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The rise of eSports in the Philippines

By Bjorn Biel M. Beltran, Special Features Writer

Though the industry takes its roots in the 2000s, the international eSports scene did not see much traction until early this decade, when the participation of professional players and the advent of livestreaming and sponsorships became mainstream.

Up until very recently, the eSports scene in the Philippines was made up almost completely of amateurs, as professional eSports teams saw little to no investments or support for their development. Though competitive video games like Dota 2, Counter-Strike: Global Offensive, and League of Legends are mainstays across the country’s many computer shops and Internet cafés, most saw them as a hobby and something not to be taken seriously.

The turning point came in 2016, when a Philippine team beat out a major team at The International Dota 2 Championships at the Seattle Center in the US. The Philippines’ TNC Gaming, which also represented Southeast Asia in the tournament, defeated European powerhouse team OG. In the following year, TNC took home P18 million as part of that year’s The International.

It is now predicted that eSports will be worth an impressive $19 billion in 2019, and the country’s top players are taking note, and sponsorships are pouring in.

For instance, The Nationals, a Philippine eSports league that aims to feature a traditional sports league format, is set to launch in the first quarter of 2019, with corporate partners like PLDT and Smart Communications, HappyFeet Esports, TNC Pro Team, BrenPro, Inc., Cignal TV, Inc., and STI Education Systems. Franchise teams from various local organizations can compete in four game titles and see themselves broadcasted over ESPN5.

Meanwhile, earlier this year, MET, one of Southeast Asia’s top eSports tournament organizers, has partnered with Globe Telecom to produce the Globe Philippine Pro Gaming League (PPGL) 2018, a nationwide eSports tournament featuring three major eSports titles. Professional players of Dota 2 on desktop, Tekken 7 on console, and Arena of Valor on mobile can compete in what is set to be the largest multi-title eSports league in the Philippines.

 “Globe is once again embarking on a pioneering effort. After becoming the purveyor of digital lifestyle and redefining how Filipinos consume entertainment, we are set to put the Philippines on the map of gaming and eSports together with MET by launching Globe PPGL 2018,” Ernest Cu, president and chief executive officer of Globe Telecom, said in a statement.

“We look forward to taking eSports to greater heights and develop world-class eSports talents in the country,” Mr. Cu added.

The tournament will also be the subject of an eSports television program to be produced alongside it. The Globe PPGL 2018 series will be a high-production serialized documentary delving into the life stories, daily lives and personal struggles of the players as they progress through the league. The tournament will be broadcast online via livestream while the documentary-style production will air on free television.

For MET, the Globe PPGL 2018 is also the evolution of their previous annual eSports league, the Mineski Pro Gaming League (MPGL). The MPGL ran for eight seasons from 2009 to 2016, covering a broad range of eSports titles such as Dota 2, League of Legends, CS:GO and more.

Companies are also looking to develop the viewership side of eSports as well. In an interview with BusinessWorld, Globe Head of Games Jake San Diego said that the company wants to leverage its developed infrastructure to provide fast, reliable and affordable connectivity to subscribers wishing to get into eSports.

“Aside from playing the game, there’s also the aspect of watching since eSports is a spectator sport,” Mr. San Diego said, noting that most viewers tend to not watch eSports tournaments on traditional media but on streaming Web sites like Twitch, YouTube and even Facebook.

“That’s where Globe focuses on essentially. But more than that our thrust is really to improve the skills of the Pinoy eSports athletes so that we will be competitive when it comes to international tournaments. Especially since eSports is now acknowledged as one of the sports to be played in the Asian games in 2022 and in the Paralympics in 2024. So the vision, if you will call it, is to bring back the first Olympics gold for eSports to the Philippines. That’s what we aspire for.”

Globe plans to develop the Philippine eSports scene through local tourneys under the PPGL. Such competitions will be supported by brand teams and will be free of charge for those willing to try their hand at becoming a professional player.

“You don’t have to pay for anything, just register and join, and you’ll be getting the prize if you win,” Mr. San Diego said.

With the recent success of the Globe Conquerors Manila League of Legends tournament last August, Globe has already concluded two seasons of the PPGL, sending Philippine teams to compete in international tournaments and giving out cash prizes amounting to hundreds of thousands of dollars. Through such events, Globe hopes to legitimize eSports as an accepted form of competitive sports much like basketball and boxing, a sport the country excels at and celebrates.

“Moving forward, there’s a lot more that we are eyeing in terms of developing eSports. We want to be in partnership with the government and the schools to help establish eSports as a mainstream sport. We want eSports to become a household name and regarded as real sports,” Mr. San Diego said.

And such a time may come very soon. The Philippine Gaming and Amusements Board, under the Office of the President, allowed professional eSports players to secure athletic licenses in 2017, lending legitimacy to the professionals in the industry. Stakeholders, like game developers and publishers, eSports organizations, and corporate sponsors are lending their support through funded leagues and events.

“eSports right now is in its nascent stages. It’s still new. It’s just started. But I would say, specifically for the Philippines, we are at a renaissance period where everything is falling into place when it comes to the development of eSports,” Mr. San Diego said.

Economic team wields inflation tool kit

THE PHILIPPINE ECONOMY is ready to face headwinds from rising inflation and further depreciation of the peso which have intensified in recent months, economic managers said on Tuesday, saying the government has all the tools it needs to handle these “temporary” challenges.
“We have a lot of tools. We can face temporary adversity and we are very confident that we can overcome whatever temporary adversity we are facing,” Finance Secretary Carlos G. Dominguez III said in a press conference ahead of the government’s regular Philippine economic briefing for local and regional economists later that day.
Mr. Dominguez said that people should “take a long view of our situation as a country” when assessing the elevated inflation rate and the twin deficits consisting of current account and budget shortfalls.
“We should look at the strengths that the Philippines has,” he said.
The government recorded a P154.5-billion deficit last semester, 28% bigger than the year-ago gap and exceeding a P143.8-billion target by seven percent. It further expanded to P279.4-billion as of end-July, 36% wider than in last year’s comparable period.
The current account deficit meanwhile stood at $3.1 billion last semester, touching the central bank’s forecast for this year.
A senior central bank official signaled a fourth hike in benchmark interest rates this year, as monetary policy makers boost efforts to tame the nearly decade-high inflation and support the local currency.
“We have to deliver a very strong rhetoric about having a strong follow through (policy action),” Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo told the media briefing.
“Whether it’s 25 basis points or 50 basis points, that would be determined by the data that would come out between now and the Sept. 27 meeting of the Monetary Board.”
The central bank’s policy-making Monetary Board meets next on Sept. 27 after raising its benchmark rates at the past three meetings by a total of 100 basis points.
Annual inflation hit 6.4% in August, the highest since March 2009, prompting BSP Governor Nestor A. Espenilla, Jr. to say earlier this month that the monetary authority’s most crucial task at this stage was to bring inflation back within its 2-4% target range.
Consumer prices have been under pressure in part due to the weaker peso, which is languishing near a 13-year-low against the US dollar.
“We need to maintain the credibility of monetary policy. We need to deal with the depreciation of the peso because it has some inflationary pressures moving forward,” Mr. Guinigundo said. “We cannot be indifferent to an excessive swing in the exchange rate because that would affect the inflationary expectations of the general public.”
At the same time, he noted that “[t]here are signs that inflation has already peaked in August,” adding that “[w]e continue to see inflation peaking in the third quarter of 2018 and for the rest of the year — from October, November to December — that those non-monetary measures that the Economic Development Cluster committee decided on about two weeks ago will provide some support to the decline of inflation moving forward,” the BSP official also said during a press conference held before the briefing.
Shortly after the August inflation data was reported, economic managers submitted a draft executive order (EOs) for President Rodrigo R. Duterte’s consideration that details immediate and medium-term responses to surging prices of basic goods. These moves are designed to increase the supply of fish, rice, vegetables and meat.
“If the inflation rate of those four products were only halved, our inflation rate would be around five percent. This is the situation we have,” Mr. Dominguez said.
“The EOs are precisely targeting those products plus sugar, because sugar prices have been very high in the last few months. We’re awaiting the release of both administrative as well as executive orders addressing these issues.”
Socioeconomic Planning Secretary Ernesto M. Pernia said in the same briefing that the targeted 2022 poverty level can still be achieved despite current challenges. “Inflation, the destruction (by typhoons) are going to be temporary or gusts of wind that would slow the progress on poverty reduction. But it’s temporary and the administration has four years to go, there’s a lot of time to make up for small setbacks… we can still achieve the poverty target,” he said.
Budget Secretary Benjamin E. Diokno meanwhile said that the current fiscal deficit is in line with the government’s thrust to increase its infrastructure investments.
“Government spending continues to boost economic activity. Our expansionary fiscal policy is prudent, sustainable and supportive of development objectives,” he said.
“The strong momentum in infrastructure spending will be sustained,” Mr. Diokno added, noting that revenue agencies have lately been topping their collection targets, hence, helping to finance this priority thrust.
Mr. Guinigundo said even the growing current account gap — fueled largely by a widening merchandise trade deficit — has a silver lining. While it weighs further on the peso, the growing deficit has been fueled by increased importation of capital equipment and other materials businesses need to expand.
“Over time as investment-led economic activities result in the expansion in the potential capacity, there could be subsequent rise in goods exports, eventually alleviating current account deficit,” he said.
Turning his attention to the peso’s depreciation — by nearly eight percent year-to-date — Mr. Guinigundo said its weakness should ease towards yearend. “For the rest of the year, overseas remittances as well as BPOs (business process outsourcing receipts) will be coming in a bigger way. This is the holiday season, so you would expect that the exchange rate will start shaping up,” he explained.
Malacañang itself is hopeful that the expected increase in cash remittances from overseas Filipino workers (OFWs) in the coming months will somehow break the fall of the peso, and that steps being taken by the Executive branch will temper inflation, which has been hitting multi-year highs this year.
“The remittances are coming in for December. So, we remain confident that the peso can recover… Historically, the peso becomes strongest come December because our OFWs remit more than usual in time for the holiday seasons,” Presidential Spokesperson Harry L. Roque, Jr. said in a briefing in Malacañan Palace on Tuesday.
He added that the Executive was “hoping that inflation will not worsen because of institutional steps already taken by the government to help rein in inflation.”
Also on Tuesday, Trade Secretary Ramon M. Lopez told reporters in Pasay City that retail prices of rice should “normalize… in two weeks” as a result of non-tariff steps the Executive has taken, including issuing suggested retail prices (SRP) for choice agricultural products.
The Department of Trade and Industry, he added, will deploy teams to check that retailers follow the Department of Agriculture’s SRP of P39 per kilogram for regular-milled rice.
“Part of the implementation is to make sure that items covered by the SRP are made available. That’s the reason why we’re coming out with that ruling: pag di nila ginawang (if they do not make these items) available, ire-recommend namin ang revocation of the license,” Mr. Lopez said. — Elijah Joseph C. Tubayan, Melissa Luz T. Lopez, Arjay L. Balinbin, Janina C. Lim and Reuters

S&P sees PHL firms weathering rising rates

PHILIPPINE companies and their peers in the Association of Southeast Asian Nations (ASEAN) are largely expected to weather rising interest rates, S&P Global Ratings said in a Sept. 17 report that cited bigger debts incurred by firms in the region.
In a report, the debt watcher said Southeast Asian companies remain armed with enough money supply to support growing funding requirements despite tighter credit conditions.
“Most listed ASEAN companies can still cover short-term debt and interest payments with cash on hand and profits. We also believe liquidity will remain stable even if funding costs creep up,” S&P said in its report.
This comes at a time of “slowing” revenue and earnings growth of firms in the Philippines, Indonesia, Malaysia, Singapore, Vietnam and Thailand.
Earnings before interest, tax, depreciation and amortization have risen by about two percent so far this year, S&P said, noting that overall revenues grew seven percent and profit rose by five percent in 2017.
Growth momentum slowed particularly for firms engaged in commodities as well as consumer sectors amid “muted” consumer sentiment, higher input costs and increased competition.
Businesses across the region have also been spending “more than they generate,” leading to a taller pile of debt and financial charges.
Bigger foreign debts also drive up exchange rate exposure, although such concerns are relatively contained, S&P said.
The report noted that Philippine firms display “weaker” credit quality this year amid a slowing earnings momentum and rising capital spending, matching the regional trend.
Companies in the Philippines, Thailand and Vietnam are also seen most exposed to interest rate pressures, but any impact would be “moderate” overall.
“It is generally the case in the Philippines and Thailand because of debt-funded spending and acquisitions by domestic companies,” the credit rater said.
“We believe that rising rates will have a moderate effect overall and will not, in isolation, lead to a widespread interest-servicing crisis in the region. Any sensible interest-rate sensitivity and stress analysis would be company-specific because capital providers would be more choosy when lending capital.”
The central bank fired off its strongest policy adjustment in a decade last month — raising rates by 50 basis points in one blow — in the face of surging inflation.
That move lifted benchmark yields by a total of 100bps so far this year, and monetary authorities have already signalled “strong monetary action” when they meet on Thursday next week.
The latest policy tweaks have brought benchmark rates to a 3.5-4.5% range. Separately, the United States Federal Reserve has also raised rates by 50bp this year, following a cumulative 75bp increase in 2017. — Melissa Luz T. Lopez

Decarbonization starts with natural gas; questions remain

By Cathy Rose A. Garcia
Associate Editor

BARCELONA — Is natural gas a transition fuel on the road to a decarbonized future? That was the question posed to several chief executive officers (CEOs) of top energy firms at the Gastech Exhibition and Conference here on Monday.
“Gas is a destination fuel and I believe it is a solution for the future as the cleanest possible fuel,” Saad Sherida Al-Kaabi, CEO of Qatar Petroleum, said during a panel discussion at the conference, which was opened by King Felipe VI of Spain on Monday.
Mr. Al-Kaabi noted that Qatar Petroleum, one of the largest gas producers in the world, aims to increase its output by 33% by 2023 in anticipation of continued strong demand particularly from China.
Zou Caineng, vice-president for petroleum exploration and development at PetroChina’s Research Institute, said China expects natural gas demand to reach 520 billion cubic meters (bcm) by 2030 from 240 billion bcm in 2017. He estimated that 40% of the demand would be addressed by imports. “In China, we believe natural gas will replace oil and carbon… The Chinese government is working on the exploration and development of natural gas and renewable energy,” Mr. Zou said in the same panel discussion.
Gas is still widely seen as a transition energy source for power generation when renewable sources like wind and solar fall short.
Gazprom Export Director General Elena Burmistrova described gas and renewables as a “perfect tandem”, saying: “Natural gas — it is clean, flexible, renewable and perfect fit for renewable generation. And it is a very good technology for the back-up of the system…”
For Repsol CEO Josu Jon Imaz, “Companies like us, Repsol, have placed natural gas as a big pillar of our strategy. Sixty-three percent of our production is natural gas and 75% of our reserve is natural gas.”
The role of natural gas in the overall energy sector in the future is also seen dependent on the progress of renewable energy and technology, as well as policies of governments.
While many say the future of gas is bright, questions remain on whether natural gas as the lowest carbon emitting fossil fuel can keep its environmental advantage over coal.
Natural gas consists of mostly methane, which is a potent greenhouse gas.
Maarten Wetselaar, integrated gas and new energies director of Royal Dutch Shell, said the natural gas industry must work more on monitoring and reducing methane emissions.
“Take the most stringent global warming potential period and, say, how much gas we can leak from our logistics chain for gas to be better than coal? The answer the IEA (International Energy Agency) provides is 3.5%. How much do we currently leak? The IEA estimates is 1.7% or half. There are claims gas has a 50% greenhouse gas advantage over coal. While that is good, that isn’t good enough,” he said. “We can do much better than that.”
Shell, Mr. Wetselaar said, aims to cut maximum emissions of methane to 0.2% by 2025.
“The key thing here is not just improving the way we manage it, but also improve the way we measure it,” he said.
“Currently, the industry is not good enough in measuring its methane footprint and if we don’t improve that, then the credibility falls apart. We need to measure better, manage better and then give the transparency the customer deserves. If we do all those three things as an industry then gas will take its rightful place in the energy transition and energy endgame.”
Francisco Reynes, executive chairman of Naturgy, said one of the challenges is to demonstrate how natural gas is not part of the problem, but a solution for the future.
In the Philippines, the Department of Energy’s Natural Gas Roadmap (2017-2040) envisions natural gas as the “preferred fuel by all end-use sectors” by 2040.
First Gen Corp. has been working to develop the country’s first liquefied natural gas (LNG) regasification terminal at the First Gen Clean Energy complex in Batangas.
In its 2017 annual report, the Lopez-led firm said the LNG terminal is “critical in ensuring uninterrupted supply of natural gas with the expected depletion of the Malampaya gas field starting in 2024.”
First Gen has a portfolio of gas-fired power plants with a combined capacity of 2,017 MW as of 2017.

Six foreign entities keen on joining LNG project, says PNOC

SIX FOREIGN companies have so far “expressed interest” in partnering with Philippine National Oil Co. (PNOC) in the state-led firm’s plan to put up a liquefied natural gas (LNG) facility under a yet to be issued terms via a solicited scheme, its top official said.
PNOC President and Chief Executive Office Reuben S. Lista said of the six companies, the latest he had communications with was Dubai-based Lloyds Energy Group LLC on Wednesday last week.
“Dumaan lang sila to make a call dahil pumunta sila sa DoE (They just passed by to make a call because they visited the Department of Energy). Nag-briefing sila (They had a briefing),” he said in a phone interview on Tuesday. The DoE and PNOC are based in the same compound in Bonifacio Global City, Taguig.
“They are submitting a proposal to DoE. I just do not know if they already submitted a proposal,” he added.
He identified the other companies as China Petroleum and Chemical Corp., Bechtel Corp., Tokyo Boeki Machinery Ltd., Gazprom, Mitsui O-S-K Lines.
Several companies previously submitted unsolicited proposals, which PNOC turned down for not meeting either legal, financial or technical criteria. An unsolicited proposal allows its original proponent a chance to match a better counter-offer.
He said the expressions of interest came after PNOC announced that the project would be under a solicited scheme, the terms of which are still being finalized by Asian Development Bank, the consultant tapped to advise on the project. He expects the terms to be finalized by Sept. 28.
The PNOC project is separate from the proposals being received by the DoE, although the corporation’s selected partner, which could be a local or foreign firm or a consortium of both, also has to submit its proposal for the Energy department’s approval.
Mr. Lista previously placed the LNG facility’s estimated cost at around $600 million under a scaled down project that now excludes some components it had floated before such as a 200-megawatt (MW) power plant.
The proponents are in a race to submit a final proposal as only one LNG hub can be accommodated in Batangas, which hosts the country’s existing power plants running on natural gas with a total capacity of 3,211 MW.
Separately, Lloyds Energy said on Tuesday that it had signified its intention to partner with PNOC in the LNG facility under a solicited scheme.
Lloyds Energy said it has a proposal, together with another foreign entity China Kaicheng Energy Ltd., to develop and construct an integrated LNG hub with storage, liquefaction, regasification and distribution facility, as well as a power plant with a capacity of 200 to 800 MW.
“We believe in the vision of the PNOC under the leadership of President Lista to invest not only in the development and construction of LNG facilities but also in the training of Filipino workers to improve their skills and abilities and contribute in the growth of the LNG industry in the Philippines,” Lloyds Energy Executive Director Brett Wight said in the statement on Tuesday.
Lloyds Energy confirmed that its officials had met with Mr. Lista to express the foreign company’s intention to pursue “several major projects” with the DoE’s commercial investment arm.
It said the projects are meant “to enhance and strengthen their relations through the establishment of joint venture agreements and maximize the potential of their expertise and capabilities to develop the LNG industry in the Philippines.”
“Foremost is the plan of Lloyds Energy to join the solicited process recently announced by PNOC in choosing a partner for its planned LNG project,” it said.
“It was earlier announced by the PNOC that under the solicited scheme, it would open the tender to foreign and local firms, starting with the pre-qualification tender schedule within the month, with the selection streamlined to ensure that the project will reach commercial operation before the end of the Service Contract for the Malampaya gas consortium in 2024,” it added.
Aside from the LNG project, Lloyds Energy said it would pursue other projects with the PNOC particularly in the development of LNG facilities, oil reserves and the training of Filipino manpower for work in LNG industries in the Philippines and overseas. — Victor V. Saulon

Reviewing the history of a country through its comics

A SAMPLING of Czech comics at the exhibit Meanwhile, elsewhere.

COMICS HAVE a long history in print, but they have not been consigned to the dustbin of history in this digital age. They are, instead, thriving. In the Philippines, there’s the successful annual Comicon Manila where local comics like Pugad Baboy, Trese, and Kiko Machine are always blockbuster hits. Then of course there is Japan’s famous manga, which includes comics, animation, and cartoons. The Czech Republic’s comics industry, apparently, has a lot to share as well.
An exhibition, Meanwhile, elsewhere, celebrating the 100th anniversary of Czech Republics’ comics is currently on view at the National Commission on Culture and the Arts (NCCA) in Intramuros, Manila.
The history of the country is told through its comics — the foundation of Czechoslovakia in 1918, the 70 years of communist rule, and the years since the creation of the Czech Republic in 1993. Comics, after all, aren’t only forms of entertainment but can educate and teach history as well. Comics mirror culture.
Some of the comics on view in the exhibit include Kája Saudek’s superheroes, Rapid Arrows, pre-WWII artist Ondřej Sekora’s Ferda the Ant, and more contemporary works like Jaromír Rudiš’ Alois Nebel and Jaromír 99.
“Comics tell about history. [What were included in the exhibit are] old masters of comics, the important parts of our history, and samples art to show the best Czech artists we have,” curator Tomáš Prokupek told BusinessWorld at the sidelines of the exhibit’s opening on Sept. 11.
The exhibition, which spans a century from 1918 to 2018, isn’t arranged chronologically. According to the exhibit notes, the exhibition “serves for a plurality of perspectives, a diversity of individual ‘pieces of narration’. In the attempt to sell the story of Czech comics so as to be able to track its course over 100 years of Czech Independence, we gave up on the idea of a strictly chronological exposition, which seems to offer a fixed and undeniable conceptual framework, but actually forces all involved into fettered obedience. Czech comics underwent enough of fettering and forced obedience in the 20th century, and we certainly do not want to add to it.”
The “forced obedience” referred to was the time of the communist dictatorship in Czechoslovakia when the majority of comics were not only censored but banned.
Becoming a socialist state under Soviet domination in 1948 affected the comic culture in the country. The first half of the 1950s saw the forced silencing of comics, save for the few minor works. Then in 1968, during the brief Prague Spring, there was a political relaxation and social awakening and the banned comics were once again in circulation. After that comics were only allowed to exist if they were not confrontational and subversive.
“Because of the communism in the past, everything American was banned. We have no influence of Marvel or DC in our comics. The Czech comics is in a way similar to European comics, it’s more artistic and less technical. It’s more about trying to make a story longer and with artistic ways — it’s not comics any longer, but visual arts. It is painting, in a way,” said Czech Ambassador to the Philippines H.E. Jaroslav Olša, Jr.
After the Velvet Revolution restored democracy in 1989 and democracy was restored, the Czech comic industry boomed.
“Now that we have freedom, comics, like literature and film, can be studied and analyzed,” said Mr. Prokupek, who also happens to be the editor of Aargh!, a Czech comic that is published once a year.
Aargh! publishes comic strips by local and international artists, interviews, and stories on the international comic scenes.
“We have no special genre, it’s about everything, which is to show that comics can have many faces: you can find stories of funny animals, or sometimes political comics,” he said.
Comics are still relevant, he added. — Nickky Faustine P. de Guzman

Infracorp plans monorail project linking Eastwood City to MRT-3

AGI-INFRACORP-skytrain-monorail
ALLIANCE GLOBAL GROUP

INFRACORP Development, Inc. looks to propose a monorail project connecting the Metro Rail Transit Line 3 (MRT-3) to Eastwood City, in a bid to ease traffic congestion and increase connectivity for commuters in the area.
The infrastructure arm of Alliance Global Group, Inc. (AGI) said it has identified three to four areas where it would like to build infrastructure solutions, with the Eastwood City to MRT-3’s Santolan Station being one of them. Eastwood City is an integrated township being developed by AGI’s property arm, Megaworld Corp.
AGI President and Chief Operating Officer Kingson U. Sian said the project will most likely replicate Infracorp’s proposal for the two-kilometer Skytrain, connecting MRT-3’s Guadalupe Station to Fort Bonifacio.
“The first model is important because it can serve as the model for the future Skytrain, including the equipment supplier, technologies, and so forth. Depende na lang sa haba (It will depend on the length),” Mr. Sian told reporters after AGI’s annual shareholders’ meeting in Eastwood City yesterday.
The group estimates the distance between Eastwood City and Santolan Station to be around five kilometers.
“We’re conducting preliminary discussions, and so far the local government units have been supportive,” Mr. Sian, adding that they are assessing the right of way components of the project.
AGI first ventured into the infrastructure sector last year with its proposal to build the P3-billion Skytrain at no cost to the government. Using automated cable-propelled monorail technology, the project seeks to transport passengers from MRT Guadalupe to Megaworld’s Uptown Bonifacio township in Fort Bonifacio within five minutes. The monorail will have a capacity of 60,000 to 100,000 passengers daily.
Mr. Sian said they are still evaluating potential partners for the operation and management of the Skytrain.
Infracorp’s proposal also includes provisions to interconnect the Skytrain with other transport hubs.
The Department of Transportation granted Infracorp the original proponent status (OPS) for the project last May. It is now undergoing review at the National Economic and Development Authority board’s investment coordination committee.
The project will then be subjected to the competitive Swiss challenge, where the government will request other companies to make competing offers. As the original proponent, Infracorp has the right to match them.
The company earlier said it can start construction for the project this year, with initial operations scheduled for 2021.
Infracorp is also part of the consortium of seven conglomerates that proposed to rehabilitate the Ninoy Aquino International Airport for P105-106 billion. The consortium includes Aboitiz InfraCapital, Inc., AC Infrastructure Holdings, Corp., Asia’s Emerging Dragon Corp., Filinvest Development Corp., JG Summit Holdings, Inc., and Metro Pacific Investments Corp.
The group has also been awarded the OPS for the airport rehab earlier this month. — Arra B. Francia

New evidence surfaces on the authenticity of the Spoliarium’s boceto

IN THE days leading up to its The Well-Appointed Life auction, Salcedo Auctions has acquired new information on the provenance of the boceto or study for the Juan Luna’s Spoliarium which it says further establishes it’s authenticity. This information connects it to Luna’s España y Filipinas which is now at the National Gallery of Singapore.
The boceto was established to have come from the Castiñeira family, traced back to Don Jose Vazquez Castiñeira, a former mayor in Sarria, Spain in 1890, and was eventually inherited by his son and a Public Treasury accounting officer, Don Francisco Vazquez Gayoso, who married Doña Maria Nuñez Rodriguez.
Salcedo Auctions’ investigation led to a visit to the Castiñeira ancestral home in Sarria where Don Jose’s family lived. In front of their home was the birthplace of Don Matias Lopez, founder of Chocolates y Dulces Matias Lopez.
Salcedo Auctions presumes that it is through Don Matias that the connection between Luna, Sarria, and the Castiñeiras is established.
At the peak of his fame in 1889, Don Matias was appointed President of the Spanish Committee and Commissioner of the Spanish Pavilion at the Universal Exhibition in Paris.
According to newspaper articles found during the investigation, Juan Luna was among the artists who participated in the exhibit where Don Matias was Commissioner.
According to the Salcedo Auctions’ provenance hypothesis, it was Don Matias Lopez who acquired the painting from the artist.
As figures who held high positions in Sarria, Castiñeira and Matias “would have had a political, social, and professional relationship,” as quoted from the booklet by Salcedo Auctions. A transfer of ownership of the paintings is presumed to have transpired prior to Don Matias’s death in 1891 — the same period when Don Jose held office.
Recent e-mail communications between Salcedo Auctions and a family that sold Juan Luna’s painting España y Filipinas at the 2012 Balclis auction in Barcelona state that both the Spoliarium boceto and España y Filipinas were part of a family collection inherited from Doña Maria Nuñez Rodriguez, the widow of Don Francisco Vazquez Gayoso and daughter-in-law of Don Jose Vazquez Castiñeira.
“Espana y Filipinas and the boceto all belonged to the family of Jose Vazquez Castineiras, and were directly inherited from his daughter-in-law, who being childless bequeathed them to her nephews and nieces,” Salcedo Auctions director Richie Lerma wrote in an e-mail to BusinessWorld.
An unpublished photograph of the painting in the seller’s dining room was provided as proof of ownership.
Espana y Filipinas was resold at the 2013 Sotheby’s Hong Kong 40th Anniversary Evening Sale. The National Gallery of Singapore acquired it for its permanent collection.
“The same e-mail communications in Spanish to the Balclis specialists also state that the painting came into the family’s collection through the ilustrado and leading figure of the Propaganda Movement Don Pedro Alejandro Paterno, whose wife Doña Maria Luisa Piñeiro de Paterno originated from Galicia, the same province as the Vazquez Castiñeira family,” a press release said.
“There can be no question regarding the provenance of the boceto for [the] Spoliarium as it also relates to the strength of the provenance and in so far as it is an element in establishing such, the authenticity of España y Filipinas. It is a highly credible provenance that these paintings share,” Mr. Lerma wrote.
As for further negotiations regarding the boceto’s acquisition, Mr. Lerma wrote, “We cannot disclose any such information at the moment. Suffice it to say that the director of the National Museum Jeremy Barns viewed the artwork at the vernissage and gave a favorable opinion of the boceto.”
The boceto’s opening price will be disclosed on auction day.
The Well-Appointed Life auction will be held on Sept. 22 and 23 at the Rigodon Ballroom of The Peninsula Manila. The preview runs until Sept. 21, 10 a.m. to 6 p.m. at The Gallery of The Peninsula Manila. — Michelle Anne P. Soliman

PT&T to start debt-to-equity conversion next month in bid to be third telco

PHILIPPINE Telegraph and Telephone Corp. (PT&T) is set to start by next month the implementation of its debt-to-equity conversion, in line with its exit from court-assisted rehabilitation as granted by a Makati City Regional Trial Court (RTC).
In an Aug. 6 court decision uploaded to the stock exchange on Monday, it said the conversion to equity is targeted to begin on Oct. 5, when the company finishes its annual stockholders’ meeting scheduled on Thursday.
It noted, the company would be issuing “serial, cumulative, convertible and redeemable preferred shares and implementing the debt-to-equity conversion to pay the debts of PT&T to increase its authorized capital stock to P10,187,150,000.”
The authorized capital stock would consist of 1.38715 million common shares at P1 par value, 7.5 million serial cumulative convertible redeemable preferred shares at P100 par value and 8.8 billion serial redeemable preferred shares at P1 par value.
“This increase is to satisfy more or less P8 billion debts of PT&T,” it said.
The court decision said the Makati RTC could not complete the termination of the company’s rehabilitation proceedings until it accomplishes all items in the timetable it submitted to the court, which outlined the courses of action it is to take upon exiting.
“[T]his Court could not totally terminate the rehabilitation proceedings of PT&T at this time, in view of the timeline that petitioners submitted which are still to be accomplished by them. It is however, clear that the petitioners are in the right course leading to the path of successful rehabilitation,” it said.
Aside from the stockholders’ meeting this week and the debt-to-equity conversion next month, PT&T is also to start in November the settlement of statutory obligations until June of 2020.
“[T]he Stay Order shall remain effective during the duration of (the) rehabilitation plan,” it said.
In a bid to resume operations and join the government’s search for a so-called “third telco” player, PT&T is exerting various efforts to leave its corporate rehabilitation and resume trading of stocks in the Philippine Stock Exchange (PSE).
The telecommunications company was once PLDT, Inc.’s biggest rival in the telco industry, but has spent years slumped in debt that led to its application for voluntary suspension of trading in 2004.
PT&T signed an agreement with state-owned National Transmission Corp. (TransCo) in March for the use of the national fiber optic backbone facility of the government.
In a regulatory filing, the company said it recorded 43.4% smaller losses in 2017 at P26.906 million from the earlier year’s P47.565 million. — Denise A. Valdez

Game of Thrones, Mrs. Maisel take top prizes at surprising Emmys

LOS ANGELES — HBO’s record-breaking fantasy epic Game of Thrones stormed back onto the Emmys stage on Monday, winning the coveted best drama series prize on a night full of surprises, including an on-air marriage proposal that stunned the audience.
The other big story of the gala, television’s answer to the Oscars, was the huge success of eight Emmys overall for best comedy series The Marvelous Mrs. Maisel, Amazon’s story of a 1950s housewife-turned-stand up comic.
The Handmaid’s Tale — last year’s best drama and an early favorite for more hardware — went home empty-handed from the event at the Microsoft Theater, having won three minor awards handed out a week ago.
The ceremony hosted by Saturday Night Live regulars Colin Jost and Michael Che took on a decidedly political hue, with a barrage of edgy jokes on hot-button issues such as diversity in Hollywood, #MeToo and President Donald Trump.
The gala also saw a handful of sentimental favorites take home their first Emmys.
Matthew Rhys won for best drama actor for spy thriller The Americans, Claire Foy was named best drama actress for her portrayal of Queen Elizabeth II in The Crown, and Henry Winkler triumphed for supporting comedy acting on Barry.
But the coveted drama prize went to Game of Thrones, which was ineligible for last year’s Emmys. Peter Dinklage took home the best supporting actor prize for his portrayal of Tyrion Lannister.
“Writing for these actors behind us is the honor of a lifetime,” said series co-creator David Benioff “But we didn’t invent these characters. That was George R.R. Martin. The show could not be without the mad genius of George.”
It won nine Emmys this year, meaning the blood-spattered tale of the battle for the Iron Throne — which returns in 2019 for an abbreviated eighth and final season — now has 47 awards overall.
That breaks the program’s own record as the most decorated fictional show since the Television Academy first handed out prizes in 1949.
MRS. MAISEL BREAKS THROUGH
In the comedy categories, Mrs. Maisel bested all comers in its first year of eligibility, sweeping the female acting prizes (star Rachel Brosnahan and co-star Alex Borstein) and best series honors.
Earlier this year, the series won two Golden Globes.
“One of the things I love the most about this show, while I have you captive for another two seconds — it’s about a woman who is finding her voice anew,” Brosnahan said.
“It’s something that’s happening all over the country right now. One of the most important ways that we can find and use our voices is to vote. So if you haven’t already registered, do it on your cell phone right now.”
HBO dark comedy Barry notched two acting wins — for Winkler and series star Bill Hader.
POLITICS AND #METOO
The show opened with a daring song-and-dance number poking fun at myriad controversies including diversity in Hollywood.
“We solved it!” crooned Saturday Night Live nominees Kate McKinnon and Kenan Thompson, with back-up from pop stars John Legend and Ricky Martin — and even RuPaul.
They then yielded the stage to Jost and Che — who let the zingers fly.
“This year, the audience is allowed to drink in their seats. Hope you’re excited about that — because the one thing Hollywood needs right now is a bunch of people losing their inhibitions at a work function,” Jost said, a reference to #MeToo.
Looking to boost audience ratings, Emmys organizers said they were hoping to shake up the broadcast — and indeed they did, intentionally and unintentionally.
A surprise marriage proposal from Emmy-winning director Glenn Weiss won over the audience — and the internet.
As Weiss accepted his award for directing the Oscars, he asked Jan Svendsen, who was sitting in the audience, to marry him.
“You wonder why I don’t like to call you my girlfriend? Because I want to call you my wife,” he added to cheers, applause and a few teary-eyed actors in the audience.
Svendsen then joined Weiss on stage as the director got on one knee and formally proposed.
The moment was especially poignant as Weiss revealed his mother had recently passed away — and offered Svendsen the ring his father had given his mother.
DRAMA SHOWDOWN
Other big winners included FX’s The Assassination of Gianni Versace, which won Emmys for best limited series and best lead actor in a limited series for Darren Criss, who took a dark turn as the designer’s killer Andrew Cunanan.
Thandie Newton won the best supporting actress in a drama statuette for her work on HBO’s futuristic western Westworld.
“I don’t even believe in God but I’m going to thank her tonight,” Newton quipped.
Saturday Night Live won the award for best variety sketch series.
In the emerging battle of traditional networks vs new platforms, streaming giant Netflix and HBO ended in a dead heat at the top — at 23 Emmys each. — AFP

Key Emmy winners

HERE is a list of the winners in key categories for the 70th Emmy Awards, which were handed out in Los Angeles:
• Outstanding Drama Series: Game of Thrones
• Outstanding Comedy Series: The Marvelous Mrs. Maisel
• Best Lead Actor, Drama: Matthew Rhys, The Americans
• Best Lead Actress, Drama: Claire Foy, The Crown
• Best Lead Actor, Comedy: Bill Hader, Barry
• Best Lead Actress, Comedy: Rachel Brosnahan, The Marvelous Mrs. Maisel
• Best Supporting Actor, Drama: Peter Dinklage, Game of Thrones
• Best Supporting Actress, Drama: Thandie Newton, Westworld
• Best Supporting Actor, Comedy: Henry Winkler, Barry
• Best Supporting Actress, Comedy: Alex Borstein, The Marvelous Mrs. Maisel.
• Outstanding Limited Series: The Assassination of Gianni Versace: American Crime Story
• Best Lead Actor, Limited Series or Movie: Darren Criss, The Assassination of Gianni Versace: American Crime Story
• Best Lead Actress, Limited Series or Movie: Regina King, Seven Seconds
• Outstanding Variety Sketch Series: Saturday Night Live
• Outstanding Variety Talk Series: Last Week Tonight with John Oliver
• Outstanding Reality Competition Program: RuPaul’s Drag Race
PROGRAMS WITH SEVEN OR MORE WINS:
Game of Thrones — 9
Saturday Night Live — 8
The Marvelous Mrs. Maisel — 8
The Assassination of Gianni Versace: American Crime Story — 7
PLATFORMS WITH MOST OVERALL WINS:
HBO: 23
Netflix: 23
NBC: 16
FX Networks: 12
CNN: 8
Amazon Prime: 8 — AFP

Tan’s Alliance Global earmarks P240B for projects until 2020

ALLIANCE Global Group, Inc. (AGI) is ramping up its investments to P240 billion until 2020, pushing the expansion of its property, liquor, gaming, and quick- serviced restaurant businesses in the next three years.
The holding firm of tycoon Andrew L. Tan said bulk of the spending will be for property unit Megaworld Corp. and gaming firm Travellers International Hotel Group, Inc. (TIHGI), which will both be pursuing several residential, office, mall, and hotel projects during the period.
“Megaworld and Travellers, those two will have the largest share in capex requirement. Bulk will be the residential, office, and then the completion of our phase 3 (for Resorts World Manila), and the start of Westside City,” AGI President and Chief Operating Officer Kingson U. Sian told reporters in a briefing after the company’s annual stockholders’ meeting in Eastwood City yesterday.
The capital spending will support Megaworld’s goal to have 1.5 million square meters (sq.m.) in leasable office spaces by 2020. Recently, the listed property giant signed deals with United States-based firms JPMorgan Chase Bank and Factset to build their local headquarters here, spanning a combined footprint of 120,000 sq.m.
The company further aims to have 28 lifestyle malls covering one million sq.m. of gross floor area by 2023.
For TIHGI, the capex will finance the third phase of Resort World Manila (RWM)’s expansion program, where the company will add new international hotel brands Hilton, Sheraton, and Okura, as well as a Grand Wing for casinos.
Both Megaworld and TIHGI will also be funding the development of the integrated leisure and tourism estate called Westside City, located along the state-run Entertainment City in Parañaque City.
Megaworld earlier said it will spend P54 billion over the next 10 years for the 31-hectare Westside City, which will house residential, hospitality, and retail components. Meanwhile, TIHGI has allocated $1.1 billion for the integrated resort and casino called Westside City Resorts World Complex inside the township.
Ongoing developments at Westside City will support AGI’s goal to have 12,000 hotel keys by 2020, more than thrice its current portfolio of 3,198 hotel rooms — mostly in RWM. The company noted that at least 1,000 of these hotel rooms will be located in Westside City, while the others will be spread out across their various townships.
Mr. Sian said they expect to start construction for Westside City by next year, as the group is already working on the final touches for the re-masterplanning.
For the liquor business, Emperador, Inc aims to expand its portfolio through more product introductions such as Shackleton, Terry White, and Fundador Double Light, among others. This will improve the company’s presence in the 102 markets where its products are currently available.
Golden Arches Development Corp., the master franchise holder of the McDonald’s brand in the country, will also continue its expansion to hit 1,000 stores in the following years. Mr. Sian noted that they have been opening 50-55 stores in the past two years, compared to its previous average of 25-30 stores. This will bring the company closer to its target faster.
AGI Chief Executive Officer Kevin Andrew L. Tan said most of the capex will be funded by internally generated cash and some borrowing.
“Be assured though that we will always maintain financial prudence and keep our gearing at reasonable level,” Mr. Tan said, adding that AGI’s net debt-to-equity at the consolidated level stood at 38% as of end-June, versus 41% in 2017.
AGI booked an attributable profit of P7.86 billion in the first six months of 2018, after gross revenues went up seven percent to P70.07 billion.
Shares in AGI slipped by eight centavos or 0.64% to close at P12.36 each at the stock exchange on Tuesday. — Arra B. Francia

5th installment in Pinoy fantasy book series released

STORIES about Philippine mythical creatures go beyond their conventional creepy and deadly characteristics as Lampara books Moymoy Lulumboy: Ang Lihim ng Libro, the fifth book of the epic fantasy series for young adults, is launched.
Palanca awardee and best-selling author Segundo Matias, Jr. was inspired to write fiction based on the mythical creatures called aswang since he was exposed to their various stories as a child.
Mr. Matias said that he envisioned the story to be about children, friendly monsters, and have a young boy born of a goddess as its lead character.
“Gusto kong sundan ang isang batang lumalaki na unti-unting namulat [na siya] ay naiba sa nakararami (I wanted to follow a child who grows up to slowly realize that he is different from the rest),” Mr. Mathias told the press at the launch during the 39th Manila International Book Fair on Sept. 14, adding that the monsters in the story are friendly since he wanted “to make it different from the usual flesh-eating creatures.”
In the story, Moymoy Lulumboy who has shape-shifting powers, is confronted with fulfilling his promise to save the creatures in the world of Gabun in exchange for his mother’s life. Moymoy also comes across a magic book with a lock — it is believed that only an offspring of a god or goddess can unlock and discover its secret.
The author said that in the fifth book, Moymoy has grown to be brave and independent compared to how the character was in the previous books.
“Si Moymoy [Lulumboy] ay kumakatawan sa isang kabataan na namulat, nagtanong, nagkamali, nadapa, nagtanong muli, naging matapang, nalaman ang tunay na kinalalagyan, may pananagutan, marunong tumupad sa pangako, at may kapangyarihan (Moymoy Lulumboy embodies a youth who became aware, asked questions, made mistakes, fell, asked more questions, became brave, knew where he stood, became responsible, knew how to keep promises, and has power),” he said.
Despite the conventional approach to stories of mythical creatures, Mr. Matias said that it was not a challenge to write about good-natured monsters, “Bakit natin kinukulong na hanggang doon na lang yung kultura or nakikita natin? Palawakin naman natin (Why do we constrict our culture or what we see? Let us widen it).”
The growing public interest in the book series has led television network ABS-CBN to acquire the rights to Moymoy Lulumboy with plans to adapt the story into either a TV series, film, or digital piece in the future.
Moymoy Lulumboy: Ang Lihim ng Libro is available at Precious Pages retail outlets, National Bookstore, Pandayan book shop, and leading book stores nationwide. For inquiries, contact inquiry@lamparabooks.com.ph. — Michelle Anne P. Soliman

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