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San Miguel seeks SEC approval for P20-B bond offer

REUTERS

ANG-LED San Miguel Corp. (SMC) is seeking the approval of the Securities and Exchange Commission (SEC) for its planned P20-billion fixed-rate peso denominated bond offering to support the conglomerate’s fundraising initiatives.

The company filed the amended registration statement and preliminary offer supplement for the bond offer on April 22, SMC said in a stock exchange disclosure on Tuesday.

Based on its offer supplement dated April 22, the company expects to net P14.81 billion from the base offer and P19.75 billion if the oversubscription option is exercised.

The bond issuance will have a base offer of P15 billion with an oversubscription option of up to P5 billion consisting of Series O bonds due 2030 and Series P bonds due 2034.

The issue and listing date is expected on June 28 while the offer period is scheduled to run from June 17 to June 21.

The price setting and allocation is the week of June 10 while the receipt of the Securities and Exchange Commission (SEC) of the permit to sell is by June 14.

According to SMC, up to over P17 billion worth of net proceeds will be used for investments and other related projects in the company’s Bulacan airport project as well as to fund the redemption of Series I Bonds issued in July 2021.

The company will also use up to P2.44 billion of the net proceeds as repayment of its Series F bonds issued in March 2018.

SMC said the bond offer secured the PRS Aaa rating with a stable outlook by the Philippine Rating Services Corp. on April 22.

The PRS Aaa rating is the highest rating issued by PhilRatings. Those with the rating are “of the highest quality with minimal credit risk” while the issuing company has an “extremely strong” capacity to meet its financial commitment on the obligations.

SMC tapped Bank of Commerce, BDO Capital & Investment Corp., and China Bank Capital Corp. as the joint issue managers of the offer.

Bank of Commerce, BDO Capital, and China Bank Capital join Asia United Bank Corp., BPI Capital Corp., Philippine Commercial Capital, Inc., PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as the joint lead underwriters and bookrunners of the issuance.

The SEC recently approved the P20-B bond offer, which will be issued from the remaining P50-billion shelf-registered bonds.

The corporate regulator previously approved SMC’s shelf registration of Series 2 preferred shares consisting of up to 866,666,700 shares to be offered within a three-year period.

SMC recorded a 67% jump in its 2023 net income to P44.7 billion carried by growth across its businesses.

The conglomerate attributed the better financial performance to its businesses such as San Miguel Brewery, Inc., Ginebra San Miguel, Inc., Petron, and SMC Infrastructure, along with the integration of Eagle Cement Corp.’s financial results.

On Tuesday, SMC shares were unchanged at P104.40 apiece. — Revin Mikhael D. Ochave

Ayala’s St. Joseph Drug acquisition triggers intensive PCC review

THE PHILIPPINE Competition Commission (PCC) said it has started an in-depth review of Ayala Healthcare Holdings, Inc.’s (AC Health) proposed acquisition of a 49% stake in St. Joseph Drug.

The competition watchdog was notified on Jan. 13 regarding the proposed transaction between AC Health’s pharmaceutical arm, AHCHI Pharma Ventures, Inc. (APV) and St. Joseph Drug operator Joleco Resources, Inc., the PCC said in a statement on Tuesday.

APV seeks to acquire a substantial stake in Joleco Resources. The two companies signed definitive agreements for the transaction on Dec. 15 last year.

Under its Phase 1 review, the PCC-Mergers and Acquisitions (M&A) office pointed to possible competition concerns in the retail sale of pharmaceutical and non-pharmaceutical items across 28 localities in Ilocos Region and Cordillera Administrative Region.

With this, the PCC’s M&A office recommended the opening of a Phase 2 review that requires a more detailed and extensive assessment on whether the transaction may lead to a substantial lessening of competition in the relevant markets.

The PCC is tasked to review M&As to ensure that the deals “will not substantially lessen competition in the relevant markets and harm consumer welfare” under Republic Act No. 10667 or the Philippine Competition Act.

APV operates the Generika Drugstore. It is also engaged in the pharmaceutical importation and distribution via Medica and MedEthix.

AC Health is the healthcare subsidiary of Ayala Corp. Its portfolio consists of the pharmacy chain Generika Drugstore, pharmaceutical importer and distributor Medica and MedEthix, multi-specialty clinics, ambula-tory centers and full-service hospital network Healthway, and healthcare aggregator app KonsultaMD.

Established in 1958, St. Joseph Drug has more than 112 stores in North Luzon.

On Tuesday, Ayala Corp. shares were unchanged at P581 apiece. — Revin Mikhael D. Ochave

Aboitiz InfraCapital focusing on bulk water portfolio dev’t — CEO

ABOITIZ InfraCapital, Inc. has announced plans to expand its water projects beyond current initiatives.

The company intends to replicate successful ventures in other provinces, local government units, or water districts, Aboitiz InfraCapital President and Chief Executive Officer (CEO) Cosette V. Canilao said during a virtual press briefing on Monday.

She cited the operation of the Davao City bulk water supply project, which boasts a capacity of 300 million liters per day.

“We are focusing more on building our bulk water portfolio,” she added.

The P12-billion bulk water supply project, which commenced operations in February is a public-private partnership project between Apo Agua Infrastructura, Inc., the water unit of Aboitiz InfraCapital, and Davao City Water District.

“At the same time, we are looking at the Estate Water and also managing the water operations, for example in Mactan on how we can implement the water harvesting and at the same time, water recycling,” Ms. Canilao said.

The company’s existing business units include the Aboitiz Integrated Economic Centers in Batangas and Cebu.

Currently, the company is also managing the LIMA Water, its business unit providing water and wastewater services to LIMA Estate, a mixed-use development estate.

“The intersection now of synergies within (Aboitiz InfraCapital) is that we are looking at how we can bring parts of the group such as (Aboitiz Power Corp.) in working together and finding more solutions to provide water, for example to Cebu which has a water demand that’s in excess of the current supply right now,” she said.

Its water treatment facility in Davao is being powered by the hydroelectric power plant of Aboitiz Power.

To recall, Aboitiz InfraCapital has partnered with Keppel Infrastructure Fund Management Pte Ltd. to explore desalination projects in the country.

It has proposed to supply the Metro Cebu Water District with 30 million liters per day of desalinated bulk water. — Ashley Erika O. Jose

Sculpting the essence of a woman

AND WHEN SHE WANTED, SHE COULD Brass, copper, solder, with nickel and copper electroplating on a stainless plate and iron base, 2024

To capture the grace and strength of the woman, one must balance the tranquil beauty and the powerful storms within, as per the latest solo exhibition of sculptor Daniel dela Cruz.

For him, there is something poetic in how women can be both tender and fierce, something he sought to convey through his chosen medium of metal. By adjusting factors like weight and durability, each piece teeters between strength and delicateness — much like women do.

“I aim for my works to look magical. A robust sculpture hanging on by a single, small point has a magical appeal to it,” he told BusinessWorld.

Mr. Dela Cruz’s pieces are of women practically floating in midair, attached only to a splint by a point at the leg or foot or an outstretched hand.

“That delicate balance is descriptive of women. Even the way the sculptures were made — metalworking requiring strength and balance — is descriptive of women,” he added.

At Galleria Nicolas in Makati’s Greenbelt 5, his exhibit “Unbridled” showcases the unbridled essence of woman through lustrous silhouettes formed from hard and sturdy metal. The figures, usually reaching high above, repre-sent women’s euphoric feats of success and ability to overcome obstacles.

This is not Mr. Dela Cruz’s first time to center on women, however. His early exhibits featured them, big-bodied and powerful. For his 25th solo exhibition, he decided it was time to return to form.

“Women amaze me. Women are people I admire a lot. Whether it’s mothers, sisters, daughters, friends, or lovers, there’s so many in my life that make me realize that women are unique, with their own distinct character,” he said in a Zoom interview. There was also no planning behind the timing of showing this appreciation through art.

“It’s funny that women’s month was last month. That really didn’t occur to me. I don’t think about when it’s time to appreciate them; I just do. It’s a nice coincidence,” Mr. dela Cruz added.

His background in sculpture, dating back 17 years, saw him naturally gravitate to metalwork, although he did try out other materials like ceramic, paper, and resin. With metal, he was pushed to seek out ways to execute unique concepts, like his recurring robust-bodied women muses.

All 10 of his new works are made of brass, copper, solder, and nickel.

“The main thing about metal that I like is that it is very durable. These are materials that are technically going to last forever and outlive me. It’s a nice thing for an artist to know that their works will still be there,” he said.

He also explained that the longevity of his drive to work with metal lies in his ability to innovate. Since he did not have any formal art training, no preconceived notions of metalworking stopped him. “I use techniques that I de-velop myself, and it allows me to put in intricate details,” he said.

For younger artists who have yet to reach that point, Mr. Dela Cruz said that it helps to take a good, hard look at the medium of choice and visualize uncommon means of using them. “Unbridled” came to fruition in this manner.

“The title refers to just how much a woman can do when free from shackles and limitations,” he said. “At the same time, in the form of lustrous metal, there’s a gentle, nurturing character, a contrast with innate characteristics like strength, tenacity, power.”

“Unbridled” will be on view at Galleria Nicolas in Greenbelt 5, Makati, from April 25 to May 4. — Brontë H. Lacsamana

A win for Rosang Taba

By Brontë H. Lacsamana, Reporter

Theater Review
Kung Paano Nanalo sa Karera si Rosang Taba
Presented by Dulaang UP

IN 2006, Dean Francis Alfar won a Palanca award for How Rosang Taba Won a Race, a short story for children set in the Spanish colonial period. It’s a story that has everything going for it, most notably an endearing underdog lead who overcomes unending taunts and condescension (for being plus-sized, and for being an indio) that fuel her rather than tear her down.

Though it was staged as an online production in 2021 and 2022, and finally brought to the physical UP Theater in 2023, this year sees campus theater group Dulaang UP bring Rosang Taba to a newer, more spacious stage, befit-ting its big-hearted story.

Kung Paano Nanalo sa Karera si Rosang Taba blooms into its fullest potential very quickly within the first 10 minutes. Its opening sequence engaged audiences with witty character introductions and slapstick-style breaking of the fourth wall. The dialogue, a mix of Tagalog and Spanish, is not too complicated. Colorful stage and costume design and live guitar and percussion-led folk music punctuate the inherent joy and fun in the play.

At the University of the Philippines’ IBG-KAL Theater, the children’s story comes to life thanks to the titular Rosa, played with infectious chutzpah and defiance by Kiki Baento. Her physical size is nothing compared to the enor-mity of her performance, going from raw and vulnerable to unwavering in spirit. The narrative kicks off at the mansion where she works, on an afternoon filled with insults of the natives care of Gobernador Heneral (Jojo Cayabyab) and his friend, the arrogant mestizo Pietrado (Victor Sy).

Unable to take any more of the verbal abuse, Rosa answers back, and the verbal sparring turns into a challenge — where the dashing, athletic Pietrado is set to defeat the large-figured yet determined Rosa in a race. All the while, the governor’s wife, Señora Andrea (MeAnn Espinosa), seems amused at the idea of such a native defeating the arrogant Spaniard, and pushes the match to continue.

Of course, Rosa’s parents (Aldo Vencilao and Peewee O’Hara) aren’t too pleased about their daughter’s decision to take on a beast, especially considering her disadvantageous girth. To everyone’s delight, she outsmarts the Spaniard in the epically staged race.

The play is exciting and farfetched and delicious in its wondrous, lively take on a colonial comeuppance story. The actors playing the Spanish characters are a delight to watch because of how comical their accents and move-ments are, and the cast of native Filipino characters are satisfyingly equal parts kind and spunky.

Directors José Estrella, Issa Manalo-Lopez, and Mark Daniel Dalacat (who also did the electrifying production design) did a great job letting the story come to life in a unique way, in what some traditional theatergoers may see as a somewhat off-the-rails manner. Playwrights Rody Vera and Maynard Manansala adapted the narrative to be friendly to audiences, namely kids and kids-at-heart, but refined to make the subtext exist naturally.

It is worth clarifying: Rosang Taba is not a period piece. It creates a lively alternate world where the cast exaggerates their accents and movements, and their conversations are filled with anachronistic movie and song refer-ences, TikTok dance moves, and free flowing improvisation. It is here where the light-hearted production launches its underdog tale, and audiences have to be willing to run with it.

Treating it more like a fiesta performance than a strict play lends it a magical quality — it is boisterous and jumps back and forth in time as the characters ruminate and reenact things. Even the future part of it, where Rosa’s granddaughters Rosanna, Rosa Mia, and Rosalinda sing and dance while managing a restaurant and recalling their grandmother’s feats, feels more like a party than a play.

More than being a school production, this restaging brings to life a relatable yet larger-than-life story, where body shaming and colonial superiority are cast down by the Rosas who refuse to surrender to the bullies of the world. It’s packed with meaning despite taking audiences all over the place and, most of all, an enjoyable treat all throughout.

Kung Paano Nanalo sa Karera si Rosang Taba has shows on Fridays to Sundays until May 5. Regular tickets cost P1,000 while PWD and senior citizens can buy tickets for P800. For more details, visit Dulaang UP’s social media pages

First Gen, Japan’s Murata unit renew power supply deal

FIRST GEN Corp. on Tuesday said it will continue supplying renewable energy for the Philippine Manufacturing Co. of Murata, Inc.’s (PMM) Batangas facility under a renewed contract.

“The supply deal is aligned with the commitment of the Japan-based electronics giant to shift electricity used in all its factories and offices around the world to 100% renewable energy by 2050,” the Lopez-led energy provider said in a statement.

PMM is the local branch of Murata, a worldwide manufacturer and innovator of electronic components and solutions, providing parts for various technology companies.

PMM and First Gen first signed a supply contract in 2021.

First Gen said the new deal stipulates that PMM’s power supply will originate from the Bacon-Manito geothermal power facility in Bicol, which is operated by First Gen subsidiary Energy Development Corp., the world’s largest vertically integrated geothermal company.

“The renewal of our supply agreement with First Gen highlights our companies’ decarbonization and sustainability goals,” said Masayoshi Koda, president of PMM.

“While we aim to capture the demand for components that support emerging technologies, we want to do so in a manner that is cost-efficient, best in class, and carbon-neutral,” he added.

PMM’s manufacturing facility is located within First Philippine Industrial Park economic zone in Batangas, which is said to be the company’s largest manufacturing facility in Southeast Asia.

Its facility manages the production of multilayer capacitors for electric vehicles and sixth-generation wireless communications technology.

“Together, we in First Gen and PMM are not just reducing emissions but also shaping a future where environmental responsibility and growth go hand in hand,” said Francis Giles B. Puno, president and chief operating officer of First Gen.

First Gen is targeting to grow its renewable energy portfolio to up to 13 gigawatts (GW) by 2030 from the current capacity of more than 3.4 GW. — Ashley Erika O. Jose

Gov’t partially awards reissued 20-year bonds

BW FILE PHOTO

THE GOVERNMENT made a partial award of the reissued Treasury bonds (T-bonds) it offered on Tuesday as its average rate surged amid expectations of a delayed start to the Bangko Sentral ng Pilipinas’ (BSP) planned easing cycle due to sticky inflation.

The Bureau of the Treasury (BTr) raised just P16.633 billion via the reissued 20-year bonds it auctioned off on Tuesday, below the P30-billion program, despite total bids reaching P34.927 billion or higher than the amount on offer.

The bonds, which have a remaining life of 19 years and 10 months, were awarded at an average rate of 7.017%, with accepted yields ranging from 6.9% to 7.08%.

The average rate of the reissued bonds surged by 82.8 basis points (bps) from the 6.189% quoted for the papers when they were last offered on March 19 and was 76.7 bps above the 6.25% coupon for the se-ries.

The average rate was also 21.8 bps higher than the 6.799% quoted for the 20-year bond and 21.2 bps above the 6.805% 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.

“The higher T-bond awarded rate today reflected renewed inflationary concerns and prospects of likely fewer BSP rate cuts this year,” a trader said in an e-mail on Tuesday.

BSP Governor Eli M. Remolona, Jr. last week said they could begin their easing cycle in early 2025 if price risks persist, but they could still cut rates by 25 bps in the third quarter if inflation is within target and economic growth is weak.

The Monetary Board kept its target reverse repurchase rate unchanged at a near 17-year high of 6.5% this month. It hiked borrowing costs by 450 bps from May 2022 to October 2023 to help bring down elevated inflation.

Headline inflation picked up to 3.7% year on year in March from 3.4% in February. This was slower than the 7.6% clip in the same month last year and marked the fourth straight month that the consumer price index was within the BSP’s 2-4% annual target.

For the first quarter, headline inflation averaged 3.3%, below the central bank’s baseline forecast of 3.8% and risk-adjusted forecast of 4%.

Recent expectations of later and fewer cuts from both the BSP and the US Federal Reserve versus earlier bets of aggressive easing caused the T-bond yields to rise from the previous auction, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Comments from Federal Reserve officials and a run of hotter-than-expected inflation data forced a paring back of rate cut expectations, Reuters reported.

Markets are pricing in a 46% chance of the Fed’s first rate cut starting in September, with November not far behind at 42%, according to the CME FedWatch Tool. That was in sharp contrast to just a few weeks ago when markets were betting on June for the US monetary easing cycle to begin.

Investors will have another chance to assess the strength of the US economy this week, with first-quarter gross domestic product data on Thursday and personal consumption price expenditures index, the Fed’s preferred measure of in-flation, on Friday.

The US central bank last month kept its target rate at the 5.25%-5.5% range for a fifth straight meeting following cumulative hikes worth 525 bps from March 2022 to July 2023.

The average yield for the T-bonds also rose due to the movements in global crude prices recently due to tensions between Israel and Iran, Mr. Ricafort added.

On Tuesday, oil prices recovered some of the sharp losses overnight as investors continued to assess the situation in Middle East, Reuters reported. Brent futures rose 0.4% to $87.34 a barrel, while US crude gained 0.4% to $82.25 a barrel.

Iran launched more than 300 drones and missiles on Israel in what it said was retaliation against a suspected Israeli bombing of its embassy compound in Damascus, Reuters reported.

On Monday, European Union foreign ministers agreed in principle to expand sanctions on Iran by agreeing to extend restrictive measures on Tehran’s weapons exports of any drone or missile to Iranian proxies and Russia.

The BTr wants to raise P195 billion from the domestic market this month or P75 billion from Treasury bills and P120 billion via T-bonds.

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

Need to upskill agribusiness executives: The Dualtech Agritech approach

PARENTS of students of Dagatan Family Farm School harvest the vegetables their kids sowed and nurtured. DAGATAN FAMILY FARM SCHOOL, INC.

(Part 3)

I told the graduating participants of the Agribusiness Executives Program (AEP) that these strategies will remain at the theoretical level, unless their respective business enterprises operationalize them through concrete ac-tion programs in the short run, which must be reflected in their respective budgets for 2024 to 2025. I want to see in their plans for the current year their acquiring more hectares of land to reach more efficient scales; budg-eting larger amounts for the mechanization of their farming operations; diversifying into other food products, whether in livestock, vegetables and fruits benefiting from the technologies provided by such companies as East-West Seeds and Harbest Co.; being more daring in approaching the leading banks (including the Maharlika Investment Fund) to obtain longer-term credit for their diversification, digitalization or industrialization strate-gies; and, pursuing forward or backward linkages along the entire agribusiness supply chain.

They can study the experiences of the role models of Philippine agribusiness such as San Miguel Corp. that successfully diversified from being a food and beverage company to a major participant in the infrastructure, and transport and logistic sectors. It will not be long before these large agribusiness ventures, joined by medium-size companies like North Star Meat and Bounty Fresh, will loom large not only in the domestic market but become multinational giants in the food industry like Jollibee already is today.

As a last piece of advice, I told the graduates that as top executives of some of the leading agribusiness companies in the country, they have a serious responsibility to respond to the appeal of industry leaders, especially from the officers and members of the Philippine Chamber of Commerce and Industry, to be very involved in upskilling, reskilling, and retooling their respective workforces.

In this regard, let me describe here a very innovative approach to producing, as quickly as possible, highly skilled workers for the different phases of agribusiness, from farming to post-harvest to logistics and all the way to manufacturing of the finished food or feed products. I am referring to the launching of Project Dual Agritech by a group of businessmen, in cooperation with some technical schools. This is a combination of the French-inspired Family Farm School that was established in 1986 by an NGO called the Pampamilyang Paaralan Agrikultura Foundation in Batangas (inaugurated by the late President Corazon C. Aquino herself) and the now famous Dualtech Institute, put up with the help of a German foundation in 1981, that has turned out more than 10,000 electro-mechanic workers through the dual training system perfected in Germany.

The family farm approach had little success in the Philippines because the students were limited to the children of small farmers who are among the poorest in Philippine society, in contrast with the economically well-endowed French and Spanish farmers among whom the model was perfected. The early students of the family farm school were frustrated by the lack of resources of their farmer-parents who were unable to help them apply the new ap-proaches and technologies they were learning in the classroom.

The new approach of the Dual Agri-Tech collaboration model will not limit the students to children of farmers. In addition to learning modern farming techniques, the students will spend six months at the Dualtech campus to acquire electro-mechanical skills that are needed in such tasks as repairing and maintaining farm machinery, irrigation systems, post-harvest facilities, cold storage facilities, and other equipment. While at Dualtech, they will also develop digital skills that are increasingly needed in the various phases of agribusiness operations.

Both the Family Farm School in Dagatan, Lipa and the Dualtech are well known for giving as much importance to character or values formation as to technical competence.

As regards farming technology, the learning modules will be established in a 1,000-square meter pilot farm inside the school campus in Barangay Dagatan, Lipa, Batangas, together with a two- to three-hectare off-campus cooperator demo farm. The modules will showcase the latest technology and best practices of select crops’ value chain, from planting materials, growing, post-harvest, and processing. These modules will be used and main-tained by students at the Senior High School Technology and Livelihood Education strand.

As has already been perfected by Dualtech over more than 40 years, on-the-job training (OJT) corporate slots will be provided by cooperating agribusiness enterprises. The students will have access to OJT opportunities for six months on the farm or factory facilities of agribusiness companies in different parts of the Philippines. This will allow the trainees to acquire hands-on experience to perform as farm operators or as skilled workers in other phases of the agribusiness value chain. The host collaborating companies may provide regulated approved allowances for the trainees.

Through close collaboration among Technical Education and Skills Development Authority (TESDA), industry, and the academe (UA&P, for example, is providing the faculty for the IT component of Dualtech), it is hoped that this new skills training approach of the Dualtech Agritech School will be replicated by other groups in the agribusiness sector. I already am aware that family farm schools in other regions such as Mindoro, Iloilo, and Dumaguete are contemplating making the same transition towards a dualtech agritech curriculum.

This new initiative is a very concrete response to the appeal of President Ferdinand Marcos, Jr. in his second State of the Nation address for the business and academic communities to collaborate in modifying the K to 10 and K to 12 curricula to motivate more senior high school students to follow the TESDA track rather than continue pursuing college degree programs that do not produce employable workers. For more information about the Dualtech Agritech School, contact Rey dela Cruz at kingrcdc@gmail.com. n

 

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

Arts & Culture (04/24/24)

CCP to launch Earth Day installation by Leeroy New

IN celebration of Earth Day, CCP Thirteen Artists awardee Leeroy New is presenting Mebuyan’s Colony, an installation at the front lawn of the Cultural Center of the Philippines (CCP). The immersive and interactive outdoor installa-tion is part of the CCP’s annual program that promotes environmental awareness and action through arts. Aside from the art installation, the main building’s façade and the Bamboo Pavilion will also be lit up with a new light design by D. Cortezano, resident technical director of Arete in Ateneo de Manila University. The installation and new lighting will be launched on April 25 at 6 p.m. It will run until May 25.

French Embassy opens Olympic photo exhibit

IN the lead-up to the 2024 Paris Olympics this year, Greek Ambassador Loannis Pediotis and French Ambassador Marie Fontanel recently inaugurated the exhibit “Legacy in Motion: A Visual Tribute to Olympic and Paralympic Ath-letes.” The collection of images from Agence France-Presse serves as a tribute to athletes and sports that have defined the Olympics. Included are photos of Filipino athletes Hidilyn Diaz-Naranjo, Margielyn Didal, Eumir Marcial, Carlos Yulo, Nesthy Petecio, and Michael Martinez. Weightlifter Hidilyn Diaz-Naranjo, who didn’t make the cut for the Paris Olympics this year, attended the inauguration and was proud to show support for the upcoming Philippine delegation. The exhibit at S Maison, Mall of Asia, Pasay City, runs until April 26.

Choral festival at UST to honor EU-PH relations

THE DELEGATION of the European Union (EU) to the Philippines has partnered with the University of Santo Tomas (UST) to host a choral festival to celebrate 60 years of bilateral relations between the European Union and the Phil-ippines. The concert will feature choral groups from all over the country, showcasing the diversity of music and culture in the EU and the Philippines. Two choirs will receive awards for their outstanding performances expressing cultural diplomacy and the rich heritage of the EU and the Philippines. Sounds of Celebration: Sixty Years of EU-PH Relations will take place on April 26 at 2 p.m. at the Buenaventura Garcia Paredes OP Building at UST, Manila.

Comilang, Speiser talk on collaborative works

TO celebrate Stephanie Comilang and Simon Speiser’s collaborative exhibition “Piña, Why is the Sky Blue?” at Silverlens Manila, the artists will join in a conversation with artist and curator Ian Carlo Jaucian to discuss their works. The conversation will center on the Manila exhibition and how art interacts with the overarching theme of new technologies, including artificial intelligence and virtual reality. It will take place on April 27 at 1 p.m. at the Silverlens Gallery along Chino Roces, Makati City. To register, e-mail Angel at rsvpmanila@silverlensgalleries.com.

Lecture tackles music, stage in Japanese occupation

FILIPINAS Heritage Library’s “Jeepney Jazz Talks” will be returning with a look into the swing era and an exploration of the Philippine entertainment scene during the war. Led by WWII historian Ricardo T. Jose, “Bakit hindi ka dumarating? Music & Stage during the Japanese Occupation” will talk about how Japan’s propaganda affected music and theater in Manila, downplaying American themes of freedom. The event takes place on April 27 at 2 p.m. at the Ayala Museum in Makati City. It will also be livestreamed via Zoom and Facebook Live. For more details, visit bit.ly/fhl-jeepneyjazz2024.

ARTablado presents watercolor exhibit

THE PHILIPPINE Guild of Watercolorists, established in 2016 to showcase its member artists’ talent with watercolor works, has put up an exhibit at ARTablado at Robinsons Galleria. Titled “Our Stories in Color,” the two-week exhibit features watercolor artists Erwin Mallari, Richard Romeo, JC Vargas, Dan Macapugay, and Ton Ador, among many others. It aims to make watercolor painting more accessible to beginners and artists of all levels. The exhibit runs at ARTablado at Robinsons Galleria, Ortigas, until April 30.

Bangus-themed exhibit opens at Gateway Gallery

LOCAL artists are showcasing how beautiful the humble bangus could be, in the exhibit “BANGUS ART: A Collective Art Exhibit on our National Fish.” Presented by Bang Bang Special Crispy Bangus, ArtShow Philippines, and Gateway Gallery, the unique exhibit features drawings, paintings, and sculptures inspired by the bangus (milkfish). It is open to the public until May 3 at the Gateway Gallery on the 5th floor of Gateway Tower, Araneta, Quezon City.

De León, Lukban exhibits at MO_Space

THIS April, two exhibitions will open at MO_Space in Bonifacio Global City (BGC). The first is Pardo de León’s “The Crack, the Gap, the Alleyway,” which delivers coded transmissions echoing through time inscribed in brushwork. Also opening this month is “Anecdotal Evidence.” Her latest paintings aim to elicit a mistrust in the formal properties of her depiction of everyday functional objects. Both exhibits open on April 27 and run until May 26 at the MO_Space gallery at Bonifacio High Street, BGC, Taguig City.

‘Likha Art Caravan’ spotlights Filipino artists

THE MONTH-long multi-site exhibition “Likha Art Caravan” is showcasing young Filipino talents and their works, ranging from digital artworks and graphic designs to illustrations and photographs. The works are now available for purchase and public viewing in Everything’s Fine Books and Gallery and MatchaLater in Makati City, and Cappo Coffee in Quezon City this April. At TheGoodFoodMNL in Quezon City, it will run until May. With the theme “Embracing Diversity from the Different Walks of Life,” the event presents a curated compilation of imaginative works that capture the personal narratives, experiences, and backgrounds of 48 artist-designers from De La Salle-College of Saint Benilde.

CPG says it retains AA+ credit rating from CRISP

CENTURY PROPERTIES Group, Inc. (CPG) said it has retained an “AA+” credit rating from Credit Rating and Investors Services Philippines, Inc. (CRISP), driven by sustained market position and continued revenue growth.

In a statement on Tuesday, CPG said the rating agency cited its diversified market portfolio in maintaining its position in the market.

The revenue mix of CPG was led by vertical developments at 27%, followed by horizontal affordable housing at 58% in 2023. Commercial leasing and property management shares were 11% and 4%, respectively.

CRISP said the company has completed 30 condominium buildings with 17,479 residential units and a total gross floor area of over 1.24 million square meters (sq.m.) as of December 2023.

It also noted the company’s venture, PHirst Park Homes, which has launched over 17 home communities with over 24,583 units occupying 123 hectares of land. This venture, worth P48.73 billion, is situated in eight provinces on Luzon.

As of end-December 2023, PHirst Park Homes had 18,166 units valued at P33.43 billion.

CPG’s property portfolio includes five leasing assets with an aggregate gross leasable area of 145,026 sq.m.

These are the Century City Mall, Centuria Medical Makati, Asian Century Center, Century Diamond Tower, and the recently opened Novotel Suites Manila at Acqua.

The firm manages 97 buildings covering 7.55 million sq.m. of gross floor area, including properties such as office buildings, condominiums, major banks, medical facilities, an embassy, and a school.

The rating agency noted that CPG’s revenue increased by 14% to P12.7 billion, a recovery from the downturn. While its gross profit ratio stood at 47% and earnings before interest, depreciation, and amortization margin at 26.5%.

CPG’s total real estate segments contributed a 79% share of net income after tax, followed by commercial leasing at 18%. — Aubrey Rose A. Inosante

Return of colonial-era statue to Congo fuels environmental revival

LUSANGA, DEMOCRATIC REPUBLIC OF CONGO — Joyful singing and cheers echoed around the hills surrounding a small village in western Democratic Republic of Congo as a procession emerged from an underground cave bearing an antique wooden figure of a Belgian colonial officer.

The Balot sculpture was made in the area in the 1930s when Congo was under Belgium’s brutal colonial rule. An artist collective led a long-running campaign for its return from a US museum under a project to regain lost herit-age and restore depleted forests.

“It’s symbolic,” said Joel Kashama, a resident of Lusanga, where colonial-era plantation farming reduced once-dense rainforests to sparse pockets.

The sculpture, which depicts a colonial administrator who was killed during a worker revolt at the plantation in 1931, is now considered a symbol of colonial resistance.

It is back in Lusanga for a six-month display after spending more than 50 years at the Virginia Museum of Fine Arts. Its homecoming coincides with growing global pressure on Western institutions to repatriate artifacts taken during the colonial era.

Its return results from years of activism by the Congolese Plantation Workers Art League (CATPC), a collective of Lusanga-based artists who use the proceeds from their art, including sales of digital images of the Balot statue, to fund reforestation projects around Lusanga.

“Everywhere you look there used to be huge forests, and when the white man came, they cut down all the wood to use it,” said artist and CATPC member Alphonse Bukumba. “We wouldn’t live like this unless we had seen the world burn.”

CATPC’s efforts have already reforested 230 hectares around Lusanga, with ambitions to expand to 2,500 hectares to create a carbon sink, restore biodiversity, and mitigate the effects of climate change.

Congo ranks among the world’s nations most vulnerable to climate disasters, with a population of 95.3 million and a poverty rate of 62.3% in 2022, according to the World Bank.

The collective will showcase their work at the 60th annual Venice Biennale in November, in hopes of inspiring global action on climate change and advocate for African artists’ recognition in environmental sustainability efforts. — Reuters

A game changer in attracting foreign investments

The Philippines has long languished behind its Southeast Asian neighbors in attracting foreign investments. Many factors have been cited for this including the state of our infrastructure and the relatively high costs of pow-er across the archipelago. But the one fundamental thing that lies underneath it all is the restrictiveness of the economic provisions of the primordial law of the land. Compared to its Southeast Asian counterparts, the Philippines has the most restrictive provisions regarding foreign investment and businesses in its Constitution.

The 1987 Constitution effectively limits the foreign ownership of companies to 40% to ensure that Filipinos hold a majority stake in them. At the time of the constitutional deliberations, this appeared to be the sound, logical, and patriotic thing to do. Only Filipinos must be in control of businesses operating in the Philippines. This is our country, after all, and we refused what could be seen as control by forces driven by interests outside of the Filipinos’ common good.

As the decades passed and the global economy opened up, however, we saw how such provisions clipped our economic wings, while we watched other similarly situated countries realize their potential with the help of foreign capital. Foreign investments, after all, are key to many things: they bring expertise and know-how, cause the improvement of infrastructure, create jobs for locals translating into higher disposable income, and provide opportunities for economic activity and upward mobility.

This, too, creates a virtuous cycle: the more Filipinos are exposed to industry, the better they get at their jobs and the more vibrant the economy becomes, the better the infrastructure gets, and the more attractive the Phil-ippines becomes to investors.

Unfortunately, in the past, any moves to change the Constitution were met with skepticism by many policy leaders, believing this to be a political maneuver to enable some families to perpetuate themselves in power. Make no mistake about it: at-tempts at Charter Change are not new. They have been tried, in varying degrees, by previous administrations, whatever their real intentions were.

This time around, Filipinos appear to be better at making the distinction between effecting sweeping, licentious Charter Change, per se, and changing its economic provisions.

A Pulse Asia survey commissioned by the Stratbase ADR Institute and conducted last month revealed that 37% of Filipinos agreed that fostering a more open economy — one that is friendly to foreign investors — would be the optimal strategy to boost the country’s economic growth and development.

Respondents to this same survey highlighted significant factors hindering foreign investments in the Philippines. Among these: complicated regulations (56%), restrictive foreign ownership rules (55%), and public sector cor-ruption (46%).

The removal of restrictions against foreign investments in the Constitution, the respondents believe, will yield benefits for the people. Six in 10 believe that this will lead to an increase in high-quality jobs with better salaries and benefits.

They also think companies will be able to provide better service to their stakeholders because of increased efficiency and quality, driven by competition. In fact, half the respondents anticipate a decrease in prices of goods and services. Ultimately, then, the higher number of players in any given industry would result in better deals and more options for Filipino consumers.

Such results show that Filipinos are now more optimistic about the benefits of lifting economic restrictions.

For some time now, the Stratbase ADR Institute has articulated its support for investment-led growth. Through investments, businesses can create more and better job opportunities and establish a solid foundation for sus-tained economic growth. By doing so, the Philippines enhances economic security, reduces external dependencies, and strengthens resilience against global uncertainties.

Thus, a crucial step would be to address the barriers to the entry of foreign investments by changing the legal framework to complement the Executive’s efforts to go to different countries obtaining investment pledges.

Collaboration is also crucial. The private sector is willing and able to help, as it has demonstrated countless times. It plays a critical role in creating more quality jobs for the Filipino people. And, indeed, the people acknowledge this. In a September 2023 survey commissioned by the Institute, 70% of Filipinos see the private sector as key to achieving economic security. The public perceives the private sector as able to offer affordable goods and services while expanding job opportunities and livelihood activities.

But it must be given the chance to perform this role to the fullest. The government must be consistent with its moves to build an environment that is conducive for businesses. Ease of doing business must be a priority, and while there have been early steps to do this — shortening the steps in registration, for instance, or requiring fewer signatories to permits and licenses — streamlining bureaucratic processes should be implemented across all local government units around the country.

There is a trend among developed countries to derisk and decouple given the numerous uncertainties in the global geopolitical and geoeconomic situation. The Philippines should take advantage of this trend by asserting its attractiveness as an investment destination. We should not allow ourselves to be left behind. We must reap the benefits of a globalized economy while harnessing the competitive advantage of our people and our resources. Ultimately, this will translate to a better life for all — and what could be more patriotic than that?

 

Victor Andres C. Manhit is the president of the Stratbase ADR Institute.

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