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OceanaGold PHL expects 2024 production at lower range

OCEANAGOLD Philippines, Inc. (OGPI) expects its gold and copper ore production for the year to be at the lower end of its annual guidance, an official from its parent company OceanaGold Corp. (OGC) said.

“We are now advising the market that we will be at the lower end of our guidance,” OGC Chief Operating Officer for Asia-Pacific Peter Sharpe said during a briefing on Tuesday.  

Earlier, OGPI said that it is expecting to produce 120,000 to 135,000 ounces of gold and 12,000 to 14,000 tons of copper for 2024.

“We also had a change of plan with our underground mine sequencing based on a geotechnical review that we had undertaken,” Mr. Sharpe added.  

He said that the review identified safer ways to extract ore from the underground area of the Didipio gold and copper mine.

“What that will mean is slightly less grade going forward over the next couple of years. But the years beyond that will see a higher grade,” he added.  

He said that the new mining plan had impacted the company’s production during the second quarter. It is also expected to slightly impact production for the third and fourth quarters.  

“Our firm belief is that this is actually a better decision for Didipio in the long run. It will ensure that we are safer underground while also being able to recover more ore from underground,” Mr. Sharpe added.

OceanaGold Philippines saw its net income decline by 30.7% year on year to $14.2 million for the second quarter from $20.5 million due to lower ore production.

Revenues for the three-month period fell by 22.1% to $68.8 million from $88.3 million in the same period last year.

“Our second-quarter results were probably one of the weakest quarters we’ve had in the last couple of years. It was always planned to be slightly weaker than other quarters,” Mr. Sharpe said.  

The company had reported two fatalities at the mine site, causing production delays. One worker had fallen at Didipio’s paste processing plant in June, while a contractor died after sustaining head injuries in July.  

“They were one-off events, and they’ve effectively been addressed. So we are seeing the capacity and throughput being re-established. We certainly expect the third quarter and then the fourth quarter to be stronger than the second quarter,” he added.

OGPI shares fell by 0.59% or eight centavos to close at P13.48 apiece on Tuesday. — Adrian H. Halili

Two acting legends talk theater

(LEFT) DOLLY DE LEON AND LEA SALONGA

Lea Salonga and Dolly de Leon will tackle a silent play

THE PUBLIC conversation of actresses Dolly de Leon and Lea Salonga was anticipated with much fervor by theater students and creative practitioners, among others, at the JZA Hall of the Samsung Performing Arts Theater in Makati.

Held on Aug. 7, the talk leads up to the staging of Request sa Radyo, which will have Ms. De Leon and Ms. Salonga alternating in the main role, in October.

“No words are spoken in the play, so that kind of terrifies me. At the same time, it’s a challenge I welcome. I’m excited about it, because that’s really how a person who lives alone lives,” said Ms. De Leon, who has been nominated for a Golden Globe and a BAFTA award.

Clint Ramos, the Tony Award-winning theater designer and the creative director of the upcoming staging, moderated the talk. He said that both actresses are “more than capable to take on the daunting task.”

For Ms. Salonga, also a Tony Award winner and known for her prowess in singing as well as acting, she jumped on the project because it didn’t entail 45-minute vocal warm-ups before the show.

“Even though there’s a lot happening in this tiny little apartment, how do we keep it interesting without saying anything, without music?” she said. The two actresses invited the audience to buy tickets to find out.

TALENT, HARD WORK, LUCK
One topic that resonated with the theater students in the crowd was the key to “making it” in the business.

“You can have talent, but the technique, the training to put on top of that, is the stuff that enables us to do eight shows a week,” Ms. Salonga told the audience.

She was 18 years old when she fully embraced this and gave her all in theater. That was when she joined the musical Miss Saigon, taking on the lead role of Kim in London’s West End.

She added a quote from her brother, the musical director and orchestra conductor Gerard Salonga, that stuck with her all these years: “It’s not about rising to the occasion. Under great pressure, you do not rise to the occasion — you fall to the level of your training.”

Ms. De Leon shared the sentiment. She revealed that she saw her career as “90% hard work and 10% luck.”

“I’ll never forget my first play. It was incredible for me to be acting for the first time in a student production, with director Tony Mabesa, written by Floy Quintos,” she said. “People were reacting in real time. It was like a high. And I said, ‘This is really what I want to do.’”

Since then, Ms. De Leon has acted in over 30 productions and crossed over into film and TV in supporting roles. Her biggest role to date has been that of Abby in the Cannes-winning film Triangle of Sadness, for which she earned accolades.

Ms. Salonga and Ms. De Leon discussed how acting onstage is completely different from acting onscreen — and ultimately more exhilarating.

“In TV, you have to wait around a lot. On stage, you’re your own editor. There’s so much responsibility. You have to make sure that the story that you unfold is the right one,” Ms. Salonga said.

EPIDEMIC OF LONELINESS
Request Sa Radyo, written by Franz Xaver Kroetz, gives them double the responsibility, having to act out the silence and solitude of a woman living alone with no one to talk to.

Produced by Clint Ramos, Bobby Garcia, and Christopher Mohnani, in collaboration with Ayala Land and GMG Productions, the staging aims to be “a transformative experience for audiences.”

Mr. Ramos explained to the audience that the World Health Organization has declared loneliness as the new epidemic.

“This play is meant to be an insight into that,” he said.

Ms. De Leon added that, while the material is daunting, the best thing she and Ms. Salonga can do is trust in their abilities to bring their role to life.

She directed her words of advice to aspiring thespians in the audience who may be too scared to take the leap of faith: “You have to trust that you are equipped with all the tools to be able to deal with all of these crazy challenges,” she said.

“Stop being insecure. You have a seat at the table.”

Request sa Radyo will run from Oct. 10 to 20 at the Samsung Performing Arts Theater in Circuit, Makati, with tickets available via TicketWorld. The full “Conversations in Spotlight” with Dolly de Leon and Lea Salonga will be posted on the State of the Arts podcast on Spotify on Aug. 17. — Brontë H. Lacsamana

Residential sales lift Filinvest Land’s profit by 11%

GOTIANUN-led Filinvest Land, Inc. (FLI) saw an 11% increase in its attributable net income for the first half to P1.54 billion from P1.39 billion a year ago, led by its residential projects.

Consolidated revenue for the January-to-June period jumped by 15.8% to P11.49 billion from P9.92 billion a year ago due to the growth of the residential and co-living segments, FLI said in a regulatory filing on Tuesday.

Residential real estate sales grew by 21.8% to P7.38 billion from P6.06 billion a year ago, driven by the construction percentage of completion achieved during the period and accelerated collection.

Reservation sales rose by 16% to P12.84 billion, with FLI’s medium-rise condominiums and economic house-and-lot villages being the top contributors, propelled by a ramp-up in launches, as well as new demand from a higher ceiling on the value-added tax-free segment.

In the first half, FLI launched 10 new projects worth P14.7 billion, nearing its target of having P25 billion in launches this year.

Retail leasing revenues increased by 9% to P1.19 billion, while office leasing revenue fell by less than 1% to P2.29 billion.

FLI’s co-living business, The Crib Clark at Filinvest Mimosa+ Leisure City, generated P116 million in revenue as it continued to fully lease out its 3,312 beds in the first half.

The industrial parks business also continued to deliver rental revenue, with three ready-built factories at the Filinvest Innovation Park in New Clark City expected to be finished by yearend.

“Our robust first-half results show that FLI’s residential business continues to thrive. FLI delivered strong growth amidst the current interest rate environment. We achieved this through the continued strength of our brand, known for value-for-money homes in well-rounded communities across the Philippines,” FLI President and Chief Executive Officer Tristaneil D. Las Marias said.

“We are confident in achieving our targets for the rest of the year and ultimately delivering for all our stakeholders,” he added.

Meanwhile, FLI’s Filinvest Malls Dumaguete is set to open at the 1.9-hectare Marina Town integrated township with a mall, offices, and three medium-rise condominiums.

The company is also eyeing a new mall within the Filinvest Mimosa+ Leisure City by 2025.

On Tuesday, FLI shares were unchanged at 66 centavos per share. — Revin Mikhael D. Ochave

Banksy unleashes animals on London, but what do they mean?

BANKSY.CO.UK

LONDON — A goat, two elephants, three monkeys, one wolf, two pelicans, one cat, an aquarium full of fish, and a rhinoceros.

Eight Banksy murals which appeared in London last week have left many pondering the meaning behind the elusive street artist’s latest work.

It began with the mountain goat on Monday, appearing to be perched on a ledge with rocks falling off and depicted in Banksy’s signature stencil style on a wall in Richmond, west London.

Next came two elephant heads, peering out of two blocked out windows on the side of a house in affluent Chelsea, followed by three monkeys which appear to be hanging from a railway bridge near east London’s Brick Lane.

The silhouette of a wolf, howling at the sky, appeared on a satellite dish atop a heavily graffitied building in Peckham, southeast London, on Thursday.

This was followed by two pelicans eating fish perched atop the sign of a fishmonger, and a cat stretching on a wall.

The seventh piece was of swimming fish painted on the glass of a police box in the City of London. It differs from Banksy’s previous silhouette designs as the school of fish have been painted on with more detail and tone.

The last image — so far — is that of a rhinoceros on a wall, depicted so it seems that it is stepping on a real car that is parked in front of it.

Banksy has posted pictures of each on his Instagram account.

London’s Metropolitan Police said the satellite dish with the wolf had been reported stolen within hours of being unveiled. Pictures in local media showed it being removed by a person who had their face covered with a mask.

Theories swirled on social media as to the meaning of the works, by an artist who has highlighted themes such as war and climate change in his previous work.

Some speculated they could be related to the riots and racist attacks that have swept the country in the past week, others to the idea that humanity is seeding its own downfall.

“Nice one Banksy. I see this as a critique on the wild and chaotic behavior currently erupting across the UK. Far right thugs on the prowl,” one user “barrybrexiter” commented on Banksy’s Instagram post.

Another “leticia_vega” wrote “Humanity is not going to last … animals will be taking over.”

The Bristol-based artist’s last mural, also in London, depicted green paint sprayed across the side of a building to mimic the foliage of a real, heavily pruned tree that stands a few meters in front of it. Many took that mural as speaking to a need to preserve nature.

In December, Banksy depicted three drones on a stop sign, again in Peckham. It was stolen very shortly after it went up. — Reuters

SPNEC seeks DoE nod to cancel 280-MW solar project in Nueva Ecija

PXHERE.COM

PANGILINAN-LED SP New Energy Corp. (SPNEC) said it has decided to withdraw from its 280-megawatt (MW) solar power project in Santa Rosa, Nueva Ecija.

The company has formally asked the Department of Energy (DoE) to cancel the award it received for this project from the first round of Green Energy Auction (GEA), the company told the local bourse on Tuesday.

SPNEC President and Chief Executive Officer Emmanuel V. Rubio said that the company’s request to terminate the award mainly stemmed from transmission constraints, “which (are) beyond our control.”

“Our request remains subject, of course, to DoE approval and is well within the parameters established in GEA-1 guidelines,” he said in a Viber message.

“Having said that, SPNEC remains a committed partner of the government’s thrust to increase the share of RE (renewable energy) in the overall energy mix of the country, as we continue to assess and develop opportunities while we progress with the execution of our existing projects,” he added.

Energy Assistant Secretary Mylene C. Capongcol said that the department and the Green Energy Auction Committee are still evaluating the request of SPNEC.

Formerly Solar Philippines Nueva Ecija Corp., SPNEC’s primary purpose is to construct, operate, and maintain power-generating plants and related facilities for renewable energy. 

SPNEC, along with its affiliates under its parent company Solar Philippines Power Project Holdings, Inc., won during GEA-1 in 2022, bagging most of the renewable energy capacities.

Other projects include the 200-MW Concepcion Tarlac 2 Solar Power Project and 450-MW Tayabas Solar Power Project of Solar Philippines Commercial Rooftop Projects, Inc., the 30-MW Calatagan Wind Power Project of Solar Philippines Calatagan Corp., and the 300-MW Kananga-Ormoc Solar Power Project of Solar Philippines Visayas Corp.

SPNEC is currently developing a P200-billion Terra Solar project, which is said to be the world’s largest solar power project.

The solar power project in Nueva Ecija and Bulacan consists of a 3,500-megawatt solar power plant and a 4,000-megawatt-hour energy storage system. It is expected to generate more than five billion kilowatt-hours of electricity yearly.

The first phase of the project is scheduled to be delivered by 2026, while Phase 2 is targeted for 2027.

SPNEC is controlled by the Pangilinan group through MGen Renewable Energy, Inc.

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 an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Monograph on artist Pow Martinez released

Writer Tony Godfrey uses conversations on movies and music to make the art accessible

By Brontë H. Lacsamana, Reporter

ASIDE from ongoing exhibits at the Silverlens Gallery and MO_Space, Filipino artist Pow Martinez is the subject of a newly released eponymous monograph on his works spanning from 2009 to 2023.

Written by contemporary art writer Tony Godfrey, the book is more than just a catalogue, going over Mr. Martinez’ works as well as the inspirations behind them, be it music or movies. Its essays are based on conversations between the writer and the artist.

The monograph is the second in a trilogy on contemporary Filipino art by publisher ArtAsiaPacific, the first, which was centered on Bernardo Pacquing, released a few months prior. The subject of the third and final one has yet to be announced.

Mr. Martinez, known for an expressionistic, dreamlike style, usually paints scenes and caricatures of people using bold colors, distinct light patterns, and unique shapes and perspectives. His works, akin to beautiful nightmares, blend the absurdities of everyday life with pop culture elements.

At the monograph launch held at Silverlens Gallery on Aug. 7, Mr. Godfrey noted that he is interested in new things, his age gap from his subject — Godfrey was born in 1951 while Martinez was born in 1983 — leading to a fascination born from differing sensibilities.

“The first chapter is about paintings; the second chapter we just talk about his favorite films; later on we talk a lot about music,” he said, making it easy to provide a very Filipino context. “The way people react to things tells a lot about them. Pow is very passionate.”

It was also an approach welcomed by the artist himself. “Tony is a bit of an outsider to us, being a foreigner, and I like that because it means he has no bias. I like that distance,” he said.

POP CULTURE AND ART
Mr. Martinez’s paintings, with their own vocabulary of highbrow and lowbrow elements mixed together, easily catch the eye. Discussing their meaning is a whole other challenge.

Conceptual art is “a notoriously very difficult subject,” according to Mr. Godfrey, which drove him to make the book accessible. “A lot of people get put off by too much theory, so I tried to make it simple. I would hope young art students, anyone interested in art, and collectors would read it.”

Isa Lorenzo, co-director of the Silverlens Gallery, added that it made sense that a book with a biographical, almost conversational structure could best explain the artist’s unique style. “It tells stories through other stories,” she said.

The likes of the movies The Thing and No Country for Old Men fuel Mr. Martinez’s imagination. In his ongoing exhibit at Silverlens, which explores an unsettling and surreal world derived from the current digital landscape, his oil on canvas painting boss fight evokes the drama and action of a scene from a movie. So does clandestine operations, one of his works being displayed in MO_Space for a show on the medieval-like barbarity of today’s society.

He describes his practice as “what a nature painter might do in a digital landscape,” revealing the ugliness and beauty of modern times.

For Ms. Lorenzo, having a monograph on Mr. Martinez’s distinctive body of work is like having “a resource for what life is like now for people living 50 years in the future.”

“It talks about movies, music, and art, all in the lens of Pow’s paintings. It’s not academic at all,” she said. “Once you see his work, you don’t forget it.”

Copies of Pow Martinez are available at the Silverlens Gallery. His exhibition of the same name will be there until Aug. 17, while his exhibition “Look, but don’t touch. Touch, but don’t taste. Taste, but don’t swallow” at MO_Space runs until Sept. 8.

Silverlens Gallery’s address is 2263 Don Chino Roces Ave. Ext., Makati, while Mo_Space is on the third floor of the Mos Design Bldg., B2 9th Ave., Bonifacio Global City, Taguig.

Arts & Culture (08/14/24)

MSO takes on Brahms, Tchaikovsky, Puccini

THE MANILA Symphony Orchestra (MSO), under the baton of Marlon Chen, will perform at the Ayala Museum in Makati on Aug. 24. The upcoming concert will feature their takes on Tchaikovsky’s emotive Pathétique Symphony (Symphony No. 6), Puccini’s dramatic interlude Preludio Sinfonico, and the Brahms Violin Concerto. Playing with the orchestra are award-winning young violinist and Juilliard Scholar Jeanne Rafaella Marquez as guest violinist and violinist Justin Texon as guest concertmaster. Brahms Violin Concerto and Tchaikovsky 6 is part of the In Pursuit of Excellence 2024-2025: MSO Concert Series presented by the MSO Foundation and Standard Insurance. The concert will start at 7:30 p.m. on Aug. 24 at the Ayala Museum, Makati City. General Admission tickets are priced at P2,000. Seating will be on a first-come first-served basis. Tickets are now available at Ticket2Me.

Ateneo launches Bicol language book

THE ATENEO Modern Languages Department, in collaboration with the Ateneo de Naga University Press, the Ateneo de Manila University Press, and the Ateneo School of Humanities, will be launching a book on the vocabulary of the Bicol language. Translated from Spanish to English by Evelyn Caldera Soriano, Vocabularia de la Lengua Bicol will have its launch on Aug. 15 at 2 p.m. The event is open to all and will take place at Faber Hall 101 in Ateneo de Manila University, Loyola Heights, Quezon City.

UP alumni artists to hold exhibit

“DIVERSITY: The Second Exhibit” will be the second major art exhibit of the University of the Philippines (UP) College of Fine Arts Alumni Association, Inc. Its launch is set for Aug. 14 at 4:30 p.m. at the Bahay ng Alumni, UP Diliman Campus, Quezon City. There will be 39 UP alumni artists contributing their works to the show, including Jun Yee, Toym Imao, Gigi Javier Alfonso, Gig de Pio, Mitzi Reyes, Benjie Cabangis, Rico Lascano, Paul Quiaño, and Jingjing Villanueva Romero. The art exhibit will be open to the public until Aug. 31. Proceeds from the event will help fund educational programs and projects of the UP College of Fine Arts’ alumni association.

Kiddie show marks PHL-Korean friendship

TO celebrate 75 years of friendship between Korea and the Philippines in August, the Forest Music Band, Dung Dda Koong, will present a children’s play at the Tanghalang Ignacio Gimenez at the Cultural Center of the Philippines (CCP) Complex in Pasay City. This interactive performance on Aug. 18 features four traditional Korean musical instruments: the haegeum, gayageum, geomungo, and ajaeng. The story revolves around six animal friends preparing for Tiger’s birthday party. The show is meant for children ages three and up. Seats are free but limited, with guidelines for ticket reservations to be announced soon.

Cloverleaf Estate introduces public art program

THE CLOVERLEAF Colorfest, a community mural painting event held on Aug. 10, served as the launch of a series of art initiatives by the Cloverleaf Estate. Titled “Splashing Stories Together,” the activity welcomed the artists of Bando Arts, in partnership with Dutch Boy, to create a community mural painting. Residents and the neighboring community got a chance to contribute to the shared art piece.

3rd installment of ‘Appassionata’ opens at Leon Gallery

A CONTINUATION of a series of art exhibitions, the third installment of “Appassionata” presents the works of five artists, showcasing the diversity of their art without constraining their creativity. These are Rosario Bitanga, Imelda Capije Endaya, Lenore RS Lim, Susan Fetalvero Roces, and Maria Victoria Rufino. Titled “Appassionata 3,” the exhibition will be held from Sept. 4 to 15 at Leon Gallery International, on the ground floor of the Corinthian Plaza, Paseo de Roxas cor. Gamboa St., Legaspi Village, Makati City.

Comic cover celebrates jeepney-inspired Autobot

FOR this year’s SuperManila Comic Con, happening Sept. 7 to 8, Transformers fans can expect the exclusive release of the Transformers #140th Anniversary Edition featuring a limited edition Philippine variant cover. Illustrated by up-and-coming Filipino comic artist Von Randal with color by Ellery Santos and Rex Espino, the cover art depicts Optimus Prime and Hound in the process of transforming. Optimus Prime can be seen converting into his iconic red truck form while Hound transforms into a green Pinoy jeepney, complete with chrome stallions as hood ornaments, a prominent Manila label, and route signage for Cubao and Welcome Rotonda. The comic cover pays homage to the enduring popularity of Transformers in the Philippines and the jeepney’s unique place in the country’s history and culture. With only 1,000 copies available, the collector’s piece will be available only at SuperManila Comic Con, with tickets now available at http://www.supermanila.ph/

Cebu Landmasters’ income hits P1.7B on project progress, hotel and leasing gains

LISTED property developer Cebu Landmasters, Inc. (CLI) saw a 24% increase in its first-half attributable net income to P1.7 billion from P1.37 billion last year, following developments across the company’s business segments. 

First-half revenue increased by 24% to P11.31 billion from P9.15 billion a year ago, led by “progress across all segments,” CLI said in a stock exchange disclosure on Tuesday. 

“This is driven by ongoing construction progress, a substantial rise in hotel and leasing revenues, an increase in new units qualifying for revenue recognition, and a one-off lot sale,” CLI said. 

CLI said its hotel revenue received a boost from the opening of lyf Cebu City, which has 159 rooms, and The Pad Co-Living, which has 156 rooms. The company expects additional revenue with the opening of the 200-room Citadines Bacolod City. 

The company’s leasing business grew by 42%, led by a higher gross leasable area, now at 40,575 square meters. The growth followed the turnover of new retail areas such as the new wing of Base Line Center, 38 Park Avenue Retail, and Banilad High Street. 

CLI launched four new residential projects worth P8.3 billion, consisting of Tower 6 of The East Village in Davao, Tower 5 of Casa Mira Towers Palawan, Casa Mira Homes Butuan, and Velmiro Heights Davao.

Reservation sales rose by 10% to P11.6 billion, with 48% coming from Davao projects.

“There has been steady demand for our residential projects, as shown by the fast market absorption of our newly launched developments,” CLI Chairman and Chief Executive Officer Jose R. Soberano III said. 

“Demand continues to outweigh supply in the Visayas and Mindanao regions, with our projects selling out within days after market introduction, such as Velmiro Heights Davao, which fully sold out in practically less than two days after market introduction. This is a clear indicator that we are offering a compelling product priced competitively for the right market,” he added. 

To date, CLI has invested P6.76 billion in capital expenditures, with 67% allocated to project development and 19% to land acquisition. The company is currently finalizing negotiations for land acquisitions to support its strategic expansions into established and new markets.

CLI shares were unchanged at P2.60 apiece on Tuesday. — Revin Mikhael D. Ochave 

LANDBANK honors outstanding partners in countryside, national development

Finance Secretary and LANDBANK Chairman Ralph G. Recto (2nd from left), Bangko Sentral ng Pilipinas Governor Eli M. Remolona, Jr. (leftmost), and LANDBANK President and CEO Lynette V. Ortiz (center) confer the Ulirang Magsasaka Award to Deodany L. Cara (3rd from left) with his wife, Ma. Cecilia Cara (4th from left) during the LANDBANK 2024 MERIT Awards on Aug. 8, 2024 in Malate, Manila. Joining them are LANDBANK Directors Virginia N. Orogo (6th from left) and Nancy D. Irlanda (7th from left), together with Executive Vice President Ma. Celeste A. Burgos (8th from left) and Vice-President Rolando G. Santos (rightmost).

Celebrating 61 years of serving the nation

Land Bank of the Philippines (LANDBANK) celebrated its 61st anniversary by recognizing its exceptional development partners in the delivery of essential financial and support services in local communities nationwide.

During an appreciation event held on Aug. 8, 2024 at LANDBANK Plaza in Manila, the Bank honored outstanding clients and partners across various sectors through the Models of Excellence Recognition Initiative for Top Bank Clients (MERIT) Awards.

“The success stories of our awardees mirror the potential of our nation. It illustrates how far we can progress when we commit to being each other’s steadfast partners in development,” said Finance Secretary and LANDBANK Chairman Ralph G. Recto in addressing the MERIT awardees.

Finance Secretary and LANDBANK Chairman Ralph G. Recto congratulates the MERIT awardees for their achievements and contributions to building a more resilient, inclusive, and sustainable economy.

“Your work and contributions send a powerful message — that we can put an end to poverty not by looking out only for ourselves, but by working hand in hand together,” he added.

The LANDBANK MERIT Awards recognized the Bank’s high-performing clients who have become models of operational excellence, which include cooperatives, micro, small and medium enterprises (MSMEs), corporations and large enterprises, countryside financial institutions (CFIs), microfinance institutions (MFIs), and individual farmers.

LANDBANK President and CEO Lynette V. Ortiz expressed appreciation to the MERIT awardees for their contributions to advancing agriculture, entrepreneurship, and financial inclusion, and reaffirmed the Bank’s commitment to helping them achieve their full potential.

“When our clients thrive, we thrive. Every achievement represents our shared success; each milestone is a reflection of the strength of our partnership. That’s why it is only fitting that we pay tribute to you — our dear clients and partners — for your steadfast support and invaluable contributions on this meaningful journey,” said LANDBANK President and CEO Ortiz.

LANDBANK President and CEO Lynette V. Ortiz expresses her gratitude to clients and partners for their continued trust and support for the Bank.

Finance Secretary Recto and LANDBANK President and CEO Ortiz were joined by Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr., LANDBANK Directors Virginia N. Orogo, Nancy D. Irlanda, and David D. Erro, and LANDBANK Executive Vice-President Ma. Celeste A. Burgos and Vice-President Rolando G. Santos in presenting the awards to 14 MERIT awardees.

Department of Finance (DoF) Undersecretary Maria Luwalhati C. Dorotan-Tiuseco, Department of Agriculture (DA) Undersecretary Atty. Asis G. Perez, Department of Labor and Employment (DoLE) Assistant Secretary Lennard Constantine C. Serrano, Cooperative Development Authority (CDA) Assistant Secretary Santiago S. Lim, Securities and Exchange Commission (SEC) Assistant Director Daisy B. Pabuaya, and Philippine Guarantee Corp. (PGC) Senior Vice-President Emmanuel R. Torres also graced the event.

Under the Gawad sa Pinakatanging Kooperatiba (Gawad PITAK), the Alicia Neighborhood Multi-Purpose Cooperative and Sorosoro Ibaba Development Cooperative were hailed as outstanding agri-based cooperatives in the medium and large categories, respectively. The Ating Ani Nueva Ecija Multipurpose Cooperative and Ligas Kooperatiba ng Bayan sa Pagpapaunlad were likewise honored for their outstanding contributions under the non-agricultural category.

The Gawad MSME was awarded to Fralyn B. Cruz and Sandig Medical Clinic and Hospital under the agri-based and non-agri-based sectors, respectively.

The Gawad Kaagapay was given to DoubleDragon Corp., Asialink Finance Corp., and Soliman E.C. Septic Tank Disposal for their contributions as corporations and large enterprises to growing the local economy.

ProFarmers Rural Banking Corp., Producers Savings Bank Corp., and ASA Philippines Foundation, Inc. were recognized with the Gawad PFI for their exceptional performance under the rural bank, thrift bank, and microfinance categories, respectively.

The Ulirang Magsasaka award was awarded to Deodany L. Cara, while Roderick G. Capalongan received a special citation for his innovative approach to integrated farming.

LANDBANK is celebrating its 61st anniversary this month, representing more than six decades of advancing development, inclusion, and sustainability in serving the nation.

LANDBANK is the largest development financial institution in the country promoting financial inclusion, digital transformation, and sustainable national development. Present in all 82 provinces in the country, the Bank is committed to provide accessible and responsive financial solutions to empower Filipinos from countryside to countrywide.

 

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Ancient Pompeii reveals two more victims of eruption, with coins and jewelry

POMPEIISITES.ORG

ROME — Archaeologists in the ancient Roman city of Pompeii have discovered the remains of two more victims of the volcanic eruption almost 2,000 years ago, the site said on Monday.

The skeleton of a man and a woman were found in a small, makeshift bedroom in a villa which was being restructured when the eruption struck, the Pompeii archeological site said in a statement.

The woman was lying on a bed with gold, silver, and bronze coins around her, along with jewelry including gold and pearl earrings. The man lay at the foot of the bed.

The once-thriving city of Pompeii, near Naples, and the surrounding countryside was submerged by volcanic ash when Mount Vesuvius exploded in AD 79.

The eruption killed thousands of Romans who had no idea they were living beneath one of Europe’s biggest volcanoes which buried the city in a thick layer of ash, preserving many of its residents and buildings.

The latest victims discovered had chosen the small room as a refuge, waiting for the end of the rain of rock fragments which had blocked the door and prevented them from escaping.

They were eventually buried under the flow of lava and other boiling hot material from the volcano, the statement said.

“The opportunity to analyze the invaluable anthropological data on the two victims … allows us to recover a considerable amount of data on the daily life of ancient Pompeians,” site director Gabriel Zuchtriegel said.

Ancient Pompeii, rediscovered only in the 16th century, has in recent years seen a burst of archaeological activity aimed at halting decades of decay and neglect. — Reuters

PLDT Q2 profit down 9%, exits NTT Japan talks for data center sale

PHOTO FROM JGSUMMIT.COM.PH

PANGILINAN-LED PLDT Inc. saw a 9% decrease in its attributable net income for the second quarter (Q2), falling to P8.59 billion from last year’s P9.44 billion due to higher expenses for the period.

For the April-to-June period, the company registered a combined revenue of P53.36 billion, marking a 3.3% increase from P51.68 billion a year ago.

PLDT’s expenses for the second quarter climbed by 4.5% to P20.47 billion from P19.58 billion in the comparable period last year.

For the first half, the telecommunications company registered an attributable net income of P18.41 billion, lower by 0.21% from P18.45 billion previously despite posting higher revenues for the first six months of the year.

PLDT’s telco core income, which excludes the impact of asset sales and Maya Innovations Holdings, formerly Voyager Innovations Holdings, reached P18.01 billion, higher by 2.6% from P17.56 billion a year ago.

The company saw its gross revenue climb to P107.58 billion, higher by 3.4% compared with P104.04 billion previously.

Service revenues accounted for P103.44 billion of the company’s total revenues, marking an increase of 4.1% from last year’s P99.3 billion.

Broken down, its service revenues were driven by its individual wireless segment, which posted revenue of P41.9 billion, followed by home business revenues at P30 billion, and enterprise revenues at P24 billion.

To date, active data users stood at 40.5 million, PLDT said, adding that its mobile data traffic increased by 11% year on year to 2,641 petabytes.

“With the all-time highs delivered in recent periods behind us, we turn to the future that we are tasked to build for PLDT with careful optimism. As we continue our pursuit of higher shareholder values, our focus on exceptional service to our customers remains intense. We continue to be confident that, as before, we will make it through with the perseverance, dedication, and innovation of our people,” PLDT Chairman Manuel V. Pangilinan said.

Despite posting lower attributable net income, PLDT Senior Vice-President and Chief Financial Officer and Chief Risk Management Officer Danny Y. Yu said the company is still optimistic about hitting its target of mid-single-digit service revenue growth for the year.

DATA CENTER SALE
Further, PLDT hopes to conclude the sale of its data center business, ePLDT, Inc., to a new foreign entity by next year, Mr. Pangilinan said, adding that the offer of this new investor is more than $1 billion.

“I think if we were to proceed [with the sale] it is likely that we are going to sign with the new investor within a year or before the end. But this is likely to be subject to [review]. It is probably next year,” Mr. Pangilinan said.

“Well, I think the best way to describe this is that we are still in discussion with one particular potential investor for the data center,” he said.

Earlier, PLDT was in talks to sell up to 49% of its data center business to Japan’s Nippon Telegraph and Telephone (NTT); however, Mr. Pangilinan said PLDT is dropping its negotiation with NTT Japan because it wants a majority of ePLDT’s stake.

“[NTT Japan] wanted a majority. [ePLDT] is making money and the growth potential is there, there are interested parties,” he said.

To date, PLDT, through its subsidiary ePLDT, has 11 data centers, including the 50-megawatt hyperscale data center in Sta. Rosa, Laguna.

At the local bourse on Tuesday, shares in the company gained P7 or 0.44% to end at P1,601 apiece.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

T-bond yields drop as market awaits BSP move

THE GOVERNMENT made a full award of the reissued 20-year Treasury bonds (T-bonds) it offered on Tuesday at a lower average rate amid strong demand and despite some uncertainty regarding the Bangko Sentral ng Pilipinas’ (BSP) policy decision on Thursday.

The Bureau of the Treasury (BTr) raised P30 billion as planned via the reissued 20-year bonds it auctioned off on Tuesday as total bids reached P73.348 billion, or more than double the amount on offer. This brought the outstanding volume for the series to P383.3 billion, the Treasury said in a statement.

The bonds, which have a remaining life of six years and 11 months, were awarded at an average rate of 6.128%. Accepted yields ranged from 6.05% to 6.14%.

The average rate of the reissued papers dropped by 29.9 basis points (bps) from the 6.286% fetched for the series’ last award on July 9, and was also 39.3 bps lower than the 8% coupon for the issue.

However, this was 0.8 bp higher than the 6.115% seen for the same bond series and 5.4 bps above the 6.117% quoted for the seven-year bond, the tenor closest to the remaining life of the papers on offer, at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Service Reference Rates data provided by the BTr.

The BTr fully awarded its T-bond offer as rates declined versus the previous reissuance of the series, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

This, even as the average rate fetched for the papers was slightly higher than secondary market levels ahead of the BSP’s policy meeting, Mr. Ricafort said.

“The higher rate was due to some investors being uncertain of BSP’s move on Thursday. Still, this auction result is good if you compare it to the one-year bills,” a trader said in a text message.

On Monday, Treasury raised the planned P7 billion via the 364-day Treasury bills (T-bills) as demand totaled P19.985 billion. The average rate of the one-year debt inched down by 1.2 bps to 6.062% from the 6.074% quoted for the tenor last week.

Analysts are divided on the Monetary Board’s rate decision this week as faster inflation in July caused BSP Governor Eli M. Remolona, Jr. to take a less dovish policy stance.

The BSP is now “a little bit less likely” to cut rates at Thursday’s policy meeting following the elevated July inflation print, Mr. Remolona said last week, adding that they remain open to off-cycle moves.

A BusinessWorld poll showed that nine out of 16 analysts surveyed expect the central bank to deliver a 25-bp rate cut at Thursday’s review.

This would bring the target reverse repurchase rate to 6.25% and would be the first reduction in benchmark borrowing costs since November 2020, or during the height of the coronavirus pandemic.

Meanwhile, the seven other analysts polled expect the BSP to keep rates steady this week amid lingering risks to the inflation outlook and with the US Federal Reserve seen to deliver a jumbo rate cut next month.

The Monetary Board has kept its policy rate at an over 17-year high of 6.5% since October 2023 following cumulative increases worth 450 bps.

Headline inflation picked up to a nine-month high of 4.4% in July from 3.7% in June, the Philippine Statistics Authority reported last week. This was slower than the 4.7% print in the same month a year ago and was within the BSP’s 4%-4.8% forecast for the month.

However, this was the fastest print in nine months or since the 4.9% clip in October 2023. It also marked the first time since November that inflation exceeded the central bank’s 2-4% annual target.

Meanwhile, the Fed is expected to begin its monetary easing cycle by September, with markets seeing more than 50 bps in cuts following recent data pointing at a potential slowdown in the world’s largest economy.

The Fed has kept its benchmark overnight interest rate at the current 5.25%-5.5% range since July 2023 after increases worth 525 bps.

The Treasury is looking to raise P220 billion from the domestic market in August, or P80 billion from T-bills and P140 billion via T-bonds.

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. — AMCS

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