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Japan-based Universal plans backdoor listing for PHL casino operator

OKADA MANILA is one of three integrated casino resorts operating in Entertainment City.

MANILA — Japan’s Universal Entertainment Corp. is taking its Philippines casino operator public through a subsidiary’s purchase of a majority stake in Manila-listed Asiabest Group International.
Asiabest, a holding company, said on Tuesday its shareholders signed a deal for Tiger Resort Asia Ltd. to acquire two-thirds of the company for P46.5 million ($12 million).
Tiger, which owns the operator of the $2.4 billion Okada Manila integrated casino-resort, is a subsidiary of Universal.
The special block sale, which will take effect on Nov. 12, would allow the casino operator to join the Philippines’ stock exchange, the worst performing bourse in Southeast Asia this year.
The move comes amid a difficult political climate for casinos in the Philippines, with President Rodrigo Duterte saying he hates gambling and vowing there would be no new casinos set up during his presidency.
Okada Manila is one of three integrated casino-resorts operating in the Philippine capital’s version of the Las Vegas gaming strip. Melco Resorts and Entertainment (Philippines) Corp. (MRP.PS), which operates City of Dreams Manila in the same gaming strip, plans to de-list from the stock exchange.
Tiger would offer to buy out minority shareholders of Asiabest, which implemented a voluntary trading suspension on Tuesday.
Universal and Tiger representatives were not immediately available for comment. — Reuters

‘Will You Still Love Me?,’


THE CULTURAL CENTER of the Philippines (CCP) in cooperation with the Julia Buencamino Project presents “Will You Still Love Me?” for its second edition of the Festival of Arts and Ideas, which runs from Sept. 14–16 at various CCP venues.
The interactive arts festival aims to develop awareness of mental health, build mental resilience, and overcome the stigma of mental illness through therapeutic arts activities. The festival will feature performances, workshops and film screenings that will shed light on struggles with mental health as well as motivate participants towards artistic self expression and hopefully, healing.
It encourages self-expression among participants by providing them with a variety of workshops to choose from—prose or poetry writing, creative movement, painting, printmaking, and playing music through the ukulele.“Will You Still Love Me?” is a line taken from the poem penned by the late Julia Buencamino, daughter of actors Shamaine Centenera Buencamino and Nonie Buencamino. Julia died from suicide on July 7, 2015.
The poem reads: “When my mask shatters/ and you see how broken I really am,/ will you still love me?”
Julia’s poem, said Ms. Buencamino, who is the festival director and curator, “speaks of the fear that most people struggling with mental health suffer—the fear that they won’t be accepted and loved.”
The Julia Buencamino Project is a mental health advocacy founded by the Buencaminos to honor their daughter’s memory, to help children suffering from mental illness and to educate people about mental health.
The Festival at the CCP, Ms. Buencamino said, will continue the dialogue started by the Julia Buencamino Project “in exploring tools for carers of people with mental health conditions as well as harness the arts for mental health through performances and workshops.”
“The festival is for everyone,” she emphasized, “because our health includes mental health. Mental health affects everyone.”
During the festival, a paper crane tree will be installed at the CCP Little Theater Lobby. The paper crane tree serves as the unifying symbol of the festival as it carries messages of hope and self affirmation of participants in the festival.
Also in the same venue, an exhibit/installation inspired by the Julia Buencamino Bench Project will be mounted by artist Alwin Reamillo with contributions from visual artists from the Philippine High School for the Arts.
Each day of the festival will begin with a mindfulness exercise using breath, visual imagery and body awareness. The checking-in activity will be followed by workshops and film screenings in the afternoons and performances in the evenings.
According to Ms. Buencamino, the workshops are designed to teach participants skills to practice the arts as a way to improve the mind and manage stress. Film screenings will give viewers more information on different mental conditions as well as an opportunity to ask psychologists questions to understand mental illness more. Performances will allow audiences to empathize with those who suffer and to continue fighting mental illness by living inspired lives.
“We hope to create a community that helps build mental resilience through the arts,” Ms. Buencamino said. “Art heals. Art helps focus the mind. Art even changes the way the brain functions.”
For more information about “Will You Still Love Me? Festival Of Arts And Ideas,” call 832-1125 local 1606 or visit culturalcenter.gov.ph.

Gov’t rejects all bids for T-bonds as investors ask for higher yields

THE GOVERNMENT rejected all bids for the reissued 10-year Treasury bonds (T-bond) it offered yesterday as investors demanded higher rates amid market expectations of another rate hike from the local central bank.
The Bureau of the Treasury (BTr) opted to reject all bids for its P15-billion offer of reissued 10-year bonds on Tuesday, as tenders put forward by banks totalled P12.737 billion, below the amount the government wanted to borrow.
Had the BTr accepted all offers, the papers, which have a remaining life of nine years and six months, would have fetched an average rate of 7.64%, soaring by 129 basis points (bp) from the 6.35% recorded in the bond offer in May.
The Treasury also rejected all bids for the 10-year papers when they were offered last July 3.
The 10-year debt papers carry a 6.25% coupon.
At the secondary market prior to the auction, the papers were quoted at 7.5393%. The yield on the 10-year bond was unchanged at the market’s close.
After the auction, Deputy Treasurer Erwin D. Sta. Ana said the rates tendered by dealers were too high.
“Bids came in much higher than we expected given our initial survey from the [government securities eligible dealers] and based on where this security is trading on, hence the decision to fully reject,” Mr Sta. Ana told reporters yesterday.
He added that the recent tightening moves by the Bangko Sentral ng Pilipinas (BSP) were priced in by investors which led to a spike in rates.
The BSP has cumulatively raised rates by 100 bps since May, with rates currently ranging at 3.5-4.5%.
Another rate increase is expected during the September Monetary Board meeting, with some analysts predicting that the BSP will hike borrowing costs by another 50 bps.
“The market is reportedly expecting another one from the central bank, so those must be taken into account,” Mr. Sta. Ana said.
On Friday, BSP Governor Nestor A. Espenilla, Jr. hinted on another rate hike, saying the monetary authority will take “strong immediate action” to respond to emerging threats to prices and inflation expectations.
The average rise in prices of widely used goods picked up to a nine-year high of 6.4% in August due to higher food and oil costs.
“It could be several different factors, but it could be that participants are still waiting for what’s going to happen in the next couple of days,” Mr. Sta. Ana replied when asked why the 10-year bond offer was undersubscribed, noting that the market is also looking at the possible US Federal Reserve rate hike this month.
To cover for the previous rejections the BTr made, Mr. Sta. Ana said the government has enough cash on the back of “impressive” revenue collections made by the Bureau of Customs and the Bureau of Internal Revenue.
“To compensate for that, we would look into the collections… We still have that sufficient buffer that we have because of all these impressive revenue collections so we are okay.”
Meanwhile, a bond trader said the 10-year tenor is “not timely,” as appetite for long-term debt is expected to be weak with inflation at a fresh high and amid continued volatility in emerging markets.
“The 10-year-long bonds are not timely because the inflation number as well as the US Treasuries are up,” the trader said in a phone interview.
“There are problems in the emerging markets as well that’s why the BTr prompted to reject all bids.”
The government is set to borrow P300 billion from the domestic market this year through auctions of securities, offering P195 billion in Treasury bills and another P105 billion in T-bonds.
It plans to borrow P888.23 billion this year from local and foreign sources to fund its budget deficit capped at 3% of the country’s gross domestic product.
GLOBAL BONDS
Meanwhile, the BTr said it is still looking at offering dollar-denominated global bonds this year as it is still looking at market conditions.
“At this point, we are just looking to monitor what is happening in the RoP (Republic of the Philippines bond) space,” Mr. Sta. Ana said.
“Given what is happening externally [such as] the intensifying news about the trade war between the US and China [as well as] the [North American Free Trade Agreement] talks, we are just carefully monitoring where we are in terms of our dollar curve.”
In January, the government sold $2 billion worth of 10-year dollar bonds amid strong investor demand.
Aside from this, it is also looking at offering yen-denominated “samurai” bonds and yuan-denominated “panda” bonds within 12-18 months to maintain its presence in these debt markets. — Karl Angelo N. Vidal

NGCP aims to start VisMin grid components by January

DAVAO CITY — The National Grid Corporation of the Philippines (NGCP) is targeting to start installing some components of the Mindanao-Visayas Interconnection Project (MVIP) by January 2019.
Mae Roselle L. Curiano, NGCP regional communications and public affairs officer, said the plan is to begin setting up converter stations, and install transmission lines and submarine cables, simultaneously in the Mindanao provinces of Lanao del Norte, Zamboanga del Sur, and Zamboanga del Norte.
The MVIP is a 355-kilometer power grid link that will connect the converter stations in Dumanjug, Cebu, and Lala, Zamboanga del Norte.
“For Cebu to Zamboanga del Norte, a submarine cable will be constructed from Cebu down to Dumanjug. From Dumanjug down to Santander then Santander to Dapitan then Dapitan to Lala, a submarine cable approximately about 92 kilometers will be constructed,” Ms. Curiano said in an interview.
The project will also have 350,000-kilovolt overhead transmission lines, which is the first in Mindanao.
“All affected municipalities and cities were all ready, including the provincial government units wherein we already informed them about the project and they all expressed support,” she said.
Ms. Curiano said pre-construction activities are now ongoing, including engineering and parcellary survey, valuation of the affected properties, negotiation with the property owners, and securing construction permits.
“Only after the parcellary survey can we negotiate (with the) landowners. We need to show to them that a portion of their property would be affected and it could be their property or house or crops,” she explained.
Ms. Curiano said they are optimistic of completing the project by the target 2020 deadline with faster implementation supported by the certificate of Energy Project of National Significance (EPNS) given by the Energy Investment Coordinating Council.
“If projects are given (a) certificate of significance, approval of permits should not take long,” she said. — Maya M. Padillo

MIBF 2018: books, more books, comics, and pop culture

ANYBODY OF THE opinion that no one reads physical books definitely hasn’t been to the annual Manila International Book Fair (MIBF), which traditionally welcomes hordes of bookworms. On its 39th season, the fair, which runs from Sept. 12–16 at the SMX Mall of Asia, is expecting around 150,000 visitors.
The annual festival hasn’t only grown in number of attendees but in scope as well. Aside from offering discounts on textbooks, fiction stories, limited prints, collector items, and school supplies, MIBF is also organizing a comic and pop culture event.
Called the “Pop Hub: Comic Splash x Fandom Fest,” it caters to all things millennial, like fandom groups. Following its success last year, the event promised that this year’s edition would be “bigger and bolder… not only for fandom groups, but also for the whole comic and pop culture community.” The lineup includes cosplay competitions, workshops, selfie opportunities, and panel discussions.
Prominent comic book creators, artists, writers, directors, animators, illustrators, collectors, academics, comic fans, editors—basically, anyone—is welcome to attend the event at SMX Mall of Asia Function Room 3 this the weekend, Sept. 15 and 16.
Pop Hub aside, MIBF will see thousands of best-sellers and new releases available at discounted prices, from young adult and fiction novels like Jenny Han’s To All the Boys I’ve Loved Before and Kevin Kwan’s Crazy Rich Asians trilogies. The inventory also includes children’s classics like J.K. Rowling’s Harry Potter and Jeff Kinney’s Diary of A Wimpy Kid series; non-fiction and reference books, ranging from academic, business, lifestyle, self-help, and more.
The schedule is packed. Fans will get to meet and greet literary legends Butch Dalisay and Lualhati Bautista, best-selling authors Marcelo Santos III and Juan Miguel Severo, and celebrity authors Mark Bautista and Lloyd Cadena. Meanwhile, Younger actor and queer poet Nico Tortorella will have a book signing event on Sept. 16; they will discuss their book all of it is you, and perform spoken word poetry.
More than a hundred exhibitors are joining this edition of MIBF, among them indie bookshops, bookstore chains, university publications, local publishing outfits, and religious publications. For the complete schedule of events, go to manilabookfair.com/schedule-special-events. — NDG

Global banks expect more BSP rate hikes until 2019

By Melissa Luz T. Lopez, Senior Reporter
THE BANGKO SENTRAL ng Pilipinas (BSP) may opt to raise rates several times until 2019 to make local yields competitive, two global banks said, noting that such moves would also boost the peso and help arrest surging inflation.
In separate reports, economists at ING Bank and Deutsche Bank both see successive tightening moves from the central bank, starting with another 50 basis points (bp) within September.
“Additional rate hikes are likely in the next 12-16 months to also bring real policy rates to positive and maintain interest rate differentials,” ING said in a research note published yesterday.
“BSP’s hawkish rhetoric and signals of further action has kept PHP trading in a range.”
ING expects the key policy rate to rise to 5.25% by end-2019, suggesting that several rate hikes will be introduced in succession.
The BSP has adopted three rate hikes in a row this year in the face of surging inflation, worth a cumulative 100 bps from May to August. The central bank even responded with an aggressive 50-bp increase last month as inflation leaped to a nine-year high of 5.7% in July, in a bid to temper future price spikes for basic goods and services.
The central bank is set to hold its next rate-setting meeting on Sept. 27, although BSP Governor Nestor A. Espenilla, Jr. said policy makers have the option to hold an off-cycle review following the shocking 6.4% inflation for August which was reported last month.
However, the BSP chief has pointed out that price pressures are largely due to thin rice supply and soaring world crude prices, which would require non-monetary measures to quickly address.
According to ING’s latest estimates, the BSP will raise rates by 50 bps this month, followed by a 25-bp increase during the fourth quarter to bring the overnight borrowing rate to 4.75% by December. This means that benchmark short-term rates will range from 4.25-5.25% by year’s end.
In a separate report, Deutsche Bank pointed out that the BSP would still raise rates by a total of 100 bps between September to December.
“Although we think headline inflation has peaked in the Philippines, it is at a rate well above BSP’s target, requiring further aggressive rate hikes. We expect rates to rise another 100 bps, including a 50 bps hike later this month,” the German lender said, adding that this will cushion peso depreciation and surging inflation.
Inflation has averaged 4.8% year-to-date, well beyond the 2-4% target band set by the BSP. Meanwhile, the peso has been trading above P53 versus the dollar in recent weeks, and is close to breaching the P54 level as of yesterday.
Last week, Mr. Espenilla said that the BSP will “take strong immediate action” to douse inflation expectations as well as “excessive” swings in the peso-dollar trading in order to maintain price stability.

SM Prime opens shopping mall in Legazpi City

IN A statement issued Tuesday, the Sy-led mall operator and property developer said SM City Legazpi will open its doors on Sept. 14. Located along Imeda Roces Avenue in Albay, the mall will have a total gross floor area of almost 88,000 square meters (sq.m.) and will be the company’s second mall in Bicol following SM City Naga in Camarines Sur.
“SM Prime joins the City of Legazpi in bringing fun and adventure to the picturesque province of Albay with the opening of SM City Legazpi… Together with SM City Naga in Camarines Sur, this new lifestyle destination in Bicolandia will elevate the malling experience of both the locals and tourists with offerings from top local and global brands,” SM Prime President Jeffrey C. Lim said in a statement.
The three-storey mall will open with 85% of its leasable space already taken up by a mix of shopping, dining, and entertainment concepts. Tenants will include The SM Store, SM Supermarket, SM Appliance Center, Ace Hardware, Our Home, Watsons, Surplus, Sports Central, Bata Shoes, Miniso, The Body Shop, Uniqlo, and Banco de Oro.
The mall will also feature a food hall with a view of Mayon Volcano, six SM Cinemas, and SM Cyberzone.
The listed firm chose to locate in Legazpi City as it is considered Bicol’s center for tourism, education, health services, commerce, and transportation. SM Prime also noted Legazpi, with a population of more than 200,000 people, is one of the top provincial cities with remittances from overseas Filipino workers.
SM City Legazpi is the fourth mall that SM Prime will be opening this year, after SM Center Imus in Cavite, SM City Urdaneta Central in Pangasinan, and SM City Telabastagan in Pampanga. This will bring the company’s total mall count to 71.
SM Prime will open SM Center Ormoc in Leyte in the fourth quarter, bringing its total to 72 stores across 9.6 million sq.m. by end-2018. The expansion is part of the company’s goal to have 10.8 million sq.m. of gross floor area across all its shopping malls by 2022, with around 86% located in the Philippines and the balance to be seen in China.
The company generated a net income of P16.62 billion in the first six months of 2018, 16% higher year-on-year as consolidated revenues likewise grew 15% to P49.77 billion for the period.
Shares in SM Prime ended flat at P36.50 each at the Philippine Stock Exchange on Tuesday. — Arra B. Francia

Painting what your heart holds dear


AS PARENTS, Mario and Alma Miclat saw to it that their daughters—Maningning and Banaue—began honing their talents at a young age. Their eldest daughter, Maningning, was three years old when her mother saw her drawing of a “funny figure.”
“We made it a point that when they (including Banaue) were still young, we would bring them to museums and plays. So, I think it started there,” Ms. Miclat told BusinessWorld.
Maningning grew up to be a painter, and a multilingual poet and writer who published works in Filipino, English, and Mandarin Chinese.
The late artist’s given name was inspired by her parents’ love for the country. “When you live outside your own country, your patriotism is enhanced,” Ms. Miclat said. The couple was based in China when their children were growing up. Ms. Miclat recalled that they wanted to use a Filipino name for their daughters.
Maningning started her artistic career with Chinese paintings, which she learned to make from a teacher in Beijing. Her first solo exhibition of Chinese brush work was mounted at the Cultural Center of the Philippines in 1987; this was followed by the publication of Wo De Shi (My Poems), her first book of poetry in Chinese.
In 2000, the 28-year-old artist and art professor at Far Eastern University fell to her death from the seventh floor of the building where she taught.
Established in her honor in 2001, the Maningning Miclat Art Foundation, Inc., holds activities aimed to encourage young poets and artists aged 28 years and younger.
It recently launched an exhibit-sale featuring the artworks of the 18 finalists of the 2018 Maningning Miclat Art Awards.
The event was done in cooperation with District Gallery, and the FEU President’s Committee on Culture.
“Our vision is to support and encourage creativity in young people and give recognition to the most outstanding,” Ms. Miclat, president of Maningning Miclat Art Foundation, at the exhibit-sale’s launch.
Ms. Miclat noted that the competition carried no specific theme. “Kung ano yung pinakamalapit sa puso nila, ‘yun ang i-paint nila (Whatever is close their heart, that is what they should paint).”
The grand prize winner will be given a trophy designed by sculptor Julie Lluch, a check worth P28,000, a Maningning Miclat book collection, and a solo exhibit at District Gallery in Quezon City.
“Young artists need support. Most of the time they don’t need money, but recognition. Competitions like this give opportunities for them to be recognized,” Ms. Miclat said. “I feel that Maningning has a hand in all this. Perhaps, this is what she really wanted us to do.”
Since 2004, the foundation has hosted painting competitions on even-numbered years, and poetry competitions on odd-numbered years.
The exhibit-sale is on view at the Exhibit Hall of the Nicanor Reyes Hall at FEU.
The awarding ceremony will be held on Sept. 26 at the newly reopened FEU Auditorium to be followed by Ginugunita Kita, a performance featuring 11 of Maningning Miclat’s poems from Voice from the Underworld, set to music. — Michelle Anne P. Soliman
The exhibit-sale is ongoing until Sept. 26. For more information, call the FEU President’s Committee on Culture at 849-4145 or 736-4897. For ticket inquiries to Ginugunita Kita, contact the Maningning Miclat Art Foundation c/o Carmela (0999-8050681) or call Ticketworld (www.ticketworld.com.ph, 891-9999).

China bond traders boost leverage

CHINESE bond traders ramped up their leverage to a record high in August, and that could be catching the central bank’s attention.
The turnover of overnight repurchase contracts, a tool traders use to seek financing to fund their bond purchases, increased for a second straight month to hit 66.1 trillion yuan ($9.6 trillion), official data showed. In August, the People’s Bank of China (PBoC) conducted repo agreements — an instrument that hadn’t been used in about three years — to mop up about 300 billion yuan of liquidity from the banking system, according to people familiar with the matter.
“The PBoC’s move was likely aimed at slowing the buildup of leverage and reducing short-term liquidity,” said David Qu, Shanghai-based economist at Australia & New Zealand Banking Group Ltd. “But it won’t damp traders’ motivation to borrow cheap funding and buy bonds — they’d keep doing that as long as they expect money market rates to remain stable.”
The surge in leveraged buying of debt is a double-edged sword. On one hand, it could mean the central bank’s monetary easing will finally feed into China’s real economy as banks increase lending to companies via corporate bond purchases. On the other hand, it could signal a setback in the government’s efforts to reduce financial leverage. China will keep liquidity reasonably ample, without “flooding” the banking system through abundant cash supply, PBoC Deputy Governor Zhu Hexin said in late August.
The PBoC drained short-term funds last month in an unannounced repo operation, people familiar with the matter said last Wednesday. The central bank said the report is not true, declining to give further details.
The reported cash withdrawal came as interbank rates tumbled to multi-year lows in August. That has spurred some traders to use their money borrowed via short-term repos to purchase bonds, said Julia Ho, the head of Asian Macro at the Asian fixed-income team at Schroder Investment Management Ltd. in Singapore. Most of the leveraged-related trading is aimed at policy banks’ bonds as well as investment-grade state-owned enterprises’ debt and local government financing vehicles, she said.
“The carry trade will remain profitable until at least next year,” said Meng Xiangjuan, an analyst at SWS Research Co. in Shanghai. “Officials won’t put limitations on the trade, as long as the level of borrowing remains normal. That said, the room for significant spikes in leverage is limited, as officials have placed plenty of restrictions in the past years already.”
The benchmark seven-day repo rate dropped two basis points to 2.65% on Tuesday, after spiking amid tighter liquidity late last week. The overnight cost was little changed at 2.57%. That brings the gap between the overnight rate and the yield of six-month AA+ rated negotiable certificates of deposit to about 107 basis points, a spread that makes the carry trade still attractive, according to ANZ’s Qu.
That doesn’t mean the PBoC will keep its hands tied and watch leverage expand indefinitely. For Xu Hanfei, chief fixed-income analyst at Industrial Economics Research & Consulting Co. in Shanghai, the central bank may boost the overnight repo rate as it follows the Federal Reserve in an expected increase in borrowing costs this month. — Bloomberg

Smart successfully makes 1st Voice over Wi-fi call in Cebu

SMART Communications, Inc. on Tuesday said it has made the first successful Voice over Wi-fi (VoWifi) call over a live network in Cebu, a few months after the company made the same breakthrough in Manila.
In a statement, Smart said it tested the VoWiFi, which allows customers to make and receive calls and text messages over a Wi-fi connection, with technology partner Huawei Technologies, Inc. in Cebu.
“As we invest in future-proofing our network, we are continuously innovating to add more communication options for our customers. We look forward to letting our customers make high-definition Wi-Fi calls soon,” PLDT and Smart Senior Vice President for Network Planning and Engineering Mario G. Tamayo said in the statement.
VoWiFi is a feature that allows users to call or text through a mobile device’s native dialer using a Wi-Fi connection such as Smart Wi-fi and PLDT Home Wi-fi.
Smart said it also offers an expanded network coverage to let users take advantage of the feature wherever a Wi-Fi connection is available.
“Soon, Smart customers will be able to make voice over Wi-fi calls using VoWifi-capable smartphones,” the company said, without giving details.
Smart said it had made the country’s first Voice over Long-Term Evolution (VoLTE) call last year. VoLTE is similar to VoWiFi, but uses LTE or fourth generation (4G) connection instead.
“Customers with VoLTE-capable devices can stay on the 4G/LTE network when making and receiving calls, which makes call set-up time in LTE faster… [B]ecause LTE is very efficient in carrying data traffic, a voice call made over LTE is crystal clear quality, with almost no background noise,” it said.
PLDT signed a $28.5-million deal with Huawei Technologies early this year with the goal of developing its wireless services.
“We will continue to strengthen and revolutionize our network so that we can deliver relevant services such as Wi-Fi Calling and VoLTE, as well as voice/video over 5G (fifth generation) in the near future,” Mr. Tamayo said.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez

The perfect woman

PATRICK UY

FEATURING MARVELOUS costume pieces by Eric Pineda, Chrysalis is a convergence of seven prominent names in photography: Jun de Leon, Raymund Isaac, Manny Librodo, Mandy Navasero, BJ Pascual, Wig Tysmans, and Patrick Uy. The exhibition—mounted in conjunction with the restaging of David Henry Hwang’s Tony Award-winning play, M. Butterfly—showcases interpretations of the perfect woman as embodied by Song Liling, the Chinese opera singer central to the love story. Chrysalis is a symbolic title, reflecting how the re-staging of Mr. Hwang’s tale has grown and transitioned since it was first staged in the Philippines in 1990. This photography exhibition, devised by Toots Tolentino, Jhett Tolentino, and Mr. Francisco, will benefit different charities (with each beneficiary chosen by the photographer who captured the photo). Chrysalis opens today, Sept. 12., and is ongoing at the main hall of Maybank Performing Arts Theater until Sept. 30 (the duration of M. Butterfly’s staging). The photos will be sold through a silent auction. Only three limited-edition prints per photograph were produced for this exhibition. Starting bid is 50,000. Interested buyers can bid via e-mail (mbutterflymanila@gmail.com) or via SMS (0917-623-3834).

How PSEi member stocks performed — September 11, 2018

Here’s a quick glance at how PSEi stocks fared on Tuesday, September 11, 2018.

Philippine Stock Exchange’s most active stocks by value turnover — September 11, 2018

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