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Higher finance costs weigh on RWM operator’s bottom line

THE owner and operator of Resorts World Manila (RWM) recorded a 45% drop in attributable profit in the January to March period due to higher finance costs.

In a regulatory filing, Travellers International Hotel Group, Inc. (TIHGI) said net income attributable to the parent fell to P244.44 million, against the P445.13 million it posted in the same period a year ago.

Finance costs ballooned to P463.85 million during the period, against P23.35 million in the first quarter of 2018.

The lower profit came amid a 46% uptick in revenues to P6.9 billion, which the company attributed to better performance from both its gaming and non-gaming segments.

Gross gaming revenues jumped 53.8% to P6.89 billion, boosted by more casino drops from VIP and non-VIP customers.

TIHGI also benefited from the increase in gaming capacity to 300 tables, 1,830 slot machines and 100 ETG machines by end-March, compared to 233 tables and 1,321 slot machines in the same period last year. This was due to the opening of the Grand Wing’s ground floor gaming area last year.

“We’ve been receiving very positive comments after the soft opening of the Grand Wing last year. We are confident that we can deliver sustainable top line and EBITDA growth moving forward,” TIHGI President and Chief Executive Officer Kingson U. Sian said in a statement.

The Grand Wing will feature three levels of gaming, entertainment, and rental spaces. It will also house one more new hotel, Hotel Okura Manila, that will be opened in the second half of the year.

“With the opening of Hotel Okura Manila in the second half of this year, total room count at the Resorts World Manila complex will be approximately 3,500, supporting the continued growth of the Philippine tourism industry,” Mr. Sian said.

Meanwhile, non-gaming revenues stood at P1.23 billion, 66.2% higher year on year. The company opened three new hotels since the second quarter of 2018, namely Hilton Manila, Marriott Iloilo, and Sheraton Manila. This increased its room count by 1,073 to a total of 2,527 by end-March.

Average occupancy rates also improved to 78% for the period.

Shares in TIHGI were unchanged at P5.63 each on Tuesday. — Arra B. Francia

Emperador nets P1.7 billion

EMPERADOR, Inc. said brandy products lifted its bottomline in the first three months of 2019. — COMPANY HANDOUT

EARNINGS of Emperador, Inc. rose 10% in the first quarter of 2019, driven by the introduction of more products both locally and abroad.

In a statement issued Tuesday, the listed liquor manufacturer said net income attributable to the parent hit P1.74 billion for the first three months of the year, on the back of a 13% increase in revenues to P11 billion.

“Our overall business continues to show robust performance… Whisky and premium brandy sales in the first three months of 2019 again proved to be strong. This continues to be driven by our malt whisky and premiumization strategy,” Emperador President Winston S. Co said in a statement.

Emperador said its brandy products also boosted earnings for the period, with brands Fundador and Tres Cepas emerging as the fastest growing brandies in the Philippines against other foreign brands.

Other brands introduced over the last two years are three malt whiskies under the portfolio of Scotch whisky maker Whyte and Mackay, namely Tamnavulin, Fettercairn, and Shackleton. The company noted that the three brands showed “robust signs of growth” for the quarter.

The Shackleton brand — initially intended for the United Kingdom, United States, and travel retail market — will be launched in the Philippines this year.

The company also continued its expansion to different regions, including Europe, North America, the Middle East, Africa, and the Asia Pacific.

Emperador has recently extended its P5-billion share buyback program by another 12 months, since the activity is scheduled to end on May 15. The company has only bought back about P2 billion consisting of 279 million shares in the past two years.

A share buyback program is conducted when a firm believes that its stocks are undervalued and also to boost its financial statements.

Shares in Emperador added a centavo or 0.13% to close at P7.53 each at the stock exchange on Tuesday. — Arra B. Francia

Gov’t makes full award of T-bills as yields decline on BSP rate cut

THE GOVERNMENT borrowed P15 billion as planned at its Treasury bills (T-bill) auction yesterday, with yields declining across all tenors following the policy rate cut of the Bangko Sentral ng Pilipinas (BSP).

The Bureau of the Treasury (BTr) made a full award of the debt notes it auctioned off on Tuesday as bids offered by banks surged to P54.6 billion, more than thrice the amount the Treasury wanted to borrow.

Broken down, the government borrowed P4 billion as programmed via the 91-day tenor yesterday as bids amounted to P19.85 billion. The average rate declined 4.9 basis points (bp) to 5.389% from the 5.438% logged in the previous auction.

The Treasury also made a full award of the 182-day T-bills as it accepted P5 billion as planned out of offers totalling P15.778 billion. The average yield slipped 5.7 bps to 5.768% from last week’s 5.825%.

For the 364-day T-bills, the government borrowed the programmed P6 billion out of the P19.01 billion tendered by banks. Its average yield likewise slid 4.1 bps to 5.936% from the 5.977% quoted in the previous offering.

Based on the PHP Bloomberg Valuation Service Reference Rates, the three-month, six-month and one-year papers were quoted at 5.572%, 5.841% and 5.994% yesterday, respectively.

Following the auction, Deputy Treasurer Erwin D. Sta. Ana said the Treasury saw a good turnout, citing the robust demand and lower rates seen at the fund-raising exercise.

“That’s in line with the market feedback that we got prior to the auction. They are anticipating about five to 10 basis points lower,” Mr. Sta. Ana told reporters yesterday.

He added that the decline in yields across the board was “primarily driven by the rate cut last week and possible RRR (reserve requirement ratio) cut as the BSP Governor [Benjamin E. Diokno] has alluded in the past couple of days.”

The central bank last week trimmed benchmark interest rates by 25 bps to a 4-5% range, citing the “manageable” inflation outlook on the back of a decline in food prices amid improved supply conditions.

Headline inflation continued to ease for the sixth straight month in April to 3%, slower than the 3.3% recorded in March and beating market consensus.

Sought for comment, Robinsons Bank Corp. peso sovereign debt trader Kevin S. Palma said the auction result yesterday was within expectations, as the BSP’s policy rate cut caused yields to reprice lower from the previous T-bills auction.

“The auction had a strong turnout as the market is still anticipating a cut in banks’ reserve requirement when the Monetary Board meets this Thursday,” Mr. Palma said in a mobile phone message.

The central bank made no reduction in the reserve ratio last week, although the BSP chief said it will be “on the agenda” of the Monetary Board’s meeting this week.

Currently, universal and commercial banks are required to keep at least 18% of their total deposits with the BSP.

Trimming the RRR is expected to unleash about P90 billion in liquidity into the financial system, which can used for loans or investments.

“Icing on the cake was the reinvestment demand from a P13-billion T-bill maturity on May 15,” Mr. Palma added.

The government plans to borrow P315 billion from the domestic market this quarter, broken down into P195 billion in T-bills and P120 billion through Treasury bonds. — Karl Angelo N. Vidal

Post-election messages of patriotism told through the kundiman

By Michelle Anne P. Soliman, Reporter

AN ARTIST’S work is inspired by many things. It may be his environment, the events in his community, or his personal experiences. For playwright Floy Quintos, current events in his country inspired the creation of what he previously said would be his “swan song.”

“When I wrote this play, I was just feeling very worried about the country, that’s all,” Mr. Quintos said.

PETA Theater opens with a limited run of The Kundiman Party on May 24 — a week after the Philippines’ midterm elections.

The creators of the show believe that “the outcome of the elections will be the start of a greater struggle, the beginning of a new chapter in the fight to regain our national dignity,” according to a press release.

Directed by Dexter M. Santos, the play was first produced by the UP Playwright’s Theater in 2018.

After its run last year, Mr. Quintos felt that it was “time to let go of the play” until news about the midterm elections started coming out. “Late last year, (actor, director, and PETA’s Chief Operations Officer) Melvin Lee approached me about staging it again here (in PETA),” Mr. Quintos said at the press launch in PETA Theater Center on May 2, adding that PETA Theater’s management believed in the material after seeing the show and “what it can say [even] in a post-election scenario.”

The play revolves around a retired kundiman and classical singer Adela Dolores who spends her time teaching kundiman to young students and her matronly friends who are interested in that particular genre of Filipino love songs. Adela’s life takes a turn when one of her students, Antonette, introduces her to her activist-boyfriend, Bobb, who acquaints Adela with social media. Then the story shifts from hilarious to serious.

Actors reprising their roles in the original production are Shamaine Centenera-Buencamino as Maestra Adela, Frances Makil-Ignacio as Tita Mayen, Stella Cañete-Mendoza as Tita Helen, and Jenny Jamora and Missy Maramara alternating as Tita Mitch. Also reprising their roles are Miah Canton as the young soprano Antoinette and soprano Rica Nepomuceno as the professional kundiman singer Melissa.

The newcomers in the cast are 2011 NAMCYA first prize piano competition winner Gabriel Paguirigan who makes his acting debut as Ludwig, the Maestra’s accompanist; Boo Gabunada (Mula Sa Buwan and Ang Huling El Bimbo) takes on the role of Bobby; and Nonie Buencamino takes on the role of Senator Juancho Valderama who is Bobby’s estranged father.

WHAT MAKES A KUNDIMAN?
The story is told with kundimans — featuring piano arrangements by National Artist for Music Ryan Cayabyab and additional scoring by his daughter Krina Punsalan Cayabyab — composed by Nicanor Abelardo (“Mutya ng Pasig,” “Nasaan Ka Irog”) and Francisco Santiago (“Pakiusap,” “Pilipinas Kong Mahal”).

Popularized at the end of the 19th century, a kundiman is an art song with themes of love. It has also evolved to include themes about patriotism and oppression by a colonizer or dictator.

“It started as an extemporaneous singing… It has always been about love, but it has evolved into other aspects,” UP College of Music professor Rica Nepomuceno, who plays the soprano Melissa, said of the kundiman.

“It is quite challenging for us to be using the kundiman now. With the influx of popular music, not only Filipino popular music, but also the foreign popular music, the audience now — especially the young ones — are not very familiar with the songs,” Ms. Nepomuceno said of the challenge in making kundiman relevant.

She also noted that the expression of a deep devotion for anything makes the art song relatable in the story. “Kundiman is still very much alive even if consciously we don’t know. We use it [always] when there’s an urgent need to express devotion,” Ms. Nepomuceno said.

SOCIAL RELEVANCE
The play hopes to inspire vigilance among viewers. “The Kundiman Party will touch not just minds but more importantly hearts. It will inspire, we hope, a wider audience to be engaged in what is happening in the country today,” said PETA President Cecilia B. Garrucho about the show’s goal.

“I have no potential of my work ever being a classic. That has never been my concern. I write, I think for the ‘here and now,’” Mr. Quintos said, adding that it was a realization among the cast members that the story “still seems so fresh” as it was a year ago.

“I’m glad [enough] that we have started some sort of conversation with the audience and some sort of introspection. I think that’s the main purpose of our art,” he said.

The Kundiman Party runs from May 24 to June 2 at the PETA Theater Center in Quezon City. For information and tickets, visit www.facebook.com/pages/category/Performance-Art-Theatre/The-Kundiman-Party-at-the-PETA-Theater-1087627344777762/

8990 profit jumps 17% in January-March

8990 HOLDINGS, Inc. booked a 17% increase in net income in the first quarter of 2019, driven by sales of its housing projects in the National Capital Region (NCR), Iloilo, and South Luzon.

In a disclosure to the stock exchange on Tuesday, the listed mass housing developer said that its net income grew to P1.177 billion during the January to March period, from P1.009 billion in the same period last year.

Revenues jumped 20% to P3.01 billion in the three-month period, as the company sold 2,204 housing units which was 23% up from year ago figures.

Sales from NCR projects accounted for 25% of the total, followed by Iloilo projects, which accounted for 12% and South Luzon projects with 11%.

The developer said it had P1 billion in unrealized sales for the quarter, which will be recognized in succeeding quarters.

“Our focus has always been on strengthening our business and growing the company. As a result we have shown that we can constantly show solid growth. This year will be a very exciting year for us as we continue to strengthen our core business and roll out new projects that would secure our place as the country’s top affordable home developer,” Willibaldo J. Uy, president and chief executive officer of 8990, said in a statement.

This year, the company is eyeing to grow its revenue by about 15% to P13.5 billion from P11.75 billion it recorded in 2018. This will be generated mostly through Luzon projects like Urban Deca Homes Manila located in Tondo, Manila.

Urban Deca Homes Manila is a 13-tower residential development featuring 13,000 units with an estimated value of P20 billion.

The company’s other projects include: Deca Clark Resorts Residences in Pampanga; Urban Deca Homes Manila in Tondo, Manila; Urban Deca Homes Marilao in Bulacan; Urban Deca Homes Hampton and Urban Deca Homes Mahogany in Cavite; Deca Homes Pavia Resorts Residences 2 and Deca Homes Sta. Barbara in Iloilo; Deca Home Bacolod in Bacolod; Urban Deca Homes Tisa 2 and Urban Deca Homes H. Cortes in Cebu; and Deca Homes Mulig in Davao. These 11 projects will contribute 37,715 housing units once they are completed.

Shares in 8990 went up by 1.27% or 0.18 centavos to close at P14.4 each at the stock exchange on Tuesday. — Vincent Mariel P. Galang

PSBank net income rises

PSBank
PHILIPPINE Savings Bank booked a higher net income in the first quarter.

PHILIPPINE SAVINGS Bank (PSBank) saw its net income climb in the first quarter, driven by interest income growth as well as expense management.

In a regulatory filing on Tuesday, the Ty-led thrift lender said it booked a P680.7-million net profit in the first three months of the year, up 10.3% from P617 million tallied in the same period in 2018.

Interest income grew 10.3% to P34.33 billion in the January-March period.

Total loans stood at P159.3 billion, up 6.8% from P149.2 billion in the comparable year-ago period. PSBank attributed this growth to its car and housing loan portfolios.

Meanwhile, the bank’s net non-performing loans ratio was steady at 3.1%.

On the funding side, total deposits marginally declined by 0.6% to P185 billion from the P186 billion posted in the comparable year-ago period as the lender rebalanced its funding strategy focusing on low-cost funds, retail clients and alternative sources, PSBank said.

With this, low-cost deposits improved by 6.6% to P55 billion in the first quarter from P51.6 billion last year.

Other operating income however declined 23.81% to P290.87 billion in the first quarter from P381.74 million the previous year. This was attributed to lower gains on foreclosure and sale of chattel mortgage at P20.79 million from P147.18 million in the January-March period last year.

Excluding provisions for impairment, other operating expenses reached P2.15 billion in the three months ended March, down 6.45% from P2.3 billion last year.

Overall, PSBank’s total assets grew 4.9% year-on-year to P236.2 billion from P225.1 billion.

Capital adequacy ratio stood at 18.4%, while common equity Tier 1 ratio was at 15.9%, both well above the central bank’s regulatory minimum.

“The bank’s commendable double-digit growth puts us on track of out 2019 targets, and is a deliberate result of firm commitment to reinforce our sales efforts, improve on operating efficiencies, digitize products and channels and consistently provide exceptional customer experience,” PSBank President Jose Vicente L. Alde was quoted as saying in the disclosure.

PSBank, the second-largest thrift bank in asset terms, completed its P8-billion stock rights offer last January, offering 184.7 million common shares priced at P56 apiece.

Local debt watcher Philippine Ratings Services Corp. affirmed its PRS Aaa (corp.) issuer rating on PSBank last month, indicating continued growth in core interest income and strong market position.

To date, the lender has a distribution network of 250 branches and over 570 automated teller machines located nationwide.

PSBank shares closed at P57.45 apiece on Tuesday, down P1.05 or 1.79% from the previous finish. — K.A.N. Vidal

Candon music festival mixes classical and pop

By Susan Claire Agbayani

IT HAS BEEN the dream of Ryan Cayabyab, National Artist for Music, that Filipinos become less “dependent on imported songs and imported music.” He envisions a huge collection in the future of “music literature by young people in each community that we touch.”

He deems it very important, an advocacy.

“Kids in their locale must be able to write songs for their community, in their language, in the way they express themselves,” he said during a press conference for the first Candon Music Festival, of which he is Festival Director. The festival will be held from May 23-25 at the Bagani Campo Concert Grounds in Candon, Ilocos Sur.

The festival is the brainchild of Eric D. Singson, Representative of the 2nd District of Ilocos Sur.

Mr. Singson said, “I attended (the Montreal) music festival — a one-week music festival — with food and music and art, all in one. I thought that maybe we could also do things like that in the Philippines. “We thought of organizing a music festival with (the help of) our National Artist. We are now ready to take off with this,” he said.

It will be the first music festival of its kind north of Manila. It will feature many bands and orchestras with a different set of performers, both classical and pop, nightly.

When Mr. Cayabyab was approached for the first time by Manila Symphony Orchestra (MSO) cellist Christian Geo Molina about the festival, he was admittedly sceptical due to the musician’s youth. But when Mr. Molina mentioned that musicians like the Philippine Philharmonic Orchestra’s Jorge “Joy” Sababan were among those helping organize the festival, he realized that Mr. Molina was dead serious. He found it interesting that he was being invited to be the director of a festival where classical music was going to be played. “Our objective is to inspire young kids in our community. And we cannot think of anything else to do. The presence of good musicians like our National Artist will really give a big push for our program in Ilocos Sur,” said Mr. Singson.

They intend to make it an annual music festival in Ilocos Sur. “We are also holding this musical festival to promote our province as a tourist destination,” said Mr. Singson.

“I said to Ryan, we want to do something that people will remember and we can do it yearly to attract people to come. We are also helping the country promote music in the province, in far-flung areas where in areas where there are no skilled musicians,” he said.

TEACHING THE KIDS
The Candon festival is rooted in a project that is in synergy with Mr. Cayabyab’s advocacy of bringing music to the youth in the provinces, since it is based on a foundation set up to promote music in Candon.

“We organized a foundation to help young people in our community in Candon City,” said Mr. Singson, referring to the MDS Heritage Foundation, Inc. “(Through the years) we sent some young artists/musicians to St. Paul University to take up Music.” Eight of these musicians eventually graduated and are not teaching the children in the city.

The first time that they held this kind of training program, only 20 youngsters enrolled. “Now we have 300 young kids. We feel that if we can show them those who really play well, they will be encouraged to excel in their dreams of becoming a musician,” Mr. Singson said.

“The ones (who were sent to study at St. Paul’s are) now training the 300 young students to play classical music,” he said.

Mr. Cayabyab is gratified that Candon musicians are using their expertise “to help shape a community that would appreciate music.”

THE PERFORMERS
Among the performers in the festival is the MSO which is preparing an overture entitled “Ilocandia” which includes songs such as “Pamulinawen” and “Manang Biday,” among others.

Aside from the MSO, also performing over the three days of the festival are the Philippine Cello Ensemble, tenor Ronan Ferrer, the Candon City Chamber Orchestra, the Candon City Children’s Choir, the Candon City Chorale, marimba player Aimee Mina de la Cruz, the Cardona Youth Symphonic Band, Kabataang Gitarista, and the Ryan Cayabyab Singers, Banda ni Kleggy, Deck of Cards, IMAGO, Noel Cabangon, Spongecola, 6Cyclemind, Gloc-9, Gracenote, Moonstar 88, Pinoy Brass, Tita Baliw, Davey Langit, DJ Patty Tiu, Jammers, Orange & Lemons, Rivermaya, soprano Regina Carabiles, soprano Jedessa Calacday, Melissa Nartate, Joy Allan de la Cruz, and DJ Lester Paul Vano.

Mr. Cayabyab added Ilocano musicians Davey Langit and Noel Cabangon to the roster of performers who will perform Ilocano songs they themselves wrote.

“My idea is that in the succeeding years, there would be educational workshops prior to the festival; creative music writing workshops for instance. Just like what I do in my other… events around the country,” he said.

The music festival ground is almost three hectares and can accommodate about 7,000 people.

“We do not know how many will come. But we want the young people to come. But before they drink the bitter pill, of course, they have to eat delectable appetizers… But it’s in the reverse; our appetizers are classical,” said Mr. Cayabyab.

The concerts start at 6 p.m. and go on til midnight daily for three consecutive nights. There will be different genres on every performance night.

Mr. Cayabyab is overjoyed that the fiesta has classical music as its base; started by musicians who trained the young people. “So I know where the heart is coming from,” he said.

“So I told myself, I like this because there’s some kind of initiative. I’ve been looking for LGUs that are initiating cultural programs, or arts and culture festivals in their area. So excited ako kasi wow, there’s something happening there in the North!”

For details, visit facebook.com/CandonMusicFestival.

PCC approves US firm’s deal to buy stake in hotdog maker Frabelle

THE Philippine Competition Commission (PCC) has approved US-based Johnsonville International, LLC’s acquisition of a majority stake in local hotdog maker Frabelle Corp.

In a Commission decision approved on May 7, the country’s antitrust body said Johnsonville’s purchase of 51% of the issued and outstanding capital stock in Frabelle does not lead to substantial lessening of competition in the domestic market.

Johnsonville, the acquiring entity, is a US company engaged in the manufacturing, packaging, and distribution of fresh, chilled, and frozen meat products. It distributes sausages in the Philippines.

Frabelle, on the other hand, is a homegrown firm engaged in the manufacturing, packaging, and distribution of fresh, chilled and frozen processed meat products, including hotdogs and sausages under the brand name “Frabelle.”

PCC found that Frabelle’s production volume for sausages is “negligible” in the local market, that even if it is combined with Johnsonville’s production volume it is unlikely to significantly affect the market structure.

It also noted that the deal also has a minimal effect on the local market for hotdogs and sausages.

“As both firms also deal with cold storage warehousing, the transaction was found to have no ability or incentive to engage in input or customer foreclosure in the market for cold storage in the Caloocan, Malabon, Navotas, and Valenzuela area,” the PCC said in a Tuesday statement.

The PCC, the country’s anti-trust body, is mandated under the Philippine Competition Act to review mergers and acquisitions to ensure that these deals will not harm the interest of consumers.

To date, PCC has received 182 merger transactions by local and international companies. Of this, 169 were approved while one has been blocked. — Janina C. Lim

Prudential tops non-life firms in net premiums

PRUDENTIAL Guarantee & Assurance Inc. (PGA) continued to top non-life insurance companies in terms of net premiums written in 2018, data from the Insurance Commission (IC) showed.

PGA maintained its top rank as it recorded a premium income of P5.18 billion last year, according to a list released by the IC on Tuesday that ranks non-life insurance companies based on net premiums, assets, net worth and net income, based on unaudited quarterly statistics ending Dec. 31 submitted by the firms.

Charter Ping An Insurance Corp. also remained at second place with net premiums of P3.90 billion, followed by Malayan Insurance Co., Inc. which stayed at the third spot with P3.77 billion.

Meanwhile, Pioneer Insurance & Surety Corp. took fourth place with a net premium income of P3.09 billion, overtaking last year’s fourth-ranked BPI/MS Insurance Corp., which ended the year at fifth place with P3.04 billion in net premium written.

An insurer’s net premium income is premiums written on direct business plus assumed premiums and less cessions and retrocessions.

Meanwhile, in terms of assets, Yuchengco-led Malayan Insurance retained the top spot with P34.28 billion. Pioneer Insurance also placed second again this year with assets worth P31 billion.

Ranking third this year was PGA with P14.41 billion in total assets, switching places from 2017’s list with BPI/MS Insurance, which held P12.8 billion worth of assets.

Charter Ping An stayed at fifth place this year with P11.4 billion.

According to the IC, the combined assets of the top five companies accounted for 44.13% of the total assets of the non-life insurance industry in 2018.

On the other hand, in terms of net worth, Pioneer Insurance kept the first rank with P15.39 billion. Malayan Insurance, despite a reported decline in net worth to P4.24 billion this year from P6.9 billion in 2017, also remained at second place.

BPI/MS Insurance climbed one place from its 2017 finish to land the third spot this year with P2.75 billion. At fourth place was Standard Insurance Co. with a net worth of P2.74 billion, while Philippines First Insurance Co., Inc. slid two places from its 2017 ranking to finish at fifth place this year with P2.45 billion.

Ranked based on 2018 net income, BPI/MS Insurance continued to dominate the industry with P453.83 million, while CARD Pioneer Microinsurance, Inc. climbed by two places to take the second spot with P395.15 million.

Pioneer Insurance was at third place with P346.75 million, while PGA slipped two places to rank fourth with a P264.88-million net income. Malayan Insurance was at fifth place with P195.27 million. — R.J.N. Ignacio

Venice Biennale’s The Spectre of Comparison comes home to PHL

THE Spectre of Comparison, showcased at the 2017 Philippine Pavilion at the 57th International Art Exhibition of the Venice Biennale, will open in Manila on May 23 at the De La Salle-College of Saint Benilde (DLS-CSB) Museum of Contemporary Art and Design (MCAD). It features the works of Filipino artists Lani Maestro and Manuel Ocampo.

The Spectre of Comparison, inspired by the Spanish line “el demonio de las comparaciones,” from the novel Noli Me Tangere by the National Hero Jose Rizal, is an outline for the practices of the two artists. The puzzling phrase summarizes the experience of Rizal’s protagonist, Crisostomo Ibarra, when he gazes out to look at the Botanical Garden of Manila while at the same time remembering the gardens of Europe.

The showcase delves on the tainted viewpoints when one cannot help but juxtapose two different geographical areas.

Though both Maestro and Ocampo have resided abroad, they have maintained active engagements with the Philippines throughout their careers.

Manila-born Maestro acquired her Bachelor of Fine Arts degree in University of the Philippines (UP) Diliman, and, after migrating to Canada in 1982, earned her Master of Fine Arts from the Nova Scotia College of Art and Design (NSCAD) in Halifax, Canada. She received an honorary doctorate in Fine Arts from NSCAD University in 2018. Her multimedia pieces dwell on the topic of minimalist art itself and its connotations of emptiness.

Ocampo, a graduate of Fine Arts in UP Diliman, has been a constant presence in the international art scene for over two decades, and has built up a reputation for tacking revered icons of society. He has been awarded with accolades from the US-based National Endowment for the Arts, the American Academy in Rome’s Rome Prize in Visual Arts, and Reader’s Digest’s Artists at Giverny Program. Now based in Manila, he has immersed himself into the local art scene, not just an artist but as a curator.

Curated by MCAD Director Joselina “Yeyey” Cruz, The Spectre of Comparison will run until July 20.

MCAD is located at DLS-CSB School of Design and Arts Campus, Dominga St., Malate, Manila.

Global-Estate Resorts grows income by 41%

GLOBAL-ESTATE Resorts, Inc. (GERI) reported a 41% growth in its net income attributable to parent during the first quarter of 2019 driven by higher rental income and hotel operations, and sustained sales of its residential projects.

In a regulatory filing on Tuesday, the leisure and tourism arm of Megaworld Corp. said it booked P447.48 million in attributable profit during the period, versus the P338.5 million recorded in the same period last year.

Revenues, excluding non-recurring gains, rose 20% to P1.7 billion during the first quarter from P1.4 billion booked in the same period last year.

“We believe that we have made the right investments to secure our rental income early on as this is now providing stability in GERI’s earnings, which is evident in our results the past several years. We plan to further solidify this side of the business as we add more investment properties across our lineup of tourism townships and integrated lifestyle communities in the country,” Monica T. Salomon, president of GERI, said in a statement.

Rental income more than doubled to P180 million during the three-month period, thanks to the increase in occupancy and additional leasable area with the completion of new office spaces. Specifically, this was driven by revenues from the Southwoods Office Towers and the Southwoods Mall, its first full-scale mall, both located in Laguna.

Hotel operations generated 78% higher revenues to P171 million, as it opened new hotels in Boracay and Batangas last year. GERI is set to open the 450-room Belmont Hotel Boracay this year.

Residential sales also grew by 5% to P1.24 billion from P1.18 billion last year. The company launched new residential developments in the Twin Lakes and Southwood City last year.

Currently, GERI has five tourism estates and two integrated lifestyle communities across the country that covers about 3,000 hectares. These are the Twin Lakes in Laurel, Batangas; Southwoods City in Biñan, Laguna and Carmona, Cavite; Alabang West in Las Piñas City; Boracay Newcoast in Boracay Island, Aklan; Sta. Barbara Heights in Sta. Barbara, Iloilo; Eastland Heights in Antipolo, Rizal; and The Hampton Caliraya in Lumban-Cavinti Laguna.

Shares in GERI went down by 1.49% or 0.02 centavos to close at P1.32 each at the stock exchange on Tuesday. — Vincent Mariel P. Galang

Celebrating children’s literature

A PROJECT by a new small press and curatorial platform Comma and independent bookstore Kwago, “A Curated Shelf” creates a space to understand the many ways we read, write and publish.

To be launched at the Komura; Book Fair on May 18, 3-4 p.m., the second curated shelf will feature guest curator Ani Almario. Her selection of 15 publications are children’s books that she would require her own children to read.

In the second curated shelf, Ms. Almario addresses questions on literature and the printed word but ultimately reflects on her personal relationship with books and the chosen stories. She features the works of Maurice Sendak, Neil Gaiman and Charles Vess, Rene Villanueva and Ibarra Crisostomo, and May Tobias Papa and Pepper Roxas in her selection.

“These books are about my concerns, my politics and thoughts as of late. They reflect what I think are the stories that have to be told to children TODAY. I am happy that not all choices ended up grim and determined, as I also believe in children’s literature’s power to preserve happiness and wonder,” Ms. Almario wrote in her curatorial notes.

Ms Almario is the school director and co-founder of The Raya School, a progressive institute for young children emphasizing national pride and passion for learning.

She is the vice-president of Adarna House, the publisher at the forefront in producing local children’s books and educational materials. She is also Secretary-General of the Philippine Board on Books for Young People and president of the Book Development Association of the Philippines.

In her notes, she shares a glimpse behind the history of her education and line of work: “One of my most vivid and treasured memories as a child has me, around 10 or 11, with my legs propped up on the arms of our butaka on our terrace, reading Little Women while eating pastillas that my tita made. Growing up, there was no better way to spend afternoons after school, than to curl up with a book.”

Along with “A Curated Shelf,” Komura; is presenting pockets of storytelling, focusing this year on highlighting women creators, and women in tech and film.

Komura; will be held at Warehouse Eight on May 18, 11 a.m. to 11 p.m. Regular tickets cost P200; P120 for students. Children 10 years old and below can come for free. Children will get zines and coloring books when they sign up to “A Curated Shelf.” At the program, Adarna books are available for sale.

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