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Virtual beings get real with first Emmy from Hollywood

CREATORS OF virtual beings can now thank the academy for giving their work real-world recognition.

Fable Studio Inc.’s Wolves in the Walls is a virtual reality adaptation of a Neil Gaiman children’s book, and it just won an Emmy for outstanding innovation in interactive media. The story uses virtual reality goggles and handheld motion controllers to cast the player in the role of an imaginary friend for eight-year-old Lucy as they investigate the source of strange noises in her home. Lucy is a class of character now referred to as a virtual being.

“This is the first virtual beings project to get an Emmy,” said Edward Saatchi, a co-founder of Fable, which was spun out of a VR movie studio owned by Facebook Inc. “It should really help in Hollywood, get people thinking that maybe we should put a virtual being in a movie or have a virtual being singer.”

But what are virtual beings? Saatchi’s definition is a digital character with whom you can build a two-way relationship. While there is nothing yet that fully meets the standard, a number of companies have sprung up with attempts ranging from computer-generated (CG) Instagram influencers to chatbots and AI-powered digital companions. Millions of people already deal with primitive virtual beings when they ask their smart speakers for the day’s weather or cooking instructions, Saatchi contends.

“If the question is whether this is a real thing — for sure,” said Sinan Aral, professor of information technology and marketing at MIT Sloan School of Management in Cambridge, Massachusetts. “This market is being made now.”

For now, most of the action happens on Instagram. It’s been well over a decade since people realized that even a modest social media following can be converted into income, because brands will pay for ads that come with a personal touch. Now, entrepreneurs have figured out you can also manufacture micro-celebrities with computer graphics, and fans will still follow. For brands, CG influencers offer message control and flexibility without the messiness of dealing with real personalities.

“Because it is so blatantly a creation, the question of authenticity is moot,” said Sara Menouni, a creative director at Ykone, a Paris-based agency that pioneered influencer marketing. “This completely changes the game.”

The most famous among Instagram’s virtual beings is Lil Miquela, who has 1.6 million followers and in May showed up in a Calvin Klein commercial sharing a kiss with flesh-and-blood supermodel Bella Hadid. Miquela’s success has inspired a number of imitators. Shudu, created by a former fashion photographer, bills itself as the world’s first digital supermodel. Even KFC jumped on the bandwagon with a suave virtual version of Colonel Sanders.

Some of the most lifelike creations hail from Japan. Pink-haired Imma, a computer-generated face composited onto a photo of a real human model, is mostly indistinguishable from a real person. Another one is Saya, a virtual schoolgirl that debuted in 2015. The husband-and-wife team that created Saya said they made a habit of observing teenage women on the subway from behind the safety of sunglasses, considering what gives youthful skin a particular transparency or how the back of an ear should look.

Liam, a rare male character, is looking to break into the music business. The goal is to be the first virtual being to win a Grammy, said Hirokuni Genie Miyaji, a Tokyo-based entrepreneur who sold his previous business managing real influencers to fund the new venture. Liam plans to release its first song next month using a synthesized voice assembled, with the help of artificial intelligence, from five different human audio samples, Miyaji said.

Progress in making more believable virtual beings is a measure of how good the tech is getting, and there is a convergence of technologies under way, according to Fable’s Saatchi. Advances in natural language processing, machine vision and real-time computer rendering are giving avatars more agency, a persistent memory of earlier interactions and better understanding of their human interlocutors.

But these technologies are still in their early stages and adopting them too soon risks breaking the spell. There is a reason why most CG influencers stick to still photos — animating human hair, for instance, is notoriously tricky. The negative emotional response to artificial things that look almost but not quite human is common enough to have a name: “the uncanny valley.”

One bit of good news for the likes of Miquela is that their fans can be surprisingly forgiving. Mika Iimori, a 37-year-old living in Hiroshima, follows Imma and Liam on Instagram and says lifelike perfection is not the key to their appeal. She’d like to see them speak and move around, even if that means that occasionally they let the mask slip.

“I want to see them grow and change,” Iimori said. “If anything, that part is fun — you get to look forward to seeing what they can become. Same as a human. The incompleteness is attractive.” — Bloomberg

AboitizLand launches 3rd Ajoya project in Pampanga

ABOITIZLAND, Inc. has launched its third residential project carrying the Ajoya brand in Pampanga, banking on the area’s proximity to New Clark City.

The property developer said in a statement that Ajoya in Pampanga will cover 17 hectares in Barangay Eden, Mexico, Pampanga. The project will feature a town plaza, clubhouse, multi-purpose hall, swimming pool, and pocket parks.

AboitizLand said it will build houses inspired by the Filipino bahay na bato, but with a modern twist.

“We take pride in being proponents of modern Filipino architecture. We show this by incorporating classic Filipino elements to contemporary house designs,” AboitizLand First Vice-President of Operations Rafael Fernandez de Mesa said in a statement.

The project is targeted toward the mid-market segment, with unit prices ranging from P2.5 million to P4.2 million.

AboitizLand noted that the project is close to New Clark City, which will soon house rising businesses in the country.

The unveiling of Ajoya in Pampanga follows the launch of the 19-hectare Ajoya in Barangay Valle Cruz, Nueva Ecija and the 13-hectare Ajoya in Barangays Talaga and Estrada in Tarlac.

“With our solid credentials in Cebu for the past 25 years, we’re in a position to continue our Luzon expansion which started a few years ago,” AboitizLand President and Chief Executive Officer David L. Rafael said in a statement.

“We are proud to aggressively roll out our expansion plans to elevate the lifestyle of more Filipino families in emerging cities.”

The Aboitiz-led company also launched the 49-hectare residential project called The Villages at Lipa in Batangas earlier this month. This will be located in LIMA in Lipa-Malvar, Batangas, the company’s integrated township that houses an industrial park and outlet mall.

Aside from The Villages at Lipa, the company is also developing Seafront Residences in San Juan, Batangas. The upscale project features a beachfront, with the first phase now under construction. The company will start turning over units in the third quarter of this year.

Incorporated in 1994, AboitizLand develops residential, commercial, and industrial projects. It is part of listed conglomerate Aboitiz Equity Ventures, Inc., which also has core interests in power distribution, infrastructure, banking, food production, shipbuilding, and construction. — Arra B. Francia

Going back in time with the Int’l Silent Film fest

By Susan Claire Agbayani

UNLIKE PREVIOUS years when the Philippines’ contribution to the International Silent Film Festival (ISFF) were experimental films, this year it will be a 37-minute documentary filmed in 1913 on the Cordilleran Kalinga tribe titled Native Life in the Philippines. It will open the 13th ISFF at SM Aura in Taguig on Aug. 30.

The documentary, which had been shown around the world, was directed by the controversial Dean C. Worcester, an American zoologist and photographer who was also a member of the Philippine Commission. His ethnographic photographs helped shape public opinion in the United States for American colonization.

Film scholar and archivist Teddy Co, chair of the film commission of the National Commission for Culture and the Arts (NCCA) selected the documentary for presentation at this year’s ISFF.

As usual during the ISFF, the films will be accompanied by live music, and for Native Life in the Philippines, the Munimuni band was chosen to do the live score.

“We’ve always had a heart to see different art forms coming together; this time, film and music. We’re a Filipino band (that plays) Filipino songs with Filipino lyrics. We’re excited to see how it comes together: the montage of the different tribal practices, then our music. Our goal is to complement the message of the film, and highlight Filipino culture through it,” said Munimuni’s guitarist/vocalist TJ de Ocampo at a press conference on the ISFF at the Samsung Hall of SM Aura.

Representatives of the Film Development Council of the Philippines (FDCP) this year took up on the suggestion to have Munimuni do the live score. “We wanted to introduce something new. We checked Munimuni’s Spotify and YouTube accounts, and their recent ‘Kulayan Natin’ music video. The montage part of it is similar to what we wanted to have in our entry this year,” said Jo Andrew Torlao, Festivals Coordinator of FDCP.

At 1 p.m. on Aug. 31, Professor Nick Deocampo of the University of the Philippines will give a lecture on “The Beginnings of Cinema in Asia.” According to the festival’s program, “This lecture on early cinema unpacks the nature of the first motion pictures that reached the region, the cinematic practices that accompanied their arrival, and the reception that greeted their public exhibition. Giving emphasis on the Philippines, discussion will cover how film interacted with the Spanish and American colonial cultures that allowed cinema to become ‘native.’ Recalling how cinema first started opens an opportunity to revisit one of cinema’s most forgotten chapters.”

LOST AND FOUND GERMAN FILM
The German film Von Morgen Bis Mitternachts (From Morn to Midnight, 1921) by Karlheinz Martin, which was “considered lost in the 1920s, found in 1959 (at the Tokyo National Film Center), and played again in 1963,” will be screened at 4 p.m. on Sept, 1. “This is the most radically expressionist film of the 1920s — at least — the one with an existing copy. It is the only film I think that we’re showing that was preserved in Japan,” said Goethe-Institut Philippinen’s Program Coordinator Shadin Kitma.

New musical ensemble Anima Tierra will play the live score for the film. “We chose this group because they’re not set, as compared to a four-piece band where there’s a guitar, bass, drum set. They’re more free in their selection of instruments — which is more varied — and which I think would reflect an expressionist film more,” said Mr. Kitma.

“We have been performing all over the world, representing Filipino indigenous music and contemporary music around the world. We have to look back to where we’re coming from, and for that, we’d been able to bring out elements from different cultures of the world — especially that which bring out the fire and the spirit — in each of the music and we incorporated that in our scoring of the film,” said ensemble leader Tapati.

NEWLY RESTORED ITALIAN FILM
“This year, we’ll continue on the road we took together with the Cinematheque of Bologna, who is providing us with a beautiful film, Augusto Genia’s L’Onesta del Peccato (The Wife He Neglected, 1918) restored last year or two years ago. We will have an Italian musician, Step&No, who will lead the ensemble The Pocket Orchestra,” said Fil-Italian Association’s general manager Alessandro Milani. The film will be screened at 8:30 p.m. on Aug. 31.

Stefan&No said that it was fairly easy for him to work on the score because “the film is Italian, and I’m Italian.” He noted that “we share a fascination for drama… with Filipino musicians.”

JAPANESE DRAMA
While Orizuru Osen director Kenji Mizoguchi is well known, unfortunately, “many of his films are not available now, especially for the silent ones, ”said Japan Foundation Manila (JFM) Director Hiroaki Uesugi.

“We wanted to have a different sound; and at the same time, we wanted to explore talents from the region. We wanted to give opportunities for regional artists to be presented as well in Manila-centered events or activities,” said JFM’s Roland Samson.

Live scoring Orizuru Osen (The Downfall of Osen, 1935) is Mindanao-based band Kaduma ni Karol (“companion of Carol” in Higaonon), a group headed by former Pinikpikan vocalist Carol, “the chant queen.” It will be screened at 3 pm. on Aug. 31.

SPANISH FILM
Although Diego Mapa and Jay Gapasin have performed at the ISFF previously with other bands (Pedicab, Kapitan Kulam, and the Radioactive Sago Project), this is the first time they’re performing as Tarsius, “an electronic band with live instrumentation,” said Mr. Mapa during the press conference.

They are scoring Carlos Fernandez Cuenca’s Es Mi Hombre (He’s My Man, 1927), which will be screened at 5:30 p.m. on Aug. 31.

Instituto Cervantes’ Jose Fons said during the press conference that Tarsius has performed at the Spanish cultural center’s events and in Spain as well.

“I hope people would look forward to our curation of music for this film. It will definitely not be taken from modern top 40s or anything familiar, but from well-selected tracks. Hopefully educational, but true to the film experience of different genres. We wanted to be more true to the emotions of the film; and not go overboard. We wanted to do something different compared to what we’ve done before with our other respective bands,” Mr. Mapa said.

THE CLOSING FILM
The movies that have been preserved so far in Austria’s film archive “haven’t been welcoming to all types of audiences,” noted Zeh Bombais, Press and Cultural Attache of the Austrian Embassy. “We’ve always shown more serious films for ‘mature audiences.’” So this year, they wanted to give the ISFF viewers “a family friendly and bonding experience,” where one can bring younger siblings and even parents to watch.

“We really wanted to bring the two eras together: the silent film and contemporary Filipino musicians. Our film, Hans Berger and Ladislaus Tuszynski’s Kalif Storch (1924) is set in Baghdad, with the same time, same setting as Aladdin, and with glamorous costumes and extravagant setup. We close the ISFF on Sept. 1, 7:30 p.m. with the story of magic, romance and comedy. It’s only fitting to have a band that could match that quirkiness and extravagance in their performance. That’s exactly how we think we see the music of Tanya Markova,” she said.

“We give the artists the liberty to interpret the film how they see fit. We’re open to the films being explored in various different ways that maybe has not been explored in Austria yet. And that’s the beauty of the film played in Manila.”

Tanya Markova, which is known for its references to pop culture and folklore, is a very “visual” band known for gimmicks like putting on makeup and wearing costumes while performing — often eclipsing their “sonic capabilities” — admitted band member John Paul “Japo” Anareta. But this silent film fest will finally showcase their abilities in this department.

“We’re going to add depth and some color to the black and white film. People can expect a lot of improve and surprising stuff,” Mr. Anareta said.

The 13th Silent Film Festival runs from Aug. 30 to Sept. 1. Admission is free, on a first-come, first-served basis. For more information, check their Facebook page at: https://www.facebook.com/events/2248725038558888/

Three-year bonds may fetch lower rates

THREE-YEAR Treasury bonds (T-bond) on offer tomorrow will likely fetch lower rates amid strong demand and following the speech of US Federal Reserve chief Jerome Powell over the weekend.

The Bureau of the Treasury (BTr) is offering on Tuesday P20-billion worth of reissued three-year bonds with a remaining life of two years and 10 months, maturing on July 4, 2022.

“Yield of the three-year paper up for reissuance will be lower from its last auction amid very strong demand for bonds on the front-end of the curve… Our local yield curve remains appropriately steep as inflation trend onshore is still expected to remain subdued as we approach yearend, Robinsons Bank Corp. peso debt trader Kevin S. Palma said in a phone message on Sunday.

Last July 2, the BTr issued the fresh three-year bonds with a coupon of 4.25%, which fetched an average rate of 4.803%. The government made a full award of its P20-billion offer which was three times oversubscribed, with tenders totalling P65.911 billion.

A trader said the bonds may fetch lower rates amid bets of further easing from the US Federal Reserve.

“Powell’s Jackson Hole consistent amplifies rate cut bets for Fed. This will give enough cushion for BSP (Bangko Sentral ng Pilipinas) to deliver another rate cut and reduction in RRR (reserve requirement ratio),” the bond trader said in a phone message over the weekend.

“Reinvestment requirements from P10-billion T-bill and P8.7-billion FXTN (fixed-rate Treasury note) maturities this week will propel demand for this auction further,” Mr. Palma added.

The bond trader sees the yield on the debt papers falling within 3.9% to 4.05%, while Mr. Palma gave a forecast range of 3.85%-3.95%.

At the secondary market on Friday, the three-year debt papers were quoted at 3.994% based on the PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website.

The US economy is in a “favorable place” and the Federal Reserve will “act as appropriate” to keep the current economic expansion on track, Mr. Powell said on Friday in remarks that gave few clues about whether the central bank will cut interest rates at its next meeting or not.

The Fed cut rates for the first time in more than a decade last month, backing Mr. Powell’s verbal commitment to sustain the expansion with action. Mr. Powell on Friday made clear that commitment is still in place in a speech he gave at an annual Fed retreat at a Jackson Hole valley resort set against the Grand Teton mountains.

He said there are “significant” risks to the economy, including the trade dispute, the chaotic British exit from the European Union, tension in Hong Kong and signs of a global economic slowdown.

But he also said the domestic US economy is in a “favorable place” now and he stressed limits to the Fed’s ability to respond to the trade issues. He also said officials need to “look through” short-term turbulence, and stopped short of endorsing or signaling the pace and depth of rate cuts markets widely expect and that President Donald Trump has demanded.

There are “no recent precedents to guide any policy response to the current situation,” Mr. Powell said, adding that monetary policy “cannot provide a settled rulebook for international trade.”

Meanwhile, BSP Governor Benjamin E. Diokno earlier hinted on another cut in key policy rates and a 25-basis-point reduction in big banks’ RRR as early as next month.

The central bank’s Monetary Board at its last meeting slashed policy rates by 25 bps. Current interest rates now range from 3.75% to 4.75%.

Reserve quotas now stand at 16% for big banks and 6% for thrift banks following the last round of the 200-bp multi-phased reduction in all RRRs last July 26.

“The decision/announcement that BTr will not pre-fund the 2020 budget would also mean less supply for the rest of the year. Hence, we are in for lower rates,” the trader added.

Deputy Treasurer Erwin D. Sta Ana last week said domestic pre-funding for next year will have to depend on government’s catch-up plan. The Treasury also doesn’t plan to do any offshore pre-funding, he said.

The government is set to borrow P230 billion from the domestic market this quarter through T-bills and Treasury bonds.

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

ALI finalizing joint venture for new projects

AYALA LAND, Inc. (ALI) looks to finalize its agreement to develop almost 28,000 hectares of land in the provinces of Aurora and Quezon within the year.

“Last year we signed an MoU (memorandum of understanding) so it’s only [now] that we’re finalizing the JV (joint venture) agreement on that, so we’re hopeful that we can finalize within the year,” ALI Senior Vice-President Jose Emmanuel H. Jalandoni said in a podcast from an August briefing posted on the company’s website.

The listed property developer in May 2018 signed an MoU with businessman Romeo G. Roxas’s Green Square Properties Corp. (GSPC) and Green Circle Properties and Resources, Inc. (GCPRI) for the establishment of a joint venture firm.

ALI will hold majority of the partnership at 51%, while GSPC and GCPRI will collectively own 49%.

The company will then develop 27,852 hectares of land in Dingalan, Aurora and General Nakar, Quezon.

ALI earlier said the project will house tourism, commercial, residential, and institutional components. It will also incorporate environmental and ecological programs to conserve the forest in the area, while also protecting its biodiversity.

Once developed, the development will be added to ALI’s network of 26 estates across the country.

Its newest estate is the 526-hectare Habini Bay in Misamis Oriental, which is being developed in partnership with parent Ayala Corp. The project will consist of an industrial park, seaport, provincial bus terminal, technical school, and a new municipal government center that will complement the planned residential and commercial developments.

ALI generated a net income of P7.8 billion in the second quarter of 2019, 10.4% higher year on year, amid flattish growth in revenues at P43.5 billion.

For the first half, the company’s net income was up 12% to P15.2 billion, on the back of a 4% increase in revenues to P83.2 billion.

ALI is scheduled to issue P5 billion in fixed rate bonds with a tenor of five years this September, as part of its commitment to spend P130 billion in capital expenditures for the year.

The capex will support the construction of existing projects as well as the launch of P130 billion worth of new projects within the year.

Earlier this year, the company also raised P8 billion from the issuance of seven-year bonds with an annual interest rate of 6.369%. This was the first tranche of ALI’s P50-billion shelf registration program filed with the Securities and Exchange Commission.

Shares in ALI were down 0.51% or 25 centavos to close at P48.90 each at the stock exchange last Friday. — Arra B. Francia

Megaworld to build EDSA-Makati’s tallest residential tower

MEGAWORLD Corp. is building the tallest residential tower in EDSA-Makati — the Vion Tower.

The 57-storey Vion Tower is strategically located along EDSA corner Chino Roces Avenue, an ideal address for those working in Makati central business district, Taguig and Pasay.

Vion Tower offers studio units of up to 31 square meters (sq.m.), one-bedroom (up to 51 sq.m.), and two-bedroom units (up to 71 sq.m.). Some units will feature their own balconies.

“With an illuminated tower crown that stands out and can be seen from kilometers away, Vion Tower is undoubtedly designed to be a one-of-a-kind architectural piece that will dot the Makati skyline,” Megaworld said.

The residential project’s amenities include a 25-meter lap pool and wading pool, function hall, fitness center, outdoor fitness area, children’s playground, day care center, relaxation lounge and a library. The majestic residential tower will also have a Smart Parcel Delivery System, which allows an automated receiving, claiming and storage of parcels.

The residential tower will also have retail shops in two levels and a multi-level podium parking.

Vion Tower is less than 10 minutes away to and from Ninoy Aquino International Airport (NAIA) via Skyway, less than 15 minutes away from the Entertainment City and Manila Bay area, and only 20 minutes away from Quezon City via MRT at the Magallanes station that sits right beside the property.

OFW film in search of PHL audience

THE PRODUCERS of Still Human, a film about a Filipina domestic worker in Hong Kong and her relationship with her disabled employer, are hoping to get a more widespread theatrical release in the country after its Philippine premiere in the recently concluded Cinemalaya Independent Film Festival.

Still Human is the debut film of Oliver Chan Siu-kuen and stars veteran Hong Kong actor Anthony Wong alongside Filipina theater actress Crisel Consunji.

The movie tells the story of a former nurse who becomes a caregiver to a paralyzed and irascible pensioner in order to earn enough money to support her family in the Philippines and in order to pay the fees to annul her marriage to her abusive husband.

Because of pensioner’s temper and the language barrier (they use a mobile phone app to translate conversations), the two get off to a rocky start but eventually forge a harmonious relationship — to the point that he begins to support his caregiver’s dream of becoming a photographer.

This mirrors the experiences of Xyza Cruz Bacani, a Filipina street and documentary photographer who was once a domestic helper in Hong Kong where she used her spare time taking street photographs around the city.

“Our director said that she was inspired to do the film after seeing a man in a wheelchair and a lady who she presumed was his caregiver on the street. And she started wondering about the dynamics of their relationship and why they looked so close. And then she started criticizing herself for even questioning how this kind of relationship can exist,” said Ms. Consunji during a press conference on Aug. 10 at the Cultural Center of the Philippines (CCP).

The movie won the Best New Director, Actor, and New Performer Awards at the 38th Hong Kong International Film Festival (the island’s equivalent of the Academy Awards). Ms. Consunji’s win marked the first time a Filipino actress was nominated — and won — in the event.

The film was also shown at the Udine Far East Film Festival where it won the Black Dragon Critic’s Award and the Top Audience Award. Mr. Wong also won the Golden Mulberry Award for Outstanding Achievement.

Still Human has also been screened in Chicago, Malaysia, Taiwan, and will soon be shown in Japan.

“The distributors have been working very hard but I don’t know, for whatever reason [the Philippines has not picked it up],” Ms. Consunji said.

There have been several Filipino films in recent years whose stories revolved around OFWs in Hong Kong: Babyruth Villarama’s Sunday Beauty Queen (2016), a documentary about domestic workers who join local beauty pageants, won Best Picture at the Metro Manila Film Festival; and this year, Cathy Garcia-Molina came out with Hello, Love, Goodbye about a woman who works multiple jobs to achieve her dream of having her family migrate in Canada. The film recently breached the P800 million mark inteh box office.

But what is different about Still Human, in Ms. Consunji’s words, is how it is able to elicit feelings of remembrance from its audiences, some of whom grew up with a Filipina domestic worker. (There are more than 200,000 Filipino domestic helpers in Hong Kong, according to an August report by the South China Morning Post.)

“I had several occasions in the post-screening discussions where there were people who would stand up and cry and say that this film made them remember their yayas,” she said before adding that while doing the film, she talked with several domestic workers who said that their employers think of them as family. — Z.B. Chua

Most Asian units slip on US-China

THE KOREAN WON was one of the Monday’s session’s worst performers.

MOST emerging Asian currencies slipped on Monday, tracking the broader sell-off in equity markets, as investors scurried away from risky assets amid intensifying Sino-US trade tensions.

US President Donald Trump on Friday heaped an additional 5% duty on some $550 billion in targeted Chinese goods, just hours after China unveiled tariffs on $75 billion worth of US goods.

The news shook global markets, leading to sharp sell-offs across Asian equities and a slump in crude prices, following Wall Street’s nose-dive on Friday.

“It can probably be assumed that tit-for-tat will be the default strategy in the coming months and reinforces the point that this conflict will probably last for an extended period,” DBS Economics and Strategy noted.

The Korean won, Chinese yuan and Indian rupee were the session’s worst performers, all shedding over 0.6%.

The rupee weakened to as low as 72.170 against the dollar, hovering at an 8-month trough it touched on Friday.

However, the yuan’s losses were curtailed after China fixed the yuan’s midpoint at a relatively steady 7.0570 per dollar, when it had been trading as weak as 7.1850 offshore.

Meanwhile, the Thai baht was the region’s sole gainer, adding 0.4%.

OCBC said it expects currencies of countries with a current account deficit such as India, Philippines and Indonesia to remain inherently vulnerable in the current environment.

This leaves the Thai baht more sheltered and in a position to outperform the rest of Asia, it added.

The baht is the region’s top performer this year, gaining 6.4% so far, owing to a weak dollar, strong foreign fund inflows and its large current account surplus.

While the Philippine equity market was closed on account of a holiday, the peso traded marginally lower amid thin volumes, posting the session’s smallest loss. — Reuters

RLC tops off The Residences at The Westin Manila

ROBINSONS Land Corporation (RLC) recently held a top-off ceremony for its luxury development — The Residences at The Westin Manila Sonata Place in Ortigas Center.

The Residences at The Westin Manila Sonata Place is a 50-storey residential development located along San Miguel Ave. corner Lourdes St. in Brgy. Wack-Wack, Mandaluyong City.

Homeowners have direct access to The Westin Manila Sonata Place, and avail of the hotel’s services such as housekeeping, in-residence dining, and recreational facilities.

“This luxury development is carefully curated by world-renowned architectural, engineering, and interior design firms to cater to the meticulous taste of its residents. Its intuitive spaces, signature amenities, and modern architecture speak of exceptional innovation that redefines the local landscape of the city,” RLC said in a statement.

Aboitiz-FTAP tandem inks deal with Smart Communications for common towers

THE joint venture of Aboitiz InfraCapital, Inc. and Frontier Tower Associates Philippines, Inc. (FTAP) has secured a deal with Smart Communications, Inc. to provide shareable telecommunications infrastructure.

In a statement yesterday, Aboitiz InfraCapital said it signed a memorandum of understanding (MoU) with Smart last week, making it the second firm it will provide common tower services. “This latest collaboration with Smart is in step with Aboitiz InfraCapital’s goal to ramp up the country’s connectivity through infrastructure,” Aboitiz InfraCapital Chief Operating Officer Cosette V. Canilao said in the statement.

Aboitiz InfraCapital and FTAP earlier signed a common tower agreement with Smart rival Globe Telecom, Inc., which will focus on building sites in Cebu, Davao and Olongapo.

As for Smart, the joint venture of Aboitiz InfraCapital and FTAP is also the second it is tapping for common towers. Smart signed an MoU with the tandem of edotco Group Sdn. Bhd. and ISOC Infrastructure, Inc. earlier this month.

“We welcome the opportunity to partner with Aboitiz InfraCapital and FTAP, and to accelerate the delivery of wireless services to more areas nationwide,” Smart President and Chief Executive Officer Alfredo S. Panlilio was quoted in the statement as saying.

The government has been urging telcos to avail the services of independent tower firms to build their infrastructure needs. These towers, unlike those built by the telcos for their own purpose, may be used by more than one tenant.

Mr. Panlilio said tapping common tower providers will allow Smart to improve its services as it will help in a “faster and more efficient rollout of our LTE and LTE-Advanced network, and eventually, our 5G base stations.”

Tapping tower firms is also expected to help telcos trim capital expenditures that go to building passive infrastructure assets.

The Department of Information and Communications Technology (DICT) is aiming to have 50,000 common towers built in the next seven to 10 years. To encourage telcos and independent tower providers to take part in this plan, the DICT commits to offer assistance in securing permits to agreements that are formed for shareable towers.

Smart is the wireless unit of PLDT, 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. — Denise A. Valdez

RWM marks 10th year with shows, food promos

RESORTS WORLD MANILA (RWM) is celebrating its 10th anniversary with dining and accommodation deals from its signature restaurants and partner hotels alongside a slew of musical performances in its venues.

“Resorts World Manila believes that we should always make the most out of life. That is why we at RWM continue to create world-class experiences with a Filipino touch and thrill the world every chance we get,” Joee Guilas, RWM director for corporate communications, said in a release.

On the entertainment front, Lea Salonga is performing in a two-night concert on Aug. 30 and 31 at the Newport Performing Arts Theaters. She will be joined by Esang de Torres, her daughter Nicole Chien, Tanya Manalang, and American theater actor Michael K. Lee.

Also part of the celebrations is Nyoy Volante’s performance at Bar 360 on Aug. 31.

Meanwhile, guests can enjoy the Great Food Trip promo for P10,000 which gives them 10 vouchers which can be used in the integrated casino-resort’s in-house restaurants like Silogue and Victoria Harbour Café located at the Garden Wing Gaming Area, Silk Road restaurant in the Grand Wing Gaming Area, and restaurants from partner hotels like The Terrace at Maxims Hotel, Kusina by Hilton Manila, S Kitchen at Sheraton Hotel Manila, Marriott Cafe at Marriott Hotel Manila, Savoy Café at Savoy Hotel Manila, and Café Belmont at Belmont Hotel Manila.

Each voucher allows the guest to enjoy either a dinner or lunch buffet at the restaurants, though in the case of Silk Road and Victoria Harbour Café, customers can choose from 10 of the restaurants’ “best-selling dishes,” as much as they want.

For those who like staycations, RWM is offering the “Grand Staycation Package” for P28,000 where customers can enjoy overnight stays at six of the property’s hotel brands: Holiday Inn Express Manila, Belmont Hotel Manila, Savoy Hotel Manila, Hilton Manila, Sheraton Manila Hotel, and Marriott Manila Hotel.

For more information on the promotions, visit www.rwmanila.com or download the RWM Mobile app. — ZBC

World Bank commits additional $280-million funding for PRDP

By Carmelito Q. Francisco, Correspondent

DAVAO CITY — The World Bank has committed to add another $280 million fund for the Philippine Rural Development Project (PRDP), Agriculture Secretary William D. Dar announced Saturday.

In a news conference here over the weekend, Mr. Dar said the fresh funding is expected to be downloaded next month to the program, which is being implemented with the Department of Agriculture (DA) as lead agency.

“We have talked with World Bank and they have agreed to add another $280 million,” he said.

The World Bank made an additional allocation after seeing that the PRDP has been proven as an effective “mechanism in uplifting the people in the rural areas,” he told BusinessWorld on the sidelines of the conference.

Implemented starting 2014, the PRDP had an initial funding of P27 billion and an additional $450 million was approved in December 2018.

Based on the online PRDP monitoring data, there are 797 projects under the Intensified Build Up of Infrastructure and Logistics for Development (I-BUILD), of which 455 are already approved and 342 in the pipeline.

I-BUILD projects have a total cost of P55.86 billion, including the World Bank loan proceeds, counterpart from the national government and the 10% equity from the local government unit (LGU) beneficiary.

On the other hand, the 675 I-REAP projects have a total cost of P2.58 billion.

VALUE CHAIN ANALYSIS
Mr. Dar also announced that the DA is planning to institutionalize the value chain analysis used in the PRDP.

LGUs applying for PRDP funding are required to submit a value chain analysis relating to their project and a Provincial Commodity Investment Plan.

The DA chief acknowledged that these requirements have inhibited some LGUs from submitting proposals, but he said local officials need to step up their capacity while the DA works on simplifying procedures.

“What we will do is to simplify the process without sacrificing due diligence,” he said.

PRDP Mindanao Program Director Ricardo M. Oñate, Jr., who confirmed the additional fund, also said that LGUs need to learn that such methods as having a value chain analysis for projects improves governance.

“In the long run, this will motivate them to craft programs that have strong foundations and have real goals and quantifiable targets,” Mr. Oñate told BusinessWorld.

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