Home Blog Page 11777

Globe profit up 3% in Q3

GLOBE TELECOM, Inc. reported its net income grew 3% during the third quarter to P5.02 billion, driven by an 11% increase in revenues from its expanding customer base.
In a regulatory filing on Tuesday, the telecommunications giant said third quarter revenues stood at P37.53 billion as the number of its mobile subscribers jumped 10% year-on-year to 65.4 million as of end-September and home broadband subscribers by 23% to 1.5 million.
For the nine-month period, Globe’s net income rose 17% to P15.15 billion, from the P12.99 billion recorded a year ago. Core net income, which eliminates non-recurring charges, one-time gains, foreign exchange gains and mark-to-market charges, was up 32% to P14.8 billion for the January to September period.
Consolidated service revenues increased 9% to P103.3 billion in the first nine months of 2018, “fueled by the surging data revenue growth across all segments.”
“The sustained growth momentum was fueled by better-than-expected data-related revenue growth across all business segments. This performance was boosted by the most pervasive 4G/LTE network, supported by the Company’s superior content offerings, through its partnerships with industry leaders and global content providers of music, lifestyle, video and eSports,” Globe said in a statement.
For the first nine months of the year, mobile revenues rose 8% to P79.1 billion, mainly driven by Globe Prepaid and TM.
Globe said its home broadband grew by 15% to P13.5 billion, while its corporate data business increased 11% to P8.4 billion. This offset the 16% drop in fixed-line voice revenues to P7.4 billion.
Total operating costs and subsidy, including depreciation charges, was 3% higher at P76.6 billion “as the increase in depreciation charges were partially offset by the decline in subsidy, interconnect costs, and rent expenses.”
Globe spent P32.5 billion in capital expenditures for the first nine months of 2018, 11% lower than the same period last year. The bulk or 78% of capex was allotted for its data-related services.
“We will remain aggressive with our network investments, which is now nearly 32% of our revenues to be able to support the growing demand for bandwidth-intensive applications and content,” Globe President and Chief Executive Officer Ernest L. Cu was quoted as saying in a statement. — DAV

Robinsons Land earnings surge in 3rd quarter

ROBINSONS Land Corp. (RLC) almost doubled its attributable profit in the third quarter of 2018, driven by the expansion of its mall network coupled with the higher sales from its residential unit.
In a regulatory filing, the Gokongwei-led property developer said net income attributable to the parent grew by 96% to P3.22 billion in the July to September period, compared to its P1.65-billion earnings in the same period a year ago. Revenues also went up 56% to P8.75 billion for the quarter.
On a nine-month basis, the listed firm’s net income climbed 43% to P6.55 billion versus P4.57 billion by end-September of 2018. This followed a 31% uptick in revenues to P21.8 billion for the period.
“The strong earnings is a result of the strategic initiatives we initiated to respond to the market and the creation of new revenue streams for the company,” RLC President and Chief Operating Officer Frederick L. Go said in a statement.
RLC operates five business segments, namely commercial centers, residential, office buildings, hotels, and infrastructure and integrated development.
Revenues under the mall division rose by 13% to P8.8 billion, as the company hit the 50th mark with the opening of Robinsons Place Tuguegarao last July. This brought RLC’s total mall leasable space to 1.4 million square meters (sq.m.).
RLC said it benefited from the influx of overseas buyers during the period, alongside efforts to improve product development and its sales force. Realized revenues from the segment went up by 29% to P6.5 billion.
Under offices, revenues surged by 17% to P2.8 billion, thanks to new buildings leased out to business process outsourcing (BPO) firms. The company ended September with a net leasable area of 440,000 sq.m. across 18 sites.
RLC’s infrastructure and integrated developments division recorded P2.2 billion in revenues for the period. The newly created division sources its revenues from building warehouses for lease, selling institutional lots, and acquiring land.
The hotels and resorts unit grew its revenues by eight percent to P1.5 billion. The company attributed the slower growth to the weaker sales of some projects, pre-operating expenses of new and upcoming hotels, and higher overhead expected in its head office.
Meanwhile, RLC has started pre-selling its first international project in China, which involves the first phase of a residential high-rise condominium. More than 90%, or 740 out of the 795 units, have already been booked so far. The company expects to recognize the revenues for the project next year.
“RLC continues to look for suitable properties to develop and for land banking across the country,” the company said.
Shares in RLC went down by 0.47% or 10 centavos to close at P21.20 apiece at the stock exchange on Tuesday. — Arra B. Francia

Sta. Lucia retains credit rating

LOCAL debt watcher Credit Rating and Investors Services Philippines, Inc. (CRISP) retained its AA rating for Sta. Lucia Land, Inc. (SLI), indicating the company’s “very strong” capacity to repay its debts.
In a statement, CRISP said it has affirmed its AA+ rating with a stable outlook for SLI, citing its strong market presence in the affordable and emerging middle class market, stable revenue growth, and timely land banking initiatives.
“SLI is a widely recognized brand in the affordable and emerging middle class market segments which represents a sizable market in the country today,” according to CRISP.
The debt watcher also noted SLI’s land banking efforts. To date, the company has acquired 97 properties totaling 418 hectares across the country. SLI has also signed 39 joint venture agreements for around 463 hectares in Pasig City, Pangasinan, Cavite, Laguna, Batangas, Rizal, Palawan, Iloilo, Cebu, Negros Occidental and Davao.
The listed property developer booked an attributable profit of P507.97 million in the first half of 2018, six percent higher year-on-year, on the back of a 13% uptick in gross revenues to P2.03 billion.
SLI currently has P2 billion worth of Series B bonds due 2021. — Arra B. Francia

13 Artists Award exhibit: mirror of society’s illnesses


THE WINNERS of the Cultural Center of the Philippines’ 13 Artists awards this year demonstrated that they’re not only concerned with their aesthetics, but also with what is happening in reality. The recipients have responded to the problems of our times: extrajudicial killings, social injustices, the oppressed’s endless plight, and fake news.
Artist Ronald Achacoso, the curator of the 13 Artists’ ongoing exhibition, called the winners as the “new vanguards of arts that explore the periphery of our sociocultural landscape.”
The winners are Eisa Jocson, Zeus Bascon, Raffy T. Napay, Cian Dayrit, Janos Delacruz, Doktor Karayom, Carlo Gabuco, Bea Camacho, Dina Gadia, Guerredro Z. Habulan, Archie Oclos, Lynyrd Paras, and Shireen Seno.
SPEAKING TO OUR REALITIES
The lone photographer in the group, Carlo Gabuco’s works, made with archival pigment ink on photo paper, feature the dark realities that are happening on the streets in light of the administration’s war on illegal drugs. His photographs are complemented by eight video installations in the exhibit. He also showed pieces focusing on extra-judicial killings or EJKs at this year’s Art Fair Philippines.
Another winner who focuses on current reality is Bea Camacho. Her works on view are also a reflection of reality vis-a-vis the spread of fake news and post-truth. Using copies of The Philippine Star newspaper, which has the tag line “The Truth Shall Prevail,” Ms. Camacho questioned our perception of our memories. A statement written on the gallery wall above a pile of copies of the Philippine Star, said: “It is about records and recording. It is about the malleability of memory. The nature of remembering and forgetting.”
Remembering is also at the heart of the works of Archie Oclos and Cian Dayrit, who are remembering the forgotten, the lost, and the least members our society.
Both born in 1989 — the youngest awardees in the group — Mssrs. Oclos and Dayrit depict on their canvases the social reality of the widening inequality between the poor and the rich.
Mr. Oclos is a street artist whose murals tackle perennial sociopolitical problems. His murals are seen in public sites in Tarlac, Cavite, Quezon City, and Binondo, Manila.
For the 13 Artists exhibition, he used NFA rice sacks as his canvases on which he drew students, activists, and rice farmers. Although the power struggles between the haves and the have-nots are nothing new, Mr. Oclos’ works became a strong timely statement because two days after the exhibition opened on Oct. 18, nine farmers in a Negros Occidental hacienda were massacred for tilling the land that was supposed to be their’s.
MAPPING THEIR WORDS
Farmers and indigenous peoples (IPs) are also the subjects of Mr. Dayrit’s works.
The artist, who uses cartography as one of his media, has been conducting workshops in small communities in Mindanao and Luzon, and few in Visayas since 2017 as part of his art practice. The idea behind his project is to give them a platform for their voices to be heard.
In one of his maps, he traced the words “capitalism,” “feudalism,” “neoliberal policies,” and “imperialism hacienda system” as parts of the systemic historical oppression in the Philippines.
“The essence is the idea of mapping as a form of resistance, or, if not, an assertion of rights or the rethinking of sense of being. The notion of counter mapping, or counter cartography, is that you’re countering the traditional canons of practice of cartography where it is usually authored by the states, from a seat of power.
“But in the workshops I do, the people who participate are the ones who author the maps and do their own representation in a space. In a way, it’s not something new. It’s been done by different cultures. Counter-cartography as a practice has also been done in other places precisely as form of resistance and survival. In my case, as a visual artist, I am trying to merge my platform and the practice,” he said.
His works in the exhibition are mostly maps drawn by the farmers and the IPs which contain texts and slogans. The artist said the maps could be overloaded with information, but he’s taking this both as a challenge and an invitation. “It’s dense in information. You present small drawings that require an intimate experience, I know that they are challenging as an exhibition, but in a way this is my interest: How to present the information, even if it is this dense. At the moment, let it be dense — it’s challenging people to give time and ask ‘what is this artist doing?’,” he said in a mix of english and the vernacular.
He said he asked the permission of the farmers, the workers, and the IPs he’s worked with before using their maps.
The writing in the maps are cries about social injustice, inequality, the lack of opportunities and rights of people forgotten and relegated to the peripheries.
The show’s curator, Mr. Achacoso said in his notes: “Imbibing the spirit of the times and pouring their proverbial sweat, blood, and tears on their canvas, they (the artists) function as society’s relief valves, attuned to its pressure points. Wrestling with contemporary fears and anxieties, our hopes and expectations, they trace the parameters of our national ethos.”
The 13 Artist Awards exhibition is on view at the Cultural Center of the Philippines until Dec. 23. — Nickky Faustine P. de Guzman

Petron nets P12 billion in 9 months despite weaker demand for fuel

PETRON CORP. reported a 3% increase in net income to P12.1 billion in nine months to September this year despite an industry-wide decline in fuel demand due to higher pump prices, the company said on Tuesday.
“Despite a challenging environment that brought pump prices to new highs and resulted in weaker demand, Petron continued to thrive and delivered above expectations,” said Petron Chairman Eduardo M. Cojuangco, Jr. in a statement.
Petron, the country’s largest oil refining and marketing company, said the “modest growth” during the nine-month period was backed by the robust showing of its Malaysian operations, sustained volume growth in the home country, and the contribution from its petrochemical business.
“We remain the undisputed industry leader and will continue to pursue our long-term strategies namely optimizing our regional refining assets, increasing our market share in the Philippines and Malaysia, and the roll-out of new products for our customers,” Petron President and Chief Executive Officer Ramon S. Ang said.
Petron said consolidated sales volumes in Malaysia and the Philippines reached record at a combined 81.4 million barrels over the period, nearly 1.2 million higher than last year.
The growth was supported by product offerings, namely Blaze 100 and Turbo Diesel Euro 5, substantial membership increase in its loyalty card program P-Miles, and the increase in its retail network now numbering 630 stations, it added.
Excluding international trading, total Philippine volumes increased by 1% to 47.2 million barrels in the three quarters of 2018 despite high local fuel prices.
Petron said its Bataan refinery continued to run at 95% capacity to support local sales and produce high-value petrochemicals. Petrochemical volumes rose by 3% while polypropylene sales jumped by 20%.
Combined revenues from the Philippine and Malaysian operations expanded by 34% to P419.9 billion from 2017’s P313.5 billion, reflecting higher international oil prices and the increase in volumes.
From December 2017 to September 2018, the bellwether Dubai crude increased by 25% to average at $77.25 per barrel. Operating income as of September increased by 1% to P22.3 billion.
Petron, which has a combined refining capacity of 268,000 barrels per day, produces a full range of fuels and petrochemicals. It operates about 40 terminals in the region and has more than 3,000 service stations where it sells gasoline and diesel.
On Tuesday, shares in the company rose 0.74% to close at P8.18 each. — Victor V. Saulon

Waitress starts serving pie

ATLANTIS Theatrical Entertainment Group this week will open a sweet musical — literally and figuratively — about the bitter realities of abusive relationships and the stresses of the everyday life. The Broadway musical Waitress will feature lots of pies, singing, and a whole lot of positive attitude.
“It’s a magical place to be part of. It’s so sunny and positive,” said Joanna Ampil who will headline the musical.
There was an open rehearsal on Oct. 29 and BusinessWorld was invited to take a peek and speak to the cast.
Opening on Nov. 9 and running until Dec. 2 at the RCBC Plaza in Makati, Waitress tells the story of Jenna (Ms. Ampil), a waitress at a diner that specializes in pie. Stuck in an abusive marriage with Earl (George Schulze), Jenna takes to baking as an escape from the stresses of her life and as a form of therapy. After learning that she’s pregnant, she starts an affair with her gynecologist Dr. Jim Pomatter (Bibo Reyes). She then learns about a pie contest and sees its grand prize as her chance to sort out her life.
Ms. Ampil said of the story: “It’s not just about women empowerment, it’s about Jenna trying to get her strength back. The audience will see themselves in some of the [musical’s] characters who are very accessible.”

The music is catchy, she added. It features songs by American singer-songwriter, actress and author Sara Bareilles, which she wrote for the production.
Ms. Ampil described the music as “tough” to learn and “vocally challenging.”
“It’s my first time to do something like this where the rhythm is difficult to follow. It’s good in a way that I’m learning. The lyrics are uplifting, it’s such an honor [to sing Ms. Bareilles’ songs].”
Playing Jenna’s best friends and fellow waitresses Dawn and Becky are Maronne Cruz and Bituin Escalante. Also in the cast are Dean Rosen, Steven Conde, Luigi Quesada, Gerhard Krysstopher, Luis Marcelo, Emeline Celis Guinid, Teetin Villanueva, Sarah Facuri, and Jillian Ita-as.
Waitress is directed by Bobby Garcia and choreographed by Cecile Martinez.
For details visit Atlantis Theatrical Entertainment Group at www.facebook.com/ATEGasia/. For tickets, contact Ticketworld at 891-9999 or visit www.ticketworld.com.ph. — NFPG

Win or lose, Singson-led consortium will pursue telco expansion

By Denise A. Valdez, Reporter
WHATEVER the result of the government’s bidding for a new major telco player will be, the consortium led by former Ilocos Sur Gov. Luis “Chavit” C. Singson said it will still pursue the expansion of its business, which involves the deployment of portable Wi-Fi hotspots connected to a satellite.
Mr. Singson, whose LCS Group of Companies partnered with TierOne Communications International, Inc., said they are only joining the government bidding to expedite the implementation of their expansion plans.
“Before there was an announcement of bidding, we were already doing telco. I have a new company, Gracia Telecoms, and my partner is doing (telco) also in Mindanao, TierOne… Wala naman sa amin yang bid eh. Pero noong in-announce, might as well bid. Mas mabilis ang trabaho namin [We don’t need the bidding. But when it was announced, we thought we might as well bid. It would make our jobs easier],” he said in an interview on Tuesday.
While the consortium’s ultimate goal is to win the third telco bidding scheduled today, Mr. Singson is confident they can still become the fourth or fifth telco should they fail to win the award.
Tuloy tuloy kami, pero hindi namin sinasabi yang matatalo kami. We are there to win. Kasi even in other countries, meron namang fourth telco, fifth telco. Kaya tuloy tuloy kami [We will keep going, but we wouldn’t say we will lose. We are there to win. But even in other countries, there are fourth telco, fifth telco, so we will keep pushing],” he said.
What sets LCS-TierOne apart from other third telco aspirants is its planned use of a high throughput satellite to provide internet coverage all over the country.
“This is the only way — satellite. Because we are doing cable, everyone is doing cable. They are only serving the developed areas, but it will take forever because we have 7,000 islands. How can we service (everyone)? The only way to service everybody right away is through satellite. So we’ll be nationwide right away,” Mr. Singson said.
LCS-TierOne signed an agreement to buy equity in broadband satellite operator Kacific Broadband Satellites last month, which will allow the consortium to access bandwidth through its pop-up cell sites.
The pop-up cell sites named Telco-in-a-Box are cargo containers modified and installed with solar panels, an antenna and a radio disk to emit internet signal through the broadband satellite with speeds of up to 1.3 Gigabits per second (Gbps) within a 500-meter radius.
Mr. Singson said they plan to start within the year the initial distribution of 20,000 Telco-in-a-Box units in barangays, especially in rural areas, to offer services to unserved and underserved communities.
For the broadband satellite, he said Boeing Company is currently building the satellite which will be launched by August or September 2019. Satellite operator Kacific, which LCS-TierOne signed a deal with, said in its website it has contracted SpaceX for the launch of the Kacific-1 satellite on a Falcon-9 rocket next year.
“Kacific offers right now long-term bandwidth lease agreements to local wholesale customers wanting to secure for its affordable satellite broadband for their home market,” it said.
LCS-TierOne is one of nine local and foreign companies expected to submit their third telco bids to the National Telecommunications Commission (NTC) today. The winner will be awarded a certificate of public convenience and necessity (CPCN) valid for 15 years or the length of the franchise of a bidder, whichever is shorter; and radio frequency bands of 700 megahertz (MHz), 2100 MHz, 2000 MHz, 2.5 gigahertz (GHz), 3.3 GHz and 3.5 GHz.
The government’s bidding aims to find a third telco that will challenge the duopoly of Globe Telecom, Inc. and PLDT, Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls.

Does an artist’s ‘success’ rely on making it in the USA? Some say ‘yes.’

FRANK SINATRA made us believe that New York is the center of the world when he sang “If I can make it there, I’ll make it anywhere. It’s up to you New York, New York.” Filipino fans, then, including visual artists and the patrons behind them (if they have any), have always aspired to break into and make it in the Big Apple art scene.
In a talk “Promoting Filipino Art in America” on Oct. 24 at the Leon Gallery in Makati, the one-hour discussion touched on tips and tricks on how Filipino artists — paradoxically, there were no visual artists in the audience — could make it to the United States of America.
“I don’t imagine that it’s too different here. You need to approach the task of giving yourself exposure in a professional way. It’s not magic. It’s sort of like applying for a job: strategize and figure who you need to talk to. It’s complicated because you’re how many miles away from US, but if you take away the distance, I think it’s the same problem as getting a show anywhere,” said David Furchgott, one of the guest speakers in the event.
Mr. Furchgott is the founder of the International Arts & Artists (www.artsandartists.org), a nonprofit organization that aims to increase the cross-cultural understanding and art exposure via programs and exhibitions.
Another speaker, Jack Rasmussen, director and curator of the American University Museum in Washington DC, said artists can send their slides, or portfolio, to as many curators as they want. But the process is long, tedious, and uncertain.
“It takes time. It’s not easy,” he said, adding that it could be two years or 12 years.
He said: “How people get to be known is not a fast process.”
“It can be a difficult experiences, a lot of persistence. All systems have to go. You have to love the work and have something to say before anything else then success will follow — or not. Sometimes it’s not a matter of talent but it’s a very difficult market place,” he said, matter of factly.
Both American gentlemen have been working in the US art world for more than 20 years. They said they get at least four proposals in a day.
But what do these men look for when choosing what art to exhibit? The two said they are interested in artists who are self-aware and honest with their art.
“The artists who interest me are still tied to their culture. You cannot plug in an international style. It’s not going to be interesting,” said Mr. Rasmussen. “If you are going to follow the market trend and guess where it’s going, you’re not going to get there. It should come from your experience. Your life.”
Artists should have a distinct voice. Mr. Furchgott said: “The artist should have a story. You need to be able to talk about your work. If someone asks you what you do, you shouldn’t be like ‘Well it’s like… well it represents… uhmmm… I don’t know…’ You need to have a story and tell it.”
LEAVING ON A JET PLANE
Should Filipino artists who dream of making it globally just pack up and leave?
Art collector Ken Hakuta — who was in the country for the recent exhibit of works by his uncle Nam June Paik, the father of video art — was in the audience and said that Filipino artists should leave and settle for good in the US, particularly in the vibrant art communities in Los Angeles and New York.
“The numbers are disastrously low, close to zero, a few, compared, say, to the active market and community in South Korea. In New York, there are 3,500 working [South] Koreans — they weren’t born in America but they moved to America — and I understand there are 20 Filipinos there,” said Mr. Hakuta who joined in the discussion.
“For the artist to go global, they have to move there for 15 years and become permanent residents,” he said.
“It’s not good enough that Filipinos get residencies for six weeks or three months — they have to move there for 15 years. Look at Ai Wei Wei for example.
“The competition here is too weak, they have to learn and find out that they’re really bad. That’s the reality. They become good enough here and make good enough living, and they stop. But for some reasons, the [Filipino] artists here won’t move [to the US],” he added.
Perhaps because the Filipino artists are afraid to gamble? Or unwilling to leave their families behind? Or maybe because the current climate in America isn’t friendly to foreigners?
There are many reasons for not wanting to migrate to the US.
One Filipino artist who has been living in New York, told BusinessWorld in a separate occasion that moving to the US is easier said that done.
“It’s a very long, risky process,” New York-based artist Julio Jose “Jojo” Austria told BusinessWorld via Facebook. “What I can say is at least now I am one of the many who are making progress every single year. As a Pinoy artist, it’s like being a foot soldier in a frontline. Kasi I came in on my own, [which is] similar to the other few first-generation immigrant Filipino artists whom I had met along the way ’nung tumatagal na ko sa local scene (once I had been around a while in the local scene),” he said.
Magkakaiba lang kami ng (We just had different) process of getting in — my ticket to getting in is being an artist-US resident — pero (but) we all have common experiences to share. It was a struggle, starting with being alone without connection and immediate family, being displaced, adjusting to a brand-new reality, and figuring out how to assimilate locally. Everything was trial and error from the beginning.”
Mr. Jose has been living in New York City for eight years now, and has done one major show and one small solo show there, and one solo show in Vermont. He also gets to participate in group shows — by selection and invitation — two or three times a year.
“It’s part of the competitive scene here kasi nga (because) you’re dealing with all types of artists [from] all over the world. For example, for you to have a show, be in an art program. You need to apply first or be invited. So kung lumusot ka lusot ka talaga (if you get in, you are really in) even if you don’t know anybody kasi ikaw at ’yung art work mo talaga ang tinitignan nila (because it is you and your art work that they are really looking at), which I think is a much better validation as an artist kasi you were given a break by merit…
“Well, there are a lot of vanity galleries or spaces around the city — if you have the money you can pay, which mostly outsiders do para lang masabi na (just so they can say) they had a show in NYC or at least gain an experience or a taste of the city, which I think hindi naman masama kasi para-paraan din ’yan (which I don’t think is a really a bad thing, its a way of doing it) and everybody has a right kung anong diskarte gusto mo gawin sa buhay (to use whatever strategies they want for their life),” he said.
He said he loves New York because it is a melting pot of culture. He even thinks that staying 15 years there, as Mr. Hakuta suggested, is too short a time — he believes an artist should stay in the US at least 20 years to learn and re-learn art.
But at the end, he said: “I am after the process [rather] than the result at the end of journey. For now, what is important for me is things are happening, the experiences, and what you’ve accomplished between points A and B, B and C, D and E, and so on.”
Before uprooting oneself, Mssrs. Furchgott and Rasmussen said it pays if artists make a name here first.
“It doesn’t hurt if you get noticeable in your country…” said Mr. Furchgott. “Sometimes it works by coincidences but it works by developing who you are as an artist. Then build up. People don’t become rock stars of the art world overnight.”
The two gentlemen agreed that local artists should serve their art first, then fame and money come next, in no particular order.
“If you’re looking for international stardom, it’s important to support your artists here first… and to represent your culture is a beautiful thing. It’s great to want to make a name, but you have to be doing this because you love it,” said Mr. Rasmussen.
At the end of the day, the two Americans affirmed what we already know: “Work hard, don’t give up. [It’s] important to believe in your culture and present that.” — Nickky Faustine P. de Guzman

ABS-CBN, GMA continue fight for TV ratings

ABS-CBN Corp. and GMA Network, Inc. tussled over nationwide TV ratings as both claimed dominance in October, using data from different audience measurement providers.
In a statement, ABS-CBN said it recorded an average audience share of 44% in October versus GMA’s 31%, based on Kantar Media data.
Citing data from Nielsen TV Audience Measurement, GMA said it posted an average total day people audience share of 41.1% in the National Urban Television Audience Measurement (NUTAM), while ABS-CBN’s share stood at 37.2%.
ABS-CBN said Kantar Media uses a nationwide sample size of 2,610 urban and rural homes, while GMA said Nielsen surveyed “approximately 900 more homes” than its rival.
The Lopez-led media company said it continued to lead in the primetime block (6 p.m. to midnight) with an average audience share of 48%, compared to GMA’s 31%.
ABS-CBN said it widened its lead in Metro Manila, with an average audience share of 42% against GMA’s 25%. Among Mega Manila households, ABS-CBN’ share reached 36% versus GMA’s 33%.
Meanwhile, GMA said it dominated the evening block with 41.3% audience share versus ABS-CBN’s 39.3%.
GMA said it registered an average total day people audience share of 46.9% in Urban Luzon against ABS-CBN’s 30.9%. In Mega Manila, GMA saw an average total day people audience share of 49.1%, while its rival registered a 28.1% share.

Learning through comics

BEFORE the advent of free television for cheap entertainment, there were comic books.
A prolific figure during the Golden Age of comics, Francisco V. Coching (1919-1998) is acknowledged as the “Dean of Filipino illustrators.”
He began his career in 1934 with works that reflected Philippine history, society and culture. He produced 63 comic titles — 51 of which were adapted to film. Among his popular works include Pedro Penduko, Sabas ang Barbaro, and El Indio.
In 2014, he was named National Artist for Visual Arts. His citation, signed by former president Benigno S. Aquino III, reads, “Sa pamamagitan ng komiks at pelikula, tumulong siyang patnubayan ang pagsalita at biswal na pagkatuto at paggamit ng Filipino bilang wikang pambansa (Through comics and film, he helped guide speech and visual learning and the use of the Filipino as a national language.)”
As a prelude to the artist’s centennial year, the Ayala Museum is presenting F.V. Coching: Komiks at Kultura, a retrospective of the artist’s original plates of comic covers, character studies, interactive displays, and re-colored reproductions of his works.
According to his daughter Lulu Coching Rodriquez, having an exhibit of her father’s work had always been her mother’s dream. “Even before my father became a National Artist, my mother was in the forefront of all efforts to bring his work to belong to everyone, especially to the young,” said Ms. Rodriguez’s message, as read by her husband Jose R. Rodriguez at the opening reception last week.
“We tie up with whoever has the works, this time it’s the family. They were able to save a lot of these drawings — originals of the artist,” Kenneth Esguerra, senior curator of the Ayala Museum, told BusinessWorld.
Mr. Esguerra said that comics were very popular back in the day since it was the “cheapest form of entertainment.”
“You just go to a sari-sari store, you can rent a comic book if you don’t have money to buy it. It was reachable to the masses,” he said, noting that comics nowadays are quite expensive.
The exhibit is presented under the Ayala Museum’s Images of Nation program which was developed to showcase the “vision and excellence embodied in the National Artist Award.”
“Art has a purpose. Art is not for art’s sake only, but it is used to teach history and culture,” Mr. Esguerra said.
F.V. Coching: Komiks at Kultura is on view until Feb. 3, 2019 at the Ayala Museum, Makati Ave., Makati. Copies of the catalogue are available at the Museum shop for P1,500. — Michelle Anne P. Soliman

Gov’t makes full award of bonds amid rise in rates

By Melissa Luz T. Lopez, Senior Reporter
THE GOVERNMENT raised P15 billion worth of 10-year Treasury bonds (T-bonds) yesterday as planned amid strong demand, with the surge in yields within expectations.
The Bureau of the Treasury made a full award of reissued debt papers which had a remaining life of nine years and four months. Tuesday’s auction received overwhelming bids totalling P28.306 billion, nearly double the amount the state wanted to shore up.
The long-term notes fetched an average rate of 8.035%, which is higher than the 6.25% coupon rate when the papers were first issued in March. The instruments later on fetched a 6.35% yield when these were reissued in May, with this week’s exercise leading to an increase worth 168.5 basis points.
Players sought for returns ranging from 7.875% to a high of 8.125%, according to the results of the latest offering.
National Treasurer Rosalia V. De Leon said they went with a full award given a very good volume received during the auction, coupled with an average yield that is even lower than current market rates.
The yield fetched during yesterday’s auction is slightly lower than the 8.044% market rate as of yesterday noon, according to the PHP Bloomberg Valuation Service (BVAL) Reference Rates.
The BVAL rate settled at 8.029% yesterday afternoon.
“The market, in terms of the inflation print this morning, more or less they’ve seen that it has stabilized,” Ms. De Leon told reporters after the auction on Tuesday.
October inflation clocked in at 6.7%, matching September’s level to end a nine-month uptrend in prices.
Higher costs of food, housing and utilities, and transport led price increases of basic commodities last month, the Philippine Statistics Authority said. This brought the 10-month tally inflation tally to 5.1%, well above the 2-4% target band set by the central bank.
“It just shows that the momentum of inflation is decelerating, so that is also sending a signal to the market that we would expect that inflation would already trend downwards,” the National Treasurer added.
A bond trader shared this view, saying: “In general, this is a good auction since the yield range is close to what market was expecting. Better month-on-month CPI (consumer price index) data, indicating inflation has peaked, also helped drive market’s risk appetite for the bond.”
Ms. De Leon added that banks may have also seized the opportunity to lock in their funds before yearend, given that this is the Treasury’s last offering for long-term T-bonds for 2018.
The Treasury is raising P270 billion from the domestic market this quarter through auctions of securities, offering P180 billion in Treasury bills and another P90 billion in T-bonds. This is part of the P888.23-billion borrowing plan this year from local and foreign sources to fund the budget deficit and support increased government spending.

Fed chief Powell’s policy signals get lost in translation

THERE’S WHAT you think you said. There’s what you actually said. And perhaps most importantly for the steward of the world’s largest economy, there’s what people heard.
That’s a lesson that Federal Reserve Chairman Jerome Powell is learning the hard way as he seeks to steer the economy between the twin shoals of overheating and recession while being buffeted by criticism from Wall Street to the White House.
Powell is going to be getting a lot more practice. He’ll hold a press conference after every Fed meeting from next month onward — boosting both the opportunity to refine his message and the risk of sowing confusion.
Case in point: Powell’s unscripted comments on Oct. 3 that monetary policy was still boosting the economy and probably was “a long way from neutral” but might eventually have to turn restrictive.
While numerous Fed watchers saw the remarks as nothing new, many investors heard it as a signal that the central bank was far from finished raising interest rates. And they dumped stocks in response, helping send the S&P 500 Index to its worst performance since 2011 last month.
Jefferies LLC chief market strategist David Zervos didn’t mince words, blaming Powell’s inexperience at the helm. The sell-off was “simply the result of a novice Fed chair fumbling the communications ball,” he said in an email to clients, dismissing arguments that US-China trade tensions or other factors were to blame.
Powell and his colleagues are expected to hold policy steady at a two-day meeting starting Wednesday, while leaving the door ajar to a rate increase at their final gathering of 2018. Powell’s next press conference is scheduled for Dec. 19 and he will then hold one after every gathering starting in January.
DECEMBER ‘RESOLVE’
“Heightened financial market volatility has not altered the Fed’s resolve to hike in December,” Morgan Stanley Chief US Economist Ellen Zentner and her fellow economists wrote in a Nov. 1 note.
The problem is that investors are still getting to know Powell eight months after he became chairman. Unlike predecessors Ben Bernanke and Janet Yellen, he doesn’t have a Ph.D. in economics and prides himself on his ability to translate difficult subjects into plain English. That’s undoubtedly what he was trying to do in his Oct. 3 comments to television anchor Judy Woodruff.
The result is that perhaps “a little gets lost in translation in the financial markets because people want to infer changes in the substance of what’s being said when what’s changing is just the approach or the tone,” said Stephen Stanley, chief economist of Amherst Pierpont Securities LLC.
It hasn’t helped that Powell has spent his early days being critical of some concepts that have served as Fed policy lodestars in the past. He’s stressed the wide bands of uncertainty surrounding economists’ estimates of R star — the neutral interest rate that neither spurs nor curbs growth — and U star — the unemployment rate that is sustainable in the long-run.
NOT CLEAR
So when Powell said that interest rates were far from neutral, it’s perhaps not surprising that investors didn’t know exactly what was meant.
“They do seem very proud of their transparency but if that transparency is just them saying we’re not sure of anything, then it’s unclear what they are so proud of,” Michael Feroli, chief US economist for JPMorgan Chase & Co., said in an email.
Powell and his colleagues also “have not been terribly up front about the need to eventually get the labor market in equilibrium,” said Deutsche Bank Securities Chief Economist Peter Hooper. That too is not surprising: Any suggestion that the Fed was trying to engineer a rise in joblessness could trigger even more criticism from President Donald Trump.
The result is that even seasoned Fed watchers are puzzling over where Powell falls in the so-called dot plot of policy makers’ interest rate projections. That’s in contrast with Yellen. Economists were pretty certain which anonymous dot she represented in the quarterly forecasts.
“We don’t know where Powell is,” said HSBC Securities Chief US economist Kevin Logan, adding, “He’s probably somewhere in the middle” of the dot plot but whether he favors two, three or four rate increases next year is unclear.
Logan said the Fed is approaching an “inflection point” for monetary policy and its communications strategy. For years, its task was clear: nurture a slow-motion recovery by running an expansionary policy. But now, with unemployment at a 48-year low and inflation on target, the Fed is getting out of the business of providing the economy with support. What comes afterward is less clear.
The improving economy is also allowing the Fed to step back from holding the market’s hand by scaling back the forward guidance it provides investors on where rates are headed. It moved in that direction in June when it stopped describing policy as “accommodative” in its post-meeting statement.
Still, there’s only so far the Fed can go in that direction as long as it’s publishing a policy dot plot.
“They are trying to dial back from forward guidance but it’s difficult to go as far as you might like to when you’re still doing these dot plots,” said Johns Hopkins University professor Jonathan Wright.
Wrightson ICAP LLC chief economist Lou Crandall said he understands how investors could have misread Powell’s Oct. 3 remarks and that the chairman himself probably wishes he hadn’t made them.
Still, Crandall voiced hopes that Powell “succeeds in getting to a world where he can speak in plain and not precisely tailored English and not have people misunderstand him.” — Bloomberg