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Zara denies store closures due to HK protests

FAST-FASHION giant Zara said store closures in Hong Kong on Monday weren’t related to ongoing anti-Beijing protests in the city, after speculation on Chinese social media that the retailer’s employees were supporting the demonstrators.

“Zara has never made any comments or undertaken any actions related to a strike in Hong Kong,” the company said in a post on its Weibo account Monday. “Zara does not back a strike and supports ‘one country, two systems,”’ the post said, referring to a general strike called by unions as part of the protests, and China’s policy for governing Hong Kong.

The denial comes as multinational businesses become increasingly ensnared in the volatile conflict that’s morphed from a protest against an extradition law into a broader challenge to Beijing’s authority in the city. Cathay Pacific Airways, Hong Kong’s biggest carrier, faced heavy pushback from China after its staff joined the demonstrations, while HSBC Holdings Plc to PwC, have been the subject of online speculation over their positions on the protests, which have rocked the former British colony for almost three months.

Zara, owned by Spanish fashion conglomerate Inditex SA, seems to have been targeted after Chinese social media users noticed several of its Hong Kong stores were closed on Monday. Speculation spread that it was because staffers were taking part in the general strike.

A company representative who answered Zara’s Hong Kong hotline on Tuesday confirmed that all of its stores on Hong Kong island were shut Monday, except one, but declined to give a reason for the closures. Most of Zara’s stores in Hong Kong’s Kowloon district were open on Monday, she said.

State-run tabloid Global Times said in an editorial Monday night Beijing time that regardless of the reason for its store closures, Zara should not “broadcast any suspicious signals like this at a time when Chinese society is being troubled” by the incidents in Hong Kong.

The newspaper’s English website said that the brand was facing a boycott by Chinese consumers due to the incident, but the topic was not among the top-trending among internet users on Weibo, a social media platform similar to Twitter, as of Tuesday morning.

A spokesperson for Inditex China didn’t immediately respond to requests for comment. — Bloomberg

European Central Bank watchers eye France for stimulus hint as policy makers split

ONE INFLUENTIAL European Central Bank (ECB) voice has been notably absent so far in the debate over whether to ramp up stimulus.

Bank of France Governor Francois Villeroy de Galhau, monetary chief for the euro zone’s second-largest economy, has yet to say whether he thinks the bloc needs a major package including an interest-rate cut and the restart of quantitative easing (QE).

His silence is becoming conspicuous after a week which exposed divisions on the Governing Council over the way forward. The heads of the German and Dutch central banks, as well as an ECB Executive Board member, said they see no compelling need to resume bond purchases, and the Austrian governor said he’ll probably be critical of more easing. At the same time, the Spanish and Finnish governors said restarting QE must remain an option.

That split makes Villeroy’s position potentially critical for market expectations over what officials will deliver when they meet on Sept. 12. While President Mario Draghi has effectively primed markets for action, investors are uncertain how far he’ll be able to go.

“Villeroy de Galhau might be able to influence the magnitude of the move,” said Anatoli Annenkov, senior economist at Societe Generale in London. “If we have the known hawks, they can be outvoted. If there’s more opposition, that might be a different thing.”

The French governor has until Wednesday evening to make his view public, after which the Governing Council goes into its quiet period. Because of a rota system to smooth decision-making, he doesn’t have a vote at the meeting itself. In practice though, his views will still carry weight and policy makers rarely resort to voting, aiming instead for consensus or unanimity.

Villeroy hasn’t commented on monetary policy since before the last session in July, when the council ordered ECB staff to examine all policy options including resuming QE. That decision was sparked in part by concern that investors and the public might be doubting the institution’s ability to boost inflation.

Villeroy said in early July that there must be no doubt over the ECB’s ability to increase stimulus.

But he has also said policy should be guided by economic data rather than market expectations. Such sentiment was echoed last week by ECB Vice President Luis de Guindos, who said investor bets should be taken “with a pinch of salt.”

Traders in money markets are pricing around 17 basis points of easing at the meeting. Some, such as RBC Capital Markets, are looking for an immediate 20 basis-point cut in the deposit rate — currently minus 0.4% — with more to come later in the year. Banks including Goldman Sachs, Nomura, and ABN Amro predict a new round of QE.

The economic outlook looks bleak, with US trade protectionism and the UK’s Brexit troubles hitting confidence. A report on Monday confirmed that euro-zone manufacturing has been in recession for seven months, and services could follow.

