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Affordable housing business lifts Century Properties’ bottom line

CENTURY Properties Group, Inc. (CPG) saw its attributable profit surge by 108% in the second quarter of 2019, driven by higher contribution from its affordable housing segment.

The Antonio-led property developer told the stock exchange its net income attributable to the parent hit P336.75 million in the three months ending June, following a 59% increase in revenues to P2.67 billion.

This brought net income attributable to the parent to P704.56 million during the January to June period, 63% higher year on year. Six-month revenues were also up 24% to P5.45 billion.

“We expect this positive momentum to continue as revenues from our expansion plans have started contributing significantly and steadily to CPG’s bottom line even as our existing in-city projects still significantly provide a stable revenue stream,” CPG Chief Finance Officer Ponciano S. Carreon, Jr. said in a statement.

Mr. Carreon said the affordable housing business now generates 12% of CPG’s total revenues. This is expected to increase further as they complete more projects within the year.

CPG has partnered with Japan’s Mitsubishi Corp. for PHirst Park Homes, Inc., a company focused on providing affordable housing in the provinces. It plans to roll out 15 masterplanned communities worth P57 billion in the next five years.

Meanwhile, the company booked revenues from three condominium projects worth P7 billion completed in 2018. This includes Boracay Tower in Azure Urban Resort Residences in Parañaque, Osmeña East Tower at The Residences in Quezon City, and Iguazu Tower at Acqua Private Residences in Mandaluyong. It will complete two more buildings in the fourth quarter.

For the office segment, CPG is set to complete the Century Diamond Office Tower in Makati covering 63,110 square meters (sq.m.) in gross floor area (GFA). This is part of the company’s goal to reach 300,000 sq.m in GFA with projected revenues of P2 billion by 2020.

“We expect that the encouraging performance of our core businesses coupled with cost reduction measures and improvement in our operating efficiencies will help sustain our double-digit NIAT (net income after tax) growth for the next three to four years,” Mr. Carreon said.

Shares in CPG dropped a centavo or 1.82% to close at 54 centavos each at the stock exchange on Tuesday. — Arra B. Francia

BSP sees no immediate hike in ATM fees as moratorium ends

THE BANGKO SENTRAL ng Pilipinas said any hike in automated teller machine fees will need its approval.

By Mark T. Amoguis, Senior Researcher

THE CENTRAL BANK chief quelled market speculations of an impending hike in fees for transactions conducted through banks’ automated teller machines (ATMs).

“The moratorium on [ATM] fee (adjustments) just finished. Pero hindi naman automatic na mag-a-adjust (But it does not mean the banks will adjust fees automatically),” Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said on the sidelines of an event in Quezon City on Tuesday.

Asked if there are banks applying for ATM fee hike at the moment, Mr. Diokno said: “Nothing yet. Wala pang nangyayari (Nothing’s happening).”

“Wala kaming active move to stop or authorize another arrangement. Basta natapos na lang ‘yung period (We don’t not have active move to stop or authorize another arrangement. The period for this moratorium just ended),” Mr. Diokno added.

This comes amid a planned probe of the House committee on banks and financial intermediaries of the impending hike in fees for transactions coursed through the ATMs.

According to Makati City Rep. Luis N. Campos, Jr., who filed the House Resolution No. 210 prompting the inquiry, banks plan to increase such fees by as much as 50%.

Currently, interbank charges on ATM withdrawals range from P10 to P15.

BSP Deputy Governor Chuchi G. Fonancier said the central bank sees to it that banks have in place a policy that adheres to the principles of “reasonable and market-based pricing.”

“Banks cannot just increase the ATM fees as they would want to. There’s a process they need to observe in setting the ATM fees,” Ms. Fonacier said in a text message on Tuesday.

“The BSP also recognizes the need to make ATM operations economically viable to allow the banking public wide access to ATM for their transactional needs. Our expectation is that any increase in ATM fees should be within reasonable space of present customer experience,” she said.

“Rest assured that the BSP’s supervisory action on the matter is guided by best practices and driven by the need to look after the broader welfare of consumers.”

The central bank’s Memorandum No. M-2019-020, signed by Ms. Fonacier last July 19, lifted the moratorium on hiking ATM fees implemented in September 2013.

BDO Unibank, Inc. President and Chief Executive Officer Nestor V. Tan said: “We are in discussions if can revisit the way ATM fees are charged because the current setup is that its acquirer-based, meaning the operator of the ATM will have to charge for usage of the ATM.”

“I don’t know what it is now but there will be some adjustments… I don’t think it’s going to be immediate,” Mr. Tan said on the sidelines of an event in Quezon City on Tuesday.

“The industry and the BSP are working on ways to try to see if we can have a process so that the consumer is not burdened of this price,” he added.

In a separate statement sent to reporters on Tuesday, the central bank assured the public that the policy on ATM fees is guided by “best industry practices” with the broader welfare in mind.

“[B]anks cannot increase the ATM fee on their own. In fact, any bank that intends to adjust ATM fees must file its request with the BSP, indicating their proposed fees, as well as the costs currently incurred by the bank with respect to its ATM activities,” the BSP said.

The BSP said the declared costs should be clear, properly supported, and may be validated by the central bank when deemed necessary. It also disallows the imposition of set fees arising from agreements between market participants.

“Rest assured that the BSP shall examine each request and decide if the increase is warranted to cover the cost of maintaining the ATMs,” the central bank said.

“In any case, said fees should be lower than the fees collected from transactions made over-the-counter and comply with transparency in pricing.”

Philippine airlines report mixed Q2 results

LISTED Philippine airlines posted mixed earnings in the second quarter, as Cebu Air, Inc. doubled its earnings while PAL Holdings, Inc. slumped to a bigger loss.

The listed operator of Cebu Pacific booked a net income of P3.76 billion in April to June, up 101% from a year ago as consolidated revenues rose 20% to P23.53 billion.

Second-quarter passenger revenues stood at P17.67 billion, 21% higher year on year, while ancillary revenues were up 25% to P4.46 billion. Cargo revenues were flat at P1.39 billion.

For the first half, Cebu Air posted a net income of P7.14 billion, 116% higher from in the same period last year. Total revenues reached P44.7 billion, or an increase of 18% year on year.

Thanks to an 8.8% hike in average fares to P2,974, Cebu Air’s passenger revenues rose 17.8% to P33.35 billion during the six-month period. The volume of passengers also expanded 8.3% to 11.21 million due to the deployment of new aircraft that have bigger capacity.

Ancillary revenues widened 23.8% to P8.52 billion in the first half, while cargo revenues grew 6.9% to P2.84 billion. Both increases were attributed to the bigger volume of passengers and cargo transported during the period.

Expenses climbed 8.2% to P35.77 billion in the first semester, and 8.4% to P18.5 billion in the quarter ending June. Cebu Air attributed the higher costs to its expanded operations, acquisition of new aircraft and weakening of the Philippine peso in the past six months.

Meanwhile, the operator of Philippine Airlines (PAL) saw its net loss attributable to equity holders of the parent widen to P2.5 billion in the second quarter, from a loss of P290 million a year ago.

Second-quarter revenues grew 9.8% to P41.97 billion in the three-month period, but was outpaced by the 6.2% surge in expenses to P40.93 billion.

To date, the PAL’s attributable net loss stood at P3.33 billion, 138% bigger from last year.

Consolidated revenues rose 8.6% to P81.25 billion during the period, mainly due to additional flight frequencies. Passenger revenues increased by 9% to P71.13 billion, while ancillary revenues jumped 21% to P5.54 billion. However, cargo revenues fell 6% to P4.5 billion.

Expenses were 3.3% higher in the first semester at P77.75 billion, mostly due to the increase in depreciation from implementing a new accounting standard.

Maintenance costs climbed 7.8% to P10.32 billion because of the new planes PAL received during the period. Expenses related to reservation and sales went up by 14.1% to P5.98 billion due to the growth in passenger volume.

Financing charges also weighed on the company’s bottom line, as it grew 169% to P6.16 billion in the six-month period due to lease payments and the implementation of a new accounting standard. — Denise A. Valdez

Security Bank looks to raise P5 billion through long-term deposit certificates

SECURITY BANK Corp. is looking to raise P5 billion through the issuance of long-term negotiable certificates of deposit (LTNCD) to manage its liabilities and expand its funding base.

In a disclosure to the local bourse on Tuesday, the bank said the LTNCDs will have a term of five-and-a-half years with indicative pricing of 3.75%-4%.

The offer period started yesterday and will run until Sept. 4, although the lender can adjust this timeline as needed.

The LTNCDs’ coupon will be set before or at the end of the offer period. The interest will be paid quarterly in arrears.

Security Bank said the papers will be available for a minimum investment of P50,000 with increments of P10,000 thereafter.

The debt papers will be issued on Sept. 16.

Deutsche Bank AG-Manila Branch is the sole lead arranger for the issue, and will also act as a selling agent alongside Security Bank.

Like regular time deposits offered by banks, LTNCDs offer higher interest rates. However, LTNCDs cannot be pre-terminated but can be sold on the secondary market, making them “negotiable.”

This issue marks the first tranche of Security Bank’s P20-billion LTNCD program announced in June.

Security Bank in June raised P18 billion via the issuance of two-year bonds, well beyond the initial program of P5 billion as the offer was oversubscribed.

The fixed-rate two-year peso bonds were priced at the lower end of the range at 5.875% per annum.

Deutsche Bank served as the sole arranger and bookrunner of the transaction in cooperation with Security Bank.

Security Bank posted a higher net income in the second quarter following the expansion of its core businesses.

The bank booked a P2.57-billion net profit last quarter, up 31.79% from the P1.95 billion posted in the same period last year. This brought its first-half net earnings to P4.95 billion, up 15.38% from last year’s P4.29 billion.

Overall, Security Bank’s total assets increased 8% to P776.78 billion at end-June from P766.86 billion as of December 2018, it reported last week.

Security Bank shares closed at P195 apiece on Tuesday, up P1.50 or 0.78% from the previous finish. — B.M. Laforga

Put another dime in that jukebox musical

THE HOPELESS romantic Tolits grips his cellphone tightly as he takes a video of Aileen singing the Filipino rock band Aegis hit, “Basang-Basa sa Ulan.” During the wet season, the rains pours down on Villa Venecia where the flood has not subsided for weeks — a recurring situation since 2014. Aileen hopes that the video, once uploaded online, would lead to her being discovered by American television host Ellen Degeneres and thus, become a tool for awareness about her community’s difficult situation. Unfortunately, Tolits accidentally drops the cellphone and it sinks into the flood. Despite Tolits’ explanation of how he can retrieve the cellphone and the precious footage, he looses pogi points as the woman he fancies is disheartened and leaves him in the rain.

GETTING THE BALL ROLLING
In 2012, PETA’s artistic director Maribel Legarda and musical director Myke Salomon were having a casual conversation about ongoing productions over a meal.

Talking to BusinessWorld on July 21 at PETA Theater Center, Ms. Legarda recalled that Mr. Salomon suggested producing a musical and calling it Rak of Aegis, since at that time Atlantis Theatrical Entertainment Group was staging Rock of Ages, a jukebox musical featuring classic 1980s rock songs.

Without hesitation, Ms. Legerda said, “Noong narinig ko ’yun (When I hear that idea), I said, ‘Tama, we’re [gonna] do it!’”

“It took us a few months to get an appointment with Aegis band manager Josie Galindo… When we went to see them, we talked to the Galindos [and] wala pang (in less than) 10 minutes, they said ‘Sure!’,” Ms. Legarda recalled, adding that the all-female band (best known for its dramatic belting style of songs) and the theater company shared the same advocacy of promoting original Pinoy content.

After getting the blessing from the band and its manager, the musical — written by Liza Magtoto — took a year and a half to write and produce.

Ms. Legarda noted that they aimed for the story to “not be a fishbowl.” “It should be love not only between two people but a larger kind of love,” she said.

During the auditions for Rak of Aegis, the actors were required to sing Aegis songs.

Actor Pepe Herrera noted that the male actors were tasked to sing “I Love You Nalang sa Tago” (Tolit’s solo), a song he admittedly was not familiar with until the auditions.

Mr. Herrera — who has played the role of Tolits multiple times since the original production seven seasons back — recalled that he and Jerald Napoles were originally called back for the role of Tatay Kiel, Aileen’s father.

“Teenager dapat ang balak [for the role of] Tolits and Aileen (Tolits and Aileen were supposed to be played by teenagers),” he said.

But when the actors Isay and Robert Seña were considered for the roles of Kapitana Mary Jane, the factory owner whose shoe factory is failing thanks to the flood, and Tatay Kiel, Aileen’s father who is on the brink of losing his job, Mr. Herrera and Mr. Napoles were both cast as Tolits.

In January 2014, Rak of Aegis premiered with Aicelle Santos and Joan Bugcat alternating as Aileen; lsay Alvarez-Seña as Kapitana Mary Jane; Robert Seña as Tatay Kiel; Kakai Bautista and Neomi Gonzales alternating as Mercy, Aileen’s mother; Pepe Herrera and Jerald Napoles alternating as Tolits.

Mr. Herrera admits that he struggled with nerves, a newbie in the business during the musical’s first run.

