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Empire East eyes further acquisitions for future development projects

LISTED Empire East Land Holdings, Inc. said it is open to acquiring additional properties for development to bolster its already substantial 426 hectares of land holdings.

“We possess 426 hectares of land and remain open to acquiring more properties for development, ensuring sufficient projects for the next five to seven years,” Empire East President and Chief Executive Officer Anthony Charlemagne C. Yu said during the company’s virtual annual stockholders’ meeting on Tuesday.

 “The company is constructing 11 towers as of Dec. 31, 2023, and will commence construction on four more, totaling 15 towers in simultaneous construction,” he added.

He said the company’s projected capital expenditure of at least P25 billion over the next four to five years underscores its confidence in the Philippine market, which is “rich with opportunities for expansion.”

He also advised consumers to consider buying real estate, highlighting its ability to protect against inflation through benefits like increasing property values.

“While inflation is present, it is relatively controlled compared to previous years, allowing for optimism about economic stability. Real estate property is a very good hedge against inflation. It is really time to buy,” he said.

 “By staying responsive to evolving market demands, we sustain our competitive edge and drive sustainable value for the residential segment we cater,” he added.

The country’s inflation rate rose to 3.9% in May from 3.8% in April due to faster price increases of housing, water, electricity, gas, other fuels, and transport.

For the first quarter, Empire East recorded a 14.7% increase in consolidated net income to P236.1 million as consolidated revenue rose by 5.9% to P1.4 billion.

The company is engaged in building mid-cost housing developments, including condominiums, house and lot units, and commercial properties. So far, it has finished constructing 118 condominium towers in Metro Manila and multiple subdivisions in South Luzon.

Some of its projects include San Lorenzo Place, The Paddington Place, Kasara Urban Resort Residences, and Pioneer Woodlands.

Empire East shares were unchanged at P0.143 apiece on Tuesday. — Revin Mikhael D. Ochave

MWSS, concessionaires complete P3.17-B tunnel at Ipo Dam

By Sheldeen Joy Talavera, Reporter

METROPOLITAN Waterworks and Sewerage System (MWSS) and its concessionaires have finished a tunnel excavation as part of the Angat Water Transmission Improvement Project (AWTIP), paving the way for rehabilitating other tunnels, company officials said on Tuesday.

The 6.40-kilometer-long raw water conveyance tunnel is the fifth tunnel  in Norzagaray, Bulacan. It will carry raw water supply of approximately 1,642 million liters per day (MLD) from Ipo Dam to the Bigte basin.

“The benefit of our Tunnel No. 5 is we will be able to increase delivery [of water] to La Mesa [Dam] and prevent leakages. That is one of the [issues] that we are addressing, to be able to recover leakages from old tunnels,” MWSS Administrator Leonor C. Cleofas told reporters in Filipino on Tuesday. 

MWSS and its concessionaires, Maynilad Water Services, Inc. and Manila Water Co., Inc., led a ceremonial tunnel boring machine breakthrough for the AWTIP on Tuesday.

Maynilad and Manila Water equally shared the project cost of P3.17 billion.

The AWTIP will provide operational flexibility to the raw water transmission system during the maintenance or repair of the existing tunnels, especially Tunnel No. 1 that was constructed in 1939.

The project also aims to improve reliability, operational flexibility, and water security in the Umiray-Angat-Ipo-La Mesa raw water conveyance system.

The system is serving 90% of the 20 million population in the whole service area of MWSS, Ms. Cleofas said.

She said that once the tunnel boring machine is removed, there will be the construction of an intake structure to transport water from Ipo Dam to Bigte basin.

“We need to have redundancy and to meet the increasing demand of water in Metro Manila,” she added.

MWSS and its concessionaires selected China International Water and Electric Corp. as the project contractor and DOHWA Engineering Co., Ltd. as the consulting firm.

Patrick Lester N. Ty, chief regulator at the MWSS Regulatory Office, said that the project is already included in the rate-rebasing and will not cause additional charge in water bills.

In 2022, the MWSS board approved the implementation of higher rates on a staggered basis for five years starting in January 2023.

Mr. Ty said that the rehabilitation of Tunnel Nos. 1, 2, and 3 will begin once the reliability of Tunnel Nos. 4 and 5 have been determined.

“Of course, this is worth it… What if we would have a problem in one of our tunnels, we would need to fix that… Our tunnels are already more than 50 years, these need to be rehabilitated,” he said in Filipino.

The 6.3-kilometer Tunnel No. 4 was completed in 2020 and was able to carry 1,600 MLD of water into the delivery system.

WATER ALLOCATION
Ms. Cleofas said that MWSS is requesting 52-cubic-meter-per-second (cms) water allocation for June 16 to June 30 from the National Water Resources Board (NWRB).

“We want to be assured that there will be no water interruption. But even if we would be given 50 [cms], there would be no water interruption,” she said.

The NWRB has approved the 51 cms water allocation for June 1 to June 15. MWSS normally draws 50 cms from Angat Dam.

“Because it’s already the rainy season, even though we would be given 50 [cms], if the water is too much, we are the one requesting not to release water from Angat because we want to save the water from Angat,” she said.

PLDT inches closer to finalizing $1-B data center sale — Pangilinan

PLDT Inc. is now proceeding with the sale of 49% of its data center business to a foreign company for more than $1 billion, the company’s chairman said.

“We are talking to the final bidder at this stage; we have agreed the valuation with them,” PLDT Chairman and Chief Executive Officer Manuel V. Pangilinan told reporters on the sidelines of the company’s annual stockholders’ meeting on Tuesday. 

“There are a few issues, and there are still a number of open points to be negotiated and agreed upon,” he added.

To recall, PLDT has been in talks to sell up to 49% of its data center business, ePLDT, Inc., to Japan’s Nippon Telegraph and Telephone (NTT), which valued its data center at $1 billion.

“I can’t disclose the name, but somebody you know,” Mr. Pangilinan said.

He said the company is expecting to settle some negotiations with the company and finalize the agreement by July.

“In the next few weeks, we should be able to finalize and convert those discussions into a binding term sheet. By July, we should  have a binding term sheet with this particular investor,” he said. 

With this development, the company will not proceed with its planned real estate investment trust (REIT) listing for ePLDT. 

In May, Mr. Pangilinan said its data center unit might opt for a REIT listing if its negotiations with a foreign entity for its data center sale would not push through. 

To date, PLDT, through its subsidiary ePLDT, has 11 data centers, including the 50-megawatt hyperscale data center in Sta. Rosa, Laguna, which is expected to be completed by July.

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. — A.E.O. Jose

Cebu Pacific says it will operate largest turboprop fleet in PHL

BW FILE PHOTO

BUDGET CARRIER Cebu Pacific, operated by listed Cebu Air, Inc. (CEB), has received its turboprop aircraft, marking its sixth aircraft delivery for the year.

“This aircraft delivery brings our turboprop fleet to 15, and we will be receiving our sixteenth ATR turboprop in October,” Cebu Pacific Chief Executive Officer Michael B. Szücs said in a media release on Tuesday.

“With this, CEB will be operating the largest turboprop fleet in the Philippines, enabling us to serve more passengers across the country,” he added.

A turboprop is an aircraft powered by a gas turbine engine that drives a propeller, offering high fuel efficiency and reliability for short-haul and regional flights.

For the year, Cebu Pacific is expecting to receive 17 aircraft, which would help boost the company’s operations, it said.

The ATR 72-600 arrived at the Ninoy Aquino International Airport on June 5, the budget carrier said, adding that this new aircraft will strengthen the company’s inter-island travel.

The ATR 72-600 aircraft can carry around 78 passengers. It is said to be used by many airlines as a regional aircraft because it can access short, narrow, and unpaved runways, Cebu Pacific said.

Cebu Pacific said the ATR 72-600 is one of the latest generations of twin-engine turboprops produced by the Italian aircraft manufacturer Avions de Transport Régional (ATR).

The budget carrier operates a diversified commercial fleet composed of eight Airbus 330s, 39 Airbus 320s, and 21 Airbus 321s.

To date, it flies to 35 domestic and 24 international destinations in Asia, Australia, and the Middle East. — A.E.O. Jose

A production for a new generation

ALICE REYES Dance Philippines’ corps de ballet dancing Carmina Burana.

ARDP’s Carmina Burana and ‘Dugso’ get rare restaging

NATIONAL Artist for Dance Alice Reyes encourages the public to first listen to the music of Carl Orff’s Carmina Burana before they attend a performance of Alice Reyes Dance Philippines’ (ARDP) latest staging of its dance interpretation of the piece.

“People should listen to the music before they come to watch, so they know just how grand it is. Then they can also see the differences of the live piece from the recorded music,” said Ms. Reyes, whose passion for Carmina Burana has never wavered even after staging it multiple times over the decades.

A cantata, the piece is inspired by medieval poetry set to a majestic score. It tells of the joys of life, drinking, and love, through exuberant, erotic, and pagan movements.

One of ARDP’s iconic pieces — most recently staged in 2022 — this version is set to be the largest. It will feature live music by the Philippine Philharmonic Orchestra (PPO) and the Philippine Madrigal Singers (Madz), with guest soprano soloist Lara Maigue. The production will also feature the Kilyawan Boys Choir and dance trainees from the University of the East’s Silanganan Dance Troupe.

At open rehearsals held in the first week of June at the Metropolitan Theater in Manila, Ms. Reyes told BusinessWorld that she simply can’t get enough of the piece. Even while watching the dancers prepare for a run-through, she waxed poetic about the brilliance of Carmina Burana.

“We’ve been working in a small studio downstairs, so when you sit back and see the dancers up there [on the main stage] finally pouring their heart out to the audience, it moves you. It’s quite an experience. You see the kinesthetic energy of the dancers, how technical the dance is. So you can imagine how amazing it will be with full costumes, lights, and the set, the magic of theater,” she said.

The sets and costumes for Carmina Burana were designed by the late National Artist for Theater Design Salvador Bernal, which makes the production a collaboration between two National Artists. It also explains in part why it takes so much effort to put up, with only seven stagings so far since it first premiered in 1975.

“Another reason I tell people to catch it is because it’s so hard to do. It’s hard to get the company and the sets prepared, plus the PPO and the Madz and the Kilyawan altogether. So don’t waste it,” said Ms. Reyes.

For younger audiences who have not encountered it before, Carmina Burana is a “magnificent musical piece to start with,” she added. “When translated into dance, it provides the story and atmosphere of the period that the composer was writing about.”

“It’s not a boring thing. It will move them.”

A LOT ON THEIR PLATE
Also featured in the dance program are Norman Walker’s “Summer’s End,” August Damian’s “After Whom,” and Ms. Reyes’ “Dugso.”

The latter work is particularly interesting, inspired by rituals performed by the tribes of Bukidnon, Mindanao, and set to National Artist for Music, Dr. Ramon Santos’ choral piece “Ding Ding nga Diyawan.” First performed in 1972, the groundbreaking collaboration was last staged in 1990. This makes the upcoming performance the first for a new generation of audiences.

“‘Dugso’ was so long ago. What’s difficult about it is that it wasn’t archived properly, so the video recordings were unclear. I had to fill in gaps in the choreography with the help of Dr. Santos who did the music,” Ms. Reyes said.

While the open rehearsals that day were mainly for ARDP’s Independence Day performance at Manila’s Rizal Park — which was held on June 10, ahead of the actual celebration — they also practiced excerpts from Carmina Burana and “Dugso.”

“They actually have a lot on their plate,” said Ms. Reyes of her dancers for the free Independence Day production. “The dancers have 12 numbers in all for this Independence Day piece, and they have to do it non-stop. They go off to change into costumes and are back in. It’s a lot.”

This is where her love and pride for the ARDP company shines through. Amid rehearsals, she steps in to ensure the dancers snack on hard-boiled eggs and drink Berocca multivitamins to keep energized. Only then are they able to perform to the best of their abilities.

“When it comes to dance, you get to see through their movements what the music is all about, whether it’s Carl Orff’s cantata or Ramon Santos’ choral piece,” she said.

“Even to me, I still go ‘wow’ when I see my brilliant dancers onstage.”

Carmina Burana will be staged on June 14 at 7:30 p.m. and on June 15 at 2 p.m. and 7:30 p.m. at the Samsung Performing Arts Theater in Circuit, Makati. Tickets are available via TicketWorld and the Cultural Center of the Philippines’ Box Office. — Brontë H. Lacsamana

The Sandbox Collective stages Little Shop of Horrors

IN 1960, director Roger Corman fulfilled a dare to make a film in two days by coming up with the black-and-white horror comedy Little Shop of Horrors. That short span of time gave birth to an iconic quirky world where a Skid Row flower shop raises a strange carnivorous plant.

It was later adapted into an Off-Broadway show, with music by Alan Menken and lyrics by Howard Ashman (a duo known for their work with Disney). But it really achieved worldwide success when it was turned into a musical film in 1986.

The story follows Seymour Krelborn, a down-on-his-luck flower shop assistant, who discovers a mysterious plant with an insatiable appetite for human blood. As the plant, named Audrey II, grows and gains fame, Seymour finds himself tangled in a web of love and moral dilemmas.

Theater director Toff De Venecia believes it’s about time to revisit this unique story, which The Sandbox Collective was supposed to do in 2020, but which was derailed when the pandemic hit.

“I’m so happy that this finally happened. I got to direct this musical in 2011 for Ateneo Blue Repertory, and it was very special to me because, while I was sort of familiar with it, I didn’t realize just how beautiful this musical was. In that show I discovered my voice as a theater director, that I have an affinity for absurdist works and themes of grief. For this 2024 version, we wanted to retain a lot of that spirit and essence, but of course on a bigger scale,” said Mr. De Venecia at a June 5 press conference for the musical.

The very first time he saw the show was in 2004, when Repertory Philippines staged it at Onstage Greenbelt. A few weeks after being awestruck by the musical, his sister died in a house fire.

“It was then that I pondered a lot about death, grief, and the absurdity of the world that we live in, and somehow that made its way into the kind of stuff we choose for Sandbox and the kind of material that we gravitate to,” he said.

Little Shop of Horrors, opening in July, is part of The Sandbox Collective’s 10th anniversary season. The audience can expect to hear memorable songs such as “Suddenly, Seymour” and “Somewhere That’s Green,” which have become iconic in the musical theater canon.

FULL CIRCLE MOMENTS
The cast will feature a mix of people who have done the musical before and those who will be working on it for the first time.

It features Reb Atadero and Nyoy Volante alternating in the role of the lovelorn Seymour, Sue Ramirez and Karylle Tatlonghari sharing the role of the unlucky-in-love heroine Audrey, Markki Stroem and David Ezra alternately playing the villainous dentist Orin, Audie Gemora as the flower shop proprietor Mr. Mushnik, and OJ Mariano as the bloodthirsty plant Audrey II. Mikee Baskiñas, Abi Sulit, Paula Paguio, and Julia Serad play the Street Urchins.

“We were more intentional about the text, the choices, and we just had more tools at our disposal to explore, to create a crazy surrealist playground for the actors to play in. I see myself more as an orchestrator than a director to the cast,” Mr. De Venecia said.

For Mr. Atadero, who was in the 2011 production, it was a no-brainer to take the chance to revisit the material.

“I was in high school at the time!” he said. “Coming from Rent, we’re fatigued and tired of course, but what carries us through is the amazing opportunity to be part of yet another iconic musical.”

Those familiar with the show can also expect to see something different visually this time around, according to scenographer Mio Infante.

“I actually did the set for the Little Shop of Horrors staged by Rep in 1989, my second professional show. I was also still in high school. So, it’s interesting to do something different with it after 35 years. You’ll see something unique for this one, a totally new take that you have to see for yourself,” he said.

One of the things to watch out for is the puppetry by Kayla Teodoro, known for her work in the West End in London. She’s one of the people on the team who are having a full circle moment in this production, having interned with The Sandbox Collective in 2014 before she became a professional puppeteer.

Musical director EJ Yatco reminisced on the use of minus ones in the 2011 production. “Now we’re going to do it with a live band. I’ve been dreaming about that for a decade. Toff and I have grown together, so our life experiences have prepared us for this version,” he said.

A STRONG CAST
Little Shop of Horrors is known for its quirky cast of characters, this time brought to life by faces old and new. Audrey, for example, is played by actresses who are known for their television work.

“I had to unlearn everything, everything. In theater you’re encouraged to make mistakes, unlike in TV where it’s fast-paced and you have to do things in one take. The rehearsals have been fun because we’ve all been making mistakes and improving as we go,” said Ms. Ramirez. This is her first stint in theater.

While she may be a newbie in this particular line of work, her voice wowed the audience at the short press preview. “I love singing and I’m learning a lot about theater, but I still have a lot more to go,” she said.

Ms. Tatlonghari, on the other hand, has had more experience, plus a lifelong obsession with the musical.

“I had a laser disc of Little Shop of Horrors back then. I always thought I was the only one who liked this show; I could even sing the whole thing from top to bottom! I later ended up liking Disney movies like The Little Mermaid, Aladdin, Beauty and the Beast, and it turns out the same musical genius duo of Howard Ashton and Alan Menken also did them,” she said.

Mr. Volante, who plays Seymour, noted that a lot of fellow actors from television are now excited to go into theater and vice versa.

“That’s a thing that’s happening now — people crossing over from one medium to the next. It’s something to encourage. Please support the shows because we want to see more of the entertainment industry coming together,” he said.

GEN Z SENSIBILITIES
In the villainous role of Orin are Markki Stroem and David Ezra, the latter coming from playing leading man-type roles in Disneyland. The two actors, each playing eight roles in the musical aside from Orin, observe that Gen Zs will resonate with the intelligent way the story tackles toxic relationships.

“The younger generation, in this day and age, have started to really call out abuse and red flags. This will definitely showcase that,” said Mr. Stroem.

More than anything, the cast is excited about adding another title to the many theatrical experiences lined up this year. Audie Gemora, who will take on Mr. Mushnik, invited everyone to watch as many shows as possible. “I’m happy because theater is so alive. I don’t know if you noticed but Gen Zs are so lucky. There are shows all year round, and they’re all selling very well!”

Mr. De Venecia added that the staging of Little Shop of Horror, now more intentionally, will lean into mental health as a theme.

“It wasn’t really a thing in 2011 when I did it last, even less so when the musical was first made. But there are actually lines from the show that say, ‘oh I’m depressed,’ showing depression as the status quo. There’s a lot of that, so we just really leaned into it a bit more, to make it a communal experience,” he said.

“That’s the ethos of Sandbox, now that we’re 10 years in the industry. We want to create a space where people can lean into this stuff.”

Little Shop of Horrors will run on weekends from July 6 to 28 at the Globe Auditorium, Maybank Performing Arts Theater, Bonifacio Global City, Taguig. There will be shows at 3 and 7:30 p.m. on Saturdays and Sundays, and 8 p.m. on Fridays. — Brontë H. Lacsamana

P606.53-M  Bohol port project awarded to Cebu-based construction firm

THE Philippine Ports Authority (PPA) has awarded the P606.53-million Port of Tapal expansion project to BNR Construction and Development Corp.

In a notice dated May 31, the PPA said that the project has been awarded to the Cebu-based construction company for submitting the lowest bid.

The Port of Tapal, one of the major and busiest ports in the country, is situated in Barangay Tapal, Ubay town in Bohol.

“Pursuant to the provisions of the bid documents, you are hereby instructed to formally enter into a contract with us and to post the required performance security in the form and amount stipulated in the Instructions to Bidders, within 10 days from the receipt of this notice of award,” PPA General Manager Jay Daniel R. Santiago said.

The PPA said that if the contractor fails to finalize the contract or furnish the required performance security, it may result in the cancellation of the award.

Ten companies competed in the bidding process for the Tapal Port expansion project, including BNR Construction, Marra Builders, Inc., Octagon Concrete Solutions, Inc., Khan Kon Chi Construction and Development Corp., Sunwest, Inc., WTG Construction & Development Corp., Goldridge Const. & Devt. Corp., MAC Builders Corp., and UKC Builders, Inc.

According to the PPA, BNR Construction was identified as the bidder with the lowest calculated bid for the project, and the company successfully met the technical and financial prerequisites assessed during the evaluation conducted on May 23-24. — Ashley Erika O. Jose

The Church’s teachings on sustainable mining: The common good

FREEPIK

(Part 2)

The recent Palawan Mining Stakeholders Congress showed the very important influence of the Catholic Church and other religious organizations on public opinion about the desirability of large-scale mining investments in provinces of the Philippines that are rich in mineral ores, especially copper, nickel, and iron and not to mention coal reserves.

Although the majority decision of the stakeholders to declare a moratorium on the issuance of new permits is not legally binding, the Governor of Palawan said that such a consensus will be considered as a major factor for the provincial government’s future policies on mining because it reflected the sentiments of the people.

It would be wise for the top officials of mining companies and LGU heads who recognize the positive contributions of mining income, employment, and poverty alleviation to know very well what the teachings of the Catholic Church are on the issue of sustainable mining. There have already been some notable cases where, in cooperation with LGU heads, Catholic bishops and clergy have influenced the constituents to vote for a no-mining policy, such as in Oriental Mindoro. Although rich in mineral resources, Oriental Mindoro is even richer in very productive agricultural lands and an abundance of water resources that the province can make do with without having to depend on their mineral resources for the livelihood of its population.

That is why, in the many other provinces where mining can make a significant contribution to generating income and employment for the local communities, especially for indigenous tribes, it is of the utmost importance for the investors and other pro-mining supporters to understand where the Church and other religious groups are coming from when they have strong reservations about mining.

As the Apostolic Vicar of Puerto Princesa, the Most Rev. Socrates Calamba Mesiona, explained in great detail during the Palawan Stakeholders Congress, a most important social teaching of the Church is the “universal destination of all the goods of this world.”

It is the Creator’s will that the earth and all which belongs to it be destined for all peoples. It goes against both distributive and social justice that the earth’s goods would only be for the few and powerful, depriving the less privileged people of their use. Pope Francis, quoting from the Second Vatican Council document Gaudium et Spes, defines the common good (as it is also defined in the Philippine Constitution of 1987) as the “sum of those conditions of social life which allow social groups and their individual members relatively thorough and ready access to their own fulfilment.” Rather than the utilitarian principle of the greatest good for the greatest number, the common good is respect of the human person as such, endowed with basic and inalienable rights in order to fulfill his or her integral development.

Then Bishop Mesiona walked the talk, going from principle of reflection to criteria for judgment, and all the way to guidelines for action. He did not stay at the level of motherhood statements but got down to brass tacks by describing the many gifts of nature, other than mineral ores, of the Province of Palawan. Waxing lyrical, he noted that we do not need to go somewhere else to marvel at God’s beautiful creation — our beautiful Province of Palawan (indeed, Palawan has been voted by international tourism groups as the “Best Island Resort in the World”). Bishop Mesiona presented a litany of the gifts of creation to his province: Palawan is blessed with rich natural resources and highly diverse flora and fauna found in both land and sea… Its coastal and marine ecosystems include coral reefs (379 species of corals), seagrass meadows (12 species), and mangroves (31 species, distributed in 44,500 hectares of mangrove forests, the largest remaining mangrove cover left in the Philippines). It also harbors several marine species such as marine turtles, dugong, and whale sharks.

Bishop Mesiona presented ample reasons why Palawan is referred to as the “last ecological frontier.” He described the characteristics of terrestrial and freshwater ecosystems of the province as diverse. It is composed of old growth and second growth tropical rainforest which are very difficult to replicate even with the best intentioned and meticulously planned tree planting programs or reforestation. There is karstic limestone, forest over ultramafic rocks, casuarinas and beach forests…These serve as habitats to freshwater fish (a total of 18 Philippine endemics), amphibians (26 Philippine endemics), reptiles (69 species), birds (279 species), migratory birds, and terrestrial mammals (58 species, among which 16 are endemic to Palawan). Even the best mining practices would not be able to avoid wreaking havoc on some of these treasures of nature found in Palawan.

Bishop Mesiona did not completely ignore the blessings that mining can bring to a region that still has a high rate of poverty, which is the fact in Palawan — there are districts where the poverty incidence is even higher than the national average of 22%. He does admit that there are those who support mining in their respective localities because they believe in tangible benefits, such as those in Bataraza town where the Nickel Asia Mining Corp. has mining operations, or the community surrounding MacroAsia Mining Corp. He asked, however, a rhetorical question: “But who are really the main beneficiaries of the so-called ‘development’ and at what price when our mineral resources are extracted, exploited, and brought somewhere else and can never be replaced for the next generation of Palawenos to also see, enjoy, and even behold?”

Referring to Pope Francis, who has written a whole social encyclical entitled “Laudato Si” on the issue of sustainable development, the Bishop reminded us that development must be considered from the inter-temporal point of view. Present development cannot be at the cost of future generations. Pope Francis insists that the common good also extends to future generations: “We can no longer speak of sustainable development apart from intergenerational solidarity… which is not optional, but rather a basic question of justice, since the world we have received also belongs to those who follow us.”

Here, we learn of another kind of commutative justice, which is giving our equals their due. The “others” to which intergenerational solidarity refers are not our contemporaries but generations to come. We cannot try to promote our welfare today by completely disregarding the welfare of future generations. This should be especially felt by parents with children, grandchildren, and those with greater longevity, great-grandchildren.

Bishop Mesiona did not stay only at the level of “principles for reflection” and “criteria for judgment” which constitute the components of the social doctrine that the Teaching Authority of the Church has the obligation to impart to the Catholic faithful. There must be the final “guidelines for action,” walking the talk so to speak.

In this regard, the Bishop gave the audience a reminder that the harsh reality in the Philippines is that good intentions of state regulators are not enough. Often, the best-laid plans of the Department of Environment and Natural Resources (DENR) cannot prevent serious environmental destruction by unscrupulous investors. Indeed, when DENR Secretary Yulo-Loyzaga was asked in a joint session of the committees on local government and environment, natural resources, and climate change about lapses in the issuance of environmental compliance certificates (ECC) to projects in protected areas, she replied: “We are not fully in control of these areas, as you know, given the kind of manpower that we have. The local governments are our partners in the protection of the environment. This is not DENR’s sole job — this is the job of everyone.”

Prudence would then dictate that until the various government agencies can get their act together in truly protecting the environment from irresponsible mining, there should be a moratorium in issuing new permits.

(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

BTr partially awards bonds on hawkish Fed bets

RJ JOQUICO-UNSPLASH

THE GOVERNMENT made a partial award of the Treasury bonds (T-bonds) it offered on Tuesday at a higher average rate than secondary market levels amid expectations of hawkish signals from the US Federal Reserve this week.

The Bureau of the Treasury (BTr) raised just P26.225 billion via the reissued 10-year bonds it auctioned off on Tuesday, lower than the P30-billion program, despite total bids reaching P53.131 billion.

The bonds, which have a remaining life of nine years and seven months, were awarded at an average rate of 6.754%. Accepted yields ranged from 6.68% to 6.78%.

The average rate of the reissued bonds went down by 7.1 basis points (bps) from the 6.825% fetched for the series’ last award on May 7. However, this was 50.4 bps above the 6.25% coupon for the issue.

This was likewise 4.5 bps higher than 6.709% quoted for the 10-year bond and 3.7 bps above the 6.717% seen for the same bond series at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

Tuesday’s T-bond award brought the outstanding volume for the series to P141.9 billion, the BTr said in a statement.

“The awarded T-bonds today fetched higher amid expectations of hawkish guidance from the Fed meeting this week,” a trader said in an e-mail on Tuesday.

The Federal Open Market Committee was set to start a two-day policy meeting overnight, where it is expected to keep its target rate at the 5.25%-5.5% range for a seventh straight meeting.

The Fed will also update their economic and interest rate projections at this week’s meeting.

Officials have turned more hawkish since the last such release in March, when the median projection was for a reduction of three quarter points this year, Reuters reported. Markets are currently pricing in only 37 bps of cuts by December.

The peso’s persistent weakness against the dollar also led to the higher awarded T-bond yields, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

On Monday, the local unit closed at P58.79 per dollar, dropping by 27 centavos from its P58.52 finish on Friday, Bankers Association of the Philippines data showed.

Year to date, the peso has weakened by P3.15 from its end-2023 close of P55.37 versus the greenback.

Mr. Ricafort added that T-bond rates likely rose after the 10-year US Treasury yield climbed to new one-week highs due to tempered expectations of a rate cut by the Fed this year after stronger-than-expected US jobs data.

On Monday, US Treasury yields rose as investors digested Friday’s labor market data and looked toward consumer price data and a Federal Reserve policy announcement this week, Reuters reported.

The yield on benchmark US 10-year notes rose 4.1 bps to 4.469% from 4.428% late on Friday, while the 30-year bond yield rose 4.8 bps to 4.5958%.

The 2-year note, which typically moves in step with interest rate expectations, rose by 1.5 bps to 4.8846% from 4.87% late on Friday.

US nonfarm payrolls expanded by 272,000 jobs last month, data showed, while revisions showed 15,000 fewer jobs created in March and April combined than previously reported. Economists polled by Reuters had forecast payrolls advancing by 185,000.

Average hourly earnings rose 0.4% after having slowed to a 0.2% rate in April. Wages increased 4.1% in the 12 months through May following an upwardly revised 4% annual rise the prior month.

The unemployment rate, however, edged up to 4% from 3.9% in April, breaching a level that had previously held for 27 straight months.

The BTr wants to raise P180 billion from the domestic market this month, or P60 billion from Treasury bills and P120 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. — A.M.C. Sy with Reuters

Topline invests P210M in expansion of fuel station network in Cebu

BW FILE PHOTO

TOP LINE Business Development Corp. (Topline), a property management, franchising, and fuel distribution company, said it has allocated approximately P210 million to finance the construction of its nine fuel stations in Cebu.

“We inaugurated our first service station under the Light Fuels brand just last year, and we are now expanding our footprint in the retail fuel market as we map out our company’s growth to meet the increasing demand in Central Visayas,” Topline President and Chief Executive Officer Erik Lim said in a statement.

“The total annual project volume for the [nine] service stations is estimated to be approximately 12 million to 12.5 million liters. By increasing the supply of liquid fuel in the market, we aim to contribute to the region’s fuel security, especially in the face of supply risks,” Mr. Lim added.

The fuel service stations will be operated by its subsidiary, Light Fuels Corp., and are scheduled to commence operations within the year.

Topline Logistics and Development Corp., another subsidiary of Topline, will supply and distribute liquid fuel to Light Fuel stations as part of Topline’s synergy strategy through vertical integration to optimize costs and mitigate supply chain risks.

Topline Logistics aims to engage in the importation, trading, distribution, and marketing of petroleum-based products, while Light Fuels is involved in the fuel retail sector.

Their parent company, based in Cebu, is actively involved in commercial fuel trading, depot operations, and retail fuel in the Visayas region. — Sheldeen Joy Talavera

Arts & Culture (06/12/24)


Exhibit honors Albert Avellana

SIX artists come together in the exhibit “Same House, Different Time” in a tribute to the late gallerist and curator Albert Avellana. Each year on June 12, Mr. Avellana, the former president of the Museum Foundation of the Philippines, Inc., celebrated his birthday with an exhibit opening at Avellana Art Gallery. The Pasay gallery, which he referred to in an interview as a “living, evolving space for the creative spirit,” would be abuzz with energy as friends, family, art patrons and collectors, and artists spill through its doors in anticipation of new, interesting works and a lively, vibrant party that he was known for. This year, almost two years since his passing, six of his artists who have called Avellana Art Gallery their home literally or figuratively, come together in a show in honor of Avellana who would have turned 61. The two-part exhibit entitled “Same House, Different Time” features pieces by Eugene Jarque, Mac Valdezco, Lexygius Calip, Lynyrd Paras, Ryan Rubio, and Joey Cobcobo. The exhibit starts at the upper gallery rooms featuring mostly old works representing their early encounters with Mr. Avellana. The works in the main gallery conclude the show, featuring their more recent works. The pieces — a mix of paintings, prints, and sculptures — are a tribute to Avellana and how his encouragement and support allowed them to experiment, explore, and navigate their own creative journeys. “Same House, Different Time” opens on June 12 at the Avellana Art Gallery, 2680 F.B. Harrison St., Pasay City, with opening cocktails at 6 p.m.


ArtistSpace holds a blue group exhibit

RENEW your view of blue in this color-centered exhibition that features 25 of the most notable names in contemporary Philippine art. InThe Imperative of Blue,” opening on June 12 at 6 p.m. at ArtistSpace, practitioners of various thematic, stylistic, and conceptual persuasions delve into the properties of blue, not only for its visual weight and feeling, but also its deep implications in culture, history, and the topography of self. The group show will be on view from June 12 to 25 at the ArtistSpace, located at the Ground Level, Ayala Museum Annex, Makati Ave. corner De La Rosa St., Greenbelt Park, Makati City. The roster of artists includes Art de Leon, Billie Jean, Dale Bagtas, Demet Dela Cruz, Dex Fernandez, Don Bryan Bunag, Isko Andrade, Johanna Helmuth, Julieanne Ng, Julius Redillas, Kadin Tiu, Katrina Cuenca, Lao Lianben, Lindslee, Luis Antonio Santos, Lynyrd Paras, Marina Cruz, Mark Andy Garcia, Mars Bugaoan, Neil Pasilan, Plet Bolipata, Raffy T. Napay, Ronald Caringal, Sonny Tolentino, and Winna Go. The exhibit is curated by Carlomar Arcangel Daoana and co-presented with Arcadia Art Gallery. The gallery is open daily from 11a.m. to 8 p.m. Admission is free.


Araneta City holds Independence Day celebration

THIS June, Araneta City is throwing a grand celebration to mark the 126th anniversary of the country’s independence from colonial rule. Among the activities of the We Are Juan celebration is the Musika ni Juan concert at Gateway Mall 2 on June 12 featuring SB19’s leader and main rapper Pablo. Visitors to Ali Mall on the same day can listen to a marching band breathing new life to a few beloved classics. Meanwhile, visitors can catch the last day of the “Amorsolo Lego Art Exhibit” at Gateway Mall 1. On view are works by Amorsolo rendered in Lego cubes, conducted in partnership with the Pinoy Lego User Group (LUG). Also on June 12, Ali Mall hosts the bazaar Proudly Original Products of Quezon City, featuring a wide array of trinkets, accessories, and food items that are 100% Pinoy-made. There is also an online contest on Araw ng Kalayaan. Those who are named after a hero or share the same name with one of the country’s notable forebearers have a chance to win a prize through Araneta City’s digital promo. Check out the post on Araneta City’s Facebook page and follow the instructions for a chance to be one of 70 winners of an Independence Day surprise. To know more about the latest promos, activities, and events at Araneta City, visit www.aranetacity.com.


Intramuros Tourist Center opens

THE NEW Intramuros Tourist Center was inaugurated on June 9 by First Lady Louise Araneta-Marcos. It is located inside the rebuilt San Ignacio Church inside Intramuros at the corner of Arzobispo and Anda Streets. Reconstruction of the church, which was destroyed during World War II along with most of the walled city, started in 2013, with the completed Mission House and partially rebuilt church used as venues for the Manila Biennale in 2018. The Mission House is now the home of the ecclesiastical collection of the Intramuros Administration. The newly opened Intramuros Tourist Center is funded by the Office of the President in coordination with the Department of Tourism (DoT) and other government agencies. The center includes a museum on the history of the area, from precolonial times to the Spanish colonial era when Intramuros was the seat of government, to the destruction brought by World War II, and onward to the current and future development of this Walled City. The tourist center will be manned by DoT-trained tour guides and tourism front liners. Tourists can access guided tour information, details about ongoing events and activities within Intramuros, and services provided by the Intramuros Administration. The tourist center will soon form part of the Hop-On-Hop-Off Manila Cultural Hub. It will open its doors to the public for free starting June 12, the country’s 126th Independence Day, and will be open daily from 9 a.m. to 6 p.m.


K-culture events in June and July

THE KOREAN Cultural Center in the Philippines (KCC) has a series of K-culture events lined up for June and July. From traditional performances and webtoon exhibits to K-drama concerts and K-pop festivities, there’s something for every K-culture enthusiast. The Cebu leg of the K-Culture Next Door: 2024 Korean Festival will be held on June 15 and 16 at the SM Seaside City Cebu, kicking off with an opening ceremony at 2 p.m. at the Sky Hall, with festivities running from 10 a.m. to 8 p.m. at the Mountain Wing Atrium. Highlights include performances by the Jeju Special Self-Governing Provincial Dance Company, the K-Tigers fusion taekwondo team, and the University of Cebu Dance Company. Explore the evolving world of Korean webtoons at the K-Comics World Tour, running from June 21 to Aug. 10 at the Groundspace Gallery, The M in BGC, Taguig. Entrance is free, and no registration is required. A Webtoon workshop will be held on the opening date, June 21. Interested participants may register until June 14 through: bit.ly/KComicsWorkshop. Then there is the OST Symphony: K-drama in Concert featuring the Philippine Philharmonic Orchestra” on June 29, 2p.m., at the Metropolitan Theater, Manila. Reserve seats at bit.ly/ostsymphony. The July events include the KPOP Academy, which interested applicants can register for until June 13 via bit.ly/KPOPAcademy; Everyone’s KPOP: Manila on July 6 at the Mega Fashion Hall, SM Megamall, which is dedicated to all K-pop and non-K-pop fans, featuring the annual Kpop Cover Dance Festival, and surprise performances.


Instituto Cervantes brings writer Garcia Jambrina to PHL

AFTER meeting Filipino novelist Dean Francis Alfaro on June 11 at the UP Vargas Museum, to explore how the fusion of genres like science fiction, fantasy, and history can craft literature that captivates readers and delves into the human condition, as part of BENENGELI 2024, a literature festival spanning 12 cities worldwide, renowned Spanish author Luis García Jambrina will have a second activity in Manila. As part of the collateral activities of the exhibition Nebrija en Filipinas, on June 13, at Instituto Cervantes, the Spanish writer will give a talk on his novel El manuscrito de niebla, a work that traces the steps of the humanist Antonio de Nebrija, fighter against barbarism. Register for free at https://forms.office.com/e/e1qCrctaCW. These events are organized by Instituto Cervantes de Manila, in collaboration with the Embassy of Spain in the Philippines and the University of the Philippines, with the support of PTC-Philippine Transmarine Carriers. For more information, visit Instituto Cervantes’ website (http://manila.cervantes.es) or its Facebook page, www.facebook.com/InstitutoCervantesManila.


Decipher abstractions at The M

THE LECTURE series M Conversations presents “Deciphering Meaning in Abstraction” which will see Dominic Mangila, an artist and academic, discussing works from The M’s ongoing exhibit, “Wild: Women Abstractionists on Nature.” The talk will be held on June 15, 2 p.m, at the 2nd floor foyer of the Metropolitan Museum of Manila in the Mariano K. Tan Centre, 30th St., BGC, Taguig. Attendance to the talk is free with an all-access pass entry ticket. For inquiries e-mail visits@metropolitanmuseummanila.org.

Philippine MSMEs may benefit from AI-fueled cybersecurity automation

WANGXINA-FREEPIK

FILIPINO micro, small and medium enterprises (MSMEs) should use automated cybersecurity solutions powered by artificial intelligence (AI) amid rising cyber threats, according to Palo Alto Networks, Inc.

Small businesses could also save money by availing themselves of consolidated solutions for enterprise-grade security instead of buying several apps on firewalls and endpoints, Palo Alto Networks Country Manager Oscar Visaya told BusinessWorld on the sidelines of a cybersecurity event on May 29.

“You will just have a single pane of glass for your endpoint, network security or for your Zero Trust Network Access, for all the things that you need to safeguard your business,” he said.

Automated cybersecurity replaces manual tasks done by cyber defenders by using AI to alert the company about customer issues, Mr. Visaya said.

And instead of hiring more workers, MSMEs can use managed service, a third-party provider that delivers solutions to be paid monthly.

But AI is not a silver bullet that can fix cybersecurity problems, said Steven Scheurmann, Palo Alto Networks regional vice-president of ASEAN.

“You have got to have a team that still runs and operates it,” he told BusinessWorld on June 5. “When you talk about SMEs in the Philippine market, the way that we deliver AI cyber solutions is through our partner ecosystem.”

He added that Palo Alto uses precision AI in its portfolio to counter cyberattacks.

Meanwhile, Kaspersky Presales Manager Eden M. Carreon said MSMEs don’t need the most advanced tools given their limited budget, but should practice basic cyber hygiene.

They should train their employees to be “human firewalls,” he said, as the cybersecurity firm said online attacks targeting Philippine companies more than tripled to 1.69 million last year from 2022.

Kaspersky earlier highlighted the urgency of boosting cyber defenses against web threats that can reverse the benefits of digitalization.

The global cybersecurity company said web threats detected and blocked among Southeast Asian companies only increased by 0.03% to 13.34 million.

These numbers were calculated using Kaspersky’s business-to-business products installed in companies of various sizes, it said.

Cybercriminals launched an average of 36,552 daily online attacks targeting businesses in the region last year, Kaspersky said, adding that the growth in the region’s digital economies has opened opportunities for both people and companies.

Kaspersky said local businesses should prioritize strengthening their cyber defenses against threats lurking online that can hamper their efforts to harness the benefits of digitalization.

Singaporean companies faced 86% more web threats last year at 1.65 million, while Thai companies had a 24% jump to 1.53 million, it said.

On the other hand, web threats on Indonesian companies fell by 23% to 4.97 million, while Malaysian businesses had 15% fewer attacks at 1.54 million. Vietnamese companies had 21% fewer attacks at 1.96 million. — ARAI