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CCP opens sixth Met Opera in HD season with Magic Flute

THE Cultural Center of the Philippines (CCP), the Metropolitan Opera of New York and the Filipinas Opera Society Foundation, Inc., opens the sixth season of the Met Opera in HD with Wolfgang Amadeus Mozart’s Die Zauberflote (The Magic Flute) on Jan. 8 at the Greenbelt 3 Cinema 3 in Makati.
Featuring the German libretto by Emanuel Schikaneder, The Magic Flute tells the story of a handsome prince who has been persuaded by the Queen of the Night to rescue her daughter Pamina from captivity. Accompanied by Papageno, the prince and the princess undergo severe trials, which end in triumph.
Soprano Golda Schultz stars as Pamina, tenor Charles Castronovo as Tamino, baritone Markus Werba as Papageno, and soprano Kathryn Lewek as the Queen of the Night. Julie Taymor’s spectacular production is a classic of the Met repertoire.
The CCP partnered with the Met Opera of New York to feature screenings of its operatic productions through the high-definition digital video technology and Dolby sound, recreating the experience of watching an opera production at the Met “live.”
Other productions slated for the 2018-2019 season are: Giacomo Puccini’s Tosca on February 12, 2019; Gaetano Donizetti’s L’Elisir D’Amore (The Elixir of Love) on March 19; Giacomo Puccini’s La Boheme on April 16; Wolfgang Amadeus Mozart’s Così Fan Tutte on May 21; and Vincenzo Bellini’s Norma on June 11.
All screenings will be held at Greenbelt 3 Cinema 3, 6:30 p.m.
Tickets are priced at P450 for a single screening. Season subscription is at P2,400 for six shows.
For subscription and ticket reservation, contact CCP Sales and Promotions at 832-3706, e-mail ccpsalesandpromo@gmail.com or call Greenbelt 3 cinemas Customer Service at 757-7883. You may also visit www.culturalcenter.gov.ph.

PH Resorts sets P4.5-billion share swap with Dennis Uy-led firm

PH RESORTS Group Holdings, Inc. (PHR) will conduct a P4.55-billion share swap with the leisure company of businessman Dennis A. Uy, as part of his group’s ongoing takeover of the firm.
PHR, formerly known as Philippine H2O Ventures Corp., said in a disclosure to the stock exchange on Tuesday that it will issue 4.14 billion shares valued at P4.55 billion in exchange for shares in PH Travel and Leisure Holdings Corp. (PHTLHC) held by Udenna Corp., Mr. Uy’s holding firm.
“The PHR shares exchanged for PHTLHC shares are transferred at fair value, as determined by a valuation report and fairness opinion issued by an independent firm,” the company said.
PHTLHC will also subscribe to a total of 406.38 million shares in PHR at P406.38 million to be paid in cash.
The share swap is in relation to the increase in PHR’s authorized capital stock to P8 billion from P500 million. The issuance will also ensure that the company will still comply with the 10% minimum public float for listed companies.
PHTLHC holds Mr. Uy’s tourism-related businesses. The group is currently developing an integrated resort and casino project in Lapu-Lapu City, Cebu, as well as another resort and casino project in Clark Global City, Pampanga. — Arra B. Francia

Rediscovering truth: African storytellers tap into rich tradition

Those and other mysteries were unraveled by dozens of African storytellers in Nairobi on Saturday, helping keep alive oral traditions increasingly under threat in the internet and smartphone age.
“To have that storyteller in front of you with an audience being able to interact is something very precious that we are in danger of losing,” said Maimouna Jallow, who organized the one-day Re-Imagined Storytelling Festival in Kenya’s capital.
Although written history has existed for centuries in West Africa, elsewhere on the continent knowledge and morality have mostly been transmitted through performance art, including the spoken word.
For her research, Ms. Jallow collected folk tales from East African villages. “Nearly everywhere I went people had no recollection of their own stories, and the generation who used to tell these stories are now in their 80s,” she told Reuters.
“For me it was really important to see how we preserve not only the stories but in particular the culture of telling (them).”
With nods to giants of African culture such as Thomas Sankara and Fela Kuti, those narrated in Nairobi addressed issues common to African societies, ranging from war and materialism to humility and respect for children, often with a contemporary twist.
For Alim Bamara, a rapper from Sierra Leone who grew up in London, storytelling has never been more relevant or topical.
“There’s a story about truth, and how truth knocked on people’s doors, and was always rejected and turned away,” he told Reuters.
“One day, parable took truth home, and fed truth and clothed truth in story. “Now truth… knocked on those people’s doors and this time was readily welcomed.”
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Accompanying some performances was Gambian kora (African harp) player Sanjally Jobarteh, whose family has kept alive oral histories for over seven centuries.
For Usifu Jalloh, from Sierra Leone, storytelling can help validate existence. “When Africans were enslaved, and when invaders came in, the first thing they did was wipe out the identity of the people that they conquered and superimposed theirs on top,” he said.
“When you know your story, you have a lot of power. When you forget your story you are just like a sheep.”
So why don’t chickens fly? Because chicken squandered all the wealth given to him as king of the sky. When the other birds found out, he was banished from the air and became man’s favorite food. — Reuters

Global Ferronickel ore reserves at Cagdianao increase by 21%

GLOBAL FERRONICKEL Holdings, Inc. on Tuesday reported its proven and probable ore reserves in its Cagdianao mine in Claver, Surigao del Norte have increased by 21%.
In a statement, Global Ferronickel said the probable ore reserves at the Cagdianao mining site rose 21% to 43.8 million wet metric tons (WMT) as of Oct. 20, 2018, from the 36.3 million WMT recorded on June 23, 2017.
The listed miner said the ore reserves estimate was confirmed by the results of the economic assessment conducted in accordance with the Philippine Mineral Reporting Code (PMRC). The PMRC sets the minimum standards and guidelines for the reporting of exploration results, mineral resources and ore reserves in the country.
“We are delighted to report that despite active mine operations following the June 23, 2017 ore reserves update, the combined mineral reserves of our Cagdianao site even significantly increased to-date,” Global Ferronickel President Dante R. Bravo was quoted as saying.
In a separate mobile message, Mr. Bravo said the company will see an “increase in profit in the coming years due to the additional reserves.” — Reicelene Joy N. Ignacio

PBB gets Aa minus rating from local debt watcher

PHILIPPINE Business Bank (PBB) bagged a high corporate rating from a Manila-based debt watcher on the back of the bank’s core business expansion and asset quality.
The Yao-led lender secured a PRS Aa minus (corp.) rating from the Philippine Rating Services Corp. (PhilRatings), a notch below the highest corporate credit grade on the firm’s scale. This means that the bank has a “strong” capacity to meet its financial commitments compared with other Philippine corporates.
“The ‘minus’ is included to further quality the rating,” the credit rater said in a statement on Tuesday.
The issuer rating for PBB takes into account the bank’s expanding core lending business supportive of revenue growth, above satisfactory asset quality, as well as a funding portfolio leaning towards high-cost deposits.
The bank’s net interest income has consistently posted growth from 2013-2017, accounting for the bulk of total revenues, PhilRatings said.
The growth in PBB’s interest income on loans and receivables, which rose 33.4% to P3.7 billion in 2017 from a year ago, is expected to continue going forward.
“Revenues are forecast to grow much faster than historical performance, as combined increases in loan volume and rates lead to interest earnings growth,” PhilRatings said.
Meanwhile, asset quality remains “more than satisfactory,” with non-performing loans maintained below three percent and investment properties continued its decline since 2015 due to disposals.
Meanwhile, credit to individual borrowers was unconcentrated as the top 10 creditors are only equivalent to 20.1% of total loans as of end-June 2018.
Deposits have consistently expanded within the five-year period ending 2017, although time deposits comprised the bulk of PBB’s deposit liabilities, PhilRatings said.
PhilRatings noted that small and medium enterprises are the thrift bank’s target market, as it comprises nearly all of the total business establishments in the country.
However, the domestic debt watcher said small businesses in the country face “a host of growth challenges” such as the lack of access to finance as well as high collateral requirements.
PBB shares closed unchanged at P12.50 apiece on Tuesday. — KANV

How PSEi member stocks performed — December 18, 2018

Here’s a quick glance at how PSEi stocks fared on Tuesday, December 18, 2018.
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Philippine Stock Exchange’s most active stocks by value turnover — December 18, 2018
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DA sees 3.5% growth in farm output in 2019

THE Department of Agriculture (DA) set a 3.5% target for production growth next year, Agriculture Secretary Emmanuel F. Piñol said Tuesday.
Mr. Piñol said the department has been advised by economic managers to maintain 2% annual growth to keep pace with 1.7% population growth, but the department hopes to hit 2.5% growth this year and 3.5% in 2019.
The Philippine Statistics Authority (PSA) said agricultural output grew by 0.15% in the first nine months of the year.
“The economic managers asked DA to maintain a growth of 2%. It has to keep up with the population growth of 1.7%. I think 2% is doable. We are confident that we can hit it,” Mr. Piñol told reporters at a news conference in Quezon City, noting that he hopes to exceed the minimum set for the department.
A decline was seen in the crops and fisheries sub-sectors due to typhoons while gains were reported in the livestock and poultry sub-sectors. Mr. Piñol said the department has been stepping up its efforts to increase access to loans by farmers and fishermen to increase output.
Mr. Piñol said that starting next year, the Philippines will be able to replace with domestic production most of the fish it currently imports.
“Middle of this year, I called all the regional directors of BFAR and directed to rehabilitate all the existing hatcheries nationwide… We are expecting to produce two billion fingerlings by next year,” Mr. Piñol said.
He also said the rice sector is expected to post productivity gains upon implementation of the rice tariffication bill which was approved in the Senate. He said the DA is embarking on a so-called “Southern Wing” program to develop Samar, Leyte, Bohol, Palawan, Mindoro, and Central Mindanao specifically the Autonomous Region in Muslim Mindanao.
“Samar has a lot of resources. It has a lot of fertile soil and big river systems. Over the next two years we will be able to develop 100,000 hectares in Samar alone, at (a yield of) 6 metric tons (MT) per hectare per harvest,” Mr. Piñol said.
“We are focusing on Lanao del Sur. We have sent 20 tractors to Lanao del Sur to cultivate rice fields,” he added.
Mr. Piñol added that upon implementation of the rice tariffication law, the National Food Authority (NFA) may no longer sell rice at P27 per kilo.
“We would like to be clearly guided who will supply DSWD (Department of Social Welfare and Development) with rice in case of calamities… We used to supply DSWD using our imported rice. Now that we’re not allowed to import, the role of NFA has been largely relegated to buffer stocking,” Mr. Piñol said.
“We would like to know what will happen to the government subsidized rice in the market which is sold at P27. Obviously if we procure locally, we cannot sell at 27 because we will be losing a lot of money. This early, the recommendation of the technical working group (TWG) of the NFA is that if we buy locally, we would have to sell at P36 per kilo so that we will not lose money,” Mr. Piñol added.
He said that options include imposing a suggested retail price (SRP) or subsidies by the national government.
“Even without the regulatory powers of NFA, we still have the Price Act where the DA can play the lead role,” Mr. Piñol said.
He said, however, that rice production will be improved through the Rice Competitiveness Enhancement Fund (RCEF), a feature of the tariffication bill. More efficient rice farmers are expected to ultimately decrease the price of rice.
“We will be giving out good quality seed, and production will increase while cost of production will be lowered,” Mr. Piñol said.
The DA will need to come up with Implementing Rules and Regulations (IRR) within 45 days after the bill is signed. — Reicelene Joy N. Ignacio

Electronics exports rise 5.2% in first 10 months to $31.71 billion

THE value of electronics exports in the first 10 months of the year rose 5.20% to $31.71 billion, with the industry maintaining its place as the Philippines’ biggest source of merchandise exports.
According to the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI), the 10-month exports reflected gains by six of the nine product categories.
Of the nine electronic product categories, six posted gains during the period, led by consumer electronics which rose 91.08% to $514.87 million.
Other categories that posted gains during the period were office equipment (34.02%); automotive electronics (23.07%), controls and instrumentation (13.24%); electronic data processing (8.19%); and components/devices or semiconductors (3.61%).
Posting declines were the communication/radar, medical/industrial instrumentation and telecommunications categories, which fell 17.76%, 13.24% and 10.42% respectively.
The industry accounted for 53.17% of the $6.11 billion of total Philippine exports in October.
Electronics shipments during the month rose 0.62% from a year earlier.
However, electronics exports declined 2.76% compared with September, with five of the nine product categories posting declines.
Hong Kong was the biggest market for Philippine electronics in October, accounting for 20.29% of exports. This was followed by the United States (14.26%) and China (13.40%).
The growth rate in the 10 months lags the 6% SEIPI target for export revenue growth for 2018.
The group has expressed confidence it will hit this year’s goal, citing positive spillover effects deriving from the trade tensions between China and the United States, two of its top markets.
According to the Philippine Statistics Authority, exports of electronics products in 2017 rose 11% to $32.7 billion, accounting for slightly more than half of total merchandise export sales.
Under its five-year road map, SEIPI hopes to boost electronics exports to $40 billion in 2025 and $50 billion in 2030. — Janina C. Lim

Phase 1 of CAVITEx enhancements open

THE FIRST PHASE of upgrades to the Manila-Cavite Expressway (CAVITEx) is now open to the public, with greater usage expected to help reduce road congestion in Parañaque City.
The Department of Public Works and Highways (DPWH) and Metro Pacific Tollways Corp. (MPTC) led the inauguration of the road developments on Tuesday, together with MPTC unit and CAVITEx private concession holder Cavitex Infrastructure Corp. (CIC).
“The project is intended to solve the congestion and improve the travel experience of our customers in CAVITEx,” MPTC President Rodrigo E. Franco said during the program.
MPTC, through CIC, is investing a total of P1.1 billion for the enhancement work on CAVITEx. Phase 1 takes up P800 million of the budget, which covers the road widening and the construction of the Marina flyover leading to D. Macapagal Avenue. The remaining P300 million is for Phase 2 of the enhancements, which are targeted to begin next year.
“The enhancement project will have its Phase 2, which we hope to start by next year. It will involve the widening of bridges namely the Parañaque bridge, the Wawa bridge and the Las Piñas bridge. At the end of all these enhancements, we anticipate we will have 14 kilometers of widened and more direct expressway in CAVITEx,” Mr. Franco added.
DPWH Secretary Mark A. Villar said Phase 2 is targeted to finish by the fourth quarter of 2019, helping improve the thoroughfare which is used by an average of 140,000 vehicles daily.
The improvements at CAVITEx is part of the Metro Pacific group’s “big goals” for its southern expressways, Mr. Franco said, which include the 7.7-kilometer C5 South Link Expressway and the 45-kilometer Cavite-Laguna Expressway.
MPTC is the tollways unit of Metro Pacific Investments Corp. (MPIC). MPIC is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez

SMC named original proponent for TPLEx extension

THE Department of Public Works and Highways (DPWH) said it granted original proponent status (OPS) to San Miguel Corp. (SMC) following its unsolicited proposal to extend the Tarlac-Pangasinan-La Union Expressway (TPLEx).
DPWH Secretary Mark A. Villar told reporters in a chance interview on Tuesday the department approved the company’s proposal to add almost 60 kilometers to the toll road up to San Juan, La Union.
“At this point it’s the original proponent for the TPLEx extension,” he said.
DPWH Public-Private Partnership (PPP) Director Alex G. Bote then confirmed in a text message the OPS was given to SMC first week of December.
SMC submitted its P23.948-billion unsolicited proposal to the DPWH in February to extend TPLEx from Rosario, La Union to San Juan, La Union.
The 59.4-kilometer extension includes three segments: 18 kilometers from Rosario to Tubao, 23 kilometers from Tubao to Naguilian, and 18.4 kilometers from Naguilian to San Juan.
SMC is also in charge of the original 89.31-kilometer alignment of the TPLEx, which runs from Tarlac City to Rosario, La Union.
The awarding of OPS for the TPLEx extension is the second unsolicited proposal so recognized by the DPWH under the Duterte administration.
In July, MPCALA Holdings, Inc. was granted OPS for its Cavite-Tagaytay-Batangas Expressway (CTBEx) project. — Denise A. Valdez

ADB warns of barriers to waste-to-energy investment

THE DEVELOPMENT of waste-to-energy (WTE) facilities in the Philippines through public-private partnerships (PPPs) may be plagued by uncertainty due to an inadequate legal framework, the Asian Development Bank (ADB) said.
“Municipal solid waste (MSW) processing and disposal remains a challenge in Bangladesh, India, and the Philippines. The uptake of WTE as a proven MSW treatment solution has not been realized in Bangladesh and the Philippines,” the ADB said in a working paper.
According to the ADB, the three countries are among the most populated, due to rapid urbanization. They are also the top MSW generators in Asia and in the world, and remain underdeveloped in terms of MSW processing and disposal. They are also net energy importers, and have not realized 100% electrification.
“Despite a well-established PPP regulatory framework and a mature PPP market for municipal infrastructure and public services, potential business opportunities in WTE in the three countries have not attracted private sector investors and financial institutions due to numerous barriers, and thus remain largely unexplored,” the ADB said.
“Ambiguity and inconsistency that leads to an open interpretation of WTE’s role needs to be avoided. The ban on incineration in the Philippines is an example,” it added.
This is because the Clean Air Act, Ecological Solid Waste Management Act, and the Renewable Energy Act bans municipal solid waste incineration can be interpreted in various ways.
“It could mean either a totally unconditional ban on incineration regardless of technology specifications and emission standards, or a conditional ban that applies only to incineration that emits poisonous and toxic fumes exceeding the stipulated limits,” the ADB said.
The PPP Center is currently bidding out the P22-billion Quezon City Waste-to-Energy facility project that is expected to be implemented by early 2019. The facility will have the capacity to convert up to 3,000 metric tons a day from Quezon City’s municipal waste to 42 megawatts, which can power around 60,000 to 90,000 homes.
The PPP Center earlier described WTEs as the “next wave” of PPPs, due to strong local government and investor interest. Cebu is also considering setting up its own WTE facilities.
According to the working paper, the Philippines’ 45.2 million urban population produces 30,000 tons of municipal solid waste per day, mostly from Metro Manila. This compares with China’s 520,000 tons per day, 707,000 tons in the US, 188,500 tons in India, and 61,400 tons in Bangladesh.
It noted that the Philippines only collects 40-85% of the generated waste, meaning the 15-60% is improperly disposed of.
The Philippines has one WTE facility, the Payatas Controlled Waste Disposal Facility in Quezon City, which opened in 2008. Electricity generated from the facility is sold to the Manila Electric Company to supply nearby communities. — Elijah Joseph C. Tubayan

Duterte sees Mindanao economy boosted by barter

PRESIDENT Rodrigo R. Duterte said Monday that the revival of the barter system in Mindanao is expected to boost its economy and improve peace and security in the area.
The President made the remarks during the 40th birthday celebration of boxer and Senator Emmanuel D. Pacquiao in General Santos City Monday night.
“I have ordered also the reopening of the barter trade for a start and maybe if we can agree, a similar setup,” adding that the issue is complex because it touches on aspects of the Bangsamoro Basic Law, the President said.
Before the General Santos event, Mr. Duterte was in Jolo, Sulu to lead the activation of the 11th Infantry Division there.
Mr. Duterte also deployed at least 840 personnel and aircraft from the Philippine Air Force (PAF) to Jolo.
On the revival of barter trade, the President reiterated that the issue is “hard to navigate” at this time but once he sees it implemented he will evaluate which elements need to be added.
The President said people can expect “some movement” in Mindanao because his administration is “in a hurry” to achieve peace in the area. — Arjay L. Balinbin

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