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SBS associate acquires Mandaluyong property

A UNIT of SBS Philippines Corp. acquired a five-hectare parcel of land along JP Rizal Street in Mandaluyong City.

In a disclosure to the stock exchange on Tuesday, SBS said its associate company Cleon Phils. Holdings, Corp. struck a deal for the purchase of the lot, which traverses Barangays Vergara and Namayan in Mandaluyong. 

SBS noted Cleon’s acquisition, set to close this month, is intended for investment purposes.

“The investment is in furtherance of the diversification and investment strategy of the SBS Group to invest in small ownership stake in companies investing in real properties to have a more diversified interest in different property holdings at a lower capital requirement and risk exposure to the company,” SBS said in the disclosure. 

SBS’ stake in Cleon Phils. is at 37.5%.

Other than Cleon Phils., the company also holds minority stakes in Lakerfield Philippine Holdings Corp. (37.5%), Ayschester Holdings Corp. (25%), and I Bonding Holdings Corp. (17%).

With these investments, SBS established a wholly owned subsidiary called SBS Holdings and Enterprises Corp. as a holding firm for its property-related acquisitions.

Incorporated in 2001 originally as Sytengco Philippines Corp., SBS’ core business is in trading and warehouse distribution of chemical products. The company markets chemical products via direct selling as well as by wholesale basis. It has a total of five warehouse facilities, with two located in Quezon City, and one each in Mandaluyong City, Malabon City, and Marilao, Bulacan.

SBS’ attributable profit for the first half of 2017 dropped to P34.97 million, 94% lower than what it generated in the same period a year ago.

Shares in SBS shed three centavos or 0.48% to close at P6.20 each at the Philippine Stock Exchange on Tuesday. — Arra B. Francia

VW Golf GTI still too tame? Add ABT parts

WHILE the Volkswagen Golf GTI can’t claim it started the hot hatchback genre — some special Minis (Cooper), Fiats (Abarth) and Renaults (Gordini) have preceded it — it did set the template on which high-performance subcompacts are molded. Throughout seven generations (stretching back to 1975), the GTI combined function with form and fast moves while managing to add refinement into the mix.

This, however, does not mean the GTI can’t be made to perform, sound and look better. Not if ABT Sportsline, a company that specializes in tuning Volkswagens (and VW Group brands Audi, Skoda and Seat), can help it.

VW Golf GTI still too tame? Add ABT parts
PHOTOS BY BRIAN M. AFUANG

Now Volkswagen in the Philippines has included to its attractions some of ABT Sportsline’s products for the Golf GTI, with the development announced on Sept. 30 at Volkswagen Quezon Avenue.

Offered at the dealership is the Power-Up module that promises to boost by 32% the stock GTI’s already prodigious output — from 220 hp to 290 hp. The stock car’s torque rating, also no pushover at 350 Nm, is also bumped up by 20%, or to 420 Nm, through the installation of the “plug-and-play” system. Volkswagen reckoned the increases allow the GTI to slash more than half a second off its rest to 100 kph sprint time (5.9 seconds versus the stock car’s 6.5-second capability), and to reach a top speed of 254 kph, 10 kph more than a showroom-spec GTI. And because ABT Sportsline is recognized by Volkswagen as a tuning partner, installing the Power-Up module won’t void the warranty covering a Golf GTI.

The power kit, which costs P145,000, can also be retrofitted to Golf GTIs that left Volkswagen showrooms without it.

VW Golf GTI still too tame? Add ABT parts
Volkswagen Quezon Avenue branch manager Bob Anthony Y. Palanca explains the benefits of the ABT kit. — PHOTOS BY BRIAN M. AFUANG

For an outlay of around P2.8 million though (a stock Golf GTI lists for P2.290 million at Volkswagen Philippines’ Web site), a customer can drive from Volkswagen Quezon Avenue a GTI fully kitted with ABT Sportsline items. The total cost depends on which items are chosen, which, besides the Power-Up module, may include ABT Sportsline front grille, head lamp cover, aero pieces (front spoiler, side skirt, rear skirt with diffuser), quad tailpipes, and a muffler mounting kit.

Considering this package will combine to make a template-setting hot hatch even hotter, the price seems reasonable enough. — Brian M. Afuang

ABS-CBN, GMA claim lead in ratings

THE country’s top two networks once again both claimed the lead in television ratings, citing different audience measurement providers.

In a statement, ABS-CBN said it remained the leader in nationwide TV ratings with an average of 47% versus GMA Network’s 33% in September, based on data from Kantar Media. Kantar Media’s data covered a nationwide panel of 2,610 urban and rural homes.

On the other hand, GMA said it continued to beat ABS-CBN with an average total day people audience share of 41.9% versus the latter’s 38.8%, using Nielsen TV Audience Measurement data for Sept. 1-27.

ABS-CBN said it dominated the prime time block (6 p.m. to 12 midnight) with an average share of 51% versus GMA’s 31%, as FPJ’s Ang Probinsyano continued to be the most watched program in September.

The Lopez-led network said it continued to lead in the mornings (6 a.m. to 12 noon) with an average audience share of 40% versus GMA’s 31%; noontime (12 noon to 3 p.m.) with 47% against GMA’s 35%; and afternoon (3 p.m. to 6 p.m.), with 43% versus GMA’s 39%.

ABS-CBN also sustained its lead in Total Luzon with 43% versus GMA’s 36%, in Total Visayas with 54% versus GMA’s 27%; and in Total Mindanao with 54% versus GMA’s 30%.

Meanwhile, GMA Network said its ratings beat ABS-CBN in the morning and afternoon blocks, but did not give details.

GMA said it dominated Urban Luzon across all time blocks with a total day people audience share of 48% against ABS-CBN’s 33%. In Mega Manila (based on Sept. 1-23 data), GMA said it registered 50.7% total day people audience share against ABS-CBN’s 29.3%.

Former officials back original DoF tax reform legislation

FORMER Finance officials have expressed support for the original tax legislation proposed by the Department of Finance (DoF), saying that the government needs the funds to meet greater obligations starting in 2018.

Following the release of the Finance department’s P59.9 billion initial revenue estimate for the first year implementation of the Tax Reform for Acceleration and Inclusion Act (TRAIN) under Senate bill No. 1592, the department solicited the support of ex-Finance Secretaries.

These include former Secretaries Roberto F. de Ocampo, Margarito B. Teves, and former Finance Undersecretary Romeo L. Bernardo, who are members of the Foundation for Economic Freedom (FEF).

Mr. Bernardo said that he wants the bill to “preserve as much as possible the original revenue requirements,” noting additional costs faced by the government in 2018 such as the free tuition for state universities, higher pensions for uniformed personnel and retirees, the rehabilitation of Marawi City, and the government’s infrastructure projects.

The Senate version will generate lower revenue compared with  the P157.2 billion in the DoF’s original version of the legislation and the P133.8 billion to be raised by the approved House Bill No. 2636.

Such estimates have since been revised to P149.6 billion for the DoF proposal, and P119.4 billion for the House version.

Mr. Teves meanwhile noted that the higher revenue estimates will “enable the government to finance our growing needs as a developing country, such as accelerating infrastructure development, closing the gaps in health and education and improving social protection programs for the poor and marginalized.”

The statement quoted Mr. de Ocampo as saying that the measure would “improve tax compliance, and bring in more investment that would create more jobs, thus benefiting the country’s underprivileged sectors.”

FEF said “it believes that the comprehensive tax reform program will allow every Filipino an equitable opportunity to contribute to a sustained and truly inclusive economic growth.”

The variation in the revenue computations is mainly due to the number of value-added tax (VAT) exemptions. The House and DoF version yielded P62.3 billion and P60.9 billion, respectively, while the Senate yields only P14 billion.

The Senate retained VAT exemptions for electric cooperatives, and socialized housing for units worth less than P2 million, and located outside Metro Manila.

The Senate bill also had a lower personal income tax-exempt salary threshold at P150,000, against the House’s P250,000, and the annual incremental increase of fuel excise taxes at P1.75, P2 and P2.25 per liter over the next three years, against the House’s P3, P2 and P1 scheme.

It also proposed an excise tax at P10 per liter for beverages sweetened by High-Fructose Corn Syrup, P3 per liter for non-caloric sweeteners and P5 per liter for caloric sweeteners, against the P10 per liter flat rate regardless of sweetener content under the House and DoF proposals.

It also seeks new measures outside the original DoF proposal — imposing a P20 excise tax per metric ton of coal; 20% ad valorem tax on cosmetic surgery, a higher 20% tax on foreign currency deposits, dividends and capital gains tax on shares not traded on the stock market from the current 10%. — Elijah Joseph C. Tubayan

Raonic tramples Troicki on return in Japan Open

TOKYO — Canada’s Milos Raonic looked sharp on his return from wrist surgery Tuesday as he battered Serbian Viktor Troicki 6-3, 6-4 in the first round of the Japan Open.

The third seed, who was forced to sit out the US Open due to a persistent problem with his left wrist, displayed very few signs of rust after a seven-week absence, taking just 71 minutes to blast his way into the last 16.

A right-hander with a double-fisted backhand, Raonic tore through the opening set in bright Tokyo sunshine and secured the key break early in the second with a cleverly disguised drop shot.

Troicki fought gamely but when a Raonic volley clipped the net and trickled over, the Serb slammed his racquet to the ground in disgust and bellowed furiously at the Japanese crowd.

Raonic, a former world number three and winner of eight ATP Tour singles titles, rifled 16 aces to pile the misery on Troicki, completing victory with a kicking serve that his opponent could only waft into the net.

Currently ranked 12th, Raonic finished runner-up at the Japan Open three years running from 2012-2014, twice to local favorite Kei Nishikori.

The former Wimbledon finalist faces either 2015 Tokyo runner-up Benoit Paire of France or Japan’s Yuichi Sugita.

Elsewhere, Frenchman Richard Gasquet, another former Japan Open finalist, upset American sixth seed Sam Querrey 6-4, 7-6 after clinically winning the second-set breaker 7-2.

Croatian Marin Cilic heads the Tokyo field this year at a tournament whose list of former champions includes tennis greats Ken Rosewall, John McEnroe, Pete Sampras, Roger Federer and Rafael Nadal. — AFP

BSP loan program for MSMEs opened in Cauayan City

THE CREDIT Surety Fund (CSF) — a program developed by the Bangko Sentral ng Pilipinas (BSP) to help increase the credit-worthiness of micro, small and medium-scale enterprises (MSMEs) and give them access to loans — was launched in Cauayan City, Isabela on Oct. 2, the 50th nationwide. The CSF is established by pooling the contributions of cooperatives, nongovernment organizations, local government units and partner institutions such as Development Bank of the Philippines, Land Bank of the Philippines, Industrial Guarantee and Loan Fund, as well as other interested parties. An MSME member can then submit a loan proposal for evaluation. Seven cooperatives were qualified to join the Cauayan CSF, contributing a total of P3 million, the BSP said in a statement. The Cauayan City government pledged another P3 million, while the partner government financial institutions are also expected to put up counterpart contributions. The CSF, established in 2008, operates in 31 provinces and 19 cities nationwide, with total loans reaching P3.8 billion as of Sept. 15 this year for more than 16,000 beneficiaries.

Heartland rocker Tom Petty, 66

NEW YORK – Tom Petty, the heartland rocker whose classic melodies but dark storytelling created a string of hits over four decades, died Monday of cardiac arrest, his family said. He was 66.

His family confirmed that Petty passed away Monday evening surrounded by loved ones after a confusing day in which several media outlets reported and then retracted premature news of his death.

“On behalf of the Tom Petty family we are devastated to announce the untimely death of our father, husband, brother, leader and friend Tom Petty,” a family statement said.

Petty early Monday suffered cardiac arrest at his home in Malibu, just a week after he closed his career in a triumphant fashion.

The rocker had played three sold-out shows at the iconic Hollywood Bowl to wrap up a tour celebrating 40 years of his band the Heartbreakers.

He closed the encore with one of his earliest and best-known songs – “American Girl,” which tells of an ambitious girl “raised on promises” now contemplating suicide, set to guitar harmonies from the golden age of rock ‘n’ roll.

The song was one of many by Petty about struggling to overcome long odds. “I Won’t Back Down,” perhaps his best-known song, took on a second life as a US patriotic anthem after the Sept. 11, 2001 attacks.

The singer and guitarist – recognizable for his shoulder-length blonde hair – delivered his vocals in short punches that let on an underlying anger, such as on “You Don’t Know How It Feels.”

The rocker’s characters – small-town Americans full of aspirations but running into a wall of setbacks – reflected the hardscrabble early life of Petty.

His grandfather was a logger from Georgia rumored to have fled south to Florida after axing a man to death in an argument. Petty was born in Gainesville, the university town in northern Florida, to a belligerently drunk father who sold wholesale tobacco and candy.

Petty once recalled that his father, intoxicated and unimpressed by his son’s passion for music, once smashed up the boy’s record collection.

The future rocker said he told him, “Dad, if you’ll just leave me alone, I’ll be a millionaire by the time I’m 35.” It was a prediction that proved prophetic.

ROCK AS EARLY ESCAPE
Petty, speaking in 2015 to Men’s Journal, credited his mother Kitty with saving him by making sure “to show us there was more to life than rednecks.”

“She read to me a lot. And she liked music: She had a record player and would play Nat King Cole and the West Side Story soundtrack. I think of her every time I hear those songs,” he said.

But he remained consumed by inner rage.

“Any authority I didn’t agree with could just make me go crazy,” he said of his early life haunted by his father.

He struggled with depression most of his life and formed an addiction to heroin, although later in his life his only vice was marijuana and he instead embraced transcendental meditation to calm himself.

Petty embraced the country influences of the South, especially when he crafted the 1985 concept album Southern Accents.

Touring the United States, he flew a Confederate flag on stage – a decision he later regretted, telling Rolling Stone that “people just need to think about how it looks to a black person” as he likened the controversial symbol to a Nazi swastika.

In a speech in February as he was presented a lifetime award at the Grammys, Petty said he owed a debt to African Americans such as Chuck Berry whom he credited as the creators of rock ‘n’ roll.

But like so many music fans of his generation, he discovered rock ‘n’ roll via Britain when he saw The Beatles perform on The Ed Sullivan Show in 1964.

“I had my eyes opened like so many others and I joined the conspiracy to put black music on the popular white radio,” Petty said.

CAMPAIGNER FOR ARTISTS
Petty in the late 1980s joined one of The Beatles, George Harrison, in a supergroup, the Traveling Wilburys, that also featured Bob Dylan. The project was short-lived after the death of another member, Roy Orbison.

Fresh from the glory of the Wilburys, Petty – long backed by the Heartbreakers – in 1989 released his first solo album, Full Moon Fever, which featured the wistful “Free Fallin’” and “Runnin’ Down a Dream” as well as “I Won’t Back Down.”

Other major hits by Petty included “Don’t Come Around Here No More,” written with David A. Stewart of New Wave duo The Eurythmics. The track’s playful video, themed around Alice in Wonderland, cemented Petty’s reputation as a favorite among stoners.

The three-time Grammy winner was steadfast on artistic control and had a reputation for battling with the music industry – most memorably with the 1981 album Hard Promises after he was angered by his label’s plan to put the store price higher than usual.

More recently, English singer Sam Smith agreed to credit Petty as a songwriter on his worldwide hit ballad “Stay With Me” due to the similarities – coincidental, by all accounts – in the chorus to worldwide hit “I Won’t Back Down.” – AFP

KTM adds 250 F to Freeride range

IT’S the “ultimate all-rounder for run trails, trials and enduro,” KTM bills its freshly released Freeride 250 F.

The latest addition to KTM’s Freeride range packs a new 250cc, DOHC, four-stroke engine within a reworked and lighter composite frame that’s mounted on an Xplor suspension. Because the engine itself is smaller and lighter than the previous 250cc units, the bike tips the scales at less than 99 kilograms. This, according to KTM, makes the Freeride 250 F a “great choice for riders looking for an alternative to traditional trials or enduro machines, or those new to the sport of off-road motorcycling.”

Announcing the bike’s new hardware is a slim bodywork marked by new front fender, headlight mask, low seat and other updated pieces. Along with these, also offered by KTM are its PowerParts and PowerWear kits, which are basically an array of apparel and other riding gear, as well as performance parts and accessories.

KTM has launched the Freeride 250 F as a 2018 model in Europe, with deliveries to other markets following soon.

A PSA on the Public Services Act

The World Economic Forum (WEF) released its 2017-2018 edition of the Global Competitiveness Index last week, and the results are hardly surprising. The Philippines’ overall ranking stagnated at 56th place, trailing — as usual — most of the ASEAN-6. Unfortunately, the country fared much worse, at 97th, on the WEF indicator that measures the extent to which rules and regulations impact foreign direct investment or FDI. This puts the Philippines in the second-to-last spot among other ASEAN-6 countries. Vietnam had the 105th spot.

For the first half of the year, FDI inflows sank by 14%. Total inflows amounted to around $3.6 Billion. The central bank explained the decline to a steep drop in net equity capital, or foreign companies’ stakes in local businesses. Total approved foreign investment (prospective investments from foreigners) also contracted, by an even worse rate of 36.4% during the same period. If this decline is not surprising, it’s because the writing was on the wall at around this time last year, when a Standard Chartered Bank survey reportedly revealed that investors looking at Southeast Asia preferred to locate in Vietnam and Cambodia over the Philippines. In that survey, only 3% of executives had said they were interested in the Philippines. Needless to say, the country’s FDI inflows still lag behind our counterparts in the ASEAN-6.

AMENDING THE PSA IS TAKING A LARGER STEP FORWARD
In line with the administration’s 10-point socioeconomic agenda, the country’s economic managers have sought to relax restrictions on foreign ownership in an effort to increase our attractiveness to investors. Currently, the final draft of the 11th Regular Foreign Investment Negative List (RFINL), which lists the sectors that are off-limits to investors, is under review.

In the last two decades, notable changes to the list have usually been limited. To date, major reforms include allowing foreign investments in retail trade with a minimum capital above $2.5 million and permitting 100% foreign equity in banking and insurance.

In contrast to the conservative changes to the RFINL in the previous administrations, Cabinet secretaries under the Duterte government have already pledged that they will relax the RFINL as much as possible. Finance Secretary Sonny Dominguez promised a “very liberal” RFINL. Economic Planning Secretary Ernesto Pernia pushed for further revisions to an earlier draft of the RFINL as he wanted it to be “more aggressive.” As reported in the regional press, both Secretary Dominguez and Secretary Pernia reiterated their preference for further liberalizing the investment environment during their recent visit to China.

However, while these statements are encouraging, the executive branch can only do so much. Certain items on the negative list can only be relaxed by Congress.

The RFINL, for example, still limits foreign investments to 40% on the operation of public utilities, as indicated in the 1987 Constitution. However, the constitution does not have a statutory definition of a public utility. The Public Services Act (PSA), crafted during the Commonwealth era, defines public services, but not public utility, failing to distinguish the two terms.

Under the archaic law, public services broadly include transport, power and water supply, and telecommunications. Both terms have been used interchangeably since, prohibiting foreign participation in sectors such as transportation and telecommunications.

Capital and technological infusions for transport and telecommunications are particularly crucial. Ride-sharing services, for example, have proliferated due to the inadequacies of the public transport system. As colleagues from the Foundation for Economic Freedom have argued, there is a need to account for this wave of technology-enabled transport services in order to serve and protect the public better.

PROSPECTS FOR THE PSA
The PSA was crafted in 1936 — it’s older than our Republic! — and may have served the purposes of its time. However, the law must be amended to cater to the demands of the present. This calls for an amendment of the Public Services Act to update the definition of public utilities to allow for more foreign participation in key sectors.

In August, the Legislative-Executive Development Advisory Council (LEDAC) included the amendment of the PSA as one of its 28 priority measures. So far, the bill has made progress in Congress. Thankfully, House Bill 5828 recently hurdled the third hearing in the House of Representatives.

Under the proposed bill, public utilities are defined and limited to the distribution and transmission of electricity, as well as the distribution of water and sewerage. Hopefully the Senate can take this up soon.

Our country’s rapid economic expansion has failed to convert into faster investment inflows. To be sure, our dismal FDI performance is also rooted in long-standing concerns including inefficiency in the bureaucracy, corruption and red tape, and poor infrastructure quality. Taking on these reforms and reaping its benefits will take years.

In the meantime, pushing for legislative amendments is a relatively faster remedy to our restrictive FDI environment. The simple act of defining public utilities allow for greater competition in the market by opening it to more players. This will result to an improved quality of services and lower prices. Local firms will not lose out, they will simply be more incentivized to innovate continuously in the face of stiffer competition, ultimately making them more competitive in the global arena.

 

Prof. Victor Andres “Dindo” C. Manhit is the founder and managing director of the Stratbase Group and president of its policy think tank, Albert del Rosario Institute for Strategic and International Studies (ADRi). Prof. Manhit is a former chair and retired associate professor of Political Science of De La Salle University. He has authored numerous papers on governance, political, and electoral reforms.

Major League Baseball: Indians, Dodgers teams to beat as playoffs begin

WASHINGTON — The Cleveland Indians, seeking their first crown since 1948, and the Los Angeles Dodgers, whose title drought only dates to 1988, are the clubs to beat as the Major League Baseball playoffs begin.

Only last year, the Chicago Cubs ended the longest title drought in North American sports history, winning their first World Series crown since 1908 by defeating Cleveland in a dramatic seventh-game showdown.

Now the Indians, who unleashed an American League (AL)-record 22-game win streak, are back in the playoffs and with the AL’s best record at 102-60, the second-most season wins in club history. Now they own baseball’s longest title drought.

The Indians boast one of baseball’s top pitchers in right-hander Corey Kluber, who went 18-4 with a majors-best 2.25 earned-run average and 265 strikeouts this season. And Tribe right-hander Carlos Carrasco of Venezuela went 18-6.

Indians outfielder Jay Bruce, who joined Cleveland at mid-season, could feel the hunger for another chance at the crown the minute he walked into the locker room.

While Cleveland lost the World Series to a team with a championship drought 40 years longer than their own, they could face a team whose title drought is 40 years shorter in the Dodgers, who led the major leagues with a 104-5.

And the Dodgers counter with a mound ace of their own in left-hander Clayton Kershaw, who went 18-4 with a National League (NL)-best 2.31 ERA, second only to Kluber in the majors, and 202 strikeouts. Los Angeles also features right-handed closer Kenley Jansen, whose 41 saves shared the NL best.

The playoffs open with two one-game wildcard showdowns between the best non-division winners — the New York Yankees entertain Minnesota on Tuesday in the American League while Colorado will visit Arizona on Wednesday.

The Yankees-Twins winner gets a best-of-five series against the Indians that opens at Cleveland on Thursday, the same day the Boston Red Sox visit Houston in the other American League semifinal series.

In the National League, the Colorado-Arizona winner visits the Dodgers to open their National League semi-final series while the defending champion Cubs travel to Washington for their opening matchup.

Yankees’ slugger Aaron Judge led the AL with 52 home runs and his powerful hitting could spark the 27-time World Series champions to yet another deep playoff run.

Washington second baseman Daniel Murphy matched Dodgers third baseman Justin Turner at .322 to share third in the NL batting race and the Nationals also a formidable starting rotation of pitchers paced by right-handers Max Scherzer, 16-6 with a 2.51 ERA and 268 strikeouts, and Stephen Strasburg, 15-4 with a 2.52 ERA and 204 strikeouts.

Toss in lefty Gio Gonzalez, 15-9 with a 2.96 ERA, and Washington fans are dreaming of the US capitol’s first World Series berth since 1933 and first crown since 1924.

That includes two Washington clubs that relocated, becoming Minnesota and Texas, and 33 seasons with no team before the Montreal Expos moved to Washington for the 2005 campaign — a franchise that has not played in a World Series in its 48-year history. — AFP

Business group leads campaign to prop up Iloilo’s image

THE ILOILO Economic and Development Foundation, Inc. (ILED) is leading a campaign to prop up the image of the province and the city amid reports of prevalent illegal drug trading and to reaffirm the image of Iloilo following the tagging of the province and the city in the illegal drug trade. At the launch of the public relations campaign dubbed “Proud to be Ilonggo,” ILED Chairman Narzalina Z. Lim said they aim to counteract the bad publicity. “Let’s just go ahead and show the world that it’s business as usual in Iloilo. You know we are so busy with so many events. And we still have to continue bringing the investments in,” she said before an audience of members of the business community, professionals, civil society, youth, academe, women, religious groups, and the media. The launching of the campaign will be followed by the creation of a Facebook account where they will post statistics on the peace and order situation in Iloilo as reported by Chief Superintendent Cesar Hawthorne R. Binag, the regional police chief. Ms. Lim also said that despite the series of tirades of President Rodrigo R. Duterte linking some Iloilo officials to the illegal drug trade, the business climate remains vibrant. “Recent events have put in Iloilo in the spotlight that unfortunately threatened to derail the progress that has been made. As peace-loving as we Ilonggos are, we must ensure that we do what we can to stay on track.” — Louine Hope U. Conserva

Bowl sells for Chinese porcelain record $37.7M – Sotheby’s

HONG KONG – A 1,000-year-old bowl from China’s Song Dynasty sold at auction for $37.7 million on Tuesday, breaking the record for Chinese porcelain, auction house Sotheby’s said.

The small piece – which dates from 960-1127 – broke the previous record of $36.05 million set in 2014 for a Ming Dynasty wine cup which was sold to a Shanghai tycoon.

Bidding started at around $10.2 million and the auction lasted for 20 minutes before the winning offer came from a phone bidder.

The bowl – originally designed to wash brushes – is an example of extremely rare Chinese porcelain from the imperial court of the Northern Song Dynasty and one of only four pieces in private hands, according to Sotheby’s.

Measuring 13 cm. in diameter, the dish features a luminous blue glaze.

The sale broke the “world auction record for any Chinese ceramics,” the auction house announced after the bidding.

It exceeded an earlier record made by a tiny white porcelain cup, decorated with a color painting of a rooster and a hen tending to their chicks, created during the reign of the Chenghua Emperor between 1465 and 1487.

The cup sold in 2014 to taxi-driver-turned-financier Liu Yiqian, one of China’s wealthiest people and among a new class of Chinese super-rich scouring the globe for artwork. – AFP