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CREC delays IPO to second quarter

CREC.COM.PH

SAAVEDRA-LED Citicore Renewable Energy Corp. (CREC) has postponed its planned initial public offering (IPO) from March to the second quarter as it assesses offers from “various institutions.”

“The company recently received inquiries from other institutions with regard to participation in the IPO,” the renewable energy company told the local bourse late Monday.

“Following this, the company is carefully evaluating the offers from the various institutions, and hopes to finalize them at the soonest possible time,” it added.

The offer period was initially scheduled from March 11 to 15, with the tentative listing and start of trading on the Philippine Stock Exchange, Inc. (PSE) on March 22.

It was set to offer 2.9 billion common shares at a maximum price of P3.88 apiece, including an additional 435 million outstanding common shares for overallotment.

Earlier this month, the PSE gave its approval for CREC’s planned P12.9-billion IPO, while the Securities and Exchange Commission issued its pre-effective approval last month.

The proceeds from the offer are intended to be used for the company and its subsidiaries’ capital expenditures and pipeline development.

CREC also announced on Tuesday that it had broken ground on its second solar power plant in Negros Occidental with an installed capacity of 69 megawatt-peak (MWp), with future plans to expand up to 100 MWp.

The solar power plant covers a land area of 69 hectares and is slated for commercial operations within the year.

“With the completion of this project, we will not only be able to augment the power generation needs of Negros Occidental and the Visayas grid, but also contribute to the growth of the province,” CREC President and Chief Executive Officer Oliver Y. Tan said.

The company’s first plant in Negros Occidental was commissioned in 2016 and has an installed capacity of 25 MWp.

CREC manages a diversified portfolio of renewable energy generation projects, power project development operations, and retail electricity supply.

It intends to add approximately one gigawatt of ready-to-build solar energy capacity each year through 2027.

CREC is the parent company of Citicore Energy REIT Corp., the country’s first real estate investment trust listing focused on renewable energy. — Sheldeen Joy Talavera

AREIT net income surges 43% to P4.93B

BW FILE PHOTO

AREIT, Inc. announced on Tuesday that its net income surged by 43% to P4.93 billion in 2023, driven by increased occupancy rates and asset acquisitions.

The company’s revenue increased by 41% to P7.14 billion, while earnings before interest, taxes, depreciation, and amortization rose by 39% to P5.04 billion, the company said in a regulatory filing.

AREIT properties logged a 97% average occupancy at the end of 2023.

The company said its financial performance last year was carried by the acquisition of One Ayala Avenue East and West Towers at the corner of Ayala Avenue and EDSA, Glorietta 1 and 2 Mall and business process outsourcing buildings at Ayala Center, and MarQuee Mall in Angeles, Pampanga.

“Our growth initiatives will benefit AREIT — profoundly enlarging the portfolio further, diversifying the assets, reducing concentration risk, and most importantly, providing our shareholder’s dividend accretion,” AREIT President and Chief Executive Officer Carol T. Mills said.

“This is a testament that AREIT, led by its sponsor Ayala Land, Inc., is an integral vehicle for capital recycling and growth, and we remain steadfast in attaining our vision of being the leading and most diversified Philippine REIT,” she added.

On Feb. 12, AREIT shareholders approved the property-for-share swap transaction with Ayala Land, Inc. and its subsidiaries Greenhaven Property Ventures, Inc. and Cebu Insular Hotel Co., Inc. involving Ayala Triangle Tower Two, Greenbelt Mall 3 and 5, Holiday Inn & Suites Makati, and SEDA Ayala Center Cebu valued at P21.8 billion, and the 276-hectare industrial land in Zambales owned by Buendia Christiana Holdings Corp. (BCHC), a wholly owned subsidiary of ACEN Corp., worth P6.8 billion.

The company also completed its acquisition of SEDA Lio in El Nido, Palawan, from Econorth Resort Ventures, Inc. for P1.19 billion on Jan. 17.

According to AREIT, the planned property infusions would bring its assets under management to P117 billion.

“This is in line with AREIT’s objectives to significantly expand and diversify its portfolio to capitalize on various growth opportunities across the real estate sector,” the company said.

“AREIT will execute the deed of exchange with ALI, its subsidiaries, and BCHC and apply for its approval with the SEC by March 2024. The new shares will be issued, and the income from the assets shall accrue to AREIT upon approval,” it added.

The company’s board also approved on Tuesday the declaration of cash dividends of 55 centavos per outstanding common share for the 4th quarter of 2023. The dividends are payable on March 20 to shareholders on record as of March 4.

“This latest quarterly dividend brings AREIT’s annual dividend-per-share to P2.15 for 2023, an 8.6% increase from P1.98 per share in 2022 nearly double the company’s first quarterly payout of 28 centavos per share when it listed in 2020,” it said.

On Tuesday, AREIT shares rose by 0.29% or 10 centavos to P34 apiece. — Revin Mikhael D. Ochave

Manila Water unit allots P5.56B for services in Clark Freeport

A UNIT of Manila Water Co., Inc. has earmarked P5.56 billion for capital expenditure (capex) from 2023 to 2040 to enhance services in the Clark Freeport Zone (CFZ) in Pampanga.

Clark Water Corp. is targeting to increase its current supply by 22% and is set to explore sustainable water sources and water reuse, the company said in an e-mailed statement on Tuesday.

The company serves the CFZ and the Clark Economic Zone as their water supplier and wastewater service provider. It is a unit of Manila Water Philippine Ventures, Inc. (MWPV), which is a subsidiary of Manila Water.

“Through these projects, aside from the goal of continuously improving service for our customers, we also aim to continue supporting CFZ and the Province of Pampanga in their journey as one of the Philippines’ major investment hubs,” Clark Water General Manager Lyn Zamora said.

Under its service improvement plan, Clark Water President Melvin John Tan said the capex was allocated to develop new infrastructure “anchored on water security, service quality, service accessibility and continuity, and regulatory compliance.”

“Clark Water fully supports the goal of making CFZ a premier business and tourism destination by providing locators with quality and sustainable water and wastewater services,” the company said.

It has committed to build and expand its water and sewer network and “implement effective maintenance and rehabilitation of its existing network.”

To date, Clark Water serves more than 1,000 locators in the CFZ, with around 2,000 water service connections.

In June last year, Manila Water said that MWPV signed a P1.53-billion loan with the Bank of the Philippine Islands to partially fund Clark Water’s projects, as well as pay for its service concession obligations.

The water concessionaire serves the east zone network of Metro Manila, covering parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns in Rizal province.

Shares of Manila Water fell by 1.09% or 20 centavos to close at P18.22 each. — Sheldeen Joy Talavera

CEB says Pratt & Whitney to supply engines for 15 aircraft

CEBUPACIFICAIR

CEBU Air, Inc., operator of budget carrier Cebu Pacific, has opted to proceed with ordering more aircraft engines from American aerospace manufacturer Pratt & Whitney (P&W).

This decision comes amid the grounding of several of the budget carrier’s aircraft due to issues related to the engines.

Last year, Cebu Air said that it would lower its fleet growth rate for 2024 as engine maker P&W inspected A320/321 NEO aircraft engines worldwide following suspected issues.

Between 10 and 20 aircraft are currently parked for maintenance due to the P&W issue, the company said earlier.

On Tuesday, the company said it had signed a memorandum of understanding with P&W to provide Cebu Pacific with engines for its 15 narrow-body jets such as A320/A321 fleets.

“This aims to finalize our current order book and help secure our growth up to 2027,” Cebu Pacific Chief Executive Officer Michael B. Szucs told the stock exchange on Tuesday.

“In doing so, it also clears the way for us to now focus on the longer-term growth through our major fleet Request for Proposals that are currently underway,” he added.

For his part, Rick Deurloo, president of commercial engines at P&W, said: “We appreciate Cebu Pacific’s continued confidence in Pratt & Whitney since they initially selected the GTF engine in 2012.”

The aircraft engine maker will start making deliveries in 2025, he said.

“With deliveries for this most recent order starting in 2025, the GTF engine will provide even more fuel and carbon emissions savings,” Mr. Deurloo said.

Cebu Pacific said the agreement would allow it to strengthen its operations as it plans to explore regional markets in Southeast Asia, China, and Japan to cater the growing travel demand. — Ashley Erika O. Jose

Practical solutions to the education crisis: Lionheart Farms and Dualtech show the way

FACEBOOK.COM-DUALTECHTRAININGCENTER

(Part 3)

Instead of useless lamentations and wailings about the very poor performance of our 15-year youth in the Program for International Student Assessment (PISA) achievement tests in reading, arithmetic, and science, private citizens (which include those in the business sector, civil society, academe, and religious communities) should do whatever they can to look for practical solutions to the ongoing education crisis. The worst they can do is to give up and call the Filipino youth “stupid”! I repeat a thousand times: Many Filipinos may not know how to read or write, but they are not stupid!

Our demographic dividend is still our richest asset in a world in which practically all the developed countries have committed demographic suicide and are subsequently ageing so fast that their respective economies are in danger of suffering from long-term stagnation. However inadequate our public sector may be in turning around the education crisis we are facing, we in the private sector can do much in arriving at practical solutions to this serious challenge facing our society today.

We should begin by imparting useful skills that will enable the poorest of the poor to attain higher standards of living. An example I would like to cite here is an agribusiness venture in Palawan about which I have written several times in this publication. I am referring to the Lionheart Farms in the town of Rizal in Southern Palawan.

Established by a Danish citizen married to a Filipina, Lionheart Farms is being cited as a role model for helping to improve the lives of some of the poorest Filipinos — the coconut farmers — by succeeding to consolidate more than 3,000 hectares of coconut farms in order to achieve higher farm productivity and to improve revenues (and thereby the incomes of the farmers) through processing the coconut raw materials into higher-value manufactured products. But what I would like to commend here is its success in integrating into its operations the participation of workers from the indigenous people (IPs) of Southern Palawan, the Palaw’an. This is another example of illiterate or semi-illiterate people becoming very economically productive members of a rural community. It would be the height of bigotry for any reformer to call these IPs “stupid.”

As we can read on the website of Lionheart Farms, the corporation initiated a dialogue with the tribal communities of Barangays Ransang, Candawaga, and Culasian in the Municipality of Rizal, Palawan almost 10 years ago in 2015. The dialogue culminated in a memorandum of understanding (MoU) that outlines a unique partnership that allows the community (which included some IP tribes) to contribute their lands for the cultivation of organic coconuts. In return, Lionheart rents their land and prioritizes employment opportunities for the host families. This cooperative effort is aimed at establishing a sustainable farming community that can uplift generations to come.

The community programs especially included skills enhancement. I saw with my own eyes in a visit to the farm how IP youth and adults were acquiring sophisticated skills in soil conditioning, the preparation of seedlings, the care and maintenance of the growing coconut trees, the replanting of the seedings, the gathering of the sap, etc. In addition to skills enhancement, these IPs who are half-illiterate are given continuing education (especially the youth), practical lessons in health and personal hygiene, and a profound understanding of sustainable development and organic farming practices.

The partnership of Lionheart with the IP communities is based on principles of mutual respect and dialogue, aligning with the rich traditions of the Palawan Indigenous Peoples. Lionheart makes sure that all its managers and other workers acquaint themselves with the customary law, known as the Adat, and the traditional commitment to dialogue, known as the Bizarra. The traditions of the Palaw’an tribe have profoundly influenced the approach to work within the Lionheart community.

To further recognize the special circumstances of the IP tribes, Lionheart Farms is thoughtfully divided into six smaller farms, strategically distributed across three barangays in the town of Rizal. Each farm operates in close partnership with its respective local community, offering localized employment opportunities. This approach is especially beneficial to the Indigenous Peoples. It enables them to work on their ancestral land while safeguarding the natural environment that has been an integral part of their culture for millennia, preserving it for future generations.

President Marcos Jr., while he was the Secretary of Agriculture, took special interest in Lionheart Farms as a model for significantly increasing the productivity of the agricultural sector through the reconsolidation of the millions of coconut farms that were fragmented in the process of a failed agrarian reform program. The target is to replicate what Lionheart Farms has done with some 3,000 hectares of coconut farms in Palawan in at least five other coconut regions (e.g., Quezon Province, the Bicol region, Leyte-Samar, and at least two regions in Mindanao predominantly planted to coconut). With the appropriate funding and interest of large corporations in corporate farming, each region could target 20,000 hectares of consolidated coconut farms.

What excites me is that in practically all these coconut regions, there are also indigenous tribes that can be benefited in terms of skills training and total human formation, as has happened in the case of Lionheart Farms. In all these regions, we can prove that poverty, both in economic and learning terms, is not an obstacle to harnessing the innate talents of illiterate or semi-illiterate Filipinos.

Another example with which I am familiar that demonstrates that Filipino youth who may be suffering from learning poverty through no fault of their own, can be highly productive workers is the Dualtech Training Center.

Dualtech, located in Canlubang, Laguna, has produced more than 10,000 highly skilled electro-mechanical workers for manufacturing enterprises, both domestic and multinational, both for local industry and factories abroad. Established more than 40 years ago in 1982, Dualtech pioneered what is known in Europe (especially in the German-speaking countries) as the dual training system or dualvoc. This TESDA (Technical Education and Skills Development Authority)-type school combines classroom training with real-life work experience through a close partnership between the academe and industry.

A good number of the applicants, usually coming from low-income households from the different Philippine regions (i.e., Mindanao, Palawan, Western Visayas), have difficulties in reading, arithmetic, and science — representative of those teenagers who take the PISA exam. Nevertheless, they are admitted to the program of Dualtech. Once they are enrolled, those who have difficulties with basic English and Math will be singled out and given special mentoring in those subjects. The trainees are given constant feedback about their academic weaknesses. There are remedial measures to help them pass the necessary subjects and qualify for the in-plant training. In all the subjects, there are oral assessments that give the students the necessary confidence in speaking. In the worst-case scenario, those students who continue to be deficient in Math and English are given an extension of six months to be able to overcome their handicap.

At an absorption rate of close to 100% of those who are actually hired after their in-plant training, there is no doubt that near-illiterate youth coming from the poor Philippine households can overcome their so-called learning poverty with the right intervention from private sector initiatives that combine the forces of business and the academe. It is notable that among the more than 10,000 graduates of Dualtech over the last 40 years, a significant number are working abroad in highly demanding technical jobs like repairing and maintaining airplanes.

(To be continued.)

 

 

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

Into the abyss of history and wonder

BRONTË H. LACSAMANA

ARTIST Mark Justiniani’s latest installation exhibition, called “Void of Spectacles,” challenges the audience to venture over vast, daunting, mirrored spaces.

There, beyond the illusion of falling into a void, a confrontation with Filipino identity and memory takes place.

The art is experiential, accommodating only one person at a time to step onto a three-dimensional box of mirrors. While it may be terrifying for those with a fear of heights, the glass floor is strong and stable, keeping one away from the trick of light mimicking a free fall below.

For Mr. Justiniani, mounting the three large installations — Firewalk, Arkipelago, and Well — may have been a massive, complex task, but it was a must for him to bring them all home after their respective journeys abroad and retouch them a bit for Filipinos to see.

“One of the takeaways that I want the audience to carry the question is, what is in the void? What is there in the void? Is it really nothing? It seems thicker than nothing; in fact, it feels that there’s something there,” he told BusinessWorld at the media preview early in February.

Adding to the concept is the second word in the exhibit’s title, “spectacles,” implying something excessive, a “lens that is too superficial to perceive as reality.”

The exhibit is at the Ateneo Art Gallery’s third floor, and visitors are provided with non-slip socks or shoe covers to stand directly on the installations’ tempered glass surfaces. Underneath the glass, mirrors create an illusion in which the real-world objects inside look as if they are adorning the walls of a never-ending abyss.

The artist explained: “I wanted people to realize that the sense of sight is very limited. We operate in a world that is so limited that we claim to know truths even though we don’t really see truths.”

Ateneo Art Gallery director and chief curator Boots Herrera added that it was the most challenging exhibit they had ever put up, taking almost two months to load everything into the building and then carefully reconstruct it.

Co-presented with the Tungtung Alon Art Foundation, it marks the very first time all three infinity installations are exhibited in the Philippines.

“Mark’s social realist roots are still present but presented in a subtle way. It helps to have a sense of Philippine history and the artist himself,” Ms. Herrera said. “Sparking a conversation [about the work] would be nice.”

It starts off with Firewalk, a 53-foot-long box of mirrors that was initially shown at the Gallery Children’s Biennale in the National Gallery Singapore from 2017 to 2021. It looks similar to an archeological dig site, complete with niches filled with artifacts like toys, papers, and long piles of books.

The main section is the Arkipelago trilogy, divided into three boxes. The first is Province, an ode to Philippine provincial life and specific to Mr. Justiniani’s upbringing in Negros, as seen in sugar train parts and small meal portions on banana leaves juxtaposed with detailed pillars of hacienda homes.

“It can be specific and general at the same time… Sugar trains are specific to Negros island, but now they don’t exist and are just a part of our sweeping collective memory,” he said.

Capital, the second segment of the trilogy, reflects life in the big city. It contains wine glasses, piano keys, table cloths, school medals, and guns, with a tower of drawers filled with papers representing bureaucracy.

In the final part, Cyclone, Mr. Justiniani depicts man’s limited time on earth through natural resources like grass, soil, crops, and bamboo, and manmade textures like concrete and metal. Here, the mirrors bend to give the illusion that these materials in the void warp in a curve beneath.

The three parts of Arkipelago were exhibited in one hall at the Philippine Pavilion at the 58th Venice Biennale in Italy in 2019. At Ateneo, they are split in different areas of the exhibit space.

“It was difficult to find a space for the whole collection. It’s more intimate here because you isolate each segment, giving it a different feel,” said the artist.

The third and final installation, Well, is the least dizzying, almost providing a sense of relief in its portrayal of the transitory nature of life. While still made mind-boggling with mirrors, its depths are not terrifying and its walls are lined with little trinkets and keepsakes that humans like to possess.

Mr. Justiniani is aware that the work can be seen as “a bit of a spectacle” — it is in the name, after all.

“It can actually be criticized that way if you don’t look at it closely. It’s up to the audience to say or judge if it is superficial … I’m just thankful I encountered this medium. I’m not the first one who did this and there have been many other ‘infinitors.’ People can say what they want,” he said.

Set up at the third floor of Ateneo Art Gallery, the exhibit is a proud accomplishment of trial and error. “More than 90% of the changes I made from their runs abroad are mistakes that led to ideas,” said its creator.

He hopes that his countrymen will be willing to explore the stories placed within the walls of the works and reflect on their own memories.

“Void of Spectacles” is on display at the Ateneo Art Gallery until July 6. Admission is P50. — Brontë H. Lacsamana

Ayala Land net income rises 32% to P24.5B

LISTED Ayala Land, Inc. (ALI) recorded a 32% jump in its 2023 net income to P24.5 billion led by strong property demand and consumer activity.

Its consolidated revenue increased by 18% to P148.9 billion, the property developer said in a regulatory filing on Tuesday.

The company’s property development revenues rose by 14% to P92.3 billion led by “steady bookings” and higher completion of residential projects and offices for sale. Residential reservation sales increased by 9% to P113.9 billion.

ALI launched 25 projects worth P75.9 billion in 2023.

In the fourth quarter alone, the company unveiled 14 projects valued at P39.6 billion. These projects include ALI Premier’s first signature line project, Park Villas in the Makati central business district (CBD), and sequel phases of its existing gated community developments.

The property developer logged a 25% increase in leasing and hospitality revenues to P41.7 billion on the back of better occupancy and rents.

Broken down, the company’s shopping center revenue increased by 31% to P21.1 billion while office leasing revenue climbed by 6% to P11.8 billion, and hotel and resort revenues rose by 42% to P8.8 billion carried by higher travel and tourism demand.

“ALI opened Ayala Malls One Ayala at the Makati CBD and the first phase of Ayala Malls Vermosa in Cavite, adding 49,000 square meters of retail space; Seda Manila Bay and the second tower of Seda Nuvali with 420 hotel rooms,” it said.

Revenue from service businesses in construction, property management, and airlines rose by 36% to P11.5 billion. Net construction revenue of Makati Development Corp. from external projects rose by 56% to P6.6 billion.

In 2023, ALI unveiled four new estate consisting of the 55-hectare Batangas Technopark at Padre Garcia, the 32-hectare Centrala at Angeles City, Pampanga, the 800-hectare Southmont at Silang, Cavite, and the 62-hectare Arillo at Nasugbu, Batangas.

“ALI was well-positioned to take advantage of opportunities from an improving market in 2023, enabling us to meet our objectives for the year,” ALI President and Chief Executive Officer Anna Ma. Margarita Bautista-Dy said.

“With our focus on quality, we look forward to bringing more high-value development products to market and embarking on the reinvention of our malls, hotels, and resorts for our customers to enjoy,” she added.

In a separate stock exchange disclosure on Tuesday, ALI said its board approved a plan to raise up to P50 billion in debt capital via the issuance of retail bonds and/or corporate notes, and/or execution of bilateral term loans.

The funding will be used to partially finance general corporate requirements and refinance maturing debt.

ALI Chief Finance Officer Augusto D. Bengzon said during a briefing in Makati City on Tuesday that P25 billion would be used to finance the company’s capital expenditure while P25 billion will be for refinancing of maturing debt.

“We intend to access both our bank lines as well as the debt capital markets, roughly 50-50…. Most of, if not all, of the maturities will happen in the second half and we will be able to finance our new requirements in the first half of the year by drawing down on our short term lines,” Mr. Bengzon said.

“The strategy is to access our long term bank lines as well as the debt capital markets in the second half of the year as we anticipate that by that time, rates should start trending downwards, so we have that flexibility to trigger a major part of our financing program in the second half of the year when hopefully, rates would have moderated,” he added.

ALI shares rose 2.8% or 95 centavos to P34.90 apiece on Tuesday. — Revin Mikhael D. Ochave

Maestro shows the enduring power of Gustav Mahler through Leonard Bernstein’s passion

BRADLEY COOPER as composer and conductor Leonard Bernstein in Maestro. A climactic scene in the film shows Bernstein conducting a triumphant finale of Mahler’s Symphony No. 5.

BRADLEY COOPER’S Oscar-nominated Maestro focuses on the man considered the “first great American conductor,” Leonard Bernstein, who composed such diverse works as West Side Story and Candide.

Alongside Todd Field’s Tár (2022), this is another high-profile recent film centering on the life of a conductor, putting classical music in the spotlight.

Both films feature Bernstein prominently, as the protagonist of Maestro and the mentor of the fictional Lydia Tár. However, a third composer-conductor looms in the background of both films: Gustav Mahler (1860-1911).

This notable presence of Mahler poses the question: Why does the music of Mahler remain so popular and moving to this day?

Mahler’s significance includes his inventive modernism and highly expressive writing that communicated emotions shaped by his fascinating (albeit melancholic) life — and the turbulent history surrounding how his work was received.

(See: http://tinyurl.com/4cny9tjn)

POWER OF MAHLER
In Maestro, Mahler is not explicitly discussed, but his music features prominently in the film, with a climactic reenactment of Bernstein conducting a triumphant finale of Mahler’s Symphony No. 5 performed by the London Symphony Orchestra in Ely Cathedral (near Cambridge) in 1973.

Maestro frames Bernstein’s experience of Mahler’s finale as being so powerful it reignites Bernstein’s relationship with his wife, Felicia Montealegre Bernstein. Bernstein was instrumental in pioneering the revival of Mahler’s music.

(See: http://tinyurl.com/2scb7pzr )

FROM VIENNA COURT OPERA TO NEW YORK
Mahler worked mainly as a conductor of operas, notably his 1897 appointment as director of the Vienna Court Opera (now the Vienna State Opera). From 1908-10, he held an appointment at New York’s Metropolitan Opera.

He spent his summer vacations composing in rural Austria, leading to many of his works being inspired by the Austrian countryside.

However, being Jewish, Mahler’s career was tainted by antisemitism, and he was forced to resign from the Vienna Court Opera owing to the deteriorating treatment of Jews in Europe.

Upon his arrival in New York in 1908, the Metropolitan Opera also hired Italian conductor Arturo Toscanini, limiting Mahler’s actual appearances as conductor. In New York, Mahler faced xenophobia directed at his Austro-Bohemian identity, owing to the anti-German sentiment in America at the time.

After about a year of a serious heart infection, Mahler died in 1911 at the premature age of 50. Shortly before his death, Mahler had planned an early retirement, where he had intended to dedicate himself to composition and completing his Symphony No. 10.

(See: http://tinyurl.com/ypp6nyyw)

MODERNIST PIONEER
Today, Mahler is in the canon of post-Beethovenian symphonists, but this was certainly not the case during his lifetime.

Mahler was a pioneer of radical modernist developments in fin-de-siècle Vienna, alongside Richard Strauss and Arnold Schoenberg. Together, these artists foreshadowed the musical expressionism of the 1910s.

Twentieth-century musical modernism can be defined as a radical change from past forms, culminating in a marked break with tradition.

Mahler did this partly by:

Augmenting compositions in length and sheer scale. His gargantuan Symphony No. 8, dubbed the “symphony of a thousand” due to the large numbers of musicians and diverse array of instruments required, including an enlarged percussion section, organ, harmonium, and piano together with mass choir and vocal soloists.

Mahler employed a variety of extra-musical sounds from the world, including bird songs and horn calls. A notable example is Mahler’s use of cowbells that evoke the Austrian Alps in both his Sixth and Seventh symphonies. This foreshadows sound art and the liberation of noise as music that emerged later in the 20th century.

Mahler was a pioneer of progressive tonality, where the key changes from start to finish. This technique challenges traditional tonality, where there is a “home key.” These new techniques expanded Mahler’s musical language, allowing him to play with the listener’s expectations and create a greater range of musical expression.

(See: http://tinyurl.com/y56cx9r8)

EXPRESSION AND EMOTION
Mahler believed that music could express emotions where words failed. He wrote in 1896 that:

“…as long as I can express an experience in words, I should never try to put it into music. The need to express myself musically — in symphonic terms — begins only on the plane of obscure feelings, at the gate that opens into the ‘other world,’ the world in which things no longer fall apart in time and space.”

His symphonic works are filled with a variety of music forms, with different characteristics, including operatic highpoints, rustic country dances, playful scherzos and mournful marches.

To facilitate Mahler’s expanding expressive musical language, the composer wrote very long and precise instructions on his scores.

REDISCOVERY
From the 1960s onwards, Mahler’s music gradually regained more recognition for the first time since his death.

Firstly, in 1960, in a concert honoring Mahler broadcast on CBS, Bernstein introduced Mahler as not “one of those big popular names like Beethoven or Gershwin or Ravel.” But Mahler soon achieved status alongside these composers, certainly eclipsing the popularity he experienced in his own lifetime due to a number of factors.

Bernstein claimed to have rediscovered Mahler, and subsequently pioneered Mahler’s symphonies. Bernstein said Mahler incorporated “the manners and customs and ways of thinking and feeling of both East and West …. His music shows the influence of Mozart, and Schubert and Wagner — all the great German and Austrian composers.”

(See: http://tinyurl.com/y636auwr )

Bernstein continued to demonstrate Mahler’s unique incorporation of musical ideas from Roma, Slavic, Jewish, and Chinese musical cultures.

This cross-cultural musical engagement and a quest to express a unity that could encompass dissonance and difference was one of the parallels Bernstein saw between himself and Mahler.

Bernstein, an American Jew, demonstrated his own passion for multicultural immersion and engagement in West Side Story (1957) and MASS (1971).

Secondly, the German philosopher Theodor Adorno wrote Mahler: A Musical Physiognomy in 1960. Adorno considered Mahler’s Bohemian childhood, personality, and his sociopolitical context alongside Mahler’s music.

Lastly, In 1971, Luchino Visconti’s film, Death in Venice included a famous opening scene of Mahler’s Adagietto from Symphony No. 5 accompanying a steamship arriving in Venice at sunrise, bringing Mahler’s music to a global audience. The film is adapted from a 1912 Thomas Mann story which contains many allusions to Mahler.

(See: http://tinyurl.com/594zf8pa )

Decades later, Mahler’s musical power still endures.

 

Aidan McGartland is a PhD student and research assistant of Music Theory at McGill University. He receives funding from McGill University and the Ramsay Center for Western Civilization.

BPI Wealth sees AUM rising by 15-20% this year

BW FILE PHOTO

BANK of the Philippine Islands’ (BPI) wealth management arm expects double-digit growth in its assets under management (AUM) this year amid an improving economic outlook and its plan to introduce new products, its top official said.

“Looking ahead, BPI Wealth is on track and poised to sustain our growth momentum in 2024 and beyond. We see our AUMs growing in the neighborhood of 15% to 20% with strong winds behind our sails given buoyant market conditions and a renewed sense of optimism towards economic expansion supported by lower inflation, potential decline in interest rates, and higher investment spending,” BPI Wealth President and Chief Executive Officer Maria Theresa D. Marcial said in an e-mail.

The BPI unit saw its AUM reach P1.223 trillion at end-2023, she said, exceeding their P1-trillion target for the year. The end-2023 performance marked a 40% increase from the P875 billion in AUM it recorded in 2022.

“This comes on the back of aggressive marketing and acquisition initiatives, and organic growth in four key client segments — Institutional, High Net Worth, Mass Affluent, and Retail segments — cementing our position as the largest investment fund manager and the largest stand-alone trust corporation in the Philippines,” Ms. Marcial said.

“In 2023, BPI Wealth’s bespoke managed accounts also grew by 54%, with over 50 new mandates won, generating P45 billion in new money. This includes landmark deals such as the awarding of investment mandates from the state’s pension provider SSS (Social Security System) and from Pag-IBIG Fund (Home Development Mutual Fund),” she added.

The AUM growth in 2023 was also driven by its initiatives to make funds more accessible, such as the lowering of the minimum investment amount for unit investment trust funds and mutual funds to P1,000, and allowing clients to open and manage investment accounts digitally via the BPI mobile app, Ms. Marcial said.

“We also forged partnerships with institutional agents and expanded channels through which clients can settle investment fund transactions,” she said.

For this year, BPI Wealth plans to introduce new products to help drive the increase in its AUMs, Ms. Marcial noted, including an investment fund with health benefits and lifestyle rewards.

“BPI Wealth will also capitalize on the growth opportunities in our new Multi Family Office solution… This innovative offering provides high net worth clients with access to a team of expert wealth planners capable of navigating the multifaceted aspects of family governance, investment management, legal advisory, structuring, documentation, and comprehensive planning of short and long-term goals,” she said.

“In a bid to attract more investors to pivot to sustainable investing, BPI Wealth’s Sustainable Funds will be made available to a broader market segment through the introduction of the Peso Share Class,” she added.

The company is also targeting to grow its employee benefit funds business to include administrative solutions, Ms. Marcial said.

“We will also introduce new discretionary model portfolios that cater to a wider range of investors who want to capitalize on market opportunities quickly and efficiently, while staying aligned to their investment objectives. These initiatives collectively aim to propel BPI Wealth towards our next AUM milestones,” she added.

BPI Wealth previously said that it aims to grow its AUM to P3 trillion by 2026.

Its listed parent BPI’s net income rose by 44.3% year on year to P13.1 billion in the fourth quarter of 2023, bringing its full-year net profit to P51.7 billion, up by 30.5%.

Its shares rose by P1.10 or 0.94% to end at P117.80 apiece on Tuesday. — A.M.C. Sy

Gogoro eyes Visayas, Mindanao operations this year

GOGORO

GOGORO Philippines has announced plans to commence operations in Visayas and Mindanao this year.

“We are very bullish about the potential of our scooters in this market such that we’re looking at expanding geographically in different parts of the country, and looking forward to a Visayas and Mindanao expansion for the balance of the year,” said Gogoro Philippines President Bernard P. Llamzon in a statement on Tuesday.

Gogoro Philippines is a partnership among Ayala Corp., Globe Telecom, Inc.’s 917Ventures, and electric vehicle company Gogoro, Inc.

To date, the company has six stations, all of which are located in Metro Manila.

Gogoro offers smart features for its consumers such as digital traction control, smart wet mode, and biometric unlock.

Last year, Gogoro Philippines formally launched its smart electric scooters and battery swapping stations to help promote sustainable transportation systems in the Philippines.

“So far, we’ve received very good acceptance and feedback from the customers that have initially availed of these high-end scooters,” Mr. Llamzon said.

Gogoro Philippines said it is focusing on technological advancements for its electric scooters by offering sustainable and innovative alternatives to its customers. — Ashley Erika O. Jose

Cybersecurity is rightly a national priority

FREEPIK

In the past, cybersecurity and disinformation did not figure as threats, simply because they were nonexistent. The more obvious security threats were physical ones against our territorial defense. But with technology’s increasing prevalence and society’s reliance on it, societies are, more than ever, vulnerable to the disruptive and detrimental effects of cybersecurity breaches and other tech-related issues.

The Philippines is especially vulnerable, given that we are still in the nascent stages of digital transformation, with both digital infrastructure and technological know-how at best uneven across various places in the archipelago. Both institutions and individuals have yet to attain a technical sophistication that would effectively protect them from malign actors seeking to wreak havoc on their way of life.

President Ferdinand Marcos, Jr. has declared cybersecurity a priority because of its impact on national and economic security. This belief is shown by his approval on Feb. 8 of the National Cybersecurity Plan 2024-2029.

The National Cybersecurity Plan aims to provide the Philippines with policy direction and operational guidelines to build its cybersecurity capacities. Consultations with the private sector and the academe were conducted during the drafting of the plan to make sure it reflects the concerns of all stakeholders and the realities on the ground. It also looked at the cybersecurity plans of other countries to ensure that whatever the Philippines has would be at par with international standards.

Specifically, the plan addresses the need to develop responsive policies to fortify the Philippines’ cyber landscape and identify cyber assets and critical infrastructure. It incorporates advanced threat assessment to prevent incidents, promotes information sharing with international partners, and includes capacity building and upskilling of cybersecurity personnel.

The Department of Information and Communications Technology (DICT) is also conducting information campaigns to increase public awareness of the different schemes employed by cyber criminals.

But the Philippines’ pursuit of digital security transcends the approval of the National Cybersecurity Plan. There has always been a need for our country to continuously strengthen its cyber defenses under constant attack from state and non-state actors.

A good example would be last month’s attempts by alleged Chinese hackers to infiltrate the websites of several government agencies namely the DICT, National Coast Watch, Overseas Workers Welfare Administration, a regional office of the Department of Education, the Philippine Coast Guard, and the personal website of the President.

Then, too, there are the recurring incidents from aggressive and coercive actors in the West Philippine Sea. These actors have weaponized social media with their disinformation narratives.

In response, the Philippines has started using assertive transparency to counter such moves. This is a strategy that reinforces narratives based on legal foundations and data-driven studies and gathers support from the people who are made aware of what is happening out there. Social media plays a crucial role in this aspect. The message, plain and simple, is that the events at sea are very much a part of the national story, and everyone has a stake in it because the acts of aggressors are an affront to our sovereignty.

Narrative campaigns determine how issues are prioritized, and this has caused the Philippines to gain massive support from the Filipino public as well as from the international community on the issue of the West Philippine Sea.

The adoption of a cybersecurity plan and the employment of assertive transparency approaches are just some among the actions taken by the Philippine administration to address the potential harm that can be done by cyberattacks. But it should not be acting on its own. The current administration must aim to harness emerging technologies to participate in today’s global digital economy more effectively. A whole-of-society approach must be implemented with the primary goal of ensuring national security while simultaneously safeguarding the economy and the people.

The Stratbase Institute is thus pushing for the following:

  1. Enhance education and cybersecurity awareness. Educating the people is a fundamental strategy in instituting a cyber-secure and cyber-safe population. This is particularly important as users serve as the weakest link in all instances of internet use and other cyber-related activities.
  2. Boost government capacity to address cybersecurity risks. The attacks on government websites and databases are a cause for serious concern as people’s sensitive personal information are being targeted. There should be increased and continuous budgetary support for the procurement of appropriate ICT technologies, and ICT training of government officials and personnel. There should be improved ability to detect, prevent, and address cyber risks and potential attacks.
  3. Expand national security. National security encompasses economic security as well as cybersecurity. Therefore, security policies and strategies must include directions to defend the country against cyberthreat actors. This also includes the assessment of cyber risks related to maritime security, particularly in the West Philippine Sea.
  4. Emphasize cyber diplomacy. Recognizing common issues in the digital space, the Philippines must employ cybersecurity to cooperate with like-minded states. This expands its foreign policy strategy and deepens its diplomatic engagements. To reduce vulnerability, cooperation can include sharing of best practices in cybersecurity and information-sharing.

The Institute looks forward to a secure and thriving digital economy that can provide the Philippines a strategic and competitive advantage in maintaining an investment-led growth. We rest assured that the administration is truly cognizant of its priorities, and cybersecurity is rightfully one of these.

 

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

Egypt aborts controversial pyramid renovation plan

The Sphinx at the Giza Pyramids on the outskirts of Cairo, Egypt, Nov. 8, 2015. REUTERS
COMMONS.WIKIMEDIA

CAIRO — Egypt has scuttled a controversial plan to reinstall ancient granite cladding on the pyramid of Menkaure, the smallest of the three great pyramids of Giza, a committee formed by the country’s tourism minister said in a statement.

Mostafa Waziri, secretary general of the Supreme Council of Antiquities, announced the plan last month, declaring it would be “the project of the century.”

But news that the ancient monument might be altered quickly drew an international outcry, prompting Egypt’s antiquities authority to review the project. The pyramids are the only one of the seven wonders of the ancient world that still remain.

Alone among the pyramids, Menkaure was designed to be clad in granite rather than limestone. Only 16 to 18 layers of granite were installed before construction was halted, apparently because of Menkaure’s death in about 2503 B.C.

Over the centuries, pilfering, weathering and collapse caused many layers to disappear, leaving only seven layers in modern times, although numerous fallen granite blocks remain strewn around the pyramid’s base.

Mostafa Waziri said the project to replace the granite would proceed only after a year of scanning and documentation.

“The Menkaure Pyramid Review Committee has unanimously objected to the reinstallation of the granite casing blocks, scattered around the base of the pyramid since thousands of years ago,” the committee said in a statement on Thursday.

Zahi Hawass, a former minister of antiquities who headed the committee, said it would be impossible to determine where each block had originally been. Replacing them would also require cement, which would ruin the pyramid.

“What I want to say is don’t worry, the pyramids of Giza are safe, and nothing will happen to them,” Zahi Hawass told Reuters. “People everywhere are calling me, writing letters, e-mails. They are worried. Don’t be worried at all, the pyramids are safe, and no one can touch the pyramid of Menkaure.”

The seven-member committee gave initial consent to excavate Menkaure pyramid’s boat pits, akin to the Pharaonic bark pits found alongside Khufu’s pyramid adjacent to Menkaure’s, but only after a “clear and detailed scientific study.”

“In archaeology, don’t be in a hurry. If you are in a hurry, you will ruin the site,” Hawass said. “It is important for any kind of work to be done at the site of the pyramids, is to make a study and to tell us what to do.” — Reuters