ARTHALAND Corp. recently topped off the first phase of Cebu Exchange, described as a “green office building” in Cebu City.
In a statement, the property developer said it has completed Cebu Exchange’s podium area which will feature retail outlets, and the low zone which has open areas of around 5,000 square meters per floor.
Located at the Cebu IT Park, the Cebu Exchange is touted as the single largest green office building in the southern Philippines with approximately 11 hectares of gross floor area.
“It was created to allow businesses to maximize operational efficiency, lower day-to-day costs, and provide a healthier, more comfortable and more productive work environment, thus making it one of the most sought-after business addresses in Cebu,” ArthaLand said.
Cebu Exchange is registered both with the US Green Building Council and the Philippine Green Building Council. It is pre-certified for the Leadership in Energy and Environmental Design (LEED) and is expected to earn the Building for Ecologically Responsive Design Excellence (BERDE) certification.
UBX, the newly launched financial technology (fintech) platform of UnionBank of the Philippines, Inc., is eyeing to launch stablecoins.
“We have BSP (Bangko Sentral ng Pilipinas) approval to launch stablecoin,” UnionBank President and Chief Executive Officer Edwin R. Bautista told reporters on Monday at the launch of UBX.
“We will eventually link i2i Philippines to similar clearing systems in other countries. All you have to do is to move tokens across the different platforms,” Mr. Bautista added.
A stablecoin is a cryptocurrency that can be pegged to assets like currency or commodities such as metals. It is global but not backed by a central bank. However, it has minimal volatility compared to other cryptocurrencies.
Meanwhile, i2i is the UnionBank’s clearing system which connects rural banks through blockchain technology. i2i means island-to-island, institution-to-institution and individual-to-individual.
“We’re already BSP-approved for the stablecoin so it’s really at this point a matter of development work and testing,” UBX President and CEO John Januszczak said.
According to Mr. Januszczak, the product aims to serve rural banks — the firm’s main market — but it is also looking to expand to other sectors, such as healthcare and real estate.
Mr. Januszczak noted that the central bank’s fintech regulations are not as strict compared to its oversight of banks.
“We are very interested in other ecosystems. For example, real estate and healthcare… We continue to explore other ecosystems where we feel there’s an opportunity to embed financial services, make banking invisible and connect more people together,” he said.
UnionBank has earmarked P500 million annually to fund UBX’s operations.
Currently, 100 rural banks in the country already onboard the UBX platform. The company hopes to increase this number, noting that there are around 400 rural banks nationwide.
UnionBank shares closed at P61 apiece on Monday, up by P1.40 or 2.35%. — R.J.N. Ignacio
DISNEY’S live-action Aladdin is flying high with an estimated $105 million in North America during the four-day Memorial Day holiday weekend.
It’s the sixth-highest Memorial Day weekend total ever, topping the 2011 mark of $103.4 million for The Hangover Part II. The top total came in 2007, when Pirates of the Caribbean: At World’s End took in $139 million in its first four days.
Aladdin is also dominating moviegoing internationally with $121 million in 56 markets.
The live-action re-telling of the 1992 animated film has outperformed Disney’s pre-opening domestic projections, which were in the $75 million to $85 million range, taking in $86.1 million in its first three days.
The film’s animated version took in $502 million worldwide.
The 2019 version is directed by Guy Ritchie and stars Mena Massoud as Aladdin, Will Smith as the Genie, Naomi Scott as Jasmine and Marwan Kenzari as Jafar.
Comscore’s PostTrak general audience survey found that 67% of patrons said they would “definitely recommend” the film to their friends.
Notably, 39% said their affection for the original was their primary reason for seeing the film, a high percentage that reflects moviegoers’ love for the Aladdin brand and the characters in the film.
“A very strong 22% said they would see the film again in theatres — much higher than the norm of 14%,” noted Paul Dergarabedian, Comscore’s senior media analyst.
Comscore estimated that total domestic business for the four-day weekend was $226 million. That was about $1.8 million shy of the total for the same frame last year, when Solo: A Star Wars Story launched with $103 million. The top Memorial Day weekend took place in 2013 when “Fast and Furious 6” launched and North American moviegoing totaled $314 million for the four days.
“A very solid Memorial Day weekend was led by the bigger-than-expected performance of Disney’s Aladdin conjured up huge numbers of moviegoers looking for the perfect family-friendly treat over the extended holiday weekend,” he said.
Aladdin is the third biggest launch of 2019, following the record-setting $357 million for Avengers: Endgame and $153 million for Captain Marvel. — Reuters
REPUBLIC Cement recently launched its first Fast Laboratory on Wheels (FLOW), which will provide technical support to construction and building industry players.
FLOW is described as a mobile lab dedicated to providing support for companies that use cement as a key component in their products, such as ready-mix concrete producers, contractors and dry mortar manufacturers.
The mobile lab features equipment that can undertake complex solution testing activities such as concrete, aggregate, and cement testing.
“The growing demand for quality construction solution is a primary motivation for Republic Cement’s move to establish its first mobile laboratory. We are keen on providing fast and superior technical support for the country’s construction and building industry players,” Republic Cement President and CEO Nabil Francis said in a statement.
Republic Cement is the top provider for bulk cement in Luzon.
FLOW will be deployed in the greater Metro Manila area and other fast-growing regions in Luzon starting June.
DEATH END RE;QUEST offers a tantalizing hook that even jaded gamers will find hard to resist. Its narrative finds the consciousness of developer Shina Ninomiya somehow stuck inside World’s Odyssey, an unfinished role-playing videogame she helped start but was then shuttered for some reason. Enter lead programmer Arata Mizunashi, who, after learning of her plight from the outside, strives to help her escape from the milieu in which she is required to literally fix bugs. Making things more complex for them in their objective of both crafting and completing the game in its best form is its artificial intelligence, inexplicably at an advanced state and determined to keep the status quo.
Largely told in gripping visual-novel style, the story of Death end re;Quest provides the savory flavor for, and adds uniqueness to, the meat that is its gameplay. Progression requires menu-driven investigation for Arata looking in and interaction with other characters also in insect form for Shina. And even as it compels gamers to explore dungeons and face enemies in traditional Japanese role-playing fashion, its combat system carries its clever capacity to blur the lines between reality and fiction. Battles are turn-based, first set up by the identification of three specific actions to be done (possibly, with the “Tri-Act” effect, all at once), and then enhanced by distinctly original options.
In this regard, Death end re;Quest benefits from its conceit. When up against enemies, characters can trigger field bugs that raise their contamination level and, at a given threshold, enable them to go into “Glitch Mode” and temporarily become more powerful versions of themselves. Meanwhile, Arata does his part in eradicating the field bugs via the “Battle Jack” menu interface, which allows for: actual participation in combat via “Summon; changes to battle conditions through “Code Jack,” effectively cheats; and modifications of the rules of battle — say, to those of a third-person shooter — with “Install Genre.”
Death end re;Quest’s immersive experience is enhanced by its aesthetics; character and background art strikingly support the premise and underscore the prevalence of “glitches.” Parenthetically, it offers an outstanding mix of eclectic music and English voice tracks that underscore the game-within-a-game vibe. It’s an audio-visual standout on the Sony PlayStation 4, and especially on the personal computer with the latest build update installed. And with controls intuitive and easy to navigate on either platform, it’s a definite recommend that figures to give some 50-odd hours’ worth of enjoyment. (9/10)
MOERO CHRONICLE
NINTENDO.COM
No doubt, Moero Chronicle’s absence of any pretensions was what made it inaccessible to PlayStation Vita owners outside Asia upon its release half a decade ago. From the outset, it clearly had as its objective the presentation of fan service at every turn. Even its storyline didn’t skip a beat in underscoring its purpose: Io, its lead character described to have “a tender heart,” is compelled to save the world by going up against hordes of monster girls brainwashed out of a hitherto-peaceful co-existence with humans by an unknown entity. There’s just one problem, though; he’s afraid of them because, well, he thinks of them all the time in ways he shouldn’t and is thus wary of being labeled a pervert.
That Moero Chronicle has found its way to the Nintendo Switch — in “Hyper” form, no less — all the same speaks volumes on the slickness of its gameplay, which both underscores and overcomes its commitment to push the boundaries of objectification. Setting aside the statement it effectively makes on the contrast in cultural sensibilities of the East and the West when it comes to sex (and, in the opposite manner, violence), it comes off as an engrossing dungeon crawler with a creative interface and battle system. As Io traverses through Monstopia, he gets to recruit monster girls with the help of his unaffected friend Lilia and seal mascot Otton en route to overcoming the greater evil behind the disruption of the status quo.
Moero Chronicle Hyper unfolds with unabashed raunchiness that’s played for humor. Enemies have sexualized designs and need to be “worn out” prior to being turned into allies — which is to say relieved of their outer garments in battle by Io’s party of five already-coopted monster girls. Recruitment is then completed via a mini-game in which the targets are purified through the identification of points of weakness in their bodies. Unfortunately, its success in generating laughs is sometimes lost in translation. In its localization to English, the information its dialogues was able to convey well in Japanese occasionally becomes muddled.
Still and all, gamers who find themselves investing the 40-something hours to see Moero Chronicle Hyper through to the end will not be disappointed. It certainly strives to be different, and, assuming its proposition to be acceptable from the get-go, ultimately manages to provide good value at $19.99. (7/10)
TABLE TOP RACING: WORLD TOUR — NITRO EDITION
NINTENDO.COM
Table Top Racing: World Tour — Nitro Edition delivers fun in spades. Featuring 16 Matchbox-type vehicles patterned after real-life counterparts, it’s a creative cross between Micro Machines and Mario Kart that keeps gamers on the edge of their seats with nonstop mayhem. There are 12 championships up for grabs via nine gameplay modes, with each specifying unique sets of requirements for completion. Eight powerups and six wheel upgrades serve to hit and slow down enemy racers as they go through eight themed locations and 32 tabletop tracks all told.
Table Top Racing: World Tour on the Nintendo Switch is by no means perfect. Loading times are far from a breeze and controls can take some getting used to, especially with accelerate and brake directives limited to the analog stick on the right Joy-Con. At the same time, car customization is a must to progress in career mode, which necessitates the accumulation of resources through grinding. That said, its relative maturity makes for wondrous variety; that it’s three years old helps in terms of content and interface optimization. Moreover, it earns its “Nitro Edition” appellation with the introduction of a local multiplayer option from split-screen vantage points.
Given the dearth of similar titles on the eShop, Table Top Racing: World Tour — Nitro Edition aims to serve a need. And, to the credit of developer PlayRise Digital, it’s an extremely competent port on the Switch. It lends well to portability, and, with ample replay value, gives good bang for the buck at $24.99. Recommended. (8/10)
THE HOUSE of Representatives approved on third and final reading on Monday a bill providing a framework for regulating financial products and services for consumer protection.
House Bill 9054 or the “Act Providing for the Protection of Financial Consumers” received 164 affirmative votes and zero negatives or abstention.
The bill aims to ensure that appropriate mechanisms are in place for the protection of financial consumers under conditions of transparency, fair and sound market conduct, and rational and effective handling of consumer disputes.
The measure mandates the Bangko Sentral ng Pilipinas, Securities and Exchange Commission, Insurance Commission and the Cooperative Development Authority as implementing agencies pursuant to authority granted under their respective charters.
It also mandates financial providers to install monitoring systems to ensure compliance with the law and to identify and manage risks inherent to their operations. The law likewise calls for the strengthening of rule-making, surveillance and inspection, market monitoring, and enforcement powers of government regulators.
The measure prohibits contract stipulations on waiver of rights to sue, to receive information, to seek recourse for complaints, to enforce data privacy or to cancel a contract without incurring unreasonable penalty. — VACF
PROPERTY consultancy firm KMC Savills is beefing up its capabilities to cater to the industry’s growth and to stay ahead in the highly competitive market.
Its latest service innovations, like labor and location analytics, property and facilities management, and the use of (AI) artificial intelligence-powered K3, are expected to help KMC Savills expand its market share in the business process outsourcing, information technology, hospitality, and gaming sectors.
“As we enhance our capabilities through these new services, we are reinforcing our office advisory services, streamlining project management, and strengthening our teams in identified key areas of growth,” John Corpus, newly appointed executive director for Worldwide Occupier Services team at KMC Savills, said.
The Worldwide Occupier Services team is responsible for supporting and driving the firm’s international business development, client relationship management, and implementing growth initiatives and innovation.
With the growing use of AI, KMC Savills is looking to use technology tools to help clients streamline the process of acquiring or leasing their properties.
“As real estate practitioners, AI gives us a bigger picture of the various factors in managing client portfolios and connect with our audience better. Property acquisition still largely requires human interaction, but with AI, we have in fact strengthened human interaction further,” Carlo Pineda, new director for Worldwide Occupier Services team at KMC Savills, said.
THE government needs to spend P1 trillion on infrastructure if it is to meet a growth target of 6% in 2019, Finance Secretary Carlos G. Dominguez III said, as he detailed “catch-up” measures to facilitate spending delayed by the stalled 2019 budget.
In a hearing, Mr. Dominguez told the Senate finance committee, “To enable us to hit a GDP growth rate above 6% this year, national government needs to ramp up its spending. In 2019, national government disbursements are targeted to reach P3.774 trillion, equivalent to 19.6% of GDP. This is 10.7% higher than the actual disbursement in 2018. Meanwhile, total infrastructure disbursements would have to reach P1 trillion, equivalent to 5.2% of GDP, with the national government accounting for 808.7 billion pesos of targeted infrastructure spending.”
According to his remarks to the committee, contained in a joint opening statement he delivered also on behalf of the National Economic and Development Authority (NEDA) and the Department of Budget and Management (DBM), the budget delay led to a “missed opportunity” to create as many as 260,000-320,000 jobs and “derailed poverty reduction efforts, where as many as 420,000 more Filipinos could have been taken out of poverty.” It also cost the education department 4,110 new classrooms and delayed repairs to 18,575 more.
Mr. Dominguez added that an on-time budget would have added at least a percentage point to first quarter GDP growth, to about 6.6%, and possibly as high as 7.2%.
Speaking to reporters following the hearing, Mr. Dominguez added that he would like to lay the groundwork for more agriculture growth through increased funding for research and amendments to the Local Government Code.
“We need a program. Obviously, doing things the way it was done before is not going to work, so we need a new program to see what can be done to achieve at least 2% per annum growth (in agriculture),” Mr. Dominguez told reporters.
Mr. Dominguez said he plans to meet Agriculture Secretary Emmanuel F. Piñol Tuesday to discuss the Department of Agriculture’s catch-up plan.
“We are meeting tomorrow with Secretary Piñol; unfortunately, they were not able to present anything in the last two meetings,” Mr. Dominguez, a former Agriculture Secretary, said.
“We’ll meet tomorrow to review, to listen to what their plan is to bring about growth of at least 2% per annum in agriculture,” he said.
When asked how he would address concerns in the agricultural sector, Mr. Dominguez said he would increase funding in agricultural research.
“I certainly would make up for the backlog in agricultural research because knowledge is what drives growth,” he said.
“I’m talking about the Bureau of Agricultural Research, the research done by Agri schools in the country, PhilRice (Philippine Rice Research Institute), etc.”
In addition, Mr. Dominguez said the DA should ensure effective implementation of its programs for farmers.
“I think that’s one, you increase the fund of knowledge, you make the environment for agriculture, make the conditions for farmers easier, you make sure they have sufficient water, access to roads, access to fertilizer,” he said.
“And you have to implement it and implement it in an effective way.”
He raised the need to review and amend the Local Government Code of 1991 or Republic Act 7160. “Lastly, I would really ask for the legislature to review the devolution of agricultural extension workers, because they‘ve been devolved to the local governments and quite frankly many time the local governments do not utilize them properly.” — Charmaine A. Tadalan
THE Bureau of Internal Revenue (BIR) is set to finalize the revenue regulations (RR) covering the tax amnesty this month after making the rounds of public consultations.
“The BIR conducted public consultations to discuss the proposed Revenue Regulations (RR) to implement the provisions of Republic Act (RA) 11213 relative to the Estate Tax Amnesty,” the BIR said in a statement on Monday.
“It is expected that the final estate tax regulation will be issued within this month,” according to BIR.
Section 2a of RA 11213 which was signed into law by President Rodrigo R. Duterte on Feb. 14, authorizes the government to “provide a one-time opportunity to settle estate tax obligations through an estate tax amnesty program that will give reasonable tax relief to estates with deficiency estates taxes.”
Under the proposed RR, only the estates of persons who died on or before Dec. 31, 2017 are to be covered by the estate tax amnesty, with the rate set at 6% with a minimum tax amnesty amount of P5,000 on each decedent’s total net taxable estate at the time of death without penalty at every stage of transfer of property.
Delinquent estate tax liabilities which are final and executory in which the tax amnesty on delinquencies may be applied and properties which are involved in legal cases in courts are not covered by the estate tax amnesty.
The estate shall be valued at fair market value (FMV) at time of death, with the value of real property reckoned at whichever is higher of the zonal value as determined by the Commissioner or the FMV as stated on the schedule of values set by the provincial or city assessor.
The proposed regulations give taxpayers two years starting with the effectivity of the finalized RR, to file the Estate Tax Amnesty Return (ETAR) or BIR Form No. 2118-EA in three copies at the Revenue District Office (RDO) having the jurisdiction over the decedent’s last residence.
In the absence of a legal residence, the return shall be filed with RDO 039 — South Quezon City, as stated on the proposed RR.
Package 1B of the Comprehensive Tax Reform Program (CTRP) includes the provision of an estate tax amnesty, a tax amnesty on delinquencies, and a general tax amnesty, which are all outlined Section 2 of the RA 11213.
Mr. Duterte, however, vetoed RA 11213’s provision on general tax amnesty, saying that the Philippines needs first to ease its bank secrecy law to avoid fraud.
Legislators have yet to re-file a measure calling for a general tax amnesty that addresses the veto concerns.
The tax amnesty on delinquencies started being implemented on April 24.
The Department of Finance has said that it hopes other packages of the CTRP will be passed into law within two years, helping the country achieve a credit rating of “A.” — Reicelene Joy N. Ignacio
OVER P4 billion in funding was left unutilized in 2018 for the rehabilitation of Marawi City due to the absence of rebuilding proposals from various agencies, an official overseeing the city’s reconstruction said.
The P10 billion rebuilding fund paid out P5.624 billion, leaving a remaining balance of P4.375 billion, Secretary Eduardo D. del Rosario, who chairs Task Force Bangon Marawi, said, adding that the rebuilding effort was hindered by the failure of agencies to submit project proposals.
“Whenever we meet, we asked the implementing agencies to submit their proposals to the Office of Civil Defense for funding,” Mr. Del Rosario told a House committee hearing.
Another reason for the unspent funds was the problem of validating the list of families entitled to assistance.
“Before it was 78,000 ang binibigyan natin ng (that were being given) assistance. It turned out ‘yung (the) 78,000 was too high because we discovered double entries… Nagkaroon tayo ng (We conducted) profiling, (and employed) biometrics. (That’s why) from 78,000 it’s now down to 45,000 families,” said Mr. del Rosario in a chance interview with reporters.
In 2019, P3.5 billion will be added to the unspent P4.375 billion to fund rehabilitation.
“The most affected is just 0.8 [%] of the total, the 250 hectares out of the 8,000 [hectares]. This is the focus of our rehabilitation kasi ito ‘yung mga na-damage na buildings (this where most buildings were damaged). Sa ngayon, nagka-conduct tayo ng debris management para matanggal ‘yung mga buildings na nasira. Para by November, wala na ‘yung mga buildings at bomba sa ilalim,” (For now, we are focusing on debris management… and hope to remove all wreckage and dangerous material by November), Mr. del Rosario said.
He added, “As early as July or August magsisimula na ‘yung (We will start) road network construction… there are about 22 projects to be implemented. The first and second priority projects will be implemented within the year while the third priority projects will be implemented in the first quarter of the next year.”
Some of the priority projects include the construction of public markets, barangay halls, and school buildings.
“We are on track and we are on target, we will complete the rehabilitation based on our timeline,” Mr. del Rosario said.
Rehabilitation works in Marawi City are targeted for completion by December 2021. — Vince Angelo C. Ferreras
