, Choi Yoo Jung, Kim Do Yeon, Sei, Lua, Rina, and Lucy, Weki Meki sang seven songs opening with the upbeat “Picky” from their album Lock End LOL.

Although leader Su Yeon joined them on stage, she sat during the numbers as she was suffering from an unspecified leg injury. As she was mainly the group’s vocal group, she nonetheless managed to sing with Weki Meki.

Wearing matching white skimpy ensembles, there were minor adjustments in their choreography. They were able to pull off their dance routines sans Su Yeon. Their set list also included “True Valentine,” which they also sang during Show Champion in Manila. Most applauded is “Tiki-Taka (99%),” which the rookie group heavily promoted in Korean music shows last month. The Fantagio Entertainment talents also sang “Crush,” “Iron Boy,” “La” and “Whatever U Want.”

“The last time we were in the Philippines, the crowd was as hot as this! Now that we are back, we see that our fans are even wilder, and we miss this,” said Su Yeon.

Weki Meki, who celebrated their second anniversary in August, also played the “spaghetti” game with eight selected fans, who they fed with pasta while blindfolded.

For Monsta X, the show was a relatively short but nonetheless sweet.

As usual, the group dished out a power-packed performance, opening with “Shoot Out” and following it with “Mohae” (“What Are You Doing?”) which the group singled out as their favorite song.

The group from Starship Entertainment composed of Shownu, Wonho, Minhyu, Kihyun, Hyungwon, I.M, and Jooheon recently rose to international fame after being picked as the newest Pepsi endorsers. They also came to Manila fresh from their sold-out show at the Staples Center in Los Angeles, which was part of the group’s We Are Here tour in the US.

They also boast of collaborations with Steve Aoki and French Montana this year, and appearances in Good Morning America and Jimmy Kimmel Live!

“It’s fun to spend some time with our Filipino fans. We will try our best to come often and to stage a solo concert,” said Wonho, responding the clamor from the audience for Monsta X to hold a full concert in Manila.

The group was visibly relaxed during their set, taking advantage of the chance to interact with the fans, who were very close to the stage. In the slow rock, “Baek Seoltang” (“White Sugar”) they spent a good part time waving and posing for photos.

The fan chants in “Dramarama” and “Fallin’” were so loud. The members were so ecstatic at the warm reception that they cheerfully doused water to the hyped crowd. Kihyun, who was nursing a rib fracture, skipped the dance numbers.

At the end of the performance, VIP ticketholders were treated to a hi-touch session with the septet.

During the Ask Monsta X Q&A portion, the members also answered some of the questions submitted by fans. When asked, Hyungwon, who was sporting long curly locks which surprised fans, said one of his most memorable moments with his members was the recent trip to Jeju Island to film.

The Klook Cosmic Celebration was quite heavenly with Korean stars making the event literally glittery. With the online platform now offering events and concerts of varying genres, not just K-pop, there are more reasons for fans to book with Klook.

LANDBANK simplifies documents, requirements for loan applications

STATE-OWNED Land Bank of the Philippines (LANDBANK) has simplified its loan application process to make credit more accessible to farmers and fishermen.

LANDBANK has condensed its application form into one document from the previous three separate documents and included tick boxes for more straightforward approach, it said in a statement on Monday. Previously, the three documents to be filled out were the application form, sworn statement and the data privacy consent form.

It said the promissory note document required was also shortened into one page from the previous 14-page long form. Basic requirements were also trimmed down to a loan application form, a simple farm plan and a barangay clearance for borrowers of the Agricultural Competitiveness Enhancement Fund (ACEF).

“We understand that applying for loans can be intimidating, especially for small farmers and fishers, so we have started making basic improvements in our processes to make it easier for them to avail of loans,” LANDBANK President and CEO Cecilia C. Borromeo was quoted as saying in the statement.

The average turnaround time of loan applications was also reduced to one day compared to the maximum 10-day commitment to the Governance Commission for Government-owned and controlled corporations.

Agriculture Secretary William D. Dar assured in late August that a more simplified loan access for farmers will be provided by LANDBANK as they finalize new lending agreements.

The bank said it also standardized interest rates to five percent per year for most of its direct lending programs for farmers and fisherfolk.

