Home Blog Page 1549

SM Prime says retail bond offering generates P25B

By Revin Mikhael D. Ochave, Reporter

SY-LED property developer SM Prime Holdings, Inc. on Tuesday said it successfully raised P25 billion through its fixed-rate retail bond offering.

The company listed the bonds on the Philippine Dealing and Exchange Corp. on June 24, SM Prime said in a statement to the stock exchange.

The funds generated will be used to refinance existing debt obligations and to further expand SM Prime’s property portfolio, the company said.

“The successful listing of SM Prime’s fixed rate retail bond Series V, W, and X have been met with overwhelming demand from the investing public, resulting in a three-fold oversubscription that has allowed us to raise an impressive P25 billion,” SM Prime Chief Finance Officer John Nai Peng C. Ong said.

“This remarkable success is a testament to the unwavering trust and confidence that our shareholders, customers, business partners, and the investing community have placed in SM Prime,” he added.

The interest rates for the peso-denominated bonds are set at 6.5754% for Series V maturing in 2027, 6.7537% for Series W maturing in 2029, and 6.9650% for Series X maturing in 2031.

This bond issuance marks the first tranche of SM Prime’s P100 billion shelf registration of fixed-rate bonds, which was approved by the Securities and Exchange Commission (SEC) on May 23.

Sought for comment, Jose Antonio B. Cipres, a research analyst at AP Securities, Inc., said: “The oversubscription implies that investors are already highly satisfied with the yield offered, providing clearer signals for the interest rate outlook moving forward.”

“(We expect the same result), especially if the top property developers will be the one issuing bonds with almost the same yield,” he said in a Viber message.

April Lynn Lee-Tan, chief equity strategist at COL Financial Group, Inc., said that confidence in the property sector remains “a case-by-case basis.”

“SM Prime has good cash flow so it’s not surprising that demand is good,” she said in a Viber message.

The property developer tapped BDO Capital & Investment Corp. and China Bank Capital Corp. as joint issue managers, who are also acting as joint lead underwriters along with BPI Capital Corp., East West Banking Corp., First Metro Investment Corp., Land Bank of the Philippines, Security Bank Corp., and SB Capital Investment Corp.

SM Prime and SM Investments Corp. previously announced its maiden $3-billion multi-issuer European Medium Term Note (EMTN) program. It aims to finance expansion and debt payments. EMTNs are a debt security that are issued and traded overseas.

For the first quarter, SM Prime recorded an 11% increase in its net income to P10.5 billion as consolidated revenue increased by 7% to P30.7 billion led by stronger mall and residential businesses.

SM Prime shares rose by 0.56% or 15 centavos to P27.15 per share on Tuesday.

NALEX, SALEX construction set – TRB

SHIVENDU SHUKLA-UNSPLASH

THE TOLL Regulatory Board (TRB) said it expects the full-scale construction of the P148.30-billion Northern Access Link Expressway (NALEX) project to commence in the fourth quarter.

“We already implemented what we call Balintawak Advanced Works for NALEX. So, by the last quarter of this year, we can do its full-blast implementation,” TRB Executive Director Alvin A. Carullo told reporters recently.

Mr. Carullo said the P152.39-billion SALEX, also known as the Southern Access Link Expressway, is expected to begin construction next year, pending the submission of the final engineering design of the project.

NALEX and SALEX are both components of the Greater Capital Region integrated expressways networks.

NALEX is divided into two phases: the first phase is a proposed 136.4-kilometer expressway connecting Metro Manila, the New Manila International Airport, and Central Luzon, while its second phase, involves a demand-driven expansion from Pampanga to Tarlac City.

SALEX is a planned 40.65-kilometer elevated expressway network consisting of the Shoreline Expressway and three extensions of the Metro Manila Skyway Stage.

Both projects were approved in 2022, with SMC Northern Access Link Expressway Corp. as the project investor and Skyway O&M Corp. as the operator. — Ashley Erika O. Jose

MoCAF festival brings in more artisans, galleries for its 3rd year

THE EXPANSION of the Modern and Contemporary Art Festival (MoCAF) into a bigger platform continues in its third year, with 47 galleries and 11 special exhibitions exemplifying its goal of art inclusivity and dynamism.

From July 5 to 7, MoCAF will present galleries, experiences, and dialogues at the Marquis Events Place in Bonifacio Global City (BGC), Taguig.

The festival will mix both young and established galleries, new and longtime artists — even unknown artisans and underground communities — all in one space, MoCAF’s organizers said at the media launch on June 18.

LARGER VENUE
To execute a more impactful festival, this year it will be held at the four-story Marquis Events Place.

“We have more galleries simply because Marquis has many ballrooms and a courtyard, allowing for more space,” said Coleen Wong, MoCAF’s festival director, during the program.

The Main Ballroom will house the spaces of 24 galleries, with seven being foreign galleries from Malaysia, Singapore, Japan, and France, while the Courtyard will house 13 galleries as part of the festival’s newest segment, MoCAF XTN. The 11 special exhibitions will showcase event-exclusive pieces by Katrina Cuenca and Michael Cacnio, among others, as well as curated shows by the Department of Tourism.

Fourteen artists from last year’s MoCAF Discoveries will return through the various galleries. This year, the program for new artists welcomes 28 members.

“Many have a focus on crafts and artisanal work. We wanted to offer a platform for other forms of art, not just visual arts like painting and sculpture, but also prints, merchandise, and fashion,” Ms. Wong added.

Food concessionaires, live art activations, and panel discussions through MoCAF Dialogues section aim to make the event more exciting. Topics to be discussed will include plagiarism, art conservation, and other relevant art issues.

MoCAF XTN
To extend the event’s reach, this year introduces MoCAF XTN, a format that supports young, potentially game changing galleries, artisanal shops, and artists’ groups.

“This new offering is something that allows younger players to join us so that no one is left behind. We wanted to do more, not just be an art fair, because there are many of those already,” MoCAF’s festival chairman Ricky Francisco told BusinessWorld after the launch.

“We wanted to ensure that we don’t just show established players, but also forms of art beyond high art,” he said.

Neophyte galleries like M Gallery and Nami Art Gallery will showcase both traditional artworks as well as art-inspired merchandise such as clothing, books, pottery, and other forms. The Artisans section of XTN includes the collection of Imao Studios, featuring stickers and tote bags that bring National Artist Abdulmari Imao’s works closer to the youth.

The local and international prints of Spruce Gallery and textile paintings courtesy of clothing brand RIOtaso will also expose festivalgoers to underrated forms of art. Meanwhile, Very Good Gallery, an artist-run space from Imus, showcases the authenticity of the lowbrow art movement, previously shown in their de lata underground shows in the heart of Cavite.

“We believe that art is not just for the rich; it should be for everyone. Vetting is one of the most important things that art festivals do, so we do our homework and bring them to the spotlight,” said Mr. Francisco.

MoCAF 2024 will run from July 5 to 7 at the Marquis Events Place in BGC, Taguig. Attendees can secure their tickets, priced at P300, at www.mocaf.net. Students, PWDs, and Senior Citizens are entitled to discounts on the ticket price. — Brontë H. Lacsamana

DMCI Power sees higher energy sales volume this year

By Sheldeen Joy Talavera, Reporter

OFF-GRID ENERGY GENERATOR DMCI Power Corp. expects a higher energy sales volume this year, propelled by increased demand and dependable operational performance, its top official said.

“I can say that it should be a lot higher than last year because, (in) our experience, for the first five months of this year, it has been a lot higher than last year; (we’ve seen) double-digit growth in volume.” DMCI Power President Antonio E. Gatdula, Jr. said in an interview with BusinessWorld last week.

He noted that last year’s weather was rainy compared to this year’s El Niño conditions, prompting increased use of air cooling appliances to alleviate warmth.

“In terms of availability of our plants, we have not experienced load shedding in Masbate even if we experienced high demand this year,” Mr. Gatdula said.

He added that the company has been prepared and has not experienced any load shedding, or reduction in electricity supply to prevent a complete blackout, across all sites.

In 2023, DMCI Power recorded an energy sales volume of 454 gigawatt-hours (GWh), marking a 7% increase from the 426 GWh recorded in 2022.

This increase was attributed to solid demand and targeted investments in underserved and unserved areas.

As of June 22, Mr. Gatdula noted that the company saw a 12% growth in its sales volume compared to the same period last year.

“Hopefully, weather permitting, we can maintain double digit growth up to the end of the year,” he said.

Mr. Gatdula also said that the company will be spending its “biggest annual capital expenditure” for 2024, which amounts to about P2 billion, on various energy projects.

