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Smart teams up with Nokia for 5G

PLDT, INC.’s wireless unit Smart Communications, Inc. announced on Tuesday it is partnering with Nokia for the rollout of its fifth generation (5G) network in universities.
The two firms signed a memorandum of understanding (MoU) for the development of Smart’s 5G standalone (5G SA) solutions, which are commonly used for artificial intelligence, drones and Internet of Things. The deal also covers the deployment of 5G products such as handsets and applications.
“We are happy to partner with Nokia to help develop intelligent solutions and technologies for the benefit of the Philippine education sector,” PLDT Chairman, President and Chief Executive Officer Manuel V. Pangilinan said in a statement.
Compared to 5G non-standalone (5G NSA) which also uses existing fourth generation (4G) resources, 5G SA is entirely dependent on the 5G network for data transmission.
“By working with partners like Nokia in unlocking the full potential of 5G for Filipino enterprises and customers, we are putting the Philippines at par with the rest of the world in preparing for the deployment and adoption of 5G,” PLDT-Smart Chief Technology and Information Advisor Joachim Horn was quoted as saying.
In 2016, Smart and Nokia also teamed up to test 5G in the Philippines, where they were able to reach speeds of 2.5 gigabits per second (Gbps) over a live network.
Jae Won, Nokia head for Asia Pacific and Japan, said the company is happy to continue its partnership with PLDT and Smart. “This goes beyond just speed. 5G SA enables introduction of services like real-time remote control of robotics and autonomous driving of transport vehicles…,” he was quoted as saying.
Aside from Nokia, PLDT and Smart had also tapped Huawei Technologies Co., Ltd. for the deployment of its 5G network. It fired up its first 5G cell site in Makati City in November.
Mr. Pangilinan said last week they want to keep a “mixed approach” to their 5G rollout amid growing cybersecurity and spying concerns from the United States and other countries on partnering with the Chinese tech firm. “We are likely to stay with that mixed vendor kind of approach. The actual mixture, I think we’d have to leave pretty much to fundamental considerations,” he said during PLDT’s briefing on its 2018 financial results.
“What we told Huawei is that we must together address those concerns that have been raised by the US government. So you have to cooperate with us and you have to be transparent with us in terms of where the vulnerabilities are,” Mr. Pangilinan added.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez

Gov’t fully awards 10-year bonds as yield drops on easing inflation

THE GOVERNMENT made a full award of reissued 10-year Treasury bonds (T-bond) on Tuesday as the average yield plunged on the back of easing inflation expectations.
The Bureau of the Treasury (BTr) raised P20 billion as planned from its T-bond offer yesterday after receiving overwhelming bids worth P54.603 billion, almost triple the amount it wanted to raise.
The 10-year papers, which carry a coupon rate of 6.875%, fetched an average rate of 6.196% yesterday, 63.3 basis points lower than the 6.829% fetched when the instruments were last offered on Jan. 8.
At the secondary market on Tuesday, the 10-year IOUs were quoted at 6.183%, based on the PHP Bloomberg Valuation Service Reference Rates.
Following the auction, Deputy Treasurer Erwin D. Sta. Ana said the average yield of the 10-year bonds dropped sharply as investors started to price in expectations of decelerating inflation, which wasn’t clear yet when the 10-year securities were last sold.
“[Last] January 8, I think the market was actually just looking for how inflation would be moving forward. So now that we have seen inflation falling within the band already, then it just shows in the rates for this auction,” Mr. Sta. Ana told reporters yesterday.
Headline inflation in February stood at 3.8%, coming from the 4.4% print in January and easing for the fourth straight month due to milder price increases in food and non-alcoholic beverages.
Last month’s inflation rate also landed within the government’s 2-4% target range for the year.
“And then there’s also…news about possible easing by the BSP (Bangko Sentral ng Pilipinas) given the pronouncements of Gov[ernor Benjamin E.] Diokno in his interview. So we think those are the catalysts for these rates,” Mr. Sta. Ana added.
Given “decelerating” inflation in the country, Mr. Diokno said last Friday that there is an opportunity for the BSP to ease monetary policy settings, although he noted that any adjustments in interest rates should be data-dependent and that timing will be the issue.
Mr. Sta. Ana also noted that the Treasury is in a “comfortable” cash position following the conclusion of its five-year retail Treasury bond (RTB) sale.
“From a cash stand point, it’s actually better for us because of the settlement. We’re talking about P235.9 [billion], almost P236 billion in fresh cash for us. And then we had a full award so we are in a good position,” he said when sought for comment on why the BTr did not open its tap facility yesterday despite excess demand.
The Treasury raised P235.935 billion from the 22nd offering of RTBs, which were offered the institutional and individual investors within a two-week period that ended last Friday. National Treasurer Rosalia V. De Leon said tenders received for the RTBs were “much higher.”
A bond trader said yesterday’s auction results were within market expectations.
“The results were in line with the expectations, since the market was looking at a rate between 6.15-6.25%. The secondary market was near that range,” the trader said in a phone interview.
The government is set to borrow P360 billion from the domestic market this quarter. Some P240 billion will be borrowed through 12 weekly Treasury bill auctions, while P120 billion worth of T-bonds will also be issued through six fortnightly auctions. — Karl Angelo N. Vidal

Interactive theater: Amidst despair, always hope

By Maria Jovita Zarate
THEATER REVIEW
Every Brilliant Thing
By Duncan MacMillan
Directed by Jenny Jamora
Sandbox Collective and
9 Works Theatrical
March 15, 8:30 p.m., March 16
and 17 at 2:30 p.m. and 7:30 p.m.
Maybank Performing Arts Center,
BGC Arts Center, 26th St., BGC, Taguig City
SHE GLIDES onto the stage, lithe and nimble, and randomly distributes what seem like rectangular flashcards to members of the audience. There are numbers and words written on those cards. She instructs them to hold on to those cards and remember the numbers and words written on them.
And then the performance area in this theater-in-the-round fully lights up, the play starts — but the house lights stay on, at least partially, to render the audience visible. Project Runway host-turned-actress Teresa Herrera re-enters the stage to play the part of an unnamed daughter who we first come to know as a seven-year-old dealing with the death of her dog and wrestling with the question “why does my mother want to take her life?”
Her father provides the answer: “Your mother says nothing in life is worth living for.”
And so, the seven-year-old builds a list of things worth living for. Every brilliant thing, she calls them. Number 1: ice cream. Number 3: Staying up past bedtime. She wanted to convince her mother that there are many reasons to want to keep on living. Time and again, she would yell out the numbers and those holding on to those cards would yell back the words written on them. Number 12! Kung Fu movies! Number 96! Shooting milk out of your nose.
The list grows longer and at a certain point we know that she is also writing the list for herself, as she deals with the intricate givens of family and circumstance. At one point the list is shelved, almost forgotten, until a lover retrieves it in between the pages of a book she has lent him.
She works on the list again, but this time she is doing it for herself, looking for what the outwardly trivial moments could offer to her as she battles her own demons. Now on the list: Falling in love! Sex! Nina Simone on vocals!
Every Brilliant Thing is about seeing life through the prism of these minutiae so that we may hold them up to the light and let them gleam against the shadows of despair. At one point, in a moment of epiphany, she seems to have snapped out of her desolation, and, with a sense of urgency, compellingly admonishes the audience: “I have some advice for anyone who has been contemplating suicide. It is really simple advice: Don’t do it. Things get better. They may not really be brilliant but they get better.”
Playwright Duncan Macmillan brings to his material two masterstrokes which director Jenny Jamora generously recovers from the written text and makes luminous in this Philippine production of Every Brilliant Thing.
First, the interactive portions which sees the performer breaking — nay, smashing — the invisible fourth wall that divides performers from the audience. The lead actress snaps out of her character and invites a member of the audience to play a part — the guidance counsellor who dresses her hand with a sock to converse with a child; the father, sometimes too taciturn, sometimes nurturing; the college crush turned lover turned estranged husband.
The interactive portions thrive on an improvisatory spirit, eliciting mostly spontaneous reactions from the bit player plucked from the audience. He or she may fumble with the lines, or take to the task with raw enthusiasm, but invariably these moments draw light-hearted laughter from the audience. The onus is still on Teresa Herrera’s improvisational skills to steer the performance back to its track.
These interactive moments disrupt the emotional arc of what could otherwise be a slow descent to darkness owing to the theme — depression and suicide, and the immense toll it leaves on the immediate family. But interactivity as a stylistic strategy allows emotions to ebb and tide, move from dark to light, despair to hope. Always hope.
We know little about the mother except that she was suicidal and was quite reflexive about it. After the mother’s second attempt, the daughter recalls how her mother drew out a hearty laugh as the two sat in the kitchen and wallowed in each other’s silence. But the mother still ignored the list or it may not have been enough to prevent the inevitable tragedy. We also don’t know much about the father except that he stayed with the mother until that inevitable and saw through his daughter’s rites of passage.
Here comes the second masterstroke from the playwright: when less is a lot in character-building for the theater. Except for the unnamed daughter, which Teresa Herrera makes alive with sensuous precision, MacMillan’s characters are all disembodied and come to us physicalized only in those brief moments when a bit player is recruited from the audience to improvise with the lead actress.
But a singular detail shines — her father’s penchant for jazz music, and his periodic retreats to his study to listen to jazz greats (Curtis Mayfield, Ray Charles, and surely many more), where he drops vinyl records on a phonograph, and treats us to the warmth of analogue sound (skillfully rendered by sound designer Arvy Dimaculangan) — until you hear the pops, and the crackles, as fallible as the life they are holding on to. Beyond the text, you imagine how the melodic currents of jazz allow him to fold into his self as he wrestles with frustration and, most likely, with the fears that arise from anticipating his wife’s end of life.
Before the lights are switched off, the unnamed daughter mentions the 1,000,000th entry to her list of every brilliant thing which seals the enduring bond she’s always had with her father. From the theater speakers roll out what could be the almost inaudible sound of the needle hitting the vinyl, and you think something immense is about to happen, but here now is the hiss and crackle of analog music, strangely sultry and nostalgic, then the vocalist croons… “Into each life some rain must fall/but too much is falling in mine…” The denouement is light and a delight. And hope. Always hope.
And then it’s dark. And then the lights are back. Teresa Herrera enters the stage and calls on the bit players to join her in the curtain call.
The author is a member of the jury of Gawad Buhay, the country’s first industry awards body for the performing arts. She teaches at the University of the Philippines Open University.

DoubleDragon to build warehouse complex in Davao

THE industrial leasing unit of DoubleDragon Properties Corp. is partnering with Davao City’s Alsons Group for its fourth warehouse complex in the country.
In a statement issued Tuesday, CentralHub Industrial Centers, Inc said it has signed a joint venture agreement with Alsons Development & Investments Corp. for the development of an industrial complex on an 8.2-hectare property in Davao City.
CentralHub will own 70% of the venture, while Alsons will have a 30% stake.
Located along the Daang Maharlika Highway, CentralHub-Davao will offer 40,392 square meters (sq.m.) of leasable industrial warehouse space. The property is eight kilometers away from the Davao International Container Terminal, and 17 kilometers away from the Francisco Bangoy International Airport in Davao City.
DoubleDragon Chief Investment Officer Marriana H. Yulo said there has been rising demand for warehouse space due to the government’s increased spending on infrastructure projects.
“The continuous investment in infrastructure projects are compelling e-commerce and consumer companies to enter new markets which has become the catalyst for the strong demand in industrial space,” Ms. Yulo was quoted as saying in a statement.
CentralHub-Davao marks the company’s first project in Mindanao and its fourth in the country. It is currently building CentralHub-Danao in Cebu, CentralHub-Iloilo, and CentralHub-Tarlac. These projects cover 23.3 hectares with 121,626 sq.m. of leasable industrial warehouse space.
DoubleDragon aims to have at least 100,000 sq.m. in warehouse leasable space completed by 2020. These properties will house modern standardized multi-use warehouses that can be used as commissaries, cold storage, light manufacturing, and logistics distribution centers.
“The company has been seriously focused on building up its portfolio of prime hard assets that can generate high double-digit rental yields and deploy capital only on select prime properties that can appreciate five to 10 folds in the next five to 10 years,” DoubleDragon Chairman Edgar J. Sia II said in a statement.
CentralHub is one of DoubleDragon’s so-called four pillars of growth, with the others being its community malls unit called CityMalls, the office segment, and the hotel group. The four segments are seen to deliver 1.2 million sq.m. of leasable space by next year.
DoubleDragon booked an attributable profit of P966.02 million in the first nine months of 2018, 19% higher year on year, following a 16% uptick in gross revenues to P4.72 billion.
Shares in DoubleDragon fell 2.88% or 60 centavos to close at P20.25 each at the stock exchange on Tuesday. — Arra B. Francia

