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Gold treasures reunited at the Ayala Museum

GOLD items displayed on white backgrounds are from the Ayala Museum’s collection while gold items on blue are from the Bangko Sentral ng Pilipinas. — AYALA MUSEUM

BELTS, necklaces, bangles, scale pans, and other golden items — 38 in all — from the Bangko Sentral ng Pilipinas’ (BSP) pre-colonial gold collection have been reunited with the Ayala Museum’s existing collection of gold. Forty-three years after being discovered in the same landfill, these objects can now be seen together again for the first time, at the exhibitionReuniting the Surigao Treasure” which officially opened on May 16.

At the exhibit launch, guests were ushered upstairs to the museum’s 4th floor in groups. Ayala Museum senior director Ma. Elizabeth “Mariles” Gustilo prefaced the visit by emphasizing the historical significance of the artifacts, and the exhibit’s timely opening for the museum’s 50th anniversary.

“Ayala Museum was established 50 years ago by the Filipinas Foundation, now known as the Ayala Foundation, to empower Filipinos through a deeper understanding of our traditions, art, history, and culture,” said Ms. Gustilo.

“We mark this milestone expression of love of country with what is appropriately something old, something borrowed, and something blue.”

The Philippines’ two priceless gold collections were reunited thanks to curator Dr. Florina Capistrano-Baker. The 38 gold items loaned from the BSP fill in gaps in the precolonial picture painted by the 1,000 artifacts on permanent display at the Ayala Museum.

ORIGINS OF THE TREASURE
The gold objects in the exhibition were uncovered on April 27, 1981.

Edilberto “Berto” Morales, a heavy machinery operator working on an irrigation project in Sitio Magroyong, barrio San Miguel, Surigao del Sur, unexpectedly unearthed golden objects scattered along a 100-meter stretch of landfill quarried from a nearby mountaintop.

“This accidental discovery, along with others recovered by other treasure hunters who collectively swooped into Magroyong, are collectively known as the Surigao Treasure,” explained Ms. Capistrano-Baker, at a tour of the newly mounted exhibit.

Though a few gold items were hacked apart and melted down by treasure hunters, many were saved through the efforts of Dr. Jaime Laya, then BSP governor, and private collectors National Artist for Architecture Leandro Locsin and his wife Cecilia, whose collection eventually went to the Ayala Museum.

“The Surigao collections at BSP and Ayala were recovered from a single culture area associated with the ancient kingdom of Butuan. They are twins separated at birth, now reunited,” Ms. Capistrano-Baker said.

To emphasize which objects belong to which collections, the items from the Ayala collection are displayed with a white background, while those from the BSP are shown on a blue background. When items from both collections are shown together, the pieces from each are shown with the corresponding color.

ITEMS THAT GO TOGETHER
The exhibition finally gets to tell a fuller story of precolonial Butuan.

The most impressive object is a massive, four-kilogram gold chain believed to be a Hindu upavita, or sacred thread, a mainstay at the Ayala Museum. A pronged finial, or distinctive ornament, from the BSP’s collection now completes the chain at the waist.

“The finial was offered to Mrs. Locsin with the red gemstone, but she thought it looked like a bicycle bell and passed on it. But when she saw the chain, she realized they were meant to go together but couldn’t run after the finial anymore since it already went to BSP,” said Ms. Capistrano-Baker.

While now reunited, it unfortunately remains incomplete — the red gemstone has not been seen since it was offered to Mrs. Locsin.

Also paired together are intricately woven gold waistbands, seven of the belts from the BSP collection now joining multiple sashes and buckles from Ayala’s collection. They are solid proof of the power and opulence once found in ancient Butuan in northeastern Mindanao.

Other remarkable objects from BSP include a 4.5-meter long kamagi chain consisting of 12 necklaces connected end-to-end, weighing almost 1.5 kilograms, gold bangles set with semi-precious stones, and necklaces consisting of susô beads.

Ms. Capistrano-Baker pointed to a screen mounted in the exhibition, which shows a video documentary by Cheche Lazaro under Probe TV. There, she said, Mr. Laya recollects the journey of the treasure.

“When Mang Berto found the long kamagi chain, he wrapped it around his waist several times to hide it from coworkers, which ended up at the BSP. There’s also the gold bowl which he initially thought was a helmet, now part of the Ayala Museum’s collection,” she said.

Another interesting reunion is that of Ayala Museum’s gold balance scale that likely belonged to a rich merchant, and the BSP’s gold weighing scale pan. These are seen as evidence of the Butuan culture’s advanced trading with neighboring polities long before European contact.

“This extraordinary collaboration reunites in one exhibition for a limited time entwined treasures from the country’s two premiere gold collections, allowing us to lift the veil of collective amnesia and reclaim the contours of our half-forgotten precolonial past,” Ms. Capistrano-Baker said.

“Reuniting the Surigao Treasure” is now open to the public and will be on view at the Ayala Museum in Makati until 2027. — Brontë H. Lacsamana

Gov’t partially awards T-bonds

THE GOVERNMENT made a partial award of the new Treasury bonds (T-bonds) it offered on Tuesday with a coupon rate above secondary market levels amid hawkish signals from the US Federal Reserve and as the peso touched the P58-per-dollar level, renewing inflation concerns.

The Bureau of the Treasury (BTr) raised just P22.717 billion via the fresh 20-year bonds it auctioned off on Tuesday, lower than the P30-billion program, despite total bids reaching P37.919 billion.

The bonds were awarded at a coupon rate of 6.875%. Accepted yields ranged from 6.6% to 6.95% for an average rate of 6.797%.

The coupon fetched for the tenor was 20.3 basis points (bps) higher than the 6.672% quoted for the 20-year bond at the secondary market prior to the auction, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

“The higher T-bond rate awarded today was primarily driven by hawkish policy guidance from various US Federal Reserve officials and the anticipated impact of the weaker peso on local inflation and interest rates,” a trader said in an e-mail on Tuesday.

The government partially awarded its T-bond offer amid higher bid yields, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort likewise said in a Viber message.

Investors asked for higher rates amid the peso’s weakness as this could lead to increased import prices that could stoke inflation anew, Mr. Ricafort said.

“Most Fed officials also signaled a cautious stance recently.”

The peso on Tuesday closed at a near 19-month low of P58.27 against the dollar, slumping by 37 centavos from the previous day.

This was the local unit’s weakest close since it ended at P58.275 on Nov. 8, 2022 and was the first time it closed at the P58-per-dollar level since Nov. 10, 2022’s P58.19.

Year to date, the peso has lost P2.90 from its end-2023 close of P55.37. The peso’s record low is at P59 per dollar, which it last hit on Oct. 17, 2022.

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. on Tuesday said the peso’s weakening was mostly driven by a strong dollar after Fed officials signaled that they could delay cutting interest rates.

Mr. Remolona said they continue to monitor the foreign exchange market and will intervene if necessary to “smoothen excessive volatility and restore order during periods of stress.”

Federal Reserve officials are not ready to say inflation is heading to the central bank’s 2% target after data last week showed a welcome easing in consumer price pressures in April, with several on Monday calling for continued policy caution, Reuters reported.

Consumer prices cooled in April, and retail spending did not increase at all, two welcome signs that the economy may be losing some steam in the face of a policy rate that the Fed has held in the 5.25%-5.5% range since last July.

But Fed policy makers, stung by a string of higher-than-expected inflation readings for the three months prior, remain cautious and want to make sure pricing pressures are fully on track back to the Fed’s 2% target rate before starting to cut its benchmark interest rate.

The Fed’s next policy meeting is June 11-12. Traders in contracts tied to the central bank’s policy rate currently do not expect an interest rate cut until September.

Meanwhile, Philippine headline inflation quickened to 3.8% year on year in April from 3.7% in March. Still, this was slower than the 6.6% print in the same month a year ago.

For the first four months, the consumer price index averaged 3.4%, below the BSP’s 3.5% baseline forecast and within its 2-4% target for the year.

The BSP last week kept its policy rate unchanged at a 17-year high of 6.5% for a fifth straight meeting but signaled that it could cut borrowing costs as early as August or before the Fed following slower-than-expected April inflation.

The government wants to raise P210 billion from the domestic market this month, or P60 billion from Treasury bills and P150 billion via T-bonds. It 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

SM Markets eyeing to launch 10-15 stores this year

BW FILE PHOTO

SY-LED SM Markets said it targets to open 10-15 new stores outside Metro Manila this year to expand into underserved areas and provide more product options to local communities.

Once the expansion is complete, SM Markets will have over 350 stores nationwide this year, with more than 70% outside the National Capital Region, SM Investments Corp. (SMIC) said in a statement on Tuesday.

SM Markets is the umbrella brand for SM Supermarket, SM Hypermarket, and Savemore Market.

 For the first half, SM Markets aims to open a total of seven stores, with upcoming store launches in Mati, Davao Oriental; Marilao, Bulacan; and Naujan, Mindoro.

It previously opened Savemore Siniloan, Laguna; Savemore Pantukan, Davao de Oro; Savemore Hotel Supreme, Baguio; and SM Supermarket, Caloocan.

 “This regional expansion is aligned with SM Markets’ commitment to reach more customers by bringing quality, affordable products, and exceptional service closer to more Filipino homes,” SMIC said.

 “The new grocery stores will introduce more options for local communities and at the same time, support homegrown micro, small, and medium enterprises by providing opportunities to showcase their products on the shelves and weekend markets,” it added.

 In 2023, SM Markets opened 12 stores in various areas such as Iloilo, Bataan, Leyte, and General Santos.

Among the new additions were two SM Cherry branches in Aklan and Rizal.

 To date, SM Markets has 66 SM Supermarkets, 54 SM Hypermarkets, and 223 Savemore Markets.

 “Service is at the heart of everything we do. As we grow, we see an opportunity to enhance lives by providing quality food and excellent service across the nation. From fresh produce to pantry staples and discoveries, we aim to ensure families have access to their daily essentials,” SM Supermarket President Jojo R. Tagbo said.

 SM Supermarket offers diverse food items in SM malls. SM Hypermarket combines a supermarket and a department store. Savemore Market provides grocery essentials and is accessible to communities nationwide.

 The SM Group’s retail operations consist of grocery stores, department stores, and specialty retail stores.

 For the first quarter, SMIC recorded a 6% increase in its consolidated net income to P18.4 billion as consolidated revenue climbed by 4% to P144 billion led by its banking business.

SMIC stocks dropped by 1.49% or P13 to P862 apiece on Tuesday. — Revin Mikhael D. Ochave

Big Bad Wolf moves to Parañaque

THE BIG BAD TOUR kicked off with a parade at Parqal on May 16.

FOLLOWING a big comeback in 2023 after the pandemic paused physical operations, the Big Bad Wolf Book Sale is set to return to Manila with 2 million books — this time at a bigger, newer venue. It will be held from May 24 to June 2 at Parqal Mall, Aseana City, in Parañaque City.

Like previous editions, this year’s aims to offer more bargains for bookworms of all ages, according to founder Jacqueline Ng.

“Big Bad Wolf is expanding. Of course, we took a step back during the pandemic when events were not allowed, but now we are back,” said Ms. Ng at the media launch on May 16.

“The mission of adding 1 million new readers never changed from when we started in 2009. It began with the goal to increase readership in Malaysia, but now we bring children’s books at a low price worldwide so that kids all over will read,” she added.

On the move to Parqal, the Big Bad Wolf team explained that the brand-new mall (a stone’s throw away from SM Mall of Asia and Ayala Malls Manila Bay) has a vast, sweeping space that many have yet to discover. It also boasts over 1,500 free parking slots.

The book sale aims to nurture literacy, enhance reading comprehension, and instilling a love of reading among Filipinos of all ages. It will go to six cities in the Philippines this year, though the exact locations are not yet final.

Fatima Aliah Dimaporo, the Department of Social Welfare and Development’s legislative affairs undersecretary, who attended the event, emphasized the correlation of poverty and literacy in the Philippines.

“There is a clear correlation between education and poverty reduction. Studies around the world showed that increasing access to education can lead to better opportunities,” she said.

“This is why we have implemented programs to aid the members of underprivileged communities through education, in collaboration with Big Bad Wolf and the Malaysian embassy.”

Like last year’s comeback edition, the book sale will no longer be open for 24 hours like it used to be pre-pandemic. Now it will run from 10 a.m. to midnight and there will be meet-and-greets with authors, storytelling sessions, and interactive events peppered throughout the day.

Ms. Ng told BusinessWorld that, despite digitalization, the overwhelming social media landscape, and post-pandemic economic upheavals, they are optimistic that Filipinos will remain big readers.

“So far, Filipinos really like to read, so we have no issue with any category. This market reads wide, and every genre is well-received, from fiction to non-fiction to children’s books,” she said.

Compared to the other five cities that the Big Bad Tour will go to this year, Manila also has the largest volume of books since it is the capital city. Major cities like Cebu and Davao are a close second.

Big Bad Wolf is also not concerned with the threat of e-books. Ms. Ng explained that big readers and curious readers will still prefer paper: “Customers who use e-books still have physical books as well. E-books are more for convenience, but they will have physical copies at home.”

She concluded with the effect that reading has on children.

“It’s not just about knowledge; it’s so much beyond that. For a child, reading really opens up their minds and teaches them creativity, passion, confidence. They start to ask questions, and that transforms their lives,” said Ms. Ng.

The book sale is collaborating with Metrobank, which offers a 0% three-month installment promo for purchases worth at least P3,000 for Metrobank cardholders.

The book sale takes place May 24 to June 2 at Parqal Mall in Parañaque. — Brontë H. Lacsamana

BSP coin machine collections reach P707.7 million

PHILSTAR FILE PHOTO

THE VALUE of coins collected by the Bangko Sentral ng Pilipinas (BSP) through its coin deposit machines (CoDMs) hit P707.7 million as of May 15, it said on Tuesday.

This was 9.1% higher than the P648.9 million worth of coins collected in April, the BSP said in a social media post.

A total of 193.9 million pieces of coins were deposited in the machines, up by 8% from the 179.6 million recorded a month ago.

There were also 174,656 transactions made through the machines as of May 15, the central bank said.

All denominations of the BSP Coin Series and New Generation Currency Coins Series are accepted by the deposit machines. Unfit and demonetized coins, foreign currency, and foreign objects are rejected by the CoDMs.

The value of coins deposited in the machines may be credited to an individual’s e-wallet account or converted into shopping vouchers.

The BSP and its retail partners launched the coin deposit machines in June last year to help promote efficient coin recirculation in the country.

The initiative aims to address the artificial coin shortage in the financial system and ensure that only fit and legal tender currency is available for public use.

There are currently 25 deposit machines available in the Greater Manila Area. They can be found in select retail establishments of the SM Store, Robinsons Supermarket and Festival Mall.

Central bank officials earlier said they are looking to roll out another 25 coin deposit machines within this year. — Luisa Maria Jacinta C. Jocson

Airline fuel surcharge unchanged for June 

L FILIPE C SOUSA-UNSPLASH

AIR FARES are likely to remain steady as the Civil Aeronautics Board (CAB) keeps the fuel surcharge unchanged for June.

The fuel surcharge, which is added to the base fare, will be retained at Level 6 for June, CAB said in an advisory on Tuesday signed by CAB Executive Director Carmelo L. Arcilla.

At Level 6, the domestic passenger surcharge ranges from P185 to P665, while the international surcharge varies from P610.37 to P4,538.40.

The fuel surcharge has remained at Level 6 since March.

The last time the CAB downgraded the fuel surcharge was in February at Level 5 from Level 6 in January.

“Airlines wishing to impose or collect fuel surcharge for the same period must file its application with this office on or before the effective period, with fuel surcharge rates not exceeding the above-stated level,” Mr. Arcilla said.

A fuel surcharge may be collected by airlines based on the movements in jet fuel prices, based on a benchmark known as MOPS (Mean of Platts Singapore).

The applicable conversion rate for June is P57.26 to a dollar.

BusinessWorld has sought comments from local airlines. — Ashley Erika O. Jose

Artist of calado embroidery Araceli Dans, 95

LEON GALLERY FACEBOOK PAGE

ARTIST Araceli Limcaco Dans, the Presidential Medal of Merit Awardee known for her paintings of intricate calado embroidery, died on May 18 at the age of 95. Her son Benjo confirmed the news in a Facebook post.

“Early on Saturday morning, my mom finally earned her angel wings and passed away. She leaves a void in our hearts that are also overflowing with so much love,” he said.

The wake is being held at the Arlington Memorial Chapel, Araneta Ave., Quezon City, with the inurnment scheduled for May 22 in the morning.

“It is true that our collective hearts have broken into a thousand pieces over you, but we don’t want to feel any other way because it is a small price for the experience of your love,” her son continued.

Born in 1929, Mrs. Dans was known for her realistic art. Her work caught the eye of National Artist Fernando Amorsolo, who became her mentor and allowed her to enroll at the University of the Philippines’ Fine Arts Department. There, she was among eminent artists like professor and sculptor Guillermo Tolentino (a National Artist for Sculpture) and classmates Napoleon Abueva (later designated a National Artist for Sculpture), Larry Alcala (National Artist for Visual Arts), and Juvenal Sansô, among others.

Her acclaimed works were the calado still life series in watercolor and oil featuring embroidered pineapple- or banana-fiber textiles, flowers, and household objects. Some of her paintings are displayed at the National Museum of Fine Arts.

Mrs. Dans was also a renowned art educator.

In 1950 she founded the Philippine Women’s University’s (PWU) Department of Fine Arts, which she headed for 13 years. In 1963, she moved to the Ateneo de Manila University, where she reorganized the grade school art program.

In 1968, she founded the Philippine Art Educators Association with her colleague Brenda Fajardo. She even developed a television series on art education targeting grade school children.

In a social media tribute, Leon Gallery described her as having “a unique affinity for capturing the human soul.” The gallery cited her diverse personal experiences during World War II as a driving force behind the themes in her art, spanning “deep emotions such as nostalgia, love, longing, and loss.

“Her effervescent style tugs at the heartstrings, silently narrating an ode that can melt even the hardest hearts,” said Leon Gallery.

Fellow artist Imelda Cajipe-Endaya gave her own Facebook tribute to Mrs. Dans. Referring to Mrs. Dans by her nickname “Cheloy,” Ms. Cajipe-Endaya said she was an “artist, teacher, mother, grandmother, friend to many, and an amazing leader in art and education.” — Brontë H. Lacsamana

Insurtech firm partners with Globe to offer cyber insurance

SWISS insurance technology (insurtech) firm discovermarket has entered the Philippine market through a partnership with Globe Telecom, Inc.

The company will launch its first insurance product in the country through an embedded personal cyber insurance product, discovermarket said in a statement on Tuesday.

“Having this partnership with Globe has been a great privilege for us… By providing a hassle-free and digital-first experience, we are able to help Globe provide innovative insurance products as a safeguard for their users,” discovermarket Chief Executive Officer and Founder Patrick Bühler said.

“As the digital presence of Filipino consumers continues to grow, it is crucial that there are comprehensive measures for everyone to be sufficiently protected from malicious cyberattacks,” Mr. Bühler added.

The insurtech company is based in Switzerland, with its regional headquarters for Southeast Asia located in Singapore, and provides embedded insurance solutions to over 200 million customers across different industries such as hospitality, agriculture, and telecommunications. 

The partnership allows discovermarket to offer customers embedded insurance products that aim to deter cybercrime.

The company cited Philippine National Police Anti-Cybercrime Group data, which showed cybercrime cases in the Philippines rose by 21.84% year on year to 4,469 in the first quarter.

Mark Pasaylo, head and director of Globe Platinum, said the partnership will allow the telco to offer digital protection solutions to its subscribers.

“The new embedded CyberInsurance products demonstrate Globe’s commitment to ensure the safety of our subscribers’ online presence, giving them peace of mind when they go about their various activities on their smart devices,” he added.   

The company’s cyber retail product covers Globe’s Platinum customers from online identity theft, online shopping fraud, and internet payment transactions fraud for up to P100,000.

The product also provides claims assistance service in the event of a cyber incident.

It will be made available to new and recontracting Globe Platinum subscribers under Plan 3799, Plan 4999, and Plan 7999, discovermarket said.

The insurtech aims to provide insurance coverage to underserved segments through low transaction costs, it said.

“discovermarket’s marketplace-as-a-service platform also functions as a one-stop marketplace for ecosystem partners seeking digital insurance solutions,” it said.

The company also aims to expand its reach in the Philippines, prioritizing the distribution of cyber products to both consumers and businesses. — A.M.C. Sy

Ayala Land generates P3.18B from block sale of AREIT shares

PROPERTY developer Ayala Land, Inc. (ALI) said it has raised P3.18 billion from a block sale of AREIT, Inc. shares as part of a property-for-share swap deal.

ALI and its wholly owned subsidiary Westview Commercial Ventures Corp. sold an aggregate of 98 million common shares of AREIT at P32.45 apiece to institutional investors, the listed property developer said in a stock exchange disclosure on Tuesday.

 “The transaction is 2x oversubscribed at the clearing price and was anchored by high-quality long-only institutional investors. The placement is in relation to ALI’s property-for-share swap transaction with AREIT,” ALI said. 

 AREIT is the real estate investment trust of ALI. The deal was done pursuant to a placement agreement with BPI Capital Corp. and UBS AG Singapore branch.

 “The proceeds from the block sale shall be settled on May 23, subject to the terms and conditions of the placement agreement. ALI and its subsidiary will submit the required reinvestment plan detailing the use of proceeds obtained from the block sale in due course,” ALI said.

 In June 2021, ALI announced that it had executed the deed of exchange for the property-for-share swap transaction with AREIT, Inc.

 The deal includes the issuance of ALI and its subsidiaries, Westview Commercial Ventures and Glensworth Development, Inc., 483,254,375 primary common shares of AREIT at P32 apiece in exchange for ALI’s properties valued at P15.46 billion altogether.

 The properties involved in the transaction include Vertis North Commercial Development, Evotech Buildings 1 and 2, Bacolod Capitol Corporate Center, Ayala Northpoint Technohub, and office condominium units at BPI-Philam Life Buildings in Makati and Alabang.

 On Tuesday, ALI shares fell by 2.36% or 70 centavos to P29 per share. — Revin Mikhael D. Ochave

Arts & Culture (05/22/24)


Kaye Tinga is the new CCP president

THE CULTURAL Center of the Philippines (CCP) has announced that its new president is businesswoman and philanthropist Kaye Tinga. She replaces early childhood educator Michelle Nikki Junia, who acted as president ad interim from September 2023 to March 2024. Championing Filipino design talents, Ms. Tinga is the co-founder and co-chairperson of the Red Charity Gala, an annual event that celebrates local fashion through the works of renowned Filipino designers and raises funds for charitable causes like the Philippine Red Cross. She is also the co-founder and managing director of W/17, a home furnishing and accessories brand that collaborated with craftsmen from across the country, and is a board member of MINT College, a business and creative arts college and senior high school. She will assume the duties of the CCP presidency on June 1.


Peninsula Manila exhibits eight BenCab tapestries

TO herald the return of its contemporary art program, “Art in Resonance,” The Peninsula Manila has put up a new exhibition of eight, site-specific tapestries by Philippine National Artist for Visual Arts Benedicto “BenCab” Cabrera. In collaboration with Moooi Carpets, the tapestries are located at The Lobby of the hotel as part of the art program that aims to offer hotel guests immersive experiences that promote vibrant local culture. The tapestries — Sette Movementi, Triptych on Sabel 2 and Triptych on Sabel 3, Noong Bata pa si Sabel, Farm Boy, Isadora’s Dance, and Three Muses — are based on Sabel, BenCab’s acclaimed solitary figure of a scavenger emerging from a dark landscape, and on his Larawan paintings, inspired by turn-of-the-century Philippine photographs. The exhibition is open to the public until July 21.


Biodiversity for all

THE WHOLE family can get to know about biodiversity and various species of flora and fauna unique to the Philippines when they come visit the Be Part of the Plan International Day for Biodiversity exhibit at Gateway Mall 2 in Araneta City, Quezon City. The exhibit runs from May 20 to May 22 (the actual date for International Day for Biological Diversity). The highlight is a photo exhibit showcasing Philippine flora and fauna from key biodiversity areas where INSPIRE (Investing in Sustainability and Partnerships for Inclusive Growth and Regenerative Ecosystems) operates, distributed across three galleries designed to educate visitors on wildlife conservation in marine, coastal, and terrestrial ecosystems. Species highlighted include the Yellow-faced Flameback, the Crimson Sunbird, the Philippine Crocodile, while for flora, one can learn about the critically endangered Malabayabas tree. The exhibit also features installations made of reclaimed materials and plastic discards by renowned artist Jan Leeroy New, forming arches around the exhibit. The exhibit, which is open to the public, features other activities including biodiversity quiz-games, storytelling sessions with Make Believe, a sketch walk with Urban Sketchers Manila, and flora painting workshops featuring the Rafflesia flower and Waling-waling orchid. On the last day of the exhibit, May 22, the BB. Pilipinas candidates will visit the exhibit. On the same day, there will also be a Kids’ Biodiversity art session, and a performance by the QC Symphonic Band. The exhibit is found at Gateway Mall 2’s Quantum Skyview Activity Center. It is presented by the INSPIRE project of the United States Agency for International Development and its implementing partner, the Gerry Roxas Foundation, together with the Araneta Group and the J. Amado Araneta Foundation.


Dance heritage showcased in Pulso Pilipinas

LEADING dance companies, groups, and artists will be showcasing the diverse Philippine dance heritage, from folk and indigenous, to contemporary, hip-hop, jazz, ballroom, and classical ballet dances in Pulso Pilipinas: Mga Likhang Sayaw. The two-day dance event is slated for May 23 and 24 at the Metropolitan Theater in Manila City. It is organized by the Cultural Center of the Philippines (CCP) and directed by Marciano Viri, and brings together the Ramon Obusan Folkloric Group, Bayanihan, The National Folk Dance Company of the Philippines, Ballet Philippines, Alice Reyes Dance Philippines, Ballet Manila, the Philippine Dancesport Team, The Crew, the University of Santo Tomas Salinggawi Dance Troupe, and Aljana “Cheenee” Alicia Rose Marie Limuaco. Tickets, costing P500,  P800, and P1,000, are available at Ticketworld and the CCP Box Office.


Norjan Ismail Abbas holds Gateway Gallery exhibit

ARTIST Norjan Ismail Abbas has returned to the art scene with an ongoing exhibit titled “Talukbong at Tapis,” held at the Gateway Gallery Studio.  It features 16 works, both new and old, depicting vignettes of Filipinas in traditional garb, a continuation of a series of works he had done before. The exhibit combines fashion and pictures of daily life on the islands, conveying feelings of nostalgia and yearning for the simpler life of the past. “Talukbong at Tapis” runs until May 24 at the Gateway Gallery in Araneta City, Quezon City.


Call for entries to Komposo Festival 2024

ON its second year, the Komposo Festival aims to revive, promote, and revitalize the komposo, a Hiligaynon narrative song or ballad that recounts historical events in a locality. Led by the National Commission for Culture and the Arts (NCCA), in collaboration with the Hubon Manunulat, Komisyon ng Wikang Filipino, National Book Development Board, and Keamanan Inc., participants are invited to explore the theme of “Ang Panulatan kag Paghidaet” (Literature and Peace). The komposo is traditionally accompanied by a guitar, but for the competition, innovations on the melody, arrangement, and accompaniment are welcome. Entries should be written in Hiligaynon, with a length of eight to 16 stanzas. Entries must be submitted by May 25, either via e-mail to hubonmanunulat@gmail.com or at the UP Visayas Delgado Gate Guardhouse. Two winners and three consolation prize winners for each category will advance to the live performance contest on June 8 at SM City Iloilo. The complete guidelines are available at: http://surl.li/trjky.


Hamlet to close CCP’s National Theatre Live this year

SHAKESPEARE’S longest and most popular revenge tragedy, Hamlet, closes the first season of CCP National Theatre Live on May 28. The play stars Benedict Cumberbatch taking on the iconic role of Hamlet, with his inner conflicts and moral dilemmas as he is haunted by the ghost of his father and forced to avenge his death. Also in the production are well-known UK theater actors Ciaran Hinds, Sian Brooke, and Kobna Holdbrook-Smith. Filmed live at the Barbican Theatre, this rendition of the classic story, directed by Lyndsey Turner, comes to the Philippines on May 28, 6 p.m., at Greenbelt 3 Cinema 1. Tickets, costing P250 for regular price and P150 for students and senior citizens, are available via SureSeats.


Robinsons Galleria’s ARTablado focuses on flowers

AS THE DUTIFUL daughter, Rachell Ann Morada followed her parents’ advice and enrolled in an accountancy course. She graduated and began to help support her family — but a creative life continued to beckon to her. In 2021, she discovered acrylic paint and began using color to bring her flowers to life. Following her 30th birthday earlier this year, Ms. Morada went beyond her Instagram account (@rachelience_art) to prepare for a solo exhibition, titled “Life in Bloom.” Her floral paintings aim to evoke the feeling that life is robust and alive. They are on view at ARTablado at Robinsons Galleria, Ortigas, Quezon City, until May 31.


ARTablado Antipolo hosts 3 groups from art program

THE EXHIBITION “Kalampag” takes its name from a Filipino term for rattling against or challenging the status quo. In it, curator Frederick Epistola brings together three batches from the Art Show Philippines (ASP) Online Mentoring Program that began in 2021. “Through the program, the artists got to connect with a supportive community of fellow artists, which, after completion, became equipped with individual artistic styles and powerful narratives that can take their art to the next level.” The three groups that emerged from this program are: Kalatas (2021), Marilag (2022), and Alpas (2023). “Kalampag” is on view at ARTablado on the upper ground floor of Robinsons Antipolo until May 31.


Chrisanto Aquino puts up exhibit at Kapitolyo

THE UPCOMING solo exhibition “Crossroads of Consciousness” by award-winning visual artist Chrisanto Aquino is going up at 29 Kapitolyo Art Space this month. A visual artist from Tarlac, Mr. Aquino’s works are rich in detail. The show will be on display view May 25 to June 12 at 29 Kapitolyo Art Space, Capitol Drive, Pasig City.


Fernando Modesto mounts one-man exhibition

AS a member of the Philippines’ artistic community since the early 1970s, Fernando Modesto is once again set to show off his irreverent, whimsical, and colorful works in the exhibition Looking Back, his first since the pandemic. It is a celebration of the artist’s unconventional and zany approach to art and painting and takes viewers on a joyful journey through seven decades of colorful and eccentric creations. The exhibit is on view until June 30 at Galerie Hans Brumann in Legazpi Village, Makati City.


Bawat Bonggang Bagay makes a comeback

FOR a special Pride Month celebration at the Samsung Performing Arts Theater, the multifaceted artist and comedy icon Jon Santos will be back to stage Bawat Bonggang Bagay, an interactive one-act play that was initially staged by The Sandbox Collective last year. It follows the story of a young child growing up with a parent facing mental illness. The show encourages audience participation in telling its message and story. The six performances will take place from June 22 to 30 at the Samsung Performing Arts Theater in Circuit Makati. It is recommended for audiences ages 15 and older. Tickets are now available via TicketWorld.


Benilde to hold art workshops for all ages in June

A SERIES of art workshops titled “STAR 2024: A Journey to Stardom” invites kids, teens, and young adults to explore their passion and talent in music, theater, dance, design, and production management. Organized by De La Salle-College of Saint Benilde (DLS-CSB), the nine-week program starting on June 1 includes sessions facilitated by artists from Coro San Benildo, Saint Benilde Romançon Dance Company Hip Hop and Contemporary, and Dulaang Filipino. Volunteers from the Karilyo Shadowplay Collective, Stage Production Operations Team, and Cultural Promotions Team will also impart their experience at the workshops. Modules cost P5,000 per workshop, inclusive of the recital fee for the concluding recital on July 27. All sessions will be conducted at the Benilde Taft Campus, Malate, Manila. Interested participants may register through https://tinyurl.com/STAR2024Workshops.

Vivant Corp. announces virtual Annual Stockholders’ Meeting on June 20

 

 


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Federal Reserve policy makers still cautious on inflation, policy

REUTERS

US FEDERAL RESERVE officials are not ready to say inflation is heading to the central bank’s 2% target after data last week showed a welcome easing in consumer price pressures in April, with several on Monday calling for continued policy caution.

“It is too early to tell whether the recent slowdown in the disinflationary process will be long lasting,” Fed Vice Chair Philip Jefferson told the Mortgage Bankers Association conference in New York, even as he called the April data “encouraging.”

Mr. Jefferson described current monetary policy as restrictive and declined to say if he expected rate cuts to commence this year, only noting that he will be carefully assessing incoming economic data, the outlook, and balance of risks.

Speaking separately at a conference held by the Atlanta Fed, Fed Vice Chair of Supervision Michael Barr, said “disappointing” first-quarter inflation readings were “did not provide me with the increased confidence that I was hoping to find to support easing monetary policy.”

Like Mr. Jefferson, Mr. Barr reinforced the Fed’s overarching message that rate cuts, highly anticipated by markets, are on hold until it is clear inflation will return to the Fed’s 2% target.

“We will need to allow our restrictive policy some further time to continue its work,” Barr said.

Consumer prices cooled in April, and retail spending did not increase at all, two welcome signs that the economy may be losing some steam in the face of a policy rate that the Fed has held in the 5.25%-5.5% range since last July.

But Fed policy makers, stung by a string of higher-than-expected inflation readings for the three months prior, remain cautious and want to make sure pricing pressures are fully on track back to the Fed’s 2% target rate before starting to cut its benchmark interest rate.

Cleveland Federal Reserve Bank President Loretta Mester, speaking to Bloomberg TV on Monday, said she continues to believe that inflation will fall this year, though more slowly than she had expected.

But the lack of progress on inflation in the first quarter, along with a stronger-than-expected economy, mean she no longer sees three rate cuts this year as likely, she said.

And, she said, if inflation against her expectation does stall out or gain ground, the Fed is well-positioned to respond “either by holding rates at current levels for longer or, if appropriate, raising the rate.”

San Francisco Fed President Mary Daly, in an interview with Axios published Monday, said she sees no evidence of the need to hike rates, but at the same time is “not confident” that inflation is falling toward 2% and sees no urgency to cut rates.

The Fed’s next policy meeting is June 11-12. Traders in contracts tied to the central bank’s policy rate currently do not expect an interest rate cut until September.

In comments after his formal remarks, Mr. Jefferson said, “I am cautiously optimistic that we can continue our battle against inflation” while permitting the economy to continue to grow and create more jobs. He noted growth and job creation have been resilient, which gives him some confidence the Fed can do what it needs to do to get price pressures down.

Mr. Jefferson also weighed in the state of the Fed’s balance sheet drawdown and noted the recently announced plans to slow the pace of the shrinkage comes allows the process to play out with reduced risk of creating financial market stress. He also noted there’s little way to know yet how far the Fed needs to contract its holdings. — Reuters