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Maharlika eyes co-investments with other sovereign, private funds

THE Maharlika Investment Corp. (MIC) is looking at the possibility of partnering with other funds interested in investing in the Philippines, its top official said on Monday.  

“We envisage co-investing with sovereign wealth funds, and other private equity and institutional funds that are keen to invest in the Philippines,” MIC President and Chief Executive Officer Rafael Jose D. Consing, Jr. told the BusinessWorld in a Viber message. 

This, following the MIC’s membership in the International Forum of Sovereign Wealth Funds (IFSWF), which is an England-based group of sovereign wealth fund managers. It also sets governance standards for the operation of funds globally. 

Its membership in the group will allow the MIC to engage with more global investors and fund experts and “grants the Philippines access to a range of privileges, such as international recognition, networking, and peer learning opportunities,” the Department of Finance said in a press release last week.  

Other IFSWF members include the respective sovereign wealth funds of Singapore, Indonesia, Malaysia, United Arab Emirates, United States, France, Italy, China, Spain, and Australia, among others.

“As for our Associate Membership in the IFSWF, we are excited to collaborate with leading sovereign wealth funds worldwide, sharing knowledge and best practices to maximize our impact on the Filipino people and the global community,” Mr. Consing said on Monday. 

Last week, the MIC Board also approved the corporation’s founding principles and framework for its overall mission, governance structure and high-level investment approach until 2028. Under Republic Act No. 11954 that created the Maharlika Investment Fund, the creation of the framework is required before the MIC can proceed with its investments.  

Mr. Consing has said the MIC is looking to initially invest in energy security, resource development, healthcare, and digital connectivity. He said the MIC will announce its first investment before the end of the year. 

The corporation’s annual budget has yet to be finalized by the Department of Budget and Management. It is also in talks with the Governance Commission for Government-Owned and -Controlled Corporations and the Civil Service Commission on its organizational structure.

It is also looking to set up thematic sub-funds, or equity mutual funds that invest in equities tied to infrastructure, manufacturing, energy, and other sectors.  

The MIC earlier said it is seeking to raise $1 billion for energy projects, one of its priority investment areas. The $1 billion may be raised through private equity and limited partnerships with other countries’ sovereign wealth funds, Mr. Consing said. 

The MIC chief also earlier said that they are in talks with government agencies to support the development of three economic zones in Luzon and Mindanao. These include an industrial ecozone north of Luzon, a medium-sized agri-industrial ecozone south of Metro Manila, and another ecozone in Mindanao. — B.M.D. Cruz 

Ortigas Art Festival celebrates art without borders

THE ORTIGAS Art Festival (OAF) is showcasing more diverse artists from all over the Philippines for its 7th year.

With the theme “Art for All,” the OAF aims to “expand horizons and put the spotlight on more artists.”

The free event, which runs until Aug. 18 at the east wing of the Estancia Mall in Pasig, features paintings, sculptures, photographs, film screenings, and dance performances, as well as a wide range of educational workshops.

“Since 2018, we have boasted an environment that focuses on emerging talents from regional, artist-led initiatives. We welcome them to showcase their works, an opportunity that is simply not available to them in more exclusive contemporary art fairs,” Renato R. Habulan, OAF head curator, said during the art festival’s opening on July 18.

“Our goal is to really democratize art, open it to the wider audience, engage with the masses. Our challenge is to create an enlightened ecosystem by not concentrating on the top 2% of the market,” he told BusinessWorld.

Helen Mirasol, OAF’s founding consultant, explained that another improvement this year is a lounge area with seating for senior citizens and persons with disabilities, making art an accessible activity to them.

This year, Mr. Habulan led Agos Studio to highlight works by up-and-coming Filipino artists that are part of his two-year Lunduyan mentorship program. These are displayed on the first floor of Estancia Mall’s east wing, along with the exhibit Buklod, featuring works by artists from Iloilo.

Also on view is also the Locations of Freedom exhibit by the vMeme Contemporary Art Gallery, on display at the mall’s second floor, before it departs for the 15th Gwangju Biennale in South Korea. As the official Philippine Pavilion, it shows various art forms, from audiovisual installations and photographs to maquettes and mini sculptures, all reflecting the theme of freedom.

Participating in the festival are the Linangan Artist Residency representing an art community headed by Emmanuel Garibay in Alfonso, Cavite, and the Grupo Sining Angono, Angono Artists Association, and Angono Ateliers Association which are showing vibrant works from Angono, Rizal, which is arguably the art capital of the Philippines.

Meanwhile, the Pasig Art Club showcases works from its citizens of various professions and disciplines.

The Ortigas Foundation Library and Redlab Gallery focus on photography and have on display prints of nostalgic and otherworldly qualities, ranging from green landscapes to memorialized moments in urban life. The Nayon Photographers Club is also exhibiting the unique art of “paintography,” which combines painting and photography to create elegant, detailed images.

The Film Development Council of the Philippines (FDCP) will host late-night movie screenings of award-winning films — Gitling (2023) by Jopy Arnaldo, Independencia (2009) by Raya Martin, Firefly (2023) by Zig Dulay, and In My Mother’s Skin (2023) by Kenneth Dagatan.

Those who attend the screenings can also learn from FDCP experts, headed by its chairman Jose “Joey” Javier Reyes at OAF’s film talks.

Those who like dance can watch performances by the Halili-Cruz School of Ballet and Step by Step Performing Arts Studio.

The Ortigas Art Festival runs until Aug. 18 at the Estancia East Wing, Capitol Commons, Pasig City. Admission is free. For the full festival schedule, follow the Ortigas Art Festival on Facebook or visit ortigasmalls.com. — Brontë H. Lacsamana

MediaQuest says TV5 shifting focus to entertainment for profitability

JUDGE FLORO

MEDIA conglomerate Media-Quest Holdings, Inc. said it has found a way to make TV5 Network, Inc. profitable.

“The only way for TV5 to make money is really to transform it into a full entertainment channel because the revenue is on the entertainment side,” MediaQuest President and Chief Executive Officer Jane J. Basas told BusinessWorld on the sidelines of a recent launch event.

“We do see a path to profitability,” she noted, adding that TV5 has not yet reached profitability due to current investments, including the transition from analog to digital TV.

TV5’s current revenue market share is reported to be approximately 13% to 15%, based on recent board meeting data, according to Ms. Basas.

She also said that TV5’s performance is “improving” and is expected to further advance following the premiere of the Will to Win variety show on July 14.

“TV5 is doing very well. We’ve never seen it perform as well as it is now, both on the top line and the bottom line,” Ms. Basas said.

“That is really helped by the fact that we’ve been able to strengthen our programming grid, with Eat Bulaga and just a few days ago, we launched Will to Win,” she added.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest, has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

Arts & Culture (07/24/24)


Ayala Museum holds talk on OPM

THE event “Bakit Kay Ganda ng Ating Musika? A Celebration of Original Pilipino Music” will be held on July 25 at 5 p.m. It includes a talk and performance by original Pilipino music (OPM) singer-songwriter Noel Cabangon. Tina Arceo-Dumlao and Cecil Ayson will also be among the speakers. It will be held at the Ayala Museum in Makati. Regular tickets cost P350 while senior, PWD, and student discounted tickets cost P200. Tickets include free one-day access to the Filipinas Heritage Library until July 31.


CCP Young Music Scholars in free concert

PIANIST Aidan Ezra Baracol, flautist Mark Kenedy Rocas, violinist Adrian Nicolas Ong, and soprano Lizzie Bett Estrada — collectively known as the CCP Young Music Scholars — are taking center stage in the new edition of the PPO Young People’s Concert. Produced by the Cultural Center of the Philippines (CCP), the concert aims to inspire and educate a new generation. Through an entertaining lecture-demonstration format, the Philippine Philharmonic Orchestra will introduce classical music and its various instruments in a fun and enjoyable way. It takes place on July 27, 5 p.m., at the Rizal Park Open Air Auditorium, Manila. The concert is free to the public.


Leo Valledor, Pow Martinez shows at Silverlens

SILVERLENS Manila has announced its shows for July: Leo Valledor’s “At First Sight,” and Pow Martinez’s eponymous solo exhibition. Widely acknowledged as one of the most influential Filipino-American artists, Mr. Valledor will be showcasing canvases of almost pure color, organized in terms of geometric fields, very nearly flat with barely a tone to suggest an illusion of dimension. Meanwhile, Mr. Martinez will present his surreal works known for bold colors and whimsical compositions, derived from a digital landscape full of movie tropes, pop culture moments, and the expanse of the online space. The two exhibitions will be on view from July 25 to Aug. 17 at Silverlens Manila, 2263 Don Chino Roces Ave. Ext., Makati City.


Queer shadow puppets reimagine Filipino mythology

THE PLAY Lakapati aims to discuss queer experiences in Filipino culture. The two-act shadow puppet play follows the titular character, an intersex god of agriculture and fertility once revered by the Tagalogs, as they embark on a journey to self-discovery and meet Bathala. Produced by Balay Tamawo Puppet Theater, a group of Theater Arts students from the De La Salle-College of Saint Benilde (DLS-CSB) and directed by Gio C. Potes, it features Andrea Resurreccion and Kelsi Labador as the two leads. “By reimagining the myth of Lakapati and Bathala, we wish to explore the queer experiences in the two of the most prominent social structures in the Philippines today — religion and family,” the group explained. Lakapati will be staged from Aug. 5 to 9, with performances at 2 and 6 p.m. There is a gala on Aug. 10 at 2 p.m. All shows will be at the Black Box Theater of the Benilde Design + Arts Campus, 950 Pablo Ocampo St., Malate, Manila. Tickets are available at P350 for VIP and P300 for Regular tickets. The Gala is P450.


F.B. Concepcion works at Avellana Art Gallery

SELECTED works highlighting the skill of Florencio B. Concepcion (1933-2006), widely known as F.B. Concepcion, will be in a show entitled “Mixed Media: Florencio B. Concepcion” at the Avellana Art Gallery. It will highlight the artist’s abstract works from the late 1950s to his final years. Curated by Miguel Rosales, the creative director at Caramel, the works in the show represent the different media the artist used, not just the luminous oils on canvas he is known for, but also more experimental mediums such as ceramic, printmaking and other works on paper, and the very layered works done during his highly sought after “Roman” period.Mixed Media: Florencio B. Concepcion” is part of a series of projects outlining art movements and influential figures who contributed to the dialogue of Philippine art. It will run from July 27 to Aug. 27, at the Avellana Art Gallery, 2680 F.B. Harrison St., Pasay City.


Sports, kiddie show mark PHL-Korean friendship

To celebrate 75 years of friendship between Korea and the Philippines in August, the Korean Cultural Center (KCC) in the Philippines presents Sticks & Kicks: Phil-Kor National Sports Demonstration on Aug. 9, at the BGC Arts Center in Taguig City. Both countries will present a display of their respective national sports. Top athletes from Korea’s Kukkiwon (or the World Taekwondo Headquarters) and from the Philippine Eskrima Kali Arnis Federation (PEKAF) will demonstrate their sports. NARA, the KCC’s traditional performing team, and the Philippine Baranggay Folk Dance Troupe will also perform. The event is free to the public, but tickets are required through bit.ly/KicksandSticksRegistration. On Aug. 18, the Forest Music Band, Dung Dda Koong, will present a children’s play at the Tanghalang Ignacio Gimenez at the CCP Complex in Pasay City. This interactive performance features four traditional Korean musical instruments: the haegeum, gayageum, geomungo, and ajaeng. The story revolves around six animal friends preparing for Tiger’s birthday party. The show is meant for children ages three and up. Seats are free but limited, with guidelines for ticket reservations to be announced soon.


Dance showcase of award-winning choreographers

ASPIRING Filipino artists are set to perform the original choreographies of renowned dance professionals in an extensive showcase entitled BPAD in Motion: Versatility. The 90-minute production will feature innovative compositions in ballet, contemporary jazz, and street by iconic Philippine dancers Tony Fabella and Maria Elena Laniog Perez, veteran danseur Luther Perez, and Ballet Philippines soloist Gia Gequinto. The mixed bill will include the creative pieces of Mycs Villoso, Madonna Tinoy, and Kim Clarete and Finina Lava. The event is as a fundraising campaign to support the choreographers who will represent the Philippines in the upcoming Singapore Challenge Cup competition. BPAD in Motion: Versatility will be staged on Aug. 9 and 10 at 6 p.m. at the 5th Floor Theater of the Benilde Design + Arts Campus, 950 Pablo Ocampo St., Malate, Manila. Tickets are available for P450. Interested parties may register at https://rb.gy/9v8o4c.

Gov’t makes full award of reissued 20-year bonds

WIKIPEDIA/JUDGE FLORO

THE GOVERNMENT made a full award of the reissued 20-year Treasury bonds (T-bonds) it offered on Tuesday at an average rate lower than the previous award but slightly above secondary market levels, as investors wanted higher returns for the longer tenor despite expectations of monetary easing this year.

The Bureau of the Treasury (BTr) raised P25 billion as planned via the reissued 20-year bonds it auctioned off on Tuesday as total bids reached P44.975 billion, higher than the amount on the auction block.

This brought the outstanding volume for the series to P77.7 billion, the Treasury said in a statement.

The bonds, which have a remaining life of 19 years and 10 months, were awarded at an average rate of 6.43%. Accepted yields ranged from 6.35% to 6.47%.

The average rate of the reissued seven-year bonds dropped by 43 basis points (bps) from the 6.86% fetched for the series’ last award on June 26 and was also 44.5 bps lower than the 6.875% coupon for the issue.

However, the average yield fetched for the debt paper was 3.9 bps above the 6.391% quoted for the 20-year bond and 3 bps higher than the 6.4% seen for the same bond series at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Service Reference Rates data provided by the BTr.

