Home Blog Page 9662

The eagle has landed

By Susan Claire Agbayani

HUNTING and deforestation are the two major causes of the decline in the number of Philippine eagles, said Philippine Eagle Foundation (PEF) Director for Research and Conservation Jayson Ibañez during the Q&A portion following a screening of the multi-awarded documentary Bird of Prey at Cine Adarna of the University of the Philippines recently.

The Philippine eagle cannot live outside the forest, declared Mr. Ibanez, who added that, “A hundred years ago, the Philippines had 90% forest cover (which is) now down to less than 20% of the country’s land area.” Deforestation leads to the loss of the eagles’ nesting sites.

“We found out that Philippine eagles are very loyal to the places where they breed. These are nesting sites that (have been) occupied by pairs of eagles from different generations,” Ibañez said.

To date, there are “no more than 400 eagle pairs across the Philippines.”

Through its work, PEF found out that indigenous communities live closely to these ancient nesting sites, and these eagles — sometimes, however rarely — end up on the dinner table.

Thus, a great part of the work the Foundation does is to organize communities to serve as local forest guards.

“We’re trying to push professionalizing forest guarding, so that it becomes decent work for our indigenous peoples. This is one way of (engaging indigenous communities and) incentivizing a conservation lifestyle among them (for instance, raising tree nurseries), generating conservation outcomes while also address their need for income,” Mr. Ibañez said.

Interestingly, the Philippine eagles are “safe” in areas of conflict. Or so PEF Executive Director Dennis Salvador noted.

FIRST FILMED IMAGES
Also in town for the screening was world-renowned cinematographer Neil Rettig and his wife, Expedition Coordinator Laura Johnson. According to docutah.com, “In 1977… Rettig captured the first filmed images of the Philippine Eagle in the wild, transforming the bird into a national symbol.” This eagle is found only in the Philippines and is “the world’s largest and rarest eagle.”

In 2013 — nearly four decades after first filming the eagle — Mr. Rettig returned to the Philippines “to embark on a grueling expedition alongside the next generation of Filipinos determined to save the eagle.” The team followed a family of nesting eagles “from hatch to fledge in hopes of re-establishing the species not as a vanishing relic, but as a living symbol of the Philippines’ future,” according to the site. The result is a documentary directed by Eric Liner that runs for a little over an hour and a half.

“We filmed the eagle because it’s an icon, and a symbol and a magnificent creature. The habitat of the Philippine eagle encompasses the flora and fauna of the forest…” Mr. Johnson said during the Q&A in UP. (See the documentary’s trailer here: https://www.facebook.com/watch/?v=240469673166803)

Mr. Rettig recalled that in their “very first and very, very long project in the 1970s, we were in Mindanao for 18 months. We’d be in the field two to three weeks at a time and go back to Davao to our headquarters for a day or two, and back in the field. We would occasionally go to Davao to download footage and to resupply our camera.”

He also recalled that trucks carrying logs were going up and down the mountain all day back in the 1970s when they first “landed” in Davao, he told BusinessWorld following the film screening.

It was not an easy shoot. The search for a nest took some time. Once one was identified, they sought out trees that were pretty close to the nesting site. “We started exploring different trees that were closer to the nest. In the end — once the eagles were habituated to us enough — we were only 20 meters away; basically 62 feet from the nest.” That enabled their team to get breathtaking videos of the family of eagles, Mr. Rettig told the audience in UP.

Just watching the documentary on the Philippine eagle and seeing how close the filmmakers were to the animals, one might get the impression that it is easy to see the birds up close — but it is not. “If you watch a film (about wildlife), you’re probably watching one hour of what possibly took two years” worth of someone’s or a group’s work. Understandably, Mr. Rettig said, “sometimes, tourists are disappointed because they can’t get close enough, and they’re not able to see some of the animals (the way they did watching nature films).”