“Grabe ’yung kaba ko nung first show. I still remember para akong binuhusan ng masarap na tubig nung kumagat yung first punchline tapos tumawa sila (I was so nervous on the first show. I still remember when I felt like I was splashed with refreshing water after the first punchline landed well and the audience laughed),” he said.

THE CHARACTER OF BAHA
The play has another character — the flood. And playing the role are the 33 drums of water used in each performance.

Set designer Mio Infante noted that dealing with water onstage is difficult and challenging. “[The set is] wet and something can go wrong. Actors have to be extra careful with water because accidents can happen,” he said, describing the Rak of Aegis set as dangerous.

“Although it brings a different thing for the spectator, because normally we don’t really see water [in a play]. For Rak, we wanted to be more experiential, that’s why we added water and it is actually the core of the whole thing,” Mr. Infante said.

Mr. Infante based the set design on images he found of flooded urban areas.

“In the Philippines, a lot of the urban areas are, aside from it being congested, it’s below sea level. So when the rains come, [floods are] inevitable,” he said, referring to how households in these areas regularly move furniture and appliances to the second floor until the waters subside. “Baha (floods) for them, is a way of life.”

According to Mr. Infante, the musical’s set depicts a flooded urban community relocated to the second floor. To ensure that the audience see the artificial rain well, small roofs were hung around the set for the rainwater to flow down from. The water is then collected in a large fiberglass pool that serves as the flood.

“The water is controlled within an area, but because it hits the actor, it will splash on (the audience),” Mr. Infante said, referring to it as an interactive experience. “It’s the novelty of it.”

Ms. Legarda explained that the water is collected from a pool beside theater; it is chlorinated prior to the show, and changed once a week.

THE MUSICAL’S RESILIENCE
The musical has struck a chord with audiences and as a result it is currently the longest-running original Pinoy musical and began its seventh run in July.

Ms. Legarda credits the “very Pinoy story” and people’s “love for Aegis music” for the success of the show.

“It has become a ritual to perform [Rak of Aegis] from July to September — during the rainy season,” Ms. Legarda said, adding that there audience members who have seen it multiple times and balikbayans inquire about the reruns.

“If you’ve seen it [before], it’s all right, I’m not asking you to come back. If they come back, I think, they always find something new or something to laugh about it, which makes up for the fact that they know what’s going to happen already,” she added.

For the seventh season, the musical welcomed new cast members: actor-comedian Randy Santiago plays Fernan, the shrewd businessman-villain; multi-award winning singer-songwriter Noel Cabangon as Kapitan Kiel; and award winning world music performer and actress Bayang Barrios alternates in the role of Mary Jane with movie actress and singer Jenine Desiderio.

They are joined by Wish 107.5 Wishcovery 2018 1st Runner Up Kimberly Baluzo (Aileen); Leah Patricio from The Voice of the Philippines Season 2 (Mercy); GMA artist and singer Derrick Monasterio (Tolits); Viva Artist and two-time PhilPop grand prize winner Yumi Lacsamana (ensemble); and up and coming theater artists Ashe Uy, Marynor Madamesila, Lemuel Silvestre, and Gerard Dy as members of the ensemble.

Throughout its multiple shows, Mr. Herrera said that the audience’s laughter is the most rewarding response.

“Making other people laugh and laughing myself, it energises me,” Mr. Herrera said about the opportunity to showcase his “jologs” (tacky) side.

“I am embracing it completely and everything that goes with it… It may seem mundane, but now I see the great importance of that to the people that we entertain,” he added.

The story’s take on resilience continues to resonate among Filipinos.

“This is one play where at the end of it, you feel good about it. [It’s] not because hindi namin dini-discuss ang problema ng Pilipinas through a community pero nagbigay ka ng hope and the possibility of coming together (It’s not because we do not discuss the problems of the Philippines through a community but we give hope and the possibility of coming together),” Ms. Legarda said, regarding what makes it stand out from other jukebox musicals.

At the 2015 Gawad Buhay Awards, the musical bagged 11 trophies including those for Outstanding Original Musical; Outstanding Ensemble Performance in a Musical; and Outstanding Female Lead Performance in a Musical by Kim Molina.

Since its premiere in 2014, Rak has been seen by about 150,000 people and counting. By the end of its seventh run, there will have been 447 shows.

PETA is now finalizing plans to stage it regionally.

According to Mr. Infante, the annual restaging has allowed the production team to make improvements on the set and strategize on the possibility of touring. “We’ve sort of changed the methodology of setting it up. Originally, it took a while to set it up. It makes it more efficient after you do it several times,” he said. “Since last year, the pool can be set up in less than eight hours.”

