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City & Land tops off Taft condominium

CITY & LAND Developers, Inc. has topped off its latest condominium project in Taft Avenue last week, three years since it was launched in 2016.

The listed subsidiary of Cityland Development Corp. (CDC) said in a statement yesterday it held a topping off ceremony for its One Taft Residences project last Oct. 28.

The 40-storey building is the newest project of City & Land following the topping off of CDC’s One Premier project in Alabang in September.

The company said the location of One Taft Residences, which lies a few steps away from the university belt, makes it a prime spot with heavy foot traffic. It is accessible to transportation hubs, shopping centers and commercial and government offices.

Residential units of the property are offered in studio, one-bedroom and two-bedroom cuts with sizes ranging from 19.55 square meters to 60.76 square meters.

City & Land is one of the two subsidiaries of CDC, the other being pre-need company Cityplans, Inc.

The Cityland group operates various residential and commercial developments across the country, of which five are under City & Land, namely: North Residences in Quezon City, Grand Emerald Tower in Pasig City and Manila Residences Bocobo, The Pacific Regency and One Taft Residences all in Manila.

City & Land booked an attributable net income of P75.02 million in the six months to June, up 18% from last year on the back of a 15% rise in revenues to P306.86 million.

The attributable net income of its parent CDC stood at P346.7 million during the period, soaring 44% as revenues increased 22% to P1.25 billion.

Shares in CDC traded flat on Monday, closing at 87 centavos apiece. — Denise A. Valdez

This girl is on fire

By Carmen Aquino Sarmiento

Movie Review
UnTrue
Written and directed by Sigrid Andrea Bernardo

MARA VILLANUEVA’s skull cap of fire engine-red hair is like a red flag, a warning that anyone who would choose the same shade as the Ronald McDonald clown, but in an asylum patient’s buzz cut, can’t be all right in the head. It is a signal flare for disaster. Mara (played by Christine Reyes) is not whom she appears to be: just another Filipino OFW, toiling away in the kitchen of a bistro in Tbilsi, Georgia. Why Georgia? Because, as the director Sigrid Andrea Bernardo explains, it is one of the few places left on planet earth where we are unlikely to run into a Filipino, or into anyone else for that matter. Although the Philippines has approximately five times Georgia’s land mass, our population of 110 million Filipinos is 30 times that of their around only 4 million Georgians. There were probably fewer than three dozen Pinoys living and working in Georgia during the two weeks that the UnTrue crew spent shooting there.

The social isolation of UnTrue’s protagonists is key to nudging its plot along — no usisero’s (busybodies) with tiresome questions tracing past common acquaintances and finding connections: Taga-saan ka? (Where are you from?) Kilalala mo ba si ___? (Do you happen to know so-and-so?) A well-meaning but intrusive barkada (group of friends) might awkwardly distract the protagonist from festering psychotic or murderous inclinations, then down the tubes this story goes.

Bleak, dreary, and wintry Georgia is a fitting setting for the theme of revenge, a dish which is best served cold. Director Bernardo’s phenomenally popular Kita Kita (2017) had a seemingly benign and cuddly, though when you really think about it, he was actually creepy, stalker in Tonyo (Empoy Marquez), the former mascot and alcoholic vagrant whom Lea (Alessandra De Rossi) compassionately nurtures when she finds him, drunk and destitute on a Sapporo sidewalk, instead of turning him over to the authorities of law-abiding Japan.

In UnTrue, the genders switch: it is the gaunt loner Mara who does the stalking. Talk about holding a grudge. She traveled 5,000 miles to the south of the Caucasus Mountains, with her dead kid sister Ana’s (Rhenz Escano) more-than-a-decade-old, unwashed high school uniform, for the sole purpose of wreaking an insanely complicated revenge on the former guidance counselor Joachim Castro (Xian Lim), a sexual predator and S&M bondage aficionado who done her baby sister wrong. That is surely some baggage to keep lugging around. Ms. Reyes heroically runs around outdoors, dressed only in the late Ana’s thin, wine-stained cotton blouse and skirt (no bulky thermals or other obvious protective gear), in freezing Georgia weather. She is supposed to be crazy after all.

The bright, richly saturated colors of Sapporo, Japan are the other side of the spectrum of UnTrue’s grim palette of dingy grey’s (there are a couple of pretty nature scenes of running horses), except for Mara’s scarlet pate. Even the gorgeous Xian Lim is prematurely aged and scruffied-up, with a coarse beard and a greatly increased BMI (Body Mass Index), which actually made him look manlier and still not unattractive.

