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Fonterra bullish on PHL market

By Krista A.M. Montealegre,
National Correspondent
NEW ZEALAND-BASED Fonterra is sticking to its bread and butter in the face of rapidly changing preferences, as a surging economy gives rise to consumers who are now eating out more and giving more focus on health and nutrition.
A country that almost entirely relies on dairy imports, the Philippines is an important area for investment and growth for Fonterra, the company behind the brands Anchor, Anmum and Anlene that accounts for 22% of all dairy products traded globally.
“The country is expanding. All the cities have good, strong (gross domestic product) so you can expect if the people have good incomes and the need for quality products and the role of dairy nutrition becomes greater, then the outlook becomes positive,” Mike Boness, general manager of Fonterra Brands Philippines, said in an interview.
Fonterra is in a position to capitalize on this, with the Philippines sourcing about 30% of its dairy from the company, Mr. Boness said, citing the 2016 data. Last year, Filipinos enjoyed 426 million glasses of milk across Fonterra brands, equivalent to the consumption of more than 1.1 million glasses everyday.
The economy shifting to high gear has increased household income, fueling food consumption and dramatic changes in behavior and dietary patterns.
Fonterra is using what it does best, combining its grass-fed farming heritage and innovation to adapt to the customers’ rapidly evolving demands.
“People want variety and choice and if you look at other markets as well, (consumption) is increasing. It just means we have to keep up with our innovation to meet those needs. People want more choice. (They are) more healthy and conscious of what they are consuming. It will probably get complex from here,” Mr. Boness said.
Close to four decades of operations in the Philippines has allowed Fonterra to plant its feet firmly in the market. Anchor and Anmum Materna are the number one brands in the butter and maternal milk categories, respectively, while Anlene is one of the top brands in the adult milk category.
This year, Fonterra aims to further strengthen its presence in the market with the launch of Anchor Processed Cheddar Cheese and Anlene Movemax White Coffee.
More restaurant visits and Filipinos adopting an on-the-go lifestyle also bode well for Anchor Food Professionals, the food service segment of Fonterra that works with businesses to create new high function, fit-for purpose dairy ingredients and service solutions.
Fonterra products are now at the heart of some 6,000 food and beverage establishments ranging from quick service restaurants and convenience stores to bakeries and cafes, as Anchor Food Professionals help grow their business by improve their productivity, increasing yield, reducing wastage, enhancing taste and delivering exciting new menu options.
“Customers are constantly looking for new things because times are changing. What Filipinos were consuming 30-40 years ago is way different than what they are consuming now,” Mr. Boness said.
The food service business is now growing as fast as the consumer branded segment, providing two strong pillars of growth for Fonterra.
With a large chunk of its business is in Manila, the government’s drive to spread wealth to the countryside presents significant opportunities for expansion for Fonterra. The roll out of new retail channels outside the Philippine capital allows them to further expand their presence in the provinces.
Fonterra believes it can sustain its double-digit growth in the country, or even grow faster, as it is in a position to take advantage of increasing prosperity that will further drive dairy consumption, Mr. Boness said.
“The trends that were small a couple of years ago are getting bigger. As soon as the trends became bigger, consumption will grow with it. I expect the future growth will be bigger,” he said.

Boracay island’s 6-month closure weighs on listed resort operators

By Krista A.M. Montealegre,
National Correspondent
BUSINESSES continue to navigate through the haze of uncertainty in the aftermath of the government’s decision to close the island of Boracay for rehabilitation.
Shares in Leisure & Resorts World Corp. (LRWC) fell 0.60 or 10.08% to close at P5.35 each after President Rodrigo R. Duterte said, in a press conference before he left for China, that he is against the development of casinos in the country’s top tourist destination.
While the government was evaluating plans to facilitate the island’s recovery, LRWC and Galaxy Entertainment Group Ltd. (GEG) was awarded last month a provisional license by the Philippine Amusement and Gaming Corp. to develop an integrated casino-project in Boracay.
“As per various news reports of the statement of the President pertains to this timetable: During the closure period, no building, construction, etc. while Boracay is still closed,” Freddie B. Reyes, investor relations officer at LRWC, said in a mobile phone message.
“GEG’s provisional license is in full effect and there is nothing in the President’s statement to state otherwise,” he added.
“GEG is eager to push ahead with the project in compliance with the local rules   and regulations, in particular paying attention to those relating to the environment, whenever the government and the island is ready,” Mr. Reyes said, noting that the Department of Environment and Natural Resources (DENR) has confirmed that the project site is classified as “alienable and disposable.”
‘IMPULSIVE’ DECISION
Likewise, the operator of Friday’s Boracay Beach Resort expects to take a hit from the “impulsive” decision to shut down the island, prompting Boulevard Holdings, Inc. (BHI) to ramp up the sales of its property in another tourist destination.
President Duterte had approved the six-month closure of the famous tourism destination beginning April 26.
The holding firm of the Panlilio family said in a disclosure to the stock exchange on Tuesday that Friday’s Holdings, Inc., owner and operator of Friday’s Boracay Beach Resort, is fully compliant to laws mandated by DENR and the Department of Interior and Local Government (DILG).
The shutdown has resulted in almost P22 million in advanced deposit cancellations from places like China and Germany since the closure coincides with the peak season.
BHI estimates monthly foregone revenues of P6.5 million for seven months from April to October totalling P45.5 million. The company will also suffer another P35 million in losses due to fixed costs and expenses to be incurred representing utilities, maintenance, repairs, depreciation, personnel costs for engineering, housekeeping, accounting and other general expenses.
The resort’s work force of 80 people, who are receiving a monthly salary between P15,000 and P20,000, will be mostly laid off. About 15 to 20 of them will be transferred to the new Friday’s Puerto Galera Beach Resort, which opened last December.
To compensate for the losses in Boracay, BHI is working on increasing the sales at Friday’s Puerto Galera to P10 million in May, P9 million in June, and P9.5 million each month until the high season in November, from only P4 million in April.
“This six-month closure came suddenly and whimsically, without rigorous thinking,” BHI said, while issuing a recommendation to the government that non-violators like the company should be allowed to start operations sooner.
At the current market price of P120,000 per square meter, the 1.5-hectare prime beach frontage parcel of Friday’s Boracay is worth P1.8 billion excluding the value of the building.
“It will soon not be yielding anything good to support BHI’s livelihood. BHI and its people will be living on razor thin earnings because of the close of our crown jewel,” the company said.
BHI believes Friday’s Boracay Beach Resort’s financial operations will improve once the government reopens the island to tourists.
“(W)hen Boracay re-opens for business it will give optimistic outcomes due to improved yields in the future: higher revenues in terms of higher average room rates and occupancy rates since various resorts which are DENR/DILG non-compliant will be permanently closed for business which will ultimately reduce the available room keys in Boracay Island,” BHI said.

Shakey’s profit up 14% amid store expansion

SHAKEY’S PIZZA Asia Ventures, Inc. booked a double-digit growth in earnings last year, driven by robust sales, record store expansion and sustained margins against a backdrop of rising input costs.
The listed full-service restaurant operator said in a disclosure to the stock exchange on Tuesday earnings grew at an annual pace of 14% to P762 million compared to the recurring profit of P669 million in the prior year.
System-wide sales jumped 14% to P8.3 billion after increasing restaurant sales from the existing network by 5% and opening 24 new stores last year.
The store expansion last year, which surpassed the target of launching 20 new outlets, brought Shakey’s network to 208 branches at the close of 2017.
“Our strong top-line performance, underpinned by healthy same-store sales growth and record new store openings last year, demonstrates the strength of the Shakey’s brand even in a highly competitive environment,” Shakey’s President and Chief Executive Officer Vicente L. Gregorio was quoted in a statement as saying.
Total revenues climbed 17% to P7 billion last year.
In terms of profitability, Shakey’s managed to maintain industry-leading margins at the gross profit and earnings before interest, tax, depreciation and amortization (EBITDA) level of 29% and 20%, respectively, despite a challenging business environment.
“Despite higher raw material prices and the current inflationary environment, synergies realized post-acquisition of the Century Pacific Group, inventory strategies, and various operating efficiencies have supported our above-average margins and allowed us to invest in capability-enhancing initiatives,” Mr. Gregorio said.
Century Pacific Group of the Po family together with Singapore’s sovereign wealth fund acquired a majority interest in the Philippine franchise holder for American pizza chain Shakey’s in 2016.
For 2018, Shakey’s is set to open another 20 new stores in the Philippines that will jack up its nationwide store count to 228 by yearend. The company is also upgrading existing stores to enhance the dining experience and improving delivery systems to support the customers’ growing need for convenience.
Shares in Shakey’s lost two centavos or 0.14% to close at P14.38 apiece on Tuesday. — Krista Angela M. Montealegre

Gov’t partially awards T-bills amid uptick in rates

By Karl Angelo N. Vidal
Reporter
THE GOVERNMENT made a partial award of the Treasury bills (T-bill) offered on Monday, rejecting all bids for the longer tenors, as investors sought for higher returns on the back of rising inflation as well as uncertainty in the number of rate hikes in the US.
The Bureau of the Treasury only borrowed P5 billion during yesterday’s auction. It was met with tenders worth P14.97 billion, leaving P15-billion offering slightly undersubscribed.
Broken down, the government fully awarded P5 billion worth of 91-day T-bills, with tendered bids reaching P8.901 billion. The paper fetched an average yield of 3.346%, up from the 3.191% quoted at last week’s auction.
However, the Treasury rejected all the bids put up for the 182-day tenor which totalled P3.13 billion, falling short of its P4-billion offer.
The government likewise declined all bids for the 364-day T-bills as the offer attracted only P2.94 billion in demand, well below the programmed borrowing of P6 billion.
At the secondary market before the auction, the three-month, six-month and one-year papers were quoted at 3.51%, 3.7893% and 4.1454%, respectively.
As trading closed, the 91-, 182- and 364-day tenors saw their yields slip to 3.272%, 3.7857% and 3.321%, respectively.
Shortly after the auction, National Treasurer Rosalia V. De Leon said the government fully rejected the bids for the six-month and one-year papers as investors sought for higher returns.
“If [banks] are offering at a higher rate, at our end, we are also not comfortable with those higher rates… so we can still afford to reject,” Ms. De Leon told reporters yesterday, adding the Treasury “has a strong cushion in terms of buffer.”
Ms. De Leon also noted that banks priced in their expectations for domestic inflation and the rate hikes of the US Federal Reserve.
“I think it’s the inflation path. They still see the uptrend,” she said.
Inflation has been on a steady ascent for four months, hitting a three-year peak at 4.3% in March under the 2012 base year amid rising fuel prices and higher commodity costs due to the tax reform law.
Despite the steady rise of inflation rates, the Bangko Sentral ng Pilipinas said the implementation of the tax reform package is only transitory and that inflation will return to the 2-4% target band set by the government next year.
“And then, of course, the uncertainty how many rate hikes [from the] Fed. Obviously the path would be towards rate increases,” Ms. De Leon added.
During the March meeting of the Federal Open Market Committee, the Fed decided to hike its benchmark funds rate by a quarter-point. Fed officials have also upgraded their outlook on the US economy, suggesting a steeper path of rate adjustments until 2020.
Fed Chair Jerome H. Powell said last Friday that the monetary authority will likely need to keep raising interest rates to keep inflation under control, Reuters reported.
Sought for comment, a trader said the Treasury decided to reject bids for the longer tenors due to undersubscription.
“Apart from the fact that they have a solid cash position, I think they are looking at the tenders as well. The offers for the six-month and one-year are at P4 billion and P6 billion, respectively, and the tenders haven’t reached either,” the trader said.
The government is set to borrow P325 billion from the domestic market in the second quarter of the year through auctions of securities.
Starting this month, the Treasury will be holding two auctions per week — one for T-bonds and another for T-bills — to reflect increased borrowing requirements for the quarter.
The state plans to borrow P888.23 billion this year from local and foreign sources to fund its budget deficit, which is capped at 3% of the country’s gross domestic product.

Food, music, and affordable art


FOR THE past 12 years, the annual Art in the Park fair has been turning one lazy summer Sunday into an artsy affair where expansive — but inexpensive — art from galleries, independent spaces, and art schools are up for sale. This year is no different.
But it takes a bit more than art to sustain people as they search through all the booths for that one (or two or three) painting which captures their heart. So Art in the Park has been featuring chefs and their versions of delectable street food for the past two years with the aim of complementing and satisfying people on the hunt for an affordable piece of art.
On April 15, Art in the Park, held at the Jaime Velasquez Park in Makati City, will have food by Margarita Forés, named Asia’s Best Female Chef in 2016. To complete the experience, the group Soulful Mood will provide jazz music during the day, while guest performer Bea Lorenzo will showcase her kalimba (a wooden musical instrument) and soulful singing skills during the evening. The art affair runs from 10 a.m. to 10 p.m.
FEATURED ARTISTS
And of course, there’s the art. The featured upcoming artists for this year are Tekla Tamoria and her beehive installation, which she calls Colony, and Jacob Lindo and his collage which he calls Did You See The Words #4.
Ms. Tamoria, whose passion is wearable art, will adorn the park’s trees with her colorful paper installations shaped as hexagons which form beehives.
A multimedia artist who works with painting, sculpture, and collage, Mr. Lindo’s installation for the fair are reassembled found objects he will install to form a whimsical piece of art.
One of the event organizers, Trickie Lopa, told BusinessWorld that when they choose the featured artists it is always “arbitrary,” “swak (fitting),” with them always banking on the “unusual” and fresh.
This year’s Art in the Park will have 59 galleries, art collectives, and student groups participating, with a cap price of P50,000 for the works on sale.
A portion of the proceeds benefits the Museum Foundation of the Philippines.
The participants are: 1335 Mabini, Altro Mondo Gallery, Ang I.N.K, Archivo 1984, Arnold Art Collection, ART4S Gallery, Artepintura Gallery, Artery Art Space, ART Lab, Art Underground, Art Verite Gallery, Art Wednesday, the Avellana Art Gallery, Blanc, CANVAS, Cevio Art Haus, District Gallery, Dito: Bahay ng sining, Famous Artists, FEATI University School of Fine Arts, Far Eastern University, Finale Art File, Galeria de las Islas, Galeri Anna, Galeri Artes, Galerie Stephanie, Gallery Orange, International School of Manila, J Studio, Kaida Contemporary, KASIBULAN, Kulay Art Group, L’Arc en Ciel Gallery, MAG, Maria Closa, Metro Gallery, Nineveh Artspace, Nova Gallery, Parokyano ng Found Objects Gallery, Sheerjoy, Silverlens, Obra, The Mighty Bhutens, The Photography Zone, The Thursday Group, Tin-Aw Art Gallery, Transwing Art Gallery, TUP Fine Arts, Vinyl on Vinyl, vMeme Contemporary Art Gallery, VIVA ExCon, Wood You Look at That, and Ysobel Art Gallery.
For more information, visit www.artinthepark.ph. — Nickky Faustine P. de Guzman

BSP sees drop in peso rediscount facility availment

By Melissa Luz T. Lopez
Senior Reporter
BANKS KEPT availing of rediscount loans from the Bangko Sentral ng Pilipinas (BSP) in March, which went to support commercial lending and for capital spending.
The BSP said in a report that players secured P1.226 billion worth of credit under its peso rediscount window last month, marking the second straight month of availments under the facility. This was lower than the P5.81 billion that banks took out in February.
No rediscount borrowings were made in March 2017, BSP data showed.
As a rule, banks may tap the BSP’s rediscount window in order to meet short-term funding should their usual money supply fail to meet client demand for cash. In turn, credit lines extended under the facility illustrate the central bank’s mandate as lender of last resort for financial firms.
The rediscount window allows banks submit promissory notes from outstanding debts as collateral to acquire fresh money supply. The cash — which may come in peso, dollar or yen — can then be used to grant more loans or service withdrawals.
Total rediscount borrowings reached P7.036 billion during the first quarter. Around 56% of the borrowings were extended for capital asset expenditures while 37.9% was given as commercial credit.
Other loans went to support permanent working capital, services, housing, and production credits, the BSP said in a statement.
All rediscount loans are charged a uniform rate after the BSP shut down the special window for thrift, rural and cooperative banks in July last year. Low rediscount volumes from small lenders prompted the BSP to remove the preferential rates, with the view that these players do not depend on the facility in order to remain liquid.
Two rates are imposed for short-term peso borrowings secured by banks. Loans maturing in 90 days are charged a 3.5625% rate, while 180-day credit lines carry a 3.625% spread. These are computed based on the BSP’s overnight lending rate at 3.5%, plus term premia.
Meanwhile, the dollar and yen rediscount window for exporters remained untouched during the quarter, sustaining a trend seen over the past year.
Rates for the foreign currency rediscount window picked up anew this April.
Yields on dollar loans rose further to 4.31175% for 90-day loans; 4.37425% for 91- to 180-day loans; and 4.43675% for 181- to 360-day loans. This mirrored an uptick in global interest rates following a fresh rate hike introduced in the United States last March.
Margins for yen-denominated borrowings likewise inched higher to 1.96867% for one to 90-day loans, 2.03117% for 91- to 180-day loans, and 2.09367% for 181- to 360-day loans.
BSP has said that there remains abundant liquidity in the financial system, leaving local lenders with enough cash to service day-to-day transactions.
March also saw additional liquidity infused into the local financial system after the BSP reduced the reserve requirement ratio imposed on big banks to 19%. The move likely freed up P90 billion to the economy, which the central bank expects to be channelled to increased lending activities and in placements under the term deposit facility.

Design contest calls on millennials to find ways to maximize Intramuros’ space

MILLENNIALS are being tapped to reimagine and come up with creative ideas on how to maximize spaces in Intramuros, Manila. The catch and the challenge: they must keep it true to the image and ambiance of the famed walled city.
The Escuella Taller de Filipinas Foundation, Inc. (ETFFI), a nonprofit organization specializing in training out-of-school youths in heritage restoration skills, is holding the design competition — which is open to young Filipino designers and students — with the goal of developing the presently idle areas near the Manila City Hall and Manila Bulletin building.
The deadline for submission of entries is on April 30.
The spaces to be developed are meant for ETFFI’s workshop and training programs. Escuella Taller currently has 47 trainees. The students undertake their workshops and training in plumbing, masonry, metalwork, painting and finishing, and carpentry and wood working in the Revellin de Recoletos and at the Aurora Gardens where ETFFI holds office.
“So from the designers, we’re trying to elicit ideas, design ideas, that could still help us build and expand our workshop areas. But this is not limited to architectural designs alone, but a more holistic design approach and treatment to the space is what we really want,” Philip A. Paraan, ETFFI Communications and Special Projects officer, told BusinessWorld via e-mail.
Since 2009, ETFFI has been training out-of-school youths, age 17 to 25, in the skills needed for the preservation of tangible heritage. It has seven ongoing rehabilitation projects in the country, which are the Malate Church, Paco Park, Jesuit House, Apalit Church in Pampanga, Ivatan houses in Batanes, the Maribojoc Church complex in Bohol, and the walls of Intramuros.
It will be adding other workshops, this time on traditional embroidery and dying crafts, in August.
The design competition is being held in anticipation of its growing programs and increasing the number of students and their need for bigger working spaces. But the challenge is that the space’s masterplan should take into consideration the limitations that the Intramuros Administration (IA) requires.
Established in 1979, the IA oversees the restoration, development, and promotion of the walled city. IA, according to its website, “shall ensure that the general appearance of Intramuros shall conform to Philippine-Spanish architecture of the 16th to the 19th century.” Its vision is to be an “iconic tourism site that honors the Philippines’ glorious past — a thriving and vibrant future-proof livable city, built on a foundation of shared values and a genuine Filipino sense of community.”
The IA has authorized the ETFFI, which occupies the Revellin de Recoletos on Victoria St. and Taft Ave., to expand its area that is bounded by the Baluarte de San Andres, the curtain wall toward Victoria St., Revellin de Recoletos, and a public parking lot.
“We’re near the walls, or the fortifications, so that’s the biggest consideration. The design should conform to what we need, should be creative, yet should be faithful with the rules. For instance, we cannot build anything permanent, that’s according to Intramuros Administration’s rules. The structures, if we were to build them, should also be consistent with the heritage fabric of the whole Intramuros as a heritage district,” said Mr. Paraan.
It is hoped that the result of the design competition, which the IA and ETFFI put up together, will be a “model for the contemporary and sympathetic use of space adjacent to heritage structures.”
ETFFI further said that the competition will “enhances the preservation, appearance, and relevance of Intramuros fortifications” while promoting awareness and critical thinking “among young Filipino designers and students in redefining space used within the context of a heritage site.”
For more information about the competition, visit http://escuelataller.org.ph/2018/03/05/1020/ — Nickky Faustine P. de Guzman

PAL Holdings slumps to P7.3-B net loss in 2017

PAL HOLDINGS, Inc. swung to a P7.3 billion net loss attributable to parent in 2017 from a P4.13 billion profit in the year prior, as higher fuel prices and ballooning aircraft and passenger expenses weighed on the bottom line.
In a regulatory filing, the parent company of Philippine Airlines said consolidated revenues rose 13.2% to P129.51 billion last year.
“The increase in revenues was attributable mainly to higher passenger revenues brought about by the growth in volume of passengers carried and number of flights mounted. During the year, new international points and city pairs were introduced,” PAL Holdings said.
In 2017, PAL introduced new flights between Clark and Seoul, Cebu and Chengdu, Kalibo and Chengdu, Kalibo and Guangzhou and Cebu and Bangkok, and launched daily service to Kuala Lumpur. For domestic flights, PAL introduced routes from Clark Airport in Pampanga, Cebu, and Davao. PAL carried 14.5 million passengers against 13.4 million in 2016.
However, the company’s consolidated expenses grew by 26.7% to P136 billion for the year ending December 31, 2017, from P107.3 billion during the same period in 2016.
“The main drivers for the growth are attributable to flying operations expenses, maintenance, passenger service, aircraft and traffic servicing, and reservation and sales,” PAL said.
Expenses from flying operations went up 31.7% to P67.3 billion in 2017, with the jet fuel costs accounting for more than half or P37.7 billion. PAL said jet fuel prices rose from an average of $75.59 per barrel for 2017 from $67.57 per barrel in 2016.
Maintenance expenses rose 23.5% to P15.7 billion, due to “higher aircraft, engine and component repair and maintenance costs incurred during the current period as a result of the additional aircraft deliveries and increase in utilization.”
Costs related to passenger services jumped 22% to P12.6 billion for 2017, as PAL saw an 8.3% increase in passenger traffic and 3.2% rise in number of flights operated. — PPCM

Security Bank begins P5-B LTNCD offer

SECURITY BANK Corp. on Tuesday said it started to offer at least P5 billion in long-term negotiable certificates of deposit (LTNCD), part of a bigger fund-raising program.
In a disclosure to the stock exchange, Security Bank said it is offering P5 billion in LTNCDs from April 10 to 20, with an oversubscription option.
“The bank will be tapping into the unissued portion of the P20 billion LTNCDs… The second tranche of LTNCDs is intended to be issued on May 2, 2018,” it said.
LTNCDs are similar to regular time deposits which offer higher interest rates, but the difference is that these cannot be pre-terminated. Being “negotiable” means that these can be traded at the secondary market prior to maturity date.
In November 2017, Security Bank issued the first tranche, which covered P8.6 billion worth of LTNCDs.
Aside from Security Bank, other lenders such as China Banking Corp., UnionBank of the Philippines and East West Banking Corp. have also announced plans to offer LTNCDs. — K.A.N. Vidal

From rust to art

COLLECTED FROM the ongoing restoration of the San Sebastian Basilica in Manila, the flaked-off rust from the famed all-metal church is turned to something beautiful: artworks based on the image of a 17th century Marian icon and on the basilica itself.
The San Sebastian Basilica Conservation and Development Foundation, Inc., in partnership with Reredos artists, will host the Belleza Del Carmen, a religious art exhibit, from May 5 to July 16 at the first floor of the San Sebastian Convent in Quiapo, Manila.
The exhibit is a rare opportunity that allows the Reredos artists to express their Catholic faith through their craft. “Beauty, after all, is an attribute of God,” said Pia Soriano, one of the artists who will be featured in Belleza Del Carmen.
Her work uses oil pigments she created from the ground-up rust. “An exhibit that is able to evoke something in the viewer that points to the divine, and one that can contribute to the restoration of the basilica is where passion and purpose meet,” she added.
The challenge in mounting the exhibit is in working with unusual and historic material, but it made the collaboration more appealing to Reredos, group of professional artists that specializes in religious art.
Michael Muñoz, a recipient of the prestigious 2012 13 Artists Award given by the Cultural Center of the Philippines, heads the group.
Linked to the Order of Augustinian Recollects and San Sebastian parish’s 400th year celebration of the arrival of the Philippines’ oldest image of Our Lady of Mt. Carmel, the event will showcase religious art, among other items. Moreover, sales from the exhibition — the artworks will be available for purchase until December — will fund the restoration of the Basilica’s columns.
Entrance to the art exhibition is free.
One can also help fund the restoration of the 125-year-old basilica by booking a tour with the Foundation. A member of the team will guide visitors into understanding the faith, art, history, and ongoing restoration of the Philippines’ only all-metal building. Tourgoers will have access to the private spaces of the building including the choir loft, attics, and even the belfries. Prices start at P80 per head for students and up, with 100% of proceeds going to the basilica’s restoration.
For more information about Belleza Del Carmen, and for tour information, contact the San Sebastian Basilica Conservation and Development Foundation, Inc. through e-mail (savesansebastian.org@gmail.com) or call (632) 708-5122. Visit www.facebook.com/savessbasilica for more updates. — NFPDG

IMI, Japanese firm team up to produce touch sensors

A SUBSIDIARY of Integrated Micro-Electronics, Inc. (IMI) has partnered with one of the largest printing firms in Japan for the development of “game-changing” touch sensors.
In a disclosure to the stock exchange on Tuesday, the Ayala-led manufacturer said subsidiary VIA optronics GmbH have formed a new joint venture company with Toppan Printing Co. Ltd.
Under the deal, 65% of the shares of Toppan Touch Panel Products Co. Ltd., a newly formed spin off company, will be transferred to VIA. The joint venture firm will be VTS-Touchsensor Co. Ltd.
VTS will develop and manufacture the metal mesh touch sensors in Japan within the existing facilities of Toppan, while leveraging VIA optronics’ knowledge and experience of market requirements, system-level design, and production in the automotive, consumer and industrial markets to support further development of the core sensor technology.
“Using the experience of both companies, VTS will provide game-changing metal mesh touch sensors to their existing and future customer base,” VIA optronics CEO Juergen Eichner was quoted in a statement as saying.
“The new setup will also strengthen VIA’s portfolio of differentiated and value-added sensor technology for touch panels, touch display modules, display head assemblies and interactive display systems across multiple markets and segments.”
The two companies pledged to grow the business in all market segments, expand the touch sensor production line capacity of VTS and continuously develop the technology itself.
VIA optronics is a leading supplier of interactive display solutions with core competencies in optical bonding for sunlight readability and robustness as well as high performing touch display modules.
The company serves multiple touch-display applications in consumer electronics, automotive and industrial markets.
IMI acquired a 76% stake in VIA optronics in 2016 for €47.8 million (around P2.56 billion).
New acquisitions and the expansion of its automotive and industrial business pushed IMI’s earnings by more than a fifth to $34.44 million last year from $28.02 million in 2016.
IMI shares slipped 20 centavos or 1.16% to end at P17 each on Tuesday. — Krista Angela M. Montealegre

NY judge awards Nazi-looted artworks to Holocaust victim’s heirs in key test case

NEW YORK — A New York judge on Thursday awarded title of two Nazi-looted drawings by noted Austrian painter Egon Schiele to a Holocaust victim’s heirs in what art experts viewed as a key test case of a US law designed to ease the recovery of such stolen works.
Under the ruling, both works — Woman in a Black Pinafore and Woman Hiding her Face — are to be turned over to descendants of Franz Friedrich “Fritz” Grunbaum, an Austrian-Jewish entertainer and impresario who perished in the Dachau concentration camp in 1941.
Grunbaum, a vocal critic of the Nazis, once owned some 450 artworks, including more than 80 by Schiele, an Expressionist protege of Gustav Klimt and a major figurative painter of the early 20th century in his own right.
Grunbaum’s art collection was seized by the Nazi regime after he was arrested in 1938 and sent to Dachau, according to a synopsis of the case contained in Thursday’s summary judgment.
The two Schiele works in question turned up decades later, in a booth operated by a London-based dealer, Richard Nagy, at a 2015 art and design show in New York City, and the heirs filed suit seeking to recover the drawings.
Nagy’s lawyers asserted he had acquired legitimate title to the two drawings, stemming from a 1956 sale of some 50 Schiele works by Grunbaum’s sister-in-law to a gallery in Switzerland, and that the heirs’ rights to bring their claim had long since expired.
In his 17-page decision, however, Justice Charles Ramos of the state Supreme Court in Manhattan sided against Nagy, citing the Holocaust Expropriated Art Recovery (HEAR) Act.
That law, enacted by Congress in 2016, extended the federal statute of limitations for seeking restitution of Nazi-confiscated art to six years from the time of “actual discovery” of its identity and whereabouts.
Nagy’s lawyers argued the HEAR Act did not apply, a position the judge called “absurd,” saying the statute was “intended to apply to cases precisely like this one.”
The judge said there was no dispute the artworks at stake formerly belonged to Grunbaum and were forcibly taken by the Nazis during World War Two, a fact that put the onus on Nagy to establish a superior claim. Ramos said no such evidence was presented.
The judge also held that New York law “protects the rightful owner’s property where that property had been stolen, even if the property is in the possession of a good faith purchaser.”
Raymond Dowd, lawyer for the Grunbaum heirs — named in the case as Timothy Reif, David Frankel, and Milos Vavra — hailed the decision as a landmark in bringing justice to Holocaust victims.
The ruling, he said: “brought us a step closer to recovering all of the culture that was stolen during the largest mass theft in history, which until now, has been overshadowed by history’s largest mass murder.” — Reuters

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