While he thinks that overall “ecotourism is good,” he cautions that “tourists would have to be very careful not to be too close to an eagles nest, or to the Philippine eagle. And that applies to many other animals around the world, especially once they are endangered. In many cases, the animals do not like the presence of humans, because humans are a natural enemy,” he said. (Watch the eagle fly here: https://www.facebook.com/cornellbirds/videos/vb.142914269087072/406927706743449/?type=2&theater)

Mr. Rettig said that their next film project will be a profile on the work being done by the Foundation.

“When Neil and I were filming the eagle for this project — spending every day watching and monitoring this family of eagles — it became very, very personal to us. We really hope the images Neil captured so beautifully of your amazing, regal, incredible national symbol — these eagles in the wild — will also make you… do whatever you can to help…” said Mr. Johnson.

“I hope that 10, 20, 30 years from now, young children would walk into the beautiful rainforests of the Philippines and be able to see the Philippine eagle,” Mr. Rettig said.

Echoing the words of the late UP College of Science Dean Perry Ong, Mr. Rettig concluded, “The Philippine eagle may be found only in the Philippines, but it is property of the world. It is the magnificent creature that we can’t afford to lose.”

(Read more about the movie here: https://www.facebook.com/207815396432231/posts/219791668567937/).

BPI makes push to finance ‘green’ buildings despite developers’ worries over cost

By Vincent Mariel P. Galang
Reporter

MOST developers may think that turning their buildings “green” would be expensive, without seeing the long-term benefits for their business and society as a whole.

Since its launch in 2008, Bank of the Philippine Islands (BPI), through its Sustainable Energy Finance (SEF) Program, has helped over 300 companies, including property developers, pursue more environment-friendly but cost-efficient projects.

As of end of 2018, the program has disbursed P52.6 billion for energy efficiency, renewable energy, and climate resiliency projects. Of this, 20% of the funds were allocated for Green Building projects.

“The green building initiatives of the private sector were triggered by the law because we have a very important business consideration as different project owners build or construct new buildings, we say if you do not comply with the law, you will not be able to get a building permit. You will perpetually be in violation,” Jo Ann B. Eala, head of sustainable energy finance and specialized lending of BPI, told BusinessWorld after the company’s event held at Makati City on April 4.

The Philippine Green Building (GB) Code of 2016 covers hospitals, offices, hotels, and schools with a minimum of 10,000 square meters (sq.m.) floor area, malls over 15,000 sq.m., and residential condominiums over 20,000 sq.m. This sets standards for these infrastructure related to energy efficiency, water and wastewater management, solid waste management, site sustainability, and indoor environmental quality.

Ms. Eala said after the implementation of the law, the number of green buildings in the Philippines more than doubled in terms of the company’s portfolio. For green building projects alone, BPI disbursed P9.6 billion as of end of 2018. The Ayala-led bank is targeting to further grow the program in order to reach more businesses.

“We target to grow at a much faster rate than regular loans … Definitely, more than 10%. If we can 15% (a year)… With the momentum of the green building take-up, I think we could go at a really much faster rate than the regular loans,” she said during the event.

“In terms sustainable energy and sustainable development, we’re looking at probably between 15 to 20% in terms of our target growth. I think it will be accelerating compared to where it was previously because we are seeing increased consciousness among borrowers… and we think that will continue to grow as time goes on,” Eric Roberto M. Luchangco, senior vice president and head for corporate credits products group of BPI.

GREEN BUSINESS
Just like any other green initiative, BPI’s green financing program also faced challenges such as businessmen’s perceptions that these types of projects will be very costly.

“The initial challenge was resistance because of the perceived cost without knowing the benefits. Remember, a businessman still looks at the bottomline, so if they are not aware of how much they are to gain also in terms of profitability then it becomes hard,” Ms. Eala said.

In order to encourage more businesses to join, BPI made itself the example. At its head office Makati City, 30-year old chillers were replaced which resulted in annual savings of about 990 megawatt hour (MWh) or about P12 million since 2012. Furthermore, it was able to avoid emission of greenhouse gases (GHG) at 431 total carbon dioxode (tCO2) per year.

Another project is Imperial Homes Corp.’s Via Verde Village in Sto. Tomas, Batangas. It is touted as the first solar-powered with lithium battery, low-cost housing subdivision in the country. It is able to generate 529 MWh per year or P5 million per year. It also has an estimate GHG avoidance at 2,380 tCO2 per year.

“What we hope to do, knowing that there is so much potential in the business sector, is to educate first and encourage more and more private sector participation in sustainable initiatives. This as a whole is mobilizing and boosting private sector participation in protecting the environment but making sure as it is done, it is done in a very successful, well-studied way so that the project will definitely yield the results expected… and will encourage the business sector to continue and make it a sustainable venture,” Ms. Eala said.

San Miguel net income declines 18% in 2018

SAN MIGUEL Corp. (SMC) reported an 18% drop in net income attributable to equity holders of the parent company in 2018, as an increase in revenues failed to offset higher expenses.

In a regulatory filing on Monday, the diversified conglomerate said its net income attributable to equity holders of the parent company stood at P23.077 billion last year, from P28.225 billion in 2017.

Revenues reached P1.025 trillion last year, 24% higher from P826.086 billion the previous year, due to “higher volumes and favorable selling prices across all major businesses.”

However, SMC noted the cost of sales spiked 28% to P825.748 billion as the increase in crude prices and excise taxes, as well as operations of new facilities weighed on the bottom line.

“Cost of sales increased…mainly due to the increase in crude prices and effect of excise tax of Petron Corp. (Petron); higher sales volume of San Miguel Brewery Inc. (SMB) and the Food Segment; increase in excise tax by 4% per case of the domestic operations of SMB and operations of the newly acquired Masinloc Power Partners Co. Ltd. (MPPCL or the Masinloc Group) and the new Greenfield power plants in Bataan and Davao,” the conglomerate said.

On top of operating expenses, SMC also recorded 22.8% rise in financing charges at P38.304 billion due to “higher level of loans payable and long-term debt in 2018 compared to 2017.”

SMC also saw an increase in other charges to P5.6 billion “primarily due to the higher foreign exchange loss on the translation of the foreign currency denominated long-term debt and finance lease liabilities, partly offset by the higher gain on the translation of foreign currency denominated cash and cash equivalents with the peso depreciating by P2.65 from P49.93 in December 2017 to P52.58 in December 2018.”

Last month, SMC disclosed its consolidated recurring net income stood at P55.18 billion, up one percent, in 2018.

“Income growth for the conglomerate was tempered by the sharp decline in crude prices resulting in inventory losses for its fuels and petrochemical business during the 4th quarter of 2018. This was compounded by forex translation losses for the year,” the conglomerate said in a statement at that time.

Shares in San Miguel fell 4.24% or P7.70 to close at P173.70 each on Monday. — Denise A. Valdez

Asia’s tech firms posing challenge for traditional banks as clients go digital

HONG KONG — Asia’s internet firms are challenging the region’s traditional banks for consumer finances, tapping their massive user networks for business and following a trail blazed in China by tech giants Alibaba and Tencent.

The push into banking by companies better known for their messaging apps, cute emojis and online holiday bookings comes as regulators across Asia open up their banking sectors to a new breed of digital players.

The shift is in its infancy but contrasts sharply with the banking markets of Europe and North America, where change is slower and such startups tend to be backed by venture capital funds and financial sector incumbents, not tech firms.

Asia’s tech entrants see their advantage in the way they can seamlessly integrate banking services with their users’ regular online activities and the efficiency that comes from their technology.

“If you want to open a bank account (in Hong Kong) you need to go to a branch, answer questions for an hour, and you still won’t get the account opened without follow up calls,” said Wayne Xu, president of ZhongAn International, a unit of Chinese online insurer ZhongAn, setting up a virtual bank.

“However, all the information needed at the counter can already be collected on a mobile phone.”

Hong Kong’s banking regulator last month issued one of four so-called virtual banking licenses to ZhongAn in what could be the biggest shake-up in years in a city dominated by HSBC and Standard Chartered. Last week, the regulator said on it was making progress on four additional applications.

In South Korea, authorities have issued two online only bank licenses, one of them to Kakao Bank in 2017, which is operated by the company behind the country’s largest chat app.

“The 45 million monthly average users of our messaging app Kakao Talk is a huge plus for us when advertising our bank,” a spokesman for Kakao Bank said. He added the bank uses Kakao’s artificial intelligence technology for its automated customer support systems. The bank had 8.9 million users as of March.

Other Asian countries set to approve online-only banks include Taiwan — where a group led by a unit of Japanese messaging app operator Line Corp. has applied for a license — and Malaysia, which plans guidelines by the end of the year. Bank of Thailand Governor Veerathai Santiprabhob said the central bank was exploring the issue.

“Large technology companies are seeing this as a land-grab opportunity where they can build out new sets of financial services that can be cross-sold to their existing users,” said Jeff Galvin, a Hong Kong-based partner at McKinsey.

DIGITAL ASIA
Driving the shift in Asia is mobile technology’s deep penetration across all aspects of consumer life.

Such trends were forged by Alibaba and Tencent in China where the two upended financial services and drove a revolution in the cashless economy with their digital payment applications.

In contrast, US tech giants such as Amazon and Alphabet Inc.’s Google have focused their financial industry efforts on providing tech and consulting services to incumbents.

Asian consumers are far more willing to bank with tech firms than elsewhere in the world.

More than 90% of consumers under 35 in China and India would bank with a technology firm, according to Bain research, compared to 75% in the United States and just 51% in France.

The online-only banks in Hong Kong plan to start-off by offering services such as savings accounts, credit cards, personal loans and travel insurance.

“What we are seeing in Asia is technology companies moving sideways into finance, inspired by or even threatened by the examples of Alibaba and Tencent,” said James Lloyd, partner and APAC fintech leader at consultancy EY.

In Asia, the emergence of tech gains in the banking sector comes at a difficult time for the region’s incumbents who have begun reassessing the vast branch networks that, until recently, were seen as their competitive advantage.

The number of bank branches in Hong Kong, Japan, Malaysia, South Korea and Thailand has declined in the last couple of years, dropping by between 1% and 7% in 2017 from 2015, according to the International Monetary Fund. That compares with growth of as much as 8% a decade ago.

To be sure, legacy banks in Asia have their own plans to stay relevant in the changing space with some tying up with new rivals.

Among the new Hong Kong digital banking licensees is a joint venture between StanChart, Chinese holiday booking giant Ctrip and local telco PCCW.

“We think that the ecosystem we can build together will be a great integration of lifestyle into banking,” Mary Huen chief executive of StanChart Hong Kong, and chairman of the new virtual bank, said at a press conference. — Reuters

Subway project to boost demand for nearby condos

THE completion of Metro Manila’s first subway is likely to boost demand for a residential condominium being developed by DMCI Homes near two proposed subway stations.

“As early as last year, we have already observed big interest on our projects located along the proposed tracks of the subway project,” DMCI Homes Assistant Vice President for Project Development Dennis O. Yap said in a statement on Monday.

The Metro Manila Subway project, which broke ground last February, is expected to be operational by 2025. It is a 36-kilometer subway system that will run from Mindanao Avenue-Quirino Highway in Quezon City to the Ninoy Aquino International Airport Terminal 3 in Pasay City.

Mr. Yap cited DMCI Homes’ Infina Towers as one of the projects that has seen a spike in interest. Located along Aurora Boulevard in Quezon City, Infina Towers is near two proposed subway stations — Anonas and Katipunan Avenue.

Another project expected to benefit due to its proximity to the metro rail system is The Cresmont, located along Panay Ave., South Triangle, Quezon City. The single-tower development will be built adjacent to Quezon Avenue Station of Metro Rail Transit Line 3 (MRT-3).

“We are very positive about the future of the Manila property market with the construction of the subway project. We look forward to bright prospects ahead not just for the company but for the whole industry,” he said. — Vincent Mariel P. Galang

Star Wars: Rise of Skywalker sees return of emperor Palpatine

CHICAGO — The ninth film in the original Star Wars saga will be called The Rise of Skywalker, and will feature the return of the evil emperor Palpatine to threaten the young heroine Rey and the Resistance, Walt Disney Co. revealed on Friday.

Disney showed fans attending the Star Wars Celebration convention in Chicago the first footage from the movie, which will be released in theaters in December and will conclude the story that began in 1977.

A villainous cackle was heard at the end of the trailer, and the actor who played Palpatine in previous films, Ian McDiarmid, walked onstage to loud applause from an audience of roughly 10,000 fans, many waving colorful lightsabers.

As of Friday afternoon, the Rise of Skywalker trailer had been viewed online about 11 million times.

Director J.J. Abrams, speaking alongside a handful of cast members, said the movie takes place some time after the events of the 2017 film The Last Jedi.

The footage showed a hug between Princess Leia, played by the late Carrie Fisher, and Rey (Daisy Ridley). Fisher died in 2016, but Abrams said that in a “weird miracle,” he was able to piece together unused footage from Last Jedi to continue the beloved character’s story.

“Princess Leia lives in this film in a way that’s mind-blowing for me,” he said.

The director disclosed little about the plot, however.

“This movie is about this new generation, what they’ve inherited, the light and the dark, and are they ready?” he told the crowd.

In an interview, Mr. Abrams told Reuters that writers met with Star Wars creator George Lucas before they started to script the final chapter in one of the world’s most-celebrated movie franchises.

The goal was “to create something that gives a sense of surprise and thrill and heartbreak, and shock and awe, but also feeling like an inevitability,” he said.

The circumstances surrounding Palpatine’s return remain a mystery. The character appeared to die in 1983’s Return of the Jedi. In the trailer released on Friday, the voice of Luke (Mark Hamill) says to Rey that “no one’s ever really gone.”

Luke also tells Rey that “we have passed on all the knowledge,” and that the fight against evil is now hers.

Ms. Ridley, John Boyega, who plays Resistance fighter Finn, and Oscar Isaac, who portrays pilot Poe Dameron, all attended the event.

But the largest ovations came for Kelly Marie Tran, who plays mechanic Rose Tico, and Billy Dee Williams, who returns to the series as con artist Lando Calrissian after last playing the character in 1983.

“Lando never really left me,” Mr. Williams said.

Naomi Ackie, who joined as a new character named Jannah, said she could not confirm or deny speculation that Jannah was Calrissian’s daughter.

A new droid, D-O, also rolled onto the stage, joining BB-8 and R2-D2.

Fans were delighted.

“I got chills. I was pretty emotional from the panel leading into it and then when the trailer kicked off I was just so thrilled. I just can’t wait,” said Jon Barnes. — Reuters

DoubleDragon earnings hit P7.4 billion

DOUBLEDRAGON Properties Corp. reported its earnings soared 193.57% to P7.42 billion in 2018, backed by higher revenues from its hotels and malls.

In a disclosure on Monday, the listed property developer said revenues surged 117% year on year to P14.34 billion, while recurring revenues rose 132% to P3.03 billion.

Rental revenues surged by 174.89% to P2.5 billion in 2018 versus the previous year’s P909.15 million, as the company opened new CityMalls.

Hotel revenues also increased 34.24% to P533.62 million, as its hotels saw higher occupancy and increased room rates. DoubleDragon operates Hotel101 and Jinjiang Inn Philippines.

“2018 has been a fruitful year for the Company as it has generated P3.03 billion in recurring revenue, more than double the amount of recurring revenues in 2018 versus 2017. More importantly, cashflow from operating income, which excludes fair value gains, reached P1.48 billion in 2018 more than triple where it was in 2017, and should continue to jump further in 2019,“ Hannah Yulo, chief investment officer of DoubleDragon, was quoted saying in a statement.

DoubleDragon is bullish on its prospects for 2019, as it has completed 603,000 square meters of leasable space that will generate more recurring income.

“The Company expects recurring income alone will be more than double the cost to service all its interest costs. With this current completed leasable space alone, the Company expects this to deliver an average of P5.4 billion in an annual rental income,” DoubleDragon said.

Also, the property firm said it has P14.53 billion worth of Hotel101 inventory for pre-selling.

Hotel of Asia, Inc., a unit of DoubleDragon, is focusing on generating international sales for its Hotel101 projects this year. Last December, DoubleDragon’s board of directors gave the go signal for the creation of international wholly owned sales subsidiaries in Singapore, Hong Kong, Middle East, Japan, London, Italy, and the United States.

DoubleDragon said it also has P6.9 billion in inventory and turnover balance from homeowners upon turnover of units at The SkySuites Towers, which started last month. The SkySuites Tower, which was acquired by the company in 2014, is now completed.

To further boost revenues, DoubleDragon is tapping new rental revenue streams through roof space leasing for solar power companies, advertising spaces, and roof deck leasing for common telco towers.

By end of 2020, DoubleDragon said CityMall community malls and CentralHub warehouses should have leased out 100 megawatts (MW) of solar space which is seen to generate P100-million annual rental income.

Currently, the company has a total of 77 buildings, ongoing and completed combined, 10 office buildings, eight hotels, 51 mall, and eight warehouses. — V.M.P.Galang

PNB to raise P5 billion in funds via peso bonds

PHILIPPINE NATIONAL BANK will offer P5 billion in bonds. — BW FILE PHOTO

By Karl Angelo N. Vidal, Reporter

PHILIPPINE NATIONAL Bank (PNB) is set to offer about P5 billion in peso-denominated bonds, with the amount raised to be used to support lending activities and diversify funding sources.

In a regulatory filing on Monday, the Lucio C. Tan-led lender said it will raise P5 billion, with the option to upsize, through two-year peso fixed-rate bonds.

The two-year bonds will be offered until April 30 and carry an interest rate of 6.3% per annum to be paid quarterly until 2021.

The bonds, which will not be insured by the Philippine Deposit Insurance Corp., will be listed at the Philippine Dealing & Exchange Corp. on May 8.

The notes will be sold in denominations of P100,000 and in increments of P50,000 thereafter.

“Purpose of the bonds is to support the bank’s lending activities and diversify its funding sources,” Nelson C. Reyes, PNB executive vice president and chief financial officer, said in a text message.

The local currency bonds to be offered make up the first tranche of PNB’s P100-billion program approved by its board of directors in January.

“PNB and sole arranger reserve the right to adjust the offer period and issue date,” the bank said.

The fifth-largest lender in asset terms tapped Standard Chartered Bank as the sole arranger and bookrunner of the capital-raising activity. It will also act as a selling agent alongside PNB.

Lenders can now raise fresh funds through corporate bonds with greater ease as new rules do away with having to secure approval from the Bangko Sentral ng Pilipinas.

In February, PNB issued P8.22 billion worth of 5.5-year long-term negotiable certificates of deposit, with the raised funds to be used to extend the bank’s maturity profile. The instruments carry an interest rate of 5.75% per annum.

Last week, the bank announced its plan to raise P12 billion through a stock rights offering to “strengthen its common equity Tier 1 and enable the bank to sustain its asset growth.”

PNB posted a P9.6-billion net income in 2018, up 17% from P8.2 billion booked the previous year, driven by its core businesses.

Shares of the lender closed at P53.50 apiece on Monday, down P3.15 or 5.56% from the previous day.

Ground breaks for St. Joseph Homes Calamba Phase 2

P.A. Alvarez Properties and Development Corporation (P.A. Properties) recently broke ground for Phase 2 of its residential development in Brgy. Laguerta, Calamba, Laguna.

In a statement, the real estate developer said that St. Joseph Homes Calamba’s new phase will feature Marya units that allow homeowners to maximize space. Marya units are available in 36 square meters (sq.m.) and 54 sq.m. lots.

“St. Joseph Homes Calamba Phase 2 is envisioned to be a place that every Filipino family deserves, where positive inherent values are cultivated and nurtured and complemented by the unique history and culture of Calamba, Laguna,” the company said in a statement.

P.A. Properties said there will be a total of 828 housing units on the 5.8-hectare property. Facilities would include a multi-purpose hall called Audiencia, a recreation area for families, a basketball court, and a jogging path. — Vincent Mariel P. Galang

Holy Week worthy movies to binge on

THERE are films that are appropriate to watch over Holy Week, and films that are less so. Southeast Asian streaming service iflix have come up with a list of Holy Week-appropriate films to binge on over the next few days.

APARISYON — Sister Lourdes (Jodi Sta. Maria), is a newcomer to the convent. She avoids Mother Superior, as she sneaks away to attend political rallies with Sister Remy (Mylene Dizon), a young nun suffering from a crisis of faith after her brother’s disappearance.

NIÑO — Saddled with a failed marriage, a vanishing career, and mounting debt, Celia sells her share of their house to her bedridden brother Gaspar. A fervent believer of the Sto. Niño, she hopes to invoke a miracle, as she dresses up her grandson, Antony, in Sto. Niño robes for the coming fiesta. What she doesn’t know is her own son is working towards taking the family home away from her.

ANG PAGLIPAD NG ANGHEL — Gabby, a young accountant, leads an uneventful life. Every day is routine, until he sees a beggar on his way to work. He brings the old woman to a hospice where the nuns can care for her. After this, he starts noticing feathers growing on his back. As the feathers grow into full wings and complicate his life, he starts to face the reality of being an “angel.”

MAGNIFICO — Magnifico and his family lives an impoverished life in the province. His sister suffers from cerebral palsy, his older brother, who studies in Manila, has just lost his scholarship, and his grandmother has stomach cancer. Pikoy (Magnifico), who is failing in school himself, often hears his parents arguing about money. All this misfortune urges him to think of ways to help his family. With his young, kind and sympathetic heart, he eventually helps his family and his townspeople.

MYSTIFIED — The first iflix original movie for the Philippines tells the story of four sorceresses (Iza Calzado, Sunshine Dizon, Karylle and Diana Zubiri) who, through their combined strengths, have successfully banished the evil witch Hellga. Now, the four women have been sent to live in the real world to protect the magic portal — except they are not allowed to use any of their powers. Many years later, they must come together anew to protect mankind from a great evil that is coming their way.

FORREST GUMP — Slow-witted Forrest Gump (Tom Hanks) has never thought of himself as disadvantaged, and thanks to his supportive mother (Sally Field), he leads anything but a restricted life. Whether becoming a college football star, fighting in Vietnam or captaining a shrimp boat, Forrest inspires people with his childlike optimism. But one person Forrest cares about most may be the most difficult to save — his childhood love, the sweet but troubled Jenny (Robin Wright).

ONE MAN’S HERO — The film tells the little-known story of the “St. Patrick’s Battalion” or “San Patricios,” a group of primarily Irish-Catholic immigrants who deserted to Mexico after encountering religious and ethnic prejudice in the US Army during the Mexican-American War. At the center of the story is Army Sergeant John Riley, an Irishman. He was commissioned as captain in the Mexican army, leading his men in battle and struggling with authorities on both sides of the border

ALIVE — The amazing true story of an Uruguayan rugby team’s plane that crashed in the Andes mountains, and their immense will to survive. They are forced to do anything and everything they can to stay alive on meager rations and through the freezing cold.

MILA — An inspiring story of a woman who shares her life with everyone she encounters, empowering them to find their purpose and potential, and through her example, find ways to realize their mission in life.

TANGING YAMAN — Siblings Danny (Johnny Delgado), Art (Edu Manzano), and Grace (Dina Bonnevie) are leading separate lives, until they come together for their ailing mother Dolores “Loleng” Rosales (Gloria Romero) who is slowly wasting away from Alzheimer’s in their family’s ancestral home.

OUT OF THE DARK — A documentary about the extraordinary international efforts to find and rescue 12 boys and their soccer coach from a remote cave in northern Thailand.

BLOOD BROTHER — a documentary about a young man’s decision to move to India and restart his life after meeting a group of children living in an orphanage with HIV.

LITTLE AZKALS — A documentary about the search for the next Philippine Azkals football team who will undergo training for the 2019 World Cup qualifier. Of over 1,000 boys from around the country, only 22 are selected.

CAB: Fuel surcharge to remain unchanged

THE Civil Aeronautics Board (CAB) is keeping the allowable fuel surcharge for airlines unchanged until the end of June as the price of jet fuel around the world starts to stabilize.

In an announcement on its website on Monday, the government regulator said the allowable fuel surcharge that airlines may implement from May 1 to June 30 will stay at Level 2, or an added collection of P45-P171 for domestic flights and P218-P2,076 for international flights, depending on distance.

“For February to March 2019, the price of jet fuel averaged $80.01 per barrel, with the US dollar exchange rate of 52.30 for the same period. This is equivalent to P26.32 per liter, which corresponds to Level 2 of the Passenger Fuel Surcharge Matrix,” the CAB said.

Philippine Airlines (PAL) and Cebu Pacific are two of the local airlines that started collecting fuel surcharges in September to help recoup investments hit by the global hike in jet fuel prices last year.

The CAB started implementing the fuel surcharge matrix in September, which requires a review of global jet fuel prices every two months to determine the allowable surcharge level for the next two months.

A Level 2 surcharge was also allowed by the CAB for the months of March and April. This was previously at Level 3 in January and February, and Level 4 in November and December 2018.

According to the CAB fuel surcharge matrix, once the price of jet fuel goes as low as P21-P24 per liter, a Level 1 fuel surcharge limit will be in place. Once it falls below P21 per liter, the CAB will stop allowing airlines from collecting a surcharge.

The price of jet fuel as of last week was at $82.75 per barrel based on data from the International Air Transport Association (IATA). This is approximately P4,275.8 per barrel, or P26 per liter. — Denise A. Valdez

China’s savers ignore gov’t efforts to cool $3-trillion WMP market

CHINA’S SAVERS are turning a deaf ear to government warnings about one of their favorite investments.

Individuals hold nearly 90% of instruments known as wealth management products (WMP), a record share, because many believe they’re shielded from losses — a view officials have tried hard to discourage. The assumption of safety has been buttressed by the fact that the large banks that issue WMPs have at times dipped into their own balance sheets to protect investors from losses or even outright defaults.

That retail buyers have kept piling into WMPs even as corporate investors and financial institutions pared their exposure presents a quandary for Chinese policy makers preoccupied with controlling risks. While they want to stress that WMPs aren’t immune from losses to curb moral hazard, they must also avoid sparking a stampede for the exit among China’s millions of yield-hungry savers.

“Regulators face the tough task of having to educate investors about the risks without actually having these risks play out,” said Dexter Hsu, a Taipei-based analyst at Macquarie Research.

WMPs are issued by banks and typically offer yields of 3% to 5%, more than double that of one-year bank deposits. They can invest in anything from bonds and stocks to property.

Demand for WMPs boomed in recent years as palatable investment options narrowed amid a sluggish stock market and tighter curbs on moving money out of China. Policy makers have been trying put a damper on the market, with the chief banking regulator stressing that with high returns come high risks.

Rules published in April 2018 capped leverage and banned banks from guaranteeing returns.

The changes seem to have done little to curb savers’ enthusiasm. While there’s no official data on the number of people who buy WMPs, industry reports show that small savers raised holdings to a record 19 trillion yuan ($3 trillion) last year. If anything, the crackdown seems to have driven away institutional investors even as individuals increased their exposure.

Spurred by the rule changes, banks are spinning off their wealth management units, a shift that should insulate their mainstay operations from any risks. Having a separate unit, rather than a consumer bank brand, offering the products could also help make it clear that investors can’t rely on being rescued from losses. — Bloomberg