Ms. Bernardo’s genius is her ability to get her audience to play along, to suspend our disbelief and allow ourselves to just be entertained. In Kita Kita, we do not question the transformation of Empoy from a drunken street dweller to the secret Prince Charming next door, a solid renter with no visible means of support or legal documentation in expensive Japan. In fact, the charming couple have all the time and means to go sight-seeing. Similarly, in UnTrue, we accept the evolution of Mara, from an orphan of lower middle-class origins with no apparent financial resources (her sister Ana desperately needed a scholarship to attend private school), into a globe-trotting Valkyrie with MacGyver-like abilities. Joachim previously spent five years in the States, where he met his business associates from Georgia, and ended up in Tbilsi as the prosperous owner of several vineyards. Logically, Mara must have known that, which was how she ended up in Georgia herself. Why didn’t she whack him in the States? Too many Pinoys.

Like a cruel cat toying with its prey, Mara gets Joachim to fall in love with her and even to marry her. Afterwards, she seems to have become a stay-at-home wifey which conveniently gives her the time and opportunity to set up an elaborate system of wireless speakers broadcasting her dead sister’s voice to guilt-trip and gaslight her hubby. She also has the abilities of a doppelganger and a quick-change artist as she flits in and out of his peripheral vision in said cherished uniform. There are incidents which establish Joachim’s volatility and violent tendencies so he was probably already on the verge, and maybe even deserves what he gets in the end. To his credit, he was undergoing therapy, proving his willingness to change, but which gave Mara the opportunity to spike his medication. Another of director Bernardo’s strengths is in her use of symbols. In Kita Kita, it was the daruma cat which Tonyo gifts Lea with. Here, it is Kartlis Deda, venerated as the Mother of Georgia, who holds a bowl of wine in one hand to welcome her friends, and a sword in the other to smite her enemies. Mara swipes the tiny sword, from a figurine of Kartlis Deda (from the scale, it’s under a foot tall) conveniently set on the police inspector’s desk. The original monument is aluminum, so this mass-produced touristy souvenir is probably of much cheaper material like a polymer resin. In the film’s final scene, as Mara confronts Joachim in the police headquarters, with law enforcement present or at least close by, she dramatically lunges with this teensy sword, like a cocktail skewer, at Joachim’s eye. She might have succeeded in partially blinding or mutilating him, but she didn’t go for the jugular and that itty-bitty thing could not inflict a lethal wound. Dare we hope: can this marriage be saved?

Traditional businesses fuel office space demand

By Bjorn Biel M. Beltran
Special Features Writer

TRADITIONAL businesses have overtaken the Philippine offshore gaming operators (POGOs) and IT-business process management (IT-BPM) companies in terms of office space demand in the third quarter.

In its Q3 Metro Manila Office Market Overview and Full Year Outlook, Pronove Tai International Property Consultants tracked a total of about 305,000 square meters (sq.m.) of pre-leasing and leasing transactions from July to September 2019.

Traditional offices accounted for 40% or 122,000 sq.m. of total transactions, followed by IT-BPM sector at 32% or 96,000 sq.m., POGOs at 23% or 71,000 sq.m., and flexible workspaces at 5%, or 16,000 sq.m.

“The third quarter proved to be an exceptionally strong period for the traditional firms with a significant 61% growth YoY (year-on-year) from only 76,000 sq.m. last year” Monique Cornelio Pronove, president and CEO of the property consultancy firm, said.

Of the traditional businesses driving demand, banking and financial firms accounted for the largest share at 20% of transactions; food and beverage firms followed at 15%, while insurance firms, government offices and NGOs, and real estate companies accounted for 14%, 8%, and 7% respectively.

POGOs demand, which took up the lion’s share of leasing transactions last quarter and accounts for about 386,000 sq.m. of total office space take-up in Metro Manila as of September, was dented by an announcement by the Philippine Amusement and Gaming Corporation in August that it will no longer grant licensing permits to new POGO applicants until the end of the year.

Expansion of IT-BPM companies, meanwhile, has been limited by the government moratorium on new economic zones in Metro Manila as part of a decentralization plan to push stronger economic activity in suburban areas. IT-BPM companies prefer to locate in office buildings that have been declared as ecozones to take advantage of tax perks and other incentives.

“Amidst these challenges, the office leasing market remained strong and we project it to reach 1.2 million sq.m. by the end of December 2019. This would breach last year’s record performance by 9%,” Pronove said.

“Makati, the country’s premier business district, accounted for the most leasing transactions at 28%. The Bay Area accounted for 20%, characterized mostly by POGOs and then Quezon City at 17% with IT-BPM accounting for most of the leasing transactions there this quarter,” Pronove added.

From July to September, 15 new buildings were completed adding 402,000 sq.m. to Metro Manila’s office stock, bringing office stock to 11.4 million sq.m. Much of the new supply (82%) was located in Quezon City and Taguig City, adding approximately 230,000 sq.m. and 101,000 sq.m., respectively.

