Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 1281

Flooding in Metro Manila and parts of Luzon

(JULY 24, 2024) Residents of barangays in Proj. 4, Quezon City wade through heavy flooding on Wednesday due to continuous rain brought by Typhoon Carina and Habagat. (PHOTO BY MIGUEL DE GUZMAN)

Flood advisories are raised in different areas in Metro Manila and parts of Luzon as heavy rains continue to impact the region.  

The weather bureau raised a red rainfall warning on Wednesday morning due to heavy rains caused by the Typhoon Carina-enhanced southwest monsoon.  

Areas under the Red rainfall warning, including Metro Manila, Rizal, Bataan, Pampanga, and Bulacan, are expected to experience “serious flooding.” 

Meanwhile, areas under the orange warning level including Cavite and Zambales, are expected to experience moderate to heavy rainfall with a risk of “threatening” flooding.  

The areas under the yellow rainfall warning, where flooding is expected in flood-prone areas, include Laguna, Batangas, Tarlac, and parts of Quezon (General Nakar, Infanta, Real, Mauban, Sampaloc). 

 

Floods Advisories in Metro Manila 

Metro Manila Development Authority (MMDA) has announced flooding on some major roads in Metro Manila. 

Here are the roads with knee-deep or deeper flooding that are impassable for light vehicles: 

  • Quezon Ave. Capitol Westbound and Eastbound 
  • A. Bonifacio Balintawak Cloverleaf Northbound 
  • C5 Katipunan C.P. Garcia Southbound 
  • EDSA Northbound Dario 
  • EDSA Northbound Balintawak 
  • Elliptical Visayas Ave. D.A.R.
  • Mindanao Ave. Congressional Westbound

– Edg Adrian A. Eva

Typhoon Carina forces Philippines to halt work, market trading

PHILIPPINE STAR/MIGUEL DE GUZMAN

MANILA – Typhoon Gaemi (Carina locally) and a southwest monsoon brought heavy rain on Wednesday to the Philippine capital region and northern provinces, prompting authorities to halt work and classes, while stock and foreign exchange trading were suspended.

The presidential office suspended classes at all academic levels and work in most government offices in the capital region, which is composed of 16 cities and home to at least 13 million people, because of the tropical storm.

Gaemi, with maximum sustained winds of 155 kilometers per hour (96.3 mph) and gustiness of up to 190 kph, was heading towards Taiwan, the Philippines‘ state weather agency said in a 5 a.m. bulletin.

It did not make landfall but it is enhancing a southwest monsoon, resulting in heavy to intense rain in northern Philippines, the agency said. “Flooding and rain-induced landslides are likely.”

Gaemi and another tropical storm, Prapiroon, hit southern Philippines and caused floods last week, resulting in seven deaths.

The Philippine coastguard said 354 passengers and 31 vessels were stranded in ports while airlines cancelled 13 flights on Wednesday, Manila’s airport authority said.

The Philippines sees an average of 20 tropical storms annually, causing floods and deadly landslides. – Reuters

Property stocks slide amid POGO ban

A sign protesting the presence of Philippine offshore gaming operators (POGOs) is seen at a posh residential village in Muntinlupa City, July 13. President Ferdinand R. Marcos, Jr. announced a total ban on POGOs in the country during his third State of the Nation Address on Monday. — PHILIPPINE STAR/RYAN BALDEMOR

By Revin Mikhael D. Ochave, Reporter and Aubrey Rose A. Inosante

PROPERTY STOCKS slumped on Tuesday amid concern the ban on Philippine offshore gaming operators (POGOs) will leave many office and residential buildings empty.

At the Philippine Stock Exchange (PSE), the property index closed 1.62% or 44.24 points lower to 2,681.82, a day after President Ferdinand R. Marcos, Jr. ordered a total ban on POGOs in the country. The main PSE index rose by 0.61% or 41.07 points to end the trading day at 6,753.12.

In his State of the Nation Address on Monday, Mr. Marcos also instructed the Philippine Amusement and Gaming Corp. (PAGCOR) to wind down and cease operations of all POGO facilities by the end of 2024.

“(Tuesday’s) performance of the property index was largely influenced by the POGO ban. In the sector, we can see that DoubleDragon Corp. and DDMP REIT, Inc. were the biggest losers, plunging by 5.2% and 5.17% respectively, as these two have the most exposure to POGOs among the property firms in the market,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

DDMP REIT shares fell by 5.17% or six centavos to P1.10 apiece, while DoubleDragon stocks retreated by 5.2% or 62 centavos to P11.30 each.

Stocks of SM Prime Holdings, Inc. also dropped by 2.45% or 75 centavos to P29.90 per share, while Ayala Land, Inc. shares dipped by 0.94% or 30 centavos to P31.60 apiece.

“The ban will definitely have a negative impact on exposed firms, particularly DDMP REIT as 51% of their total rental income for fiscal year 2023 came from a mix of POGO and PAGCOR-accredited business process outsourcing firms,” AP Securities, Inc. Research Analyst Jose Antonio B. Cipres told BusinessWorld in a Viber message.

Some analysts noted that several developers have already made significant efforts to lower their POGO exposure during the pandemic.

Ms. Alviar said most property companies have “less than 5%” exposure to POGOs, so the revenue impact could be “minimal to insignificant for some.”

“It’s important to remember that all the major real estate players have already limited their exposure to POGOs, so any loss in lease income should not materially affect their earnings outlook or long-term prospects,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

Richard G. Laneda, COL Financial Group, Inc. research senior manager, said in a market note that the POGO ban will have a “minimal” impact on the companies being covered by the stock brokerage.

“While some listed companies still have POGO operations, their exposure to POGOs has significantly decreased since its peak in 2019. The direct impact on listed companies is now minimal, compared to in 2019 when Megaworld Corp.’s exposure was 10% and Filinvest Land, Inc. was 15%,” he added.

“However, industry-wide gross leasable area occupied by POGOs will significantly lower average occupancy rates,” he added.

However, Ms. Alviar said the decline in property stocks is just a “knee-jerk reaction.”

“Bargain hunting is anticipated especially to property firms with low exposure to POGOs,” she said.

IMPACT ON BAY AREA
Some real estate consultants said they expect office vacancy levels to rise in certain areas where POGOs are concentrated such as the so-called Bay Area.

“We anticipate an increase in vacancy levels in the office and residential markets in select areas of the Metro where they are concentrated,” JLL Philippines Head of Research and Strategic Consulting Jan-Loven C. de los Reyes told BusinessWorld on Tuesday.

In an e-mail to BusinessWorld, Prime Philippines said the Bay Area, which hosts a substantial number of POGO companies, is expected to be the most affected. Other areas that may experience “slight to moderate impacts” from the POGO ban include Makati, Cavite, Mandaluyong, and Clark, Pampanga, it added.

Mr. Cipres said one area that could see an uptick in residential vacancy rates is the Bay Area, where many condominiums are home to POGO workers.

Leechiu Property Consultants, Inc. Founder and Chief Executive Officer (CEO) David Leechiu said the POGO ban will be detrimental to the recovery of the local property sector.

“POGOs will vacate a million square meters of office space and probably the same amount of condominium space. The office spaces in the Bay Area will be affected and vacated at a time when there is still so much office space in the market. Rents will continue to come down and become softer,” Mr. Leechiu said.

Mr. Leechiu said the harder hit segment will likely be the midrange residential condominium market, which has many spaces for lease. He expects vacancies to be “quite high for a long time.”

“We have to see how the market will absorb the additional supply of office spaces and residential units from POGO tenants and landlords. A potential glut could put downward pressure on real estate rents and prices in certain locations with high POGO exposure,” Mr. Colet said.

Joe Curran, CEO of real estate brokerage and consultancy firm KMC Savills, said in a Viber message that the overall impact of the ban will be “minimal and manageable.”

“The advantages of the restrictions on this (POGO) industry could outweigh the associated risks. This could also further help position the country as a transparent and world-class destination for inward investment,” he said.

Mr. Leechiu also expects the recovery of the property sector to be delayed due to the POGO ban.

“The ban will delay the recovery of the office market by a year, with 2028 now seen as full recovery. For the residential market, it will be two more years, now in 2029,” he said.

“The biggest impact there is on sentiment because there’s supply overhang, many buyers will not want to buy. If people don’t buy, the developers will not build. This will hit the construction industry more,” he added.

Meanwhile, Maria Rochelle S. Diaz, executive vice-president for commercial of listed luxury developer Shang Properties, Inc., told reporters at a media briefing that the POGO ban will not affect the company.

“The profile of our buyers is mostly Filipinos. We have a healthy mix of foreign buyers which are not China-based, so we’re not as affected,” she said.

BENEFITS OF POGO BAN
National Economic and Development Authority Secretary Arsenio M. Balisacan told reporters that the benefits of banning POGOs outweigh its costs, citing its low contribution to growth.

“We are likely losing from the presence of these POGOs because of, for example, tourism. China has made it clear that cross-border tourism is likely to be regulated by them for countries that host those POGOs,” he said.

POGOs contributed less than 1% to gross domestic product in 2022 alone, Mr. Balisacan said.

“When I said that one-half of 1% of GDP is what the POGOs contribute, that already takes into account the properties,” he said. “The social cost and reputational cost to the country of hosting these kinds of businesses is not good at all.”

Mr. Balisacan said affected POGO workers could be absorbed by the information technology-business process management sector.

Meanwhile, Finance Secretary Ralph G. Recto said firms using legitimate internet gaming licenses will not be affected by the POGO ban.

“I don’t think they’re POGOs, that’s different,” he told reporters on Tuesday.

Mr. Recto had recommended the POGO ban to the President.

“It only shows that the President is also sensitive and listening, especially with regard to issues of this nature… criminality, and its reputational risks to us… so, it’s hard to quantify that,” he said. — with inputs from B.M.D.Cruz

Digital payments account for half of retail transactions at end-2023

The share of online payments in the total volume of retail transactions in the Philippines rose to 52.8% in 2023 from 42.1% a year earlier, central bank data showed. — REUTERS

By Luisa Maria Jacinta C. Jocson, Reporter

THE PHILIPPINES achieved its target of digitizing 50% of all retail payments at the end of 2023, amid the rise in merchant payments, the Bangko Sentral ng Pilipinas (BSP) said.

The BSP’s 2023 Status of Digital Payments in the Philippines report released on Tuesday showed that the share of online payments in the total volume of monthly retail transactions rose to 52.8% in 2023 from 42.1% a year earlier.

This was slightly higher than the central bank’s target of digitalizing 50% of the volume of retail payments by end-2023.

“In 2013, if you recall, only 1% out of the 2.62 billion monthly retail payments was electronic. Ten years after, we are now more than halfway there,” BSP Deputy Governor Mamerto E. Tangonan said at a briefing.

Last year, the volume of digital payments stood at 2.62 billion, slightly higher than the 2.35 billion non-digital transactions.

“Out of 5 billion monthly transactions more than 2.6 billion transactions were successfully converted into digital form representing a substantial 28.1% increase from the previous year,” the BSP said in its report.

Meanwhile, the value of digital payments amounted to $110.5 billion in 2023, higher than the $89.3 billion non-digital transactions.

“In terms of value, the latest e-payments measurement also showed that the share of monthly digital payments to total transactions increased to 55.3% in 2023 from 40.1% in 2022,” the central bank said.

The top contributors to the rise in digital payments were merchant payments, which accounted for the bulk or 64.9% of monthly digital payments volume, equivalent to 1.7 billion transactions.

This was followed by person-to-person transfers (19.3% share or 505.3 million transactions), and business-to-business supplier payments at (6.1% share or 160 million transactions).

“Philippine digital payments volume is predominantly driven by high-frequency, low-value retail transactions such as merchant payments and person-to-person transfers,” Mr. Tangonan said.

“The growth is underpinned by the growth in QR PH person-to-merchant payments, which increased by almost three times compared to 2022,” he added.

Mr. Tangonan also attributed the rise in account-to-account transfers due to the efficiency and convenience of e-payment facilities PESONet and InstaPay.

“Another significant contributor which is slowly but surely catching up in digitalization is supplier payments. It grew substantially in 2023 at more than twice that of 2022. An observation that underscores the growing adoption and reliance on digital transactions in the business payment landscape,” he added.

The BSP is targeting to achieve a 60-70% share of digital payments over total retail payments volume by 2028, in line with the Philippine Development Plan.

“As you know, in any innovation life cycle, where we are right now, we’re over 50%. The next 20% would equally be challenging, if not more challenging than the first 50%,” Mr. Tangonan said.

He said that the BSP is working on ways to expand the user base of digital payments by reducing costs and increasing the trust of consumers in online platforms.

REQUEST TO PAY
“We have launched several initiatives and many more are underway in the advancement of digital payments and the promotion of financial inclusivity towards our end-goal of a cashlite society,” Mr. Tangonan said.

For example, the central bank is looking at launching new facilities to further boost digital payments.

“We’re continuously digitalizing person-to-person and person-to-business payments, and we’re working with the Philippine Payments Management, Inc. (PPMI) on having the request to pay (RTP) facility made interoperable,” BSP Payments Policy and Development Department Director Bridget Rose M. Mesina-Romero said.

The facility allows businesses and consumers to better control outgoing payments and enhanced monitoring of their cash flow.

“RTP is a payment overlay service that provides secure messaging between a payee and a payer,” the BSP said.

“Each payment request is automatically linked to a dialogue chain that allows the payer to either approve the request, and therefore authorize the payment to be made from their account, or decline the request, using the dialogue chain to explain the reason for said action.”

In December 2023, the BSP soft-launched the first use case for the facility, the InstaPay RTP cash-in service. It is targeted to be fully implemented within the year.

The cash-in service allows users to “fund their own accounts or e-wallets by sending a request for funds to the originating financial institution while using the digital platform of the receiving financial institution.”

The BSP is also working to implement the RTP facility for e-commerce platforms.

“As you know, e-commerce is growing very rapidly and so we would like to take advantage of that growth by making sure that there’s convenient digital payments,” Mr. Tangonan said.

Ms. Mesina-Romero added that this initiative would also lessen the need for cash-on-delivery transactions for e-commerce purchases.

Apart from RTP, the BSP is also developing a direct debit facility.

“Direct debit is a payment service that allows customers to better manage their recurring payments such as monthly rentals, loan amortizations and insurance premiums by simply authorizing billers to pull funds from the account of the payors,” the BSP said.

The facility will also help “streamline collection efforts and improve liquidity management” for payees.

“You would not have to maintain multiple accounts to be able to settle your different obligations to the different financial institutions,” Ms. Mesina-Romero added.

The BSP targets to launch the pilot for the direct debit facility this year.

TRANSIT PAYMENTS
Mr. Tangonan said the central bank is also currently working with the Transportation department to explore alternatives for transit payments.

“As you know, many of our Filipinos use public transportation and that is a very good opportunity for them to enjoy the benefits of digital payments by just using their phones to make the fare payment,” he said.

Apart from this, the central bank is also pursuing other measures to boost digitalization, such as its involvement in Project Nexus.

In March 2023, the BSP and four other central banks in the region announced they will connect their domestic instant payment systems through the Bank for International Settlements’ Project Nexus.

“While it has its origins in the ASEAN (Association of Southeast Asian Nations) region, the vision for Nexus is actually global. And we aim the platform to interconnect with other countries or other regional platforms, also in the Middle East, Europe, and North America,” Mr. Tangonan said.

The BSP also noted the PPMI’s latest initiative which includes a third settlement cycle for PESONet transactions.

“It introduces a third cycle of clearing and settlement within a business day, allowing recipients to receive funds at an earlier time than the usual end of banking day. What this means is heightened efficiency for individuals and businesses in managing their cash flows,” Mr. Tangonan added.

The BSP said that these initiatives for digital payments will help support  its target of onboarding at least 70% of adult Filipinos into the formal financial system.

Fiscal plan for Marcos’ 3rd year missed in SONA

President Ferdinand R. Marcos, Jr. walks through the plenary hall after delivering his third State of the Nation Address on Monday, July 22, 2024. — PHILIPPINE STAR /KJ ROSALES

By Kyle Aristophere T. Atienza, Reporter

PRESIDENT Ferdinand R. Marcos, Jr. failed to discuss plans to address the country’s fiscal situation in his third State of the Nation Address (SONA), despite his vows to pursue “aggressive” infrastructure projects and pushing for a wage hike for government workers and teachers, economists said.

“There were no concrete sources of funds from the President’s SONA,” Emy Ruth Gianan, who teaches economics at the Polytechnic University of the Philippines, said in a Facebook Messenger chat.

“There was also no reminder for the Bureau of Internal Revenue to beef up tax collections or other levying units to improve revenue generation,” she added.

In his third SONA on Monday, Mr. Marcos said his government is pursuing an “aggressive” infrastructure development in line with the country’s goal to become an upper middle-income economy by next year.

“Our power and internet services are continuously being upgraded in both capacity and connectivity,” Mr. Marcos said, adding that the government is building “essential infrastructure and linkages” to support artificial intelligence systems “for high-impact practical applications.”

He said the government will boost scholarships and research grants in line with the “agenda to foster startups” and “commercialize and mass produce research and development outputs.”

Mr. Marcos also vowed to pursue a wage hike for government employees and implement an expanded career progression system for public school teachers.

Even though these programs will require massive funding, the President did not call for new taxes or discuss other sources of revenues.

“The President’s declarations on infrastructure and other key initiatives cost money. If we adhere to the policy of simply improving our tax administration without new forms or higher rates of appropriate taxes, the only option is to increase our borrowings,” Diwa C. Guinigundo, a former central bank deputy governor, said in a Viber message.

The National Government (NG) borrows from both foreign and domestic lenders to fund its budget deficit as it spends more than its revenues to support infrastructure projects and boost economic growth. The budget deficit in the January-May period widened by 24.06% to P404.8 billion.

“In time, if borrowings are not translated into growth, debt servicing could even divert public money away from supporting more infrastructure and productive activities in the future,” Mr. Guinigundo said.

Economic managers are targeting 6-7% gross domestic product (GDP) growth this year.

Government debt hit a record high of P15.35 trillion at the end of May, according to the Bureau of the Treasury (BTr), which largely pointed to the weakening of the local currency against the greenback.

“Any form of public goods will require substantial amounts of funds. Hence, a good measure of how SONA should consider not just the type of public goods that will be delivered but also how the public will have to pay in order to acquire them,” said Leonardo A. Lanzona, Jr., who teaches economics at the Ateneo de Manila University.

“In the face of substantial debts and huge budget deficits, this dream that the government will supply for all of this infrastructure and higher wages for government officials will be impossible,” he said in an e-mail.

At a post-SONA briefing on Tuesday, Budget Secretary Amenah F. Pangandaman said the department had set aside some P9.5 billion for the new medical allowance for government employees announced by Mr. Marcos.

The appropriation was allocated under the Miscellaneous Personnel Benefits Fund for 2025, she noted, adding that government workers will each receive a medical allowance as a subsidy to avail themselves of Health Maintenance Organization (HMO) benefits.

The allowance covers employees under National Government agencies, state universities and colleges, and government-owned and -controlled corporations (GOCCs).

Ms. Pangandaman also said Mr. Marcos will issue an executive order detailing the four-tranche salary hike for government workers.

About P70 billion has been set aside under the 2025 National Expenditure Program to ensure the implementation of the first and second tranches, she said.

The last time government workers’ salaries were increased was in 2023, she said, referring to the fourth and last tranches of the Salary Standardization Law of 2019.

At the post-SONA briefing, Finance Secretary Ralph G. Recto said the government is targeting to double its revenue from nontax collections this year.

“Last year it was about P200 billion. This year, we will get about P400 billion… We are on track to hit our fiscal target for the entire year and that’s roughly about P4.25 trillion,” Mr. Recto said.

At its June meeting, the Development Budget Coordination Committee retained the P4.27-trillion revenue target, as well as the P5.75-trillion expenditure program for this year. The fiscal deficit ceiling is set at P1.48 trillion or -5.6% of GDP this year.

A large portion of the nontax revenues collected by the government in the first six months of the year came from remittances from GOCCs, the privatization of government assets, as well as income from the National Treasury, he noted.

In his speech, Mr. Marcos said the Philippine financial system remains robust and resilient, adding that tax and nontax revenue collection was “also efficient.”

“Notably, for the past two years, our GOCCs remitted dividends to the National Government with a combined tally exceeding their contributions in 2022,” he said.

BUDGET
Mr. Marcos also called on Congress to ensure that the proposed budget for 2025 — pegged at P6.352 trillion, which is higher than this year’s P5.768 trillion — is not just approved in a timely manner but also “be adhered to as closely as possible.”

“We expect all agencies to ensure that every centavo allocated will be judiciously spent for our urgent priorities and socially impactful programs,” he said.

The Budget department is scheduled to submit its proposed 2025 National Expenditure Plan to Congress on July 29.

Mr. Lanzona said the government should have a strategy also in terms of financing its programs and plans.

“This means priorities need to be instituted first and then as the time progresses as resources become available, then other promised goods can be obtained until towards the end of the President’s term,” he added.

“Without such a strategy, none of these become feasible unless greater debts and more budget deficits are incurred.”

Recto says PHL on track for rate cut

FINANCE SECRETARY RALPH G. RECTO — DEPARTMENT OF FINANCE FACEBOOK PAGE

MANILA — Philippine Finance Secretary Ralph G. Recto said on Tuesday the country is on track for a cut in policy rates this year due to easing inflation, though the timing would be up to the central bank.

Mr. Recto, who is also a member of the Bangko Sentral ng Pilipinas’ Monetary Board, said he hoped second-quarter growth in gross domestic product would be at 6%, driven by household consumption and government spending.

The central bank, which has kept interest rates steady at 6.5% in its last six meetings, has previously flagged a possible cut of 25 basis points at its Aug. 15 meeting as it sees inflation easing in the second half when a rice import duty is slashed to 15% from 35%.

The government has set a 6% to 7% growth target for 2024. — Reuters

Ballet Philippines turns romantic

BALLET Philippines (BP) is opening its 55th season with one of the oldest surviving romantic ballets in history.

For La Sylphide, the classical and contemporary dance company gives the choreography by Filippo Taglioni a distinct Filipino twist, according to BP artistic director Mikhail “Misha” Martynyuk.

Recalling why they chose it as the season opener, Mr. Martynyuk told the press at the launch on July 16 at Solaire Resort that the ballet will bring BP to a different level. “A new level of technique and purity of execution,” he said.

The Russian choreographer then went on to detail La Sylphide’s place in history — when it premiered in Paris in 1832, it revolutionized the art form as the first to be performed entirely en pointe. It also came about in the period when the diaphanous, calf-length skirt called the tutu became iconic in ballet.

“This performance is difficult for ballet dancers. It involves incredible stamina and a special technique of their feet, which our dancers have been training very, very hard to master,” he said.

The story unfolds in Scotland, where James Ruben, a humble farmer, is enchanted by a forest fairy (otherwise known as a sylph). Despite already being engaged, James is enthralled by the sylph’s otherworldly beauty and confession of love, leading him to follow the fairy into the forest.

BP’s rendition aims to “intertwine the ballet’s original charm with Filipino romanticism and mysticism.”

With a libretto by Adolphe Nourrit and music by Jean-Madeleine Schneitzhoeffer, La Sylphide was also created by its original choreographer Taglioni to showcase the talent of his daughter, ballerina Marie Taglioni.

This time, BP’s dancers will use the material to showcase their own talents.

At the preview, principal dancers Jemima Reyes and Ian Ocampo took the stage to perform the introduction piece, one that captures viewers’ attention with mesmerizing movements.

Principal dancers Regine Magbitang and Rudolph Capongcol also performed an excerpt from the show titled The Promise, another piece drawing on the strong chemistry between the two characters.

Ballet Philippines president Kathleen Liechtenstein told BusinessWorld that everyone should get ready to “immerse in a tremendous show.”

“Bringing this oldest romantic ballet to life is part of our commitment to pushing the boundaries of ballet in the Philippines,” she said.

La Sylphide inaugurates the season’s theme of relevé, which in ballet means “to rise onto the tips of the toes,” Mr. Martynyuk said. It will run from Aug. 9 to 11 at The Theatre at Solaire, Parañaque.

Other productions in BP’s 55th season are the holiday offering Peter Pan which will have performances from Dec. 6 to 8, and the original Filipino production Ang Panaginip from Feb. 28 to March 2, 2025.

Tickets are available at http://www.ballet.ph and via Ticketworld. — Brontë H. Lacsamana

Sangley airport developers get PCC approval

PHILSTAR

YUCHENGCO-LED House of Investments, Inc. said the Philippine Competition Commission (PCC) has approved its joint venture for the Sangley Point International Airport (SPIA) project. 

“We received the PCC Resolution today, which clears the transaction between the Provincial Government of Cavite and the consortium created by Cavitex Holdings, Inc. and House of Investments, Inc.,” the company told the stock exchange.

In March of last year, the company notified the Securities and Exchange Commission that it had formally sought approval from the PCC for the proposed joint venture for the project.

The group hopes to develop the airport into an international hub that will meet future demand.

In February 2023, the SPIA consortium and the Cavite provincial government signed the joint venture and development agreement for the project’s implementation.

House of Investments, along with other Philippine members of the consortium, including MacroAsia Corp., signed the development agreement with the Cavite provincial government.

Samsung C&T Corp., Munich Airport International GmbH, and Ove Arup & Partners Hong Kong Ltd. are also involved in the project. Samsung C&T is the construction arm of South Korean tech giant Samsung.

The Cavite provincial government awarded the $11-billion project to the consortium in 2022.

By 2028, the consortium expects to complete the first phase of the project, which includes the first of the airport’s four runways.

The second phase will include a two-runway system with facilities capable of handling at least 75 million passengers annually.

The National Government currently operates Cavite City’s Sangley Point as a supplemental runway to the Ninoy Aquino International Airport. — Ashley Erika O. Jose

Forms of wonderment

IT IS in the act of exploration that one can discover beauty and magic in the world and put it on canvas. At Art Underground, awe-inducing visually complex works of art born from this mindset are on display.

Titled “Wonder Wander,” artists Demi Padua and AR Manalo’s two-man exhibit represents different faces of embracing curiosity. The ways they do this also differ: Mr. Padua puts together a collage of images to achieve a 3D effect while Mr. Manalo mixes cut-outs, vintage prints, and hand-painted images to evoke a 2D storybook.

Interestingly, neither of the artists are represented by Art Underground, yet they agreed to do a collaborative show with the gallery as a mark of their friendship. “Nababasa namin ang isa’t isa (We can read each other), not just as artists, but more of as people,” Mr. Padua said at the exhibit’s launch on July 17.

He told BusinessWorld how Mr. Manalo would ask questions like a pupil would to a mentor. Eventually, they would talk as equals.

“What struggles did you have entering the arts scene? How did you get through them?” were some of the questions they would ask each other.

Mr. Padua, as the more senior of the two, explained that it took him a while to develop his distinct style. He creates images in trompe l’oeil (French for tricking the eye), an optical illusion that achieves a three-dimensional effect when the work is actually a flat surface.

He first sketches the entire piece on Photoshop, charting every layer with a grid, before he starts on the actual collage of colorful, photo-realistic materials.

Works like Strong and Independent and Layers of Success invite a closer look to peel away at each layer obscuring the subject. For the artist, it is an approach that can only come from hurdling many stages in life and forming “a collage of failures and successes.”

“My works look 3D but they’re not. Nakakatuwa na iyong kay AR naman ang talagang 3D (It’s amusing that AR’s works are actually 3D),” said Mr. Padua.

Placed in another room in the gallery, Mr. Manalo’s half of the exhibition at first glance seems to be standard paintings on canvas. It is upon closer observation that one notices that they are similar to the pages of elaborate pop-up books.

“It’s actually a story for my two-year-old daughter, a message to her that in her wandering and wondering she can go on a journey towards her growth, like we all do,” he told BusinessWorld.

The cut-outs in his works are meticulously crafted over two to three weeks. The vintage prints depicting various circus animals are scanned on acid-free paper, with ink reapplied to bolden the images.

“The hand-painted indigenous Filipino people in the work are to remind my daughter not to forget her roots. I also put in a balance of natural and industrial elements,” Mr. Manalo said.

My big love is the centerpiece of his works, depicting his daughter’s favorite animal, the elephant, but To the endless waltz also catches the eye — the usual graphite and charcoal extends past the canvas through the printed cut-outs to occupy a piece of custom skirt-shaped acrylic glass.

Both Mr. Padua and Mr. Manalo’s halves of the exhibit allow one to wander the wondrous stages of life. Joined together in one gallery, they welcome visitors to explore and discover (but understandably, all works are sold out).

“Wonder Wander” is on view at Art Underground, 180 Mabini St., San Juan City, until July 30. — Brontë H. Lacsamana

Dream of an unfinished but special issue

By Juaniyo Arcellana

A WOULD-BE columnist once expressed his hesitation at starting to write regularly for a newspaper or magazine, saying he had a profound fear of the slip of the pen, of being misunderstood due to a misused idiom or phrase, a slipshod consequence of a missing word or misplaced punctuation mark that can make a world of difference from which the writer originally intended.

Another fear was that of writing what would become self-fulfilling prophecy, especially if the topic was not so pleasant, in fact might invite roaming demons or cause an ill wind to blow, such was the power of the slip of the pen. To mix metaphors it was like writing on thin ice.

It was not all about editing of course, because writers self-edit all the time, even before they go to sleep or even while sleeping, their dream a manual of proofreader’s marks. Not all the grammatical or typographical errors in the world are an excuse for perceived ideological comprehension, with apologies to semiotics.

The tic of the matter is that at least once in our lifetime we were putting together a special issue about how we still believe in the printed word in a world overwhelmed by digital, and I was assigned to write on something about cinema. The menace of Philippine literature was also doing a piece on film, and for some reason we were doing the rounds of Malate restaurants to discuss our strategies for our respective articles, so that there would be no overlaps.

At one stop the waiters had given him the wrong order, more expensive, but he had already started on it, the slabs of meat in a broth of vegetables and most likely noodles. They didn’t charge the menace because it was a mis-order. On the other hand, I asked for the cheapest item on the menu, just something to tide me over until the anniversary party at the office.

Walking back to the car we had difficulty finding it as usual, the parking area a detour through the slums of Roxas Boulevard. When finally, we did locate it, the office was just a short hop away miraculously still in Port Area.

However we couldn’t find our way back to the mess of South Harbor, its lights lost in the memory of a Boz Scaggs song. We drove through flights of stairs of what looked like a Super Ferry ship, whose slogan and jingle was a jaunty happy trip, through salt baths where French people were sunbathing on the rocky shore, and both public and private schools where children were rushing toward dismissal time and their names would be called out by the security guard if their parent or guardian or designated driver was there to fetch them, something like “Daryll Baranda, Daryll Baranda!” or “Mark Abdon, Mark Abdon!,” familiar names of my kids’ classmates when they were enrolled in the nearby school on Indiana Street and the sound of wheels on gravel echoed the rendezvous in the short story “The Yellow Shawl.”

For all our circus slaloms in rush hour traffic we couldn’t find our way back on the maze of Roxas Blvd., so the menace of Philippine literature decided to get down and return to office by himself, even if it meant walking through the decks of a Super Ferry. We asked him to relay our regrets, it might be too late even for night duty, besides there were pastorals around, let them do the heavy lifting for a change.

When I woke I realized the office had moved to not so far away Parañaque, with its gaggle of jets zooming overhead, either landing or taking off, and aboard some of them maybe reams of not so special issues with column titles like “The Mopman” or “Sports Dub” or “Left Hook” — what is it about past articles flashing before your eyes and you wondering where the years went, maybe should have spent more time with the old folks or an older sibling before they passed, and not on any ordinary plane.

It was a sea change from being near ships to being beside runways and airplanes, “it was the hexagram of the heavens it was the strings of my guitar,” Joni Mitchell would sing in “Ameila,” the disappeared pilot and how it was a false alarm.

Understand also my hesitation to put this to bed, because in the evening I will have to visit the wake of a son of a mentor and neighbor in faraway Araneta Ave., two or three rides and a short walk away through rush hour traffic, and another friend, no menace, texted that he will avoid the celebrities but be comforted, “in Chino’s name and his memory.”

 

Juaniyo Arcellana is a semiretired/senior desk editor at BusinessWorld’s sister publication The Philippine Star. Thirty years ago he had a sports column called The Mopman in BusinessWorld.

Maharlika eyes co-investments with other sovereign, private funds

THE Maharlika Investment Corp. (MIC) is looking at the possibility of partnering with other funds interested in investing in the Philippines, its top official said on Monday.  

“We envisage co-investing with sovereign wealth funds, and other private equity and institutional funds that are keen to invest in the Philippines,” MIC President and Chief Executive Officer Rafael Jose D. Consing, Jr. told the BusinessWorld in a Viber message. 

This, following the MIC’s membership in the International Forum of Sovereign Wealth Funds (IFSWF), which is an England-based group of sovereign wealth fund managers. It also sets governance standards for the operation of funds globally. 

Its membership in the group will allow the MIC to engage with more global investors and fund experts and “grants the Philippines access to a range of privileges, such as international recognition, networking, and peer learning opportunities,” the Department of Finance said in a press release last week.  

Other IFSWF members include the respective sovereign wealth funds of Singapore, Indonesia, Malaysia, United Arab Emirates, United States, France, Italy, China, Spain, and Australia, among others.

“As for our Associate Membership in the IFSWF, we are excited to collaborate with leading sovereign wealth funds worldwide, sharing knowledge and best practices to maximize our impact on the Filipino people and the global community,” Mr. Consing said on Monday. 

Last week, the MIC Board also approved the corporation’s founding principles and framework for its overall mission, governance structure and high-level investment approach until 2028. Under Republic Act No. 11954 that created the Maharlika Investment Fund, the creation of the framework is required before the MIC can proceed with its investments.  

Mr. Consing has said the MIC is looking to initially invest in energy security, resource development, healthcare, and digital connectivity. He said the MIC will announce its first investment before the end of the year. 

The corporation’s annual budget has yet to be finalized by the Department of Budget and Management. It is also in talks with the Governance Commission for Government-Owned and -Controlled Corporations and the Civil Service Commission on its organizational structure.

It is also looking to set up thematic sub-funds, or equity mutual funds that invest in equities tied to infrastructure, manufacturing, energy, and other sectors.  

The MIC earlier said it is seeking to raise $1 billion for energy projects, one of its priority investment areas. The $1 billion may be raised through private equity and limited partnerships with other countries’ sovereign wealth funds, Mr. Consing said. 

The MIC chief also earlier said that they are in talks with government agencies to support the development of three economic zones in Luzon and Mindanao. These include an industrial ecozone north of Luzon, a medium-sized agri-industrial ecozone south of Metro Manila, and another ecozone in Mindanao. — B.M.D. Cruz 

Ortigas Art Festival celebrates art without borders

THE ORTIGAS Art Festival (OAF) is showcasing more diverse artists from all over the Philippines for its 7th year.

With the theme “Art for All,” the OAF aims to “expand horizons and put the spotlight on more artists.”

The free event, which runs until Aug. 18 at the east wing of the Estancia Mall in Pasig, features paintings, sculptures, photographs, film screenings, and dance performances, as well as a wide range of educational workshops.

“Since 2018, we have boasted an environment that focuses on emerging talents from regional, artist-led initiatives. We welcome them to showcase their works, an opportunity that is simply not available to them in more exclusive contemporary art fairs,” Renato R. Habulan, OAF head curator, said during the art festival’s opening on July 18.

“Our goal is to really democratize art, open it to the wider audience, engage with the masses. Our challenge is to create an enlightened ecosystem by not concentrating on the top 2% of the market,” he told BusinessWorld.

Helen Mirasol, OAF’s founding consultant, explained that another improvement this year is a lounge area with seating for senior citizens and persons with disabilities, making art an accessible activity to them.

This year, Mr. Habulan led Agos Studio to highlight works by up-and-coming Filipino artists that are part of his two-year Lunduyan mentorship program. These are displayed on the first floor of Estancia Mall’s east wing, along with the exhibit Buklod, featuring works by artists from Iloilo.

Also on view is also the Locations of Freedom exhibit by the vMeme Contemporary Art Gallery, on display at the mall’s second floor, before it departs for the 15th Gwangju Biennale in South Korea. As the official Philippine Pavilion, it shows various art forms, from audiovisual installations and photographs to maquettes and mini sculptures, all reflecting the theme of freedom.

Participating in the festival are the Linangan Artist Residency representing an art community headed by Emmanuel Garibay in Alfonso, Cavite, and the Grupo Sining Angono, Angono Artists Association, and Angono Ateliers Association which are showing vibrant works from Angono, Rizal, which is arguably the art capital of the Philippines.

Meanwhile, the Pasig Art Club showcases works from its citizens of various professions and disciplines.

The Ortigas Foundation Library and Redlab Gallery focus on photography and have on display prints of nostalgic and otherworldly qualities, ranging from green landscapes to memorialized moments in urban life. The Nayon Photographers Club is also exhibiting the unique art of “paintography,” which combines painting and photography to create elegant, detailed images.

The Film Development Council of the Philippines (FDCP) will host late-night movie screenings of award-winning films — Gitling (2023) by Jopy Arnaldo, Independencia (2009) by Raya Martin, Firefly (2023) by Zig Dulay, and In My Mother’s Skin (2023) by Kenneth Dagatan.

Those who attend the screenings can also learn from FDCP experts, headed by its chairman Jose “Joey” Javier Reyes at OAF’s film talks.

Those who like dance can watch performances by the Halili-Cruz School of Ballet and Step by Step Performing Arts Studio.

The Ortigas Art Festival runs until Aug. 18 at the Estancia East Wing, Capitol Commons, Pasig City. Admission is free. For the full festival schedule, follow the Ortigas Art Festival on Facebook or visit ortigasmalls.com. — Brontë H. Lacsamana

1...1,2801,2811,282...12,599Page 1,281 of 12,599
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube