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Coral World Park says it is still pursuing $250-M theme park-resort in Coron

By Janina C. Lim, Reporter
CORAL World Park (CWP) Undersea Resorts, Inc. is still pursuing its $250-million leisure and tourism project in Coron, Palawan.
“The new timeline now is 2021,” CWP Chairman and Chief Executive Officer Paul Monozca told BusinessWorld, referring to the completion of the project’s first three phases.
The 400-hectare leisure and tourism project has been delayed for at least two years now, but CWP expects at least half of the development of the land area to be completed within three years.
The first three phases involve the construction of a luxury resort, a budget resort and a 100-hectare theme park. Out of the P6-billion budget, P4 billion will be allocated for the theme park development and the rest for the two resorts.
CWP is entering into joint ventures for the development of the project. In the new few months, the company is set to announce the developers that will handle the construction of the theme park.
“I think that if we start with the one, tuloy-tuloy na. We might name one, or two or even three… If we execute the deal with the developer, they will handle everything. They’re very well connected,” Mr. Monozca said, hinting it will be “one of the leading” developers.
A privately held company with majority Filipino ownership, CWP owns two global theme park licenses which are part of the top 10 theme parks worldwide. It also owns two leading scientific hubs and a basketball theme park. The company is the official partner of Asia’s leading marina club and has relationships with six other hotel and resort brands.
For the Palawan project, CWP said eight international family entertainment and luxury-branded resorts and spas will be introduced.
“The good news is we’re joining the international league of global family entertainment brands… Coral World is the first international branded consortium coming into the country,” Mr. Monozca said.
To recall, Viacom International Media Networks discontinued its intellectual property licensing agreement for the Nickelodeon-branded attraction and resort, after the project was opposed by the local community and environmental groups.
Mr. Monozca said the company never changed its plans, noting delays were caused by infrastructure issues and securing government permits.
He clarified that the development is on land, contrary to reports that it will have an underwater theme park. Mr. Monozca said there will be a few two-storey floatation tanks that will have an underwater restaurant in a glass-enclosed space.
“We have an undersea theme to our development but our property is on land,” Mr. Monozca, said, adding the accusations that they will destroy 400 hectares of corals was “silly.”
“They were also telling us they were cutting trees. Were the trees there? It’s kalbo (bald)… It’s a former mining site, chromite. We’re rehabilitating a former mining site,” he said.
The CWP official said its plans were never withdrawn despite attacks from environmental groups such as Greenpeace, but were only hampered by infrastructure issues and delays in obtaining government permits.
Mr. Monozca also clarified the location for the theme park will be in Coron area near the mainland, not the Coron islands where the Tagbanua tribe resides. He declined to give the exact location.
He noted the company’s project has received support from government agencies and local government units.
“They want to be assured that the people of Coron will be employed. They want to be assured that the small businesses will not be removed, I said that’s silly, because we need these operators, we need bancas. Why would we go up against the people,” he added.
CWP is looking at installing “top-class” waste management solutions such as a waste-to-energy system proposed by a European company. Mr. Monozca said he wants whole theme park and resort to use renewables as its energy source.
Although the CWP board members viewed the Philippines as a “risky” investment destination due to the past failures especially on infrastructure development, Mr. Monozca said he wanted to do something in Palawan.
“Palawan has always been number one. The first time I went there, I said that was it,” he said. “This place has to be done the right way because population growth is very very high and if we don’t implement a good masterplan here, it is going to end up like Boracay.”

Locals see opportunity in $55-B Philippine stocks rout

UNFAZED by a foreign-led sell-off that wiped out about $55 billion in Philippine stocks, some local individual investors are seeing opportunities to buy.
Rommel Songco, 45, who left his senior finance role at a telecom company and is now a full-time day trader, is wading through the worst back-to-back quarterly rout in a decade and picking up stocks he thinks were unduly sold.
“I have seen this happen before,” said Mr. Songco, who first started investing in the Philippine stock market during the Asian financial crisis more than two decades ago. “There are more opportunities now than at the start of the year when prices were elevated. Risks will eventually subside and cheap stocks will go up.”
Mr. Songco has purchased shares in two of the nation’s biggest conglomerates — GT Capital Holdings, Inc. and DMCI Holdings, Inc., both of which have both plunged more than 20% this year.
The Philippine Stock Exchange index tumbled 9.9% in the second quarter, buffeted by a weakening peso, quickening inflation, and the brewing trade war between the US and China, not to mention the general sell-off in emerging markets. The benchmark stock gauge entered a bear market in June, with valuations sinking to the lowest in 29 months. It rose 0.5% to 7,267.34 at the close today in Manila, extending gains for a third day.
“When markets are down, we remind retail investors that times of weakness are an opportunity,” said Julian Tarrobago, head of equities at ATR Asset Management, Inc. “Savvy and aware retail investors come in while some people get emotional and stay out for fear of losing more money.” All seven brokerages surveyed by Bloomberg said retail investors are dipping their toes in the Philippine stock market with cautious optimism.
Overseas investors have withdrawn more than $1.22 billion so far this year, already a record amount in annual terms. The Philippine benchmark gauge has lost more than 15% in 2018, making it one of the world’s worst-performing major stock markets.
“The risk-reward proposition for Philippine stocks is probably at its strongest in the past two years,” Mr. Tarrobago said. The stock market could see a significant rebound that could push up the benchmark index to where it was at the start of the year, he said.
Mr. Tarrobago, who helps manage the best-performing stock fund in the Philippines this year, said the market is pricing in near-zero corporate earnings growth at a time when the nation’s economic growth remains among the fastest in Asia. He expects the 9.5% year-on-year growth in first-quarter core earnings to accelerate as bank profits improve with rising interest rates while strong residential and office demand sustain property earnings.
Robert Ramos, chief investment officer of East West Banking Corp., said market volatility could continue, even as inflation concerns ease, due to external headwinds ranging from accelerating global interest rates to the trade war. Global rather than local factors will determine how long Philippine equities will stay in a bear market, he said.
“These levels are attractive for long-term investors, but it wont be smooth sailing,” said Mr. Ramos, who favors banks and property stocks. “There are concerns with local inflation and earnings but the bigger concern is global. We will be dependent on what developed markets will decide on trade and monetary policy.”
But Carla Beltran, a 24-year-old marketing assistant, isn’t too concerned. She says the market plunge is the “best time” to make her first foray in equities. “It’s the best time to come in while prices are low, but I will still gather information so that I buy the right stocks,” she said. — Bloomberg

Treasury rejects all bids for 10-year bonds

By Karl Angelo N. Vidal, Reporter
THE GOVERNMENT rejected all bids for the 10-year Treasury bonds (T-bond) it offered yesterday as investors demanded higher rates ahead of the June inflation print.
The Bureau of the Treasury (BTr) opted to reject all tenders for its P15-billion offer of reissued 10-year debt on Tuesday, as tenders put forward by banks reached P14.84 billion, slightly below the amount the Treasury wanted to borrow.
Had the BTr decided to accept all bids, the papers, which have a remaining life of nine years and eight months, would have fetched an average rate of 6.842%, 49.2 basis points higher than the 6.35% tallied in the previous auction.
The 10-year papers carry a 6.25% coupon.
At the secondary market prior to the auction, the debt notes were quoted at 6.9304%.
The 10-year securities rallied in afternoon trading to close at 6.3437% as the session wrapped up.
After the auction, Deputy Treasurer Erwin D. Sta. Ana said the rates submitted by the banks were too high.
“The committee felt that the bids submitted are too high compared to where the market is in that sector of the curve,” Mr. Sta. Ana told reporters after yesterday’s auction.
“Also considering that the auction is undersubscribed, we felt that it was just better to reject all the bids.”
He added that investors are “focused on the shortest tenor.”
In the T-bills auction on Monday, the Treasury awarded P4 billion as planned in the 91-day tenor as bids for the papers surged to P14.438 billion, a huge chunk of the total P26.5 billion tendered by dealers that auction.
“It just goes to show that market appetite is on shorter-dated securities at this time.”
The Treasury also noted that market players continued to price in their inflation expectations.
“We’ve said that inflation could be a factor and all eyes are on the Thursday release of the inflation print,” Mr. Sta. Ana said.
A BusinessWorld poll among 12 analysts yielded a median inflation forecast of 4.7% for the month of June. If realized, the inflation print will accelerate from May’s 4.6% figure to a fresh five-year high.
Economists said inflation likely picked up from the previous month due to higher food and oil prices, although this was offset by easing electricity rates.
Meanwhile, a bond trader said the rejection of all bids was “a good thing” as rates would have gone up had the government accepted the tenders.
“It’s a good thing they rejected it. The rates would have risen to 6.842% if awarded,” the bond trader said in a text message. “This gives the market some relief as we wait for the [inflation print].”
The government is set to borrow P300 billion from the domestic market this quarter through auctions of securities, offering P195 billion in T-bills and another P105 billion in Treasury bonds.
Aside from this, plans for another dollar bond float as well as yen-denominated “samurai” papers are also being finalized.
The government plans to borrow P888.23 billion this year from local and foreign sources to fund its budget deficit capped at 3% of the country’s gross domestic product.

New on UNESCO’s Heritage List: a national park, hunting grounds, an Arab city, Art Deco buildings


MANAMA, BAHRAIN — Colombia’s massive Chiribiquete National Park has made UNESCO’s World Heritage List, the United Nations body announced Sunday at a meeting in the Bahraini capital Manama. It is one of several new places that have made the list over the weekend. UNESCO’s World Heritage Committee has been meeting in Manama since June 24.
With an area of ​​2.7 million hectares covering five Amazonian municipalities in the southern Guaviare and Caqueta regions, Colombia’s largest natural park has rich biodiversity and is a sacred place for indigenous people.
This is the ninth world heritage listing in Colombia, the second most biodiverse country in the world after Brazil.
Colombian President Juan Manuel Santos said that his government will expand the protected territory in the area. “Tomorrow we will be in the park to further expand and protect our biodiversity #World Heritage,” he wrote on Twitter.
The territory, which is considered a protected area since 1989, will be expanded by 1.5 million hectares on Monday, according to the presidency.
The area is home to creatures such as the Chiribiquete emerald hummingbird, seen as the only endemic species in the Colombian Amazon, as well as the jaguar, the big cat only found in the Americas that is threatened by the loss of its habitat due to deforestation.
TURKEY’S ANCIENT TEMPLE SITE
A Turkish ancient temple site in southeastern Anatolia was given UNESCO World Heritage status on Sunday.
Named Gobekli Tepe (Potbelly Hill), the site is the world’s oldest known megalithic structure located in Upper Mesopotamia and is some 11,000 years old.
The site, considered to be the world’s oldest temple, is in the present-day southeastern province of Sanliurfa and reopened to tourists earlier this year after restoration work was undertaken including a protective roof for the site.
The site contains “monumental circular and rectangular megalithic structures, interpreted as enclosures, which were erected by hunter-gatherers in the Pre-Pottery Neolithic age between 9,600 and 8,200 BC,” UNESCO said in a statement.
“It is likely that these monuments were used in connection with rituals, probably of a funerary nature,” it added.
On the “distinctive” T-shaped large pillars, there are images of wild animals, which UNESCO said provided “insight into the way of life and beliefs of people living in Upper Mesopotamia about 11,500 years ago.”
The late German professor Klaus Schmidt led the excavations of Gobekli Tepe from 1995.
In March this year, his wife Cigdem Koksal-Schmidt warned of heavy machinery and concrete being used to build a path at the site with images she shared on social media.
The site had been on UNESCO’s World Heritage Tentative List of Turkey since 2011 and the restoration work was part of efforts to attain World Heritage status. It has become Turkey’s 18th entry on the UNESCO World Heritage List.
ARAB CITY IN SPAIN
The remarkably well-preserved remains of the Caliphate city of Medina Azahara, a medieval Arab Muslim town near the Spanish city of Cordoba, was added to UNESCO’s list of World Heritage sites on Sunday.
The 10th-century Moorish site provides “in-depth knowledge of the now vanished Western Islamic civilisation of Al-Andalus, at the height of its splendor,” said UNESCO’s World Heritage Committee.
After prospering for several years, the magnificent palace-city, which was the de facto capital of al-Andalus, or Muslim Spain, “was laid to waste during the civil war that put an end to the Caliphate in 1009-10,” the committee said in a statement.
The city was built as a symbol of power to rival the caliphate of Baghdad, but lasted less than a century before it was destroyed in an uprising which ended the Cordoba caliphate at the beginning of the 11th century.
The remains of the city were forgotten for almost 1,000 years until their rediscovery in the early 20th century.
The site is a treasure trove for archaeologists, presenting “a complete urban ensemble” including roads, bridges, water systems, buildings, decorative elements and everyday objects, the UN Educational, Scientific, and Cultural Organization (UNESCO) said. A far more recent historical site was also added to UNESCO’s Heritage list on Sunday.
The Italian industrial city of Ivrea, which was developed in the 20th century as a testing ground for Olivetti, manufacturer of typewriters, mechanical calculators and office computers, was also rewarded.
UNESCO described the city as “a model social project” expressing “a modern vision of the relationship between industrial production and architecture.”
INUIT HUNTING GROUNDS
Inuit hunting grounds in the Arctic circle were given UNESCO World Heritage status on Saturday.
The Aasivissuit-Nipisat area, which lies at the heart of the largest ice-free area in Greenland, “is a cultural landscape which bears witness to its creators’ hunting of land and sea animals, seasonal migrations and a rich and well-preserved tangible and intangible cultural heritage linked to climate, navigation and medicine,” UNESCO said on its website.
The area “contains the remains of 4,200 years of human history,” it added.
According to the Danish historic monuments office, the area covers more than 4,000 square kilometers of fjords, lakes, rural land and ice caps.
It becomes Greenland’s third entry on the UNESCO World Heritage List.
The UNESCO status is “a great international recognition of the natural beauty we have and the culture associated with it,” Greenland’s culture minister Vivian Motzfeldt said in a statement.
PRE-ISLAMIC IRANIAN SITES
UNESCO on Saturday added eight pre-Islamic Iranian archeological sites to the World Heritage List.
The sites collectively appear on the worldwide list as the “Sassanid Archaeological Landscape of Fars region (Islamic Republic of Iran).”
A province in modern-day Iran’s south, Fars was the cradle of the Sassanid dynasty, which appeared at the start of the 3rd century.
After the fall of the Parthian empire, the Sassanids ruled territory that, at its peak, stretched from the west of Afghanistan to Egypt, before falling to the Arab conquest under the Umayyad caliphate in the middle of the 7th century.
“These fortified structures, palaces and city plans date back to the earliest and latest times of the Sassanian Empire,” UNESCO said.
With the latest addition, Iran now has 24 sites on the heritage list of the United Nations Educational, Scientific and Cultural Organization.
MUMBAI’S ART DECO BUILDINGS
Mumbai’s Art Deco buildings — believed to be the world’s second largest collection after Miami — were added on Saturday to UNESCO’s World Heritage List alongside the city’s better-known Victorian Gothic architecture.
A not-for-profit team of enthusiasts are in the process of documenting every single one of Mumbai’s Art Deco treasures but they estimate there may be more than 200 across India’s bustling financial capital. The majority of them, built on reclaimed land between the early 1930s and early 1950s, are clustered together in the south of the coastal city where they stand in stark contrast to Victorian Gothic structures.
“The Victorian ensemble includes Indian elements suited to the climate, including balconies and verandas,” UNESCO said in a press statement announcing the decision. “The Art Deco edifices… blend Indian design with Art Deco imagery, creating a unique style that has been described as Indo-Deco,” it added.
The two vastly different architectural traditions face off against each other across the popular Oval Maidan playing field, where enthusiastic young cricketers hone their skills.
On one side lie imposing and rather austere 19th century buildings housing the Bombay High Court and Mumbai University, with their spires and lancet windows. On the other side stand sleeker buildings boasting curved corners and balconies, vertical lines and exotic motifs.
They were built by wealthy Indians who sent their architects to Europe to come up with modern designs different to those of their colonial rulers.
“Mumbai’s Art Deco buildings have always lived in the shadow of the Victorian Gothic structures built by the British but this recognition by UNESCO today helps elevate Art Deco to its rightful place,” Atul Kumar, the founder of Art Deco Mumbai, told AFP.
KOREAN MOUNTAIN TEMPLES
Seven ancient Korean mountain temples, which typify the way Buddhism in the country has merged with indigenous beliefs and styles, were listed on Saturday.
The seven mountain temples — Seonamsa, Daeheungsa, Beopjusa, Magoksa, Tongdosa, Bongjeongsa, Buseoksa — were all established during the Three Kingdoms period that lasted until the 7th century AD.
UNESCO made the announcement at a meeting in the Bahraini capital Manama.
“These mountain monasteries are sacred places, which have survived as living centers of faith and daily religious practice to the present,” UNESCO said in a press statement.
Buddhism was imported to the Korean peninsula in the 4th century and accepted by the ancient kingdoms of Goguryeo, Baekje, and Silla, establishing it as the national religion for more than 1,000 years.
During the religion’s heyday in the 5th and 6th centuries many houses of worship were built under strong state patronage, accelerating the importation of Buddhist culture, architecture and style.
Buildings were constructed in supposedly auspicious locations and many temples set up in hilly areas, in line with the traditional Korean reverence for mountains and the Zen focus on meditation in a calm environment.
Temples were built on high positions protected by hills and commanding an open view over other mountains.
But Buddhism’s influence began to wane after the Chosun dynasty, which took over in the 14th century, adopted Confucianism as its ideology and launched an extensive and enduring crackdown on the religion.
It forced many urban temples to close, leaving only those in remote hills to survive.
JAPAN CHRISTIAN SITES
A dozen Christian locations in parts of southern Japan where members of the faith were once brutally persecuted were selected for inclusion on the list on Saturday.
The 12 sites include 10 villages, Hara Castle, and Oura Cathedral, a Catholic church in Nagasaki that is dedicated to 26 Christians who were executed for their beliefs over four centuries ago.
In a press statement UNESCO said that the 12 sites “bear unique testimony to a cultural tradition nurtured by hidden Christians in the Nagasaki region who secretly transmitted their faith.”
Christianity in Japan dates back to 1549, when European Jesuit missionary Francis Xavier arrived in the country with two companions and the religion began spreading in western Japan. As more missionaries arrived and the faith spread, Japanese military leaders became increasingly suspicious of its growing influence and a crackdown against Christians began from 1589.
The Christians commemorated at Oura — 20 Japanese and six foreigners — were executed in Nagasaki in 1597 as the persecution intensified.
For Japanese converts, hiding their religion became a matter of life and death for the next 250 years, with Christianity banned and Japan closed to the outside world. As they practised their faith but tried to blend in, the Christians created a blended religion that incorporated elements of Buddhism.
It wasn’t until 1865 that these “hidden Christians” or Kakure Kirishtan became known outside of their communities.
Gothic-style Oura, which was built in 1864 by French priests and was known by locals as the “French temple,” is the oldest Christian-related building in Japan. It was designated a national treasure by the government in 1933, but was partly damaged by the atomic bomb dropped by the US on Nagasaki on Aug. 9, 1945, three days after the bombing of Hiroshima.
The other sites added to the list include Sakitsu village in Amakusa, in southwestern Kumamoto, where Christians practiced their faith in secret in the Edo period. — AFP

Meralco considers Isla Verde as site for 1st microgrid system

MANILA Electric Co. (Meralco) is looking at Isla Verde, an island in Batangas province within its franchise area, as a possible location for its first microgrid system, its president said.
“We are working with the local government to energize [the island], to meet their requirements,” Meralco President and Chief Executive Officer Oscar S. Reyes told reporters.
Should the project push through, it would be Meralco’s first venture into that system.
Apart from Isla Verde, Mr. Reyes said Meralco continues to look for possible areas to build a microgrid, a small-scale electricity grid that can be operated independently from the country’s interconnected network of power transmission facilities.
“Siguro (Maybe) that will be something that we’ll pay attention to in 2019,” Mr. Reyes said.
“They’re really more for, I think, bringing power to those who have no electricity. This is not highly commercially profitable but I think it’s part of our mandate to bring electricity to unelectrified communities. We’re doing that with schools,” he added.
Mr. Lopez declined to classify the company’s electrification of Cagbalete, an island in Quezon province within its franchise, as a microgrid.
In May, Mr. Reyes told shareholders that the company had identified microgrids as a prospective new business for Meralco, which has a 25-year franchise valid through June 28, 2028 to construct, operate and maintain an electric distribution system.
Meralco serves the cities and municipalities of Bulacan, Cavite, Metro Manila and Rizal, and certain cities, municipalities and barangays in the provinces of Batangas, Laguna, Pampanga and Quezon.
Asked where the planned microgrid would be built, Mr. Reyes said back then: “Outside the franchise area.”
The announcement had raised concern among some electric cooperatives who fear the power distribution utility’s encroachment on their respective franchise areas.
Isla Verde was in the spotlight after the Department of Energy (DoE) in April asked Meralco why the island under its franchise area remains without power to this date.
The DoE had said that it was reviewing identified areas for possible operation of third-party electricity providers and the island, located along the Isla Verde passage on the way to Mindoro island, was among them.
Under existing rules, a distribution utility has to waive its right to provide electricity in an area within its franchise before a third-party power provider can come in. The DoE said it might be forced to forego the required waiver depending on Meralco’s response.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Victor V. Saulon

Robinsons Bank to open more branches

ROBINSONS BANK Corp. is set to open more branches this year as it intends to expand its market reach.
In a text message, Robinsons Bank President and Chief Executive Officer Elfren Antonio S. Sarte said the Gokongwei-led bank will open 14 more branches in 2018.
“We are opening 14 branches this year. 12 regular [branches] and two branch-lite units,” Mr. Sarte told BusinessWorld on Tuesday.
In an investors briefing in Quezon City last week, Robinsons Bank Chairman Lance Y. Gokongwei said the lender will open “branch-lite offices and 10 full branches nationwide” for the second half of the year as it wants to further expand its reach.
In December, the Bangko Sentral ng Pilipinas approved the option for banks to set up branch-lite units, a smaller and simplified version of a brick-and-mortar bank branch which can be placed in towns and cities which are unbanked or underserved.
Mr. Sarte said on the sidelines of the lender’s investor briefing last week that its first branch-lite office will be located in Batangas.
“We’re opening our one branch-lite in Batangas already. But still, [we’re opening] a mix of full banking licenses and branch-lite [units],” he said.
Currently, Robinsons Bank has 149 branches nationwide.
MERCHANT BUSINESS
Aside from this, Robinsons Bank is also set to venture into the merchant acquiring business by this month.
“We will be both in the physical stores and online stores to approve credit card and debit card transactions,” Mr. Sarte said in the chance interview on Thursday.
A merchant acquiring bank is a lender that processes credit and debit card transactions on behalf of a merchant.
“Because in the card business, there are two sides: the issuing and the acquiring. We decided to be both sides of the segment,” Mr. Sarte noted.
Robinsons Bank said that it will venture into the said business to take advantage the “very large retail footprint” of the Gokongwei group.
According to its Web site, the lender is 60% owned by JG Summit Capital Services Corp. and 40% owned by Robinsons Retail Holdings, Inc.
The lender is raising P5 billion through offering peso-denominated long-term negotiable certificates of deposit (LTNCD) to support the lender’s growth.
The notes will mature in 5.5 years and carry an interest rate of 4.875% to be paid quarterly.
Like regular time deposits offered by banks, LTNCDs offer higher interest rates. However, LTNCDs cannot be pre-terminated but can be sold on the secondary market, making them “negotiable.”
As of end-March, Robinsons Bank was 19th biggest commercial bank in asset terms with P102.9 billion, latest central bank data showed. — Karl Angelo N. Vidal

Gee Gee at Waterina: More than a gay story

REODER CAMANAG as Waterina during the launch of Gee Gee at Waterina the Musical.

HOW DO old gays survive when all the glamor and glimmer of their heyday finally come to the inevitable curtain call? This is the premise of the play Gee Gee at Waterina ang Musikal.
But the play promises to deliver a story that tackles more than just the colorful lives that flamboyant gays often lead.
“It’s a story of survival. It’s a play on one’s strength of character, who just happens to be a gay. But otherwise it could be anyone’s story that everybody could relate,” said the musical’s composer Jesse Lucas during the launch on June 27.
Gee Gee at Waterina ang Musikal will have a limited run on Aug. 18, 19, 25, and 26 at Arts Above, Artist Playground in West Ave., Quezon City.
Ang Gee Gee at Waterina ay sumasalamin sa takot at insekuridad ng bawat miyembro ng LGBT, the fear of getting old, being alone and lonely, pero sa huli ay may realisasyon: it’s okay to be old, happy, and gay,” said musical director Andrew de Real. (“Gee Gee at Waterina is a reflection of the fears and insecurities of every LGBT member, the fear of getting old, being alone and lonely, but in the end, there’s one realization: it’s okay to be old, happy, and gay.”)
The musical is based on the true story of gay friends Gee Gee and Waterina.
Gee Gee — Justo C. Justo in real life — was a former Pasay City councilor in the 1980s who came in the showbiz limelight when he convinced Sarah Jane Salazar, an AIDS victim, to share her story publicly. Gee Gee was also the founder of the Home for the Golden Gays, a retirement home for old homosexuals like Walter Dempster, Jr., also known as Waterina, a real-life comfort gay during the Japanese occupation whose life was portrayed in the 2000 movie Markova: Comfort Gay starring the late Comedy King Dolphy.
Every time playwright J. Dennis C. Teodisio would ask the two how much money they had earned as compensation for the use of their story by Dolphy and what would they do with it, he said they would always change their story.
So a few years after the Dolphy movie was released, Mr. Teodisio came up with his own story, Gee Gee at Waterina, which is a what-if story that imagined what the two gays could have done with the money.
“So I came up with a story where they would tell the truth,” said Mr. Teodisio, adding, “Para sa isang matandang bakla, para saan nga ba ang pera?” [“What is money to an ageing gay?”]
Gee Gee at Waterina started out as a one-act play which was included in the first Virgin LabFest in 2005. It starred Lou Veloso as Waterina and Paolo Cabañero as Gee Gee. Twelve days after the play was shown at the Cultural Center of the Philippines, the real-life Waterina died after a bicycle hit him. In 2012, the real-life Gee Gee succumbed after battling spinal column problems caused by diabetes.
Through the years, Gee Gee at Waterina became a favorite production thesis in schools, said its author. In 2016, Mr. Teodisio learned his play was being staged only after theater actor-director Roeder Camañag sent him a message on Facebook saying he was playing Waterina in the production — nobody had informed the author beforehand. As a payment for the trespass, Mr. Camañag sent a message in 2017 asking that Gee Gee at Waterina be made into a musical. Mr. Teodisio said yes and wrote the full-length version.
Mr. Teodisio said in his notes: “Wala na akong takot. Alam kong madali nang matanggap ang mga manonood na ito ay ’di lamang tungkol sa dalawang matandang bakla. Higit at ibabaw sa lahat, ito ay tungkol sa pagkakaroon ng totoong kaibigan at pagtanggap sa kalakaran ng buhay. At kung may pagkakataon, iaalay ko ang unang pagtatanghal ng Gee Gee at Waterina ang Musikal kina Walterina Markova at JJ — at sa kanilang buhay na masaya, malandi, maingay, makulay, at pagkaganda-ganda.”
(I am fearless now. I know that the audience will easily understand that it’s more than just a story of two old gays. First and foremost, it is a story of true friendship and acceptance of the facts of life. And if given a chance, I will dedicate the first performance of Gee Gee at Waterina ang Musikal to Walterina Markova and JJ — and their fun, flirtatious, loud, colorful, and beautiful lives.)
From a one-act Virgin Labfest entry to a full-length musical, the transition, obviously, included a lot of revisions.
Sa theater kasi masyadong madada (theater is too talky), this musical will offer us to a 3D presentation,” said Mr. Teodisio.
Gee Gee at Waterina ang Musikal features new original music by Mr. Lucas, choreography by Lezlie Dailisan, and stars Mr. Camañag as Waterina and Norman Peñaflorida as Gee Gee. — Nickky Faustine P. de Guzman
For details on the other Virgin Lab Fest shows, read: Virgin Labfest presents a Marawi-inspired musical alongside an EJK play and more
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ABS-CBN, GMA both claim ratings lead in June

ABS-CBN Corp. and GMA Network, Inc. both claimed to dominate nationwide ratings during the month of June, citing data from two different TV ratings data providers.
In a statement on Tuesday, ABS-CBN said data from audience measurement provider Kantar Media showed it captured 45% of the average audience share nationwide, while rival GMA had a 32% share.
“ABS-CBN also remained undisputed in Metro Manila, where it scored an average audience share of 43% against GMA’s 29% and beat other networks in Total Luzon, where it got 41% against GMA’s 36%, in Total Visayas where it garnered 54% against GMA’s 24%, and in Total Mindanao where it hit 53% against GMA’s 26%,” the Lopez-led media company said.
Kantar Media uses a nationwide panel size of 2,610 urban and rural homes, which it says represent 100% of the total Philippine TV viewing population.
On the other hand, GMA said it recorded a total day people audience share average of 41.6% in the National Urban Television Audience Measurement (NUTAM) in June, citing data from Nielsen TV Audience Measurement. It said ABS-CBN’s audience share stood at 38.3%.
“In Urban Luzon, GMA registered an average total day people audience share of 46.4%; way ahead of ABS-CBN’s 32.6%. Similarly in Mega Manila (with official data from June 1 to 23), GMA again dominated competition with an average total day people audience share of 48.1% versus rival network’s 29.5%,” the company said.
GMA said Nielsen surveys “approximately 900 more homes” in Total Urban and Rural Philippines compared to Kantar.
ABS-CBN said its most popular show remained FPJ’s Ang Probinsyano with an average national TV rating of 42.6%.
GMA said its highest-rating show was Kapuso Mo, Jessica Soho (KMJS), but did not specify its rating.
The Lopez-led network said its digital terrestrial television (DTT) business continues to gain ground, as it sold 5 million digital boxes nationwide as of May.
ABS-CBN saw an increase in its attributable net income by 7% during the first quarter at P452.53 million despite a decline in advertising revenues due to lower gross expenses.
On the other hand, GMA reported a 49% fall in its net income at P426.3 million due to lower revenues from advertising. — D.A.Valdez

Saving the Pasig River through an arts program

A NUMBER OF arts activities are scheduled in six cities of Metro Manila until December as an initiative to raise awareness of the need to rehabilitate the Pasig River.
The 27 km-long Pasig River was a major transport route for traders and served as a water source for most of Manila’s long history. However, due to population growth in Metro Manila and increasing industrialization over the last few decades, the river has been polluted by household, solid, and industrial waste.
THE CAMPAIGN
To promote an appreciation for the river’s history and importance, and to raise awareness of the current rehabilitation efforts, the National Commission for Culture and the Arts (NCCA) is spearheading a campaign called Taga-Alog 2018, Ilog Pasig: Balik Tanaw, Balik Sigla! (Shakers 2018, Pasig River: Bring back the view, bring back its health), featuring an arts programs to be implemented by the Philippine Educational Theater Association (PETA).
“The project aims to involve and to be partners with as many stakeholders, community dwellers (along the Ilog Pasig banks), and the general public in saving the river using arts advocacy as its main strategy,” a press release said.
This is an effort to make the Pasig River a “cultural highway” to reach people’s consciousness in awareness of its current condition and develop its rehabilitation efforts, said Egay Fernandez, a cluster representative of the Taga-Alog 2018 Technical Working Group at the campaign’s press launch on June 28 in Intramuros, Manila.
Beginning this month until the end of year, a number of programs and events will be mounted in the six partner cities — Marikina, Manila, Mandaluyong, Pasig, Taguig, and San Juan — through which the river runs.
The programs are: TampisAwit (a songwriting workshop and competition), LikhAgos (a creative writing workshop and competition), Wisik, mga kwentong siksik (a short film workshop and competition), DramAhon (a performance workshop and competition), Indak patak (a dance workshop), Lakbay Baybay experiential tours, and Lagaslas (online and print publications).
There is alsos the Taga-alog 2018 Ilog Pasig Balik Tanaw, Balik Sigla conference and arts events.
RIVER MUSIC
Activities in July will focus on music.
Posporos Sa Ilog, a musical project by the Spanish Embassy and the NCCA International Affairs Office, will be held along the river on July 5.
Songwriting workshops will be held at ICAM NCCA Intramuros Manila and Kapitan Moy in Marikina on July 14 and 15, respectively.
Linggo ng Musikang Pilipino will showcase performances along the river banks from July 22 to 26 and culminate with a grand concert on July 27 at Circuit Makati.
“We want to change mindsets and get individuals involved so that through the government efforts, we can complement it with the efforts of the people living in the community because, at the end of the day, they are the stakeholders. They are those who benefit [the] most, and they should be made to realize that,” Queng Reyles, PETA Theater Center program director and project lead of Taga-Alog 2018, said of the value of government and individual efforts.
“The importance of this project is to raise awareness so that people will give their share of the rehabilitation of the Pasig River,” she added.
“One of the key features of this project, for the first year, is awareness and building partnerships… We want to engage all the stakeholders not just to evaluate the project, but to make recommendations on the strategies that the campaign can take in the following year,” Ms. Reyles said.
For more information on the project, visit www.facebook.com/TagaAlog2018, e-mail nccatagalog@gmail.com, or contact PETA at 725-6244 loc. 22-23. — Michelle Anne P. Soliman

Fed minutes could offer clues on rate hike limits

THE MINUTES could show a discussion on how high rates should go. — REUTERS

A DISCUSSION about how high US interest rates should go in this tightening cycle could feature prominently in the release of minutes later this week of the Federal Reserve’s June 12-13 policy meeting.
The record may also show officials debated the risks posed by a mounting dispute between the US and key trading partners, a stronger dollar and the flattening yield curve, concerns that could damp expectations for a faster pace of rate increases. The minutes will be released at 2 p.m. in Washington on Thursday.
Chairman Jerome Powell, in his post-meeting press conference, poured cold water on the idea that policy makers can precisely measure the level at which rates would have a neutral impact on the economy — a key to deciding when to stop hiking. But that wouldn’t have halted the discussion among policy makers, according to Joseph Song, senior US economist at Bank of America Corp.
“It’s still something they’ll try to estimate, and still something that’s important for the path of policy,” Song said. “Knowing that range of estimates is significant, and whether the Fed believes it can get above that level.”
With unemployment falling to the lowest level since 2000 and inflation back up to their 2% target, officials raised the target range for the benchmark federal funds rate to 1.75% to 2% and released new forecasts at their meeting last month.
In those, the Federal Open Market Committee’s (FOMC) median projection for the number of rate hikes in 2018 moved up to four from three, though the move was driven by just one unidentified official changing his or her projection. The estimate for neutral was unchanged at 2.9%.
The minutes “might take a little of the hawkish air out of the June” projections, Song said.
Whether the Fed moves one or two more times in 2018 could hinge on actual inflation readings and inflation expectations. The past two Fed statements added an extra reference to the central bank’s “symmetric” inflation target, an addition seen by many as a signal policy makers would tolerate inflation slightly above their goal.
The Fed’s preferred gauge of annual price gains hit 2.3% in May. Though the meeting occurred before that inflation data was available, Gus Faucher, chief economist at PNC Financial Services Group Inc. in Pittsburgh, said the minutes may provide some signal on how Fed officials would react to higher inflation.
“They made a big point in emphasizing the symmetry of their inflation goal,” Faucher said. “How high are they willing to let inflation get? When do they start to worry.”
Fed watchers are also keen for more information on how officials are gauging the impact of escalating tensions over trade, driven by the Trump administration’s imposition of new tariffs and subsequent reactions from China, the European Union and other countries.
“The baseline hasn’t been impacted much — the impact on US growth,” Faucher said. “That could change as we get more concrete tariffs and retaliation from trading partners and the cost becomes more apparent.”
Speaking since the FOMC meting, several officials have said the threat of a deepening conflict had begun to affect the investment and hiring decisions of US firms. “Changes in trade policy could cause us to have to question the outlook,” Powell said June 20 in Portugal.
A stronger dollar might also make policy makers reconsider their forecasts. The Bloomberg Dollar Spot Index, which tracks the greenback against a basket of leading global currencies, has appreciated around 6% since mid-April.
The stronger dollar can mute inflation by making imports cheaper. It can also curb growth by hurting exports, an impact seen by economists as more persistent and consequential.
“That’s something that would push back on any expectations for faster rate hikes,” said Luke Tilley, chief economist at money manager Wilmington Trust Corp. and a former Philadelphia Fed staffer.
Then there’s the yield curve, or more specifically, the narrowing gap between yields on 10-year and two-year US Treasuries. Investors demand a higher return for the longer-term commitment, so long as they believe the economy will continue growing. When they don’t, short-term yields can exceed the long end, inverting the yield curve and providing a historically reliable signal of a coming recession.
Most Fed officials, including Powell, have played down the recent flattening of the curve, pointing to technical reasons that have depressed longer-term yields. That hasn’t assured investors.
“The firming of the dollar, combined with a flattening of the yield curve, combined with a bad year for investment-grade credit returns, these are symptoms of a market worried about this cycle being long in the tooth,” said Joseph Lavorgna, chief economist for the Americas at Natixis SA. “If there’s anything hopeful in these minutes, it could be in some further discussion of the yield curve.” — Bloomberg

Bosch Philippines on track for a rebound

BOSCH expects its Philippine business to grow this year, after seeing its energy and building technology segments bounce back in the first half.
“We’re seeing good momentum already in 2018.. The energy and building technology business has bounced back strongly in the first half and we expect that to continue,” Bosch Philippines managing director Richard Walker said in a press conference on Tuesday, July 3.
The supplier of technology services reported 45 million euros in consolidated sales in the Philippines for 2017, a decline after registering three years of double-digit growth. This was attributed to the performance of its energy and building technology business sector and “moderation” of its mobility solutions business, as well as project awards and purchases pushed back to 2018.
Mr. Walker noted its industrial technology, automotive, e-commerce and consumer goods sectors have been doing well for the first half. Growth in consumer goods was driven by sales of its Contractor’s Choice mid-price range of power tools, and the cordless tools.
“We expect the industrial technology area to also increase, with the industry projects launched and realized in the Philippines,” Mr. Walker said.
The company is bullish on its industry 4.0 solutions, given its presence in the manufacturing and heavy industries. It has already secured an industry 4.0 project in the Philippines with a major manufacturer, but did not name the company.
E-commerce is also one of the main drivers for Bosch, having recorded a growth rate of above 100% in 2017. Its accredited online vendors increased to 20, and expanded its digital product catalog to include over 8,000 stock keeping units (SKUs) by the end of last year.
Meanwhile, Bosch is also looking at opportunities related to country’s the jeepney modernization program.
“Jeepneys, currently we are on close watch for this particular vehicle model… We will decide how to approach the requirements,” Frederick Velasquez, Bosch Philippines head of marketing for automotive aftermarket, said.
The company also aims to tap into the infrastructure growth given the government’s “Build, Build, Build” program, with its solutions for the construction and transportation sectors.
“‘Build, Build, Build’is very important to drive our business in the future and we want to make sure we get our fair share of that,” Mr. Walker said. — P.P.C.Marcelo

Shocking, charming, timely stories at this year’s Virgin Lab Fest

THERE’S A reason why Tulad ng Dati was sandwiched between two comedy-filled Virgin Lab Fest entries: it’s shocking.
For the benefit of those who have yet to watch the festival, which is ongoing until July 15, Tulad ng Dati is about the meeting of two brothers after the elder finishes a jail sentence. It’s a reunion story where the two reminisce about their past — until they finally talk about their dark secret.
The 30-minute one-act play starts slowly: the two brothers talk about the lives they live inside and outside jail. Then the dialogue inevitably moves forward towards the men’s shocking secret. Their secret — literally and figuratively — is mind fucking. Okay, that’s the only clue I’ll give.
JV Ibesate, the playwright, said the story was not based on real life, but was inspired from a film he had seen.
“Brothers do have special bonds — I do with my own brother — and so I thought of anchoring the story in this thought. Eh, nabaliw ako nang konti (I went a little crazy) — I thought of taking it to the extreme and see where it goes. I understand that it could be alarming. Wala eh, baliw lang po talaga ako (It nothing, I am just really crazy),” he told the audience after the show.
Tulad ng Dati is part of the Virgin Lab Fest’s Set C together with Labor Room and Ensayo.
The festival of first-run or “virgin” one-act plays groups several pieces into different sets to make a full performance.
Before Lihim came Labor Room, written by Ma. Cecilia dela Rosa and directed by José Estrella.
The “virgin” play plays on the idea of devirginized women, as in mothers — a first time mother, a woman who has just lost what would have been her first child, and a mother who already has five children — and their thoughts while inside a public hospital’s labor room.
The story was inspired by the chaos that the writer witnessed in a labor room in a public hospital in Bicol.
Using Filipino humor, the play makes fun of serious matters like the outsized ratios between patients and doctors; patients and beds; and patients and nurses.
But it gets serious when it talks about the plight of women who want to bear a child but can’t and those who didn’t want another child but are already knocked up by their boyfriends, husbands, or live-in partners.
Set C ends with the lighthearted story Ensayo, written by Juan Ekis and directed by Eric Villanueva dela Cruz.
Starring Shirley Lara and Bembol Rocco, Ensayo is a romantic comedy about two older people practicing a kissing scene for their drama class presentation.
Surprisingly, there’s still a thrill between the two characters who could pass as Kathniel’s or Jadine’s grandparents.
Ensayo is cute and light, and if there’s any take away, it is that we don’t have to follow a timeline in life. We can still sign up for an acting workshop at 65 and find love while at it.
The Virgin Lab Fest is on view at the Cultural Center of the Philippines until July 15.
Set A will have performances on July 6, 11, and 15, at 3 p.m., and on July 5, 10, and 14 at 8 p.m. Set B will have performances on July 7 and 12 at 3 p.m., and on July 6, 11, 15 at 8 p.m. Set C will have performances on July 8 and 13 at 3 p.m., and July 7, and 12 at 8 p.m. Set D will have performances on July 5, 10, and 14 at 3 p.m., and July 8 and 13 at 8 p.m.
Tickets are available at the Cultural Center of the Philippines and Ticketworld. — Nickky Faustine P. de Guzman
For details on the other Virgin Lab Fest shows, read: Virgin Labfest presents a Marawi-inspired musical alongside an EJK play and more
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