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Finance secretary wants to keep original revenue goals

THE government is still looking at keeping its revenue goals for the year, Finance Secretary Ralph G. Recto said on Tuesday, after the Development Budget Coordination Committee (DBCC) cut the targets for the Tax and Customs bureaus.

“Those are DBCC numbers,” he told BusinessWorld in a Viber message. “We haven’t adjusted revenue targets for the year yet.”

In the DBCC’s latest quarterly fiscal program, the Bureau of Internal Revenue’s full-year revenue estimate was slashed to P2.85 trillion from P3.055 trillion, while its estimate for the Bureau of Customs was trimmed to P939.7 billion from P959 billion.

Mr. Recto said the revisions in the DBCC program were a “consequence of adjusting growth numbers.” “As I mentioned, [this is for the] DBCC. But [we] have not adjusted the Budget of Expenditures and Sources of Financing target.”

The cuts in the collection goals “reflect the current economic climate,” Robert Dan J. Roces, chief economist at Security Bank Corp., said in a Viber message, citing weaker-than-expected growth and global uncertainties.

The economy grew by 5.7% in the first quarter. At its April meeting, the DBCC narrowed this year’s growth target to 6-7% from 6.5-7.5%.

“It is hardly surprising that revenues are lower than expected,” Leonardo A. Lanzona, an economics professor at the Ateneo de Manila University, said in an e-mailed reply to questions. “Even if efforts are made to raise these funds more efficiently, the revenue receipts will not be able to meet the required amount needed for government purposes.”

Mr. Recto earlier said the government would not seek to impose new taxes and would instead boost tax administration and collection efficiency.

The Finance department is also working on privatizing government assets to boost state coffers.

“While this may necessitate adjustments to government spending and could lead to a wider fiscal deficit, the government’s focus on nontax revenue measures like privatization is a welcome alternative to introducing new taxes,” Mr. Roces said.

Mr. Lanzona said the no-tax policy would make it difficult for the government to support priority programs.

“This ties the hands of the government to meet the needs of the public,” he said.  “Additional taxes should not be seen simply as the means of raising revenues, but as a mechanism to enforce a socially efficient economy.”

“It should allow the government to respond to unexpected events that can disrupt and reduce social welfare.”

The National Government’s revenues jumped by 16.8% to P1.47 trillion at the end of April. Tax revenue went up by 13.21% to P1.28 trillion, while nontax revenue climbed by 48.8% to P188.8 billion.

Meanwhile, the Customs bureau in a separate statement said it collected P81.75 billion in May, exceeding its target by 2.68%. It was also 4.9% higher than a year earlier.

From January to May, it collected P381.35 billion, surpassing its target by 4.18% and up by 6.13% from a year earlier.

The agency attributed this to “continuous monitoring of the values and classifications of imported commodities to ensure accurate duty and tax collection.”

It also cited audits and public auctions, intensified border control and improved trade facilitation. — Luisa Maria Jacinta C. Jocson

WB keeps PHL growth projection for 2024, 2025

BW FILE PHOTO

By Beatriz Marie D. Cruz, Reporter

THE WORLD BANK (WB) kept Philippine growth forecasts for 2024 and 2025 amid improved global conditions and better trade, but said delayed policy easing and China’s property sector woes pose risks to the outlook.

In its Philippine Economic Update report, the lender said it expects growth at 5.8% this year and 5.9% next year.

“The Philippines has sustained its growth momentum into the first quarter of 2024, supported by an improvement in global economic activity,” World Bank Senior Economist Ralph van Doorn separately told a news briefing on Tuesday.

“Growth will increase to an average of 5.9% between 2024 and 2026, which will be anchored by a strong domestic demand and a pickup in global growth,” he added.

These are below the government’s 6-7% target for 2024 and 6.5-7.5% for 2025.

The World Bank expects Philippine economic growth at 5.9% for 2026, which is also below the state’s 6.5-8% estimate until 2028.

“The positive outlook hinges on successfully containing inflation and transitioning to a more accommodative monetary policy, which will support private domestic demand,” according to the report.

The World Bank forecasts inflation to remain within the Philippine central bank’s 2-4% target in the next few years.

Inflation quickened for a third straight month to 3.8% in April as food and transport costs picked up. The local statistics agency will release May inflation data on Wednesday.

Escalating geopolitical tensions could fan global energy prices and disrupt trade and investment activities, Mr. Van Doorn said. This could reduce household disposable incomes and weaken consumption.

Growing trade protectionist measures amid global shocks could also affect trade.

“There’s also a risk of a prolonged downturn in the property sector in China, which could lead to softer growth and reduced imports from the region, resulting in active spillovers to manufacturing and tourism in the region,” Mr. Van Doorn said.

Lasting impacts of the El Niño dry spell and “stronger-than-expected” La Niña could also affect growth prospects.

“These disruptions include impacts on educational services, reductions in farm yields and constraints on water and electricity supplies,” Ndiame Diop, World Bank country director for Brunei, Malaysia, the Philippines and Thailand, said in a statement.

Sticky inflation could also delay rate cuts and dampen the country’s growth outlook, he said.

Last month, the Philippine central bank kept its key policy rate at a 17-year high of 6.5%, even as it signaled a rate cut by August.

To meet growth targets, the Philippines should manage inflation through nonmonetary actions, including timely and adequate food imports and aid to poor households, the World Bank said.

The government should also boost tax revenues to meet fiscal targets. “An inability to generate additional revenues could lead to further reductions in public expenditure, or an increase in borrowing, which could lead to higher debt,” it added.

The passage of five key tax measures is expected to raise revenues by 0.2 percentage point, according to the report.

These include the value-added tax on digital service providers, excise tax on single-use plastics, the fourth package of the Comprehensive Tax Reform Program, changes to the mining fiscal regime and the motor vehicle users’ charge.

The government should also broaden the tax base for consumption and personal income taxes, rationalize tax incentives and strengthen tax administration, the World Bank said.

INCOME STATUS
Meanwhile, it might take as long as three years  before the Philippines reaches upper middle-income status.

“We do expect the Philippines, at its current growth rates, to cross the threshold in the next few years,” Mr. Van Doorn said.

The government of Philippine President Ferdinand R. Marcos, Jr. earlier said it is on track to attain upper middle-income status by 2025.

“When exactly that will happen is something that we don’t know, because the threshold itself is also determined every year based on global exchange rate conditions, so it’s adjusted every year,” Mr. Van Doorn said.

To be considered an upper middle-income economy, a country’s gross national income (GNI) per capita must be $4,466 to $13,845. The Philippines is classified as a lower middle-income country with a $3,950 GNI per capita.

But the country’s tax to GDP (gross domestic product) ratio remains well below upper middle-income levels, Mr. Van Doorn said.

The American Chamber of Commerce of the Philippines, Inc. (AmCham) said the country would attain upper middle-income status through key tax and investment measures.

“We continue to support and advocate for reforms that will grow investments and jobs,” AmCham Executive Director Ebb Hinchliffe said in a Viber message.

These include the CREATE to Maximize Opportunities for Reinvigorating the Economy bill, rationalization of the mining fiscal regime and measures that will expand internet connectivity and set up a Philippine Airports Authority.

“Development cannot simply be measured in terms of economic growth but necessitates the creation of institutions to sustain growth amid social and environmental disruptions,” Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila University, said in a Facebook Messenger chat.

The true measure of a country’s development is the quality of its people’s lives, IBON Foundation Executive Director Jose Enrique A. Africa said in a Viber message.

A life born from comics

LONG before the advent of smartphones and television, people were entertained by comic books, known locally as komiks.

In the 1980s, artist Reynold Dela Cruz spent his childhood along the train tracks or riles in Muntinlupa, a crossing of many things, people, and places. Among them was his own mother who used to sell komiks to everyday Filipinos.

“Ito ang hanapbuhay ng nanay ko noong maliit ako. Hindi ako mahilig magbasa pero gustong gusto ko ng mga action words at suntukan, kaya siguro gumagawa ako ngayon ng pop art (This was my mother’s livelihood when I was little. I wasn’t much of a reader, but I loved seeing action words and fight scenes, which is probably why I’m now drawn to the pop art style),” said Mr. Dela Cruz at the May 29 launch of his latest exhibition.

Titled “KO-MIX,” referring to komiks but with emphasis the Filipino word “ko” meaning the self, it is a reflection on the artist’s own identity parallel to that of the Filipino identity. Now on view at Museo ng Muntinlupa as an apt revisiting of his origins, the exhibit blends the past with the present, and local pop culture with global pop culture.

SLICED CANVAS
One example of this is his series of nine oil paintings, depicting different variations of the same woman’s face, is quintessential pop art. “It shows how everyday life varies from one day to the next. Nothing is the same,” Mr. Dela Cruz said.

His signature sets it apart from Andy Warhol, however. The faces in the paintings are sliced, the canvas ruined methodically so that the board underneath peeks through with the cloth held in place by a large safety pin.

Slightly visible beneath the slashed canvas are floral patterns and even secret messages placed by the artist. He clarified to the press that they aren’t necessarily meant for anyone else’s eyes, near-invisible proof of the hidden meanings behind everything.

On how his sliced canvas signature came to be, Mr. Dela Cruz said it dated back to 2014, when someone had commissioned a painting but then refused to pay for it. “I needed the money and I was broken-hearted,” he said.

When he told his wife that he was going to burn the painting, she replied that he should slash it instead, so that it could bear witness to his anger. The habit stuck, and his sliced canvas paintings became successful.

“The negative became a positive,” he added.

“KO-MIX” is a milestone as well, being his first exhibit in Muntinlupa in 30 years. The last time he showed his work there was in 1994, at a group show at city hall, making this a true homecoming.

Riding on the medium of the comic book, both a subject and a vessel of reflection, his sliced canvas paintings offer a peek into the past. The slices are better seen in person than in pictures.

‘POP!’, ‘POW!’, ‘KABOOM!’
As a child, Mr. Dela Cruz was enamored when a friend and he playing on the street were lucky enough to see actress Gretchen Barretto across the road.

“Naging espesyal siya sa isip ko kaya nandiyan siya sa komiks na Espesyal ang title (She became special to me which is why she’s seen here along with the komiks titled ESPESYAL),” he said.

SPECIAL depicts Ms. Barretto beside a small Mickey Mouse, included because of its special place in kids’ minds being the first cartoon they watch. A basketball aligns perfectly in the “O” of the action word ‘POP!’, indicating Filipinos’ love for basketball. 

“When I start painting, I don’t have a clear idea of what to put there. It just happens,” said Mr. Dela Cruz. The slicing happens at the very end.

The most memorable piece in the exhibit shows how awe-inspiring this process is. “KO-MIX” is a culmination of everything, a vast spread of the history of komiks, the artist’s personal history, and the history of Filipino culture.

Faces of celebrities, imitations of Warhol, Basquiat, and Banksy visuals, and characters ranging from Captain Barbell to Godzilla to a fat Spiderman fill up the massive canvas. Contextualized by komiks titles like ALIWAN, WAKASAN, and HIWAGA and action words like ‘OOPS!’, ‘WHAM!’, and ‘OUCH!,’ the painting is an overwhelming testament to memory and identity.

Mr. Dela Cruz lingered on random details, each related to a story from his childhood. He dwelled on the Incredible Hulk, recalling how he would wear a tight-fitting polo shirt and climb onto hills of gravel to pretend to “hulk out.”

“Kaya ito concept ko kasi malaki ang kinalaman sa story ng buhay ko. Kinukuwento ko lang ang narrative ko at ng Pilipinas. (This is the concept I arrived at because komiks has a lot to do with my life. I’m simply telling my narrative, and the narrative of the Philippines),” he said.

“KO-MIX” runs until July 29 at the 3rd floor of Museo ng Muntinlupa, Centennial Ave., Barangay Tunasan, Muntinlupa City. It is free and open to the public. — Brontë H. Lacsamana

PHINMA Corp. signs JV for P2-B cement plant in Davao del Norte

MEMBERS of the Philcement Mindanao Corporation Board — (seated L-R) Nguyen Truong Son, Vissai Group; Vicente R. Floirendo, ANFLOCOR Agri Group president & chief executive officer (CEO); Ricardo F. Lagdameo, Philcement Mindanao vice-chairman; Ricardo R. Floirendo, ANFLOCOR vice-chairman; Ramon R. del Rosario, Jr., PHINMA chairman and CEO; Victor J. del Rosario, Philcement Mindanao chairman; and Eduardo A. Sahagun, Philcement Mindanao president and CEO — with select PHINMA and Philcement executives

DEL ROSARIO-LED conglomerate PHINMA Corp. said its subsidiary has signed a joint venture (JV) deal with Anflo Management and Investment Corp. (ANFLOCOR) to build a P2-billion cement manufacturing plant in Davao del Norte.

PHINMA’s subsidiary Philcement Corp. and ANFLOCOR are building the facility to support Mindanao’s growth, the listed conglomerate said in a statement to the stock exchange on Tuesday.

The cement manufacturing plant,  with a production capacity of two million metric tons per year, is expected to be operational by 2026.

The project allows Philcement to ensure supply for the customers of its legacy brand Union Cement, PHINMA said.

ANFLOCOR is the management and investment company of the Mindanao-based ANFLO Group of Companies led by the Floirendos.

“Construction materials are among the many essentials needed to a dignified life through housing and infrastructure,” PHINMA Construction Materials Group President and Chief Executive Officer Eduardo A. Sahagun said.

“This partnership, which is one of many with the ANFLO Group, will enable us to improve the lives of many Mindanaoans,” he added.

The cement facility will be operated by Philcement Mindanao Corp., a 70%-owned subsidiary of Philcement. The remaining 30% of Philcement Mindanao is owned by ANFLOCOR.

The Davao International Container Terminal, Inc., operator of Mindanao’s most modern port terminal and part of the Anflo Group, is also involved in the JV.

“(We) anticipate continued growth in Mindanao which will require good quality cement. Partnering with a like-minded group that has a very extensive track record in this space and whose core value is improving the lives of the communities they operate in was something very important for us.” ANFLOCOR Real Estate and Construction Group President and Philcement Mindanao Vice-Chairman Ricardo F. Lagdameo said.

Philcement is a 60%-owned subsidiary of PHINMA Corp. The company has business interests in the production, importation, processing, distribution, and sale of cement products. It currently operates a cement processing facility in the Freeport Area of Bataan in Mariveles.

On Tuesday, PHINMA Corp. shares fell by 5.26% or P1.15 to P20.70 per share. — Revin Mikhael D. Ochave

Exploring modern dating and relationships onstage

FOR THOSE who want a taste of the different facets of love, there’s that and more to look forward to in Repertory Philippines’ (REP) upcoming production, I Love You, You’re Perfect, Now Change!.

With performances set at the Carlos P. Romulo Auditorium from June 14 to July 6, the musical comedy features four actors playing 40 characters, each serving fresh takes on modern dating and relationships. Its title, a witty yet achingly real reflection of how love often goes, holds a mirror to the complexities of romance in the world today.

Known as the longest-running off-Broadway show, I Love You, You’re Perfect, Now Change! was originally performed at New York City’s Westside Theatre in 1996, with book and lyrics by award-winning Joe DiPietro and music by renowned composer Jimmy Brooks.

The 2024 staging, directed by Menchu Lauchengco-Yulo, will update the story to the present day, where swiping left or right is the norm, and phenomena like the talking stage, “situationships,” and ghosting complicate matters.

Ms. Lauchengco-Yulo told the media at a May 31 preview that the audience can expect a colorful musical, and a “wild rollercoaster ride through love.”

“It’s basically a musical revue, which means it doesn’t have a real narrative. What it has are vignettes that talk about relationships and people trying to connect in different ways, from dating to marriage to old age and so forth,” she said.

“It’s a very big challenge for my four actors, since they keep shifting characters to take you on a journey.”

Gian Magdangal, Krystal Kane, Gabby Padilla, and Marvin Ong take on the daunting challenge of embodying 40 characters, along with Barbara Jance and Davy Narciso as understudies.

Ms. Lauchengco-Yulo likens the actors to “superheroes.”

“They have to do super quick costume changes and also manipulate the set. They pretty much do anything on that stage,” she said.

The cast is also supported by a strong production team: assistant director Cara Barredo, musical director Ejay Yatco, set and costume designer Joey Mendoza, projector graphics designer GA Fallarme, lighting designer Meliton Roxas, choreographer Stephen Viñas, and sound designer Aji Manalo.

“We all trust the process and work as an ensemble to tell the story,” said Gabby Padilla. Known for her roles in films like Gitling and Billie and Emma, this production is her return to theater.

“Especially for material like this, which are adaptations, we have to tell it in a different way and modernize it, so it doesn’t seem too dated. That’s why it’s so fulfilling,” she said.

The actors all agreed that it was easy for them to say yes to Rep despite the “surefire difficulties in production” — in fact, even more so because of the challenging yet intriguing material.

As for how they’re able to relate to the 40 characters they play (and what each teaches them about love), the answers are complex.

“There are younger characters in the dating scene and they’re so frustrated because men. I’ve been there. Before we find our partners, it’s really a trial-and-error dynamic,” said Ms. Padilla.

“But the characters that we haven’t been through what they’ve experienced? They still retain a sense of optimism about love. We all wish to have that.”

I Love You, You’re Perfect, Now Change! runs from June 14 to July 6 at the Carlos P. Romulo Auditorium, RCBC Plaza, Ayala Ave. Corner Gil Puyat Ave., Makati City. Tickets are available via TicketWorld and Ticket2Me. — Brontë H. Lacsamana

Morrison eyes more opportunities in PHL renewable energy sector

FREEPIK

GLOBAL infrastructure investment company Morrison said it is exploring more opportunities in the Philippines’ renewable energy sector.

“Our teams will bring their expertise and experience in renewable energy development to work closely with stakeholders, government authorities, and communities in the Philippines to navigate regulatory complexities, enhance infrastructure reliability and operate to the highest environmental, social and governance standards,” Morrison Chief Executive Officer Paul Newfield said in an e-mail on May 28.

Through the listed infrastructure firms it manages, he said the company is “committed to advancing renewable energy solutions that align with the Philippines’ targets.”

Morrison, which was founded in New Zealand in 1988, said it has invested in the 75-megawatt (MW) Palauig solar power plant in Zambales. The project is expected to be completed by the third quarter of 2024.

The company, which has managed listed infrastructure portfolios since 2006, is also investing in the Capas project, a solar farm with a peak capacity of 39 MW.

The two solar projects are being developed by Singapore-based Gurīn Energy, which is owned by Infratil, a listed infrastructure firm managed by Morrison since 1994.

“Through Infratil’s investment in Gurīn Energy, the aim is to contribute to the sustainable growth of the energy sector in the Philippines while ensuring alignment with national objectives and community priorities,” Mr. Newfield said.

Morrison-managed platforms currently have a renewable energy and storage portfolio of 4.4 gigawatts (GW) and a development pipeline of more than 50 GW across Europe, Asia, North America, and Australia, he noted.

“As the Philippines actively explores new renewable energy projects as part of its broader agenda to reduce the carbon intensity of its energy supply, it offers an attractive environment for energy sector investments, supported by progressive policies, increasing energy demand, and a strong commitment to renewable energy,” he added. — Sheldeen Joy Talavera

Treasury bond yields decline as soft US data boost Fed cut bets

BW FILE PHOTO

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it offered on Tuesday at a lower average yield as soft US data boosted expectations of a US Federal Reserve rate cut soon.

The Bureau of the Treasury (BTr) raised P30 billion as planned via the reissued 20-year bonds it auctioned off on Tuesday as total bids reached P57.087 billion, higher than the amount on the auction block.

The bonds, which have a remaining life of seven years and one month, were awarded at an average rate of 6.624%. Accepted yields were 6.515% to 6.649%.

The average rate of the reissued bonds went down by 43.4 basis points (bps) from the 7.058% fetched for the series’ last award on April 30. This was also 137.6 bps below the 8% coupon for the issue.

Still, this was 0.8 bp higher than 6.616% quoted for the seven-year bond, but 2 bps below 6.644% 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.

Tuesday’s full award brought the outstanding volume for the series to P313.3 billion, the BTr said in a statement.

“The lower T-bond rate reflected the softer-than-expected US Institute for Supply Management (ISM) manufacturing purchasing managers’ index report for May 2024. This report has trimmed some hawkish expectations of a prolonged delay in US policy rate cuts,” a trader said in an e-mail.

US manufacturing activity slowed for a second straight month in May as new goods orders dropped by the most in nearly two years, and spending on construction projects slipped unexpectedly the month before, the latest indications that a gradual slowdown in the economy is taking hold, Reuters reported.

The ISM’s manufacturing purchasing managers index for May fell to 48.7 from 49.2 in April, the research group said on Monday, noting an increase in references to “softening” among survey respondents. It was both the second straight decline and the second month below the 50 level that separates growth from contraction. Economists polled by Reuters had a median estimate for 49.6.

Meanwhile, construction spending fell unexpectedly for a second month in April on declines in non-residential activity, although there was an improvement in single-family home building.

The softer tone of the recent data has begun to buttress the case in investors’ minds for the Fed to start lowering interest rates about three months from now. Following the ISM data, interest rate futures pointed to about a 60% probability that the Fed will lower its benchmark rate in September from the current 5.25-to-5.5% range it has been held at since last July.

Fed officials, who next meet on June 11-12, have said their primary focus is on returning inflation to their 2% target after price pressures reaccelerated in the first quarter.

The T-bonds fetched a lower average rate after the Bangko Sentral ng Pilipinas (BSP) chief said they could cut rates earlier than the Fed, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

BSP Governor Eli M. Remolona, Jr. on Tuesday reiterated that the benchmark rate could be cut ahead of the Federal Reserve, keeping pressure on the peso against the dollar amid expectations US rates will stay higher for longer, Reuters reported.

Mr. Remolona said the BSP is ready to take action when the peso is under stress, but added that the central bank does not intervene in the foreign exchange market on a daily basis.

The central bank chief said the benchmark policy rate — currently sitting at a 17-year high of 6.5% — could be cut before the Fed starts its easing cycle, repeating previous comments as policy makers gain more confidence about reining in inflation pressure.

Mr. Remolona said the BSP is already less hawkish than before as inflation could settle within its 2-4% comfort range sometime this year after staying above the top end of that target for two consecutive years.

The BSP raised borrowing costs by a cumulative 450 bps from May 2022 to October 2023 to rein in inflation.

The BTr wants to raise P180 billion from the domestic market this month, or P60 billion from Treasury bills and P120 billion via T-bonds.

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

VISTAREIT, Inc. to conduct annual stockholders’ meeting online on July 5

 

 

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The best shows to see in New York City this summer

STEREOPHONICPLAY.COM

A TIDAL wave of new productions flooded Broadway this spring — some captivating, some confounding, some that have already folded. As we head into summer, here’s a guide to those that rose to the top of the crowded theatrical marketplace. Added to the list are exciting arrivals making the leap from off-Broadway to Times Square, and a crop of inventive shows found around town.

STEREOPHONIC

Where: Golden Theater
When: Through Aug. 18

The must-see off-Broadway hit of the fall became the most Tony-nominated play in history. Set in a recording studio over the course of a year, David Adjmi’s play with songs follows the artistic and interpersonal roller-coaster of a Fleetwood Mac-like band laying down an era-defining album in 1970s California. (The convincing original songs are by Will Butler, formerly of Arcade Fire.) A humorous, painful meditation on the creative process, this captivating mini-marathon of a show largely justifies its three-hour running time.

THE OUTSIDERS

Where: Bernard B. Jacobs Theater
When: Ongoing

The musical-adapted-from-a-film has become a bemoaned feature of modern Broadway. This season brought a quartet of fresh attempts, including The Notebook and Water for Elephants. But The Outsiders, based on S.E. Hinton’s proto-YA novel of teenage malaise, emerged as the most popular and fully realized. It has a sweet and soaring score by the folk duo Jamestown Revival, explosive and inventive choreography by brothers Rick and Jeff Kuperman, and a big, attractive ensemble of young emerging talent.

ILLINOISE

Where: St. James Theater
When: Through Aug. 10

Justin Peck is best known for making ballets, but Broadway has always been in his DNA. He won a Tony Award for his work on a Carousel revival in 2018, then reimagined Jerome Robbins’ moves for Steven Spielberg’s West Side Story remake in 2021. Now he’s adding director to his résumé with Illinoise, the season’s most unconventional new musical. A dance fantasia set to Sufjan Stevens’ seminal 2005 album Illinois, Mr. Peck’s moving meditation on grief, community, and the catharsis of storytelling is visually and sonically beautiful.

MARY JANE

Where: Samuel J. Friedman Theater
When: Through June 30

A highlight of last season was an austere revival of Henrik Ibsen’s A Doll’s House, which drew power in part from Amy Herzog’s sharp translation. She repeated the feat this season with a bold tinkering of Ibsen’s An Enemy of the People. But she’s also an accomplished dramatist in her own right. Her tender 2017 play Mary Jane is currently breaking hearts on Broadway with a nuanced and dignified central performance by Rachel McAdams, who plays the unfailingly spirited mother of a tragically ill young son.

LITTLE ISLAND

Where: Little Island, Pier 55, Hudson River Park
When: Through Sept. 22

This gorgeous waterside park boasts perhaps the city’s most picturesque amphitheater. This summer it will be populated with an impressive roster of artists, beginning with the renowned choreographer Twyla Tharp and revered musicians T Bone Burnett and David Mansfield, all of whom collaborated on the new musical How Long Blues (through June 23). Other intriguing events include a dance by Pam Tanowitz (July 17-21), a live radio hour (July 31-Aug. 4), and performances by opera stars Davóne Tines (Robeson, June 26-29) and Anthony Roth Costanzo (The Marriage of Figaro, Aug. 30–Sept. 22).

THE COMEDY OF ERRORS

Where: Various locations
When: Through June 30

With Central Park’s open-air Delacorte Theater out of commission for renovations, the Public Theater decided to take its popular Free Shakespeare program on the road. It will send its so-called Mobile Unit around town for pop-up performances of the Bard’s farce of mistaken identity throughout June. This 90-minute bilingual musical adaptation will visit parks and plazas in all five boroughs. It features actor-musicians and an original score drawing on Latin American musical styles.

TITANIC AND ONCE UPON A MATTRESS

Where: New York City Center / Hudson Theater
When: June 11-23 / Previews begin July 31

City Center’s long-running Encores! series, which presents edited, minimally staged productions of adored but often under-appreciated musicals, has emerged as one of the most exciting pipelines to Broadway. The latest to take the leap is Once Upon a Mattress, an audience favorite starring a delightfully bawdy Sutton Foster as the uncouth Princess Winnifred; it’ll play the Hudson Theater after its short run this winter at City Center. The next big Encores! project is a remount of 1997’s Tony-winning Titanic, anchored by the charismatic belter Bonnie Milligan and Here Lies Love star Jose Llana, which begins performances on June 11.

CATS: THE JELLICLE BALL

Where: Perelman Performing Arts Center
When: June 13–July 14

Andrew Lloyd Webber’s beloved, bewildering musical about a pageant of dancing felines gets an inspired makeover at New York’s newest arts venue. This intimate production transposes the prancing kitties from junkyard to the catwalk, drawing on the vibrant underground ballroom culture (hence the subtitle) that developed in Harlem in the 1980s by queer people of color. Both that scene and this musical celebrate artful self-presentation, physical prowess and a healthy dose of fantasy.

OH, MARY!

Where: Lyceum Theater
When: Previews being June 26

Despite all the new shows arriving on Broadway this spring, all that New Yorkers could talk about was Cole Escola’s wacky 80-minute romp about a whiny, delusional Mary Todd Lincoln, her bumbling, repressed husband, and his dashing would-be assassin. After consistently selling out a small theater in the West Village, this irreverent piece of revisionist history moves uptown, bringing a refreshing dose of shrewd indecency to Broadway.

Job

Where: Hayes Theater
When: Begins July 15

There’s a particular thrill in watching a “two-hander,” a play with only two actors. And an extra special thrill when that play is, well, thrilling. That’s the case with Job (as in work you get paid for, not the prophet) by Max Wolf Friedlich, which arrives on Broadway after a pair of well-received off-Broadway runs. In this chilling portrait of millennial angst with a shocking twist, Peter Friedman (familiar to Succession fans) is a psychologist, and Sydney Lemmon (doing Grandpa Jack proud) is his disturbed patient. — Bloomberg

Wilcon Depot builds big ideas at Villamonte, Bacolod

Wilcon's #FlyingHighTo100 campaign marks a milestone with its 94th store in Bacolod, setting new standards in quality, innovation, and sustainability. In photo are (from left) Wilcon Depot VP for merchandising Ruel Godino, Matimco Modern Trade Sales Director Jeffrey Go, Limson Marketing CEO Carl Lim, Wilcon Depot President and CEO Lorraine Belo-Cincochan, Negros Occidental Provincial Vice-Governor Jeffrey Ferrer, Bacolod City Lone District Congressman Greg Gasataya, Wilcon Depot SEVP-COO Rosemarie Bosch-Ong, Island Living Channel Chairman Radjie Caram, Jr., Wilcon Depot SVP for Human Resources Grace Tiong, VP for Global Sourcing Michael Tiong, and AVP for Sales and Operations Ramiro Mesa.

The leading retail giant in home improvement and building needs brought their household name to Villamonte, Bacolod on May 31. Providing excellent product lines and premium building services, Wilcon celebrates the 94th store opening, nearing the 100th store mark.

Once a vital settlement during the Spanish colonial era, sugarcane plantation is a typical scene along the highways of Bacolod, earning the title of “Sugar Bowl of the Philippines.” The northwestern city on the island of Negros is known for its illustrious people, glorious heritage, culture, and tradition. Known as the City of Smiles, Bacolod is a highly urbanized communication, trade, and service center of the Province of Negros Occidental. It is one of the most progressive and elite cities in the country.

Wilcon strategically set up its new branch in the emerging powerhouse of the province, aiming to support its continuous progress by offering job opportunities and stimulating local employment. After the first arrival of Wilcon in Talisay City, Negros Occidental, Wilcon strives to expand its presence with a second store in the province, providing local residents with convenient access to quality home improvement and construction products, thereby reducing the need to spend travel outside the area.

As part of its #FlyingHighTo100 expansion campaign, Wilcon is transforming the construction industry landscape round the clock to raise the standards of nation-building. This power move distinguished Wilcon in terms of quality, innovation, and sustainability. The 94th store grand opening is a step forward in Bacolod’s growth and development which was graced by Wilcon Depot executives, headed by President & CEO, local government officials, media friends, and industry partners.

Rosemarie Bosch-Ong, SEVP & COO of Wilcon Depot, welcomes the esteemed guests and underscores Wilcon’s continuous commitment to Bacoleños. “This 94th Wilcon store will serve the needs of Filipino homeowners, builders, and contractors, not just here, but also in the nearby areas. We promise that we will continue to uphold our commitment to providing high-quality products, excellent customer service, and innovative solutions to meet the evolving needs of every Bacoleño home enthusiast.”

Lorraine Belo-Cincochan, President & CEO of Wilcon Depot, concluded the program by celebrating the support and trust that have driven Wilcon Depot’s success: ‘We are a few stores away from our 100th. This achievement of reaching our 100th store milestone wouldn’t have been possible without the unwavering support and trust of everyone. To all Bacoleños, know that Wilcon is here to help you fulfill your dreams for your homes and spaces.”

With a focus on accessibility, ultimate convenience, exceptional customer service, innovation, sustainability, and high-quality product lines, the nearly 47-year-old retail company aims to deliver even more value to its loyal customers, stakeholders, suppliers, and industry partners. Wilcon’s resilient efforts to expand its network hope to serve more communities and become the top-of-mind destination nationwide for construction and home improvement needs.

Its product line is beyond impressive. Its exclusive and in-house products include Pozzi for trusted bathroom solutions; Hamden Kitchen Appliances, an ideal partner for your kitchen needs; Alphalux, an energy-efficient lighting solutions brand; Kaze, an appliance brand that will help you live a healthy space; Hills, a trusted brand for construction and electrical power tools; P.Tech, your partner for reliable building materials; Cifre, Emigres, STN Ceramica, Stylish Spanish Tiles with a contemporary interpretation of a classic style; Arte Ceramiche, Verona Tiles, and Huanqui, Asian tiles for a more sophisticated home; Energie Ker, Gardenia Orchide, and Novabell, Sophisticated Italian Tiles; Grohe and Kohler for bathroom and plumbing solutions; Franke, convenient kitchen solutions; and Rubi, a partner when it comes to tile-cutting necessities; and among many other brands, are made accessible in the new Wilcon Depot-Villamonte, Bacolod.

Start building big ideas with Wilcon Depot and shop daily at its newest store from 8:00 a.m. to 7:00 p.m. Visit Wilcon Depot Villamonte, Bacolod, located at Lot 3-A, NGC Circumferential Road, Brgy. Villamonte, Bacolod City, Negros Occidental. Valued customers can also shop online at Wilcon by visiting shop.wilcon.com.ph/.

 

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CLI still working on track record for REIT — CFO

CEBU Landmasters, Inc. (CLI) may enter the real estate investment trust (REIT) market within the next two to three years, the company’s chief finance officer (CFO) said.

“The timeline we’re looking at (is) probably the next two to three years,” CLI CFO Beauregard Grant L. Cheng said during the company’s annual stockholders meeting on Tuesday.

“The reason for this is because you need to establish a proper track record. You need to establish an operating history because a REIT is a recurring income play,” he added.

“We’ve been very transparent and open about our intentions to use the REIT vehicle to recycle capital back to CLI,” he also said.

CLI will integrate its various hospitality assets, as well as commercial and retail spaces, into the REIT.

“Because we are at an inflection point where the majority of these capital investments are starting to show operations from late last year, this year, and next year, this will be a crucial time when we essentially prove to ourselves in the market that we can deliver these steady reliable recurring income streams,” Mr. Cheng said.

“In order to deliver maximum shareholder value to CLI as the parent who will sponsor the REIT, we want to make sure that the assets that we will infuse into the REIT will have that operating track record in order to maximize the value from the market,” he added.

Meanwhile, CLI Chairman and Chief Executive Officer Jose R. Soberano III said the company is working to strengthen its presence in the high-end residential market led by the 38 Park Avenue residential condominium project in Cebu IT Park.

 The company aims to launch a high-end residential development beside the 38 Park Avenue development this year or early next year.

It is also eyeing to launch its Pristina North development by the third quarter.

The company has earmarked P27.65 billion in 2024 for pipeline projects in areas such as Butuan, General Santos City, and its maiden project in Luzon.

On Tuesday, CLI shares fell by 6.03% or 17 centavos to P2.65 each. — Revin Mikhael D. Ochave

AllDay Marts, Inc. to hold virtual Annual Stockholders’ Meeting on July 1

 

 

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