Merchandise trade starts 2019 with bigger deficit — PSA data

March 13, 2019 | 12:32 am

THE COUNTRY’s trade-in-goods deficit widened in January as exports declined and imports rebounded.
Preliminary data released by the Philippine Statistics Authority (PSA) on Tuesday showed January’s trade deficit at $3.756 billion, bigger than the $3.752 billion deficit in December 2018 and $3.163 billion in January 2018.
Merchandise export sales in January amounted to $5.279 billion, 1.7% less than the $5.373 billion recorded in the same month last year.
At the same time, the country’s import bill grew by 5.8% to $9.035 billion in January from last year’s $8.536 billion.

In a statement, the National Economic and Development Authority (NEDA) noted January’s trade performance to be “largely due to a rebound in imports… supported by increases in the import values of consumer goods, capital goods, and raw materials and intermediate goods.”
EXPORTS
NEDA also noted lower foreign sales of manufactured goods and minerals that offset gains in exports of forest and total agro-based products.
Export of manufactured goods, which made up 82.9% of total sales in January, went down 2.5% to $4.375 billion from $4.488 billion in the same month in 2018.
However, electronic products bucked the trend as this grew 1.7% to $2.791 billion, with semiconductors contributing $2.037 billion, up 0.9% from $2.019 billion a year ago.
Outbound shipments of mineral products likewise declined 10.7% to $359.107 million from last year’s $402.147 million.
On the other hand, foreign sales of forest products surged by 116.3% to $24.485 million, followed by petroleum products with 60.8% growth to $46.146 million and total agro-based products with a 3.8% increase to $375.411 million.
IMPORTS
On the import side, purchases of major types of goods went up across the board except for mineral fuels, lubricant and related materials, which recorded a 9.9% decline in January to $820.543 million.
Leading growth among import categories during the month were consumer goods, which increased by 19.1% to $1.604 billion from $1.347 billion in January 2018.
Consumer goods comprised 17.8% of that month’s import bill.
Imports of raw materials and intermediate goods, which made up 39.3% of total imports, increased by 1.8% to $3.550 billion.
Capital goods, which made up 33% of the import total, grew 8.9% to $2.986 billion from $2.741 billion.
ASSESSMENT
Ruben Carlo O. Asuncion, Union Bank of the Philippines, Inc. chief economist, in an e-mail attributed mineral exports’ weakness to the fact the government “has shown hostility in the past two years” towards the mining sector.
“Although this hostility seems to be waning, there has been no issued orders that could help propel recovery and growth of the said sector,” he said.
Furthermore, Mr. Asuncion ascribed the decline of manufactured goods exports to “weak perception” on the prospects of further trade, particularly in Asia, as well as the “inherent economic slowdown in major economies.”
“We know that China is one of the country’s major trading partners and it is the same China that is currently involved in trade issues with the United States,” Mr. Asuncion said.
ING Bank N.V. Manila senior economist Nicholas Antonio T. Mapa said in a note that growth of consumer goods imports showed consumption “remains vibrant.”
However, he said capital formation “may have reached its peak” given slower growth of raw materials and capital goods.
UnionBank’s Mr. Asuncion expects weakness of the country’s exports to persist this year, even as “there is upside on the potential resolution of the US-China trade conflict through a possible trade agreement between the world’s largest economies…”
“Imports, on the other hand, are expected to continue to grow as inflation slows further and domestic consumption recovers. Furthermore, the continuing infrastructure development push will also continue to drive imports higher,” he added.
ING’s Mr. Mapa said that imports may continue to grow this year though “at a more subdued pace.”
“Elevated borrowing costs may have been hampering some of the capital expansion although, given the prospects for the economy, corporates and the government remain bullish with capital outlay plans announced,” Mr. Mapa said.
On the export side, Mr. Mapa hopes for a turnaround in exports this year given the growth in raw material imports needed for electronic products.
“With raw materials used for electronic exports growing by 5.1%, this could mean that exporters are building up on work in process and raw material inventory for a possible rebound in 2019 despite the US-China trade spat,” he said.
“However… the Philippine export sector will need to continue to build on sector-changing reforms to help boost productivity by enhancing supply chains and increasing standards. With the government’s ‘Build, Build, Build’ initiative seen to help boost efficiencies, perhaps the export sector can take advantage of this push and we can see the export renaissance that we’ve all been waiting for.”
Meanwhile, NEDA expects imports growth to be “constrained” given the delayed approval of the 2019 budget and the 45-day public works ban ahead of the May 13 midterm elections.
“The importation of raw materials is likely to be affected by the holdback in the implementation of numerous projects under government’s ‘Build, Build, Build’ program,” NEDA quoted its director-general, Socioeconomic Planning Secretary Ernesto M. Pernia, as saying.
Japan was the Philippines’ top export market for the month with a 16.8% share at $884.95 million, followed by the United States’ 15.8% share at $833.87 million and Hong Kong’s 12.2% share at $645.17 million.
In terms of imports, China was the Philippines’ top source of foreign goods with a 22.2% share of the total at $2.01 billion, followed by South Korea’s 8.7% share at $789.56 million and Japan’s 8.7% share at $789 million. — Lourdes O. Pilar

Philippine trade year-on-year performance (January 2019)

March 13, 2019 | 12:32 am

THE COUNTRY’s trade-in-goods deficit widened in January as exports declined and imports rebounded. Read the full story.

Revenue bureau releases draft tax amnesty rules

March 13, 2019 | 12:31 am

THE Bureau of Internal Revenue (BIR) has published draft rules on availing of the tax amnesty for delinquencies in specific cases, which will give eligible taxpayers one year to settle all outstanding payments and avoid tax evasion cases.
The state’s biggest tax collection agency posted a draft revenue regulation (RR) on its Web site this week.
This is treated as one set of implementing rules for Republic Act No. 11213, or the Tax Amnesty Act signed by President Rodrigo R. Duterte last month.
With the measure, the government hopes to raise P21.26 billion as Filipinos avail of the amnesty, which would allow them to pay back taxes without being charged in court and without compounding penalties for delayed settlement.
This will account for bulk of the P27.541-billion revenue to be drawn from the “truncated” tax amnesty law, together with the provision for estate tax amnesty.
“All persons, whether natural or juridical, with internal revenue tax liabilities covering taxable year 2017 and prior years, may avail of Tax Amnesty on Delinquencies within one year from the effectivity of these regulations,” the draft regulation read.
The RR defines a delinquent account as involving unpaid taxes of taxpayers who have been given final assessment notices or formal letters of demand from the BIR, as well as those who have applied for compromise settlement with the bureau but have failed to settle due to doubts on the assessment or their “financial incapacity.”
The amnesty will also cover those with pending tax evasion charges before the Department of Justice, prosecutor’s office or the courts.
The new law sets varying amnesty rates for delinquencies charged on the basic tax.
Unremitted withholding taxes will still have to be settled in full.
For delinquent accounts and assessments which have been deemed final and executory, taxpayers will need to pay the equivalent of 40% of the basic tax assessed. Those with tax cases that have been deemed final and executory by courts will have to settle 50% of the basic assessment, while those with pending criminal cases can choose to settle beforehand and pay 60% of the tax assessment.
Anyone looking to avail of the amnesty will have to file an application with BIR offices by submitting a tax amnesty return, an acceptance payment form and a certificate of tax delinquency issued by the bureau.
Non-large taxpayers must file their forms before their respective revenue district offices, while large taxpayers will have to submit these to the Large Taxpayers Division Office where they are registered.
Upon receipt of such forms, the BIR has 15 calendar days to issue an authority to cancel assessment, which will then mean that the tax amnesty application has been accepted.
“The tax delinquency of those who availed of the tax amnesty under these regulations, upon full compliance with all the conditions set forth hereof, shall be considered settled, and the criminal case in connection therewith and its corresponding civil or administrative case, if applicable, is terminated,” the proposed RR reads.
The Finance department has said that the implementing rules will be published between March and April, in keeping with the 90-day requirement set by law. — Melissa Luz T. Lopez

Central bank sees FDI net inflows steady in 2019

March 13, 2019 | 12:30 am

By Melissa Luz T. Lopez
Senior Reporter
FOREIGN direct investment (FDI) net inflows this year will likely match 2018’s level, two senior central bank officials said, citing the May 13 midterm polls and rollout of more infrastructure projects as factors prospective investors will be watching.
FDI net inflows slid by 4.4% to settle at $9.802 billion in 2018 from $10.256 billion the preceding year, the Bangko Sentral ng Pilipinas (BSP) said on Monday.
The amount also settled below the BSP’s $10.4-billion forecast.
New BSP Governor Benjamin E. Diokno said that decline is “nothing to worry about,” noting that it was because of non-recurring investments in the energy sector back in 2017 which led to a 33% drop in equity capital in 2018.
He added that FDIs this year will likely clock in at $10 billion or more, driven by strong appetite.
“There’s a lot of interest in this country. The Philippines is probably going to be one of the fastest-growing countries in this part of the world,” Mr. Diokno said in a television interview.
The BSP sees FDI net inflows reaching $10.2 billion this year, as of November estimates.
The new central bank chief added that he sees seven percent economic growth this year, which would match the low end of the state’s 7-8% target but is definitely better than last year’s 6.2%.
He noted that delays in enacting the 2019 national budget could hamper growth prospects.
The country is currently operating on a reenacted 2018 budget, leaving new programs and big-ticket infrastructure projects unfunded.
Separately, BSP Deputy Governor Diwa C. Guinigundo said that monetary authorities expect FDI net inflows to steady from 2018.
“For 2019, FDIs are projected to be broadly the same as that in 2018, although this will be reassessed in April/May,” Mr. Guinigundo said in a text message.
“There are ‘pull’ factors coming from sustained positive developments in the economy and continuation of PPP (public-private partnership) projects that were approved in previous years, but there also elements of uncertainty from the proposed fiscal incentives rationalization bill and the upcoming 2019 midterm elections that may lead to investors’ wait-and-see stance.”
Foreign business groups attributed the weaker investor appetite last year to jitters over higher commodity prices, the proposed changes to the tax perks regime and global trade tensions.
The May 13 polls will also play a key role for the government’s legislative agenda, given that it will replace half of the 24 Senate seats, the entire House of Representatives, as well as mayors and governors at the local level. — Melissa Luz T. Lopez

Manila Water eyes new source in Cardona to augment supply

March 13, 2019 | 12:08 am

By Victor V. Saulon, Sub-Editor
MANILA WATER Co., Inc. is counting on a new water source in Cardona, Rizal plus stop-gap measures such as deep wells and a cross-border flow agreement with the other water concessionaire to help ease the water shortage being felt within its east zone concession.
“At least throughout summer, we will have below-normal conditions. After summer, we will continue trying to develop new sources. We will probably have to update you again towards the latter part of summer,” Geodino V. Carpio, Manila Water chief operating officer, said in a press conference at its head office in Quezon City on Tuesday.
He said Manila Water sought to clarify the “misinformation and contradicting opinions” on the water shortage afflicting Metro Manila’s east zone, but not the west zone under Maynilad Water Services, Inc.
“It’s not about inability to manage El Niño. It’s simply about demand outpacing the constant supply,” he said. “El Niño exacerbates the situation.”
Mr. Carpio said the Cardona intake facility in Laguna Lake is expected to add 31 million liters per day (MLD) within the month before reaching 50 MLD by month’s end and hitting its full capacity of 100 MLD by August.
Deep wells will add about 30 MLD more, while discussions are in place with Maynilad for a cross-border flow of 32 MLD to help ease the shortage.
Mr. Carpio clarified that although Angat Dam continues to deliver the usual 46 cubic meters per second (CMS), which translates to 4,000 MLD, only 1,600 MLD is allocated to Manila Water and flows to La Mesa Dam, which the company counts as among its source of reserve water.
The water then flows to the Balara treatment plant before distribution to households. Along the way, some water is lost, although the company had been able to trim this non-revenue water down to 10-12%.
The water supply, however, has lagged behind the 1,740 MLD required by water users — a customer count that continues to increase after exceeding the allocated amount in 2016.
‘APPEAL FOR PATIENCE’
“I appeal for patience,” Mr. Carpio said as he called for consumers to continue conserving water. “As the economic development of a city accelerates, in many ways also the consumption ng bawat tao (of every individual).”
Mr. Carpio said the shortage may have been worsened when customers hoarded water after the company’s advisory on a possible outage in certain areas.
“We need to constrain demand, so we have to reduce pressure,” he said about the company’s plan to refill the reservoirs.
Meanwhile, Randolph T. Estrellado, Maynilad chief operating officer, confirmed Mr. Carpio’s statement that their companies are discussing a cross-border deal on water flow.
He said cross-border sales are included in the concession agreement “so terms are not the issue.”
“Issue is more [on] timing as bulk of the available water will come from the completion of our [second] Putatan treatment plant in Laguna Lake in April… Other cross-border locations will also involve some pipelaying as these have been abandoned in the past,” Mr. Estrellado said.
Metropolitan Waterworks Sewerage System (MWSS) maintained its call for everyone to save water and help ease the water shortage as El Niño has varying impacts such as delayed onset of rainy season.
Based on figures from the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA), La Mesa Dam’s water level as of 6 a.m. on Tuesday was at 68.85 meters, down from its normal level of 80.15 meters.
The MWSS previously said that the onset of the dry season and rising customer demand does not mean that a water shortage looms for residents of Metro Manila and nearby provinces unless there is disregard for water conservation before the rainy season.
Separately, Agriculture Secretary Emmanuel F. Piñol placed the damage so far brought about by El Niño on palay was around P377.85 million, and on corn at P86 million. He said these crops are heavily vulnerable to dry spell or drought.
“According to PAGASA in their latest bulletin the effects of El Niño will wane in the southern Mindanao area and northern Luzon area by the end of April towards May. In other parts of the country, especially the western part, El Niño will continue until the first two weeks of December,” he said. — with report from Reicelene Joy N. Ignacio

A giant girl at Art in the Park

March 13, 2019 | 12:07 am

A 20-FOOT inflatable sculpture of a girl hugging a goat and a four-foot tall perfume bottle are some of the artworks to be displayed at this Sunday’s Art in the Park fair at the Jaime Velasquez Park in Salcedo Village, Makati.
The girl hugging a goat, titled Alone But Not Lonely, is a 2018 work by Palawan-based artist Yeo Kaa. It was previously shown at the Yavuz Gallery in Singapore and, according to Ms. Kaa, is a self-portrait and a representation of how she realized that despite living alone after a break-up she felt “alone but not lonely.”
“I have a pet goat. I bring it with me whenever I travel,” Ms. Kaa told the media during a March 5 press conference in Salcedo Village, Makati.
The 29-year-old once described her works as a “rainbow with dark colors” as they are often grim and haunting images done in pastel colors evoking children’s book characters.
She will also be presenting new colorways of her five foot-tall dolls though she said she’s not sure if she will sell them.
While the massive sculpture — which will be displayed on top of a gazebo in the park — is not for sale, Ms. Kaa will be selling hexagonal tiles for P1,500, though she admitted that the workshop that does her tiles had a fire so she has to start again and aims to have 100 pieces ready for the fair.
Aside from Ms. Kaa’s inflatable, perfumer Oscar Mejia III is presenting an installation called Enigma of Scent, a four-foot tall perfume bottle with a bubble machine which will emit a citrusy fragrance.
“Our sense of smell is the most mysterious of all, as it can perceive both the tangible and the intangible,” Mr. Mejia said during the press conference.
Called an “affordable art fair” as the works on sale are capped at P50,000, Art in the Park is now on its 13^th year. The fair on March 17 will feature 56 exhibitors including galleries, art collectives, independent art spaces, and schools, among others.
Last year’s one-day art fair welcomed 13,000 people, two of whom unwittingly scored valuable pieces — an unsigned Benedicto “BenCab” Cabrera painting and an unsigned Manny Garibay.
“Things in this country sometimes don’t seem to last. I want [Art in the Park] to last long and for people to know there’s a reliable event that’s going to be there every year that they can look forward to and know what to expect, like new art by young people and certain favorites of theirs,” Lisa Ongpin Periquet, founder of Art in the Park and Art Fair Philippines, told BusinessWorld during the event.
Aside from Ms. Kaa and Mr. Mejia, the other artists featured this year are painter and photographer Zean Cabangis and artist/designer Leeroy New who will be presenting pieces from his Aliens of Manila project.
Art in the Park, which is known for it relaxed atmosphere, will have jazz trio Soulful Mood play throughout the day while the Bleu Rascals, the Philippine representative to the 28^th International Blues Challenge in the US, will play their “spirited take on the blues” for the evening’s special performance.
The fair will also have a variety of food tents (including vegan).
Art in the Park will be held on March 17 from 10 a.m. to 10 p.m. at the Jaime Velasquez Park in Salcedo Village, Makati City. Part of the proceeds of the fair will go to the Museum Foundation of the Philippines in support of its projects and programs for the National Museum of the Philippines and its network. Entrance to the fair is free. — Zsarlene B. Chua

Ayala Land to issue P8 billion worth of bonds

March 13, 2019 | 12:07 am

By Arra B. Francia, Reporter
AYALA LAND, Inc (ALI) will be issuing P8 billion worth of fixed rate bonds this year to partially finance its hotel, mall, and office projects.
The bonds will have a seven-year tenor, and will be the first issuance from its P50-billion debt securities program (DSP) registered with the Securities and Exchange Commission.
The listed property developer will use the funds raised from the bonds for several projects lined up for the year, including Seda Hotel in Manila Bay, Seda Bonifacio Global City Expansion, Arca South and the Taguig Integrated Terminal Exchange in Taguig, as well as Vertis North Corporate Center Tower 3 in Quezon City.
The fresh capital will also be used to finance projects in the provinces, namely Bacolod Capitol Corporate Center and Capitol Central Mall in Bacolod, and Ayala Malls Central Bloc in Cebu.
This is the second time ALI made use of the SEC’s debt securities program. The first registration also amounted to P50 billion and was issued in a span of three years from March 2016 to October 2018.
Local debt watcher Philippine Ratings Services Corp. (PhilRatings) assigned the bonds a PRS Aaa rating, the highest in its credit rating scale. This indicates that the company has an “extremely strong” capacity to meet its financial commitments.
The rating also carries a stable outlook, which means it is unlikely to change in the next 12 months.
PhilRatings took into account ALI’s well-diversified portfolio, healthy outlook for the economy and real estate industry, growing profitability, and sound capitalization in coming up with the rating.
“Prospects for the real estate sector continue to remain healthy anchored on stable fundamentals, a growing economy, remittances from overseas Filipinos, resilient consumption spending in retail, the steady growth in tourist arrivals and continued demand from the Business Process Outsourcing sector,” according to PhilRatings.
The debt watcher noted that ALI has two retail bond issuances that will mature this year, namely fixed rate bonds worth P9.35 billion due in April, and P2.98-billion HomeStart B bonds due in October.
The fund-raising activity will support ALI’s plan to spend P130 billion in capital expenditures this year, 18% higher than its spending in 2018, as it continues to expand its residential, office, commercial, and retail developments. The rest of the capex budget will be funded through bank debts.
The company also plans to launch P130 billion worth of projects for the year, including two estates in Tarlac and Batangas.
ALI booked a net income of P29.2 billion in 2018, 16% higher year on year as revenues also rose 17% to P166.25 billion.
Shares in ALI slipped 0.58% or 25 centavos to close at P42.90 each at the stock exchange on Tuesday.

MSO plays the Beatles, folk songs, Gershwin

March 13, 2019 | 12:06 am

The Silaw Foundation, in cooperation with Far Eastern University, presents the Manila Symphony Orchestra (MSO) in a concert featuring Filipino folk songs, Beatles tunes, Gershwin’s Rhapsody in Blue and the Rachmaninoff Concerto No. 2. The MSO will be performing under the baton of conductor Prof. Marlon Chen, with the special participation of pianist Dr. Raffi Kasparian at the Far Eastern University Auditorium on March 13, 4 p.m. The concert continues the celebration of FEU’s 91^st anniversary and the 70^th birthday of the Auditorium. While admission to the concert in FEU is free, tickets are required to enter. They may be obtained through Ticket2Me: https://www.ticket2me.net/e/1573. For additional information and to reserve parking, contact FEU’s President’s Committee on Culture at 849-4145.

DM Consunji order book up 12% in 2018

March 13, 2019 | 12:06 am

CONSTRUCTION and engineering firm D.M. Consunji, Inc. saw its order book increase by 12% in 2018, as it was tapped to build the first Ikea store in the Philippines and other private sector projects.
The local contractor said in a statement on Wednesday its order book stood at P27.9 billion at the end of 2018, higher than the P24.8 billion it posted in 2017.
Bulk of DM Consunji’s projects came from building and infrastructure contracts at P11.2 billion and P11.1 billion, respectively. Contracts from plants and utilities reached P2.9 billion, while energy projects hit P2.7 billion.
One of the company’s projects is the first Ikea store in the country, valued at about P1.6 billion. DM Consunji targets to complete its construction by 2021.
Sy-led SM Prime Holdings, Inc. is building the Philippine store of Swedish furniture maker Ikea, located within the Mall of Asia Complex in Pasay City. Ikea will occupy a gross floor area of 65,000 square meters, making it the largest Ikea store in the world.
DM Consunji was also tapped to build The Estate Makati, a luxury condominium jointly developed by SM Development Corp. and Federal Land, Inc. The company said they will construct the units using double-slab technology, which will allow owners to fully customize the layout of their units. The contract for The Estate Makati is worth P1.3 billion.
DM Consunji’s major ongoing projects include the Cavite-Laguna Expressway (CALAX) project of MPCALA Holdings, Inc., Prima Infra Dev. Corp.’s Bued Viaduct and Roadway, LRT Line 2 East Stations under the Department of Transportation, Ortigas & Company’s Maven at Capitol Commons, and Anchor Land Holdings, Inc.’s Anchor Grandsuites.
DM Consunji Senior Vice-President for Business Strategy Development Rebecca E. Civil said bulk of the revenues from these projects will be recognized next year, as most of the projects will be completed by then.
“Konti na lang matitira for 2021 so we need to add this year. Baka next quarter meron na kaming magandang balita (Maybe by next quarter, we have some good news),” Ms. Civil said in a press briefing in Makati City last week.
Ms. Civil noted that they are encountering right of way issues with some projects, including San Miguel Corp.’s Tarlac-Pangasinan-La Union Expressway.
She added the company is set to complete seven kilometers of the CALAX project by June, although the interchange from South Luzon going to be CALAX has yet to be bid out by the Department of Public Works and Highways, making the tollway inaccessible.
DM Consunji’s net income climbed 22% to P1.6 billion in 2018, from P1.28 billion in the previous year. — Arra B. Francia

P9 million the going rate at auction for Lunas, Hidalgo

March 13, 2019 | 12:05 am

PAINTINGS by Juan Luna and Felix Resurreccion Hidalgo fetched P9 million at Salcedo Auctions’ Important Philippine Art sale on March 9.
Luna’s boceto (a preliminary sketch) for The Death of Cleopatra and Hidalgo’s Draped Nude — both unsigned works — were both hammered in for the same price, P9,344,000 (inclusive of tax and buyer’s premium), to a floor and phone bidder, respectively; while Luna’s The Hunting Party went to a floor bid for P9,928,000 (inclusive of tax and buyer’s premium).
According to Salcedo Auctions, the Cleopatra boceto sold at the highest price for a Luna in history, based on its size of 10 x 15 inches. “It comes in at P62,293 per square inch vs. España y Filipinas which only sold at P51,171.20 per square inch,” said a post on the auction house’s Facebook page.
Among the lots that fetched the highest prices during the auction were National Artist for Visual Arts Benedicto “Bencab” Cabrera’s Sabel (2008) which went for P16,352,000 and a Ronald Ventura oil painting titled Recover (2017) which was hammered at P9,344,000.
A 19^th century bishop’s chair from the Tambunting family collection which sold at P700,800 and a 19^th century kamagong and narra tambol aparador which went for P1,752,000 were among the highlights from the Important Philippine Furniture sale.
During the March 10 jewelry and timepieces auction, the lots which drew the highest prices were a 1970s Piaget wrist watch which went for P420,480; a set of dangling diamond earrings and matching necklace for P350,400; a Rene Boivin yellow gold ring and bracelet set for P327,040 and a 2 carat diamond ring for P303,680. — Michelle Anne P. Soliman

NCCC buys Davao’s oldest mall

March 13, 2019 | 12:05 am

DAVAO CITY — Homegrown retail and shopping mall operator New City Commercial Corp. (NCCC) has acquired Victoria Plaza Mall, the first mall in the city.
In a press statement on Tuesday, NCCC Chair Helen A. Lim said an agreement for the takeover of the mall will be signed before the end of March.
“This is a historic and strategic acquisition for NCCC. As a local, we are very confident in the city’s participation in our country’s growing economy,” said Ms. Lim.
Sharlene Faye A. Lim, NCCC Malls president, added that it is a “privilege for a homegrown company like ours to have the opportunity to develop this property that is very much a part of Davao’s culture. We will strive to preserve this history while rewriting it to respond to the future.”
The company did not disclose the amount it paid for the property, but said it will present its plan for development before the end of the month.
The Philippine National Bank (PNB), which took possession of Victoria Plaza following failed mortgage payments, did not respond to BusinessWorld’s request for comment.
Built in the early 1990s by the late businessman Robert Alan L. Limso through his Davao Sunrise Investment and Development Corp., the three-storey Victoria Plaza became a local icon as the first shopping mall in Davao City.
Mr. Limso mortgaged the mall to PNB.
NCCC recently opened a new mall in the northeastern side of the city. The company partnered with DMCI Homes to develop an eight-hectare mixed-use project on the site of its previous mall that was burned down in Dec. 2017. The project includes a mall, a convention center and a residential component. — Carmelito Q. Francisco

Reworked El Bimbo musical soars

March 13, 2019 | 12:04 am

By Giselle P. Kasilag Contributor
THEATER REVIEW
Ang Huling El Bimbo
By Dingdong Novenario
Directed by Dexter Santos
Full House Theater Company
Performances until April 7
Newport Performing Arts Theater,
Resorts World Manila, Pasay City
SEVEN YEARS after the revolution, a nation once filled with hope but now confronted with the enormity of the task to rebuild a broken country woke up to the unique sound of the Eraserheads. The rock band, whose members came from the University of the Philippines, debuted Ultraelectromagneticpop! in 1993. This album would be the first of over a dozen. It also led to Ang Huling El Bimbo — a musical inspired by the music of arguably the most popular Filipino band of the ’90s.
Now on its second staging at the Newport Performing Arts Theater in Resorts World Manila (RWM), this 1,500-seat auditorium saw a first run of 30 sold-out shows. RWM President Kingson Sian said that about 50,000 people saw those performances and clamored for more. A re-staging was inevitable.
But Full House Theater Company (which mounted the show for RWM) did not rest on its laurels. That gap between the last show in September 2018 to the first show of the re-staging in March 2019 was fully utilized to tweak the already successful material. The result was a stronger narrative and better performances.
The curtain rises to a crime scene. Joy (Menchu Lauchengco-Yulo) — a supposed drug courier on the watch list of the Philippine National Police — is dead and the last calls made on her cellphone were to three respected and successful men. Eman (OJ Mariano) is a government worker; Anthony (Jon Santos) is a businessman; and Hector (Gian Magdangal) is a film/television director.
Summoned to the police station to establish their innocence or guilt, the three men are reunited for the first time since they left college. Apparently, they were schoolmates and they knew the victim though they are all reluctant to admit to the connection.
Flashback to their younger selves as dorm mates in the State University where freshmen Hector (Bibo Reyes), Emman (Boo Gabunada), and Anthony (Phi Palmos) meet for the first time. Innocent and hopeful, the world is theirs for the taking.
They become friends with Joy (Gab Pangilinan), an out-of-school youth who sells turon (banana fritters) while her aunt runs a small eatery on campus. It is a mutually beneficial relationship with the kids inspiring each other to do better to achieve their dreams. Eventually, a romantic relationship develops between Hector and Joy.
But while it was the best of times, it was also the worst of times. Sheltered in the campus, the violence of the real world soon catches up with them. On the eve of their graduation, all their dreams crash before their eyes. Unable to cope, the fall-out would set the stage for the death that opened the show.
Without giving too much away, it was the tweak made in this pivotal scene that truly strengthened the narrative. A decision made by Hector — rather than Joy which was the case in the first run — allowed the audience to make sense of the characters’ reactions and how it affected their adult selves.
Much credit must be given to Dingdong Novenario and Floy Quintos for piecing together a cohesive and emotionally piercing script from hundreds of beloved Eraserheads pieces. They resisted the urge to pack in all the songs, selecting instead only those that would truly push the narrative forward. They did not bind themselves to the original intentions of the songs but used them as tools at their disposal. The result is a very fresh take on what was the soundtrack of an entire generation.
A favorite was the Citizens Military Training scene that made use of a version of “Pare Ko” that very few would imagine possible. It was creative yet nostalgic — the running thread of this production.
“Tikman ang Langit” was another wonderfully utilized piece of music. Originally used as a commercial for a burger joint, the song was used to show the move from a time of innocence to the degradation of values and morals. The same piece sung by different characters created entire scenes that are polar opposites in nature. It was a genius treatment of material.
With the tweaks, the production finally understood that the adult characters — all with impressive theater credentials — were not the stars of the show. The younger selves were. And Gab Pangilinan’s Joy was the most central character of them all. The singing was nuanced and her voice was more than a match for the challenge. Combine that with her acting and the result was a character that the audience immediately felt relatable and comfortable. She grew into her character, credibly taking the audience from childhood to the challenges of adulthood.
There was real chemistry between her and the three boys. And they matched Pangilinan’s energy every step of the way. Their characters were as distinctive as their voices. But they were clearly listening to each other, thus, the blending of voices was wonderful to the ears.
The same was true for the rest of the cast. In the scenes where everyone was singing, one could still distinguish the voices of the lead characters and appreciate the harmonies.
The one sore point is the singing voice of Jon Santos. While a competent actor, his singing voice couldn’t quite match the strength and sensitivity of his colleagues’. When Magdangal and Mariano would be soaring, Santos could barely hold the note.
The unsung hero of the production, however, was Jamie Wilson as Banlaoi — a man who started out as a rough and tough but doting family friend of Joy’s who was also the university’s CMT commander. He had the most fully realized character from the beginning, and every movement, every glance, every stress on the words carried meaning. As he moved from likable tough guy to sleazy scum, the audience easily accepted the character’s progression because of Wilson’s credible performance.
Finally, the other important tweak was the ending. It no longer forced a tidy resolution to the messy lives of the four leads. While there was personal closure, life rarely gives people a definitive resolution to complex issues. That the creative minds behind the production chose to stop and walk away from a neatly packaged ending was a gamble that truly paid off.
Ang Huling El Bimbo is a wonderful and painful reminder of where we came from and how we found ourselves in our current mess. And it sends an urgent message: through thick or thin, we are all on the same boat, and we are all in this together.
Tickets to Eng Huling El Bimbo are availabel at TicketWorld (www.ticketworld.com.ph).

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