Meanwhile, a fixed two percent interest rate per annum were set to the retail lending programs that LANDBANK administers for the Department of Agriculture (DA), including the ACEF Lending Program and the Socialized Credit Program under the Sugarcane Industry Development Act.

LANDBANK, along with the DA, has launched the Expanded Survival and Recovery Assistance program, or the SURE Aid, aimed to provide one-time zero-interest loan of P15,000 for farmers tilling one hectare and below.

“This is just the beginning as we are actively looking for ways to further improve the loan application process for our farmer and fisher borrowers. Through these efforts, we hope to encourage them to go to LANDBANK instead of borrowing from informal lenders who charge significantly higher rates,” Ms. Borromeo added.

E-sports firm taps Now for internet service

NOW CORP. is signing more long-term deals with clients for its fixed wireless broadband service, the latest of which is with a local e-sports company.

The Velarde-led listed firm said in a statement Monday it has signed a two-year service agreement with BrenPro, Inc. to provide its Fiber Air service to the company’s e-sports training facility in Makati City.

“Internet connection is mission critical for BrenPro and Now Corp.’s Fiber Air is more than capable and willing to answer the challenges of low latency and high capacity internet and provide the best service it can to improve and promote the Philippine esports industry,” Now Corp. Chief Operating Officer Rodolfo P. Pantoja was quoted in the statement as saying.

Now Corp. said BrenPro’s 2,000-square meter office in Makati is home to the biggest e-sports training complex in Southeast Asia. It is also used for several professional video production and professional live streaming events.

“We are confident that our internet service will provide the competitive advantage that BrenPro is looking for,” Mr. Pantoja said.

For his part, BrenPro Chief Operating Officer Leo Andrew “Jab” Escutin said the company chose Now Corp. because of the quick activation of the service which took less than a month. “We value partnerships that provide a premium, value added care to our needs. Now’s first-class accommodation endeared their brand with BrenPro’s brand of excellence,” he was quoted as saying.

The announcement of Now Corp.’s partnership with BrenPro came after it said last week it also signed a multi-year agreement with Union Bank of the Philippines to provide connectivity in its headquarters in Ortigas Center, Pasig City. — Denise A. Valdez

Frustrating

They Are Billions
PlayStation 4

DEVELOPER Numantian Games’ They Are Billions is one of Steam’s Early Access success stories. Despite its humble beginnings, it has managed to make a name for itself in a genre that many consider long dormant. Presenting a mix of city-building, tower-defense and real-time-strategy elements in a post-apocalyptic setting, it pits a budding human colony against innumerable hordes of the undead in the late 22nd century. Its gameplay forces the last bastions of the human race to build and develop a base of operations on which they survive, and then thrive, against a seemingly never-ending tide of flesh-tearing, brain-eating zombies.

Released during the holiday season in 2017, They Are Billions became a certified hit, and fast. Instead of resting on its laurels, however, Numantian Games listened to feedback from gamers and continually improved on its intellectual property, thus keeping its forward momentum. And given the positive response, a crossover to the Xbox One and PlayStation 4 was a matter of when, not if. It now finds itself a home in the libraries of current-generation console owners as one of the few RTS titles that can be played with a controller in hand. But how well? Is it really just as good as on the PC?

For the most part, the PS4 port of They Are Billions hews close to its original version. It looks and feels great, and, the learning curve notwithstanding, plays pretty fluidly. Those who have already taken on its challenges with keyboard-and-mouse setups will be happy to note that it‘s a near-perfect recreation; it renders the same components — from units to buildings to enemies — the exact same way, and forces gamers to approach decision points as they would on the PC. Build houses and high walls. Scavenge for resources. Juggle the management of food, power, and research — all while preparing colony against the inevitable next wave of the undead.

Which is all well and good, except for one thing: The DS4 controller gamers rely on to see their intentions through on the PS4 is limiting at best. As adept as they may be in the use of analog sticks and controller buttons, there’s simply no way they can go as fast as if they had a keyboard and mouse instead. The handicap isn’t apparent in, say, building planning and placement — which can be done with minimal effort even with imprecise controls. There’s no rush to doing it, either, as the option to pause the gameplay allows for an unlimited amount of time to formulate plans. Meanwhile, control groups are still present, and units team in as responsive. When things are hunky dory, navigation is easy going.

For gamers, the frustrations set in when They Are Billions hits its pressure notes. During tense sequences, when supposedly quick decisions make all the difference between life and death, micromanagement is all but impossible on the controller. For example, the DS4 makes it far more difficult to root out smaller pockets of zombies without casualties. Pathfinding has, even on the PC, been serviceable at best, with units frequently getting stuck on buildings. It’s a relatively minor issue overall, but when coupled with a controller setup, can lead to some pretty slow and frustrating sessions of jostling and maneuvering.

The complications of imprecise unit movements are magnified when gamers are compelled to command large groups. Late in They Are Billions, when proper placements of humongous armies of soldiers are required to progress, the lack of fluidity and precision becomes such a nagging irritant that pausing the proceedings winds up being the only remedy. And while the virtual cheat doesn’t render the game unplayable, it dampens much of the pacing and tension, countering its very purpose; its more action-packed segments are supposed to make adrenaline flow, not artificially stimulate gray cells.

Significantly, They Are Billions on the PS4 likewise carries over the PC version’s blemishes. The lack of a fast-forward button remains an issue, and slowdown is still noticeable, especially in the busy denouement. While not exactly deal breakers, they do tend to underscore deficiencies vis-à-vis the source material. Which, to be sure, are compounded by the absence of a campaign narrative (albeit a corrective patch has been promised for rollout next month). That said, it manages to live up to its name as an enjoyable romp for console owners with no access to the original.

THE GOOD:

• A faithful port of the highly acclaimed PC version, with the same presentation and gameplay elements

• A heady mix of city building and zombie killing

• Decently paced RTS-cum-survival offering

THE BAD:

• No campaign narrative; patch still incoming

• Intrinsic limitations of controller

• Still misses essential features that should have otherwise cut down tedium

RATING: 7.5/10

POSTSCRIPT: Taimumari: Complete Edition is an impressive port of a highly regarded platformer released on Steam two months short of four years ago. As the title suggests, the Nintendo Switch version already contains the main game and a couple of additional modes otherwise offered separately on the personal computer. And developer TERNOX has changed nothing in the presentation; it likewise has gamers control Himari, a young wizard sent off by High Keeperess Kanamishi to travel across ages in an effort to return to citizens of Zaria the capacity to care for time and thereby restore balance to the world.

Taimumari: Complete Edition’s side-scrolling gameplay is seemingly simple. As gamers go through themed levels that take on the character of their final boss, they’re able to get Himari to scale walls and do double jumps and forward dashes, not to mention inflict damage at close range through a trusty sword or from afar via magic spells. For all the no-frills look it adopts by way of homage to the glory days of eight-bit consoles, however, is likewise retro in the challenges it presents. It offers three difficulty settings, but, regardless of choice, death should be seen as inevitable.

There are five levels all told, all fairly lengthy and requiring quick reflexes and impressive hand-eye coordination to navigate. For every run-through, Taimumari: Complete Edition allows for just three lives; using them all up requires a restart of the given level from scratch. Thankfully, gamers are afforded skill upgrades between levels via stars collected during the journey. That said, button mashing is a requisite in the face of the maximum four spells being subjected to depleting, albeit replenishable, mana. Enemy variety is limited, but the bosses do take significant work to overcome.

In the final analysis, Taimumari: Complete Edition manages to justify its significantly higher price point on the Switch. At $14.99, it’s a heady throwback to an era in which gamers grappled between plodding on and simply throwing their controllers at the television screen. This time around, they benefit from portability even while being treated to old-school graphics and sounds. And by the time they do get to finish it after half a dozen hours, they will have felt a keen sense of accomplishment. (8/10)

THE LAST WORD: Idea Factory International has partnered with Limited Run Games for the physical release of Mary Skelter 2. Set to be up for preorder on Nov. 26, the Switch version of the three-dimensional dungeon crawler includes Mary Skelter: Nightmares, the first installment of the series previously available only on the PlayStation Vita, but revamped for system improvements and balancing adjustments.

Mary Skelter 2 was previously out on the PlayStation 4 in Japan. It’s a direct sequel to Mary Skelter: Nightmares, which saw principal protagonist Jack and best friend Alice try to escape “The Jail,” an underground prison administered by the monstrous Marchen. Boasting of a new battle system that gives Jack the power to become a “Nightmare,” but at staggering cost, it is slated to go live on the Nintendo eShop later this month.