With optimism in her voice, Ms. Legarda said: “I think it’s time for it to go somewhere [else].”

Rak of Aegis runs until Sept. 29 at the PETA Theater Center in Quezon City. For tickets and schedules, contact TicketWorld (www.ticketworld.com.ph, 891-9999). — Michelle Anne P. Soliman

ICTSI earnings jump 14% during second quarter

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) posted a 14% rise in earnings during the second quarter as it recorded a higher throughput across its ports.

The Razon-led port operator saw its attributable net income jump 14% to $56.07 million in the April to June period, supported by the 9% increase in its gross revenues from port operations to $368 million.

The 7% growth in its consolidated throughput to 2.56 million twenty-foot equivalent units (TEUs) during the three-month period propelled its earnings to outpace the 4.2% increase in expenses at $297.9 million.

In the six months ending June, ICTSI’s attributable net income stood at $128.5 million, 42% higher than the $90.2 million recorded a year ago.

Gross revenues rose 14% to $751.8 million, backed by the 7% increase in throughput during the semester to 5 million TEUs.

ICTSI traced the higher earnings to tariff adjustments for certain services in several terminals, new contracts with shipping lines and services, the ramping up of its operations in Australia and Mexico, and added revenues from its two new terminals in Papua New Guinea.

Total expenses went up 4% to $588.49 million during the six-month period. Consolidated cash operating expenses also grew 5% to $232.0 million.

ICTSI said the higher cash operating expense is a reflection of the bigger volume it handled, salary adjustments in some terminals, increased information technology-related and business development expenses and cost contribution of its new terminals.

“The group’s focus on generating high quality earnings from our ports, ramping up activities at our newer terminals and strong cost control has enabled us to continue to deliver on our strategic objectives,” ICTSI President and Chairman Enrique K. Razon, Jr. was quoted in a statement as saying.

“Our business remains relatively unscathed by current geopolitical headwinds, but we remain vigilant and continue to monitor the situation closely. ICTSI is a robust business, strongly placed for the second half and the Board remains confident of the future,” Mr. Razon added. — Denise A. Valdez

LT Group nets P9.2 billion in first 6 months of 2019

LT GROUP, Inc.’s (LTG) attributable profit rose by 3% in the first half of 2019, driven by higher earnings from its tobacco business.

In a statement issued Tuesday, the holding firm of tycoon Lucio C. Tan, Sr. said net income attributable to the parent reached P9.24 billion in the six months ending June, against P8.96 billion in the same period a year ago.

The tobacco business, which accounted for 63% of attributable profit, saw earnings rise by 20% to P5.87 billion. This came on the back of a 20% increase in its share in net earnings from PMFTC, Inc. to P5.65 billion. LTG holds a 49.6% stake in PMFTC.

“The improvement in earnings is largely attributed to the volume mix in favor of premium Marlboro, as well as the price increase of Fortune in December 2018,” the company said.

Philippine National Bank, which generated 24% of LTG’s attributable income, reported a 27% decline in earnings to P4.05 billion due to lack of gains from the sale of real and other properties. Core income surged 52% to P3.98 billion.

Tanduay Distillers, Inc. delivered a net income of P380 million, 13% lower year on year, as higher operating expenses offset the 2% increase in revenues for the period.

Property unit Eton Properties Philippines, Inc. benefited from higher sales of residential units and more retail spaces up for lease, leading to a 15% increase in revenues. Net income accordingly grew 75% to P371 million during the January to June period.

Eton Properties’ projects include Eton Square Ortigas in San Juan City which was completed in the first half. Eton Square Ortigas, which has 2,062 square meters in gross leasable area, is now fully leased out.

Meanwhile, Asia Brewery, Inc. increased its net income by 12% to P244 million following a 10% uptick in revenues. The company sold more energy drinks under the Cobra brand, bottled water under Absolute and Summit, and soy milk under Vitamilk for the period.

Shares in LTG climbed 1.41% or 20 centavos to close at P14.40 each at the stock exchange on Tuesday. — Arra B. Francia

BDO sees steady loan growth

BDO UNIBANK, Inc. expects its loan growth to be sustained.

BDO UNIBANK, Inc. expects its loan portfolio to continue to grow by single digits this year, its top official said on Tuesday.

In terms of total loan growth this year, “we were in the high single digits for the first half, so we think that that will continue,” BDO President and Chief Executive Officer Nestor V. Tan told reporters on the sidelines of an event in Quezon City on Tuesday.

BDO earlier reported that its total resources grew 7% annually to P3.065 trillion in the six months ended June.

Its net loans and receivables likewise increased 9% to P2.120 trillion in the same period on the back of a 7% increase in the bank’s customer loans.

The Sy-led bank’s net income in second quarter jumped by 43.4% P10.393 billion, bringing its first semester bottom line to P20.140 billion, an 53.6% increase year on year.

When asked if the bank will revise upward its P38.5-billion profit guidance for the year, Mr. Tan said: “Not yet. We’re not sure how the second half will be strong.”

Shares in BDO went down by 1.57% or P2.30 to end at P144.20 each on Tuesday. — Mark T. Amoguis

History lesson from author Gina Apostol

DURING SUMMERS in the United States, teacher and historical fiction novelist Gina Apostol busies herself with her next book. Once she has completed her concept and gathered research, she just keeps writing.

“Usually if I’m writing a book, I don’t go out… And when I’m writing a first draft, it [takes] the whole day,” Ms. Apostol said.

Earlier that day, this writer encountered Ms. Apostol at the lobby of Raffles Makati where she was taking a walk. We met again a few minutes later at the hotel’s conference room.

“To be honest, That’s one of the reasons why I can’t figure out where to go,” she said about her walking around. “Because I’m actually always thinking about the book that I’m writing,” she told BusinessWorld.

The conversation took place the day before the 6th Philippine Readers Writers Festival (PRWF) opened. The three-day festival featured authors and writers in discussions on literature and writing, as well as book signings after each session. It ran from Aug. 2 to 4 at the Raffles Makati.

The Manila-born and Tacloban-raised writer currently shuttles between western Massachusetts and New York City where she works as a teacher at Fieldston School. Her third book, Gun Dealers’ Daughter, won the 2013 PEN/Open Book Award. Her articles and short stories have appeared in numerous publications including the New York Times, Foreign Policy, and Gettysburg Review.

ON INSURRECTO
In front of us on the conference room’s long table was a copy of her latest novel, Insurrecto. The book revolves around two women, a Filipino translator and an American filmmaker, who collaborate on a film script about the Balangiga massacre in Samar during the Philippine-American War.

In August 1901, American soldiers took over the seaside village of Balangiga in Samar. In September, the townspeople plotted a surprise attack which resulted in the deaths of 48 American soldiers. The Americans retaliated by burning down the town and terrorizing the entire province of Samar.

The book’s cover features a painting from National Artist for Visual Arts Benedicto “BenCab” Cabrera’s “Larawan” series.

According to Ms. Apostol, the woman in the painting served as her visual depiction of Casiana Nacionales — the Geronima of Balangiga or the sole heroine who participated in the surprise attack against American soldiers.

“I wrote him (BenCab), and I told him that I thought the “Lawaran” (painting) titled Woman with Fan (2001) looks like my version of Casiana,” Ms. Apostol said, adding that she was asked to briefly tell the National Artist about her novel prior to his granting permission to use the painting for the book cover.

“What Filipinos think about when we talk about the revolution is really the revolution against Spain. We do not really move into the American War,” she explained, adding that she wanted to get into the American War as she had only lightly touched on it in her earlier novel, The Revolution According to Raymundo Mata (2009).

Ms. Apostol cited her Waray roots and the omission of the incident in her history lessons when she was a student as her motivations for writing the novel. “It was never taught… I don’t remember learning about Balangiga [in school], but my uncle used to talk about it. I think it’s because of its relationship to me as a Waray.

“Since I was living in the States, I thought I should I should know more about [it]. And what I discovered was I don’t know anything about it, because we’re not taught the American War. It’s really crazy that I learned that so late,” she added.

The book is divided into two parts, with the second further subdivided into the two different scripts each by the two main characters; it is also told within different periods. The chapter numbers are placed at random with various “Chapter 1s” appearing several times in the entire story.

“The structure of the book mirrors how I figured out the war, which is layers and layers of other voices and the Filipinos barely heard. In my view, that structure — the absence or the layers of voices, tells us something about the Filipino,” Ms. Apostol said of the book’s style of story-telling. “Americans created a concept of the Philippines, and we never really questioned that concept for a long time.”

As she learned about the Balangiga massacre, Ms. Apostol came to realize its importance in American and Philippine history.

“Americans are ignorant of almost everything outside of themselves… I’m not talking about every single American, I’m just talking about it in general,” she said. “One one hand, that’s a challenge, because people like to hear stories that are familiar to them.

“On the other hand, I think in their Trump moment right now, Americans are learning how deeply hurt and injured they are by the general ignorance and racism… Knowing Philippine history for Americans is knowing themselves.”

ON READING
Learning about history through a novelist’s words is not just for Americans — she sees how Filipinos are grappling with their history this way too.

“It seems like a lot of the stories right now are about figuring out the Marcos regime. So I imagine in the future, there would be all of these novels of the Duterte regime,” Ms. Apostol said.

“I think there should be novels, period. But honestly, I also think there should be readers. I think Filipinos should read,” she said.

She hopes that her latest book of historical fiction would make Filipino readers understand more about themselves.

“Maybe from that kind of playfulness, that kind of wondering what exactly was true or not true, maybe in the journey through Balangiga, you learn about a different perspective,” she said.

“I [had] a lot of fun when I was writing. My hope is that the reader will also have fun.”

Insurrecto is available at National Bookstore for P649. — Michelle Anne P. Soliman

Megaworld plans to issue P10 billion worth of shares to existing investors

MEGAWORLD Corp. will be issuing P10.376 billion worth of shares to existing investors, it told the stock exchange Tuesday.

The listed property developer said its board of directors has approved the subscription to 1.82 billion unissued shares of the company by some holders of its $200-million senior perpetual securities issued in April 2018.

The shares will be priced at P5.70 per share, effective once the listing of the subscription shares in the stock exchange has been approved.

Megaworld’s $200-million senior perpetual notes carry an annual yield of 5.375%, and marked the company’s return to the offshore bond market since 2013. The bonds are listed on the Singapore Exchange Securities Trading Ltd.

Megaworld’s net income attributable to the parent grew 15% to P4.5 billion in the second quarter of 2019, as revenues also rose 20% to P16.8 billion.

This pushed attributable profit 16% higher to P8.3 billion for the first half, while revenues were also up by 18% to P31.7 billion.

Megaworld has committed to spend P300 billion over the next five years to expand its residential, office, retail, and hotel projects. This year alone, it will spend P65 billion for expansion.

Shares in Megaworld fell 5.26% or 30 centavos to close at P5.40 each at the stock exchange on Tuesday. — Arra B. Francia

Rediscount loans go up

LENDERS continued to borrow from the central bank’s rediscount facility.

BANKS CONTINUED to take out loans from the central bank’s rediscount window in July, with the credit going to commercial, production and other transactions.

Peso rediscount loans reached P8.921 billion last month, albeit lower than the P21.854 billion borrowed in June, the Bangko Sentral ng Pilipinas (BSP) reported on Tuesday.

Total availments from January to July amounted to P116.574 billion, surging from the P10.614 billion borrowed in the same period last year.

Through the rediscount window, the BSP lets banks get hold of additional money supply by posting their collectibles from clients as collateral.

In turn, the banks may use the fresh cash — expressed in the peso, dollar or yen — to grant more loans for corporate or retail clients and service unexpected withdrawals.

In a statement, the BSP said bulk of the loans during the seven-month period were used to fund other credits, amounting to 67.32% of the total — comprised of capital asset expenditures (40.27%), loans to other services (20.56%), permanent working capital (4.05%) and housing loans (0.05%).

Meanwhile, commercial credits had a 35.06% share in the total rediscount borrowings, which banks used for importation (24.66%) and trading of goods and products (10.39%).

Production credits were at 0.01% of the total and went to loans for agricultural production.

On the other hand, the dollar and yen rediscount window catering to export firms remained untouched during the period.

RATES
Meanwhile, for this month, rediscount rates stand at 4.8125% for peso loans maturing in 90 days or less, while those with a 91- to 180-day term are priced at 4.875%.

These are based on the latest available BSP overnight lending rate plus a premium.

On the other hand, dollar credit lines come with a lower rate of 4.2555% for one- to 90-day loans; 4.318% for 91- to 180-day loans; and 4.3805% for 181- to 360-day loans.

Rates for yen loans are at 1.92867% for one to 90-day loans; 1.99117% for 91- to 180-day loans; and 2.05367% for 181- to 360-day loans.

These are based on the 90-day London Inter-Bank Offered Rate as of end-July plus 200 basis points, plus term premia.

