Works by Philippine masters, pillars of contemporary art up for auction

September 11, 2024 | 12:06 am

THIS SEPTEMBER, rare creations by 19^thcentury masters and contemporary artists of the 1950s up to the ’80s can be acquired through Salcedo Auctions.

Some notable works in the catalogue are Fernando Amorsolo’s 45.7 x 61-centimeter oil-on-canvas painting Harvesting Perales, a romantic landscape depicting rural life, signed and dated 1949 in the lower right corner and estimated between P8.5 million to P9.5 million; and two vibrant Sabel paintings by Benedicto “BenCab” Cabrera from 2000 and 2008, the latter one sized 152 x 91 centimeters and fetching an estimate of P20 million to P22 million.

Of the cultural artifacts, an antique hagabi bench from the Northern Uplands, made from a single narra trunk, has been catching collectors’ attention. The traditional symbol of wealth and power among rich Ifugao families is estimated to fetch between P3.3 million to P3.5 million at the upcoming auction.

For those more interested in religious artifacts, a prized catch would be the solid ivory Santo Niño Dormido from Paoay, Ilocos, adorned in rose gold, with its estimate ranging from P1 million to P1.2 million.

These are just some of the 286 paintings, sculptures, pieces of furniture, fine jewelry, bags, and artifacts in Salcedo Auctions’ “The Well-Appointed Life” series, which will go under the hammer at the NEX Tower in Makati City on Sept. 14.

Salcedo Auctions director Richie Lerma told BusinessWorld that fine arts and collectibles auctions continue to draw interest. “Each season, the offerings change, which means if you miss the last one, there will always be excitement and joy to see what else is out there.”

He added that auction houses are in a “nice position now” because of Filipinos’ natural curiosity to discover more.

For example, the auction’s two paintings by Ang Kiukok highlight a lesser-known contrast in his work — Yellow Fish Skeleton from 1979, with an estimate of P3.3 million to P3.5 million, reflects his more intense earlier style; whereas Horse from 1988, estimated at between P15 million to P16 million, is known to be one of his most dynamic interpretations of any animal.

Unique works by stalwarts in the contemporary art scene are also brought to light to renew collectors’ interest. Jose John Santos’ 2006 oil-on-canvas painting The Handyman is estimated to fetch P5.5 million to P7 million for its distinct harmonious, muted take on figurative storytelling. Meanwhile, Rodel Tapaya’s 2014 acrylic-on-canvas depiction of the Bathala creation myth titled The Caretaker has an estimate of P3.8 million to P4.3 million.

“The interest in art is constantly renewing. It’s really up to us to foster growth in the art market, to keep people active, interested, engaged,” Mr. Lerma said.

Works by abstractionists are also anticipated to garner attention at the auction, namely those by Jose Joya, Cesar Legaspi, and Arturo Luz.

The public preview for “The Well-Appointed Life” runs until Sept. 13 at the podium level of the NEX Tower on 6786 Ayala Ave., Makati City. The auction itself will be held at the same venue on Sept. 14 at 2 p.m., with an online element for those who cannot attend the auction in person.

For more information, visit salcedoauctions.com. — Brontë H. Lacsamana

The many colors of love and death in Once on This Island

September 11, 2024 | 12:05 am

By Brontë H. Lacsamana, Reporter

Theater Review
Once on This Island
By Lynn Ahrens
Directed by Robbie Guevara
Presented by 9 Works Theatrical

ON A TROPICAL French Antilles island in the 1920s, young peasant girl Ti Moune falls in love with a wealthy boy, Daniel Beauxhomme. Having survived a deadly storm in her early childhood, she is convinced that her mysterious destiny lies with this alluring stranger she has crossing paths with.

The catch is that they are from two different worlds — she is from a cheerful village of dark-skinned descendants of African slaves, and he lives in a luxurious hotel owned by his light-skinned, French-descended family. A deal among four gods watching over them leads to a car accident, then Ti Moune finds Daniel and nurses him back to health.

As this unfolds, the realities of a society marked by a class divide elevate the story from a Caribbean retelling of The Little Mermaid to a moving tale with its own unique allure and magic.

In this latest version of the musical by 9 Works Theatrical (it has been presented numerous times in the last 30 years), a contemporary feel brings the source material closer to Filipino audiences. The preview night of the company’s staging of Once on This Island highlights how they’ve filled the production with effective design and fun, electric choreography.

Relatively unfamiliar to people who are not immersed in the theater world (unlike, say, Les Mis or Wicked), the musical is beloved among its fans. Many turned up to the preview on an evening of thunderstorms — the weather outside the theater matching that of the show inside which opened with a similar storm, with sounds of gusts of wind greeting the audience.

Mio Infante’s set is entrancing, cloth hanging from the ceiling reminiscent of rain and waves over a boardwalk circling the stage, where characters move and dance as if on an island.

Once on This Island boasts of a large cast of characters, each in period-accurate clothing and further bringing the distinct milieu to life with their every quirk and line.

On preview night, Thea Astley played Ti Moune, Sam Concepcion played Daniel, Raul Montessa took on the role of Tonton Julian and Lani Ligot that of Mama Euralie, Ti Moune’s adoptive parents, while the gods were played by Shiela Valderrama-Martinez (Erzulie, Goddess of Love), Garrett Bolden (Agwe, God of Water), Lorenz Martinez (Papa Ge, the Demon of Death), and Radha (Asaka, Mother of the Earth). Reese Iso played little Ti Moune. Shanaia Gomez took on the role of Daniel’s fiancée Andrea, PJ Rebullida was Daniel’s father Armand, and Jordan Andrews, Fay Castro, Samantha Libao, and Jonjon Martin played various storytellers.

Ms. Astley was truly the star of the show as she embodied Ti Moune — complete with the islander accent — and the full journey from naive and lively village girl to steadfast, loving woman. Her delivery was impeccable, her facial expressions and body language conveying the character’s inner thoughts.

The striking narrative takes on themes of family, humanity, and community, danced to the ensemble piece with JM Cabling’s infectious choreography. Tremendous, village-set dance pieces fully draw the audience in, with Ms. Valderrama-Martinez, Mr. Martinez, Radha, and Mr. Bolden being highlights as they portray with a mix of power and theatrics the quintessential gods and goddesses of the story.

Though Once on This Island was written in 1985, its themes resonate with audiences today, especially as Philippine culture has some similarities with the Caribbean.

Mr. Guevara’s direction puts a premium on the issues of race and class prevalent in the story, ensuring that it is both entertaining and educational.

Beyond being colorful and lively, Once on This Island will make audience members curious to learn more about the Broadway musical (the supposed live-action movie adaptation is stuck in production limbo). Ultimately, they will be moved by the universal tale of love surviving death.

Once on This Island runs until Sept. 29 at the Carlos P. Romulo Auditorium, RCBC Plaza, Ayala corner Gil Puyat Aves., Makati City. Tickets are available via ticket2me.net.

Angkas founder eyes expansion of four-wheel service Angcars

September 11, 2024 | 12:05 am

DBDOYC, Inc., operator of the Angkas ride-hailing app, is eyeing an expansion of its four-wheel service Angcars beyond Metro Manila, its founder said.

“There will definitely be expansions outside of Metro Manila as well,” Angkas Founder Angeline Xiwen Tham told reporters on the sidelines of the Management Association of the Philippines 22^nd International CEO Conference in Taguig City on Tuesday.

“It’s basically any area where there’s a need. This is something that we’re closely working with the local government units on,” she added.

Currently in beta phase, Angcars is serving areas such as Mandaluyong, Makati, Pasig, and Bonifacio Global City in Taguig. The service also only caters up to four passengers.

Angcars also seeks to introduce options like Angcars Economy and Angcars Plus, which would allow a passenger to request four-seater or six-seater vehicles.

Ms. Tham said that Angkas is also looking to expand the coverage of its motorcycle taxi service.

“There’s a lot of plans to launch the service outside of other locations. We have a lot of interest from local government units to bring this service to help them to professionalize the transportation systems in their cities,” she said.

The company’s two-wheel service is currently available in Metro Manila, Bulacan, Rizal, Laguna, Cavite, Cebu, and Cagayan de Oro.

When asked about the company’s public listing plans, Ms. Tham said that Angkas is currently prioritizing business growth.

“I think we’re focused on building the business right now and making sure to bring the right service to our customers. That’s really our focus at this point,” she said. — Revin Mikhael D. Ochave

‘Sustainable mining’ is not an oxymoron

September 11, 2024 | 12:04 am

(Part 1)

There are extremists among environmentalists who mouth the slogan “Sustainable mining is an oxymoron.” They cannot imagine a mining operation that is compatible with the protection of the physical environment. They can only picture denuded forests and devastated watersheds as a result of mining. They can see the loss of livelihoods of indigenous peoples and other rural folks.

Well, I have news for these anti-mining advocates.

I just visited Semirara Island that hosts Semirara Mining and Power Corp. (SMPC), the largest coal producer in the Philippines, accounting for 96% of domestic production till 2022. I saw an island planted with more than one million trees that rehabilitated 400 hectares of a mined-out area that in its 16 years of mine life generated P60.1 billion in royalties for the government and the host communities.

It took 11.5 million man-hours to fill the pit with over 452 million bank cubic meters (bcm) of earth material, which is enough to fill 217,000 Olympic-size swimming pools. The afforestation of this part of the island, called Panian, which used to be a barren grassland, formed part of SMPC’s restoration beyond compliance program toward a Net Positive Impact (NPI) target on biodiversity.

The step-by-step transformation of this once barren part of the island can be described as follows, as we were informed in a briefing:

2016: The Panian pit was declared totally mined out, and an accelerated rehabilitation program begins;

2017: The Department of Energy (DoE) orders the expedited backfilling of the South Panian mine to serve as a model of open pit mine rehabilitation in the Philippines;

2018: More than one million trees are planted within the mining complex;

2019: The South Panian mine rehabilitation is completed in two years versus the five to 10 years mandated by the DoE;

2021: The ASEAN Energy Award (special submission category) is conferred on SMPC for its accelerated South Panian Rehabilitation program;

2022: North Panian is fully covered six years ahead of the 10-year plan.

All these impressive accomplishments were very visible to the eye as we flew over the forested areas in the private plane we took from Manila to Semirara.

Before I continue to describe the many other signs of responsible mining that brought untold benefits to the original settlers of the island, as well as the thousands of families who migrated to Semirara from other parts of Antique — the province to which it belongs — because of the many employment and livelihood opportunities coming from the continued operations of the coal mine, let me digress to comment on a breaking news as we were flying to the island.

I read an item brought up by the algorithm on my phone about Secretary of Energy Rafael Lotilla being charged by some cause-oriented groups for allegedly violating the coal moratorium policy by approving the Aboitiz-owned Therma Visayas, Inc. (TVI) Unit 3 expansion of the coal-powered power plant in Toledo, Cebu. The response of the business community to the actions of the misguided environmentalists has made it clear that coal-powered plants will be with us for a long time if we are to truly promote the common good of Philippine society. Nine business and professional groups, led by the Philippine Chamber of Commerce and Industry, supported Secretary Lotilla in the direction he is taking to achieve energy security and affordability for the country, the two key components needed to attract investments (both domestic and foreign), expand domestic enterprise, and enhance our productivity and competitiveness. As a case in point, Vietnam has been attracting practically all the manufacturing enterprises leaving China because of its lower energy costs compared to us.

The PCCI supports the need to decarbonize but “we must do so in a careful manner without prejudicing the country’s economic progress.”

The Philippines has no alternative but to rely on its existing coal-fired plants to ensure a stable and reliable electricity supply. Coal remains the dominant source of power in the country’s energy mix, accounting for 62% vs. 22% renewable energy, below the target of 35% renewable by 2030.

When EPIRA (the Electric Power Industry Reform Act of 2001) was first legislated, the exclusive concern was energy security. Today EPIRA has to be amended to take into account that the paramount need is to bring down the cost of energy in the Philippines, which is the highest in the ASEAN region. This expensive energy hurts the poor most because it is the cause of high inflation, especially food inflation. It is also the reason why the Philippines is having a hard time attracting much needed Foreign Direct Investment (FDIs), especially in job-generating manufacturing enterprises. We have to consider even the extreme step of removing the moratorium on building coal-powered plants.

Also coinciding with my trip to Semirara Island was the release of an article appearing in a leading daily by Bjorn Lomborg, president of the Copenhagen Consensus, an influential group in the area of energy policy and sustainable development. Entitled “Myth of Green Energy Transition,” its thesis is that the much-vaunted green energy transition away from fossil fuels is not happening. It recommends drastically changing policy direction because shifting to green energy from fossil fuels is unaffordably costly and is harming poor nations and the poor in rich nations. The harsh truth is that despite global expenditures of almost $2 trillion annually to move towards green energy, with the use of solar and wind energy rising to their highest levels, there has been no reduction in the use of fossil fuels. In fact, over the same period of time, the world has added even more fossil fuels.

It is useful to learn from the history of energy source transition over time.

Research showed that there have been 14 shifts in energy use over the past five centuries, like when farmers went from plowing fields with animals to using fossil fuel-powered tractors. The main drivers of change have always been that the new energy service is either better or cheaper. Unfortunately for the advocates of “green energy,” solar and wind fail on both counts. They are not better because unlike fossil fuels that can produce electricity whenever needed, they can produce energy according to the vagaries of daylight and weather. This means that solar and wind are not cheaper, either. At best, they are only cheaper when the sun is shining or the wind is blowing at just the right speed. The rest of the time they are mostly useless and infinitely costly. When we consider the cost of just four hours of storage, wind and solar energy solutions become uncompetitive compared to fossil fuels, especially coal. Achieving a real, sustainable transition to solar or wind would require orders of magnitude of more storage, making these options incredibly unaffordable, especially to the poor.

Those who favor a moratorium on fossil fuels, especially coal, also ignore a major fact that solar and wind only address a small part of a vast challenge. These renewables are almost entirely deployed in the electricity sector, which makes up just one-fifth of global energy use. There are still the difficulties of finding green solutions for most transport, and we have not even begun with the vast energy needs of heating, manufacturing, or agriculture. Furthermore, we are failing to consider the energy needs of the hardest and most crucial factors like steel, cement, plastics, and fertilizers. By unrealistically banning fossil fuels, we are making it more difficult for us to increase the role of manufacturing in our industrialization efforts.

Now that our huge domestic market has reached a level that allows us to implement an authentic import-substitution strategy (which was not economically feasible at the start of our development process in the last century), it is important to make sure that high energy costs will not spoil this second chance for a thorough going inward-looking industrialization.

(To be continued.)

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

Monde Nissin invests in Amico Innovations

September 11, 2024 | 12:04 am

LISTED food and beverage manufacturer Monde Nissin Corp. will invest P17.5 million in retail company Amico Innovations, Inc. as it explores new business opportunities.

Upon the execution of subscription documents, Monde Nissin will subscribe to 87,500 or 70% of Amico Innovation’s common shares at P200 per share, equivalent to P17.5 million, Monde Nissin said in a regulatory filing on Tuesday.

The transaction was approved by Monde Nissin’s executive committee during a meeting on Monday.

“(The subscription is) for the exploration of startup opportunities in new categories and businesses,” Monde Nissin said.

“The subscription will happen on or before Sept. 30, 2024,” it added.

Amico Innovations is a new Philippine corporation engaged in the importing, exporting, repacking, processing, buying, selling, marketing, distributing, trading, or dealing all kinds of goods, wares, and merchandises, which are or may become articles of commerce.

The company is currently in the process of applying for incorporation with the Securities and Exchange Commission.

For the first half, Monde Nissin grew its net income by 17.4% to P4.1 billion as combined revenue surged by 3.1% to P40.1 billion.

The company is aiming to sustain the growth of its Asia-Pacific branded food and beverage (APAC BFB) business in the third quarter.

“Our APAC BFB gross margins have substantially rebounded from last year’s levels, and while we believe further sequential gains will be limited, we expect to see continued improvement in Q3 on a year-on-year basis,” Monde Nissin Chief Executive Officer and Executive Vice-President Henry Soesanto said.

A global food and beverage company, some of Monde Nissin’s brands include Lucky Me noodles, SkyFlakes crackers, Fita crackers, Monde baked goods, and Quorn meat alternative products.

The Board of Investments recently approved Monde Nissin’s P1.21 billion biscuit project in Davao City.

The project will manufacture butter coconut biscuits intended for initial distribution to the Visayas and Mindanao.

Monde Nissin currently produces butter coconut biscuits in Sta. Rosa, Laguna, serving the Luzon market.

On Tuesday, Monde Nissin shares were unchanged at P9.20 per share. — Revin Mikhael D. Ochave

Arts & Culture (09/11/24)

September 11, 2024 | 12:04 am

1 of 8

Manila International Book Fair kicks off, free for teachers

IN CELEBRATION of National Teachers’ Month (NTM), Primetrade Asia is giving teachers a free pass to the Manila International Book Fair (MIBF) which runs from Sept. 11 to 15 at the SMX Convention Center in Pasay City. There will be a lineup of talks and forums on educational tools, teaching strategies, and teacher wellness. One of these is Kawangis Komiks, which will discuss comics as an educational tool on Sept. 11, 1 p.m. Mental health advocate Amelia De Chavez Pagdanganan, also known as Lolakwentosera, will share her ideas on building a support system for teachers on Sept. 11, 2 p.m. The Gintong Aklat Awards will be held on Sept. 11, 4 p.m., by the Book Development Association of the Philippines, while the awarding of the Lampara Prize for children’s books will happen on Sept. 13, 1:30 p.m. The Council for People’s Development and Governance will host a forum for teachers who work closely with indigenous peoples on Sept. 14, 12 p.m. Finally, the National Children’s Book Awards will take place on Sept. 14, 4 p.m. To see the complete list of exclusive offers for teachers this National Teachers’ Month, visit www.facebook.com/NTMPhils.

Alliance Française holds improv night

AS PART of the exhibition Trajectories and Movements of Filipino People by the Pamana Voices of Philippine Heritage, which opened last weekend, there will be a cultural activity to further enrich visitors’ experience. An improv night titled “Doon Po Sa Amin” (Where We’re From) will take place on Sept. 12 at 7 p.m. at the Multipurpose Hall of the Alliance Française de Manille, Nicanor Garcia St., Makati City. Admission to the event is free. For more details, visit Alliance Française’s website and social media pages.

ICanServe auctions pieces from its gallery for good

THERE ARE 27 pairs of Nike Air Force 1 Triple White shoes which have been transformed into one-of-a-kind pieces by contemporary Filipino artists to make up the Icons of Hope exhibit at level two of The Brittany Hotel in Bonifacio Global City, Taguig. For its 25^th anniversary, the ICanServe Foundation will auction off the pieces on Sept. 14. Artists who participated include Benedicto “BenCab” Cabrera, Gus Albor, Arce, Max Balatbat, Plet Bolipata, Elmer Borlongan, Jinggoy Buensuceso, Carlo Calma, Katrina Cuenca, RM De Leon, Daniel dela Cruz, Monica Delgado, Tracie Anglo Dizon, Christina Dy, Manny Garibay, Toym Imao, Jose Santos III, Pam Yan Santos, Gerry Tan, Carlo Tanseco, Vien Valencia, Lydia Velasco, Ronald Ventura, Melissa Yeung Yap, and MM Yu. Proceeds will enable ICanServe to fund treatments and medical procedures for breast cancer patients, launch high-impact health literacy campaigns, invest in the training of public healthcare workers on early detection, and create breast cancer control programs, to support its mission of saving lives. To download the online catalog, registration form, and auction mechanics, visit: https://www.icanservefoundation.org/events/the-pink-room/.

Two families exhibit at ARTablado Antipolo

ARTISTS and friends Brando Limon Bati and Adler Llagas had a two-man show at ARTablado Robinsons Antipolo two years ago. This year, they return with each of their families for an unprecedented “two-family” exhibit. Dreams to Reality, which runs until Sept. 15, celebrates the creativity and connections of the two men and their wives and daughters. Mr. Bati, from Tanay, Rizal, is known for painting figures and still life using oil, pastel, colored pencils, and watercolor. Mr. Llagas, from Baras, Rizal, is a self-taught landscape artist who participates in exhibitions and paints commissioned murals. Their wives, Teresa and Lucia, were influenced by their husbands’ active art careers to go into the field. This later carried over to their daughters, Candys and Aicel. Dreams to Reality runs until Sept. 15 at ARTablado on the upper ground floor of Robinsons Antipolo.

UST Atelier holds exhibit at ArtistSpace

A GROUP exhibition titled Vision: Arcadia by the UST Atelier Alumni Association, Inc. is on view until Sept. 22 at ArtistSpace. A continuation of the group’s Vision Art Exhibition Series, the show celebrates artistic diversity and the contribution of the University of Santo Tomas’ School of Fine Arts to the Philippine art scene. The participating artists are Fil Delacruz, Richard Buxani, Marge Organo, Emman Acasio, Cristina Alsol, Juert Asejo, Paul Balan, RV Basco, Janos Delacruz, Elmer Dumlao, Summer de Guia, Anna de Leon, Noli Principe Manalang, Patrick Naval, Milmar Onal, Butch Payawal, David Requilme, Dominic Rubio, Gean Sollestre, Melissa Villaseñor, and Meneline Wong, MD. It is a project of USTAAAI President Marissa Pe Yang, curated by Janos Delacruz. Vision: Arcadia runs until Sept. 22 at ArtistSpace, Ayala Museum Annex, Makati Ave. corner De La Rosa St., Greenbelt Park, Makati City.

Group exhibition at Imahica Art Gallery

THE GROUP exhibition and benefit show Radiance is happening from Sept. 14 to 29 at the Imahica Art Gallery, in partnership with Rotary Club Taguig West. The exhibition aims to be a display of artistic excellence and is being held in support for impoverished communities at the Tenement Elementary School and Western Bicutan National High School. The opening reception and benefit night is set for Sept. 14, 4 p.m. To register, visit https://imahica.art/rsvp/. The gallery is at 2-A Lee Gardens Commercial Center, Lee St., Wack-Wack, Mandaluyong.

Group show opening at MO_Space

ANOTHER group exhibit, titled THESE ACTS, _________, is a two-part exhibition with Act I and Act II assembling art dialogues. Using various media, it aims to expose gallery visitors to different art forms. Act I presents an immersive experience with artworks like pottery and visual art, focused on the act of looking up and outward to form an understanding of the world. Act II makes use of prints where artists look inward to form an understanding of the self. These will be on view from Sept. 14 to Oct. 13 at the Main Gallery and Gallery 2 of MO_Space. Act I will feature works by Micaela Benedicto, Gerecho Iniel Cruz, Rhaz Oriente, and Marco Rosario. Act II presents the prints of Eska Beldia, Kristen Cain, Marge Chavez, Gab Ferrer, Tish Hautea, Fara Manuel, and Gabi Nazareno. MO_Space is at the 3^rd level of MOs Design, B2 Bonifacio High Street, 9^th Avenue, BGC, Taguig.

Ateneo Art Gallery presents the postwar art scene

IN COMMEMORATION of the Fernando Zóbel’s birth centennial, the Ateneo Art Gallery and the Embassy of Spain are presenting A Synergy of Ventures: The Postwar Art Scene, which will open for public viewing on Sept. 16 at the Ateneo Art Gallery, Ateneo de Manila University, Kalayaan Ave., Quezon City. The exhibit will run until July 12, 2025. The exhibition will focus on presenting the years immediately following the Second World War until the 1960, a pivotal period in the development of Philippine modern art. An opening reception will take place on Sept. 15, 2 p.m., at the gallery’s upper ground floor. The show’s contents come from the core collection Fernando Zóbel had donated to the Ateneo de Manila University between 1959 to 1965, along with other pieces from the current AAG Collection. It will also feature loaned works from the family of Purita Kalaw Ledesma, the Kalaw-Ledesma Foundation, Inc., and the Cultural Center of the Philippines.

Making public money work for the people: Idleness of funds is idleness in service

September 11, 2024 | 12:03 am

The Department of Finance (DoF), under Secretary Raphael Recto, has issued Department Circular No. 003-2024, reallocating unused funds from the Philippine Health Insurance Corp. (PhilHealth) — in the amount of P89.9 billion — so that they could be channeled into more productive purposes.

Health is a basic, emotional issue among Filipinos, primarily because only a small segment of the population can afford excellent medical care on their own. But Secretary Recto is taking this unpopular stand because he believes this is the better option. In this, he has our support.

The DoF’s move to reallocate idle funds is in line with the 2024 General Appropriations Act (GAA). For example, an initial remittance of P20 billion from PhilHealth was used to settle P27.5 billion in unpaid COVID-19 allowances for frontliners, covering 5.04 million claims. Is this not a good thing? The government has now fully paid its debt to frontliners — people who sacrificed a lot to serve other people and the country during the darkest days of the pandemic — with a total of P121.3 billion disbursed.

The remaining funds will be allocated to projects in nutrition, education, agriculture, social development, and infrastructure.

According to the DoF, a cost-benefit analysis shows that funding projects through unprogrammed appropriations will boost gross domestic product growth by 0.7%, generate an additional P23 billion to P24.4 billion in revenues, and create thousands of jobs.

On the other hand, delaying projects would incur opportunity costs, and funding them through additional borrowing would raise the deficit from 5.6% to 6.4% and the debt ratio from 60.6% to 61.4%. This would lead to P12.7 billion in extra interest payments annually and could jeopardize the Philippines’ Medium-Term Fiscal Program, potentially leading to a credit rating downgrade, which would increase borrowing costs by P15 billion per year and harm economic recovery efforts.

The concern being raised by some sectors is understandable, but it is only because they have not been given details that would allay their fears.

Here are the facts: Tapping into PhilHealth’s idle funds would not impede the expansion of benefit packages for its members. The DoF clarified that this move would not disrupt PhilHealth’s daily operations or affect member contributions. Mr. Recto stated that PhilHealth is projected to have a net income of P61.18 billion by year-end. Profits have grown from P4.66 billion in 2019 to P173.46 billion in 2023. Next year, PhilHealth will receive P70 billion in government subsidies to expand its benefit packages.

PhilHealth still holds a reserve of P500 billion, which the DoF confirmed is more than sufficient to cover multi-year claims. PhilHealth will continue receiving government subsidies, and no benefits or member contributions will be reduced. In fact, President Ferdinand Marcos, Jr. announced in his State of the Nation Address (SONA) that PhilHealth benefits for outpatient care, serious illnesses like cancer, and children with disabilities will be increased.

According to Mr. Recto, the DoF conducted a thorough review to ensure that using excess funds from GOCCs would support economic growth and comply with legal requirements. Consultations were made with the Governance Commission for GOCCs (GCG) and the Office of the Government Corporate Counsel (OGCC). The DoF received favorable legal opinions from the OGCC and Commission on Audit (CoA).

More importantly, PhilHealth is considering an additional 30% increase in all its benefit packages, expanding its service to the people without imposing an additional burden on its members in the form of higher contributions.

This will sufficiently address calls for better coverage. “PhilHealth has shown its solvency. It does not need another rate hike to sustain its operations and services to its members, it needs efficient management of its funds,” said the President of the Philippine Chamber of Commerce and Industry, Consul Enunina Mangio.

We take these into consideration as we remind ourselves that the budget deficit, according to the Bureau of the Treasury, remains substantial. For the first seven months of 2024, the deficit amounted to P642.8 billion, indicating an increase of 7.21% or P43.2 billion from the same period last year.

In fact, seven former Finance secretaries came out with a statement supporting the DoF’s exercise of its authority to use excess funds to finance crucial government projects in areas like health, education, social services, and infrastructure.

“We believe this move will bring substantial benefits to the Filipino people. Mobilizing these excess funds will enable important public projects that can strengthen our economy and ensure long-term gains through more jobs, higher incomes, and reduced poverty,” said ex-Secretaries Cesar Virata, Roberto de Ocampo, Jose Pardo, Alberto Romulo, Jose Isidro Camacho, Margarito Teves, and Cesar Purisima. The support of these experts says a lot about the merits of Recto’s move.

Moving forward, we should also find ways to ensure that funds are managed well and spent as programmed, especially since there is a deficit in many other areas.

This is the people’s money, anyway. We should make it work for the people.

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

Maynilad completes P380-M pipeline upgrade in Manila

September 11, 2024 | 12:03 am

MAYNILAD Water Services, Inc. has completed a P380-million project replacing old and undersized pipelines in Tondo and Sta. Cruz, Manila, the water solutions provider said on Tuesday.

This upgrade improves water pressure and meets the city’s higher water demand, Maynilad said in a statement.

“By replacing undersized pipes, we are also future-proofing our distribution system to handle higher consumption,” said Maynilad Chief Operating Officer Randolph T. Estrellado.

The project involved upgrading the pipe system, including the laying of 1.7 kilometers of pipelines in 21 barangays in Manila to replace decades-old pipelines.

With the project’s completion, the company said it was able to recover approximately four million liters per day of treated water that was previously lost to pipe leaks and illegal connections.

Maynilad aims to replace a total of 592 kilometers of “deteriorated pipelines” throughout its concession area within the 2023-2027 period.

For 2024, the company has allocated P4 billion for pipe replacement across the west zone.

The company serves Manila, except portions of San Andres and Sta. Ana. It also operates in Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon.

It also supplies the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta, and Rosario, all in Cavite province.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Reissued bonds fully awarded amid easing bets

September 11, 2024 | 12:03 am

By Aaron Michael C. Sy, Reporter

THE GOVERNMENT on Tuesday fully awarded reissued bonds at an auction, as the average rate inched up from the note’s last sale, amid growing market confidence in the Bangko Sentral ng Pilipinas’ (BSP) easing cycle.

The Bureau of the Treasury (BTr) raised P30 billion as planned via the reissued seven-year bonds, as total bids reached P69.08 billion, well above the amount on offer.

This brought the outstanding volume for the series to P219.7 billion, the Treasury said in a statement.

The bonds, which have a remaining life of four years and eight months, were awarded at an average rate of 6.058%. Accepted yields were 5.99% to 6.075%.

The average rate of the reissued paper fell by 4.9 basis points (bps) from 6.107% on Aug. 6. Still, this was 44.2 bps lower than the 6.5% coupon rate.

However, this was 0.4 bp above the 6.054% for the same bond series and 0.8 bp higher than the 6.05% quoted for the five-year bond — the tenor closest to the remaining life of the debt — at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Service (BVAL) Reference Rates data provided by the BTr.

“We continue to see investors trying to take advantage of auctions to load their positions as they grow confident on the path of the BSP’s easing cycle,” a trader said in a text message.

The Philippine central bank last month cut benchmark interest rates for the first time in almost four years amid an improving inflation and economic outlook. Governor Eli M. Remolona, Jr. has signaled at least one more cut before the year ends.

The Monetary Board on Aug. 15 cut its policy rate by 25 bps to 6.25% from a 17-year high of 6.5%. Board members will meet again on Oct. 17 and Dec. 19.

Bets on the BSP’s easing cycle were also bolstered by the softer-than-expected inflation data for August, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message.

Inflation eased to a seven-month low of 3.3% in August from 4.4% in July and 5.3% a year earlier, making the case for the central bank to cut key rates further to bolster economic growth.

This was within the BSP’s 3.2-4% forecast for the month and was well below the 3.7% median estimate of 15 analysts in a BusinessWorld poll.

In the first eight months, inflation averaged 3.6%, slightly above the BSP’s 3.4% baseline forecast but within its 2-4% annual target.

The Treasury bureau wants to raise P195 billion from the domestic market this month — P80 billion through Treasury bills and P115 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.48 trillion or 5.6% of gross domestic product for this year.

Egyptian archaeologist calls on Berlin to return Nefertiti bust

September 11, 2024 | 12:03 am

Nofretete_Neues_Museum — COMMONS.WIKIMEDIA.ORG

CAIRO — Prominent Egyptian archaeologist and former antiquities minister Zahi Hawass has launched a petition for the return to Egypt of the pharaonic bust of Queen Nefertiti from the Neues Museum in Berlin.

Nefertiti’s famous painted limestone bust was uncovered at Tell el-Amarna, around 300 km south of Cairo, in 1912 by a German archaeological mission, which shipped it to Berlin the following year.

Amarna was the short-lived capital of Nefertiti’s husband, the 18th dynasty Pharaoh Akhenaten, who reigned until about 1335 B.C.

Akhenaten, called the heretic king, was notorious for promoting the worship of the god Aten to the exclusion of Egypt’s other gods. His reign also introduced a radical change in Egyptian art.

In his petition launched on Saturday, Mr. Hawass asked for the return of the bust, saying it was removed from Egypt illegally after its discovery.

“We announce today that Egypt — this is the national committee, it is not a government committee — asks for the return of the bust of Nefertiti,” Mr. Hawass said.

“What I need from everyone here is to go to my website… hawasszahi.com, and you will sign, one signature, to show that you would love for this bust to come back.”

Mr. Hawass said he is not calling for the repatriation of artefacts taken out of Egypt legally. His campaign is focused on repatriating “three main beautiful objects” including the bust of Nefertiti, the Rosetta Stone, and the Dendera Zodiac.

Officials at Berlin’s Neues Museum were not immediately available for comment. — Reuters

Multi-party arbitrations in the Philippines

September 11, 2024 | 12:02 am

Gavel-top-view-career-guidance-items-judge-gavel — FREEPIK

Multi-Party Arbitration is an arbitration involving at least three parties. In the Philippines, various dispute resolution institutions categorically include in their rules of procedure provisions to govern Multi-Party Arbitrations i.e., provisions on joinder and consolidation of proceedings, and rules on the appointment and/or constitution of the arbitration tribunal. Multi-Party Arbitrations are allowed under the respective arbitration rules of the Philippine Dispute Resolution Center, Inc. (PDRCI) and the Philippine International Center for Conflict Resolution (PICCR).

Sections II and III of the 2021 PDRCI Arbitration Rules provide for the rules pertaining to Multiple Party Arbitration proceeding, joinder of parties, and consolidation of arbitrations.

JOINDER
A Request for Joinder shall be submitted no later than the signing of the Terms of Reference in instances where: (a) a party (to an arbitration agreement) wishes to join an additional party to the arbitration, or (b) an additional party wishes to be joined to the arbitration proceeding. The PDRCI or the constituted arbitral tribunal has the power to allow an additional party to be joined to the arbitration if there is a prima facie determination that an arbitration agreement exists and that it binds all the parties and the additional party; or all parties, including the additional party, expressly agree.

However, where an additional party is joined to the arbitration before the arbitral tribunal is constituted, all parties to the arbitration, including the additional party joined, shall decide the constitution of the arbitral tribunal. In the absence of an agreement among them, the PDRCI may revoke the appointment or confirmation of any arbitrator and proceed to appoint the new arbitrators. Where all the parties, including the additional party, expressly agree to the joinder, they also agree to accept any appointment or confirmation already made or the constitution of the arbitral tribunal.

The parties also waive any objection to the validity or enforcement of any award made by the arbitral tribunal, including the validity of its constitution, on the basis of its decision to join an additional party to the arbitration, in so far as such waiver can be validly made.

Under the 2021 PDRCI Arbitration Rules, in an arbitration with multiple parties, claims may be made by any party against any other party, subject to the pleas as to the Jurisdiction of the Arbitral Tribunal. Further, no new claims may be made after the Terms of Reference are signed, except for allowable amendments/supplements, and/or when there is any reservation of the arbitral tribunal’s authority to clarify or refine issues in the course of the arbitral proceedings.

CONSOLIDATION
The PDRCI shall have the power, at the request of a party and after consulting with the parties and any confirmed arbitrators, to consolidate two or more arbitrations (Request for Consolidation), where: (a) the parties agree to consolidate; or (b) all the claims in the arbitrations are made under the same arbitration agreement; or (c) the claims are made under more than one arbitration agreement, a common question of law or fact arises in both or all of the arbitrations, the rights to relief claimed are in respect of, or arise out of, the same transaction or series of transactions, and the PDRCI finds the arbitration agreements to be compatible.

In deciding whether to consolidate, the PDRCI shall take into account all relevant circumstances including, but not limited to, whether one or more arbitrators have been appointed or confirmed in more than one of the arbitrations, and if so, whether the arbitrators are the same.

Where the PDRCI decides to consolidate two or more arbitrations, the arbitrations shall be consolidated into the arbitration that commenced first, unless all parties agree or PDRCI decides otherwise, taking into account the circumstances of the case.

In case of consolidation of arbitrations, the parties to all such arbitrations shall be deemed to have waived their right to designate an arbitrator. The PDRCI may revoke the appointment or confirmation of any arbitrator and proceed to appoint the arbitral tribunal of the consolidated arbitrations, without prejudice to the appointment of the same arbitrators. The consolidation of two or more arbitrations shall not affect the validity of any act done or order made by a court in support of the arbitration before it was consolidated.

However, the revocation of the appointment or confirmation of the arbitrators shall not affect: (a) the validity of acts done or orders made by the arbitral tribunal before the appointment or confirmation was revoked; (b) their entitlement to their fees and expenses; and (c) the date when any claim or defense was raised, for the purpose of applying any statute of limitations or any similar rule or provision.

Moreover, the parties waive any objection to the validity or enforcement of any award made by the arbitral tribunal on the basis of the decision to consolidate proceedings, including the validity of its constitution, insofar as such waiver can validly be made.

PICCR RULES
Articles 7, 8, 10, and related Articles of the PICCR Handbook and Arbitration Rules govern Multiple Parties and consolidation.

Where there are more than two parties to the arbitration, the arbitration shall proceed between those of the parties, including any additional parties joined, with respect to which the PICCR is prima facie satisfied that an arbitration agreement under the Rules that binds them all may exist.

A party wishing to join an additional party to the arbitration shall submit its request for arbitration against the additional party (the Request for Joinder), but no additional party may be joined after the confirmation or appointment of any arbitrator, unless all parties, including the additional party, otherwise agree. The PICCR’s Secretariat may fix a time limit for the submission of a Request for Joinder.

Same as with the PDRCI, in an arbitration with multiple parties, claims may be made by any party against any other party, and provided that no new claims may be made after the Terms of Reference are signed or approved by the PICCR without the authorization of the arbitral tribunal.

CONSOLIDATION
The PICCR may, at the request of a party, consolidate two or more arbitrations pending into a single arbitration, where: (a) the parties have agreed to consolidation; or (b) all of the claims in the arbitrations are made under the same arbitration agreement; or (c) where the claims in the arbitrations are made under more than one arbitration agreement, the arbitrations are between the same parties, the disputes in the arbitrations arise in connection with the same legal relationship, and the PICCR finds the arbitration agreements to be compatible. In deciding whether to consolidate, the PICCR may take into account any circumstances it considers to be relevant.

Similar to the proceedings in the PDRCI, when arbitrations are consolidated before the PICCR, they shall be consolidated into the arbitration that commenced first, unless otherwise agreed by all parties concerned.

Where there are multiple claimants or multiple respondents, and where the dispute is to be referred to three arbitrators, the multiple claimants, jointly, and the multiple respondents, jointly, shall nominate an arbitrator for confirmation. However, in the absence of a joint nomination and where all parties are unable to agree to a method for the constitution of the arbitral tribunal, the PICCR may appoint each member of the arbitral tribunal and shall designate one of them to act as chair. In such case, the PICCR shall be at liberty to choose any person it regards as suitable to act as arbitrator.

Incorporating rules on joinder of parties and consolidation of arbitrations under the Philippine arbitration framework may effectively save time and money, address the issue of multiplicity of suits for a common and/or related factual and legal issue/s of the same/related parties. Joining absent parties into or consolidation of arbitration proceedings will not only prevent multiple legal actions relating from the same dispute but will also mitigate the risk of inconsistent awards or findings of different arbitrators or arbitration tribunal or courts which may have jurisdiction to rule on the same issue/s of the parties involved.

(The views and opinions expressed in this article are those of the author. This article is for general informational and educational purposes only and not offered as and does not constitute legal advice or legal opinion.)

John Frederick E. Derije is a senior associate of the Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW), Davao Branch.

(6382) 224-0996

jederije@accralaw.com

SPNEC eyes new location for 280-MW solar project

September 11, 2024 | 12:02 am

SP New Energy Corp. (SPNEC) is seeking a new location for its 280-megawatt (MW) solar power project in Santa Rosa, Nueva Ecija.

“We’re looking at possible replacement at the same capacity but maybe different location,” SPNEC President and Chief Executive Officer Emmanuel V. Rubio told reporters last week.

In a regulatory filing last month, SPNEC said that it had asked the Department of Energy (DoE) to terminate the award of the project it won during the first round of Green Energy Auction (GEA) in 2022.

Mr. Rubio said that the company’s request for termination mainly stemmed from transmission constraints.

Formerly Solar Philippines Nueva Ecija Corp., SPNEC’s primary purpose is to construct, operate, and maintain power-generating plants and related facilities for renewable energy.

“We’re drafting now actually a reply looking for a legal basis really to stand firm, but we’re willing to actually replace the capacity in other areas where we can actually evacuate the energy,” Mr. Rubio said.

He said that the company will ask the DoE if it can consider “a certain level of repricing” and that it is willing to accept “some concessions on the penalties but not the bond.”

Under the terms of reference for GEA-1, the performance bond guarantees the winning bidder’s faithful performance under the GEA program guidelines and related agreements.

Based on data from the DoE as of end-June, the solar power project is targeted for commercial operation by 2025.

SPNEC, through its subsidiary Terra Solar Philippines, Inc., is currently developing a power project consisting of a 3,500-MW solar power plant and a 4,000-megawatt-hour energy storage system.

The company recently announced the $600-million (approximately P34 billion) investment made by UK-based investment firm Actis in Terra Solar, representing 40% stake upon closing.

The first phase of the project is scheduled to be delivered by 2026, while Phase 2 is targeted for 2027.

SPNEC is controlled by the Pangilinan group through MGen Renewable Energy, Inc., a subsidiary of Meralco PowerGen Corp., which is the power generation arm of Manila Electric Co. (Meralco).

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc.

Hasting Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera