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Treasury makes partial award of 10-year bonds

By Elijah Joseph C. Tubayan
Reporter

THE GOVERNMENT made a partial award of the 10-year Treasury bonds (T-bonds) it offered yesterday as yields surged ahead of the policy meetings of the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve later in the week.

The Bureau of the Treasury (BTr) only accepted P7.99 billion of the P20 billion in fresh debt papers placed on the auction block at a 6.25% coupon rate.

Total tenders reached P22.81 billion, with the notes fetching a higher 6.184% average rate from the 4.915% in the previous auction.

At the secondary market on Tuesday before the auction, the securities were quoted at 6.0733%.

At the close of trading, the yield on the bonds dropped to 6.0685%.

Deputy Treasurer Erwin D. Sta. Ana told reporters after the auction that they still made the award because the government wanted to maintain a benchmark for the 10-year papers.

“We have internal metrics that would suggest that the 10-year should be awarded at 6.25%. So for this exercise, we just set the benchmark for the 10-year. It’s been a while that we have not had any benchmark for the 10-year so I think that’s the motivation in the committee this afternoon,” he said.

He said the yields fetched were “reasonable in a sense that we’re looking at spreads from and between tenors. So it suggests a fair pricing at that level.

Traders said that although the yields went up, the movement was in line with market expectations.

“The market is expecting something between 6.125% to 6.375%. Most players are still cautious and defensive ahead of the FOMC (Federal Open Market Committee) and the Monetary Board meeting,” a trader said in a phone interview yesterday.

The trader said the US central bank is expected to hike its interest rates as it ends its two-day review on Wednesday evening, while the BSP will likely still retain its benchmark.

“The FOMC, it’s almost sure that they will hike. Meanwhile on the local end, given the dovish BSP comments recently, we expect no changes in the policy,” the trader said.

Another trader highlighted the BSP Governor Nestor A. Espenilla, Jr.’s comments, where he said the local central can manage inflationary pressures without increasing interest rates.

“Governor [Nestor A.] Espenilla mentioned that inflation is still manageable. So they will likely retain the rates,” the second said.

Headline inflation averaged 3.7% in the first two months of the year — near the upper end of the central bank’s 2-4% target — after posting a 3.9% spike in February.

BTr’s Mr. Sta. Ana likewise expects that the BSP will likely keep policy steady.

“We don’t expect much, any increase based on what the BSP has pronounced,” he said.

The Treasury wants to auction off P120 billion worth of Treasury bills and another P120 billion worth of Treasury bonds in the first quarter, which is larger than the P200 billion it offered in the fourth quarter last year.

13 Artists Awards includes photographer and dancer

THE Cultural Center of the Philippines (CCP) announced this year’s winners of the prestigious Thirteen Artists Awards. They are: dancer Eisa Jocson, performance artist Bea Camacho, filmmaker Shireen Seno, photographer Carlo Gabuco, and intermedia artists Zeus Bascon, Cian Dayrit, Janos dela Cruz, Dina Gadia, Guerrero Habulan, Russel H. Trinidad aka Doktor Karayom, Raffy Napay, Archie Oclos, and Lynyrd Paras.

The winners will receive cash grants that will let them produce new works which will be exhibited on Oct. 18 at the CCP. The occasion will also be the winners’ formal recognition rites.

The winners were chosen based on their body of work and integrity, “responsiveness to contemporary realities,” engagements with contemporary visual art forms, and sustained artistic pursuits in individual or group shows for at least the last three years.

The winners must also be less than 40 years old. This year’s youngest awardee is Mr. Trinidad who is 27.

“It’s still a puzzle what art means and the artists mean in this age and society,” said Mr. Dayrit, speaking in Filipino. “What is the essence of the award and the institution? What do the artists have as privilege? What issues can we tackle and play? Hence the need to remain critical in receiving awards like this.”

Mr. Oclos, a street artist and painter, considers his award as another platform to showcase the stories of minorities, especially of the farmers and fishermen. A recent mural he made depict the stories of the poor and victims of extrajudicial killings (EJKs).

The goal of the Thirteen Artists Awards, which was initiated by the first CCP Museum Director Roberto Chabet, is to showcase the works of artists who “restructure, restrengthen, and renew art making and art thinking… that lend to viability to Philippine art.”

This year’s panel of jurors included past winners such as Ofelia Gelvezon-Tequi (1972), Leonilo Doloricon (1990), Noel Cuizon (1994), Yasmin Sison-Ching (2006), and Rica Estrada, officer-in-charge of the Visual Arts and Museum Division representing the CCP. — Nickky Faustine P. de Guzman

GSIS extends search for external fund managers

By Karl Angelo N. Vidal

THE Government Service Insurance System (GSIS) has extended its search for external fund managers until April 13 as it wants to receive more applicants.

“We want more fund managers to choose from. [We extended it because] we are very serious about being transparent,” Jesus Clint O. Aranas, GSIS president and general manager, told reporters on Tuesday.

Mr. Aranas said 37 firms applied for the trust fund, with the state pension fund only hiring two.

“37 applied for trust fund. We are only going to get two. We want to get the best of the best,” he said, adding that they are expecting more firms to submit their offers.

Mr. Aranas earlier said that the GSIS wants to place $800 million in foreign-currency instruments to diversify its asset portfolio.

GSIS will hire two external asset managers to have an allocation of $400 million apiece.

“$800 million is really for testing grounds in investment. It’s not too big… What we need is to understand the market globally, and we would like to look at our global fund managers how they handle,” Mr. Aranas said in a previous press conference.

As of November, 62% the pension fund’s assets were invested in financial assets, 24% in loans to its members, 6% in investment properties, 4% in cash and another 4% in property, equipment and other assets.

PORT AREA PROPERTIES
Meanwhile, Mr. Aranas said GSIS will be “publishing soon” the terms of sale of its two properties in Port Area, Manila worth P19.9 billion.

The sale of the two lots, with areas of 672,645 square meters (sqm) and 109,212 sqm, will be the biggest for the GSIS to date.

Currently, the first lot houses a chunk of the Manila International Container Terminal.

“There are structures that have no authority from us. We are selling as is where is,” Mr. Aranas said, adding that the sale will not make an impact on the operations of businesses there.

“It will not impact the operations. It will [only have an] impact on the ownership.”

GSIS can also sell the lot to any government agencies “if they provide just compensation.”

“We find it timely to liquidate the Port Area property and take advantage of the attractive real estate market values in the Manila Bay area,” Mr. Aranas explained.

Earnings from the asset sale will be used to augment GSIS’ funds, as well as for more projects for its pensioners.

Mr. Aranas said GSIS booked a net income of P94.932 billion in 2017, according to unofficial data.

LBC Express acquires 2 more logistics firms

LBC EXPRESS Holdings, Inc. (LBC) is propping up its logistics business with the acquisition of two firms with a combined value of more than P300 million.

In a disclosure to the stock exchange on Tuesday, LBC said it acquired a 30% stake in Orient Freight International, Inc. for P218.88 million to further diversify its business.

Under the deal, LBC will acquire Rayomar Management, Inc.’s 1.15 million common shares in Orient Freight at P63.43 apiece, for a total price of P72.94 million. The transaction will close once the Bureau of Internal Revenue’s issues a certificate authorizing the registration of the shares involved.

The company will then subscribe to an additional 3.29 million shares out of Orient Freight’s unissued capital stock at P44.40 each, or P145.89 million. LBC will be paying the company in cash.

LBC said the acquisition was meant “to diversify the corporation’s businesses and to realize returns on investments.”

Orient Freight engages in freight forwarding, warehousing, and customs brokerage businesses that has operations in the Philippines and in Southeast Asia, according to its website. It operates a fleet of land transport equipment, air freight forwarders, and sea freight forwarders that allows it to deliver faster pick-up and transfer of cargoes.

In a separate disclosure, LBC said it will subscribe to 1.86 million shares at P100 each from QUADX, Inc., equivalent to an 86.11% stake in the company. The deal will be subject to the Securities and Exchange Commission’s approval of an increase in QUADX’s authorized capital stock.

QUADX owns, maintains, and operates an e-commerce website which serves as an online marketplace and retail store.

LBC noted that Fernando G. Araneta, who holds a majority share in QUADX, is also a stockholder in LBC Development Corp., which in turn is a majority stockholder in LBC.

The payment will be made by converting QUADX’s debt in LBC’s unit, LBC Express, Inc. into equity.

“The Board also approved the acquisition of the receivables due to LBC Express, Inc. which is intended to be converted to equity in QUADX, Inc. Correlatively, based on the objective of the Company to acquire shares in QUADX, Inc., the latter has agreed to convert said debt to equity,” LBC said.

Prior to its acquisition of QUADX and Orient Freight, LBC also bought four United States-based cargo and remittance companies from its affiliate for $8.5 million, as it seeks to boost revenues from international markets. The firms are LBC Mundial Corp., LBC Mabuhay Saipan, Inc., LBC Mabuhay Hawaii Corp., and LBC Mabuhay North America Corp.

The Araneta-led firm earlier said it may breach it core net income target of P985 million for 2017, banking on the growth of the country’s logistics sector as well as the rise of the e-commerce industry.

LBC generated earnings of P733.84 million in the first nine months of 2017, 17% higher than its net income of P627.35 million in the same period in 2016. Revenues also grew 16% to P7.39 billion during the period.

Shares in LBC were up 7.01% or P1.02 to close at P15.58 each at the stock exchange on Tuesday. — Arra B. Francia

Ortigas Art Fest: more art in public spaces

PUBLIC SPACES are fast becoming art galleries. Some even become canvases. These transformations make art more approachable and reachable for everyone while marking its role in community development. Art heals. Art makes you think, and it open conversations among people.

After the success of the five-day Philippine Art Fair at The Link earlier in March, another art festival in a mall follows in its footsteps. At the bridgeway of the Estancia Mall in Capitol Commons in Ortigas is an ongoing public art festival, which, while smaller in scale and not commercial, features great artworks just the same.

The Ortigas Art Festival — with more than 100 works by 60 artists on display — is on view until March 26.

Jaime E. Ysmael, CEO and president of Ortigas & Company, Limited Partnership, said that the festival will become a permanent feature at the mall since “art is for everyone.” He added that it “is a way of fostering a deeper regard for the art and cultural scene, while offering new experiences” for mallgoers.

Aside from the art on display, the festival has been holding free water color, mural making, and painting workshops conducted by Renato Habulan, Peter Sutcliffe, and Kalye Kolektib, on all Sundays of March.

The festival is done in partnership with Eskinita Art Gallery in Makati Cinema Square, an alternative platform for artists founded by Alfredo Esquillo with Mr. Habulan as the resident curator. Together, they foster the young millennial artists under their wings who make up a group called Tuklas.

“We teach them ideas, ethics, and life guidance on how to live as an artist creatively. They don’t need to compromise their art to live comfortably,” Mr. Habulan told BusinessWorld at the sidelines of the event’s launch.

“The challenge for them is how to survive as an artist,” he said, noting that he also experienced the same setbacks when he was young and starting out. While his parents supported his decision to study Fine Arts at the University of the East, he said his in-laws doubted if he could feed a family. A respected and multi-awarded painter, Mr. Habulan said: “The best support [anyone can give] is to allow your kids to be an artist.” Do not hinder their creative minds, he added.

The works of the group he mentors are on view at the mall. Noticeably, all of artworks are emotional, expressive, dark, and seemingly sad and anxious.

““Their works bank on emotion, and not the social,” said Mr. Habulan in Filipino of the collective works of Tuklas. “They are not analytical of the social context, instead, everything springs from their heart, just emotions. They have no clear vision yet.”

A social realist himself, he explains that the young artists’ works are products of their time. “Sometimes … it’s a sign of the times. So you can’t say if it is good or not. [Its the] responsibility of an older artist is to guide them guide them to process their emotion,” he said in a mix of English and the vernacular.

Aside from Tuklas, on view are works from Kalye Kolektib, Biskeg, Layaw, and Eskinita Kontemporaryo. — Nickky Faustine P. de Guzman

Philab buys majority stake in local firm

PHILAB Holdings Corp. is acquiring an approximately 67% stake in local pharmaceutical firm Sydenham Laboratories, Inc. (SLI) for P390.6 million.

In a disclosure to the stock exchange on Tuesday, Philab said its board of directors has approved the purchase of 625,000 secondary common shares in SLI, representing 33.33% of its resulting outstanding capital stock, at P46.62 each from various SLI shareholders.

Philab will also subscribe to 625,000 primary common shares from the unissued capital stock of SLI, also representing 33.33% of the latter’s outstanding capital stock, at P46.62 each.

The total consideration for the SLI shares is at P390.6 million.

In turn, Philab will issue up to 48.828 million common shares at P4 each out of its unissued authorized capital stock to SLI, as well as shareholders who will be selling SLI secondary shares.

The listed firm will pay P137.01 million of the purchase price in cash, while the remaining balance will be offset by the Philab shares it will be issuing to SLI.

The subscription price for the Philab shares will have to be confirmed by the Securities and Exchange Commission, where the company will be filing an application for confirmation of valuation.

Once the SEC confirms the valuation, Philab will execute definitive agreements for the deal before closing.

Philab had announced its acquisition of a majority stake in SLI last December 2017, which it expects would boost its product offerings.

SLI manufactures hormone-based drugs and specializes in oral drug preparation in dosage forms. The company has more than 300 certificates of product registration focused on the central nervous system, endocrine system, and cardiovascular system, among others, over 40 years of operations.

Earlier this year, Philab has also struck a partnership with United States-based Veritas Genetics, injecting an initial P500 million to build the company’s facility in Clark, Pampanga.

This year, Philab has committed to spend $150 million to fund the construction of up to 60 satellite clinics across the Philippines. The clinics aim to serve the primary care needs of patients unable to immediately reach hospitals. The spending will also cover the company’s further investments in genetics.

Philab recorded a net loss of P107.85 million in the first nine months of 2017, higher than its net loss of P860,006 in the same period in 2016, against revenues of P155.15 million.

Shares in Philab gained 16 centavos or 4.83% to close at P3.47 each at the stock exchange on Tuesday. — Arra B. Francia

Big banks’ soured loans extend increase in Jan.

By Melissa Luz T. Lopez
Senior Reporter

SOURED DEBTS held by big banks continued to rise in January, but maintained a modest share even as loans surged by nearly a fifth from last year, latest central bank data showed.

Non-performing loans (NPLs) hit P101.391 billion as the year opened, according to the Bangko Sentral ng Pilipinas (BSP). This spelled a 6.5% increase from the P95.172 billion in bad debts recorded in January 2017, and inched up from the P97.531 billion tally as of end-December.

NPLs refer to debts left unpaid for at least 30 days beyond due date. These are considered as risky assets given the slim chance of borrowers actually settling their outstanding balances.

The slight pickup in bad loans held by universal and commercial banks compares to a surge in total lending, which jumped 18.3% to P7.827 trillion from P6.615 trillion the prior year.

The bad debts only accounted for 1.3% of the banks’ total loan portfolio, a marked improvement coming from a 1.44% share in January last year. This also signalled improving asset quality, as this meant that banks are still able to generate returns from lending activities.

The banks decided to set aside P148.978 billion as reserves versus potential credit losses, which is higher than the P136.929 billion allowance a year ago. The amount is more than enough to cover the entire NPL stash held by the banks as of January, giving lenders a degree of comfort.

On the other hand, non-performing assets held by the lenders steadied at P77.252 billion. This includes real property and other items of value which were seized from clients for failing to pay their dues.

Banks also remained fairly liquid as deposits grew by 13.5% to P10.635 trillion. Loans accounted for just 73.6% of this sum, data showed. Liquid assets also totalled P5.215 trillion.

The BSP requires big banks to set aside 20% of deposits as reserves as a buffer against a potential funding crunch. The figure has been trimmed to 19% effective March, following an “operational” adjustment announced by the Monetary Board last month. This essentially leaves banks room for even greater lending.

Big banks operating in the Philippines raked in a cumulative P146.33 billion in net profits last year, up by 6.8% from the P136.956 billion they made in 2016. This came on the back of a 17.3% increase in bank credit to reach P7.867 trillion.

Still, soured debts settled at just 1.24% of the loan portfolio at P97.531 billion.

The central bank monitors the NPL ratios of banks and financial firms in order to monitor asset quality and maintain the soundness of the financial system.

Filipino artist Raul Isidro rocks

AT THE age of 75, artist Raul Isidro sees no reason to slow down in his pursuit of art. While he has an ongoing exhibition, Abstract Meditations, on view at Conrad Manila hotel until April 8 that features 22 of his works, the recent opening of his own studio in Parañaque City earlier this month also keeps him busy.

Mr. Isidro works almost every day, he told BusinessWorld during his exhibition’s opening at Gallery C in Conrad Manila.

For his current show, he highlights his abstract interpretations of rocks, which deceivingly do not look anything like boulders. They could be gems or birds, or anything your imagination could conceive.

“It’s a simple subject. I think about it and look at something I can develop on my own. Rock formation is just rocks, but you can develop it in a different way of seeing. That’s how I think,” he said.

One of the Ten Outstanding Young Men (TOYM) of 1979 and the 2006 Outstanding Thomasian awardee has long been focusing on landscapes. “I’ve been doing it for a long time, but lately, I said I’d change it with more colors,” he said. His works on display are playful works with blue, green, red, and yellow as the major color schemes.

Mr. Isidro started in the Philippine art scene in the late 1960s and ’70s, focusing on abstractions inspired from nature. From his province in Samar, he went to Manila to study Fine Arts at the University of Santo Tomas, where he learned about Modernism from mentors including Angelito Antonio and National Artist Victorio Edades. One of his classmates was Ramon Orlina, now renowned for his glass sculptures.

A prolific and passionate artist, Mr. Isidro has worked with other mediums including metal, wood, and stones for his sculptures. When acrylics were introduced in the country in the 1960s, he used them in his mixed media abstractions. As the years passed, he continuously experimented — in the 1980s, he tried using gold leaf on canvas while in the United States. Before leaving for the US, he was the dean of the College of Fine Arts of the Philippine Women’s University. He came back to the country in 1995, and despite offers to return to the academe, he politely declined and said, smiling, “I wanted to be a full time artist.”

Today his works are mostly influenced by nature.

Like an excellent wine that becomes better as it ages, Mr. Isidro said in hindsight that his style has changed gradually. “I developed the subject matter, but I like to retain a gradual change [over the years]. My works are mostly abstract because I want to have free expression, that’s why I do it — expression of whatever I see,” he said.

Abstract Meditations is part of Condrad’s “Of Art and Wine” series which features different Filipino artists and their works. Before Mr. Isidro’s exhibit, Arturo Luz’s large wooden sculptures were on view.

The five-star hotel has a focus on art and is home to more than 700 works by Filipino artists. — Nickky Faustine P. de Guzman

Rockefeller’s Picasso could be part of biggest art collection ever sold

PARIS — A rare Picasso once owned by Gertrude Stein is part of an art trove belonging to the Rockefeller dynasty that could raise half a billion dollars this year, in what auctioneer Christie’s says could be the most valuable sale ever of a private collection.

Ten works on display at Christie’s in Paris, including the Picasso and a Monet, represent a small fraction of the 1,600 lots once owned by billionaire banker David Rockefeller and his wife Peggy that will go under the hammer in May for charity.

David Rockefeller, a former CEO of Chase Manhattan bank and grandson of the oil tycoon John D. Rockefeller, died last year at the age of 101.

“We’re talking probably north of $500 million which will make it the most valuable collection sale of all time, and the most valuable charity sale of all time,” Christie’s auctioneer Jonathan Rendell told Reuters TV.

The showpiece of the collection is Picasso’s Young Girl with a Flower Basket, painted in 1905 and acquired by the artist’s friend and collector, the American novelist Stein.

Rockefeller and a group of collectors purchased Stein’s art in 1968, drawing lots for the works they would keep.

The Picasso masterpiece, depicting a statuesque nude with a melancholy expression, hung on the wall of Rockefeller’s library for decades and Christie’s expects it to fetch between $90 million and $120 million.

Also on sale is a small painting of an apple which Picasso gave Stein as a Christmas gift in 1914 after she told him of her disappointment that her brother Leo had held onto a Cezanne still life of apples when they split up their own collection.

The proceeds of the sale will go to charities including Harvard University and the Museum of Modern Art.

Rendell said he anticipated the works would likely be bought by private collectors, though some could end up in museums. The sale will take place at New York’s Rockefeller Center in May. — Reuters

BDO chief reelected for 3rd term as BAP president

THE BANKERS Association of the Philippines (BAP) reelected its current president Nestor V. Tan for another term.

In a statement on Tuesday, BAP said Mr. Tan, who is also the president and chief executive officer of BDO Unibank, Inc., will serve another term as the president of BAP.

This will be his third term as the BAP president since his first election to the post in 2016.

During his term, the BAP introduced the central bank-backed Philippine Banking Roadmap, which provided a more convenient and faster way of delivering banking services.

This led to the development of a prototype for a digital banking identification registry, allowing member banks to allow storage and exchange of data.

BAP also adopted the Government Securities Roadmap which made the trading of fixed-income instruments more cost-efficient.

“We have finished the term strong through our collective efforts and partnerships, and we will continue to perform our best in pursuing the road map,” Mr. Tan said.

Looking forward, Mr. Tan added that the association will rationalize and upgrade its utilities and operations and purse industry positions for the welfare of the Philippine banking industry.

Established in 1949, BAP consists of 21 local banks as well as 20 foreign bank branches. — KANV

Chelsea focusing on airport and seaport development

By Patrizia Paola C. Marcelo, Reporter

BUSINESSMAN Dennis A. Uy’s Chelsea Logistics Holdings Corp. (CLC) formalized its entry into the infrastructure sector, after shareholders on Monday approved the amendment of its articles of incorporation to include infrastructure facilities and systems in its primary purpose.

“The expanded primary purpose will also enable the Company to expand from its current transportation businesses to other utility businesses including, but not limited to, telecommunication, power and other related utilities,” the company said in a disclosure to the stock exchange on Tuesday.

In a phone interview with BusinessWorld, CLC CEO and President Chryss Alfonsus V. Damuy said the company is looking at venturing into other businesses, particularly airports and seaports.

”It make sense for our business. The main intention of the amendment of the articles is for us to focus on the development of airports and seaports. As a logistics company, one of the big problems we encounter is congestion. Improving these would improve our business,” Mr. Damuy said.

The company, under Mr. Uy’s Udenna Group of Companies, on Feb. 5 submitted to the government an unsolicited proposal to develop the Davao and New Bohol (Panglao) airports, with a combined value of P67 billion.

CLC is anticipating airport traffic to grow to 8 million to 15 million passengers in Davao, and 1.5 million to 2.1 million passengers in the New Bohol International Airport in Panglao by 2050.

At the same time, Mr. Damuy said other groups have approached CLC on a possible partnership for the operations and maintenance contract of the Clark International Airport, which is being auctioned by the government.

While the company has no concrete plans on the Clark project, Mr. Damuy said: “But if a good player invites us as a partner, it’s possible.”

The Udenna Group, through its real estate unit, is currently embarking on the development of the 177-hectare Clark Global City, located within the Clark Freeport Zone, for $6 billion. The project will be developed in 10 years, with the first phase set to start this year.

CLC, which went public last year, reported its net profit jumped by 17.52% to P161 million in 2017. The increase in profit is mainly attributable to the company’s acquisition of a stake in 2GO Group, Inc., as well as 100% ownership of Starlite Ferries, Inc. and Worklink Services, Inc.

In late 2017, CLC through its subsidiaries purchased four more vessels and ordered more during the first quarter.

Earlier this year, the company signed a contract with Kegoya Shipyard for the construction of one brand new roll-on, roll-off passenger Ship with an option to order for an additional three units with delivery dates from 2019- 2020.

Shares for CLC were up six centavos or 0.83% to close at P7.32.

Art & Culture (03/21/18)

Holy Week exhibit

STATIONS OF A NATION, a collaborative installation project of 14 commissioned artworks that revolve around concepts in the journey of nation building, is set to be launched on Holy Monday, March 26, at the De La Salle-College of Saint Benilde School of Design and Arts Building. Based on the country’s history and current political and social state, within the Filipino context, these art pieces will be displayed at permanent sites around the campus. The works include Borgy Mecate’s Bahala na si Batman portraits, Brent Michael Ignacio’s silent film Felipe, Lauriz Seachon and Purok 1’s Sala model house, and Windy Jaroc and Purok 2’s Train commentary. Curated by Center for Campus Art Director Gerry Torres, the 10 other presentations will be revealed in different tranches until all 14 are completed by July. The project is headed by Manny Montelibano, a representative of the country to the 56th Venice Biennale.

Mandala art

AS PART of Robinsons Novaliches’s celebration of Women’s Month, giant mandalas have been installed on the walls of the mall which mallgoers can color in. Mandala, which means “circles” in Sanskrit, are sacred symbols that are used for meditation, prayer, healing, and art therapy for both adults and children. Women can express themselves by coloring in the mandalas — the activity gives them the ability to communicate their thoughts or feelings in a way that is different from any other kind of communication. It also symbolizes that through collective efforts of different individuals, change can be attained. The Giant Mandalas at Robinsons Novaliches are on view until March 31.

Leashed

THE College of Multimedia Arts of Southville International School and Colleges presents Leashed, an exhibit on the issue of human trafficking. The exhibit is on view until March 28 at the Dragon Gallery at the Yuchengco Museum, RCBC Plaza, Ayala Ave. corner Buendia, Makati City.

Art workshops

THE Young Artists’ Studio will be holding its Summer Art Workshops 2018 on Mondays, Wednesdays, and Fridays from April 11 to May 2, and on Tuesdays, Thursdays, and Saturdays, from April 10 to May 3. All classes will be held at Yuchengco Museum in RCBC Plaza, Makati City. Classes on offer are Art for Beginners for ages four to eight (P11,800); Drawing A which focuses on technical skills in realistic drawing, for children ages seven up to adults (P10,800); and Painting A which focuses on basic techniques and styles of painting (watercolor, gouache, acrylic, and oil) for children ages seven up to adults (P11,800). For details, contact the Young Artists’ Studio at 238-4641, 0917-837-8897, or youngartistsstudio@gmail.com.

Women’s Month at CCP

THE Cultural Center of the Philippines will hold a three-day celebration of Women’s Month from March 22 to 24 inside the CCP Main Building, Roxas Blvd., Pasay City from 9 a.m. to 7 p.m. On March 22, CCP Arthouse Cinema will be screening two films: the Cinemalaya 2017 finalist Sa Gabing Nanahimik ang mga Kuliglig At 2 p.m., and Kusina (The Kitchen) starring Judy Ann Santos-Agoncillo at 5 p.m. Starting the events on March 23 is the Play Readathon at the MKP Hall 4th Floor, from 9 a.m. to 5 p.m. This is a dramatic reading of four works by women playwrights: Pambansang Litanya ng mga Inang Wala sa Bayan by Christine Bellen, Sulog nin Pagkamoot by Ellyn Nidea, Tongdo by Lynette Carantes, and Sa Takilid nga Data (On Tilted Earth) by Tanya Lopez. This is in partnership with Women’s Playwrights, International. There will also be a Mini-Book Fair of women authors at the 4th Floor Hallway from 8 a.m. to 5 p.m. On March 24, the CCP Intertextual Division and Gantala Press present Gandang-Ganda sa Sariling Gawa: Book, Zine, and Art Fair from 8 a.m. to 7 p.m. at the Silangan Hall at the 4th floor. Another Play Readathon will be held at MKP Hall from 9 a.m. to noon, featuring dramatic readings of three plays written by women playwrights: Pulang Buwan by Saturnina Rodil, Hawla by Venise Buenaflor, and Tagu-Taguan by Racine Geneda. From 1 p.m. to 4 p.m., Frances Alvarez of Ang Ink (Ilustrador ng Kabataan) will conduct a Picture Book Making Workshop at the MKP Hall. At 4:30 p.m., the Peek-a-Book Exhibit Children’s Book Illustrations will open at the 4th Floor Museum Hallway. It runs until May 6. A Mini-Arts Market will be held at the 4th Floor Hallway from 8 a.m. to 7 p.m. showcasing the works of the artists from the Peek-a-Book Exhibit. For questions and inquiries, contact Kimberly Lim at 551-5959, 0919-317-5708, or ccpintertextualdivison@gmail.com.

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