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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

Cooperation among nations with shared values as a pathway to stability

KRAKENIMAGES-UNSPLASH

The Philippines as a country and as part of the Indo-Pacific region is confronted by numerous challenges on many fronts — enhancing maritime security, promoting economic development, and combating climate change, among others.

It cannot address these challenges on its own.

Friendship and partnerships with countries that share its values are a source of strength and confidence. For example, the trilateral partnership between the Philippines, India, and Japan is a strategic move to address regional challenges. Through collaboration and the sharing of resources and expertise, these countries aim to counter the growing aggression of other actors by enhancing connectivity, strengthening supply chains, and securing the Indo-Pacific region. Sharing the best practices in the military, geopolitical, and economic realms would have a significant impact on the region, thus facilitating a free and open Indo-Pacific.

A forum precisely on this triangular collaboration, organized by the Stratbase ADR Institute and the Japan Foundation, was held on March 1. Among the topics discussed during the event was the proposed cooperation that would not only enhance security but also promote trade and economic development among the three nations.

During the forum, it was acknowledged that maritime security cooperation remains crucial amid China’s increasing aggression in the West Philippine Sea. This is highlighted by recent incidents involving Philippine vessels and interference with communication systems. China’s activities in the West Philippine Sea, including the Scarborough Shoal dispute and rejection of the 2016 arbitral ruling, have raised concerns.

Like the Philippines, Japan also faces maritime disputes with China, particularly over the Senkaku Islands in Okinawa prefecture.

Hiroyuki Akita, a commentator at Nikkei Asia, said Japan is working to establish a more horizontal and mini-lateral security alliance in the region in anticipation of the potential return of former US President Donald Trump to the White House. According to him, Trump’s return — deemed likely as recent polls indicate that the American electorate favors Trump over the incumbent President Joseph Biden because of the latter’s age and fitness for a second term — would be a significant development.

No doubt, this would cause a shift in geopolitical dynamics that could impact regional security strategies and alliances, including those involving the Philippines.

According to Dr. Renato de Castro, China’s actions should not be termed as a territorial dispute but maritime expansion. Referring to it as a territorial dispute often implies a contention over specific pieces of land or territory, which may oversimplify the broader issue at hand.

But framing the issue as Chinese maritime expansion acknowledges the broader strategic goals and actions undertaken by China to assert control and influence over maritime areas beyond its immediate territorial waters. This perspective highlights China’s efforts to expand its presence and influence in the region through various means, such as artificial island-building, military deployments, and unilateral resource exploitation, which extend beyond traditional notions of territorial disputes.

Another defense and security issue tackled during the forum was the delivery of BrahMos cruise missiles from India to the Philippine Marine Corps. This collaboration reflects a broader geopolitical strategy to address regional security challenges collectively.

PHL-AUSTRALIAN FRIENDSHIP
And then, there is our country’s special relationship with Australia. President Marcos made a state visit on Feb. 28-29 and in addressing the Australian Parliament, he articulated a comprehensive vision for security cooperation, addressing multifaceted challenges across various domains.

Central to his discourse was the pressing issue of security in the West Philippine Sea, where he emphasized the imperative of upholding international law and safeguarding freedom of navigation. Moreover, he outlined a forward-looking vision for defense and security cooperation between the Philippines and Australia.

Throughout his speech, the President reiterated the shared commitment of both nations to a rules-based order and regional stability, underscoring the critical role of collective action in confronting geopolitical threats and ensuring peace and prosperity in the Indo-Pacific region.

On the West Philippine Sea, President Marcos Jr. emphasized the importance of protecting the South China Sea as a vital global waterway for regional and global peace. Despite recent efforts to improve diplomatic ties between Beijing and Canberra, the issue of territorial disputes in the South China Sea remains a point of contention.

On Strategic Partnership and Bilateral Cooperation, the President emphasized the longstanding relationship between the Philippines and Australia, citing their 78 years of diplomatic ties and their collaboration during World War II. Australia is one of the few countries with a Visiting Forces Agreement (VFA) with the Philippines, aside from the US.

On Energy Security, President Marcos Jr. praised Prime Minister Anthony Albanese for his commitment to a world without nuclear weapons during his recent speech. He highlighted the significance of treaties such as those of Bangkok and Rarotonga in promoting nuclear disarmament. Marcos Jr. also expressed concerns about the proliferation of nuclear weapons, citing the buildup of global weapon stockpiles, particularly in North Korea, and the war between Russia and Ukraine. This stance strengthens the country’s position in global diplomacy and aligns it with other nations striving for a world free of nuclear weapons.

The emphasis on security, particularly in the West Philippine Sea, underscores the need to address pressing security concerns and strengthen defense cooperation with Australia.

Our commitment to a rules-based order, which we share with these nations, is also a shared interest in upholding international laws. This is a pathway to stability amidst geopolitical tensions that we face.

 

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

Cebu Pacific receives 2nd aircraft delivery for 2024

CEBU PACIFIC said it has received its second aircraft delivery for the year in line with its target to increase its network capacity, the budget carrier said on Tuesday. 

“This aircraft delivery is consistent with our commitment to incorporating SAF in our operations,” Alex B. Reyes, chief strategy officer of Cebu Pacific, said in a statement.

The A330-NEO, or New Engine Option aircraft, is the first of the 12 Airbus NEO deliveries expected to arrive within the year.

The airline previously received its A320ce aircraft.

Airbus’ aircraft is said to have better fuel efficiency as it is the latest generation of Airbus planes considered the most compatible to use SAF. Currently, all Airbus aircraft are certified to operate with up to a 50% SAF blend.

“Using SAF is one of the steps we are taking towards reducing carbon emissions and advance our sustainability agenda in the aviation industry,” Mr. Reyes said.

Cebu Pacific aims to use SAF across its commercial network by 2030 as part of the company’s commitment to help the aviation sector achieve its net-zero greenhouse gas emissions by 2050. 

The budget carrier is also aiming to transition to an all-NEO fleet by 2028.

To date, Cebu Pacific flies to 35 domestic and 24 international destinations in Asia, Australia, and the Middle East. — Ashley Erika O. Jose

Gov’t fully awards reissued seven-year bonds

BW FILE PHOTO

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it offered on Tuesday at a higher average rate after inflation picked up in February.

The Bureau of the Treasury (BTr) raised P30 billion as planned via the reissued seven-year bonds it offered on Tuesday as total bids reached P50.062 billion, or almost twice the amount on the auction block.

The bonds, which have a remaining life of six years and 10 months, were awarded at an average rate of 6.27%, with accepted yields ranging from 6.198% to 6.345%.

The average rate of the reissued bonds rose by 17.6 basis points (bps) from the 6.094% quoted for the papers when they were first offered on Jan. 16. It was likewise 14.5 bps above the 6.125% coupon for the series.

The yield also was 8.2 bps above the 6.188% seen for the same bond series and 3.3 bps higher than the 6.237% quoted for the seven-year bond at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

The T-bonds fetched a higher average rate after headline inflation quickened in February, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The higher auction rates today reflected the stronger-than-expected Philippine headline inflation for February 2024,” a trader likewise said in an e-mail on Tuesday.

Headline inflation accelerated to 3.4% in February from 2.8% in January, the Philippine Statistics Authority reported on Tuesday. Still, the consumer price index (CPI) was much slower than the 8.6% print in the same month a year ago.

Last month’s inflation print was above the 3% median estimate in a BusinessWorld poll of 16 analysts conducted last week, but was within the Bangko Sentral ng Pilipinas’ (BSP) 2.8-3.6% forecast for the month.

This also marked the first time that headline inflation picked up month on month since September 2023.

For the first two months, the CPI averaged 3.1%, within the BSP’s 2-4% annual target.

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

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at 5.1% of gross domestic product this year. — A.M.C. Sy