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Bardot slams #MeToo

PARIS — French film legend Brigitte Bardot, 83, attacked the #MeToo movement Wednesday, claiming that actresses who complain of sexual harassment were just looking for publicity. “The vast majority are being hypocritical and ridiculous,” she told the French magazine Paris Match. “Lots of actresses try to play the tease with producers to get a role. And then, so we will talk about them, they say they were harassed,” she declared. “I was never the victim of sexual harassment. And I found it charming when men told me that I was beautiful or I had a nice little backside,” said the actress, who became a sex symbol overnight for And God Created Woman in 1956. — AFP

A positive and respectful look at traditional Ifugao culture

By Jonathan Best

Book Review
Ifugao: People of the Earth
Written and edited by Prof. Delfin Tolentino, Jr., Leah Enkiwe-Abayao, Analyn Salvador-Amores, and Marlon Martin
Published by ArtPostAsia and the Aboitiz Group of Companies

OVER THE last few years the Aboitiz Group of Companies has sponsored several handsome and informative coffee-table books as part of their corporate philanthropy, these are offered for free to schools and educational institutions. The books have ranged from collections of heirloom recipes to illustrated essays on trees and the environment. This year’s contribution focuses on the indigenous Ifugao communities of northern Luzon; their history, traditions and material culture with a strong emphasis on artifacts relating to spiritual rituals.

The editorial team and group of writers for this project was headed by Prof. Delfin Tolentino, Jr., formerly director of the Cordillera Studies Center at the University of the Philippines (UP), Baguio. Short essays were contributed by associate professors Leah Enkiwe-Abayao of the Cordillera Studies Center and Analyn Salvador-Amores, Director of the Museo Kordilyera at UP Baguio, and Marlon Martin who is Chief Operating Officer of the Save the Ifugao Rice Terraces Movement in Kiangan, Ifugao. The overall book and design development is another beautiful contribution to book publishing by Tina Colayco of ArtPostAsia, Inc.

The photographs, both contemporary and vintage images illustrating this book, are as important as the text. The contemporary photos were taken by Jacob Maentz, an American documentary photographer based in Cebu. The numerous vintage photos were sourced from museums and private collections here and abroad, including the Banaue Museum and BenCab Museum here, and the University of Michigan, Newberry Library, and Michael Price Collection in the United Sates, among many other sources — even including rarely seen photos from the Museum of Anthropology and Ethnology in St. Petersburg, Russia.

Ifugao: People of the Earth, is not a definitive anthropological study, nor is it just a glossy travel pictorial for local and foreign tourists. It is, in fact, a very well- focused introduction and pictorial guide to the life and especially the traditional social and religious rituals of the Ifugao communities living in the highlands of northern Luzon around Banaue just north of Baguio. The contemporary photographs, almost all of which are of individuals or groups of people or ritual artifacts, are well captioned, giving the indigenous names of celebrations, ritual objects, the names of spirits, deities, and other pertinent information.

To add historical significance to the modern photographs, the book designers have carefully researched numerous photo archives and found vintage sepia and black-and-white images which show the same or similar events taking place a century or more ago. These old photos are carefully inserted beside the full color modern spreads, adding convincing visual evidence of the ancient roots of the Ifugao’s celebrations. These rituals revolve primarily around rice planting and harvesting, rites of passage for the young, healing the sick, and social prestige celebrations for prominent families.

Probably the most iconic images of the Ifugao culture are the ones of the Banaue Rice Terraces and those of their bu’luls, totemic male and female figures carved in wood, usually less than a meter tall, and used in rituals and as guardian figures. Building the rice terraces and the intricate system of waterways they required, virtually by hand, many centuries before the start of the European colonial occupation of the Philippines, was an amazing technological feat which involved the cooperation of the whole community over many generations.

The bu’luls were representatives of, and physical mediums for, the hundreds of spirits, deities, and ancestors that populated the Ifugao’s concept of the universe. These spirits could be called upon to provide omens and give assistance regarding rice cultivation and all other aspects of Ifugao culture and social life. Over the centuries, rituals were kept alive by mumbaki (shamans) and elders, both women and men, who remembered the oral histories of their communities and could repeat these in chanting ceremonies which could last for several days at a time.

The most beautiful and dramatic contemporary photos in the book are of the Punnuk ritual which takes place at the end of the rice growing season. All the villagers dress in their traditional finery, the men in bright red and black bahag (loin cloths) and head scarfs and the women in wrap-around woven skirts of the same material and white blouses adorned with heirloom trade-beads, mouther-of-pearl, feather, ivory and gold ornaments. With much chanting and singing and waving of leafy red dongla (cordyline terminalis) stalks, the men and boys of two villages challenge each other to a tug-of-war across a shallow mountain river. After much good natured struggle and splashing about in the cold river water, cheered on by the women folk, the wet and nearly naked winners take possession of a life-sized kina-ag — a “monkey scarecrow” made of rice stalks bound together with rattan. This kina-ag trophy, amply endowed with a prominent erect phallus as are many of the male bu’luls, is thought to ensure good rice harvests for the victor’s village in the coming year.

Over the last century and a half, the Ifugao communities in Northern Luzon’s Cordillera Central have been visited many times by foreign and local anthropologists, ethnographers, and photographers. The Germans Hans Meyer, Alexander Schadenberg, and Otto Scheerer each made forays into the mountains in the 1880s and 1890s, followed closely by the American naturalist Dean C. Worcester and his photographer assistant Charles Martin, both of whom photographed the Ifugao and other indigenous groups extensively. The American R.F. Barton lived with and studied the Ifugao in the 1920s and wrote about their culture in two sensitive and well-researched books. In the 1950s, Eduardo Masferré produced some of the finest ethnographic photographs ever taken anywhere in the world while living in northern Luzon. Just last year, Filipino photographer Tommy Hafalla published a beautiful retrospective collection of his excellent black-and-white photographs of the people of the Cordillera Central taken over the last 35 years.

Sadly, much of the historical documentation of the Ifugaos has been a record, at times lurid or demeaning, of their decline in the face of constant pressure from the forces of modern “civilization.” Standardized school books and foreign indoctrination has deprived them of much of their rich heritage. As the authors of this book point out, “This penchant for a uniform pedagogy transformed entire generations of Ifugaos to the ways of the dominant Filipino culture.”

This book, Ifugao: People of the Earth, is a happy exception. The photographs are beautiful and uplifting, and the narrative and documentation is positive and respectful. The authors repeatedly show how the current revival of the positive aspects of traditional Ifugao culture, through rituals and oral histories and the preservation of the Rice Terraces, creates powerful sentimental motivation for the local people to be proud of their ancestor’s accomplishments and the strength of their present communities. This book not only makes a positive contribution to the healing and growth of an often neglected people, it also introduces their culture to the greater Filipino community in a new and positive light. If the Ifugao can survive and grow and recapture their heritage, why not so many other ethno linguistic minorities languishing on the fringes of modern Filipino society?

In conjunction with ArtPostAsia and the Aboitiz Group of Companies, the Ortigas Foundation Library in Pasig, Metro Manila is distributing copies of the book for free to school libraries and other academic institutions. Contact Alma Buenafe at the Ortigas Foundation Library (631-1231) or make written requests on your school or library stationary. For students and individuals interested in doing further research on the Ifugao, the book offers an excellent list of reference material and acknowledges the many sources of photographs and ethnographic material used for their research.

 

(Jonathan Best is senior consultant at the Ortigas Foundation Library.)

CAB eyes air talks with 5 countries within first half

THE Civil Aeronautics Board (CAB) plans to conduct air talks within the first half of the year with Australia, Japan, India, Canada, and Papua New Guinea.

“We need air talks with India, Japan, Australia, Canada, Papua New Guinea. Hopefully, the first semester of this year,” CAB Executive Director Carmelo L. Arcilla said in a text message.

CAB said earlier that it intended to conduct air talks with the five countries plus South Korea, with which a deal was reached in November.

That month, the Philippines and South Korea agreed to expand capacity between Manila and South Korean airports. A memorandum of understanding was signed, increasing air entitlements between Manila and South Korean destinations, and providing unlimited traffic rights for carriers of both countries between all destinations outside Manila and all international airports in South Korea.

Budget carrier Cebu Pacific (Cebu Air, Inc.) is seeking reallocation of some entitlements in order to fly to India, as it plans to fly directly to Mumbai. The Philippine and India last held talks in 2005.

In the case of Papua New Guinea, the Philippines conducted negotiations which did not result in more entitlements.

Flight entitlements between the Philippines and Canada were last discussed during negotiations in 2014. — Patrizia Paola C. Marcelo

Japan, Australia push for defense agreement amid regional tension

TOKYO — The prime ministers of Japan and Australia toured a military training camp outside Tokyo Thursday, as the two countries seek to bolster defense ties in the face of the North Korean crisis.

Malcolm Turnbull and Japanese counterpart Shinzo Abe are hoping to thrash out a security agreement on joint defense operations and exercises, with one eye also on China as it expands its naval ambitions.

Diplomats are putting the finishing touches to the proposed defense pact, which would be the first of its kind for Japan and would make Australia Tokyo’s closest military partner after the United States. The pact would reportedly lay the ground for Japanese military exercises out of Darwin, the northern Australian city heavily bombed by Japan in World War II. “The (military) agreement, when concluded, will be a pillar of the Japan-Australia security cooperation,” said a Japanese diplomat ahead of the talks.

Both capitals say boosting military cooperation is vital given the tense situation in the region, with North Korea’s missile program bringing the world closer to nuclear conflict than at any time since the Cold War.

China’s steady expansion of its military and economic influence in Asia Pacific has also encouraged Japan and Australia to draw closer militarily.

Ahead of his visit, Mr. Turnbull urged the international community to keep up the pressure on North Korea.

“Japan and Australia are absolutely united in our resolve to ensure that the global community brings the strongest pressure to bear on North Korea… to ensure that the regime comes to its senses and stops its threatening and reckless conduct,” he said.

During his one-day visit, Mr. Turnbull will attend a special session of Japan’s National Security Council and visit Tokyo train station, one of the world’s busiest.

“We have heard the prime minister is a big fan of public transport,” the Japanese official said.

Also on the agenda for Mr. Turnbull is a meeting with Japanese business leaders as well as Tokyo police officials to discuss general counterterrorism efforts ahead of the 2020 Olympic Games in Tokyo.

The two men will also discuss economic ties, with a joint push to eventually sign a vast Trans-Pacific Partnership deal. — AFP

Houston’s Ariza, Green banned two games for locker room visit

NEW YORK — Houston Rockets forward Trevor Ariza and guard Gerald Green were each suspended two games by the NBA on Wednesday for a hostile confrontation with rivals in their opponents’ locker room.

The incident took place after the Los Angeles Clippers beat the visiting Rockets, 113-102, on Monday.

A league investigation that included more than 20 interviews with coaches, players staff and executives from both teams plus arena personnel determined Ariza and Green entered the Clippers’ locker room just after the game and engaged in what an NBA statement called “a hostile, verbal altercation” with several Clippers players.

The probe also concluded that fellow Rockets players James Harden and Chris Paul, a former Clipper, followed Ariza and Green into the corridor outside the opposing locker room in a bid to calm the situation and will not face disciplinary action.

Ariza and Green will be suspended for today’s Houston home game against Minnesota and a Saturday home showdown against the defending NBA champion Golden State Warriors. They can return for a Monday home game against Miami.

The bans mar a weekend feature matchup pitting the Warriors, with the NBA’s best record at 36-9, against their nearest Western Conference rival in the Rockets, who are 30-12.

Green averages 15.6 points and 3.2 rebounds a game this season for the Rockets while Ariza averages 12.4 points, 4.9 rebounds, 1.7 assists and 1.6 steals a game for Houston.

Clippers star Blake Griffin and Ariza were both ejected during the fourth quarter before the row spilled into the locker room, the Rockets gaining access through a back entrance to continue the feud after the game before security guards intervened. — AFP

Eagle Pagasa turns 26

PAGASA, THE first Philippine Eagle (Pithecophaga jefferyi) hatched and bred in captivity at the Philippine Eagle Center, turned 26 last Jan. 15. Development Officer Nelizza Marzo of the Philippine Eagle Foundation (PEF), which runs the Eagle Center, said Pagasa has been “imprinted” with humans to help in the breeding program. “Imprinted bird meaning kapag (when it’s) breeding season, his keeper will stimulate him (Pagasa) to produce semen,” Ms. Marzo said in an interview. Ms. Marzo said Pagasa is an adopted bird of Pilipinas Shell Petroleum Corp., providing an annual P125,000 in financial assistance. The Philippine Eagle Center (PEC) is an 8.4-hectare area located within the Malagos watershed at the foothills of Mt. Apo in Davao City. The center primarily operates as a conservation breeding facility for the critically endangered Philippine Eagle and other birds of prey. There are currently seven Philippine Eagles on exhibit for education, while the rest are isolated for conservation breeding and research purposes. The PEF is also set to construct a new facility in Moncayo, Compostela Valley, which will become a satellite breeding site for the Philippine eagle and other endangered raptors. — Maya M. Padillo

What to see this week

4 films to see on the week of January 19-26, 2018

12 Strong


BASED on the best-selling book Horse Soldiers by Dough Stanton, the film — set in the wake of 9/11 — tells the story of Capt. Mitch Nelson who leads a US Special Forces team to Afghanistan on a dangerous mission to take down Taliban and its al Queda allies, partnering with the Northern Alliance to do so. Directed by Nicolai Fuglsig, it stars Chris Hemsworth, Austin Stowell, Elsa Pataky, Michael Shannon, and Michael Peña.

MTRCB Rating: R-13

Father Figures


WHEN BROTHERS Peter and Kyle discover that their mother has been lying about their father’s death, they hit the road to search for their long-lost dad. Directed by Lawrence Sher, it stars Owen Wilson, Ed Helms, Glenn Close, Ving Rhames, Terry Bradshaw, Christopher Walken, and J.K. Simmons. Rotten Tomatoes gives it a measly 26% rating. Ben Kenigsberg of The New York Times writes, “Distinguished mainly by its overqualified cast and lack of inspiration, Father Figures can’t decide whether it’s a gross-out comedy or an uplifting tale of brotherly love; it embraces the worst of both worlds.”

MTRCB Rating: R-13

Mama’s Girl


A MOTHER struggles to keep up with difficult daughter who wants to pursue a different career path than what her mother had hoped for her — to manage their family’s restaurant business. Directed by Connie S. A. Macatuno, it stars Sofia Andres, Sylvia Sanchez, Diego Loyzaga, Jameson Blake, Arlene Muhlach, Heaven Peralejo, and Karen Reyes.

MTRCB Rating: PG

Ang Dalawang Mrs. Reyes


LIANNE AND CINDY, despite their differences, have the same goal: to keep their husbands. When they figure out that their respective husbands are seeing each other, they devise a scheme to keep them apart. Directed by Jun Lana, it stars Judy Ann Santos, Angelica Panganiban, Andrea Brilliantes, Cai Cortez, Carmi Martin, Gladys Reyes, Joross Gamboa, Kim Molina, JC de Vera, Quark Henares, Johnny Revilla, Nico Antonio, and Wilma Doesn’t.

MTRCB Rating: R-13

NEDA evaluating SMC’s flood control project

THE consortium of San Miguel Corp. and New San Jose Builders, Inc. has been given original proponent status for its proposed P399.66-billion Manila Bay flood control project.

Public Works and Highways Secretary Mark A. Villar said Coastal Development Consortium’s (CDC) Manila Bay Integrated Flood Control, Coastal Defense and Expressway Project is under evaluation by the National Economic and Development Authority (NEDA).

“It’s already with the NEDA. They (CDC) have original proponent status,” Mr. Villar told reporters on Jan. 8.

According to the Private-Public Partnership (PPP) Center Web site, the project is already awaiting approval of the Investment Coordination Committee (ICC) of NEDA.

Mr. Villar said that there are just some concerns that need to be ironed out.

CDC last year submitted an unsolicited proposal for the project that consists of a spillway that would release water from Laguna de Bay to Manila Bay.

It is proposed to be implemented through an “alternative” PPP Scheme under the Build-Operate-Transfer (BOT) Law, particularly a Build-Gradual Transfer-Build-Operate-Transfer (BGT-BOT) hybrid scheme. — P.P.C. Marcelo

Do you still need a calling card?

The calling card, previously referred to as a visiting card originated from Europe in the 18th century. It was part of the etiquette for visiting neighbors by leaving cards with name and address to indicate a wish to drop in. The evolved calling card, which has no standard size or format, except that it should fit into a wallet or case, has become part of business paraphernalia, like the cell phone.

Is the calling card still necessary in the digital culture, and as companies and jobs become more obscure? (Can you just give me your mobile number?)

Sure, a salesperson for condos hands cards out along with brochures from a pop-up tent in malls, when they snag passers-by and those waiting for their cars — Sir, we have a van that can whiz you to the site right now. Do you have a card, Sir?

When asked what they do, otherwise unemployed people don’t hand out any card. They just mention their advocacy (I clean up oceans) and leave it at that. A much longer conversation leads to soliciting funds for their operation.

There are senior positions with no precise job descriptions or measurable goals. We note a rise in a tribal paradigm, with the preferred title leaning towards “chiefs,” as in Chief Risk Officer — does he control risk or create it? The “chief” nomenclature does not indicate rank or status, or any other details.

The chief in charge of any nebulous function is included in senior-level meetings. He even gets to pop unexpected questions — what about the reputational risk of your proposal? With the fudgy nature of portfolios, the Chief Transformation Officer (CTO) is not sure if he should waste some doughnuts on a chief in charge of risk.

Not having any measurable accountability does not prevent the head of a silo to go on free trips.

Recently, the person in charge of the urban poor was cashiered for his penchant to fly, insisting he had to check how poverty affects people flying business class. Surely, he has a calling card to give out at some convention in Lisbon. (Is he supposed to alleviate the lot of the poor, or just record their numbers?)

Is it possible to go through corporate life without needing to show a calling card that carries a job title or rank? What does the non-card bearing careerist need to do?

He tries to look cool. He wears blazers that may seem a bit too large on him — did he lose weight at the gym? Is this the business attire for start-ups and venture capitalists? He’s constantly checking his watch — is he late for an important meeting to discuss burn rate and how much longer the runway is?

He keeps his head down. But what happens when a new management takes over? The new CEO can be a familiar face from some long ago training program abroad. But bumping into him at a coffee break for some out-of-town, team-building exercise may invite curiosity — hey, Buddy, do you work here? What do you do? He mentions his title and draws a blank — how do you measure risk?

When a consultant is brought in to review the organization, he inquires about the large number of chiefs. (Where are the teepees?) In the interview of key executives for the climate survey, few are even aware there was a specific chief for “golden opportunities.” It used to be called business development.

Even when he keeps a low profile, a chief’s organizational box keeps popping up at the power point reviews. Soon after, he is called in by the new CEO. (How you doing, Buddy?) After short pleasantries, he is asked that dreaded question — what is it exactly you do? Can I see your calling card? (They didn’t give me a new one, Sir.)

The dispensing of calling cards removes the need to search for an appropriate title for an undefined function. Of course, there are some icons sitting in the board or popping up as consultants who are not expected to even have calling cards — they need no introductions.

Anyway, at a certain point in a career (usually very late) it’s best to dispense with a calling card. You can still introduce yourself with your name and drop some other initials that may ring bells, maybe some milestone activity. (I invented reserved seating at the cinema.) Being empty-handed forces people to wonder what you now do and whether you’re worth talking with… or giving a card to.

 

A. R. Samson is chair and CEO of Touch DDB.

ar.samson@yahoo.com

Your Weekend Guide (January 19, 2018)

Philippine Circuit dog show
See different breeds of dogs like this Maltese at the Philippine Circuit dog show at the Smart Araneta Coliseum this weekend.

Romancing the Classics

ON its 35th Concert Season, the Philippine Philharmonic Orchestra, under the baton of Yoshikazu Fukumura, presents Romancing the Classics Concert V on Jan. 19, 8 p.m., at the Main Theater of the Cultural Center of the Philippines. The repertoire includes M. Maramba, OSB’s “Symphony Ode ‘La Naval,’” F. David’s “Trombone Concertino in E flat,” and P.I. Tchaikovsky’s “Symphony No. 6 in B minor ‘Pathetique.’” Tickets are available at TicketWorld (www.ticketworld.com.ph, 891-9999).

Nothing But Thieves

OVATION Productions present the English alternative rock band Nothing But Thieves in concert on Jan. 21, 8 p.m. at the Kia Theater in Cubao, Quezon City. The band was formed in 2012 in Southend-on-Sea, Essex with members Conor Mason (lead vocalist and guitarist), Joe Langridge-Brown (guitarist), Dominic Craik (guitarist and keyboardist), Philip Blake (bassist), and James Price (drummer). Concert tickets are available at www.ticketnet.com.ph.

GMA artists in concert

GMA Entertainment Group and GMA Regional TV present 3 Stars 1 Heart featuring Regine Velasquez, Christian Bautista, and Julie Anne San Jose on Jan. 20, 8 p.m. at the Pacific Grand Ballroom of the Waterfront Cebu City Hotel & Casino. Tickets are available at TicketWorld (www.ticketworld.com.ph, 891-9999).

Comedy nights

IT will be a night of laughs as Teatrino and Comedy Manila present Funny Fridays: Can’t Stop Laughing on Jan. 19, 8:30 p.m., at the Teatrino, Greenhills Promenade, San Juan. Tickets are P500 and are available at TicketWorld (www.ticketworld.com.ph, 891-9999) or Teatrino (722-8310 local 116 or 721-2949).

Urban films

THE Museum of Contemporary Art and Design (MCAD) at De La Salle-College of Saint Benilde (DLS-CSB) is screening feature films and a documentary that focus on the cities as an integral part of the narrative. To be shown on Jan. 19 and 21 is Gary Hustwit’s documentary Urbanized which discusses how cities are designed, and features some of the world’s foremost thinkers, policy makers, planners, architects, and builders. Francesco Rosi’s landmark movie on political corruption in post-war Italy, Hands Over the City, will be presented on Jan. 24, 26, and 28. The film won the Golden Lion Award at the 1963 Venice Film Festival. All screenings will be held at the MCAD Multimedia Room, with two showings on Wednesdays and Fridays, at noon and 3 p.m., and at noon on Sundays, and are free and open to the public. MCAD is located at the School of Design and Arts Campus, Pablo Ocampo Ave., Malate, Manila. For inquiries, e-mail mcad@benilde.edu.ph or call 230-5100 local 3897.

Bahay Tsinoy turns 19

IN celebration of its 19th year, Bahay Tsinoy opens to the public on Jan. 19 with an entrance fee of P19. Bahay Tsinoy, a museum which focuses on the history of the Chinese in the Philippines, is located at 32 Anda St., Intramuros, Manila. The museum is open from 1 to 5 p.m.

Chinese New Year

FORUM ROBINSONS starts off the celebration of Chinese New Year on Jan. 20 and 27, with activities for children including creating their own Lucky Jar Plant and a Button Art Workshop. Admission for both activities is free for the first 50 children. The event is from 2 to 5 p.m. at the fountain area of the mall.

Dog show

THE Smart Araneta Coliseum in Cubao, Quezon City is hosting the Philippine Circuit dog show from Jan. 18 to 21. Now on its seventh year, the Philippine Circuit attracts close to 600 dogs from all over the world to participate in 12 shows. There will be around 90 different breeds of dogs present according to organizer Philippine Canine Club, Inc. (PCCI), with 19 foreign judges on hand to scrutinize the dogs’ appearance and performance. The Philippine Circuit also features shows such as the flyball relay and the agility test. For more information, visit www.ticketnet.com.ph or www.pcci.org.ph.

Dinagyang mall shows

ROBINSONS MALLS in Iloilo celebrates the Dinagyang festival with a series of star-studded mall shows. Robinsons Place Jaro kicks-off the Dinagyang week with a meet and greet activity with Maureen Wroblewitz, the first Filipina to win Asia’s Next Top Model on Jan. 21. On Jan. 26, former PBB Housemate Saicy Aguila will lead Hala Bira, Zumba! Party. Meanwhile, PBB Teen Marco Gallo will perform on Jan. 27. And finally, there is the regional search for Robinsons Singing Star, with guest celebrity Jem Cubil of The Voice Philippines. The finalists from Roxas, Iloilo, and Antique will compete to become this season’s champion. At Robinsons Place Iloilo, Ruru Madrid leads the Kapuso Mall Show on Jan. 26 with Janine Gutierrez, Matt Evans, and Andre Paras. Meanwhile, the cast of ABS-CBN’s upcoming teleserye, Blood Sisters, Erich Gonzales, Enchong Dee, Ejay Falcon, and AJ Dee join the Kapamilya Caravan on Jan. 27.

Grey’s Anatomy’s actress

NEW YORK — Grey’s Anatomy star Ellen Pompeo has made a deal to appear in two more seasons of the highly popular show that will earn her $20 million per year, making her the highest-paid actress in a TV drama. Pompeo, who stars in the medical drama as Meredith Grey, told The Hollywood Reporter that she will earn $575,000 an episode for seasons 15 and 16, under a deal signed late last year. She will also get a signing bonus and a percentage of the show’s profits bringing her total earnings to over $20 million per year. — AFP

PSE index drops on banks’ stock rights offer plans

LOCAL EQUITIES were down on Thursday, weighed down by banking stocks that recently announced plans to conduct stock rights offerings (SRO).

The main index dropped 0.31% or 28.25 points to finish at 8,820.74 yesterday.

The broader all-shares index likewise lost 0.1 or 5.6 points to close at 5,115.87.

“(T)he market is due for correction, but there is nothing to worry about as these are buying opportunities for both local and foreign investors. In the morning session we saw major banks like MBT (Metropolitan Bank & Trust Co.) and BPI (Bank of the Philippine Islands) down on the disclosures of their stock rights offerings to raise cash,” Eagle Equities, Inc. Research Head Christopher John Mangun said in a text message. 

Metrobank was the most active stock of the day, shedding 0.51% to close P98.20 apiece, followed by stocks in Bank of the Philippine Islands which in turn rose 0.44% to P115 apiece.

“There was some concern as the rights offerings were said to be priced below market value,” Mr. Mangun said.

Regina Capital Development Corp. Managing Director Luis A. Limlingan meanwhile noted that the SRO announcements prompted investors to go on profit taking on Thursday.

“The (Philippine Stock Exchange index) has been making several attempts to breach 8,900 but the announcement of the MBT SRO became the impetus for profit taking. Along with BPI, this caused some selling momentum to continue. Their holding units also were sold down after the announcement,” Mr. Limlingan said in a mobile phone message.

International markets defied the local barometer’s performance, as Wednesday saw the Dow Jones Industrial Average (DJIA) soar above the 26,000-mark for the first time, fuelled by positive sentiment for economic and earnings growth of listed firms. The DJIA picked up 1.25% or 322.79 points to finish at 26,115.65.

The S&P 500 index also inched up 0.94% or 26.14 points to 2,802.56, while the Nasdaq Composite Index jumped 1.03% or 74.60 points to 7,298.28.

Back home, most sectoral counters ended the day on a negative note, with the mining and oil sub-index losing the most at 0.89% or 108.76 points to 12,026.41. Financials followed with a 0.72% decrease or 16.2 points to 2,231.10; holding firms dropped 0.66% or 60.05 points to 9,035.59; and industrials slipped 0.02% or 2.84 points to 11,806.88.

Services, meanwhile, gained 0.38% or 6.29 points to 1,645.04 and property posted an 0.18% or 7.61-point uptick to 4,039.91.

The market saw 113 names advance versus the 103 that declined, while 54 issues were flat.

A total of 1.14 billion issues switched hands for a value turnover of P9.98 billion, slightly higher than the P9.64 billion booked on Wednesday.

Foreign investors continued their buying streak, as net purchases were recorded at P383.38 million, although this is down from Wednesday’s P1.26-billion inflow. — Arra B. Francia