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May FDI net inflows fall to 16-month low

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By Luisa Maria Jacinta C. Jocson, Reporter

NET INFLOWS of foreign direct investments (FDI) slipped to a 16-month low in May amid a decline in investments in equity capital, the Bangko Sentral ng Pilipinas (BSP) reported.

Preliminary data from the BSP showed FDI net inflows dipped by 1% to $499 million in May from $504 million a year ago.

Month on month, net inflows decreased by 10.3% from $556 million in April.

Net Foreign Direct Investment (May 2024)May saw the lowest monthly FDI inflow since $478 million in January 2023.

“This decline emanated mainly from the 31.7% drop in nonresidents’ net investments in equity capital (other than reinvestment of earnings),” the BSP said.

Central bank data showed net investments in equity capital other than reinvestment of earnings slid by 31.7% to $161 million from $235 million a year earlier.

Equity capital placements declined by 32.1% to $174 million, while withdrawals dropped by 36.9% to $14 million.

Reinvestment of earnings stood at $97 million, down by 3.7% from $101 million a year earlier.

Investments in equity and investment fund shares likewise slumped by 23.3% year on year to $257 million from $336 million a year ago.

On the other hand, nonresidents’ net investments in debt instruments of local affiliates jumped by 43.4% to $242 million in May from $169 million a year ago.

By source, equity placements were mainly from Japan (75%), followed by the United States (10%) and Hong Kong (7%).

These were invested mostly in manufacturing, real estate, and the arts, entertainment and recreation sectors.

FIVE-MONTH FDI
For the first five months of the year, FDI net inflows climbed by 15.8% to $4.024 billion from $3.475 billion in the year-ago period.

Foreign investments in debt instruments inched up by 1.7% to $2.479 billion in the January-May period from $2.436 billion the year prior.

On the other hand, reinvestment of earnings dipped by 1% to $407 million as of end-May from $411 million last year.

Investments in equity and investment fund shares jumped by 48.8% to $1.545 billion in the period ending May from $1.038 billion a year ago.

Net foreign investments in equity capital surged by 81.4% to $1.139 billion in the five-month period from $628 million a year ago.

This as equity capital placements soared by 75.3% to $1.387 billion, while withdrawals rose by 51.7% to $248 million.

In the five-month period, these placements mostly came from the United Kingdom (56%), Japan (29%) and the United States (6%).

“While the overall trend for the first five months of the year remains positive with a 15.8% increase, the May data suggest a potential slowdown,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

“Factors such as global economic uncertainties, domestic challenges and regional competition may have contributed to this,” he added.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the lower FDI was due to “risk aversion largely brought about by geopolitical risks in view of the unprecedented direct attacks between Iran and Israel (in April).”

Mr. Roces also noted the sensitivity of FDI inflows to interest rates.

“FDI data were also weighed down in recent months by the still relatively higher global and local prices and interest rates that increased borrowing costs for global and local investors and slowed down FDIs back to below pre-pandemic levels,” Mr. Ricafort added.

The BSP has kept its benchmark rate at 6.5% since October last year, its highest in over 17 years.

The central bank raised borrowing costs by 450 basis points (bps) from May 2022 to October 2023 to tame inflation.

The Monetary Board is set to meet on Thursday (Aug. 15) for its next rate-setting meeting. A BusinessWorld poll showed that nine of 16 analysts surveyed expect a 25-bp rate cut at the meeting.

“Achieving the $9.5-billion FDI target for 2024 will require sustained investor confidence and a favorable economic climate,” Mr. Roces said.

The BSP expects to record FDI net inflows of $9.5 billion this year.

Peso strengthens to P56 level for 1st time since April

PHILIPPINE STAR/ MIGUEL DE GUZMAN

By Aaron Michael C. Sy, Reporter

THE PESO strengthened on Tuesday to the P56-per-dollar level for the first time in four months, ahead of the central bank’s policy decision on Thursday.

The local unit closed at P56.96 per dollar on Tuesday, up by 35.6 centavos from its P57.316 finish on Monday, Bankers Association of the Philippines data showed.

This was the peso’s strongest finish since its P56.808-per-dollar close on April 15.

Year to date, the peso has weakened by P1.59 centavos from its P55.37 finish on Dec. 29, 2023.

The peso opened Monday’s session at P57.25 against the dollar. Its weakest showing was at P57.985, while its intraday best was at P56.92 versus the greenback.

Dollars exchanged jumped to $1.799 billion on Tuesday from $1.18 billion on Monday.

“The peso appreciated significantly below the P57 level amid expectations of a softer US producer inflation report,” a trader said in an e-mail.

Another trader said the peso strengthened against the dollar amid position taking ahead of the release of US inflation data on Wednesday.

“The Philippine peso and other Asian currencies appreciated against the US dollar, driven by a wave of risk-on sentiment. The (peso’s) rally is attributed to technical factors and market dynamics as investors anticipate key economic indicators: the US Producer Price Index (PPI) later (on Tuesday), the Consumer Price Index (on Wednesday), and the Philippine central bank’s policy decision on Thursday,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

The Monetary Board is set to hold its policy review on Thursday. A BusinessWorld poll conducted last week showed that nine of 16 analysts surveyed expect the Monetary Board to deliver a 25-basis-point (bp) rate cut that would bring the target reverse repurchase rate to 6.25%.

However, the second trader noted that the market expects the BSP to hold rates steady on Thursday.

BSP Governor Eli M. Remolona, Jr. told reporters on Tuesday there is still “room to stay tight” due to the strong second-quarter gross domestic product (GDP) data.

Philippine GDP expanded by an annual 6.3% in the April-to-June period, quicker than the revised 5.8% growth in the first quarter and 4.3% a year ago.

For the first semester, GDP growth averaged 6%, hitting the low end of the government’s target of 6%-7% this year.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message the faster-than-expected inflation in July and strong second-quarter GDP growth reduced the likelihood of a rate cut this week.

Headline inflation accelerated to a nine-month high of 4.4% in July from 3.7% in June. It also marked the first time since November that inflation exceeded the central bank’s 2-4% annual target.

Meanwhile, Mr. Roces said the peso outlook for the rest of the year is still clouded as the BSP and the US Federal Reserve have not started easing.

For Wednesday, the first trader said the peso could continue strengthening ahead of US inflation data.

The first trader sees the peso moving between P56.80 and P57.05 a dollar, while the second trader expects it to range from P56.80 to P57.20. Mr. Ricafort sees the peso ranging from P56.85 to P57.05.

Philippines needs 6-7% growth to achieve ‘A’ credit rating — Recto

PHILIPPINE STARMIGUEL DE GUZMAN

THE PHILIPPINE ECONOMY must grow by an average of 6-7% in the next four years and meet its fiscal targets to achieve an “A” credit rating, Finance Secretary Ralph G. Recto said.

“For as long as we grow 6-7% annually for the next four years, for as long as the deficit is reduced consistently for the next four years, for as long as our debt-to-GDP (gross domestic product) [ratio] continues to go down, we will get a credit upgrade,” he told a Senate hearing with the Development Budget Coordination Committee.

Economic managers are targeting 6-7% GDP growth this year, 6.5-7.5% in 2025 and 6.5-8% from 2026 to 2028.

The government aims to achieve an “A” level rating before the end of the Marcos administration in 2028.

In June, Fitch Ratings kept the Philippines’ “BBB” investment grade rating, with a “stable” outlook. A “BBB” rating indicates low default risk and reflects the economy’s adequate capacity to pay debt.

The Philippines also holds investment grade ratings of “Baa2” from Moody’s Ratings and “BBB+” from S&P Global Ratings. Both assigned a “stable” outlook to their ratings.

“We want to go even higher, which is ‘AA’ or even ‘A,’” Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. told senators.

With a higher credit rating, the Philippines could lower borrowing costs and attract more foreign investments, he added.   

He said the government must focus on macroeconomic stability, fiscal sustainability, and good governance to achieve an “A” credit rating.

“In recent engagements with credit rating agencies, it’s the governance aspect that needs to be addressed,” Zeno Ronald R. Abenoja, Managing Director at the BSP’s Department of Economic Research Monetary and Economics Sector.

Mr. Abenoja said the government has made progress in ensuring transparency and accountability in the budget process and implementation.

Mr. Recto said achieving the government’s targets under the revised medium-term fiscal framework would also help the Philippines secure a better credit rating.

The passage of pending revenue measures in Congress, namely the excise tax on single-use plastics, rationalization of the mining fiscal regime, package 4 of the Comprehensive Tax Reform Program and amendments to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act would help ensure macroeconomic stability, Mr. Recto said. — Beatriz Marie D. Cruz

House panel approves Meralco franchise renewal

Customers of Manila Electric Co. may face higher electricity bills this month. — PHILIPPINE STAR/MICHAEL VARCAS

By Kenneth Christiane L. Basilio, Reporter

THE HOUSE COMMITTEE on Legislative Franchises has approved a substitute bill renewing Manila Electric Co.’s (Meralco) franchise for another 25 years but removed the provision for expanding its service area.

“[The initial bill] contained a provision allowing [Meralco] to serve in adjacent regions, which was removed yesterday,” Party-list Rep. Sergio C. Dagooc, a committee member, told BusinessWorld on Tuesday. A copy of the unnumbered substitute bill was not immediately made available.

House Bill No. 9793, authored by Albay Rep. Jose Maria Clemente S. Salceda, states that “The grantee shall also be authorized to extend service to any adjacent or nearby city, municipality, barangay, or province, whenever such service is requested by its residents or inhabitants, through their Local Government Units.”

Meralco is the main power distributor for Metro Manila and nearby areas, covering 39 cities and 72 municipalities, delivering electricity to at least 7.75 million Filipinos.

The proposed measure extending Meralco’s franchise is expected to breeze through the House as it has complied with electric regulatory policies, according to Mr. Salceda.

“The role of the franchise review process in Congress is to see whether a grantee has complied with its mandates,” he told BusinessWorld in a Viber message. “In this regard, there can be little question. Meralco has fulfilled its end of the current franchise law.”

“The franchise is possibly the single most important private bill for industrial policy in this country,” he added, noting Meralco’s role in supporting Philippine economic growth by providing power to businesses in Metro Manila.

The electric distribution company provides power to a region responsible for half of the country’s gross domestic product, Mr. Salceda noted.

Party-list Rep. Arlene D. Brosas said she will question the proposal in plenary. “You cannot give [Meralco a franchise] without it being clear to us how they will make electricity cheaper,” she said in an interview in Filipino.

Meralco acknowledged a Viber message seeking comment but did not provide a response to Ms. Brosas’ claim.

Issues raised against Meralco have been threshed out in the committee, Cagayan de Oro Rep. Rufus B. Rodriguez said in a statement.

“Practically everything has been discussed… ventilated… and answered,” he said.

The House acted on Meralco’s extension four years before its franchise expiry.

“As far as I know on [franchise renewal] rules, any entity with a franchise set to expire within five years can file for extension,” Mr. Dagooc said.

Measures seeking to extend a company’s franchise to operate first originate at the House, undergoing the same legislative process as regular bills, according to the Energy department.

Meralco’s majority owner, 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.

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