Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 9432

Economic growth may fall below 5% this year

MOODY’S ANALYTICS has lowered its 2020 growth outlook for the Philippines to below five percent on expectations the coronavirus disease 2019 (COVID-19) will affect exports and tourism, among others.

“We are expecting COVID-19 will shave one percentage point off Philippines’ GDP (gross domestic product) growth in 2020, bringing it to 4.9%,” Moody’s Analytics economist Katrina Ell said in an e-mailed response to BusinessWorld.

If realized, this would be much lower than the 5.9% growth logged in 2019, which was below the downward-revised 6-6.5% target.

The government targets GDP growth of 6.5-7.5% this year. National Economic and Development Authority (NEDA) Undersecretary Rosemarie G. Edillon said earlier this week that they are now looking at a 5.5-6.5% GDP growth in 2020 due to the outbreak, with the impact of the virus now expected to be bigger than initially estimated.

Moody’s Analytics in January had a 6.7% growth outlook for the Philippine economy for this year.

Earlier, Moody’s Investors Service also downgraded its 2020 growth outlook for the country to 6.1% in February from a previous 6.2% estimate.

In a note sent to reporters on Thursday, Moody’s Analytics said the economic cost of the virus will largely depend on the length of time it would take to contain it, as well as the number of confirmed cases.

“While a health epidemic typically brings a strong revival in activity after containment, the COVID-19 outbreak has not reached that point, and the economic toll has increased,” Ms. Ell said in the report.

Moody’s Analytics also downgraded its global growth forecast to 1.9% from its 2.6% estimate in January. Likewise, it cut its outlook for China’s expansion to 4.6% from the 6.2% it gave in January.

TOURISM TAKES A HIT
“The Philippines is exposed to COVID-19 via a number of channels, with a particular hit expected from a loss of service exports, including tourism,” Ms. Ell said.

The NEDA estimates the local tourism industry could sustain foregone gross value of about P93 billion to P187 billion this year on the back of the virus spread. With the country’s top tourism markets China and South Korea being the most hit by the virus, the Philippines may possibly see a 1.42-million reduction in foreign tourist arrivals this year.

“There would also be a blow to remittances from abroad that hurt consumer spending and investment,” Ms. Ell added.

Foreign direct investment (FDI) inflows to the Philippines fell by 23.1% to $7.647 billion last year from $9.949 billion in 2018. The 2019 inflows went beyond the downgraded $6.8-billion target for 2019. This year, the government eyes to secure $8.8 billion worth of FDI inflows.

Meanwhile, cash remittances from overseas Filipino workers (OFW) inched up by 4.1% in 2019 to a record $30.133 billion from $28.943 billion in 2018.

Although analysts have said the COVID-19 outbreak could dampen remittance growth, with a quarter of inflows coming from parts of Asia, they said the diversity of OFW deployment across different jurisdictions could cushion the impact. — Luz Wendy T. Noble

Metro Manila water providers to adjust rates in second quarter

METRO MANILA water concessionaires secured the go signal from the Metropolitan Waterworks and Sewerage System (MWSS) to adjust rates in the second quarter.

In a statement, the board of trustees of the MWSS approved the implementation of the foreign currency differential adjustment (FCDA) for Manila Water Company, Inc. and Maynilad Water Services, Inc.

Customers of east zone concessionaire Manila Water will face lower water bills, while those of west zone concesisonaire Maynilad will see a slight increase in their monthly bills.

Manila Water will implement an FCDA of 1.69% or P0.48 per cubic meter (cu.m.) of its average basic charge of P28.52 per cu.m.

Residential customers of Manila Water who consume 10 cubic meters or less will see their monthly bills reduced by P1.11, while those who consume 20 cu.m. and 30 cu.m.will see a P2.46 and P5.02 reduction in their bills, respectively.

On the other hand, Maynilad will implement an FCDA of negative 0.21% or P0.08 per cu.m. of its average basic charge of P36.24 per cu.m.

This would mean Maynilad residential customers who consume 10 cms or less will see a P0.18 increase in their monthly bills. Customers who use 20 cms and 30 cms per month can expect their bills to rise by P0.69 and P1.40, respectively.

Water concessionaires are allowed to recover losses or give back gains through the FCDA tariff mechanism that factors in the movements of the peso against foreign currencies. The FCDA mechanism has been set because the water concessionaires pay foreign currency-denominated concession fees to MWSS as well as loans to fund service improvement projects that will expand and upgrade water and wastewater services.

Meanwhile, the National Water Resources Board (NWRB) is increasing the current water allocation for the two water concessionaires in Metro Manila, amid the continuous spread of the coronavirus disease 2019 (COVID-19).

In a text message yesterday, NWRB Executive Director Sevillo D. David, Jr. said they would hike the allocation from 42 cu.m. per second to 46 cu.m. per second from Angat Dam effective March 12.

“This is to ensure steady water supply for Metro Manila considering the declaration of the state of public health emergency and the importance of water in undertaking the preventive measures against COVID-19,” he said. — R.M.D.Ochave

PSALM studies SMC prepay offer

THE government is considering the offer of San Miguel Corp. (SMC) subsidiary South Premiere Power Corp. (SPPC) to pay in advance its obligations for administering a 1,200-megawatt power plant in Batangas.

“We will study it,” Irene J. Besido-Garcia, president and chief executive officer of the Power Sector Assets and Liabilities Management Corp. (PSALM), told the House committee on public accounts and the committee on good government and public accountability on Wednesday.

On Monday, SPPC announced that it was willing to pay ahead P22.68 billion representing the accumulated monthly payments to PSALM between this month up to June 2022.

SPPC had said that under its original independent power producer administration (IPPA) agreement with PSALM, the SMC unit is supposed to pay the state firm fixed monthly payments for its right to market the energy capacity from the Ilijan, Batangas power plant.

Administrators of these agreements are qualified private entities that manage the output under the contracts entered into by state-led National Power Corp. with independent power producers. They are appointed through public bidding conducted by PSALM.

SPPC General Manager Elenita D. Go told the two committees on Wednesday that the offer is “without prejudice” to the SMC subsidiary pursuing the case it filed against PSALM in 2015, which is pending with Branch 208 of the Mandaluyong City Regional Trial Court.

The energy firm is contesting the P23.94 billion in alleged debts that PSALM last month said it would run after. SPPC is asserting another formula for computing its payables to PSALM.

Anakalusugan Partylist Rep. Michael T. Defensor and chair of the committee on public accounts said in a statement on Wednesday that the other four companies had also committed to settle their financial obligations to the government.

The companies are Manila Electric Co. (Meralco), which has an indebtedness of P15 billion; Northern Renewables Generation Corp., with P4.6 billion; Filinvest Development Corp. (FDC) Misamis Power Corp., which owes P2.6 billion; and FDC Utilities, Inc., which has a P1.2-billion debt.

“We can collect P15 billion from Meralco because the office of Solicitor General Jose [C.] Calida is willing to withdraw its motion for intervention that has delayed the implementation of the settlement agreement between Meralco and PSALM,” he said.

Mr. Defensor noted that the House hearings prompted the electricity producers and distributors to pay their obligations.

“Since we started the inquiry, there has been a lot of movement in the energy sector. We have to help the government collect the huge indebtedness of P95.4 billion or this would eventually be absorbed by Filipino consumers in terms of higher electricity rates,” he said.

The congressman added that the money can be used to “augment the funds of the Department of Health and government hospitals in containing the spread of the coronavirus disease and in treating patients.”— Genshen L. Espedido

Tom Hanks, wife Rita Wilson test positive for coronavirus

LOS ANGELES — Oscar-winning actor Tom Hanks and his wife, actress Rita Wilson, have both tested positive for coronavirus in Australia, the actor said on Twitter.

“To play things right, as is needed in the world right now, we were tested for the coronavirus and were found to be positive,” Hanks said in the tweet.

The film star said that he and Wilson would be “tested, observed and isolated” for as long as required.

The couple are the first major US celebrities known to have contracted COVID-19. The coronavirus has infected more than 1,000 people in the United States.

“Not much more to it than a one-day-at-a-time approach, no? We’ll keep the world posted and updated,” Hanks tweeted.

Hanks had traveled to Australia to begin filming an upcoming movie about Elvis Presley. He is set to play Presley’s manager, Colonel Tom Parker, in the Warner Bros. production.

“We have been made aware that a company member from our Elvis feature film, which is currently in pre-production in The Gold Coast, Australia, has tested positive for COVID-19,” Warner Bros. said in a statement, without naming the person.

“We are working closely with the appropriate Australian health agencies to identify and contact anyone who may have come in direct contact with the individual.

“The health and safety of our company members is always our top priority, and we are taking precautions to protect everyone who works on our productions around the world,” the studio said.

The Warner Bros. statement did not mention Hanks.

It was not immediately clear if filming on the project would be postponed due to the actor’s illness.

Hanks won best actor Academy Awards for his role in 1994’s Philadelphia, in which he plays a man stricken with AIDS, and Forrest Gump the following year. Wilson has appeared in such films as Sleepless in Seattle and Runaway Bride.

The coronavirus has infected more than 121,000 people in 118 countries while over 4,300 people have died due to the virus, according to a Reuters tally. In the United States at least 37 people have died from the respiratory illness.

AVOIDING RESTRICTIONS
Meanwhile, US rock band Nada Surf decided the show must go on when France, in the grip of the coronavirus epidemic, banned crowds of more than 1,000 people in indoor venues. To get around the ban, they were to play the same Paris concert twice in one evening.

On Tuesday, rock singer Van Morrison also played two shows in Paris’ Olympia concert hall to get around crowd limits.

Nada Surf’s Weber said he expects concerts in London, Manchester, Dublin, and Glasgow in the next four days will also go ahead as planned, but added that he feared that the next leg of the band’s European tour may be affected. In April, the band has scheduled performances in several European countries, including Italy, which has been under lockdown since Monday.

Madonna canceled shows in Paris on Tuesday and Wednesday due to restrictions imposed over the coronavirus outbreak, promoter Live Nation said on Monday.

France has more than 1,600 confirmed coronavirus infections and a death toll of 30, but has no limits on travel.

COACHELLA POSTPONED
The Coachella music festival in the Southern California desert has been postponed for six months until October because of concerns over the coronavirus, organizer Goldenvoice said on Tuesday.

The festival, one of the biggest in the world, brings half a million fans to an open-air site in Indio, east of Los Angeles, over two weekends and was due to take place on April 10-12 and April 17-19. The 20-year-old festival will now take place Oct. 9-11 and Oct. 16-18.

The line-up this year was headlined by Rage Against the Machine, Frank Ocean and Travis Scott.

The producer Goldenvoice said it had also postponed Stagecoach, a country music festival held in Indio, to Oct. 23-25 from April.

The decisions follow the cancellation last week of the South by South West festival of film, music, technology that had been scheduled for March 13-22 in Austin, Texas.

Musicians have canceled concerts in Asia and Europe because of the spread of the virus, and American rock band Pearl Jam on Monday announced it was postponing all of its planned US and Canada dates through the end of April.

MULAN PREMIERE GOES ON
Walt Disney Co. held a red carpet premiere for its action epic Mulan on Monday, pushing ahead with the movie’s rollout even though the coronavirus spread will keep the film out of China, the second-largest film market, indefinitely.

At the moment, film studios have decided the show must go on at movie theaters in most of the world. The major exception is James Bond thriller No Time to Die, which producers moved to November from April.

On Tuesday, Sony Pictures postponed to August the release of Peter Rabbit 2: The Runaway citing disruption in the movie market in Europe. Italy on Tuesday placed the entire country on lockdown and France has banned gatherings of more than 1,000 people in a bid to contain the virus.

Hollywood studio executives are closely watching the spread of the coronavirus and the upcoming film calendar. Summer blockbuster season is scheduled to kick off May 1 with Disney’s Marvel adventure Black Widow, followed by a new Fast and Furious spectacle from Comcast Corp.’s Universal Pictures, a Top Gun sequel from ViacomCBS Inc’s Paramount Pictures, and other big-budget action flicks.

If the coronavirus keeps people at home or shuts more theaters, it would threaten box office receipts during Hollywood’s most lucrative season. Movie theaters are closed across China and Italy and in part of France.

The situation puts movie studios in “uncharted waters,” said Jeff Goldstein, president of domestic distribution at AT&T Inc.’s Warner Bros. studio.

Warner Bros. has not delayed any film openings, Goldstein said, “but we have an open mind. We will have to look at everything and see how it unfolds.”

Mulan, a $200 million live-action remake of Disney’s animated classic, has been expected to rank as one of the company’s biggest hits of the year.

The movie was tailored to appeal especially to the Chinese market. The story features a Chinese heroine and an all-Asian cast, and parts were filmed in China. The central character is played by Yifei Liu, a film and TV actress well known in China.

It was unclear when Chinese movie theaters will re-open. The movie is set to debut in the United States on March 27.

K-POP HALTS SHOWS
Japan’s travel restrictions on South Koreans over the coronavirus epidemic have spurred cancellations of a string of K-pop concerts scheduled in Japan, threatening to hurt the Korean entertainment industry in its most lucrative market.

Japan said starting Monday, people arriving from South Korea will be quarantined for two weeks. Tokyo also suspended visa waivers and the validity of existing visas for Koreans, followed by a similar move by South Korea, rekindling a diplomatic feud between the neighbors.

South Korean boy band Super Junior called off its tours scheduled to take place on March 25 and 26 in Japan, citing the Japanese government’s measures to “curb immigration.”

South Korea’s entertainment firm CJ ENM followed suit, postponing its annual K-pop festival KCON in Japan. KCON in Japan last year drew more than 88,000 fans, according to CJ ENM.

Japan’s travel restrictions are a fresh blow to the entertainment industry in the wake of a fast-spreading virus. K-pop events have also been canceled or postponed elsewhere in the world because of the epidemic.

A Korean music festival in Los Angeles, originally planed for April 25, was postponed due to “travel restrictions in Asia.”

At home, boy band BTS canceled its scheduled April concert in Seoul, amid growing concerns of the new coronavirus outbreak, its music label, Big Hit Entertainment previously said. — Reuters

Ayala Corp. net income up 11%

AYALA CORP. (AC) posted an 11% increase in earnings in 2019, lifted by gains from divesting in its education and energy businesses and higher consumer demand from its property, telecommunications and banking segments.

In a statement yesterday, the conglomerate said its attributable net income last year rose to P35.28 billion, as revenues climbed 4% to P295.26 billion. Costs and expenses stood at P222.10 billion, 3% up from a year ago.

The bulk of its profits came from its property segment, through Ayala Land, Inc. (ALI), which recorded a net income increase of 13% to P33.20 billion. This was driven by the growth of sales from office lots (up 12%) and commercial and industrial lots (up 46%), along with 33% higher revenues from commercial leasing to P39.30 billion.

The banking segment, operated by Bank of the Philippine Islands (BPI), added P28.80 billion in net profits to jump 25%. The rise was due to an 18% increase in net interest income to P65.90 billion, a 9% loan growth to P1.48 trillion, 7% growth in deposits to P1.70 trillion and a 25% rise in fee-based and securities trading income to P28.40 billion.

Globe Telecom, Inc., which operates AC’s telecommunications business, had a net income of P22.30 billion, rising 20% year on year. Higher demand for data-related products and services lifted service revenues last year by 12% to P149 billion.

Power unit AC Energy, Inc. added P24.60 billion in net earnings, fueled by returns from its solar projects in Vietnam, tamer costs from tweaking operations in power plants, and gains from divesting some of its thermal assets.

Water business Manila Water Co., Inc. saw a 16% decline in profits to P5.50 billion, mainly due to the shortage of water supply last March. The company also waived bills in April due to the drop in water availability at the La Mesa dam. Costs and expenses last year for Metro Manila’s east zone concession jumped 32% to P6.40 billion.

Posting a net loss was AC Industrials, which handles AC’s electronics manufacturing and automotive business. Its losses stood at P2.40 billion primarily due to a global, industry-wide decline in the electronics manufacturing services and global auto industries business. Under AC Industrials are Integrated Micro-Electronics, Inc. and AC Motors, which both saw a net loss of $7.80 million and P337 million, respectively.

“The events of the past year have challenged the stability of our corporate momentum over the last decade. However, Ayala has proven its resilience across multiple business cycles over the 186 years that we have been in operation,” AC Chairman and Chief Executive Officer Jaime Augusto Zobel de Ayala said in the statement.

“Notwithstanding the challenges faced by our water and global manufacturing businesses in the past year, our real estate, banking, telco, and power units continue to serve as engines of growth. This validates the strength of a diversified portfolio and the expansion strategy we put in place a decade ago,” AC President and Chief Operating Officer Fernando Zobel de Ayala added.

AC spent P215 billion for capital investments last year, of which P109 billion went to ALI and P51 billion to Globe. Some P30 billion were parent-only capital expenditures, which are investments in the company’s newer businesses.

Shares in AC at the stock exchange lost P40.50 or 6.32% to close P600 apiece on Thursday. — Denise A. Valdez

Moira chosen for Mulan song

SINGER Moira dela Torre has been chosen by Disney Philippines to sing the country’s version of the Mulan anthem, “Reflection,” for the reimagined version of Mulan screening on March 25.

“I became very emotional [when I was told I was going to sing ‘Reflection’] because ‘Reflection’ is very special to me. It’s the first-ever song I performed in public, and also the first full song that I learned on my own. It basically launched my love for music,” Ms. Dela Torre said during a launch party on March 3 at the Shangri-La at the Fort in Bonifacio Global City, Taguig.

The ballad, which represents Fa Mulan’s yearning to be her own woman, on her own terms, was written by Matthew Wilder and David Zippel for the Disney animated film, Mulan. The song’s movie version was sung by Lea Salonga while another version was recorded by Christina Aguilera.

The story is based off of the Chinese folk tale, “Ballad of Mulan” by Guo Maoqing in the 6th century, which tells of the titular character fighting off northern invaders despite being a woman at a time when women were not allowed to serve the army.

While the new Mulan film will not be a musical, the film’s producer Jason Reed noted in an interview with Collider.com in February that “there are a number of songs that are iconic for the movie and tell a great version of the story and they are very helpful to us in how we’re putting the movie together.”

“We made the decision that we wanted to keep the world — even though it’s a fantasy — more grounded, more realistic so those emotions really played and the threat is very real. So we are using music in a slightly different way,” he added.

The song was Ms. Salonga’s second Disney princess song after singing Aladdin’s (1992) “A Whole New World.” The local version of “A Whole New World” for the Aladdin live-action remake in 2019 was sung by Darren Espanto and Morrisette Amon.

“It’s funny how it speaks about self-doubt and questioning who you see in the mirror every day. That’s basically me, but every time I feel that happening now, I feel braver. This song came back at a perfect time in my life, and I could only happy and grateful,” she added.

Her rendition of “Reflection” and its accompanying music video will launch on March 20. Ms. Dela Torre said that the video felt like a homecoming because “the video was shot in an auditorium and my first music video was also shot in an auditorium.” Her debut single was “Love Me Instead” from 2004.

Mulan is set to hit Philippine screens on March 25. Liu Yifei plays Mulan while Jet Li plays the Emperor of China. Other cast members include Jason Scott Lee, Donnie Yen, and Gong Li. The film is directed by Niki Caro. — Zsarlene B. Chua

SMC reports flat earnings as fuel, food units slip

SAN MIGUEL CORP. (SMC) posted flat earnings in 2019, dragged by a decline in earnings from its oil and food businesses.

In a presentation to investors yesterday, the listed conglomerate said net income last year was steady as sales ended flat at P1.02 trillion.

Consolidated operating income dipped 1% to P115.72 billion, which it traced to lower returns from Petron Corp. and San Miguel Foods.

Petron posted a 67% drop in net income last year to P2.3 billion, as sales likewise fell 8% to P514.36 billion. This was driven by cheaper average selling prices, lower consolidated volumes, an oversupply situation and a temporary shutdown of one of its refineries.

“Petron faced many challenges throughout the year: volatile international prices that resulted to significantly weaker margins, a major shutdown of its Bataan Refinery due to an earthquake, the implementation of the second tranche of the excise tax increase, and the continued proliferation of white stations,” SMC said in a statement.

San Miguel Foods, a division of listed San Miguel Food and Beverage, Inc. (SMFB), also saw a 41% decline in net income to P3.45 billion despite a 5% growth in net sales to P139.46 billion. SMC attributed it to the lower poultry prices in the first half of 2019, the spread of the African Swine Flu and expenses from opening new facilities.

But SMFB closed with a 6% rise in net income to P32.28 billion, lifted by the improved performance of its beer and spirits businesses, which climbed 6% and 14%, respectively. Consolidated revenues also grew 9% to P310.79 billion.

SMC’s power business, through SMC Global Power Holdings Corp., saw a 73% jump in net income to P14.36 billion. Sales likewise increased 12% to P135.06 billion.

“(SMC Global Power) ended the year with consolidated off-take volume of 28,112 gigawatt hour, 18% higher than in the same period last year. This was the result of higher bilateral sales volumes and longer operating hours for the Sual and Ilijan power plants,” the company said.

“The full year operation of Unit 2 of the Malita, Davao plant and Unit 3 of the Limay plant, along with added capacity from Unit 4 of Limay, also boosted the power unit’s performance,” it added.

SMC Infrastructure, which operates toll roads across the country, added P23.41 billion in sales in 2019, down 5% year on year.

Shares in SMC at the stock exchange shed P9.50 or 7.95% to close P110 each yesterday. — Denise A. Valdez

Billie Eilish’s ‘bad guy’ is top global single for 2019

LONDON — Billie Eilish’s “bad guy,” a pounding song that pokes fun at distorted perceptions, was named as the top global single of 2019 by the record industry.

The song, the fifth single from the 18-year-old American singer’s first album, WHEN WE ALL FALL ASLEEP, WHERE DO WE GO?, was a hit across the world and the most listened-to track of the year.

“So you’re a tough guy, like it really rough guy, just can’t get enough guy, chest always so puffed guy,” Eilish sings in the chorus, sometimes wearing a snorkel and mask and sometimes smearing blood from her nose over her face.

“I’m that bad type, make your mama sad type, make your girlfriend mad tight, might seduce your dad type, I’m the bad guy, Duh,” she sings.

In her official “bad guy” video, which has had 809 million views on YouTube, she finishes the song by sitting cross-legged on top of a man who is doing press ups.

IFPI, which represents the recording industry, said the track came top of its digital singles chart, with 19.5 million track equivalents, ahead of Lil Nas X’s “Old Town Road” which came second with 18.4 million track equivalents.

Last month, it was announced that Eilish will sing the title song from the latest James Bond film No Time to Die.

“Billie Eilish has taken the world by storm with her incredible voice and genre-defying sound,” said IFPI Chief Executive Frances Moore.

“She is also an artist who addresses important issues like mental health in her lyrics that clearly resonate with her fans all over the world,” Moore said. — Reuters

Max’s Group says earnings rise 15% as fourth-quarter sales surge

EARNINGS of Max’s Group, Inc. (MGI) grew 14.8% in 2019 on the back of stronger revenues recorded during the fourth quarter.

In a statement yesterday, the listed restaurant operator said its net income last year stood at P724.23 million. Most of it came from the 27.1% rise in net income in the fourth quarter to reach P229.45 million.

System-wide sales, or the sales to consumers from across its store network, increased 7% to P20.11 billion for the whole year. Revenues likewise climbed 5.3% to P14.4 billion.

“Our performance demonstrates the success of our strategies to focus on our core business and spur long-term expansion through franchising,” MGI President and Chief Executive Officer Robert F. Trota was quoted in the statement as saying. “Our continued investment in our commissaries also marshals the integration and modernization of our operations.”

Restaurant sales of MGI gained 4.4% to P11.79 billion, as commissary sales improved 13.6% to P1.78 billion. Revenues from franchising and others also saw a 1% uptick to P828.92 million.

The company attributed the growth of its performance to the partnerships it has with food aggregators. Including revenues from its in-house delivery operations, system-wide delivery sales rose 20.4% to P1.87 billion.

“Following a year where we invested in our brands to drive mainstream relevance, our focus now is to deliver on the increased demand. Our integrated supply chain programs are designed to furnish consistent quality, cost-optimized, and responsive services to our growing customer base and store network,” MGI Group Chief Operating Officer Ariel P. Fermin said.

“The fundamentals we put in place will serve us well in light of the challenges we now face in 2020,” he added.

Mr. Trota also told investors that MGI is “cognizant of the headwinds in the current business environment” and assured them that “our teams are well-equipped to sustain levels of service and profitability.”

MGI closed 2019 with 82 new stores, of which 22 are abroad. The company is now present in 760 locations, where 70 are spread across North America, the Middle East and Asia.

MGI is the operator of Max’s Restaurant, Pancake House, Yellow Cab Pizza, Krispy Kreme, Jamba Juice, Max’s Corner Bakery, Teriyaki Boy, Dencio’s, Sizzlin’ Steak, Maple and Kabisera. Its shares at the stock exchange shed 38 centavos or 6.15% yesterday to close P5.80 each. —Denise A. Valdez

Living the (NCT) Dream

By Cecille Santillan-Visto

CONCERT REVIEW
NCT Dream Tour: The Dream Show In Manila
New Frontier Theater, Quezon City
Feb. 29

THE concept of NCT Dream is not really new. One of the sub-units of the bigger group, NCT Dream follows an admission-graduation system where a member automatically leaves the mini-group upon turning 19 years old. Launched by SM Entertainment in August 2016, NCT Dream is currently comprised of Renjun, Jeno, Haechan, Jaemin, Chenle, and Jisung but following the membership rules, they will either soon return to the main NCT (which stands for Neo Culture Technology) fold, or possibly join some other sub-units such as NCT U, NCT 127, or WayV, the newest grouping.

Given their limited stay with NCT Dream, it is understandable for members to savor their stint and to give 100% in each show, knowing there many not be another opportunity to perform in the same country.

For instance, save for Chenle and Jisung, the four other members who recently staged a concert at Quezon City’s New Frontier Theater are expected to soon be on their way out. It may well be their last Manila performance and so they made sure that for their fans, the NCTzens, the show was well worth attending even with the prevailing health risks.

The Dream Show in Manila is the last K-pop event in the country scheduled in the first quarter of 2020. Some events originally set for April have already been moved to June amid COVID-19 concerns.

Pulp Live World took the necessary precautions to manage the corona virus threat by having all ticketholders go through a temperature check prior to entrance to the venue. Everyone was also required to wear masks.

The scare did not douse the audience’s enthusiasm and their resolve to enjoy the concert, despite the discouragement against mass gatherings. There was still no declaration of a public health emergency then.

The boys were quite amused when fans requested them to continue with the concert and said that no one should go home.

“We have to go home sometime,” they said, through an interpreter.

NCT Dream, which was also part of the 2019 Korean Kpop Friendship Concert in Manila in March last year, performed 23 songs, including some of their biggest hits such as “Go,” “We Go Up,” “Fireflies,” and “Chewing Gum.” They treated the spectators to a powerful dance routine mid-way through the show. There was also an impromptu birthday celebration for Jisung. They likewise distributed signed plastic balls while singing “Dream Run,” to the delight of the fans.

Youth was definitely on the teeners’ side, with the members dishing out one song after another, taking only brief breathers after every three numbers to converse with the fans. The audience reciprocated the boundless energy by chanting at top of their voices, so much so that it was difficult to hear the boys as they sang — whether some of their sweetest ballads or infectious dance tunes.

“Bestfriend,” where Chenle accompanied his team on the piano, was definitely one of the show’s highlights. The blending was just right and not overpowering. While it was apparent that NCT Dream requires a bit more polishing, the NCT Dream Tour was a suitable vehicle for them to gain more confidence as they progress in their respective K-pop careers.

Due to the limitations of the venue, Pulp made full use of the stage available, setting up LED screens to allow even the fans at the farthest portion of the balcony to see the members clearly. The displays also projected images and videos to give each performance an MTV feel.

Not all K-pop aspirants are accorded the chance to debut. Stardom takes a lot of hard work and determination. Privileged and lucky, the sextet is literally living their NCT Dream. For them, the dream has become their reality.

Grab suspends carpooling services

TRANSPORT network vehicle service Grab Philippines announced on Thursday that its GrabShare carpooling services in Metro Manila and Cebu will be suspended beginning Friday, March 13, as confirmed cases of coronavirus disease 2019 (COVID-19) in the country continue to rise.

In an advisory, Grab Philippines said: “To aid in the social distancing prescribed by the Philippine health officials with regards to the public health situation on COVID-19, Grab will be suspending its GrabShare services in Metro Manila and Cebu starting March 13, 12:00 noon.”

It said the GrabShare services will resume as soon as the public health situation “de-escalates.”

Meanwhile, its other transport services will remain available. “That means, commuters can still use GrabCar, GrabCar Premium, GrabCar 6-Seater, etc.,” it said.

The company also reminded the public to “plan their trips prudently and take personal hygiene seriously.”

Aside from carpooling (GrabeShare), Grab Philippines’ services include taxis (GrabTaxi), private car services (GrabCar), package delivery (GrabExpress), and food delivery (GrabFood).

Grab Philippines also announced recently that it has suspended around 856 “fake, incomplete, and invalid” passenger accounts as of February of this year.

Last year, the company suspended more than 351,000 accounts for the same reasons.

“As a general safety procedure, Grab’s Safety and Anti-fraud teams regularly go through and suspend accounts with fake, incomplete and unverified names. With this, users will not be able to book rides until they have updated their names on the system,” it said.

The company said it notified the said users and gave them enough time to update their profiles.

“These initiatives have deterred users who use the platform with ill, fraudulent, and malicious intent,” it noted.

It also warned users who frequently cancel on rides and do not show up to claim their food orders that their accounts could also be suspended.

It said such behaviors could result in “loss of opportunities and resources for [its] drivers and delivery-partners, damaging their ability to devote time and resources to those users who are truly in need of the service.”

It added: “Users who regularly provide low-ratings to drivers and delivery partners without specifics and actionable insights can also be flagged for possible account suspension.” — Arjay L. Balinbin

BSP instructs lenders to prepare contingencies as virus spreads

THE BANGKO SENTRAL ng Pilipinas (BSP) is urging financial institutions to carry out measures such as alternate work arrangements to safeguard employees against the coronavirus disease 2019 (COVID-19) outbreak while making sure financial services are available to the public.

In a memorandum issued on March 11, BSP Deputy Governor Chuchi G. Fonacier said BSP-superviced financial institutions (BSFIs) as well as operators of payment systems (OPS) should implement their response plans and mechanisms in view of the rising cases of COVID-19 in the country.

“Trigger events such as the current COVID-19 epidemic, should allow for alternate work arrangements or remote access capabilities, as may be deemed practicable and/or necessary by the above-captioned institutions,” Ms. Fonacier said.

“Clear communication protocols covering all relevant internal and external stakeholders should also be implemented,” she added.

The BSP closed both its main office in Manila and its Security Plant Complex (SPC) in Quezon City from March 12 to 13 to facilitate disinfection of its facilities as a precautionary measure against the epidemic spread.

“The BSP, however, shall continue normal open market and PhilPass settlement operations as well as the servicing of cash withdrawals by banks at the SPC,” the central bank said in a statement.

BSP Governor Benjamin E. Diokno has also opted to go on self-quarantine alongside some other top officials of the country including Finance Secretary Carlos G. Dominguez III and Socioeconomic Planning Secretary Ernesto M. Pernia.

“I am glad to share that I am well and not manifesting any symptoms, although I also decided to go on self-quarantine as a precautionary measure,” Mr. Diokno said in a statement on Thursday.

Earlier, Lyn I. Javier, BSP managing director for policy and specialized supervision, told BusinessWorld they have ordered banks to implement business continuity plans in cases like this.

Some banks shared the contingency plans in light of more confirmed COVID-19 cases in the country.

Philippine National Bank said they have opted for some digital alternatives to face-to-face interactions. The Tan-led lender also said they have successfully tested some work-from-home arrangements and are implementing sanitizing efforts.

“This includes having multi-site deployment plan in place to mitigate concentration risk and contagion. We also leverage on technology, such as audio and video conferencing facilities,” PNB said in an e-mailed response.

The bank assured they have a business continuity plan (BCP) and said they will keep their digital banking channels as well as automated teller machines (ATMs) available for customers’ transactions.

Likewise, Security Bank Corp. said they have a BCP to help them quickly recover and resume operations in the events that could cause disruptions such as the COVID-19 outbreak.

“Our BCP covers data backup and recovery of all vital systems, implementing a split work arrangement where members of critical units have been segregated to different approved locations,” the lender said in an e-mail.

The bank said their head office as well as satellite offices have been restricted to outside visitors from Mar. 12 to 13.

“[M]eeting with guests and visitors will be limited to identified locations to reduce the risk of exposure and mandatory body temperature screenings are conducted at all entry and exit points,” the bank added.

As of press time, there are 49 confirmed cases of COVID-19 in the Philippines, with two fatalities reported. — Luz Wendy T. Noble

1...9,4319,4329,433...13,910Page 9,432 of 13,910
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube