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Fiscal plan for Marcos’ 3rd year missed in SONA

President Ferdinand R. Marcos, Jr. walks through the plenary hall after delivering his third State of the Nation Address on Monday, July 22, 2024. — PHILIPPINE STAR /KJ ROSALES

By Kyle Aristophere T. Atienza, Reporter

PRESIDENT Ferdinand R. Marcos, Jr. failed to discuss plans to address the country’s fiscal situation in his third State of the Nation Address (SONA), despite his vows to pursue “aggressive” infrastructure projects and pushing for a wage hike for government workers and teachers, economists said.

“There were no concrete sources of funds from the President’s SONA,” Emy Ruth Gianan, who teaches economics at the Polytechnic University of the Philippines, said in a Facebook Messenger chat.

“There was also no reminder for the Bureau of Internal Revenue to beef up tax collections or other levying units to improve revenue generation,” she added.

In his third SONA on Monday, Mr. Marcos said his government is pursuing an “aggressive” infrastructure development in line with the country’s goal to become an upper middle-income economy by next year.

“Our power and internet services are continuously being upgraded in both capacity and connectivity,” Mr. Marcos said, adding that the government is building “essential infrastructure and linkages” to support artificial intelligence systems “for high-impact practical applications.”

He said the government will boost scholarships and research grants in line with the “agenda to foster startups” and “commercialize and mass produce research and development outputs.”

Mr. Marcos also vowed to pursue a wage hike for government employees and implement an expanded career progression system for public school teachers.

Even though these programs will require massive funding, the President did not call for new taxes or discuss other sources of revenues.

“The President’s declarations on infrastructure and other key initiatives cost money. If we adhere to the policy of simply improving our tax administration without new forms or higher rates of appropriate taxes, the only option is to increase our borrowings,” Diwa C. Guinigundo, a former central bank deputy governor, said in a Viber message.

The National Government (NG) borrows from both foreign and domestic lenders to fund its budget deficit as it spends more than its revenues to support infrastructure projects and boost economic growth. The budget deficit in the January-May period widened by 24.06% to P404.8 billion.

“In time, if borrowings are not translated into growth, debt servicing could even divert public money away from supporting more infrastructure and productive activities in the future,” Mr. Guinigundo said.

Economic managers are targeting 6-7% gross domestic product (GDP) growth this year.

Government debt hit a record high of P15.35 trillion at the end of May, according to the Bureau of the Treasury (BTr), which largely pointed to the weakening of the local currency against the greenback.

“Any form of public goods will require substantial amounts of funds. Hence, a good measure of how SONA should consider not just the type of public goods that will be delivered but also how the public will have to pay in order to acquire them,” said Leonardo A. Lanzona, Jr., who teaches economics at the Ateneo de Manila University.

“In the face of substantial debts and huge budget deficits, this dream that the government will supply for all of this infrastructure and higher wages for government officials will be impossible,” he said in an e-mail.

At a post-SONA briefing on Tuesday, Budget Secretary Amenah F. Pangandaman said the department had set aside some P9.5 billion for the new medical allowance for government employees announced by Mr. Marcos.

The appropriation was allocated under the Miscellaneous Personnel Benefits Fund for 2025, she noted, adding that government workers will each receive a medical allowance as a subsidy to avail themselves of Health Maintenance Organization (HMO) benefits.

The allowance covers employees under National Government agencies, state universities and colleges, and government-owned and -controlled corporations (GOCCs).

Ms. Pangandaman also said Mr. Marcos will issue an executive order detailing the four-tranche salary hike for government workers.

About P70 billion has been set aside under the 2025 National Expenditure Program to ensure the implementation of the first and second tranches, she said.

The last time government workers’ salaries were increased was in 2023, she said, referring to the fourth and last tranches of the Salary Standardization Law of 2019.

At the post-SONA briefing, Finance Secretary Ralph G. Recto said the government is targeting to double its revenue from nontax collections this year.

“Last year it was about P200 billion. This year, we will get about P400 billion… We are on track to hit our fiscal target for the entire year and that’s roughly about P4.25 trillion,” Mr. Recto said.

At its June meeting, the Development Budget Coordination Committee retained the P4.27-trillion revenue target, as well as the P5.75-trillion expenditure program for this year. The fiscal deficit ceiling is set at P1.48 trillion or -5.6% of GDP this year.

A large portion of the nontax revenues collected by the government in the first six months of the year came from remittances from GOCCs, the privatization of government assets, as well as income from the National Treasury, he noted.

In his speech, Mr. Marcos said the Philippine financial system remains robust and resilient, adding that tax and nontax revenue collection was “also efficient.”

“Notably, for the past two years, our GOCCs remitted dividends to the National Government with a combined tally exceeding their contributions in 2022,” he said.

BUDGET
Mr. Marcos also called on Congress to ensure that the proposed budget for 2025 — pegged at P6.352 trillion, which is higher than this year’s P5.768 trillion — is not just approved in a timely manner but also “be adhered to as closely as possible.”

“We expect all agencies to ensure that every centavo allocated will be judiciously spent for our urgent priorities and socially impactful programs,” he said.

The Budget department is scheduled to submit its proposed 2025 National Expenditure Plan to Congress on July 29.

Mr. Lanzona said the government should have a strategy also in terms of financing its programs and plans.

“This means priorities need to be instituted first and then as the time progresses as resources become available, then other promised goods can be obtained until towards the end of the President’s term,” he added.

“Without such a strategy, none of these become feasible unless greater debts and more budget deficits are incurred.”

Recto says PHL on track for rate cut

FINANCE SECRETARY RALPH G. RECTO — DEPARTMENT OF FINANCE FACEBOOK PAGE

MANILA — Philippine Finance Secretary Ralph G. Recto said on Tuesday the country is on track for a cut in policy rates this year due to easing inflation, though the timing would be up to the central bank.

Mr. Recto, who is also a member of the Bangko Sentral ng Pilipinas’ Monetary Board, said he hoped second-quarter growth in gross domestic product would be at 6%, driven by household consumption and government spending.

The central bank, which has kept interest rates steady at 6.5% in its last six meetings, has previously flagged a possible cut of 25 basis points at its Aug. 15 meeting as it sees inflation easing in the second half when a rice import duty is slashed to 15% from 35%.

The government has set a 6% to 7% growth target for 2024. — Reuters

Ballet Philippines turns romantic

BALLET Philippines (BP) is opening its 55th season with one of the oldest surviving romantic ballets in history.

For La Sylphide, the classical and contemporary dance company gives the choreography by Filippo Taglioni a distinct Filipino twist, according to BP artistic director Mikhail “Misha” Martynyuk.

Recalling why they chose it as the season opener, Mr. Martynyuk told the press at the launch on July 16 at Solaire Resort that the ballet will bring BP to a different level. “A new level of technique and purity of execution,” he said.

The Russian choreographer then went on to detail La Sylphide’s place in history — when it premiered in Paris in 1832, it revolutionized the art form as the first to be performed entirely en pointe. It also came about in the period when the diaphanous, calf-length skirt called the tutu became iconic in ballet.

“This performance is difficult for ballet dancers. It involves incredible stamina and a special technique of their feet, which our dancers have been training very, very hard to master,” he said.

The story unfolds in Scotland, where James Ruben, a humble farmer, is enchanted by a forest fairy (otherwise known as a sylph). Despite already being engaged, James is enthralled by the sylph’s otherworldly beauty and confession of love, leading him to follow the fairy into the forest.

BP’s rendition aims to “intertwine the ballet’s original charm with Filipino romanticism and mysticism.”

With a libretto by Adolphe Nourrit and music by Jean-Madeleine Schneitzhoeffer, La Sylphide was also created by its original choreographer Taglioni to showcase the talent of his daughter, ballerina Marie Taglioni.

This time, BP’s dancers will use the material to showcase their own talents.

At the preview, principal dancers Jemima Reyes and Ian Ocampo took the stage to perform the introduction piece, one that captures viewers’ attention with mesmerizing movements.

Principal dancers Regine Magbitang and Rudolph Capongcol also performed an excerpt from the show titled The Promise, another piece drawing on the strong chemistry between the two characters.

Ballet Philippines president Kathleen Liechtenstein told BusinessWorld that everyone should get ready to “immerse in a tremendous show.”

“Bringing this oldest romantic ballet to life is part of our commitment to pushing the boundaries of ballet in the Philippines,” she said.

La Sylphide inaugurates the season’s theme of relevé, which in ballet means “to rise onto the tips of the toes,” Mr. Martynyuk said. It will run from Aug. 9 to 11 at The Theatre at Solaire, Parañaque.

Other productions in BP’s 55th season are the holiday offering Peter Pan which will have performances from Dec. 6 to 8, and the original Filipino production Ang Panaginip from Feb. 28 to March 2, 2025.

Tickets are available at http://www.ballet.ph and via Ticketworld. — Brontë H. Lacsamana

Sangley airport developers get PCC approval

PHILSTAR

YUCHENGCO-LED House of Investments, Inc. said the Philippine Competition Commission (PCC) has approved its joint venture for the Sangley Point International Airport (SPIA) project. 

“We received the PCC Resolution today, which clears the transaction between the Provincial Government of Cavite and the consortium created by Cavitex Holdings, Inc. and House of Investments, Inc.,” the company told the stock exchange.

In March of last year, the company notified the Securities and Exchange Commission that it had formally sought approval from the PCC for the proposed joint venture for the project.

The group hopes to develop the airport into an international hub that will meet future demand.

In February 2023, the SPIA consortium and the Cavite provincial government signed the joint venture and development agreement for the project’s implementation.

House of Investments, along with other Philippine members of the consortium, including MacroAsia Corp., signed the development agreement with the Cavite provincial government.

Samsung C&T Corp., Munich Airport International GmbH, and Ove Arup & Partners Hong Kong Ltd. are also involved in the project. Samsung C&T is the construction arm of South Korean tech giant Samsung.

The Cavite provincial government awarded the $11-billion project to the consortium in 2022.

By 2028, the consortium expects to complete the first phase of the project, which includes the first of the airport’s four runways.

The second phase will include a two-runway system with facilities capable of handling at least 75 million passengers annually.

The National Government currently operates Cavite City’s Sangley Point as a supplemental runway to the Ninoy Aquino International Airport. — Ashley Erika O. Jose

Forms of wonderment

IT IS in the act of exploration that one can discover beauty and magic in the world and put it on canvas. At Art Underground, awe-inducing visually complex works of art born from this mindset are on display.

Titled “Wonder Wander,” artists Demi Padua and AR Manalo’s two-man exhibit represents different faces of embracing curiosity. The ways they do this also differ: Mr. Padua puts together a collage of images to achieve a 3D effect while Mr. Manalo mixes cut-outs, vintage prints, and hand-painted images to evoke a 2D storybook.

Interestingly, neither of the artists are represented by Art Underground, yet they agreed to do a collaborative show with the gallery as a mark of their friendship. “Nababasa namin ang isa’t isa (We can read each other), not just as artists, but more of as people,” Mr. Padua said at the exhibit’s launch on July 17.

He told BusinessWorld how Mr. Manalo would ask questions like a pupil would to a mentor. Eventually, they would talk as equals.

“What struggles did you have entering the arts scene? How did you get through them?” were some of the questions they would ask each other.

Mr. Padua, as the more senior of the two, explained that it took him a while to develop his distinct style. He creates images in trompe l’oeil (French for tricking the eye), an optical illusion that achieves a three-dimensional effect when the work is actually a flat surface.

He first sketches the entire piece on Photoshop, charting every layer with a grid, before he starts on the actual collage of colorful, photo-realistic materials.

Works like Strong and Independent and Layers of Success invite a closer look to peel away at each layer obscuring the subject. For the artist, it is an approach that can only come from hurdling many stages in life and forming “a collage of failures and successes.”

“My works look 3D but they’re not. Nakakatuwa na iyong kay AR naman ang talagang 3D (It’s amusing that AR’s works are actually 3D),” said Mr. Padua.

Placed in another room in the gallery, Mr. Manalo’s half of the exhibition at first glance seems to be standard paintings on canvas. It is upon closer observation that one notices that they are similar to the pages of elaborate pop-up books.

“It’s actually a story for my two-year-old daughter, a message to her that in her wandering and wondering she can go on a journey towards her growth, like we all do,” he told BusinessWorld.

The cut-outs in his works are meticulously crafted over two to three weeks. The vintage prints depicting various circus animals are scanned on acid-free paper, with ink reapplied to bolden the images.

“The hand-painted indigenous Filipino people in the work are to remind my daughter not to forget her roots. I also put in a balance of natural and industrial elements,” Mr. Manalo said.

My big love is the centerpiece of his works, depicting his daughter’s favorite animal, the elephant, but To the endless waltz also catches the eye — the usual graphite and charcoal extends past the canvas through the printed cut-outs to occupy a piece of custom skirt-shaped acrylic glass.

Both Mr. Padua and Mr. Manalo’s halves of the exhibit allow one to wander the wondrous stages of life. Joined together in one gallery, they welcome visitors to explore and discover (but understandably, all works are sold out).

“Wonder Wander” is on view at Art Underground, 180 Mabini St., San Juan City, until July 30. — Brontë H. Lacsamana

Dream of an unfinished but special issue

By Juaniyo Arcellana

A WOULD-BE columnist once expressed his hesitation at starting to write regularly for a newspaper or magazine, saying he had a profound fear of the slip of the pen, of being misunderstood due to a misused idiom or phrase, a slipshod consequence of a missing word or misplaced punctuation mark that can make a world of difference from which the writer originally intended.

Another fear was that of writing what would become self-fulfilling prophecy, especially if the topic was not so pleasant, in fact might invite roaming demons or cause an ill wind to blow, such was the power of the slip of the pen. To mix metaphors it was like writing on thin ice.

It was not all about editing of course, because writers self-edit all the time, even before they go to sleep or even while sleeping, their dream a manual of proofreader’s marks. Not all the grammatical or typographical errors in the world are an excuse for perceived ideological comprehension, with apologies to semiotics.

The tic of the matter is that at least once in our lifetime we were putting together a special issue about how we still believe in the printed word in a world overwhelmed by digital, and I was assigned to write on something about cinema. The menace of Philippine literature was also doing a piece on film, and for some reason we were doing the rounds of Malate restaurants to discuss our strategies for our respective articles, so that there would be no overlaps.

At one stop the waiters had given him the wrong order, more expensive, but he had already started on it, the slabs of meat in a broth of vegetables and most likely noodles. They didn’t charge the menace because it was a mis-order. On the other hand, I asked for the cheapest item on the menu, just something to tide me over until the anniversary party at the office.

Walking back to the car we had difficulty finding it as usual, the parking area a detour through the slums of Roxas Boulevard. When finally, we did locate it, the office was just a short hop away miraculously still in Port Area.

However we couldn’t find our way back to the mess of South Harbor, its lights lost in the memory of a Boz Scaggs song. We drove through flights of stairs of what looked like a Super Ferry ship, whose slogan and jingle was a jaunty happy trip, through salt baths where French people were sunbathing on the rocky shore, and both public and private schools where children were rushing toward dismissal time and their names would be called out by the security guard if their parent or guardian or designated driver was there to fetch them, something like “Daryll Baranda, Daryll Baranda!” or “Mark Abdon, Mark Abdon!,” familiar names of my kids’ classmates when they were enrolled in the nearby school on Indiana Street and the sound of wheels on gravel echoed the rendezvous in the short story “The Yellow Shawl.”

For all our circus slaloms in rush hour traffic we couldn’t find our way back on the maze of Roxas Blvd., so the menace of Philippine literature decided to get down and return to office by himself, even if it meant walking through the decks of a Super Ferry. We asked him to relay our regrets, it might be too late even for night duty, besides there were pastorals around, let them do the heavy lifting for a change.

When I woke I realized the office had moved to not so far away Parañaque, with its gaggle of jets zooming overhead, either landing or taking off, and aboard some of them maybe reams of not so special issues with column titles like “The Mopman” or “Sports Dub” or “Left Hook” — what is it about past articles flashing before your eyes and you wondering where the years went, maybe should have spent more time with the old folks or an older sibling before they passed, and not on any ordinary plane.

It was a sea change from being near ships to being beside runways and airplanes, “it was the hexagram of the heavens it was the strings of my guitar,” Joni Mitchell would sing in “Ameila,” the disappeared pilot and how it was a false alarm.

Understand also my hesitation to put this to bed, because in the evening I will have to visit the wake of a son of a mentor and neighbor in faraway Araneta Ave., two or three rides and a short walk away through rush hour traffic, and another friend, no menace, texted that he will avoid the celebrities but be comforted, “in Chino’s name and his memory.”

 

Juaniyo Arcellana is a semiretired/senior desk editor at BusinessWorld’s sister publication The Philippine Star. Thirty years ago he had a sports column called The Mopman in BusinessWorld.

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

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