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Top Philippine stock fund holds on to cash as bear market nears

THE best stock fund in the Philippines is holding on to its cash as a sell-off that’s wiped out more than $36 billion from Asia’s worst-performing equity market brings the benchmark closer to bear territory.
The Philippine Stock Exchange Index sank 1.5% on Monday as a forecast for a wider current-account gap stoked fears of a weaker currency and rising inflation, bringing this year’s retreat to more than 13%. The gauge is within 2.3% of a bear market as it nears the 7,246.90 level, which is 20% below its Jan. 29 peak. Meanwhile, the peso is hovering around a 12-year low.
“There is no rush to buy into this market,” said Steven Ko, who helps manage about $1.12 billion at Rizal Commercial Banking Corp. “Sentiments have become very negative that it’s highly possible we will see a bear market in the near term.”
The bank’s Rizal Equity Fund has returned 2.2% in the past year, the best performer among 69 peso-denominated Philippine stocks funds in Manila tracked by Bloomberg. It beat the Philippine Stock Exchange Index, which slid 6.7% in the past 12 months.
Mr. Ko said the Philippine stock index could slide to 7,200 as early as this month even if the central bank raises interest rates on Wednesday as the market braces for continued weakness in the peso amid the prospects of a swelling current-account deficit.
The central bank on June 14 raised its current-account gap forecast to $3.1 billion for 2018, more than four times its previous $700-million estimate. The peso has depreciated 6.7% against the dollar this year, Asia’s worst performer.
NO SUPPORT
“The new forecast shows a very big discrepancy and the market is taking this negatively because of its implication on the peso,” Mr. Ko said. “Even if the central bank raises interest rates this week, the peso might not get support in the near term and this spells continued weakness for equities.”
Overseas investors sold $24.17 million of Philippine shares Monday, the 22nd straight day of withdrawals. It’s the longest stretch of outflows since September 2016 and bringing this year’s withdrawals to more than $1.11 billion. Yesterday’s sell-off trimmed the stock index’s valuation to 16 times 12-month estimated earnings, the lowest since Dec. 27, 2016.
Mr. Ko said he has identified stocks that are “very undervalued and have underperformed the market” and that he’s ready to scoop them up once the Philippine stock index hits 7,200. He prefers property companies — the only sector he’s overweight — even as interest rates rise, because of earnings growth prospects. He also likes consumer stocks as the sector’s underperformance this year have made certain names “quite attractive.”
“The weakness and sell-off in equities are mostly currency-related,” Mr. Ko said. While Philippine economic growth is still one of the fastest in the region, “most foreign investors are bearish” because they are also being hit by the weaker peso. — Bloomberg

At world’s biggest art fair, squeezed mid-market raises concerns

BASEL, SWITZERLAND — In a year when many major galleries made record sales, conversations at the world’s biggest art fair last week were not just about the eye-watering sums paid for top works, but also about how to ensure the viability of the market’s lower end.
There was no shortage of top-ticket works on sale at Art Basel, which opened to the public in the Swiss city on Thursday: a pair of paintings by 20th-century American abstract expressionist Joan Mitchell sold for $14 million apiece during the fair’s opening days, reserved for VIPs.
“It’s like that magnificent moment,” said Dominique Levy of Levy Gorvy which sold Mitchell’s untitled 1959 work.
Marc Glimcher, who heads one of the world’s biggest gallery enterprises, Pace, said: “Art Basel is always good, but it isn’t always this-year good. I think many people had the best first day of Art Basel they’ve ever had.”
But with galleries feeling the pressure from lighter foot traffic and the high cost of fairs where much of today’s primary buying happens, the art world is considering how to support the market’s “squeezed middle.”
“It’s always been the case that the top end of the market does a little bit better, but the margin between how it’s performing and everybody else is performing has become wider, and that’s obviously a concern,” said Clare McAndrew, author of the Art Basel and UBS Global Art Market Report.
Over the last 10 years, works under $1 million have fallen in value, whereas works selling for over $10 million have increased nearly 150%, the report found.
“It’s paralleling what’s happening in the world,” McAndrew said. “The gap between the ultra-rich and everybody else has never been wider.”
Facing a top-end boom that is pricing out museums and avid collectors, the art world must ensure the survival of small galleries that might be supporting the next Vincent Van Gogh, said New York gallery owner Sean Kelly.
“It’s the smaller galleries that feed the mid-tier galleries that feed the larger galleries, and we all have to be respectful of that process because otherwise it’s like watching the Great Barrier Reef die,” he said.
“We’re all part of a much larger ecosystem.”
With most wealthy US collectors buying works priced under $5,000, according to a survey by UBS, art vendors should look to new audiences, particularly in emerging markets, said Patricia Amberg who runs UBS’s Art Competence Center, which advises clients with more than $50 million with the bank on collecting.
Online sales, which have grown 72% over the last five years, present a particular opportunity for the lower end of the market, she added.
Art Basel ended on Sunday. — Reuters

PhilWeb buys 2 e-Games sites in Cebu

PHILWEB Corp. has acquired two gaming sites licensed by the Philippine Amusement and Gaming Corp. (PAGCOR) in Cebu City.
In a disclosure to the stock exchange on Tuesday, PhilWeb said its unit BigGame, Inc. purchased the PAGCOR e-Games sites in Consolacion and Lapu-Lapu City, Cebu from Golden Frontier Gaming, Inc. (GFGI).
In exchange for the e-Games sites, PhilWeb gave GFGI 394,322 shares priced at P5.12 each or around P2.02 million, in addition to P2.5 million in cash.
The acquisition brings PhilWeb’s total e-Games sites to 52.
PhilWeb had been operating 286 e-gaming sites across the currently until August 2016, when its license expired. Then newly elected President Rodrigo R. Duterte’s criticisms against online gaming and PhilWeb’s then-Chairman Roberto V. Ongpin put a halt on the company’s operations.
Mr. Ongpin then chose to divest his stake in PhilWeb worth P2 billion, in favor of its current chairman Gregorio Ma. “Greggy” Araneta III in October 2017.
It was only last December 2017 when PhilWeb finally secured clearance from PAGCOR to resume its operations as an electronic gaming system service provider.
PhilWeb saw its revenues surge by 236.7% to P87.8 million during the first quarter of 2018, after securing clearance from PAGCOR to fully resume operations. The company has also managed to trim losses to P28.9 million, from the P72.3 million seen in the same period the year before.
The company earlier said that it hopes to return to profitability by venturing into other gaming business and by regaining the e-gaming outlets it had lost.
Last April, PhilWeb said it is venturing into electronic bingo (e-Bingo), with plans to acquire two e-Bingo sites.
“It is also a service provider to Instant Massive Bingo’s e-Bingo operations in Saipan by providing the latter with technology and support services,” PhilWeb said.
Shares in PhilWeb slipped by 12 centavos or 2.27% to close at P5.16 each at the Philippine Stock Exchange on Tuesday. — Arra B. Francia

Artist Christo floats tomb of barrels in London’s Hyde Park

LONDON — A 20-meter high sculpture of an ancient Egyptian tomb, made from 7,506 red, white, and mauve barrels, has taken temporary residence amid the aquatic wildlife on a lake in London’s Hyde Park.
The floating installation — featuring two vertical sides, two slanted sides and a flat top — was unveiled on Monday by Bulgarian-born artist Christo.
“For three months, The London Mastaba will be a part of Hyde Park’s environment in the center of London,” he said.
“The colors will transform with the changes in the light and its reflection on the Serpentine Lake will be like an abstract painting.”
Work started in April to stack the 55-gallon barrels into their cut-off pyramid shape on a floating platform 40 meters long and 30 meters wide. Thirty-two anchors hold the structure in place.
Christo, whose full name is Christo Javacheff, was joined at the launch by former New York mayor Michael Bloomberg, chairman of the Serpentine Galleries.
Christo and his wife Jeanne-Claude, who died in 2009, are known for such works as The Gates, a 2005 installation in New York’s Central Park, and the wrapping of the Reichstag in Berlin in 1995. — Reuters

ERC junks Majestic Energy’s application for CoC

FACEBOOK.COM/ERCGOVPHTHE Energy Regulatory Commission (ERC) has rejected the application of Majestic Energy Corp. for a certificate of compliance (CoC) for its 41.30 megawatt-peak (MWp) solar rooftop project in Cavite, after the regulator flagged concerns over foreign minority shareholders’ control of the company.
In a statement, ERC Chairman and Chief Executive Officer Agnes T. Devanadera said the agency has reviewed the pertinent documents submitted in support of Majestic Energy’s application for a feed-in tariff (FiT) certificate of compliance.
“We observed that some transactions entered by the company are questionable and necessitates further inquiry… Hence, we deemed it proper to revert the matter to the Department of Energy without further action from the Commission,” she said.
The certificate is proof that a power plant complies with the applicable regulations, making it safe to switch on and operate.
Majestic Energy’s project is intended as a FiT-eligible power plant, giving it a guaranteed fixed rate for the electricity it produces for the next 20 years. It is located in Cavite Economic Zone (CEZ) I and II, in Rosario and Gen. Trias, respectively.
In its evaluation of Majestic Energy’s application for a CoC, the ERC found that HRD Singapore Pte. Ltd. holds 40% of the total number of subscribed and paid-up capital stock, while Filipino shareholders hold 60%. It noted the company initially appeared to be compliant with the Constitution and laws on Filipino equity requirement.
After its review of Majestic Energy’s articles of incorporation and by-laws, the ERC expressed reservations about the effective control within the company, particularly the required affirmative vote of 75% of the outstanding and issued shares in approving corporate resolutions pertaining to fundamental and management issues.
“Effectively, control did not fall on Filipino shareholders inasmuch as any decision made by the Filipino majority can be overturned by the foreign minority at will. ERC called the attention of [Majestic Energy] in order to rectify the issues on the ownership requirement of the law,” it said.
The ERC said Majestic Energy had amended the pertinent provisions of its incorporation papers, particularly on the voting rights and quorum requirement for shareholders’ meetings from 75% to “a majority” of the outstanding capital stock.
The company also redeemed from the Singaporean firm about 64,000 preferred redeemable shares at their total par value of P800 million. HRD Singapore also conveyed, transferred, and assigned all its rights and interests to Majestic Holdings Corp. over 6,000 fully paid redeemable preferred shares of stock in Majestic Energy and 2,400 fully paid Class A common shares of stock in the latter.
The ERC said the redemption of the preferred shares and the divestment of the preferred shares by HRD Singapore to Majestic Holdings resulted in almost 96.923% ownership by the holding firm of Majestic Energy.
However, the ERC upon examination of Majestic Holding’s 2014-2015 audited financial statements observed that the funding for the redemption of the 64,000 redeemable preferred shares and the conveyance of the 6,000 redeemable preferred shares and 2,400 Class A common shares of stock to the holding firm was sourced from HRD Singapore, casting doubts on the legitimacy of the transactions.
“We (the ERC) do not approve applications filed before us hook, line, and sinker. We dig deeper into the relevant documents despite the fact that some government agencies had already granted its imprimatur on an energy project. In this case, [Majestic Energy] failed to get the Commission’s consensus that the Filipino equity of a corporation is indeed observed,” Ms. Devanadera said. — Victor V. Saulon

Treasury makes partial award of 20-year bonds as yields pick up

By Karl Angelo N. Vidal, Reporter
THE GOVERNMENT partially awarded the reissued 20-year Treasury bonds (T-bonds) it offered Tuesday with yields picking up as the rising interest rate environment prompted investors to be more cautious.
At its auction on Tuesday, the Bureau of the Treasury raised just P4.12 billion out of the planned P10-billion borrowing from the reissued long-tenored notes with a remaining life of 19 years and eight months.
Total tenders reached P14.2 billion, still above the amount the government wanted to raise.
The 20-year bonds fetched an average rate of 6.979%, 12.9 basis points higher than the 6.85% average fetched during the last 20-year T-bonds auction in May. This was also higher than the 6.5% coupon rate set in February.
Had the government made a full award of the bonds, the rate would have climbed to 7.11%.
At the secondary market yesterday before the auction, the 20-year papers were quoted at 7.3839%. It fetched a higher rate of 7.3911% at the market’s close.
Deputy Treasurer Erwin D. Sta. Ana said the Treasury decided to partially award the bonds it placed on the auction block to keep the rates in check.
“We looked at the quality of the bids… We tried to look where the sweet spot was, so what we can say as the optimal market level, that’s the driving force behind the partial award,” Mr. Sta. Ana told reporters following the auction.
He added that the Treasury saw demand from the investors despite receiving non-competitive bids from its dealers.
“Obviously, because of the rising interest rate environment, there is really more of a cautious stance taken by some market participants. But then again that’s tempered by the demand in the long end.”
Last week, the US Federal Reserve decided to raise its benchmark rate by a quarter of a percentage point amid improved economic conditions. The federal funds rate now stands at a 1.75%-2% range.
The market is also awaiting for the policy decision of the Bangko Sentral ng Pilipinas (BSP) during its meeting today.
In a BusinessWorld poll, six out of 10 economists expect the BSP’s rate-setting Monetary Board to stay on hold amid signs that domestic inflation may be slowing.
Last month, headline inflation accelerated to a fresh five-year high of 4.6% from the 4.5% logged in April. However, this was lower than the 4.9% expected by the market.
“[If the] market gets more clarity on the policy agenda of the BSP, we could probably see some improvements in terms of auction participation,” Mr. Sta Ana said.
Meanwhile, a bond trader said the result of the 20-year bond auction was in line with market expectations.
“It was in line with the market expectations because investors were looking at bids carrying 6.75%-7% rate to be accepted,” the trader said.
“Although, the T-bonds were only partially accepted given the higher bids by the market,” the trader added.
This quarter, the Treasury is holding two auctions per week — one for Treasury bills and another for T-bonds — to reflect increased borrowing requirements, as it is set to raise P325 billion via the domestic market in the period.
The government plans to borrow P888.23 billion from local and foreign sources this year to fund its budget deficit, which is capped at 3% of the country’s gross domestic product.

PAL flies to Auckland with tri-class A330

PHILIPPINE Airlines (PAL) on Monday said it has started using a tri-class Airbus A330-343 on its non-stop flights to Auckland, New Zealand.
In a statement, the flag carrier said the refurbished A330-343 has 18 business class, 24 premium economy and 267 regular economy seats.
PAL has a thrice weekly service from Manila to Auckland. PR 218 departs Manila every Wednesday, Thursday and Sunday, while the return flight PR219 leaves Auckland every Monday, Thursday and Friday.
“The shift to the A330 on the Manila-Auckland route increases overall capacity by 22%, helping stimulate leisure and business travel,” PAL said.
PAL said passengers will enjoy enhanced cabin amenities inside the A330, as it replaced the original 414 economy seats with 309 seats in three new cabin sections. All the seats will be fully-equipped with in-seat video monitors, have wider legroom and fewer seats on each row.
The A330’s business class has full-flat seats each with direct access to the aisle, privacy dividers, enhanced reading lights, a pneumatic air cushion with massage functions, and 18.5-inch video screens.
PAL introduced a new premium economy class, which features more legroom, special footrests, extra recline on wider seats, and 13.3-inch personal video screens.
Aside from Auckland, PAL uses the 309-seater premium version of the twin-engine A330 jet in Honolulu, Sydney, Melbourne, Tokyo, Bangkok, Hong Kong, Singapore and Osaka.
The flag carrier is seeking to impose a fuel surcharge as the price of oil continues to rise.
In the first quarter, PAL saw its attributable net loss widen to P1.1 billion from the P954-million loss during the same period a year ago. The airline’s expenses rose 14% to P36.9 billion, with jet fuel costs increasing by P2.1 billion. PAL said the average fuel price per barrel went up to $88.24 in the first quarter versus $76.15 in 2017.

RCBC to launch blockchain remittance service in Japan

RIZAL Commercial Banking Corp. will roll out a blockchain remittance service. — AFP

RIZAL COMMERCIAL Banking Corp. (RCBC) is set to launch a remittance service in partnership with two Japanese banks using the blockchain technology for a cheaper and faster way of sending money.
RCBC First Senior Vice-President Manny T. Narciso told reporters on Thursday that RCBC is eyeing to launch a remittance service riding on the blockchain technology for overseas Filipino workers (OFW) in Japan.
“We want to serve the OFWs in Japan through this technology and we’re doing it in partnership with two Japanese banks,” Mr. Narciso said.
“For the OFWs in Japan, [this service] will make remittance faster and cheaper as we will collect less fees.”
By using the blockchain technology, the funds to be remitted will no longer need to pass through other parties such as the SWIFT network, making remittances faster and cheaper, the official said.
“You will not need SWIFT anymore because it’s expensive. Remittance will happen in real time, bypassing all the other parties,” Mr. Narciso explained.
Blockchain is a distributed data ledger which involves a large network of entities where data is stored in “blocks.”
The storage units are continuously updated and being secured using cryptography, making data management and data-driven processes decentralized, tamper-proof and more transparent.
RCBC said it wants to launch the new service in Japan as it is the biggest source in remittances in Asia.
According to the central bank data, cash remittances from OFWs in Japan amounted to $137.43 million in April, the biggest in the region.
Mr. Narciso added that it is looking at partnering with two Japanese banks, with one being the Resona Bank, Ltd.
“We have a partnership already with Resona and we’re looking at them as our first option,” said Mr. Narciso, declining to mention the other bank partner.
The Yuchengco-led lender said it has recent partnerships with Osaka-based Kansai Urban Banking Corp. and Kobe-based Minato Bank of Resona’s Kansai Mirai Financial Group.
RCBC said it will partner with IBM and another firm to provide the blockchain infrastructure.
“IBM has decided to pilot it with 15 banks around the world, we’re the only one in the Philippines that they included in this pilot test,” Mr. Narciso noted.
He added that the lender plans to launch the service before the year ends.
Aside from RCBC, UnionBank of the Philippines is also employing blockchain as one of its underlying technologies to connect rural banks and increase the efficiency of its internal processes.
RCBC, the tenth-biggest bank in asset terms as of end-2017, booked a net income of P1.1 billion, 13.1% higher than the P1 billion logged in the same period last year supported by robust loan growth and reduction in non-performing assets.
RCBC shares went down 1.35% or 40 centavos to P29.15 apiece on Tuesday. — Karl Angelo N. Vidal

Virgin Labfest presents a Marawi-inspired musical alongside an EJK play and more

BESIDES the usual stories of friendship and romance, the Virgin Labfest’s entries this year include stories on social issues like extrajudicial killings and the effects of the seige of Marawi.
The 12 virgin — as in untried, untested, unstaged — plays will presented at the Cultural Center of the Philippines from June 27 to July 15.
Since 2005, the Virgin Labfest has been providing a stage for one-act plays with the potential to be developed into full-blown pieces, and for playwrights to tell their tales. Some of its “devirginized” plays have made the transition, and have been turned into films and musicals including Changing Partners, Kung Paano Ako Naging Leading Lady, and Imbisibol.
“The Virgin Labfest has solidified itself as a viable platform for the continuous development of playwrights by not only devirginizing their plays, but by providing an avenue where the voice is given a top priority by encouraging them to churn out plays according to their desire without the trappings of imposed themes,” said the festival director, Tuxqs Rutaquio.
Besides the 12 plays, there will be four staged readings, and three revisited plays from the past VLFs, namely Birdcage, Sincerity Biker’s Club, and River Lethe.
Here are this year’s 12 virgin plays which will be presented in four sets:
SET A:
• Mga Eksena sa Buhay ng Kontrabida by Dustin Celestino, directed by Roobak Valle. The playwright asks his audience: what is a villain? Through a collection of overheard conversations, the play tells the story of Jake, a violent and selfish kontrabida (villain). The people around him find ways to make him good.
• Mga Bata sa Selda 43 by Rolin Migyuel Cadallo Obina, directed by Ian Segarra. Believing that they have been kidnapped by aliens, brothers Philip and Ino’ plans of escaping and being reunited with their mother and grandmother are shattered when they meet Ed.
• Ang Inyong mga Anak: Si Harold at Napoleon by Anthony Kim Vergara, directed by Ricardo Magno. Inspired by the true story of a man named Napoleon who was murdered in Bataan, the play revolves around his classmate Harold who opens up a conversation with his mother about Napoleon. The dialogue between mother and son reveals their beliefs and political stands.
SET B
• Ang mga Propesyunal by Sari Saysay, directed by Carlos Siguion Reyna. Inspired by the real life story of a Malacañang-beat reporter who was banned from covering the President, the play is about Pia, a 10-year-old journalist, and her two friends, a doctor, and a police officer. The kids tell the difficulties of their chosen professions while learning about the deaths of innocent children and what democracy and freedom of expression mean.
• Rosas by J. Dennis Teodosio, directed by Charles Yee. Two men in an old folks home reminisce about their past, confront their present, and reveal their fears and hopes, while accepting their inevitable future. Before them, as the sun sets, a rose blooms silently as their witness.
• Edgar Allan Hemingway by Carlo Vergara, directed by George de Jesus III. A young writer finds fame but when his childhood friend suddenly shows up hoping to have the same success, an unexpected revelation provokes conversations on survival, ethics, and freedom.
SET C
• Labor Room by Ma. Cecilia “Maki” dela Rosa, directed by Jose Estrella. Three women — one having a baby and two facing the loss of their children — meet in the chaotic labor room of a public hospital. As they watch other mothers come and go, they forge a friendship and give birth to hope.
• Ensayo by Juan Ekis, directed by Eric Villanueva dela Cruz. Lolo Peds and Lola Tisha, both in their 60s, are in an acting workshop where they are required to share a kiss on stage. Lola Tisha suspects Lolo Peds is asking for a rehearsal before the play so he can have his way to her, while Lolo Peds accuses her of just being unprofessional. As the two work on their scene, they realized that they’re in for something more than just a rehearsal.
• Tulad ng Dati by JV Ibesate, directed by Olive Nieto. Two siblings meet again after a long time. But the supposedly happy reunion turns sour when their past resurfaces and they are forced to reveal their secrets.
SET D
• Amoy Pulbos ang mga Alabok sa Ilalim ng Tren by Lino Balmes, directed by Tess Jamias. Live-in partners Chona and Ramil live under a railroad. When a train passes by, the audiences are transported to a TV studio where Ramil joins the elimination round of the popular game show Pera o Bayong. And then, a different train arrives.
• Marawi Musicale by Tyron Casumpang, directed by Ariel Yonzon. Inspired by the playwright’s experience as a volunteer teacher in Marawi City after the seige, the musical, in essence, is about man versus noise. Amidst the immobilizing noise of gunshots, bombs, and air raids in an evacuation center, a different war is happening, one with hunger and pain. As the people inside make ends meet, they realize that music combats the noise.

• River Lethe by Allan Lopez, directed by Chris Martinez. Two cancer patients check into a motel where they explore their kinks and fetishes, their sex, and their hopeless medical condition.
Set A will have performances on June 27, July 6, 11, and 15, at 3 p.m., and on June 27, July 5, 10, and 14 at 8 p.m. Set B will have performances on June 28, July 1, 7, 12 at 3 p.m., and on June 28, July 6, 11, 15 at 8 p.m. Set C will have performances on June 29, July 4, 8, and 13 at 3 p.m., and June 29, July 1, 7, and 12 at 8 p.m. Set D will have performances on June 30, July 5, 10, and 14 at 3 p.m., and June 30, July 4, 8, and 13 at 8 p.m.
Tickets are available at the Cultural Center of the Philippines and Ticketworld, (www.ticketworld.com). — Nickky Faustine P. de Guzman

Cyber-insurance pushed as threats emerge

CYBER-INSURANCE products will help firms assess cyber threats and their impact on businesses.

REINSURANCE BROKER Jardin Lloyd Thompson (JLT) Philippines emphasized the need for companies to insure themselves versus cyber attacks amid escalated threats worldwide.
In a chance interview with BusinessWorld, JLT Philippines President and Chief Executive Officer Raul B. Tan said that by availing of a cyber-insurance policy, firms will be able to gauge the risks and impact on their businesses should a cyber attack occur.
“Cyber-insurance will give companies true blue awareness of what potential risks are, what the gaps maybe and what financial, operational and reputational impact may be should a cyber-attack occur and should they be a victim of this,” Mr. Tan said.
Mr. Tan noted a lot of firms do not fully comprehend the possible risks they may face.
“They know there’s a product out there, but they don’t necessarily relate to what exactly they need for their operations,” he said.
“Some people will say that they will never be attacked from a cyber perspective, but in this day and age where we are interconnected, we find that the risks outpace our understanding of what we need in order to mitigate it.”
Mr. Tan cited the 2016 US presidential elections where the Russian government were accused of meddling in the polls, bolstering the candidacy of now US President Donald J. Trump.
“The fact that one is able to influence the election of the leader of the free world says that [cyber-attackers] can do anything,” Mr. Tan said.
Aside from this, JLT Philippines also cited in a recent seminar incidents wherein Philippine firms and government agencies were involved in cyber attacks.
In April, Wendy’s Philippines told its customers that there has been a security breach on its website, compromising personal details. National Privacy Commission said that an estimated 82,150 records were exposed.
In 2016, hackers under the name LulzSec Pilipinas leaked the “whole database” of the Commission on Elections, exposing voters’ registration data.
“What [JLT] brings to the table is an understanding that…this is supposed to be a highly interactive discussion with our clients in order to arrive to an appropriate and proper solution that will mitigate and address all the risks and exposures in their businesses,” Mr. Tan added.
JLT Philippines said it is one of the leading reinsurance brokerages in the Philippines. It has clients involved in business processing and outsourcing, managing hotels, manufacturing, mining, power and transportation among others. — Karl Angelo N. Vidal

Uniqlo PHL’s biggest store to open on Oct. 5

UNIQLO will open its biggest store in the Philippines and Southeast Asia on Oct. 5.
In a statement, the Japanese apparel retailer said its Uniqlo Manila Global Flagship Store, which covers over a sales area of 4,000 square meters, is located at Glorietta 5 in Makati City.
“The new store will offer local and international customers a huge shopping area and a world-class immersive shopping experience featuring large visual displays and state-of-the-art design concepts. As with other Global Flagship Stores, the store will also showcase the full lineup of LifeWear for men, women, kids and babies,” Uniqlo said.
In preparation for the launch, Uniqlo started a nationwide campaign called “Our Future Is Here,” inviting customers to nominate Filipinos who they believe are “driving” Manila’s future in sports, film, music, culture, design, among others.
“The great success of Uniqlo in the Philippines is thanks to our customers here. The Our Future Is Here campaign is an exciting opportunity to deepen our connection with the city of Manila through our Global Flagship Store, to engage communities and celebrate the innovators who will shape its future,” John Jay, president for Global Creative at Uniqlo’s parent company, Fast Retailing Co. Ltd., was quoted as saying in the statement.
To participate in the campaign, customers can upload a photo of their nominee on Instagram, with the hashtags #UniqloManila and #OurFutureIsHere and tag @uniqlophofficial. The photo should include short text describing why the nominee is a future hero. Nominations will be accepted until July 15.

Art & Culture (06/20/18)

Lecture on docu photos

A LECTURE on “Documentary Photography in Germany” will be held on June 21 and 22, 2-5 p.m., at the Polytechnic University of the Philippines’ Ninoy Aquino Library and Resource Center, and the De La Salle-College of Saint Benilde’s 12th floor cinema. It spans an arc from the invention of photography until today following the documentary aspect of the medium from analog to digital reproduction. The lecture is a side-event of the Barbara Klemm: Helldunkel — Light and Dark exhibit in Manila, and will be given by the exhibition curator, Dr. Ursula Zeller, a German art historian, curator, and museum director. The exhibit is on view at the Polytechnic University until Aug. 3. The lecture and exhibit are presented by the Goethe-Institut Philippinen in partnership with the Institut für Auslandsbeziehungen.

Lion King auditions

AUDITIONS for child actors will be held for the international tour of The Lion King. The production is looking for boys and girls, ages 7 to 12 (maximum height of 58 inches) to play Young Simba and Young Nala, who must be natural actors/singers with charm and charisma, and personality. Registration and open call will be held at Philippine Opera Haus on June 23, from 10 a.m. to 5 p.m. The registration closes at 4 p.m. On June 24, the initial recall will be held from 10 a.m. to 5 p.m., with final recalls to be held from July 7 to 9. Children who are cast should be prepared to travel with a parent/guardian to various destinations in Asia. Philippine Opera House is at 3657 Bautista St., Palanan, Makati City. For details call 650-5144, 0917-838-1534, or e-mail lionkingmanila@atlantistheatrical.com.

Stamati at Kulay Diwa

ARTIST MAXIME STAMATI

KULAY DIWA Gallery of Contemporary Arts presents an exhibit of works by artist Maxime Stamati which is on view until July 16. Working with colorful acrylics, his works capture the essence of light and colors he has seen through his globe-trotting life. The gallery is located at 25 Lopez Ave., Lopez Village, Sucat, Parañaque City.

Call for proposals

THE Cultural Center of the Philippines Visual Arts and Museum Division (VAMD) is accepting proposals for the 2019 Venue Grant Program. Artists, curators, art organizations, and institutions are welcome to submit proposals for the following venues within the CCP Main Theater Building: the outer wall of the Bulwagang Carlos V. Francisco; Pasilyo Vicente Manansala and Pasilyo Guillermo Tolentino; Bulwagang Fernando Amorsolo; and, Pasilyo Victorio Edades. Floor plans of exhibit areas are available upon request. Interested parties may also propose site-specific installations and exhibitions in outdoor sites and alternative spaces within the CCP complex. Exhibit proponents are also encouraged to engage with selected works from the CCP Visual Arts Collection. All proposals are subject to approval. Deadline for 2019 exhibition proposals is Sept. 30. For more information, contact the VAMD at 832-1125 local 1504 and 1505, 832-3702, 0917-603-3809, e-mail ccp.exhibits@gmail.com, or visit www.culturalcenter.gov.ph.

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