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Gov’t makes full award of 5-year Treasury bonds

THE GOVERNMENT fully awarded P15 billion worth of reissued five-year Treasury bonds (T-bond) on Tuesday, accepting higher yields as the market priced in rate hikes by the Bangko Sentral ng Pilipinas (BSP).
The Bureau of the Treasury accepted P15 billion in bids as planned, with total tenders reaching P24.52 billion, more than filling the offer size.
The papers, which have a remaining life of four years and six months, fetched an average yield of 5.902%, up 31 basis points from 5.592% in the previous auction.
Prior to the awarding, rates for the five-year bonds at the secondary market were higher at 5.9625%.
At the close of trading yesterday, the bonds were quoted lower at 5.9431%.
Yesterday also marked the first awarding of T-bonds after the government rejected bids for four consecutive auctions. It was also the first fully-awarded long-term debt note since May 30.
National Treasurer Rosalia V. De Leon said bids by banks priced in the three rate hikes implemented by the Bangko Sentral ng Pilipinas (BSP).
“You saw the 31-basis point increase. First of all, the last time we accepted for this security was sometime May. So since May, there’s [an almost] 100-basis point increase in the policy rate. So it’s just catching up, they just repriced,” Ms. De Leon told reporters after the auction.
“It’s more or less aligned with the current rates where we are, given the policy actions of the central bank with the 100 basis points increase,” she added.
In a bid to anchor inflation expectations, the BSP raised its benchmark interest rates by 25 basis points each in May and June and 50 basis points hike last week.
Headline inflation stood at 5.7% in July, bringing the average to 4.5% for the first seven months of the year — exceeding the central bank’s 2-4% target.
Traders interviewed likewise said the increase in yields meant the market was catching up with rising inflation.
“At this point, the yields are catching up. Inflation is still high, although they are expecting that it is still manageable,” a trader said in a phone interview yesterday. “So they have to manage as much as possible — the BSP — to put equilibrium on yields and real interest rate. So far we are behind the curve as much as they deny it. We are behind. But at least they already hiked.”
Another trader meanwhile said yields may continue to rise, as it is still uncertain that inflation could already peak this quarter as estimated by the government and amid external developments, particularly between the US and Turkey.
“For now, we can’t tell if inflation had already peaked. So the yields also haven’t peaked. But once inflation subsides and the economy improves, the yields can settle,” the second trader said in a separate phone interview.
“Because we follow the US Treasuries and they have external problems like with the crisis in Turkey… We are also part of the emerging markets, so we are affected, as well as the yields. They’re risk-off,” the trader added.
Meanwhile, Ms. De Leon said yesterday that the Bureau of the Treasury has already secured necessary approvals for the planned retail Treasury bonds for the rehabilitation of Marawi city worth an indicative P50-60 billion, but the timing of the offering has yet to be determined.
“We’re also looking at how much would be in the budget. In 2019, there would be about P3.5 billion only in the budget for the rehabilitation. So for us, we would only be able to issue…how much would be included in the appropriations provided, netting some of the identified sources of financing coming from ODA (official development assistance),” said Ms. De Leon.
“But in the meantime, we…more or less have already done a lot of the legwork. We have secured the Agri-Agra eligibility of the bonds. We’re also looking at a possibility of doing online retail Treasury bonds. The systems are now being tweaked together with the other possible banks that would also be…doing the issuance and distribution of the bonds,” she added.
The Treasury is set to raise P300 billion from the domestic market this quarter through auctions of securities, offering P195 billion in Treasury bills and another P105 billion in T-bonds.
The government plans to borrow P888.23 billion this year from local and foreign sources to fund its budget deficit, which is capped at 3% of the country’s gross domestic product. — Elijah Joseph C. Tubayan

GMA Network income increases 13% in 2nd quarter

GMA Network, Inc. recorded a 13% increase in its attributable net income to P800.344 million for the second quarter, as revenues recovered slightly.
Despite a positive turnout for the April to June period, the media company’s six-month attributable net income is still 21% lower at P1.219 billion.
In a regulatory filing, GMA Network said net revenues inched up by 1.19% to P3.97 billion in the second quarter. However, the six-month revenue figure fell 6% to P7.24 billion.
“The first semester result was boosted by revenues during the second quarter which came up 22% better versus the recorded topline in the opening three months of this year. Nonetheless, the industry continued to be beset by the downsizing in television ad spend of major clients, consolidated revenues of the Company recorded a 6% decline from same period in 2017, albeit an improvement from the 13% shortfall posted by the end of the first quarter this year,” GMA said.
Consolidated airtime sales, which account for 88% of total revenues, slipped 7% to P6.4 billion in the first six months of the year.
“This year saw a notable contraction in television placements from advertisers, which was felt across the broadcasting industry. Mixed results were seen among airtime-revenue generating platforms, with Radio and Regional TV operations managing to pull ahead in their topline year-on-year, while Ch-7 and GNTV-11 had lukewarm sales in between periods,” GMA said.
GMA’s other revenue sources, which include international operations, subsidiaries and other businesses, went up by 3% to P855.9 million.
The company said its total operating expenses for the first half was flat at P5.573 billion, as the “escalation in general and administrative expenses was mitigated by the drop in production spending.”
Total production costs dropped 4% to P2.929 billion due to reduced spending for production supplies and transportation and communication expenses.
Shares in GMA ended flat on Tuesday to P5.42 each. — Denise A. Valdez

It takes two to dance ballet


By Nickky F. P. de Guzman, Reporter
IF EXPERIENCE is the best teacher, then prima ballerina Lisa Macuja-Elizalde is a straight A-student. For 32 years she danced lead in 350 full-length ballets and performed in 90 cities on five continents. Retired from dancing since 2017, the A-student took on the role of teacher early in her career, melding both theory and practice in her teaching style. Among her best students is Ballet Manila’s guest principal dancer, Katherine Elizabeth Barkman, who is the only ballet dancer to win back-to-back medals from two of the most prestigious ballet competitions in the world.
“When you have danced for as long as I have, you have this arsenal of tools, procedures, and tricks in analyzing and picking methods that might work for a dancer. I’ve been doing it so many times before and I was equipped with these trainings. And when needed, I would pick from this deep pocket of stuff that I have, and sometimes I don’t even know what’s inside,” Ms. Macuja-Elizalde said during a lunch with Ms. Barkman and a few writers.
Under Ms. Macuja-Elizalde’s tutelage, Ms. Barkman bagged the silver medal at the USA-Jackson Mississippi International Ballet Competition (IBC) in June, and just a month later she competed in the Varna IBC in Bulgaria and placed second in the senior women’s category, making her the only ballerina to win consecutive medals in international competitions during their current competition cycle. The Jackson IBC is held every four years while the Varna IBC happens biennially. Ms. Barkman was lucky to join both and win. The two IBCs, together with the Helsinki and Moscow IBCs, are like the Olympics for ballet dancers.
But just like any story of triumph, her journey was fraught with defeats. Last year, the 21-year-old ballerina competed in the Moscow IBC and was cut right after her performance in round 1. She was, naturally, devastated by her fall. “It was like a bad car accident and I wouldn’t want to drive again. It knocked me down big time, and it eliminated all my ounces of confidence in dancing,” she said.
She called her mentor, Ms. Macuja-Elizalde, to tell her the bad news. Ms. Macuja-Elizalde then told her that it was her “biggest plié,” which is a ballet movement where the knees are bent and is used before jumping and turning. “Think of it as your biggest plié and from here you can only go up,” Ms. Macuja-Elizalde told her.
MASTER AND STUDENT
Ms. Barkman, who had not danced professionally before meeting Ms. Macuja-Elizalde, lives in Bucks County, Pennsylvania, USA. She started dancing ballet as a little girl, and at 16 she took private lessons with US-based Russian teacher Nadia Pavlenko. She wanted to pursue ballet professionally and her Russian teacher gave her a list of dance companies around the world that she could enroll in — and the list included Ballet Manila, which Ms. Macuja-Elizalde founded in 1995.
The ballet world is small — Ms. Pavlenko used to attend Ms. Macuja-Elizalde’s recitals and practices when the Philippines’ prima ballerina studied in Russia for four years as the first non-Soviet to enter a Russian ballet school. “I remember her as a little girl watching my rehearsals in school,” said Ms. Macuja-Elizalde of the Russian dancer.
“I’ve been fortunate to have been trained and taught in Russia and I was able to dance and experience it. Now, I have the opportunity to hand it down to the next generation of dancers. It’s a cycle. But I am still learning,” said Ms. Macuja-Elizalde, who is the CEO and artistic director of Ballet Manila, the only dance company in the country that teaches the Vaganova technique, a classical Russian dance method and training system.
So, with the encouragement of her Russian mentor, the young American dancer sent a one-minute audition video to Ballet Manila, hoping to be mentored by the Filipina prima ballerina. And Ms. Barkman was in. The timing was right because Ms. Macuja-Elizalde was retiring and leaving behind a male dance partner, and she was looking for a short ballerina to dance with him.
Ms. Barkman stands at 5’2 inches. “But I always say I’m 5’3,” she said laughing.
“It factored in that she was short and it worked to her advantage, but most of the time it didn’t. Also, there was a need for a principal dancer. She was 18 that time, and with lots of potential. I gave her my honest e-mail saying that ‘If you want to learn ballet and if you’re serious, come to the Philippines.’ But I also told her that if she’s only doing it for high salary etc., I don’t pay high salary. She accepted and she arrived here,” Ms. Macuja-Elizalde said.
Ms. Barkman packed her bags and moved to the Philippines.
Under Ms. Macuja-Elizalde’s wing, she learned not only dancing, but acting in narrative ballet. “There’s not really nothing wrong with her technique, but more on what’s wrong with her way of thinking about dancing and approaching a role and breaking it all down. She was up to standard, and she knew what she was doing, but, at the same time, she did not know. There was unawareness on how she was doing it and why,” said Ms. Macuja-Elizalde, demonstrating how her mentee used to act.
“It’s about tackling ballet as a form of art and performance,” she said, adding that as a mentor, one doesn’t use only theory to teach but also practice as well.
“If you didn’t dance any of roles, you’re only going by what you see. It’s not what you feel. You’re only attacking the coaching in a cerebral [manner], whereas if you danced, it is how you feel the movements which gives you extra understanding of the movement.”
For a relationship of mentor and mentee to work out, of course, it takes two to tango — and dance ballet.
“It takes a student who’s willing to learn and will inspire you to dig deeper into your pocket of tricks and methods. If the student is reluctant or satisfied already, then you end up with a shallow performance and understanding of a piece,” said Ms. Macuja-Elizalde.

HSBC to roll out more digital services for firms

By Melissa Luz T. Lopez, Senior Reporter
THE HONG KONG and Shanghai Banking Corp. (HSBC) is looking to roll out more mobile services to corporate clients in the Philippines over the coming year, following a jump in its credit card business secured through digital platforms.
Michael Brennan, head of HSBC Wholesale Banking, said the bank is eyeing to level up interbank fund transfers offered to big businesses to get more firms into using digital financial services “within the next six to 12 months.”
“Close to a third of our clients’ financial services needs will be digital. Much of the work that we will be doing for clients will very soon be digital — it already has begun,” Mr. Brennan said in a media roundtable yesterday in Taguig City.
“In some cases, they will go through cultural changes to get used to non-paper based technologies, but we are already seeing corporates picking up these technologies. WE are also seeing local companies developing this.”
In particular, the Philippines has proven to be a “fast-growing” and “exciting” market for the multinational bank given its young and tech-savvy population.
Mr. Brennan said while most lenders are focusing on tapping new technology to capture the retail segment, the global bank is also making strides in terms of serving the corporate space via mobile.
The central bank has piloted interbank fund transfers in the country. Mr. Brennan said HSBC’s next goal is to offer virtual accounts for companies using this interbank transfers, which he said would allow firms to identify the payment sources and improve trade, record-keeping and fraud management.
This strategy forms part of HSBC’s aggressive push to go digital, as it has earmarked $15-17 billion globally over the next three years to develop new products, offer advanced but easy-to-use electronic channels, and capture good talents to pilot financial innovation. So far, the bank has seen good gains from going digital via the consumer segment.
Kris Werner, senior vice president and head of retail banking and wealth management, said they have seen substantial growth in their credit card client base over the past year secured through Internet-enabled platforms.
“It’s really a market-leading change… Our cards that we acquired using digital channels have risen from below five percent last year to around a quarter of the business this year,” Mr. Werner said.
“What we are seeing is because of the combination of this cash-centric mentality and demographics, we’re seeing customers move across the digital environment very, very quickly. We do see mobile really leading this change and bringing people into formalized banking sector.”
There is a huge market for digital transactions in the Philippines given its millennial market well attuned to e-commerce. Mr. Werner said roughly 65% of smartphone users make purchases through mobile, while 75% also use banking apps for their financial transactions.
However, about 80% of transactions are still being done using cash.
HSBC is also relying heavily on digital customer on-boarding and on social media to tap more customers, given the bank’s limited branch network in the country. Mr. Werner said bank resources are instead being poured into expanding the bank’s “digital footprint” to widen their reach.

Alsons swings to net loss in April-June

ALSONS Consolidated Resources, Inc. (ACR) swung to a P76-million net loss attributable to owners of the parent in the second quarter, a reversal of year ago’s net income of P50.47 million.
In a regulatory filing, the Alcantara-led holding firm reported a 6.2% decline in revenues to P1.81 billion in the April to June period from P1.93 billion a year ago.
Revenues from energy fees, which accounted for most of its topline numbers, dropped to P1.80 billion from P1.927 billion previously.
For the semester, ACR posted a net loss of P95.75 million attributable to the owners of the parent firm, reversing last year’s net income of P86.03 million.
Revenues slipped 2.5% to P3.48 billion in the first six months of the year.
ACR’s core businesses, conducted through its various subsidiaries and associates, are grouped into main categories consisting of energy and power, property development, and other investments.
On Tuesday, shares in the company fell by 2.48% to close at P1.18 apiece. — Victor V. Saulon

Passion and art: Balag at Angud

ONE OF the toughest choices people have to make is choosing between work they love despite that offers little compensation or a job they hate but which pays the big bucks. What would you pick?
While the question can apply to anyone, it is especially apt for the proverbial “starving” artists — painters, writers, photographers, theater actors, sculptors, etc. — who are essentially compelled to choose between love and money, and are often challenged with the question: “Can you eat your art?”
This dilemma is one of the issues highlighted in Tanghalang Pilipino’s Balag at Angud, an original Filipino musical about the life of revolutionary Filipino artist Luis Yee, Jr., better known as Junyee.
Written by Palanca Award-winner Layeta Bucoy, Balag at Angud tells the true story of Junyee’s life in Agusan del Norte and as an artist, and his art including the 2007 outdoor protest installation called Angud: A Forest Once shown at the Cultural Center of the Philippines’s front lawn.
The musical’s name comes from two of the artist’s works. Balag is a Visayan word for “trellis” or a framework made of bamboo. It was also the name of Junyee’s first open-air one-man show in the 1970s. Balag — installed in UP Diliman where he was studying Fine Arts — was firmly bound by ropes and strings on which protests, poems, and letters hung. At the time Junyee was studying sculpture under Napoleon Abueva, who was not yet a National Artist.
Meanwhile, angud is the term used for the part of a tree trunk where holes are drilled in order to haul the log from the mountains. That part where the hole is located is later chopped and discarded, considered junk because it no longer has no purpose and cannot be sold. A visual argument against illegal logging in the country, Junyee’s piece Angud: A Forest Once represents evidence of how we abuse Mother Earth.
Playwright Rody Vera takes on the title role in the musical, with actors Dune Michael Garcia and Paw Castillo playing Junyee’s child and teenage self.
“We live in a country that ignores the conditions of artists. My whole admiration for Junyee comes from how he was able to remain uncompromising in the face of daily doubts. ‘Bibigay ba ako?’ (Will I give in?) I often ask myself. Pero itong mga pinili niya ay klaro at singular (But what I have chosen is clear and singular),” Mr. Vera said in a statement.
Like many other parents who pressure their children to get a job that pays well, Junyee’s father, Luis (played by Jonathan Tadioan), did not approve of his son’s life choices. A Chinese immigrant, he wanted his son to take over the family business. Junyee tried, working at the Palace Hotel in Agusan which his father asked him to manage. Then 17 years old, he put up an original piece of art he had made at the hotel’s lobby — but the customers did not like it and called it trash. Luis got rid of it, leading to a heated argument between father and son which prompted Junyee to leave home and pursue his true passion: art.
While focusing on the life of an artist, the musical is meant for everyone who has had doubts about their life.
“This musical is not just about one artist’s journey of becoming, but a familiar story of countless others long before Michelangelo’s agony and ecstasy defined his life,” wrote Junyee once.
“I can imagine the feeling and struggle of the first caveman who drew on the cave wall for other cave dwellers to appreciate. ‘Look, look’ he must have said excitedly. ‘This is the deer that we killed yesterday!’ I can imagine his cavemates saying, yes that’s a deer alright! And for sure somebody will say, ‘so what? Can you eat that?!’ So this musical is a story of countless others who struggle to express themselves in their own peculiar ways before my time, and the many others of my time,” he said.
After Junyee left home, he landed a job as a makeup artist in a funeral parlor. One day, he received news from home that his father had died. He went home and applied the makeup on his father’s corpse. Then he enrolled at UP Fine Arts, which is where he met Napoleon Abueva, which led to Junyee’s first creation, Balag.
The musical’s playwright, Ms. Bucoy, said in a statement: “I am hoping that this story would both inspire and pose a challenge to the audience through following the life of an artist ahead of us who struggled for his beliefs in his art and triumphed.”
“Kung ang sining ay kalat, basura, walang silbi, walang kwenta sa paningin ng iba, tutuluyin mo pa ba? Iyan ang ng tanong ng dula (If art is scattered, garbage, useless, has no worth in the eyes of others, would you continue? That is the question posed by the play),” she added.
The cast includes musician Bayang Barrios as Musa or Junyee’s muse; Astarte Abraham, Mia Bolaños, and members of the Tanghalang Pilipino Actors’ Company in the ensemble.
The musical is directed by Audie Gemora, whose previous work with Tanghalang Pilipino includes Noli Me Tangere: The Musical and Pangarap Sa Isang Gabi Ng Gitnang Tag-Araw.
“What is so beautiful about Layeta Bucoy’s story is how she personified art: it is as if there were a love story between Junyee and his art which is personified in Musa. I want our spectators to know that if you go after what you were designed to do in this world at all cost, it will pay off. That’s exactly what happened to Junyee,” Mr. Gemora said in a mix of English and Filipino.
Patatag’s Dodjie Fernandez wrote the music, while Upeng Galang-Fernandez is in charge of the musical direction.
The musical’s set design is by artist Toym Imao who is assisted by Marco Viaña. “The set will take inspiration from Junyee’s actual installations, reinterpreting them using materials like bamboo, leaves, and seeds. It’s going to be an art environment where audiences can immerse themselves and get a glimpse into Junyee’s works, while also telling the story on stage,” said Mr. Imao in a statement.
Balag at Angud will run from Aug. 31 to Sept. 16 at the Cultural Center of the Philippines’ Tanghalang Aurelio Tolentino (Little Theater).
Tickets are P1,000 for VIP seating and P800 for Orchestra Side seats. For ticket reservations, group sales, sponsorships, and special performances, contact Juan Marco Lorenzo at 0999-884-3821 or 832-1125 local 1620/1621. Tickets are also available at TicketWorld and the CCP Box Office. Visit https://tanghalangpilipino.com/ or e-mail info@tanghalangpilipino.com for more information.— Nickky Faustine P. de Guzman

EastWest Bank profit drops

EAST WEST Banking Corp. booked a lower net income in the first semester.

EAST WEST Banking Corp. (EastWest Bank) saw its net income inch down in the first half of the year following the suspension of the public school teachers’ salary loan program.
In a regulatory filing on Tuesday, the Gotianun-led bank said it posted a net income of P2.2 billion in the six months ended June, down 11% from the P2.5 billion recorded in the same period last year.
EastWest Bank attributed the decline mainly to the “adverse development” regarding the loan program and its subsequent effect on its wholly owned subsidiary EastWest Rural Bank (EWRB).
EWRB is primarily focused on public school teachers’ salary loans under the Automatic Payroll Deduction System of the Department of Education (DepEd). However, this was suspended until June as DepEd worked on new guidelines.
The total impact of this development in the first half of the year is estimated at around P600 million.
Likewise, the lender’s net income declined by a percent to P1.28 billion in the second quarter from the P1.29 billion in a comparable year-ago period.
The bank’s net interest income climbed 7% to P9.6 billion in the January-June period from a year ago, mainly driven by consumer loans.
Consumer loans account for 72% of EastWest Bank’s total lending book of P162.8 billion.
Excluding EWRB, the bank’s consumer portfolio of car, home and personal loans were up 13%, allowing the bank to minimize margin compression. Business loans were flat at P61.8 billion, comprising 28% of the bank’s entire portfolio.
Fees and commissions stood at P2.1 billion, down 23% due to the lower contribution of its rural bank unit.
Trading income also ended the first half 10% lower due to increasing interest rates and tighter monetary conditions in both international and local markets, the bank said.
Operating expenses stood at P7.2 billion in the first semester, up 11% due to an increase in higher transaction taxes as the new and higher documentary stamp tax came into effect following the enactment of the Tax Reform for Acceleration and Inclusion Law this year.
On the other hand, EastWest Bank set aside P1.9 billion in provisions for impairment and credit losses, 4% lower from the previous year.
EastWest Bank’s profits translated to a return on assets of 1.4% and return on equity of 11.1%.
Capital adequacy ratio stood at 13.7% while common equity Tier 1 ratio was at 11.3%.
Overall, the bank’s total assets stood at P319.3 billion at end-June, up 3% year-on-year.
EastWest Bank President Jesus Roberto S. Reyes said significantly higher deposit costs in the first half of the year pushed the bank to be more circumspect on its rate-sensitive business borrowers.
“At any rate, we are guardedly optimistic that for the rest of the year, we will be able to resolve the remaining issues on the rural bank lending program to teachers,” Mr. Reyes was quoted as saying in the statement.
Antonio C. Moncupa, Jr., EastWest Bank vice chairman of the board, said the bank remains committed to public school teachers despite having some issues in the first semester.
“The bank will continue to strongly advocate not only access and lower rates but equally important, inclusive lending programs and equality among lenders. Our teachers deserve nothing less.”
In June, EastWest Bank raised P2.45 billion from the first tranche of its long-term negotiable certificates of deposit (LTNCD) program, which it wants to use to support its funding needs.
Shares in EastWest Bank gained 10 centavos or 0.70% to close at P14.42 each on Tuesday. — Karl Angelo N. Vidal

Atlas Mining loss widens as costs rise

ATLAS Consolidated Mining and Development Corp. saw its net loss widen to P696 million in the second quarter from P361.67 million a year ago, as costs and expenses continued to rise.
However, for the six-month period Atlas Mining’s net loss fell to P221 million from P572.6 million during the same period a year ago.
In a regulatory filing, the listed miner said second-quarter revenues surged 52% to P3.5 billion, but costs and operating expenses which ballooned to P3.07 billion from P2.4 billion a year ago.
Six-month revenues jumped 47% to P7.6 billion, which Atlas Mining attributed to higher shipment volumes and rising metal prices.
“Increased shipment volume (in the first half) pushed copper metal content higher by 15% from 36.83 million pounds to 42.47 million pounds. Gold content increased by 60% from 8,365 ounces to 13,380 ounces,” the company said.
Atlas Mining said it benefited from higher realized metal prices, noting average realized copper price rose by 20% to $3.12/lb. from last year’s $2.60/lb. The average realized gold price also went up by 6% to $1,314/oz. from $1,241/oz. a year ago.
Its subsidiary Carmen Copper Corp. increased its milling tonnage by 18% 7.67 million tons of ore, leading to an 8% rise in copper metal production to 39.55 million pounds. — AGAM

PIRA optimistic on microinsurance sector

THE PHILIPPINE Insurers and Reinsurers Association, Inc. (PIRA) is optimistic on opportunities to expand the microinsurance segment, which could improve insurance penetration in the country.
In a press briefing, PIRA Executive Director Michael F. Rellosa said there is a big opportunity to grow the microinsurance industry to help more Filipinos get insured.
“We see a lot of opportunities to grow the microinsurance segment. Fist of all, Senator [Cynthia A.] Villar is drafting a bill to come up with new products for agri insurance — not only crops but also for livestock,” Mr. Rellosa told reporters yesterday.
Ms. Villar filed on March 20 Senate Bill No. 1759 or the Free Index-Based Crop Insurance Act of 2017 to strengthen the resilience of small farmers against calamities by establishing a program and framework for a free weather index-based crop insurance.
“The government are now opening up to the private sector agricultural insurance so that’s going to be an opportunity for us. We’re creating new products for our farmers,” Mr. Rellosa said, noting that the state-owned Philippine Crop Insurance Corp. is currently the sole firm offering crop insurance for farmers.
Mr. Rellosa added that micro-agri insurance is a first step to diversify microinsurance products. He floated the idea of micro-health and micro-burial insurance products.
Aside from this, PIRA said Filipinos are now seeing the value of getting insured as the country is prone to calamities.
“Since we’re a calamity-prone country, people are realizing the need for protection, so we’re expecting more Filipinos to avail of more products to shield them from calamities,” Mr. Rellosa noted.
Despite this, PIRA education committee chairman Armand M. Pesigan noted sustainability remains one of the biggest challenges in growing the microinsurance industry.
“Sustainability for us is the continuing challenge because as you become successful and you get higher penetration, your exposure also grows,” Mr. Pesigan said. “The more we become successful, the more we need to become conventionally protected, and in effect, our products will become less affordable.”
PIRA is optimistic that more non-life insurers will start offering microinsurance products in the future.
There are only four firms who are currently offering these products such as Malayan Insurance Co., Inc. and Pioneer Insurance & Surety Corp. among others.
Mr. Rellosa said through microinsurance policies, more Filipinos will be able to protect themselves from potential risks, meaning the protection gap will be lessened.
“In the [Southeast Asian] region, the Philippines is one of the countries with very low penetration ratio or the total premiums in a country versus its gross domestic product, which is at [approximately] 3%,” he said. “We’re trying to change that.” — K.A.N. Vidal

Art & Culture (08/15/18)

Disorder at Hiraya

A PAINTING by Zaldy Garra which will be on view in the Hiraya Gallery exhibit An Intimacy with Disorder.

IN THE first solo exhibition of Zaldy Garra, An Intimacy with Disorder, Hiraya Gallery presents a series of portraits showing the artist at his most vulnerable. The artist was born in 1988 in Manila, and has participated in numerous group exhibitions since 2008 and was a four-time semi-finalist in painting at the Metrobank Arts and Design Excellence competitions. The exhibit opens on Aug. 16 and runs until Sept. 30 at the Hiraya Gallery, 530 UN Ave., Ermita, Manila.

Buensuceso at Duemila

JINGGOY BUENSUCESO’s sculpture The Wound That Never Heals, The God That Never Dies.

JINGGOY BUENSUCESO’s exhibit, Distortions of Reality, is on view at Galleria Duemila until Aug. 25. Buensuceso is a material and process artist, a sculptor whose practice is not limited to the purely conceptual, but traverses the multi-disciplines of art, from large-scale installations to more intimate series. Galleria Duemila is located at 210 Loring St. 1300 Pasay City. For details on the exhibit, call 831-9990 or 0927-629-4612, e-mail hello@galleriaduemila.com or art@galleriaduemila.com or visit http://www.galleriaduemila.com.

Group show at 1335 Mabini

FORMS PLEASE, a group show featuring works by Gus Albor, Anna-Maria Bogner, Miggy Inumerable, Kanchaca Gupta, Klaus Wanker, and Ian Woo, is ongoing until Sept. 8 at the 1335 Mabini gallery. This group exhibit explores the realm of materiality by showcasing works by artists from Asia and Europe. Working across different disciplines, the works of these artists will inevitably be placed in a dialogue within the gallery’s space, rendering the forms of these works unstable and, in turn, leaving room for poetic mistranslations and diverse esthetic experiences within the bodies of visitors. The 1335 Mabini gallery is at 1335 A. Mabini St., Ermita, Manila.

Artists Talk

AN Artists Talk held will conjunction with the photo exhibit We Will Have Been Young, will feature two Filipino photographers, Geric Cruz and Dennese Victoria, on Aug. 18, 4 p.m., at Mabini Projects, Ermita. The exhibit — presented by Goethe-Institute, the OBSCURA Festival of Photography and the Ostkreuz Agentur der Fotografen — is an interpretation of the youth and the future through the lenses of 12 young Southeast Asian photographers. It is a product of the Southeast Asian Photography Master class 2016-17 in Penang, Malaysia where young photographers from Southeast Asia met for a workshop to produce photographic essays under the mentorship of German photographers Jörg Brüggemann and Tobias Kruse of the Ostkreuz Photographer’s Agency in Berlin. It is ongoing until Aug. 25 at the Mabini Projects, 1335 A. Mabini St., Ermita, Manila.

Youth Orchestra concert

THE award-winning Asian Youth Orchestra will perform on Aug. 16 and 17, 8 p.m., at the Cultural Center of the Philippines’ Tanghalang Nicanor Abelardo (Main Theater). The performance is part of its 2018 Concert Tour. This is the AYO’s third visit to the Philippines. The AYO’s Manila leg concerts feature soloists Yu-Chien “Benny” Tseng on violin and Anna Tsybuleva on piano, with conductors James Judd and Richard Pontzious. Program for Aug. 16 consists of Enescu’s Romanian Rhapsody No. 1, Barber’s Violin Concerto, Rachmaninoff’s Vocalise and Symphonic Dances, while Wagner’s Overture to Die Meistersinger, Selections from Prokofiev’s Romeo and Juliet, Rachmaninoff’s Rhapsody on a Theme of Paganini and Gershwin’s An American in Paris will be performed on Aug. 17. Tickets range from P200 to P1,000. For inquiries, call the CCP at 832-3704, 832-3706 or e-mail ccpsalesandpromo@gmail.com.

Can domestic savings cover investment needs?

Can domestic savings cover investment needs?

How PSEi member stocks performed — August 14, 2018

Here’s a quick glance at how PSEi stocks fared on Tuesday, August 14, 2018.

 
Philippine Stock Exchange’s most active stocks by volume turnover — August 14, 2018

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