PCC to further review Dasmariñas-PrimeWater deal

THE Philippine Competition Commission (PCC) on Tuesday said it is further reviewing the proposed joint venture of Dasmariñas Local Water District (Dasma Water) and PrimeWater Infrastructure Corp.
In a statement, the PCC said its Mergers and Acquisitions Office (MAO) opened on Feb. 7 a Phase 2 review into the proposed joint venture of Dasma Water and PrimeWater that will operate the waterworks and supply of water as well as septage management within the service area of Dasmariñas City.
“With the business of water distribution considered an important market, PCC-MAO is looking into how the transaction will affect the competition in the provision of water supply and septage management services, and affect the customers, within and around the service area of Dasmariñas Local Water District,” the PCC said.
The Villar Group’s PrimeWater has 39 existing joint ventures with different local water districts.
“In a Phase 2 review, MAO seeks to investigate whether the transaction would enhance PrimeWater’s ability and incentive to engage in foreclosure of downstream market competitors of the entities affiliated with PrimeWater,” the antitrust body said.
However, the PCC noted that the Phase 2 review “does not mean that PCC MAO has made a conclusive finding of a substantial lessening of competition on the review but rather a required process to get a more detailed analysis of the transaction.”
The MAO has 60 days, starting Feb. 7, to complete the Phase 2 review of the Dasma Water-PrimeWater deal.
The PCC is seeking comments from stakeholders such as water suppliers, septage management providers, representatives from other water districts, sanitary engineers, residents of Dasmariñas and other interested individuals on the proposed deal.
Dasma Water is the local water district with service area covering the entire city of Dasmariñas, Cavite. It currently supplies potable water to 108,713 metered customers in all 75 barangays within the city. As of 2017, Dasma Water had an area coverage of 3,000 hectares or 67.78% of the total area of Dasmariñas City.
PrimeWater is a subsidiary of Prime Asset Ventures, Inc. It provides water supply and distribution systems to real estate developments of sister company Vista Land & Lifescapes, Inc. such as Brittany, Camella Homes and Crown Asia. It also has bulk water supply projects with partner water districts, according to its website. — Janina C. Lim

RCBC files defamation suit vs Bangladesh central bank

RIZAL Commercial Banking Corp. filed a lawsuit versus Bangladesh Bank.

RIZAL COMMERCIAL Banking Corp. (RCBC) filed a defamation lawsuit against the Bank of Bangladesh (Bangladesh Bank) at a lower court in connection with the $81-million cyber heist in February 2016.
In a statement sent to reporters on Tuesday, the Yuchengco-led lender said it filed a complaint against the Bangladesh central bank at the Makati City regional trial court (RTC) on March 6 for “defaming RCBC and its executives with baseless allegations of complicity” in the cyber heist of Bangladesh Bank’s funds in the New York Federal Reserve Bank in 2016.
The suit was served to Abu Hena Mohammad Razee Hasan, deputy governor and head of Bangladesh Bank Financial Intelligence Unit, and other members of the central bank’s delegation who are in Manila this week “for meetings with banking officials.”
A report from Bangladesh-based Dhaka Tribune said a team of lawyers and Bangladesh Bank officials headed to Manila this week to recover the stolen funds “through a settlement after discussion.”
“It is public knowledge that Bangladesh Bank has embarked on a massive ploy and scheme to extort money from plaintiff RCBC by resorting to public defamation, harassment and threats geared towards destroying RCBC’s good name, reputation, and image, all with the intention of getting RCBC to pay Bangladesh Bank money that RCBC does not have in its custody or possession and which it does not owe to Bangladesh Bank,” the complaint read.
The lawsuit stemmed from illegal fund transfers from the New York Fed account of Bangladesh Bank to four accounts under fictitious names opened at RCBC’s Jupiter Street branch in Makati City. The funds were withdrawn and spent in casinos, where they disappeared.
Despite the government’s assistance in tracing the missing money, only $15 million has been recovered from a junket operator.
The Bangko Sentral ng Pilipinas earlier slapped RCBC with a P1-billion fine in relation to the cyber heist.
In January, the Makati RTC convicted former RCBC branch manager Maia Santos-Deguito of eight counts of money laundering, sentencing her to imprisonment of four to seven years for each count.
“Bangladesh Bank had lost the $81 million the minute it left defendant Bangladesh Bank’s account at the NY Fed and way before it had even reached the Philippines,” RCBC’s case read. “There is absolutely no act attributable to RCBC that caused the payment instructions to reach the NY Fed and the Correspondent Banks.”
A month ago, the Bangladesh central bank filed a suit against RCBC with the US District Court in Manhattan for its involvement in what is considered as the biggest cyber heist in history.
Tai-Heng Cheng, RCBC’s lead lawyer, said the claims of Bangladesh Bank are “baseless,” harming the reputation of the bank.
“Bangladesh’s suit is nothing more than a political stunt to try to shift blame from themselves to RCBC. The action taken today by RCBC finally puts the case in a court where — at the very least — the alleged crime took place,” Mr. Cheng was quoted as saying in the bank’s Tuesday statement.
Thea Daep, another lawyer of RCBC, added that the Yuchengco-led bank “had nothing to do with the theft of the funds and has cooperated fully with every investigation into the matter.”
RCBC shares closed at P26.50 apiece on Tuesday, down by five centavos or 0.19%. — Karl Angelo N. Vidal

A session with the cast of Phantom (in allegro)

By Michelle Anne P. Soliman, Reporter
“She seemed to be listening… Raoul also listened… Whence came that strange sound, that distant rhythm?… And a faint singing seemed to issue from the walls… he heard a voice, a very beautiful, very soft, very captivating voice… but for all its softness it had remained a male voice… The voice came nearer and nearer… and now the voice was in the room, in front of Christine. ‘Here I am, Erik,’ she said. ‘I am ready. But you are late.’” — The Phantom of the Opera by Gaston Leroux (1909)
FROM the opposite end of the foyer, you could hear Meghan Picerno giggle as she approached our station at the foyer at the Theatre at Solaire last Tuesday afternoon for a short interview before that evening’s show. Like the rest of the cast members of The Phantom of the Opera whom we met, Ms. Picerno — who plays the lead Christine Daae — talked about the preparations they did for the show and why the musical continues to resonate with audiences 33 years since its premiere in 1986.
And she also discussed what is was like to play the same character twice in two different musicals.
And we discussed corsets.
While it has been 33 years since The Phantom’s world premiere, it has been seven years since the seven-time Tony and four-time Olivier award-winning musical was performed last in Manila. For the 2019 World Tour — which opened officially here last week at The Theatre at Solaire — the Andrew Lloyd Webber musical has come with 130 cast, crew, and orchestra members and more than 230 costumes by the late international designer Maria Bjornson.
Ms. Picerno said that playing Christine with the North American cast of the sequel to Phantom of the Opera, Love Never Dies (also composed by Andrew Lloyd Webber), helped her craft the role for the younger Christine — the soprano who becomes the object of fascination and the protege of the Phantom of the Paris opera house — that she now plays.
“I’ve been living her future for the last year and a half. And I had, as a performer, I created a backstory [for the character]. And now I am living the beginning of it all,” Ms. Picerno said.
“I do though, have to remember that the time that Phantom of the Opera was written, Love Never Dies was not [yet created]. So then, I have to separate the two because, my future self Christine actually can’t influence the young Christine, because she wouldn’t know that that’s where she ends up,” she said.
TAKE TWO
Jonathan Roxmouth is no stranger to The Phantom either as this is his second time to play the role of the opera ghost — he was also the Phantom in the 2012 touring production that performed in Manila. He said he has made no drastic changes to his performance since his first run as the Phantom seven years ago.
“Instincts never change. I think delivery changes every now and again. I think my voice has changed a little. My confidence in the role is certainly not what it was back then,” Mr. Roxmouth told the press.
“I’m not a fan of change for change’s sake. It’s very dangerous, because I like to trust that what I found back then still rings true. Certain things may have changed here and there… but the rest of it, it’s the same effect,” he added.
The story of romance and unrequited love continues to resonate with audiences.
“I think the one that bridges things is the romance. Some people get swept away with these gorgeous melodies and it’s a very romantic show,” said Matt Leisy who plays Raoul, who competes with the Phantom for Christine’s heart.
“I think people relate to the Phantom as well because he’s… a tortured soul who was not quite understood. He’s the one who doesn’t get the girl and is lonely, and I think I people can relate to that,” said Mr. Leisy.
AUDIENCE APPRECIATION
Mr. Roxmouth has observed that the Filipino audience connects with his character during shows.
“There’s a respect for the arts… Even during the show, you could you could feel the audience is with you… and at the end of ‘Music of the Night,’ you can hear them go [*exhales*] with you. And that’s amazing because this, this role particularly connects with people in a way that other roles haven’t.
“To come out on the boat [during the scene in the underground lake] and look out at the audience in the theater — you can feel that everybody’s going, ‘Let’s do this together.’ There’s a partnership. They’re not just watching, they’re also not distracted, they are with you. That hardly happens. I remember it being the case in the CCP [Cultural Center of the Philippines} in 2012 and I’m seeing it again here. It’s, it’s quite special.”
AND CORSETS
Before our turn with the performers was up, this writer grabbed the opportunity to ask Ms. Picerno a nagging question — How did female singers back in the day sing opera while wearing corsets?
“Back in that time, true corsets would have either had whalebone or metal [to keep them stiff]. I really cannot imagine what that would be like to sing in [them]. That being said, I actually like being in corsets to sing,” Ms. Picerno told members of the press, and went on to explain that she uses the Garcia method (named after Spanish singer Manuel Garcia) where a singer practices a controlled breathing approach called apoggio (Italian for “to lean”).
“My rib cage expands kind of like a puffer fish and when you have of corset on you can lean against it. It’s so helpful because you’re fully supported when you sing,” she said.
And with that she, along with the other actors, returned to the theater to prepare for the show that evening. Which in her case means wearing a corset.
The Phantom of the Opera has performances until April 7 at The Theatre at Solaire. For tickets and schedules, contact TicketWorld at (891-9999, www.ticketworld.com.ph.)

In the words of Lang Leav

AS AN adolescent, there is always that piece of literature that, or an author who, introduces us to a genre we grow to appreciate. Before a reader’s widened exposure to various forms of literature, we all start from somewhere. These days Lang Leav opens the door to poetry for many young people.
It was late afternoon on Feb. 21 when this writer met the best-selling novelist and poet at the Raffles Makati’s Writer’s Bar. Her pearl necklace stood out as an accent to her all-black outfit. It was Ms. Leav’s fourth visit to the country — this time she was to promote Love Looks Pretty on You, a book that mixes poetry and prose.
“Poetry is pure emotion. It’s short, but very intense,” Ms. Leav said before discussing her writing process.
“I’ll get up in the morning, make a cup of coffee, and go straight into writing.” This ritual has remained the same since she began as a writer. “I allow ideas to come to me. It’s about choosing what I get to go with, and trusting my gut, and making something of it.”
Her pieces have consistently centered on love. “It’s not just me. Since the beginning of time, philosophers have been ruminating on love and it’s because it’s such a huge cornerstone of our lives,” she said.
“Love, [I think] is one of the most important things in your life,” she said referring to her own experience, as well as those of people around her. “It’s so complex and so multi-faceted.”
In her new book, Ms. Leav writes about empowerment, which includes her experience growing up as in a Thai refugee camp where she was born.
“It’s more of a reflective book… My mom was fighting the Khmer Rouge Regime while she’s pregnant with me and that’s something that I’m exploring [in my book].”
Since the success of her previous works — books of poetry including Love and Misadventure (2013) Lullabies (2014), Memories (2015), and Sea of Strangers (2018), and the novel Sad Girls (2017) — Ms. Leav admits it has been challenging to be in the spotlight.
“I’ve been so grateful for this opportunity that I’ve been given. And it’s something that I am, I think about a lot as I grow into my next role. And it’s almost like I’ve been given this huge megaphone. Now I have to figure out what I’m going to say next,” she said.
When it comes to criticism, Ms. Leav noted that she focuses on positivity. “Being a writer is about choosing what voice you listen to. I’d rather than listening to the words of the Yale professor (whom she mentioned is her mentor), than some 16-year-old boy sitting in his bedroom who is hateful.
“So I think the most important thing for young writers to remember is to have a small circle of friends to whom you show what you do. Ignore what everyone else says, because anyone who has any talent, or anyone who’s going to get anywhere in life will not be sitting behind a keyboard attacking [others],” she added.
Before we ended the 14-minute interview, Ms. Leav mentioned that she is currently working on a second novel about an aspiring poet which is targeted for release later this year.
“You have to write your own path and figure things out as you go… Don’t listen to the negativity just focus on what you’re doing. Do your writing.” — Michelle Anne P. Soliman

China to scrutinize pawnshop boom

THESE ARE NOT the small-dollar lending, used-guitar selling pawnbrokers of middle America.
In China, pawnshops have evolved into big shadow-finance industry players — lending the equivalent of $43 billion in 2017, often to small businesses and at much higher interest rates than banks. The number of Chinese pawnshops has doubled since 2010 to more than 8,500 and their average loan size exceeds $26,000, versus around $100 in the US.
Now, that breakneck growth is putting pawnshops in the Chinese government’s crosshairs. The country’s banking and insurance regulator is drafting new rules that will toughen oversight of the industry, people familiar with the matter said, asking not to be identified as the matter is private.
The move will target one of the last untouched corners of China’s $9 trillion shadow-banking sector, broadening a more than two-year government effort to reduce financial risk in Asia’s largest economy. It suggests authorities aren’t finished with their cleanup campaign, despite recent signs that they’ve dialed back deleveraging measures elsewhere to support economic growth.
The China Banking and Insurance Regulatory Commission’s (CBIRC) inclusive financing division is drafting the new rules after taking over jurisdiction of pawnshops from the Ministry of Commerce last year, the people said. One of the rules may increase the minimum capital requirement for pawnshops from its current level of 3 million yuan, the people said. While CBIRC oversees the industry, local governments will handle day-to-day supervision, they said, an approach used for peer-to-peer lenders.
CBIRC didn’t immediately reply to a fax seeking comment.
Unlike other countries, China’s pawnshops are often used by small-business owners to access high-cost funds for working capital. More than half of pawn-shop loans extended in 2017 were backed by real estate. And unlike typical bank loans, borrowers don’t need to disclose how the money will be used.
More than a third of China’s pawnshops were loss-making in the first two months of 2018 and their overdue loan ratio exceeded 13% amid rising competition with online lenders, official data show. Shares of Sunny Loan Top Co. and Changsha Tongcheng Holdings Co., two China-listed companies that invest in pawnshops, have dropped more than 20% over the past three years even as the Shanghai Composite Index gained.
In recent years, some outlets have expanded to accept stocks and accounts receivables as collateral, in addition to luxury watches, jewelry, automobiles and properties. To supplement their own capital and increase their capacity to lend, pawnshops have also borrowed from banks.
A typical loan in Shanghai comes with an interest rate of about 2% a month, or 24% annually, compared with the benchmark one-year lending rate of 4.35%. Pawn shops will typically lend up to 40% of the value of an apartment pledged as collateral, renewing the loan every six months.
A recent court case in Beijing showed how large such sums can get. The dispute involved a three-month, 4.35 million yuan ($648,000) property-backed loan with a 30% annualized interest rate. The borrower ultimately defaulted. — Bloomberg

Petron profit plunges

PETRON CORP. on Tuesday reported a 50% fall in its net income in 2018 to P7.1 billion after a “sustained decline” in world crude prices that resulted in inventory losses of P10 billion in November and December last year.
“It was a challenging year, yet we captured majority of the market and remained the largest and fastest growing oil company in the country. While our long-term fundamentals remain attractive, we will continue to be prepared and responsive to market conditions,” said Petron President and Chief Executive Officer Ramon S. Ang in a statement.
Last year, operating income fell 32% to P18.9 billion from P27.6 billion in 2017, Profits would have been higher by 21% at P17 billion if the one-time item is excluded, the company said.
Consolidated sales reached P557.4 billion, higher by 28% than the P434.6 billion posted in 2017. Petron managed to post combined sales volume of 108.5 million barrels, slightly up from the 107.8 million barrels sold the earlier year.
Petron said the strong local sales of gasoline, Jet-A1 and liquefied petroleum gas (LPG), along with improved operating efficiency, contributed to the increase. It said the company kept its lead in retail, industrial and LPG trading as it cornered majority of the market.
The company said its oil refinery in Bataan, which is a 180,000-barrel-per-day facility, achieved a record 95% annual utilization rate as it further raised its production of high-value fuels and petrochemicals.
Petrochemical and polypropylene sales grew by 3% and 28%, respectively, as against the levels in 2017. This drove the rise in export volume, which exceeded the previous year’s record by more than 7%, the company said.
In Malaysia, Petron’s domestic maintained good results, it said without disclosing numbers.
Petron is the country’s largest refiner and provides close to 40% of local fuel requirements through its Bataan refinery, 30 terminals, and at least 2,400 service stations nationwide. — Victor V. Saulon

How PSEi member stocks performed — March 12, 2019

Here’s a quick glance at how PSEi stocks fared on Tuesday, March 12, 2019.

 
Philippine Stock Exchange’s most active stocks by value turnover — March 12, 2019.

House to consider resolution seeking to ban palm oil imports

THE House of Representatives will consider a resolution asking the government to bar imports of palm oil to help protect the domestic coconut industry.
“I’m alarmed by the price of copra now. It’s too low. I’m asking the Department of Trade and Industry to stop the importation of palm oil,” Minority Leader Danilo E. Suarez of the 3rd district of Quezon said in a briefing Tuesday.
Mr. Suarez filed House Resolution No. 2519, which urged the DTI and other agencies to halt palm oil imports to support the coconut industry.
“Under our ASEAN tariff agreement, palm oil is charged zero tariffs. Unfortunately palm oil is cheaper than coconut oil,” he said.
The resolution follows a finding by the Department of Agriculture that palm oil imports are hurting the price of copra.
Copra currently trades for about P15 per kilo on average, well below the P30-40 average price from previous years.
“The surge of palm oil imports causes a shift in demand from coconut oil to palm oil due to the cheaper price of the latter. This, in turn, injures the coconut industry (due to) the continuous decline of copra farmgate prices,” according to the resolution.
“This economic situation affects the livelihood of the country’s coconut farmers which are mostly living in poverty.”
The Minority Leader said the DTI should consider increasing copra prices to P25. — Charmaine A. Tadalan