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Facing sluggish TV ratings, Nickelodeon looks to stage

WITH KIDS’ TV in a ratings slump, Nickelodeon is looking to increase its presence on the stage.
The cable network, part of Viacom Inc., is expanding a relationship with Cirque du Soleil’s VStar Entertainment that will turn more of its franchises into theatrical shows. The five-year agreement will put characters such as Dora the Explorer and Paw Patrol on stage together for the first time, and VStar will be able to further mine Nickelodeon’s library for entertainment ideas.
Theater and ice shows for young kids have become big business. Nickelodeon teamed up with VStar in 2016 with an onstage version of its puppy-driven Paw Patrol series, and the shows went on to sell 3 million tickets worldwide. Cirque du Soleil, known more for acrobatics and other circus-style acts, acquired VStar in 2018 as part of efforts to diversify its operations.
The first show under the new deal, Move to the Music, will feature a mix of characters such as genie friends Shimmer and Shine. It will debut in the fall. Terms of the agreement weren’t disclosed.
Nickelodeon’s TV ratings have been declining, though Viacom, Inc. Chief Executive Officer Bob Bakish said last week that there are signs of improvement.
Cirque du Soleil, a Montreal-based company that also owns the Blue Man Group, has built a war chest for acquisitions. It announced plans to acquire the Illusionists magicians troupe last month. — Bloomberg

Infrastructure projects, POGOs to drive property sector growth

By Bjorn Biel M. Beltran
Special Features Writer
GOVERNMENT-LED infrastructure projects, Philippine offshore gaming operators (POGOs), and emerging urban centers outside Metro Manila, among other factors, are poised to drive further growth in the real estate industry this year.
This is according to property brokerage and consultancy firm PRIME Philippines in its Philippine Real Estate Outlook for 2019, which saw “upbeat and positive growth potential” in the property sector.
PRIME noted infrastructure development, led by the Duterte administration’s “Build, Build, Build” program, is one of the key contributors towards this positive outlook, with connectivity projects like the Manila-Clark railway pushing major developers towards certain hotspots around Metro Manila.
“With the recently opened and upcoming infrastructure projects of the government in place, developers are now on track to getting and developing the most strategic locations in and out of Metro Manila,” the report said.
“Similarly, general connectivity from Metro Manila to nearby provinces of Bulacan, Cavite, Laguna, and Pampanga, among others, is also expected to drive developments outside, decongest the metro and develop the regional urban centers, particularly in Central Luzon,” it added.
Among such regional hotspots, the Clark area in Pampanga has attracted the most interest from major developers owing to key infrastructure projects throughout the province, such as the Subic-Clark railway, Manila-Clark railway, and the PNR North railway. Developers like SM Prime, Century Properties, Ayala Land, and Megaworld have all begun to set up shop, and more are sure to follow.
“Normally if there are big players already in the area, the secondary developers also come in to play,” PRIME Philippines Founder and CEO Jettson Yu said during a panel discussion of the company’s report.
“[It won’t be] any time soon, but if you wait 10 years, definitely Clark, Pampanga will be a bustling city up north,” Mr. Yu said.
Moreover, according to the report, Pampanga is the primary choice of POGOs looking to expand outside Metro Manila due to the large workforce available in the area.
POGOs, which are largely responsible for the Bay Area’s transformation into a bustling commercial district and its primary driver of growth, are looking for available bulk office spaces to support their growing businesses.
“Pampanga has been a primary choice considering the large workforce available in the area. Aside from that, other urban centers with large employable population such as Cavite are also options for online gaming operators to expand their businesses due to its proximity to key access points in the metro,” the report said.
Players in the commercial retail sector are also setting their sights on locations outside Metro Manila for growth. PRIME Philippines noted that SM Prime Holdings, Inc.’s last 10 mall ventures are in the provinces, with SM Center Ormoc being the latest addition from 2018, and the first SM mall in Eastern Visayas.
Other developers like Megaworld Corp., Vista Land & Lifescapes, Inc., and Robinsons Land Corp. are expanding their footprint in areas like Cebu, Davao, Iloilo, Laguna, and La Union.
“For 2019 alone, large retail developers, except Ayala Land, have already tapped targeted underserved yet developing cities outside Metro Manila. Davao is one of the common denominators with these developers signaling the growing confidence on the market and spending capacity in the region,” the report added.

DoE panel reviews First Gen’s LNG import terminal

A PANEL at the Department of Energy (DoE) is scheduled to review this week the application of Lopez-led First Gen Corp. to build a liquefied natural gas (LNG) import terminal before the project proposal is submitted to the secretary for final approval.
DoE Undersecretary William Felix B. Fuentebella said the DoE’s centralized review and evaluation committee (CREC) is set to review First Gen’s proposal, which he said is likely to pass scrutiny and receive a “notice to proceed” from the the panel.
Patapos na ’yung isa (It’s almost complete),” he said when asked about the status of the proposal at the DoE.
Asked whether First Gen is likely to receive a notice to proceed, he said: “I think so. Ipi-present pa ito sa (It will still be presented to) CREC. But the recommendation is buhay siya at maganda siya (it’s active and its good).”
On Dec. 21, 2018, First Gen said its subsidiary FGEN LNG Corp. had sought clearance from the DoE to proceed with the construction of the group’s LNG project. Earlier that month, the company announced the signing of a joint development agreement with Tokyo Gas Co., Ltd. to pursue the import terminal project.
The agreement comes after recent pronouncements from the government describing LNG as vital to ensuring the country’s energy security once the Malampaya gas field is depleted.
Mr. Fuentebella said the project had been included in the agenda of CREC, which will decide on the project ahead of the formal issuance of a “notice to proceed.” He added that recommendations for the project appears to be “positive.”
Under First Gen’s proposal, Tokyo Gas will take a 20% participating interest in the LNG project and provide support in development work to achieve a final investment decision.
Upon reaching that decision under the joint development agreement, the parties will enter into a definitive agreement to proceed with the construction of the project, First Gen had said.
Mr. Fuentebella said another LNG project proposal, that of US-based Excelerate Energy L.P., was lacking the required supporting documents and might be disapproved.
The DoE previously said that Excelerate had filed on Dec. 27, 2018 its plan to build an LNG facility in the Philippines, making it the fourth company to do so.
The US company, which is based in Texas, plans to build a floating storage regasification unit (FSRU) off the Batangas area, DoE officials had said.
The DoE approved the construction of the LNG projects proposed separately by Phoenix Petroleum Philippines, Inc. and Energy World Gas Operations Philippines Inc., the local unit of Australia’s Energy World Corp. Ltd. — Victor V. Saulon

