Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 11546

Bourse expected to weather global volatility

By Krista A. M. Montealegre
National Correspondent

PHILIPPINE EQUITIES are unlikely to return to bear territory for some time despite volatility in global markets, with the country’s long-term economic growth prospects remaining intact against a backdrop of normalizing interest rates and mounting inflation pressure, stock market analysts said on Tuesday.

After a dizzying ascent to record levels at the start of the year, global equity markets have recently succumbed to a sharp sell-off after the United States Treasury yields hit a four-year high.

This revived concerns of a repeat of the 2013 “taper tantrum” that prompted the Federal Reserve to gradually scale back its monetary stimulus program, eventually roiling worldwide financial markets.

The local market was not spared, with the Philippine Stock Exchange index (PSEi) — a barometer of investor confidence — erasing its gains early this month at the height of the correction.

During the BusinessWorld Stock Market Roundtable at the Makati Shangri-La, COL Financial Group, Inc. Vice-President and Head of Research April Lynn L. Tan said the online brokerage downgraded its 2018 forecast for the PSEi to 8,750 from 9,300 after factoring in the impact of higher borrowing costs.

Philstocks Financial, Inc. Head of Research and Engagement Justino B. Calaycay, Jr. also hinted that a revision of its base-case forecast of 7,900-8,200 and best-case projection of 10,700-11,000 is in the cards after the release of the first-quarter corporate earnings.

Taking into account past corrections, COL Financial’s Ms. Tan expects the PSEi to bottom out at the 7,881 and 8,062 levels around March and May. The benchmark PSEi added 0.14% to close at 8,722.70 on Tuesday after spending most of the day in the red.

“Those waiting for a bear market, I’m sorry, I think you will be disappointed,” Ms. Tan said.

The Philippines, while vulnerable to wild price swings because of the sharp rally at the start of the year, deserves to trade at a premium over other Asian markets, said Michael Gerard D. Enriquez, chief investment officer at Sun Life of Canada Philippines, Inc., citing the robust domestic economy, acceleration of the government’s infrastructure program and the passage of other tax reform packages.

“As a long-term investor, we are excited about how infrastructure will play a role in the GDP. Right now, it’s 70% consumption, but if the government starts to spend and investments come into play, we can see our (gross domestic product) growth breaching seven percent,” Mr. Enriquez said.

First Metro Asset Management, Inc. President Augusto M. Cosio said the global asset allocation for emerging markets has been increasing in recent years, even as international fund managers are still underinvested in the Philippines.

“Emerging markets are the trade of the decade. Emerging markets, indeed, are the place to be,” Mr. Cosio said.

Another key risk this year is higher inflation as a result of weak peso and a new tax reform law, which threatens to dent consumer spending, Ms. Tan said. Consumption is one of the key drivers of the economy, accounting for two-thirds of gross domestic product (GDP).

The central bank expects inflation to average 4.3% this year, topping the 2-4% target range due to price pressures from fuel, cars, tobacco, coal and sugar-sweetened drinks.

“This too will pass. It is not a runaway inflation,” Ms. Tan said. “The Bangko Sentral has the tools to control inflation. It is not a long-term problem. It is a short-term issue.”

Aside from the possibility of more aggressive pace of rate hikes by the Fed and faster inflation, Sun Life’s Mr. Enriquez tagged the peso’s depreciation, worsening current account deficit and government execution of projects as the other key risks.

“There’s a lot of near-term potential disruptors, but over the medium-term, we continue to be constructive on equities market in general,” Mr. Enriquez said.

The analysts were overweight on banks because of rising interest rates, lower reserve requirement and fast loan growth.

The consumer sector may be “challenged” because of quickening inflation, and the infrastructure sector faces some “uncertainty” over how the government pursues big-ticket projects, they said.

“Whether the world is going up or going down, there are always opportunities out there. It’s only a matter of looking for them,” Philstocks’ Mr. Calaycay said.

Kuwait extends amnesty for overstaying OFWs

By Arjay L. Balinbin

The Kuwaiti government has granted the Philippines’ request to extend its amnesty program for Filipino workers who have overstayed their visa, Philippine Ambassador to Kuwait Renato Pedro O. Villa said.

In a statement on Tuesday night, Feb. 20, the Department of Foreign Affairs (DFA) confirmed that the “amnesty program for Filipinos in Kuwait has been extended by two months until April 22.”

The information, according to the DFA, is based on Mr. Villa’s latest report to Foreign Affairs Secretary Alan Peter S. Cayetano.

“Ambassador Villa informed the Secretary that the order for the extension of the three-week amnesty that was supposed to end on Thursday was signed today by Kuwait Interior Minister Sheikh Khalid Al-Jarrah Al-Sabah,” the foreign affairs department said.

This decision, according to the DFA, “came less than a week after Mr. Cayetano formally conveyed the extension request to Kuwaiti Ambassador Mousaed Al-Thwaikh in Manila.”

Mr. Cayetano said “the extension is being requested to allow the Embassy to accommodate more of the 10,800 Filipinos believed to have overstayed their visas or ran away from their employers as only close to 3,000 of those qualified have applied so far.”

“[The] DFA remains in close coordination with Labor Secretary Silvestre H. Bello III and the Department of Labor and Employment (DoLE) to ensure a successful outcome of negotiations with the Kuwaiti Government to improve protection mechanisms for the more than 250,000 Filipinos working there,” he added.

For his part, President Rodrigo R. Duterte said he is not yet ready to lift the OFW deployment ban to Kuwait.

“I’m not ready to lift it now. I was outraged by what happened there… We will have to come up with a[n] agreement. Like passports taken by the employer, no day off, they are only allowed to sleep for almost four hours, three hours, and sometimes their meals are garbage. These are the things that have to be sorted out before I will agree to deploy Filipinos outside,” Mr. Duterte said during his speech at the induction ceremony of the new board of directors of the Federation of Indian Chambers of Commerce Phils. Inc. (FICCI) held at the Malacañan Palace on Tuesday night.

The President also noted that the Philippines has been losing skilled workers.

“Problem is there are constructions that have stopped building and everything and even in my place, Davao, because we have lost our skilled workers. They are trained but they are all in the Middle East, so we do not have the workers now,” Mr. Duterte said.

He added that the government is currently “trying to entice [the skilled Filipino workers] to come back to the Philippines to work.”

[Come back to the shores…The Philippines is growing a little bit, moving faster than usual,” he said.

“So these are the things which should [be solved]. There’s a dearth of skilled workers. And it’s because of the many years of hardships, they were forced to migrate to other places,” the President added.

Inclusive development in focus at ADB meeting

THE PHILIPPINES will compare notes on inclusive growth best practices with some of the 66 other members of the Asian Development Bank (ADB) when the regional lender holds its annual meeting in Metro Manila this May, the Finance chief said on Tuesday.

Manila is likewise expected to enjoy some boost in tourism revenues, with about 3,000 delegates expected to fly in for the May 3-6 meetings to be held in the Ortigas business district.

“In the course of the deliberations, we hope to craft modes of development interventions that will be more inclusive… The Asia Pacific is now the center of gravity of the global economy and its most important growth driver,” Finance Secretary Carlos G. Dominguez III said at the launch of the event at the Ayuntamiento de Manila.

Mr. Dominguez chairs the ADB Board of Governors as Manila hosts the 2018 meetings. The Cabinet official is looking to share the country’s experience in enacting tax reform, which has been implemented starting this year.

In turn, the Philippines also seeks to learn best practices employed by other countries in addressing specific challenges or economic issues, as well as integrated Customs operations with other Southeast Asian countries.

The ADB’s 51st meeting will explore opportunities on “linking people and economies for inclusive development,” with a focus on tapping emerging technologies to uplift poor communities and provide sources of resilient growth.

“We also see a dynamic and increasingly complex development landscape emerging – rapid technological progress offering opportunities and challenges, climate change and environmental pressures, aging populations, urbanization and infrastructure gaps,” ADB Board Secretary Woochong Um said in a separate speech.

“The technology aspect is very much in the forefront of our discussion and how we can tap that to make development more inclusive.”

The Philippines last hosted the ADB annual meeting in 2012.

Mr. Dominguez said the government wants to remain “frugal” with a P90-million budget for this year’s events, much less than the P200 million spent six years ago.

Apart from advancing the development agenda, Mr. Dominguez said he also expects the hosting of these events to lift tourist arrivals and potentially usher in more foreign capital.

“All businesses in other countries start with tourism, and later on either decide to invest or live there,” Mr. Dominguez said.

“This is a first step for us… we certainly would put our best foot forward to show what’s available in the Philippines,” he added.

“We have a very good policy environment, a stable system of government, we have a workforce that is young and very well-educated — those are the things we want to display.”

Mr. Dominguez said ADB-related events will be concentrated within the Ortigas area in order to limit impact on traffic.

Mr. Um said the regional lender will maximize use of its headquarters by holding most of the breakout meetings there.

The ADB provided $1.08 billion in loans to the Philippines in 2017, which Mr. Um described as a record high.

“We hope to sustain and even surpass this level of assistance to the Philippines,” the official said.

Across Asia and the Pacific, the ADB has extended over $250 billion in grants and loans over the last 50 years.

ADB expects the Philippine economy to grow by 6.8% this year, faster than the 6.7% pace in 2017 but below the 7-8% target set by economic managers. — Melissa Luz T. Lopez

Gov’t partially awards T-bonds

THE GOVERNMENT made a partial award of fresh 20-year Treasury bonds (T-bonds) it offered yesterday as investors sought higher returns on the back of expected interest rate hikes by the local and US central banks.

At its auction on Tuesday, the Bureau of the Treasury raised just P8.853 billion out of the planned P20-billion borrowing from the fresh bonds maturing on Feb. 22, 2038.

Total tenders reached P22.766 billion, slightly more than the amount the government wanted to raise.

The 20-year bonds fetched a coupon rate of 6.5%, higher than the 5.035% average rate fetched during the last 20-year T-bonds auction in June 2017.

Had the government made a full award of the bonds, yesterday, the rate would have climbed to 7%.

At the secondary market yesterday before the auction, the 20-year papers were quoted at 7.0857%.

It fetched a higher rate of 7.1161% at the close of trading.

National Treasurer Rosalia V. De Leon said after the auction that banks sought higher returns due to the expected rate hikes from the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP).

“We see the expectations about…the Fed hike, and then domestically, we’re also waiting for the BSP to hike rates… So those were priced in,” Ms. De Leon said on Tuesday.

Market expectations on the Fed rate hike are buzzing ahead of the release of the January monetary policy minutes as jobs and household growth in the world’s largest economy remain solid.

Earlier this month, the Bureau of Labor Statistics reported that there were 200,000 new jobs in January, higher than the 180,000 market consensus.

Housing starts, or new homes to be constructed, rose by 9.7% to a seasonally adjusted annual rate of 1.326 million units last month.

Back home, market players are expecting a rate hike from the BSP as early as next month after the 4% inflation print in January.

For Finance Secretary Carlos G. Dominguez, III, who attended yesterday’s auction, the Treasury only wanted to set a rate for the benchmark papers.

“I think they just want to set the rate because the last time they did [the 20-year bonds] was nine months ago. No need for the money — they just want to set the rates,” Mr. Dominguez said.

Meanwhile, a trader said the market was “surprised” at the result of yesterday’s auction.

“Market was clearly surprised about the decision to award at 6.5% even if it is less than the total offer. This is now causing yields to go higher,” the trader said in a text message, noting that the five-year paper’s rate is now eight basis points up from its Monday close.

The Treasury plans to auction off P120 billion worth of Treasury bills and another P120 billion in T-bonds in the January to March period.

The total amount the government intends to borrow from the local market is higher than the P200 billion it offered in the last quarter of 2017. — K.A.N. Vidal

New POPI chief focuses on Tutuban Center upgrade

By Arra B. Francia, Reporter

THE HEAD of the Ayala Malls Group has been elected as the new president and chief executive officer of Prime Orion Philippines, Inc. (POPI), the owner and developer of Tutuban Center in Divisoria.

In a disclosure to the stock exchange on Tuesday, POPI said Maria Rowena M. Tomeldan has been elected to the company’s top post, replacing Jose Emmanuel H. Jalandoni. POPI cited “organizational movement” as reason for Mr. Jalandoni’s cessation from the position.

