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Duct-taped banana artist says his work is a ‘provocation’ on value of art

SOTHEBYS.COM

ROME — The Italian artist who created the banana duct-taped to a wall that sold last week for $6.2 million, said in an interview published on Friday that the work was a “provocation” and an invitation to appreciate the true value of art.

Comedian, by Maurizio Cattelan, was snapped up on Wednesday last week at auction at Sotheby’s in New York by Chinese cryptocurrency entrepreneur Justin Sun. It first rocked the art world in 2019 on its debut at Miami’s Art Basel.

“It’s a provocation that invites us to reflect on the value of art and the dynamics of (this) market, pushing us to question what this work says about us as viewers,” Mr. Cattelan told Italian daily la Repubblica.

The piece of art, whose first version was made with a banana that cost 25 cents, went from a starting price of $800,000 to $5.2 million, plus a buyer’s fee.

“It’s the market that has decided to take a banana stuck on the wall so seriously. If the system is so frail to slip on a banana skin, maybe it was already slippery,” Mr. Cattelan added.

The artist, 64, is known for his hyper-realistic installations and sculptures, which include a fake horse dangling from a ceiling, the late pope John Paul II being hit by a meteorite, and a marble hand with a raised middle finger outside Milan’s Stock Exchange.

Mr. Cattelan also said he was fast asleep when his banana piece went under the hammer, dreaming that his favorite soccer team Atalanta would beat AC Milan at an upcoming Serie A home game.

Comedian is a laugh against a tired system, an invitation to rediscover the power of irony and simplicity,” the artist said. — Reuters

The demographic dividend of the Philippines: Learning from others

PHILIPPINE STAR/RYAN BALDEMOR

(Part 2)

As we saw in Part 1, the Philippines will continue to have a young and growing population for at least the next 40 years, time enough to give our present and future leaders the opportunity to introduce the necessary reforms in our political and economic institutions so that by the decade of 2040 to 2050, the Philippine economy shall have attained high-income status and, more importantly, bring down the poverty incidence as much as possible close to zero, as Singapore and Malaysia have already done. 

We have to avoid like the plague the fate that has befallen Thailand: becoming a super-aged society before becoming rich.  The main reason for this tragedy that has befallen this otherwise buoyant economy was the overemphasis on birth control as a tool for reducing poverty. In an aggressive campaign to push condoms and pills, the Government created a “contraceptive mentality” that is very difficult to reverse at a time when what society needs is to promote a higher birth rate, as is happening today in most countries that have realized that the real population bomb is the rapid ageing of the population, as Elon Musk repeats almost ad nauseam. This was the actual title of an IMF publication written by demographic experts David Bloom and Leo Zucker of Harvard: Ageing is the Real Population Bomb.

In an opinion column in Bloomberg, Tyler Cowen makes the point that today, “there is some evidence that shrinking populations are bad for the global economy. To me, however, the greater tragedy would be the failure to take full advantage of the planet’s capacity to sustain human life. No kind of family policy should be mandatory. But there should be policies that make a larger family a more appealing option, both economically and otherwise.”

This early in our demographic transition, we should make sure that no government policy, on the pretext of fighting poverty, would instill an anti-family and anti-life mentality among our population. There are many more positive ways of reducing mass poverty through the right policies such as emphasis on rural and agricultural development, delivering quality basic education, promotion of small- and medium-scale enterprises, the upskilling and reskilling of the existing labor force and many others. Learning from the desperate moves of countries like Singapore, China, and Thailand to encourage couples to have more children, it would be wise for the Philippine Population Commission to find other ways of implementing the Reproductive Health Law rather than obsessing over promoting the use of contraceptives.

As our fertility rate already has reached the below-replacement level, population policy should veer away from reproductive health toward human resource development. I particularly take note of an editorial that appeared in the Philippine Daily Inquirer back in 2022 that commented on the ongoing demographic transition that is happening in our country: “To ensure the productivity of the younger generation in the future, the educational system must address the shortcomings of the public school system, as evidenced  by the poor showing of elementary school students in regional and global comparative tests. Government needs to invest more to ensure a quality learning environment that includes more and better equipped classrooms and facilities, better paid teachers, more available learning materials like books and lab facilities, and even basics as adequate lavatories and healthy canteen meals.” As many developed countries are suffering from very low fertility rates and the ageing “population bomb,” it is about time that we consider every baby born to a Filipino family as a singular resource on which to invest.

It is commendable that our industry leaders, strongly encouraged by President Ferdinand “Bongbong” Marcos, Jr., are focusing more on reskilling, upskilling, and retooling the existing work force to match their knowledge and skills with rapidly changing technologies in the agricultural, industrial, and service sectors rather than giving undue emphasis to college degree programs that often fail in producing the right manpower needed by employers. As the editorial quoted above commented: “To prepare young people to join the work force, they must be   oriented toward adjusting to the evolving demands of the job market, such as developing skills in new technologies.  Government must also ensure that there would be jobs for them, once they finish their formal education.”

Despite the serious problem of the low quality of basic education in our public schools (not in the private educational institutions), there are more than enough workers already in our labor force of some 50 million people who can be reskilled, upskilled, and retooled in the technologies related to the so-called Industrial Revolution 4.0 (artificial intelligence, internet of things, robotization, and data analytics). 

Instead of spending our scarce financial resources in preventing the birth of more babies (already at 1.9 per fertile woman), it is not too early to devote more attention to the plight of ageing Filipinos. As the same editorial suggested: “As for the elderly, the country must provide adequate material support for them apart from the pension given by the state-owned retirement bodies. Better and more affordable healthcare, especially the provision of maintenance medicines and medical procedures, is likewise necessary to prevent more serious and costly expenses down the line.” And most importantly for those who, like me, have been blessed with long lives (I am 85 years old), we should be encouraged to continue using our knowledge and skills in producing educational materials, training professionals in our respective fields (especially teachers), sitting in boards of directors, managing some NGOs, mentoring younger professionals, using our green thumb to add to food security by producing high-value crops in our home gardens, etc.

With some people in our government still harping on the need to spread the practice of family planning among Filipinos couples, it is heartening to read opinions in this publication supporting the view that a large population can be an asset to the economy. My fellow columnist in this paper, Bienvenido Oplas, Jr. wrote in one of his columns*: “The fastest growing economies in the world are Asian, led by India, China, the Philippines, and Indonesia with GDP growth of 5% to 7%  in H1 2023, whereas  Europeans were crawling at -0.2% to 1.2% over the same period.” He continued: “I think the main explanation for this is the dynamic domestic economies of these four Asian countries thanks to their big populations: 1.4 billion for China and India, and 275 million and 113 million for Indonesia and the Philippines, respectively.  The beauty of having a big population is it also means there is a big supply of entrepreneurs and workers, producers, and consumers. So, when the global business and economic environment deteriorates, there is a big and strong domestic market to continue the business momentum.”

I could not agree more with Mr. Oplas, who concluded his column with a clear rejection of the continuing obsession with family planning among some government officials by suggesting that “there is a need to relax the implementation of the Reproductive Health (RH) law of 2012 (RA 10354). State funding of population control is wrong.” What we need is a “Productive Human Resource Law”!

(To be continued.)

*Global trade deceleration and economic growth due to large population – https://tinyurl.com/27rbynrc

 

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

Megawide names PwC-Isla Lipana as its new independent auditor

MEGAWIDE.COM.PH

SAAVEDRA-LED Megawide Construction Corp. has named Isla Lipana & Co., the Philippine partner of PricewaterhouseCoopers (PwC), its new independent auditor effective Dec. 1.

The company’s board of directors approved the engagement of PwC-Isla Lipana as the independent auditor during a special meeting on Nov. 25, Megawide said in a stock exchange disclosure on Tuesday.

PwC Isla Lipana is replacing Punongbayan & Araullo as the building company’s external auditor.

Megawide said that PwC-Isla Lipana’s appointment would be submitted for stockholders’ approval during a special meeting on Dec. 10.

“The inclusion of the above matter in the Dec. 10 special stockholders meeting will be subject to the approval by the Markets and Securities Regulation department of the Securities and Exchange Commission,” Megawide said.

In the first nine months, Megawide’s net income rose 69% to P562 million from a year earlier as revenue climbed 7.2% to P16.3 billion.

Operating profit grew 26% to P1.98 billion, while consolidated earnings before interest, taxes, depreciation and amortization rose 29% to P3.65 billion.

The construction segment accounted for P15.5 billion or 96% of consolidated revenues, amid increased economic activities and the government’s infrastructure buildup.

Megawide is a private partner for public infrastructure projects such as the public private partnership for school infrastructure project phases 1 and 2, the multiyear developments of Mactan-Cebu International Airport and the Parañaque Integrated Terminal Exchange, as well as the construction of Clark International Airport.

Megawide shares were last traded on Nov. 25 at P2.53 each. — Revin Mikhael D. Ochave

AUB looks to increase e-wallet market share

ASIA UNITED Bank Corp. (AUB) is planning to add new features to its e-wallet HelloMoney as it plans to grow its customer base and capture a larger share of the local market.

“To continue growing our e-wallet market share, we will embark on more innovations in the coming years such as offering microinsurance, digital savings solutions, in addition to further widening our global reach and acceptance network. We are also introducing more enhancements in user experience, and simplifying HelloMoney’s features,” AUB President Manuel A. Gomez said in a speech at HelloMoney’s relaunch on Tuesday.

HelloMoney’s customer base stood at six million as of end-September. The e-wallet was first offered in 2019.

In the coming years, the bank plans to offer microinsurance through partners in its e-wallet app, it said. It is also looking to introduce digital savings with features such as smart savings, goal-based saving, and automated savings options.

AUB plans to widen its reach by expanding its existing partnership with Alipay+ and offering “more competitive” cross-border rates. The bank in 2022 partnered with Alipay+ to enable cross-border mobile payments via its e-wallet, letting users transact using HelloMoney at Alipay+ merchants in Japan, South Korea, Malaysia, Hong Kong, and Singapore.

It likewise aims to further widen its acceptance network.

The bank will also simplify HelloMoney’s features to improve user experience, it added.

“We aim to make mobile banking easier and help more merchants grow their business globally by bringing HelloMoney closer to more users,” Mr. Gomez said.

AUB on Tuesday also announced its partnership with the Parañaque Integrated Terminal Exchange to digitize public transportation payments.

“We know we are still far off from the dominant e-wallet players in the local market, but we will relentlessly eye for bigger market share to reach more unbanked and underserved Filipinos. Beyond the numbers, we aim to build a reputation for our constant innovation, expanded global reach, and enhanced user experience, in line with our steadfast mission to make financial services truly accessible to every Filipino,” Mr. Gomez said.

AUB’s net income jumped by 71.44% to P3.35 billion in the third quarter amid higher revenues. This brought its nine-month performance to P8.78 billion, up by 40.97% from a year ago.

Shares in AUB rose by 50 centavos or 0.8% to end at P63 apiece on Tuesday. — A.M.C. Sy

Caravaggio portrait goes on public display for the first time in Rome

COMMONS.WIKIMEDIA.ORG

ROME — A portrait by baroque painter Caravaggio held in a private collection since it was discovered more than 60 years ago is being shown to the public for the first time in a museum in Rome.

Caravaggio, whose real name was Michelangelo Merisi, was a master of the chiaroscuro technique of lighting to make his subjects seem to come alive. He died in 1610 in his late thirties after a turbulent life.

His portrait of Monsignor Maffeo Barberini, who would go on to become 17th century Pope Urban VIII — a great patron of the arts who had sculptor and architect Gian Lorenzo Bernini among his proteges — was attributed to him in 1963.

“Since that moment it has never been seen in any museum, it has never been lent to an exhibition, so it’s the first time,” Thomas Clement Salomon, director of the National Galleries of Ancient Art, said on Friday.

It is one of just a handful of surviving Caravaggio portraits, since most have been lost or destroyed, and it goes on display from Nov. 23 until Feb. 23, 2025, the museum said.

“Only very few specialists since the 1960s have had the opportunity to see it in person, and it is one thing to know the painting from photographs, and another to see it in person and realize its quality, its almost magnetic power,” curator Paola Nicita said.

Barberini’s portrait is believed to have been painted at the turn of the 17th century and shows the future pope, who took office in 1623, seated and seemingly giving orders with his right hand.

The museum showing the artwork is housed in Palazzo Barberini, built during Urban VIII’s papacy by Bernini and fellow baroque architect Carlo Maderno, and which remained in family hands until after World War Two. — Reuters

S&P revises ratings outlook for DBP, PSALM to ‘positive’

S&P GLOBAL RATINGS has revised its ratings outlook for the Development Bank of the Philippines (DBP) and the Power Sector Assets and Liabilities Management Corp. (PSALM) to “positive” from “stable” to reflect the change in its outlook for the Philippines’ sovereign rating.

The debt watcher on Tuesday affirmed the Philippines’ investment grade rating and revised its outlook to reflect their positive view of the economy amid improved institutional strength.

It affirmed the country’s “BBB+” long-term credit rating for the country, which is a notch below the “A” level grade targeted by the government. It also kept its “A-2” short-term rating.

S&P Global affirmed DBP’s “BBB” long-term foreign- and local-currency issuer default ratings on March 21.

Meanwhile, PSALM holds a “BBB+” long-term foreign- and local-currency issuer default rating with the debt watcher, which was last affirmed in January 2020.

S&P Global expects DBP’s and PSALM’s ratings to move in line with the country’s sovereign rating as the government is expected to support both institutions.

“As one of the two national government-owned universal banks, DBP plays a critical role in implementing the government’s medium-term development strategy,” it said.

“The company (PSALM) plays a critical role for the government in restructuring the country’s power sector,” it added. — A.M.C. Sy

Expanding a good thing to make it better: The Philippines’ GASTPE experience

PHILIPPINE STAR/EDD GUMBAN

Education is a monumental challenge. The objective — ensuring millions of young students across the country learn — is daunting. Education is a fundamental right and a nation-building tool. Quality education is vital to personal development, societal progress, and economic growth.

But the public education system in the Philippines is riddled with challenges. Aside from the issues of the quality of instruction and access to the best sources of educational resources, the Philippines also has to grapple with the more basic concerns of lack of classrooms, poor school facilities, and the dearth of teachers. Overcrowding in public schools has prevented our students from maximizing their education experience.

This is the impetus for the creation of the Government Assistance to Students and Teachers in Private Education (GASTPE) in 1989. GASTPE’s role in filling the gaps in public education through assistance to the private education system has been well documented. Alleviating the strain on public schools while maintaining high educational standards has been the program’s key contribution to the nation.

I saw this firsthand during my own stint as undersecretary at the Department of Education.

GASTPE, a government initiative that provides financial assistance to students and teachers in private schools, includes several mechanisms such as Education Service Contracting (ESC), the Senior High School Voucher Program (SHSVP), and the Teachers’ Salary Subsidy. In the last 35 years, the program has assisted over 12.45 million student-grantees. Last year alone, some 3,600 schools and beneficiaries were served.

Specifically, GASTPE enables private schools to absorb excess students, reducing the rampant overcrowding in public schools. Private schools can accommodate nearly 900,000 more learners with resource optimization. Aside from this, the program is also able to address regional disparities because they address underserved areas.

Finally, the program has a component that funds training and development of teachers to enable them to adapt to evolving educational needs. For example, the technological demands during the pandemic have continued and have necessitated teachers be more flexible in using a mix of traditional and non-traditional teaching methods. Through these, they would be able to connect with their students better. Private schools have also been given assistance as they transitioned to blended learning during the difficult days of the pandemic.

Over the years, graduates helped by the GASTPE program often emerge as community and industry leaders, able to combine their lessons from classroom instruction and their extra-curricular experiences to become part of the solution in their own spheres.

Now comes the logical question: Why not expand the reach of this worthy education program so that it could also benefit elementary school children and more underserved areas in the archipelago? Private schools could be a powerful force in providing quality education in rural areas. Such a synergy is a form of public-private partnership that could help address our systemic educational challenges. Indeed, GASTPE should be a national initiative, and younger learners should have access to quality basic education.

Several private schools have issued statements to appeal to the government to bring the benefits of GASTPE to younger students. For instance, the 118 member Association of Christian Schools, Colleges and Universities (ACSCU) recently released a statement affirming the benefits of GASTPE and asking the government to expand it.

“As we look to the future, ACSCU envisions an expanded GASTPE that reaches even more students, particularly in rural and underserved areas. To realize this vision, we need the continued partnership of our government and a strengthened collaboration with private and public educational stakeholders. By working together, we can make GASTPE more responsive to the shifting educational landscape and ensure that the program continues to support not only students and teachers but also the broader mission of Christian education in national development,” said Dr. Betty Cernol-McCann, association President and also the President of Silliman University.

There is a proverb that says, “It takes a village to raise a child.” We can tweak it a bit to show that the same holds in educating a Filipino child and preparing him or her for the future. A collaborative approach to education must ensure equal access to quality learning. The government, private schools, and stakeholders must come together to extend and expand a sound initiative so that it benefits more young Filipinos.

We understand that our policymakers now have to deal with the noise in politics that threatens to drown out persistent issues in education. But they must not lose focus. Personalities come and go, but the concerns in our education system and the need to empower our teachers and students alike will always be there. Improving access to and the quality of education is a goal we must constantly pursue. It is not only the government that bears this responsibility but all stakeholders including private schools, civil society, parents, and communities.

GASTPE is a program that has been tested by time — we should make sure its benefits reach more young Filipinos in succeeding years.

 

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

More Hotel101-Madrid unit owners get golden visas

HOTEL101/BW FILE PHOTO

DOUBLEDRAGON Corp. on Tuesday said its unit Hotel101 Global Pte. Ltd. has released the third batch of golden visas to property owners of its project in Madrid, Spain.

Also known as the Spain investor visa, the golden visa is a residence permit given to non-European citizens who have a substantial investment in Spain such as real estate asset worth at least 500,000 euros, the company said in a stock exchange filing.

Golden visa applicants must buy three units each of the 680-unit Hotel101-Madrid to meet the Spanish government’s investment requirements. The first batch of golden visas was issued in September, while the second was given in October.

“Hotel101 Global expects the succeeding golden visa issuances to Hotel101-Madrid unit owners to just flow consistently with new batches of releases expected every few weeks at an even faster pace,” DoubleDragon said.

Hotel101-Madrid will be finished by the end of 2025. It is one of the property company’s first three Hotel101 projects overseas, along with Niseko in Japan and Los Angeles in the US.

The three overseas projects are expected to generate $471 million (P27.2 billion) in foreign currency revenues.

Hotel101 aims to have a million operating hotel rooms globally by 2050, 50,000 of which will be in the Philippines.

For the first nine months, DoubleDragon’s attributable net income rose by 5.2% to P1.51 billion from a year earlier. Revenue increased by 4.5% to P6.42 billion.

DoubleDragon shares dropped 2.6% or 25 centavos to P9.35 each. — Revin Mikhael D. Ochave

Arts & Culture (11/27/24)


National Artist F. Sionil Jose honored

THE Cultural Center of the Philippines (CCP) is holding the F. Sionil Jose Centennial Celebration: Congress, Conference, and Contest, series of literary events to commemorate the birth centenary of the late National Artist for Literature. Free and open to the public, this two-day event will take place on Nov. 27 and 28 at The Verdure, 4/F Henry Sy Sr. Hall, De La Salle University (DLSU) in Taft Ave., Manila. Mr. Jose was known for his masterwork, the Rosales Saga, which comprises five novels, namely Poon; Tree; My Brother, My Executioner; The Pretenders; and Mass. The celebration opens with the annual PEN Philippines Congress on Nov. 27, from 9 a.m. to 5 p.m. On the same day, Jose Dalisay will deliver the Rizal Lecture. For the Free Word segment, there will be an excerpt from Tanghalang Pilipino’s Balete, a play based on Mr. Jose’s novel Tree, adapted for theater by Rody Vera and directed by Chris Millado. The Man from Rosales: The F. Sionil Jose Conference will be held on Nov. 28 from 9 a.m. to 5 p.m. The conference will have academic discussions on Mr. Jose’s legacy as a fictionist, as well as the challenges and possibilities faced by Philippine fiction today, examining research papers on Mr. Jose which have been selected from a call issued earlier in the year. Saul Hofileña, Jr. and playwright Vera will serve as keynote speakers. A panel of scholars will present papers that seek to investigate the intellectual legacy of F. Sionil Jose and his work. The F. Sionil Jose Young Writers Awards, freshly revived by the Jose family, will confer prizes on select young winners. A special photo exhibit, Memories: Photographs by F. Sionil Jose, will showcase a selection of photos taken by the late National Artist. The exhibit will be on view from Nov. 27 to Dec. 6, at the DLSU Libraries, 12/F Henry Sy Sr. Hall. Guided tours may be scheduled. All events are free admission. Non-DLSU visitors must register to secure an entry pass into the campus through bit.ly/FSJ100. The main entrance is: DLSU Gate 2 (North Gate). For more details, visit fsioniljosecentennial.com or e-mail ccpintertextualdivision@gmail.com.


Walang Sugat zarzuela goes onstage at UP

THE University of the Philippines (UP) will stage the classic Filipino zarzuela Walang Sugat on Nov. 28 and 29 at the Benito Sy Pow Auditorium, UP College of Architecture in UP Diliman, Quezon City. There will be 3 p.m. matinee and 7 p.m. gala shows on both playdates. A production of the UP College of Music’s Abelardo Hall Concert Series In Transit, the zarzuela will be presented by director Alegria O. Ferrer in the traditional concept of the masterpiece written by Severino Reyes in 1898 and set to the original music of Fulgencio Tolentino. For the UP production, Josefino “Chino” Toledo is the musical arranger and also wrote additional music. Pianist Michelle Nicolasora and Padayon Rondalla are the assisting artists. Walang Sugat is set during the Philippine Revolution of 1896 and highlights the injustices Filipinos faced under Spanish rule, including the oppression of Filipino prisoners for expressing their patriotism. It was premiered in 1902 at the Teatro Libertad in Pasay. A young cast of recent graduates of the UP College of Music voice program will essay the main roles. Tickets are available for P300 at the theater entrance or can be purchased online through https://form.jotform.com/242678559803470.


Shangri-La Plaza to host multimedia arts exhibit

A COLLECTION of artworks will be showcased in a three-day exhibit entitled Momentum: Rising Tides at the East Atrium of Shangri-La Plaza in Mandaluyong City, which will run from Nov. 29 to Dec. 1. The event, a celebration of the next generation of Multimedia Arts (MMA) students from the De La Salle-College of Saint Benilde (DLS-CSB), will feature works and projects by 72 participating creatives. The MMA Program trains future storytellers to develop an eye for visual language and the capability to improve communication experience. Admission is free.


Art Tag fairs connect artists, collectors with public

A NEW art festival in Tagaytay celebrates artists and collectors.  Called Art Tag, it’s unique selling proposition is that art is directly sold by artists and collectors to the general public as opposed to other art markets or expositions wherein galleries represent artists and sell their works. Art Tag intends to create two markets annually, one weekend before Christmas and another during the summer season, or what’s called “Tag-lamig” and “Tag-init,” respectively. The first Art Tag will also have a market for gifts, food kiosks, a Christmas caroling competition and fire pits. Participating artists include Popo San Pascual, Kutz de Jesus, Raiñer Duhaylungsod, Xander Calceta, Reb Belleza, David Kaufman, Ruth Cancio, Isaac Sion, Dante Palmes, Dominic Escobar, Dante Enage, and many others. The first Art Tag Christmas will take place on the weekend of Nov. 30 to Dec. 1 at the garden outside Tag 4120 Restaurant & Art Gallery, Lagusan Drive, Brgy Tolentino West, Tagaytay from 10 a.m. to 10 p.m. For more information, visit their Facebook and Instagram pages or contact 0920-926-4120.


ARTablado presents Vicson Apostol’s Home

FOR Filipino artist Vicson Apostol, the idea of “home” transcends the confines of walls and roofs; it is the beating heart of his artistic vision and his debut solo exhibit, Home, currently on view until Dec. 6 at the ARTablado, Upper Ground Floor, North Wing of Robinsons Antipolo. Mr. Apostol began as a muralist and portrait artist, later transitioning to canvas painting in 2017. His works, often portraying clusters of small Filipino homes, reflect his belief that “owning a house is one of every Filipino’s dreams… for a better future for our loved ones and family.”


Silverlens holds Santos family exhibit

SILVERLENS presents To See A Landscape As It Is, a group exhibition curated by Nilo Ilarde featuring the works of the Santos family of artists: Soler, Mona, Luis Antonio, Isabel, and Carina Santos. The exhibit is ongoing until Dec. 21. Ten years after Gathered Narratives in 2014, the Santos family has returned to Silverlens in a collective exhibition, occupying the entirety of Silverlens’ new site, with new work that encompasses all their current practices, a catalogue of their individual progressions in the last decade. These five artists all work separately, each involved in their lives beyond the one they share together. Silverlens Manila is found at 2263 Don Chino Roces Ave. Ext., Makati City.


BenCab Museum holds annual year-end group show

THE BenCab Museum in Baguio caps the year with its annual year-end group show, RE:VIEW 2024, at the Gallery Indigo on Dec. 7. The exhibit features the works of 56 artists, including young emerging painters and established artists, working in diverse styles from figurative to non-figurative, showing a wide range of subject matter and techniques. It will run until Feb. 9, 2025.  Opening on the same day is the photography exhibit, Early Photos of Baguio. The exhibit will be held at the museum’s Sepia Gallery. Photography came at an auspicious time for the Philippine Cordilleras and its people in the late 19th century. European and American explorers, colonizers, missionaries, and, later, tourists, would find a people clinging to their cultural practices, giving many opportunities to capture their lives in images that have become a legacy for appreciation and study today. These photographs from the Ortigas Library and Jonathan Best collection complement the BenCab Museum’s significant Cordillera collection. The BenCab Museum is located at Km. 6 Asin Road, Tuba, Metro Baguio.

PHL banks’ regulatory framework favors credit growth, says Fitch

BW FILE PHOTO

THE PHILIPPINES’ banking regulatory framework favors credit growth, Fitch Ratings said.

In a report released on Tuesday, the Philippines was given a “bb+” rating for its operating environment (OE) score, which assesses the efficacy of regulatory frameworks.

“Our assessment of the efficacy of APAC (Asia-Pacific) banks’ regulatory framework is aligned broadly with their respective bank operating environment score,” Fitch said.

“Strong regulatory frameworks contribute to higher bank operating environment scores in DMs (developed markets), while weaker frameworks in certain EMs (emerging markets) increase banks’ vulnerability in financial performance, which may weigh on their viability ratings.”

The assessment covers rule calibration, supervision, accounting, governance standards, and creditor rights protection across jurisdictions.

Fitch’s scorecard showed that the Philippines’ regulatory framework favors credit growth, is prone to forbearance, and reflects a lack of progress in Basel III implementation.

Countries that score a ‘ccc’ to ‘bbb’ show “key weaknesses stemming from slow implementation of rules, pro-credit growth nature of macroprudential measures, issues in governance, transparency or enforcement, or a tendency towards greater forbearance.”

“Macroprudential measures have been employed to good effect in most developed markets to address issues prevailing at various times, while four EMs — Indonesia, the Philippines, Sri Lanka and Vietnam — tend towards a pro-growth stance through macroprudential or monetary policy measures,” it said.

It said the Philippines lacks loan-to-value (LTV) caps.

“There are no regulatory caps on residential mortgage LTV limits in the Philippines, nor is there an explicit debt-service ratio requirement for retail borrowers. Instead, the BSP imposes an aggregate limit on the banks’ real-estate exposure at 25% of total exposure, and conducts stress tests periodically to ensure that banks’ loss-absorption capacity is adequate.”

Fitch added that the Philippines only allows the standardized approach (SA) for credit risk or minimal use of internal-ratings-based approach.

“The Philippines’ Basel III framework typically aligns with international standards though implementation timelines for certain provisions have differed slightly. The Philippines is not a member of the Basel committee,” it said. “There has not been any announcement on the timeline for the implementation of the revised Basel III SA rules.”

The report also showed that the Philippines needs to increase focus on environmental, social and governance standards in banking.

“Indonesia and the Philippines have made progress but lack alignment with the Task Force on Climate-related Financial Disclosures or International Sustainability Standards Board standards,” Fitch added. — Luisa Maria Jacinta C. Jocson

What Filipino liberals can learn from the Democratic defeat in the US

RAWPIXEL.COM

(Part 1)

“DUTERTISMO is to the Philippines what Trumpism is to America,” remarks political economist Calixto Chikiamco, underscoring the striking similarities between two populist movements that have reshaped their respective political landscapes. Both Rodrigo Duterte and Donald Trump ascended to power by capitalizing on widespread discontent among voters who felt excluded by the political establishment. Their successes were built not on policy details but on emotionally charged narratives, presenting themselves as anti-elite crusaders who would restore order and accountability to a broken system. As the Philippines faces the specter of the Dutertes’ national comeback in 2025 and 2028, the opposition must confront a fundamental question: How can it challenge the enduring appeal of a populist leader whose legacy continues to resonate with millions?

The parallels between Dutertismo and Trumpism are striking, not just in their appeal to disaffected voters but also in the underlying erosion of democratic norms. Both leaders thrived in environments of deepening social and economic divisions, where traditional political parties failed to adequately address the concerns of marginalized groups. Research consistently shows that populist leaders succeed by exploiting a profound dissatisfaction with the status quo. According to a 2019 study published in The Journal of Politics, populist movements in both Europe and the United States capitalized on voter alienation, which is often driven by perceived economic inequality and a loss of cultural identity. This same dynamic was present in the Philippines when Duterte, like Trump, positioned himself as the antidote to an elite-controlled government that had failed to meet the needs of ordinary citizens.

As Trump’s 2024 victory demonstrated, populist rhetoric thrives in an environment of dissatisfaction. According to historian Joseph Ellis, the appeal of Trumpism was less about policy and more about a visceral reaction to a changing America. “It was a rebellion against elites who had governed for decades without delivering for the people,” Ellis remarked. In the Philippines, Duterte’s rise was similarly a rejection of the political establishment, with his anti-elite stance and tough-on-crime message resonating with voters frustrated by a perceived failure of governance.

Similarly, Duterte’s 2016 campaign centered around a promise to restore law and order by aggressively cracking down on crime and corruption. According to a survey conducted by the Social Weather Stations (SWS) in 2016, 70% of Filipinos supported Duterte’s anti-drug campaign, despite concerns about extrajudicial killings. This overwhelming support underscores how Duterte’s message resonated emotionally with voters who felt insecure in their daily lives, even as his opponents warned about the dangers of his authoritarian tendencies. The same SWS survey revealed that 54% of respondents believed that the country was on the wrong track, signaling a deep discontent with traditional leadership.

For Filipino liberals, the challenge is not just to oppose the populist rhetoric but to rebuild trust in institutions that have been undermined. The question is: how can the opposition re-establish credibility in a system increasingly dominated by figures who thrive on distrust and division?

The American left’s failure to recover after Trump’s election reveals a fundamental misstep: the inability to adapt to a new political reality. Despite the rise of Trumpism, the Democrats have been slow to understand the depth of the political shift. The party’s traditional strategies — relying on policy debates, media engagement, and the intellectual elite — have fallen flat in an age where emotions, rather than reason, dictate much of the political conversation.

In his analysis of the Democratic defeat, political scientist Thomas Frank argued that the Democrats “did not see that the problem was not just Donald Trump — it was a system that had failed to deliver for large swathes of the population.” In this sense, the Philippines finds itself in a similar predicament. The opposition’s focus on technocratic solutions and traditional political strategies has alienated many voters who feel disconnected from the political process. As Frank’s assessment of the American left suggests, the failure is not just in opposition to populism but in understanding the root causes of the dissatisfaction that fuels it.

THE DISCONNECT BETWEEN ELITE POLITICS AND THE MASSES
One of the central lessons of the American Democratic loss is the profound disconnect between elite politics and the frustrations of the masses. For Filipino liberals, this is a critical point. While many in the political establishment may see the need for economic reforms or policy shifts, these arguments do not resonate with voters who feel excluded from the benefits of globalization, digitalization, and economic liberalization.

In fact, a 2020 study by the Institute for Development and Econometric Analysis found that a significant proportion of Filipinos felt disconnected from the political process, with 56% of respondents saying they trusted the government “only sometimes or never.” This distrust is amplified by the pervasive feeling that traditional politics has failed to deliver real change. The Philippines, like the US, faces a crisis of representation, where many voters believe the political system is rigged in favor of elites who do not understand or care about their struggles.

In the 2016 US election, Hillary Clinton’s campaign failed to connect with key working-class voters in swing states like Michigan, Wisconsin, and Pennsylvania. According to Clinton’s campaign manager Robby Mook, the focus on policy and the technical aspects of governance — while important — was not enough to combat the emotional appeal of Trump’s promise to “drain the swamp” of Washington elites. “The American electorate was hungry for something outside the traditional system, for a message that resonated emotionally,” Mook reflected after the loss.

More recently, the 2024 US presidential election exposed the Democrats’ inability to connect with critical working-class voters, particularly in swing states and traditional Democratic strongholds. While Harris campaigned on a platform of moderation and inclusivity, she struggled to resonate with voters disillusioned by what they perceived as the Biden administration’s failures. According to post-election analysis, Harris’ strategy of courting suburban white voters and distancing herself from progressive policies alienated large segments of the Democratic base, including working-class and minority voters who were instrumental in past victories.

Trump, by contrast, expanded his appeal among historically Democratic demographics, including Black and Latino working-class men. His campaign emphasized a populist critique of the “deep state,” presenting himself as the only candidate capable of delivering real change in a system perceived as corrupt and ineffectual. Analysts observed that Harris’ attempts to position herself as a moderate only reinforced Trump’s narrative of her as an extension of the status quo.

For Filipino liberals, the lesson is clear: simply being the “rational” alternative to populism is insufficient. They must bridge the gap between elite-level rhetoric and the lived experiences of everyday Filipinos. This requires a politics that speaks to the fears, frustrations, and hopes of the broader electorate — one that recognizes the emotional currents that underlie political engagement today.

Take, for instance, the political divide in the Philippines during the 2016 presidential election. Despite the elite-driven campaigns of candidates like Mar Roxas, Duterte’s populist rhetoric resonated deeply with the masses. Duterte’s anti-elite, anti-establishment stance — and his promises to address issues such as crime and corruption — appealed to a large swath of voters who felt disenfranchised by decades of governance that seemed disconnected from their needs. His success was not in policy details but in his ability to tap into the anger and frustration of those who felt ignored.

This moment continues to define Filipino politics, and the failure of the opposition to learn from it remains a significant challenge. In the face of Duterte’s enduring popularity, the opposition continues to rely on outdated strategies, assuming that an appeal to reason and policy expertise will win back the electorate. As historian and former senator Butch Abad lamented, “The opposition has been too focused on what it stands against, rather than what it stands for.”

Perhaps the most instructive element of Trumpism, and Dutertismo as well, is the power of emotional resonance in political messaging. Both Trump and Duterte have demonstrated a keen understanding of how to channel popular frustration into a coherent and compelling narrative. In a world where information is mediated through social media platforms, the ability to craft a message that resonates emotionally with voters is perhaps the single most important political skill of our time.

Duterte, for instance, effectively utilized social media to bypass traditional gatekeepers — journalists and editors — building a direct line to his base. During the 2016 election, his viral Facebook posts and divisive rhetoric became central to his appeal, much as Trump’s use of Twitter dominated the political discourse. In both cases, the appeal was not to reason but to raw emotion: fear, anger, and a longing for national rejuvenation.

In the face of Trumpist and Dutertista populism, traditional forms of political engagement — through media outlets, think tanks, or academic institutions — have proven increasingly ineffective. The rise of digital platforms as political battlegrounds has rendered old-school political strategies obsolete. If the opposition is to win the hearts and minds of Filipinos, they must engage on the digital platforms where today’s political battles are fought. Former journalist and communications strategist Inday Espina-Varona observed, “The opposition must meet the people where they are: on social media, not in forums and debates.”

(To be continued.)

 

Jam Magdaleno is a political communications expert and currently heads the communication unit at the Foundation for Economic Freedom.

AI benefits should be obvious to spur adoption — analysts

FREEPIK

PHILIPPINE COMPANIES should use generative artificial intelligence (GenAI) for tasks where its benefits could be measured, justifying it costs, according to industry experts.

Many businesses are still in the experimentation stage for GenAI, Gian Paulo Dela Rama, chief product officer at Sprout Solutions, told the BusinessWorld Forecast 2025 economic forum.

Common use cases include using the platform to answer questions, similar to what ChatGPT does. However, this alone would not convince business leaders to shift to AI, he said.

“What would get your CEO excited is if you can have one employee do the work of 10 people,” Mr. Dela Rama said.

He added that companies are shifting to AI agents, or applications “that do not only speak and chat… but also transact.”

Mr. Dela Rama noted that Sprout Solutions could process the payroll of 15 companies in 30 minutes using an AI agent.

Only 10% of companies have scaled their AI use, according to Boston Consulting Group.

To identify what AI strategy to use, companies should modernize their technology and unify their data, Peter Manquera, president and chief executive officer (CEO) at Microsoft Philippines.

“At least on the enterprise side, that’s proven to be a challenge because the organization has to be quite mature to be able to think about it in a transformational context,” he told the forum.

About 55% of Filipino leaders worry that their organization lacks a plan to implement AI, lower than the 60% regional average, according to a study by Microsoft and LinkedIn.

Pia H. Azarcon, a managing partner at IBM Philippines, said companies could measure AI outcomes by using it for testing, as well as in code and application programming interface development. — Beatriz Marie D. Cruz

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