Netflix’s Motley Crue rock biopic: a tale of success, excess, and ants

LONDON — Sex, drugs and rock ‘n’ roll: a new movie about the antics of 1980s metal hellraisers Motley Crue, a band known as much for their hedonism as their music, has it all.
The Dirt, based on the band’s best-selling autobiography, charts the rise of four Californian youngsters who channel the punk rage of the 1970s into the big-haired rock genre that, for many people, defined the 1980s.
Like the hugely successful Queen movie Bohemian Rhapsody, it is a rags-to-riches tale of flamboyant showbiz glory and the perils of a rock ‘n’ roll lifestyle.
“I think that’s what’s exciting for people about the Queen movie: there’s a band who wrote their own music, they were their own personalities and they lived their life the way they lived their life,” Motley Crue founder Nikki Sixx told Reuters.
“It’s the same for Motley Crue.”
The film begins with a neglected young Sixx being taken into care after cutting his own arm and blaming it on his drunkard mother — setting up a theme of self-abuse that runs through a story where Jack Daniels flows like water and anything sniffable goes up the musicians’ noses.
A standout scene is when Motley Crue are touring with Ozzy Osbourne who, when he discovers they have no spare cocaine to give him, crouches down and snorts a line of live ants from the floor.
“It was somebody that we looked up to, and still look up to, who was wild, and we were a wild young band,” Sixx said. “We thought we could compete with that, but you can’t with Ozzy, he won!”
While viewers will draw inevitable comparisons to the 1984 heavy metal mockumentary This Is Spinal Tap, Sixx said he hoped The Dirt had some of the emotional heft and “graininess” of Boogie Nights or even Goodfellas.
“Everyone thinks that Motley Crue glamorized drugs and sex — well that’s not true,” said Allen Kovac, the band’s manager and one of the film’s producers.
“The Beatles glamorized LSD… Keith Richards glamorized heroin. What we wanted to do is to deglamorize it — show what can happen to people, their families, their friends. And I think accomplishing that… took courage by the band.”
The Dirt will be released on Netflix on March 22. — Reuters

KMC Solutions opens 36th co-working space in Alabang

By Vincent Mariel P. Galang
Reporter
KMC SOLUTIONS launched its 36th co-working and office space in Filinvest City in Alabang, Muntinlupa City.
“This particular area, Filinvest City, is future ready. It has very good road infrastructure. It has transportation hubs that are very near here. The South Station is just less than a kilometer away, and then… Festival Mall, which we all know, has a lot of transportation options, as well,” Tracy G. Ignacio, chief operating officer of KMC Solutions said during the launch on Feb. 21.
While the area is booming, Ms. Ignacio noted Filinvest City also has space for future development and growth.
“The vacancy in this particular area is very low. All offices that got built got sold. Really, it’s a booming location,” she added.
Ms. Ignacio cited a study by KMC Savills, which found that vacancy in the area has remained below 5% and is expected to remain at the same level in the next two years.
KMC currently occupies one floor in the One Griffinstone building in Filinvest City, a township development by the Filinvest Development Corp. (FDC). The 1,600-square meter (sq.m.) facility can accommodate around 270 workstations. It also features private offices that can accommodate up to a hundred people depending on the set up.
All private offices have floor to ceiling windows, and have a manager’s office that can be converted into a meeting room. The offices have a community area, where members can engage with each other.
Other amenities include a pantry, conference rooms, phone booths, clinic and lactation room, and a training room for health activities like yoga and pilates.
“We really want to make our facilities where… if had you to work on a Saturday or a Sunday, should you work from home? Should you work from a coffee shop or you can come back to a KMC Office? We want to make it that attractive,” Gregory Kittelson, chairman and co-founder of KMC Solutions, said during the launch.
The One Griffinstone building is also Philippine Economic Zone Authority accredited, which makes it a good location for foreign companies. It is currently at its pre-leasing, which is now at 20%.
KMC Solutions officials noted Muntinlupa is the ninth city where the company has a presence in, after Makati City, Quezon City, Pasay City, Mandaluyong City, Taguig City, Pasig City, Iloilo City, and Cebu City.
In the first two months of 2019, KMC Solutions launched five floors, including the Alabang Site, while two are in Ortigas and two are in Makati.
“This year will be a very big year for KMC as we expand aggressively. From now until the end of the year, we’re projecting to have 4,000 more seats, and that’s about 20,000 sq.m. of office spaces across different places because again we want a KMC near you,” Ms. Ignacio noted.
Currently, the co-working space provider has 57,151 sq.m. of space or 10,367 seats across different cities. By the end of the year, it targets to add about 20,185 sq.m. of space or about 3,863 seats to its portfolio. This should bring its total footprint to about 77,236 sq.m. or more than 14,229 seats.
“These are a lot of numbers, but at the end of the day if we look at these numbers… that means 14,000 jobs. It generates 14,000 jobs in different areas of the Philippines, so that’s what we try to contribute. Not just as a company that is profit relevant, but also as a contributor to the entire economic growth of the Philippines, as well,” Ms. Ignacio said.

Ayala Corp. in talks with Go-Jek for PHL venture

REUTERS

AYALA CORP. is looking to hitch a ride on Go-Jek’s Southeast Asia expansion with a possible investment in the ride-hailing company’s Philippine venture as it takes on regional giant Grab.
Go-Jek and the Philippines’ oldest conglomerate are in talks to bring in a new contender to ply Manila’s gridlocked streets, two people involved in the discussions said. Ayala Corp.’s corporate communications head Yla Alcantara didn’t immediately reply to mobile-phone calls and text messages seeking comment. A representative of Go-Jek declined to comment.
Go-Jek is awaiting regulatory approval to enter the Philippine market after its initial application was denied for breaching foreign ownership restrictions. Ride-hailing apps are considered public transport utilities in the Philippines and must have at least 60% local equity.
If a deal pushes through, it will be the latest technology play for Ayala, after it bought a stake in Zalora’s local unit and subsequently put up a logistics platform Entrego. Ayala Corp. was up 0.5% at the noon break in Manila, while the Philippines’ benchmark stock index was little changed.
After its expansion to Vietnam, Singapore and Thailand, the Philippines could hold much promise for Go-Jek with its young, digitally savvy population held hostage by poor infrastructure. Local players have failed to make a dent on Grab’s market share last year, estimated at more than 90% since its merger with Uber. — Bloomberg

Fox ordered to pay $179M to Bones actors, producers

TWENTY-FIRST Century Fox Inc. was ordered to pay $179 million in a case brought by four Bones actors and producers who claimed they were cheated out of their share of profits from the hit TV series.
Actors Emily Deschanel and David Boreanaz and two producers alleged that Fox deflated the profitability of the show by licensing it at artificially low fees to Fox’s broadcast network and the streaming service Hulu, which Fox co-owns.
Fights between studios and producers are common now that consolidation and streaming TV have upended the economics of TV shows. Many companies are producing and selling shows for sister networks and streaming services instead of selling them.
Bones, which ran on Fox’s broadcast network from 2005 to 2017, was always a well-rated show though never one of TV’s biggest hits. The judge criticized senior Fox executives, including Peter Rice, Gary Newman, and Dana Walden. Mr. Rice and Ms. Walden are both joining Walt Disney Co. once that company completes its acquisition of some of Fox’s entertainment assets.
The Feb. 4 arbitration award includes $129 million in punitive damages to “punish Fox for its reprehensible conduct and deter it from future wrongful conduct.”
“The ruling by this private arbitrator is categorically wrong on the merits and exceeded his arbitration powers,” Fox said in a statement. “Fox will not allow this flagrant injustice, riddled with errors and gratuitous character attacks, to stand and will vigorously challenge the ruling in a court of law.”
Disney wasn’t involved in the arbitration. Chief Executive Officer Bob Iger issued a statement in support of the two Fox executives.
“Peter Rice and Dana Walden are highly respected leaders in this industry, and we have complete confidence in their character and integrity,” Mr. Iger said.
Lawyers for the actors and producers filed a petition to confirm the arbitration award Wednesday in California Superior Court in Los Angeles. Fox filed a request to either correct or vacate the award. — Bloomberg

The Marison Hotel aims to secure four-star rating

LEGAZPI CITY — The Marison Hotel is aiming to bring a top-notch hospitality experience for visitors to this city in Albay province.
Just a stone’s throw away from the Legazpi Airport, the newly-opened hotel is seeking to attract both leisure and business travelers.
Daisy Uy-So, president and chief executive officer of the Marison Hotel, said they aim to offer a luxurious hotel experience to its guests.
Described as the biggest hotel in Legazpi, The Marison has 118 rooms, ranging from deluxe rooms to the suite. Some of the rooms have a terrace with a view of Mt. Mayon.
The hotel also has two outdoor swimming pools, a fitness center, function rooms, an Italian restaurant Il Morso, San’s Cafe, and the soon-to-be-opened Chilo Bar at the roof deck.
Tourist attractions such as Mt. Mayon, Cagsawa Ruins, Hoyop-Hoyopan Cave, Sumlang Lake and Vanishing Island are less than an hour away from the hotel.
In an interview with reporters last Feb. 6, Ms. So said The Marison is the fulfilment of the dream that her late father, businessman Chisan T. Uy, had to own his own hotel.
The Uy family’s main business involved the distribution of feeds and fertilizer, and they were initially planning to build commercial spaces on the two-hectare property.
However, her father wanted to venture into hotels, inspired by his friends who put up their own.
Now that the hotel has opened, the Uy family is now aiming to secure a four-star rating, as most of the other hotels in the city only have three stars.
“Apart from being the perfect base for anyone who wants to see the beauty and splendor of Legazpi, we offer maximum comfort and convenience for the whole family. The hotel is here to provide a luxurious experience for everybody, making it the best place to truly feel the warm Bicolano hospitality,” Ms. So was quoted as saying in a statement.
What sets The Marison Hotel apart from other establishments in the city, Ms. So said are its employees. The hotel’s employees are all locals who already have the necessary experience in hotel service.
“I can confidently say our asset is our people… Right from the start, I want them to have their values intact… Dito tulungan lang [we help each other],” she said.
“Second is when we see a problem, or even if we just foresee it, we do something about it ASAP.”
LEGAZPI TOURISM
The opening of The Marison Hotel is also seen to provide tourists with more options for accommodations.
In an interview with BusinessWorld, Benjamin F. Santiago, regional director of the Department of Tourism Region V said the addition of the 118 rooms from The Marison Hotel will boost the city’s efforts to become one of the top MICE (Meetings, Incentives, Conferences, and Exhibitions) destinations in the country. He said Albay attracted around 1.5 million tourists last year.
“Legazpi is now being positioned as a MICE destination… so we envision Legazpi will become a major convention city,” he said. — Vincent Mariel P. Galang

CA asked to dismiss Now Telecom petition

THE OFFICE of the Solicitor General (OSG) asked the Court of Appeals (CA) to dismiss Now Telecom Company, Inc.’s case questioning the selection process for the third telecommunications player.
In a 31-page comment filed last Feb. 4 before the CA Special Twelfth Division, the OSG said only the Supreme Court (SC) is authorized to issue a writ of preliminary injunction or prohibition against bidding or awarding of government projects.
To recall, Now Telecom last year filed a petition for certiorari seeking to stop the National Telecommunications Communication (NTC) from implementing certain provisions of the terms of reference in the third telco selection process. Now Telecom challenged the NTC requirement of a P700-million “participation security,” a P14 to P24 billion performance security, and a P10-million non-refundable appeal fee.
However, a Manila court last Nov. 5 denied Now Telecom’s petition.
“(Republic Act No.) 8975 prohibits the issuance of any injunctive writ to prohibit or restrain, among others, the bidding or awarding of an infrastructure project of the government,” the OSG said.
Section 3 of RA 8975 stated that “no court, except the SC,” shall issue any temporary restraining order (TRO), preliminary injunction or preliminary mandatory injunction against the government to restrain acquisition, clearance and development of the right-of-way and/or site or location of projects and bidding or awarding of contract or project, among others.
The OSG also said Now Telecom failed to prove that it “had a clear and unmistakable right, which is entitled to protection; and it shall suffer ‘grave injustice and irreparable injury,’” which are the requisites for the grant of writ for preliminary injunction.
It noted Now Telecom “waived or abandoned its claim in civil case… when it failed to submit its bid last Nov. 7, 2018.”
“With petitioner’s failure to submit its bid on November 7, 2018, it has, through its inaction, abandoned or waived what it originally intended to do when it filed the Complaint,” the OSG said.
“Otherwise stated, the ancillary remedy as well as the permanent injunction prayed for was meant to secure or protect its intention to bid. When petitioner failed to submit its bid, it has effectively abandoned or waived what it initially claimed was entitled to be secured or protected through injunctive writ-TRO (temporary restraining order), writ of preliminary injunction and, later on, a permanent injunction,” it added. The OSG also said “it is a well-settled rule” that courts should avoid issuing a writ of preliminary injunction as it would dispose a main case without trial.
A consortium formed by China Telecommunications Corp., Dennis A. Uy’s Udenna Corp. and its subsidiary Chelsea Logistics Holdings Corp. under the name of franchise holder Mindanao Islamic Telephone Company, Inc. was named as provisional third major telco last Nov. 7, 2018. — Vann Marlo M. Villegas

Composer Andre Previn and Soap’s Katherine Helmond both pass at age 89

ACCLAIMED conductor, composer and pianist Andre Previn, a versatile musician who won four Academy Awards for film scores and led some of the world’s great orchestras while mastering a rainbow of musical forms, died on Thursday at age 89, his management company said.
Mr. Previn, who won numerous awards for his musical accomplishments, was composing new music until only a few days before he passed away, IMG Artists said in a statement. The circumstances of his death were not immediately clear and the company could not be reached for further comment.
The German-born musical prodigy who fled Nazi persecution with his Jewish family in 1938 to Paris and then Los Angeles, Mr. Previn made his name as a jazz musician and writing scores for movies. By the end of his career, he had become one of the prominent music figures in the second half of the 20th century.
Mr. Previn was a conductor of major orchestras in Europe and America including the London Symphony, Royal Philharmonic, Houston Symphony, Pittsburgh Symphony, Los Angeles Philharmonic and others. He also composed numerous classical works including two operas, A Streetcar Named Desire and Brief Encounter.
His hundreds of recordings led to a Grammy Lifetime Achievement Award in 2010 and 10 other Grammys. Mr. Previn was knighted by Britain’s Queen Elizabeth in 1996. His personal life was controversial, with five marriages, including one to actress Mia Farrow.
When he arrived in Los Angeles, an uncle was providing music to Universal Studios. Mr. Previn launched his film-score career by age 20 when the MGM studio asked him to write music to accompany a famous collie in the 1949 movie Challenge to Lassie.
He soon was the most successful music man in Hollywood. He won Academy Awards for Gigi (1958), Porgy and Bess (1959), Irma La Douce (1963), and My Fair Lady (1964). He also wrote an admired score for the film Elmer Gantry (1960).
But at the height of his success in the early 1960s, he changed his career focus from films and jazz to classical music and conducting.
“I stuck around in Hollywood for too long,” Mr. Previn told Britain’s Guardian in 2005. “I was there a long time and when I left I was smart enough to realize that what I was leaving was not just the movie business,” he said. “I wanted to get rid of the whole atmosphere. I had a lot of friends and there were a lot of very talented people that I liked — and I still like — but it’s not an atmosphere in which to make serious music, it just isn’t.”
His goal was to conduct — he had studied with well-known conductor Pierre Monteux — but found that his film work did not boost his chances.
In 1968, he became chief conductor for the prestigious London Symphony Orchestra, and became quite a celebrity in Britain. He kept the post until 1979, an unusually long tenure.
He also was a virtuoso classical and jazz pianist and performed with many big names. He also had success in musical theater and his Broadway show Coco was nominated for a Tony Award as best musical in 1970.
Mr. Previn was known for trying to popularize classical music, organizing music festivals, and inspiring children about music.
He also generated headlines with his controversial personal life. He was married five times. In 1969, while still married to his second wife, Previn became involved with Mia Farrow, the former wife of actor and singer Frank Sinatra and the future partner of movie director Woody Allen. Ms. Farrow and Previn married in 1970, after she had given birth to twins and just weeks after his divorce came through. They divorced in 1979. Soon-Yi Previn, an adopted daughter of Mr. Previn and Ms. Farrow, later became Allen’s wife.
Mr. Previn’s fifth marriage in 2002 was to famed German violinist Anne-Sophie Mutter, who was 24 years younger than him. They divorced in 2006.
SOAP’S KATHERINE HELMOND
Actress Katherine Helmond, a seven-time Emmy Award nominee who played lusty matriarchs on the hit TV sitcoms Soap and Who’s the Boss from the 1970s into the 1990s, died last month at the age of 89, her talent agency said on Friday.
Ms. Helmond, who also delivered a memorable turn as a vain woman obsessed with plastic surgery in director Terry Gilliam’s dystopian film Brazil (1985), died Feb. 23 at her Los Angeles home due to complications from Alzheimer’s disease.
Ms. Helmond was in her 40s and had already been nominated for a Tony Award for her work on Broadway before landing a starring role on Soap, a prime-time parody of daytime soap operas that ran on the ABC network for four seasons from 1977 to 1981.
She then starred on Who’s the Boss? on ABC with Milano, Tony Danza, and Judith Light from 1984 to 1992, followed by recurring roles on sitcoms Coach starring Craig T. Nelson from 1995 to 1997 and Everybody Loves Raymond with Ray Romano from 1996 to 2004.
Ms. Helmond played Jessica Tate, a sex-crazed scatterbrain, Soap, a show known for warped characters and deliberately farfetched plots, including alien abduction and demonic possession. People magazine referred to its “cheerfully tasteless handling of such topics as impotence, homosexuality, promiscuity, adultery, etc.” and it caused some controversy when it debuted.
“I don’t think it’s lurid,” Helmond told People. “Daytime soaps go into areas — lesbianism, married nuns, a woman in love with a priest — that would not be touched in prime time. And they’re super-serious. We just take real situations and exaggerate them.”
On Who’s the Boss? Ms. Helmond played Mona Robinson, the man-crazy mother to Light’s character, an ad executive who hires retired baseball player Mr. Danza as her housekeeper.
Ms. Helmond won two Golden Globe awards in 1981 for Soap and in 1989 for Who’s the Boss? She never won an Emmy but was nominated four times for Soap, twice for Who’s the Boss? and once for Everybody Loves Raymond. Helmond also appeared in director Alfred Hitchcock’s last movie, Family Plot (1976), and in Gilliam’s films Time Bandits (1981) as an ogre’s wife and in the visually striking Brazil (1985) as the plastic surgery aficionado.
She is survived by her second husband, David Christian. — Reuters

Aspire Corporate Plaza to be completed by 2020

By Francis Anthony T. Valentin
Special Features Assistant Editor

GOLDEN BAY Fresh Landholdings, Inc. is looking to complete the construction of Aspire Corporate Plaza, its P2-billion office building in the Pasay City section of the Manila Bay Area, by 2020, earlier than initially planned.
The project was originally slated for completion in early 2021, Jardin Brian B. Wong, chief operating officer of Golden Bay, said at a press briefing on Feb. 21.
“We started developing the property even though we didn’t have any sale. That represents our confidence in the project,” he said.
Touted as the “first and only property in the Macapagal Bay Area to sell office spaces,” the 10-storey Aspire Corporate Plaza is aimed primarily at small and medium-sized enterprises, especially those in places like Binondo in Manila and those that prefer to own an office space rather than only leasing it.
“We offer them a chance to own their units in the booming Bay Area,” Mr. Wong said. “In the years to come, more and more people will see the benefits of relocating here. They’ll see the benefits of having relocated to an area closest to the airports and closest to key expressways.”
Golden Bay enlisted several firms, including Megawide Construction Corp., Sta. Elena Construction and Development Corp., ASYA Design Partner and Meinhardt Philippines, Inc., to put together the structure on a 3,500 square meter-property behind its food business, Golden Bay Fresh Seafood Restaurant, on Diosdado Macapagal Boulevard.
“Once we asked them to go full blast at an earlier time, kinaya nila,” Mr. Wong said.
Construction of Aspire Corporate Plaza, which will feature a sky garden, six high-speed passenger elevators and a parking space for 261 vehicles, began early last year. Mr. Wong said the topping off would be held this year and the turning over of the sold units to the owners in 2020.
Part of the reason for fast tracking of the building is that their company is going to transfer there from its office in Binondo. “We personally bought a handful of units,” Mr. Wong said.
Aspire units have been selling briskly. “We sold already around 40 [units],” Mr. Wong told BusinessWorld on the sidelines of the briefing two Thursdays ago. Their buyers include manufacturing, logistics and construction companies. An office unit starts at around P250,000 per square meter.
Golden Bay conducted a two-day open house early last month. Another one is scheduled to take place on March 9 to 10.

Gov’t partially awards six-month T-bills

THE GOVERNMENT went with a partial award of the Treasury bills (T-bill) it offered yesterday, finding room to reject higher yields as its retail bond sale has chalked up P173 billion so far.
The Bureau of the Treasury raised just P3.939 billion out of its P20-billion program for Monday’s auction, which was made up of a partial acceptance for the six-month papers.
The Treasury’s P20-billion borrowing plan for this week was divided into P6 billion each for the 91- and 182-day tenors and P8 billion for the 364-day papers.
The partial award was made even as market players wanted to place as much as P31.802 billion under these short-term papers. The government only accepted P3.939 billion in bids out of total tenders worth P11.569 billion for the 182-day tenor, which fetched an average yield of 5.975% — a slight dip from the 5.978% rate seen during the previous exercise.
The initial bids for the six-month instruments averaged 5.988%, until the Treasury capped the rates sought by banks at 5.99%.
On the other hand, the Treasury bureau rejected the P8.893 billion offers for the three-month papers as the yields averaged 5.776%, up from the 5.733% fetched during the Feb. 18 exercise.
Some P11.34 billion in tenders for the one-year T-bills were also rejected as rates were bound to climb by 6.2 basis points to 6.114% had the government made a full award.
National Treasurer Rosalia V. De Leon said there were reasons for the government to reject the steeper bids, such as the view that inflation in February likely continued to moderate.
“The inflation trend is declining, so there’s really no room for rates to be going up,” Ms. De Leon told reporters.
“Then of course, we see even the strong outturn for the RTB (retail Treasury bonds). There’s really reason for us to reject the 91 and 364-day and partially accept the 182-day (bids).”
The government’s offer of five-year RTBs has fetched P173 billion as of March 1, with a week left for investors to purchase the instruments for as low as P5,000.
Meanwhile, inflation is broadly expected to maintain its decline for the fourth straight month. A BusinessWorld poll yielded a median estimate of 4.1% for February’s headline print, down from 4.4% the previous month.
A bond trader added that market appetite is currently for the RTBs, giving the government “room to reject” higher T-bill rates.
The trader added that this week’s auction results were expected, as the market sees bids for the retail papers swelling to P200 billion by the end of the week.
On the other hand, Ms. De Leon said authorities are eyeing to issue a fresh set of panda or renminbi-denominated bonds within the second quarter, and another samurai or yen bonds for Japanese investors possibly by the succeeding quarter.
In 2018, the state raised $1.5 billion from their panda bond float in March and $1.39 billion from the samurai notes opened in August. These usually follow a 12-month cycle, Ms. De Leon added.
A non-deal road show in Beijing and three other cities in China is scheduled later this month. This follows a Philippine economic briefing hosted by economic managers in Osaka, Japan last February. — Melissa Luz T. Lopez