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Nomura cites Duterte’s political clout to see tax reforms through Congress

By Charmaine A. Tadalan
Reporter

PRESIDENT Rodrigo R. Duterte has enough political capital to push his remaining tax reforms through Congress, according to an analyst of Asia-headquartered financial service giant Nomura who noted that the latest Social Weather Station (SWS) survey bared significant broad-based improvement in Mr. Duterte’s public satisfaction that again peaked since he took office in mid-2016.

“As we argued in our 2019 year-ahead report, his popularity is key to watch in the run-up to the midterm elections on 13 May. An improvement in his popularity has been sustained, and we think it could boost his support base in Congress,” according to a Global Markets Research note released on Thursday by Nomura International (Hong Kong) Ltd that was authored by Euben Paracuelles, Nomura’s senior economist for Southeast Asia.

“This implies a rising likelihood of his allies retaining a strong majority in Congress, which, in turn, should support the fiscal reform agenda during the second half his six-year term.”

The 17th Congress — now on a Feb. 9-May 19 break surrounding the May 13 mid-term legislative and local elections — will have only May 20-June 7 to approve any remaining reforms on its plate. Any unfinished bill after that period will have to start from scratch in the 18th Congress that opens its first regular session on July 22.

Mr. Paracuelles cited results of the SWS’s First Quarter 2019 Social Weather Survey, released also on Thursday, showing Mr. Duterte’s net satisfaction rating — computed as percent of respondents satisfied minus percent dissatisfied — remaining “very good” at +66, six points more than the +60 he garnered in the preceding quarter and 10 points more than the year-ago +56. Mr. Duterte’s latest rating matches the overall result in 2017’s second quarter, with both survey rounds’ +66 being the best mark in more than six years or since the +67 posted in the August 2012 survey.

The First Quarter 2019 Social Weather Survey — conducted on March 28-31 via face-to-face interviews with 1,440 adults aged at least 18 years old nationwide — had sampling error margins of ±2.6 points for national percentages.

“The SWS survey showed the improvement in popularity was broad-based, rising across major geographic areas and across income classes,” according to Mr. Paracuelles.

“We think an important driver to this is declining inflation, which we expect to continue despite some risks,” he added, referring to headline inflation which has eased for five straight months to a 15-month-low 3.3% in March from a nine-year-high 6.7% in September and October last year.

Sought for comment on Nomura’s assessment, a spokesman of the Malacañan Palace remained cautious. “Hindi ka rin maka-siguro d’yan kasi (You cannot be assured on tax reforms because) it depends on them (lawmakers). (It’s their) Discretion naman sa kanila ‘yun eh. They may have a different view on the matter,” Presidential Spokesperson Salvador S. Panelo said in an interview on Thursday. “Ultimately, Congress will have to decide kasi sila naman ang magi-initiate n’yan, di ba (because tax measures start in Congress, right)?”

Only two of up to five tax reform packages — designed to help finance a stepped-up P8-trillion infrastructure drive under Mr. Duterte, who ends his six-year term in mid-2022 — have so far been enacted.

The first, Republic Act No. (RA) 10963, slashed personal income tax rates but raised or added levies on several goods and removed a number of value added tax exemptions when it took effect in January last year.

That first package was heavily watered down as it went through both the House of Representatives and the Senate, even after Mr. Duterte had talked to lawmakers and made a veiled threat in a State of the Nation Address about withdrawing support for the candidacy of one Senate leader come elections.

Also enacted was RA 11213, which provides a general tax amnesty, even as it was also watered down by removing a provision easing bank secrecy restrictions that would have enabled tax authorities to check the veracity of applicants’ asset declarations.

Tax reforms awaiting legislation include those proposing to reduce the corporate income tax rate and remove redundant tax incentives, simplify the tax structure of the financial sector, centralize real property valuation and assessment, as well as increase government share in mining revenues and excise taxes imposed on alcohol and tobacco products.

While all these bills had secured third and final reading approval at the House, Senate President Vicente C. Sotto III said on March 20 that he was “doubtful at this point” that his chamber could approve any more tax reforms.

Fossils of enigmatic extinct human species found in Cagayan cave

WASHINGTON/MANILA — Thirteen fossil bones and teeth excavated in a cave in the Philippines represent an enigmatic previously unknown human species, probably small in stature and possessing an unexpected mix of archaic and modern traits, scientists said on Wednesday.

The discovery of remains of at least three individuals from this species, named Homo luzonensis, in Callao Cave in Peñablanca, Cagayan province marked the second time in the 21st century that a bygone member of the human family has been found on Southeast Asian islands. “The discovery adds a new member to the genus Homo and makes Southeast Asia an important evolutionary region,” University of the Philippines Associate Professor Armand Salvador B. Mijares, project head of the Callao Archaeological Project, said in a briefing in Quezon City, Metro Manila, Thursday. “In terms of lifestyle, only animal remains were… [found]… there were no stone tools, but at least 11 of those animal remains do have cut marks, so they were butchering.”

The researchers were unable to extract DNA but did determine that one of the individuals lived about 67,000 years ago and the other 50,000 years ago.

In 2003, fossils of another island-dwelling species — Homo floresiensis, dubbed the “Hobbit” due to its diminutive size — were unearthed in a cave on the Indonesian island of Flores, some 1,800 miles (3,000 kilometers) from the Luzon site. There is no indication the two species interacted or were closely related. Homo luzonensis was a contemporary not only of the Hobbit but of our own species, Homo sapiens, which emerged in Africa roughly 300,000 years ago.

The scientists said they could not rule out the possibility that the arrival of our species in the region contributed to the demise of Homo luzonensis.

The Hobbit also disappeared about 50,000 years ago at the same time Homo sapiens was spreading through the region.

The Luzon and Flores discoveries demonstrate that the story of human evolution is more complicated than previously understood, with Asia offering up surprises, potentially with more to come, the researchers said.

HOW BIG WERE THEY?
The researchers were circumspect in describing the physical appearance and lifestyle of Homo luzonensis, known only from a sparse assemblage of hand and foot bones, and teeth from two adults and one juvenile, with no skull fossils.

Based on tooth size in particular, it appears it might have been much smaller than Homo sapiens, but it is unclear whether it was as little as the Hobbit, which was roughly 3-1/2 feet (1 meter) tall.

“We have to stay cautious about it, especially because people will immediately have Homo floresiensis in mind as a ‘model’ for the physical appearance of Homo luzonensis, which was certainly not the case,” said paleoanthropologist Florent Détroit of the Musée de l’Homme-Muséum National d’Histoire Naturelle in Paris.

“We can only speculate but it might be only in the range of a pygmy Homo sapiens,” Mr. Mijares added in Quezon City.

The research was published in the journal Nature.

Based on animal bones with butchering marks found at the site, it appears these people ate meat and may have used stone tools, Mr. Détroit said.

The fossils from the seven-chamber cave, situated in the foothills of Luzon’s northern Sierra Madre mountains, boasted a combination of anatomical features setting it apart from other human species.

Some characteristics were similar to Homo sapiens as well as the Hobbit. Other traits were so archaic that they resembled Australopithecus, an earlier member of the human evolutionary lineage that died out roughly 2 million years ago, as well as the ancient human species Homo habilis and Homo erectus.

“For years — and until less than 20 years ago — human evolution in Asia was seen as very simple, with Homo erectus going out of Africa, settling in east and southeast Asia, and then nothing happened until the arrival of Homo sapiens at around 40,000 to 50,000 years ago and its ‘conquest’ of every region on Earth,” Détroit said.

“With the discoveries made on the field — fossils — and in the lab, for instance genetics, we now know that it was a much more complex evolutionary history, with several distinct species contemporaneous with Homo sapiens, interbreeding events, extinctions, et cetera,” Mr. Détroit added.

“Homo sapiens was definitely not alone on Earth.” — Reuters with Charmaine A. Tadalan in Metro Manila

Energy department asks power plant operators to explain as thin reserves hit Luzon’s grid anew

By Victor V. Saulon
Sub-Editor

THE DEPARTMENT of Energy (DoE) on Thursday signaled that it is open to legal action against power generation companies that fail to adequately explain their unscheduled plant shutdowns in recent days, as the Luzon grid could remain at risk from possible power outages until June.

DoE Undersecretary William Felix B. Fuentebella told reporters that the department had sent letters to the four power plant operators that were unable to run their facilities and another whose plant did not operate at full capacity, instructing them to air their side.

Asked whether a case could be filed against plant operators, Mr. Fuentebella replied: “If we really see something na (that is) anti-competitive or close to sabotage, we will not hesitate. But of course we have to be fair.”

The DoE’s stance came after the Luzon grid on Thursday was again placed on red alert after reserve power thinned and was unable to meet the required level to meet consumer demand.

Yesterday’s red alert is the second straight day that such situation was declared by system operator National Grid Corporation of the Philippines (NGCP). The warning was issued after the system’s dispatchable and contingency reserves — equivalent to the capacity of Luzon’s two biggest power plants with 647 megawatts (MW) each — were wiped out.

Luzon grid was running on its regulating reserves, which is four percent of system peak demand during the day. Power demand peaked at 10,607 MW against available capacity of 10,761 MW.

From 10 a.m. to 4 p.m. the grid was placed on red alert, although this was lifted at 2:18 p.m.

But it was kept at yellow alert at 3-9 p.m.

NGCP warned of a possible “manual load dropping” or rotational brownout at 1-2 p.m. in Angeles, Pampanga, parts of Bataan, parts of Batangas, parts of Albay and parts of Metro Manila.

Mr. Fuentebella said the DoE collates data related to the plant shutdowns and submits them to the Energy Regulatory Commission and the Philippine Competition Commission.

He said the show-cause letters sent to the power generation companies, which were signed by Energy Secretary Alfonso G. Cusi, sought to clarify if the reports submitted to the DoE were correct. “Kung tama, ano’ng nangyari sa kanila, bakit nasira, bakit de-rated (If correct, what happened to them, why did the plants fail, why were they de-rated)?” he said, adding that the explanation should include “pieces of evidence” such as pictures and videos. “Ang pinaka-importanteng tanong: kelan kayo babalik, anong oras (The most important question is when are your plants coming back on line and at what time).”

The DoE identified the plants on unscheduled outage as unit 1 of the Sual, Pangasinan power plant with 647 MW; unit 2 of South Luzon Power Generation Corp.’s plant, 150 MW; unit 3 of the Pagbilao, Quezon plant, 420 MW; and unit 1 of South Luzon Thermal Energy Corp.’s plant, 135 MW. They will be back online on April 17, April 21, April 16 and April 13, respectively.

The de-rated plant was unit 2 of the Calaca power plant, which was producing 200 MW against a 300 MW installed capacity.

Sought for comment, Manila Electric Co. Spokesman Joe R. Zaldarriaga said 122 customers under the utility’s interruptible load program voluntarily disconnected from the grid, thus freeing 249 MW of consumer demand. “This certainly helped avert possible outage today,” he said.

Asked whether the four plants that shut down had been consistently failing this year, Fidel L. Dagsaan, Jr., NGCP division head for power network planning, replied: “Ngayon lang ‘yun (It’s only now).”

Winter is coming (and so is the malware)

By Zsarlene B. Chua, Reporter

GAME OF THRONES is days away from the premiere of its final season (April 15 in the Philippines) and those who will miss the premiere will find themselves disappointed as Netflix isn’t carrying the series for people who want to catch up.

Desperate times might lead to desperate measures but Russian cybersecurity and anti-virus company Kaspersky Lab is warning people that their illegal search for certain shows online might not only violate anti-piracy laws but also put their mobile devices and computers at risk of getting malware.

Malware are software intentionally designed to cause damage to a computer, client, server, or computer network.

In a study published on April 1, Kaspersky Labs noted that “TV shows downloaded from illegitimate resources can be replaced with malware-carrying versions,” according to a press release.

Leading the list of the most popular shows which have compromised files is HBO’s Game of Thrones which topped the list for 2017 to 2018. In 2018 it accounted for 17% of all infected pirated content with 20,934 attacked users. Game of Thrones is followed by AMC’s The Walking Dead with 18,794 attacked users and The CW’s Arrow with 12,163.

This despite the fact that in 2018, no new episodes of Game of Thrones were released.

Although viewers now have access to a growing number of legal streaming sites, the Annual Piracy Report published by Muso, a technology company providing anti-piracy and market analytics, this year showed that the number of pirated content consumers is growing: the company registered 300 billion visits to pirate websites in 2017, a 1.6% increase from 2016.

The same study showed that the US had the greatest number of pirate website visitors (27.9 billion visits per year) followed by Russia (20.6 billion), and India (17 billion).

WebKontrol, a Russian anti-piracy company, noted in a 2019 report that “torrent websites are still leading in Russia in terms of volume of pirated content, followed by file-hosting and streaming services.”

The same report said that the share of links to illegal content posted on torrent websites grew 14% from 2018, overtaking illegal streaming websites.

TV shows remain the most popular product among users consuming copyright-infringing content, the Muso report said, with 106.9 billion visits last year, followed by music at 73.9 billion and films at 53.2 billion.

FIRST AND FINAL EPISODES
According the Kaspersky report, it is the first and final episodes, “which attract the most viewers,” are “likely to be at greatest risk of malicious spoofing,” said the release, noting that malware distributors opt to infect these episodes because “online fraudsters tend to exploit people’s loyalty and impatience [and] so may promise brand-new material for download that is in fact a cyberthreat.”

In fact, Game of Thrones’ first episode of Season 1, “Winter is Coming,” is said to be one of the “most actively used by cybercriminals.”

Among the malware that can infect one’s device by illegally streaming or downloading content is the Trojan.WinLNK.Agent, a malware that contains links for downloading malicious files designed to destroy, block, modify or copy data, as well as interfere with the operation of computers or computer networks.

The company warned that “it is highly likely there will be a spike in the amount of malware disguised as new episodes of the show” now that Game of Thrones is entering its final season.

“Keeping in mind that the final season of Game of Thrones starts this month, we would like to warn users that it is highly likely there will be a spike in the amount of malware disguised as new episodes of this show,” said Anton V. Ivanov, security researcher at Kaspersky Lab said in the release.

KEEPING SAFE
In order to keep safe from threats like these, Kaspersky Labs advised users to “use only legitimate services with a proven reputation for producing and distributing TV content.”

The company also advised users to pay attention to the downloaded file extension and the websites’ authenticity (legitimate and secure websites start with “https”).

“Even if you are going to download TV show episodes from a source you consider trusted and legitimate, the file should have an .avi, .mkv or .mp4 extensions or any others, yet definitely not the .exe,” according to the press release.

Finally, “don’t click on suspicious links, such as those promising an early view of a new episode; check the [show’s] schedule and keep track of it.”

Bloomberry to break ground on QC resort-casino in June

WITH the planned Solaire North in Quezon City, Bloomberry Resorts Corp. hopes to replicate the success of the first Solaire Resort and Casino in Entertainment City. — CATHY ROSE A. GARCIA

By Arra B. Francia, Senior Reporter

BLOOMBERRY Resorts Corp. is on track to break ground on its integrated resort and casino project in Quezon City in June, despite steps by the local government to impose entrance fees on visitors of gaming facilities in the area.

The listed owner and operator of Solaire Resort and Casino said it has completed the masterplan for the project called Solaire North, but has yet to finalize the total cost.

“We should be done by mid-April or May, so we can come out with the announcement (for the masterplan),” Bloomberry Chairman Enrique K. Razon, Jr. told reporters after the company’s annual stockholders’ meeting in Parañaque on Thursday.

“As soon as the site is clear, we’ll have the groundbreaking. Our target is June or July,” he said.

Mr. Razon noted that they have secured all necessary permits to proceed with the project, including the Letter of No Objection (LONO) from the Quezon City government.

This comes amid a proposed ordinance by the QC government which seeks to require the collection of entrance fees from gaming enterprises to minimize access, among others.

The Philippine Amusement and Gaming Corp. (PAGCOR), however, said that the local government unit (LGU) cannot issue such an ordinance, since it has the sole authority to regulate games of chance.

“That ordinance came after, but PAGCOR has something to say about that. Hindi na kami gigitna dun, basta kami tuloy tuloy na (We won’t involve ourselves in the issue. We are moving forward with the project)… But the clearance has been given by the LGU and PAGCOR,” Mr. Razon explained.

Solaire North will stand 40 storeys tall on a 1.5-hectare property inside Vertis North, Quezon City. The company is looking to capture the mass gaming population in Quezon City given its large population, as well as those from nearby provinces of Bulacan and Pampanga.

Meanwhile, Bloomberry said it will start construction on Solaire Cruise Center by the third quarter of the year, as it looks to take advantage of the booming tourism industry in the country.

“With the growth of tourism, we have more and more cruise ships, we have 10 or more coming here so timing is ripe to develop that,” Mr. Razon said, adding there are no leisure destinations in the South Harbor Manila where most cruise ships dock in the country.

The company will complete the first phase of Solaire Cruise Center by 2021, which will include the pier, retail outlets, food and beverage destinations, and immigration facilities.

Aside from its local expansion, Mr. Razon said they are also looking at bringing its casino operations to Japan, due to improvements in the country’s regulatory environment. He said they are scouting for locations as well as potential partners.

The company also owns and operates Jeju Sun Hotel and Casino in South Korea.

Bloomberry’s net income attributable to the parent grew 18% to P7.19 billion in 2018, driven by a 14% increase in consolidated net revenues to P38.22 billion.

Hitman’s worth $770M with worldwide K-Pop craze

THE GLOBAL K-Pop music craze is generating a fortune for Bang Si-hyuk, a South Korean producer known as “Hitman.”

Thanks to legions of fans obsessively devoted to boy band BTS, known collectively as the Army, the estimated value of his production company has soared, making him one of the biggest winners in the K-Pop boom. Mr. Bang, 46, is worth $770 million, according to the Bloomberg Billionaires Index.

The band — short for Bangtan Sonyeondan, which translates to Bulletproof Boy Scouts — sold out London’s 90,000-seat Wembley Stadium in 90 minutes earlier this year. The BTS members, all in their 20s, bond with fans by opening up about their anxieties and struggles through social media, which Bang called a “window into the soul of BTS.”

The producer and his Big Hit Entertainment Co. are riding a 20-year wave of popularity for a formula of highly choreographed, photogenic performers and synthesized beats. The industry that unleashed such hits as Psy’s “Gangnam Style” is now worth $5 billion, according to Korea Creative Content Agency.

DRIVING FORCE
“Bang’s focus on fan communications has become the biggest driving force of BTS’s popularity,” said Kwak Young-ho, co-founder at Hanteo Chart, which partners with Billboard on album sales data. “BTS has now become a platform.”

The mania has delivered sold-out concerts, No. 1 albums, billions of YouTube views and made the group’s seven members the world’s most tweeted-about celebrities. The band collaborated on Unicef’s anti-violence campaign, with the hit Love Yourself albums, and last year its members became the first K-Pop stars to address the United Nations.

Big Hit had weighed a potential initial public offering in 2017, but Bang said at the time that the company would need to become bigger and establish a more sustainable production system before making that move. The firm’s second-biggest investor, after Bang, is Netmarble Corp., a gaming company led by his cousin.

FEELS SURREAL
Mr. Bang’s stake representing 49% of Big Hit common shares was valued by the Bloomberg Billionaires Index using 2018 financials and price-to-earnings multiples of publicly traded industry peers SM Entertainment Co., JYP Entertainment Corp. and YG Entertainment, Inc.

Big Hit’s revenue more than doubled to 214 billion won ($187 million) in 2018, according to regulatory filings.

Bang and Big Hit declined to comment for this story.

“I’m happy, but at the same time it feels surreal,” Mr. Bang said of his success in a rare 2017 interview with Bloomberg.

A songwriter and fan of American hip-hop, Bang entered the music industry in his 20s and came up with a string of hits at JYP Entertainment, helping to set the foundation for K-Pop idol culture. Although the “Hitman” moniker was derived from his family name, Mr. Bang earned his reputation as a hit-maker and launched Big Hit in 2005.

NINTENDO TENNIS
He struggled initially, and the company edged toward bankruptcy in its early years. Business was sometimes so quiet that artists stopped by the office only to play tennis matches on Big Hit’s Nintendo Wii, he said in the interview.

While BTS remained insulated from a sex and corruption scandal that rocked the K-Pop world last month, the band had its own controversy in late 2018 when a T-shirt worn by one member sparked a furor in Japan.

As the band’s popularity surged, companies from Coca-Cola Co. to Puma SE and Hyundai Motor Co. have signed up the stars as brand ambassadors. In addition to Big Hit’s proprietary merchandise such as games and cushions to pajamas featuring characters created by BTS, there’s even a line of Barbie dolls.

Bang himself is a low-key figure not known for the ostentatious displays of wealth often seen in K-Pop. While known as something of a foodie, he was downing a $3 bowl of soup from a convenience store during the 2017 interview. Appearing as a mentor in an Idol-style television show, he bluntly scolded contestants for not trying hard enough.

The BTS whirlwind is now sweeping the US, with the band making its debut on Saturday Night Live this weekend and a May 1 appearance at the Billboard Music Awards in Las Vegas. It is also set to release a new album later this week.

In 2017, Mr. Bang was asked if Big Hit would make as much money with BTS as artists like Taylor Swift and Beyoncé.

“Yes,” he said. “Only if I make the right moves.” — Bloomberg

PLDT taps Cisco to upgrade IP transport network

By Denise A. Valdez, Reporter

PLDT, Inc. announced on Thursday it is tapping technology provider Cisco Systems, Inc. for the digital transformation of its IP transport infrastructure, which will support the telco’s preparation for fifth generation (5G) network.

The two companies, led by PLDT Chairman, President and CEO Manuel V. Pangilinan and Cisco Chairman Charles H. Robbins, signed the multimillion-dollar contract on Thursday at Shangri-la at the Fort in Taguig City. The investment will cover the three-year implementation of the first phase of the program.

“The first phase contract is (worth) multimillion dollars. But it will grow. It’s a multi-year thing,” Mr. Pangilinan told reporters after the signing.

Under the partnership, Cisco will provide PLDT with the technology to craft automated, reliable and scalable infrastructure that will improve its existing fiber network and prepare it for the massive rollout of 5G.

“The transport infrastructure is typically a neglected element of our transport architecture, but it’s actually a critical component… For the past 15 or 20 years, we’ve been continuously laying our fiber. But it’s time now to modernize our transport network and we have no better partner than Cisco,” Mr. Pangilinan said.

As of February this year, PLDT said its total fiber footprint was at 255,000 kilometers all over the country, making it the most extensive in the Philippines at present.

PLDT Chief Technology and Information Advisor Joachim Horn said partnering with Cisco will allow them to build “one of the most modern transport networks in Asia by maximizing the capabilities of the fiber infrastructure that (they) have already put in place.”

For his part, Mr. Robbins said the partnership is timely as emerging technologies such as 5G, artificial intelligence and Internet of Things will give them “incredible opportunities together.”

“Our partnership with PLDT shows the breadth of Cisco’s capabilities in implementing a fully automated, software-driven network that can serve millions of subscribers, scale rapidly and be ready for 5G,” Miyuki Suzuki, Cisco president for Asia Pacific, Japan and China, added.

Mr. Pangilinan said the company expects to enter one to two more deals for 5G within the year. This comes after PLDT also signed contracts with Huawei Technologies Co., Ltd.; Ericsson Telecommunications, Inc. and Nokia Corp.

“There might be one or two more this year,” he told reporters was asked for future plans for 5G.

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.

Hip Hop Dance tilt at the CCP

THE Cultural Center of the Philippines (CCP), together with Hip Hop International Philippines presents the 2019 Philippine Hip Hop Dance Championship, with the eliminations happening on April 13, noon and 6 p.m., and the finals on April 14 at 1 p.m Around 70 crews and over 800 dancers are expected to participate this year. The dance championship will also be followed by the World Battles Philippines 2019 and After-party at the Cove Manila on April 14, 9 p.m.

Hip Hop International Philippines is the official Philippine affiliate of Hip Hop International which is based in Los Angeles, USA. Hip Hop International holds the World Hip Hop Dance Championship and World Battles annually. With over 50 countries and thousands of dancers participating, it has grown to be known as the “Olympics” of Hip Hop and Street Dance. The Philippines has been one of the strongest competitors in the competition, garnering back-to-back gold medals as well as numerous podium finishes in the past years. In the championship last August in Phoenix, Arizona, the Philippines took home four medals out of nine entries, with seven teams making it to the finals — the most teams coming from one country.

The competition has 5 divisions: Junior Division (5-9 members, 7-12 years old), Varsity Division (5-9 members, 13-17 years old), Adult Division (5-9 members, 18 and above), Megacrew Division (10-40 members) and the Minicrew Division (3 members).

For inquiries, contact the CCP Box Office at 832-3704.

ICTSI in talks with banks to acquire Hanjin assets

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) is negotiating with banks for the possible acquisition of Hanjin Heavy Industries and Construction Philippines’ (HHIC-Philippines) assets, a top official said.

“We’re still making presentations to the banks, the banks own it now…We’re developing a masterplan for Hanjin,” ICTSI Chairman and President Enrique K. Razon, Jr. told reporters after the company’s annual stockholders’ meeting in Solaire Resort and Casino on Thursday.

The discussions for the acquisition will include the payment of HHIC-Philippines’ loans and whether ICTSI will have a partner for the venture, among others.

Mr. Razon expressed his interest for the bankrupt shipbuilder’s assets back in February. HHIC-Philippines’ facilities are in the Subic Bay Freeport Zone. The local unit of the South Korean shipping company left some $412 million in outstanding loans from Philippine banks after it filed for corporate rehabilitation last Jan. 8. Overall, the company’s assets are estimated at about $1.6 billion.

“The banks will eventually give it to someone, they’re not going to run it themselves. The banks definitely want to get rid of it,” Mr. Razon said, although noting that they can opt to forego the deal “if it doesn’t work for us.”

The listed firm is looking to turn the property into a multipurpose facility, since Mr. Razon said they are not interested in the shipbuilding business.

“It’s a very large facility, so it will be several. The problem is the road is not really good. It’s okay for shipbuilding because they’re only there. But for other things, the road is the problem,” the tycoon said.

ICTSI Global Corporate Head Christian R. Gonzalez explained that there are concerns on the length and width of the road, as well as the safety of the community and commercial establishments near it.

“On top of that, why would someone drive an extra 50-60 kilometers when they could just go to Subic? You could eventually, but that will have to be something that the government considers in the long term,” Mr. Gonzalez said.

Meanwhile, Mr. Razon said they are “cautiously optimistic” for 2019, as he expects flat growth for global trade.

“So even if global trade doesn’t grow at all, which is more or less my expectation overall, you’ll have strong growth in places like Africa and other markets. But the main trade routes, Pacific, Atlantic, probably won’t grow. But we’ll get growth from having modern (facilities), almost all our facilities are modern na,” he explained.

ICTSI is spending $380 million in capital expenditures this year, half of which will be used for expansion of terminals in Manila. The rest will be used to fund its terminals in Mexico and Iraq, as well as for new equipment, upgrades, and carry-over maintenance. — Arra B. Francia

Listening trends for Game of Thrones

GAME OF THRONES (GOT) is as much about sounds as sights, and as the show prepares to enter its 8th and final season, Spotify has dug into how it has influenced listening.

With more than 380 million streams of all GOT soundtracks and related playlists on Spotify since Jan. 1, 2016, it’s clear that fans of the show are also fans of the music. More than 250,000 listeners have created their own GOT-themed playlists, and many more have created character playlists. With what could be a hint as to who Spotify listeners think should sit on the Iron Throne, Tyrion Lannister has the most fan-made playlists: More than 7,700.

Also a big draw is the GOT soundtrack, scored by composer Ramin Djawadi, which provides instant recall of the characters’ most dramatic moments. “Light of the Seven,” the piece heard when Cersei blows up the Sept of Baelor in the Season 6 finale, is the most-streamed Mr. Djawadi composition since Jan. 1, 2016, followed by the show’s eponymous “Main Title” and then “The Winds Of Winter,” which accompanies Arya as she sails to Braavos at the conclusion of Season 4.

As fans prepare to return to Westeros for Season 8, Spotify has unveiled a refresh of its rock-influenced playlist, “Game of Thrones: The End Is Coming” (formerly named “Songs of Ice and Fire”), a collaboration between GOT co-creators David Benioff, D.B. Weiss and Spotify. “We were looking for songs that made us feel the way the show made us feel,” Messrs. Benioff and Weiss told For The Record, Spotify’s blog.

Fans of the show can stream seven different playlists curated by HBO and featuring Mr. Djawadi score songs that relate to each family’s journey on GOT.

There are individual playlists for House Baratheon, House Targaryen, House Stark, House Lannister, The White Walkers, The Night’s Watch, and, The Great Houses.

CHARACTERS WITH THE MOST USER-GENERATED PLAYLISTS GLOBALLY:

• Tyrion Lannister
• Hodor
• Jon Snow
• Cersei Lannister
• Arya Stark
• Samwell
• Sansa Stark
• Melisandre
• Khal Drogo
• Jaime Lannister

MOST-STREAMED SONGS FROM OFFICIAL GAME OF THRONES SOUNDTRACKS IN THE PHILIPPINES
(from Jan. 1, 2016 to April 1, 2019)

• “Light of the Seven,” Cersei blows up the Sept of Baelor, Season 6, Ep. 10
• Main Titles, longer version that’s featured during every episode
• “The Winds of Winter,” Arya sails to Braavos at the conclusion of Season 4
• Main Title — From The Game Of Thrones Soundtrack, featured during every episode.
• “Blood of My Blood,” Daenerys flies over her Dothraki khalasar on Drogon. Season 6, Ep. 6
• “Winter Has Come,” White raven flies over Winterfell, Jon and Sansa talk post Battle of the Bastards. Season 6, Ep. 9
• “Khaleesi,” Daenerys emerges from the Temple of the Dosh Khaleen after setting it alight. Season 6, Ep. 4
• “My Watch Has Ended,” Jon Snow, revived from the dead, greets his friends in the courtyard of Castle Black. Season 6, Ep. 3
• “Game Of Thrones” from The Game Of Thrones soundtrack, the main theme of the series, with a more drum-driven beat.
• “Hear Me Roar,” Cersei is crowned on the Iron Throne. Season 6, Ep. 10.

MOST-STREAMED SONGS FROM OFFICIAL GAME OF THRONES SOUNDTRACKS GLOBALLY
(from Jan. 1, 2016 to April 1, 2019)

• “Light of the Seven,” Season 6, Ep. 10
• Main Title from the Game Of Thrones soundtrack
• “The Winds of Winter,” conclusion of Season 4
• “Blood of My Blood,” Season 6, Ep. 6
• “The Rains of Castomere” (performed by The National), end credits of Season 2, Ep. 9, after the Lannisters win the Battle of the Blackwater
• “My Watch Has Ended,” Season 6, Ep. 3
• “Winter Has Come,” Season 6, Ep. 9
• “Khaleesi,” Season 6, Ep. 4
• “I Need You by My Side” (bonus track), Ser Jorah reveals to Daenerys that he has contracted the deadly disease, greyscale. Season 6, Ep 5
• “Maester,” Sam sees the Citadel library for the first time. Season 6, Ep. 10

Self-employed join gov’t compensation program

THE government-run Employees’ Compensation Program (ECP) will expand its health and welfare compensation benefits to self-employed workers, the labor department said.

Department of Labor and Employment (DoLE) Secretary Silvestre H. Bello III said in a statement on Thursday that the compensation program, will now serve self-employed workers who are members of the Social Security System (SSS). The ECP provides a compensation and benefits package to employees and their dependents in case of work-related sickness, injuries and even death.

“We recognize that most self-employed members of the SSS are also workers who need to be protected in time of work-connected sickness, injuries, or death,” Mr. Bello, who also sits as the Employees Compensation Commission (ECC) chair, said.

The program formerly only covered workers from private establishments and also employers in the public sector. ECC Executive Director Stella Z. Banawis said now that self-employed SSS beneficiaries will be covered by the ECP, “(T)he ECP will be able to serve more Filipino workers.”

Self-employed workers qualified for the ECP must be SSS members and have a monthly income of at least P2,000. The worker must also not be over 60 years old during the time of the initial coverage.

DoLE listed the following as self-employed SSS beneficiaries who are automatically entitled to the ECP: “Self-employed professionals who have their own business offices; Partners, single proprietors of businesses, and Directors or Trustees of the Board of corporations duly registered with appropriate government agencies; Actors, directors, scriptwriters, and news correspondents who do not fall within the definition of the term ‘employee’ in Section 8(D) of the SSS Law; Professional athletes, coaches, trainers, jockeys, individual farmers, and fisherfolk; Workers in the informal sector such as market and ambulant vendors, transport workers, and those similarly situated; Contractual and job order personnel engaged by the government through a Contract of Service and who are not covered under the GSIS Law; and, any other self-employed as determined by the Social Security Commission is subject for compulsory coverage, if for initial membership.”

Contributions will depend on monthly income levels. Self-employed workers with a monthly salary of P14,500 pay P10 monthly, while the fee for those earning P15,000 and above contribute P30 monthly. — Gillian M. Cortez

URC opens baking school

UNIVERSAL Robina Corp. (URC) on Wednesday said it opened its first baking school which is aimed at helping its customers expand their portfolio of flour- and pasta-based products.

In a statement, the Gokongwei-led food giant said the Baker John Academy, which is under the URC Flour and Pasta Division, will offer classes where customers can upgrade their baking skills and help set up their baking operations.

“With Baker John Academy, our focus is on the customer. We want to give them a helping hand, so they can expand their businesses faster through innovations and efficiencies,” Ellison Lee, business unit general manager of URC Flour and Pasta Division, said.

The school, named after parent company JG Summit Holdings, Inc.’s founder John L. Gokongwei, Jr., will develop its own recipes as well as produce branded bread and specialty products such as cheese rolls and ensaymada.

At present, Baker John will be open only to URC’s current and potential customers. However, there are plans to eventually open it to the public.

Baker John’s facility can be found in Robinsons Exxa Tower along E. Rodriguez Jr. Ave. (C5 Road) in Quezon City. It will have a laboratory with 10 workstations that can handle up to 50 participants.

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