Despite this, vacancy levels dipped to 5% from 6% in the previous quarter. Due to robust demand, Pronove Tai expects vacancy to dip further to around 4-5% by the end of this year.

Districts with the lowest vacancy rates are in the Bay Area (Pasay and Parañaque) as well as Makati City at a staggering 0.4% and 2%, respectively. Only three districts‚ Ortigas Center, Muntinlupa City and Taguig City registered a vacancy of 5-6% this quarter.

“This has been Quezon City’s highest recorded supply in a quarter. We saw a 10% growth year-on-year in Quezon City coming from nine buildings. This alone accounted for 57% of the new supply in Metro Manila this quarter,” Ms. Pronove said.

“Though the office vacancy decreased from 12% in Q2 to 11% in Q3, Quezon City still had the highest vacancy in Metro Manila at over roughly 150,000 sq.m. This could be attributed to the slow leasing absorption for its new building completions in the past two years as it only recently opened its market to POGO occupiers.”

Makati and Taguig recorded the top rents in the city, with Makati still at a 21% premium over Taguig rents. Additionally, both business districts have recorded the highest rental growth over the year.

Security Bank net profit climbs 22% in Q3

SECURITY BANK Corp. booked higher earnings in the third quarter. — BW FILE PHOTO

SECURITY BANK Corp. recorded a higher net profit in the third quarter, driven by double-digit growth in its income from loans and deposits.

In its quarterly report filed with the Philippine Stock Exchange on Monday, the bank said it booked a net income of P2.74 billion in the July-September period, 22% higher than the year-ago figure of P2.246 billion.

This brought its bottom line for the first nine months of the year to P7.695 billion, up 18% from P6.539 billion in the same period in 2018.

Return on assets was at 1.33%, while return on equity stood at 8.14%.

Security Bank’s total revenues for the quarter climbed 35% year-on-year to P8.8 billion, driven by earnings from its core businesses.

The bank’s net interest income from customer loans and deposits climbed 49% year-on-year to P5.9 billion, fuelled by the growth in retail loans, low-cost deposits, and pricing in wholesale loans.

Retail loans comprised 27% of the bank’s total loans at end-September, up from a 19% share last year, as retail loans increased 54% from a year ago.

With this, Security Bank’s total net interest income climbed 33% to P7.019 billion from P5.258 billion in the third quarter of 2018.

Security Bank saw its total loans rise 11% to P444 billion as of September, while total deposits went up 4% to P487 billion.

“Asset quality remained healthy, with gross non-performing loan (NPL) ratio at 1.4%, lower than the industry’s 1.7% as of August 2019. Under the new BSP (Bangko Sentral ng Pilipinas) regulations implemented last year requiring Expected Credit Loss (ECL) provisioning by banks, the bank set aside P1.1 billion for provision for credit losses in Q3-2019,” the bank said.

The bank’s NPL reserve cover stood at 110% as of September, with its provisions for credit losses in the first nine months of the year at P1.75 billion.

Its net interest margin increased to 4.05% in the third quarter, up by 77 basis points from the same period last year.

The lender’s service charges, fees, and commissions also jumped by 44% to P1 billion, driven by credit cards, loan fees, deposit charges, bancassurance, and stock brokerage, while securities trading gains in the quarter amounted to P369 million. Total non-interest income increased 43% to P1.8 billion.

The bank’s earnings in the quarter increased even as its total operating expenses climbed to P5.718 billion from P3.612 billion in the same period in last year.

Total assets held by the lender stood at P807 billion as of September, up from P766.66 billion as of end-2018.

Meanwhile, the bank’s common equity Tier 1 ratio stood at 17.1%, up from 16.8% in the second quarter, while its capital adequacy ratio was 18% compared to 19.2% a quarter ago.

Security Bank shares finished trading at P204 each on Monday, up by P4.80 or 2.41% from the P199.20 close last Oct. 31. — Luz Wendy T. Noble

The lovable Lee Seung Gi

GIA ALLANA SORIANO

By Cecille Santillan-Visto

Fan Meeting
Vagabond Voyage in Manila
(2019 Lee Seung Gi Asia Fan Meeting)
Oct. 12
New Frontier Theater, Cubao, QC

KOREAN STAR Lee Seung Gi is one of the few celebrities who can really do almost everything. He is a multi-awarded actor, singer, host, and a favorite guest of reality shows and is also known in K-entertainment circles as a “triple threat.” The 32-year-old entertainer is also among the most bankable K-endorsers, selling almost anything from milk tea and ready-to-wear, to cosmetics and coffee. He was also at one point the face of Mercedes Benz, proving that while he can appear to be reckless in many television appearances, he also exudes class. He is a screen idol that appeals to almost all age groups, and his squeaky clean image has earned him the tag, “Nation’s Little Brother.”

And Korea allowed this little brother to finally visit the Philippines via a fan meeting at the New Frontier Theater on Oct. 12. He has been making the rounds of Asian countries as part of his Vagabond Voyage tour and Manila was among his stops.

This writer has been a fan of Mr. Lee since the onset of his career, having watched him in Shining Inheritance, My Girlfriend is a Gumiho, King 2 Hearts, and Gu Family Book, among others. It was heartbreaking to see him take a mandatory hiatus to serve in the military but he returned with a vengeance upon his discharge two years ago. He went on to star in Korean Odyssey and his latest blockbuster, Vagabond, on which his Asia tour is anchored.

His Manila fan meeting can be summed up in one word — it was fun.

He unabashedly answered the questions of host Sam Oh, gamely played with his fans, went down from the stage to take photos at a select part of the venue, and, at the tail end of the event, dished out a concert-level performance to the delight of the audience. In fact, the “Ballad Prince” brought down the house with his live rendition of “Let’s Go On A Vacation.”

For his opening song he sang “Because You’re My Woman,” which was his debut single. While it was a bit disappointing that he did not perform the rather cheeky “Losing My Mind,” he made up for it by dancing excerpts of Trice’s “T T” and “Honey” by Park Jinyoung (JYP).

The former Strong Heart host, where he moderated a free-for-all talk show, and ex-mainstay of 2 Days and 1 Night, a travel-cum-challenge TV program, was very amiable in person and even accommodated several members of media for one-on-one interviews.

The All the Butlers headliner, when prodded, even prepared a special Korean lunchbox from scratch. He made a kimbap with eggs and grapes, which a lucky winning fan described as “delicious.”

The fan-celebrity interaction during the segment was nothing less than hilarious. Fans dissuaded him from using plastic gloves while handling the food. He reluctantly gave in but warned the fans that they must have a “strong stomach” to eat his lunchbox.

During the fan meeting, he intimated that while he appeared to be very fond of children in Little Forest, where he was seen taking care of kids, he said the toddlers could be too much for him to handle.

“I like working with children, but not too much,” said Mr. Lee, who always kept his composure even during the most trying episodes.

His latest project, Vagabond, has actress-singer Suzy Bae as co-star. Unlike the usual Korean dramas that are normally shot as they are shown, the 16-episode series available on Netflix was pre-produced and reportedly took a year to finish given the intense scenes and the execution of the complicated plot.

Seung Gi said he did most — if not all — of the action scenes himself to make the delivery more realistic

After the fan meeting, VIP ticket holders were treated to a photo opportunity with the actor-singer-host-model. However, due to the restrictions set by his entertainment company, Hook, hi-touch sessions were not approved.

It was the first time Lee Seung Gi had a show in the Philippines. With the rousing reception, his fans — including this writer — are hoping that he will return soon for a full concert. Acknowledged as an excellent singer, he has performed in sold-out arenas worldwide.

But for now, his Airens (his fandom’s name) will have to content themselves with the sweet memories of his fan meeting in Manila as they await for that soon-to-be-staged concert which they already expect will be just as awesome.

Alveo’s most expensive condo rises in Makati CBD

By Cathy Rose A. Garcia, Associate Editor

IMAGINE living in the heart of Makati central business district and seeing a lush green park from your living room window every day. This may seem like a dream, but not for residents of Parkford Suites Legazpi.

Alveo Land, Corp. recently launched the 35-story residential condominium, located across the Legazpi Active Park and Washington Sycip Park in Legazpi Village.

Alveo Chief Operating Officer Rufino S. Gutierrez said Parkford Suites Legazpi offers a “rare parkside living experience” within a central business district.

“The location is very prime… (But) really what attracts our buyers here is the park, the proximity to the beautiful parks,” he said during a briefing at the Alveo office in Bonifacio Global City on Oct. 25.

The high-rise condo, sits on a 2,156 square meter (sq.m.) lot, is just 500 meters from the Asian Institute of Management, 600 meters from Greenbelt, and one kilometer’s walk to the Ayala Museum.

“In terms of privacy and exclusivity, it only has 163 units and within your floor, there are only seven units… We only offer bigger units,” Mr. Gutierrez said.

Targeting the upscale market, Parkford Suites Legazpi offers two-bedroom units sized from 125 sq.m. to 142 sq.m., and three-bedroom units sized from 180 sq.m. to 181 sq.m.

All the three-bedroom units will have park-facing balconies from the living room. The penthouse floor only has three units, all of which will have views of the two parks.

“This is the most expensive condo for Alveo at P370,000 per sq.m. or an average of P55 million per unit. A two-bedroom is P46 million, a three-bedroom is P66 million… The penthouse units are P80 million each,” Mr. Gutierrez said.

The most expensive unit at Parkford Suites Legazpi is a bi-level three-bedroom unit (320 sq.m.) on the 12th floor, which has a P140-million price tag and was one of the first units that was sold.

“Within the units, windows are floor to ceiling… Imagine the panoramic views from your unit. If you have the three-bedroom unit, the balcony railing is glass,” Mr. Gutierrez said.

All unit have ensuite bathrooms for all bedrooms, a walk-in closet for the master’s bedroom, double-sink master’s bathroom, and a powder room for guests. The building has 100% back-up power in case of emergency.

Amenities, such as the lap pool, wading pool, function rooms, play area and gym, are located on the 12th floor.

So far, demand for Parkford Suites Legazpi has been strong.

“Total sales value of the building is P9 billion, and we sold P2 billion already,” Mr. Gutierrez said.

Turnover of units is estimated by 2026.

LBC buys shares in Japanese firm

LBC EXPRESS Holdings, Inc. said on Monday that it bought shares in Japanese shipping company Mermaid Co. Ltd. for $200,000 or P10.1 million.

In a disclosure to stock exchange on Monday, LBC said it purchased all the shares of “Mr. Tsukasa Takahashi, Mrs. Mediatrix Takahashi and Mr. Eiichi Gotoh in Mermaid Co. Ltd.” under an acquisition agreement.

LBC said Mermaid ships household and other goods from expatriates living in Japan to their home countries.

The Araneta-led logistics firm said further that the acquisition is expected to benefit the company by contributing to its global revenue stream.

LBC offers both logistics through LBC Express, Inc. and money transfer services. Its logistics business, which has 1,000 branches nationwide, serves both retail and corporate customers while the money transfer business comprises both domestic and international money transfer services.

The company has committed to open 70 to 100 branches every year. The LBC Group has also branches in North America, the Middle East, Asia Pacific, Europe, and Oceania.

LBC Express’ net income attributable to the parent fell by 53% to P561.88 million in the first half of 2019, amid a 34% jump in gross revenues to P7.85 billion. — Arjay L. Balinbin

CAB approves new rules on flight delays, cancellations

THE CIVIL Aeronautics Board (CAB) is set to release this month the approved guidelines on penalizing airlines with more than 50% of their flights cancelled or delayed.

“It was approved during the last board meeting on the 24th [of Oct.],” CAB Executive Director Carmelo L. Arcilla told reporters on Oct. 29, referring to the new regulations on flight delays and cancellations.

Ipa-publish na namin (by November), kasi na-approve ‘yun last Thursday (Oct. 24) (The rules will be published by November since they were approved last Thursday), so it will be signed within probably the week after they signed it.”

As for the features of the new regulations, he said: “We will be penalizing or modifying the approval of airlines who would be found to have more than 50% of their flights delayed or cancelled for whatever reason.”

He said airlines that incur delays and cancellations for more than 50% of the time, regardless whether such actions are made due to technical or force majeure conditions, will be required to review their plans. Such flights, he added, could also be removed.

“You have to go back to the drawing board…kasi (because) it is not viable,” Mr. Arcilla said.

“For example, there was a time when an airline in the Philippines was operating six flights to Caticlan, and the last flight was always delayed and cancelled because of sunset limitations. We were flooded with complaints. At some point in time, we said, ‘You know the six flights are not operationally viable. You have to review your plans.’ Ultimately, we removed that flight, so ‘yun ang essence niyan (that will be the essences of the new rules).”

Asked if there are monetary penalties or if airlines could face possible suspension, he said: “Meron (Yes), on a case to case basis. It depends on the gravity.”

Last July, the CAB started requiring local airlines to submit a monthly report of their on-time performance to help the regulator evaluate operational efficiency at the country’s gateways.

The on-time performance is measured by the number of departures and arrivals that take off and land within 15 minutes from schedule, as well as flight cancellations. — Arjay L. Balinbin

Recovery signs turn Korean bonds into Asia’s worst performer in Oct.

INVESTORS MAY have flocked to South Korean bonds this year, but signs of an economic recovery and the potential for record debt sales saw them end last month as Asia’s worst performer.

Korean government bonds lost 2.1% in October, the worst-monthly performance since November 2016, according to a Bloomberg Barclays index. It was the third-biggest drop among 46 sovereign markets tracked by Bloomberg, and the biggest in Asia.

“Easing external uncertainties since the end of August along with lower expectations for central banks to ease further has suddenly weakened the demand for Korean bonds,” said Koo Hyeyoung, fixed-income analyst at Mirae Asset Daewoo Co. The amount of debt that are expected to be issued by the government next year to help cover the deficit has also contributed to the sell-off, she said.

Foreign investors have poured over $41 billion into Korean bonds this year, the most in emerging Asia after China, as the Sino-American trade war and a tech slowdown spurred the Bank of Korea to lower rates. The tide may be turning with Samsung Electronics Co., a pillar of the economy, reporting better-than-expected earnings last week.

Consumer prices also showed signs of recovery in October, staying flat after a 0.4% slide in September. On the supply side, investors are concerned about plans for a debt-fueled stimulus.

The finance ministry said in August it will sell as much as 130.6 trillion won ($112.2 billion) of bonds in 2020 based on its budget proposal. That compares with a planned 99.6 trillion won of issuance this year, and would be the largest quota in history if passed by parliament.

The yield of 10-year Korean debt has risen to 1.8% as of 12:56 p.m. Seoul time on Monday, more than 60 basis points from its August low.

The move also paces a broader global bond sell-off as signs of progress in US-China trade talks dampen demand for haven assets.

Korea’s benchmark 10-year yield could break higher into a range between 2.5% and 3% should Washington and Beijing agree on additional trade deals, according to DBS Bank Ltd. Till then, the yields could be capped at 2% as investors remain cautious about an economic rebound, said Duncan Tan, FX and interest rates strategist at the Singapore-based bank. — Bloomberg

Engrossing experience

Destiny Connect: Tick-Tock Travelers
Nintendo Switch

TIME TRAVEL is a tricky concept to incorporate, whether in the gameplay or in the story of any given videogame. It requires from the developer a not insignificant attention to detail, lest the vagaries encountered in its implementation be lost in translation and its net result wind up being much less than the value of its parts. Thankfully, Nippon Ichi Software has it down pat in Destiny Connect: Tick-Tock Travelers. In fact, it’s the engine that drives the Japanese role-playing game as nine-year-old Sherry, her friend Pegreo, and a robot named Isaac designed by her father to protect her strive to uncover the mysteries behind the literal loss of time in the town of Clocknee.

The plot of Destiny Connect: Tick-Tock Travelers may sound simple, but NIS takes pains to unfold it via a lengthy exposition at the outset. Which is all well and good, as the narrative proves rich enough to keep gamers engaged despite the absence of any voice acting and its consequent reliance on text. And it certainly establishes the premises that compel Sherry and Company to find out why the turn of the millennium has stopped time, why only a few aren’t affected, and why machines have apparently risen in revolt.

Destiny Connect: Tick-Tock Travelers takes its sweet time to get going, no doubt in keeping with its desire to pull in the younger set. Indeed, its design and programming choices all point to a preferential option for gamers just starting out in a genre normally predisposed to entertain — and embrace — complexity. A lot of handholding and explaining is done even for the interface, so much so that when the action finally gets going, everything becomes easy and practically second nature. Meanwhile, events unfold quickly and progress in a linear manner; there are plenty of areas to explore and non-playable characters to interact with, but at no instance does it convey the feeling of directionless movement familiar to JRPG habitues.

Creditably, Destiny Connect: Tick-Tock Travelers has no pretensions. To the contrary, its intentions are quite clear; from its choice of protagonists to its pleasing visuals to its simple mechanics to its relatively low degree of difficulty, it aims to attract gamers with neither the patience nor the desire to stay engaged any longer than necessary. Even preparations for enemy engagements are presented sans any hassle; for instance, upgrading Isaac — a requisite for success given its capacity to perform multiple functions in combat and in light of its death being the only way for the game to end abruptly — is a breeze.

The turn-based battles in Destiny Connect: Tick-Tock Travelers are straightforward, with three choice members of the party able to use whatever physical and magical skills they have to overcome the opposition. By default, Isaac in its multiple forms will carry the day, but the presence of Sherry, Pegreo, Truth, and Altana (after visits to the past and future, respectively) does provide variety and keep interest from waning. And if there’s any negative in this regard, it’s that supposedly random encounters occur far too often for comfort.

Certainly, Destiny Connect: Tick-Tock Travelers benefits from NIS veteran Toshihiko Toda’s taut direction to present its veritable ode to JRPGs in the 1990s. In striving to appeal to its target demographics, it also purposely avoids the distinctive style that marks the publisher’s vast library of titles; instead, art director Yu Inaba makes use of a limited color palette to highlight its high-contrast anime aesthetic in a three-dimensional milieu. Moreover, it relies on the confident compositions of The Longest Five Minutes’ Yukinari Irumagawa to set the mood. And it delivers from a technical standpoint outside of occasional skips during cutscenes; while it shows superior graphics and sounds with the Nintendo Switch docked, it does run at a steady 30 frames per second on the go.

In sum, Destiny Connect: Tick-Tock Travelers does exactly what it has set out to accomplish: provide an engrossing experience that serves as a viable introduction to JRPGs. Newcomers could do much, much worse than the 20-odd hours of stress-free gaming it offers.

THE GOOD:

• Pleasing visuals and sounds

• Well-explained storyline

• Easy-to-digest interface and mechanics

THE BAD:

• Too many random battles

• No voice acting

• Relatively short and easy

• Targets gamers new to JRPGs

RATING: 7.5/10

POSTSCRIPT: As hard as it may be for gamers to wrap their heads around, Ubisoft’s Far Cry New Dawn is a direct sequel to the eminently enjoyable Far Cry 5. Never mind that it strays from most of the serious themes the previous installment’s dramatic narrative tackled. Sporting a more colorful look and design, it boasts of a far wackier feel — so much so that it comes across, and wrongly, as a spin-off. It doesn’t barrage players with a nitty-gritty storyline; instead, it doubles down on what made the series fun in the first place — its ridiculous tone and the vibrant world it presents and represents. And whether or not it takes a step back depends on the perspective of those who lost themselves in the plot of its predecessor, never mind its reliance on a familiar formula lurking just beneath its fresh coat of paint.

Far Cry New Dawn is an open-world adventure shooter that takes place 17 years after the events of Far Cry 5. While set in the post-apocalyptic wasteland of Hope County, Montana, it lets gamers loose not in a broken world similar to that in, say, the Fallout franchise, but, rather, in one holding the promise of recovery. Animals and plant life are starting to return, with pockets of human life banding together to survive the nuclear fallout. The objective is simple enough: find and tap resources — including human resources — to take the measure of The Highwaymen, bandits organized and led by twin sisters Mickey and Lou. Needless to say, the endeavor involves no small measure of exploration on foot or through the use of vehicles, and features much of the same old, same old to which fans of the series have long become familiar: doing specific missions, shooting bad guys, crafting weapons, and so on and so forth.

That said, Far Cry New Dawn dares to inject its uniqueness. Compared to Far Cry 5, there’s a definite shift in its tone and scenery; it eschews the shades of gray and black that characterized its older sibling, and in their place introduces a far more energetic color palette to its environments. Its version of Hope County is thick with trees and foliage, and while not all parts of the map are accessible, those that can be traversed sport a richness of energy. Which is to say it conveys its theme of rebuilding quite well; it shows the living — and the acts of living — amidst a harsh world, struggling and yet resolute in the belief that better is out there and achievable. And none portray the optimism better than the very surroundings gamers are compelled to conquer: jungles rich and lush with life, with broken down vehicles and buildings overgrown with vegetation. In other words, the story may be relatively sparse, but the storytelling is supreme.

Still, Far Cry New Dawn isn’t carried by the design or story. Rather, it’s defined by the gunplay, which, sadly isn’t as polished as expected. In trying to distinguish itself from Far Cry 5, it employs leveling mechanics akin to role-playing games. Upgrades to equipment have been made necessary, and gamers are thusly tasked to make their gear, at the very least, adequate for the job. Weaker opponents are felled even by the weakest of guns, but tougher, elite enemies require stronger, buffed-up weapons to neutralize. Concomitantly, scouring the map for parts to craft bigger and better ordnance becomes a requisite. The intent is clear; it forces constant movement for supplies and emphasizes the importance of tactics in both foraging and combat. In practice, though, it engenders grinding more than anything else.

This is Far Cry New Dawn’s biggest flaw, and, by extension, its most divisive feature. Its mechanics force gamers to engage it not at their own pace, but on its terms. It requires flitting from mission to mission — and rinsing and repeating the effort — in order to get weapons to keep up with the competition, as the alternative courts death. And, no, higher-level enemies do not become smarter or more appropriately challenging to fight; they simply exhibit greater resistance to damage, making them literal bullet sponges against under-equipped gear. While it can be satisfying to subsequently bring down tougher opponents, the very act of grinding en route effectively kills the anticipation.

Far Cry New Dawn isn’t a bad first-person actioner by any means. To the contrary, it offers more than its fair share of points of interest to keep gamers engaged. Nonetheless, it shows its rough patches after some time. Even by the usual Ubisoft standards, it possesses farming requisites that add tedium to the provision of what amounts to basic tools for its completion. In this regard, it winds up actively eroding its best aspects: exploring the world and engaging in the formation of the future. Instead, it puts forth sidequest after sidequest in the path to progress. And because it concentrates on the journey at the expense of its destination, it winds up as a mixed bag that leaves a lot of What Ifs and Could Have Beens in its wake. (7/10)

THE LAST WORD: Azur Lane: Crosswave is in line to hit Western audiences in early 2020 on the personal computer via Steam and on the Sony PlayStation 4. Physical copies for the console will be available on pre-order through Limited Run Games starting today. The version of the side-scrolling shooter for the platform will use the Unreal Engine and recreate character designs in the original release using cel-shaded 3D graphics. The intellectual property first made its way to China in May 2017 for the iOS and Android platforms, and, in four months, earned critical and commercial acclaim. A subsequent rollout in Japan later that year likewise met with success.

Policy uncertainty affects BPO office demand

THE uncertainty surrounding the proposed tax reform measure and the current moratorium on new economic zones in Metro Manila is weighing on demand for new offices spaces from business process outsourcing (BPO) companies.

“Definitely I think (office space demand is) going to take a hit. What is important now for the stakeholders is clarity about what is going to happen now because up until now, wala pa naman (there is still no) major decision in terms of what are the final regulations, what are the final incentives,” Jones Lang LaSalle (Philippines), Inc. (JLL) Head of Research and Consulting Janlo de los Reyes said after the company’s third quarter market briefing last month.

Outsourcing firms are worried over the transition timeline of changes in fiscal incentives proposed in the Comprehensive Income Tax and Incentive Rationalization Act (CITIRA) bill.

Also, the BPO companies who want to expand in Metro Manila are faced with the challenge of looking for office buildings that have been accredited by the Philippine Economic Zone Authority (PEZA) in order to avail of incentives.

President Rodrigo R. Duterte signed Administrative Order No. 18 last June, banning new economic zones in Metro Manila to encourage the development of special ecozones in the countryside.

For now, Mr. De los Reyes noted that outsourcing firms are still the top demand driver for office spaces, just ahead of offshore gaming operators.

JLL data covering the fourth quarter 2018 to third quarter 2019 showed about 44% of office space demand is from BPO firms, while offshore gaming companies account for about 32%.

“Smaller (outsourcing) companies who would want to set up businesses in the Philippines, they are still very optimistic about the Philippines,” Mr. De los Reyes noted.

“From what we’ve seen also definitely there has been a slowdown in terms of new entrants, so most of the activities really come from the ones present here, but we’re still seeing growth in terms of the small to medium enterprises,” he added.

Mr. De los Reyes projects that demand from offshore gaming firms may soon exceed demand coming from BPOs by the fourth quarter, despite government’s efforts to regulate players in the industry.

“I think it’s also good that there was a stop in issuance of licenses because now the government, like what they’ve been doing, examining a lot of these players to see if they are really compliant,” Mr. De los Reyes said. — Vincent Mariel P. Galang

PhilRatings gives Cirtek’s 3-year papers PRS A grade

A LOCAL DEBT watcher said Cirtek Holdings Philippines Corp. has above average ability to meet its financial commitments in relation to its proposed P2-billion commercial papers.

In a statement Monday, Philippine Rating Services Corp. (PhilRatings) said it gave the listed electronics manufacturer a “PRS A (corp.)” credit rating for its planned three-year shelf registration for commercial papers. The rating was given a stable outlook, meaning it is expected to hold for the next 12 months.

Cirtek is planning to raise up to P2 billion through the issuance of commercial papers to refinance its existing debt and fund its working capital requirements. The commercial papers may have a tenor of 91, 182 or 364 days.

PhilRatings said it gave Cirtek this credit rating due to its track record, strong customer base, increasing revenue year on year and adequate liquidity in relation to debt servicing obligations, aside from the cyclical nature of the electronics industry.

The debt watcher said the company has a leadership that has been around for more than 35 years, surviving the “economic ups and downs and political crises” that the country faced over the years. PhilRatings said being able to stay competitive throughout that span of time shows the company has the ability to weather possible economic storms.

It also acknowledged the growth of the company’s revenues reaching 20% to $106.5 million at the end of 2018. It noted, however, that Cirtek’s revenues fell 11.3% in the first half of 2019 due to a slowdown in its subsidiary Quintel and the impact of the trade war between United States and China.

But PhilRatings said the electronic industry is “highly competitive and cyclical in nature,” as Cirtek’s operations crosses national borders and is therefore vulnerable to movements in larger economies.

“Such has resulted in modest growth during the group’s 35 years of operations. In response to this, however, the group has made recent moves to provide more complex patented products to give itself a competitive edge and to be able to achieve higher margins,” the debt watcher said.

It also noted of opportunities for the company from the rise of fifth generation network and the Internet of Things, which may pull up the demand for its business.

“Such provide opportunities for (Cirtek) to expand its product portfolio in the medium-term, ranging from components and millimeter waves to antennas,” PhilRatings said. — Denise A. Valdez