Home Blog Page 2

Shining a light on the colors of an Amorsolo painting

FERNANDO AMORSOLO was a beloved painter known for capturing what was perceived to be the essence of the Philippine identity, so much so that he became the country’s first-ever National Artist. At the Ayala Museum, his legacy as a “poet of color” and “painter of Philippine sunlight” is celebrated through a new exhibition that explores the viewer’s experience of the colors on his canvases.

Titled Amorsolo: Chroma, this rediscovery of the acclaimed artist’s famous works is curated by Tenten Mina. Notably, she places select pieces by Mr. Amorsolo’s contemporaries alongside his own, to better understand the art scene he moved in.

To encourage guests to engage with the art, the exhibition also includes a large interactive section featuring paint-by-color walls and digital stations which tackle color blindness. In a first for Philippine museums, EnChroma glasses are available for color blind visitors.

Ultimately, the exhibit dives into how Mr. Amorsolo’s use of light came to define a national aesthetic, and if it would still speak to viewers whose eyes may perceive certain colors differently.

REFRAMING WITH CONTEXT
Aprille Tijam, Ayala Museum’s assistant director and exhibitions and collection head, said that “younger viewers now comprise 40% of the museum’s visitors.”

“This exhibition seeks to reintroduce the works of Amorsolo to this new generation,” she explained during the exhibit’s launch in April. “It has been a decade since we last mounted a show dedicated to Amorsolo, and it is only fitting that we revisit how he shaped Filipino identity.”

To illustrate his use of light and shade, they put together his pastoral landscapes, plein air paintings, and iconic genre works, many of which were “donated by overseas collectors who recognize the importance of bringing his art back home,” said Ms. Tijam.

Ms. Mina, the curator, gave a tour of the exhibit on opening day. She pointed out that, instead of doing a straightforward retrospective of the artist’s career, they focused on the early paintings of Mr. Amorsolo, spread out across “a series of interconnected alcoves, lit also to simulate natural sunlight.”

Visitors are naturally drawn to well-known works, like The Palay Maiden from 1920 and Planting Rice from 1924, but just as fascinating are quiet scenes of sunsets, sari-sari stores, fire trees, and multiple iterations of countryside maidens doing chores. Also memorable are folding screens containing plein air landscapes by both Mr. Amorsolo and one of his contemporaries, Juan Arellano.

“It was in the outdoors and painting in plein air that Philippine panorama and the golden sunlight that the artist found liberty. And remarkable are his small landscapes for their controlled, brisk, and spontaneous brushwork,” Ms. Mina said.

Despite featuring more of the smaller and intimate paintings of Mr. Amorsolo, the layout of the exhibit feels spacious, evoking a sense of the expanse of the outdoors present in the works themselves.

Though not a comprehensive overview of the artist, this part of the exhibit captures his formative years, placed alongside landscapes by predecessors and contemporaries — Jorge Pineda, Jose David, Isidro Ancheta, and even Mr. Amorsolo’s mentor and uncle, Fabian Dela Rosa.

“Context is important. We want visitors to ask themselves if stating that Amorsolo is the master of Philippine sunlight would resonate if also exposed to works of other landscape artists of that period,” explained Ms. Mina.

INTERACTING WITH EMPATHY
The second part of the exhibition is interactive and educational, with a “light room” that delves into the connection between art and technology, paint-by-color walls where visitors can contribute, and digital stations allowing us to view the warm glow of Mr. Amorsolo’s paintings from a color-blind perspective.

These aim to question “whether today’s audiences in the age of hypermedia and photo filters appreciate Amorsolo’s luminous legacy of colors in the same way.”

“One might argue that all exhibitions are experiential, and that all art is experiential. But what if I told you roughly 5% of Filipinos do not experience the full range of color? What happens to the claim that art is universal when color itself is not universal?” Ms. Mina said.

“Understanding that our assumptions about the human experience are not universal can be the starting point for empathy and dialogue,” she added.

The digital stations are eye-opening for those without color vision deficiency (CVD) or color blindness. Reduced sensitivity to greens and reds, for example, renders Mr. Amorsolo’s sunsets and landscapes a bit duller and more muted.

On the flip side, the EnChroma glasses offered to visitors with CVD allow them to experience Amorsolo paintings as intended.

For Ms. Tijam, this take on iconic paintings represents the Ayala Museum’s “ongoing commitment to accessibility and inclusion, particularly for persons with disabilities, assuring that as many people as possible can engage with Amorsolo’s work.”

Ms. Mina recommended that, coming from the interactive stations of the exhibit, visitors with regular vision go back to the first part, to gain a better appreciation of the colors.

“We want to encourage everyone to re-engage with the works and perhaps reassess if anything has changed their perception and appreciation of the displayed works,” she said.

Amorsolo: Chroma, which was made possible with the support of BPI and Boysen, runs until Sept. 7 at the Ayala Museum in Makati City. — Brontë H. Lacsamana

Puregold Q1 profit climbs 6.5% to P2.64 billion

BW FILE PHOTO

LUCIO L. CO-LED grocery retailer Puregold Price Club, Inc. reported a 6.5% increase in its first-quarter (Q1) consolidated net income to P2.64 billion from P2.48 billion a year earlier, driven by stronger revenue.

Consolidated revenue rose by 10.8% to P52.42 billion from P47.32 billion, Puregold said in a regulatory filing on Tuesday.

Gross profit also grew by 10.8% to P10.26 billion.

Same-store sales growth (SSSG) for Puregold stores reached 5.9%, led by higher basket sizes, while S&R Membership Shopping Warehouses recorded 4% SSSG due to increased customer traffic.

Operating expenses rose by 13.6% to P7.19 billion.

As of end-March, Puregold operated 757 stores nationwide, consisting of 662 Puregold stores, 30 S&R Membership Shopping Warehouses, and 65 S&R New York Style quick-service restaurants.

Puregold President Ferdinand Vincent P. Co said last month that the retailer is prioritizing key provincial markets as part of its “aggressive” store expansion plan this year.

“This strategic initiative is designed to drive continued growth, expand our market footprint, and enhance customer shopping satisfaction, convenience, and accessibility, ultimately positioning us for long-term value creation,” he said.

Puregold shares rose by 0.48% or 15 centavos to P31.50 apiece on Tuesday. — Revin Mikhael D. Ochave

UNESCO Philippines relaunches search for historical documents

UNACOM chair Nick Deocampo presents the seven Philippine nominations for Memory of the World this year.

Seven nominations to be submitted this year

IN 2006, the Philippine committee for the United Nations Educational, Scientific, and Cultural Organization’s (UNESCO) Memory of the World Program was formed. Since then, it has helped secure the inscription of many important Filipino documentary treasures, from film collections and traditional music and radio broadcast recordings, to presidential papers and original manuscripts.

At a relaunch of the program’s local arm, the UNESCO National Commission of the Philippines (UNACOM) has renewed its awareness campaign and has called for more leads on historical documents.

Filmmaker, film historian, and UNACOM chair Nick Deocampo told BusinessWorld that, following the Paris headquarters’ opening of nominations back in March (it is held every other year), the Philippine committee is gearing up to prepare nominations and seek out more leads for the coming years.

“The title of the project, Memory of the World, is very poetic. But behind that poetry is the tragic reality where we lose documents almost every day. As we speak, somewhere there’s a photograph or a film that’s decaying,” Mr. Deocampo said at the April 29 press conference in Pasay City.

THIS YEAR’S NOMINEES
A culmination of UNACOM’s efforts is the submission of seven nominations this year, in time for the deadline in September.

“We are nominating the Laguna copperplate for the regional (Asia-Pacific) register. It’s an economic transaction from 900 AD, the first extant, well-kept document or record to be found within the country! If that’s not important, I don’t know what is,” Mr. Deocampo said.

An array of forms must be accomplished by the custodian/s and owner/s of a potential inductee, which the committee describes as a “painstaking and even tedious process.” At the end of this, if inscribed, financial support for preservation will be given.

The other nominations include copies of the Spanish-language La Solidaridad newspaper published by the Filipino propaganda movement, and of Jose Rizal’s celebrated novels Noli Me Tángere and El Filibusterismo. There’s also the “Philippine insurgent records,” repatriated from the US in 1957 and now located in the National Library, their nomination facilitated by heritage conservation and tourism educator Ivan Henares.

Mr. Henares, who is also UNACOM’s secretary general, posited that preserving memory “isn’t just the work of historians and archivists.”

“It’s a shared responsibility for anyone who believes our nation’s soul must be remembered, protected, and passed on. Together, we must write a fuller, richer history of the Philippines, one that reflects every voice, every community, and every memory,” he said at the launch.

One example is Pilar Martinez, who has well-kept documents of the Ilonggo community newspaper Makinaugalingon. She brought this up when the committee visited Iloilo for a nomination workshop, leading to its nomination for the Memory of the World this year.

Mr. Deocampo stressed the importance of another nominee, the ethnographic films of Ramon Obusan, who traveled to many tribes and documented them with Super8 film.

“We have forgotten the movements of their hands, the textiles that they used, their practices, their dances. They’re all there, hidden in an Orocan container, not even 500 meters away from the sea,” he lamented. One of the big no-nos of keeping old documents — whether filmed or on paper — is locating them near the ocean, where they are more vulnerable to the elements.

The seventh nomination the committee highlighted were the documents on Filipino comfort women during World War II. “It’s controversial because it’s not a good part of history, but it’s history nonetheless,” Mr. Deocampo said.

LEADS TO PURSUE
The committee shared that community workshops they have held have turned up great results. In Baguio, they got leads on someone claiming they have the oldest Ilocano bible and a family which keeps the Yamashita surrender papers.

However, the UNACOM’s track record has been uneven, according to Mr. Deocampo. “A lot of the documents come from Luzon. We need to have more from Visayas. From Mindanao, we have almost zero,” he said.

Some documents they are pursuing in Mindanao are historically important Muslim writings and Manobo-language recordings.

He shared that the awareness campaign this year will kick off with documentary literacy workshops, which will be held in Naga in July, Dumaguete in August, and Davao in September. There, academics, community members, and archivists can make their nominations.

Relative to other countries, which have up to hundreds of inductees on their registers, the Philippines currently has five in the international category, two in the regional (Asia-Pacific) category, and two in the national category. These are:

International Register

• Palawan Paleographs

• Radio Broadcasts of the People Power Revolution

• Presidential Papers of Manuel L. Quezon

• Musical Collection of José Maceda

Asia-Pacific Register

• Culion Leprosy Archives

• Doctrina Christiana

• “Hinilawod” Epic Chant Recordings

National Register

• The film Ganito Kami Noon, Paano Kayo Ngayon?

• Fernando Poe, Jr. Film Collections

Mr. Deocampo noted that they are “pumped up” to reach out to communities and get leads on where to find more records.

For Mr. Henares, their mission is urgent in a fast-moving digital world where “stories are constantly being retold and sometimes forgotten.”

“We believe it’s time to shine a new light on this important initiative,” he said. “Our records, manuscripts, images, sounds, and stories don’t just recount events. They capture the spirit of who we are. They anchor us to our past and point us toward who we hope to become.” — Brontë H. Lacsamana

Isuzu PHL starts construction of 50th dealership, eyes year-end opening

BW FILE PHOTO

ISUZU PHILIPPINES Corp. (IPC) has started construction of its 50th dealership in the country, which is expected to open by the end of the year, the company said on Tuesday.

The upcoming dealership, to be located in Mandaluyong City, is being developed in partnership with ICONIC Dealership, Inc., the company said in a statement.

The company described the site as “strategic,” citing the city’s mix of commercial establishments, residential communities, and expanding middle-class population.

“It brings the Isuzu brand even closer to a wide array of customers in one of the most progressive corridors of Metro Manila,” IPC President Mikio Tsukui said in a statement.

The facility will have a total floor area of 2,108 square meters (sq.m.), including a 709-sq.m. showroom that can accommodate up to five display units. It will also feature four service bays, a car wash area, and customer parking.

As of March, IPC ranked sixth in total automotive sales in the country, accounting for 4,371 units, or 3.73% of the industry total, according to a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. and the Truck Manufacturers Association. — J.I.D. Tabile

Arts & Culture (05/07/25)


Robinsons’ ARTablado holds shows on motherhood

THIS Mother’s Day, Robinsons Land ARTablado is honoring the love and care that mothers give their families through two exhibits. On view until May 15 at the gallery’s branch at Robinsons Galleria is a solo show by Philippine biodiversity advocate and artist Bing Famoso, while the works of mother-and-daughter tandem Maria Cristina Arroyo and Christelle Arroyo are mounted at Robinsons Antipolo.


Instituto Cervantes shows films from Castilla y León

THIS MONTH, Instituto Cervantes Manila, in collaboration with the Castilla y León Film Commission and the Embassy of Spain, will present a film series by filmmakers from Castilla y León. The movie series includes four feature films and three short films and will be shown every Thursday of May at the Instituto Cervantes in Manila. Each screening will be followed by a panel discussion featuring the filmmakers, and Kristine Guzmán, head of the Castilla y León Film Commission. The series will kick off on May 8 with the short film Alegre y olé (2023, 20 min.), directed by Clara Santaolaya, about two patients in a psychiatric center and their relationship. It will be followed by the feature film Gallo Rojo (2024, 84 min.), directed by Enrique García-Vázquez, about a woman who returns to the village one summer to set up a cinema after living in a big city for a while. There she meets up with an old acquaintance, and their friendship grows. To be screened on May 15 are the short documentary Yo, mi, me, conmigo (2024, 14 min.), by Alicia Van Assche, and a drama-thriller Pastoris (2024, 108 min.), by Pablo Moreno. The third screening on March 22 will feature the short Las calles de Granada (2023, 14 min.), directed by Isabel Medarde, followed by Secundarias (2023, 81 min.) by Arturo Dueñas. The series will conclude on March 29 with the full-length film La Controversia de Valladolid (2023) by Juan Rodríguez-Briso. All films will be screened in their original Spanish language with English subtitles and will take place at 2 p.m. at the Intramuros branch of Instituto Cervantes (855 Calle Real, San Luis Complex, Intramuros, Manila). Admission is free, with seating on a first-come, first-served basis. For more information, visit Instituto Cervantes’ website at www.manila.cervantes.es, or follow them on Facebook at www.facebook.com/InstitutoCervantesManila.


Choral festival calls for composition entries

THE Andrea O. Veneracion International Choral Festival (AOVICF) is accepting entries for the first-ever AOVICF Choral Composition Competition until May 30. Named after the founder of the world-renowned Philippine Madrigal Singers, AOVICF invites composers worldwide, amateur or professional, aged 18 years and above, to submit their original unpublished entries. More details can be found at https://www.aovchoralfestph.com/compositioncompetition.


Art House, AAG unveil Zóbel Centennial Collection

NEWLY launched merchandise created by Art House and the Ateneo Art Gallery (AAG) under the Fernando Zóbel Centennial Collection, feature travel sketches by the artist which he made while traveling around the Northern region of the country. Mr. Zóbel’s drawings were applied onto gift and novelty items like catch trays, Japanese umbrellas, cell phone stands, laptop stands, and coasters. They are now available at the AAG’s museum shop.


British Council opens grants for 2025

PROMOTING more cross-border artistic collaborations between the UK and the Philippines, the British Council has opened applications for its Connections Through Culture (CTC) grants. These offer up to £10,000 in funding for innovative, cross-cultural initiatives that “challenge ideas, inspire communities, and push artistic boundaries.” The grants can support a digital art residency, an international performance, a creative policy lab, or a community-led exhibition. Applications are now open until June 23 for architecture, music, fashion, film, and theater.


May exhibitions at Vinyl on Vinyl

FOUR EXHIBITS are on view at Vinyl on Vinyl this May. First is Mond’s Death of the North Star, a mix of tumultuous and even grotesque paintings and sculptures. Reen Barrera and Marilou Solano have also put up Mayday Rain, a collection of paintings and figures that explore the act of calling for rain in the dry season. There’s also Seeweirdo’s The Never-Ending Cooking Show, featuring the artist’s colorful paintings as a behind-the-scenes look at the grind, from messy mistakes and chaotic struggles to beautiful breakthroughs. Finally, there’s Geremy Samala’s Aeon Shift, with works showcasing eccentric characters through acrylic paint. The exhibits are on view throughout May. At the gallery in the La Fuerza Compound, Chino Roces Ave., Makati.


Prisoner art on view at REP production of Reza’s ART

WHEN the curtains rise for the Repertory Philippines’ (REP) production of ART, a highly acclaimed comedy by French playwright Yasmina Reza, the stage will be adorned by the all-white centerpiece that drives forward the plot, as well as other works. These other works are paintings by members of the HOPE Project, an initiative focusing on persons deprived of liberty (PDL) from the Bureau of Jail Management and Penology in Lipa City, Batangas. These pieces will be displayed for auction throughout the run of the production at the REP Eastwood Theater Lobby in Quezon City. The play will run from June 13 to 29. Proceeds from the auction will cover legal fees for the PDLs’ release after they complete their full sentence.

BTr fully awards reissued bonds

WIKIPEDIA/JUDGE FLORO

THE GOVERNMENT made a full award of the Treasury bonds (T-bonds) it offered on Tuesday as it saw strong demand, with investors flocking to fixed-income assets as the Trump administration’s shifting policies continue to stoke volatility in global markets.

The Bureau of the Treasury (BTr) raised P30 billion as planned via the reissued 10-year bonds it auctioned off as total bids reached P71.71 billion or more than twice the amount on offer.

This brought the total outstanding volume for the bond series to P395.6 billion, the Treasury said in a statement.

The bonds, which have a remaining life of seven years and four months, were awarded at an average rate of 6.081%. Accepted bid yields ranged from 6% to 6.095%.

The average rate for the reissued papers went down by 6.2 basis points (bps) from the 6.143% fetched for the series’ last award on March 11 and was also 66.9 bps lower than the 6.75% coupon for the issue.

However, this was 2 bps above the 6.061% quoted for the seven-year bond and 4.7 bps higher than the 6.034% 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 BTr.

The government fully awarded the reissued T-bonds as the offer was more than twice oversubscribed and as the average yield fetched was lower than the rate quoted for the series’ previous reissuance, the Treasury said.

The bond offer fetched strong demand and yields slightly higher than prevailing secondary market rates due amid “increased preference of many investors toward fixed-income securities amid short-term market jitters from policy pronouncements by US President Donald J. Trump,” a trader said in an e-mail.

Investor attention has been on the possibility of easing trade tensions between the US and China after Beijing last week said it was evaluating an offer from Washington to hold talks over tariffs, Reuters reported.

But with few details, investors have been left trying to make sense of headlines coming out of the White House.

Mr. Trump said on Sunday that Washington is meeting with many countries, including China, and that his main priority with China is to secure a fair deal.

Mr. Trump also on Monday slapped a 100% tariff on movies produced outside the United States but offered little clarity on how the levies would be implemented.

US Treasury Secretary Scott Bessent on Monday said Mr. Trump’s tariff, tax cut and deregulation agenda would work together to drive long-term investment to the US economy, adding that US financial markets were “anti-fragile” and would weather any short-term turbulence.

Mr. Bessent, in prepared remarks to the Milken Institute Global Conference in Los Angeles, delivered a full-throated defense of Mr. Trump’s tariffs but emphasized the Republican tax bill working its way through Congress, saying it would make many parts of the president’s first-term tax cuts permanent, including a deduction for small businesses.

Mr. Bessent said that Mr. Trump’s tariff blitz since taking office for a second time on Jan. 20 was engineered to encourage companies like those attending the conference to invest in the US, build factories and make products in the US.

In a subsequent interview with CNBC television, Mr. Bessent said that he believed these policies could push US growth close to 3% by this time next year, which would help to bring down US budget deficits to their long-term average share of economic output.

The US economy contracted for the first time in three years in the first quarter amid a flood of imports to beat Mr. Trump’s tariffs, and the International Monetary Fund has forecast that US gross domestic product will grow only 1.8% in 2025.

The reissued T-bond’s average yield was a tad above the comparable secondary market yields after the BTr’s recent issuance of P300 billion in new 10-year benchmark fixed-rate Treasury notes siphoned off some excess peso liquidity from the market, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message.

The BTr plans to raise P260 billion from the domestic market this month, or P100 billion via Treasury bills and P160 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.54 trillion or 5.3% of gross domestic product this year. — A.M.C. Sy with Reuters

SEC unveils 6 new digital platforms to enhance services

BW FILE PHOTO

THE Securities and Exchange Commission (SEC) on Tuesday launched six digital platforms and an in-house data center aimed at improving the delivery of its regulatory services.

“We envision the data center to strengthen our response to disruptions by having the ability to handle everything from one place and through our own team of technical experts,” SEC Chairperson Emilio B. Aquino said at the launch event in Makati City.

“In turn, this will pave the way for quicker transactions, better access to services, and stronger data security that will benefit our stakeholders,” he added.

The SEC’s new digital initiative, the Hierarchical and Applicable Relations and Beneficial Ownership Registry (HARBOR), enables authenticated authorized filers to submit and update beneficial ownership data, streamlining the process by eliminating manual information management.

Another platform is the SEC Verification of Electronic Records and Information Trust and Authentication System, which enables multiple authorized parties to approve and sign corporate documents — such as board resolutions and compliance reports — in real time to improve document credentialing.

The SEC also launched the SEC Electronic Exceptional and Alternative Submission Environment, an alternative platform for the submission of reportorial requirements by corporations under dispute status that are temporarily barred from using their Electronic Filing and Submission Tool accounts.

The commission also introduced the Electronic Workbench and Analytics Technical Computing Hub, which notifies corporations of reportorial deadlines and flags them for late or non-submission to improve regulatory compliance.

In addition, two internal systems — the Document Management System (DMS) and Workflow Management System (WMS) — were deployed to streamline internal operations.

The DMS, set to be implemented at SEC extension offices as well, is designed to improve document traceability, accessibility, and organization, facilitating the management and retrieval of regulatory documents.

The WMS enables SEC units to design and configure their own process flows, including document approvals, license applications, compliance verifications, and inter-agency coordination.

“Our push for digitalization — a core component of sustainability — allows us to fulfill our mandate under the Ease of Doing Business Act,” Mr. Aquino said.

The SEC recorded a 6% increase in new company registrations to 52,304 in 2024 from 49,506 in 2023, driven by its digital platforms. — Revin Mikhael D. Ochave

Trump tariff order on movies leaves film industry flummoxed

VENTI-VIEWS-UNSPLASH

LOS ANGELES/WASHINGTON — The entertainment industry reacted with alarm and bafflement on Monday after US President Donald J. Trump said he would impose a 100% tariff on all movies produced outside the US, but issued few details on just how such a levy would work.

Veteran studio executives who spoke with Reuters on condition of anonymity said the announcement on Sunday left unanswered the timing of the proposed levy and how it would be enforced for an industry whose biggest-budget films are often produced across several continents.

Mr. Trump’s pronouncement followed his meeting at Mar-a-Lago with his Hollywood ambassador, actor Jon Voight, special advisor Steven Paul, and media executive Scott Karol. The group mulled a range of ideas to revive domestic film and TV production, including federal tax incentives, tax code changes, and imposing tariffs “in certain limited circumstances,” the group said in a statement.

Slapping levies on an industry like film would mark a major extension of tariffs as a policy tool into services, for which the US runs a sizable trade surplus. And like the auto, pharmaceutical, and chip industries before it, Mr. Trump’s declaration threatens to put another business in a tariff-induced state of limbo.

The industry has been pressing for tax incentives to boost output in Los Angeles, the movie industry’s glitzy historic hub of cinema, as studios have shifted production to locations such as the UK, Canada, and Australia to take advantage of generous tax credits and lower labor costs. A survey among studio executives over their preferred production locations for 2025 to 2026 by ProdPro showed the top five choices were all elsewhere.

The White House’s trade policy is aimed at boosting US industrial activity, but the series of levies and rollbacks has sapped consumer and business confidence.

Tariffs on movies might prove particularly hard to implement.

One studio executive compared movie production to auto manufacturing, with various pieces — filming, visual effects, and other elements — completed around the world, then assembled, through post-production, in the US. Some executives wondered whether the levy would apply only to the work done elsewhere, or attach to projects jointly financed by foreign investors.

Producer Todd Garner said proposed tariffs could have the unintended consequence of stymieing creativity. He cited director Steven Spielberg’s acclaimed World War II epic on the invasion of Normandy, France, Saving Private Ryan.

“How would you make Saving Private Ryan in the US? In Shreveport?” Mr. Garner said from Australia, where he is filming the action-drama Runner. “Or a globe-trotting Mission: Impossible?”

On Monday, Mr. Trump told reporters he would meet with industry officials first to make sure they liked the idea. The White House said it had not made any final decisions, but noted that Hollywood film production had sharply declined from the previous year.

The primary union representing actors issued a supportive statement on Monday. SAG-AFTRA National Executive Director and Chief Negotiator Duncan Crabtree-Ireland said the union supports efforts to increase domestic movie, television, and streaming production and adding jobs for American workers.

“We look forward to learning more about the specifics of the plan announced by the president and to advancing a dialogue to achieve our common goals,” Mr. Crabtree-Ireland said.

The International Alliance of Theatrical Stage Employees, a union representing more than 170,000 technicians and craftspeople, called for a balanced federal response that includes tax incentives to help bring jobs back.

Any trade policy “must do no harm to our Canadian members — nor the industry overall,” said International Alliance President Matthew D. Loeb.

IMPLEMENTATION CONFUSION
Shares of media companies slipped on Monday.

Streaming pioneer Netflix, which relies on global operations to produce content for international audiences, posted a 2% decline in its stock. Disney and Universal-owner Comcast edged lower. Stocks of theater operators such as Cinemark and IMAX were down 1.6% and 2%, respectively.

IMAX declined to comment, while others did not respond to requests for comment.

Entertainment attorney Stephen Weizenecker said producers, financiers and film offices were trying to figure out how tariffs would be implemented, but said it could lead to a notable shift in production back to the United States.

“If you get any sort of significant tariff, 10% or 20%, it takes away whatever production incentive there was for filming outside the United States,” said Mr. Weizenecker, who advises producers and financiers on production incentives.

However, traditional enforcement tools, like customs inspections at ports of entry, will not work for movies that are licensed, streamed, or distributed on global platforms using a borderless cloud infrastructure, wrote TD Cowen media analyst Doug Creutz. The “risks to putting digital goods and services on the table in trade negotiations/wars are overwhelmingly tilted against the US,” he noted.

Hollywood brings in most of its box office revenue from overseas. In 2024, about 70% of the roughly $30 billion in global ticket sales came from outside the United States and Canada, said Daniel Loria, senior vice-president at The Boxoffice Company. — Reuters

DMPL seeks investor after rejecting $45-M settlement contribution

Bugo cannery workers in Cagayan de Oro — DELMONTEPACIFIC.COM

LISTED Del Monte Pacific Ltd. (DMPL) said it is in talks with a potential investor for its US subsidiary after deciding against contributing up to $45 million for a litigation settlement deal.

DMPL’s board opted not to provide the $45-million contribution to the new term facility lenders of its US subsidiary, Del Monte Foods Holdings Ltd. (DMFHL), the food and beverage manufacturer said in a regulatory filing on Tuesday.

“DMPL has prioritized sustaining the momentum of its core Philippine and export businesses, which continue to deliver strong sales and profit growth,” the company said.

DMPL, along with certain lenders, negotiated a settlement following an alleged default on a term loan agreement signed in May 2022 involving US subsidiaries. The settlement agreement required DMPL to contribute up to $45 million by May 5.

The entire 2022 term loan had been retired through the settlement loan from a group of other existing lenders.

“Such litigation had been dismissed with finality in the US,” DMPL said.

Following DMPL’s decision, a 25% equity stake in DMFHL will now be allocated to partially offset the settlement loan as part of the settlement terms.

DMPL’s 25% equity stake in DMFHL will repay 37% of the settlement loan. The balance of 63% of the settlement loan continues to be a first-out incremental loan due from DMFHL to the new term facility lenders.

Lender-appointed directors will also assume majority board representation in DMFHL and its subsidiaries following DMPL’s decision not to contribute to the settlement.

With this, DMPL said it is currently in preliminary discussions with a potential investor regarding investment opportunities in DMFHL.

“These discussions are expected to be protracted, and the new term facility lenders have expressed support for this initiative,” DMPL said. 

As of end-January, DMPL’s net investment value in DMFHL stood at $579 million. DMPL, along with its affiliates, also has $169 million in net receivables from DMFHL and its subsidiaries.

DMPL shares rose by 17.65% or 51 centavos to P3.40 each on Tuesday. — Revin Mikhael D. Ochave

EastWest Bank books P1.8-billion Q1 net earnings

EAST WEST Banking Corp. booked a net income of P1.8 billion in the first quarter, backed by strong revenue growth amid the expansion of its consumer lending business.

This first-quarter performance translated to a “healthy” return on equity of 10%, EastWest Bank said in a disclosure to the stock exchange on Tuesday.

The bank’s financial statement was unavailable as of press time.

“Our first-quarter performance reflects the solid momentum we’ve built in expanding our consumer franchise. We remain focused on driving profitability through disciplined growth and operational efficiency,” EastWest Bank President Jackie S. Fernandez said.

The bank’s revenues increased by 16% year on year to P11.6 billion in the three months ended March.

This was mainly driven by the 13% growth in its net interest income to P9.3 billion.

Loans and receivables climbed by 11% year on year to P339 billion at end-March, driven by the 36% growth in its credit cards segment and the 18% increase in personal loans.

“The bank’s consumer lending portfolio grew by 15% and now accounts for 84% of total loans — the highest among peer banks,” it said. “Deposits also expanded by 12% to P399.2 billion, with a CASA (current account and savings account) ratio of 74%, placing EastWest among the industry’s top performers.”

“This strong balance sheet performance translated to a net interest margin of 8.1%, one of the highest in the sector.”

Meanwhile, the bank’s non-interest income likewise rose by 25% to P2.3 billion in the quarter, driven by a 31% increase in fee income from its lending business to P1.7 billion.

On the other hand, operating expenses went up by 8% to P6.3 billion due to manpower and business-related expenses.

As a result, its cost-to-income ratio stood at 54.3%.

EastWest Bank’s total assets expanded by 11% to P531.2 billion at end-March.

Its capital adequacy ratio stood at 13.7%, while its common equity Tier 1 ratio was at 12.8%.

“Our strategic direction is clear — we are committed to scaling our consumer banking business, deepening customer relationships, and accelerating digital transformation. With a strong foundation, robust capital position, and market-leading margins, we are well-positioned to capitalize on growth opportunities,” EastWest Bank Chief Executive Officer Jerry G. Ngo said.

“We will continue investing in technology, expanding our customer base, and strengthening our product offerings to sustain our momentum in the years ahead. The future is bright, and we are ready to go further,” he added.

EastWest Bank shares inched down by two centavos or 0.18% to end at P11 each. — Aaron Michael C. Sy

Stars shine in tailored looks at Met Ball celebration of Black style

NEW YORK — Singer Rihanna revealed her third pregnancy, Pharrell Williams sported a jacket with 15,000 pearls, and musician Andre 3000 strapped a piano to his back as celebrities celebrated Black style and tailoring at the Met Gala fundraiser on Monday.

Mostly black-and-white looks populated the daffodil-accented deep-blue carpet covering the steps to the Metropolitan Museum of Art. Guests arrived as assistants sheltered them under umbrellas in the heavy rain.

Formula 1 driver Lewis Hamilton and actor Colman Domingo, co-chairs of the gala, were among the first of the stars of sports, music, film, and television to appear.

Mr. Domingo wore a full-length royal blue pleated cloak falling from a gold-and-white casing around his shoulders. He removed the cloak to reveal a bejeweled, checkered black-and-white jacket and grey trousers. Mr. Hamilton chose an ivory suit with a beret.

The last to arrive was Rihanna, who sported a wide-brimmed black hat and a striped, corseted bodice that hugged her stomach. Her partner, musician A$AP Rocky, had arrived earlier and confirmed that Rihanna was pregnant with the couple’s third child.

In between, former Democratic presidential candidate Kamala D. Harris had made her way into the event. She was not spotted on the carpet, but the Democratic Party posted a photo of her on social media in a long black-and-white gown.

Andre 3000 turned heads with one of the most over-the-top looks — a replica of a piano that he hauled on his back like a backpack.

Mr. Williams, the musician and creative director of Louis Vuitton menswear, wore black tuxedo pants paired with an ivory jacket adorned with 15,000 pearls.

The Met Gala, a fundraiser for the art museum’s Costume Institute, has become known for its roster of A-list celebrities in extravagant outfits. This year’s guests were told to dress according to the theme “Tailored for You,” a nod to the exhibit called Superfine: Tailoring Black Style at the museum’s Costume Institute. The exhibit focuses on an elegant Black dandy aesthetic.

The theme was chosen before the election of US President Donald J. Trump, who launched an assault on diversity and inclusion efforts during the first weeks of his second term.

Andrew Bolton, head curator of the Costume Institute, said that even though work began on the exhibit in 2022, “in this current political climate, it resonates very differently. Timing is everything.”

Also on the carpet, legendary Indian actor Shah Rukh Khan wore a silk black sherwani-style jacket over black trousers with several necklaces including one with a giant “K.”

Euphoria actor Sydney Sweeney shimmered in a fitted sparkling black gown with her hair slicked back in a bun. Her co-star Zendaya wore a white silk suit with a brimmed hat.

Some pops of color made a statement on the carpet.

Olympic gymnast Simone Biles stood out in a short bright blue dress with a white collar. Director Spike Lee wore a black suit with a silver crossbody bag, orange glasses, and an orange New York Knicks cap. Singer Chappell Roan donned hot pink.

Among the notable accessories, Bad Bunny carried a brown and yellow bowling-style bag and Tessa Thompson had a fan with an image of the late fashion journalist Andre Leon Talley, who many cited as an inspiration for their outfits.

Other attendees included musicians Stevie Wonder and Shaboozey and actors Demi Moore, Nicole Kidman, and Cynthia Erivo.

Los Angeles Lakers star LeBron James, honorary chair of the event, could not attend because of a knee injury. “Hate to miss an historical event!” Mr. James wrote on social media platform X. — Reuters

DigiPlus says Singapore registration marks key step in global strategy

A VIEW of the city skyline in Singapore, Dec. 31, 2020 — REUTERS

TANCO-LED DigiPlus Interactive Corp. has incorporated a wholly owned unit in Singapore to provide regional support services as part of its global strategy.

The newly incorporated company, DigiPlus Global Pte. Ltd., is wholly owned by DigiPlus subsidiary Digivest Holdings, Inc.

“The newly established DigiPlus Global will serve as the company’s international hub — driving its global ambitions through strategic partnerships, talent acquisition, and corporate support,” DigiPlus said in a regulatory filing on Tuesday.

“The entity is formally registered under Singapore’s business activity classification for head and regional offices, acting as DigiPlus’ centralized administrative and management office,” it added.

DigiPlus Global will provide regional support services and will not operate any gaming platforms in Singapore, in compliance with the country’s regulatory framework.

“This is not just an expansion; it’s a foundational step in our growth strategy,” DigiPlus Chairman Eusebio H. Tanco said.

“By anchoring our international presence in Singapore — one of the world’s most advanced business ecosystems — we are accelerating DigiPlus’ transformation into a globally recognized force in digital entertainment,” he added.

DigiPlus said the move will help widen its access to global expertise, strengthen cross-border collaboration, and build high-value relationships in key markets.

“It will also accelerate the company’s ability to pioneer the next wave of digital entertainment innovations as it continues to grow its digital platforms — BingoPlus, ArenaPlus, and GameZone — which already dominate the Philippine market,” it said.

In January, DigiPlus said its subsidiary DigiPlus Brazil Interactive Ltda. secured a gaming license from the Brazilian Ministry of Finance’s Secretariat of Awards and Bets.

This license enables the company to conduct land-based and online sports betting, electronic games, live game studios, and other fixed-odds betting activities in Brazil.

For 2024, DigiPlus reported a 207% surge in net income to P12.6 billion as total revenue increased by 176% to P75.2 billion, driven by sustained momentum in its retail gaming segment and new game launches.

DigiPlus shares rose by 0.48% or 20 centavos to P41.70 per share on Tuesday. — Revin Mikhael D. Ochave