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Duterte announces total ban on use and importation of vaping products

President Rodrigo Duterte late Tuesday night announced a complete ban on vaping, or the use of electronic nicotine and non-nicotine delivery systems.

“I will ban [vaping], the use and the importation,” Mr. Duterte said during the late night meeting with the media at Malacanang. “If you are smoking now, you will be arrested… I will order law enactment to arrest anybody vaping in public.”

This announcement was made in response to the Philippines’ first reported case of a vaping-related illness. The patient in question was a 16-year-old girl from Central Visayas who had been using e-cigarettes for six months. 

This is the latest in a long-term campaign against public smoking that Mr. Duterte first formalized with the issuance of Executive Order No. 26, which banned cigarette and tobacco smoking in public spaces back in 2017.

Earlier this year, the DOH called for stricter controls around the sale, importation, distribution, and use of electronic or e-cigarettes and other vaping instruments through Administrative Order 2019-0007. According to the DOH, over one million Filipinos currently use these devices.

“I hope everybody is listening,” Mr. Duterte said. “You know why? Because it is toxic and the government has the power to issue measures to protect public health and public interest.”

What this means for the local e-cigarette sector is yet to be determined. Major firms have long been readying themselves for stricter regulations and higher taxation. But an outright ban may just snuff the industry out for good.

VLL partners with Mitsubishi to develop Manila condominium

VISTA LAND & Lifescapes, Inc. (VLL) is partnering with Japanese real estate developer Mitsubishi Estate Co., Ltd. to develop a mixed-use condominium in Taft Avenue, Manila.

The Villar-led homebuilder said in a statement yesterday it signed an agreement with Mitsubishi Estate to form a 60-40 joint venture for the project. The deal involves VLL’s vertical development arm Vista Residences, Inc. and Mitsubishi Estate’s subsidiary Mitsubishi Estate Residence Co., Ltd.

The joint venture company will build a high-rise condominium with 32 floors for residential units, seven floors for parking and one floor for commercial space.

The yet-unnamed project is scheduled to be launched within the first half of 2020. It is targeted to be turned over to tenants by the second half of 2024.

“This joint venture is a testament to the increasing trust and confidence of customers and investors alike in Vista. It highlights our growing profile not just with buyers but also with existing and potential partners, both here and abroad,” VLL President and Chief Executive Officer Manuel Paolo A. Villar said in the statement.

The project will be Mitsubishi Estate’s initial venture into residential development in the Philippines. Mitsubishi Estate Director and Senior Managing Executive Officer Yutaro Yotsuzuka said the company is looking for other projects for possible partnerships with VLL.

“[W]e hope to explore more opportunities with Vista Land to develop the rich potential of the real estate industry in Asia. We believe this joint venture is only the beginning, paving the way for a long-term and fruitful partnership,” Mr. Yotsuzuka was quoted in the statement as saying.

Mitsubishi Estate currently has operations in Singapore, Vietnam, China, New York in United States, and London in United Kingdom.

VLL is allocating P40 billion for capital expenditures this year.

The Villar-led property developer posted an attributable net income of P8.83 billion in the nine months to September, up 12% year on year, as consolidated revenues increased 9% to P34.36 billion.

Shares in VLL at the stock exchange dipped 0.02 points or 0.26% to P7.67 apiece on Tuesday. — Denise A. Valdez

PetroEnergy’s Palawan wind farm gets go-signal from DoE

THE Yuchengcos’ energy arm PetroEnergy Resources Corp. said on Tuesday that its renewable energy unit had been awarded by the Energy department a service contract for a wind farm in San Vicente, Palawan.

In a disclosure, it said the subsidiary PetroGreen Energy Corp. received the wind energy service contract from the Department of Energy (DoE) on Nov. 11, 2019 for a proposed project in the fast-growing tourism municipality around 130 kilometers north of Puerto Princesa City.

“The eco-tourism growth in San Vicente and adjoining towns, the lack of reliable power supply, and the strong support by the provincial and municipal governments for environment-friendly energy facilities drive our decision to invest in San Vicente, Palawan,” said Maria Victoria M. Olivar, deputy chief operating officer of PetroGreen.