Art & Culture (08/14/19)

Picture book inspires exhibit

INDEPENDENT BOOKSTORE Kwago and publishing and curatorial platform Comma invited artists Maxine Syjuco, Issay Rodriguez, Nikki Ocean, Erick Calilan, Jem Magbanua, Sasa Cabalquinto, and Ralph Eya for an exhibit and performance called A Curated Shelf: Salamin on Aug. 25, 5 p.m., at Kwago book bar. Salamin meditates on the ongoing literary exhibition A Curated Shelf by Ani Almario. Salamin responds to one of the most controversial contemporary picture books: Mirror by Suzy Lee in which a little girl interacts with a mirror and her reflection in it. The author takes the young protagonist as well as the readers on a mental trip: self-awareness, loneliness, joy, ecstasy, confusion and anger. A Curated Shelf is a space for critical and playful conversations about publications and publishing as a discursive practice. Salamin, which has a pay-what-you-want entrance free, offers free unlimited ice cream for attendees who sign up to bit.ly/rsvpsalamin. Kwago is a book bar that offers zines, a curated shelf and fiction-inspired cocktails.

Artist Talk: Ambie Abaño

AS PART of her ongoing exhibit …in the constant rain... which is on view until Aug. 31, at Galleria Duemila, artist Ambie Abaño will hold a talk about her work on Aug. 24, 2 to 4 p.m., at the gallery. Galleria Duemila is at 210 Loring St., Pasay City. The gallery is open from Monday to Saturday, 10 a.m. to 6 p.m.

Pastels exhibit

CELESTE LECAROZ, a Manila-based member of the Portrait Artists Society of the Philippines (PASPI) Inc. Manila Chapter, and Florida-based Gary Carabio, who is in the Master’s Circle of the International Association of Pastel Societies, have joined forces for a back-to-back show entitled Pastel Puro. It is ongoing until Aug. 23 at Galerie Y in SM Megamall. As the title denotes, Pastel Puro is a showcase of realistic art works done in the pastel medium. For this exhibit, Lecaroz presents the Sisterhood series — works featuring images of Filipinas at the turn of the century. Carabio’s works, meanwhile, reflect his fascination for everyday life and for portraiture.

Dancing Lessons

TWIN BILL Theater Company will open its third season with the Asian premiere of Dancing Lessons, a new, 95-minute, two-character play by Mark St. Germain. There will be performances from Aug. 16 to 24 at the Power Mac Center Spotlight, Level 2 Circuit Lane, Circuit Makati. The play revolves around Ever Montgomery, a science professor who has Asperger’s, and Senga Quinn, a Broadway dancer with a serious injury that threatens her career and identity. Ever asks Senga for a dancing lesson so he can deal with social intimacy (handshaking, hugs, dancing) at an upcoming awards banquet that he was tasked to host. Through the lessons, a relationship slowly develops that has both individuals stepping out of their comfort zones. It stars Randy Villarama and Jill Peña, under the direction of Francis G. Matheu. During the run of Dancing Lessons, Twin Bill Theater will hold special discussions on Asperger’s and Autism Spectrum conducted in partnership with Autism Association. For ticket inquiries call Ticketworld at 891-9999.

PORTRAIT of Surfer Marama Tokong from DLSU-CSB’s exhibit Alon!

Exhibit on plastic waste

De La Salle-College of Saint Benilde (DLS-CSB), through its Center for Campus Art, presents Alon!, a specially curated exhibition that aims to create awareness on plastic waste, thus to hopefully initiate change. One of the highlights is a series of images of local surfers — Siargao, La Union, Baler, Mati in Davao, Gubat in Sorsogon and Sabang Daguitan in Leyte — with accumulated plastic trash in their hands, picked up from the beach in a five-minute period. The eponymous documentary, Alon, written and directed by Gabby Fernandez, will also premier on Aug. 28, one day before the Aug. 29 opening night of the exhibition. The short film, also produced by the CCA, features interviews with 40 local surfers as they try to answer the question: Why is the Philippines the third worst plastic polluter in the world? A mini photo exhibit featuring pictures by photographer Noel Guevara for Greenpeace Philippines will highlight the amount of non-biodegradables that have found their home in the depths of the seas. The photos were taken during a three-day dive and exploration at the Verde Island Passage. Also part of the exhibit is a sculpture of a dead baby whale sculpture by Biboy Royong, first seen as part of the famous 78-by-10-foot whale-like statue Cry of the Dead Whale recently installed in front of the Cultural Center of the Philippines. The piece is made from plastic bags, bottles and various waste products found in the bodies of water. Alon! will likewise showcase solutions, with student-designers from DLS-CSB showcasing tiles made out of plastic trash and a number of ensembles made from unconventional and upcycled materials. The exhibit will run from Aug. 29 until Dec. 14 at the 12th floor Main Gallery, School of Design and Arts Campus, DLS-CSB, Pablo Ocampo (Vito Cruz) St., Malate, Manila. Alon! is open free to the public.

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