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TV ratings war continues in November

THE two major broadcast networks ABS-CBN Corp. and GMA Network, Inc. kept its neck-and-neck battle for audience share as both claimed ratings lead in the month of November, citing different reports from third-party data providers.
In a statement, Lopez-led ABS-CBN said its average audience share reached 45% in November versus GMA’s 30%, citing Kantar Media data which covered 2,610 urban and rural homes.
On the other hand, GMA said its average total day people audience share is at 38.6% in November, beating ABS-CBN’s 37.5%, based on Nielsen TV Audience Measurement. Nielsen claims its report covers “900 more homes surveyed in Total Urban and Rural Philippines compared to Kantar.”
ABS-CBN said the Kantar report found it dominated households in Mega Manila with 37% audience share versus GMA’s 29%, and in Metro Manila with 43% share versus its rival’s 23%.
In terms of ratings based on time slots, ABS-CBN said it led the competition across all blocks, starting with a 49% audience share in the primetime block compared to 30% for GMA.
For other time slots, ABS-CBN said it had a 37% share in the morning block (6 a.m. to 12 noon) versus 26% for GMA; 43% in the noontime block (12 noon to 3 p.m.) against 31% for its rival; and 45% in the afternoon block (3 p.m. to 6 p.m.) as opposed to GMA’s 32%.
However, GMA, citing Nielsen, said it trumped ABS-CBN in Mega Manila with 45.3% audience share versus 28.5% using data from Nov. 1 to 24. For Urban Luzon, it had an average total day people audience share of 44.1% against ABS-CBN’s 30.8%.
Based on time slots, GMA said it beat ABS-CBN in the morning block with 36.1% audience share against 32.1%, and in the afternoon block with 40.2% versus 37.2% for its rival. — Denise A. Valdez

Gov’t fully awards T-bonds, reopens tap facility

THE GOVERNMENT made a full award of the 10-year Treasury bonds (T-bond) it auctioned off on Tuesday and opened its tap facility once more to take advantage of overwhelming investor demand.
The Bureau of the Treasury (BTr) raised P15 billion as planned via the reissued 10-year debt papers on Tuesday, which have a remaining life of nine years and three months.
It received huge offers at P49.389 billion, more than thrice the amount the government wanted to sell.
The 10-year bonds, which carry a 6.25% coupon, fetched an average rate of 6.975%, plunging by 106 basis points from the 8.035% fetched when they were last issued on Nov. 6.
Based on the PHP Bloomberg Valuation Service Reference Rates, the 10-year debt notes were quoted at 7.027% yesterday.
National Treasurer Rosalia V. De Leon said the BTr continues to see demand from investors at the long end of the curve on the back of lower inflation expectations.
She said the Treasury reopened a tap facility from 2 to 4 p.m. yesterday to maximize the huge demand.
“We will open the [tap facility]. Same rules apply, but we don’t have a cap anymore. Before, we’re only raising P15 billion… We can upsize it more than P15 billion. So it’s depending on the discretion of the Treasury how much we will accept,” Ms. De Leon told reporters following the auction.
The Treasury awarded another P23.136 billion worth of reissued 10-year bonds via the tap window, accepting all tenders. The additional papers carry the same average yield of 6.975%.
The tap facility was available to the 10 financial institutions who have been named as market makers by the Treasury, who are given privileges such as the facility in exchange for obligations like submitting rate bids within a prescribed range.
Raising more funds from the tap facility may allow the BTr to advance its fundraising activities and avoid higher interest rates in future note offerings.
The Treasury also opened a tap window last week, raising an additional P15 billion more worth of reissued seven-year debt notes. Tenders reached P53.9 billion.
“[Investors] are locking in on the rates already based on expectations that [inflation] rate will further trend downwards given lower inflation expectations already…for November,” Ms. De Leon added.
Inflation likely printed at 6.3% in November supported by lower oil prices and improved supply, according to a BusinessWorld poll among 14 economists.
The median inflation forecast is slower than the actual 6.7% print in September and October and falls within the 5.8-6.6% target band of the Bangko Sentral ng Pilipinas.
Sought for comment, a bond trader said the market saw strong demand again at the auction as expected given that slower inflation is anticipated.
“Given that the BTr is open to…boost the bond volume now, the demand might be as high as the previous issuance,” the trader said in a phone interview ahead of the closing of the tap facility.
The Treasury is raising P270 billion from the domestic market this quarter. — Karl Angelo N. Vidal

