Facebook Instagram Linkedin X Youtube
Home Blog Page 12905

D.M. Wenceslao files for P15.5-B IPO

MANILA — Philippine property developer D.M. Wenceslao and Associates, Inc. on Tuesday flagged plans to go public by raising up to P15.5 billion ($300 million) in an initial public offering (IPO).

The 53-year-old, family-owned company, said it intends to sell 679.2 million shares, or about 20% of its total issued shares, to finance expansion projects in the 204-hectare residential and commercial district called Aseana City in the Manila Bay area.

The company, which filed the IPO application with the country’s Securities and Exchange Commission, didn’t give details on the structure of the share issue. It said in a statement that the IPO plan will be subject to regulatory approvals and market conditions.

It is the second company this year that formally announced IPO plan in the Philippines, after Del Monte Pacific Ltd. announced last month its planned offering of up to P16.7 billion.

The property developer said its net income rose to P1.56 billion last year, from P871 million in 2015. It gave no income figure for 2016.

Aseana City is home to one of the country’s gambling hubs called the Entertainment City, Manila’s smaller version of the Las Vegas gaming strip. — Reuters

RLC to open budget hotel in Iligan City this year

DAVAO CITY — Robinsons Land Corp. (RLC) will open its 17th Go Hotels branch   this year, located in Iligan City in the Northern Mindanao Region.

“We are gearing towards opening Go Hotels in Iligan City and it will be our third branch in Mindanao. We are hoping to open it by first half of this year, hopefully July,” Jacquelyn T. Lim, assistant marketing manager of RLC’s Robinsons Hotels and Resorts, said in an interview in Davao City on Monday.

Ms. Lim said the Iligan branch, located beside the existing Robinsons mall, will have 100 rooms and several function rooms.

“There is a need to develop a hotel there because of the lack of accommodations, especially good quality accommodations… I met the city tourism officer of Iligan and that is what they are looking for,” she said.

Next year, Ms. Lim said they will be focusing on expansion in northern Luzon, with branches in Tuguegarao City and Naga lined up for opening.

“We will expand in northern Luzon, it will be Tuguegarao and Naga,” she said, adding, “We always keep an open eye for further developments and expansion so its just a matter of looking for the right location.”

DAVAO
For the Go Hotels Lanang-Davao, Ms. Lim said they are optimistic of a good performance this year as fears over the martial law declaration in Mindanao subside.

“We are better this 2018 I think, in general, as we were pretty much affected with the martial law declaration initially, but I think this 2018, tourist arrivals increased both for corporate and FITs (free and independent travelers),” she said.

Ms. Lim cited several events in Davao City that would bring in guests, including various corporate activities and competitions such the Ironman race.

“Yes, we are ready to provide the accommodations for Ironman. In fact, we are actually fully booked already,” she said.

Go Hotels-Lanang is a joint venture between RLC and Udenna Development Corp. (UDEVCO), the company that owns Phoenix Petroleum.

As of end-September 2017, the hotel segment contributed 8% or P1.37 billion to RLC’s total revenues, up 5% from year-ago levels. This was primarily driven by a system-wide occupancy rate of 66% during the period.

RLC, meanwhile, booked an attributable profit of P4.57 billion for the nine months ending September, a 1% increase from the same period in 2016. — Maya M. Padillo

Joya’s Space Transfiguration goes for P96M at auction

ONE HUNDRED and fifty items, including art works by National Artists, filled the walls and spaces of Leon Gallery during the annual Asian Cultural Council art auction on March 3.

National Artist for Visual Arts Jose Joya’s Space Transfiguration, which opened at P22 million, was sold for P96 million after 11 tense minutes of bidding. The 1959 oil painting is the artist’s most “talked and written about, iconized, and celebrated” work which he refused to sell while he was alive.

Other lots which sold significantly above what was expected were: Andres Barroquito’s 2018 work When Horses Gallop which fetched P14 million, considerably higher than it’s expected P2.2 million; Anita Magsaysay-Ho’s 1950 piece Tahip went for P30 million, nearly double its opening bid of P18 million; and Danilo Dalena’s 1990 Alibangbang Series was sold at P7.5 million when it was expected to fetch P1.2 million.

THE BONIFACIO PAPERS
Aside from the art, the Leon Gallery auction included a number of documents signed by one of the most important figures in Philippine history, Andres Bonifacio.

“The Andres Bonifacio documents show that in the final days he had contact with Emilio Jacinto. He was the general commandant of what we call the high council of the north. With these documents, [you] can see that Andres Bonifacio has a government. He is the president of the first revolutionary government in the Philippines,” historian Xiao Chua told BusinessWorld in a mixture of English and Filipino, explaining the significance of the documents after the auction.

The hammered prices reflected collectors’ belief in the value of these documents, which sold for way beyond the P500,000 they were each expected to fetch.

Bonifacio’s letters to Emilio Jacinto — dated March 8, 1897; April 16, 1897; and, April 24, 1897 — went for P1.8 million, P1.7 million, and P4.8 million respectively. Two other documents which bore Bonifacio’s signature, both dated April 15, 1897, were sold for P3.2 million and P2.4 million.

UNSOLD
While many items sold for considerably more than their opening bids, others did not — for example, a 32-inch 17th century ivory crucifix opened and was sold for P4 million.

A number of items at the auction did not find buyers including Fred Baldemor’s untitled 1978 hardwood sculpture (estimate: P160,000), Francesca “Keka” Enriquez’s Eggo wooden armchair with eggs (estimate: P60,000), a 1987 nude painting by Romulo Galicano (estimate: P80,000), an undated and untitled landscape painting by National Artist Carlos “Botong” Francisco (estimate: P3 million), and National Artist Benedicto “BenCab” Cabrera’s 1989 portraits of a Peasant Man and Peasant Woman (estimate: P1.2 million).

The Leon Gallery holds the benefit art auction annually in support of the Asian Cultural Council Fellowship program where Filipino artists are sent to the United States for a six-month scholarship program in the arts. — Michelle Anne P. Soliman

DNL hoping to maintain growth momentum in 2018

D&L INDUSTRIES, Inc. (DNL) aims to book at least P3.2 billion in earnings in 2018, after sustaining a 10.6% growth last year due to stronger volumes from high margin specialty products (HMSP).

The listed plastics, food chemicals, and aerosol manufacturer reported on Tuesday its net profit stood at P2.9 billion in 2017, higher than the P2.63 billion it realized the year prior. This followed a 25% increase in sales to P27.8 billion for the period.

The food ingredients group accounted for bulk of DNL’s earnings at 36%, followed by the Chemrez group at 32%, specialty plastics at 23%, and aerosols at 6%.

“We see that our full year results better reflect the long-term growth prospects of the business. Going forward, we will continue to exercise discipline and excellence in R&D as we continue to target opportunities in the growing Philippine economy, as well as in our rapidly expanding export segments,” DNL President and Chief Executive Officer Alvin D. Lao said in a statement.

Sales from DNL’s export business accounted for 25% of its total revenues for 2017, higher than its 18% contribution in 2016. The company attributed this increase to its partnerships with United States food manufacturer Ventura Foods and Bunge Agribusiness Singapore Pte. Ltd. DNL said the food business is its the fastest-growing export segment.

The company is currently present in China, Thailand, Vietnam, and Indonesia, primarily through Ventura Foods.

“There’s a lot of optimism among our customers, we’re also positive… We think that we have had good success in exports. We are actually doing a lot of test shipments already. We are always talking to more customers that we want to sell to,” Mr. Lao said during a media briefing in Makati yesterday.

In the fourth quarter, DNL’s net income grew 12% to P786 million, while revenues also climbed 25% to P7.84 billion.

“We believe that we will maintain this momentum… (outlook for 2018 is) double-digit growth. That is something that we are quite positive, we will try our best,” Mr. Lao said.

HMSP volume growth, which Mr. Lao explained is a better gauge for the company’s growth, rose 10.5% in the fourth quarter of 2017. This year, he said the company is keeping targets for HMSP growth at a conservative 7%, which has been the company’s average growth per quarter for the past three years.

DNL has also allotted around P500 million in capital expenditures for 2018, 16% higher than the P430 million it spent in 2017. The funds will be used primarily for existing facilities.

Mr. Lao said the capex does not include its plans for expansion in Batangas yet.

Shares in DNL gained 2.39% or 28 centavos to close at P12 apiece at the Philippine Stock Exchange on Tuesday. — Arra B. Francia

Meralco’s eSakay gets green light

MANILA ELECTRIC Co. (Meralco) on Tuesday said it received the go-signal for a new subsidiary that will operate a network of charging stations for electric vehicles.

In a disclosure to the stock exchange, Meralco said it received the certificate of registration of eSakay, Inc. from the Securities and Exchange Commission.

The wholly owned subsidiary was formed to “engage in the business of owning, maintaining, and operating transport service networks of charging stations, batteries and vehicles utilizing electric energy.”

Meralco expects eSakay to capitalize on the growing demand for electric vehicles, such as e-trikes, e-jeeps and e-shuttles.

“We see opportunity in the development of e-vehicles moving forward. At the same time, it’s also pro-environment. So we wanted to also contribute, of course, to the reduction in [carbon] emissions,” William S. Pamintuan, Meralco’s lead lawyer, said in December 2017.

Meralco earlier said it is looking at establishing the charging stations within the distribution utility’s franchise area — largely Metro Manila.

ESakay faces competition from QEV Philippines Electromobility Solutions and Consulting Group, Inc., which has made some headway in creating an e-vehicle ecosystem.

QEV Philippines last year said it is targeting to install 200 charging stations by 2022. Half of the fast chargers will be located at SM malls, while the rest will be in Shell outlets.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls.

Ang Pag-uusig, Ibong Adarna top Gawad Buhay with 12 nominations each

TANGHALANG PILIPINO’s Ang Pag-uusig — a translation of the classic 1953 Arthur Miller play The Crucible — received the most Gawad Buhay awards nominations for a stage show. With 12 nods, the theater company matched Ballet Manila’s dozen for its production of Ibong Adarna.

Tanghalang Pilipino used Miller’s play — set during the Salem witch trials as an allegory for the anti-Communist McCarthyism of the 1950s — to make its own commentary on current Philippine events.

The world premiere of Ballet Manila’s production, based on the 15th century Filipino epic poem about a magical bird, garnered nominations from musical directions, featured choreography by Gerardo Francisco and music by Diwa de Leon.

The 10th Gawad Buhay awards, granted by Philstage to honor the best of its members’ productions in the previous year, will be held on April 12 at Tanghalang Aurelio Tolentino of the Cultural Center of the Philippines. The nominations were announced through a Facebook Live event at the lobby of The Theatre at Solaire, hosted by Audie Gemora and Karla Gutierrez, Philstage president and treasurer, respectively.

Next highest on the nominations tally were Ballet Philippines’ restaging of its Filipino-themed The Nutcracker, choreographed by Edna Vida and Alice Reyes, with additional choreography by Adam Sage, with 11 nominations; and Repertory Philippines’ production of Sarah Ruhl’s play, In the Next Room, or the Vibrator Play, directed by Chris Millado, with 10 nominations.

In the musical category, 9 Works Theatrical and Globe Live’s production of Disney’s Newsies took the lead with nine nods.

Below is the list of nominees per category.

• Outstanding Musical Direction: Daniel Bartolome, Globe Live/9 Works Theatrical’s Newsies; Diwa de Leon, Ballet Manila’s Ibong Adarna; Ejay Yatco, Repertory Philippines’ Hair; Rodel Colmenar, Full House/Resorts World Manila’s Chitty Chitty Bang Bang

• Outstanding Choreography for a Play or Musical: PJ Rebullida, Globe Live/9 Works Theatrical’s Newsies; Nancy Crowe, Full House/Resorts World Manila’s Chitty Chitty Bang Bang

• Outstanding Stage Direction for a Musical: Robbie Guevara, Globe Live/9 Works Theatrical’s Newsies; Jaime del Mundo, Full House/ Resorts World Manila’s Chitty Chitty Bang Bang

• Outstanding Ensemble Performance for a Play: Repertory Philippines’ Vanya and Sonia and Masha and Spike, Agnes of God, In the Next Room, or the Vibrator Play; Tanghalang Pilipino’s Ang Pag-uusig; and PETA’s Ang Buhay ni Galileo

• Outstanding Stage Direction for a Play: Bart Guingona, Repertory’s Agnes of God; Chris Millado, Repertory’s In the Next Room, or the Vibrator Play; Dennis Marasigan, Tanghalang Pilipino’s Ang Pag-uusig; Topper Fabregas, The Necessary Theatre’s Blackbird; and, Rody Vera, PETA’s Ang Buhay ni Galileo

• Female Featured Performance in a Play: Rebecca Coates, Repertory’s Agnes of God; Caisa Borromeo, Repertory’s In the Next Room, or the Vibrator Play; Tami Monsod, Repertory’s In the Next Room, or the Vibrator Play; Antonette Go, Tanghalang Pilipino’s Ang Pag-uusig; Lhorvie Nuevo, Tanghalang Pilipino’s Ang Pag-uusig

• Male Featured Performance in a Play: Marco Viaña, Jonathan Tadioan, and Joshua Tayco, Tanghalang Pilipino’s Ang Pag-uusig; Bodjie Pascua and Noel Comia, Jr., PETA’s Ang Buhay ni Galileo

• Female Lead Performance in a Play: Roselyn Perez, Repertory’s Vanya and Sonia and Masha and Spike; Menchu Lauchengco-Yulo, Repertory’s Agnes of God; Giannina Ocampo, Repertory’s In the Next Room, or the Vibrator Play; Mikkie Bradshaw-Volante, The Necessary Theatre’s Blackbird; Blanche Buhia, Tanghalang Pilipino’s Lukot-lukot, Bilog-bilog

• Male Lead Performance in a Play: Michael Williams, Repertory’s Vanya and Sonia and Masha and Spike; Joshua Spafford, Repertory’s In the Next Room, or the Vibrator Play; JV Ibesate, Tanghalang Pilipino’s Ang Pag-uusig; Bart Guingona, The Necessary Theatre’s Blackbird; Joel Lamangan, PETA’s Ang Buhay ni Galileo

• Outstanding Production of Existing Material for a Play: Repertory’s Vanya and Sonia and Masha and Spike, Agnes of God, and In the Next Room, or the Vibrator Play; The Necessary Theatre’s Blackbird; PETA’s Ang Buhay ni Galileo

• Outstanding Play — Original or Translation/Adaptation: Tanghalang Pilipino’s Ang Pag-uusig (WINNER)

• Outstanding Production for Children: No nominations

• Outstanding Ensemble Performance for a Musical: Globe Live/9 Works Theatrical’s Newsies; Full House/Resorts World Manila’s Chitty Chitty Bang Bang

• Female Featured Performance in a Musical: Shiela Valderrama-Martinez and Aicelle Santos, Gantimpala Theater Foundation’s Maynila sa Mga Kuko ng Liwanag, The Musical; Upeng Galang-Fernandez, PETA’s A Game of Trolls; Joan Bugcat, PETA’s Tagu-taguan; Maronne Cruz, Repertory’s Hair

• Male Featured Performance in a Musical: Jef Flores, Globe Live/9 Works Theatrical’s Newsies; Baron Geisler, Tanghalang Pilipino’s Aurelio Sedisyoso; Floyd Tena, Gantimpala Theater Foundation’s Maynila sa Mga Kuko ng Liwanag, The Musical; Roi Calilong, PETA’s Tagu-taguan; Reb Atadero, Full House/Resorts World Manila’s Chitty Chitty Bang Bang

• Female Lead Performance in a Musical: No nominations

• Male Lead Performance in a Musical: Gian Magdangal, Globe Live/9 Works Theatrical’s Newsies; Arman Ferrer, Gantimpala Theater Foundation’s Maynila sa Mga Kuko ng Liwanag, The Musical; David Ezra, Tanghalang Pilipino’s Aurelio Sedisyoso; Markki Stroem and George Schulze, Repertory’s Hair

• Outstanding Production of Existing Material for a Musical: Globe Live/9 Works Theatrical’s Newsies; Full House/Resorts World Manila’s Chitty Chitty Bang Bang

• Outstanding Musical — Original or Translation/Adaptation: No nomination

• Outstanding Choreography for a Dance Production: Gerardo Francisco, Ballet Manila’s Ibong Adarna; Eisa Jocson, Ballet Philippines’ Your Highness; Bam Damian III, “Minamahal, Sinasamba” from Ballet Philippines’ A Gala Celebration; Edna Vida, Alice Reyes and, Adam Sage, Ballet Philippines’ The Nutcracker; Gener Caringal, “Ang Sultan” from Ballet Philippines’ The Exemplars: Amada and Other Dances

• Outstanding Ensemble Performance for Modern Dance: Ballet Manila’s Ibong Adarna; “Visions of Fire” from Ballet Philippines’ A Gala Celebration; “Ang Sultan” from Ballet Philippines’ The Exemplars: Amada and Other Dances; “Songs of a Wayfarer” from Ballet Philippines’ The Exemplars: Amada and Other Dances

• Female Featured Performance in Modern Dance: Abigail Oliveiro, Ballet Manila’s Ibong Adarna; Katrene San Miguel, “Minamahal, Sinasamba” from Ballet Philippines’ A Gala Celebration; Sarah Alejandro, “Amada” from Ballet Philippines’ The Exemplars: Amada and Other Dances

• Male Featured Performance in Modern Dance: Mark Sumaylo, Rudolph Capongcol, Romeo Peralta, and Elpidio Magat, all from Ballet Manila’s Ibong Adarna

• Female Lead Performance in Modern Dance: No nominations

• Male Lead Performance in Modern Dance: Rudy de Dios and Anselmo Dictado, Ballet Manila’s Ibong Adarna; Victor Maguad, “Moon” from Ballet Philippines’ A Gala Celebration; Eugene Obille, “Ang Sultan” from Ballet Philippines’ The Exemplars: Amada and Other Dances; Ronelson Yadao, “Songs of the Wayfarer” from Ballet Philippines’ The Exemplars: Amada and Other Dances

• Outstanding Modern Dance Production: Ballet Manila’s Ibong Adarna; Ballet Philippines’ A Gala Celebration; Ballet Philippines’ Your Highness; “Ang Sultan” from Ballet Philippines’ The Exemplars: Amada and Other Dances; “Songs of a Wayfarer” from Ballet Philippines’ The Exemplars: Amada and Other Dances

• Outstanding Ensemble Performance for Classical Dance: Ballet Manila’s Don Quixote; Ballet Philippines’ Swan Lake; Ballet Philippines’ The Nutcracker

• Female Featured Performance in Classical Dance: Abigail Oliveiro, Ballet Manila’s Don Quixote; Veronica Atienza, Philippine Ballet Theatre’s La Bayadere; Stephanie Cabral, Ballet Philippines’ The Nutcracker

• Male Featured Performance in Classical Dance: Victor Maguad, “Grand Pas Classique” from Ballet Philippines’ A Gala Celebration; Victor Maguad, Ballet Philippines’ The Nutcracker; Peter San Juan, Philippine Ballet Theater’s La Bayadere; Gerardo Francisco, Ballet Manila’s Swan Lake

• Female Lead Performance in Classical Dance: Denise Parungao, Ballet Philippines’ Swan Lake; Kim Abrogena, Philippine Ballet Theater’s La Bayadere; Denise Parungao and Jemima Reyes, Ballet Philippines’ The Nutcracker; Katherine Barkman, Ballet Manila’s Swan Lake

• Male Lead Performance in Classical Dance: Victor Maguad, Ballet Philippines’ Swan Lake; Victor Maguad, Ballet Philippines’ The Nutcracker; Elpidio Magat, Ballet Manila’s Snow White

• Outstanding Classical Dance Production: Ballet Manila’s Don Quixote; Ballet Philippines’ Swan Lake; Ballet Philippines’ The Nutcracker

• Outstanding Sound Design: Jethro Joaquin, Repertory’s Agnes of God; Jethro Joaquin, The Necessary Theatre’s Blackbird; Jaime Godinez and Rards Corpuz, Globe Live/9 Works Theatrical’s Newsies; Rards Corpus, Full House/Resorts World Manila’s Chitty Chitty Bang Bang

• Outstanding Lighting Design: John Batalla, Repertory’s Agnes of God; Katsch Katoy, Repertory’s In the Next Room, or the Vibrator Play; Dennis Marasigan, Tanghalang Pilipino’s Ang Pag-uusig; John Batalla, REP’s Hair; Katsch Katoy, Ballet Philippines’ The Nutcracker

• Outstanding Set Design: Joey Mendoza, Repertory’s Agnes of God; Mio Infante, Repertory’s In the Next Room, or the Vibrator Play; Joey Mendoza, The Necessary Theatre’s Blackbird; Ohm David, Tanghalang Pilipino’s Ang Pag-uusig; Salvador Bernal, Ballet Philippines’ The Nutcracker

• Outstanding Costume Design: Bonsai Cielo, Repertory’s In the Next Room, or the Vibrator Play; Eric Pineda, Globe Live/9 Works Theatrical’s Newsies; James Reyes, Tanghalang Pilipino’s Aurelio Sedisyoso; Bonsai Cielo, Full House/Resorts World Manila’s Chitty Chitty Bang Bang; Salvador Bernal, Ballet Philippines’ The Nutcracker

• Outstanding Original Script: No nominations

• Outstanding Translation or Adaptation: Guelan Luarca, Tanghalang Pilipino’s Eurydice; Jerry Respeto, Tanghalang Pilipino’s Ang Pag-uusig; Alan Glinoga, PETA’s Ang Buhay ni Galileo

• Outstanding Original Libretto: J-Mee Katanyag, PETA’s Tagu-taguan (WINNER)

• Outstanding Original Musical Composition: Von de Guzman, Gantimpala Theater Foundation’s Maynila sa Mga Kuko ng Liwanag, The Musical; Diwa de Leon, Ballet Manila’s Ibong Adarna; Peta Music Pool (under Lutgardo Labad), PETA’s Ang Buhay ni Galileo

The Gawad Buhay Awards are chosen by an independent panel of critics, scholars, artists, and theater enthusiasts. The members of the jury are required to watch all productions of Philstage member-companies for the entire year.

Rep’s Silent Sky:Big on passion, a lot of science, and a little love story

By Nickky Faustine P. de Guzman, Reporter

Theater Review
Silent Sky
Presented by Repertory Philippines
Onstage, Greenbelt 1,
Ayala Center, Makati City
On view until March 25

THE WORDS “cerebral” and “cute” do not normally go together, but in Repertory Philippines’ latest production Silent Sky, they do.

Science nerds will geek out with the play’s discussions of, and references to, the cosmos, the Theory of Relativity, astronomy, and the vastness of galaxies where we are but specks of dust. But despite the many conversations and debates about science, the script by playwright Lauren Gunderson does not let its audience drown in intellectual talk. Silent Sky is not a story on how theories lead to other discoveries, but what it is about is one’s passion, grit, perseverance, and big dreams that can lead to exploration and breakthroughs.

Silent Sky is based on the life of the early 20th century astronomer Henrietta Swan Leavitt whose pioneering work lead to the discovery of galaxies other than our own. Not much is written about her (and other female scientists) in the history books, so the play is a tribute to her contribution to mankind. It is also an encouragement to all the women who must thrive in a patriarchal world.

Cathy Azansa plays Ms. Leavitt, a “computer” in Harvard College Observatory in the 1900s, who studies the sky and came up with a method to measure distance in space. Despite the negative attitudes toward women at that era — from disgust over women in pants and their fight for suffrage, and expectations that they must be subservient to men — she pursues her dreams and triumphs. Ms. Leavitt’s work paved the way for “better known” male astronomers like Edwin Hubble, who is said to have discovered the cosmos and after whom the Hubble Telescope was named.

Ms. Leavitt is joined by two other female scientists, Annie Cannon (played by Sheila Francisco) and Williamina Fleming (played by Naths Everett, who has to maintain a Scottish accent throughout the play). Despite being forbidden from using the Observatory’s telescope — just because they are women — together the trio mapped the stars, computing and recording their blinks, temperatures, and colors in their notebooks.

At an open rehearsal for the media, the play’s director Joy Virata told BusinessWorld she wanted the audience to learn about astronomy, “but not in a lecture-y way.” But more than that, she wants the theatergoer to see the power of a woman who takes her own chance when people do not give it to her.

The play spans 30 years, aided by the music (by sound designer Jethro Joaquin) and lighting (by lighting designer John Batalla) to signal the passage of time. The stage is almost bare, save from the two tables where the women do their astronomical research, but it does not matter — the story requires simplicity, and the excellent manipulation of sound and light helps the narrative shift between “time” and “space.” Apropos of the theme of the play, there is a huge realistic rendition of a sky full of stars — made from a painted backdrop, lighting, and projection — which twinkles and changes throughout the play.

Silent Sky is, as said earlier, not just cerebral but also has “cute” elements in it, notably a love story between Ms. Leavitt and her colleague, Peter Shaw (Topper Fabregas), which goes through the stages of infatuation to finally the admission of one’s admiration, and, is it love? Peter says he knows it is love because his heart is beating like a train. The love story is only imagined though — unlike the other characters in the play, Peter Shaw was not based on a real person, but was a tool for Ms. Gunderson to fully harmonize her themes of science and religion, history, family, and love.

(Spoiler alert!)

Unfortunately, the relationship does not pan out — thanks to work and family problems, the timelines of their lives do not coincide and, like Wadsworth Longfellow wrote, they are like “ships that pass in the night, and speak each other in passing.” Why do some career-oriented women, then and now, always have to choose between love and work?

Despite the sad love story, Silent Sky is, overall, a happy and encouraging story on how a woman forges her own path through a society bent on keeping her inside the lines. Listen carefully to the characters’ lines and thoughts about legacy, being content in the fact that we should not always know everything, and, finally, finding our place in the vast universe.

For show schedules and tickets (P1,200 and P1,500), visit TicketWorld at www.ticketworld.com.ph.

CLI to buy back P250M worth of shares

CEBU LANDMASTERS, Inc. (CLI) is allotting P250 million to buy back its shares, almost nine months after the company joined the Philippine Stock Exchange.

In a statement issued Tuesday, the listed property developer said the share buyback program will be executed over a period of 24 months, banking on the sustained growth it expects in the coming years.

“Our growth has been exceptional and we have a strong pipeline of VisMin (Visayas and Mindanao) projects where real estate demand remains high. CLI is well positioned to deliver outstanding shareholder value,” CLI Chairman and Chief Executive Officer Jose R. Soberano III was quoted as saying in a statement.

Companies launch a share buyback program when they believe their shares are undervalued. The exercise reduces the number of outstanding shares, effectively increasing earnings per share and elevating the market value of the remaining stocks.

Shares in CLI have been trading at an average of P4.69 apiece, 7.5% lower than its offer price of P5 each when it conducted an initial public offering in June 2017. CLI shares hit a high of P5.98 apiece on June 22, 2017, while it fell to a record low of P4.21 on Feb. 23.

On Tuesday, shares in the company were unchanged at P4.70 each.

The share buyback program will further allow the company to build up treasury shares to be used for its employee stock option plan.

“We are confident that offering stock options will allow us to retain and to attract the best talents,” Mr. Soberano said.

Alongside the share buyback program, CLI also announced that it will be giving out a regular cash dividend of 15 centavos per share on April 23.

CLI expects to breach its P1.2-billion net income target for 2017, as reservation sales surged 55% to P4.58 billion.

For the first nine months of 2017, its attributable profit stood at P960 million, up 77% year on year as revenues also climbed 67% to P2.77 billion for the period.

The Cebu-based developer currently has 46 developments in seven key cities in the Visayas and Mindanao region, consisting of 17,187 units in various stages of construction. Of this, 45% are residential condominiums, 22% are residential subdivisions, 22% are office and retail projects, while the remaining 11% are in the hospitality sector.

CLI expects to launch 20 more projects this year, including the first central business district in Davao City. — Arra B. Francia

Headline inflation rates in the Philippines

THE INCREASE of prices of widely used goods quickened further in February on account largely of the heavily weighted food and non-beverage sector, the government reported yesterday. Read the full story.
Inflation Rates

Gov’t makes partial award of bonds as rates rise

By Karl Angelo N. Vidal

THE GOVERNMENT made a partial award of fresh five-year Treasury bonds (T-bonds) it offered yesterday as investors sought higher returns following the February inflation figure.

At its auction on Tuesday, the Bureau of the Treasury raised P12.039 billion out of the planned P20-billion borrowing from the fresh bonds maturing on March 3, 2023.

Total tenders reached P25.884 billion, more than the amount the government wanted to raise.

The five-year bonds fetched a coupon rate of 5.5% with an average rate of 5.452%, 87.5 basis points higher than the 4.53% average rate fetched during the retail Treasury bonds offering in November, wherein the government also offered the same tenor to the market.

Had the government made a full award of the bonds yesterday, the coupon rate would have climbed to 5.75%. At the secondary market yesterday before the auction, the five-year papers were quoted at 5.309%.

It fetched a higher rate of 5.3166% at the close of trading.

National Treasurer Rosalia V. De Leon told reporters after the auction that there would be a steep climb in yields if they fully accepted the tenders.

“If we made a full award, it will be a really steep climb in terms of the five years… But with 5.5%, I think that’s within our own market expectations,” Ms. De Leon said, adding that investors factored in the February inflation data released early yesterday, as well as the market expectations of interest rate hikes coming from the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve.

Inflation accelerated to a three-year high of 4.5% in February, using 2006 as the base year in computing the headline figure. This was faster than the 4% print in January as well as the 4.2% consensus among economists in a BusinessWorld poll and beyond the 2-4% full-year target of the government.

Computed using the new base year of 2012, February inflation stood at 3.9%, up from the 3.4% print in the previous month.

The faster February inflation was attributed to higher prices of food, beverages and tobacco. This came after the government implemented the Tax Reform on Acceleration and Inclusion Act, which imposed hefty excise tax on certain commodities such as sweetened beverages, tobacco and fuel.

BSP Governor Nestor A. Espenilla, Jr. maintained his position that faster inflation is only transitory.

“Our forecast remains that inflation will decelerate back to well within target in 2019 whether based on 2006 or 2012 index,” Mr. Espenilla said.

Inflation’s upward trend boosted market expectations for the BSP to hike interest rates as early as its meeting this month.

In the US, Fed Chair Jerome H. Powell maintained to stick with its plan to gradually hike their interest rates, prompting market players to raise their expectations of Fed rate this year.

“In the [Federal Open Market Committee’s] view, further gradual rate increases in the federal funds rate will best promote attainment of both of our objectives,” Mr. Powell said in a testimony before the US Congress last week.

Meanwhile, Ms. De Leon added that the recent reserve requirements cut done by the BSP, which is expected to release around P90 billion into the financial system, was also factored in by the investors.

Meanwhile, a trader was “surprised” with the result of yesterday’s auction.

“[I was kind of] surprised with the result, but I guess they have no choice,” the trader said in a text message. “[It] must be an admission that CPI (consumer price index) might trend even higher.”

The Treasury plans to auction off P120 billion worth of Treasury bills and another P120 billion worth of Treasury bonds in the January to March period.

The total amount the government intends to borrow from the local market is higher than the P200 billion it offered in the last quarter of 2017.

The government borrows from local and foreign sources to fund its budget deficit, which for this year is capped at 3% of the country’s gross domestic product.

It targets a P888.23 billion gross borrowing plan this year.

100 lots up for bid at Salcedo’s ‘Important Philippine Art’ auction

SALCEDO AUCTIONS will be holding its “Important Philippine Art” auction, which will include Philippine furniture, tribal and ethnographic art, on March 10, 2 p.m. at Three Salcedo Place, Salcedo Village, Makati City. A preview of the pieces up for auction is on view from 10 a.m. to 6 p.m. daily until the auction date.

Consisting of over 100 lots, the pieces on offer present the full spectrum of Philippine artistry: from works by National Artists H.R. Ocampo, Jose Joya, Victorio Edades, Arturo Luz, Vicente Manansala, Ang Kiukok, and Benedicto “BenCab” Cabrera, masters like Fernando Zobel, Romulo Olazo, Mauro “Malang” Santos, and leading contemporary artists Rodel Tapaya, Alfredo Esquillo, Mark Justiniani, and Ronald Ventura; to fine Philippine furniture and antiquities.

The collection also includes a rare find, a letter written by Juan Luna from Mazas Prison, Paris during his incarceration for the shooting of his wife and mother-in-law, and one of the finest bulols (harvest gods) to be offered at a public sale, heavily encrusted with a patina of blood dating from the 19th century or earlier, and originating from Poitan, Eastern Banawe, Central Ifugao.

Among the sale highlights: a Mother and Child by Bencab; Untitled (Sunday Morning Going to Town), pastoral landscape by Amorsolo; Joya’s Tagaytay Mist, one of the largest paintings by Joya still in private hands; Solomon Saprid’s Tikbalang sculpture; Ronald Ventura’s Camo; Ang Kiukok’s Mother and Child; and Substance by Lao Lianben, an acrylic on canvas abstract work that invokes power and poise.

For inquiries, e-mail info@salcedoauctions.com or call 659-4094, 823-0956, or 0917-894-6550.

Inverted yield curve still a good alert for recession

AN INVERTED yield curve remains a powerful signal of a looming recession and that is still the case even if the current ultra-low level of US interest rates are taken into account, according to fresh research by the Federal Reserve Bank of San Francisco.

A negative curve, where the return to investors on shorter-dated securities is above that on longer-term bonds, has predicted all nine US recessions since 1955, with a lag of six to 24 months. Some have argued that this time is different, because interest rates are so low and a flattening yield curve doesn’t necessarily mean the US economic expansion is heading for trouble.

The findings, published Monday in the San Francisco Fed’s regular Economic Letter, show that the term spread, or the difference between short- and long-term interest rates, is as good today as it’s always been at spotting problems ahead. But there’s no urgency just yet. While relatively flat, the current yield curve doesn’t signal a high risk of a downturn even though the US economic expansion is already the third longest on record.

“Forecasting future economic developments is a tricky business, but the term spread has a strikingly accurate record for forecasting recessions,” study authors Michael Bauer and Thomas Mertens, who are both economists at the San Francisco Fed, wrote in their analysis. “While the current environment appears unique compared with recent economic history, statistical evidence suggests that the signal in the term spread is not diminished.”

The spread between one-year and 10-year Treasury yields is roughly 0.8%. This is slightly higher than the 0.64% it touched in early January, but is well under its 15-year average of around 1.75%.

“As of February 2018, the estimated recession probability is 11%, which is elevated but comfortably below the critical threshold given that the term spread is not yet close to zero,” they wrote.

Economists arguing that the world has changed point to several factors to back up their thinking, including that a decline in the so-called neutral rate of interest — a theoretical level that neither speeds up nor slows down economic activity — means that a rise in short-term borrowing costs will slow the economy less than in the past.

The study’s authors looked into this by incorporating several other variables, including the neutral rate asset prices, into their computer models and found that these don’t improve on the recession-spotting abilities of a simple model that only uses the term spread.

“While these hypotheses have some intuitive appeal, our analysis shows that they are not substantiated by a statistical analysis that incorporates the suggested factors into the type of predictive models we use,” they wrote. “An extensive analysis of various models leads us to conclude that the term spread is by far the most reliable predictor of recessions.” — Bloomberg

1...12,90412,90512,906...14,202Page 12,905 of 14,202
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube