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Century Properties’ 9-month earnings hit P1.2 billion

EARNINGS of Century Properties Group, Inc. (CPG) surged 81% in the nine months to September due to the completion of projects.

In a statement yesterday, CPG said its net income reached P1.2 billion in the January to September period, from P661 million a year ago. The figure also exceeds the P1.1 billion profit recorded for the full year 2018.

Revenues during the nine-month period jumped 36% to P9.8 billion, which the company traced to its diversification efforts of its business segments.

“We are very confident because the plan is materializing and income contributions from our new businesses are growing,” CPG President and Chief Executive Officer Marco R. Antonio was quoted as saying.

The in-city vertical developments of CPG contributed P773 million or 65% of the company’s revenues during the period. Affordable housing added P220 million or 18%, the leasing business accounted for P166 million or 14%, and property management pitched in P35 million or 3%.

The company was able to finish four projects during the nine-month period, and substantial completion of three more projects is expected in the last two months of the year.

“We expect to sustain the company’s strong performance in the coming months which will be supported by our upcoming project completions and the pipeline that is aligned with our diversification strategy. We are continuously mindful of keeping our balance sheet robust and healthy and making our operations even more efficient,” CPG Chief Finance Officer Ponciano S. Carreon, Jr. said in the statement.

The developer did not provide third quarter figures. — Denise A. Valdez

ICTSI income jumps 7% in third quarter

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) posted a 7% increase in net income attributable to equity holders in the July-September period, as revenues from port operations grew 5%.

In a regulatory filing, ICTSI reported an attributable profit of $56.4 million in the third quarter, bringing the nine-month figure to $184.9 million — which was 29% higher than a year ago.

The Razon-led company attributed the profit growth to “strong operating income contribution from the terminals in Democratic Republic of Congo, Iraq, Mexico, and Manila and Subic in the Philippines; new contracts with shipping lines and services at Victoria International Container Terminal (VICT) in Melbourne, Australia; continuing ramp-up at the new terminals in Papua New Guinea; and a decrease in equity in net loss at Sociedad Puerto Industrial Aguadulce S.A. (SPIA), its joint venture container terminal project with PSA International Pte Ltd. (PSA) in Buenaventura, Colombia.”

However, ICTSI said the growth was tempered by “acceleration of debt issue costs associated with the partial prepayment of Euro-denominated term loan in July 2019 and the non-recurring gain from the interest rate swap related to the prepayment of the project finance loan at its terminal operations in Manzanillo, Mexico in 2018.” Excluding these one-off items, net income would have jumped 34% in the nine-month period.

Revenue from port operations went up by 3% to $355.6 million during the third quarter, and by 10% to $1.1 billion during the January to September period.

The global port developer and operator said total consolidated throughput rose 5% to 2,548,175 twenty-foot equivalent units (TEUs) in the quarter ending September, bringing the nine-month tally 6% higher to 7,590,090 TEUs in the first nine months.

Consolidated financing charges and other expenses jumped 7% to $95.2 million on higher debt issue costs.

“ICTSI has continued to deliver strong financial performance driven by organic volume growth, diligent cost management, and the continued ramp up of newer terminals. Positive progress has been made across the business which in part has been enabled by the prudent investments we make in our brownfield terminals.

While we remain conscious of the current geopolitical trade tensions, we are well-positioned to deliver value for all our stakeholders,” Enrique K. Razon, Jr., chairman and president of ICTSI, was quoted as saying in a statement.

The company said it spent $177.7 million out of the $380-million capital expenditure budget as of end-September.

Fil-Am editor, art director win top Palanca awards

By Susan Claire Agbayani and
Michelle Anne P. Soliman
Reporter

“The truth may be stretched thin, but it never breaks, and it always surfaces above lies, as oil floats on water.” — Miguel de Cervantes Saavedra’s Don Quixote, as cited by Criselda Dang Cecilio-Palanca during her speech on behalf of the Palanca family at the Palanca Awards.

FILIPINO-AMERICAN freelance editor Reine Arcache Melvin flew in from Paris for just two days to receive one of two grand prizes at the 69th Carlos Palanca Memorial Awards for Literature at the Rigodon Ballroom of Peninsula Manila on Friday night.

A former International Herald Tribune editor, Ms. Melvin received the Grand Prize for the Novel category for The Betrayed, which is her “first completed novel.” It was published by the Ateneo de Manila University Press last year, which also published her The Normal Life, an anthology of short stories many years ago.

“(The Betrayed) takes place in the immediate period after Martial Law. It’s a story of two sisters who love the same man. But the background is (about the) political uprising going on. It’s really a story of how people (who) try to do good or to find their own personal satisfaction in a very narrow sphere, unwittingly or from a lack of vision can do extreme harm, to themselves, to other people, and the country. It’s a lot about violence and corruption, but by people who are a little bit clueless — who don’t actively mean to do harm — but can create tremendous destruction despite themselves,” Ms. Melvin told BusinessWorld prior to the awarding ceremonies.

Meanwhile, GMA News and Public Affairs Art Director Jerking Guzman Pingol, 36, was the Grand Prize winner of the Nobela category for Agaw Anino, a 350-page, three-volume novel in Filipino.

Mr. Pingol described his novel as a coming-of-age story of a group of children who are born at a time when “kababalaghan (mystery), myth, and the aswang (evil spirits) are fading” and they seek these things out, but this search leads to tragedy.

Talking to BusinessWorld, Mr. Pingol said his novel shows changes in society, and culture. He is considering transforming the novel into a graphic novel.

The Palanca’s Novel and Nobela categories are open only every two years.

HALL OF FAME AWARDS
Translator, retired editor, and Insiang co-screenwriter Lamberto E. Antonio, 73, braved the distance from his native Cabiao, Nueva Ecija to accept the Palanca Hall of Fame Award. Mr. Antonio has received 10 Palanca awards, five of which were 1st prize awards for his poetry collections in the years 1976, 1977, 1999, and 2019; and for his essay “Bakasin mo sa Bakasyon” in 1999.

Professor Vim Nadera read excerpts from “Pinakamagandang Pagluha sa Balat ng Lupa,” “Uliliang Mandirigma,” and “Hain sa Gitna” from Mr. Antonio’s award-winning 2019 poetry collection titled Turno Kung Nokturno at iba pang Tiyempo ng Rilyebo sa Pagberso last Friday.

Mr. Antonio, who has been writing for over half a century, told BusinessWorld after the awarding rites, “I started writing in 1965 — without letup. My first love was fiction. But I branched out to poetry, then essay, then — the art form of the 20th century: film (where he was contemporaries with Pete Lacaba),” until he got into journalism and worked as an editor for 30 years for Manila Times and Diyaryo Filipino.

At 73, he is not slowing down. Mr. Antonio started writing in English, and wishes to go back to writing in that language because of the “information age” and because it’s an international language. He is reviewing his Spanish, and is also studying Italian and French. He wants to write a literary biography about what’s happening in the country (“like Samuel Taylor Coleridge”).

He said a writer should mine folk wisdom; and that it’s important to combine what’s traditional and modern to give readers a choice.

Entering the Palanca Hall of Fame would give him the impetus to continue writing, he said. However, “Manalo’t matalo, sumusulat ako. Hindi naman nagre-retire ang writer hanggang di patay.” (Whether I win or not, I write. A writer doesn’t retire until he dies.”)

Mr. Antonio co-wrote the screenplay of Lino Brocka’s Insiang (1976), the first Philippine film to be shown at the Cannes Film Festival in 1978. He is the author of critically acclaimed books and has translated the works of Gabriel Garcia Marquez, Rainer Maria Rilke, Rabindranath Tagore, and Leo Tolstoy, among others.

FIRST PRIZE FOR FIRST WIN
Chavacano-speaking Zamboangeña Mary Honeylyn Joy Alipio won first prize in what was her very first Palanca win for the Filipino division of full-length screenplay for Teatro Pacifico (Pacific Theater).

“It’s a period play set during the Japanese occupation of the Philippines in World War II. It’s about Filipinos who were working in the film industry when the Japanese forces arrived in the Philippines, and the colonizers prohibited the production of films because our filmmaking was patterned after Hollywood. The Japanese forces closed theaters, confiscated film equipment… When the sense of normalcy was restored, there emerged the golden years of theater or vaudeville,” Ms. Alipio said in Taglish during an interview with BusinessWorld before the awards were given.

Ms. Alipio said that director Paul Soriano commissioned her to write the screenplay, and that she and director Bing Lao had to hire four to five readers, and pored over 50 books in order to write a faithful interpretation of this part of our history.

De La Salle University (DLSU) Literature and Creative Writing professor Eros Atalia is now one 1st prize short of joining the Palanca Hall of Fame. He received his 7th (or 8th, he’s not sure) Palanca award, and his 4th first prize win for the short story “Si Etot,” which is about love in the time of EJK. The story revolves around Etot, who is going to be treated by a girl during a date for the first time. However, he never shows up because he is picked up by the police and is summarily killed during due to “mistaken identity.”

Mr. Atalia told BusinessWorld that he got his inspiration from the story of EJK casualty Kian de los Santos. He is hoping that this work of fiction will be included in the anthology of short stories he is publishing next year.

Adrian Carl Pescador, 31, won two awards on his first try. The MBA-turned-MA Creative Writing major and LGBTQ champion won 2nd place for Daddy Complex in the One-Act play in English category, and 3rd place for “Neon English” in the Short Story in English category.

The evening continued with a posthumous award given to Milagros Palanca Furer “in recognition to her being the proponent of the Carlos Palanca Memorial Awards for Literature, sponsored by the Palanca family, which spurred creative writing in the country and for unwavering dedication to the interest of the Filipino writer.”

ANSWERING SERIOUS QUESTIONS
This year’s first prize winner for the Maiking Kwentong Pambata (Filipino Division) of the Palanca Awards narrates the experience of teachers and families who were evacuated during the Marawi siege in his winning piece.

Luis P. Gatmaitan was inspired to write “Maselan ang Tanong ng Batang si Usman” after an immersion with Maranao teachers who had evacuated to Cagayan de Oro from Marawi City during the siege in 2017. The pediatrician-writer had been sent by the Cultural Center of the Philippines Arts and Education Department to conduct arts therapy sessions with the teachers. One day, a teacher talked about her son who asked a difficult question.

To paraphrase the boy’s question, Mr. Gatmaitan said: “Bakit ang kinakampihan natin sa giyera ay mga sundalo? ‘Di ba ang sundalo ay Kristiyano? (Why do we side with the soldiers in the war? Aren’t the soldiers Christians?),” Mr. Gatmaitan told BusinessWorld prior to the ceremony. Mr. Gatmaitan said that the boy was confused, believing that Muslims should support their fellow Muslims. The teacher — the boy’s mother — did not have an answer.

“I pondered on the question. Then one day, I decided to write a story to answer it,” Mr. Gatmaitan said.

He added that in writing about serious topics for children, the author should be mindful of their use of vocabulary in storytelling.

Nasa maingat na kamay ng isang manunulat kung paano niya tatalakayin ang isang difficult topic. (It is in the hands of the writer how they will tackle a difficult topic.) I believe that any topic can be written for kids, kahit gaano pa siya ka-complicated (despite how complicated it is),” he said.

EXPLORING WRITING
Multi-awarded writer and recipient of three Palanca Awards, Dr. Cristina Pantoja-Hidalgo was the Guest of Honor and Speaker at this year’s awarding ceremony and recipient of the Gawad Dangal ng Lahi award.

Dr. Pantoja-Hidalgo, Professor Emeritus of English and Comparative Literature at the University of the Philippines. She is a multi-awarded fictionist, critic, and pioneer of creative nonfiction (CNF) in the Philippines, and has published more than 40 books: novels, short story collections, numerous CNF collections, autobiographical travel books, and literary criticism focusing on women’s literature. She has received three Palanca awards — including the Grand Prize for Novel in 1996 for Recuerdo — and is the Director of the Center for Creative Writing and Literary Studies of the University of Santo Tomas.

In her speech, Dr. Pantoja-Hidalgo posed the question: “How long will writers keep wanting to write and trying to produce the kind of writing that wins a Palanca award?”

She urged writers to explore various types of writing from pop fiction to “hard” literature or “serious literature” (a term she recently encountered for the first time in the publishing industry) to which she gave her own definition as “literature that is carefully crafted, literature that seeks to explore ideas which the writer feels strongly about, literature that is written, not just to share experiences, but to offer insights about its subject.”

While acknowledging the emergence of various platforms from Wattpad writing to online self-publishing as opportunities for writers to share their stories, Ms. Pantoja-Hidalgo noted that young writers have to figure out several things as they go along: “First, what kind of books do they want to write? Second, what kind of writers do they want to be, or think they can be? Third, do they mainly want to entertain readers, or to challenge them intellectually, or to influence them politically? Do they want to make as much money as they can? Or do they want to write in the best way they know how? Or do they want to try and do both? And, finally, how do they want their books distributed — by commercial publishers? by academic publishing houses? by themselves, online and in small expos?

“These choices will be determined by what they believe the function of literature is in a country like ours, at the time in which we live, and what role they want to play in it as writers. Because I am a writer who is also a publisher, I understand the need to be commercially viable. But, as an educator, I also believe that public service is an important responsibility of the publishing industry. And this means recognizing that expanding the market for books is important, not just for bigger profits, but because more educated citizens make more mature citizens — an indispensable element for any experiment in democracy like ours.

“In concrete terms, this means: on the one hand, accepting the level at which most of our reading public is — what it’s willing to read, what it enjoys reading — and, on the other hand, committing at least a part of the resources available to producing books which will upgrade standards and tastes,” she said.

She concluded: “We will observe, we will record, we will protest. Above all, we will remember. And, we will endure.”

Dennis Uy gobbles up Wendy’s Philippines

DAVAO-BASED businessman Dennis A. Uy continued to expand his holding company Udenna Corp. as it snapped up all 51 Wendy’s restaurants in the Philippines.

Udenna’s food group subsidiary, Eight-8-Ate Holdings, Inc. is now the master franchisee of Wendy’s in the country.

“Food is a basic need and Filipinos love to eat. We want to be in industries where there is growth and we will continue to expand our footprint in the restaurant space by offering quality, affordable dining out options,” Mr. Uy, chairman and CEO of Udenna, was quoted as saying in a statement.

The Wendy’s deal is part of Udenna’s continued expansion in the food industry, after its acquisition of Philippine FamilyMart and Conti’s Bakeshop.

“The Philippine food service industry is growing at a phenomenal rate. The booming population, strong economic performance, rising incomes, increasing demand for convenience, and cuisine curiosity will continue to drive this growth for years to come. Eight-8-Ate wants to take a sizable bite of the opportunity,” Joey Garcia, Eight-8-Ate president and CEO, said.

Udenna is the holding company for Mr. Uy’s businesses, which include petroleum and oil through Phoenix Petroleum Philippines, Inc.; shipping and logistics through Chelsea Logistics Holdings Corp.; real estate through Udenna Development; infrastructure through Udenna Infrastructure; and education through Enderun Colleges.

And the winners are….

THIS YEAR’S Palanca Awards — given out on Nov. 8 at the Rigodon Ballroom of The Peninsula Manila hotel in Makati — accepted 1,167 entries which were then evaluated by 63 authors, poets, and academics who determined which literary compositions deserved to be conferred the prestigious award. There were 22 categories with 56 winning writers — 32 of whom are first-time awardees.

Named after the businessman and philanthropist Don Carlos Palanca Sr., the Palanca Awards was founded in 1950 with the aim to “enrich Philippine Literature by giving incentives to writers and serving as a treasury of Philippine literary gems.” It is the longest-running literary competition in the Philippines.

As of September 2019, the Palanca Awards collection consists of 2,499 winning works composed of 640 short stories, 414 collections of poetry, 256 essays, 388 one-act plays, 219 full-length plays, 60 teleplays, 77 screenplays, 187 stories for children, 34 futuristic fiction stories, 122 student essays, 44 novels, and 58 collections of poetry written for children in English, Filipino, Regional Languages, and Kabataan Division.

The full list of winners follows:

KABATAAN DIVISION
• Essay — 1st prize: Enrico Miguel Pe Aguirre Perez, “Thoughts on Eden”; 2nd prize: Criscela Ysabelle A. Racelis, “Before You Click”; 3rd prize: Ann Jeline R. Pablo, “The Naught of What-is, What-ifs, and Whats-not”

• Sanaysay — 1st prize: Marielle M. Calicdan, “Echo Mula Sa Gatilyo”; 2nd prize: Mark Andy Pedere, “Sa Pilang Salungat sa Manghuhula at Bolang Kristal”; 3rd prize: Adrian Pete Medina, “Pregonir Noon Akto-o He’n Fa Gali Em (May Katotohanan pa pala)”

FILIPINO DIVISION
Nobela — Jerking Guzman Pingol, Agaw-anino

Maikling Kwento — 1st prize: Eros S. Atalia, “Si Etot”; 2nd prize: Benjamin Joshua L. Gutierrez, “Dahil Wala Kaming Tubig”; 3rd prize: Allan Alberto N. Derain, “Hilaw at Luto sa Bangkete ni Kapitan Gimo

Maikling Kwentong Pambata — 1st prize: Luis P. Gatmaitan, “Maselan ang Tanong ng Batang si Usman”; 2nd prize: Victoria Estrella C. Bravo, “Ako ang Kuya”; 3rd prize: Jacqueline V. Franquelli, “Anak ng Tinapay

Sanaysay — 1st prize: Marianne Mixkaela Z. Villalon, “Form & Content: Sandata sa Panahon ng Disimpormasyon at War on Drugs”; 2nd prize: Wilfredo O. Pascual, Jr., “Sumasaiyo”; 3rd prize: Reson A. Gregorio, “Wala sa Langit si Hesus

Tula — 1st prize: Lamberto E. Antonio, Turno Kung Nokturno at iba pang Tiyempo ng Rilyebo sa Pagberso; 2nd prize: Ralph Lorenz G. Fonte, Ang Wika ng Dagat ay Layo; 3rd prize: Allan John Andres, Yaong Hindi Maaaring Hawakan nang Buo

Tula para sa mga bata — 1st prize: no winner; 2nd prize: John Romeo L. Venturero, Ganito sa Pabrika; 3rd prize: German Villanueva Gervacio, Ang Totoo Raya, ang Ulan ay Luha ng Bituin

Dulang May Isang Yugto — 1st prize: no winner; 2nd prize: Chona M. Fernando, Beach House; 3rd prize: Bridgette Ann M. Rebuca, Transient Lovers

Dulang Ganap ang Haba — 1st prize: Dustin Edward D. Celestino, Ang Duyan ng Magiting; 2nd prize: Mario L. Mendez, Jr., Ang Huling Mambabatok; 3rd prize: Bonifacio P. Ilagan, Junix at Maricel

Dulang Pampelikula — 1st prize: Mary Honeylyn Joy E. Alipio, Teatro Pacifico; 2nd prize: Jaymar Santos Castro, Angkas; 3rd prize: Rodolfo C. Vera, Nana Rosa

REGIONAL DIVISION
• Short Story (Cebuano) — 1st prize: Roehl Joseph A. Dazo, “Binignit”; 2nd prize: Januar E. Yap, “Ang Haya ni Tasyo”; 3rd prize: Jondy M. Arpilleda, “Armas

• Short Story (Hiligaynon) — 1st prize: Alice Tan Gonzales, “Si Ena sa Kasisidmon”; 2nd prize: Ritchie D. Pagunsan, “Pakutkot”; 3rd prize: Anthony B. Capirayan, “Ang mga Retrato sang Dalaga

• Short Story (Ilocano) — 1st prize: Edison B. Tobias, “El Quinto”; 2nd prize: Daniel L. Nesperos, “Ti Kayo”; 3rd prize: Remedios S. Tabelisma-Aguillon, “Naisangsangayan a Sangaili

ENGLISH DIVISION
• Novel — Reine Arcache Melvin, The Betrayed

• Short Story — 1st prize: Kathleen Osias, “James Machine”; 2nd prize: Rayjinar Anne Marie de Guia Salcedo, “Death for Serafina”; 3rd prize: Adrian Carl M. Pescador, “Neon Blindness”

• Short Story for Children — 1st prize: Juanita Roxas Singer, “Pretty Peach and The Color-Matching Kaleidoscope”; 2nd prize Victoria Estrella C. Bravo, “Hair”; 3rd prize Daisy Ruth Oñate Sohne, “The Accidental Adventure of Bubalus Bubalis”

• Essay — 1st prize: Jocelyn G. Nicolas, “The Age of the Missing”; 2nd prize Josephine V. Roque, “Ashfall”; 3rd prize: Michaela Sarah De Leon, “Call Me A Book ‘Editor,’ I Dare You”

• Poetry — 1st prize: Regine Miren D. Cabato, Notes from the Field; 2nd prize: Rodrigo V. Dela Peña, Jr., Pentimento; 3rd prize: Alvin Dela Serna Lopez, Departures

• Poetry Written for Children — 1st prize: no winner; 2nd prize: no winner; 3rd prize: Mia A. Buenaventura, What Magical Fur is This? And Other Poems

• One-act Play — 1st prize: Peter Zaragoza, Mayshle Dolorosa; 2nd prize: Adrian Carl M. Pescador, Daddy Complex; 3rd prize: Maria Amparo Nolasco Warren, The Root of all Magic

• Full-length Play — 1st prize: Justin Michael A. Naniong, Changelings; 2nd prize: Rolando S. Salvaña, Mercy Country; 3rd prize: Lito Casaje, Theoria Republica

Isuzu seeks DTI meeting over proposed safeguard duty on automobile imports

ISUZU Philippines Corp. (IPC) is seeking to meet with the Department of Trade and Industry (DTI), which is evaluating a petition seeking the imposition of safeguard duty on imported vehicles.

IPC President Hajime Koso said on Tuesday the IPC’s imports will be affected by safeguard measures, but has yet to evaluate the possible impact on operations.

“We have to start discussion with government very carefully,” he told reporters on the sidelines of a company event.

Around sixty percent of Isuzu vehicles sold in the Philippines, he said, are imported. Most come from Indonesia, Thailand, and Japan.

In its petition filed with the DTI, the Philippine Metalworkers Alliance cited a causal link between automotive import growth and the decline in Philippine employment in the automotive industry.

On Tuesday, IPC launched its newest lightweight truck Isuzu Travis, which covers the “last mile” delivery items of retail stores and door-to-door deliveries.

Mr. Koso said that IPC currently has no plans to assemble this vehicle in the Philippines.

Asked if IPC would consider increasing its automotive production in the Philippines, he said the company may do so if offered incentives and a long-term parts localization plan.

“The cost comparison is higher,” Mr. Koso said. “In the future, if our government supports something, we have the potential to assemble this vehicle with this country,” noting the draw of incentives such as tax breaks.

“If we decide to assemble the vehicle here, we need the support of parts suppliers,” he added.

He used Thailand’s automotive industry growth as an example for further localization.

“I would like to ask [the Philippine] government to make sure [there is a] long term strategy in terms of localization program. In Thailand, they are very successful in the automotive industry… when the Thai government decided to assemble the one-ton pickup truck,” Mr. Koso said.

“Government gave manufacturing a very big benefit — not only Isuzu — most pickup manufacturers transferred from Japan or other countries to Thailand. And then pickup manufacturing business went up.”

IPC currently has trucks assembly production of light and medium-duty trucks in the Philippines. The company had discontinued local production of the D-Max, cutting around 70 jobs temporarily. The Philippines imports the vehicle from Thailand.

IPC now has 600 employees in total, Mr. Koso estimates, from around 700 five years prior. — Jenina P. Ibañez

The memory of Cats

COMPOSER Andrew Llyod Webber’s first memory of T.S. Eliot’s Old Possum’s Book of Practical Cats was of his mother reading the poems to him at bedtime when he was six-years-old.

“It was in 1978 that I first thought about setting the poems to music, partly because I wanted to discover if I could write melodies to existing work,” Mr. Webber wrote in the playbill of Cats the Musical. “I began playing around with a more theatrical order of the poems but at no time did I think of turning them into a full blown musical, although I vaguely toyed with the idea of a companion piece to my Variations album, my first solo hit that I wrote for my cellist brother Julian and his rock band.”

When Mr. Webber met T.S. Eliot’s widow, Valerie at the Sydmonton Festival in 1980, she brought with her an unpublished poem “Grizabella The Glamour Cat” and told the composer that Mr. Eliot “thought it was too sad to publish in a children’s book.”

“I remember reading the short poem in front of her,” wrote Mr. Webber. “My heart raced. Something in me was already seeing that I wasn’t dealing with a concert piece anymore.”

Cats the Musical premiered at the New London Theater in 1981 where it played for 21 years. The musical has been presented in 30 countries and translated into 15 languages.

The story is set in a junkyard where the Jellicle cats meet for the annual Jellicle Ball where their benevolent leader Old Deuteronomy chooses which cat goes up to The Heaviside Layer to be reborn to a new Jellicle life.

The award-winning musical has returned for its second staging in Metro Manila and runs until Dec. 1 at the Theater at Solaire.

BEHIND THE CURTAIN
During a media call on Nov. 7, Cats the Musical’s stage manager Jordan Goff led members of the press on a backstage tour.

Mr. Goff explained that the stage — the components of which fill eight shipping containers — takes two days to set up. The stage is also structured on a slope and is “difficult to dance in.” He noted that the stage design “helps with the perspective” to suggest that the humans are cat sized.

Behind the right wing of the stage are vanity tables and racks of hand-painted costumes made from lycra of which each character has three sets. Fun fact: Old Dueteronmy’s wool coat weighs 14 kilograms. Lastly, Mr. Goff showed one of his favorite props — a “cockroach” headpiece made with tea strainers for the eyes, black bin liners, and bottle brushes for the antenna.

“Everything onstage or part of the set is designed to look like it was part of the junkyard or made by the cats,” he said.

FOR ALL AGES
The current tour features the staging of the version of Cats which played at the London Palladium in 2015.

According to producer David Ian, Mr. Webber reunited with the original creative partners, set designer John Napier and choreographer Gillian Lynne, for this staging.

“He (Mr. Webber) introduced a couple of new members, he changed some of the music, [Lynne] changed some of the choreography. John [Napier] did a few bits and pieces and changes to the set. And that’s very much the production that we’re bringing here,” Mr. Ian said.

Directed by Dane Quixall, the musical features Filipino singer Joanna Ampil as Grizabella, the former glamour cat. Mr. Ian noted that having have Ms. Ampil perform for the Manila run was intentional. Ms. Ampil first played the role at the UK and European tour from 2013 to 2014.

“Joanna has played Grizabella for several years. And I’ve always wanted to bring the show to Manila. And I’ve always said [to Joanna], I only want to do Manila if you’re available to play Grizabella,” he said.

Ms. Ampil did not hesitate to do the show for this year’s Manila staging. “I just love the fact that it’s a different challenge for me because I get to dance in the start, and having to sing “Memory” every night is a privilege,” she said.

Ms. Ampil will also join the production in Singapore after the Manila leg.

One of the longest-running shows on the West End and on Broadway, Cats the Musical is a show for all ages. “[Y]ou can either be eight-years-old or 80-years-old and you can enjoy it,” Mr. Ian said.

Cats the Musical runs until Dec. 1 at the Theater at Solaire. For more information, visit www.catsthemusical.com. Tickets are available at TicketWorld (891-9999, www.ticketworld.com.ph). — Michelle Anne P. Soliman

Shang Properties earnings up 14% in July-Sept

SHANG Properties, Inc. increased its earnings by 14% during the third quarter on higher revenues.

In a regulatory filing, the listed property developer said its net income during the July to September period stood at P1.35 billion.

Total revenues during the period grew 8% to P5.7 billion, as total costs inched up 3% to P2.92 billion.

Year to date, the company’s net income climbed 8% to P2 billion as revenues saw a 3% uptick to P8.47 billion. A 1% slip in expenses to P3.97 billion helped keep the company’s bottomline higher.

Shang Properties said its “turnover sales,” or revenues from sales of condominium units, rental and cinema, hotel operations and other income increased 2.5% to P8.7 billion during the three quarters

Broken down, sales from residential condominium units went down 7% to P3.47 billion, making up 40% of the company’s total revenues.

Revenues from leasing operations amounted to P2.36 billion, 6% higher than in the same nine-month period last year, which accounted for 27% of the pie.

Hotel operations generated P2.64 billion in the three quarters, up 16% from last year. The company specifically said its Shangri-La at the Fort brand in Taguig City contributed P2.6 billion in revenues during the period.

Shang Properties’ core businesses involve office and retail leasing and residential development. It is the listed operator of the Shangri-La Plaza mall and has a stake in the owner of The Enterprise Center.

Among its other projects are The Shang Grand Tower, The St. Francis Shangri-La Place, One Shangri-La Place, Shang Salcedo Place and Horizon Homes.

Shares in Shang Properties slipped 0.06 points or 1.82% to P3.24 apiece on Tuesday. — Denise A. Valdez

Dreams and travels on canvas

IMAGES OF butterflies in acrylic paint and figures of love and humanity made with laser-cut steel are the highlights in Ross Capili’s Tales and Trails, the 11th installment of Conrad Manila’s “Of Art and Wine” series.

The painter, photographer, and digital artist held his first solo exhibition in 1981 and has since mounted over 30 exhibits in Manila, Paris, and the United States. Mr. Capili has also participated in more than 35 group exhibitions across Asia.

Tales & Trails presents different collectible art pieces painted on canvas and shaped in steel that highlights my love for nature, music and all things that represent celebration and happy memories of traveling,” Mr. Capili said of his latest works. He said that he is inspired by the places in his travels where he feels emotion.

Sa Singapore, everywhere you go, puro perfect. Ayaw ko ng ganoon. Gusto ko ’yung may nararamdaman ako (In Singapore, everywhere you go, it’s all perfect. I do not like that. I want to feel something),” Mr. Capili said of his experience when traveling the country.

In contrast to that experience, he cited his work Moon of Bandung, an abstract painting of the valleys in the capital city of West Java province in Indonesia. “Once you are there, common ’yung valley pero meron ako nakita sa color ng valley na kakaiba (Once you are there, the valley is common but I see something different in its color).”

The 60-year-old artist is also inspired by elements in nature.

Among the works that reflect these are Palette of Melodies 1 and 2, acrylic on a butterfly wing-shaped canvas enclosed in plexiglass, and Sunset Jazz, a five-foot sculpture made of raw alloy steel on a boulder.

Mr. Capili noted his fascination for nature as fleeting moments.

Hindi mo na siya mababalikan (You cannot go back to it),” he said. “It’s a reminder for us that soon, it may be gone. Makikita mo nalang siguro sa painting ko (You might only see it in my paintings).”

Tales & Trails by Ross Capili is on view at Gallery C at the Conrad Hotel until January 2020. For details call the hotel at 8833-9999 or e-mail conradmanila@conradhotels.com, or e-mail the artist at studiorosscapili@yahoo.com. — Michelle Anne P. Soliman

Gov’t fully awards 10-year T-bonds

THE GOVERNMENT made a full award of the reissued 10-year Treasury bonds (T-bond) it auctioned off yesterday as rates settled within expectation as the market expects the central bank to halt its easing cycle as it reviews policy settings this week.

The Bureau of the Treasury (BTr) raised P20 billion as planned from its T-bond offer on Tuesday as the 10-year securities attracted total bids of P29.3 billion.

The 10-year debt papers fetched an average rate of 4.617%, higher by 42.1 basis points (bps) than the 4.196% fetched during the auction last Aug. 13.

At the secondary market on Tuesday, the ten-year notes were quoted at 4.698%, based on the PHP Bloomberg Valuation (BVAL) Service Reference Rates published on the Philippine Dealing System’s website.

Following the auction, Deputy Treasurer Erwin D. Sta Ana said the 10-year bond’s rate fell within the acceptable range and still lower than the benchmark yields based on the BVAL rates, so they decided to make a full award.

“We saw that the 10-year rate is actually at its lowest sometime in August this year, but after August it picked up. So now we’re just a little bit stable at 10-year. So we saw that it is really the rate that is the acceptable rate for the 10-year auction,” Mr. Sta Ana told reporters.

Sought for comment, a bond trader said rates seen yesterday were at the “higher end” of market expectations as the market expects the Bangko Sentral ng Pilipinas (BSP) to pause its monetary easing cycle.

“It’s on the higher end of market expectation given that we expect the BSP will hold its policy rates on the upcoming policy meeting,” the trader said over the phone.

BSP Governor Benjamin E. Diokno said in separate television interviews this month that the central bank is likely done cutting rates for the year.

The BSP’s Monetary Board will hold a policy meeting on Thursday, Nov. 14.

The trader added that higher yields on US Treasuries might have also caused local bond rates to go up.

PRIZE BONDS
Meanwhile, Mr. Sta. Ana said the Treasury has yet to give an official announcement on the official mechanics for the raffle of its planned prize bonds as they are still finalizing “technical details.”

He added that availing the prize bonds will be more convenient for investors since they will now use the online platform through the server of Land Bank of the Philippines.

However, he assured that over-the-counter processes will still be available in other banks.

Citing preliminary mechanics, Mr. Sta. Ana said investors can only avail a maximum of P10 million worth of entries for the raffle, translating to 20,000 entries in denominations of P500 each.

However, there will be no cap on the amount that an individual can invest in the prize bonds.

“We’re still in (holiday season) period anyway, we’re just almost in the middle of November. So if ever things are finalized in the next couple of days — what do we know, maybe next week or end of the month — there’s still likelihood that we would be able to launch this November,” he added.

The government is planning to borrow P220 billion from the domestic market this quarter broken down into P100 billion in Treasury bills and P120 billion via T-bonds.

It is looking to raise P1.189 trillion this year from local and foreign sources to fund its budget deficit, which is expected to widen to as much as 3.2% of gross domestic product. — Beatrice M. Laforga

Cebu Air narrows loss in third quarter

CEBU AIR, Inc. trimmed its losses to P384.3 million in the third quarter from P518.4 million a year ago, as the budget carrier added flights and raised average fares.

In a regulatory filing, the listed operator of Cebu Pacific said its nine-month profit surged 142% to P6.75 billion, from P2.78 billion a year ago.

Third-quarter revenues went up by 17% to P18.9 billion, bringing the nine-month figure to P63.625 billion, higher by 18% from a year ago.

In the July to September period, passenger revenues increased by 18% to P13.24 billion, while ancillary revenues rose 19% to P4.19 billion. Cargo revenues grew by 2.3% to P1.47 billion.

For the first nine months of the year, Cebu Air said passenger revenues jumped 18% to P46.59 billion.

“This was mainly attributable to the 10.4% growth in passenger volume to 16.7 million from 15.1 million last year as the Group added bigger A321 aircraft to its fleet. The increase in average fares by 6.7% to P2,794 for the nine months ended September 30, 2019 from P2,617 for the same period last year also contributed to the increase in revenues,” the company said.

Ancillary revenues rose by 22% during the January to September period to P12.71 billion. Cebu Air said the average ancillary revenue per passenger increased by 10.7% from “pricing adjustments and increased volume of certain ancillary products and services.”

Cargo revenues for the nine-month period grew by 5.3% to P4.31 billion, on higher volume and yield of cargo.

Meanwhile, operating expenses grew by 7% to P18 billion in the third quarter, and by 8% to P53.8 billion during the first nine months, due to “its expanded operations, growth in seat capacity from the acquisition of new aircraft partially offset by the strengthening of the Philippine peso against the U.S. dollar.”

The Philippine peso averaged P52.06 per US dollar for the nine months ended Sept. 30, from an average of P52.51 per US dollar last year.

Yayoi Kusama at 90 plans Macy’s Parade balloon, New York City installation

JAPANESE multimedia artist Yayoi Kusama is keeping up a torrid pace at 90 — backing up sold-out exhibits at museums around the world with fresh works, more shows, and even a balloon designed for the Macy’s Thanksgiving Day parade in New York City.

Kusama’s balloon, “Love Flies Up to the Sky,” is a round character that looks like a cross between a sun and a starfish. Featuring 300 of the artist’s signature hand-painted dots, it will soar 34 feet tall and stretch about 30 feet wide, according to Macy’s.

Forty handlers will help guide the massive balloon along the 2.7-mile route as it takes its place alongside Snoopy, Pikachu and other parade regulars on Nov. 28. It’s being built by Macy’s balloon specialists to specifications provided by the artist’s studio in Japan.

Some 3 million people typically flood the streets of New York to watch the parade, and more than 20 million tune in from home. It’ll be the biggest audience yet for Kusama, whose retrospectives have caused mad scrambles for tickets at museums from Washington to London to Tokyo in recent years.

The artist has been active since the 1950s and became a global sensation in her 80s. Kusama: Cosmic Nature, a mix of old and new works displayed both inside and out, will take over the 250-acre New York Botanical Garden in the Bronx for six months from May 2.

The exhibit will include a display of sketchbooks that show Kusama’s long fascination with nature, a participatory greenhouse installation, and a “monumental site-specific pumpkin sculpture.” Pumpkins, often on a giant scale, have recurred in Kusama’s art for decades.

“In a lifetime of finding inspiration in nature and pushing against boundaries and biases, she developed a unique lexicon for artistic expression,” Carrie Rebora Barratt, president and chief executive officer of the botanical garden, said in a statement.

Tickets go on sale in January. Her work will also be displayed this month at the David Zwirner Gallery in Manhattan’s Chelsea neighborhood, in a show entitled Every Day I Pray for Love.

The exhibition will include new paintings in Kusama’s My Eternal Soul series and Dancing Lights That Flew Up to the Universe, the latest of the artist’s signature Infinity Mirror Rooms.

The free exhibit will run for five weeks starting Saturday. The gallery anticipates “wait times of more than two hours to enter,” it says on its website. Kusama’s 2017-2018 show at the same venue attracted some 75,000 people over 80 days, according to artnet.com.

Meanwhile just five blocks away, Mucciaccia Gallery will exhibit 28 works by the artist from Nov. 10 to Jan. 30. Kusama’s signature Infinity polka-dot paintings will be on view, along with sculpture pieces from her series Hi, Konnichiwa (Hello)! which were first presented in the solo exhibition KUSAMATRIX held in 2004 at the Mori Art Museum in Tokyo.

Boston’s Institute for Contemporary Art is currently showing Kusama’s Love is Calling exhibit, and is sold out through November. Tickets for December and January went on sale Nov. 5 to museum members and will be available from Nov. 12 to the general public.

Kusama’s bright pop-art pieces are fun for all ages — she’s loved by kids, and has been the subject of a children’s book — and also highly bankable. Her 1960 piece White No. 28 sold for $7.1 million at a 2014 Christie’s auction, one of the highest prices paid for a work by a living woman artist. — Bloomberg