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Movies, literature, and martial arts in celebration of Phil-Japan friendship month

JULY is Philippines-Japan Friendship Month and to mark the occasion, the Embassy of Japan and the Japan Foundation, Manila, in cooperation with various partner organizations, are co-presenting a variety of cultural events.
One of the most anticipated is the Japanese Film Festival EIGASAI, which runs from July 4 to Aug. 26. This will be the festival’s 21st edition, and this year is will have 15 full-feature films of diverse genres which will be shown in more than 100 screenings across five major cities nationwide. This year’s film festival is set to be unique as it collaborates with other Japan Foundation projects, and bringing three special guests from Japan. Visit the official EIGASAI Facebook page for the film lineup and screening and talk schedules.
The Japan Foundation in partnership with Ateneo de Naga University, will present a silent film screening of Yasujiro Ozu’s silent film comedy: A Straightforward Boy with a Filipino benshi (silent film narrator) and musical accompaniment. This will be held on July 25 at the Ateneo de Naga University. The Filipino benshi’s live interpretation of the Japanese silent film will be backed also by a Filipino band from Naga composing original music for the film.
Award-winning Japanese writer Yoko Tawada, who writes in both Japanese and German, and has published several novels, poems, plays, and essays will hold a talk on July 9, 2:30 p.m., at De La Salle University in Taft Ave., Manila. Admission to the talk is free. Priority is given to those who registered online (http://bit.ly/2JtDaj1).
while the exact duration of the exhibit is still to be determined, The Spirit of Budo: The History of Japan’s Martial Arts Exhibition will open in July at The National Museum of Fine Arts, Manila.
This traveling exhibition presents originals and reproductions of historical weapons such as arrows, suits of armor, etc. as well as materials and photo panels of popular sports and physical exercise such as Kendô, Judô and Sumô.
Those interested in traveling to Japan can go to the Travel Madness Expo 2018: “Visit Japan” Booth on July 5 to 8 at the SMX Convention Center, Pasay City. The Japan National Tourism Organization’s booth is meant to introduce many attractions and travel deals to Japan. Participants can experience Japanese cultural activities, such as origami and calligraphy at the booth.
The Japanese Association in Northern Luzon (JANL) and Filipino-Japanese Foundation of Northern Luzon (Abong) will organize a series of events as part of the Baguio Tanabata Festival 2018 from July 7 to Sept. 16 in Baguio. These include a Philippines-Japan Friendship Day ceremony and cultural show, Japanese film screenings, a Kumamoto tourism poster exhibition, Tanabata (Japanese star festival) decoration workshop, and shamisen (a traditional Japanese musical instrument) performance. Admission is free.
Event dates and details are subject to change. Visit the Japan Foundation, Manila Facebook page (@jfmanila) and www.jfmo.org.ph for updates.

Revolution Precrafted enters European market

REVOLUTION PRECRAFTED Philippines, Ltd. is on track to expand to 25 markets by the end of the year, announcing on Tuesday its entry into Europe through a partnership with a Barcelona-based firm.
In a statement, the property technology firm said it is partnering with Spanish firm BC Estudio for the supply of $52 million worth of residential units in Tarragona in the Spanish region of Catalonia.
“We wanted a project that would shine a light on Europe’s ecotourism potential. We are very happy to partner with BC Estudio in spearheading a development that would further strengthen Spain’s tourism,” Revolution Precrafted Founder and Chief Executive Officer Jose Roberto R. Antonio said in a statement.
BC Estudio is an architecture, design, and property management firm in Spain. The company is currently developing a total of 260 units along Ebro Delta in Tarragona, which is touted as one of the best fishing and water sports areas in Europe.
Ebro Delta is one of the largest wetland areas in the Western Mediterranean region. A portion of the Ebro Delta was designated as a natural park to protect the flora and fauna found in the area.
Under the deal, Revolution Precrafted will supply 50 units of hotel villas on a 12-hectare lakefront property along the Ebro Delta. The contract consists of 40 one-bedroom villas covering 30 square meters (sq.m.) each, as well as 10 two-bedroom villas. A unit will be priced at a minimum of $200,000.
Revolution Precrafted will be supplying the hotel villas that are part of the first phase of Ebro Delta project, which will also include a 700-sq.m. clubhouse.
Mr. Antonio said the construction of the hotel villas will start in early 2019.
“We are keen on completing the plans for this project by the third and fourth quarter of this year, with the intention of starting land development in early 2019,” he added.
BC Estudio officials Gabrel Barba and Jordi Barba cited the site’s tourism potential in pursuing the project.
“We are very excited about this partnership with Revolution Precrafted. We have always wanted to create elegant, design-driven homes and villas that would cater to the thousands of tourists that visit Ebro Delta all-year round,” BC Estudio said.
The partnership with BC Estudio followed Revolution Precrafted’s recent business road show in Europe.
Spain is Revolution Precrafted’s 13th international market. In the past few months, the company has pursued partnerships in Myanmar, Indonesia, United Arab Emirates, Japan, Ecuador, Puerto Rico, Trinidad, Guyana, Jamaica, Bahamas, and Bahrain, in addition to the Philippines. — Arra B. Francia

Sculptor Alberto Giacometti’s Paris studio opens to the public

PARIS — More than 50 years after his death, art lovers can see sculptor Alberto Giacometti’s Parisian studio exactly as he left it, right down to half-finished sketches and his ashtray.
The Giacometti Institute, which opened on June 26, contains dozens of paintings and sculptures, carefully preserved by his wife after he died in 1966, including fragile plaster artworks that have never been shown to the public.
The Institute contains a complete reconstruction of his studio, just down the road from its original location, in the Montparnasse district of Paris, an area known for being a thriving artistic hub in the middle of the 20th century.
The Giacometti Foundation, which is in possession of the majority of his work, decided to recreate the studio, as opposed to a museum, as Giacometti always insisted on the strong link between his work and the environment in which he made it. — Reuters

IHG rebranding Remington Hotel as Holiday Inn Express

THE INTERCONTINENTAL Hotels Group (IHG) is taking over the Remington Hotel in Pasay City, rebranding it as the Holiday Inn Express (HIEx).
The international hotel chain said in a statement on Tuesday the HIEx Manila Newport City hopes to cater to travelers who are already familiar with the global brand.
“Remington Hotel, which we took over was already a good hotel. It provided guests with value for money accommodation in a premier location. What Holiday Inn Express offers is to elevate the hotel and its facilities to global standards that are recognized and respected by travelers from around the world,” IHG said in an e-mailed response to queries.
The transition includes equipping all hotel rooms with HIEx signature sleep solutions such as blackout curtains, beddings, and a choice between firm or soft pillows.
Each room will also include amenities such as a bathroom with hot and cold power shower, universal power plugs, an in-room safe, flat screen television, seating area, refrigerator, and hair dryer, among others.
Amenities within the hotel also include a fitness gym, meeting room, and coin-operated laundry.
The company expects to complete the transition by 2019, after which HIEx Manila will have a total of 737 rooms.
“The Holiday Inn Express brand has a loyal following among a certain segment of travelers — smart, savvy travelers who wants all the basic requirements and more where it matters most. They have grown to trust the brand and appreciate that they can expect the same standards of comfort, service, and convenience when they stay in a Holiday Inn Express hotel anywhere in the world,” the company said.
HIEx Manila Newport City is located near the Ninoy Aquino International Airport Terminal 3, which is a 10-minute walk using the Runway Manila bridge.
Aside from Holiday Inn Express, Resorts World Manila’s integrated resort and casino complex also features various international brands such as Maxims Hotel, Marriott Hotel Manila, and Belmont Hotel.
The Sheraton Hotel Manila and Hilton Manila Hotel are both currently under construction within the complex. — Arra B. Francia

Spain’s Unfinished business

UNFINISHED, which was presented in the Spanish pavilion at the 15th Venice Architecture Biennale in 2016, is on view at Intramuros’ San Ignacio church. — FACEBOOK.COM/LUISDIAZDIAZPHOTO

SPAIN’s 2016 entry at the Venice Architecture Biennale has found a temporary home at the reconstructed San Ignacio Church in Intramuros, the Walled City of Manila.
Called Unfinished, the work — which received the Golden Lion award for the best national pavilion in 2016 — is a response to the 2008 financial crisis which devastated Spain.
Showcasing man’s ingenuity in the face of adversity, the exhibit is a photographic series of possible solutions to problems that emerged from the financial crisis, which is also called the Great Spanish Depression or the Great Recession in Spain. The financial crisis, triggered by Spain’s housing bubble, led to the abandonment of construction projects, resulting in a landscape littered with many unfinished buildings — thus the title Unfinished.
Unfinished finds parallels in the Philippines which is itself littered with self-built, unfinished, or constantly changing buildings, making it possible to reflect on the underlying socio-economic dynamics in the architecture of this country. Also, Philippine historical buildings, many of which are architectural jewels, face issues of restoration or demolition to give way to modern edifices like shopping malls. Unfinished portrays how the people find ways to cope with the crisis, the same way the Filipinos find opportunities to make ends meet.
Unfinished, presented in the Spanish pavilion at the 15th Venice Architecture Biennale in 2016, seeks to direct the audiences’ attention to the architectural processes more than results, which are, well, under construction.
The people behind the projects in Unfinished have understood the lessons of the recent past and considered architecture to be something unfinished, or always in a constant state of evolution and for the service of community and people.
The exhibit has come to Manila after travelling around Europe and other parts of Asia. It will be on view until Sept. 26.
The project is made possible by the Embassy of Spain and Instituto Cervantes de Manila, the Spanish Ministry of Culture and Sports, and the Intramuros Administration, with the support of Base Bahay Foundation and the collaboration of WTA Architecture + Design Studio. — Nickky F. P. de Guzman

Grab appeals P2 per minute charge anew

GRAB PHILIPPINES (MyTaxi.PH) again urged the Land Transportation Franchising and Regulatory Board (LTFRB) to allow it to impose a P2 per minute charge, as the regulator conducted its third hearing on the issue on Tuesday.
In a statement on Tuesday, Grab country head Brian P. Cu appealed to LTFRB Chairman Martin B. Delgra III and board members to allow the company to reimpose the charge, as well as accept new transport network vehicle service (TNVS) applications.
“Regardless of what others say, it is the lack of TNVS vehicles to fill that huge gap between supply and demand that is the root cause of the issues affecting Grab and its partner drivers. These same issues, unless resolved will also affect the new TNCs (transport network companies),” Mr. Cu said.
In April, the ride-hailing company’s P2 per minute charge was suspended by the LTFRB when Representative Jericho Jonas B. Nograles of the Pwersa ng Bayaning Atleta (PBA) Party-list filed a petition, saying the company’s fare system is illegal.
Grab filed an appeal, citing a department order in 2015 that allowed TNCs to set their own fares.
But in June, the Department of Transportation passed a new department order which gave the LTFRB the authority to set the fares of TNCs.
LTFRB Board Member Aileen Lourdes A. Lizada told reporters in a Viber message last week that Grab’s petition on the P2 per minute charge is still up for hearing. Sought for comment on the company’s recent appeal, Ms. Lizada has yet to respond as of press time.
Meanwhile, Grab launched on Tuesday a driver training program that aims to provide its drivers with advanced skills for their jobs.
It partnered with Philippine Red Cross, A1 Driving School and the Highway Patrol Group for the Grab Driver Academy.
The ride-hailing company said its curriculum covers Driver Transformation Training, First Aid Training, Basic Defense Driving and Crime Protection and Detection.
The training program also offers elective courses on communication, entrepreneurship, financial literacy, time management, data privacy and social media handling.
Grab said the project is currently available to the company’s top 2,000 best performing drivers, but will eventually be offered to more drivers. — Denise A. Valdez

New ‘Banksy’ mural

PARIS — An image of a woman veiled in mourning appeared next to the Bataclan concert hall in Paris Monday, the latest attributed to the mysterious British street artist Banksy. The stencilled mural next to the emergency exit from which hundreds fled the massacre by jihadist gunman in 2015, is the eighth apparently created by the artist in the French capital in recent days. Ninety people died inside the venue in the attack claimed the Islamic State group during a concert by the US group Eagles of Death Metal. Some saw the piece as a poignant farewell to the city by the world’s most famous graffiti artist, who earlier took aim at the French government’s crackdown on migrants in another more elaborate work close to a former refugee reception center. It shows a young black girl spraying a pink wallpaper pattern over a swastika on a wall next to her sleeping bag and teddy bear in an attempt to make her patch of pavement more cosy. Banksy, a long-time supporter of the refugee cause, has yet to confirm the works are his. — AFP

Gov’t rejects all tenders for T-bonds as rates rise

By Elijah Joseph C. Tubayan, Reporter
THE BUREAU of the Treasury (BTr) rejected all bids for the five-year bonds it offered on Tuesday as the market sought higher rates due to expectations of more policy adjustments from the local central bank.
The government did not accept any tenders for its P10-billion offer of reissued five-year Treasury bonds (T-bond) yesterday, even as bids by banks reached P14.91 billion, almost 1.5 times the amount on the auction block. The T-bonds have a remaining life of four years and eight months.
Had the papers been awarded fully, yields would have climbed to 5.98%, 38.8 basis points higher than the 5.592% logged in the previous auction.
At the secondary market prior to the auction, the debt notes were quoted at 6.1143%.
The five-year bonds were quoted at 5.500% at the close of yesterday’s trading.
“It’s so high, nakaka-choke. We’ve been doing partial awards, but only for this one it’s really not tolerable,” National Treasurer Rosalia V. De Leon told reporters after the auction.
“Even if we did some simulations, we still feel that even if you [do not reach] 6%, we’d only be getting very little out of the offer that we did today,” Ms. De Leon said on Tuesday.
Ms. De Leon said the Treasury still has room to decline some bids given the government’s strong revenue position.
“So we felt that it’s better to reject — after all, we still have a very strong cash buffer coming from the RTB (retail Treasury bonds) and also from the revenue collections,” she said.
The BTr reported on Monday that the government collected P81.5 billion in excess of the programmed revenues in the January-May period, after posting a 19% growth rate to P1.19 trillion in the first five months of the year from P996.5 billion in the same period in 2017.
“The deficit remains very manageable because of the high revenue collections. So that also gives us room to maneuver, not to really accede to the high rates or high yields we are seeing,” Ms. De Leon added.
The January-May fiscal deficit is now at P138.7 billion, 118% wider than the P63.6 billion recorded in the same period last year.
Asked how better revenues would affect the government’s borrowing program in the second half, Ms. De Leon said: “We have to calibrate that because we are also seeing good collections — that means we can afford also to reduce our borrowing program for the rest of the year…taking into consideration of course our rejections. So we have to see how much we can be able to offer during the third and fourth quarter.”
“Of course we have to see if our revenues will also be sustained,” the official added.
Sought for comment, a trader said the market is expecting another rate hike from the Bangko Sentral ng Pilipinas (BSP) — which would be the third for the year after 25-basis point increases done in May and June.
“Investors are eyeing more rate hikes from the central bank, and that the US Fed may also do so. So the BSP may follow,” the trader said in a phone interview yesterday.
Another trader concurred, saying the possibility of further rate hikes are backed up by the weaker peso and the decline seen in local stocks.
“The higher rates were the effect of the recent tariff wars in US and China. The dollar-peso is at the highs, and then stocks are in the bear market. So the tendency is that the interest rates will be higher,” the second trader said in a separate phone interview.
“As the sentiment is towards higher interest rates, the markets would want to push the market higher so the banks tended to go towards the 6% area. But that’s so abrupt,” said the trader.
The national government borrows from local and foreign sources to fund the increased spending and boost economic activity. It plans to borrow a total of P888.23 billion this year to plug its budget deficit that is capped at three percent of the country’s gross domestic product.

Maynilad to spend P70 million for rehabilitation of Dagat-dagatan wastewater treatment plant

MAYNILAD WATER Services, Inc. is upgrading its sewage and septage treatment plant in Dagat-dagatan, Caloocan City to boost the facility’s efficiency in serving around 16,000 customers in the northern part of Metro Manila.
Ramoncito S. Fernandez, Maynilad’s president and chief executive, said part of the company’s long-term plan is to build the largest sewage treatment plant in its west zone concession area within the Dagat-dagatan plant to produce effluent that meets the stricter quality standards of the Department of Environment and Natural Resources.
“Ultimately, this will help to reduce pollution loading in waterways that empty out to Manila Bay,” he said in a statement.
The company is spending P70 million for the facility’s rehabilitation. The project is expected to be completed in February 2019.
Aside from treating the wastewater generated by customers in Caloocan, Malabon and Navotas, Maynilad’s Dagat-dagatan Sewage and Septage Treatment Plant (DDSSTP) also treats the septage generated by more than four million customers in the northern part of the west concession.
The project involves the refurbishment of laboratory facilities, renovation of the existing power house and hazardous waste storage facility, and rehabilitation of the building and offices at the facility.
“Maynilad’s wastewater infrastructure network currently includes 17 sewage treatment plants, two sewage and septage treatment plants, one septage treatment plant, 42 pumping stations, 21 lift stations, and more than 500 kilometers of sewer lines,” the company said.
DDSSTP is the first facility of its kind in Asia Pacific to attain triple international standard accreditations on Quality Management Systems (ISO 9001:2000) and Environmental Management Systems (ISO 14001:2004) in January 2007, and Occupational Safety and Health Management Systems (OHSAS 18001:2007).
Maynilad serves certain portions of the cities of Manila, Quezon and Makati. It also covers Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon in Metro Manila.
Outside the Philippine capital, it serves the cities of Cavite, Bacoor and Imus, and the towns of Kawit, Noveleta and Rosario, all in Cavite province.
Metro Pacific Investments Corp., which has majority stake in Maynilad, is one of three 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 interest in BusinessWorld through the Philippine Star Group, which it controls. — Victor V. Saulon

Nazi-loot returned

BERLIN — A Berlin museum Monday said it had formally restituted a 15th century religious wooden sculpture to the heirs of former owners, a Jewish couple who fled the Nazi regime. The heirs in turn agreed to sell back the medieval artifact, Three Angels with the Christ Child, at an undisclosed price to the Bode Museum, which will keep it in its collection. The agreement meant “righting an injustice,” said the head of Berlin’s public museums, Michael Eissenhauer, who thanked the heirs for the “grand gesture” that will keep the priceless piece on public display. The delicately carved 25 centimeter (10 inch) tall sculpture from around 1430 shows three floating angels in the clouds holding a cloth on which lies the sleeping infant Jesus. It once belonged to the private collection of Ernst Saulmann and his wife Agathe. The couple fled Nazi repression in late 1935, initially for Italy. The Nazis confiscated their wealth, including their land and business, and art collection. The more than 100 artworks were sold off at a Munich auction in 1936. The exiled Saulmanns in 1938 left fascist Italy for France, which the Nazis invaded two years later. The couple were interned in France in Camp Gurs. Ernst Saulmann died a year after the war ended, in 1946. Agathe committed suicide in 1951. In recent years, their descendants hired researchers who managed to locate 11 of the art objects, which had ended up in five German museums and three private collections abroad. “My family was able to reach different agreements with all these institutions and collectors,” said one of the heirs, Felix de Marez Oyens, at a press conference. “However, the Bode Museum is the only institution that conducted independent research and approached us with the results.” — AFP

RCBC to inject more capital into thrift, leasing units

By Karl Angelo N. Vidal, Reporter
RIZAL COMMERCIAL Banking Corp. (RCBC) will put in more capital in two of its subsidiaries to support its growth.
In a roundtable discussion with media late Monday, RCBC Strategic Initiatives head John Thomas G. Deveras, Jr. said the Yuchengco-led lender will inject additional funds into RCBC Savings Bank (RCBC Savings) as well as RCBC Leasing and Finance Corp. (RCBC Leasing) this year.
Mr. Deveras said RCBC will put in P2 billion in additional capital in RCBC Savings and another P800 million in RCBC Leasing.
“I think we’ll put new capital into [RCBC Savings], because our consumer [segment] is growing around 20% per annum,” he added.
In March, RCBC Savings President Rommel S. Latinazo said the thrift lender booked a record-high profit of P1.35 billion last year, 34% more than it logged in 2016.
Mr. Latinazo attributed the growth to the continued expansion of the bank’s core consumer loan portfolio and cost management.
“We’ll probably also need to put more capital into our leasing subsidiary because that book is also growing by about 20% per year,” Mr. Deveras added.
Meanwhile, RCBC President and Chief Executive Officer Gil A. Buenaventura said the bank is on track to hit its profit target for the year, although noting concerns over market volatility.
“We’re on track. We’re above target for the first five months,” Mr. Buenaventura said. “But with all these volatilities outside, we don’t know how will that affect the industry and RCBC in particular.”
Earlier this year, Mr. Buenaventura said he expects RCBC to grow its net profit by five to ten percent in 2018 from the year-ago level amid an increasingly competitive industry landscape.
On Monday, RCBC started offering 535.71 million common shares for its stock rights offer, from which it wants to raise P15 billion to strengthen its capital ratio and fund its business expansion.
“The two biggest shareholders put in their money [on Monday], so it’s already 75% subscribed,” Mr. Deveras said.
Broken down, Yuchengco Group of Companies subscribed to 52% of the total shares, while Taiwan’s Cathay Life Insurance Co. Ltd. placed 23%.
“During our road shows, there was strong interest from existing shareholders both domestic and foreign. Some have hinted they will oversubscribe,” Mr. Deveras added.
RCBC, the tenth-biggest bank in asset terms as of end-2017, booked a net income of P1.1 billion in the first quarter, 13.1% higher than the P1 billion logged in the same period last year, supported by robust loan growth and reduction in non-performing assets.
Shares in RCBC lost 65 centavos or 2.28% to close at P27.85 apiece on Tuesday.

CEZA to limit issuance of licenses for cryptocurrency exchanges

THE CAGAYAN Economic Zone Authority (CEZA) is looking to initially limit the number of licenses to be issued to cryptocurrency exchanges seeking to operate in the special economic zone.
CEZA Administrator and CEO Raul L. Lambino said the agency will only issue an 25 principal licences for cryptocurrency exchanges. Each exchange will only have sub-licenses of as many as 20 to 30 traders or brokers.
Each of the exchanges will be required to initially invest $1 million (P53 million) within two years.
“There are many operating scammers who put an exchange with very little capital and they are victimizing investors. We do not want the Philippines to be a haven (for scammers) even if these scams are happening abroad. That’s why through our probity and integrity check we can determine if their transactions are just designed to entice unsuspecting people to invest in Bitcoin or whatever crypto coin that is a fraud,” Mr. Lambino was quoted as saying in a statement.
Once the licenses are issued, he said CEZA will first observe how the exchanges will operate.
“If they have ICO (initial coin offering) we will have to find if their ICO is asset-backed because this what we are saying that there are many scammers. If they offer in the market their initial (digital) coin, they maybe able to convince 50 unsuspecting investors and promise them the sun and the moon. This is the Ponzi scheme. We are not going to allow it,” the CEZA chief said.
Mr. Lambino said citizens living in the Philippines will not be allowed to invest or trade in ICOs by blocking the IP addresses of these exchanges.
“In our system, no residents of the Philippines will be able to enter because we are going to block their (exchanges’) IP address. We are going to block them. You cannot enter the IP, you cannot invest,” he said.
He also proposed that offshore companies seeking to operate crypto exchanges in the Philippines should also establish back offices in the country, and register with the Securities and Exchange Commission.
At least 21 offshore financial technology firms have so far signed memorandums of understanding with CEZA, which is hoping to become the “Silicon Valley of Asia.” — Janina C. Lim

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