The service contract, which took effect from Oct. 9, 2019, awards PetroGreen with the rights and responsibilities to harness wind energy, and develop and operate the energy facility in the municipality.

“With the award of the service contract, we will proceed with our feasibility studies to ascertain the commercial viability of the block,” said Ms. Olivar, who is also assistant vice-president for technical affairs at PetroEnergy, a member of the Yuchengco Group of Companies.

PetroGreen, the renewable energy holding unit of PetroEnergy, has existing investments in power facilities, including the 32-megawatt (MW) Maibarara geothermal plant in Sto. Tomas, Batangas under Maibarara Geothermal, Inc.; the 36-MW Nabas-1 wind farm operated by PetroWind Energy Inc.; and the 70-MW Tarlac solar project in Tarlac City under PetroSolar Corp.

PetroEnergy President Milagros V. Reyes said the wind energy project is part of the group’s goal of increasing PetroGreen’s renewable energy capacities through “deliberate expansion” in selected Philippine regions.

“We recognize that this is a long-term commitment and we are excited to start working with the DoE, the Palawan local governments, and other government agencies in bringing green, indigenous, and renewable energy supply to San Vicente through wind power or wind-hybrid power systems,” she said.

The service contract for the Palawan wind farm comes months after PetroEnergy officials said in July that the company was preparing for an investment of up to P1.3 billion to build a utility-scale solar farm in Palawan that can provide 24-hour power to the island’s electric cooperative with the help of stored energy.

The ground-mounted solar photovoltaic energy source was said to be just awaiting the decision of the island’s power utility, Palawan Electric Cooperative.

On Tuesday, shares in PetroEnergy were trading higher by 1.9% at P4.28 apiece. —Victor V. Saulon

New lender looking to establish virtual bank in the Philippines

A LENDER is looking to join the virtual banking race in the Philippines, according to Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier.

“There’s one right now na (that is) currently engaging the BSP but I cannot disclose the name,” Ms. Fonacier told BusinessWorld in an interview on the sidelines of the Asian Bankers Association Conference on Friday when asked about the development.

She added that the lender is also looking to offer retail banking, just like the two virtual banks currently operating in the country, CIMB Bank and ING Bank N.V.

Meanwhile, BSP Managing Director for the Financial Technology Subsector Vicente T. de Villa III said that the central bank is reviewing rules on online banking.

“It’s in the open banking space. Right now, we are reviewing our regulations. Maybe too early at this point but it is something we’re definitely exploring. Cause in this day and age, digital banking…innovations are moving forward,” he told reporters on the sidelines of the Financial Inclusion Forum for the Labor Sector held at the BSP on Monday.

He also explained the difference between e-money issuers and virtual banks.

“[With] a banking license, you are able to take funds from the public and use it for lending, which are two different things. On their [e-money issuers] own end, they are using their own funds to be able to expand and provide credit…,” he said.

The Philippines officially welcomed two virtual banking players with the formal launch of Malaysian financial giant CIMB Bank and Dutch lender ING in 2019.

The two internet-only banks have been trying to lure users through promotional interest rates of up to 4% per annum for those who will be depositing until a certain period.

Asked about these banks’ competitive rates, Ms. Fonacier said: “Maybe the reason for that is mas (because it’s more) efficient kasi so less cost because technology, unlike how the traditional banking is brick and mortar.”

Aside from the Philippines, CIMB’s mobile banking app is also operational in Vietnam. Meanwhile, ING’s presence in the country was more focused on wholesale banking before going into retail through their all-digital platform.

Both banks let customers register a savings account with no minimum amount and maintaining balance through their mobile phones. An electronic know-your-customer process is then carried out as clients need to scan their valid government IDs for verification purposes.

Virtual lenders have been booming elsewhere in Asia, including in Korea, Taiwan, Japan, Hong Kong and Singapore. Players include both banks and non-bank players.

While most entrants in the field went to target the retail clients, the Monetary Authority of Singapore said it will give up to three of its five digital bank licenses to those eyeing to service SMEs (small and medium-sized enterprises) and other non-retail segments through wholesale banking.

In an earlier report entitled “The Future of Banking: Virtual Banks Chase The Dream in Asia-Pacific,” S&P Global Ratings said that virtual banks has a way to “provide customers with greater banking convenience at a lower cost.”

“From a government standpoint, there is an interest in providing customers with cheaper, more competitive basic banking services in markets that small numbers of large and well-established traditional banks typically dominate,” S&P said. — Luz Wendy T. Noble

Philippines is Radisson Hotel Group’s 3rd biggest market in Asia-Pacific

By Denise A. Valdez, Reporter

THE Philippines continues to be an important market for the Radisson Hotel Group, which is in the midst of a five-year plan to triple its footprint in Asia Pacific.

Andre De Jong, Radisson Hotel Group Vice-President for Operations in Southeast Asia & Pacific, said in a media briefing in Quezon City Tuesday the Philippines is currently the group’s third biggest market in the region.

“As far as the Philippines is concerned, the number of hotels we operate here, which is five… (makes it) number 3 in Asia Pacific after China and India by number of hotels,” he said. “That goes to show the importance (that the Philippines has as a country) for Radisson Hotel Group.”

This is in relation to the company’s “Destination 2022” plan which Mr. De Jong presented yesterday. In the three years through 2020, the company will focus on investing in a global technology platform and improving its revenue management. Come 2021 until 2022, Radisson Hotel Group will boost its efforts to grow its global network.

“Under the five-year plan, exponential growth and development… is of course a very important component. In our case, having in operation and under development around 230 hotels in Asia Pacific alone, we aim to triple that (size) in the region (within the period),” Mr. De Jong said.

Radisson Hotel Group has already firmed up plans to open two more hotels in the Philippines by 2022 — its Park Inn by Radisson brand in Bacolod City, Negros Occidental and Radisson RED brand in Mandaue City, Cebu. It is partnering with SM Hotels and Conventions Corp. for the Bacolod development and with Cebu Landmasters, Inc. for the Cebu development.

The two new hotels would mean an additional 293 rooms in the Philippines for the Radisson Hotel Group.

This year, Radisson Hotel Group opened two new hotels in the country — Park Inn by Radisson Iloilo in April and Park Inn by Radisson North EDSA in September.

Its other existing hotels are Radisson Blu Cebu and Park Inn by Radisson in Pampanga, Davao City and Iloilo.

“Currently, with the number of hotels that we operate here, the Philippines represents a significant part of our portfolio. I think, when we look at the future… the potential is significant,” Mr. De Jong said.

He noted the government’s target of achieving 8.2 million foreign tourist arrivals in 2019 shows “a lot of opportunity to grow” for the country. The increased connectivity in secondary and tertiary cities, improved infrastructure and growing middle class with spending power are other factors that likewise keep the company bullish on the Philippines.

Radisson Hotel Group’s global portfolio covers seven hotel brands, namely Radisson Collection, Radisson Blu, Park Plaza, Radisson RED, Radisson, Park Inn by Radisson and Country Inn & Suites. In Asia Pacific, the company has 135 hotels in operation and 96 under construction.

BoJ can still deepen rates, within limits

TOKYO — The Bank of Japan (BoJ) has room to deepen negative interest rates, Governor Haruhiko Kuroda said on Tuesday, but he signaled there were limits to how far it can cut rates or ramp up stimulus.

Kuroda shrugged off the view held by some critics that the BoJ had run out of tools to expand an already massive stimulus, saying there was consensus within the central bank that it can deepen negative rates beyond the current -0.1%.

But he said the BoJ must carefully weigh the benefits and costs of further easing, suggesting the hurdle for expanding stimulus has risen due to the cost of prolonged easing, such as the effect it has on financial institutions’ profits.

“There is plenty of scope to deepen negative rates from the current -0.1%,” Kuroda told a semi-annual parliament testimony on monetary policy.

“But I’ve never said there are no limits to how much we can deepen negative rates, or that we have unlimited means to ease policy,” he said.

Kuroda also said there was still enough Japanese government bonds (JGB) left in the market for the BoJ to buy, playing down concerns its huge purchases have drained market liquidity.

After years of heavy purchases to flood markets with cash, the BoJ now owns nearly half of the JGB market.

On Japan’s economy, Kuroda repeated his view it will likely continue expanding but warned of the potential fallout from slowing global growth.

“Japan’s economy is expected to continue expanding and inflation will gradually head towards our 2% target. But we need to remain vigilant to downside risks, particularly those regarding the global economy,” he said.

Under a policy dubbed yield-curve control, the BoJ pledges to guide short-term rates at -0.1% and the 10-year bond yield around 0%. It also buys government bonds and risky assets to achieve its 2% inflation target, which has so far been elusive.

The BoJ kept policy steady last month but tweaked its forward guidance to say it would maintain ultra-low rates or even cut them for as long as needed to gauge overseas risks. — Reuters

Del Monte unit starts selling US facilities

DEL MONTE Pacific Ltd. said its US subsidiary is improving its capacity utilization, as it has sold or in the process of selling assets of four US-based production facilities.

The listed canned fruit manufacturer told the stock exchange yesterday US subsidiary Del Monte Foods, Inc. (DMFI) sold and transferred its Cambria, Wisconsin operations to Seneca Foods Corp. on Nov. 1.

It also disposed of equipment at its Crystal City, Texas facility and is looking at selling the remaining assets of the factory.

For its facilities in Sleepy Eye, Minnesota and Mendota, Illinois, DMFI already signed a sale agreement and is targeting to complete the deal by the fourth quarter of its fiscal year, or within February to April next year.

“Production at rationalized facilities is being transitioned to other DMFI production facilities in the United States as well as to strategic co-packers. These divestitures will enable DMFI to significantly improve capacity utilization at the remaining plants in its production network,” it said.

Del Monte Pacific announced in August it is divesting these facilities as a way to reduce costs.

Through the initiative, the company said it expects its EBITDA (earnings before interest, tax, depreciation and amortization) margins to increase by about 225-275 basis points (about $50–60 million) over the next two years.

DMFI said it is now on-track to exceed its EBITDA targets for the full-year ending April 2020.

Savings from its cost cutting efforts will be used to expand the company’s brands as it said it wants to ride on the current consumer appetite for “convenient, healthy and tasty plant-based foods.”

Aside from operational changes, Del Monte Pacific said it is currently exploring refinancing the approximately $1.4 billion loan of DMFI. This includes a $442.5-million asset-based loan facility, a $670-million first lien term loan and a $260-million second lien term loan, which are due to expire on Nov. 2020, Feb. 2021 and Aug. 2021, respectively.

“The group has continued to support the capital structure requirements and deleveraging efforts of DMFI, including the purchase, over the last 20 months, of approximately $231 million of DMFI’s second lien term loan,” it said.

Del Monte Pacific posted a net loss of $38.3 million in the first quarter ending July, a turnaround from the net income of $3 million last year, due to one-off expenses from the disposal of its assets in its Crystal City, Texas facility.

Shares in the company at the Philippine Stock Exchange climbed 0.22 points or 4.31% to close at P5.32 each on Tuesday. — Denise A. Valdez

Ant looks to join race for Singapore bank licenses

BILLIONAIRE Jack Ma’s Ant Financial Services Group said it may apply for a virtual banking license in Singapore, a move that would add a heavyweight contender to the race.

“We are actively looking into this opportunity,” Hangzhou, China-based Ant Financial said in an emailed response to questions from Bloomberg News.

The Monetary Authority of Singapore is offering as many as five digital banking permits to non-banks in a bid to open up the industry to new competitors. A successful entry by Ant Financial would pit China’s largest online financial company against traditional incumbents DBS Group Holdings Ltd. and Oversea-Chinese Banking Corp. in the growing market for digital banking in Southeast Asia.

While Ant didn’t disclose whether it will seek a retail or wholesale license, it will be easier for the Chinese firm to meet the conditions for the latter.

Singapore’s efforts to open up the banking industry to technology companies comes on the heels of a similar move in Hong Kong, where Ant and Chinese competitors including Tencent Holdings Ltd. obtained licenses earlier this year.

“The recent licensing of several China ‘Big Tech’ banks in Hong Kong represents the formal entry of such players into the international financial system,” said James Lloyd, the Asia-Pacific financial-technology lead for consulting firm EY. “It seems probable that Singapore will follow in this regard,” he said, while pointing out that foreign applicants have more room to maneuver with a digital wholesale bank rather than a full-services one.

There are up to two licenses on offer for full digital banks, which can serve all kinds of customers and require S$1.5 billion ($1.1 billion) in capital as well as local control. Another three would be for wholesale banks, which foreign firms can run and have a capital threshold of S$100 million.

OCBC, Southeast Asia’s second-largest lender, has agreed to join peer-to-peer lender Validus Capital Pte. and Temasek Holdings Pte’s venture capital arm to seek a wholesale license before the year-end application deadline. DBS, which operates a digital bank in India and Indonesia, hasn’t expressed any intention to seek a license.

Southeast Asia’s digital lending market is expected to more than quadruple to $110 billion by 2025, according to a report by Bain & Co., Google and Temasek Holdings Pte.

Ant SME Services (Hong Kong) Ltd. unit received a permit from the Hong Kong Monetary Authority in May to operate a virtual bank in the Chinese territory.

Ant’s payments app Alipay and its local e-wallet partners had about 900 million annual active users in China and 1.2 billion globally as of June, according to Bloomberg Intelligence. — Bloomberg

The nation through the eyes of young artists

JUSTIN ANGELO D.G. VITAL, 21, led the invocation at this year’s Shell National Students Art Competition (NSAC) awarding ceremony at the Glorietta Mall in Makati on Nov. 11. At that moment, he did not know that he was among the 12 winners to be awarded for their art depicting country’s reality, its citizen’s actions, and aspirations for its future.

Through the Pilipinas Shell Foundation, the Shell NSAC is one of the longest-running art competitions in the Philippines with the aim “to continue its legacy of recognizing and driving artists to excel.” Among the winners through its 52 years were the then starting out Benedicto “BenCab” Cabrera, José Joya, and Ang Kuikok, all of whom were later made National Artists.

“Shell continues to invest in programs that promote social development, because we believe in the power of the Filipino youth. We believe that they can influence the country towards a better and brighter future,” Pilipinas Shell President and CEO Cesar Romero said in a press release.

For its 52nd installment, the competition gathered 1,011 entries. Three winners were chosen in four categories — Watercolor, Digital Fine Arts, Oil/Acrylic, and Sculpture — reflecting the theme “ImagineNation.”

THE WINNERS
Mr. Vital of the Bulacan State University won 1st place in the Sculpture category for his work The Safe and Sound of Patong-Patong which depicts a house in the slums surrounded by 13 faces and standing on human legs. The artist explained that through the sculpture, he wanted to show his journey of living in various homes as he was growing up.

Mr. Vital told members of the press shortly after the ceremony that he wanted to show the positive perspective about his life.

“Kahit hindi ganoon kaganda yung bahay namin, babalik at babalik ka [din] sa bahay niyo. ‘Yun ang importance ng family (Even our house is not very nice, we will still return to it. That is the importance of the family),” Mr. Vital said, adding that he valued the sacrifices his parents made for their family and the advice they gave.

Rhichelle Kirk A. Tabanera of the Eulogio “Amang” Rodriguez Institute of Science and Technology won 1st place in the Oil/Acrylic category for her work Still Standing. it depicts a standing figure holding a flower in its right hand as it moves forward through a flood.

Watercolor category 1st place winner Nicolle T. Plamer of the Eulogio “Amang” Rodriguez Institute of Science and Technology describes her work titled Gising Sanip — a portrait of a young boy with windows as eyes.

Jemill B. Pangilinan of the Technological University of the Philippines won 1st place in the Digital Fine Arts category for his work Rich Mind, Rich Land, a black and white portrait of a farmer.

The 2nd and 3rd place winners are: Nemesis B. Manahan’s Let There Be Light and Trinkher Q. Nogueras’ Mag-aaral in the Oil/acrylic category; Jarren V. Dahan’s May Layang Lumipad and Paul John V. Galagar’s Pira-piraso in the Watercolor category; Wendi T. Patoc’s Pagsibol and Sherlyn A. Belga’s Key Roots in the Sculpture category; and Keith Andrew M. Sescon’s Transparency and Andrei Timothy D. Barrantes’ The Maker in the Digital Fine Arts category. The winners each received a cash prize, a plaque, and art supplies.

The exhibition of the top 100 entries runs until Nov. 23 at the Activity Center of Glorietta 4 in Makati City. — Michelle Anne P. Soliman

SEC warns public vs free ‘financial training’ seminars

THE Securities and Exchange Commission (SEC) is warning the public against a new investing scheme that operates under the guise of free training seminars on financial derivatives to lure people into buying securities.

In an advisory posted on its website last week, the country’s corporate regulator said it is now studying the spread of such training seminars -often claiming to provide information on trading in foreign exchange, commodity futures contracts and contracts for difference — which end up as fronts for the illegal sale of unregistered securities by unlicensed brokers.

The SEC said these seminars are allegedly conducted by local and foreign experts, who assist participants in investing in securities through online investment platforms that are supposedly registered overseas.

“It must be clear that the SEC does not allow the registration of Foreign Exchange, Commodity Futures Contract, Contracts for Difference and other similar derivatives nor their brokers as the pertinent rules governing these securities remain suspended pursuant to Rule 11 of 2015 Implementing Rules and Regulations of the Securities Regulation Code,” it said.

“Aside from the illegality of the offering and the non-registration of brokers, these… derivatives are highly volatile and high-risk,” it added.

The SEC said some have reported being tricked in such schemes, wherein they lost more money than initially invested.

“[T]he public is hereby advised to be cautious in dealing with the promoters and trainers in these free seminars and to stop investing in foreign-registered investment electronic platforms offering Commodity Futures Contract, Foreign Exchange, Contracts for Difference and similar derivatives,” it said.

In separate advisories, the SEC also warned the public against investing in the following groups: Give and Share E-Commerce Solutions, Inc./ GAS E-Commerce Solutions, Inc.; Financing International-Casino/ Casino VIP Financing by Cathlyne Papasin/ Casino VIP Financing/ Fortune Dragon Casino Financing; CoinDeOro Holdings, Inc./Coin De Oro; and Payasian Solutions Pte. Ltd./ Payasian Pte. Ltd. Corp.

The regulator said these groups are not authorized to solicit investments as they do not have the required registration and/or license from the SEC to be engaged in such business. — Denise A. Valdez

China cryptocurrency crackdown elicits appeal

CRYPTO GIANTS Binance Holdings Ltd. and Tron have been banned on China’s largest micro-blogging service amid what appears to be fresh steps to crack down on digital currency trading.

The official accounts of exchange operator Binance and blockchain platform Tron were suspended by Twitter-like Weibo last week. At the same time watchdogs in Shanghai issued notices calling for a cleanup of companies involved in cryptocurrency trading, while one in Beijing warned against illegal exchange operations.

The latest crackdown came after President Xi Jinping urged faster development of blockchain last month, hailing it as one of the core technologies requiring China-led innovations. Xi’s remarks spurred companies to jump on the blockchain bandwagon to drive share prices. State media have warned against the frenzy.

The Shanghai headquarters of China’s central bank and the city’s financial regulator said in a notice they co-signed on Nov. 14 that local government agencies should work with any companies under their supervision that are tied to cryptocurrency to exit such business immediately, Bloomberg News has reported.

A Binance spokeswoman said Monday that Weibo suspended the exchange’s account last Wednesday, before the notice was issued, adding that the social media platform didn’t give a reason. Binance is appealing the decision, she said. Tron founder Justin Sun told Bloomberg on Monday that he doesn’t think the Weibo account shutdown is related to the government notice. Tron is working to restore the account.

Weibo didn’t respond to requests for comment.

In the notice, the Shanghai regulators cited an order from China’s top internet-finance watchdog, which they said is concerned about the resurgence of speculative bubbles after the recent promotion of the blockchain technology that underpins cryptocurrencies such as Bitcoin.

A representative with the Shanghai branch of the People’s Bank of China confirmed the authenticity of the notice, which has been circulating online, but referred to the city’s financial-stability office for comment. Calls to that office went unanswered.

A separate announcement, published on the website of Beijing’s financial regulator on the same day, warned against the risks of illegal operations of financial-asset exchanges in the capital — but didn’t cite crypto specifically.

Bitcoin fell 0.3% on Tuesday to $8,191 as of 8:08 a.m. Hong Kong time, dropping a fifth straight day.

While China is an avid supporter of blockchain — the central bank is working on its own digital currency — authorities have waged a two-year campaign to restrain crypto activities amid concerns like speculation, fraud and capital flight. In 2017, China ordered an end to exchange trading of digital currencies, but trades are still rampant through alternatives like over-the-counter channels offered by exchanges Huobi and OKEx. Malta-based Binance also recently started to host OTC yuan trading.

“We want to follow the recommendations very closely, and we want to promote the blockchain research and development,” Binance Founder and Chief Executive Officer “CZ” Zhao Changpeng told Bloomberg Television last week about its China strategy. “We just want to help where we can.”

Zhao said Binance doesn’t have an office in Beijing, following a recent report from industry publication CoinDesk that it’s planning to open one that cited two unnamed sources. The Binance spokeswoman said Monday that the exchange doesn’t have fixed operations in mainland China at the moment.

As for Tron, its controversial Chinese founder apologized in July for “excessively” promoting his charity lunch with Warren Buffett, noting it raised concerns among authorities. The lunch that Sun had won with a more than $4.6 million bid at auction was delayed and still appears not to have been rescheduled. — Bloomberg

MullenLowe’s NOVA Awards Manila shortlist out

MARKETING communications company MullenLowe has announced the shortlist for its inaugural NOVA Awards Manila which “celebrates the work of the Philippines’ most talented artists,” according to a company release.

“Bringing the MullenLowe NOVA Awards to Manila is our way of giving back to the bigger design and arts community that in a way, allows industries like advertising to thrive with fresh creative talent that challenge the norms,” Alan Fontanilla, managing director of MullenLowe Open, said in the release. MullenLowe Open is the firm’s customer experience activation arm.

The NOVA Awards is a nine-year-old program where the grand prize winner, judged by a panel, will receive a short-course scholarship by Central Saint Martins, University of Arts in London.

The Philippine leg of the awards shortlisted 10 artists and their entries: Maco Custodio of Lalapatos, a sustainable footwear brand using woven pre-consumed foil; Particles by Dexter Fernandez, a visual work which used silk-screened prints, balloon, and resin to create his garapata (Filipino for tick) aesthetic; The Deconstructed Garden by MJ Suayan, a visual artist who combines photography and techniques such as burning, scratching, and chemical treatment to create his entry; Non-space, Panorama by AK Ocol, a triptych was made using a “panoramic glitch to overload and produce a fake image,” according to a release; Passion, Place, Privilege by Emmanuel Carmelo Nadera II, is an attempt “to immortalize the forms, materials, and processes consistent to the design of the Philippine High School for the Arts’ Makiling Campus” as the campus moves to a new site in Laguna,

Also included in the shortlist are: Jerome Lorico’s The Labyrinth, a mixed media piece which doubles as a “commentary about how man devices things to trap himself consciously or unconsciously,” and how humanity is both suspect and victim; Anna Orlina’s Mon’s Drian, a glass sculpture made as an ode to her father, famed glass sculptor Ramon Orlina (the piece is said to a play on words on Mr. Orlina’s name and his favorite artist, Piet Mondrian); Harold Delima, Leslie Angbue-te, and Jean Michael Diosma’s Within Water: Beyond Water is technically a water filtration system but one that “brings to life the beauty and wisdom of water” as the installation attempts to draw the viewer beyond the “simplicity” of the filtration process; Mamuro Oki and Abraham Guardian’s Mama! Mama! I Feel Quaint, is a collection of deconstructed mannequins that talks “about emotions that are in limbo, of feeling neither joy or sadness”; and finally, Ken Samudio’s Below Sea Level, a jewelry collection using upcycled plastic, wood beads, and recycled upholstery leather backing, meant to mimic “the color, texture, and beauty of the coral reefs.”

The judges for the NOVA Awards in Manila are furniture designer Kenneth Cobonpue, sculptor Leeroy New, fashion designer Len Cabili, photographer Mark Nicdao, and fashion designer JC Buendia.

The shortlisted entries will be exhibited during the final awards program on Nov. 29 in Poblacion Makati. — Zsarlene B. Chua

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