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ATI nets P788M in Q3

ASIAN Terminals, Inc. (ATI) reported its attributable net income increased by 36% to P788 million in the third quarter, fueled by robust revenues from its operations.
The port operator said in a regulatory filing on Tuesday its total revenues in the third quarter rose 18% year-on-year to P2.55 billion.
For the nine-month period, ATI’s net income attributable to equity holders of the company jumped 24% to P2.2 billion, driven by a 14% increase in total revenues to P7.213 billion.
“Revenues from South Harbor International containerized cargo operations and Batangas Container Terminal increased from last year on account of higher container volumes, which grew by 4.2% and 18.4%, respectively,” the company said.
ATI sad operations at the Port of Batangas were boosted by an increase in volume of domestic containers, roll on-roll off (RoRo) vessels and passengers. — D.A.Valdez

Stan Lee, creator of Spider-Man and other Marvel superheroes, 95

LOS ANGELES — Stan Lee, who dreamed up Spider-Man, Iron Man, the Hulk, Black Panther, and a cavalcade of other Marvel Comics superheroes that became mythic figures in pop culture with soaring success at the movie box office, died at the age of 95, his daughter said on Monday.
As a writer and editor, Lee was key to the ascension of Marvel into a comic book titan in the 1960s when, in collaboration with artists such as Jack Kirby and Steve Ditko, he created superheroes who would enthrall generations of young readers.
“He felt an obligation to his fans to keep creating,” his daughter J.C. Lee said in a statement to Reuters. “He loved his life and he loved what he did for a living. His family loved him and his fans loved him. He was irreplaceable.”
She did not mention the circumstances of Lee’s death but the celebrity news website TMZ said an ambulance was called to his Hollywood Hills home early Monday and that he died at Cedars-Sinai Medical Center.
“Stan Lee was as extraordinary as the characters he created,” Bob Iger, Chairman and CEO of The Walt Disney Co., said in a statement. “The scale of his imagination was only exceeded by the size of his heart.”
Disney bought Marvel Entertainment in 2009 for $4 billion to expand Disney’s roster of characters, with the most iconic ones having been Lee’s handiwork.
Lee was known for his cameo roles in most Marvel films, pulling a girl away from falling debris in 2002’s Spider-Man and serving as an emcee at a strip club in 2016’s Deadpool. In the 2018 box-office hit Black Panther, which featured Lee’s leading black superhero, he was a casino patron.
“There will never be another Stan Lee,” said Chris Evans, who starred as Captain America in Marvel movies. “For decades he provided both young and old with adventure, escape, comfort, confidence, inspiration, strength, friendship and joy.”
Americans were familiar with superheroes before Lee, in part thanks to the 1938 launch of Superman by Detective Comics, the company that would become DC Comics, Marvel’s archrival.
Lee was widely credited with adding a new layer of complexity and humanity to superheroes. His characters were not made of stone — even if they appeared to have been chiseled from granite. They had love and money worries and endured tragic flaws or feelings of insecurity.
CHARACTERS WEREN’T JUST SUPER
“I felt it would be fun to learn a little about their private lives, about their personalities and show that they are human as well as super,” Lee told NPR News in 2010.
He had help in designing the superheroes but he took full ownership of promoting them.
His creations included web-slinging teenager Spider-Man, the muscle-bound Hulk, mutant outsiders The X-Men, the close-knit Fantastic Four, and the playboy-inventor Tony Stark, better known as Iron Man.
Dozens of Marvel Comics movies, with nearly all the major characters Lee created, were produced in the first decades of the 21st century, grossing more than $20 billion at theaters worldwide, according to box office analysts. The website Box Office Mojo said Black Panther had a worldwide gross of $1.34 billion.
Spider-Man is one of the most successfully licensed characters ever and he has soared through the New York skyline as a giant inflatable in the Macy’s Thanksgiving Day Parade.
Lee, as a hired hand at Marvel, received limited payback on the windfall from his characters.
In a 1998 contract, he wrestled a clause for 10% of profits from movies and TV shows with Marvel characters. In 2002, he sued to claim his share, months after Spider-Man conquered movie theaters. In a legal settlement three years later, he received a $10 million one-time payment.
Hollywood studios made superheroes the cornerstone of their strategy of producing fewer films and relying on big profits from blockbusters. Some people assumed that, as a result, Lee’s wealth had soared. He disputed that.
“I don’t have $200 million. I don’t have $150 million. I don’t have $100 million or anywhere near that,” Lee told Playboy magazine in 2014. Having grown up in the Great Depression, Lee added that he was “happy enough to get a nice paycheck and be treated well.”
In 2008, Lee was awarded the National Medal of Arts, the highest government award for creative artists.
UNCLE’S HELP
Lee was born as Stanley Martin Lieber in New York on Dec. 28, 1922, the son of Jewish immigrants from Romania. At age 17, he became an errand boy at Timely Comics, the company that would evolve into Marvel. He got the job with help from an inside connection, his uncle, according to Lee’s autobiography Excelsior!
Lee soon earned writing duties and promotions. He penned Western stories and romances, as well as superhero tales, and often wrote standing on the porch of the Long Island, New York, home he shared with his wife, actress Joan Lee, whom he married in 1947. She died in 2017.
The couple had two children, Joan Celia born in 1950 and Jan Lee who died within three days of her birth in 1953.
In 1961, Lee’s boss saw a rival publisher’s success with caped crusaders and told Lee to dream up a superhero team.
At the time, Lee felt comics were a dead-end career. But his wife urged him to give it one more shot and create the complex characters he wanted to, even if it led to his firing.
The result was the Fantastic Four. There was stretchable Mr. Fantastic, his future wife Invisible Woman, her brother the Human Torch, and strongman The Thing. They were like a devoted but dysfunctional family.
Lee involved his artists in the process of creating the story and even the characters themselves, in what would come to be known as the “Marvel Method.” It sometimes led critics to fault Lee for taking credit for ideas not entirely his own.
He described his creative process to Reuters in outlining how he came up with his character Thor, the god of thunder borrowed from Norse mythology.
“I was trying to think of something that would be totally different,” he said. “What could be bigger and even more powerful than the Hulk? And I figured why not a legendary god?”
To give Thor more rhetorical punch, Lee gave him dialogue styled after the Bible and Shakespeare.
As for Tony Stark-Iron Man, he was based on industrialist Howard Hughes, Lee told interviewers.
Lee became Marvel’s publisher in 1972. He went on the lecture circuit, moved to Los Angeles in 1980 and pursued opportunities for his characters in movies and television.
Through it all, he kept connected with fans, writing a column called “Stan’s Soapbox” in which he often slipped in his catchphrase “‘Nuff Said” or the sign-off “Excelsior!” In his later years, he gave updates via Twitter.
Lee all but parted ways with Marvel after being made chairman emeritus of the company. But even in his 80s and 90s, he was a wellspring of new projects, running a company called POW! Entertainment.
“His greatest legacy will be not only the co-creation of his characters but the way he helped to build the culture that comics have become, which is a pretty significant one,” said Robert Thompson, a pop culture expert at Syracuse University. — Reuters

