Why show art in a hotel?

July 11, 2018 | 12:03 am

AT ITS most basic, the task of a hotel is to give you a bed to stay in for a short period of time. The Conrad Manila elevates the experience of a hotel stay by displaying works by esteemed Filipino artists in its quarterly Art and Wine.
Late last month, the exhibit at the hotel’s Gallery C — done in collaboration with Galery Valentina — displayed the works of Olivia d’Aboville, Pardo de Leon, and Mac Valdezco. The exhibit is called Textures and Terrains, each artwork (numbering 13 in total) displaying virtuosity in expressing texture and tactility. All of the works are for sale, and are still on display.
Ms. D’Aboville’s works are culled from a series called “Moonlit Water,” and are made of abaca, polyester, metalic thread, and digital print, with an attempt to show the shape of water in a static form, as if she tried to capture the precise moment a ripple has formed.
Ms. Valdezco’s work, meanwhile, use plastic tubing, nylon, acrylic, and epoxy, and she borrows a bit from the aesthetic of art made from found objects (one of these works looks like an egg tray, after all).
Finally, Ms. De Leon’s work is a triptych displaying the phases of the sun at various times of the day, from dusk until dawn, in a vibrant spectrum of reds, yellows, oranges, and even hints of pink.
Laurent Boisdron, the Conrad’s General Manager, boasts that the hotel has over 700 artworks around the hotel, all made by Filipino artists.
As mentioned before, the primary purpose of a hotel is to provide a bed, maybe a meal; but Mr. Boisdron said about the artworks, “I think it’s enhancement; it’s part of the experience.”
One of the exhibit’s curators, Con Cabrera said, “The art is not just decorative.” She cites exhibits in other countries also held in hotels, where the art, again, is not just decorative, but current and contemporary, and creates a dialogue between the work and the hotel’s customers. “There is a captured public already. And that captured public should experience art the same way,”she added.
Artworks are usually expected to hang in polite museums and galleries, but it seems that changing times make it more important for art’s presence to be felt.
“We have to expand these art discussions or the viewership of art; whether that’s in a hotel of a park. We have to explore art venues for art to be seen and to be discussed.” — JLG

Sarmiento wants The Medical City ASM to push through

July 11, 2018 | 12:03 am

TMC Chairman Augusto P. Sarmiento — THEMEDICALCITY.COM

THE incumbent chairman of The Medical City (TMC) called on the Securities and Exchange Commission (SEC) and the company’s board of directors to take “swift action” to ensure the company push through with its annual stockholders’ meeting (ASM).
In a statement, TMC Chairman Augusto P. Sarmiento said the annual assembly will help the company address issues about its operations in Guam.
“This ASM is critical to address issues we face in Guam, where large cost overruns and operational mismanagement under Dr. Bengzon’s (TMC Chief Executive Officer Alfredo R.A. Bengzon) watch have placed TMC under financial pressure. It is important these issues are discussed at our ASM, and we are legally bound to hold it,” Mr. Sarmiento said.
Mr. Bengzon had filed for an indefinite postponement of the company’s ASM with the SEC, claiming that the company’s director and treasurer Jose Xavier B. Gonzales was planning a hostile takeover during the meeting.
The hostile takeover was allegedly set to be executed by Mr. Gonzales along with a Singapore-based equity partner which he brought in 2013.
Mr. Sarmiento, however, clarified that he was fully aware of the shareholders’ group organized by Mr. Gonzales, noting that the Corporation and Shareholders’ agreement (CSA) among TMC, Fountel and Clermont were actually made publicly available to the SEC in 2013.
“Claims that our Shareholders have not acted within the law and that Dr. Bengzon was unaware of the contents of the Corporation and Shareholders Agreement (CSA) between Fountel and Clermont Group, are unfounded. Like my fellow Board members, I was fully aware of the CSA,” Mr. Sarmiento said.
Mr. Sarmiento noted that attempts to postpone the ASM, as well as claims surrounding the disclosure of the CSA, were being made to avoid full disclosure of TMC’s actual performance in the past year.
“I believe these claims are intended to delay the company’s ASM, where Dr. Bengzon’s directorship is up for renewal, and to avoid full disclosure around TMC’s performance over the past 12 months,” Mr. Sarmiento said. — Arra B. Francia

IC bares acquisition, merger plans in non-life sector

July 11, 2018 | 12:03 am

THE INSURANCE COMMISSION said Chinese firms are eyeing to support a non-life insurance company placed under conservatorship.
“[There’s one company that was placed] under conservatorship but there’s now an investor expressing interest to revive it, hopefully before the end of the third quarter,” Insurance Commissioner Dennis B. Funa told reporters yesterday on the sidelines of the launch of the Philippine AXA Life Insurance Corp. Academy.
“But I am not free to disclose the names but we will do that as soon as we are free to do so,” he added.
“One company that was placed under conservatorship will possibly be acquired by a foreign group. It’s a Chinese group… Ongoing yung acquisition,” added Mr. Funa.
He said there are also two non-life companies set to conduct a merger within the year.
“We are down to 54 non-life companies but two non-life companies will be eventually merging before the end of the year. They are actually part of a conglomerate, but I don’t want to preempt. We will be down to 53 by the end of the year,” he said.
“I think mas magiging efficient if magiging isa na lang yung non-life kasi para hindi doble,” said Mr. Funa.
Last week, the Insurance Commission announced that it has suspended the operations of pre-need company Paz Memorial Services, Inc. and placed it under conservatorship due to the failure of the company to comply with the P50 minimum capital requirement.
In March the commission also shut down five insurance firms, namely First Integrated Bonding & Insurance Co., Inc., Investors Assurance Corp., Metropolitan Insurance Company, Inc., Plaridel Surety & Insurance Co., and Premier Insurance & Surety Corp., and placed them under conservatorship after they failed to comply with the P550-million minimum net worth requirement set for this year.
February also saw seven insurers — Centennial Guarantee Assurance Corp., CAP Life Insurance Corp., FLT Prime Insurance Corp., Manila Surety and Fidelity Co., Inc., Meridian Assurance Corp., The Solid Guaranty, Inc., and United Insurance Co., Inc. — voluntarily surrender their licenses as they cannot comply with the said net worth threshold.
In 2016, there were about 66 non-life insurers.
Mr. Funa however said there “no issues” in compliance for the remaining 54 non-life insurers. “Compliant naman lahat,” he said.
The capitalization requirement will increase to P900 million in 2019 and P1.3 billion in 2022. — Elijah Joseph C. Tubayan

Banksy’s subversive art draws tourists and locals in Paris

July 11, 2018 | 12:02 am

PARIS — British graffiti artist Banksy, known for his politically charged sketches on walls from London to New York to Gaza City, has descended on Paris, painting a series of murals that are sparking debate among residents and tourists.
The satirical images, tackling issues such as migration and poverty, began popping up late last month. The secretive artist has since posted photographs of them on his Instagram account and added comments, confirming his authorship.
One mural, on a street in northern Paris where migrants often sleep rough, shows a black girl spray-painting pink wallpaper over a swastika. The painting has since been defaced to make it look like she is drawing the swastika herself.
Others depict rats, a common Banksy motif, including one flying through the air on the back of a champagne cork, and a pair walking under a parasol near the Eiffel Tower.
One of the most provocative, painted near the Sorbonne, on the trendy Left Bank, shows a stern man with a hand-saw hidden behind his back offering a bone to a pleading dog that has had part of its front leg sawn off.
Vincent, the director of an art foundation in Paris, stopped to take a picture as he headed for lunch.
“This painting is of an unspeakable cruelty which is representative of the times in which we live, times of wantonness,” said the 49-year-old.
“The man’s stare is empty and cold, while the dog is weak and full of humanity. I think it is a clear representation of the European context and the migration crisis.”
This year marks the 50^th anniversary of the May 1968 uprisings, when French students and unionists mounted violent protests across Paris and its surrounding area, bringing much of the country to a standstill for weeks.
Referencing the anniversary, Banksy painted a picture of a rat holding a stencil pen and wearing a bandana over its face on the side of a building near the Pompidou Center. Another showed a rat dressed as Mini Mouse perched on the numbers 1968.
While two of the nine murals have been defaced, most of the others have been covered by plexiglass to protect them.
Banksy concluded his series with a mural on an emergency escape door to the Bataclan, the music venue where 89 people were shot dead by Islamist militants in November 2015.
The image depicts a woman in mourning, wearing what looks like a hijab, the head scarf worn by Muslim women, although the picture also has echoes of Mother Theresa.
“This one is my favorite,” said an American tourist. “I can feel that her sadness is deep and palpable.” — Reuters

ACOM starts local lending operations

July 11, 2018 | 12:02 am

ACOM Consumer Finance Corp. has started its lending operations as it aims to reach out to 1.5 million Filipinos in Metro Manila.
In a press briefing Tuesday, ACOM President Masaomi Gido said the Japanese lending firm started its personal loans business here this month, targeting middle-class workers.
“ACOM is very much delighted to be entering the Philippine market at a time when our target market, the middle-class earners, is strengthening their economic status,” Mr. Gido was quoted in a statement.
Its parent company, ACOM Co., Ltd. (ACOM Japan), was prompted to enter the Philippine market as the country’s middle-class earners continue to earn more money and have stronger purchasing power.
ACOM Consumer Finance provides non-collateral personal loans from P5,000 to P500,000 which carry a monthly interest rate between 3.315% and 4.563%.
Loans can be processed within a day with complete basic requirements such government and company IDs as well as payslips.
Customers can get their loan disbursements via bank deposit or remittance companies.
“If a customer doesn’t make within the due date, we charge P500 late payment charge. However, we set a grace period of up to three days. When our customer made repayment [at most three days] after due date, we won’t charge anything.” Mr. Gido added.
Mr. Gido said ACOM Consumer Finance aims to capture 1.5 million borrowers in Metro Manila as it targets middle-class employees earning at least P10,000 monthly.
It also plans to to put up 30 branches in five years, eyeing to set up offices in other cities nationwide.
ACOM Consumer Finance currently has one sales office in Ortigas, Pasig City and will end the year with two branches with another office in Cubao, Quezon City to be opened by November.
“We believe we can help further elevate the financial capacity of many Filipinos as we don’t just aim to commercially empower individuals but also contribute to the local economy through job opportunities,” Mr. Gido added in the statement.
ACOM Consumer Finance is a joint venture between ACOM Japan, which owns 80% of the firm’s stake, and ITOCHU Corp., which owns the remaining share.
Aside from the Philippines, ACOM also operates in Thailand as well as in Indonesia. It is also applying for a license to operate in Vietnam, Mr. Gido noted. — Karl Angelo N. Vidal

DPWH says finalizing approval of CTBEx

July 11, 2018 | 12:02 am

By Denise A. Valdez
THE Department of Public Works and Highways (DPWH) is looking to grant “very soon” the original proponent status (OPS) to the Metro Pacific group for its proposal to build a Cavite-Tagaytay-Batangas Expressway (CTBEx).
Public Works Secretary Mark A. Villar told reporters last week the department is “finalizing” the project’s approval.
“I don’t want to preempt but soon…. Nakita ko naman, napag-aralan ko naman [I’ve seen it, I’ve studied it],” he said.
The proposal to construct a 49-kilometer toll road linking the Cavite-Laguna Expressway (CALAX) at Silang East Interchange to Tagaytay City and Nasugbu, Batangas was submitted by MPCALA Holdings, Inc. to the DPWH in July 2017.
MPCALA Holdings President Luigi L. Bautista told BusinessWorld in a text message on Tuesday that fund-raising for the P22.43-billion CTBEx project will begin when they receive the OPS.
“No fund-raising has yet been started until we secure the project and are ready to execute. At the moment, we are still waiting for the OPS,” he said.
Mr. Bautista said in late April they were expecting the approval by June, but up until last week he said they have yet to receive an update from the DPWH.
The DPWH earlier set a November 2017 deadline for its release of the project evaluation results.
The construction of CTBEx was originally set to begin on mid-2019 and completed by mid-2020.
Once MPCALA Holdings is granted OPS from the DPWH, the proposal would then be forwarded to the National Economic and Development Authority (NEDA) for approval. When approved by the NEDA Board, it will then be subjected to a Swiss challenge.
Under the Swiss challenge, other companies may submit counter-proposals which MPCALA Holdings may match.
MPCALA Holdings, which is part of Metro Pacific Investments Corp. (MPIC), bagged the contract for the P35.43 billion CALAX under the public-private partnership program in 2015.
MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. 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.

BPI eyes increased use of electronic channels

July 11, 2018 | 12:01 am

BANK of the Philippine Islands (BPI) wants to double the number of clients using electronic channels in the next five years as it ramps up its digitalization push.
In a statement Tuesday, the Ayala-led bank said it aims to raise the number of clients who access the lender through digital means to 72% of its customers in the next five years from the current 36%.
“Electronic banking is fast becoming a standard in the Philippines, as it is globally. We want our clients to experience the same level of service through our electronic channels,” Joseph Albert L. Gotuaco, BPI retail client segment group head, was quoted as saying in the statement.
The lender’s electronic platforms include its Web site, mobile application as well as over 3,000 electronic teller machines and cash accept machines.
“They are just as safe and reliable as our traditional branches,” Mr. Gotuaco said.
BPI added that many of its banking transactions can now be done through electronic means.
“While our branches are still very much accessible, electronic channels are 24/7 in nature and are key drivers in helping people bank from the comfort of their homes, offices, or cars,” Mr. Gotuaco added.
Amid its push to digitize banking, BPI previously said it is still keen on growing its branch network, particularly in provincial areas, to provide financial products to the grassroots level and spur growth.
The lender said it will open 10 BPI branches and one BPI Family Savings Bank branch in the second half of the year. It will also open 70 BPI Direct BanKo offices.
BPI, the third-largest bank in the country in asset terms, booked a net income of P6.25 billion in the first quarter, flat from the profit posted in the same period last year, due to lower trading gains.
On Tuesday, BPI shares rose by 2.25% or P2 to P91 apiece. — K.A.N. Vidal

NEA, DICT work to expand broadband access to rural areas

July 11, 2018 | 12:01 am

THE National Electrification Administration (NEA) and the Department of Information and Communications Technology (DICT) have started exploring arrangements to bring broadband connectivity into the countryside by tapping the existing infrastructure of the electric cooperatives.
In a statement, NEA Administrator Edgardo R. Masongsong said he had met with officials of DICT headed by Acting Secretary Eliseo M. Rio, Jr. and Undersecretary Denis F. Villorente to discuss the expansion of broadband access to households in rural areas.
Mr. Rio was quoted as saying that the discussion “is very important because NEA has already access to 95% of households, especially in rural areas.”
He added that the electric cooperatives (ECs) supervised by the NEA could be Internet service providers (ISPs) in their respective coverage areas.
“We’ll give you the Internet access and you can bring it to your client. Then, they can now enjoy their electricity and they have Internet access. This is also an added income,” Mr. Rio said.
Mr. Masongsong said some electric cooperatives, particularly those in Mindanao, already have fiber-optic infrastructure in place.
During their meeting, NEA and DICT agreed to form a technical working group that will draft the framework agreement, which will include the financial arrangement with the ECs with existing fiber-optic cables in their distribution lines and possible funding for power utilities that do not have fiber on their grid.
The meeting follows the signing on June 8, 2018 of a tripartite agreement among the DICT, power grid system operator National Grid Corp. of the Philippines (NGCP) and power transmission owner National Transmission Corp. (TransCo) for the use of spare optical fiber to accelerate the implementation of the government’s broadband plan.
Under the agreement, the DICT is given the right to use or access certain spare fiber-optic cores, vacant lots, tower spaces and related facilities of the NGCP, the concessionaire of TransCo-owned transmission assets.

Arts & Culture (07/11/18)

July 11, 2018 | 12:01 am

National exhibit

BEATRICE CADIZ holds her work called *Dream Weaver*.

NOW ON its 50^th year, the Philippine Art Educators’ Association (PAEA), a non-government organization created to promote education through the arts and the culture in schools and other institutions, in collaboration with the Cultural Center of the Philippines (CCP), launched the National Students’ Traveling Art Exhibition themed “Buhay Katutubo,” featuring the winners of the competition, which highlighted the beauty of the country’s indigenous races. From over 300 artworks from different national academic institutions, the Top 50 entries are on view in various galleries, museums, and partner schools across the country. Notable submissions were from Regino Abiño, Jr. from Statesfields School, Cavite; Vren Protacio from St. Mary’s Academy, Sta. Ana, Manila; Rudy Cuecaco Jr. II from Lyceum of Aparri, Cagayan; Vivien Premistra from Antipolo Lady of Lourdes School; Kamila Piansay from St. Mary’s Academy, Pasay City; and Pontillas Ussiah, Hannah Iguas, and Jeffry Cabilogan from Marsman National High School Davao del Norte. Nine out of the Top 50 short-listed works were from the De La Salle-College of Saint Benilde (DLS-CSB), namely Malakas at Maganda by Pamela Madlangbayan, Kasiyahan by Mark Cedrix Lopez, Kulay ng Kultura by Justine Torregoza, Habi ng Tela by Bea Canete, Weaving Together Ideas by Louis Miguel Moldez, Tahanan by Isabelle Louis Garcia, Dream Weaver by Beatrice Cadiz, Kagalakan at Kasiyahan by Bart Mocorro, and Tandang Pananong by Mitzi Comia.

Rock the orchestra

THE MANILA Symphony Orchestra will rock you with *Rockestra 2018 Concert 2*.

THE Manila Symphony Orchestra will present Rockestra 2018 Concert #2 on July 29, 6 p.m., at The Theatre at Soliere. The MSO will travese genres with a rock symphony concert featuring rock and OPM music. The concert will also feature guitarist Noli Aurillo, OPM band Silent Sanctuary, and conductor Arturo Molina. Tickets are available at TicketWorld (891-9999, www.ticketworld.com.ph).

Side Show

MULTI-AWARDED singer/songwriter Wency Cornejo will make his musical theater debut in Atlantis Theatrical’s staging of the Tony-nominated Broadway musical Side Show. The musical is based on the real-life story of conjoined twins Daisy and Violet Hilton, who try to overcome their impediment and make a name for themselves as stage and film stars. It features a book by Bill Russell and music by Henry Krieger, who also composed the iconic hit musical Dreamgirls. Side Show was nominated for four Tony Awards including Best Musical. Cornejo will be playing the menacing ringmaster of the side show, known as Sir. He joins Kayla Rivera as Violet Hilton, Gab Pangilinan as Daisy Hilton, Markki Stroem as Terry Connor, David Ezra as Buddy Foster, and Arman Ferrer as Jake. Side Show is directed by Steven Conde. Side Show makes its Manila debut on Aug. 31 at the Carlos P. Romulo Auditorium, RCBC Plaza, Makati City. For tickets, contact Ticketworld at 891-9999 or visit www.ticketworld.com.ph.

How PSEi member stocks performed — July 10, 2018

July 11, 2018 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Tuesday, July 10, 2018.

Nickel miners pinning hopes on greater adoption of e-vehicles

July 10, 2018 | 10:25 pm

NICKEL miners said their confident outlook is based on the rise of electric vehicles, despite depressed global prices for the metal.
Philippine Nickel Industry Association (PNIA) President Dante R. Bravo said that e-vehicles are the basis for the industry’s positive views even as steelmakers, the main customers for nickel, are roiled by trade wars. Nickel is a component of stainless steel.
“We are very bullish on nickel because of the emergence of the electric vehicle where nickel is used for making batteries,” he said during the Pandesal Forum in Quezon City on Tuesday.
The Philippines, the world’s second-largest supplier, exports 90% of its nickel ore to China.
Mr. Bravo, who also serves as president of Golden Ferronickel Holdings, Inc., added that he expects nickel prices to “increase by 8%” due to supply concerns.
However, due to a decline in ore yields, nickel miners also expect exports to drop to 30-35 million metric tons this year from 36 million MT in 2017.
“If you can’t ship your low-grade ore, you will have either have to stockpile it, put it aside or let it stay there so your development is delayed a bit,” he added.
More than 50% of the country’s mineral shipments are medium-grade ores, higher than previous records,while low-grade ores account for around 40% of total exports, Mr. Bravo said.
“Of course we will know by the end of the year. There’s still July to September in Mindanao where they can mine. But at the moment, that’s my view,” he added.
In a chance interview, Mr. Bravo said that he does not think the country will miss out on mining investment despite the ongoing moratorium on mining permits and delays in the audit of miners by the government.
“For now, the investors aren’t that excited because there are a lot of things that are yet to be clarified. So we have to finish the [Mining Interagency Coordinating Council] review, and have a continued dialogue between the industry and the government so that everyone would understand. Once we fix it, I think that’s when the investors will start coming in again,” he added. — Anna Gabriela A. Mogato

E-vehicle sales seen benefiting from excise tax exemption under TRAIN

July 10, 2018 | 10:25 pm

ELECTRIC VEHICLE (EV) sales this year are expected to maintain their momentum, benefiting from the segment’s exemption from excise taxes, which have dampened the sales of conventionally powered vehicles.
“Things are moving at a faster rate now in our domestic EV industry. One of the biggest developments was when the Tax Reform for Acceleration and Inclusion Law, or TRAIN Law, was passed. Partly due to our representation, electric vehicles were exempted from excise tax,” Rommel T. Juan, president of the Electric Vehicle Association of the Philippines (EVAP), told participants of the 6^th Philippine Electric Vehicle Summit in Pasay City.
“Are EVs finally taking off? Without a doubt,” he said.
Mr. Juan said based on a study conducted by consulting firm Frost & Sullivan, global electric car sales in 2017 exceeded the one-million mark, ending the year with 1.2 million units sold. Battery electric vehicles made up the majority of sales.
In 2018, global sales are expected to reach 1.6 million units, with the number of public charging stations forecast at 100,000, he said, citing the study’s estimates.
“There are now 3.3 million electric cars in use around the world. China and Europe together make up about 75% of the global EV market,” he added.
Mr. Juan said he is optimistic that the TRAIN law will pave the way for more affordable EV models and increased investment in support infrastructure that will help sustain the momentum for electric mobility.
He said the Department of Transportation’s Public Utility Vehicle (PUV) Modernization Program that seeks to upgrade about 200,000 jeepneys in the next six years, will have a 10% allocation for electric vehicles.
He said in support of the modernization program, the Department of Trade and Industry and the Board of Investments are putting in place an Eco-PUV program to provide incentives to both EV platform suppliers and body builders. Several banks have also made available financing for the modern PUV.
He also said that the Technical Education and Skills Development Authority (TESDA) is working on a technical regulation that will allow it to offer EV maintenance, servicing and repairs in all its learning centers. He said the move will help facilitate EV sales outside Metro Manila.
“Even our membership bench has deepened as we now have 57 active members, a majority of whom are involved in local production, assembly, supply and distribution of electric vehicles and parts,” Mr. Juan said.
Mr. Juan said the two-day event at the SMX Convention Center, Mall of Asia Complex is intended to solidify partnerships, align objectives, and take collective action to facilitate further adoption of electric vehicles in the Philippines. — Victor V. Saulon