One of the projects under development is a 12-megawatt wind farm on Semirara Island in Antique province, scheduled to commence operations by the first quarter of 2025.

Mr. Gatdula said the company aims to conduct testing of the wind turbine in December.

Established in 2006, DMCI Power primarily focuses on providing energy to off-grid small and remote islands. Its portfolio includes diesel, bunker, and thermal energy solutions.

Adapting to more modern concepts of love

ILYYPNC/FLAUDYN LAPASARAN

By Brontë H. Lacsamana, Reporter

Theater Review
I Love You, You’re Perfect, Now Change
By Joe DiPietro
Directed by Menchu Lauchengco-Yulo
Presented by Repertory Philippines

THERE are multiple facets of love and many stages in a romance, from dating and relationships to break-ups and marriage. An acclaimed off-Broadway musical comedy from 1996, known for being painfully honest and funny in its approach to this topic, is back to bring its witticisms to an online society.

Its impact is now changed, as one will find in this latest version by Repertory Philippines. The company first handled this material by Joe DiPietro and Jimmy Brooks in 2006, and this time, it made revisions to ensure the narratives apply to the Gen Z experience. Scenarios now include swiping left or right on dating apps, watching Netflix, a gay couple having a baby, and even rude guys sending dick pics.

“We actually had this show way back 18 years ago when we were still at Onstage Greenbelt. This will be different because it’s the first time we are having Menchu direct a play for Rep,” said Mindy Perez-Rubio, the company’s chief executive officer and president, at the preview night of I Love You, You’re Perfect, Now Change.

Under Menchu Lauchengco-Yulo’s watchful eye, the musical revue’s vignettes challenge its four actors to take on 40 characters, each serving fresh takes on modern dating and relationships. It is a challenge met very capably by Gian Magdangal, Krystal Kane, Gabby Padilla, and Marvin Ong, who all shift from one character to the next, complete with costume and body movement and accent changes, as if it were nothing.

“Find someone to love! Someone you think is perfect! And spend the rest of your life trying to change them,” is the funny yet achingly relatable message that the four act out over the course of the play.

Aided by Joey Mendoza’s set design, choreography by Stephen Viñas, projector graphics by GA Fallarme, and lighting by Meliton Roxas, Jr., the actors take us from a romantic dinner date to a busy roadside to a chaotic household to a funeral filled with old people. The actors’ movements and the minimalist set work together to tell an array of stories. Projections of strangers in a crowd amid the hustle and bustle of a metropolis convey the idea of love as simply a part of the ebb and flow of real life, an effective utilization of digital screens in a theater.

Most notably, director Lauchengco-Yulo placed the four actors in roles and songs (given a fresh spin by musical director Ejay Yatco) that brought out the best of them.

Mr. Magdangal, with his towering height, alternates between being a gentle giant and an intimidating hulk. He is hilarious as a man trying his best not to cry at a tearjerker movie while on a date with his girlfriend, and as a gay man speaking to his child in baby talk. The best of his roles is definitely the jailed convict performing “Scared Straight,” a ridiculous matchmaking monologue from hell.

Ms. Padilla’s take on “The Very First Dating Video of Rose Ritz” comes face to face with a divorcee falling apart during her attempt at online dating. It is literal too, with her selfie camera projected on the massive screen onstage allowing us to see her emotions close-up, perfect for the seasoned actress.

Ms. Kane gives a remarkable performance in “Always a Bridesmaid.” The powerful country-style track highlights her strong vocals, cloaked in a believable Southern drawl, as she embodies the mixture of contempt and yearning the character feels.

Mr. Ong shines in the more lowkey yet heartfelt song “Shouldn’t I be Less in Love with You,” a man’s ode to three decades of marriage with his wife. It’s a beautiful piece that gives longtime couples something to connect with, a rare moment of calm on the chaotic highway of love.

The lighthearted ensemble pieces give all four actors the opportunity to interact, with “Single Man Drought” lamenting the poor quality of first dates andMarriage Tango” echoing the frightening realities of the impending lifelong ball and chain.

Younger millennials and older Gen Zs in the crowd related most to “Hey There, Single Guy/Gal,” sung by Magdangal and Kane as two frustrated parents bemoaning their son and his girlfriend’s decision to split and reenter the single life. But perhaps the most endearing, especially to introverts in the crowd, is “A Stud and A Babe,” performed by Padilla and Ong as a couple on a first date discovering that their insecurities are a bedrock for them to connect with each other.

A poignant note to end on is the vignette of an elderly couple who meet at a wake and find a comfortable sort of love. Magdangal and Kane’s rendition of “I Can Live With That” is melancholy and cute, a rare picture of dating at the sunset of one’s lifetime.

While I Love You, You’re Perfect, Now Change first premiered off-Broadway 28 years ago, newer versions like Rep’s allow the revue to morph into something newer generations can enjoy. Perceptive youths may sense that the gay couple and the online dating elements were merely insertions to material that is outdated by today’s standards, with conceptions of love that are not new at all, but the core of the play remains true. Those willing to look past the cringe-inducing sweetness and painful relatabilities will find that it is hilarious and tender, at times ridiculous but also deeply earnest, ultimately a cute and pleasant theater experience.

SEC OKs Greenenergy’s investment in RE subsidiary

LISTED firm Greenergy Holdings, Inc. said it has received approval from the Securities and Exchange Commission (SEC) for an additional investment of P480 million into its renewable energy subsidiary.

The SEC approved the company’s acquisition of 480-million shares in its wholly owned subsidiary, Winsun Green Ventures, Inc., Greenergy said in a stock exchange disclosure on Tuesday.

“The transaction will strengthen the position of the Company in renewable energy (RE) and sustainable community projects,“ the company said.

With the approval of the SEC of the increase, the subscribed shares are now issued to Greenergy, the company said.

With the SEC’s approval of the increase, the subscribed shares have now been issued to Greenergy, the company said.

These stocks were issued as part of the authorized capital stock increase of Winsun from 20 million shares to 500 million shares at P1 each.

Greenergy has already paid P185 million upon subscription, with the remaining balance of P295 million payable within 60 calendar days from subscription.

The company described Winsun as engaged in energy projects, encompassing the exploration, development, and utilization of renewable energy (RE) resources, as well as the importation, exportation, and operation of RE systems and facilities within and outside the Philippines.

Greenergy initially focused on manufacturing specialty semiconductor products before diversifying into renewable energy.

At the local bourse on Tuesday, shares in the company went up by P0.004 or 1.90% to close at P0.21 each. — Sheldeen Joy Talavera

Aliwan Fiesta raises the bar for Philippine festivals

ALIWAN FIESTA 2023 — RENIER LYCES PREPOSE

ALIWAN Fiesta, an event that showcases festive traditions from all over the Philippines, is returning to the streets of Pasay City from June 27 to 29, amid the alternating summer heat and sudden rains.

The annual competition is known for bringing together champions from major dance and pageantry circuits in various regions’ festivals, such as the Dinagyang from Iloilo, the Sinulog from Cebu, and Panagbenga from Baguio.

This year, it kicks off with a first-time event, with homegrown musicians from the various dance contingents vying to win the festival song competition.

“We brought back this component because, aside from the streetdance, we realized the musicians of the contingents play a very important role. We are showcasing the musicians by holding a separate competition on day one, called ‘Tugog ng Aliwan’,” said Ruperto S. Nicdao, president of the MBC Media Group at a June 24 press conference at the Aliw Theater in Pasay City.

“Over the years, we’ve found that the contingents have improved their performances. The existence of this national competition has pushed them to do better, to showcase more artistic choreography,” he added.

The event was conceived in 2003 by the MBC Media Group (then the Manila Broadcasting Company), in cooperation with the Cultural Center of the Philippines (CCP) and the cities of Manila and Pasay.

It brings together the winning performance groups from the multitude of fiestas held throughout the country. The parades held during Aliwan Fiesta are competitions that yield a large cash prize for the winners.

Last year, the parade route was limited to the CCP Complex due to road repairs along Roxas Blvd. in the City of Manila. This year, it will be the same.

“We have to do this so that we don’t add to the city’s traffic problem. Hopefully, next year we can go back to the original parade route, all the way from Quirino Grandstand to here. Many are clamoring for this because that venue and that route can accommodate larger crowds,” said Mr. Nicdao.

Aside from the street dancing parades, there are flea markets featuring products from the different regions, and entertainment care of local musicians. The Pasakalye Concert on June 27, 7 p.m., will feature a star-studded lineup of artists including Dilaw, Ryssi Avila, Arthur Miguel, Yes My Love, and Auxbeat.

There is also a beauty pageant, called Reyna ng Aliwan, on June 28, and a competition in float design joining the streetdance festivities for the Grand Parade on June 29.

Eric Zerrudo, the executive director of the National Commission for Culture and the Arts, told the press that the Aliwan Fiesta has “set a strong standard.”

“They have increased in number and in fervor to study, improve, and train. We’ve noticed that they really look into choreography, narrative, music, lights, and props. There is a strong consciousness now of how festivals make up a huge part of the Filipino culture,” he said.

More information on the parade route and schedule of the competitions and performances can be found on Aliwan Fiesta’s Facebook page. — Brontë H. Lacsamana

Maynilad faces P2-M rebate obligation over Caloocan water quality

UNSPLASH

SOME customers in Caloocan City will receive rebates totaling over P2 million after the Metropolitan Waterworks and Sewerage System Regulatory Office (MWSS RO) penalized Maynilad Water Services, Inc. for poor water quality.

The MWSS RO announced during a public information drive on Tuesday that each of the 3,841 affected water connections will receive a rebate of P530.69, which will be reflected in their monthly bills.

This penalty was imposed due to high levels of bacteria, commonly found in soil, detected at a sampling point in Caloocan City last November.

“The issue arose because the affected area is a dead-end pipeline lacking looping or a blow-off valve, leading to potential water stagnation at the end of the line,” the regulator said.

The penalty was calculated for a period of 21 days, from Nov. 29 to Dec. 19, 2023, as determined by the MWSS RO.

During this 21-day period, the affected water distribution center discharged a total volume of 102,690 cubic meters of water.

The regulator also imposed a financial penalty on Maynilad in the form of rebates to affected customers due to issues with water color and residual chlorine at the Anabu Modular Treatment Plant and its supply zone in Imus City, Cavite.

The MWSS RO will conduct a public information campaign on the rebate program in Imus on Wednesday, June 26.

In a statement, Maynilad acknowledged the regulator’s decision and reiterated its commitment to maintaining quality and ensuring customer safety.

“We want to assure our customers that these incidents were promptly addressed and resolved. In response, we have implemented enhanced process interventions, including intensified pipe flushing, accelerated pipe replacements, and expedited leak repairs and closure of illegal connections,” Maynilad said.

The water company said that the health and safety of its customers and the integrity of its water supply remain to be its top priorities.

“Maynilad is committed to providing the highest quality water and will continue to take proactive measures to ensure the reliability and safety of our services,” the company said.

“We also continue to work closely with the MWSS Regulatory Office and the Department of Health in monitoring the quality of the water supply distributed to our customers,” it added.

Maynilad serves the cities of Manila, except San Andres and Sta. Ana. It also operates in Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon. It also supplies the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta, and Rosario, all in Cavite province.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Government fully awards P15B in Treasury bills

BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Tuesday at yields below secondary market levels with the Bangko Sentral ng Pilipinas (BSP) widely expected to maintain its benchmark interest rates at its meeting this week.

The Bureau of the Treasury (BTr) raised P15 billion as planned from the T-bills it offered on Tuesday as total bids reached P39.795 billion, or more than twice the amount placed on the auction block.

Broken down, the BTr borrowed P5 billion as programmed from the 91-day T-bills as tenders for the tenor reached P14.81 billion. The three-month paper was quoted at an average rate of 5.666%, unchanged from the previous week’s award. Accepted rates ranged from 5.648% to 5.675%.

The government likewise made a full P5-billion award of the 183-day securities, with bids reaching P10.71 billion. The average rate for the six-month T-bill stood at 5.93%, inching up by 1.6 basis points (bps) from the 5.914% fetched last week, with accepted rates at 5.912% to 5.95%.

The maturity date for the six-month tenor was adjusted due to a holiday.

Lastly, the Treasury raised the planned P5 billion via the 364-day debt papers as demand for the tenor totaled P14.275 billion. The average rate of the one-year debt slipped by 1.5 bps to 6.031% from the 6.046% quoted last week. Accepted yields were from 6.029% to 6.034%.

The government fully awarded its T-bill offer as the yields fetched for the three tenors were all lower than the prevailing secondary market rates, the Treasury said in a statement.

At the secondary market before the auction, the 91-, 182-, and 364-day T-bills were quoted at 5.7278%, 5.9581%, and 6.0775%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

The Treasury made a full award as T-bill rates mostly moved sideways from the previous week’s auction and as the offer fetched decent demand, a trader said by phone.

“The market is awaiting the BSP’s decision at the MB (Monetary Board) meeting this week,” the trader said.

T-bill rates were lower than secondary market yields amid expectations that the BSP will keep its policy settings unchanged at its meeting on Thursday, matching the US Federal Reserve’s latest decision to maintain a “healthy” interest rate differential, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The BSP is widely expected to maintain its policy stance for a sixth straight meeting on Thursday amid persistent risks to the inflation outlook and a weak peso, analysts said.

All 15 analysts in a BusinessWorld poll conducted last week expect the Monetary Board to keep its policy rate at a 17-year high of 6.5% at its meeting this week.

The central bank has raised borrowing costs by a cumulative 450 bps from May 2022 to October 2023 to tame inflation.

Headline inflation accelerated to 3.9% year on year in May from 3.8% in April, but marked the sixth straight month that inflation settled within the BSP’s 2-4% annual target.

For the first five months, the consumer price index averaged 3.5%, matching the central bank’s baseline forecast for the year.

BSP Governor Eli M. Remolona, Jr. previously said the earliest the central bank can begin easing its policy stance is in August, adding they could cut rates by 25-50 bps in the second semester.

Mr. Remolona has also said the BSP does not need to wait for the Fed to begin its own easing cycle.

Meanwhile, the Federal Reserve this month held its target rate steady at the 5.25-5.5% range for a seventh straight meeting, with expectations of the start of rate cuts being pushed to as late as December. Fed officials are also now projecting only one rate cut this year versus previous expectations of three.

Market participants are still expecting about two rate cuts this year, pricing in an over-60% chance of a 25-bp cut in September, according to LSEG’s FedWatch, Reuters reported.

Tuesday’s T-bill offering was the last for the month. The BTr has raised P60 billion as planned from the short-term papers in June as it made full awards at its four auctions.

On Wednesday, the BTr will offer P30 billion in reissued 20-year Treasury bonds with a remaining life of 19 years and 11 months.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.48 trillion or 5.6% of gross domestic product for this year. — A.M.C. Sy with Reuters

Church teachings on sustainable mining: Avoiding ideological biases

CHRIS LEBOUTILLIER-UNSPLASH

(Part 4)

As mentioned in previous articles of this series, the duty of the Teaching Authority of the Catholic Church to give the faithful the necessary doctrinal formation they need to address the complex social and economic problems of society gave rise to the so-called social encyclicals that started with the papal document of Pope Leo XIII in 1891. Over the last 133 years, successive Popes have been providing the faithful, both clergy and lay people, principles for reflection, criteria for judgement and guidelines for action. These are conveniently compiled in the book entitled Compendium of the Social Doctrine of the Church which is readily available online.

The encyclical of Pope Francis entitled Laudato Si on the issue of protecting the physical environment of our planet from abuse ended with a chapter that addresses the question of what we can and must do. Principles and criteria must be translated into action. In this regard, the full participation of the laity is indispensable so that they can bring to bear their professional knowledge and specialized skills, which Bishops and priests normally do not possess, to the search for solutions to social, political, and economic problems of their respective societies.

Chapter 5 of Laudato Si addresses the question of what we (especially the faithful) can and must do. Analyses are not enough. In fact, there is a common reference to “paralysis by analysis.” We need proposals “for dialogue and action which would involve each of us individually no less than international policy.” For Pope Francis, it is necessary that practical proposals are not developed in an ideological, superficial, or reductionist way. For this, dialogue is essential. I wish that many Philippine provinces would follow the example of Palawan in holding stakeholders’ consultation meetings in which the voice of every affected sector is heard. As the Pope emphasized: “The Church does not presume to settle scientific questions or to replace politics. But I want to encourage an honest and open debate, so that particular interests or ideologies will not prejudice the common good.”

Bishops, teaching in unity with the Pope, are considered also infallible when they enunciate what is the truth in faith and morals. These are always dogmas, principles for reflection, and criteria for judgement. They should, however, be very careful not to take partisan views when it comes to practical solutions which usually are results of theoretical debates and empirical studies based on the various human sciences, whether physical or social. In these fields, there are no absolute truths. Social sciences, including economics, are inexact and may produce contradictory policy or action guidelines. This is especially true as regards solutions to the problem of climate change — the very topic of Laudato Si. To cite an example, Filipino bishops should not take a hard line on completely abolishing fossil fuels in favor of renewable energy like solar, wind, geothermal, or dendrothermal.

Recently, there have been reports that several big European companies have scaled back or are reviewing their targets to develop renewable energy because of high costs of production and low electricity prices, in a sign of the difficulties of transitioning away from fossil fuels. In fact, in the Philippines, the Department of Energy foresees that as late as the 2030s, our energy mix will continue to depend on coal to the tune of 40%. Here the balancing act is between cleaning the environment and exercising the preferential option for the poor, which is primordial to Catholic social teaching, especially to Pope Francis. The Philippines still has the highest energy prices in Asia, next only to Japan. The worst victims of high electricity rates are the poor, who are the most severely hit by inflation. Transitioning to renewable energy makes it hard to bring energy prices down as quickly as possible. In fact, there are empirically based opinions that single out modular nuclear energy as the only quick solution to bring down electricity prices in the short run.

There will be continuing debates on these technical issues in the coming months. Bishops and priests must be careful not to take sides based on their ideological biases. They must allow the technical experts to freely present their respective opposing views. In fact, only the technical experts can present sufficiently studied solutions on how to resolve the inevitable conflict among the three goals of every society signified by Environment, Social, and Governance (ESG). Policy and decision makers are increasingly facing the harsh reality that economic, social, and governance goals are not always compatible with one another.

Pope Francis, however, had the moral right to judge international dynamics severely:

“Recent World Summits on the environment have failed to live up to expectations because, due to lack of political will, they were unable to reach truly meaningful and effective global agreements on the environment.”

He reminded world leaders that what is badly needed, as Popes have repeated several times, starting with Pacem Terris of St. Pope John XXIII, are forms and instruments for global governance: “an agreement on systems of governance for the whole range of the so-called ‘global commons,’ seeing that environmental protection cannot be assured solely on the basis of financial calculations of costs and benefits. The environment is one of those goods that cannot be adequately safeguarded or promoted by market forces alone.”

Pope Francis insists on the development of honest and transparent decision-making processes, in order to discern which policies and business initiatives can bring about genuine integral human development. In particular, a proper environmental impact study of new business ventures and projects demands transparent political processes involving a free exchange of views. On the other hand, the forms of corruption which conceal the actual environmental impact of a given project in exchange for favors usually produce specious agreements which fail to inform adequately and do not allow for full debate.

In this regard, the Pope will be happy to learn that the Marcos Jr. Administration is going beyond pious statements about environment protection. The President just signed into law Republic Act No. 11995 or the Philippine Ecosystem and Natural Capital Accounting System (PENCAS) law which provides the necessary government mechanisms to carry out an accounting of the country’s natural resources. The PENCAS law tasks the Philippine Statistics Authority (PSA) to oversee the law’s implementation through an interagency working group. The Department of Agriculture will assist the PSA in generating the National Accounting information while the Department of Environment and Natural Resources will report on associated ecosystems. This is one step forward in addressing the usual problem of the “right hand of the Philippine Government not knowing what its left hand is doing!”

(To be continued.)

 

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

Here’s how the costumes of a wild new production of Cats got made

CATS: THE JELLICLE BALL/MATTHEW MURPHY AND EVAN ZIMMERMAN

A FEW weeks before the premiere of the latest Cats production to arrive in New York, costume designer Qween Jean was busily making final adjustments.

Preternaturally calm, she watched as a team in the midtown costume shop John Kristiansen New York took measurements of actor Jonathan Burke, who was wearing a long, white-leather jacket adorned with red and blue decoration.

Once a few accessories — including a bandana and cowboy hat — were added, Qween Jean asked: “Can we see the breakaway?”

At this point, Mr. Burke pulled on what appeared to be a small thread near his armpit. In a movement, the entire sleeve slid off the jacket; with a further pull, the second arm came off. A final pull detached the jacket’s bottom half.

Suddenly, it was a crop top, and Mr. Burke was down to a pair of white cowboy boots and Hello Kitty underwear.

CATS: The Jellicle Ball, which opened at Perelman Performing Arts Center (PAC NYC) on June 13 and will run through July 28, is not the Cats musical you grew up with.

For starters, there’s nothing feline about this version, except maybe those Hello Kitty briefs. (The made-up word Jellicle comes from a book of poetry by T.S. Eliot that was the basis for the original Cats musical.)

Instead, the action has been transposed to a queer ballroom where it pits 24 performers against one another in a five-category dance-off set to Andrew Lloyd Webber’s original music.

Co-directed by Zhailon Levingston and Bill Rauch, with choreography by Arturo Lyons and Omari Wiles, the production is a sartorial marathon. With five separate competitive categories, outfit changes come fast and furiously. “We were able to produce 300 costumes for the show,” Qween Jean recalls in a subsequent interview.

PROOF OF CONCEPT
Qween Jean was first approached to do the costumes about two years ago. Her initial reaction, she says, was: “Are we doing catsuits?”

Over time, Qween Jean continues, the question as she attended various workshops became: “How do we tell this story that’s a classic but center it on the legacy of ballroom?” The characters in the musical are “mostly about people who’ve been marginalized, and my work is deeply rooted in advocacy and collective liberation,” she says. “To me, Cats upholds so many of those themes.”

Ballroom culture broke into mainstream consciousness with the nearly simultaneous releases of Madonna’s “Vogue” and the 1990 documentary Paris is Burning. Its origins date back to at least the 1920s, though. Pioneered by Black and Latinx LGBTQ people in Harlem, such balls served as safe spaces for marginalized communities as well as places for extraordinary innovation and creativity, she says. “We’re infusing so many great ideas about the past, present, and also moving the body forward.”

Qween Jean has designed costumes for the Shakespeare Theater Company, the TV show Empire, and the Santa Fe Opera, among others, but this version of Cats wasn’t a simple process of designing costumes for an existing production.

The designer set about creating costumes that would not only evoke ballroom culture but also function as dynamic, durable, eye-catching outfits that could be worn — and danced in — night after night.

Most important, the choreography — which often entails surprise reveals such as Mr. Burke’s jacket — relies on the costumes.

“So many of the costumes have a surprise reveal built into them that folks’ mouths will drop,” Qween Jean says. “So there’s been deep conversations around how each moment has been built, and what the choreographer is dreaming up and how the clothes are in deep alignment with it.”

MAKING IT WORK
Qween Jean began with sketches. In addition to the 300 that became costumes, she estimates that 500 were left on the drawing board. Working with a large team — “There’s no way I could do it by myself,” she says; “I’m a super woman, but we’d be here for another two years” — she then chose fabrics, a process she estimates took four months.

A large team took about two months creating the clothing and accessories, and then it was time to see how the costumes worked in practice.

The goal in choosing materials, Qween Jean explains, was to make the costumes look truly original as if “these individuals have truly customized their outfits and found a way to shine tonight,” she says. “To me, NYC ballroom has unlimited creativity, and that’s the center of this work.”

Most pieces are machine washable, she says. “People are dancing and perspiring.”

As Qween Jean tweaked and refined every look, the costumes remained personal. “When I moved to New York, I didn’t have any money or many things, but the dream of New York City is that you can build your armor,” she says. “You want to step out into something you feel empowered and beautiful in — something that tells people who you are, instead of people trying to place you where you don’t belong.” — Bloomberg

Megaworld names Lourdes Gutierrez-Alfonso as new president

LISTED Megaworld Corp. said its board appointed Lourdes T. Gutierrez-Alfonso as the company’s new president following a special meeting on Tuesday as the property developer positions for future growth.

The 61-year old Ms. Alfonso replaced tycoon Andrew L. Tan, who will remain as chairman of the board of directors, Megaworld said in a stock exchange disclosure.

Megaworld said the appointment of Ms. Alfonso as president will be “effective immediately.”

She held the role of chief operating officer prior to her appointment as president. She is also a director of Megaworld and the chairman of its board executive committee and management executive committee.

Ms. Alfonso has been with Megaworld since 1990 and also serves as director in other Tan-led companies such as Global-Estate Resorts, Inc. and MREIT, Inc.

“She has extensive experience in real estate and a strong background in finance and marketing,” Megaworld said.

Ms. Alfonso is a certified public accountant by profession. She graduated cum laude from Far Eastern University with the degree of Bachelor of Science major in Accounting in 1984.

For the first quarter, Megaworld’s attributable net income rose by 8% to P4.4 billion as consolidated revenue increased by 16% to P18.87 billion on higher sales in its residential segment as well as stronger revenue from its mall and hotel business.

Megaworld stocks were unchanged at P1.77 apiece on Tuesday. — Revin Mikhael D. Ochave