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Get Up, Stand Up! UNESCO declares reggae a global cultural treasure

PARIS — UNESCO has declared reggae, the Jamaican music that spread across the world with its calls for social justice, peace and love, to be a global treasure that must be safe-guarded.
Born in the poor neighborhoods of Kingston in the 1960s, reggae reflected hard times and struggle but could also be joyous dance music with its distinctive off-beat.
Its most famous songwriter and performer, the late Bob Marley, became a global superstar with hits like “No Woman, No Cry” and “Get Up, Stand Up.” Other notables include Jimmy Cliff and Toots and the Maytalls.
Artists such as the Clash incorporated its chunky beat and its politics into their own music, bringing it to a wider audience. It caught on from Britain to Brazil and Africa.
“Its contribution to international discourse on issues of injustice, resistance, love and humanity underscores the dynamics of the element as being at once cerebral, sociopolitical, sensual and spiritual,” UNESCO said in a statement.
The Paris-based UNESCO, the cultural agency of the United Nations, made its ruling at a meeting last week. — Reuters

Flexible workspace trend seen to continue in next three years

A SHIFT towards flexible workspaces by multinational companies (MNCs) is one of the trends that defined the Philippine property market in 2018, according to real estate services provider Santos Knight Frank, Inc.
During a media briefing last Nov. 23, officials of Santos Knight Frank cited a recent study showing 69% of MNCs are planning to increase their use of co-working spaces and 80% are expecting to grow the collaborative spaces they use over the next three years.
The study also showed 44% of companies said a fifth of their office space would be allocated as flexible spaces.
The Philippines currently has 110 co-working locations in Metro Manila, with each taking up 2,000 square meters (sq.m.) to 5,000 sq.m. per transaction.
The growth of these co-working spaces in the last two years was fueled by the companies’ need for flexibility.
Francis S. Gono, Santos Knight Frank director for occupier services and commercial agency, said these flexible spaces boost employee experience and learning. In return, employees are better able to deliver services to customers, which translate into improved company performance.
“It’s a workplace that fosters collaboration and growth of ideas not just delivery. So, what happens when employees get the proper workplace experience they stay… because they enjoy their work, they are happy… they learn more, and when they learn more, they are able to put the proper service at the proper time…” Mr. Gono said.
“The customer gets what he wants and the employees are happy and they stay and companies are able to deliver,” he added.
He noted workplaces are evolving right now, with companies partnering with co-working space providers to transform their offices into something where there will be more “collaboration” among employees.
“We see this as a trend and we see this as a continuing trend in the country,” Mr. Gono said.
Rick M. Santos, chairman and chief executive officer of Santos Knight Frank, noted the “sunrise idea” of co-working space is seen to further rise as other service providers, like We Work, expand in the country.
Mr. Santos said co-working companies will be account for a third of office take-up in the country in the next three to five years. — Vincent Mariel P. Galang

AEV subsidiary obtains P9-B loan for bulk water project

By Victor V. Saulon, Sub-editor
ABOITIZ EQUITY Ventures, Inc. (AEV) on Monday said it is borrowing P9 billion from several banks for its bulk water project in Davao City.
In a disclosure to the stock exchange on Monday, the listed conglomerate said subsidiary Apo Agua Infrastructura, Inc. signed an omnibus notes facility and security agreement for the P9-billion loan with a consortium of lender-banks.
The loan will be used for the Apo Agua project, a bulk water system with a capacity of treating 347 million liters of water per day, and an integrated 2.5-megawatt hydro-electric power plant.
“This is our first bulk water project. But we’re looking in quite a few,” AEV Chief Financial Officer Manuel R. Lozano said in an interview ahead of the signing of the loan agreement.
He said the Apo Agua project is now underway, with the engineering, procurement and construction (EPC) contract signed.
“Very soon, we’ll be ordering a lot of equipment,” said Mr. Lozano, who is also AEV chief information officer. “Once we signed the EPC [contract], I guess that’s the trigger.”
Aside from the bulk water project, AEV also has a stake in water distribution in San Fernando, Pampanga and in Malvar, Batangas.
“In water, [either] you’re the bulk supplier or you’re the distributor. In this particular case, we’re the source of the water. We’re delivering it to Davao City Water District, and sila ang nagdi-distribute (they distribute),” Mr. Lozano said.
“We need more bulk water projects, maybe desalination, maybe other types of ways to get clean potable water. So this is our first but we have a team that’s focused on water and they’re looking at several other projects as well. I cannot tell you for sure if it will happen in the next year or so, but definitely we’re trying. We’d like to have more,” he added.
Mr. Lozano said AEV is not focused on a specific area in the Philippines for its next water project, but the provinces and cities surrounding Davao City would be ideal.
“But the reality is we’re looking in the Visayas, we’re looking in Luzon, sa tingin ko (in my view) wherever the opportunity comes because I really think the issue is there’s demand across the Philippines,” he said.
For the Apo Agua loan facility, the consortium of lender-banks is composed of BPI Capital Corp. as mandated lead arranger and bookrunner; China Bank Capital Corp. as join lead arranger; Bank of the Philippine Island, China Banking Corp., Development Bank of the Philippines, and Bank of Commerce as initial note holders; and BPI Asset Management and Trust Corp. as trustee and notes facility agent.
AEV has partnered with JV Angeles Construction Corp. for the bulk water project as it builds expertise in the water sector.
“We’ve been doing hydro-electric projects for many years. So we have some expertise in managing the distribution of water, building the pipes. But we don’t have the construction expertise, that’s where JV Angeles comes along,” Mr. Lozano said.
On Monday, shares in AEV rose 1.34% to close at P52.90 each.

Actress Priyanka Chopra and singer Nick Jonas to marry in traditional Hindu ceremony

MUMBAI — US singer Nick Jonas and Quantico actor Priyanka Chopra were to be married in a traditional Hindu ceremony yesterday, the culmination of a three-day long wedding celebration that featured cricket matches and Bollywood songs, all taking place in a heritage Indian palace atop a hill.
The couple exchanged vows in a Christian ceremony on Saturday, wearing custom-made Ralph Lauren clothes, and later shared pictures on their social media of a pre-wedding ritual, the mehendi ceremony, which involves applying henna on the bride’s hands as a good omen.
“One of the most special things that our relationship has given us is a merging of families who love and respect each others’ faiths and cultures. And so planning our wedding with an amalgamation of both was so so amazing,” Bollywood actor Ms. Chopra wrote on her Instagram account.
The pictures showed the couple laughing and surrounded by family and friends, as an artisan applied henna on Ms. Chopra’s palms.
On Sunday, Ms. Chopra shared a picture and a two-second video of a cricket match, captioning it “team bride vs team groom #cricket.” Indian media reported that at another pre-wedding function, guests and the bride and groom danced to Bollywood songs, including some of Ms. Chopra’s biggest hits.
The couple have been tight-lipped about the details of the actual wedding, and representatives for the couple remain unreachable for comment. They are scheduled to host a reception in New Delhi on Tuesday.
The venue of the wedding, the Umaid Bhavan palace in the heritage north Indian city of Jodhpur, has been cordoned off to the public, and Indian media reported that the couple had asked guests not to carry cellphones to any of the ceremonies.
The palace is home to the Jodhpur royal family, and is believed to be the world’s sixth largest private residence. Part of the palace has been converted into a Taj heritage hotel with peacocks roaming 26 acres of landscaped gardens.
A night’s stay in the Grand Presidential suite can cost more than 500,000 rupees ($7,168), according to the hotel website.
Ms. Chopra, 36, and 26-year-old Mr. Jonas were engaged earlier this year after a whirlwind courtship that began at an Oscars after-party last year.
Ms. Chopra, who headlined three seasons of the ABC crime drama Quantico, is one of Bollywood’s biggest female leads with acting credits in several big-ticket films.
Nick and his brothers Kevin and Joe formed a pop-rock band, The Jonas Brothers, in 2005 and soared to fame as members of Disney’s stable of teenage stars. The band split up in 2013. — Reuters

Northpine’s lifestyle hubs

NORTHPINE Land, Inc. (NLI) recently opened a lifestyle complex within its Cavite residential community, and is on track to complete the lifestyle hub in its Pampanga community by 2019.
In statement, the developer said the lifestyle complex in Kohana Grove in Silang, Cavite was opened last August. The 4,000 square meter (sq.m.) complex features a multi-purpose hall, a viewing deck, a basketball court, a play area, and a swimming pool.
“The Lifestyle Complex will surely provide a more conducive avenue for the homeowners to live life in full bloom. This is yet another courageous move by NorthPine Land as we continuously design and construct lifestyle amenities that improve the quality of life,” said Ferdinand M. Macabanti, general manager of NLI, in a statement.
NorthPine is also targeting to open the lifestyle hub in Montana Views in San Fernando, Pampanga by the fourth quarter of 2019. The 4,000 sq.m. hub will have a basketball court, a fitness center, and a playground.
It will also have a WiFi equipped lifestyle center with an air-conditioned functional hall, multi-purpose area, playroom, entertainment room, and a snack bar.
“In over 20 years, NorthPine Land remains as a groundbreaker of innovations. We create lifestyle options that enhance the quality of living. This Lifestyle Hub is probably one of the best amenities NorthPine is bound to create. We are very excited to see this rise in the near future,” Mr. Macabanti said. — V.M.P.Galang

Gov’t makes full award of T-bills with offer twice oversubscribed

THE GOVERNMENT made a full award of the Treasury bills (T-bill) it auctioned off on Monday, with the rate of the longest tenor even slipping a tad as investors expect inflation to decelerate.
The Bureau of the Treasury (BTr) borrowed P15 billion as planned at its T-bills auction yesterday. Total tenders from market participants reached P35.583 billion, higher than the P29.28 billion fetched at last week’s auction and over two times the offer.
Broken down, the government borrowed P4 billion as planned via the 91-day tenor yesterday as tenders reached P6.805 billion. The average rate for the papers went up 9.9 basis points (bp) to 5.394% from the 5.295% fetched at the auction last Nov. 19 and from the full rejection the Treasury made for the tenor last week.
For the 182-day bills, the Treasury borrowed P5 billion as planned out of total bids totalling P12.998 billion. Its average yield increased 1.1 bps to 6.305% from last week’s 6.294%.
The government also made a full award of the 364-day papers, accepting the programmed P6 billion out of total offers amounting to P15.78 billion. The average yield, on the other hand, declined 4.3 bps to 6.507% from the 6.55% quoted in the previous offer.
Based on the PHP Bloomberg Valuation Service Reference Rates, the three-month, six-month and one-year papers were quoted at 5.497%, 6.245% and 6.5872% yesterday, respectively.
National Treasurer Rosalia V. De Leon said the Treasury was pleased with the auction’s oversubscription.
“It’s very timely given that the market analysts’ [inflation] consensus is at 6.3%. [The market is expecting] that inflation is already going down,” Ms. De Leon told reporters yesterday.
Inflation is widely expected to have slowed in November from a nine-year peak on the back of lower oil prices and improved food supply.
A BusinessWorld poll among 14 economists yielded a 6.3% median estimate for the month, slower than the actual 6.7% print in September and October.
The median also falls within the 5.8-6.6% estimate range of the Bangko Sentral ng Pilipinas (BSP).
“They would also lock in already the rates at these levels since the inflation continues a downward trajectory,” Ms. De Leon said. “Given the price pressures have receded, there’s a case already for the Monetary Board to take a pause in monetary tightening.”
The BSP’s policy-setting Monetary Board has raised key rates by a cumulative 150 bps since May to arrest inflation expectations.
Ms. De Leon added that the US Federal Reserve is expected to pause its tightening following the pronouncements of Fed chief Jerome Powell that its rates are close to neutral.
“I think the Fed wants to see the impact of the rate hikes to the economy since there is a lag effect in terms of its effects.”
Meanwhile, a bond trader said the result of yesterday’s auction was within expectations as rates moved sideways with an upward bias.
“The rate for the one-year papers slid due to higher demand in the longer tenors,” the trader said in a phone interview. “Most probably, we can expect the same demand until the yearend. Ganyan na ang (That’s going to be the) demand on the short tenors.”
The Treasury is raising P270 billion from the domestic market this quarter through auctions of securities, offering P180 billion in T-bills and another P90 billion in Treasury bonds.
The government plans to borrow P888.23 billion this year from local and foreign sources to fund its budget deficit, which is capped at 3% of the country’s gross domestic product. — K.A.N. Vidal

Telco line issues delay PHL stock market opening for nearly 1 hour

TRADING AT the local stock market was delayed for almost an hour on Monday due to telecommunication line issues, according to a top official.
The Philippine Stock Exchange (PSE) started trading at around 10:15 a.m. yesterday, 45 minutes later than its scheduled daily opening of 9:30 a.m.
“It was a telecommunication line issue,” PSE Chief Operating Officer Roel A. Refran said in a text message, clarifying that a security breach did not cause the delay.
“We are already up and running and all systems are in order. We will observe the regular trading schedule,” Mr. Refran said in a message upon the market’s opening.
The PSE officially opens trading activities at 9:30 a.m. A 1.5-hour recess is observed from 12 noon to 1:29 p.m., after which trading resumes until the market closes at 3:30 p.m.
The benchmark PSE index closed 2.24% higher on Monday, rallying to 7,532.90 after United States President Donald J. Trump and Chinese President Xi Jinping agreed on a 90-day truce on their ongoing trade war.
Mr. Trump had earlier planned to hike tariffs to 25% from 10% on $200 billion worth of Chinese goods by Jan. 1, 2019, but agreed to delay its imposition following negotiations with Mr. Xi at the G20 Summit in Argentina over the weekend. — Arra B. Francia

Hamilton creator Lin-Manuel Miranda gets Hollywood star

HOLLYWOOD — Hamilton musical creator Lin-Manuel Miranda (center) rapped his way down memory lane on Friday as he was given a star on the Hollywood Walk of Fame.
The multiple Tony, Emmy and Grammy winner unveiled his pink and bronze star outside the Pantages Theater in Hollywood, where he recalled performing in his first hit musical, In the Heights, in 2010.
“I feel like I’m dreaming,” Mr. Miranda, 38, said at the ceremony. “It means the world to me that my star is outside this incredible theater.”
Singing the lines from the opening song of In the Heights, about life in a Latino neighborhood in New York City, Mr. Miranda rapped, “I am Usnavi and you prob’ly never heard my name/Reports of my fame are greatly exaggerated.”
He added, laughing,“Reports of my fame are still probably exaggerated.”
Hamilton, the rap musical in which African-American and Latino actors play the founding fathers of the United States, won a Pulitzer prize and is currently the most successful show on Broadway, with productions also in London, Chicago. and a US national tour.
Mr. Miranda has also been busy with other projects. He is co-starring in the upcoming movie Mary Poppins Returns, he co-wrote the music for the animated film Moana, and he is working on a new musical movie version of The Little Mermaid.
He has used his fame to raise money for 2017 Hurricane Maria relief efforts in Puerto Rico, the home of his grandparents.
“In spite of his astronomical success, he has somehow managed to remain a sweet, humble, down-to-earth guy,” comedic singer-songwriter “Weird Al” Yankovic said at the ceremony.
Puerto Rican actress and singer Rita Moreno echoed that sentiment. “You are the real deal,” she told Mr. Miranda. “Your energy is boundless, your heart is in the heights. You are such a sweet and caring human being.” — Reuters

‘Green’ JEG Tower to rise in Cebu

JEG Development Corporation is currently developing one of Cebu City’s few “green buildings” — JEG Tower @ One Acacia.
The Grade A office and retail building has already been recognized by Leadership in Energy and Environmental Design (LEED) with a pre-certified Silver rating. It will be turned over by the first quarter of 2020.
Located next to BPI Corporate Center in Ayala Cebu, JEG Tower @ One Acacia will utilize less water, energy, and emit less greenhouse gases. It will have an “enhanced interior space for maximum views and natural lighting” to reduce energy costs.
“We’re happy that going green in our industry has become a global trend. Hearing about the number of projects that are getting certified by LEED assures us that we are heading in the right direction. Through JEG Tower @ One Acacia, we hope to encourage ourselves and other developers to push for a more sustainable approach to architecture and design,” JEG Development Chief Operations Officer Marko Sarmiento was quoted as saying in a statement.
The project is a collaboration among JDC One Acacia Corporation, KMC Savills, Arcadis Philippines, and Casas + Architects.

UnionBank upsizes peso-denominated bond issue

UNIONBANK of the Philippines has increased the issue size of its maiden peso-denominated bond issue to accommodate demand from investors.
In a disclosure to the local bourse Monday, the Aboitiz-led UnionBank said it increased the size of its peso bond issuance to P11 billion from the P10.5 billion set previously.
The total amount that the bank is set to raise is more than double the P5 billion it initially intended to issue.
“To accommodate additional demand from retail investors, UnionBank has decided to further increase the final bond issue size,” the lender said in the disclosure.
The two-year debt papers carry a coupon rate of 7.061% per annum to be paid quarterly.
The fixed-rate bonds were priced at 30 basis points over the two-year PHP Bloomberg Valuation Service government benchmark rates quoted on Nov. 21.
In a disclosure last week, UnionBank Chief Financial Officer Jose Emmanuel U. Hilado said proceeds from the bond issuance “will help support our strategic business expansion plans, while providing a new shorter-dated investment instrument to our institutional and retail clients.”
The offering marks the first tranche of the bank’s P20-billion bond and commercial paper program approved by UnionBank’s board last Aug. 31.
Banks can now raise funds with greater ease through corporate bonds as new central bank regulations do away with having to secure approval from them.
Metropolitan Bank & Trust Co. is looking to raise an additional P5 billion through another tranche of offering after raising P10 billion.
Bank of the Philippine Islands also raised P25 billion through the fixed-income debt papers, marking the first part of its P50-billion program.
UnionBank booked a P6.1-billion net profit in the first nine months, lower than the P6.4 billion recorded a year ago, due to increasing interest rates and its inability to issue credit for teachers.
Shares in UnionBank went down 50 centavos or 0.74% to close Monday’s session at P67.20 apiece. — Karl Angelo N. Vidal

Grab Philippines teams up with IDOOH

GRAB PHILIPPINES is installing interactive tablets in its cars, as part of the deal with IDOOH International.

GRAB PHILIPPINES (MyTaxi.PH, Inc.) said on Monday it is partnering with media technology company IDOOH International for the distribution of in-car display tablets in its vehicles.
The on-demand transport company said in a statement the partnership will support its online-to-offline advertising platform GrabAds.
In the case of its deal with IDOOH, Grab said this will involve interactive 10-inch tablets mounted inside Grab cars. The devices will serve an e-commerce function and will display news, lifestyle, entertainment and other branded content.
Grab has started diversifying its business to transform the ride-hailing platform into an “everyday app.”
“As an everyday app, we always look for ways to improve the experience of both passengers and drivers. Thanks to our partnership with IDOOH, passengers will be able to discover, engage with, and receive deals from quality brands,” Grab Philippines head for business Steven Martin Luchangco said in the statement.
He noted the tablets use technologies such as geo-fencing and day-parting to synchronize the content with external conditions such as speed, location, weather and traffic conditions.
Aside from projected benefits to passengers, Grab said the ad platform is also expected to boost the income of its drivers, as they will earn additional revenue for the number of trips they complete and the length of time the tablet screen was actively running.
“Beyond the commute experience, this partnership opens up a rideshare business ecosystem that will serve as a window for collaboration across other ridesharing services like advertising, delivery, and fulfilment of e-commerce transactions on the move,” IDOOH Group chief executive officer Mark Forsyth was quoted as saying. — Denise A. Valdez

Aquaman is coming to town

AQUAMAN himself is coming to Manila as Warner Bros. and SM Cinema bring the actor playing the role in the new Aquaman movie, Jason Momoa, and his co-star Amber Heard, for the Asian Premier and Fan Event at the SM Mall of Asia (MOA). Fans can get a glimpse of Mr. Momoa, Ms. Heard (who plays Mera), and director James Wan at a fan meet at the SM MOA Music Hall followed by the Asian premier of Aquaman at IMAX MOA. DC Comics and Aquaman fans will have a chance to take home Aquaman premium items from SM Cinema at the SM By the Bay Fountain Area. Fans can take photos with the life-size statues of Aquaman and Mera at the SM MOA and post them online using the hashtag #AquamanAtSMCinema. Aquaman arrives at IMAX theaters and SM Cinema branches nationwide on Dec. 12. It will also be shown at SM MOA’s Event Cinema, a first of its kind venue for exclusive party, corporate and seminar needs.

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