DMCI completes Pasig condo 8 months ahead of schedule

DMCI Project Developers, Inc. has completed the construction of its Mirea Residences project in Pasig City eight months ahead of schedule, allowing unit owners to move in earlier than expected.
The company operating under DMCI Homes said in a statement that it has started turning over the units in Aleia, the final tower of its medium-rise tower complex Mirea Residences. With this, all eight towers are now ready for occupancy, ahead of the committed completion date of August 2019.
Unveiled in 2014, Mirea Residences targeted young professionals looking to live near business centers like Eastwood City and Ortigas. The project stands on a 38,895-square meter property in Brgy. Santolan, Pasig, and is close to Light Rail Transit Line 2 Santolan Station.
Units at Mirea Residences consist of two-bedroom to three-bedroom layouts, spanning from 63 to 85 sq.m. in size. Prices range from P4.17 million to P6.8 million, according to the company’s website.
Amenities include pools, gazebo, a tree court, grill pits, clubhouse, picnic grove, game area, audio-visual room, and a function hall. It also features an indoor badminton court, basketball court, fitness gym, and jogging and biking paths.
Mirea Residences is one of DMCI Homes’ several projects in Pasig City. Other properties in the area include Brixton Place, Fairlane Residences, Sheridan Towers, Prisma Residences, and Riverfront Residences, among others.
DMCI Homes saw its attributable profit rise by 29% to P3.4 billion in the first nine months of 2018, primarily due to the sale of its undeveloped lot in Quezon City. Excluding this one-time gain, the company’s attributable profit climbed two percent to P2.7 billion. Revenues meanwhile stood at P14.7 billion, two percent higher year-on-year.
The company’s reservation sales also rose by seven percent to P33.48 billion in the same period. DMCI Homes President Alfredo R. Austria earlier said the company is on track to reach its P40-billion target in reservation sales this year.
Its projects in Pasig have been among the top contributors to sales this year, with Fairlane Residences and Prisma Residences posting P7.26 billion and P3.18 billion, respectively.
DMCI Homes is the property unit of diversified engineering and construction conglomerate DMCI Holdings, Inc., which also has core interests in general construction, coal and nickel mining, power generation, water concession, and manufacturing. — Arra B. Francia

Ateneo Blue Eagles go for another UAAP title

By Michael Angelo S. Murillo
Senior Reporter
NEEDING just one victory to notch another University Athletic Association of the Philippines men’s basketball title, the defending champions Ateneo Blue Eagles go for the closeout when they reengage the University of the Philippines Fighting Maroons in Game Two of their best-of-three finals series today at the Smart Araneta Coliseum.
Claimed Game One with a gutsy 88-79 victory over the Maroons, the Eagles look to build on it so as to bag their second straight UAAP championship and 10th overall. Doing so would allow Ateneo to break a tie with rivals De La Salle Green Archers for joint fourth place in the all-time championship haul with nine titles.
In claiming the series-opener, Ateneo relied on a solid attack down the stretch, led by veteran Matt Nieto and Thirdy Ravena, to outsteady finals-returning UP and claim the series lead.
Nieto finished with 27 points while Ravena had a near-triple double of 21 points, 10 rebounds and nine assists.
“We just made sure we were up there defensively. But we still have some lapses and things to improve on. We will look at them for us to come up with a good game plan for Wednesday. We will look at the tapes,” said Ateneo deputy coach Sandy Arespacochaga following their Game One victory as he spoke of what did it for them in Game One and what is in store for them heading into today’s game.
For Ravena, it will be the same mindset for them as they seek to close out the Maroons in today’s game.
“As Coach Tab [Baldwin] said, people think we do things differently for situations like this. Actually it’s the same preparation for us, working hard in practice and watching tapes. That is what got us here so we won’t change that,” said Ravena.
Both Mr. Arespacochaga and Ravena said they expect the atmosphere in Game Two to be as frenzied as the first game, which was witnessed live by 21,608 people.
They hope their supporters would come out anew and rally behind them as they go for the clincher.
NOT GIVING UP
On the side of UP, despite falling in the first game it is still believes that it would be able to bounce back and extend the series to a winner-take-all.
“For a first-timer in the finals I have to appreciate the kind of effort that my boys had shown. If there is one takeaway that we can get from this and think about, that is, it is possible to beat Ateneo,” said Mr. Perasol in the postgame press conference following Game One.
Guard Jun Manzo led the Maroons with 19 points while Juan Gomez De Liano had 17 in the first game.
Javi Gomez De Liano had 11 points while Bright Akhuetie, who momentarily left the game after hyperextending his left knee, finished with 10 points.
UP captain Paul Desiderio, meanwhile, struggled for five points on two-of-six from the field.
“We are still positive of our chances. We still need to do some preparation which we did not have in the last few days but I’m sure we’ll be better come Wednesday,” Mr. Perasol said.
Game Two of the finals is set for 3:30 p.m. and will be broadcast live over ABS-CBN S+A.

High and low art the same CCP’s Encyclopedia

THE Cultural Center of the Philippines’ 12-volume Encyclopedia of Philippine Art is encompassing, with the inclusion of discourses on popular culture, digital media, and LGBTQ-themed essays in broadcast art, among others.
The 12 sections are: Peoples of the Philippines (vol. 1-3); Architecture (vol. 4); Visual Arts (vol. 5); Film (vol.6); Music (vol.7); Dance (vol. 8); Theater (vol. 9); Broadcast Arts (vol. 10); and Literature (vols. 11-12).
Dr. Nicanor Tiongson, the encyclopedias’ editor-in-chief, said during the formal launch on Nov. 27 that the encyclopedia rejects the ideas of high and low art and fine and popular art; it is people-oriented, tackles LGBTQ issues, and shuns patriarchal values.
“It is imagining an ideal nation,” he told BusinessWorld at the sidelines of the event.
Mr. Tiongson received the Cultural Center of the Philippines (CCP) Centennial Honors for the Arts as one of the 100 important artists and cultural workers in the 20th century. A critic, writer, scholar, cultural administrator, and Professor Emeritus of the College of Mass Communications at UP Diliman, he has a pro-Filipino view of Philippine culture.
He said the encyclopedia “was very conscious of our art forms and their different aesthetics.” The country, he explained, has art from these groups: “ethnic, lowland, overlay of very Americanized population in the urban area, and the so-called academic elite.”
He noted that “The encyclopedia documents all of these forms. There’s no prejudice, in, for example, comics or telenovela. The point is that is has to be defined from the artists of all sectors and regions of the Philippines. It’s trying to imagine a national community with a culture that has people-oriented values,” he said.
For example, included in the encyclopedia are essays about the GMA-7 TV show My Husband’s Lover, which Mr. Tiongson called as an “important breakthrough and has a correct perspective on LGBTQ.” The show aired in 2013 and received positive reviews.
The comprehensive encyclopedia has more than 5,000 feature essays on art history, major works, types of art, artist biographies, organization profiles, and aspects of production. It includes more than 3,500 photographs and illustrations.
The 12-volume encyclopedia features the work of more than 500 scholars, experts, researchers, and writers, and was edited by 12 expert area-editors.
This second edition of the encyclopedia — which comes over two decades after the first edition was published in 1994 — was made with a budget of P45 million.
Mr. Tiongson said the country doesn’t have to wait for another 24 years for an edited, revised, and updated version as an online version will be released next year which will be constantly updated and revised and will have audio clips.
And while Mr. Tiongson mentioned that the encyclopedia is people-oriented, he said it’s his biggest regret that it was written in English.
“I’m hoping the third edition will be written in Filipino. But the problem is that we’ve all been raised in English, even my writers, included,” he said, adding that waiting for them to become well-versed in Filipino would take a very long time and the project wouldn’t be finished.
The set is now available for P50,000.
For reservations and inquiries, contact Leila Vibal of the CCP Cultural Research and Development Division or Gemma Marco of the CCP Marketing department at 832-1125. — Nickky Faustine P. de Guzman

Cusi says PXP Energy should apply for lifting of exploration moratorium

ENERGY Secretary Alfonso G. Cusi has advised PXP Energy Corp. to apply for an exploration and drilling program for its stalled project within the area in the West Philippine Sea or the South China Sea, a move that would prompt the agency’s next step in the disputed seas.
“We’ll see. I will await their application and then work from there,” he said when asked whether an drilling application would trigger the lifting of the exploration moratorium.
“They can apply,” he told reporters on the sidelines of the Energy Investment Forum 2018 at the Shangri-La at the Fort in Taguig City on Tuesday.
“That’s why even in our PCECP (Philippine Conventional Energy Contracting Program) we have 14 pre-determined areas. We offered these to the prospective investors. But we don’t limit them to those pre-determined areas. If they have any identified, if they have preference in the areas that are available then they can make theirs, they can apply,” he added.
PXP Energy directly and indirectly owns 77.5% of Forum Energy Ltd., a London-listed company whose main asset is a controlling interest in offshore exploration Service Contract (SC) 72 west of Palawan island in the disputed seas.
SC 72 is covered by the decision handed down by the Permanent Court of Arbitration in The Hague in the Netherlands on July 12, 2016. The court ruled that Reed Bank, where SC 72 lies, is within the Philippines’ exclusive economic zone as defined under United Nations Convention on the Law of the Sea.
On March 2, 2015, the DoE placed SC 72 under force majeure because the contract area falls within the disputed area, which was the subject of the arbitration process.
Under the terms of the force majeure, exploration work at SC 72 is suspended from Dec. 15, 2014 until the DoE notifies Forum Energy that it may continue drilling.
“I-express ninyo, kasi kung sabihin namin na mag-operate na kayo eh ayaw naman ninyo, anong magagawa ko (Express it, because if I say that you operate but you don’t want to, what can I do),” he told PXP Energy President Daniel P. Carlos on the sidelines of the same event.
“Pero if you tell me that you are ready then I will look at that paper,” he said. “Gawan n’yo ng sulat na (Write a letter) we are ready to resume our exploration and we’d like to ask clearance.”
Sought for comment, Mr. Carlos said that the company was waiting for the DoE to inform it of the lifting of the moratorium. “Kami pala ang magi-initiate (It turns out, we are the ones to initiate).”
Mr. Carlos said he would discuss with the PXP Energy board on the next step.
“Kung ganu’n ang sinabi n’ya na sa’min pala manggagaling, request kami to lift the force majeure. Kasi sila ang nag-impose no’n. So nag-aantay kami ng instruction from the DoE (if as what he said, it would come from us, that we should request to lift the force majeure, because they were the ones who imposed that. So we were waiting for instruction from the DoE),” he said. — Victor V. Saulon

Banks’ net interest margins seen to expand as rates rise

By Karl Angelo N. Vidal
Reporter
PHILIPPINE BANKS are expected to expand their net interest margins (NIM) in 2019 as market interest rates rise, Fitch Ratings said, noting that pressures on asset quality, fee income and operating expenses will be modest.
In a report sent on Tuesday, the global debt watcher assigned a “stable” outlook on the local banking sector as it expects lenders’ NIMs to grow further next year.
“We expect banks’ NIMs to continue to expand in 2019 as market interest rates rise, helping to maintain stable returns in the face of modest pressure on asset quality, fee income and operating expenses,” Fitch said in the report.
The local banks’ rating profiles, on the other hand, should remain steady on the back of “banks’ satisfactory risk controls, adequate loss-absorption buffers, and generally stable funding and liquidity profiles.”
The net interest margin measures the difference between the bank’s interest income and the amount of interest it pays to its clients. A higher NIM means the bank has efficiently invested its funds.
To better capture the NIM benefits from higher interest rates, Fitch said banks should strengthen their focus on asset and liability pricing amid tighter yet still sound liquidity.
However, the credit rater noted that downside risks to the industry’s growth and asset quality for next year are most likely to stem from “higher-than-expected interest rates and inflation.”
The Bangko Sentral ng Pilipinas has raised its interest rates by a cumulative 175 basis points since May — with the latest tightening done last month — to arrest inflation and price expectations.
Inflation stood at 6.7% in October and September, a nine-year high. The November print is expected to slow as oil prices went down and food supply stabilized.
SUPPORTIVE ECONOMIC GROWTH
Fitch noted that economic growth “should remain supportive” as it sees the country’s gross domestic product growth to remain among the highest in the Asia-Pacific region.
The country’s growth as well as credit demand will be supported by the government’s ongoing infrastructure push and steady remittance inflows, the debt watcher said.
“This will help support asset quality, and we expect credit costs to rise only modestly despite the challenge posed by higher interest rates,” Fitch added.
On the funding side, Fitch said Philippine banks will remain largely reliant with deposits. However, it noted that more banks will issue more peso-denominated term-debt issuance from the programs filed this year, which will supplement the dollar papers issued in recent years.
A number of banks have been tapping the capital markets in recent months as they raised funds ahead of tighter risk management measures that will take effect on Jan. 1, 2019 under the international Basel 3 framework.
The central bank recently allowed lenders to raise funds with greater ease through corporate debt papers as new regulations do away with having to secure approval from them.
The Philippines currently holds a “BBB” credit rating from Fitch with a “stable” outlook, a notch above minimum investment grade. This matches the rating given by major credit raters Moody’s Investors Service and S&P Global Ratings.
Fitch affirmed the credit rating of the Philippines in July amid strong growth prospects.

Guiao: Much assessment in aftermath of Gilas slide

By Michael Angelo S. Murillo
Senior Reporter
THE FIBA World Cup 2019 bid of the Philippine men’s national basketball team was put in jeopardy after it lost to Iran, 78-70, in a key Group F qualifying match on Monday night at the Mall of Asia Arena.
The loss sent Gilas Pilipinas to its second straight loss in the qualifiers, following its defeat at the hands of Kazakhstan on Nov. 30 also here in Manila, to slide down to fourth place with a 5-5 record and at risk of missing the World Cup bus altogether with two games left in its schedule in the qualifying stage.
It is a situation that had Gilas coach Yeng Guiao ruing missed opportunities and moving to call for much assessment of how the handling of the national team could be enhanced.
“We’re disappointed not just about the match but for the whole window. For a while there we thought we had a really good chance of winning the game. For the most part of the game we were holding on to a small lead and we were on the verge of breaking out. It just did not happen for us in the end,” said Mr. Guiao, who saw his team falter in the end against Iran and slump to the tough defeat.
“As good as these players are, you know if a team is mature or not. It’s going to show in the way you play your game under pressure and I felt when we were under pressure, our maturity didn’t show and that’s a function of time together and seeing and experiencing adversity, which we didn’t have enough of,” the Gilas coach said in the postgame press conference.
Given where they are now, Mr. Guiao said much assessment should be made between now and the sixth and final window of the qualifiers in February next year.
He went on to underscore that having the national team have more time together in training would go a long way in the nationals’ cause and so does naming a more permanent stable of players to make up the team.
“Certainly time together is going to help but I’m not sure if that is totally within our control, on being able to have extra time to play together. I’m not sure we can do something about it. It’s really up to the PBA (Philippine Basketball Association) and the SBP (Samahang Basketbol ng Pilipinas). If they give us time, then that’s going to be very helpful,” Mr. Guiao said.
“I was actually suggesting that once and for all we name who the national players are and not keep naming a pool every time there is a competition. Let’s keep the number to 15 and support them with time together and international exposure. We’re in that stage now where there’s really a crossroad looking into the future and making that assessment. I think I have to discuss this with our basketball leaders,” he added.
But despite their road to the World Cup becoming narrower, Mr. Guiao is not losing hope of still getting the job done.
“I still feel this is a good team. Our chances are slimmer now going to the World Cup but I still feel we can do it,” Mr. Guiao said.
As per tournament format, the top three teams in each of the two merged groupings advance to the 2019 FIBA World Cup in China.
Australia is on top of Group F with a 9-1 record, and is already assured of a spot in the World Cup, followed by Iran (7-3) and Japan (6-4).
The Philippines are to play Kazakhstan and Qatar in away matches in the sixth window in February.

Consistency in evolution


GUS ALBOR says he is an apolitical artist. But when asked why he called his ongoing exhibition — on view at the Ayala Museum until Feb. 10 — Territory, he said it pertains to the Philippine-China dispute over the Spratly Islands.
“It’s got a double meaning. I’m very much affected by the issue of Spratly and the West Philippine Sea. I made a piece that discusses this concern or issue and it was my piece at the Venice Biennale in 2015. So far that’s my strong political work,” he told BusinessWorld at the sidelines of the exhibit’s opening on Nov. 26.
There are no works in the exhibition that explicitly show his political stand on the Spratly Islands, because, as he said, that piece was presented at the Art Biennale in Italy.
Besides, Mr. Albor, who is primarily and strongly associated with abstract and minimalism works, said: “I’m apolitical. It’s art for art’s sake.”
ARTIST’S CHOICE
Territory occupies the first and third floors of the Ayala Museum and features oil on canvas paintings, mixed media works, paper-based illustrations, large-scale sculptures, and some installation art that show his partiality towards subdued colors (like brown, gray, and black) and conform to his style as an artist, minimalist. For the exhibit which he curated, he chose works he made from 1969 until 2018.
The artist said he arranged his works — on loan from collectors and from his personal collection — based on “my intuition and the relationship between the year and the images. It’s difficult,” he said.
While the artist chose what works to include in the exhibit, the words in the exhibition notes were not his, and he said he didn’t like some of it. There was a sentence that said “Albor’s oeuvre requests not to be tied to the American minimalists…”
“No it’s not my words, in fact I don’t like that line because minimalist art is not American, it’s more Asian, actually. I contradict the statement because it wasn’t based in my interview. I don’t like the writing,” he said.
Ayala Museum senior director Mariles Gustilo, calling Mr. Albor one of the country’s top abstract artists, said he has shown “consistent output of non-objective” themes and that his style is of “thematic parallel” with the museum’s founder, the pure abstract artist Fernando Zobel de Ayala.
While Mr. Albor, a recipient of the CCP 13 Artists Awards in 1976, is primarily known for his abstract minimalist works, there is a wall at the museum’s third floor that is dedicated to his portraits. Was it just a period in his career as an artist? He said no. “I can create portraits tomorrow if I want to. I like portraits also. It’s not just a phase.”
Mr. Albor called his exhibition of close to 200 works a “confession.” He said in a statement, “I expect them to see the evolution and how I explore my field; how I explore and experiment.”
He said he found his voice “through the years and from studying in art school.”
He studied Music and Fine Arts at the University of the East and received a British Council grant to go to the West Surrey College of Fine Art. His works have been shown in Germany, Italy, Japan, and France, among other countries. — Nickky Faustine P. de Guzman

Focusing on the art of Baguio

FORMERLY THE Diplomat Hotel, the Dominican Hill and Nature Park in Baguio City was recently repurposed to serve as an art gallery. Outside the building were installations by National Artist Kidlat Tahimik, while inside was a showcase of other installations, sculptures, and paintings by local artists like Maela Jose, whose huge mandala-inspired canvas that hung at the ground floor of the once grand hotel.
Designed by Fr. Roque Ruaño (who also designed the University of Santo Tomas’ Main Building), Dominican Hill was originally a retreat house (from 1913 to 1915), and then it became a school called Colegio del Santissimo Rosario (from 1915 to 1918), and then a hotel. Now, it is a heritage site that has been owned by the City of Baguio since 2005, and, as mentioned, was used as a temporary art gallery to host the art exhibition Kulay ng Siglo, which was an activity in the first ever “Entacool” event.
Following Baguio City’s conferment in 2017 by the United Nations Educational, Scientific, and Cultural Organization (UNESCO) as a Creative City, specifically when it comes to crafts and folk arts, the launch of the “Entacool” festival cements Baguio as center for creative pursuits and it is also a step toward sustaining the UNESCO designation.
The “Entacool” festival, which ran on Nov. 10-18, had a series of art exhibitions, workshops, fashion shows, and talks, among others. There was also a photo exhibit by Baguio artists, including National Artist Benedicto Cabrera, featuring scenes of the picturesque city. On view at Bell House in Camp John Hay, the exhibit runs until Jan. 6.
WHAT IS ENTACOOL?
“Entacool” comes from two words: “entaku,” a Cordillera term meaning “let’s all go” and “cool,” which is what the Summer Capital of the Philippines is known for being.
“Entacool” literally means we should go to Baguio and see the cool arts it has in store for us.
A partnership between the Baguio local government, the Department of Tourism (DOT)-CAR, Tourism Promotions Board, UP Baguio, and Baguio Arts and Creative Collective Inc., “Entacool” aims to become an annual festival with the goal of raising public awareness about Baguio’s creatives and creativity.
Baguio is usually associated with the Panagbenga Festival, a flower festival which is celebrated every February. Back in the 1980s, the city was known for the Baguio Arts Festival, but it wasn’t sustained.
Now, the organizers and stakeholders involved in “Entacool” want the new festival to hold its ground and not suffer the same fate as its predecessor. Its objectives and rationales, among others, are to build the image of Baguio as a creative hub, celebrate local culture, and to provide avenues for inclusive growth for the creative industry.
MAKING ART COUNTS
To see the importance of arts and culture for inclusive growth, the city of Baguio is planning on mapping its art industry. So far, what the city has done is to locate where the art and crafts hubs are. According to Creative Economy Development Council of the Philippines founding member Paolo Mercado, who talked about the importance of industrializing creativity during the festival, Baguio’s centers of artistic flow are concentrated in Session Road and Asin Village.
Baguio’ artistic culture revolves mostly around woodcarving, silver craft, weaving, and tattooing. The UNESCO website said there are 56 local institutions in Baguio that are directly devoted to the art sector, totalling a gross receipt of $1,113,258 million.
But Baguio City councilor Mylen Yaranon said that the city, with a total population of 350,000, doesn’t have the data on the number of its artists and it hasn’t mapped out yet the impact of arts on the city’s society.
She said there are many unregistered artists in Baguio and they want to encourage them to join labor unions so that they can be part of a better bargaining discourse and agreement. One of the goals is to upgrade their crafts to become more than the usual pasalubong pieces like keychains and ref magnets.
The idea of a clear and well-structured art industry will encourage and engage the community members to become the both innovators and entrepreneurs, which, Mr. Mercado said, will lead to inclusive growth. He pointed to Indonesia’s Pekalongan City, which was the first UNESCO Creative City in Southeast Asia in 2014. Called the Batik City, Pekalongan produces handmade batik (dyed cloth) items that have gone from traditional to high fashion products, which help sustain the city’s economy.
THE ART OF COMMUNING WITH NATURE
While the first “Entacool” was only a week-long celebration, the festival also launched another first, a forest bathing activity, which anyone can do at any time.
Inspired by the Japanese concept shinrin-yoku or a visit to a forest for relaxation, forest bathing at Camp John Hay among its famous pine trees, just means communing with nature. Forest bathing is free for all, but the LGU will put a cap on the number of trekkers who can do the four-kilometer walk at one time. The ramble can be done in less than two hours depending on how fast one walks.
When inside the trekking area, one doesn’t only hear the rustling of the leaves and the chirping of the birds, but the calming melody of bamboo wind chimes made by local artist Edgar Banasan, which he installed permanently in eight stations.
Because the intention of forest bathing is to be one with the trees, the birds, and the insects inside the forest, trekkers are discouraged from talking to each other and from using their gadgets. The health benefits of forest bathing are the lowering of one’s blood pressure and stress levels, and the improvement of mood, which, in turn, can boost the flow of creative juices. In Baguio, creativity and inspiration aren’t rare. — Nickky Faustine P. de Guzman

PBA Governors’ Cup finals series rolls off today at MOA Arena

AFTER being off for a fortnight to give way to the World Cup campaign of the national team, the best-of-seven Philippine Basketball Association Governors’ finals series between the Magnolia Hotshots Pambansang Manok and Alaska Aces rolls off today at the Mall of Asia Arena.
Set for 7 p.m., Game One of the finals will see the last two teams standing in the season-ending PBA tournament go for an early series lead and set the pace in the proceedings.
Magnolia has been steady all tournament long, finishing joint second with an 8-3 record at the end of the elimination round before eliminating Blackwater Elite in the quarterfinals and dethroning erstwhile defending champions Barangay Ginebra San Miguel Kings in their best-of-five semifinals, 3-1.
Best Import candidate Romeo Travis is leading the Hotshots with averages of 22.7 points, 15.1 rebounds and 4.4 assists.
Guard Paul Lee has been adding 17.3 points and 3.2 assists while backcourt mate Mark Barroca has been good for 13.1 markers and 3.5 dimes.
Ian Sangalang is the other Magnolia player scoring in double digits with 10.9 points a game to go along with 5.1 boards with do-it-all guard Jio Jalalon providing 9.5 points, 5.1 rebounds and 6.8 assists.
As a team, Magnolia is averaging 102 points a game in the Governors’ Cup while allowing opponents just 94 points in 16 games to date.
“I think the series will be an exciting one. It’s going to be a battle of execution between us and Alaska,” said Magnolia coach Chito Victolero as he looked ahead of their series with the Aces.
EQUALLY STEADY
Alaska, for its part, has been equally steady, joint second with Magnolia at the end of the elimination round at 8-3 and then got the better of long tormentors and powerhouse San Miguel Beermen in the quarterfinals.
It then survived a tough challenge from the Meralco Bolts in the semifinals, 3-1.
Import Mike Harris is leading a balanced Aces attack with 29.8 points, 21.7 rebounds and 2.6 assists.
Chris Banchero is averaging a near double-double of 15.8 points and 8.7 assists while Vic Manuel is chipping in 15.9 points.
Simon Enciso is also in double digits for Alaska with 11.2 markers per game.
The Aces are posting similar numbers as those of the Hotshots, averaging 102 points in the tournament while allowing 96 points to opponents.
“Magnolia is a tough team to play and we have to play better against them in the finals,” said Alaska coach Alex Compton in the lead-up to the finals.
In their lone encounter in the elimination round, Magnolia topped Alaska, 83-73, with Messrs. Travis and Jalalon leading the charge.
The about-to-start finals series between Magnolia and Alaska marks the first time that the teams are meeting in the championship since the 2009-10 Philippine Cup finals where Magnolia, then playing under Purefoods, swept Alaska, 4-0. — Michael Angelo S. Murillo

Allianz, MSI shortlisted for Malaysian car insurer

ALLIANZ MALAYSIA Bhd. and Mitsui Sumitomo Insurance Co. have been shortlisted to proceed to the next round of bidding for AmGeneral Insurance Bhd., in a deal that could value Malaysia’s second-biggest car insurer at about $800 million, people with knowledge of the matter said.
The two parties will need approval from the Malaysian central bank before formally starting detailed negotiations with AmGeneral’s owners, the people said, who asked not to be identified because the information is private. There’s no certainty the discussions will result in a transaction, according to the people.
Kuala Lumpur-listed AMMB Holdings Bhd. owns 51% of AmGeneral, while Insurance Australia Group Ltd. holds the remainder. A deal may include a bancassurance agreement, which would give the right to distribute insurance products through AMMB’s branch network, the people said.
The transaction could provide a road map for Prudential Plc and Tokio Marine Holdings Inc., which have been also considering cutting stakes in their Malaysian insurance units. The government has been seeking more local investment in the industry, though central bank governor Nor Shamsiah Mohd Yunus said in August that foreign insurers will be given flexibility and deadlines for compliance will be case-by-case.
Representatives for Allianz Malaysia and AMMB declined to comment. A spokesman for Mitsui Sumitomo Insurance, which is a unit of Tokyo-listed MS&AD Insurance Group Holdings Inc., also declined to comment. A spokeswoman for IAG said the company has nothing to disclose at this time.
AmGeneral is the second-biggest auto insurer in Malaysia with a market share of 15%, according to its website. It ranked fifth in the overall Malaysian general insurance market as of the first half of 2018.
The company has more than 4 million policyholders and a network of 7,000 agents and dealers marketing products under the AmAssurance and Kurnia brands. AmGeneral underwrote 1.52 billion ringgit ($365 million) of gross premiums and earned 255.5 million ringgit in net income in the financial year ended March, according to the insurer’s annual results. — Bloomberg

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