The Treasury fully awarded its bond offer as demand remained ample and as the average yield fetched for the papers dropped from the previous award, even as it was at the higher end of market expectations, a trader said in a text message.

“Investors wanted higher yields to compensate for the tenor,” the trader added.

The reissued papers fetched a lower average yield versus the previous award as investors continue to expect the Bangko Sentral ng Pilipinas (BSP) to begin cutting benchmark interest rates by next month, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

BSP Governor Eli M. Remolona, Jr. last month said the Monetary Board may deliver its first rate cut in over three years at their Aug. 15 review — the only policy meeting scheduled this quarter — as they expect inflation to continue easing until yearend, barring any shocks.

The Monetary Board could reduce benchmark borrowing costs by 25 bps this quarter and by another 25 bps in the fourth quarter, Mr. Remolona said.

The BSP last month kept its policy rate at a 17-year high of 6.5% for a sixth straight meeting following cumulative hikes worth 450 bps from May 2022 to October 2023 to help tame elevated inflation.

On Tuesday, Finance Secretary and Monetary Board member Ralph G. Recto said the BSP remains “on track” to cut rates within the year to support economic growth.

The BTr wants to raise P215 billion from the domestic market this month, or P100 billion through Treasury bills and P115 billion via T-bonds. — A.M.C. Sy

AboitizPower income down by 4% to P17.1B in first half

ABOITIZ Power Corp. (AboitizPower) reported a 4% decline in net income to P17.1 billion for the first half of the year, due to depreciation and interest costs from GNPower Dinginin units 1 and 2.

Core net income also decreased by 4% to P17.1 billion, excluding foreign exchange and derivative gains, the company said in a filing on Tuesday.

From January to June, earnings before interest, tax, depreciation, and amortization (EBITDA) went up by 8% to P36.3 billion driven by higher generation margins.

“This also resulted in growth in beneficial EBITDA for the second quarter of 2024 at P19.9 billion, 6% higher than the P18.7 billion beneficial EBITDA in the same period in 2023,” AboitizPower said.

Higher portfolio margins and the energization of the Cayanga and Laoag solar power plants contributed to a 10% increase in EBITDA earnings for the generation and retail supply business, reaching P33 billion.

Energy sold increased by 0.12% to 17,758 gigawatt-hours (GWh) from 17,736 GWh in the same period last year.

AboitizPower’s distribution business EBITDA was P4.2 billion, a 16% decrease from P5 billion previously, mainly due to favorable timing of pass-through charges resulting from a sharp decline in fuel prices.

Energy sales increased by 9% to 3,256 GWh in the first half of 2024, compared with 2,983 GWh in the same period in 2023, driven by higher demand due to the El Niño phenomenon.

Energy sales to residential, commercial, and industrial customers increased by 17% and 6% year on year, respectively.

As of June, AboitizPower’s total consolidated assets reached P503.4 billion, a 3% increase from P487 billion at the end of 2023.

In May, the company partnered with Thailand-based REPCO NEX Industrial Solutions to convert its conventional power plants into smart power plants. They aim to use data science and artificial intelligence to develop “digital twin technology” for the 300-megawatt (MW) Therma South Plant in Davao City and the 340-MW Therma Visayas Plant in Cebu. 

On Tuesday, shares in AboitizPower closed at P34 each. — Sheldeen Joy Talavera

Entertainment News (07/24/24)


PhilPop Himig Handog finalists release playlist

A COMPILATION featuring the top 12 songs that made it to the final round of this year’s PhilPop Himig Handog songwriting competition has been released. The diverse selection of fully produced tunes was handpicked by the two music institutions, PhilPop and Himig Handog. Some of the artists who interpreted the songs include chart-topping R&B singer Maki, award-winning singer-songwriters Moira and Johnoy Danao, folk-pop singer Ice Seguerra, recording pop artist Jolianne, Cebuano musician Ferdinand Aragon, P-Pop boyband VXON, and newcomers KHIMO; Lyka Estrella, Annrain, and Geca Morales; Kurt Fick; Noah Alejandre; Shantel Cyline and Extrapolation; and FANA and Tiara Shaye. The songs are out now on all digital streaming platforms.


The Ransom Collective’s Leah Halili drops new single

THE RANSOM Collective’s Leah Halili has released her new single, “River by the Sea.” Produced by The Ringmaster’s Francis Lorenzo, the folk-pop track is about finding joy in exploring nature and igniting one’s curiosity about the simplest things in life. It is inspired by Ms. Halili’s trip to Yosemite Park with her family two summers ago. With stripped-down guitars, minimal keys, and banging on wood, the goal was to produce a sonic tapestry. Also contributing to the songwriting aspects is Ms. Halili’s partner, Nikee Bañares. The song will be part of her upcoming six-track EP. “River by the Sea is out now on all digital music streaming platforms.


Video podcasts gaining traction in PHL says Spotify

PODCASTS aren’t just for listening anymore. Creators are now accompanying their audio with visual components, according to Spotify in a recent study, and the data found 4.5 times increase in video podcast consumption over audio-only podcasts. Additionally, over 60% of the top podcasts in the Philippines now include video elements for an extra layer of interactivity and connection with listeners.


2 Rex Orange County singles out ahead of album

A NEW album by Rex Orange County, titled The Alexander Technique, will be released on Sept. 6 via RCA Records. The album was produced entirely by Rex himself alongside Teo Halm and Jim Reed, the latter a member of the Rex Orange County touring band since its inception, in addition to James Blake who produced and features on “Look Me in the Eyes.” To coincide with the announcement, two new singles with accompanying music videos, “Alexander” and “Guitar Song,” have been released to showcase two distinctly different sides of the album. They are now streaming on all digital music platforms.

More data sources to improve property price index, IMF says

REUTERS

EXPANDING DATA SOURCES will help improve the Bangko Sentral ng Pilipinas’ (BSP) Residential Real Estate Price Index (RREPI) and its coverage of the property market, the International Monetary Fund (IMF) said.

“The authorities are strongly committed to making improvements to the published RREPI for the Philippines,” the IMF said in a technical assistance report released on Tuesday

“Reliable property price indices and other indicators of real estate markets are essential for the assessment of developments and risks in property markets and understanding the linkages between property markets and financial soundness, as well as to IMF surveillance.”

The IMF said it conducted a technical assistance mission in the country in January for the development of hedonic methods for the BSP’s property price statistics.

It also made recommendations on “accessing and using more comprehensive administrative data sources for the compilation of property price statistics.”

The BSP currently releases the RREPI on a quarterly basis. The RREPI tracks the average price changes of residential properties across different housing types and locations.

This provides the central bank with insights into the property market, which is regulated due to bank exposure.

Latest data from the central bank showed that the RREPI rose by an annual 6.1% in the January-March period but slowed from the 6.5% growth in the previous quarter and 10.2% expansion a year ago.

“Given that a basic stratification type approach is used to compile the indices, the methods should be updated to ensure compatibility with international statistical standards,” the IMF said. “The BSP should apply hedonic methods for accurate quality adjustment of the price indices.”

It recommended that the BSP use a “time dummy hedonic method with a four-quarter window length to compile quality-adjusted indices.”

“The authorities should devise a longer-term strategy to broaden the coverage of the residential property market by identifying new data sources, e.g., listings data from websites or administrative data,” the IMF added.

Still, the IMF noted that the BSP produces a “good quality data set with a large number of observations” regarding inflation on residential property loans.

“Due to the continued efforts of the BSP to apply additional validation as part of the quarterly reporting template, it is noticeable that the data quality improves over time,” it added.

Meanwhile, in order to harmonize with other countries, the IMF also recommended changing the name of the RREPI to Residential Property Price Index.

The BSP must publish the revised RREPI “as soon as possible,” ideally by December this year, it said.

“The BSP should communicate with users and stakeholders during the process of revising the RREPI. This will include providing users with advance notice of the revision and meeting with them to request feedback,” it said. “The BSP should draft communication documents, both technical and non-technical, that will clearly explain the reasons and extent of the revisions to the data.” — Luisa Maria Jacinta C. Jocson

Private initiatives fostering marriage inviolability: Pre-Cana and Cachet programs

FREEPIC.DILLER-FREEPIK

(Part 3)

There are two major reasons why the Philippines stands out among nations in the world — both developed and developing — in the strong presence of nongovernmental organizations (NGOs) and people organizations (POs).

The first, as explained in the first article of this series, is a negative one: the Philippine Government often is in default in its primary responsibility of promoting the common good or, through incompetence and corruption, actually makes matters even worse. People in the private sector have no alternative but to take matters into their own hands to address public needs. Remember our rather cynical reference to the plot of the blockbuster film Godzilla Minus One in which, because of the inability of the ordinarily competent Japanese Government to meet the challenge after Japan was defeated in the Second World War, it had to take a rag tag group of private individuals to vanquish the nuclear-energized version of the monster Godzilla.

The second reason, though, in the case of many Catholic lay organizations involved in strengthening the institution of marriage and defending the sanctity of the family in the Philippines, is the application by the ordinary lay person and clergy in the Philippines of the most important principle of subsidiarity, one of the pillars of Catholic social doctrine. The principle states that what can be accomplished effectively by individuals and smaller groups of society in pursuing their common good should not be taken over by higher bodies, least of all by an all-powerful State. This principle is complemented by the principle of solidarity which mandates that individuals in a society should always promote the common good to the extent they can through their individual actions.

For example, in hundreds of Catholic parishes around the Philippine archipelago, the clergy, recognized lay groups like the ones described in the first two articles of this series, and authorized/licensed lay individuals, systematically conduct marriage preparation courses for soon-to-be-married couples. These courses usually consist of a few hours (in some instances one to two days) of a highly interactive process of affirming and better appreciating their motivations, intentions, strengths, weaknesses, opportunities and threats regarding their intention of committing themselves for life, “until death do they part.” Through these marriage preparation or “pre-Cana”* conferences, the couples contemplating marriage have a final opportunity to determine if they are really meant for one another. The effectiveness of some styles of pre-Cana program is verifiable by the “long, indefinite range” fidelity of married couples concerned, or the eventual decision after the pre-Cana conference of couples not to push through with the wedding because of irreconcilable differences which can be discovered before they actually get married. One of the leading examples of pre-Cana courses is that offered by the Cenacle Sisters which lasts two nights and one full day. Among the Catholic dioceses, those that stand out when it comes to marriage preparation programs are the Diocese of Tagbilaran, the Prelature of Infanta, and the Prelature of Batanes. These have been noted for championing family solidarity through family forums, directed homilies, family-based pilgrimage tourism, and interventions by the basic ecclesial communities.

Some of these initiatives to strengthen the institution of marriage have targeted specialized groups. For example, the Chaplaincy of the Bureau of Jail Management and Penology (BJMP), led by the head Chaplain, and the Bishop of the Military Vicariate, joined forces with several NGOs to put up a boot camp for uniformed personnel (Fire department, Police department and the BJMP national headquarters, staff, and jail officers nationwide). The purpose of the boot camp — which can last for two or three days — is to motivate the participating officials to work for personal integrity based on the principles of family, family life, and family unity. Among the participating NGOs are the EDUCHILD Foundation, the Consuelo “Chito” Madrigal Foundation, Inc., Defending Family Values Foundation, and the Mariano and Estelita de Jesus Que Professorial Chair of the University of Asia and the Pacific.

Then there is the Alalay sa Pamilya Foundation (APF), Inc. that targets millennials and centennials through values formation programs that include the appropriate preparation for marriage. The program is called Campaign for Character Education Tenacity (Cachet). As early as possible in their youth, Filipino girls and boys are being helped to make good and responsible day-to-day decisions in relation to such areas as family and family life, friendships and social responsibility; love, courtship, and marriage; and teenage lifestyle. This program has reached directly and personally students in 400 public elementary and high schools in the two largest education regions of the country, i.e., the NCR and Calabarzon.

As early as possible in the lifelong process of character formation, the participating youth are provided with the means to address the human weaknesses that can be obstacles to lifelong commitment to the inviolable institution of marriage. The tools include the items listed below, all with the help of continuing development formation through regular access to the Sacrament of Penance for the Catholics, spiritual guidance from their respective pastors, and tutoring from teachers and other elder mentors with the very close cooperation from the parents. To inspire other groups to replicate this well-structured program in preparing young people for married life, let me go into details about the components of Cachet:

1. Regular personal one-on-one mentoring of students and teacher-coaches, with continuing development of adult and young mentors in the art and approaches, the basics and nuances of personal mentoring.

2. Monthly Virtues-of-the-Month sessions related to the hallmarks of Personal Integrity, Family Solidarity, Civic Responsibility, and Universal Charity as well as the core values being promoted by the Department of Education such as Maka-Diyos, Maka-Tao, Maka-Kalikasan, at Maka-Bayan.

3. Providing those who freely request for them the audio called “Ten Minutes with Jesus” that can help the listeners grow in their Christian faith, the religion of most of them.

4. A Quiz Bee and Art Summit, for example, on the 500 Years of Christianity in the Philippines, or on the Life, Loves, and Works of St. Josemaria Escriva, the Modern Saint of Ordinary Life, who preached and wrote the most on the sanctity of marriage and of family life.

5. Competitions on video crafting about heroic family stories and descriptive-narrative-argumentative essays on current moral and spiritual issues, especially related to the inviolable institution of marriage and the sanctity of family life.

As an illustration of what can be done in individual public schools, let me cite two examples: the Bangkal High School in Makati and the Muntinlupa High School. In partnership with the Boy Scouts and the student body of different grade levels of the Bangkal High School in Makati, Cachet organized seminar forums with a focus on character building and values/virtues education. A similar program was organized at a larger scale with the Muntinlupa Science High School, targeting the star sections. The Variety program included writing essays or poetry on select videos featuring fatherhood and family life (with a special appearance of the famous composer singer Joe Mari Chan); self-direction; overcoming grave challenges in life; interactive sessions with young professionals on family life and love-courtship-relationships; and even cultural tours of historical places like Intramuros that involved comments on profile of family life during different stages of Philippine history.

(To be continued.)

*Pre-Cana is a course or consultation for couples preparing to be married in a Catholic church. The name is derived from John 2:1–12, the wedding feast at Cana in Galilee, where Jesus performed the miracle of turning water into wine.

 

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

Shang Properties expects close to P50B in sales from QC project

LISTED luxury property developer Shang Properties, Inc. said it expects to generate close to P50 billion in sales value from its new two-tower Shang Summit residential development in Quezon City (QC).

“Our total sales value for the two towers is close to P50 billion based on current prices,” Shang Properties Executive Vice-President for Commercial Maria Rochelle S. Diaz told reporters on the sidelines of a media briefing in Taguig City on Tuesday.

Ms. Diaz noted that the sales forecast is the highest for any Shang Properties project. The property will have its soft launch on Sunday.

Shang Summit units are priced at P280,000 per square meter, excluding value-added tax. The development is situated on a 6,000-square-meter lot in South Triangle, Quezon City.

“The project includes two towers. The first tower will have 1,020 units, and the second will have nearly 900 units, totaling almost 2,000 units available on the market,” she said.

At 250 meters, Shang Summit will be the tallest residential development in the country and is the first residential project of Shang Properties in Quezon City.

The two towers are designed by the architectural firm P&T Group and the interior design firm FM Architettura.

The first tower is expected to be completed by the fourth quarter of 2030.

Shang Summit will feature amenities including a tropical swimming pool, a state-of-the-art fitness center, wellness facilities, co-working lounges, and extensive play areas for children. It will also include the Summit Lounge and Summit Gallery for relaxation and entertainment, and the Alcove, which will serve as quiet spaces for work or study.

“Shang Properties is committed to offering a luxurious living experience that caters to a wide demographic. Our vision with Shang Summit is to make luxury more accessible,” Ms. Diaz said.

Additionally, Shang Properties announced that the North Tower of its Haraya Residences in Pasig City will open in the third quarter. Haraya North will feature one- to three-bedroom units ranging from 67 to 203 square meters, all with a unique loggia extending the living space.

Residents will have access to 2,500 square meters of outdoor amenities and 2,270 square meters of indoor amenities, including children’s play areas, a swimming pool, and various communal spaces.

Haraya North is developed by Shang Robinsons Properties Inc., a joint venture between Shang Properties and Robinsons Land Corp. 

On Tuesday, Shang Properties shares fell by 0.27% or one centavo, closing at P3.75 per share. — Revin Mikhael D. Ochave

Artist swaps British Museum coin with fake

A SCREENSHOT from Ile Sartuzi’s Sleight of Hand, 2023-2024, a two-channel video installation, which documents how he swapped a historic British coin for a fake at the British Museum. — ILESARTUZI.COM

A BRAZILIAN conceptual artist swapped a historic British coin for a fake in the British Museum to highlight the large number of foreign objects it holds.

Ile Sartuzi said the idea came to him when he saw a museum volunteer handing visitors coins to handle.

He asked for an English Civil War-era silver coin because “It is one of the few British things in the British Museum” and then created a diversion while he swapped it for the fake.

Mr. Sartuzi told Reuters he deposited the original coin in the museum’s collection box on the way out. The Art Newspaper first reported his act, which he recounted in a video made for his master’s degree at Goldsmiths, University of London.

The British Museum said it would inform police about the incident, which took place in June.

“This is a disappointing and derivative act that abuses a volunteer led service aimed at giving visitors the opportunity to handle real items and engage with history,” a museum spokesperson said when asked for comment.

Mr. Sartuzi said institutions such as the British museum and France’s Louvre view themselves as the “holders of the treasures of humanity. The problem is that these institutions are the basis of imperialist cultures that looted a lot of these objects from the global south and world.”

The British Museum has been under scrutiny over the way it acquired some of the artefacts it holds, with some countries asking for pieces to be returned. Examples include the Parthenon Sculptures and Nigeria’s bronzes looted by British troops in 1897. It did not respond to Mr. Sartuzi’s allegations.

Mr. Sartuzi, who has exhibited in Brazil, Portugal, and London, said he had sought advice from an art lawyer before swapping the coin.

The Museum dismissed an employee a year ago and ordered a review of security after it discovered hundreds of items had been stolen from its collection or were missing. — Reuters

Federal Reserve may be on the cusp of emerging from ‘elevated’ inflation blues

REUTERS

WASHINGTON — In September 2021, after absorbing three months of price hikes that were more than double the US Federal Reserve’s 2% target, US central bank staff and policy makers shifted from their more passive tone about inflation and began describing it as “elevated.”

Triggered after the personal consumption expenditures (PCE) price index used by the Fed to set its inflation target topped 4% in May, June and July of that year, the elevated inflation description remains in the rate-setting Federal Open Market Committee’s policy statement to this day, even with the PCE now down to 2.6% and, it seems, still falling.

The Fed’s policy meeting next week may finally usher the word out the door. If so, it would mark the strongest signal yet that the central bank plans to cut interest rates as soon as September and begin the easing part of its monetary policy cycle, something investors now see as a near-certainty.

Downgrading how inflation is described to something milder than elevated could also lead the Fed to edit the other key sentence in its current policy statement: That rates would not be cut until officials “gained greater confidence that inflation is moving sustainably toward 2%.”

Fed staff stopped describing inflation as elevated in January after the PCE fell below 3%, and policy makers heading into the July 30-31 meeting noted inflation was slowing more broadly across the economy and building their confidence that the slowdown would continue.

They have started using phrases like “drawing closer” to describe the distance remaining to a policy shift, and hinted at possible thresholds that could warrant changes in how the Fed describes the economy and its policy reaction to it.

In comments to reporters in late June, Atlanta Fed President Raphael Bostic said he would be “surprised if … anything more than half a percentage point would be viewed as not elevated,” pointing indirectly to inflation of 2.5% or lower as a benchmark to at least consider changing the description of inflation.

Many economists feel that threshold will be hit or exceeded when PCE data for June is released on July 26.

The opening sentences of the policy statement, with descriptions of growth, the job market and inflation, are used “to call balls and strikes” about the economy, Richmond Fed President Thomas Barkin told reporters last week. With new PCE data coming ahead of the meeting, “we’ll see what the number is and make whatever adjustments are appropriate.”

SHAPING THE DISCUSSION
Some economists feel a change is justified.

“They should make a more aggressive acknowledgment that inflation has cooled,” said Neil Dutta, head of economic research at Renaissance Macro, who noted in a recent analysis how aspects of inflation that had troubled Fed officials now seemed to be turning their way.

A new housing inflation indicator, for example, developed by the Bureau of Labor Statistics to capture shelter inflation trends more quickly than the slow-changing measurements used for the benchmark consumer price index, showed “a meaningful deceleration” with rents falling through the second quarter.

“There is additional slowing in housing rental inflation in the pipeline,” Dutta added.

Fed staff have already made a shift, the minutes of recent US central bank policy meetings show.

During last December’s meeting, with available data showing inflation at 3%, central bank staff said inflation “had eased over the past year but remained elevated.”

But at the meeting the following month, with PCE inflation having dipped to 2.6% in December, the elevated description was missing from the staff report. The staff said only that inflation “remained above 2%” after falling “markedly over the course of the year.”

Staff commentary about the economy doesn’t typically capture the limelight, since the Fed’s deep bench of economists aren’t the ones deciding on actions that can have lasting implications for the financial wellbeing of US households.

But staff views do shape the discussion, and changes in tone can offer a signal about where policy is heading.

As price rises accelerated in 2021, Fed staff and policy makers first acknowledged that inflation “has risen,” a phrase used in the April, June and July policy statements that year.

Year-over-year PCE inflation was still just 1.8% in February 2021 but rose to 2.7% in March. That figure had not actually been released when the Fed met in April of that year, but economists could have closely estimated it from other data.

Staff made the shift to describing it as elevated in September 2021, and so did the policy statement.

The Fed’s inflation benchmark would continue rising from there, peaking at 7.1% in June 2022. The decline since then has been precipitous, and increasingly across the board.

Goods prices have been falling — a dependable drag on inflation in the decade before the COVID-19 pandemic that has resumed, at least for now.

Wages are moderating, and increases in a “sticky” set of services prices are as well.

The US was “closer to a disinflationary trend that we’re looking for,” New York Fed President John Williams said in a Wall Street Journal interview last week.

Omair Sharif, head of Inflation Insights and a close watcher of price trends, said the evidence seems clear.

Excluding high readings in early 2024 that now seem like noise and not the trend, Mr. Sharif noted that underlying inflation for 10 of the past 13 months had on average hit the Fed’s 2% target.

“I look at it from the perspective of last summer,” when underlying inflation, excluding noisy food and energy prices, began to fall, Mr. Sharif said. In that context, dropping the reference to elevated inflation was not only warranted but “might be a good way to go at the July meeting to signal that September is on the table as the first (rate) cut.” — Reuters