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Amaia expands project in Mandaue

AMAIA Land Corp. is targeting millennials, professionals and young couples in Cebu with the expansion of its residential condominium project in Mandaue City.

Tower 2 of Amaia Steps Mandaue offers 288 units, such as studio, deluxe and premier units. Unit sizes range from 24.04 to 41.08 square meters (sq.m.). Some units can be converted into one-bedroom or two-bedroom configurations.

Amenities include a swimming pool, a multi-purpose hall, a landscaped courtyard, and a children’s play area. There are also retail shops at the ground level of the condominium building.

Amaia Steps Mandaue is located along Plaridel St. corner U.N. Avenue in Barangay Alang-Alang, Mandaue City. It is near schools (University of Cebu is one) and retail establishments (Pacific Mall, Gaisano Grand Mall and S&R), and is within driving distance to Mactan-Cebu International Airport, Ayala Center Cebu, and Maayo Hotel.

Megaworld to build P1.8-B mall in Pampanga

MEGAWORLD Corp. is spending P1.8 billion to construct a new mall inside its Pampanga township Capital Town.

In a statement Monday, the listed property developer said Capital Mall will offer 33,000 square meters (sq.m.) of gross floor area across three storeys. The mall will make use of materials recovered from the sugar mill owned by Pampanga Sugar Development Corp. (PASUDECO), which used to stand on the site of the township.

“As a tribute to the legacy of Pampanga’s oldest sugar mill, we will build the Capital Mall with its rich cultural heritage in mind. Other recovered portions of the sugar mill such as the giant bull gears, sprockets, and mechanical parts will become part of the mall’s interiors,” Megaworld Chief Strategy Officer Kevin Andrew L. Tan said in a statement.

The mall will have four cinemas, a food hall, and a shophouse strip. It will likewise feature a landscaped garden that will have restaurants and cafés surrounded by water ponds and century-old trees.

“Even the food hall will sport an industrial architecture highlighted by more mementos of the sugar central. The cinemas will also feature the 1960s charm and ambience,” Mr. Tan said.

Megaworld will start construction by the first half of 2020, with target completion in 2022.

The mall will stand inside the 35.6-hectare Capital Town in San Fernando, Pampanga. Launched in 2017, Megaworld said it will spend P30 billion to develop the estate in a span of 10 years. The township is also set to house residential towers, office buildings, retail hubs, an ampitheater, and event venues.

The township will also have a six-hectare Shophouse District, featuring 98 lots sized from 276 to 680 sq.m. that can be used for local businesses.

Capital Mall will be added to Megaworld’s current portfolio of 17 commercial and mall properties in the country.

The company recently announced that it will also build a new mall in its Mactan Newtown township in Lapu-Lapu City, Cebu. With a cost of P1.5 billion, the Mactan Newtown Beach Walk will have a 1.4-hectare man-made lagoon that can be used for water sports activities such as jet skiing, wakeboarding, stand-up paddling, and boating.

Megaworld saw its net income attributable to the parent rise 16% to P8.3 billion in the first semester of 2019, driven by a 20% surge in revenues to P16.8 billion.

Shares in Megaworld lost 2.02% or nine centavos to close at P4.37 apiece at the Philippine Stock Exchange on Monday. — Arra B. Francia

Metallica cancel Aussie, NZ tour as singer enters rehab

MELBOURNE — American heavy metal band Metallica has canceled its upcoming tour of Australia and New Zealand, saying that lead singer and guitarist James Hetfield has been admitted into an addiction treatment program. Hetfield’s fellow band members, Lars Ulrich, Kirk Hammett, and Robert Trujillo, issued a joint statement on the band’s Instagram account stating they were “devastated” by the decision. “We fully intend to make our way to your part of the world as soon as health and schedule permit,” the statement said. Metallica were due to play their first Australian show on Oct. 17. The band’s Australian touring company, Live Nation, said tickets to the shows would be refunded and alternative tour dates were being discussed. — Reuters

Liquidity, bank lending growth ease in August despite demand

MONEY SUPPLY growth eased in August despite continued demand for credit, the Bangko Sentral ng Pilipinas (BSP) reported on Monday.

Domestic liquidity or M3, the broadest measure of money supply in an economy, grew 6.2% year-on-year to P11.9 trillion, slowing from the 6.7% growth print logged in July, latest central bank showed.

Month-on-month, money supply inched up by 0.3%.

“Demand for credit remained the principal driver of money supply growth,” the BSP said in a statement.

Net claims on the central government rose 2.1% year-on-year, a reversal of the 1.8% decline seen in July. Meanwhile, domestic claims, which were mainly supported by the sustained growth in credit to the private sector, climbed 6.2% in August, faster than the upward-revised 5.8% in July.

The central bank said loans for production activities continued to be driven by credit to key sectors such as real estate activities; financial and insurance activities; electricity, gas, steam and airconditioning supply; construction; and wholesale and retail trade, repair of motor vehicles and motorcycles.

Meanwhile, net foreign assets (NFA) in peso terms jumped 8.9% year-on-year in August, quickening from the 5.8% pace seen in July. The BSP said this was driven by foreign exchange inflows coming mainly from overseas Filipinos’ remittances and business process outsourcing receipts.

NFA held by banks also climbed on the back of the growth of their foreign assets as a result of higher loans and investments in marketable debt securities.

“The slower M3 growth came despite the cut in reserve requirements decided in May 2019 worth a total of about P210 billion infused into the financial system…as this may still reflect relatively slower loan growth amid the declining trend in interest rates, slower economic growth, and slower global economic growth/outlook largely brought about by the lingering US-China trade war,” Rizal Commercial Banking Corp. chief economist Michael L. Ricafort said in an email.

UnionBank of the Philippines, Inc. chief economist Ruben Carlo O. Asuncion said: “The easing of liquidity growth bodes well for the central bank’s recent accommodative monetary policy. Demand for credit remaining a major driver for money supply growth in August further emphasizes the need to prompt the expansion of money supply in the coming months and help support economic growth in the medium term.”

BANK LENDING GROWTH EASES
Bank lending also decelerated in August due to slower growth in loans for production activities, the BSP reported on Monday.

Outstanding loans of universal and commercial banks grew 10.5% year-on-year in August, slowing from the 11.1% pace logged in July. Inclusive of reverse repurchase agreements, bank lending grew 10% in August from 10.7% the preceding month.

Production loans comprised 87.4% or bulk of banks’ total lending but expanded at a slower pace of 9% in August from 9.8% the previous month.

Construction loans continued to log the highest increase at 39.2%, followed by real estate activities at 17.7%; financial and insurance activities at 16.3%; electricity, gas, steam and airconditioning supply at 11.2%; and wholesale and retail trade, repair of motor vehicles and motorcycles at 3.7%.

Lending to other sectors also increased in August, except for professional, scientific and technical activities, which declined 38.9%, and other community, social and personal activities, which dropped 35.9%.

Meanwhile, loans for household consumption grew 25.4% in August, better than the 23% pace seen in July, supported by faster growth in motor vehicle, credit card, and salary-based general purpose consumption loans.

“Going forward, the BSP will continue to ensure that the expansion in domestic credit and liquidity remains consistent with the BSP’s price and financial stability objectives,” the central bank said. — L.W.T. Noble

Bria offers easy-on-the-pocket homes

MASS housing developer Bria Homes is ramping up its expansion in the country, banking on its winning formula of combining affordability and superior quality.

“Bria not only offers superior-quality contemporary homes — it also ensures that every Filipino, whether blue collar workers, young entrepreneurs, new professionals, and small and big families, can have a home to call their own,” the company said in a statement.

Bria offers house-and-lot packages and condominium units, in a range of designs and sizes. These include row houses (Elena and Airene); 2-storey townhouses (Angeli Duplex, Bettina, Angelique, Angeli); duplex (Angeli and Alecza); and 2-storey single firewall (Angeli Single Firewall). For its condominium projects, it offers studio and combined units.

Bria communities all have guarded gates, perimeter fences, and recreational facilities such as basketball courts.

The unit of listed Golden Bria Holdings, Inc. has over 50 housing projects covering 700 hectares in more than 40 towns and cities around the country.

BIR ties up with PayMaya

PAYMAYA Philippines, Inc. is partnering with the Bureau of Internal Revenue (BIR) to allow its users to remit tax payments through the PayMaya app.

In a statement, PayMaya said its account holders will soon be able to make tax payments to the BIR via the PayBills feature on the app.

“Having more digital payment options is part of the government’s efforts to drive ease of doing business in the country and help make tax payments more convenient for Filipinos. With our partnership with PayMaya, even those who are not within reach of a bank branch can make their tax payments on time, wherever they may be,” BIR Commissioner Caesar R. Dulay was quoted as saying in a statement.

PayMaya also said it is working with the tax collection agency to extend digital tax payments through the BIR website and revenue district offices.

“With agencies like the BIR opening digital payment channels for their constituents, the quality and efficiency of government services are vastly improved, which will help drive our competitiveness as a country. We at PayMaya are proud to be partners with the government in not just improving service delivery, but also ensuring the transparency of services with the help of digital technology,” PayMaya Founder and CEO Orlando B. Vea said.

PayMaya and the BIR’s partnership is supported by the United States Agency for International Development’s E-PESO project, which aims to boost e-payment usage in the interest of financial inclusion.

The government also has been ramping up efforts to digitize its services to boost efficiency, reach revenue collection targets, and deliver better public services.

Enabling tax payments via digital payment channels also supports the Bangko Sentral ng Pilipinas’ goal to increase digital transactions to 20% by 2020 under the National Retail Payment System.

PayMaya is a unit of PLDT, Inc.’s digital arm Voyager Innovations, 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.

Spider-Man to keep swinging in MCU

LOS ANGELES — Spider-Man, the popular web-slinging superhero currently played by actor Tom Holland, will headline a new movie in 2021 and appear in a future Marvel Studios film under a deal announced Friday by Sony Corp. and Walt Disney Co. The agreement between the Hollywood studios was welcome news to fans who had feared that a corporate dispute would keep Spider-Man out of the blockbuster Marvel Cinematic Universe (MCU). “I am thrilled that Spidey’s journey in the MCU will continue,” Feige said in a statement. In August, Disney-owned Marvel Studios and Sony’s Sony Pictures were at an impasse over Spider-Man’s future. Sony owns the rights to the Marvel character under a long-standing arrangement, while Disney controls others such as Iron Man, the Hulk, Captain Marvel, and Black Panther. The news about the breakup had disappointed fans, who took to Twitter to start a campaign with hashtags “#SaveSpiderMan” and “#SaveSpidey.” Under the new deal, Marvel Studios and its president, Kevin Feige, will produce a third film starring Holland that will be released on July 16, 2021, a statement from the companies said. Amy Pascal also will be a producer. The most recent film in the series, June release Spider-Man: Far From Home, ranks as Sony Pictures’ highest-grossing film, fetching $1.11 billion at global box offices. Spider-Man also will appear in a future Marvel Studios film, the companies said. — Reuters

More banks, institutions submit credit data to CIC

CREDIT Information Corp. President Jaime P. Garchitorena said more financial institutions are getting onboard the information system.

STATE-RUN Credit Information Corp. (CIC) has reported an increase in registered financial institutions and those regularly submitting credit data for its credit information database.

CIC reported that as of Sept. 20, there were 1,715 registered entities, with 444 of them already submitting basic credit data of borrowers regularly to its credit information system.

These include banks, cooperatives, government-owned and -controlled corporations, private lending institutions, insurance companies, and financing and lending institutions.

“This is another milestone for the country’s central credit registry because in less than two years after our system went live in 2017, we have already covered all sectors in the CIS ecosystem, as cited in Republic Act (RA) No. 9510,” CIC President and CEO Jaime Casto Jose P. Garchitorena was quoted as saying in a statement.

“This is a first in the Philippines — having a comprehensive and encompassing database that can serve as a tool in improving access to credit and achieving financial inclusion,” he said.

Last June, CIC reported that there were 1,600 financial institutions registered with the country’s sole public credit registry, with 396 regularly submitting data.

In the Circular letter No. 2019-01 dated Sept. 27, CIC published the list of the 444 financial institutions that started submitting live or actual basic credit data of borrowers to the database.

Included in the list are the credit card arms of large banks such as BDO Unibank, Inc., Bank of the Philippine Islands, Metropolitan Bank & Trust Co., Rizal Commercial Banking Corp., Security Bank Corp., Philippine National Bank, and UnionBank of the Philippines, Inc., among others.

CIC added that rural banks, financing companies, as well as the Government Service Insurance System (GSIS) are already onboard.

Those institutions not in the list are still in the registration, testing and validation phases.

In an interview in June, Mr. Garchitorena said CIC is targeting to increase its data subjects for the database to nine million from the current seven million this year.

In the next 12 to 18 months, he said they are eyeing to have the state-run pension fund Social Security System bring in data of the 15 million members who availed their loans, while the GSIS already committed to submit the credit information of its two million members.

RA No. 9510 or the Credit Information System Act mandates the establishment of a comprehensive and centralized credit information system, with CIC tasked to consolidate the data.

The law also states that submitting entities, which are lenders, are required to submit and provide all the credit data of their borrowers to CIC.

“We will help these entities every step of the way to expedite the process of onboarding them,” Mr. Garcitorena added. — BML

BPI Family Savings Bank partners with PAREB

BPI Family Savings Bank said it recently inked a Memorandum of Agreement (MOA) with the Philippine Association of Real Estate Boards Inc. (PAREB) as an exclusive partner in promoting the latter’s activities.

“Through this partnership, we hope to provide more Filipinos convenient access to financial services that makes home ownership a reality,” Maria Cristina L. Go, president of BFSB, said in a statement.

Under the agreement, PAREB will promote the bank’s services in exchange for sponsorship of its activities for a year.

BFSB is also working to reduce the turnaround time from client submission of loan application to notice of approval.

“Most Filipinos want to have a house of their own someday, and we are here to facilitate or make it easy for them to avail of home loans that offer attractive rates,” Agnes Fides Mercado, National Board President of PAREB, said.

Fastfood chain Panda Express to open 1st Philippine branch in SM Megamall

JOLLIBEE Foods Corp. (JFC) is opening the country’s first Panda Express store in SM Megamall, Pasig City.

The announcement comes a year after the homegrown food giant said it has entered into a 50-50 joint venture with Panda Express operator, Panda Restaurant Group, Inc. The JV firm, called JBPX Foods, Inc., has an authorized capital stock of $5 million.

JFC earlier said it will open five stores during the initial phase of the partnership.

The company started out as a sit-down Chinese restaurant called Panda Inn founded by father and son tandem Ming Tsai and Andrew Cherng in 1973. This led to the creation of Panda Express in Glendale, California in 1983.

It has since expanded to more than 2,100 locations, with stores in Canada, Guatemala, Aruba, Japan, Mexico, El Salvador, South Korea, Russia, Saudi Arabia, and the United Arab Emirates.

Panda Express’ dishes include the Original Orange Chicken — the most famous on its menu after having sold more than 90 million pounds worldwide; Kung Pao Chicken, Broccoli Beef, and Shanghai Steak.

“Panda Express has successfully popularized American Chinese cuisine through authentic Chinese recipes adapted to global tastes, setting the brand up as the largest Asian dining concept in the US and the largest American Chinese concept in the world,” JFC said in a statement.

The partnership with Panda Express forms part of JFC’s aggressive acquisition mode in a bid to increase the brands under its portfolio. The company recently closed the $350-million deal to purchase beverage chain The Coffee Bean and Tea Leaf (CBTL), marking its largest acquisition to date.

CBTL is now the company’s largest business after the Jollibee brand, with the entire coffee business — including Highlands Coffee — accounting for 14% of worldwide system sales.

JFC’s net income attributable to the parent fell 34% to P2.66 billion in the first half of 2019, amid a 10% uptick in gross revenues to P84.85 billion.

Shares in JFC firmed up 0.82% or P1.80 to close at P222 each at the stock exchange on Monday. — Arra B. Francia

Remarkable detail

NBA 2K20
Sony PlayStation 4, Microsoft Xbox One,
Nintendo Switch

FOR VISUAL CONCEPTS, success seems to be a sure thing year in and year out. As the sole developer of titles off the NBA 2K franchise since 1999, it has benefited from the immense popularity of the National Basketball Association to move a whopping 90 million copies across 18 different videogaming platforms. At the same time, there can be no discounting its continuing efforts to churn out the very best in pro hoops — or, to be more precise, any type of hoops — simulations. It has come a long, long way from its Sega Dreamcast roots, and to contend that it‘s in a particularly sweet spot given the Sony PlayStation 4’s singular reach, the Microsoft Xbox One’s cutting-edge hardware, and the Nintendo Switch’s unmatched portability would be an understatement.

At the same time, Visual Concepts cannot but feel the burden of its accomplishments. Having achieved milestone after milestone in its aim to translate for gamers the otherwise-vicarious experience of appreciating matches at basketball’s highest level, it is constrained to top itself with every new iteration. Not for nothing has the NBA 2K series engendered extreme loyalty over the last two decades, counting among the likes of Grand Theft Auto, Red Dead, and WWE 2K as Take-Two Interactive’s most sustainable intellectual properties. Thus, pressure is constant. Exceedingly high expectations permeate every decision from cover to content, imbedded as they are in a compelling calling to meet the needs of a wide swath of audiences. Sports buffs are on one end of the spectrum, casual button mashers on the other.

Thankfully, Visual Concepts has again proven up to the task of both delivering unparalleled adrenaline-pumping action and underscoring realism at just about every turn with NBA 2K20. True, it went for reformatory — as opposed to revolutionary — changes; for instance, the addition of the WNBA is arguably long overdue. On the other hand, the improvements, however incremental, are evident from the outset. Advances in face- and body-scan and motion-capture technologies have enabled it to meet its overriding objective of approximating real life on the courts and off, with painstaking care taken to allow gamers to truly feel part of the proceedings.

In this regard, NBA 2K20 amps up its MyCareer mode by tapping the creative juices of Springhill Entertainment (otherwise known as the production company of LeBron James, arguably still the NBA’s biggest draw). Replete with supporting turns from such notable thespians as Idris Elba and Rosario Dawson, “When The Lights Are Brightest” follows the journey of Che to the pro ranks. Once a promising college player, he finds his draft stock tumble following unfortunate life choices. Gamers are tasked with steering him to his objective via elements more commonly found in role-playing games. And, in this regard, the level of detail is nothing short of remarkable; everything from team choices to contract negotiations to on-court development is tackled.

As with previous NBA 2K offerings, MyCareer enjoins gamers to spend real money to claim Virtual Currency, through which upgrades to Che’s stats are made. Granted, the enticement in NBA 2K20 is much more subtle and less in-your-face than before; organic grinding for character improvements has become reasonably attainable. Nonetheless, progression via in-game work remains time-consuming, what with numerous skills needing to be improved and higher-level buffs becoming more costly. In other words, pay-to-win enticements remain evident and underscore the convenience and expediency of microtransactions.

All the same, NBA 2K20 manages to deliver on its promise, and how. It trots out a more polished MyGM mode by implementing a system that places a cap on gamer-controlled actions over a given period, as well as an updated skill tree and leveling-up structure. Meanwhile, MyTeam further emphasizes management-sim components by tweaking the parameters of card collecting. And, throughout, competition is enhanced by subtle and significant changes that serve not just to satisfy, but to delight. Among the more pronounced: enhanced artificial intelligence and Motion Engine effects; improved ball handling, reactions on defense, and rim protection; better use of badges; and additional features covered by the Takeover system, which provides stat boosts once a meter is filled through streaks of offensive and defensive gems.

Needless to say, NBA 2K20 looks and feels like the real deal. Its gorgeous presentation manifests in everything from the courts to the players’ faces to the action itself, backstopped by a killer soundtrack headlined by the likes of Drake, Lil Wayne, and Travis Scott and slated to be updated constantly. And, throughout, gamers are kept involved and engaged by the fluidity of movement, seamless transition between animations and controlled situations, and near-perfect presentation of variables — from the pre- and post-match shows to the live-ball commentary to the interviews. In short, Visual Concepts has — as always, but better and far more efficiently — made sure to dot all the I’s and cross all the T’s.

To be sure, NBA 2K20 could have done more in its treatment of WNBA elements. Make no mistake; the stars are all present, and their signature moves ported over. Then again, gamers are afforded little else apart from the opportunity to play an entire season while controlling one of the 12 teams. Perhaps Visual Concepts saw fit to save more for later, emphasizing readiness over speed, but, at the same time, ensuring that the franchise is able to at least stand toe to toe with the competition. At this point, it’s fair to claim that the option was added only to address the ostensible stride made by NBA Live 19 in including the women’s league last year.

In any case, NBA 2K20 plays smoothly and runs free from technical snags. As with previous incarnations, it displays a natural flow to the animations, and in-game players control and handle naturally, even for series neophytes. The painstaking level of care and attention paid to the product is evident in the visceral feast. Which is to say it walks the walk as well as it talks the talk. It shines on the Switch and the Xbox One X, but definitively excels on the PS4 Pro, which benefits from a robust My Neighborhood experience. Regardless, it earns its keep; its release comes just eight months after publisher 2K agreed to a seven-year licensing extension with the NBA and the NBA Players Association worth an eye-popping $1.1 billion.

Taken in this context, NBA 2K20 stands as a testament to the capacity of the series to transcend its medium and match the borderless appeal of its source of inspiration. The NBA 2K20 Global Championship starts next month and will run until February 2020, with regional finals to be held in the United States, France, and Australia. Those who are really, really good at the game can do battle for prizes totaling $100,000. Those who aren’t still get to play it however they want. And, thanks to Visual Concepts, it should be more than worth their time.

THE GOOD:

• Superb audio-visual presentation

• Outstanding gameplay

• Plays smoothly and runs free of technical snags

• Robust My Neighborhood (PS4)

THE BAD:

• Microtransactions still abound

• Limited WNBA options

RATING: 9.5/10

POSTSCRIPT: The Forbidden Arts is described on Nintendo’s official website as an “action adventure platformer with a focus on discovery and exploration,” and, if nothing else, it tries hard to live up to promise. Developer-publisher Stingbot Games wraps its gameplay around the story of Phoenix, a young boy whose power of pyromancy is recognized and awakened by the druid Elia. In the process of honing his abilities to control fire through interaction with other magicians, he learns of a sinister threat about to envelop the Overworld. How he gets to sharpen existing skills and gain new ones while overcoming challenges form the crux of gamer interaction.

The Forbidden Arts offers mechanics that are no more complicated than its plot. From the outset, Phoenix is armed with twin daggers to hack and slash at enemies, not to mention dexterity to run from, or jump to avoid, attacks. In time, he develops his talent for magic, allowing him to widen his offensive and defensive repertoire. As he is a pyromancer, he can unleash fireballs (and, later on, heat vision and spirit of flame), theoretically good for dealing damage from a distance, but which depletes his magic meter accordingly. Replenishment comes by way of proximity to sources of combustion.

The Forbidden Arts encourages Phoenix’s traversal of dungeons. Scattered all around, and often in areas requiring conscious effort to get to, are blocks of gold. Once collected, these can then be used to rebuild shrines granting access to missions that enable character upgrades upon completion. Not surprisingly, it gets to earn its keep the most through the platforming sequences, during which gamers run, roll, dodge, duck, dip, jump, jimmy, and, yes, pore through puzzles. The obstacles are varied, but, apart from unexpected twists, on the easy side.

At $14.99, The Forbidden Arts emerges as a decent-enough eShop title that should be good for some 10 hours’ worth of gameplay. The plot is rudimentary at best, and the visual and sound designs display catchy but repetitive components. Enemies abound and exhibit distinct qualities, but the level of combat itself rarely elevates beyond the use of Phoenix’s most basic blades of steel. In any case, the platforming elements stand out and serve to distinguish it from the dregs of Nintendo’s vast library of digital titles. Worth a try. (7/10)

THE LAST WORD: Dragon Quest XI S: Echoes of an Elusive Age wallpaper sets are now available for redemption via My Nintendo Rewards. Each of the two choices on offer can be had for just 50 Platinum Coins. On the flipside, fans of the franchise aren’t happy about the Dragon Quest I/II/III release for the Switch. The port from Square Enix’s mobile offerings in 2013 optimizes controls for the hybrid console and contains quality-of-life improvements, but also suffers from stuttering and washed-out visuals.

BoJ board debated near-term stimulus in Sept.

TOKYO — Bank of Japan (BoJ) policy makers debated the feasibility of ramping up stimulus in the near future when they met for a rate review in September, a summary of their opinions showed on Monday, as intensifying overseas risks cloud the economic outlook.

Some in the nine-member board stressed the need to communicate to markets the BoJ has all options on the table including cutting interest rates, increasing asset buying and printing money at a faster pace, the summary of the Sept. 18-19 meeting showed.

“There is a significant chance the economy will lose momentum to hit our price target. As such, we should consider whether or not to take additional easing steps,” one member was quoted as saying. “The BoJ needs to consider all possible policy measures without preconception,” the member added.

Another board member said it was important for the BoJ to communicate to markets it has not run out of policy options, and that “any kinds of measures are possible at all times.”

At the September meeting, the BoJ kept policy steady but signaled the chance of expanding stimulus as early as its next meeting in October by issuing a stronger warning on overseas risks.

Board members Goushi Kataoka and Yutaka Harada dissented on the decision to keep the BoJ’s yield targets intact, arguing that stronger stimulus measures were needed to fight off risks to Japan’s fragile economic recovery.

In keeping policy steady, the BoJ said Japan’s economy continued to expand moderately as a trend, and that the bank will act if risks threaten to derail the path toward achieving its elusive 2% price target.

Some board members warned that overseas risks, such as the simmering Sino-US trade war, could delay any pick-up in global demand and may already have inflicted enough harm to Japan’s economy to justify action.

But several others appeared wary of pre-committing to action too hastily, signaling that more time was needed to determine whether the benefits of ramping up an already massive stimulus exceeded the costs, the summary showed.

“At the October meeting, it’s important to re-examine economic and price developments,” while taking into account the outcome of the BoJ’s quarterly “tankan” business sentiment survey due on Oct. 1 and the analyses of the central bank’s regional branch managers, one member said.

“That said, the BoJ should not have any preconceptions at this point regarding the outcome of its examination and future policy conduct,” the member was quoted as saying.

Under its yield curve control (YCC) policy, the Bank of Japan pledges to guide short-term rates at -0.1% and the 10-year government bond yield around 0%. It also buys government bonds and risky assets to accelerate inflation to its 2% price goal.

The BoJ is in a bind. Years of heavy money printing has failed to fire up inflation and left it with few ammunition to fight the next recession.

Prolonged ultra-low rates have also strained financial institutions’ profits. While BoJ Governor Haruhiko Kuroda has said he won’t rule out deepening negative rates, critics of his policies say any such move could push some regional banks into financial trouble. — Reuters