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Art in the Park brings art to everyone

SCENES from previous editions of Art in the Park.

ART will once again be accessible to many at the Jaime Velasquez Park in Makati City this March.

More than 60 exhibitors representing galleries, art collectives, independent art spaces, and student groups will showcase diverse Filipino talent at the 18th edition of Art in the Park on March 17, from 10 a.m. to 10 p.m.

In addition to entrance to the fair being free, the prices for artworks are capped at P70,000, with many art lovers able to score coveted pieces for even less. “This is really meant to be an affordable art fair,” said Art in the Park co-founder Trickie Lopa, at a Feb. 27 media roundtable in Pablo Bistro, Makati City.

After having been held online during the COVID-19 pandemic years, in 2023 it was finally held fully onsite. This year’s iteration follows suit, three weeks after thousands of guests were welcomed at its more exclusive counterpart, Art Fair Philippines, proving that the demand to view art in person is truly back.

“This year we have many artists who have joined the fair over the years and are back again to showcase their works. That sense of community is really the spirit of Art in the Park,” Ms. Lopa said.

FEATURED ARTISTS
Every year the fair highlights a number of artists whose works are shown in special exhibits around the park. This year’s featured artists are multimedia graphic artist Demi Padua, and abstractionists Pepe Delfin and Clarence Chun.

Mr. Padua, who has exhibited his works in every edition of Art in the Park since 2006, will be blending figurative and abstract elements through photorealistic visual collages, a style for which he has become known.

“I want to play around for this next exhibit. I’m still working on my pieces but I’m experimenting with a lot of things,” he said, not giving away too many hints. However, his works may involve mixed media.

Ms. Delfin, also in the middle of creating her contributions to this year’s fair, told BusinessWorld that people can expect paintings about “a child’s inner world” as well as a large interactive piece. Her art style explores abstract forms through geometric shapes and lines.

“I’ve painted murals before, but I’ve never done a public, interactive one, so the pressure is definitely there,” she said. “I hope people do approach the mural!”

Mr. Chun plans to continue using abstraction to explore his connections with places, most recently Metro Manila. As a Filipino immigrant to the US who is now back in the Philippines, his process involves “destroying his work” with paint for a more truthful depiction of his hectic environment.

“I usually have small pieces but as a featured artist I’ll be doing big works,” he said at the roundtable. “My heart actually races when I have to apply those frenetic paint splatters onto them.”

MUSEUM FOUNDATION
Proceeds from Art in the Park will go to the Museum Foundation of the Philippines, in support of its projects and programs for the National Museum of the Philippines and its network.

This year’s exhibitors include Ang INK, Archivo 1984, Arnold Art Collection, Art for Space, Art LAB, Art Toys PH, Art Underground, Art Verite, Artbeat Collective, Artery Art Space, Authenticity Zero Collective, the Avellana Art Gallery, Boston Art Gallery, Cartellino, Cevio Art Haus, Cornerstone, FA Gallery, FotomotoPH, Fuse Projects;

Galería de las Islas, Galeria Paloma, Galerie Anna, Galerie Artes, Galerie Stephanie, ILCP Art Space, ISTORYA STUDIOS, J Studio, John and Tessy Pettyjohn, Kaida Contemporary, Kalawakan Spacetime, KASIBULAN, Komiket, Kulay Art Group, Kuta Artists Group, Looking for Juan;

MAG, Metro Art Gallery, MONO8, Nineveh Artspace, Orange Project, the Pintô Art Museum and Arboretum, Qube Gallery, Redlab, Resurrection Gallery, Sheerjoy, Sierra Madre Gallery, Space Encounters, Superduper Gallery.

Exhibiting too will be The Mighty Bhutens, the Thursday Group, Tin-Aw Art Projects, Tiny Canvas, the UP Artists Circle, the UP College of Fine Arts, Urban Sketchers, Village Art Gallery, Vinyl on Vinyl, Vmeme Contemporary, White Walls Gallery, and Ysobel Art Gallery.

Visitors seeking refreshments or a dining experience will have a variety of food and beverage concessionaires to choose from at the fair. Any Name’s Okay and Soulful Mood will also be performing songs throughout the day.

BPI Credit Cardholders can enjoy special perks and privileges. For a minimum purchase of P3,000, they can convert purchases into monthly installments at 0% interest for up to six months. There is also a “Buy Now; Pay 3 Months Later” option.

For more information, visit www.artinthepark.ph or @artintheparkph in Facebook and Instagram. — Brontë H. Lacsamana

NFTs, a punchline during crypto bust, attempt a comeback

NFTs — which went from being touted as the cutting edge of the digital frontier to the punchline for the most recent crypto bust — are suddenly staging an unlikely comeback.

When the cryptocurrency bubble popped after a series of scandals in 2022, no corner of the market experienced more pain than non-fungible tokens (NFTs). Global sales volume for NFTs plummeted 63% to $8.7 billion last year, with many assets becoming nearly worthless, according to data from CryptoSlam.

Those who spent fortunes on buying the hottest tokens were mocked as suckers and some investors even sued celebrity NFT promoters over claims that they’d been duped. Now, after Bitcoin staged a ferocious rebound amid the rollout of US exchange-traded funds pegged to the digital currency, the NFT industry is searching for ways to turn the page and reignite excitement in its corner of the digital universe.

Startups are resurrecting narratives about NFTs being used in gaming, finance, and art, claiming that they’ve learned hard lessons from the past that will make their latest attempt more endurable. They want the tokens to be seen as more than just expensive profile pictures limited to the rich and famous — but the digital assets aren’t on solid ground just yet.

NFT sales almost tripled to $918 million in November from the month before and then surpassed $1.7 billion in December, according to CryptoSlam. However, volumes dropped 33% in January to $1.2 billion, indicating that an NFT recovery could be complicated. Skepticism about blockchain gaming, uncharted territory around financialized NFTs, and questions about whether NFT art can recapture sky-high sales all pose challenges for the embattled market.

“This yearn for exclusivity, I think, is just a giant mistake,” said Luca Netz, chief executive officer of NFT startup Pudgy Penguins. “What I think people really want is fandom. They want collectability.”

IN GAMING
Industry volatility is part of why Pudgy Penguins developed a toy line inspired by the chubby cartoon birds that make up its popular NFT collection, according to Mr. Netz. The Pudgy Toys line sold 750,000 units in seven months, garnering $10 million in sales.

“We knew we needed to make a real revenue stream that was not predicated on variables we couldn’t control,” Mr. Netz said.

Each toy has a QR code that takes the owner to the Pudgy World online game, which is still being rolled out. Mr. Netz said he hopes to release a full version of within the next 12 to 18 months. There are plans for the toys to include NFT traits, such as clothing items for a player’s penguin avatar, that can be sold within Pudgy World.

Like Pudgy Penguins, Yuga Labs, creators of the Bored Ape Yacht Club, wants to parlay the success of its still-popular PFP NFTs in gaming. During crypto’s bull run, Yuga raised funds at a $4-billion valuation and embarked on a controversial token project, a collaboration with Adidas AG and a short film trilogy currently on pause. The company had too much on its plate, according to former chief executive officer (CEO) Daniel Alegre, who spoke to Bloomberg prior to stepping down.

Yuga is focused on building its BAYC-inspired Otherside game, which had a botched NFT sale tied to virtual land in its namesake digital metaverse and mixed reviews for its trailers. Alegre declined to provide an official launch date for Otherside, which was supposed to debut last year. “We bit off a little bit more than we could chew in terms of timing,” he said.

Otherside is also a massive swing for the fences,” Yuga co-founder Greg Solano posted on X as he announced his return as CEO. “We’ve got a lot of work to do.”

As Yuga and Pudgy Penguins push NFTs harder into gaming, they’re entering territory with mixed success. Axie Infinity, one of the best-known blockchain games, has been criticized for a $600-million hack in 2022 and its poor gameplay.

Focusing on making money rather than creating an enjoyable game is where many NFT projects go wrong, according to Zollpa CEO Aaron Jacobson.

“It’s not a sustainable model, where you do an initial coin offering or an NFT mint and require all the players to spend a lot of money up front before the game is even released,” he said.

Zollpa launched an open beta version of a shooter game called RoboSquad Revolution in November. The company has plans to eventually integrate NFTs that represent weapons or traits for players’ robot avatars.

FINANCE AND ART
Some startups are looking to use NFTs in finance. The popularity of collections like BAYC and Pudgy Penguins has made them good candidates for loan collateral, according to Stephen Young, CEO of peer-to-peer lending platform NFTfi. “There’s quite a lot of volume still on the top blue-chip PFPs,” he said.

NFTfi has hosted more than 56,000 loans worth about half a billion dollars since launching in 2020. Mr. Young said lenders decide how much they want to loan and set the interest rate.

Michael Anderson, co-founder of Framework Ventures, said he’s seen other financial uses for NFTs, noting that more companies are introducing tokens that represent “real-world assets” or RWAs, such as a bond, commodity or real estate.

“Even if we’re talking about something like a Treasury bond, it has different maturities, different yields, different prices and so that bespoke information needs to be stored on something that is nonfungible in nature,” he said.

But NFTs, including those that are finance-related, could draw regulatory scrutiny. The US Securities and Exchange Commission reached a settlement with media company Impact Theory LLC in August after alleging that its NFT offering was an unregistered security.

Art NFTs, which saw sales in 2021 like a $69-million purchase of a digital piece by the artist Beeple, are currently the best-performing category among a group of NFT indexes created by Nansen. The indexes track market performance for different types of NFTs, with the Social category including PFP NFTs.

Sotheby’s, which has sold NFTs since 2021, has continued to see interest in the tokens, according to Michael Bouhanna, head of digital art at the auction house.

“There are artists who have more of a coder background, and for them, using blockchain technology or some generative art programs in their creative process is very natural,” he said.

Sotheby’s saw more than $30 million in NFT and digital art sales last year, a 50% increase from 2022, but still less than half of the 2021 Beeple NFT sale. In January, Sotheby’s had $1.6 million worth of sales for Ordinals, which are NFT-like objects based on the Bitcoin blockchain, as well as a more than $1 million sale of digital art from the collection of bankrupt crypto hedge fund Three Arrows Capital.

Cutting through the budding optimism around NFTs is the concern that crypto’s association with scandal, crime, and chaos could hamper new growth in the category.

“They hear the word web3 or NFT and they instantly shun the game and consider it a scam,” said Zollpa’s Jacobson. — Bloomberg

An orchestra to bridge generations

THE MANILA SYMPHONY ORCHESTRA under the direction of Maestro Marlon Chen.

Manila Symphony Orchestra reveals concerts and provincial tour lineup

FAST approaching its centennial, the 98-year-old Manila Symphony Orchestra (MSO) has decided to gear up for a campaign that promotes orchestral music in the Philippines, in the form of gala concerts and tours across the country.

While the MSO is known as one of Asia’s oldest orchestras, founded in 1926 by Alexander Lippay, it will continue to remain one of the most active, according to its musical director, Marlon Chen.

“This isn’t just a celebration of longevity. It’s a commitment to a legacy that belongs to every Filipino — a symphony for the people,” he said at a press conference on Feb. 28 in Circuit, Makati. “We carry this torch with joy, pride, and dedication.”

To lead up to the orchestra’s 100th year in 2026, the “Road to 100” campaign will include various concerts and events for Filipinos both young and old, in the cities and in the province.

At the press conference, the MSO proved its versatility by performing “O Mio Babbino Caro” from Gianni Schicchi with soprano Bianca Lopez-Aguila and “Senza Mamma” from Suor Angelica with soprano Rachelle Gerodias, followed by a rendition of Coldplay’s iconic anthem “Viva La Vida” and a spirited medley of Rico Blanco’s songs “Awit ng Kabataan” and “Liwanag sa Dilim.

Mr. Chen said that bringing a traditional form of music to modern audiences is a challenge that they are ready to undertake. For him, failing to pass it on to future generations is “a significant loss to our shared humanity and could create a cultural void.”

Beyond indulging in sentimentality, it is “a crucial act of preservation,” he added.

CONCERTS AND TOURS
“Road to 100” will kick off with a tribute to the timeless compositions of Giacomo Puccini on March 16 and 17 at the Arete Center of Performing Arts in Ateneo De Manila University, Quezon City. Ms. Gerodias and Korean baritone Byeong In-park will join the MSO for the concert, Puccini at 100: Suor Angelica and Gianni Schicchi. It is supported by the Embassy of Italy in the Philippines.

On May 4, Makila in Manila: Sibelius 3 and Dvorak will be held at the Samsung Performing Arts Theater in Circuit Makati. The Sinfonia Concertante: Mozart-Ching and Beethoven 8 concert is scheduled for July 27 in Ayala Museum in Makati.

Also to be held at the Ayala Museum is Brahms Violin Concerto and Tchaikovsky 6 on Aug. 24. Closing the year will be Beethoven Piano Concerto No. 3, to be held Oct. 5 in the Aliw Theater in Pasay City.

Meanwhile, the MSO’s nationwide tour shall start in April and last until 2025. It will take the orchestra to Las Piñas in May, Batangas in June, Cebu in September, and Bacolod in October. The MSO is open to invitations to add more cities and provinces to the tour.

The celebration’s culminating concerts will take place in 2026, as well as the launch of a commemorative book on the MSO. The book will chronicle the orchestra’s journey over 100 years and will include contributions from its musicians and guest conductors.

The MSO also hopes to raise funds for its attached organizations, including the MSO Foundation, the MSO Music Academy, and the Manila Symphony Junior Orchestra.

Tickets for MSO’s upcoming concerts are available via TicketWorld. For more information, visit their social media pages. — Brontë H. Lacsamana

Arts & Culture (03/06/24)


Rep presents Pinter’s Betrayal

TO start its 87th season, Repertory Philippines brings Betrayal by British theater icon and Nobel Prize-winning playwright Harold Pinter, to Manila. It is currently running until March 17 at the Carlos P. Romulo Theater in RCBC Plaza, Makati. Directed by actor and theater director Victor Lirio, Betrayal features a cast of London-based Filipino actors: James Bradwell, James Cooney, and Vanessa White. For show-buying and ticket inquiries, visit https://linktr.ee/repertoryphilippines. Tickets are now available via Ticketworld. For updates, visit @repertoryphilippines on Facebook and Instagram.


Exhibit recalls Martial Law

THE EXPERIENCES of those who survived the Martial Law period have been immortalized in the photo exhibit “Dark Memories: Torture, incarceration, disappearance, and death under Martial Law.” Launched during this year’s EDSA People Power Revolution anniversary, it sheds light on the atrocities during the military rule using black and white photographs of the survivors and their families, accompanied by their firsthand accounts and shared recollections. The photos are all by award-winning documentary photographer Rick Rocamora. The portraits highlight the narratives of writers, union leaders, activists, and human rights defenders. The exhibit can be viewed at the Benilde Design + Arts Campus in Malate, Manila, until March 15.


One More Chance, the Musical adds more shows

THE PHILIPPINE Educational Theater Association (PETA) has announced that more shows for One More Chance, The Musical will be available starting March 7 via TicketWorld, due to overwhelming demand. It will now run from April 12 until June 30, instead of the initial June 16 closing, at the PETA-Phinma Theater in New Manila, Quezon City. Close to 1,800 tickets were sold in the first hour alone when first made available in a three-day pre-sale in February, with more than half of the 50-show run gone in an instant. One More Chance, The Musical is based on the 2007 blockbuster motion picture One More Chance produced by ABS-CBN Film Productions, Inc., and will have songs by Filipino band Ben&Ben. For more information, follow PETA’s social media accounts.


ARTablado in Galleria presents 3 artists

WORKS by conceptual artist Marco Ortiga, abstractionist Julius Sanvictores, and painter Michael Sagaran are currently on display at ARTablado at Robinsons Galleria. Their common ground is the urge to express their perspectives in an experimental, non-representational way. Their three-man show, “The Speed of Abstract,” aims to mine the intersection of their diverse approaches. It is on view until March 15 at Robinsons Land ARTablado in Robinsons Galleria in Ortigas.


PPO, Dariusz Machej bring Don Pasquale to life

CLASSICAL singer Dariusz Machej is joining the Philippine Philharmonic Orchestra (PPO) this March for a production of Don Pasquale. Gaetano Donizetti’s most popular opera buffa will go on stage on March 8 at the Samsung Performing Arts Theater in Circuit Makati. It tells the comedic story of the titular elderly bachelor who decides to marry in order to disinherit his nephew, Ernesto — a plan thwarted by a series of misunderstandings and mistaken identities. The comical production will be led by PPO music director and principal conductor Grzegorz Nowak. Tickets, priced from P800 to P3,000, are available at the CCP Box Office and via TicketWorld.


The M presents DJs in dialogue and performances

THE METROPOLITAN Museum of Manila is pushing on with “Deep Feedback,” a lecture originally slated for January featuring DJ Elijah and Manila Community Radio archivist Sai Versailles. On March 8, a dialogue inspired by the “back-to-back” format, where two or more DJs take turns sharing music to co-create rather than compete, will be held at The M. Due to venue capacity, pre-registration is now closed, but a limited number of walk-in guests will be accepted at the doors, which open at 7 p.m. The Met is at the Mariano K. Tan Centre, 30th St., BGC, Taguig City


Pingkian: Isang Musikal  explores Emilio Jacinto’s life

THE TUMULTUOUS era of the Philippine revolution takes centerstage in Pingkian: Isang Musikal, which follows the life of Emilio Jacinto. Set in the final throes of the Philippine revolution up until the onset of the Philippine-American war, it features the ghosts of Andres Bonifacio and Dr. Jose Rizal. The Tanghalang Pilipino musical is currently running until March 24, with shows every day at 3 and 8 p.m. at the Tanghalang Ignacio Gimenez (CCP Blackbox Theater) at the CCP Complex in Pasay City. Tickets cost P1,500 and are available at the CCP Box Office and TicketWorld.


FHL presents lecture on ‘Kamlon’s Rebellion’

THE 2nd RODERICK HALL Memorial Lectures series is back with “Kamlon’s Rebellion, 1948-1955,” detailing the story of a forgotten Sulu insurgency post-World War II. Thomas McKenna leads the virtual lecture, taking participants to the island of Jolo where a former anti-Japanese guerrilla in his 60s fights the combined forces of the Philippine army, navy, and air force. The lecture goes live on March 9, 10 a.m., via Zoom, presented by the Ayala Foundation. For more details and to register, visit the Filipinas Heritage Library website.


Duty Free Philippines hosts religious exhibit

LENTEN traditions are being showcased in a partnership between Duty Free Philippines and Parañaque City through the “Pansiong Panlayag” exhibit, which features 30 images and statues of saints. The exhibit offers visitors an opportunity to immerse in the rich religious heritage of the Philippines through displays of images and statues of saints. It is in Duty Free’s flagship Fiestamall near the airport area in Parañaque City, where many come to shop after arriving in the Philippines. The goal of the exhibit is to showcase the country’s cultural heritage and forward faith-based tourism.


Silverlens returns to Art Basel Hong Kong

SILVERLENS has announced its return to Art Basel Hong Kong, where it will debut works by Imelda Cajipe Endaya and Carlos Villa. The gallery’s presentation at Art Basel will also feature art by Pacita Abad, Nicole Coson, Patricia Perez Eustaquio, Michael Joo, Pow Martinez, Stephanie Syjuco, and Yee I-Lann. It takes place from March 26 to 30 at the Hong Kong Convention and Exhibition Centre. “The participating artists represent a wide breadth of the gallery’s program from its Manila and New York City locations,” according to a statement from Silverlens. Ms. Eustaquio, for instance, will bring a “new hybrid tapestry of digital and Filipino native weaves” for the fair’s “Encounters” section.

Ayala’s ACEN, Marubeni forge A$250-M energy storage deal in Australia

AYALA-BACKED ACEN Australia and Marubeni Asian Power Singapore announced on Tuesday a joint investment of A$250 million, or around P9 billion, in a 400-megawatt-hour battery energy storage system (BESS) project in Australia.

The two energy companies had signed a cooperation agreement in Melbourne, Australia, Ayala’s ACEN Corp. said in a stock exchange disclosure.

The BESS project from the 50-50 partnership is slated for completion by 2025.

“The agreement is another milestone for ACEN Australia’s inaugural project, New England Solar, which stands as a major contributor to the National Electricity Market,” ACEN Australia Managing Director David Pollington said in a statement.

“Once finished, it will be one of the nation’s largest co-located solar and battery energy storage facilities and enables energy to be stored and made available to the grid when it is needed,” he added.

New England Solar is a 720-megawatt (MW) solar and battery project that is under construction near the town of Uralla in the New England region of New South Wales.

The stage 1 of the solar facility, which has a capacity of 400 MW, started generating power for New South Wales and Queensland last year, while the stage 2 is set for construction this year.

ACEN Australia’s renewable energy portfolio comprises more than one gigawatt (GW) of capacity from large-scale renewable energy projects under construction and in operation, with an additional eight GW capacity in the development pipeline.

Marubeni Asian Power Singapore is the Asia-Pacific arm of Marubeni’s power division, having developed, owned, and now operating 35,000 MW worldwide.

In a separate regulatory filing, ACEN said that the same subsidiary had signed an 11-year cooperation agreement with Australian-owned ZEN Energy Retail to advance the power purchase agreement documentation for an offtake of up to 220 MW of the New England Solar project.

The partnership allows the project to “ensure a steady revenue stream” through the creation and sale of large-scale generation certificates, which is a mechanism used to reduce the cost of renewable energy, the company said. 

“ZEN Energy is Australian-owned and proud to be collaborating with ACEN Australia to help customers drive down emissions and be leaders in a zero-carbon world. It is an important step towards ZEN Energy’s goal to create a safe 1.5-degree world for everyone,” ZEN Energy CEO Anthony Garnaut said.

ZEN Energy is Australia’s “first 1.5-degree Celsius electricity retailer,” committed to forming long-term and sustainable partnerships.

Currently, ACEN has approximately 4,700 MW of attributable capacity spanning the Philippines, Vietnam, Indonesia, India, and Australia.

On Tuesday, the company’s shares went down by eight centavos or 1.93% to close at P4.07 each. — Sheldeen Joy Talavera

Archaeologists in Egypt unearth section of large Ramses II statue

CAIRO — A joint Egyptian-US archaeological mission has uncovered the upper part of a huge statue of King Ramses II during excavations south of the Egyptian city of Minya, Egypt’s tourism and antiquities ministry said on Monday.

The limestone block is about 3.8 meters (12.5 feet) high and depicts a seated Ramses wearing a double crown and a headdress topped with a royal cobra, Bassem Jihad, head of the mission’s Egyptian team, said in a statement.

The upper part of the statue’s back column shows hieroglyphic writings that glorify the king, one of ancient Egypt’s most powerful pharaohs, he said.

Also known as Ramses the Great, he was the third pharaoh of the 19th Dynasty of Egypt and ruled from 1,279 to 1,213 BCE.

The size of the statue when combined with its lower section, which was unearthed decades ago, would reach about 7 meters.

The city of El Ashmunein, on the west bank of the River Nile, was known in ancient Egypt as Khemnu and in the Greco-Roman era was the regional capital of Hermopolis Magna.

Studies have confirmed that the upper part of the statue is a match for the lower section discovered by German archaeologist Gunther Roeder in 1930, said Mustafa Waziri, head of Egypt’s Supreme Council of Antiquities.

The mission has begun cleaning and preparing the block ahead of modelling what the statue would look like when the two sections are combined, Waziri said. — Reuters

Aboitiz Equity Ventures income down 2% in 2023

CEBU-BASED Conglomerate Aboitiz Equity Ventures, Inc. (AEV) saw its consolidated net income for 2023 fall by 2% to P23.5 billion from the previous year, reflecting mixed results across its business units.

AEV’s core net income last year, excluding the nonrecurring net gains of P1.4 billion, rose by 8% to P22.1 billion, the conglomerate said in a regulatory filing on Tuesday.

In the fourth quarter, AEV recorded a net income of P5.5 billion, marking a 108% increase from P2.7 billion in 2022. The company’s earnings before interest, tax, depreciation, and amortization (EBITDA) also rose by 12% to P19.3 billion.

Among its businesses, the power segment had the highest net income contribution in 2023 at 67%, followed by financial services at 18%, infrastructure at 6%, food at 5%, and real estate at 4%.

Aboitiz Group President and Chief Executive Officer (CEO) Sabin M. Aboitiz said that 2024 will be a “transformative year” for the conglomerate and its business units.

“Our acquisition of Coke’s bottling operations with our partner Coca-Cola Europacific Partners accelerates our diversification into the consumer market. And the recently announced investment of AboitizPower in gas projects with Metro Pacific Investments Corp. and San Miguel Global Power diversifies our energy mix as we transition to cleaner energy,” he said.

AEV’s Aboitiz Power Corp. (AboitizPower) posted a net income contribution of P17.3 billion in 2023, a 28% increase from P13.5 billion the previous year.

AboitizPower’s generation and retail supply business saw a 20% growth in its 2023 EBITDA to P61.3 billion due to fresh contributions from GNPower Dinginin Ltd. Co. and higher availability across the company’s power generation portfolio.

“Energy volume sold in 2023 increased by 17% to 35,372 gigawatt-hours (GWh), compared to 30,251 GWh in 2022,” AEV said.

The company’s distribution business had an 8% jump in EBITDA to P8.7 billion from P8 billion. Energy sales volume climbed by 6% to 6,157 GWh.

“Energy sales to residential customers increased by 8% year on year, while sales to commercial and industrial customers also increased by 6% year on year, primarily due to recoveries in demand in the areas affected by Typhoon Odette and resurgence of energy sold back to pre-pandemic level,” AEV said. 

On its banking and financial services unit business, AEV said that Union Bank of the Philippines had a 29% drop in its 2023 net income contribution to P4.5 billion.

On a standalone basis, UnionBank and its subsidiaries had a P9.2 billion net income in 2023. The bank’s net revenues rose by 36% to P70.8 billion.

“UnionBank’s non-interest income was P18.8 billion, 41% higher year on year, driven by fee-based income, which grew by 54% to P10.4 billion. The growth in fees was mainly a result of growing customer transactions such as bills payments, funds transfers, interchange, and other card-related fees,” AEV said. 

AEV’s Aboitiz InfraCapital, Inc. had a 26% increase in its 2023 net income contribution to P2.4 billion led by higher land sales and lease income from its economic estates and incremental contributions from the airports business segment.

However, the share of AEV in Republic Cement & Building Materials, Inc.’s loss in 2023 reached P789 million, more than double the P323 million loss recorded in 2022 due to lower sales volume caused by weak market demand for cement.

The demand was hampered by higher inflation, delays in the rollout of government projects, and unfavorable weather conditions in the Visayas and Mindanao regions at the beginning of 2023, the company said.

For its food segment, AEV’s subsidiaries, including Pilmico Foods Corp., Pilmico Animal Nutrition Corp., and Pilmico International Pte. Ltd., contributed P1.3 billion to the conglomerate’s net income in 2023, a turnaround from the P14 million loss in 2022.

“This reversal was primarily due to better margins from its flour and agribusiness segments driven by the decrease in raw material costs and better pricing strategy. These gains were partially offset by the lower contributions from the farms and meats segments, which was dragged down by the lower selling prices for both live hogs and meats combined with higher production costs pertaining to the carrying costs of underutilized farms,” AEV said. 

AEV’s real estate businesses, comprising Aboitiz Land, Inc. and its subsidiaries, saw a 19% increase in consolidated net income to P1 billion in 2023.

“This was attributable to higher revenues from higher sales performance and construction activity, coupled with gains from sale of properties,” AEV said.

AIRPORT
Meanwhile, the conglomerate said in a separate statement on Tuesday that the Mactan-Cebu International Airport secured a Level 1 airport carbon accreditation from Airports International Council.

The airport is operated by Aboitiz Infracapital GMR Megawide Cebu Airport Corp. The conglomerate said that Mactan-Cebu International Airport is the first Philippine airport to secure the distinction.

The Airport Carbon Accreditation is a globally endorsed certification program for carbon management in airports. It autonomously evaluates and acknowledges airports’ efforts in managing and reducing their carbon emissions.

“We take great pride in the global recognition of our initial strides toward becoming a more sustainable airport. As the pioneering airport in the Philippines acknowledged for its sustainability endeavors, we aspire to set a precedent for others in the aviation industry in the country to embrace similar practices,” Mactan-Cebu International Airport CEO Athanasios Titonis said.

“Understanding that achieving Carbon Neutrality is a journey that requires time and dedication, we are fully committed to innovating new methods to further diminish our carbon emissions” he added.

On Tuesday, AEV shares fell by 1.11% or 0.55 centavos to P49 apiece; UnionBank shares dropped by 0.45% or 20 centavos to P44 per share; while AboitizPower stocks rose by 0.8% or 30 centavos to P37.80 each. — Revin Mikhael D. Ochave

Giant ancient Greek statue returns to Sicily’s Valley of the Temples

REGIONE.SICILIA.IT

ROME — A giant statue dating back about 2,500 years has been restored to Sicily’s Valley of the Temples, an archeological site which ancient Greek poet Pindar described as “man’s finest city.”

The eight-meter-high representation of the mythological giant Telamon once supported the temple of Zeus, one of the famed Doric constructions on the site that art historians consider the principal ancient Greek historical record outside Greece itself.

“Telamon will become … the new international ambassador of an archaeological site with no equals worldwide,” said Sicily’s cultural heritage councilor Francesco Paolo Scarpinato.

The stone statue returned to guard the temple on Thursday, following 20 years of restoration work. In ancient times the giant was one of numerous Telamon statues that were part of the temple’s structure.

It was reassembled from 90 fragments from the 5th century BC and dug up by archaeologists over a century ago, Sicily’s regional government said in a statement.

The Temple of Zeus was built to celebrate Agrigento’s victory over the Carthaginians and was irreparably damaged by an earthquake in 1401.

Raiders looted the site in the 18th century and some remaining building blocks were used to build a pier at the nearby coastal town of Porto Empedocle.

Since the 1800s, when experts first stumbled upon the remains of the Telamon statues, the temple has attracted the interest of scholars determined to unearth its buried secrets.

The 1,300-hectare Valley of the Temples was listed as a UNESCO World Heritage Site in 1997 and is now a mass tourism destination which Scarpinato said drew over a million visitors in 2023.

The Temple of Zeus will receive extensive restoration work ahead of Agrigento becoming Italy’s culture capital for 2025, said Sicily’s regional president Renato Schifani.

The Telamon would be a centerpiece of the city’s year in the spotlight, promising “an augmented reality project and even special lighting to encourage nighttime visits … to promote this impressive work internationally,” Scarpinato said. — Reuters

Practical solutions to the education crisis: The importance of teachers

BW FILE PHOTO

(Part 5)

In ordinary circumstances in which households are not suffering from extreme poverty (as in the case of 22% of Filipinos today), the individuals most responsible for the education of the youth are the parents first, the teachers next, and the students themselves, in that order. In situations, however, where numerous parents are struggling to keep body and soul of each of the family members together, one cannot realistically depend on much parental participation in the education process of children (especially if one or both are OFWs). Then the entire burden of education of the youth necessarily falls on the teachers.

True enough, in a study of the World Bank reported by Cristina Cui of the Philippine Star published on Sept. 22, 2023, it was found that the lack of teacher’s mastery of what they teach, and teacher absenteeism have been the major reasons for the high learning poverty that exists in the Philippines. The findings of the World Bank included the conclusion that Filipino teachers have some of the most ineffective methods in Southeast Asia and that teaching training programs targeted at them have failed to improve their mastery of the content.

To make matters worse, the survey found out that 40% of students surveyed reported that they had teachers who were sometimes or often missing in class.

It is no surprise that learning poverty in the Philippines was pegged by the World Bank in 2022 (at the height of the pandemic) at 91% — which means that around nine out of 10 children aged 10 struggle to read simple text. In simple language, these children are half-illiterate. It has also been widely reported that Filipino 15-year-olds rank lowest and second lowest in reading and mathematics, respectively in international tests.

Before we despair of our youth, however, let us remember what we have written in the previous articles of this series — that even half-illiterate people can be taught numerous skills that are in great demand in the Philippines at this stage of our development (or underdevelopment!). You don’t have to be a rocket scientist to be an excellent plumber or electrician, two types of skilled workers who are in great demand today.

Other problems besetting the teaching profession identified by the World Bank study are low salaries, poor working conditions, and weak career preparation. This makes it difficult for the education system to attract or select the best candidates. The joke is that when a college graduate is unable to obtain a job, the usual retort is “Magtuturo na lang ako” (I will just teach). This also implies that admission into preservice education programs and recruitment into teaching jobs often lack selectivity. Even when formal criteria for teacher selection exist, these criteria are often not followed, with political “pull” playing a dominant role.

Another cause of poor teacher performance in the Philippines, that is not identified in the World Bank study, is the overburdening of teachers with numerous non-teaching assignments. Many teachers, in addition to their classroom tasks, are loaded with administrative work such as personnel administration, custodianship of property, financial management, supervision of co-curricular activities, social action programs, etc. Time devoted to these non-teaching assignments eats up precious hours that could have been devoted to better preparation (teachers are often notorious for just regurgitating old teaching notes that can sometimes be decades-old); to individual mentoring of the pupils; or attending upskilling or retooling seminars, especially in the area of digitalization, etc.

Fortunately, under the leadership of Vice-President Sara Duterte, also currently the Secretary of Education, the Department of Education (DepEd) recently issued Department Order (DO) No. 002 which removed these non-teaching tasks from public school teachers. Those responsible for determining the DepEd’s annual budget must realize, however, that DO 002 would imply increasing its budget so that it can hire non-teachers to perform the non-teaching functions. They cannot just be reassigned to school heads who themselves are an overburdened lot.

School heads must be given all the time necessary to actually lead the process of improving the quality of education given to the students. In this regard, let me extract some relevant advice given to school heads found in the writings of one of the most effective teachers I have known over the last 50 years. He is Dr. Antonio Torralba, who, in his more than half of a century of teaching, has covered the whole range of educating Filipinos, from the primary to the secondary to the tertiary and finally the post-graduate levels. He has written extensively on educational issues and here I summarize his ideas about how to improve the quality of Filipino teachers.

Over and above the issues of financial, physical, and human resources is the primordial task of properly forming the teachers by those who are in school management and leadership: the principal, the department heads, the level coordinators, the guidance counsellors, the master teachers, and senior teachers. This total experience of the school forms an integral part of teacher development. Dr. Torralba enumerates the important considerations that must be taken into account in improving the quality of the teacher. His recommendations can be implemented without significant increases in financial and physical resources.

In relation to teachers and teaching:

1.) Teacher search, selection and hiring — that protracted and thoughtful deliberate effort is exerted to ensure that only the best suited are selected and hired;

2.) Syllabi and lesson plan review — that due content and strategies of classroom instruction and co-curricular programs are thoroughly planned, formulated, and reviewed in appropriate chunks and in accordance with the constant and current profile and needs of the students;

3.) Teacher coaching, mentoring, training and development — that the teachers are made to undergo personalized, well-founded, laid-out, and implemented development interventions, both as teachers and as professionals;

4.) School/classroom environment — that the physical and psychological ambiance of the school, including the provision of services, remains highly conducive for teaching and learning;

5.) Teacher resources — that teachers are provided with a prudent level of teaching materials that fit their pedagogical needs and programs.

In relation to learners and learning, the criteria mentioned obviously apply to schools that have the freedom to choose the students they admit, which may not apply to most public schools (except elite schools like the science high schools). Nevertheless, the typical public school may still get some insights into how to deal with the students even if the conditions are not as favorable as assumed in this enumeration:

1.) Diagnosis and placement — that everything must be known about the students (e.g., aptitudes, deep motivations, etc.) for their effective integral formation;

2.) Classroom management — that the students are cultivated in prudence and self-discipline, to enable them to understand what is right and wrong in relation to deportment in learning and to take the optimum course of action each time, without need for outside forces;

3.) Achievement measures — that the students are thoroughly evaluated in their achievement, and that the nuances of their performance patterns get to be known;

4.) Recuperation and enrichment — that the slow learners are given reasonable measures to recover from their weaknesses, and that superior students are given reasonable challenges that could put them back in stream in leadership capacity;

5.) Co-curricular programs — that these programs are utilized to complement the formation activities in leadership, human virtues, and even intellectual virtues going on in the classroom and the rest of the campus; and,

6.) Learning resources — that the students are provided with a prudent level of materials for optimum learning.

(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

Petron says income rises 51% to P10 billion

PETRON CORP. saw a 51% increase in its consolidated net income for 2023, reaching P10.1 billion from P6.7 billion the previous year, driven by higher sales volume, the Ang-led company announced on Tuesday.

“We made much progress in the things we sought to accomplish like our financial recovery and further expansion,” Petron President and Chief Executive Officer Ramon S. Ang said in a statement.

“Looking ahead, we are inspired to be more responsible, accountable, and sustainable as we continue to grow our business,” he added.

For 2023, Petron reported a combined sales volume of 126.9 million barrels for 2023, up 13% from the 112.8 million barrels sold in 2022.

“The group’s strong volume performance was driven by the significant growth in its Jet Fuel and LPG sales backed by higher production at its Bataan and Port Dickson refineries,” the company said.

Under its operations in the Philippines, Petron sold 79.5 million barrels, higher by 16% than the 68.5 million barrels the previous year.

The Jet Fuel brand drove the company’s local industrial sales, which grew by more than 50%. Domestic LPG sales rose by 26%, strengthened by Petron’s LPG brands, Petron Gasul and Fiesta Gas. Sales in the retail sector climbed by 15%.

Citing data from the Department of Energy, Petron said that its overall market share increased to 24.5% in the first half of 2023.

The listed oil company’s revenues fell by 7% to P801 billion from the previous year’s P857.6 billion.

This was attributed to the prices, which “continued to correct from their record-high levels in 2022.” The full-year average price of benchmark Dubai crude went down by 15% to $82 per barrel.

Operating income improved by 60% to P30.7 billion from the P19.2 billion previously.

“The upswing in the financial results came at a time of persistent geopolitical conflicts and global inflationary concerns pressuring the market,” the company said.

Shares in the company climbed by five centavos or 1.55% to close at P3.27 each. — Sheldeen Joy Talavera

‘Barbenheimer’ mania fuels US gambling on the Oscars

CILLIAN MURPHY, seen here in a scene from Oppenheimer, won best movie actor at the SAG Awards for his work in the film.

LOS ANGELES — After a summer face-off at the box office, the “Barbenheimer” battle is headed to online gambling sites in the United States.

New Jersey, Massachusetts, and five other states allow wagering on this Sunday’s Academy Awards, where Barbie and Oppenheimer will compete for best picture and other honors.

Gamblers can put their money on top prizes such as best picture, actor or actress, or take a chance on lower-profile categories such as best sound or animated short.

The popularity of Barbie and Oppenheimer will likely translate to record sums bet on the Oscars, said Bill Speros, senior betting analyst at Bookies.com, a website owned by Gambling.com Group. Legal wagering on the film industry’s highest honors started in New Jersey in 2019.

This year “is the first opportunity for people to bet on two films, and stars from those films, that have had real mass appeal,” Speros said. “You have two movies that everybody’s seen.”

Gambling has been on the rise in the United States since 2018 when the Supreme Court cleared the way for sports betting to expand nationwide. State officials have embraced it as a way to boost tax revenue and keep people from illegal wagering, despite the risks to gamblers of financial losses.

While exact figures are not disclosed, last month’s Super Bowl was expected to draw $23 billion in wagers, according to a survey released by the American Gaming Association.

Oscars betting is a small fraction of that — “you will get more money on a regular-season NBA game,” Speros said — but it gives casinos a chance to draw gamblers who have no interest in sporting events.

Wagers can be placed at casinos, but most are made online through apps such as DraftKings, BetMGM, and ESPN BET.

Johnny Avello, director of race and sports operations at DraftKings, said the company sees higher participation from women around the Oscars.

“They say ‘I don’t want to bet on football, but now you’re talking Academy Awards and now you’re in my wheelhouse’,” Avello said. “I believe that’s why we see higher engagement this time of year.”

In addition to New Jersey and Massachusetts, Oscars betting is allowed in Michigan, Indiana, Arizona, Kansas, and Louisiana. California, the home of the Academy Awards, does not allow wagering on the honors.

Several other states prohibit gambling on events with predetermined outcomes, such as the Oscars, because of the risk the results could leak out in advance.

The states that do allow Oscar bets believe the Academy Awards has tight controls to prevent disclosures before winners are revealed on stage at the televised ceremony in Hollywood, Speros said.

Wagering is possible in some or all of the 23 televised Oscar categories.

In Ontario, Canada, FanDuel is offering bets on which Barbie outfit actress Margot Robbie will wear, or whether someone will fall while accepting an award. Those types of wagers, unrelated to the winners, are not permitted in any US state.

The odds on Sunday’s outcomes have changed as various Hollywood organizations doled out their picks in recent weeks.

While Barbie won the box office battle with $1.4 billion in global ticket sales, Oppenheimer is the clear leader for the best picture trophy. The movie about the race to build the atomic bomb has grabbed top prizes at the Golden Globes, Screen Actors Guild Awards, and other contests.

A week before the Oscars, it would take a $50 bet on Oppenheimer to win back $51 for a $1 profit, according to DraftKings. The odds for Barbie were 35 to 1. — Reuters

Inflation rates in the Philippines

HEADLINE INFLATION accelerated for the first time in five months in February as prices of food, particularly rice, rose faster than expected, according to preliminary data from the Philippine Statistics Authority (PSA). Read the full story.

Inflation rates in the Philippines