Despite €2.6 trillion ($2.9 trillion) of bond purchases from 2015 to the end of last year, half a decade of negative interest rates and free loans to banks, consumer-price growth is at 1% — just half the ECB’s goal.

Yet Bundesbank President Jens Weidmann, his German colleague on the ECB’s Executive Board, Sabine Lautenschlaeger, and Dutch Governor Klaas Knot all said last week that QE should only kick in again if the economy deteriorates further.

The opposing view has been most forcefully put forward by Finland‘s Olli Rehn, who called last month for a comprehensive stimulus package that would overshoot market expectations. Bank of Spain chief Pablo Hernandez de Cos said on Saturday that it would be a mistake to take QE off the table at the next meeting because it complements and enhances the other measures.

Slovak governor Peter Kazimir said last week that the 25-person Governing Council will need “broad unity” to maintain its credibility. That’s something Draghi has largely managed to achieve in his eight years in office, persuading most of the doubters to join him.

This time, in his penultimate policy meeting before handing over to Christine Lagarde, his task will be harder if the council remains so deeply divided. That makes clarification of Villeroy’s position all the more important.

“If the Germans really don’t want a big package and the French are lukewarm then it starts to become a bit of an issue for Draghi,” said Gilles Moec, chief economist at Axa in London. “My impression is that hawks really are fed up and quite a few doves may be starting to think — is this worth it?” — Bloomberg

Jennifer Tipton on the unfading value of lighting

By Michelle Anne P. Soliman, Reporter

THE HOUSE LIGHTS of the Main Theater of the Cultural Center of the Philippines were off, but the stage, filled with a set of a palace’s ballroom, was illuminated. The lights transitioned from warm and bright, to cool, then slowly faded to black. Tony award-winning lighting designer Jennifer Tipton sat in front of a computer with the rest of the production team as they switched scenes and checked the lighting changes for Ballet Philippines’ staging of Pyotr Ilyich Tchaikovsky’s Swan Lake.

In line with its 50th season, Ballet Philippines opened with the ballet masterpiece that has been a staple in its repertoire since 1978.

First performed in 1877 by Russia’s Bolshoi Ballet at the Bolshoi Theatre in Moscow, Swan Lake is a four-act ballet following the love story of the cursed swan princess Odette and Prince Siegfried. Under the spell of the sorcerer Baron Von Rothbart, Odette spends her days as a swan and takes her human form at night. As the couple’s relationship develops, Baron Rothbart begins to play his tricks and brings in his daughter Odile to whom the prince confesses his love. This act of betrayal towards Odette leads to events of confusion, forgiveness, and a happy ending.

For this staging, Ballet Philippines collaborated with Ms. Tipton for the show’s lighting design.

In any production, lighting is critical. For Ms. Tipton, it is “the most important thing.”

“If you do not have light, you do not see what’s on the stage. No matter how much the dancers, the costume designer, [and] the choreographer work, if you have no light or if you have bad light, you don’t see what other people have done,” Ms. Tipton told BusinessWorld in an interview on Aug. 29 at the CCP Main Theater’s Green Room. Ms. Tipton was back in Manila for the third time, the last being in 2005,

Working as a ballet mistress many years ago made Ms. Tipton realize the importance of lighting.

“I had to look at the dancers to critique their performance. And I looked at the bigger picture and it was light. I fell in love with it and I’ve been in love with it ever since,” she recalled.

In Swan Lake, the different settings include daytime outdoors, the lake at night time, and indoors at the palace — and it all has to be lit appropriately.

“I don’t use many lights,” Ms. Tipton said. “But even the few lights that I used, it was difficult to find them to bring them together for many places. That was the biggest challenge,” she said of the production.

Having done the lighting design for several stagings of Swan Lake throughout her career, Ms. Tipton noted that each production’s lighting was always unique since the people of the creative team are different.

“I like to see the dance before I talk to the choreographer, because then I can be an audience [member] and say, ‘Oh, I saw that’ or, ‘I didn’t quite see that.’ I put my ideas first and then work with the director and choreographer to make necessary changes.”

According to Ms. Tipton, there is less time to make changes with lighting for dance than in theater.

“I don’t know about the Philippines, but in New York, for instance, more time is given to develop theater. There’s something called previews which means that before the play opens, there are performances where everybody can make changes and sees where they have weaknesses and so on,” she said. “In dance, you never have that much time. You do your tech[nical rehearsals], and then it’s the world premiere,” she explained.

At 81, Ms. Tipton has never regretted her decision to become a lighting designer. “I love light,” she said. “Each production is challenging in a different way.”

Seeing the composition of elements onstage makes the job rewarding. “I love what I do. I love looking at beautiful dancers. I love looking at wonderful actors. I love looking at a stage,” she said.

Directed by Adam Sage, with a set design by award-winning stage designer Eduardo “Toto” Sicangco, Swan Lake’s closing weekend on Sept. 7 and 8 at the CCP Main Theater will feature Ballet Philippines’ principal dancers Denise Parungao alongside Jemima Reyes as Odette and Odile; Eugene Obille and Victor Maguad as Prince Siegfried; and Ronelson Yadao as Baron Von Rothbart.

For tickets, contact the CCP Box Office at 832-3704 or TicketWorld at (891-9999, www.ticketworld.com.ph).

ABS-CBN maintains ratings lead in August

ABS-CBN Corp. maintained its majority hold of the national television audience for the month of August, while rival GMA Network, Inc. claimed the lead in Urban Luzon, citing different ratings providers.

The Lopez-led media firm said in a statement yesterday it tallied a 45% audience share in national television ratings last month, besting GMA which had 31%, based on data from Kantar Media which evaluated 2,610 urban and rural households.

ABS-CBN also claimed dominance in Metro Manila, saying it recorded a television audience rating of 41% against GMA’s 25%, and in Mega Manila where it had a rating of 36% versus GMA’s 31%.

In terms of island group, ABS-CBN said it topped all regions, with a 41% audience share in Total Luzon against GMA’s 34%; a share of 55% in Total Visayas versus GMA’s 24%; and 52% in Total Mindanao beating GMA’s 28%.

But GMA challenged the ratings in a separate statement, saying it kept a 31.8% total day people audience share in Urban Luzon for August, besting its rival ABS-CBN which had a 31.7% share.

GMA based its report from findings of Nielsen TV Audience Measurement last month, where the ratings from Aug. 25 to 31 were based on overnight data.

On ratings based on time slot, ABS-CBN again claimed the lead across-the-board. It reported a 48% rating during primetime against GMA’s 31%; 39% in the morning slot versus GMA’s 29%; 46% in noontime versus GMA’s 32%; and 47% in the afternoon to beat GMA’s 33%.

GMA, citing Nielsen, however said it was the dominant network in the afternoon block with a 33.3% rating against ABS-CBN’s 32.2%, and in the evening block with a 33.9% rating versus ABS-CBN’s 33.4%.

Both companies posted an increase in earnings in the first semester, with ABS-CBN reporting an 83% jump in attributable net income to P1.55 billion, and GMA saying its attributable earnings rose 10% to P1.34 billion. — Denise A. Valdez

BoE eyes reform to make investment more attractive

THE BANK of England wants to make infrastructure investments more attractive. — EN.WIKIPEDIA.ORG

LONDON — More realistic curbs on investors wanting to pull cash from funds could make investing in infrastructure more attractive and bolster economic growth, a senior Bank of England (BoE) official said on Monday.

The decision by high-profile British fund manager Neil Woodford to suspend his flagship equities fund has thrown a spotlight on such funds that offer daily redemptions.

The Woodford fund was unable to meet heavy demand from investors wanting their cash back even though it advertised itself as offering daily redemptions.

Alex Brazier, the BoE’s executive director for financial stability, said investors had long favored putting money into funds that offer daily redemptions.

This has made it harder for funds in infrastructure and other “illiquid” or long-term assets to compete as they are unable to offer such speedy redemptions, Brazier said.

“So the unlevel playing field could have been a barrier to greater investment in patient forms of capital, a central tenet of the government’s framework for raising productivity,” Brazier said in a speech in Edinburgh.

For a “fair and transparent fight” between types of funds, the risk of suspension or dilution would be properly factored into the pricing and redemption terms of open-ended funds, Brazier said.

This could make funds that invest for the long term look relatively more attractive, Brazier said.

Following the Woodford suspension, the Bank of England, said it was looking how redemption terms in open-ended funds can better match the amount of time it takes to sell assets to raise cash.

“Pretending such investments are liquid when they are not creates dangers,” Brazier said.

As the BoE review continues, “we intend to have in mind not just how reform could promote financial stability, but also how it can promote the supply of productive finance too,” Brazier said.

He reiterated the BoE’s stance that the core of Britain’s banking system could still continue to serve the economy, whatever form Brexit takes on Oct. 31. Markets are increasingly betting on a “no-deal” Brexit, given no divorce settlement has been agreed with the European Union.

Some backers of Brexit see Britain’s departure from the EU as an opportunity to revisit financial rules that are currently written in Brussels.

Brazier said the way the EU bakes detailed rules into primary legislation meant they are “inflexible”, but there is no need to weaken their substance.

“Looking ahead, we’ll need a level of resilience in our system in future that’s at least as great as currently planned,” Brazier said. — Reuters

Wall Street art collector’s suit for Balloon Venus moves ahead

MAGENTA BALLOON VENUS by Jeff Koons — JEFFKOONS.COM

AS A major investor in distressed debt and a millionaire art collector, Steven Tananbaum is used to getting what he wants. And he wants three giant sculptures he says he paid Gagosian Gallery Inc. $13 million to deliver.

He came a step closer to getting them, or millions of dollars in place of them, when a judge ruled last week that a lawsuit he filed in April 2018 can go forward. New York State Supreme Court Justice Saliann Scarpulla trimmed back some of Tananbaum’s claims, including breach of good faith, but allowed breach-of-contract claims to continue.

The yearned-for artworks, Magenta Balloon Venus, Eros, and Diana, were to be made by Jeff Koons, and like their purchase price they were to be big: 8-1/2 by 4 by 4 feet for the Balloon Venus, in “mirror-polished stainless steel with transparent color coating,” according to a court filing.

Tananbaum, the chief investment officer of GoldenTree Asset Management LP — or, as Gagosian called him, the “imperious” multimillionaire — claims the gallery lures unwary investors with promises of custom-made art, then keeps them waiting, and waiting, all the while using their payments to keep the scheme going. In his initial complaint he called it a “garden-variety, interest-free fraudulent financial routine that hearkens the name Ponzi.”

Tananbaum, who’s on the board of trustees of the Museum of Modern Art, purchased the Venus in 2013, according to the complaint. It is a modern interpretation of the paleolithic “Venus of Willendorf” figurine that stands 4-1/2 inches tall. He bought the other two artworks later. He’s seeking more than the $13 million he says he spent, as damages for Gagosian’s failure to deliver the works.

Larry Gagosian, whose global network of galleries stretches from New York to Los Angeles to Hong Kong, has argued that Tananbaum is a “highly sophisticated art investor” who entered into the purchase contracts knowing that the completion dates for the commissioned sculptures were only an “estimate” and that fabrication could take years.

“The imperious demands of a multimillionaire who no longer wants to wait cannot trump the plain and unambiguous language of the purchase agreements, which do not require Mr. Koons to create the works by any specified deadline,” the gallery said in court filings.

In addition to the dismissal of four of Tananbaum’s claims, it got the investor’s bid to collect triple damages thrown out.

Shannon Selden, a lawyer for Tananbaum, said her client was pleased with the judge’s decision.

“As Mr. Tananbaum alleged in his complaint, a dealer can’t just take the cash and fail to perform within a reasonable period of time,” Selden said. “They are contractually required to honoring their obligations.”

Matthew Dontzin, a lawyer for Gagosian, didn’t immediately return a voicemail seeking comment on the ruling.

No trial date has been set.

The case is Tananbaum v. Gagosian Gallery Inc., 651889/2018, New York State Supreme Court (Manhattan). — Bloomberg

Alsons short-lists EPC bidders for Zamboanga coal-fired plant

THE power group of Alsons Consolidated Resources, Inc. said on Tuesday it has short-listed two China-based companies to handle the engineering, procurement and construction (EPC) of the 105-megawatt (MW) San Ramon Power, Inc. (SRPI) coal-fired power plant in Talisayan, Zamboanga City.

In a statement, Alsons said the two were chosen out of the five companies that initially submitted bid proposals.

“These bid submissions are a testimony to the keen interest the SRPI project has generated and are a vote of confidence to the future of Zamboanga City,” said Joseph C. Nocos, Alsons power group’s vice-president for project development.

The SRPI plant’s short-listed EPC bidders are Northeast No. 1 Electric Power Construction Co., Ltd. (NEPC), a wholly owned subsidiary of China Energy Engineering Group; and Shandong Electric Power Construction Co. (SEPCO III) — a subsidiary of Power Construction Corporation of China.

Alsons said the Shenyang City, China-based NEPC was founded in 1951 and has been engaged in major power projects in China, Mongolia, Iraq, Turkey, and the Philippines.

SEPCO III is founded in 1985, and is based in Qingdao City, China, it said. The foreign company has been involved in power projects in China, Nigeria, India, Saudi Arabia, Oman, Jordan, Iraq, Egypt, Morocco, Bosnia and Herzegovina and various Southeast Asian countries, it added.

“The two firms edged out three other multinational engineering and construction companies that bid for the SRPI power plant contract,” Alsons said.

SRPI is expected to provide baseload power to Zamboanga City and nearby areas.

“Preliminary engineering and design work is expected to begin within the fourth quarter of 2019 while commercial operations are set to commence in 2023. Once operational, the plant will play a crucial role in providing baseload power to Zamboanga City and stabilizing power supply in the Zamboanga peninsula,” Alsons said. — Victor V. Saulon

Australia holds rate, watches and waits as property jumps

AUSTRALIA’S central bank left policy unchanged as it waits to see how a combination of interest-rate cuts and tax relief impact the economy, with Sydney property prices already showing renewed strength.

Governor Philip Lowe kept the cash rate at a record-low 1%, as widely expected, to gauge if the economy is entering the “gentle turn” he predicted last month. Markets and economists still expect him to have to ease again later this year as the US-China conflict reverberates across the world.

“There are further signs of a turnaround in established housing markets, especially in Sydney and Melbourne,” Lowe said in his statement. “The main domestic uncertainty continues to be the outlook for consumption, although a pick-up in growth in household disposable income and a stabilization of the housing market are expected to support spending.”

The Reserve Bank of Australia (RBA) is hoping that recent tax cuts for households revive consumption, and a weakening currency lifts exporters and helps shield the economy from global upheaval. Yet with the country’s biggest exports — iron ore and coal — tumbling and Australians grappling with record debt and weak wage growth, it will likely prove tough to avoid further rate cuts.

“It is reasonable to expect that an extended period of low interest rates will be required,” Lowe said. “The board will continue to monitor developments, including in the labor market, and ease monetary policy further if needed.”

The Australian dollar rose to 67.22 US cents at 4:17 p.m. in Sydney from 66.94 cents prior to the decision.

Easier policy is already boosting the usual suspects. National house prices rose the most in almost 2 1/2-years in August, with the two biggest cities leading the way: Sydney jumped 1.6% and Melbourne climbed 1.4%.

Lowe cut rates in June and July to try to counter the global turmoil and slowing local growth — with the economy forecast to have expanded an anemic annual 1.4% in the second quarter, half its speed limit. The government meanwhile has begun providing tax rebates promised ahead of May’s election that are now reaching Australians’ bank accounts.

Yet iron ore — the country’s biggest export — tumbled 28% last month, its worst decline on record. And President Donald Trump’s tariffs are harming global sentiment, which filters into a small, open economy like Australia. The International Monetary Fund in July further cut its world growth outlook, already the lowest since the financial crisis, amid the uncertainty.

“The trade and technology disputes are affecting international trade flows and investment as businesses scale back spending plans,” the governor said. “The persistent downside risks to the global economy combined with subdued inflation have led a number of central banks to reduce interest rates this year and further monetary easing is widely expected.”

Economists reckon Lowe will have to cut to 0.5% by March, a level the RBA has suggested could be its lower bound, opening up the possibility of unorthodox policy in 2020.

“The RBA know they are going to cut. We know they are going to cut. Yet we will have to wait at least another month,” said Callam Pickering, an economist at global jobs website Indeed, who previously worked at the central bank.

“Following a rate move, it is typical of the Reserve Bank to take a few months to assess how the economy responds.” — Bloomberg

Arts & Culture (09/04/19)

Marian Pastor Roces book launched

GATHERING: Political Writing on Art and Culture, a limited-edition collection of 43 essays on politics, culture and art written by cultural theorist, critic, and independent curator Marian Pastor Roces, was recently launched at Powerbooks at The Podium in Ortigas Center, Mandaluyong City. The anthology debuts the publishing initiative of the Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde (DLS-CSB), which will continue to print special monographs of contemporary Filipino artists and art practitioners. The project was a part of the celebration to mark the 10th anniversary of the museum. Gathering: Political Writing on Art and Culture features Roces’ discursive articles from 1974 to 2018, which showcase her insights on diverse and important subjects such as art, museology, and cultural theory in the local and international landscape of political and social developments. Roces, the founder and principal of TAO Inc., “a museum and exhibition development corporation,” was part of MCAD’s master planning team and played a pivotal role in the establishment of the museum in 2008. Co-published with ArtAsiaPacific Foundation and sponsored by Powerbooks and National Bookstore, Gathering: Political Writing on Art and Culture is available at the MCAD and at select Manila stores such as Art Bar Serendra, Art Bar Rockwell, Powerbooks Podium, Powerbooks Alabang, Powerbooks Shangri-La, National Book Store Glorietta, National Book Store Shangri-La, National Book Store Taft, and ArtBooks.ph. Locally, it is available for P2,300, while it is likewise available for international purchase via Art Asia Pactic’s website www.artasiapacific.com at the price of $45.

Group show at Artery Art Space

ONGOING until Sept. 21 is the exhibit Looking at your brain by means of a mirror, a group show featuring works by Julius Bagoyo, Nice Buenaventura, Lena Cobangbang, Jon Cuyson, Jason Montinola, Ikea Rizalon, Jiddu San Jose, and Luis Santos. The exhibit examines the intersection between concept and craft that brings about a diversity of representations ranging from eccentric figuration, portraiture, or other altered manifestations of identity and the self. Artery Art Space is at 102 P. Tuazon St., Cubao, Quezon City.

Sweeney Todd’s full cast out

ATLANTIS Theatrical Entertainment Group has announced its full cast and creatives for Sweeney Todd, its final musical offering for its 20th Anniversary season. It was previously announced that Tony and Olivier Award winner Lea Salonga and rock icon Jett Pangan would lead the cast as Mrs. Lovett and Sweeney Todd, respectively. They will be joined by Ima Castro as the Beggar Woman, Andrew Fernando as Judge Turpin, Gerald Santos as Anthony Hope, and Nyoy Volante as Adolfo Pirelli. Also joining them are Mikkie Bradshaw-Volante as Johanna, Luigi Quesada as Tobias, Arman Ferrer as Beadle, and Dean Rosen as Jonas Fogg. Completing the ensemble are Steven Conde, Sarah Facuri, Christine Flores, Jep Go, Kevin Guiman, and Emeline Celis Guinid. Sweeney Todd will be directed by Bobby Garcia and will have set design by Tony Award winner David Gallo, musical direction by Gerard Salonga along with the ABS-CBN Philharmonic Orchestra, costume design by Rajo Laurel, choreography by Cecile Martinez, lighting design by Aaron Porter, hair and make-up design by Leslie Espinosa, vocal direction by Manman Angsico, and sound design by Justin Stasiw. Mr. Garcia says, “We have gathered quite the cast for this retelling of Stephen Sondheim’s classic musical thriller. I think we will be bringing to the stage a unique version of Sweeney Todd, as told by some of the best musical theater storytellers in the country, led by Lea Salonga and Jett Pangan. I am also so excited to be collaborating with a creative team full of geniuses in their craft. I can’t wait to begin.” The musical runs from Oct. 11 to 27 at the Theatre at Solaire. Tickets are now available at www.ticketworld.com.ph or through 891-9999.

PPO 37th Concert Season

THE Philippine Philharmonic Orchestra (PPO) announces its programming and lineup of soloists and guest conductors for the 2019-2020 performance season. PPO Music Director Yoshikazu Fukumura leads the Orchestra in five concerts of the season while three will be led by guest conductors Michael Cousteau, Herminigildo Ranera, and Gerard Salonga. It will run from September 2019 to April 2020 at the Cultural Center of the Philippines Tanghalang Nicanor Abelardo. The season opens on Sept. 13 with pianist Noriko Ogawa as soloist and Maestro Fukumura at the podium. On the concert program are Wolfgang Amadeus Mozart’s Don Giovanni Overture, Sergei Prokofiev’s Piano Concerto no. 3 op. 26 in C Major, and Antonin Dvorak’s Symphony no. 7 op. 70 in D minor. On Oct. 25, French conductor Michael Cousteau takes the baton to conduct a program offering Richard Wagner’s Tristan and Isolde: Prelude and Liebestod, Hector Berlioz’s Harold in Italy op. 16, and Romeo and Juliet: Love scene, and Franz Liszt’s Les Preludes. Featured soloist is Rey Casey Concepcion on the viola. On Nov. 15, Maestro Fukumura returns to the podium with the SORA Ensemble of Japan as the featured soloists of the evening. The concert repertoire consists of Dmitri Shostakovich’s Symphony no. 9 op. 70, Franz Joseph Haydn’s Sinfonia Concertante op. 84 in B-flat Major and two works by Arturo Marquez, Danzon no. 7 and Danzon no. 8. For its Christmas offering, the PPO will perform on Dec. 20 with conductor Herminigildo Ranera. The Orchestra will perform two works by Samuel Barber’s, Adagio for Strings and Die Natali op. 36, Darius Milhaud’s Concerto for Percussion and Small Orchestra, and Peter Ilich Tchaikovsky’s Capriccio Italien op. 45. Percussionist Aimee De la Cruz and soprano Alexa Kaufman will be the soloists for the evening. Bassoonist Adolfo Mendoza is featured soloist in the fifth concert on Jan. 24, 2020. Maestro Fukumura conducts a program of Antonin Dvorak’s Serenade for String Orchestra op. 22 in E Major, Wolfgang Amadeus Mozart’s Bassoon Concerto in B-flat Major and Cesar Franck’s Symphony in D minor. Gerard Salonga is the guest conductor for the 6th concert on Feb. 14, with soprano Andion Fernandez performing as soloist. The concert offers Peter Ilich Tchaikovsky’s “Pathetique” Symphony no. 6 op. 74 in B minor, Lucio San Pedro’s Ang Buwan sa Kabundukan, Franz Schubert’s Erlkönig, Manuel De Falla’s Siete Canciones Populares Españolas. On March 13, Japanese violinist Ryu Goto will be the featured soloist as Maestro Fukumura leads the PPO in a repertoire consisting of Zhou Tian’s Concerto for Orchestra, Erich Wolfgang Korngold’s Violin Concerto op. 35 in D Major and Ludwig van Beethoven’s Symphony no. 5 op. 67 in C minor. The grand finale of the PPO concert season, on April 24, is an collaboration with the ABS-CBN Philharmonic Orchestra. Ray Wang again plays the cello with the PPO under Maestro Fukumura. The evening program will feature Carl Orff’s Entrata for Orchestra, Franz Joseph Haydn’s Cello Concerto no. 2 in D Major and Hector Berlioz’s Symphonie Fantastique op. 14. For ticket information, please call the CCP Box Office at 832-3704.

How PSEi member stocks performed — September 3, 2019

Here’s a quick glance at how PSEi stocks fared on Tuesday, September 3, 2019.

 

Procurement law seen hindering direct rice purchases by LGUs

LOCAL government purchases of rice directly from farmers are running into problems because of the constraints posed by government procurement rules, Senator Cynthia A. Villar said.

She said at a hearing of the agriculture committee which she chairs that some governors have cited the Government Procurement Reform Act, or Republic Act 9184, as a possible source of liability should they engage in the purchasing of palay, or unmilled rice.

RA 9184 prescribes competitive bidding for all agencies undertaking procurement activity and limits them to using funds expressly set aside for the purpose in the annual budget planning process.

The Department of Agriculture (DA) has asked provinces to buy palay directly from farmers to support the market amid falling farmgate prices and ample supply during this month’s harvest. The liberalization of rice imports has exposed the sector to stiff competition from cheap foreign grain, while traders who bought palay at higher prices from previous harvests have been reluctant to dispose of their stock at a loss, softening demand for new palay from this month’s harvest.

Last week the DA said six provinces have committed to buy directly from rice farmers during the September-October harvest — Isabela, Nueva Ecija, Ilocos Norte, Ilocos Sur, La Union, and Pangasinan. The provinces will dry, mill, and sell the rice to cities in Metro Manila, like Makati City, Quezon City, Mandaluyong City, and San Juan City.

The Rice Tariffication Law, or RA 11203, which took effect in March, opened up the market to increased rice imports, favoring sources from within Southeast Asia, whose producers are more efficient than Filipino farmers.

The tariffs collected on the imports are intended to fund the Rice Competitiveness Enhancement Fund (RCEF), which is intended to support farm mechanization and greater access to credit and farming know-how, among others. Under the law, RCEF is to be provided with P10 billion a year for six years, in a bid to close the competitiveness gap with the rest of the region.

RA 11203 was enacted after the inflation crisis of 2018, during which the National Food Authority allowed its rice stocks to dwindle, reducing the supply of low-cost rice on the market that poor families depend on. The law took away the NFA’s importing function, effectively privatizing foreign grain procurement, and limited the agency to procuring palay from domestic farmers.

Falling palay prices have sent officials scrambling to implement various relief measures, including the DA’s emergency purchasing plan by local governments.

Another such measure is the Sagip Saka Act, or RA 11321, which was signed into law on April 17, 2019 but is awaiting its implementing rules and regulations (IRR).

RA 11321’s principal author, Senator Francis N. Pangilinan, pressed for the immediate issuance of the IRR to provide relief to farmers, in part because it exempts local governments from procurement rules when they buy agriculture products directly from producers.

“Kailangan ma-aprubahan na ang IRR (The IRR needs to be approved)… Gusto nating mabawasan o mareduce ang (We want to reduce the) unjust relationship between the middlemen and the farmers kaya papasok ang gobyerno bilang (which is why the government needs to intervene as an) equalizer,” Mr. Pangilinan said during the hearing, which sought to review the impact of the Rice Tariffication Law.

RA 11321 expands the government’s enterprise development program for farmers and fisherfolk. It creates the Farmers and Fisherfolk Enterprise Development Program and also exempts national and local government agencies from procurement rules when they buy agricultural products directly from accredited farm cooperatives and organizations.

Mr. Pangilinan said government rice procurement under Sagip Saka Act can take place under fair, “non-exploitative” prices.

At the hearing Ms. Villar backed the prompt issuance of the IRR, which Agriculture Undersecretary Ariel T. Cayanan said is currently being circulated for stakeholder comment.

“Actually, ine-expedite s’ya (it is being expedited). Nakakatatlong meeting na yata (I think there have been three meetings),” he told reporters. — Vincent Mariel P. Galang

Foreign chambers back PEZA firms’ exemption from CITIRA bill

THE Joint Foreign Chambers (JFC) said Tuesday they support the exemption of the Philippine Economic Zone Authority (PEZA) from the coverage of the Corporate Income Tax and Incentives Rationalization Act (CITIRA) bill.

The CITIRA bill, or House Bill 4157, proposes to reduce the corporate income tax to 20% by 2029 from the current 30%. The measure will also remove redundant fiscal incentives.

The bill is in keeping with the general goal of the tax reform program to make incentives more rational. It also removes the perpetual 5% tax on gross income earned and limits income tax holidays to three years.

“The Joint Foreign Chambers support the amendment to exempt PEZA from HB 4157 CITIRA because it preserves the immense gains over several decades of PEZA as a reliable and competitive administrative option for our investors seeking a foreign location for their manufacturing and IT/BPO (Information Technology-Business Process Outsourcing) projects,” the foreign chambers said in a statement issued Tuesday.

“Currently, the country is not benefitting from the relocation of manufacturing out of China. The amendment will give the Philippines a better chance to attract many billions of dollars of new and expansion foreign investments and a large number of new jobs,” the JFC also said, noting PEZA-accredited zones benefit over 3,000 foreign companies.

The chambers also said the enactment of the proposed measure will put an end to the uncertainty that has deterred foreign investment in the last two years. In the 17th Congress, the equivalent measure hurdled the house of Representatives; but failed to make it out of committee in the Senate.

The foreign chambers that proposed the amendment were the American Chamber of Commerce, Australian-New Zealand Chamber of Commerce Philippines, Canadian Chamber of Commerce of the Philippines, Japanese Chamber of Commerce and Industry of the Philippines, Korean Chamber of Commerce Philippines, and Philippine Association of Multinational Companies Regional Headquarters, Inc.

The CITIRA bill is among the measures proposed by the JFC and other business groups for the 18th Congress. It is also among the measures cited by President Rodrigo R. Duterte in his July 22 State of the Nation Address.

Mr. Duterte asked Congress to approve the remaining packages of the comprehensive tax reform program, beginning with CITIRA. Other packages propose to increase the excise tax on alcohol products and e-cigarettes, centralize real property valuation and assessment and simplify the tax structure for financial investment instruments.

The government has so far passed Republic Act 10963, which slashed personal income tax and increased or added levies on several goods and services; RA 11213, which offers an estate tax amnesty and amnesty for delinquent accounts that remained unpaid even after final assessment; and RA 11346, which will gradually increase excise tax on tobacco products to P60 per pack by 2023 from the current P35. — Charmaine A. Tadalan

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