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MPTC starts work on Cebu-Cordova expressway

By Denise A. Valdez
CEBU CITY — A Metro Pacific Tollways Corp. (MPTC) unit began on Thursday the construction of a toll bridge that will connect Mactan island to mainland Cebu.
“It’s a project that will take three years to construct, so we expect completion in 2021,” MPTC President Rodrigo E. Franco told reporters on the sidelines of the ceremony here.
The 8.5-kilometer Cebu-Cordova Link Expressway (CCLEx) have a two-lane road, a main bridge, a viaduct at Cordova, an eight-lane toll plaza and a causeway. MPTC unit Cebu Cordova Link Expressway Corp. (CCLEC) is in charge of the project.
Mr. Franco said the company is looking to charge a maximum P89 toll fee at the CCLEx.
He said the total project cost is estimated at P26 billion to P29 billion, taking into consideration “indirect project costs” that may arise.
Mr. Franco said the company is raising funds of around P18 billion to P19 billion through syndicated loans from local banks.
The MPTC official said the toll bridge could cut travel time from Mactan to Cebu by half as the Mactan-Mandaue and Marcelo Fernan bridges are connected to the northern part of Cebu, while CCLEx would end in the south.
“Before if you’re coming from, let’s say, the business district of Cebu City, you still have to go to northern Cebu. You have to go to Mandaue before you can cross the bridge. So it takes time. Now, those coming from the business district, coming from southern Cebu City, you just cross the bridge then you’ll be in Mactan,” Mr. Franco said.
An initial traffic of 40,000 vehicles a day is expected on the CCLEx.
Public Works and Highways Secretary Mark A. Villar said the government is also looking to construct a fourth Mactan-Cebu bridge, which is subject of a feasibility study by the Japan International Cooperation Agency (JICA).
“Meron po kaming ginagawang plano ngayon sa fourth bridge. Well, we’re hoping to start pag natapos na ’yung mga ginagawa ng JICA. We’re hoping na we could finish the feasibility and the engineering design by this year para next year makapagsimula na [We’re planning a fourth bridge. We’re hoping to start when JICA finishes its feasibility study. We’re hoping to finish the feasibility study and engineering design by this year so the project could start next year],” he told reporters on the sidelines of the event.
Based on the JICA study, he said one more bridge is needed to decongest the Metro Cebu traffic, even when the CCLEx opens.
While details of the fourth bridge project have yet to be finalized, Mr. Villar is confident the project could be finished before 2022.
For Mr. Franco, the proposed fourth bridge is no threat to its business because its landing will likely be in northern Cebu, while CCLEx is in south.
CCLEx is MPTC’s first project outside of Luzon done in cooperation with the local government of Cebu. In the future, the tollways company said it may still pursue projects in Cebu again.
MPTC is the tollways unit of Metro Pacific Investments Corp. (MPIC). MPIC is one of the 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.

D.M. Wenceslao to spend P12B on Aseana City over next 5 years

By Arra B. Francia, Reporter
D.M. Wenceslao & Associates, Inc. (DMWAI) will be spending P12 billion over the next five years to develop its mixed-use estate in Pasay City, banking on the rising demand for residential, retail, and commercial spaces in the area.
The newly listed property and construction firm said this spending plan will allow for the development of projects covering 400,000 square meters in the 204-hectare mixed-use business district Aseana City. “(Development) depends on demand, whether the market can readily absorb it. At least for the next five years, that’s the demand we’re seeing,” DMWAI Chief Executive Officer Delfin Angelo C. Wenceslao said in a press briefing in Pasay City on Thursday.
The company has alloted P3.1 billion for its capital expenditures in 2018, more than three times higher than the P850 million it spent in 2017. DMWAI is set to spend P3.5 billion for 2019 and P4.3 billion for 2020, while the balance will be spent from 2021 to 2022.
DMWAI raised P8.1 billion through an initial public offering on June 29, which will be used to partially fund its capex for the coming years.
The property firm lined up nine projects that will be completed in the next five years, three of which are residential projects with a total saleable floor area of 88,000 sq.m., and six commercial developments covering 280,000 sq.m of leasable space.
These will be added to DMWAI’s existing projects in Aseana City, most of which are leasing spaces — Aseana One, Aseana Two, Aseana Powerstation Building, Aseana Town Center, and Aseana Square.
“We have logistics companies because they want to be near the port and airport areas, BPOs, traditional, and gaming…Majority are really the traditional companies, shipping, logistics, manning companies,” Mr. Wenceslao said.
Of the 80,000 sq.m of office leasing under their portfolio, Mr. Wenceslao said around 30% has been taken up by online gaming companies. The company is limiting their exposure to the gaming industry to around 30-40% of their portfolio.
“If you take away the areas that have been leased, developed, the areas for our future pipeline that is four hectares, you’re left with roughly 29 hectares. It’s still good for, at least for our development, 10 years,” Mr. Wenceslao said.
The DMWAI executive noted that Aseana City comprises around 65% of their current land bank, with rest located in Cavite, Quezon City, and Makati. The company, however, does not intend to develop their other properties any time soon.
“Majority of the real estate development activity we see it (in Aseana) ’cause this is where the action is,” he said.
Shares in DMWAI dropped 40 centavos or 3.92% to close at P9.80 each at the stock exchange on Thursday.

PAL to mount flights to Sapporo in September

PHILIPPINE Airlines (PAL) will start flying to Sapporo in September, as Japan gains popularity as a tourist destination among Filipinos.
In a press conference in Manila on Thursday, PAL President and Chief Operating Officer Jaime J. Bautista said the flag carrier decided to add a six-hour direct flight from Manila to Sapporo due to increasing demand.
“Last year, we carried almost half a million passengers [to Japan] with our 89 weekly flights. With the introduction of Sapporo, this will result to more passengers going to Japan. So we’re expecting more than 500,000 next year,” Mr. Bautista said.
Starting Sept. 10, PAL will fly thrice a week to Sapporo’s New Chitose Airport every Monday, Wednesday and Friday. It will use a 168-seater Airbus A321neo for the flights.
This the airline’s second-long range flight after its Manila-Brisbane route, and its sixth destination in Japan.
“We’ll start first with Manila to Sapporo. As we grow the market, we can consider flying [to Japan] from other major cities in the Philippines [like Cebu and Davao],” Mr. Bautista said.
He said the airline will evaluate the Manila-Sapporo route first before possibly increasing flight frequencies.
“But as we develop the market, as we grow the market, this will be a substantial growth in our operations in Japan,” the PAL chief said.
Aside from Sapporo, PAL currently flies to Fukuoka, Osaka (Kansai), Nagoya (Chubu), and Tokyo (Narita and Haneda). The company also provides chartered flights to Okinawa island.
PAL Vice-President for Sales Ryan T. Uy said the new Japan flight would also attract more Japanese tourists to visit the Philippines.
“The demand, yes, we do see a demand from Cebu. The favorite destination[s] of the Japanese are Cebu [and] Boracay,” he added. — Anna Gabriela A. Mogato

Care services seen generating up to 475M jobs by 2030 — ILO

“INCREASING investment in the care economy in order to meet Sustainable Development Goals by 2030 has the potential to generate a total of 475 million job,” the ILO said in its report “Care work and care jobs for the future of decent work.”

THE care services industry could produce up to 475 million jobs by 2030, a new report by the International Labor Organization (ILO) said.
“Increasing investment in the care economy in order to meet SDG (Sustainable Development Goals) by 2030 has the potential to generate a total of 475 million job[s],” the ILO said in its report “Care work and care jobs for the future of decent work.”
The 475 million estimate is ILO’s high-end projection, which assumes that care services expand in order to meet SDG requirements by 2030. The high estimate compares with 358 million jobs in the ILO’s status-quo scenario for 2030, which assumes that care services develop based on current and constant standards and conditions.
The status quo scenario “includes 94 and 95 million care workers and 29 and 30 million non-care workers in education and health and social work, respectively. In addition, 110 million jobs are generated in other sectors (indirect jobs),” ILO said.
The report surveys 45 countries representing nearly 60% of the global population and labor force and 85% of global GDP.
The ILO found that increasing investment is needed even to achieve the status-quo scenario. If investment does not exceed six percentage points of global GDP by 2030, “deficits in coverage will increase and the working conditions of care workers will deteriorate,” it said.
The expected public and private expenditure for the status-quo scenario is $14.9 trillion, corresponding to 14.9% of GDP by 2030.
“This increase is driven by population growth and, primarily, demographic transformation, particularly increasing health and long-term care costs,” ILO reported.
Public and private expenditure to achieve the high-end scenario is $18.4 trillion, which would correspond to 18.3% of the countries’ projected GDPs by 2030.
“Of this additional spending, 1.3 percentage points are due to additional expenditure on education, 1 percentage point is due to additional expenditure on health and 1.2 percentage points to expenditure on long-term care for older persons,” ILO added. — Gillian M. Cortez

Ortigas allots P26B for Capitol Commons development

ORTIGAS & CO. will be spending P26 billion for the development of its Capitol Commons estate in Pasig City, as it adds more retail, leasing, and residential projects in the area.
“Capitol Commons is one of our key fully integrated developments in the Ortigas central business district. It is an enclave positioned as truly modern and global, and we are fully committed to unlocking its value,” Ortigas & Co. President and Chief Executive Officer Jaime E. Ysmael was quoted as saying in a statement.
Capitol Commons is one of the mixed-use estates under Ortigas & Co.’s portfolio, which also includes Greenhills Center, Ortigas East, and Circulo Verde. The estate spans 10 hectares and is located along Meralco Ave. Corner Shaw Boulevard in Ortigas Center, Pasig City.
At Capitol Commons, Ortigas & Co. is currently constructing three residential towers in the estate, namely Royalton, Imperium, and Maven. The Royalton and Imperium towers are scheduled to be turned over in 2019 and 2020, respectively.
For the retail component, the company will be expanding its Estancia shopping mall with the addition of 76,000 square meters (sq.m.) in gross floor area. The Estancia expansion will add state-of-the-art cinemas, new restaurants, global lifestyle brands, and a department store operated by the SM Group.
A total of 11,000 sq.m. from the mall expansion will be for office spaces. Capitol Commons’ current office spaces are being used as the headquarters for different multinational companies.
Capitol Commons also has a stand-alone food strip called Gastro and supermarket Unimart.
“Our masterplan for Capitol Commons takes into account not only today’s lifestyle, design, and construction trends, but also upcoming developments that involve the wider community. This investment will prepare us to become a truly integrated hub for live-work-play on this side of Metro Manila,” Mr. Ysmael said.
Ortigas & Co. is also banking on the development of some infrastructure projects by the government. This includes the P1.6-billion Bonifacio Global City (BGC)-Ortigas Center Link Road Project that will connect Ortigas Center with the BGC central business district. The estate will also house the Ortigas South Station of the P227-billion Mega Manila Subway Project.
“Capitol Commons will become an increasingly valuable investment as it gains more accessibility through the government’s infrastructure projects,” the company said.
Aside from Capitol Commons, Ortigas & Co. is also undertaking the P50-billion redevelopment of Ortigas East, and the P60-billion redevelopment of Greenhills Commercial Center. — Arra B. Francia

Diverse offerings in Cinemalaya


NOW ON its 14th year, the Cinemalaya Philippine Independent Film Festival is serving up a diverse menu of films in competition, with genres ranging from comedy to drama to suspense.
“There are very promising films in terms of subject matter and in terms of direction. [They are] also very diverse,” Carmelo “Mel” Chionglo, film director and the head of the monitoring committee of the Cinemalaya film festival, told BusinessWorld shortly after the press launch on July 4 at the Cultural Center of the Philippines (CCP).
Unlike in previous years, Mr. Chionglo noted that they didn’t have much difficulty in ensuring that the deadlines were met.
“This shows the fighting spirit of the filmmakers,” he said.
The festival, arguably the largest independent film festival of its kind in the country, runs from Aug. 3 to 12 at various venues at the CCP and in select Ayala Malls Cinemas.
Cinemalaya will present 10 full-length features for its main competition and 10 for the short film competition.
LONG FORM
The full-length features are:
Distance, by Percival Intalan, is about a woman who returns after abandoning her family five years before and how everyone tries not to reopen old wounds and reveal the secrets that kept them apart. The film stars Iza Calzado and Nonie Buencamino.
Kuya Wes, by James Robin Mayo, explores the life of the titular character, a timid and earnest remittance clerk who falls in love with a regular customer. The film stars Ogie Alcasid and Ina Raymundo.
Kung Paano Hinihintay ang Dapithapon (Waiting for Sunset), by Carlo Enciso Catu, is about an old unmarried couple whose monotonous lives are shaken up when the woman’s estranged husband reaches out to them, seeking reconciliation and forgiveness. The film stars Dante Rivero, Menggie Cobarrubias, and Perla Bautista.
Liway, by Kip Oebanda, tells the story of a young mother who uses storytelling to protect her child from the reality of growing up inside prison during the Martial Law years, and the difficult life she endured. The film stars Glaiza de Castro, Dominic Roco, and Kenken Nuyad.
“This is a story full of hope. It’s my story,” said Mr. Oebanda during the launch. In a 2016 Facebook post, Mr. Oebanda related that he was born inside a prison in Iloilo after his mother and father were arrested during Martial Law. His original prison name was “Nadakip” (picked up/arrested) but he changed it to “Kip” after the People Power Revolution.
Ang Mga Bisita ni Mamang, by Denise O’Hara, is about an old woman who struggles against senility to be with her unmarried middle-aged son. It stars Celeste Legaspi and Ketchup Eusebio.
ML, by Benedicto Mique Jr., is another film about Martial Law, but this one looks at how the new generation tries to find the truth behind those tumultuous years by interviewing an old retired soldier. The suspense thriller stars Eddie Garcia, Tony Labrusca, and Liane Valentino.
Musmos na Sumibol sa Gubat ng Digma (Unless the Water is Safer than the Land), by Iar Lionel Arondaing, tells the story of how children live through the dangers and consequences of war. The film stars Junyka Sigrid Santarin, and JM Salvado.
Pan de Salawal, directed by Che Espiritu, is about a wandering girl who violently hurts the sick to heal them and brings miracles to an ill-stricken neighborhood. It stars Bodjie Pascua and Miel Espinosa.
School Service, by Luisito Lagdameo Ignacio, is a social drama about a young girl taken against her will from the province by a small-time syndicate and who becomes a beggar in Manila. The film stars Aiai delas Alas, Joel Lamangan, and Therese Malvar.
The Lookout, by Afi Africa, is about a gay hired killer who has a score to settle. The film stars Yayo Aguila, Rez Cortez, and Efren Reyes.
SHORT FILMS
In the short film category, Cinemalaya presents Babylon by Keith Deligero, about two young girls who travel through time to assassinate a barangay leader to revise history; Jodilerk dela Cruz, Employee of the Month by Carlo Francisco Manatad, about a gas station attendant on her last day of duty who decides to go out with a bang; Kiko by Jojo Driz is about a blind and aging gay laundress who sees what matters most in life after losing the man he loves; Logro by Kani Villafor, is about a man who decides to take the risk and go for what he wants instead of settling for what people allow him to be; Nangungupahan (Who Rents There Now?) by Glenn Barit is about the lives of different people who occupy a room in an apartment through different points in time; Sa Saiyang Isla (In His Island) by Christian Candelaria is about a young boy struggling with his identity who finds solace in his dream of becoming a mermaid; Si Astri Maka si Tambulah (Astri and Tambulah) by Xeph Suarez in about a Badjao transwoman who is forced to abandon her lover to marry a woman betrothed to her from birth; Siyudad sa Bulawan (City of Gold) by Jarell Serencio is about three brother who take a job in the gold mines amidst a life-threatening reality; Yakap (Embrace) by Mika Fabella and Rafael Froilan is about a woman’s last few moment in life told through dance; and You, Me and Mr. Wiggles by Jav Velasco is about a man and his girlfriend struggling with erectile dysfunction.
Aside from the films in the main and short film competition, Cinemalaya will also have several other sections including Dokyu, the documentary section which will feature Yield (2017) by Toshihiko Uryu and Victor Tagaro and Call Her Ganda (2017) by PJ Raval, among others.
Festival goers will also be able to enjoy films from other countries in Asia in the Visions of Asia section, including Of Love and Law (2017) by Hikaru Toda and Bad Genius (2017) by Nattawut Poonpiriya.
Other sections include Indie Nation, featuring non-Cinemalaya produced independent films; and a section dedicated to the final projects of the Directing and Production Management workshops under the fourth Cinemalaya Institute.
Cinemalaya will pay tribute to director Maryo J. Delos Reyes, who passed away in January, through a special screening of his films Bagets (1984) and Magnifico (2003); and to actor Bernardo Bernardo, who passed away in March, by showing Ishmael Bernal’s Manila by Night.
The Retrospective section will feature the 2017 Cinemalaya Best Film Respeto by Treb Monteras, and Baconaua by Joseph Israel Laban who won Best Director that year.
Now in its 30th edition, the Gawad CCP Para sa Alternatibong Pelikula at Video — considered the longest-running independent film competition of its kind in the ASEAN region — will once again showcase the best of the best, with films competing in various categories such as Short Feature/Narrative, Experimental, Documentary and Animation. Pre-selected entries will be screened on Aug. 4 to 6 at the CCP Tanghalang Manuel Conde (Dream Theater).
The Cinemalaya Campus is slated on Aug. 7 & 8 at the Silangan Hall. The Cinemalaya Awards Night will be held on Aug. 12, at the CCP Main Theater.
For more information about Cinemalaya, visit www.cinemalaya.org, www.culturalcenter.gov.ph, and the Cinemalaya Facebook page or contact CCP Media Arts at 832-1125 local 1704 and 1712 and the CCP Box Office at 832-3704. — Zsarlene B. Chua

Brazil police arrest GE Latin America head

PHOTO shows the logo of US giant General Electric. Brazilian police arrested a senior General Electric Co. executive on Wednesday, as part of a sprawling investigation into fraud in medical equipment tenders. — AFP

RIO DE JANEIRO — Brazilian police arrested a senior General Electric Co. executive on Wednesday, as part of a sprawling investigation into fraud in medical equipment tenders overseen by health authorities in the state of Rio de Janeiro, police and prosecutors said.
In addition to the arrest of GE’s chief executive for Latin America, Daurio Speranzini, Jr., prosecutors said federal police were carrying out 21 arrest warrants as part of the investigation, which concerns a trauma institute known as Into and involves some 37 companies.
The investigation, code-named “Operation Resonance,” is the latest fraud and corruption probe in Brazil, where the arrest of high-ranking political and business figures has become a matter of routine, particularly in Rio de Janeiro.
Speranzini was previously the head of Philips Medical Systems in Brazil. Frederik Knudsen, who prosecutors said was a sales supervisor at Philips in Brazil during the period under investigation, was also among the people police were seeking to arrest.
In a document sent to a federal court and seen by Reuters, prosecutors said there “exists robust proof of participation” by Speranzini and Knudsen in corruption, bid rigging, and criminal conspiracy.
In addition to the arrests, police said they executed 44 search warrants on Wednesday, which included buildings occupied by Philips and US multinational Johnson & Johnson.
A federal court also ordered some 1.2 billion reais ($307 million) in assets to be frozen.
It was not immediately possible to contact Speranzini or Knudsen.
GE said in a statement that with regard to the police operation “that resulted in the temporary imprisonment of Daurio Speranzini, Jr., we clarify that the allegations refer to a period in which the executive was leading a different company.”
It added, “GE emphasizes that it is not the target of the investigation. The company believes that the facts will be clarified by the courts and the company is at the disposition of the authorities to cooperate.”
Koninklijke Philips NV, as Philips is formally known, said in a statement the company’s current leaders were not involved in the police operation and that the firm was cooperating with authorities.
Philips “still doesn’t have access to the official accusations; however, the company is cooperating with the authorities to offer all clarifications regarding the allegations, that go back many years,” the company said, adding that the “current head executives of Philips are not part of the federal police operation.”
Johnson & Johnson said it “vigorously followed” Brazilian law and was “cooperating fully” with the investigation. — Reuters

BSP accredits two VC exchanges

By Melissa Luz T. Lopez, Senior Reporter
TWO NEW digital currency exchanges have been accredited by the Bangko Sentral ng Pilipinas (BSP), a senior official said.
BSP Deputy Governor Chuchi G. Fonacier said the regulator has approved applications filed by Virtual Currency Philippines, Inc. and ETranss as platforms to convert pesos into virtual currencies (VC) like bitcoin and ethereum.
This brings the approved VC exchanges to five, alongside Rebittance, Inc. and Betur, Inc. (better known as Coins.ph) and BloomSolutions.
These digital currencies can be used for paying goods sold through the Internet and even stand as a form of investment due to changing valuations. It is a form of digital money that is not issued or guaranteed by a central bank, and can be sent or received by anonymous users internationally.
The BSP has recognized the benefits of using electronic currencies in terms of faster and cheaper remittances. However, it has stood wary given risks of rapidly changing values, potential use for crimes, and cybersecurity concerns.
Conversions from the peso to digital currencies have grown exponentially over the past few years. In the first quarter, amounts averaged $36.74 million per month covering transactions from two registered exchanges.
Monthly volumes hit $38.27 million between October and December last year.
Amid buoyant activity, the Anti-Money Laundering Council has said they will start looking at VC transactions as part of its tighter watch against dirty money, given that these firms are also required to submit covered and suspicious transactions.
Meanwhile, Ms. Fonacier said that the BSP will unlikely proceed with the earlier proposal requiring VC exchanges to secure separate licenses to operate as electronic money issuers.
Previously, the central bank official said they are studying whether these exchanges need to sign up as e-money issuers given that they maintain e-wallets for clients. Ms. Fonacier said internal consultations showed that it may not be advisable, in a bid to keep the registration process simple for these new players.
“Now, we are refining the rules… If your business model has a portion making use of e-wallet, then there’s an additional requirement but not necessarily or automatically an e-money license,” Ms. Fonacier told reporters in an ambush interview.
Signing up as e-money issuers will require VC exchanges to hold a minimum capital of P100 million. Existing BSP rules also impose P100,000 as the aggregate load limit for e-money instruments per month.
Bitcoin values have fluctuated from around $1,000 in January 2017 to a peak of nearly $19,346.60 apiece on Dec. 17. It is currently trading above the $6,000 level with $114.56 billion in total market capitalization, according to its website.

Tuna, salmon business seen to drive Alliance Select profit

ALLIANCE Select Foods International, Inc. (ASFII) is on track to post profits again this year, driven by the growth of its tuna and salmon businesses.
In 2017, the listed international seafood firm made a profit for the first time since 2011, posting a net income of $1.6 million. This followed a 20% increase in revenues to $72.2 million for the year.
“We see continued growth for both tuna and salmon segments. We are confident of sustained growth in sales volume and revenue in export and in the respective domestic markets. With this, we remain optimistic towards another profitable 2018 by end year,” ASFII Chief Executive Officer Raymond K.H. See said in an e-mailed response to questions.
By the end of the first quarter of 2018, the company has already recorded a net income of $1.22 million, significantly higher than the $90,295 it made in the same period in 2017. Revenues also went up 40.6% to $23.65 million.
While it expects positive results for the year, ASFII noted the current inflationary environment is affecting its business.
“Among others, challenges are that price of raw materials continues to be volatile amid the current increasing, inflationary environment, impacting FOOD’s input costs,” Mr. See said, referring to the company’s ticker symbol FOOD.
ASFII plans to further grow its market by innovating its products and processes, as well as deliver operational efficiencies to combat inflationary pressures in the coming years.
The company said it will also upgrade its existing plant technology and equipment across all business sectors to strengthen its operations.
“Another priority for Alliance is the continued formation of formidable and lasting partnerships in all aspects of our value chain,” Mr. See said.
Incorporated in 2003, ASFII is a homegrown international seafood company whose products are distributed in foreign markets such as Europe, the United States, Japan, and the Middle East.
The company is currently undertaking an equity restructuring program that would wipe out its deficit.
Shares in ASFII gained three centavos or 5.26% to close at 60 centavos each at the stock exchange on Thursday. — Arra B. Francia

Louvre sets up Beyonce and Jay-Z art tour

PARIS — The Louvre has dedicated a new art tour to Beyonce and Jay-Z after pop’s biggest power couple shot the video for their latest hit in the Paris museum.
The R‘n’B stars’ hit song “Apeshit” — which used some of the museum’s greatest masterpieces as backdrops — has been viewed 56 million times on YouTube alone since it was released a fortnight ago.
Now the Louvre, which already has a tour based on the US rapper will.i.am’s hit “Smile Mona Lisa,” has created another based on the Carters’ night in the museum.
It follows the video through 17 paintings and sculptures which feature in the six-minute clip, going from the monumental white Greek marble Nike of Samothrace to Marie Benoist’s Portrait of a Negress.
The choice of works which they used or posed in front of has been taken as a celebration of black bodies and empowerment in an institution which was built on the spoils of conquest and imperialism.
Portrait of a Negress was painted in 1800, six years after revolutionary France had abolished slavery in its Caribbean colonies only for Napoleon to reinstate it two years later.
But perhaps the most striking image is of Beyonce at the center of a line of black dancers in front of Jacques-Louis David’s The Coronation of Napoleon I and the Crowning of the Empress Josephine singing, “I can’t believe we made it..”
The song is part of their surprise joint album, Everything is Love — their first — which they released under their real family name, The Carters.
SONIC BLACK POWER MANIFESTO
It is a celebration of African-American identity and their marriage, whose problems and Jay-Z’s infidelity Beyonce detailed in her 2016 album Lemonade.
The self-guided 90-minute tour is for now only available in French at https://www.louvre</i>.<i>fr</i><i>/routes/jay-z-et-beyonce-au-louvre but other languages are likely to follow.
The guide describes in detail each artwork in the video but stops short of explaining what it is used to signify in the video.
But Professor James Smalls, of the University of Maryland, described the video — directed by Ricky Saiz, who also made the Beyonce clip “Yonce” — as “arresting… I would even go so far as to say brilliant.”
He argued that it “appropriates, exploits, and reinterprets Western paintings and sculptures as a way to chart and celebrate the Carters’ success, and black bodies in an artistic canon inextricably linked to histories of colonialism.
“The video is an unapologetic visual and sonic manifesto about spaces, power, and control,” he wrote in Frieze magazine.
“It is all about bodies — an orchestrated contrast of energetically writhing and animated black physiques set against frozen white forms of the past.”
The Louvre has refused to say how much the couple paid to shoot their video in front of the Mona Lisa, the Venus de Milo, and Gericault’s The Raft of the Medusa, in which Jay-Z poses looking up at the muscled black hero at the apex of the canvas.
The Louvre’s director Jean-Luc Martinez has said that he wants to make the museum’s vast collection “more readable” for a wide, global public.
Last year more than two-thirds of its 8.1 million visitors were foreigners, half of whom were under 30. — AFP

BPI eyes to expand branch network

Bank of the Philippine Islands (BPI)
BANK of the Philippine Islands wants to set up more branches within the year. — AFP

BANK OF THE Philippine Islands (BPI) is growing its branch network in the provincial areas in line with its financial inclusion goal and digitalization push.
In a statement on Thursday, BPI Retail Banking head Joseph Albert L. Gotuaco said the Ayala-led lender is strengthening its presence in the provinces where banking products and services support the growth of regional economies and address their demand for financial services.
“We will continue expanding our branch network to areas that show potential for the need of consumers to transact financially, save, invest, or access credit,” Mr. Gotuaco was quoted as saying in the statement.
In the first half of the year, it opened 15 new BPI branches, four BPI Family Savings Bank branches and 27 BPI Direct BanKo offices, it said.
“We want our branches to be a one-stop shop where clients feel they can have a meaningful relationship with BPI,” Mr. Gotuaco added.
For the second half of the year, BPI said in a text message that it will open 10 BPI branches and one BPI Family Savings Bank branch. It will also open 70 BPI Direct BanKo offices.
Currently, the lender and its subsidiaries have 942 branches.
Amid its push to expand its branch network, Mr. Gotuaco said BPI is also refurbishing the looks of its branches and enhancing customer experience through digital channels.
“This branch expansion is a strategic complement to our digitalization efforts, where in-branch transactions can be largely replicated on our online facility and mobile app,” said Mr. Gotuaco.
Mr. Gotuaco said in a previous interview that BPI has adapted the so-called “omnichannel” strategy where digital platforms complement traditional modes of banking.
“We’ve created an online way of scheduling an appointment in the branch if you have a cheque you want to deposit into your account so you can leave right away without talking to anybody,” he told BusinessWorld. “You don’t have to spend too much time inside the branch or step inside the branch too far to do that.”
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.
Shares in BPI went down P1.70 or 1.93% to close at P86.30 apiece on Thursday. — Karl Angelo N. Vidal

DoLE issues advisory on household worker leave

THE Labor department has issued an advisory on the leave entitlements of household workers under Republic Act 10361, or the Kasambahay law.
“Our household service workers shall be entitled to all the rights and benefits granted under RA 10361, or Batas Kasambahay, as amended unless expressly provided. The employers are not prohibited from granting such other benefits in addition to the minimum requirements of the law,” Department of Labor and Employment (DoLE) Secretary Silvestre H. Bello said in a statement on Wednesday.
He issued Labor Advisory No. 10 or “Entitlement of Kasambahay to Other Statutory Leave Benefits and Labor Standard Benefits” which will further strengthen the rights of household workers and their entitlement to work benefits and statutory leaves.
DoLE said that the Kasambahay Law entitles household workers to “13th-month pay, five days annual service incentive leave, and a one whole day uninterrupted weekly rest period.” Household workers will also get to enjoy benefits provided by the Social Security System (SSS), PhilHealth, and Pag-Ibig.
The labor advisory identified three other laws that “entitle kasambahays to special leave benefits.”
Household service workers can avail of Solo Parent Leave (Republic Act 8972), Special Leave Benefit for Women under the Magna Carta for Women (Republic Act 9710), and Violence against Women and their Children (VAWC) Leave (Republic Act 9262) “provided he/she meets all the conditions for entitlement,” the advisory stated.
Solo Parent Leave can be utilized by household workers who have to fulfill parental duties where their actual presence is important.
The Special Leave Benefit for Women is paid leave of up to two weeks to two months for women who need to address gynecological disorders.
Household workers who have experienced violence, which also includes economic abuse, are entitled to 10 days’ leave with pay under the VAWC law.
Household workers are also entitled to five days’ service incentive leave under the Labor Code. — Gillian M. Cortez

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