DMWAI income falls 31% in July-Sept.

EARNINGS of D.M. Wenceslao & Associates, Inc. (DMWAI) was pulled down by lower land sales for the three months ending September.
In a regulatory filing, DMWAI reported its attributable profit dropped by 31% to P524.73 million in the July to September period. This followed a 41% decline in revenues to P583 million.
The company managed to deliver a 4% attributable profit increase to P1.49 billion in the nine months ending September, despite revenues slumping by a third to P1.78 billion.
DMWAI attributed the lower revenues to the absence of land sales, which is part of its long-term strategy to control land sales as the value of Aseana City increases. Aseana City is the company’s flagship mixed use development in Parañaque City.
“With the fast-rising land values in Aseana City, we have determined prudent and appropriate strategies to strengthen our foundation for future growth. These include the planned land sale in 2019 and the increased leasable gross floor areas of our pipeline projects,” DMWAI Chief Executive Officer Delfin Angelo C. Wenceslao said in a statement.
Despite the lower performance this quarter, Mr. Wenceslao said they are still on track to generate double-digit net income growth for full year 2018.
DMWAI’s total leasable gross floor area added to almost 90,000 sq.m. of leased land area reached 155,148 sq.m., while land reserves in Aseana City stood at 313,415 sq.m.
Shares in DMWAI slipped 0.77% or six centavos to close at P7.71 apiece. — Arra B. Francia

Thrift banks told to boost buffers as NPLs climb

BSP
THE CENTRAL BANK has warned smaller lenders against rising bad loans.

By Melissa Luz T. Lopez, Senior Reporter
THE BANGKO SENTRAL ng Pilipinas (BSP) has cautioned thrift banks about the rising share of problem debts in their loans, with the regulator asking players to beef up buffers against potential losses.
BSP Deputy Governor Chuchi G. Fonacier told members of the Chamber of Thrift Banks to raise their allowance for credit losses at a time when the stash of non-performing loans (NPLs) are climbing, even as the industry continues to see upbeat lending activity.
“The industry should however remain vigilant in monitoring the quality of its loan portfolio,” Ms. Fonacier told thrift bank executives on Monday.
NPLs, which cover loans left unpaid for at least 30 days past due date, surged to P47.095 billion as of end-September. This spelled a 16.8% increase from the P40.32 billion worth of soured loans logged a year ago, according to central bank data.
These are considered as risky assets given a slim chance for borrowers to actually pay for their outstanding balances. In turn, this would spell losses for lenders.
The growth in bad debts outpaced a 9.9% increase in total lending of thrift banks, with total credit lines amounting to P907.083 billion as of September.
NPLs took a 5.19% share of the banks’ total loan portfolio, higher than the 4.89% ratio logged in September 2017. Despite this, lenders scaled down their loan loss reserves to P27.114 billion from the P28.179 billion level seen the previous year.
Thrift banks mainly serve individual borrowers and small-scale firms, which are deemed riskier segments compared to corporate clients.
Consumer lending grew by 17.9% in September led by bigger auto, credit card and salary-based credit lines granted compared to a year ago.
“Even though this is far from being worrisome, we encourage the industry to continue efforts to strengthen the quality of credit risk management systems in line with expansion in lending activity,” Ms. Fonacier said.
Still, the thrift banking sector continues to show “promising” growth, the BSP official said, as industry assets posted a 6.8% annual growth to hit P1.2 trillion as of end-September. Lending also supported consumer and small-scale business segments.
Thrift lenders also remained well-funded with the industry’s risk-based capital adequacy ratio at 15.79% as of June, well above the 10% standard set by the BSP. Thrift banks also raked in a collective P12.4 billion net income during the third quarter, data showed.

What happens when a star artist dies without heirs, leaving millions on the line


IN 1961, Mark Tobey, a Wisconsin-born, Basel-based painter became the first non-French artist ever to get a solo show at France’s prestigious Musée des Arts Décoratifs. It was “the one man show of the season,” wrote New Yorker correspondent Janet Flanner. She quoted a critic in the Parisian magazine Preuves, who called Tobey “perhaps the most important painter of our epoch.”
A year later, William C. Seitz, a curator of painting and sculpture at MoMA, organized a Tobey show in New York. In his forward to the show’s catalogue, Seitz classified Tobey as a precursor to the likes of Jackson Pollock. “At present,” he wrote, “it would appear Tobey is even more highly regarded abroad than he is at home.”
Nearly 60 years later, Pollock is still a household name. Tobey, who died in 1976, is rarely regarded at all.
He hasn’t had a solo museum exhibition in New York in more than 40 years, and major works by Tobey rarely come on the open market. “There haven’t been big museum shows or gallery shows,” says dealer Craig Starr. “Anyone who has great taste and sees his best work would want it, but it’s not available.”
Tobey’s reputation has begun to flicker back to life. Last year, the Peggy Guggenheim Collection in Venice held a retrospective of Tobey’s work, the first in Europe in nearly 20 years. It then traveled to the Addison Gallery of American Art in Andover, Mass. In June, one of his paintings sold for a record-breaking $1.6 million at Sotheby’s in Paris, double his previous auction record.
In October, Pace Gallery in New York opened a show of Tobey’s art that will run through Jan. 12. “It’s a very mysterious market, because things rarely come to auction,” says Joe Baptista, the Pace dealer who spent two years organizing the show. “But I’m hoping with the exhibition that beyond the market, we’re allowing people to get intimate with a large body of work and really get a sense of who Tobey is—and what his contribution is.”
INTERNATIONAL PROMINENCE
Tobey was born in Centerville, Wisc., in 1890, and moved to New York in 1911. He worked as both an illustrator and an artist until 1922, at which point he moved to Seattle. By 1935, he’d developed his signature “white writing” style, which influential critic Clement Greenberg described as a “calligraphic, tightly meshed interlacing of white lines which build up to a vertical, rectangular mass reaching almost to the edges of the frame.”
It was the white writing style that made Tobey famous. Jackson Pollock saw it at New York’s Willard Gallery in 1944 and started his signature “drip” paintings a few years later.
By 1955, Tobey had reached what Seitz, the MoMA curator, called “international prominence.” In due course, Tobey moved to Basel, Switzerland, and lived in what the New York Times described as a “fortress-like old mansion.” When he died there in 1976, a Times obituary claimed that “by many, senior Europeans he was regarded as the greatest American painter since James McNeill Whistler.”
The same obituary noted that in Tobey’s later years, he was “blessed with an ideally sensitive secretary and companion,” a man named Mark Ritter who inherited the bulk of the art that was in Tobey’s Basel house at the time of his death. The rest of Tobey’s estate and papers were left to the Seattle Art Museum. (The museum didn’t respond to requests for comment).
Tobey’s primary European representation was the powerful dealer Ernst Beyeler; in New York, Marian Willard Johnson, who ran the namesake Willard Gallery, started representing Tobey in 1944. Other galleries in Europe also received work directly from Tobey, including Galerie Alice Pauli in Lausanne, Switzerland, and Galerie Jeanne Bucher in Paris.
Eventually, Tobey’s primary gallerists began to age out of the market. Johnson retired in 1970, and Beyeler became increasingly preoccupied with his museum, the Fondation Beyeler, which opened in 1997. (Beyeler died in 2010.) The last solo Tobey show at the Galerie Beyeler was in 1991.
Slowly, with no direct heirs to advocate for his legacy and no gallery devoted to authenticating and advocating for his work, Tobey’s market faced a gradual crisis of authority.
Multiple dealers tried to step in, including Achim Moeller, a German dealer based in New York, and Heiner Hachmeister, a German dealer based in Muenster, Germany.
POWER VACUUM
The process of authentication — literally saying whether or not an artwork is by a specific artist — is a critical component of any major artist’s market. Auction houses and dealers are hesitant to sell an artwork without one, simply because the reputational damage of selling a fake far outweighs the benefit of whatever profit they might get from the sale.
For most of Tobey’s career, “there was no difficulty authenticating pieces,” Hachmeister explains. “Some gallerists like Beyeler worked with him very intensely, but Beyeler never did written authentications. Someone would come into his gallery, show him a piece to ask if it was authentic, and he gave a verbal yes or no.”
Both Hachmeister and Moeller have their own Tobey-related organizations. Hachmeister leads the Committee Mark Tobey, which “promotes the work of the artist in initiating exhibitions in art institutions and publications about [his] life and work.” The committee was founded in 2006, and is currently compiling a catalogue raisonné, which would be a complete, official list of every work Tobey created.
Hachmeister has collected and sold works by Tobey for more than 40 years, and says he founded the committee based on collectors’ requests. While Hachmeister never met Tobey, “I know many people who visited him when he lived in Basel,” he says. “One person on our committee was at Tobey’s bed when he died. It was a long life of friendship.”
Moeller, on the other hand, has the Mark Tobey Project, which was established in 2007.
Moeller became involved with the Mark Tobey market through Whitney Museum curator Paul Cummings, who was in the process of organizing a Tobey biography and catalogue raisonné when he died of a stroke. “When Cummings unexpectedly died in 1997 at the age of 64, his family asked me if I would take over his archive, which I did,” Moeller says.
Eventually, Moeller says people began to seek him out. “It had become public knowledge that I had this resource,” he says. “And after I had enough time to familiarize myself with the artist’s life and work, the major auction houses began asking for my opinion regarding the authenticity of works.”
A FIGHT FOR LEGITIMACY
The Tobey market has been dogged by accusations of forgery and fraud. Moeller asserts that “by all accounts, [Tobey] showed some signs of senility towards the end of his life,” and that many of Tobey’s late works “all look pretty atypical, or at least very bad, so there’s a gray zone in regards to determining authenticity.”
In addition, Moeller also asserts that the Tobey market is rife with outright forgeries. The problem is so acute, he says, that “one-third of the works that come our way are not by the artist, in our opinion.”
This year, he says his gallery rejected five out of 13 works that came his way as fakes. “I can only tell you that if somebody doesn’t want my opinion, it’s fine with me, and they can go to the other fellow,” he says.
The other fellow, in this case, is Hachmeister, who disagrees with Moeller on virtually every point, starting with Tobey’s purported senility. “He was clear in his head until his death,” says Hachmeister. And the so-called gray area surrounding Tobey’s late work? “It’s a rumor,” Hachmeister says. “In my life, I’ve seen around 200 or 300 pieces” from the period, all of which, he says, are legitimate.
Hachmeister says that allegations delegitimizing Tobey’s late work have been brushed aside by experts. He says that the allegations, in effect, are an attempt to ruin his reputation, and that while Tobey’s late work might not look like his mid-career work, that’s simply because Tobey was getting older and his style was evolving. “Artists who know that their life is nearly finished make a lot of things, because they want to have quantity,” he says. “It’s the same with Tobey.”
Hachmeister goes on to say that Moeller tried to join his committee. “We refused,” he says. “Because we know him. And we said ‘OK, you can come in, but you have to open your archive, and he refused to.” (“This is definitely not true,” says Moeller. “I was specifically invited by Hachmeister to join his committee but declined.”)
More seriously, Hachmeister says Moeller has encountered legitimate works by Tobey but refused to authenticate them out of personal animosity. “It is my opinion that Moeller knowingly declined to authenticate legitimate Tobey artworks,” Hachmeister wrote in an e-mail. (“I have never declined to give an opinion when an application has been submitted,” Moeller says. “I am committed to maintaining the integrity of the artist’s legacy and would never put that in jeopardy for personal reasons.”)
Moeller has allegations of his own, namely that Hachmeister has gone too far in the opposite direction and authenticated forgeries.
Moeller points to a criminal case in 2015, when an art forger named Lawrence Ulvi sold three fake works by Mark Tobey; Hachmeister authenticated one of the works based on a photograph, but then revoked the authentication when he saw it in person. Ulvi pleaded guilty and was sentenced to a year in prison. “I worked with the FBI,” says Hachmeister. “Once, I got some things from a dealer [for authentication], and when I managed to get more [information], I saw it was wrong,” he continues. “The FBI put an end to it.”
Occasionally, Moeller says, he has directly contradicted Hachmeister. “Recently, there was [an artwork by Tobey, consigned by Hachmeister] at one of the major auction houses, and I had to stop it because it was a fake. So the auction house withdrew it.”
Hachmeister acknowledges the incident and alleges Moeller was acting in bad faith. “It is a fact that I had three works at once in a Sotheby’s auction, and [initially] Moeller made positive certificates for all” of the work, Hachmeister wrote in an e-mail. “Half an hour before the auction began, he canceled two of his own certificates. It was not because of his doubts, but to damage me.”
THE MARKET’S TAKE
Dealers say that all the back-and-forth allegations have dampened demand in Tobey’s market. “With artworks being pulled from auction, and [questions] about who’s representing the artist, and who’s handling the estate — I think it became very difficult for exhibitions to be organized,” Baptista, the Pace dealer, says.
“Let’s put it in a positive way,” says Stefano Moreni, the head of the contemporary department at Sotheby’s France, which sold the record-breaking Tobey painting in June. “Whenever we have a work that’s well-documented, and where the history is very clear, it has an extremely positive effect on its value.”
According to Artnet, Tobey’s work has come up publicly to auction almost 3,000 times since 1985. And even though it’s not as expensive as a Pollock or De Kooning, whose paintings can sell for tens of millions, Tobey’s art isn’t cheap.
At the Pace show, works on paper range from $85,000 to $950,000, and paintings range from $350,000 to $5 million. “There is a market for private sales that I’m aware of, with paintings that sell at $4 million to $4.5 million,” Baptista says.
There are also signs that the Tobey market is gaining steam. By the close of this year, 61 artworks are set to come to auction, according to Artnet. Several have soared past their high estimates. The work New Crescent, from 1953, for instance, had a high estimate of £150,000 ($195,000) and sold for just under £400,000 at Christie’s in London. At Christie’s New York in May, his 1956 painting Earth’s Circus sold for $187,500, above its high estimate of $50,000.
And then there was the work Autumnal Fire, from 1965, which carried a high estimate of €300,000 at Sotheby’s Paris in June and sold for four times that amount; with premium, its total was slightly less than €1.4 million. The painting, Moreni says, had a sterling provenance (one photograph shows Tobey standing next to the work) and an unusual size. “We had nine or 10 bidders,” he says. “And when you see that [level of interest], you can see you really have something outstanding.”
But Moreni is slightly less bullish about the Tobey market as a whole. “Market-wise, his works can do extremely well when all the correct data are there — good quality, extremely sound provenance, maybe its size, etc.,” he says. “It’s really reassuring to see that when you have a really good piece, collectors are there.”
It’s proof, he says, that “sometimes, collectors and the market are wiser than we think.” — Bloomberg

Lazada PHL reveals best-selling brands during 11.11 sale

XIAOMI, Philips, Maybelline and Olay were among the top-selling brands during Lazada Philippines’ 11.11 Shopping Festival.
In a statement, the e-commerce firm said among mobile phone brands, Chinese brands Xiaomi and Huawei edged out Apple, Samsung and Asus.
For the make-up category, Maybelline ranked first, followed by L’Oreal Paris, MAC, Benefit, and Vice Cosmetics. Olay, Nivea, Pond’s, L’Oreal Paris, and Garnier were the best-selling brands for skin care.
Under home appliances, Philips dominated the category, followed by Samsung, Imarflex, Fujidenzo, and Iwata.
Among diapers, the top brands Huggies, Pampers, MamyPoko, EQ, and Drypers, while top milk formulas were Promil, Enfa, Bonakid, Pediasure, and Lactum.
Lazada Philippines said the top selling items in the country were shawls, Korean multi-function make-up pouch, and cute Korean socks.
“Lazada 11.11 Shopping Festival represents Southeast Asian shoppers’ aspiration for quality consumption, and it also reflects how our consumers and sellers have fully embraced e-commerce as a way of life,” said Raymond Alimurung, chief executive officer of Lazada Philippines, in a statement.
Lazada said the 11.11 Shopping Festival attracted 20 million online shoppers in Southeast Asia, who took advantage of more than 50 million deals and bargains. On the first hour of Nov. 11, 1.2 million orders were made.
The over-all top selling categories were mobile phones, diapers and milk powder, and beauty products. — Vincent Mariel P. Galang

House committee approves financial protection bill

THE HOUSE Committee on Banks and Financial Intermediaries on Tuesday approved a measure providing for the protection of financial consumers.
House Bill 8301 or the Financial Consumer Protection Act seeks to put in place a comprehensive framework for financial consumer protection in light of the increasing services and products being offered.
“Financial services is a range of services covered by different financial regulators, so definitely there is a gap in term of having mechanisms in place to ensure the protection of financial consumers,” Bangko Sentral ng Pilipinas (BSP) Director Pia Bernadette Roman-Tayag told the panel.
“House Bill 8301 empowers consumers and regulatory agencies. Consumers can dissect bundled products and pricing details, and are given a cooling off period during which they can cancel or return the contract entered into without penalty, not including the processing fees,” said Panel chair Henry C. Ong of the 2nd district of Leyte.
The bill establishes a financial consumer protection assistance mechanism through which providers may address complaints, requests and other concerns of clients. It also seeks to ensure that financial products are offered according to the needs of the client. A cooling-off period will also be provided to consider costs and risks of a particular product.
“A financial person is expected to adopt a clear cooling-off policy, as may be prescribed by law or by rules and regulations issued by the relevant financial regulator upon its determination that a cooling-off period is necessary for a particular product subject of regulation by such financial regulator,” the bill stated.
Moreover, companies or financial service providers shall be required to document the reasons for setting the price of each of their products and ensure client data remains protected.
As regulators, the BSP, Securities and Exchange Commission and Insurance Commission are empowered to formulate their own rules and conduct surveillance off-site and on-site, among others.
For his part, IC Legal Liaison Officer Denis C. Cabucos supported the proposal: “I think it’s high time to have a separate consumer protection framework for consumers of financial products.”
“We have now specific provision under this bill that we can use to go after financial providers taking advantage of financial consumers,” he added. — C.A. Tadalan

Licad to have all-Chopin piano concert

ACCLAIMED pianist Cecile Licad will return to Manila for a concert entitled Cecile Licad: I Love Chopin, on Nov. 27, 7 p.m., at the main lounge of the Manila Polo Club in Makati City. After the Manila recital, Licad will then have performances in Iloilo, Baguio, and Roxas City — Nelly Garden Iloilo (Nov. 29, 6 p.m.); Molo Church, Iloilo (Nov. 30, 6:30 p.m.), SM Iloilo (Dec. 1, 7 p.m.); CAP Auditorium Baguio City (Dec. 6, 7:30 p.m.); and the Gerry Roxas Foundation Auditorium in Roxas City (Dec. 8, 6 p.m.) This special performance is a fund-raising for the Philippine Philharmonic Orchestra Society, Inc. and Childhope Philippines Inc. Donations in the amount of P5,000, P10,000, and P30,000 are accepted which entitles donors to one ticket each. For details contact Lulu Casas via e-mail at lgcasas@rgoc.com.ph, or call 0917-570-8301 or 895-2109; or Chips Guevara via e-mail chipsg@gmail.com, or call 0917-810-3245 or 502-9683.

Three Filipinos in Forbes Asia ‘heroes of philanthrophy’ list

THREE FILIPINO philanthropists were included in Forbes Asia’s annual Heroes of Philanthropy list.
Fila Isport Life Chairman Jose Mari “Butch” T. Albert, Santa Elena Construction & Development Corp. President and CEO Alice Galang Eduardo, and Consuelo Chito Madrigal Group of Companies President Susana Abad Santos Madrigal were recognized for supporting charities in the Philippines.
In a statement, Forbes Asia said the list aims to recognize individual philanthropists, who made donations using personal funds, not through their businesses. If the company is substantially owned by the individual, then the corporate donations are considered part of his fortune.
Forbes Asia noted that Mr. Albert, 68, donated over $110,000 to his Operation Compassion’s iRebuild efforts in 2014, and $66,000 for iFoster, which helps abandoned children.
Ms. Eduardo, 53, has made a $277,000 donation to build an isolation ward at the Philippine General Hospital in 2014, as well as a $370,000 donation to build a dormitory for patients’ families. She also gave $370,000 for a non-profit organization Tuloy Foundation for orphaned children, $185,000 to build homes for victims of Typhoon Yolanda, and $184,000 to Habitat for Humanity.
Ms. Madrigal has given $93,000 to the Catholic Ministry for the Deaf, as well as supported the establishment of a Business & Accountancy building at a state university. She also made a $18,600-a-year pledge to the Cancer Samurai Scholar Fund.
The Forbes list includes not just entrepreneurs, but also executives and a celebrity. Indian tycoon Kochouseph Chittilappilly had donated his kidney in 2011 to a sick truck driver, while Australia’s Anthony Pratt vowed to give $700 million over his lifetime to charitable causes.

OECD: ‘particularly good’ growth outlook for Philippines, Vietnam

THE Organisation for Economic Co-operation and Development (OECD) has adjusted downward its economic growth forecast for the Philippines this year and in 2019, though the economy is still expected to sustain its “good performance” over the next five years. Read the full story.
OECD: ‘Particularly good’ growth outlook for Philippines, Vietnam

How PSEi member stocks performed — November 13, 2018

Here’s a quick glance at how PSEi stocks fared on Tuesday, November 13, 2018.

Philippine Stock Exchange’s most active stocks by value turnover — November 13, 2018


Magnolia tries to close out Barangay Ginebra

By Michael Angelo S. Murillo
Senior Reporter
THE Magnolia Hotshots Pambansang Manok seek to complete a sweep and, in the process, dethrone the defending champions Barangay Ginebra San Miguel Kings when they collide in Game Three of their best-of-five Philippine Basketball Association Governors’ Cup semifinal series today at the Smart Araneta Coliseum.
Raced to a 2-0 series lead with their 101-97 victory in Game Two on Monday, the Hotshots placed themselves in a great position to make a second finals appearance this season and a chance to win their first title in four years.
Showing tremendous will to win especially down the stretch in its last game, Magnolia pushed Barangay Ginebra on the brink of elimination.
Import Romeo Travis had solid all-around numbers of 25 points, 12 rebounds, seven assists and three steals for Magnolia while Ian Sangalang had 17 points in the win.
Paul Lee finished with 14 points and Rome Dela Rosa had 11.
“We just showed will to win. The players responded to the challenge. But it’s not over because Ginebra is a strong team and they are capable of coming back,” said Magnolia coach Chito Victolero after.
“Winning two games is nothing. We have to win three games. We are taking it one game at a time and hopefully we get to sustain the proper mindset for Game Three,” he added.
For Barangay Ginebra, it is all must-win games from here on in the semifinals.
The Kings, who saw their coach, Tim Cone, ejected last time around for two technicals, had a chance to salvage Game Two when they came within two points, 99-97, with 24 seconds remaining.
But they could not complete the comeback as the Hotshots held tight to get the win.
Justin Brownlee led Barangay Ginebra with 31 points, 12 rebounds and seven assists.
LA Tenorio had 15 points while Greg Slaughter had 14 points and eight boards.
Interestingly, the Kings were in a 0-2 hole against the Hotshots in their 2016-17 best-of-seven Philippine Cup semifinals but came out of it triumphant by going the full route and book a place in the finals.
Game Three today between Magnolia and Barangay Ginebra is at 7 p.m.
GILAS PREPARATION
Meanwhile, preparation of PBA-supported Gilas Pilipinas for the fifth window of the FIBA World Cup Asian Qualifiers began on Monday night at the Meralco Gym in Ortigas.
In attendance were majority of the players short-listed for the 20-man pool from which the final roster for the two games set for later this month and early December will come from.
Present were Gabe Norwood, Beau Belga, Matthew Wright, Poy Erram, Jayson Castro, Troy Rosario, June Mar Fajardo, Marcio Lassiter, Arwind Santos and Alex Cabagnot as well as Gilas cadets Kai Sotto and Ricci Rivero.
Excused since their teams are still playing in the semifinals of the PBA Governors’ Cup were Messrs. Slaughter, Tenorio, Lee and Sangalang, Japeth Aguilar and Scottie Thompson. Also absent were Christian Standhardinger and Stanley Pringle.
The now-Yeng Guiao-coached Gilas team will try to fortify their push for a World Cup spot in China next year in the fifth window.
The Philippines is currently at third place in the merged Group F of the qualifiers with a 5-3 record, behind group leader Australia (7-1) and Iran (6-2).
Gilas plays Kazakhstan on Nov. 30 and Iran on Dec. 3. Both games are to be played at the Mall of Asia Arena.

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