“The focus of the company is still improving Tutuban Center. We’re still at this point wherein we’re improving operations… On the existing buildings, improving amenities, bringing in new features, that’s the main focus. It’s operating the (Tutuban) Center better,” Ms. Tomeldan told BusinessWorld in a phone interview when asked about plans for POPI.

Ayala Land, Inc. (ALI) currently has a 55.2% stake in POPI. The property giant’s investments in POPI has allowed the company to redevelop the Tutuban Center in Divisoria Tutuban Complex, which has a gross leasable area of 60,000 square meters sitting on a 20-hectare property. POPI earlier said that it plans to double its leasable area and convert the property into a mixed-use development.

“There’s been a marked improvement in Tutuban in what they have to offer to customers, you’ll see that in terms of security, facilities, there’s a marked improvement, and we will continue to do that,” Ms. Tomeldan said.

Asked whether the company will convert the retail space similar to what it is doing in Ayala Malls, Ms. Tomeldan answered in the negative, noting that the focus will be on improving the center’s existing features.

“We operate as a wholesale and retail center, given its very strategic location,” the POPI executive said.

POPI swung to profitability in the first nine months of 2017, recording a net income attributable to the parent of P91.6 million, against an attributable loss of P394.3 million in the same period a year ago. The company’s revenues, meanwhile, dropped 32% during the same period to P452 million.

Shares in POPI added 31 centavos or 10.13% to P3.37 apiece at the close of the Philippine Stock Exchange on Tuesday.

SEC cautions public against investing in Unitynet

THE Securities and Exchange Commission (SEC) has advised the public against investing in Unitynet Corp., which has not secured the necessary license to solicit any form of investment.

In an advisory posted on its Web site last week, the SEC said it has received reports that Unitynet has been enticing people to invest P2,990 in the company in exchange for access to a system that will guide them on how to conduct business better.

The country’s corporate regulator clarified that Unitynet does not have the authority to engage the public into any form of investment scheme. While Unitynet has a primary registration as a corporation with the SEC, it does not have a secondary license that allows it to offer, solicit, sell, or distribute any investment or securities.

Further, the investment products sold by the company must also be registered with the SEC, as per the Securities Regulation Code.

“In view thereof, the public is hereby advised to exercise caution before investing in these kinds of activities and to take the necessary precaution in dealing with Unitynet Corp. or its representatives,” the SEC said.

Unitynet allegedly gives investors access to the Ascending Profit System (APS) for an investment of P2,990. Originally priced at P70,000, this system contains items such as the 10 Steps Training Kit and One-on-One Coaching.

Through the APS, Unitynet will train investors on how to recruit or sponsor more downlines into their network marketing business, how to sell products online effectively, and how to promote their traditional businesses.

The SEC said that Unitynet tells prospective investors that they can earn as much as P11,000 for the investment, provided that they join the company immediately as there are limited slots. A member of Unitynet will also earn P1,000 for every person he refers into the system.

The methods of recruitment are primarily done online through a member’s social media account or Web site, where members are told to upload videos with catchy titles such as “Gusto mo bang kumita ng extrang P10,000?”

The SEC warned those who act as salesmen, brokers, dealers, or agents of Unitynet may be held criminally liable as per Section 28 of the SRC, in addition to a fine of up to P5 million or a penalty of 21 years in prison.

The commission may also sanction those who simply invite or recruit people into Unitynet.

The SEC added that any information relating to Unitynet should be immediately reported to its Enforcement and Investor Protection Department. — Arra B. Francia

Price of luxury condos in BGC skyrockets to all-time high — report

PRICES of high-end residential condominiums in key business districts soared to all-time highs last year, with units in Bonifacio Global City commanding as much as P300,000 per square meter (sq.m.), according to a property consultant.

Leechiu Property Consultants (LPC) said luxury condominium units in BGC start at P159,125 per sq.m. and go for as much as P302,588 per sq.m.

Residential units in Makati City have the second highest rates, ranging between P164,600 to P294,827 per sq.m.

“There’s so much liquidity in the market that it’s pushing the prices of these properties,” LPC Chief Executive Officer David Leechiu said in a press briefing in Makati on Monday.

LPC cited some high-end condominiums that have appreciated in value since their launch. Ayala Land, Inc.’s 12-hectare development called One Serendra in BGC, for instance, has doubled its value to P220,000 per sq.m. from P108,000 per sq.m. when it was unveiled in 2008.

Arthaland Corp.’s Arya Residences, also in BGC, is now valued at P220,000 per sq.m. from just P83,000 when it was launched in 2009.

Mr. Leechiu noted the surge in prices may also be attributed to the number of foreign investors who came into the market last year, snapping up properties mostly for investment purposes.

“Last year was the bulk of the foreign investment in the Philippines in terms of property. The mainland Chinese are buying everywhere, as far as Bulacan. They’re buying condos like crazy… The reason why they’re doing this is because Manila reminds them of Shanghai, Beijing 25 years ago,” Mr. Leechiu said.

Condominiums in the Bay Area in Pasay City have also become attractive for investors due to the growing presence of Philippine Offshore Gaming Operators (POGOs).

“Foreigners rent it out to the POGO companies,” Mr. Leechiu said, citing how POGOs with around 50,000 employees would need at least 12,500 units.

“And that’s in addition to the domestic demand,” he added.

At the same time, LPC also reported all-time high prices for luxury lots in the country.

Lots in Dasmariñas Village in Makati City, for example, are now valued at P374,000 per sq.m. With the smallest cut of around 700 sq.m. sold in the gated subdivision, the minimum spend of a buyer for a single lot could go as high as P261 million. This is 316% higher than the price of P70,000 per sq.m. in 2010.

Prices of lots in Forbes Park in Makati City, meanwhile, shot up by 275%, or P300,000 per sq.m. from just P65,000 per sq.m. six years ago.

“The supply will keep driving prices up. As the economy keeps expanding, this supply will become a smaller proportion of affordability, that’s why it will keep going up,” Mr. Leechiu said. — Arra B. Francia

Bank of Japan likely to stay on path to ‘virtual normalization’

THE Bank of Japan (BoJ) will likely continue its “virtual normalization” of monetary policy under its new leadership, former board member Takahide Kiuchi said. The appointment of reflationist Masazumi Wakatabe as a deputy governor is unlikely to change the course of policy toward additional easing, as some in the markets are speculating, Kiuchi said on Bloomberg TV on Tuesday.

The nomination of Executive Director Masayoshi Amamiya to the other deputy governor position is more important when gauging the course of monetary policy, Kiuchi said.

“The nomination of Amamiya means that the current virtual normalization policy is likely to continue,” he said, explaining that Amamiya is very influential among BoJ policy makers.

Kiuchi staunchly opposed much of Governor Haruhiko Kuroda’s easing program. His term ended last year.

The BoJ has been reducing its bond-buying since implementing its yield-curve control policy in 2016, a trend some have called de facto tapering.

One particular cut in bond purchases in January heightened speculation about policy normalization. Rising global yields have also led some observers to say the BoJ could move its yield target higher.

Prime Minister Shinzo Abe last week nominated Kuroda for another five-year term at the helm of the central bank, and Wakatabe and Amamiya as deputy governors. The nominations are subject to confirmation by parliament, but Abe’s coalition enjoys a strong majority.

It’s important to note that Abe nominated Kuroda even though the governor has failed to meet the BoJ’s 2% inflation target, Kiuchi said.

That means the government is more focused on the stability of financial markets and sustaining the economic recovery than actually achieving 2% inflation, he said.

While it’s hard for the BoJ to talk officially about an exit because 2% inflation hasn’t been achieved, and because the yen would likely strengthen as a result of such talk, the central bank will continue to look for ways to normalize policy without describing it as normalization, Kiuchi said.

One possibility is switching its yield-curve target to 5-year government bonds from 10-year bonds, Kiuchi said. The central bank could say it’s keeping the shape of the yield curve at the most stimulative for the economy without saying it’s starting to exit, he said. Such a step could take place this year, he said. — Bloomberg

Phoenix and Blackwater in all-important game today

By Michael Angelo S. Murillo
Senior Reporter

THE Phoenix Fuel Masters and Blackwater Elite, two teams that had a promising start in the ongoing PBA Philippine Cup, battle in an all-important game today at the Smart Araneta Coliseum whose result could well determine if they advance to the next round of the competition or not.

Set for 7 p.m., the Fuel Masters (4-5) and Elite (4-6) shoot for the key win in their main game encounter to boost their chances of booking a place in the quarterfinals of the season-opening tournament of the Philippine Basketball Association (PBA) even if they could well end up in seventh or eighth place and having to overcome a twice-to-win disadvantage in the quarters.

Phoenix, which won two of its first three games in the tournament, is coming off a loss its last game against the Meralco Bolts, 92-90, a match that could have helped it a lot had it come away with a victory.

While they fought resilient against the Bolts to pad their cause, the Fuel Masters just could not complete the task in the end as Meralco hung on tight to claim the win.

Veteran Willy Wilson led Phoenix with 24 points while sophomore Matthew Wright added 16 points before fouling out in the loss.

Despite falling short last time around, Fuel Masters coach Louie Alas is still bullish of their chances of advancing to the quarterfinals, saying their “fate is still in their hands.”

“We’re still in contention for a quarterfinal spot despite the loss [to Meralco]. The good thing about this is that our fate is still in our hands. The top six may be out of our reach at this point but we intend to see our goal of reaching the quarterfinals through,” said Mr. Alas.

Unfortunately for Phoenix it has to play today’s game sans Mr. Wright, who is with Gilas Pilipinas as it takes on Australia in a FIBA World Cup Qualifier away match on Thursday.

LOSE AND OUT
For its part, Blackwater is in a more precarious situation heading into today’s game as a loss translates to automatic exit.

Playing their last game in their elimination assignment, the Elite, who also won two of their first three games before hitting a major road block midway into the tournament, are in a must-win situation after dropping their previous game against the NLEX Road Warriors, 93-90, that pushed them on the brink of elimination.

Blackwater was pretty much in control of the contest against NLEX until the latter made a furious run in the payoff quarter to propel itself to the victory and deal a huge blow to the Elite’s playoff hopes.

Michael DiGregorio led Blackwater with 16 points with JP Erram adding 14 and Allein Maliksi 13.

Like Phoenix, Blackwater will be playing with one less key stalwart as Mr. Maliksi is also with Gilas Pilipinas.

Meanwhile, playing in the opener at 4:30 p.m. are the GlobalPort Batang Pier (4-5) and Kia Picanto (1-8).

The Batang Pier is gunning for win number five in their penultimate elimination round assignment that would allow them to remain in the hunt for a spot in the quarterfinals.

Kia, for its part, is already eliminated in the race and is out to have a better finish in the tournament.

Enriching Filipino artists

FOR printmaker Ambie Abaño, her six months spent in the United States on printmaking fellowships was “enriching.”

“I lived alone in a studio in New York. If I wanted to work, then I’d take the train to my art studio in Brooklyn. I designed my own program… All the artists would have to open their studios [to the pubic] at a designated period and put up a solo exhibition. So, I prepared for that, and I had to go to the [art] studio almost every day,” she told BusinessWorld of her three-month International Studio and Curatorial program (part of her printmaking training). Then for another three months, Ms. Abaño trained at the Robert Blackburn Printmaking Workshop for lithography (printmaking done on limestone).

All of this was possible because she was an Asian Cultural Council (ACC) Fellowship program grantee in 2012. The fellowship program offers residency programs for visual artists where an organization provides for the grantees’ studio space and programs where they meet and collaborate with other artists.

“What they want to support you for is the broadening of your exposure and experience so that you’ll learn from it, expanding your network, engaging with artists of [a] different culture, and being exposed to the art that’s being presented by New York and other parts of America,” Ms. Abaño said of her experience as an ACC fellow. “If I had not gone, I would not have this way of looking at life or looking from a point of view of a Filipino who has gained a wider sense of self [in being Filipino].”

THE AUCTION
In support of the ACC Philippines Fellowship program and its scholars, its annual benefit auction at the Leon Gallery in Makati City will be held on March 3, 2 p.m.

Up for auction are Jose Joya’s Space Transfiguration, Anita Magsaysay Ho’s 1960 painting Tahip, several paintings by National Artist Fernando Amorsolo, antique furniture from the collection of Ramon Villegas, and a 32-inch ivory crucifix from the 17th century.

In addition to all that, three letters by Andres Bonifacio to Emilio Jacinto at the time of the Tejeros convention and documents signed by Bonifacio acquired from the estate of Epifanio de los Santos also join the lineup of materials at the auction.

A week-long preview of the auction pieces will begin on Feb. 24 at the Leon Gallery. Some pieces will also be displayed at the ACC-Leon Gallery booth (No. 14) at the upcoming Art Fair Philippines at The Link carpark in Makati City from March 1 to 4.

ASIAN CULTURAL COUNCIL
The Asian Cultural Council (ACC) is a nonprofit organization that awards fellowships and grants to individuals and organizations to foster an Asia-US exchange in the arts. Since 1963, it has provided support to over 400 art scholars in 17 art fields from 26 countries.

The Asian Cultural Council Philippines Foundation, Inc. (ACCPFI) has held fund-raising campaigns to support the ACC Philippines Fellowship program since its institution in 2000. It aims to uphold “ACC’s vision of promoting cultural exchange and international dialogue, understanding, and respect while advancing the development in Filipino artists.”

“The ACC lives strictly to give help and grants to local Filipino artists who want to broaden their horizons by engaging in further studies in the United States,” ACCPF Chairman Ernest Escaler said during a press launch on Feb. 7 at the Milkyway Café in Makati City.

Filipinas Heritage Library associate manager (curator) Faye Cura is one of this year’s ACC Fellowship program grantees. “I’ll be an intern for three months at the Library of Congress in Washington DC at their exhibitions department. For the other half of my grant, I’ll be observing history museums and library exhibitions in New York,” Ms. Cura told BusinessWorld of her upcoming fellowship program.

“Curation of library collections in the Philippines is not as established compared in America wherein they have exhibits that showcase their library collection. I want to study how that can be done in the Philippines,” Ms. Cura said in a mixture of English and Filipino, citing that only a few libraries in the country mount collection exhibitions.

“Firstly, we only have a few libraries in the Philippines. Secondly, very few libraries exhibit their collections… Content is very few, and [I think] we would still be able to enrich that.”

Ms. Cura is set to leave for the US in April for her six-month ACC Fellowship program on museum studies.

Leon Gallery is located at G/F Eurovilla 1, Rufino Corner Legaspi Sts., Legaspi Village, Makati City. For more information, visit www.leon-gallery.com/asianculturalcouncil.org/artfairphilippines.com. — Michelle Anne P. Soliman

UAAP ‘avian war’: Lady Eagles vs Lady Falcons

By Michael Angelo S. Murillo
Senior Reporter

“AVIAN” teams in the University Athletic Association of the Philippines (UAAP) collide today as the Ateneo Lady Eagles take on the Adamson Lady Falcons in the curtain-raiser at 2 p.m. of women’s volleyball play at the FilOil Flying V Centre in San Juan City.

Both sporting identical 2-2 records, the Lady Eagles and Lady Falcons are out to break away from the log jam with one another and two other teams and move up in the standings as the first round of the eliminations hits the halfway point.

Playing in the main game at 4 p.m., meanwhile, are the defending champions De La Salle Lady Spikers (3-1) against the still-winless University of the East (UE) Lady Warriors (0-4).

Ateneo is currently on an ascent, having won two straight matches after starting Season 80 with back-to-back losses.

The latest of the Lady Eagles’ victories was over UE on Feb. 17, winning in four sets, 21-25, 25-18, 25-21 and 25-14.

They struggled early against the Lady Warriors, showing the kinks that go with teams in transition, but managed to right their ship as the match progressed en route to booking the win.

Jhoanna Maraguinot paced the Ateneo attack with 20 points, 17 from attacks, with skipper Maddie Madayag adding 12 points.

Bea De Leon and Kat Tolentino each had 10 points for the Lady Eagles while Ponggay Gaston had nine.

“We did not play well in the first set. It’s like we were out of focus and was just not enjoying ourselves out there. But we picked it up as the game moved on,” said Madayag after their win as she touched on their slow start.

She went on to say that the team hopes to build on its current winning run and put itself in better position to compete as the tournament rolls.

BACK ON THE WINNING TRACK
Adamson, meanwhile, looks to go back on the winning track after being tripped by University of Santo Tomas last time around.

Won their previous two matches, the Lady Falcons were rolled over by the Golden Tigresses in straight sets, 25-9, 31-29 and 25-19, in their match on Sunday.

Adamson was kept at bay by UST for much of the time and just could not get the lift it needed to stretch its winning run.

Jema Galanza was the lone Lady Falcons in double digits with 10 points.

In other news, National University’s Jaja Santiago was once again named UAAP player of the week after she led the Lady Bulldogs to a big five-set win over La Salle in their battle of unbeaten teams last Sunday.

The graduating player tallied 27 points, 20 from attacks, four block and three service aces, to help her team survive the Lady Spikers, 26-24, 19-25, 22-25, 25-17 and 16-14.

In winning the weekly award, Santiago edged out Sisi Rondina of UST, Bernadeth Pons of Far Eastern University, Dawn Macandili of La Salle, and Ateneo’s Madayag.

All in the Volante family

HIS six-inch red boots and perfect makeup are making a comeback on stage as singer Nyoy Volante reprises his role as the drag queen Lola for Kinky Boots’ limited encore run on March 2 to 18 at the Carlos P. Romulo Auditorium in Makati City.

Mr. Volante will be joined on stage by his wife, Mikkie Bradshaw-Volante, who would do his makeup when Kinky Boots had its successful and sold-out run in July 2017.

“When I was doing his makeup, I would get a chance to watch the show a lot. So I think, whether I had intended to learn the role or not, it was already engraved [in me],” she said.

Ms. Bradshaw, a theater actress, will play as Lauren, the shoe factory employee who falls in love with Lola. Ms. Bradshaw replaces Yannah Laurel who had prior commitments with Resorts World Manila’s Chitty Chitty Bang Bang, which is also returning to the Newport Performing Arts Theater stage from Feb. 22 to March 25 after a successful run last year. It just so happens that the Volantes’ daughter, Sofie, is part of the ensemble of the musical about a family and their magical car.

It’s not the first time that the off-stage partners are working together on stage — they previously played a couple who got divorced in Atlantis Productions’ Jersey Boys.

“It’s nice to have an extra pair of eyes for feedback. We’re always critical of each other, but it’s not to say that we’re directing each other,” said Ms. Bradshaw of their partnership.

The Fil-Am actress said she corrects her husband’s intonations on set. “It’s my job to nitpick, to fine tune things,” she said of her husband who is 13 years her senior.

Asked if Mr. Volante is open to doing straight plays — after all he has a wife for a coach — he said he’d rather not because he is too lazy to memorize scripts.

While it is easier to rehearse a rerun, Mr. Volante — whose amazing performance as the drag queen Lola wowed the critics — said that he will make little changes in this version of his role.

“Reruns usually evolve in a good way, because you are left with a certain number of months to study the role more. ‘Dapat pala ganito ginawa ko, dapat ganyan (I should have done this, or that).’ So you apply it,” he said, adding that he’ll be fine-tuning the comedic parts of the show.

Is there any pressure on him to maintain the success of Kinky Boots? “I’m just gonna do the thing that’s assigned for me to do — which is to dance, sing, and act. As far as it is being a hit, it is not just me working eh, but it’s a collaboration with the rest of the crew. I’m not going to put pressure on myself, but I am sure to up my game,” said Mr. Volante.

He said he was initially scared to do the role of Lola because he might offend the LGBTQ community. “I thought na baka mabastos ko sila (I thought they might find me discourteous), but fortunately they liked it. From there, nagkaron ako ng (I gained) new knowledge and opening of my mind about them. I may be not one of them, but I am with them,” he said.

Directed by Bobby Garcia, Kinky Boots tells the story of Charlie Price (played by Laurence Mossman) who inherits a shoe factory, which he does not like and know nothing about. But the business needs to stay afloat. He meets — fortuitously — Lola, a transvestite cabaret performer who not only inspires him to produce kinky footwear, but encourages him to follow his dream and become who he wants to be. — Nickky Faustine P. de Guzman

Kinky Boots will run from March 2-18 at the Carlos P. Romulo Auditorium, RCBC Plaza, corner Ayala and Gil Puyat Aves., Makati City. Tickets and schedules are available on Ticketworld (www.ticketworld.com.ph).

1...11,54511,54611,547...12,774Page 11,546 of 12,774
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube