Pru Life UK rolls out fund

October 4, 2017 | 12:02 am

By Melissa Luz T. Lopez, Senior Reporter

PRU LIFE UK has rolled out a balanced fund that will allow Filipinos to invest offshore, as part of the life insurer’s push for clients to diversify portfolios and deploy excess liquidity in the domestic market.

The insurer unveiled its Asian Balanced Fund on Tuesday, which enables clients to invest equally in equities and bonds under one platform.

The PRUlink Asian Balanced Fund allows investors to make dollar-denominated placements in bond and equity markets across the region, unlocking fresh opportunities to diversify portfolios among moderate-risk clients.

“We have gotten to the point now wherein we are really encouraging our customers to diversify their portfolio offshore. The main reason is because the capital markets here in the Philippines continue to be shallow,” Antonio G. De Rosas, president and chief executive officer at Pru Life UK, said in a media briefing on Tuesday.

“The fund has grown too big also, so customers need to diversify.”

The local unit of United Kingdom’s Prudential PLC paired up with Singapore-based Eastspring Investments to manage the new investment facility.

Eastspring has $170 billion worth of assets under management as of end-June.

Robert Rountree, global strategist at Eastspring, said the fund manager is investing heavily on tech shares, as well as in companies in the fields of consumer wealth and spending as these are the segments enjoying rapid growth in the region.

Mr. Rountree added that investing abroad would likewise open up opportunities to invest in booming sectors and companies involved in materials and information technology, which are yet to take off in the Philippines. Stock valuations also remain “low” outside Manila, even as dividends trend above global yields.

The Asian balanced fund is the 12^th investment platform managed by Pru Life, and will deploy placements into Asian bonds and equities managed by Eastspring in Luxembourg.

Holders of investment-linked insurance policies expressed in the dollar may avail of the balanced fund by Oct. 10.

Pru Life UK is the fifth biggest provider of life insurance in the Philippines, according to data from the Insurance Commission.

The data showed that the company’s premium income totalled P18.116 billion in 2016, accounting for nearly a tenth of the P182.744 billion total for the life insurance industry.

Marking my calendar

October 4, 2017 | 12:02 am

The new season of the National Basketball Association season is some two weeks away and like most fans, I, too, am very excited to get the festivities going especially after an eventful offseason, marked primarily by weighty player transfers.

Recently got a copy of the full schedule of the 2017-2018 season from the NBA and I did not waste much time marking some of the play dates I am looking forward to seeing.

Right off the bat on opening day on Oct. 17 (US time) is the clash between the reigning Eastern Conference champions Cleveland Cavaliers and runner-up Boston Celtics.

These two practically stole the limelight during the offseason for the dealings they made between one another and with other teams.

They swapped star players with Kyrie Irving going to Boston in exchange for fellow All-Star Isaiah Thomas along with Jae Crowder.

If that is not drama enough, both teams are coming in souped up with Cleveland now having former league most valuable player Derrick Rose and Jeff Green in the group.

Boston, meanwhile, has added All-Star Gordon Hayward from the Utah Jazz to join Irving as well as talented rookie Jason Tatum.

Also on opening day is the defending NBA champions Golden State Warriors against the Houston Rockets that will see the debut of All-Star Chris Paul in a Rockets red uniform.

On Oct. 19, the New York Knicks will visit the Oklahoma City Thunder that will have Carmelo Anthony facing his former team for the first time after being traded recently from Gotham.

Teammate and fellow All-Star Paul George will get his chance on taking on his old team when OKC visits the Indiana Pacers on Dec. 13.

Philadelphia is one of the teams I am eyeing this season because I want to finally see last year’s top overall pick Ben Simmons play his first official NBA game along with this year’s top pick Markell Fultz and “The Process” Joel Embiid. They debut on Oct. 18 against the Washington Wizards.

Kevin Durant and Golden State reengage his former team the Thunder and reigning league MVP Russell Westbrook on Nov. 22 with “Russ” bringing along “Melo” and “PG.”

On Oct. 26, DeMarcus Cousins plays in Sacramento for the first time since being traded to New Orleans last season and he himself said he cannot wait to play in his former home for he has a lot in his chest that he wants let off. Interesting, right?

And, of course, there is the Christmas Day schedule that will be bannered by the rematch between Golden State and Cleveland. Not much has to be said about this save that it is going to be slam bang.

Also on that date will be Philadelphia versus New York, Washington against Boston, Houston versus OKC, and the Jimmy Butler-led Minnesota Timberwolves against Lonzo Ball and the Los Angeles Lakers.

The thing about this list of mine, this is just some of the many actually in the first three months of the season.

NBA season once again, guys. Should be fun.

Michael Angelo S. Murillo has been a columnist since 2003. He is a BusinessWorld reporter covering the Sports beat.

msmurillo@www.bworldonline.com

Teacher’s job: Unlocking human potential

October 4, 2017 | 12:02 am

One of my first jobs after college was as a high school and college instructor in Baybay, Leyte at a school run by Franciscan missionaries from Cincinnati, Ohio. Being just 22 years old, and full of youthful energy I managed to set up a school paper and a dramatics group, aside from handling several classes in English literature, English grammar and composition, physical education and even religion! At night, I taught college classes and after 8:30 p.m., I coached newly arrived missionaries on Cebuano and Waray languages. After dinner, I did my lesson plans and caught up with correcting English language compositions. Whew. Good thing I biked around the Baybay town plaza before my evening college classes; and ran around the tennis court at the crack of dawn trying to learn the game.

My last regular job was also as a teacher in a graduate school. Truly, in my checkered career, to this day, I consider teaching my most difficult, demanding and challenging job. It was also among my lowest paid jobs. I was happy to discover later that AIM professors earn their living from consulting work, and that the teaching job is more for psychic rewards.

I am so glad that public school teachers now earn about the same as well-paid start-up call center workers. Because if we are not able to offer decent salaries to the people to whom we entrust the future of our children, how can we ensure that we are getting among the best and the brightest? It is extremely hard work, and calls for much natural talent, uncommon skills, and dedicated commitment beyond the 8-hour week-day.

Why teach? It doesn’t pay all that much.

Working with my students, even from my high school and college teaching days, are some of my most memorable and rewarding experiences. I am still in touch with one of my high school students in Baybay (from almost 60 years ago!) who is now Professor emeritus of Visayas State University, of which she was once president. Dr. Paciencia P. Milan is one of the Philippines’ experts on indigenous trees. Another one, formerly Ida Tan, regional spelling champion and selected later as Most Outstanding Student in the University of San Carlos in Cebu, who married a Peace Corps volunteer, has worked with her husband in various countries as teachers in international schools. Others have become doctors and CPAs.

As a former “tough” executive in ad agencies, I also find satisfaction in the success attained by some of the people who worked with me, some of whom have become marketing directors overseas, and company presidents and CEOs in our country. In fact, as I had hoped and predicted, they have surpassed me in their careers. Many of my secretaries have evolved into effective executives. This is the psychic reward that a teacher reaps as an enabler.

What does it take to become an effective teacher?

Mainly, it is less about being knowledgeable about facts and figures and dictating them to students; and more about knowing how to unlock the hidden potential of students or understudies. It calls for the courage to be demanding, and to set high standards and facilitating the learner’s ability to meet them. It calls for consistency and integrity in order to earn the trust and confidence of the learner.

It also calls for the courage to allow the learner freedom to independently explore, to raise questions, to work hard to discover solutions to issues and problems that they are allowed to encounter, to discover personal abilities they did not know they possessed, until challenged.

One of my fondest memories is helping enable a very shy boy of about 13 years old to perform the soliloquy of Shakespeare’s Hamlet onstage during a school program. His father was well-known as a stage actor and teacher; but he never included his son in stage performances because he was considered too introverted and shy. It took a lot of effort to convince the boy that he could do it. We practiced secretly in a closed room. When the day came for his performance, I told his dad to watch unobtrusively in the back row because I had a surprise for him. His dad was close to tears as he watched his son’s outstanding performance. That year, father and son worked together as actors in a stage play at the Baybay town fiesta. The boy had overcome his shyness and become more outgoing. Last I heard he had become a doctor of medicine.

As we go further into the knowledge- and technology-led global economy, the Philippines, which is lagging behind the rest of the world and even some of its ASEAN neighbors needs radical transformation in its education paradigms. Education is not about teaching methodologies. It is about learning methodologies. Education must more and more become learner-centered. This demands more and more of our teachers who must rapidly acquire new skills as facilitators of experiential learning rather than as mere dispensers of knowledge. This includes simulated experience through the case method in legal education, which is being increasingly adopted in medical and business schools. The Internet has opened up opportunities and vast options for self-education; and teachers must become skilled as guides to the students in accessing and making use of information and know-how to make life better for themselves, their families, their communities, and their country.

In addition to learning skills, this also calls for the right values and sense of responsibility that can best be imparted best through example. The job of a teacher calls for extraordinary skills, sensitivity to learners’ needs, and faith in their undiscovered human potential.

Teachers have to set high standards; and not be content with mediocrity. We have to overcome our culture of “pwede na” and “okay lang.” We must put in place enabling programs, policies and incentives to encourage and enable our best and brightest to become effective teachers, wherever they might be.

A culture of excellence is the key.

Metrobank Foundation’s awards program for outstanding teachers is a good example that encourages this. We must have more public recognition programs. And even more teacher upgrade programs. The business community can certainly help. The Philippine Business for Education can provide opportunities.

Teresa S. Abesamis is a former professor at the Asian Institute of Management and an independent development management consultant.

tsabesamis0114@yahoo.com

Margaret Atwood hails Handmaid’s Tale protesters

October 4, 2017 | 12:02 am

LONDON – Writer Margaret Atwood on Monday celebrated the use of her literary characters as a protest symbol in the United States, with her novel The Handmaid’s Tale reaching new audiences through a hit TV show.

More than three decades since her dystopian novel was first published, the red capes worn by fictional women forced to produce babies for elite couples have become “an immediately recognizable visual symbol” according to Atwood.

“I’m very pleased that people are able to use it in this way and that it’s had the impact that it has had,” the 77-year-old told an audience at London cultural hub the Southbank Center.

While the success of the book version of The Handmaid’s Tale has endured since it was published in 1985, it has reached new audiences through an award-winning television drama series and the unpredictable political scene under US President Donald Trump.

Those who have donned the striking clothing of Atwood’s characters include a group of women who in June stood outside the US Capitol in Washington to protest the US Senate Republicans’ health care bill.

“You have, practically, a scene from the show where a bunch of male legislators were making decisions about women with no women involved (in) making those decisions. So it’s a good protest thing,” said the prolific Canadian writer.

While activists have brought the fictional figures into modern-day politics, Atwood said The Handmaid’s Tale drama series was not changed despite filming taking place during the election of Trump last year.

“(Program makers) woke up on Nov. 9 and said, ‘We are now in a different show.’ Even though nothing in the show itself had changed, it was going to be framed differently,” she said.

The Handmaid’s Tale series picked up five Emmy awards in Los Angeles last month, including best drama series, just one of Atwood’s stories to make dark predictions about the future.

Her 2003 novel Oryx and Crake charted the destruction of the Earth by global warming, pandemics and genetic engineering. It hit the shelves shortly before the deadly outbreaks of SARS (severe acute respiratory syndrome) and bird flu, and as people increasingly became aware of climate change.

The Handmaid’s Tale preempted the Taliban’s misogynist regime in Afghanistan, although Atwood has insisted she is simply skilled at recognizing recurrent themes in history.

“I don’t believe that you can really predict the future, and nor do I believe that is only one inevitable ‘the future.’ There’s a number of possible futures, how you act now can influence what future we end up getting,” she told the audience in London. – AFP

Dashboard (10/04/17)

October 4, 2017 | 12:02 am

Honda to start delivering Civic Type R

THE first batch of the 100 Honda Civic Type R cars earmarked for the Philippines has arrived.

Honda Cars Philippines, Inc. (HCPI) said all 100 units of the Type R, the high-performance variant of the Civic, were reserved by customers only two days after the company accepting orders for the car. HCPI announced the introduction of the Civic Type R at the Manila International Auto Show in March, then opened the car for reservations in July. The company said some examples of the Civic Type R will be displayed, starting in mid-October, at select dealerships before these are delivered to their owners.

The Civic Type R — the first Honda Type R sold in the Philippines — is powered by a turbo-charged, 2.0-liter VTEC engine that makes 306 hp at 6,500 rpm and 400 Nm at 2,500-4,500 rpm. The engine is mated to a six-speed manual transmission (equipped with a rev match control system that can be switched on or off), which sends power to the front wheels through a limited-slip differential.

HCPI noted the Civic Type R has bespoke settings for its chassis, suspension and steering. It is fitted with Honda’s four-wheel Adaptive Damper System that adjusts itself to different driving conditions. Front brakes are ventilated, cross-drilled 350-millimeter discs with Brembo four-piston calipers. The variable-ratio electric power-assisted steering also adjusts its responses according to the driving mode selected — +R, Sport, and Comfort.

Marking out the Civic Type R are its special grille, a Type R spoiler, vortex generators at the trailing edge of the roof line, a carbon-fiber effect on the front and rear bumpers (as well as on the side skirts) and red accents. Filling the car’s enlarged wheel arches are 20-inch Berlina Black alloys that are wrapped in 245/30 R20 tires.

The car’s cabin is just as distinctive with its suede-like red and black fabric trim covering the bucket seats, a steering wheel with red leather inserts and hexagonal stitching, and carbon-fiber inlay surrounded by a red pinstripe on the dashboard. An exclusive Type R serial number plate (unique to every car) stamped near the gearshift lever and a titanium Type R shift knob polish the car’s interior further.

Meanwhile, the seven-inch, full-color Type R instrument cluster with red illumination includes virtual gauges and readouts for the selected driving mode and gear, turbo boost pressure, throttle/brake input, g-force and lap time recorder.

HCPI said it expects to complete deliveries of the 100 Civic Type R cars in 2018.

Aston Martin, Red Bull form F1 team

ASTON MARTIN and Red Bull Racing have formed a Formula One team that will compete under the banner of Aston Martin Red Bull Racing starting 2018.

Aston Martin said its has “strengthened” its Innovation Partnership with Red Bull that began in 2016, and which has already produced the Valkyrie hypercar. The tie-up will also result in other future products, as well as the new Advanced Performance Centre that is set to open on the Red Bull Racing campus in Milton Keynes, England, later this year.

The car maker added it is considering supplying Red Bull Racing a Formula One engine in 2021.

Toyota plants trees

TOYOTA MOTOR PHILIPPINES (TMP) said it has conducted a series of tree-planting activities as part of its All Toyota Green Wave Project.

The car maker said the program encourages its affiliates worldwide to plant 11 million trees. In the Philippines, TMP said members of its operation recently participated in planting trees inside the 82-hectare Toyota Special Economic Zone, as well as on the grounds of Pulong Sta. Cruz Elementary School.

The company said it held similar activities at its 10-hectare adopted forest inside the University of the Philippines Los Baños Makiling Botanic Gardens.

Urban poor need bigger share of dev’t — World Bank

October 4, 2017 | 12:02 am

THE World Bank said policy makers must not lose sight of the needs of the urban poor even as some countries move to prioritize rural development.

The bank said East Asia and the Pacific is the most rapidly urbanizing region of the world, with an average annual urbanization rate of 3%. The region also has the largest slum population, estimated at 250 million people.

Slums are urban communities where residents lack secure housing, safe and sufficient water supply and sanitation, among other basic services.

The report said that China, Indonesia, and the Philippines account for bulk of the region’s urban poor, at 75 million.

“Rapid urbanization is a challenge and an opportunity. Provide low-income residents with affordable transport services or housing, so they can save for their children’s education. Ensure that social protection programs are in place to help families cope during difficult times, such as in the aftermath of natural disasters,” World Bank Lead Urban Specialist Judy Baker was quoted in the bank’s Expanding Opportunities for the Urban Poor report.

The report provided recommendations to cater to the urban poor such as connecting them to job markets; investing in integrated urban planning; and ensuring affordable land and housing.

“Cities across East Asia have propelled the region’s tremendous growth. Our collective challenge is to expand opportunities to all in the cities — from new migrants living in the peripheries to factory workers struggling to pay rent — so that they can benefit more from urbanization and help fuel even stronger growth,” said Victoria Kwakwa, World Bank vice-president for East Asia and the Pacific.

The Philippine Development Plan 2017-2022 aims to push infrastructure and social development to rural areas, thereby reducing congestion in Metro Manila.

According to the National Economic and Development Authority (NEDA), 2,857 infrastructure projects worth P524.48 billion or about 56.06%, of the total P935.55 billion region-specific projects in its three-year rolling infrastructure program will be built in areas outside the National Capital Region.

However, Metro Manila is expected to receive 293 projects worth P180.37 billion for an outsized 19.28% share.

Meanwhile, NEDA noted that the poorest regions in the country — the Autonomous Region in Muslim Mindanao, Caraga, Eastern Visayas, Soccsksargen, and Northern Mindanao, will get 1,313 infrastructure projects worth P157.44 billion — or a share of 16.82%.

“Programs and policies to tackle urban poverty and social inclusion are not intended to come at the expense of addressing rural poverty, but rather are aimed at ensuring that urbanization’s benefits are widely shared and can create future opportunities for those in rural areas,” the report read.

It noted the Philippines’ conditional cash transfer as a “successful program” in providing social safety nets to the urban poor.

“Employment and income generation are critical to achieving poverty reduction and economic inclusion. A concerted effort by policy makers to better connect the urban poor with job markets is necessary if the urban poor are to secure “good jobs” or jobs with high enough wages to allow them and their households to meet basic needs,” the report read. — Elijah Joseph C. Tubayan

Indonesia’s Go-Jek on track to clash with Grab

October 4, 2017 | 12:02 am

GO-JEK, Indonesia’s first billion-dollar start-up, is looking to expand its ride-hailing services to three to four countries in Southeast Asia, escalating its rivalry with Grab and Uber Technologies, Inc.

Cofounder and Chief Executive Officer Nadiem Makarim didn’t specify the countries or services that Go-Jek will target, but said in an interview they will be places with a large population and where cash rules, hinting that Go-Jek’s digital payment service will be a key part of its push into new markets.

Singapore-based Grab, aided by massive funding from SoftBank Group Corp. and China’s Didi Chuxing, has pushed aggressively onto Go-Jek’s home turf. Grab, Southeast Asia’s largest on-demand transport company with operations in seven countries, is run by Anthony Tan, Makarim’s former classmate at Harvard Business School. For Go-Jek, this will be its first foray outside its home country.

“We’ve always been on the defensive,” Makarim said in Jakarta, without saying when Go-Jek would expand. “It’s time to bring competition to their doorsteps.”

After Indonesia, the Philippines, Vietnam and Thailand have the most number of people in the region, with a combined population of about 270 million. Go-Jek and Grab have rolled out mobile digital-payment services, seeing it as a way to scale their businesses and build a potentially lucrative business by offering financial services to a large number of people with little access to banking.

“I think we’ve cracked the model of a platform that works in an emerging economy where infrastructure isn’t so great,” Makarim said. “There is a high likelihood that we would leverage our full stack. If we come in, we come in with the whole sweep of weapons.” — Bloomberg

Fugitive Lascañas seeks reinvestigation of broadcaster’s killing

October 4, 2017 | 12:01 am

RETIRED POLICEMAN Arturo B. Lascañas, who claimed that President Rodrigo R. Duterte as mayor of Davao City organized his group as a killing squad, has again asked the Regional Trial Court (RTC) in Davao to reinvestigate the case against him on the death of broadcaster Juan P. Pala 14 years ago. The petition was submitted by his lawyer Jude Josue Sabio, the legal counsel of Mr. Lascañas, who remains in hiding after he fled the country in April. RTC Judge Retrina Fuentes issued a decision in July denying the reinvestigation of the case, which was filed by Mr. Pala’s widow, Louise. Ms. Fuentes has imposed a P360,000 bail for Mr. Lascañas as he is facing several charges, including two frustrated murder cases and a murder case for Mr. Pala’s killing. Mr. Lascañas initially claimed that there was no truth to allegations that Mr. Duterte was behind the so-called Davao Death Squad, but later testified before the Senate that the former mayor was the one who ordered the broadcaster’s shooting. — Carmelito Q. Francisco

Art & Culture (10/04/17)

October 4, 2017 | 12:01 am

Fly Me to the Moon

ARTIST PLAYGROUND presents Fly Me to the Moon, a play written by Carlos Palanca Memorial Awards for Literature Hall of Famer Rody Vera and directed by Jake Paule, from Oct. 13 to 22, at Arts Above, Artist Playground aII, 112 West Venue Bldg., West Ave., Quezon City. The play follows Melanie who goes to Japan to help her family, boarding a ship full of flesh-hungry sailors, and there she finds comfort in Jo, a karayuki-san who longs for her one true love Ibrahim. There will be 8 p.m. performances on Fridays, Saturdays, and Sundays, and 4 p.m. shows on Saturdays and Sundays.

Guided tour

VISITORS to the Cultural Center of the Philippines (CCP) can attend a guided tour of current exhibit Low Pressured Areas on Oct. 6, 5 p.m. The exhibit by KoloWn explores the various spaces of the CCP and includes site speciﬁc interventions. Those unable to attend the tour or are outside of Manila can visit the Web site bruce.kolown.net to ask questions about the exhibition. Low Pressured Areas is on view until Oct. 22. Currently running at the CCP is Attitude of the Mind, celebrating the centennial of National Artist Jose Maceda, which is on view at the Main Gallery until Dec. 3. Upcoming is Tahigami Music by Datu Arellano from Oct. 10 to Dec. 10 at the CCP’s Small Gallery.

Group show at MO_Space

MO_SPACE X presents Over Photography, a group exhibit featuring the works of Clara Balaguer, Jed Escueta, Czar Kristoff, koloWn, Cocoy Lumbao, Cris Mora, Mawen Ong, Nicole Tee, The Weather Bureau, and MM Yu, curated by Ringo Bunoan. The exhibit, which explores the limits of photography and visual representation, runs from Oct. 14 to Nov. 12. Over Photography is part of MO_Space X, a series of shows that celebrates the gallery’s 10 years of activities since its opening in 2007. The gallery is located at the 3^rd level, MOs Design, Bonifacio High Street, Bonifacio Global City, Taguig City.

PPO and cellist Wang

THE Philippine Philharmonic Orchestra (PPO), under the baton of its music director Yoshikazu Fukumura, continues to romance the classics in their second concert of the 35^th season on Oct. 13, 8 p.m., at the Cultural Center of the Philippines (CCP) Main Theater. For this concert, cellist Ray Wang – a founding member of the Hong Kong Virtuosi, the Canzone Trio, and the New Art String Quartet in Hong Kong – will perform with PPO. The program features W.A. Mozart’s Symphony No. 32 in G, E. Lalo’s Cello Concerto in D minor, and I. Stravinsky’s Petrushka (the complete ballet). For inquires, call the CCP Marketing Department at 832-1125 local 1806, the CCP Box Office at 832-3704, or TicketWorld at 891-9999.

Registration for Fringe

SINCE ITS first iteration in 2015, Fringe Manila has opened the Philippine arts scene up to new forms of theater, literature, music, dance, visual art, film, cabaret, performance art, spoken word, circus, and every genre in between. An open-access, uncensored arts and community festival, Fringe Manila focuses on showcasing fresh, daring, groundbreaking new work by emerging and established artists from the Philippines and from all over the world. It has, for the past three years, produced over 300 events, showcased the works of over 2,000 artists, and has attracted over 50,000 attendees. Now on its fourth year, Fringe Manila has opened Artist and Venue registrations for its 2018 festival. Artists of all types and backgrounds are welcome to apply for a spot in this year’s festival. Venues are also invited to register – be it a theater, gallery, bar, alleyway, suburban household, or toilet stall, all spaces are welcome to join in Fringe Manila’s month-long celebration of the arts. Artist and Venue Registrations for Fringe Manila 2018 are now open with a deadline of Nov. 10. Fringe Manila will take place from Feb. 7 to 25, 2018. To register, go to www.fringemanila.com, click artist registrations, fill out the online form and submit. To learn more, visit hello@fringemanila.com.

Langrish at Pineapple Lab

PINEAPPLE LAB presents Tides, artist Philippa Langrish’s appreciation of the Filipino woman and the different stages of their lives. These images, on rubber cut prints and plates reproduced on maps, symbolize the endurance and capability of women to adapt to their environment and be able to thrive and flourish. Running in parallel to this is the artist’s collection of dry-point, monotype, and collograph prints which in turn portray the seascapes and ocean life of the Philippines. As part of the exhibit, there will be a rubber cut workshop for children on Oct. 7, 1 p.m.-3 p.m. which is free of charge for children ages 12 to 18, and another rubber cutting workshop for adults on Oct. 12, 6 p.m.-8 p.m., where participants will learn the basics of rubber cutting, inking, and printing. The workshop fee is P1,500. The exhibit is ongoing at Pineapple Lab, 6071 R. Palma St., Poblacion, Makati City.

2 at Vinyl on Vinyl

NEW YORK-based artist Pinky Ibarra Urmaza works with aged materials, mostly vintage books, paper ephemera, and other flea market finds in her art. For her first solo show, These Days are Long the Years are Short, slated to open on Oct. 18, the artist creates visual poems of childhood memories and vignettes about parenthood. Also opening on that day is Kelli Maeshiro’s As I Wait for You. She starts with the concept of ohirom, a Japanese form of book binding daring to the 9^th century, and creates an open-ended narrative of her journey. The gallery is at 2241 Pasillo 18, La Fuerza Compound I, Chino Roces Ave., Makati City.

Takatak workshop

FROM WOOD carving to papier-mâché, and down to its decorative painting, this popular Filipino toy reflects the simplicity and creativity of local artists. Learn more about Takatak Project and how Laguna’s taka horses got a fresher and more contemporary look in this talk-workshop by Mary Velmonte on Oct.7, 1:30 p.m., at the Metropolitan Museum of Manila. Registration starts at 1 p.m. This talk-workshop is organized in conjunction with the Distinct Refinements: Painting from the Provinces exhibition, on view at the MET until Oct. 28. The lecture-workshop fee is P700, inclusive of museum admission, workshop kit, two taka horses, and exhibit guided tour.

RBI seen holding interest rates as slowdown bites

October 4, 2017 | 12:01 am

INDIA’S CENTRAL BANK is expected to keep its benchmark rate at a seven-year low this week amid slowing growth in Asia’s third-largest economy.

With inflation climbing fast toward the Reserve Bank of India’s (RBI) medium term target, the Federal Reserve starting to shrink its balance sheet and growing speculation the government may loosen purse strings to bolster the economy, the room for lowering rates in the coming months is narrowing.

Nevertheless, the RBI is expected to paint a subdued picture of the economy and could downgrade its forecasts for gross value added – a key input of gross domestic product that strips out taxes and subsidies – for the rest of the year.

That could prove to be bad news for India and might hurt inflows from foreign investors, who are already pulling out money from Indian assets. This has seen the rupee hit a six-month low last week.

A survey of economists conducted by Bloomberg News showed the RBI is expected to hold the repurchase rate at 6% until end-2017.

A separate survey forecast India’s growth at 6.8% in 2018, down from 7.3% earlier.

For the third-quarter of 2017, India is expected to grow at 6.6%, year-on-year, down from a previous forecast of 6.9%, as it grapples with uncertainty caused by a newly introduced goods and services tax, a banking system tackling bad loan problems and companies refusing to invest more as they try to lower debt taken during the boom years.

“We are in agreement with financial market and analyst expectations of a rate hold,” said Shilan Shah, India economist at Capital Economics, Singapore. “Further ahead, some are still expecting further, albeit modest, policy loosening. However, with core price pressures building, we expect rates to stay on prolonged hold.”

JUGGLING ACT
The RBI faces a juggling act over whether to bolster growth or retain its prime target of keeping inflation checked at 4% in the medium term. At the last meeting in August, it opted to cut interest rates to give an “urgent” boost to flagging investments.

At the same time, Governor Urjit Patel and his deputy Viral Acharya stressed the need for better monetary policy transmission, highlighting what many economists see as signals that the RBI was probably reaching the end of its rate-easing cycle.

“We will watch out for the evolution of domestic growth-inflation dynamics,” said Madhavi Arora, an economist at Kotak Mahindra Bank Ltd. “If growth and inflation continue to surprise on the downside, RBI could cut an additional 25-50 basis points in the next six months. Our base case currently is for status quo for rest of FY2018.”

While growth slowed to a three-year low in the April-June quarter from a year earlier, inflation in August accelerated to its fastest since March as food prices rebounded. Core prices, which strip inflation of volatile food and fuel items, also rose.

“We expect the RBI to leave policy rates unchanged, as momentum of core inflation has been much higher than expected and because the growth slowdown is due to non-monetary factors,” said Sonal Varma, chief India economist at Nomura Holdings Inc. in Singapore.

India’s manufacturing sector grew in September on the back of an increase in new orders and output, a private survey showed on Tuesday. However, fresh export orders fell, unwelcome news for an economy where demand for goods from overseas markets had dragged down growth in the April-June quarter. The Nikkei India Purchasing Managers’ Index was at 51.2, unchanged from August, with a number above 50 indicating expansion.

FISCAL RISKS
Investors are waiting to see whether the government will spend more to boost the economy and if that would entail any fiscal slippage. Any extra spending could prove to be inflationary and might crimp room for the RBI to lower rates.

Speculation has been swirling about a stimulus to the economy that has been bogged down by an unprecedented cash ban and tax reforms. With elections a little more than a year away, pressure has been building on Prime Minister Narendra Modi to spur investment and create jobs for the swelling workforce.

“Risk of fiscal slippage, higher oil prices and a weaker currency are additional reasons to stay on guard,” Nomura’s Varma added. — Bloomberg

Catalan leader calls for international mediation amid fierce opposition to region’s independence bid

October 4, 2017 | 12:01 am

MADRID/BARCELONA — The secessionist leader of Catalonia called for international mediation on Monday in the region’s dispute with Madrid, a day after hundreds of people were hurt as police swung truncheons and fired rubber bullets to disrupt an independence referendum.

Results showed voters had overwhelmingly backed independence in the referendum, which Spain has ruled illegal and which opponents of secession mostly boycotted.

The vote was valid and must be implemented, said Catalan leader Carles Puigdemont.

“It is not a domestic matter,” he told a news conference on Monday. He said it was “obvious that we need mediation,” adding: “We don’t want a traumatic break … We want a new understanding with the Spanish state.”

Prime Minister Mariano Rajoy met leaders of other political parties and his conservative government issued a statement saying he was seeking a joint response to the crisis. He also spoke to other European leaders and thanked them for supporting Spain’s constitutional order, the statement said.

In Barcelona, hundreds of students gathered in a central square to protest at Sunday’s police crackdown, chanting pro-independence slogans and waving Catalan flags.

The government crackdown had “provoked an unacceptable totalitarian situation using state violence,” student Albert Lopez said. Another protest was held later outside the headquarters of the Spanish National Police in Barcelona.

Elsewhere, life in the city returned to near normal, but the violence had clearly left people in shock and may have hardened attitudes among those who favor independence.

“There is no possibility of dialogue now with the government. We are clear on that,” said a 51-year-old retired worker who declined to give his name.

Spain’s wealthiest region, wedged in the northeast on the Mediterranean coast below the mountainous border with France, has its own language and culture, and a growing minority there have nurtured hopes of independence for years. Madrid says the constitution prohibits secession and is non-negotiable.

The crisis could deepen further if the Catalan regional parliament uses the vote as justification for a unilateral declaration of independence, as foreseen in the referendum law enacted by the region but rejected by Madrid.

With 95% of the vote counted, authorities said the “Yes” vote stood at 90.1%, on a turnout of 2.26 million out of 5.34 million registered voters.

Polls before Sunday’s vote put support for secession at only around 40%, but most opponents were expected to boycott the vote. The Spanish government has taken the risk that its violent crackdown could increase support for the secessionists.

Mr. Puigdemont, who held the vote in defiance of a court order, urged Mr. Rajoy to say whether he was in favor of mediation, which he said should be overseen by the European Union (EU). He said Brussels had been timid and lacked courage on the matter.

An EU spokesman declined to say whether the Union would mediate, although it would be unusual for Brussels to take such a step within one of the bloc’s own member states.

Other European leaders have mostly shied away from commenting on what they consider an internal matter, although some have expressed alarm at the violence.

Mr. Rajoy held meetings on Monday with Pedro Sanchez, leader of the opposition Socialists, and centrist Albert Rivera.

Mr. Rivera called on Mr. Rajoy to suspend Catalan autonomy and hold elections in the region to change the nationalist-led government there, something Madrid has not ruled out.

Mr. Sanchez urged the prime minister, who takes a hard line against Catalan separatism, to start a dialogue with Mr. Puigdemont. He disapproved of the police charges which left many injured on Sunday, a Socialist Party statement said.

Spain’s two biggest trade union federations, the General Union of Workers and Workers’ Committees (Comisiones Obreras), distanced themselves from calls by pro-independence groups and trade unions in Catalonia on Sunday for a general strike in the region on Tuesday.

Elsewhere in Spain, Catalonia’s bid for independence is fiercely opposed and led to pro-unity demonstrations in many cities from Zaragoza to Madrid over the weekend.

“I don’t agree with the police charging at people but, on the other hand, when you do something illegal you have to take responsibility for the risks,” said Madrid resident Gemma Lopez.

MARKETS RATTLED
Any move to impose central control over the region of 7.5 million people risks hurting Spain’s emergence from years of recession. Financial markets were rattled. Spain’s borrowing costs surged and its blue-chip stock index fell 1.2%.

Ratings agency Fitch said the confrontational nature of the vote in Catalonia increased Spain’s near-term political risks and would make a negotiated solution more complicated, but said it views Catalonia’s secession from Spain as very unlikely.

Catalonia is a center of industry and tourism accounting for a fifth of Spain’s economy, a production base for major multi-nationals from Volkswagen to Nestlé, and home to Europe’s fastest-growing sea port. Although it already has extensive autonomy, its tax revenues are crucial to Spain’s state budget.

The events in Catalonia have forced Mr. Rajoy to delay talks over next year’s budget after a key political group withdrew support for his minority government until the issue is resolved. But other parties’ sharing his opposition to Catalonia’s secession suggests that his position is not in danger.

The ballot, which asked voters if they wanted an independent republic, has no legal status as it was banned by Spain’s Constitutional Court for being at odds with the 1978 constitution, which states Spain cannot be broken up. — Reuters

Mueller, Morales, Dotard, and Duterte

October 4, 2017 | 12:01 am

The similarities are too striking to ignore.

Both US President Donald Trump (whom North Korean dictator Kim Jong-Un called a “dotard”) and President Rodrigo Duterte (whom a mischievous columnist dubbed “Dutertard”) are uneasy over investigations by Special Counsel Robert Mueller and by Ombudsman Conchita Carpio-Morales, respectively, for possible violations of law.

The results could, presumably, be an impeachment complaint against the sitting heads of state. But that is where the similarity ends.

If Mueller succeeds in building a case for obstruction of justice or for collusion with Russia, an impeachment proceeding could be taken against Trump, even if both houses of the US Congress are controlled by the Republicans.

An impeachment can only be initiated by Congress. Although the Republicans, in general, have been hesitant to speak out against Trump’s listless presidency, there have been signs of a break from the ranks, and not just by maverick Senator John McCain. Even GOP stalwarts, House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell have become visibly irked by Trump’s bluster and mindlessness.

It may be recalled that President Richard Nixon, a Republican, was forced to resign, in the wake of the Watergate scandal, after a visit by key GOP legislators. If Mueller, backed by US media and with an outcry from the American public, presents a strong case for Trump’s impeachment, the Republican dam could break, in a manner of speaking, and The Donald will have to leave the White House.

Not the case in the Philippines.

Even if, by some miracle, Ombudsman Morales builds a convincing case of corruption or unexplained wealth or violations of the Constitution against Duterte, there is no way that House Speaker Pantaleon Alvarez and his congressional Mafiosi will find “sufficient form and substance” in an impeachment complaint that may be filed against their Malacañang patron.

There is a possibility that an impeachment complaint against Duterte could have a chance of being adjudicated in the Senate — if it ever gets to that stage — but Duterte point guards Senators Koko Pimentel, Tito Sotto, Manny Pacquiao and Dick Gordon, may have the trash bin waiting to greet the complaint at the entrance to the hallowed halls of the Senate.

As the Mafia in New York would put it, “Fuggedaboudit!”

On the other hand, the late unlamented president Ferdinand Marcos appeared formidable too, during his time. But he was eventually taken down. Even in the Philippines, nobody rules forever. Besides, one predictable characteristic of Philippine politics is the unpredictable loyalty of so-called allies. Filipino politicos are quintessential survivors and would make a pact with the devil to remain in power — ask Senator Dick Gordon.

In other words, even Duterte’s seemingly formidable fortress can be eroded from within. However, don’t count on the leaders of the opposition Liberal Party to do it. Their disappointing tenure, under President Benigno S. C. Aquino III, is too recent to present as a preferable alternative to a Duterte administration.

A changeover from Duterte to the LPs would be like falling from the frying pan into another frying pan.

There is also a vast difference between Da Apo of the Ilocanos and the King of Mount Apo in Davao. Marcos, despite wanting to be president for life, was nearing the termination of his immortality. The US was aware of it and was just waiting for a reason to unplug the life support. Worse yet, Marcos made the mistake of threatening the master intriguers in his administration, led by Defense Secretary Juan Ponce Enrile and PC Chief Gen. Fidel V. Ramos.

However, We Belong, the group of young military officers that led the incipient uprising against Marcos, was not formed overnight. For the revolutionary embers to burst into flame, it took years of intrigue between Ramos vs. AFP Chief of Staff Gen. Fabian Ver, on one hand, and between Presidents-in-waiting First Lady Imelda Marcos vs. Enrile, on the other hand.

Even assuming that there is some revolutionary fervor currently throbbing in the hearts of some officers of the AFP, it will take years and a charismatic leader to transform that fervor into a willingness to fight and die for a cause. The generals are too comfortable in their positions to bother about staging a revolution that will simply kick out one group of opportunists, only to install another group of opportunists.

Besides, is there such a charismatic leader in sight?

Certainly not Senator Antonio Trillanes IV. He is currently useful as a pain-in-the-ass against Duterte, but Trillanes is not beyond reproach. He has been described by some as Judas Incarnate.

What about former President Ramos? Does the old soldier still have the fire to return from retirement and lead his people to redemption, like Gen. Douglas MacArthur and British leader Sir Winston Churchill? Ramos’s detractors insist that he, too, is not beyond reproach.

What about the Central Intelligence Agency, which has a reputation for replacing pesky national leaders of strategically important countries? I think the CIA has more than enough on its hands to bother about Duterte who, in spite of his bluster and much-publicized Chinese leanings, still wants to be on the good side of America. Besides, Duterte’s term is finite and all too short. One more indication that the CIA may not be motivated to take out Duterte is the fact that Malacañang is preparing to welcome Trump to Manila in November this year.

In sum, the options to replacing Duterte are not attractive at this point. Ombudsman Morales and her deputy, Arthur Carandang, will make a lot of noises about digging up evidence of unexplained wealth against Duterte, but it is not likely that they will come up with anything substantive while Duterte is in office. Some pundits think that solving the traffic mess in Manila is more likely to happen than for Morales and Carandang to build a case against Duterte.

Does anyone actually believe that the Anti-Money Laundering Council or the National Bureau of Investigation or the Justice Department will cooperate with them?

Fuggedaboudit!

Duterte has been giving broad hints about extending his tenure (whether through a declaration of martial law, or the implementation of federalism or through his preferred successor, Sara Duterte-Carpio), but by his own admission, only two out of five statements he makes are the truth. So, one never knows what is on Duterte’s mind.

Only one thing is certain: the charade will go on and on to provide entertainment to the Filipino people. Recently, Trump boasted that the viewership of the NFL has dived because American football fans now prefer to listen to Trump’s speeches.

That, of course, is another Trump hyperbole.

But, what may be a fact is that in the Philippines, televiewers follow the endless investigations by Congress and the Ombudsman, as well as the antics of Duterte, more avidly than the TV soaps.

Greg B. Macabenta is an advertising and communications man shuttling between San Francisco and Manila and providing unique insights on issues from both perspectives.

gregmacabenta@hotmail.com

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