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Fil-Aussie artist wins award

FILIPINA-Australian artist Marikit Santiago speaks during the announcement of the 2024 La Prairie Art Award, at the Art Gallery of New South Wales, in Sydney, on March 12.

She won for two works, A Seat at the Table (Magulang) and A Seat at the Table (Kapatid). The award — a partnership between the Swiss luxury skincare house La Prairie and the Art Gallery of New South Wales — includes an international art residency, the acquisition of the artworks by the gallery, and attendance at the Art Basel art fair in Switzerland as a guest of La Prairie.

The Sydney-based artist is a three-time Archibald Prize finalist (2016, 2021, 2023). She won the 2020 Sir John Sulman Prize at the Art Gallery for a portrait of her three children. — Reuters

The Filipino woman comes alive in Limang Daan

Ballet Review
Limang Daan
Ballet Philippines

By Brontë H. Lacsamana, Reporter

THE CLOSING production of Ballet Philippines’ (BP) 54th performance season was held on International Women’s Day, and there was no better way to mark the occasion than with Limang Daan. It’s an ambitious ballet — full-length, completely original, and spanning 500 years of Filipino women’s history.

It is “a gritting tribute to the indomitable spirit of the Filipina, the women in this country, in honor of their journey, their triumphs and adversities, their joys and their struggles,” said BP president Kathleen Lior-Liechtenstein in a speech during the March 8 gala at the Theatre at Solaire.

Limang Daan is our way of celebrating our long-gone as well as our modern-day heroines who made the Philippines the most gender-equal country in Asia and the 16th in the world,” Ms. Lior-Liechtenstein said.

She also thanked the audience for continuing to support BP in this world premiere, right before it turns 55 years old in April.

Loosely inspired by a short dance film that BP produced with Salcedo Auctions in 2022, Limang Daan marks the triumphant milestone. The two-minute source material showcases stunning art and culture representing the Philippines’ colonial history, and this full ballet builds on that.

It follows several women and their individual struggles over the course of 500 years, drawing parallels between their oppression and their attempts to fight back.

There was a modern-day Filipina nurse in a foreign country, working tirelessly while facing sexual advances from a male doctor. There was an Igorot woman, an unwilling participant in the 1904 St. Louis’ World’s Fair which inhumanely put people on display at their “human zoo.”

Then there was a babaylan (shaman), represented by a masculine body in feminine robes, a figure of faith and non-conformity. One of the most moving numbers in the entire production was hers, as she tried to endure being stamped out by the Spaniards bringing Christianity to the Philippines.

A stroke of genius was how colonization was depicted through the priests brainwashing the locals by using a golden mirror. They thrust the mirrors in front of the native Filipinos’ faces to show them how barbaric they are, causing all of them, even the babaylan, to visibly recoil from their own reflections.

Three Cordillera women, full of joy and energy, come after that harrowing scene. They appeared to be from within the last 50 years as the outsiders they deal with are also Filipino, gesturing to the land as theirs to mine, to which the women express outrage and drive them away.

Finally, there was the typical Maria Clara figure, at first shown in a romance with Ibarra despite the disapproval of the controlling Padre Damaso. Later there was a nun, reminiscent of her character nearing the end of her life, being repressed in a convent ruled by a cruel Mother Superior.

The ballet begins with all these characters in boxes, and it ends with them all leaving these boxes and interacting, expressing their thoughts and feelings with each other through dance.

A first-time librettist, filmmaker Moira Lang was able to pick out specific female perspectives to effectively paint vivid brushstrokes of colonial history.

The original score by Erwin Romulo and Malek Lopez was transportive as it incorporated traditional instruments, orchestral music, and electronic sound to signify the changes in time and place.

JC Buendia’s costume design was stunning, allowing the graceful, powerful dancers full mobility. Most importantly, the designs evoke the right looks and silhouettes from the time periods they were meant to represent.

The choreography by BP’s artistic director Mikhail “Misha” Martynyuk left the audience in awe. Limang Daan explores many feelings — anger, faith, despair, strength — and he choreographed all of that to be evident to the naked eye, even as we jumped back and forth from one story to another.

While these women’s struggles came across as disjointed vignettes, the way the dancers were writhing in pain yet trying to resist outside forces in their respective situations highlighted a visceral underlying thread — one of colonial history.

All the audience had to do was listen to the raw emotions spoken through dance.

JFC allots P20-23B for capex, targets to open 700-750 stores

REUTERS

JOLLIBEE FOODS Corp. (JFC) is allocating P20-23 billion for its capital expenditure (capex) budget for 2024 as it plans to open 700 to 750 new stores, the listed fast food giant announced on Tuesday.

“Funding for the 2024 capex will come from JFC’s internally generated funds, issuance of preferred shares, and bank loans,” the company said in a regulatory filing.

The budget covers expenses for “new stores and renovations, construction of a new commissary in Cebu, maintenance of existing commissaries, main office improvements, and investments in technology,” it added.

The company opened 658 stores and expanded its store network by 6.3% annually to 6,885 by the end of 2023, JFC also said.

For 2023, the company saw 16% increase in its attributable net income to P8.77 billion due to stronger revenues.

The higher net income came as the company’s revenue grew by 15.2% to a record high of P244.11 billion last year, JFC Chief Executive Officer Ernesto Tanmantiong said.

“Overall system-wide sales for 2023 grew by 16.3% to P345.3 billion, driven by a 10.6% growth in same store sales and 5.4% from new stores,” he said.

“Our full year 2023 results reflect the strength of our execution and resiliency of our brands,” he added.

He said the company’s Philippine business saw a 17.6% growth in system-wide sales, while its international business rose by 14.4%. 

The company’s transaction volume increased by 8.2%, while the average check surged by 5.2%. Operating profit rose by 45% to P14.4 billion.

“Notably, our Jollibee brand, which has over 1,600 stores globally and accounts for 49% of JFC’s system-wide sales, grew by 18.5% in 2023,” Mr. Tanmantiong said.

JFC projected that its system-wide sales growth could range from 10% to 14% this year, while same-store sales growth could reach 5% to 7%, and the store network could expand by 7% to 8%. Operating profit is forecasted to grow by 10% to 15%.

To achieve the company’s targets, Mr. Tanmantiong said that JFC will focus on the global expansion of its Jollibee brand as well as the growth of its coffee and tea business.

Some of JFC’s coffee and tea brands include The Coffee Bean & Tea Leaf (CBTL), Highlands Coffee, and Common Man Coffee Roasters.

JFC will also concentrate on expanding into multiple lower-tier cities across China and maintaining strong growth and market leadership in the Philippines, Mr. Tanmantiong said.

“We will ramp up franchising to support our global expansion. We will also accelerate our digital transformation and bring capabilities on-par with global quick service restaurant leaders to increase operational efficiency and further improve customer experience and revenue management,” he added.

Of JFC’s 3,546 international stores, 567 are in China, 389 in North America, 337 in Europe, the Middle East, and Africa, 779 under Highlands Coffee mainly in Vietnam, 1,164 under CBTL, and 310 under Milksha.

The company has 3,339 stores in the Philippines.

JFC’s largest brands by store outlets worldwide are Jollibee at 1,660, CBTL at 1,164, Highlands Coffee at 779, Chowking at 613, and Mang Inasal at 573.

On Tuesday, JFC shares improved by 0.77% or P2 to P262 apiece. — Revin Mikhael D. Ochave

Arts & Culture (03/13/24)


Fundacion Sansó holds exhibit of donated works

THE LATEST exhibit at Fundacion Sansó is “Magnanimous Reciprocity,” which showcases donations of painter Juvenal Sansó’s work, memorabilia, and other pieces from various important collectors. “Through donating artworks to the museum, collectors (Joaquin) Teotico, (Mohammed) Ronaghi, Raffy Simpao, Eliot and Cherry Maguan, and Annatha Lilo Gutierrez join the museum in becoming active stewards of Mr. Sansó’s artistic legacy,” said Ricky Francisco, its gallery director. “Magnanimous Reciprocity” runs until March 30 at Fundacion Sansó, 32 V. Cruz St., San Juan, open 10 a.m. to 3 p.m. except for Sundays and holidays.


Six the Musical slated to arrive in Manila in October

THE HIT musical from West End, Broadway, and beyond, Six the Musical, is making its way to Manila this October at the Theatre at Solaire. It will have a limited season in Manila, running from Oct. 1 to 20. Six the Musical tells the story of the six wives of King Henry VIII, who step out of the shadow of their infamous husband and reclaim their own narratives. Written by Toby Marlow and Lucy Moss, the modern-pop musical brings Catherine of Aragon, Anne Boleyn, Jane Seymour, Anna of Cleves, Katherine Howard, and Catherine Parr to life, portraying them as fierce and influential pop stars. Tickets go on pre-sale from April 15 to 17 and on sale on April 19 via TicketWorld, with a waitlist for exclusive first access available at www.gmg-productions.com only until April 12.


Benilde mounts Women’s Month exhibit

IN commemoration of International Women’s Month, students and young professionals have put up a multi-site exhibition to empower women across artistic and creative practices. “The Women Around Us” features original works by artists from the De La Salle-College of Saint Benilde (DLS-CSB) in different media: printmaker Helena Sharon Malinis, digital painter Ysshi Carla Caburnay, photographer Mikayla Shaine Alonzo, mixed media artist Chleia Zyrille Samson, and prose writer Angeline Ashlee Marquez, among others. “The Women Around Us” is on view at the Main Lobby of DLS-CSB’s Atrium and the 8F Gallery and 9F Gallery of its Design + Arts Campus until March 26.


CCP façade lights up for Women’s Month

THE CULTURAL Center of the Philippines (CCP) is lighting up the CCP Main Building, the Bamboo Pavilion, and the CCP Blackbox Theater in purple to celebrate Women’s Month this March. Designed by Camille Balistoy and Jericho Pagana and executed by the CCP’s Production Design and Technical Services Division, the façade lighting is a gesture recognizing Filipino women’s accomplishments and contributions to nation-building. It runs until March 31.


Instituto Cervantes holds Nebrija exhibition

THE EXHIBITION “Nebrija en Filipinas” at the Instituto Cervantes in Intramuros this March seeks to celebrate Antonio de Nebrija’s work in defining the first grammars of the Philippine vernacular languages. This event is organized in collaboration with the Embassy of Spain, Fundación Antonio Nebrija from Madrid, Biblioteca Nacional de España, and the University of Sto. Tomas. Nebrija’s contributions have spawned endeavors directly influenced by his teachings, marking Tagalog as a language that possessed a grammar long before many European languages. The exhibit, found in Instituto Cervantes’ office on Real Street in Intramuros, is free and open to the public until June 12.


The M offers a sneak peek of REP’s Betrayal

A PREVIEW of Repertory Philippines’ current production of Harold Pinter’s Betrayal, with Filipino-British actor James Bradwell reading lines as Robert, will be held at the Metropolitan Museum of Manila on March 14, 3 p.m. The event includes a 20-minute discussion with Bambina Olivares, The M’s communications and special projects consultant. Mr. Bradwell stars as Robert in the Philippine run of Betrayal at Carlos P. Romulo Auditorium in RCBC Plaza until March 17. Directed by Victor Lirio, the play explores contemporary notions of Philippine diaspora and heritage through the complicated love story of Emma, Robert, and Jerry. Those interested can register for the preview through https://tinyurl.com/ekw9n7uj


Lec Cruz curates group shows at MO_Space

AT the MO_Space gallery, Lec Cruz has curated two shows that will run this March. The Main Gallery will house “Synchronized Syncopation,” featuring the works of Andre Baldovino, Benjie Cabangis, Zean Cabangis, Clarence Chun, August Lyle Espino, Gene Paul Martin, Jonathan Olazo, Bernardo Pacquing, Carina Santos, and Nestor Vinluan. The show aims to represent the world of abstraction and non-representational art, contextualizing its evolution to form a narrative and a mini-survey of Philippine abstraction. Gallery 2 will have “When E Minor Adds 9,” featuring the works of Lec Cruz, Victoria Fabella, Is Jumalon, and Victoria Montinola. This show focuses on works that try to extend recognizable figuration by fragmenting images and recontextualizing their entirety. The two exhibits will be open for public viewing at MO_Space, Bonifacio High Street, BGC, from March 16 until April 21.


WOW soiree to have Manila talks

THE next World of Women (WOW) soiree in Manila will be held on March 20. With themes of inspiring inclusion and investing in women, the “talk show” event aims to represent a diversity of organizations and experiences through its speakers. “It will be a stimulating evening for women at all stages of their careers, from all sectors, considering their development to their next level of responsibility,” WOW said in a statement. The all-women global development program and community was established in 2020 by founder Isa Buencamino as a response to the issue of under-representation of women in leadership positions in all sectors worldwide. For more details, including the venue, visit WOW’s social media pages.

ACEN net income down 43% to P7.4 billion

AYALA-LED ACEN Corp. on Tuesday said it saw a 43% decrease in its 2023 net income to P7.4 billion from P13.1 billion the previous year.

The listed energy company’s net income “includes P8.6 billion in accounting adjustments from various events in that period,” it said in a statement.

Statutory revenues grew by 4% to P36.5 billion, while attributable earnings before interest, taxes, depreciation, and amortization rose by 31% to P18.8 billion in 2023.

“Taking out the impact of all noncash items, ACEN’s profitability increased 150% year over year, driven by a nearly three-fold increase in core operating earnings,” the company said. 

Operating income climbed by 81% to P8.1 billion, while core operating earnings tripled to P4.9 billion with ” the continued ramp-up of new renewables capacity and generation output.”

The company recorded P4.5 billion in gains last year, which was offset by a P2-billion impairment from the partial sale of Salak & Darajat geothermal power assets in the third quarter due to the impact of costs overruns and project delays.

”All together, this resulted in a consolidated net income after tax for ACEN of P7.4 billion in 2023,” the company said.

For the fourth quarter alone, operating income rose by 38% to P1.9 billion, and the company also recovered P1 billion in its core operating earnings from a loss in 2022.

The company’s renewable energy generation from Philippine operations climbed by 34% to 1,137 gigawatt-hours (GWh) driven by stronger wind resources at its wind farms.

This was also attributed to the start of commissioning for the 160-megawatt (MW) Pagudpud wind farm, the first and second phases of the SanMar solar farm totaling 385 MW, and the 44-MW second phase of the Arayat-Mexico solar farm.

Outside the Philippines, the company delivered 3,328 GWh in attributable generation, up 31% a year ago.

This covers the ongoing partial commissioning for the 420-MW Masaya solar farm in India and near-full capacity and operational completion for the 521 MW New England solar project.

“We look forward to 2024 with full commercial operations of newly commissioned plants, a continually growing pipeline, and in turn, continued progress toward our aspiration to achieve 20 GW in attributable renewables capacity by 2030,” ACEN President and Chief Executive Officer Eric T. Francia said.

In a separate statement, ACEN said that its subsidiary ACEN Australia forged a power purchase agreement with London-based SmartestEnergy to offtake renewable electricity generated from State 1 of its New England solar project in New South Wales.

The eight-year deal provides SmartestEnergy with an offtake of 25% of the output of the 400-MW Stage 1 project.

To date, ACEN has around 4,700 MW of attributable capacity spread across the Philippines, Vietnam, Indonesia, India, and Australia.

At the local bourse on Tuesday, shares in the company went down by P0.15 or 3.7% to close at P3.90 each. — Sheldeen Joy Talavera

SM Prime eyeing up to P100-B bond program

THE SY family’s SM Prime Holdings, Inc. is planning a P100-billion bond program as part of its fundraising initiatives.

In a stock exchange disclosure on Tuesday, the listed property developer said it submitted a registration statement to the Securities and Exchange Commission  for a proposed shelf registration of debt securities worth P100 billion.

The proposed first tranche of the bond offer is up to P20 billion with an oversubscription option of up to P5 billion, consisting of three-year series V bonds due in 2027, five-year series W bonds due in 2029, and seven-year series X bonds due in 2031.

In a separate regulatory filing, SM Prime said the first tranche of the bond offer has received a PRS Aaa rating from the Philippine Rating Services Corp. (PhilRatings).

PhilRatings also kept the PRS Aaa rating given to SM Prime’s outstanding bonds worth P135.43 billion.

SM Prime said that PhilRatings also gave a “stable outlook” for the proposed and outstanding bonds.

The PRS Aaa rating is the highest rating given by PhilRatings. Those given 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.

Last year, SM Prime saw a 33% increase in its net income to P40 billion. Its consolidated revenue surged by 21% to P128.1 billion from P105.8 billion in 2022, while operating income climbed by 24% to P61.3 billion.

SM Prime has earmarked P100 billion for its capital expenditure budget this year. It is the property arm of SM Investments Corp. and is engaged in the development and management of malls, residences, offices, hotels, and convention centers.

On Tuesday, SM Prime shares closed unchanged at P31.60 apiece. — Revin Mikhael D. Ochave

Police bust art forgery ring in Spain selling fake Banksy works

THE COMPANY Pest Control, the only body that certifies Banksy’s oeuvre, found that both the artworks and certificates being sold from Spain were false. — PEST CONTROL OFFICE

MADRID — Police in Spain have dismantled an art forgery ring suspected of selling artworks falsely attributed to British street artist Banksy, with some pieces fetching prices of €1,500 ($1,640) or higher.

The Catalonia regional police force Mossos d’Esquadra said on Thursday it had raided a workshop inside an apartment in the city of Zaragoza, where the forgers created the fake works before distributing them through auction rooms, antique shops, or online platforms.

Investigators have seized nine works and recorded at least 25 sales to victims in Spain, Germany, Switzerland, the United States, and Scotland, the Mossos added in a statement. Four people are under investigation, charged with fraud and crimes against intellectual property.

According to the police, a couple of young followers of Banksy’s street art with economic problems” created Banksy-style works with stencils and ink stamps from the Zaragoza workshop, which they at first sold at prices no higher than €80.

But a distributor “with knowledge of the functioning of the graphic work market,” in collaboration with an “interested distribution entity,” made fake certificates attributing the works to the secretive Banksy, whose identity has never been revealed.

The artworks were presented as being part of Banksy’s Dismaland project, a 2015 theme park-style installation in the British town of Weston-super-Mare.

But the company Pest Control, the only body that certifies Banksy’s oeuvre, found that both the artworks and certificates were false.

“The investigation remains open and further victims and new arrests are not ruled out,” the Mossos added. — Reuters

Keppel Philippines board OK’s unit’s land sale in Batangas for P1.5B

KEPPELLAND.COM.PH

THE BOARD of Keppel Philippines Holdings, Inc. has approved the sale of land owned by its subsidiary in Bauan, Batangas amounting to P1.5 billion, the listed company announced on Tuesday.

The board authorized the sale of a 24.9-hectare land owned by its unit, Goodsoil Marine Realty, Inc., to LS Shipping Management Corp., Keppel Philippines said in a stock exchange disclosure.

The land is located in Barangays San Miguel and San Roque. Keppel Philippines has a 51% stake in Goodsoil Marine Realty.

“The sale will improve the financial conditions of the issuer (Keppel Philippines) and Goodsoil Marine Realty,” Keppel Philippines said.

“The sale comes after a strategic review of investments and the opportunity to sell the land at valuation,” it added.

Keppel Philippines has business interests in investment holdings and real estate, while Goodsoil Marine Realty is engaged in the construction and repair of all types and classes of vessels together with the related services and operations of a shipyard.

On Tuesday, Keppel Philippines “A” shares fell by 29.73% or P2.20 to P5.20 apiece while Keppel Philippines “B” shares were last traded on March 7 at P7.46 per share. — Revin Mikhael D. Ochave

Billionaire shipping clan gives ‘exceptional’ donation to Louvre

THE MUSÉE DU LOUVRE announces the CMA CGM Group’s exceptional support for the creation of a new department — PRESSE.LOUVRE.FR

FRANCE’S billionaire Saade family has made a major donation to the Louvre museum through its shipping line, a further step by the clan to raise its business and philanthropic profile.

The “pivotal” backing will allow the country’s biggest art repository to move ahead with a plan for a new department dedicated to Byzantine and Christian art of the Orient, according to a statement released on Tuesday. Neither the company the family controls, container line CMA CGM SA, nor the museum would specify the size of the donation, saying only that it is “exceptional” enough to support creating a new department.

The project is for a collection of 20,000 objects that the Louvre already owns or is in the process of acquiring to be displayed on a rotating basis in a series of rooms starting in 2027, according to a museum spokesperson.

The donation reflects the family’s deep Mediterranean roots, said Tanya Saade Zeenny, daughter of the company’s late founder, Jacques. Her father immigrated to France from war-torn Lebanon and started the line in 1978 in Marseille with one leased vessel.

Her brother, Rodolphe Saade, has led closely held CMA CGM through an aggressive expansion plan in recent years, raising the group’s public profile. As chief executive officer, he’s regularly been part of the business delegations accompanying President Emmanuel Macron on foreign trips or when heads of state visit France.

On the cultural front, the company has sponsored work in France such as the restoration of the Apollo basin in the gardens of the Versailles Palace and the renovation of the Musee National de la Marine.

The Saade family is worth about $22 billion, according to the Bloomberg Billionaires Index. — Bloomberg

Ride-hailing, delivery services to help boost PHL economy — analysts

KSENIIA ILINYKH-UNSPLASH

THE RIDE-HAILING and on-demand delivery services industry is expected to make a notable contribution to the Philippine economy, analysts from the University of Asia and the Pacific (UA&P) said on Tuesday, citing a study on one of the service providers.

Gregorio Mabbagu, a professor at the UA&P-School of Management, said that for every peso spent on the Grab Philippines platform, an additional P3.42 is injected into the national economy.

“If you go home using Grab and it’s let say P100, then you just multiply it to P3.42, so in effect, you are contributing to the economy of about P342,” he said during a briefing on Tuesday.

The result was among the key findings in the study conducted by the UA&P-Center for Research and Communications (CRC) titled “The Impact of Ride-Hailing and On-Demand Delivery Services on the Philippine Economy: A Focus on Grab Philippines.”

The study, commissioned by a third-party consultancy firm, found that consumer patronage of Grab services accounts for 0.07 to 0.3% of the national gross domestic product. 

From 2019 to 2021, Grab’s total economic contribution ranged from P37 billion to P165.6 billion, according to the study.

The scope of the study was limited to key regions: National Capital Region, Central Luzon, Cebu, and Davao City. It also considered only the transport services, including four-wheel transport services and two-wheeled services for food and items.

Grab Philippines’ business underwent assessment in terms of national multiplier output, national household income, and the national average of unemployed persons.

“The basis of a multiplier study rests on the assumption that an increase in spending translates into spillover increases in the performance of other sectors of the economy,” the study said.

The multiplier output for Grab Philippines’ services is higher compared to other heavy industries in the country, such as mining, according to the UA&P-CRC.

“We would say substantial as a tech company, especially when it comes to spurring a generation of income,” Mr. Mabbagu said.

Meanwhile, a peso increase in spending on Grab Philippines’ services generates an additional P0.44 in the household income of employees and partners, accounting for 0.10-0.17% of the total family income from 2019 to 2021.

During the period covered in the study, the platform’s services contributed to an equivalent of between P23.8 billion and P40.3 billion.

The Philippine economy grew by 5.6% in 2023, slower than the 7.6% expansion in 2022.

“The prospects of the industry would definitely be tied to, among others, the increase in the buying power of households,” Cid L. Terosa, an associate professor and senior economist at the UA&P said. 

”The increase in buying power of households will definitely push the industry forward and if you’re looking at the better economic performance this year, I would say that the performance of ride-hailing and on-demand delivery services will also improve,” he added.

Mr. Terosa said that the services depend a lot on road works and transport networks. “Income would really drive this industry further, aside from the technological developments,” he added.

Thomas G. Aquino, a senior fellow at the UA&P-CRC, said that the prospects in the ride-hailing and on-demand delivery services are “quite high” and are projected to expand.

“I’m not just looking at the Philippines, but the entire ASEAN as well, and other parts of the world,” Mr. Aquino said. “I think we have to always understand that this is a new economic activity… that is technology-based, and it is a platform on transportation.”

The Philippines’ transportation agencies need to collaborate with other digitally concerned agencies to enable the industry to grow further, he also said.

“Grab remains firm and focused in its commitment to being an active partner of the government in their growth and development agenda — and we are humbled to see this solidified in concrete economic outcomes,” Grab Philippines Country Head Grace Vera Cruz said in a statement.

“We understand that much work needs to be done in further driving the nation forward, and we are eager and prepared to help usher in a new phase of inclusive growth and prosperity — with the support of our partners in the government and public sector, and our regulators,” she added. — Sheldeen Joy Talavera

Practical solutions to the education crisis: The role of the principal

FREEPIK

(Part 6)

A good teacher is formed within a whole community (beyond technical competence), in human virtues, especially fortitude, temperance, and prudence — the cardinal virtues. These are the personal virtues that should be the objects of personal formation.

Then there are the social virtues: the members of the academic community, at each one’s pace and in accordance with one’s work relationship with the students, are deliberately formed in human virtues, particularly justice and the spirit of solidarity. The teachers have to set the right example to the students on the responsible use of freedom in their day-to-day lives and dealings with one another. There must also be the setting of high standards of human conduct by helping the teachers “breathe” norms, ideals, and noble targets. In private schools which are denominational, there is a need for doctrinal and ascetical formation through ample opportunities for one’s growth in faith and religious practice.

As regards other school concerns, the following have to be kept in mind:

1.) Custody of the school spirit or corporate culture — that the members of the academic community feel a collegial obligation towards preserving the corporate culture of the school through their private and public conduct.

2.) School representation — that the leaders consciously upgrade the school public image and representation, in appearance, words, and deeds.

3.) Vertical and horizontal unity — that the school leaders strive with determination to attain unqualified unity of criteria and spirit between superiors and subordinates and among peers.

4.) Day-to-day governance — that the managers of the school are aware of their leadership and goal execution function in the daily operations of the school.

5.) Administration of the school — that the members of the academic community contribute to the efficiency with which the details of administration are carried out.

6.) Management of financials — that everyone works towards the continued viability of the school in his or her own big and small ways and in accordance with his or her particular office.

Dr. Antonio Torralba makes a special reference to the Principal as being the teacher par excellence. Although their main role is that of an administrator, the principal must set the tone, which would be difficult to do unless they are also an excellent teacher. For them to have an eye for what is good teaching, the principal must first of all be a good teacher. The principal must also be a cultured person, knowledgeable in many fields of learning and human endeavor. Otherwise, they cannot effectively lead teachers towards the level of culture all schools worth their name should strive for. As an administrator, the principal must be a sensitive soul, especially as regards human motivations and aspirations, strengths and weaknesses, and reality in general. The Principal holds a most potent office that can transform the school they lead into a dynamic, vibrant, and intense community — or a stale, downbeat, amorphous collection of frustrated, uninspired individuals wrongly called “teachers.” The quality of teaching in the school ultimately rests on the inspired leadership of the principal.

To end this series of articles on practical solutions to the education crisis, let me quote from the writings of another outstanding educator who has devoted a great part of her professional life to values education for teachers, especially in the public schools. She is my sister, Dr. Severina Villegas, who has influenced the lives of literally hundreds of teachers from all over the Philippines who took the Master in Values Education Program (MAVE) in the University of Asia and the Pacific (and its predecessor institute, the Center for Research and Communication).

Rina collected letters she received from graduates of this program through the years in a book she authored entitled Human Connection: A Professional Journey of Hope. The contents of these letters indicate that no matter how underpaid and deprived of physical resources Philippine teachers have been through the years, they could still be motivated to strive for excellence in their profession as educators. The letters came from all over the archipelago.

From Luzon: “Not only did I become more assertive, but I was able to reason for what I believe in.” This was a recurring line in the letters. “The conferences in values formation that I have attended with you have helped me a lot in tightening the noose and turning around hundreds of misguided souls each day. Every year, the going gets rough as more incidents of misbehavior occur. I consider a day without a student sent to my office a very lucky day. The offences might be trivial, but I know, if left uncorrected, these could blow up into serious cases and this, I cannot allow.”

From the Visayas: “In school I assure you that I always give priority to holding classes for the good of my pupils among other activities outside the class, which always come second. Human as I am, I experienced doing what some teachers were doing, having the ‘I don’t care attitude’ toward their pupils. Then the MAVE idea which instilled in us the value of giving justice to children under our care makes me strong to overcome my weakness. I am guided by what is expected of me as a teacher. This made me the favorite topic in ‘gossips’ among teachers who indulge in such past times.”

From Mindanao: “My advisory class is the favorite section for transferees and repeaters. The Guidance Coordinator assigned these students to my class because she considered me a good caretaker. There was even a school year when I had 96 students in my advisory class. This did not depress me because of so much work. Instead, it challenged me to really take good care of the beautiful souls.” To this teacher, Rina gave the following advice: “Your advisory classes are natural channels for mentoring of students. The number of students in every advisory class is overwhelming. Because of the hectic class schedules, you will not be able to mentor all. You can mentor the student leaders who can then help in building the culture of diligence, respect, responsibility, and kindness. The student leaders can be the catalysts. The hidden curriculum in the advisory class is composed of a series of teaching moments. As you model care, the student leaders will absorb the culture of care which has a lasting effect in their lives.”

A letter from a MAVE graduate that was especially moving was that of a school principal who has since passed away in Toledo, Cebu. It was a letter of gratitude:

“There were many attempts to send you a letter, but my tears kept pouring as if they were competing with my pen. Whoever could forget people who have touched my life, who exalted and elevated my soul, prepared and groomed me to become a lamb to be sent to the world, of wolves, ‘taming the lions,’ ‘reprimanding with a balsam of affection.’ But there are times when I stood steadfast amidst contradiction when the truth was being distorted. The legacies of those who have gone ahead were sealed by their personal integrity. From this flowed fidelity to their faith and family, work excellence and social responsibility.”

These letters reflect real-life stories of public school teachers who were able to overcome the many adverse circumstances they encountered in carrying out their duty of imparting quality education to their pupils. It may take some time before we can effectively address the challenges facing our educational system, e.g., lack of funding, overworked teachers, undernourishment of children, etc. It is possible, however, to still rely on the inherent nobility of soul and love for their pupils of many of them to look for practical solutions to our ongoing educational crisis even in the short run, during the remaining years of this present administration.

 

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

As Wall Street titans gather, finance museum searches for a home

MUSEUM OF AMERICAN FINANCE — MOAF.ORG

NEW YORK — Financial industry heavyweights convened in New York last week to raise funds for a finance museum that has lost its iconic Wall Street address.

At the Museum of American Finance gala, billionaire Ken Griffin welcomed attendees on enormous video screens in Manhattan’s art deco-style Ziegfeld Ballroom. Mark Carney, chair of Brookfield Asset Management and ex-Bank of England governor, honored former Federal Reserve Vice-Chairman Richard Clarida. JPMorgan Chase and Wells Fargo bought tables.

“The philosopher Santayana said: those who are ignorant of history are doomed to repeat it,” Howard Marks, billionaire co-founder of Oaktree Capital Management, told Reuters before he received an award. “This is equally true in the investment business: those who are ignorant of history are doomed to lose money and/or miss opportunity.”

The 455 attendees raised $1.5 million for the museum. Yet its collection — which includes a bond signed by George Washington, a ticker tape from the 1929 stock market crash, and early examples of US currency — languishes in temporary storage in Georgia after spending several years in the Queens borough of New York City.

At the gala, guests dined on burrata and braised beef short rib. They murmured in appreciation when a bond for the Louisiana purchase — which doubled the size of the US — was projected onto the jumbo screens. A reference to President Ronald Reagan got a smattering of applause.

Mr. Carney shared a lesson from his time at Goldman Sachs.

“If someone in our industry explains something to you… and that explanation doesn’t make sense to you, ask them to repeat it — and if it still doesn’t make sense, walk away,” he said. “When feigned knowledge masks real ignorance, that leads to panic.”

Mr. Clarida, who serves as a professor at Columbia University and advises asset manager PIMCO, expressed pride in the Fed’s pandemic response as he received an award.

“The Fed acted decisively and expansively in the spring of that year to prevent what could well have spiraled downwards into an economic depression and financial crisis,” he said. “The Fed’s nimble and creative response to the pandemic collapse represents the Fed at its best.”

Like many other businesses, the finance museum suffered during the COVID-19 pandemic after facing other setbacks.

Its previous home at 48 Wall Street was itself a part of financial history, serving as the original headquarters of the Bank of New York founded by Alexander Hamilton. The museum opened in 2008 on the eve of the global financial crisis.

Since then, its objects and documents have had a long journey. In 2018, they were displaced when a burst pipe damaged the museum’s three floors, including its grand exhibition hall. Last summer, the collection was loaded into a tractor trailer and transported from Queens to the Georgia archive.

“We haven’t lost sight of the value of a physical location for our museum,” finance museum President and chief executive officer  David Cowen told attendees. “We’re in conversations about discounted or donated space, but it’s not too late — if you’d like to house this incredible museum, come and talk to us.”

The museum still publishes a magazine, holds virtual lectures, and organizes events hosted in other spaces. It has an eight-case traveling exhibition that can be rented to bring in revenue.

While it awaits a permanent space, the museum has digitized 500 boxes containing 300,000 pages, while 835 of its objects have also been processed by archivists.

Lina Lin, a freshman at Yale University who received a scholarship from the museum, has never seen the exhibits in person. Her interest in economics was sparked by taking the museum’s virtual personal finance course as a high school student.

“My most surprising takeaway was the amount of people who don’t have access to financial education,” Ms. Lin said. “I would prefer a physical location just because it’s more centralized… it’s more like a gathering place.” — Reuters